Item - 2018.GM29.25

City Council on July 23, 24, 25, 26, 27 and 30, 2018, adopted the following:

1.  City Council authorize the Deputy City Manager, Internal Corporate Services to negotiate the acquisition of 55 Lake Shore Boulevard East (the "Property") from MENKES 55 LAKESHORE INC. (the "Vendor") for the purchase price outlined in Confidential Attachment 1 to the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation and City Council authorize the City to enter into an agreement of purchase and sale substantially on the terms outlined in Appendix A to the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation and on such other or amended terms and conditions as may be acceptable to the Deputy City Manager, Internal Corporate Services and in a form satisfactory to the City Solicitor.

2.  City Council amend the 2018 – 2027 Council Approved Parks, Forestry and Recreation Capital Budget and Plan to include creation of a new capital sub-project called "55 Lake Shore Boulevard East - Parkland Acquisition" in the Land Acquisition project upon execution of the agreement of purchase and sale, with total project cost in 2018 and cash flow funding in year 2024 as outlined in Confidential Attachment 1 to the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation, to be funded evenly from the Parkland Acquisition South District Local Parkland Reserve Fund (XR2208) and Parkland Acquisition City-Wide Land Acquisition Reserve Fund (XR2210) which are to be recovered from future Section 42 cash-in-lieu of parkland dedication(s) from future development in the Lower Yonge Precinct.

3.  City Council authorize severally each of the Deputy City Manager, Internal Corporate Services and the Director, Real Estate Services to execute the Offer to Sell agreement (the "Agreement") and any ancillary agreements and documents under the Agreement on behalf of the City.

4.  City Council authorize the Deputy City Manager, Internal Corporate Services to administer and manage the transaction, including the provision of any consents, approvals, waivers and notices, provided that the Deputy City Manager, Internal Corporate Services may, at any time, refer consideration of any such matters (including their content) to City Council for its consideration and direction.

5.  City Council authorize the City Solicitor to complete the contemplated transaction on behalf of the City, including paying any necessary expenses, amending the closing, due diligence and other dates, and amending and waiving terms and conditions, on such terms as the City Solicitor considers reasonable.

6.  City Council authorize the public release of Confidential Attachment 1 to the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation once the transaction contemplated in the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation has been completed, and the Vendor has disposed of its interest in the Property to the City.

Confidential Attachment 1 to the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation 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 by the City of Toronto.  Confidential Attachment 1 to the report (June 18, 2018) from the Deputy City Manager, Internal Corporate Services and the General Manager, Parks, Forestry and Recreation will be made public once the transaction has been completed and the Vendor has disposed of its interest in the Property to the City.