GROWING VALUE
IN THE PORT LANDS
Toronto Port Lands Company: Corporate Plan 2014-2015
toronto port lands tplc company
Table of Contents
TPLC Fast Facts 3
Letter from the Chair, and President & CEO 5
Highlights 6
Corporate Profile 11
Strategic Goals and Objectives 24
Growing Value for Toronto 26
Finance & Administration 30
Board of Directors & Executive Team 33 TPLC Fast Facts:
Close to $15.7 $0.5 billion million in revenues in land assets in 2013
Manages More than more 130 acres of brownfield lands restored than to productive use since 2009 $19.3 70 million paid in property tenants taxes since 2008 Manages more than a 100 $57.7 leases and short term licenses million in distributions to
Owns and manages close to City programs and 400 acres agencies since 2009 in the Port Lands
Operates rail and manages dockwall berthing
Supports more than 23 properties 4,000 jobs with leasable buildings through its tenants Toronto’s waterfront is one of the city’s greatest historical, cultural, social and economic assets. TPLC’s commendable work in the Port Lands is an essential key to unlocking this potential and establishing a strong foundation for generations to come.
— Councillor Michael Thompson Chair, Economic Development Committee Letter from the Chair, and President & CEO
On behalf of the Toronto Port Lands Company (TPLC) and its Board of Directors, we are pleased to share our Corporate Plan for 2014-2015. This plan builds on our past achievements and provides an overview of our objectives moving forward, our recent accomplishments, and historical financial information.
Change is already underway with the further development of new sound stages at Pinewood Toronto Studios and relocation of the Essroc terminals to the Eastern Port Lands. As the largest landowner in the Port Lands, TPLC has had the opportunity to partner and work with remarkable tenants, businesses, public organizations and investors over the years. We would like to extend our appreciation to all of our stakeholders for their insight, their expertise and their faith in our initiatives. By working with us, our partners enforce our belief that by linking public policy priorities with private sector needs we all gain a powerful advantage in reaching our collective goals.
TPLC continues to grow value for the City with our strategy of proactive management of our property portfolio and business activities. We have increased our gross revenue base since 2009 by $2.6 million. In 2012, TPLC provided a $40 million special dividend to our shareholder and still retained a shareholder’s equity value of over $365 million. Working with our various partners and stakeholders on the waterfront, TPLC continues to support the revitalization of the Port Lands while continuing to deliver on attracting and retaining employment in the Port Lands.
TPLC is the operating name for City of Toronto Economic Development Corporation, incorporated in 1986 under the Ontario Business Corporations Act. In 2014, we will continue to be aligned with the City’s policies, objectives and economic development strategies such as the new strategic plan for accelerating job creation and economic growth in Toronto called, “Collaborating for Competitiveness.”
A small team of dedicated staff consists of highly qualified individuals with a long-term commitment and perspective with both private and public sector experience. The City of Toronto, our sole shareholder, continues to receive excellent value from its Corporation and can look forward to continued growth in 2014.
We thank all of our stakeholders and look forward to working together in the future to continue to add value and contribute to the City’s economic development and growth opportunities.
Mike Williams Michael Kraljevic Chairman of the Board President & CEO
Corporate Plan 2014-2015 5 Highlights
Pinewood Toronto Studios 225 Commissioners Street
Pinewood Toronto Studios officially opened to the area. The first phase of the $60 million, for business in 2008. In 2013, as part of a 260,000 sq ft landmark studio complex opened $40 Million expansion plan in the Port Lands in 2008 and included a 45,000 sq ft purpose- Film Studio District, three new state-of-the-art built sound stage and created more than sound stages opened. TPLC completed a lease 600 jobs. Phase 2 is to include additional agreement with tenant Pinewood Toronto studios, office space, and other ancillary Studios to permit Pinewood’s expansion. The activities. The complex continues to attract Pinewood development has already started to jobs, increase revenues and investment transform the area. Pinewood Toronto Studios to the City, and realize the City’s economic will act as a catalyst to attract investment development objectives. and other related innovative and creative uses
Left to right at launch of 3 new sound stages: Michael Kraljevic, Councillor Peter Milczyn, MPP Peter Tabuns, Councillor Paula Fletcher, Blake Steels, Alfredo Romano, Paul Bronfman, Pinewood Toronto Studio Representative, Minister Glenn Murray, Minister Michael Chan, Karen Thorne-Stone, Sarah Ker-Hornell
6 Toronto Port Lands Company Essroc Relocation 575 Commissioners Street
The Port Lands remain a functioning port area and will continue to house industrial tenants. As part of the City’s consolidation strategy to relocate concrete and aggregate companies to the Eastern Port Lands, TPLC has worked closely with tenant Essroc to complete this multi-million dollar project. Construction was started in 2013 with one terminal put in service in 2014. TPLC has worked closely with the Toronto Port Authority and Waterfront Toronto to help relocate Essroc from its Cherry TPLC staff meets with Essroc and construction team in TPLC offices Street site to a new site just north of the ship channel alongside other like companies. Relocating heavy industry opens up prime property for redevelopment, allows for clean-up of contaminated sites, and maintains employment in the Port Lands.
