Item - 2017.EX26.9

The Executive Committee recommends that:  

1.  City Council, as shareholder, approve the Invest Toronto transition plan in Attachment 1 and Confidential Attachment 2 to the report (June 2, 2017) from the City Manager.

2.  City Council, as shareholder, approve the transfer of assets from Invest Toronto Incorporated to Toronto Global, including leasehold improvements and office equipment at an amount as determined by the Board of Directors in their unfettered discretion.

3.  City Council resolve to voluntarily wind up Invest Toronto Incorporated and appoint the City Manager to act, without security or further compensation, as liquidator of the estate and effects of the Corporation for the purpose of winding up its business and affairs and distributing its property and in due course to sign and deliver articles of dissolution to the Director under the Business Corporations Act and do all other things necessary or advisable in connection with the foregoing.

4.  City Council, as shareholder, amend the size and composition of the Board of Directors of Invest Toronto Incorporated to consist of three (3) members comprised of:

- The Chair of the Economic Development Committee;

- Two (2) public members

5.  City Council end the appointments of all members of the Board of Directors of Invest Toronto Incorporated immediately, and thank them for their service to the City of Toronto.

6.  City Council re-appoint the following members to the Board of Directors of Invest Toronto Incorporated, at pleasure of Council, for a term of office ending the earlier of November 30, 2018 or the dissolution of the Corporation.

- Councillor Michael Thompson, Chair, Economic Development Committee

- Robert Howard Lane (Vice-Chair)

- Lida Preyma

7.  City Council approve an increase to the 2017 City Council approved Operating Budget for Economic Development and Culture of by $0.890 million gross, and $0 net, and increase the Non-Program budget by the same amount fully funded by revenue from Toronto Port Lands Company (TPLC) dividends provided to the City on a one-time basis, to permit the City to make a second payment in 2017 to Toronto Global to make payments for both 2016 and 2017 fiscal years.

8.  City Council direct that the confidential information contained in Confidential Attachment 2 to the report (June 2, 2017) from the City Manager remain confidential in their entirety, as it pertains to labour relations or employee negotiations and personal matters about an identifiable person.

In July 2016 City Council approved participation in Toronto Global whose mandate is to promote and attract foreign direct investment into the Greater Toronto Area. As a result, City Council requested that Invest Toronto be wound up subject to the receipt of a transition plan from the Invest Toronto Board of Directors.

Key items from the Board approved transition plan are summarized in this report with details provided in the confidential attachment. This report recommends that City Council as shareholder approve the plan and initiate the process to wind-up the Corporation.