Item - 2021.EX25.15

The Executive Committee recommends that:

1. City Council treat that portion of the City Council meeting at which the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer is considered as the Annual General Meeting of the Shareholder for Toronto Port Lands Company by:

a. receiving the "CreateTO 2020 Highlights Report", and the "Toronto Port Lands 2020 Audited Consolidated Financial Statements", forming Attachments 1 and 2 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer; and

b. appointing KPMG LLP as the Auditor of Toronto Economic Development Corporation (operating under the name Toronto Port Lands Company) for fiscal year 2021.

2. City Council receive the "Toronto Port Lands Company 2020 Financial Impacts of COVID-19 ", forming Attachment 3 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer.

3. City Council direct the City Clerk to forward a copy of the "Toronto Port Lands 2020 Audited Consolidated Financial Statements", forming Attachment 2 to the report (June 21, 2021) from the City Manager and the Chief Financial Officer and Treasurer, to the Audit Committee for information.

This report transmits materials submitted by the Board of Directors of the Toronto Port Lands Company (TPLC) to the City and recommends actions necessary to comply with the requirements of the Business Corporations Act, Ontario (OBCA) for holding the Annual General Meeting of the Shareholder of Toronto Economic Development Corporation (TEDCO), operating as the Toronto Port Lands Company (TPLC), including receipt of its Annual Report and Audited Consolidated Financial Statements (Statements) for 2020 and appointment of the auditor for 2021.

TPLC's 2020 Statements were audited by KPMG LLP and received an unqualified opinion stating that the financial statements present fairly, in all material respects, the consolidated financial position of TPLC as at December 31, 2020, and its consolidated financial performance for the year then ended in accordance with International Financial Reporting Standards, (IFRS). Limited review and analysis was performed by City staff.

The report also responds to City Council's request to report the impact of COVID-19 on the 2020 financial statements as well as any modifications to programs and initiatives to address the pandemic.