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Building Value – TEDCO Corporate Plan 2008-2010

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Building Value – TEDCO Corporate Plan 2008-2010 BUILDING VALUE TEDCO CORPORATE PLAN 2008 – 2010 TORONTO ECONOMIC DEVELOPMENT CORPORATION “TORONTO’S AGENDA FOR BUILDING VALUE PROSPERITY COMMITS US TEDCO CORPORATE PLAN TO BUILDING A VIBRANT, 2008 – 2010 CREATIVE AND INNOVATIVE CITY WITH STRONG LOCAL AND INTERNATIONAL BUSINESS RELATIONS AND INDUSTRIES. WITH PROJECTS LIKE FILMPORT, CANPAR AND THE CORUS TEDCO AT A GLANCE 02 BUILDING, WE CELEBRATE LETTER FROM THE CHAIRMAN 04 LETTER FROM THE PRESIDENT & CEO 06 THE KIND OF VISION AND COMPANY HIGHLIGHTS 08 EXECUTIVE SUMMARY 18 LEADERSHIP THAT ALLOWS REAL ESTATE 24 ECONOMIC DEVELOPMENT 32 THE CITY OF TORONTO TEDCO INITIATIVES 36 BOARD OF DIRECTORS 43 TO PROSPER.” SENIOR MANAGEMENT 47 GOVERNANCE AND FINANCIALS 50 MAYOR DAVID MILLER, CITY OF TORONTO PARTNERS AND RECOGNITION 52 TEDCO AT A GLANCE 3,700 1.8 121 01: TEDCO is Toronto’s urban 04: TEDCO pursues opportunities 08: TEDCO supports entrepre- development corporation, that generate new high-quality neurial job development and ESTIMATED NEW AND MILLION SQUARE FEET OF NEW ACRES OF BROWNFIELD LANDS incorporated in 1986 as a company jobs and increase new industrial skill creation through the support RETAINED JOBS THROUGH NEW PROPOSED DEVELOPMENT RESTORED TO PRODUCTIVE under the Ontario Business and commercial assessment and of business incubation and DEVELOPMENT USE SINCE 1992 Corporations Act and governed investment to support the long- commercialization programs. by its Board of Directors. term prosperity of the City of Toronto. 09: TEDCO strategically and 02: As a leading city builder, proactively encourages invest- TEDCO nurtures involvement of 05: TEDCO’s revenue-generating ment in underutilized, vacant the private sector as well as other business is real estate develop- or brownfield properties, which, orders of government and public ment, and property management in turn, enhances tax revenues + agencies to effectively fulfill and and leasing, which add value to for the City of Toronto. 500 111 implement public policy impera- the City through quality initiatives tives in a business-like manner. in urban design and sustainable 10: TEDCO continuestopioneer ACRES OF LAND OWNED ACRES UNDER development. and take leadership in environ- REDEVELOPMENT 03: TEDCO MISSION:Asthe mental matters through its principal urban development 06: TEDCO is proactive, innova- remediation expertise and corporation owned by the City of tive and creative in developing award-winning Environmental Toronto, TEDCO exists to act as a unique approaches to complex Management Program (EMP). catalyst to improve the economic economic, social and environ- competitiveness of Toronto mental issues across the City directly and with partners; to of Toronto. $ $ increase investment in the key 800 07: TEDCO is not an agency of the 4.3 550 economic infrastructure of the City; and to redevelop underuti- City nor a government department MILLION 2007 PROPERTY MILLION INVESTMENT FOR JOBS CREATED IN 2007 lized and brownfield properties. but is an arms-length corporation TAXES PAID PROPOSED DEVELOPMENT THROUGH TEDCO SUPPORTED that functions in an entrepreneur- BUSINESS INCUBATORS ial and nimble fashion. It is structured to act with efficiency and focus with a range of public and private sector partners. $ 8 360 TONNES OF CO2 EMISSIONS MILLION INVESTED IN BUSINESS ELIMINATED THROUGH CANPAR INCUBATION SINCE 1989 AND FILMPORT REMEDIATION PROCESS 02 ROWLAND FLEMING LETTER FROM THE CHAIR At the core of every successful urban region is a increasingly over the past several years, environ- TEDCO as either an agency or a department of the enable TEDCO to move forward with greater relevance dynamic city that attracts investment, employment mentally sustainable development. City of Toronto. It is neither. TEDCO’s structure is and adaptability than at any time in its history. and momentum to the entire area. The Greater unique in that it is mandated to fulfill public policy Toronto Area is such a region. By many measures it Today more than ever, Toronto and TEDCO stand at a imperatives while at the same time operating as a All of these advances have brought a new sense of is one of the fastest-growing regions in North crossroads. The strategic direction we take and the nimble business entity. excitement and purpose to our activities, and a new America and the city itself is hailed for its civility, related investments we make will have profound understanding of our role. Crucial to our success is livability and drive. long-term effects for the millions of people who will Executing the Board’s vision for TEDCO is a strong the City of Toronto and all of the various staff and call Toronto their home in the years to come. management team headed by Jeffrey Steiner who city departments who have been instrumental in Certainly Toronto, as well as every major city in the joined the corporation in 2002, bringing with him a our ability to move forward. TEDCO will continue to developed world, is facing