Essroc constructs silos on new site
Corporate Plan 2014-2015 7 Highlights
TPLC Presentation of Financial Dividend City of Toronto
Toronto Port Lands Company presented a cheque from TPLC President & CEO, Michael special dividend amount of $40 million to its Kraljevic. The $40 million special dividend was sole shareholder the City of Toronto in April one of the largest dividends paid to the City 2012. Cam Weldon, Chief Financial Officer of by one of the City’s corporations. the City of Toronto at the time, received the
City of Toronto CFO, Cam Weldon receives $40 million cheque from TPLC President & CEO Michael Kraljevic
8 Toronto Port Lands Company Better Buildings Partnership (BBP) Presentation Corus Quay, 25 Dockside Drive
The City of Toronto’s Better Buildings Partnership (BBP) recognized Toronto Port Lands Company’s work in energy conservation at our Corus Quay development in 2013. The financial payback from the BBP-NC program was created as an incentive and a catalyst to encourage more projects to enrol in the BBP program and conserve energy. Savings generated by the Corus Quay project totalled $101,780.00 for a peak demand kW savings of 290.80.
TPLC President & CEO Michael Kraljevic was presented the cheque in front of the building’s 5-storey living wall.
Corporate Plan 2014-2015 9 We work closely with the City to accelerate economic growth and job creation while working with a wide range of public and private sector partners. Corporate Profile
Toronto Port Lands Company (TPLC) is an remain mindful of our shareholder’s policies operating business and the largest landowner and objectives we also take our obligations in the Port Lands. With more than 400 acres as a business very seriously and continue in our portfolio, our tenants are minutes from to ensure we receive the best economic, the downtown core and nearby transit and environmental and social returns for highway access. the hundreds of acres of properties in the Port Lands. We are a completely self-financing municipal corporation wholly-owned by the City of TPLC’s mandate includes the provision, Toronto. Through our leasing, development, operation and improvement of sites, buildings brownfield reclamation and land management and facilities, and the making of grants or activities we finance our operations, provide loans to any person for the carrying on of funding to City programs, and have the ability promotional activities, all in relation to the to deliver a financial dividend back to the City. establishment and carrying on of industries In 2012 we provided the City with a $40 million and of industrial operations and related uses; special dividend. the sale of sites, buildings and facilities; and the ability to share profits and pay dividends TPLC developments include Pinewood Toronto to the City. The success of the central Studios, a major film studio complex that downtown Toronto area will depend in part anchors the Port Lands Innovation and on TPLC achieving our mandate. Creativity Cluster. Corus Quay is the award- winning landmark office and broadcast The Port Lands strategic location represents building and first LEED Gold building on a competitive advantage where many Toronto’s waterfront developed by TPLC. commercial, industrial, media and retail It was also named one of the 10 most service-oriented businesses can effectively impressive offices in the world. gain access to prospective and existing customers in the downtown core. TPLC’s We work closely with the City to accelerate advantage is that we are nimble and operate in economic growth and job creation while a commercial setting with a reasonable means working with a wide range of public and private of expediting transactions and operations. sector partners. As a municipal corporation, TPLC has a unique role that adds value to City With this strong foundation as an urban objectives. We contribute to broader city- development corporation and a history of building goals whether it is by strategic land award-winning developments, sustainable acquisition, problem-solving, relocating development and other initiatives, TPLC companies to prepare for redevelopment or continues to provide a major contribution collaborating on special projects. As we to building our City.
