Item - 2017.EX25.4

The Executive Committee recommends that:

1. City Council, in its capacity as one of the Shareholders of Toronto Pan Am Sports Centre Incorporated and for the purposes of satisfying the requirements of the Business Corporations Act (Ontario) to conduct the Annual General Meeting of the Shareholders of Toronto Pan Am Sports Centre Incorporated, adopt and authorize the City Manager to sign the Resolution of Shareholders forming Attachment 1 to the report (May 4, 2017) from the City Manager on behalf of the City as a shareholder and receive the "Toronto Pan Am Sports Centre Incorporated 2016 Annual Report", forming Attachment 2 to the report (May 4, 2017) from the City Manager.

2. City Council adopt and authorize the City Manager to sign the Resolution of Shareholders forming Attachment 3 to the report (May 4, 2017) from the City Manager, approving the "Toronto Pan Am Sports Centre Budget for 2017" which forms Attachment 4 to the report (May 4, 2017) from the City Manager.

3. City Council direct the City Clerk to forward a copy of the "Financial Statements for Toronto Pan Am Sports Centre Incorporated for year ended December 31, 2016", forming Attachment 5 to the report (May 4, 2017) from the City Manager, to the Audit Committee for information.

The purpose of this report is to present two shareholder resolutions for approval by City Council, on behalf of the City in its capacity as one of the two Shareholders of Toronto Pan Am Sports Centre Incorporated ("TPASC Inc.").

The first resolution addresses the matters requiring Shareholder approval under the Business Corporations Act at the Annual Meeting of the Shareholders of Toronto Pan Am Sports Centre Incorporated. These matters include: the confirmation of the corporation's proceedings since the last annual meeting of the shareholders, the receipt of financial statements, and the appointment of the auditor. The second resolution provides the Shareholders' approval of the annual operating and capital budgets required under the unanimous shareholders' agreement between the two Shareholders of Toronto Pan Am Sports Centre Incorporated.