challenges. But I believe The direction we have taken and our priorities for new sense of urgency and direction to the corpora- build value for our shareholder and the people of that the success Toronto enjoys today is largely a 2008-2010 are highlighted in this Corporate Plan. tion’s activities. It is no surprise that the most Toronto who inhabit one of the great urban regions function of decisions made 10, 20 and even 50 years We are successfully delivering on the City’s require- dramatic changes within TEDCO have come in the of North America. ago. One of those decisions was made in 1986 when ments for faster, more aggressive and innovative past five years when our assets, our scope and our the City of Toronto established TEDCO to be its eco- development. These successes are fostered activities have all increased dramatically. One of the nomic development corporation. Since then TEDCO’s through the vision of our truly exceptional board of reasons for this dramatic increase is our expanded mandate and methods have changed with the times directors who bring expertise from both the private mandate to operate city wide rather than continuing to help ensure that Toronto can remain at the fore- and public sectors to guide a corporation that itself to focus primarily on the Port Lands. These changes Rowland Fleming front of job creation, economic development and, is a public-private hybrid. It is easy to think of have helped us build a strong foundation that will Chairman of the Board 04 05 JEFFREY D. STEINER LETTER FROM THE PRESIDENT AND CEO The purpose of a city’s economic development recently, property developers — we manage our land The past few years have seen an acceleration of guidance and the support to grow TEDCO,its corporation is to tap into the best of both the private assets to a commercially prudent standard. Our activity for TEDCO as we completed research, plan- mandate, activities and effectiveness to levels and public sectors to achieve City Building in a experience in dealing with the “brownfield” legacy of ning and negotiation stages of various projects to that were barely conceived of when the Corporation business-like way. As Toronto’s urban development contamination in Toronto’s Port Lands has given us successfully carry out our mandate. TEDCO’s Corus began its work in the 1980s.Ialsowanttoacknowl- corporation, TEDCO has partnered with remarkable the insight to continue to pioneer and take leadership Entertainment building is scheduled for completion edge the management and staff of TEDCO who businesses, public organizations and investors in environmental matters across the City. TEDCO’s in 2009 and is the first commercial office building work tirelessly to embrace our new sense of mission thesepastyears.Iwouldliketoextendmydeep role does not end here. We are also a facilitator, under construction in the East Bayfront precinct of and confidence in realizing just how effective the appreciation to all of our stakeholders for their negotiator and a catalyst, beginning with our own Toronto’s waterfront. Nearby in the Port Lands we, Corporation can be in adding value to our great city. insight, their expertise and their faith in our initia- lands and looking across the city to other initiatives. together with our tenant FILMPORT, are transforming tives. By working with us, our partners enforce our some 20 acres of a former oil tank repository into This is a time of unprecedented growth and belief that by linking public policy priorities with Since our corporate strategy is to be a leading City one of the largest and most advanced film and transition for the Toronto Economic Development private sector imperatives we all gain a powerful Builder, our motivation remains to create positive television production studios in Canada. Corporation and for the City of Toronto. We look advantage in reaching our collective goals. outcomes to benefit the City of Toronto and its forward to continuing to fulfill our mandate and citizens. This means that, although our focus is The financial value we generate from these develop- explore new initiatives. These collective goals stem from our city-wide man- mostly on economic growth and job creation, it is ments is leveraged into new developments, creates date set by our sole shareholder, the City of Toronto, also about cutting-edge urban redevelopment. In value for the City, and allows us to continue to through City Council, with whom we work closely to such a rapidly changing environment, TEDCO’s role support economic development initiatives and our achieve our mutual objectives. In order to better has become increasingly proactive and full of incubator and commercialization programs. achieve these objectives, we have strengthened our interesting challenges. Jeffrey D. Steiner operations in areas such as governance, finance, None of this could be realized without the strong President & CEO strategy, technology and human resources. As one of I am pleased to say that we are meeting these direction and encouragement of our Board of the largest landowners in the city — and, more challenges.
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