Item - 2021.RA21.2

The Board of Directors of CreateTO:  

1.  Directed the Interim Chief Executive Officer, CreateTO to consult with the Board Chair, Ron Carinci and Directors, Councillor Ana Bailão and Marni Dicker, in preparing the next report and an issues list on the proposed transaction for the May 11, 2021 meeting of the Board of Directors of CreateTO.

Lyle Hall, Principal, Hall Hospitality Advisors Inc. gave a presentation on 11 Bay Street - Economic Impact Study - Peer Review and Commentary.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to a proposed or pending acquisition or disposition of land by the Board of Directors of CreateTO.

The purpose of this report is to report back to the Board of CreateTO with certain supplemental information related to the proposed lease terms negotiated between staff of CreateTO and QuadReal Property Group Limited Partnership ("QuadReal") and Barney River Investments Limited ("Barney River"), the managers acting on behalf for the tenant, in connection with a proposed long-term lease renewal/new lease agreement (“Lease Extension”) to permit redevelopment of the City-owned property at 11 Bay Street (the "Subject Property"). QuadReal and Barney River have proposed a complete redevelopment of the Subject Property which will result in a new office tower and rebuilt convention centre at grade. 

At its meeting on January 11, 2021, the CreateTO Board considered an initial report (the “Initial Report”) on the proposed Lease Extension, and invited Staff to conduct further due diligence on the background to the Tenant’s proposal. This Report contains the results of that due diligence investigation, and the schedules to this Report contain certain third party reports and correspondence that have resulted from this due diligence exercise.