Item - 2017.MM35.42

City Council on December 5, 6, 7 and 8, 2017, adopted the following:

1. City Council approve the transaction terms proposed by the Toronto Port Lands Company for the purchase of the Showline Property from Canada Post, and the sale by the Toronto Port Lands Company to Canada Post of the Toronto Port Lands Company Property, substantially in the form set out in Appendix "A" and Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer, and such other and amended terms as may be acceptable to the Chief Executive Officer, Toronto Port Lands Company and the Deputy City Manager, Internal Corporate Services, or his or her designate.

2. City Council authorize a loan to the Toronto Port Lands Company for the acquisition of the Showline Property to supplement the Toronto Port Lands Company’s equity contribution, in an amount set out in Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer; the said loan is to be repaid with all net income from the Showline Property and other Toronto Port Lands Company revenues, if required, and shall be on terms and conditions satisfactory to the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer, and in form satisfactory to the City Solicitor; and City Council considers the loan to be in the interest of the City.

3. City Council authorize the Chief Executive Officer, Toronto Port Lands Company to execute any agreements, transfers, consents and any other documents  required to complete the transactions on the terms set out in the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer.

4. City Council authorize the Interim Chief Financial Officer or designate to execute all agreements, documents and instruments necessary to implement the loan to the Toronto Port Lands Company referred to in Part 2 above.

5. City Council severally authorize the Deputy City Manager, Internal Corporate Services and the Director of Real Estate Services, or their respective designates, to execute the Non-Disclosure Agreement referred to in Appendix A to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer, and any other agreements, documents and instruments that may be necessary to complete the transactions referred to in Part 1 above.

6. City Council authorize the public release of Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer following the closing of the transactions.

Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer remains confidential in its entirety at this time in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to a proposed or pending land acquisition or sale of land for municipal or local board purposes.  Confidential Attachment 1 to the report (December 7, 2017) from the Deputy City Manager, Internal Corporate Services and the Interim Chief Financial Officer will be made public following the closing of the transactions.