Item - 2022.EX34.25

The Executive Committee recommends that:

1. City Council authorize the Deputy City Manager, Corporate Services, to execute an amendment to the agreement of purchase and sale, and any additional or ancillary agreements or amendments thereto required for the acquisition of the property identified in Confidential Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management, substantially on the revised terms and conditions outlined in Confidential  Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management, and on such terms and conditions as may be acceptable to the Deputy City Manager, Corporate Services and the Executive Director, Corporate Real Estate Management, and in a form satisfactory to the City Solicitor.

2. City Council increase the 2022-2031 Council Approved Capital Budget and Plan for Corporate Real Estate Management by the amount set out in Confidential Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management, under capital project account (CCA226-01) "Strategic Property Acquisitions", funded from the Land Acquisition Reserve Fund (XR1012) to support the acquisition of the property identified in Confidential Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management.

3. City Council authorize the public release of Confidential Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management, following the later of April 30, 2023 or the closing of any purchase transaction and any other related ancillary agreements.

4. City Council forward the Item and Confidential Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management to the CreateTO Board and the Toronto Transit Commission Board for their information and City Council request the CreateTO Board and the Toronto Transit Commission Board to keep Confidential Attachment 1 to the report (June 27, 2022) from the Executive Director, Corporate Real Estate Management confidential until the conditions specified in Recommendation 3 above are met.

This report seeks City Council authorization for an amendment to the terms and conditions of the agreement of purchase and sale for City's acquisition of an industrial property (the "Property") for the future site of a new Toronto Transit Commission ("T.T.C.") garage and maintenance facility (the "10th Garage"), as originally approved by City Council in December 2021 through item CC38.19.

The Property is considered to be a strategic acquisition that aligns with the T.T.C.'s Capital Investment Plan 2021-2035, T.T.C.'s Real Estate Investment Plan, CreateTO's Industrial Portfolio Strategy, and the Council-adopted Strategic Acquisition Policy under City-Wide Real Estate model, providing a new opportunity for the City to acquire additional industrial lands at the Property for municipal purposes. Confidential Attachment 1 to this report includes updates to the financial impact, the revised terms and conditions of the agreement of purchase and sale, and plans for the redevelopment and management of the Property for T.T.C. and City purposes.