DSC
Superstar
This looks quite encouraging, coming to Government Management Committee next week:
More at: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2016.GM9.5
(December 24, 2015) Report from the Chief Corporate Officer
Recommendations
The Chief Corporate Officer recommends that:
1. City Council authorize an amendment to the 2009 Head Lease Agreement between the City of Toronto and Osmington (Union Station) Inc. ("Osmington"), and authorize any other necessary agreements, to implement the building enhancements for Union Station, any necessary upgrades required to allow for retail on the GO West Concourse, and the heritage interpretation plan, substantially on the terms set out in the Term Sheet attached to this report as Attachment 1 and such other or amended terms as may be acceptable to the Chief Corporate Officer and in a form satisfactory to the City Solicitor.
2. City Council authorize an amendment to the retainer agreement with Davies Ward Phillips and Vineberg LLP (Purchase Order No. 6025203), in the additional amount of up to $350,000.00 (net of all applicable taxes), to provide continuing real estate legal advice and expertise for the on-going agreement updates associated with the revitalization project.
3. City Council authorize an amendment to the retainer agreement with PwC (Purchase Order No. 6037971), in the additional amount of up to $150,000.00 (net of all applicable taxes), to provide continuing real estate advice and expertise for the on-going lease related matters associated with the revitalization project.
Summary
In 2013, City staff reported to Council that the City's Head Lessee at Union Station, Osmington (Union Station) Inc., was interested in developing a renewed vision for the commercial retail and event elements at the Station. As the revitalization of Union Station has progressed, Osmington has further developed the design for the commercial retail and event spaces to create a 2015 vision for a dynamic, customer-focussed experience that includes engaging the top restauranteurs, retailers and cultural institutions of the City. The City shares this vision with Osmington to create a destination for commuters, local residents and visitors alike. In order to create a world class destination, base building and leasehold enhancements to the building are needed, including lighting, audio-visual equipment, furniture, amenities and other improvements to the retail and event offerings for Station users.
The enhancements are estimated to cost $32 million plus HST and contingency, and will be shared between Osmington (60%) and the City (40%). The City's 40% portion of the enhancement costs will be funded by Osmington and recovered with revenue that is generated from sponsorship and retail tenant percentage rent (as defined in the attached Term Sheet). The proposed enhancements do not require the City to use its own capital funding and presents no risk to the revenues that the City would receive in the absence of these enhancements.
This report recommends that City Council authorize an amendment to the 2009 Head Lease Agreement between the City and Osmington and authorize any necessary related agreements to allow Osmington to fund, design and construct enhancements to Union Station that will make it a City-wide destination for dining, retail, events and culture.
More at: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2016.GM9.5
(December 24, 2015) Report from the Chief Corporate Officer
Recommendations
The Chief Corporate Officer recommends that:
1. City Council authorize an amendment to the 2009 Head Lease Agreement between the City of Toronto and Osmington (Union Station) Inc. ("Osmington"), and authorize any other necessary agreements, to implement the building enhancements for Union Station, any necessary upgrades required to allow for retail on the GO West Concourse, and the heritage interpretation plan, substantially on the terms set out in the Term Sheet attached to this report as Attachment 1 and such other or amended terms as may be acceptable to the Chief Corporate Officer and in a form satisfactory to the City Solicitor.
2. City Council authorize an amendment to the retainer agreement with Davies Ward Phillips and Vineberg LLP (Purchase Order No. 6025203), in the additional amount of up to $350,000.00 (net of all applicable taxes), to provide continuing real estate legal advice and expertise for the on-going agreement updates associated with the revitalization project.
3. City Council authorize an amendment to the retainer agreement with PwC (Purchase Order No. 6037971), in the additional amount of up to $150,000.00 (net of all applicable taxes), to provide continuing real estate advice and expertise for the on-going lease related matters associated with the revitalization project.
Summary
In 2013, City staff reported to Council that the City's Head Lessee at Union Station, Osmington (Union Station) Inc., was interested in developing a renewed vision for the commercial retail and event elements at the Station. As the revitalization of Union Station has progressed, Osmington has further developed the design for the commercial retail and event spaces to create a 2015 vision for a dynamic, customer-focussed experience that includes engaging the top restauranteurs, retailers and cultural institutions of the City. The City shares this vision with Osmington to create a destination for commuters, local residents and visitors alike. In order to create a world class destination, base building and leasehold enhancements to the building are needed, including lighting, audio-visual equipment, furniture, amenities and other improvements to the retail and event offerings for Station users.
The enhancements are estimated to cost $32 million plus HST and contingency, and will be shared between Osmington (60%) and the City (40%). The City's 40% portion of the enhancement costs will be funded by Osmington and recovered with revenue that is generated from sponsorship and retail tenant percentage rent (as defined in the attached Term Sheet). The proposed enhancements do not require the City to use its own capital funding and presents no risk to the revenues that the City would receive in the absence of these enhancements.
This report recommends that City Council authorize an amendment to the 2009 Head Lease Agreement between the City and Osmington and authorize any necessary related agreements to allow Osmington to fund, design and construct enhancements to Union Station that will make it a City-wide destination for dining, retail, events and culture.