Corporate Plan 2014-2015 11 Toronto Port Lands Map
D
o
n
V
a
l l e
y
P
a
r kw
T a
r y
i
n
i
t
y
S Front
t Str
r eet E e ast E e astern
t We Aven st Don ue Lands
Mill
Street H
e
Y
w
F
o
a
5
r
n
r
5 e
d
g
e C
A
e
l 9
o a e v
5
S
o n
n
B
p
t d
u
r L o
a
iq J
u e
o
e
e r C La
o o
S
n k L
tro 1 e
l r
e B S t
o h o
a 2
r o
d r
h 1
t o r
f R e First Gulf
O S L t
g
i v
r n o
ta b 5 B
rio L la 4 o
i w u M
q A e
uo s le a
i
t
r 3 va
C s
h
o c r G e v r n e n d
T B tro E ar o
o e o l d
r a a
on r st in d r
A
t t
o S of S K er
e s n i C
ta e O nt E
r nta or a x
(O ri k p v
o u
sm t r
2 e a
i t O F r s n e e
g r n
t t d sw
o a e e
r A n 1 r d r
) io a S e a
B L l y n
td. l
5 a
E v h
o s u o
e xpre t w
ss s e e a e
5 n rd
t a . E
(1 Y n
r
1 l
15 4 n i lvd n
7 a A b B
390 n R re u a c y
2 o
2
o h v so e
O S il S
n 5 W
S t 9 ke e
L u a
td) m Joseph L L 9
1 o 3
Lux & R n b r
l Small 3 0 a t
w Nu s 8 3 0 3
k n 4
s o a T Haubert u
r h
e Zwingenberger Ltd. 3
D t Lakeshore 7 t
5
6 o e
l
e c 4 l
In k e 3 v l e
es Sh e 1 tm
o 1 1 9
e p Properties
nts p e 2
e S e
1 S
1 Ltd In r
0 . c
6 . t
S
Imperial 9
1 3
t
t
t 2 S
2
1 2 1 r
r 4
7 t
0 t
1147390 e
0
e
Parking r 9
8 n
4
8
2 e
0 e e 0 C Ont. Ltd. 0 TWR 5
e n Investments Inc. t m Casta o t 11 rt irst Pr t ia Cinespace m Po F rl Fil a 7 7 Queens Quay Blvd. East
2 P
9
1
5 5 2 3 Do
5 n Pa
2 rkw J
6 a
y Bri 1 2 ( P
a d
ge 6 15 1 5
0 r
a 5
ing Rail Yard 1
) t v Kea 5 3C Development 9 r
4 9
i ian l nad
5 a
1 C s Rail Bridge 8 i . East 5 lvd 8 8 8
B 8 re
a m o 8 Cityzen Development Group Redpath Sh 0 Lake 0 e
7 Tir
5 1
t S 7 George 0
9 1
5 e
(Former Avro MT 27) Corus 5 Showlin Sugars 1 5 tre
Bro1 wn Cen r
6
7 7
25 Dockside Dr 6 e ) 7 O
5 ESS e ( 6 5 yhound 2 Gre
3 R
0 n
5 ro e yd C nto H 1 Canada 120 Toro
h t B man
t Buch
e
r
6 e i lin S r ow
d Sh l
S 8 r r umbe
1 L
g y C 5 ark
t P el 7 leary roof e cC an hann M L C S C fair a
r May 0 i o B t Keating ing at r
e p Ke
l g Courts S is o n Ten a Queen Elizab 6 eth Docks e Channel rd a Ya u ks 2 w r 8 TPA Wo a D
n 6 t 0 ch Pub u nada Ca o 1 2 A 1
l A S t t n Stree 8 er rs sh e in ie o ve r Vill e Chai K Duffe v ost 1 5 P
1
l t r R 6 e y t 1 ltr u 5 o
i P e n ls 5 ria S n te 6 a 0 M 5 o p 312 u
5 5 u o t t S on a 4 Tor
r e
e
d e t Cherry M ks Toronto Hydro nsit r City Wor Tra mont w e
Toro e ndsmoor Hou 6 Beach u t on e issi a
omm 5 C 6 Sound n Industries Jennifer ts Parliament 5
en 0 t y Investm 0
i
5
8 t 0 LC) lopments 5 301 i (TP Deve Building 6 256 0 o 0
16 0 & 0 n (Tepperman Supplies
4
4 S a ad 4 on Can 4
S 5 6
0
0 3 0 5 lue t
B 5
tech 2 ua r
q 5 0 A Ltd) 0 rs Street 9
e 1 e on .S. 8 missi 5
P 4
0 m tex RC Co 5 n W 0 3 T 5 ua e
(Q 5 RC 1 W 5 2 T duction 5 t ro P 1 orks gies) 5 City W o 5 echnol 1 T 3 0
5 8
4 0 242 s
5 0
7 675 281 4 k Co 5
275 r o
3
2
1 t. Marys 0 S ners Street 2 Basin 0
issio ning W 1
omm 8 Tur
us C 7 5
1 ent 5 Cem
5 rs 6 e
3 artn l P y
5 Triba
t 3 9
1 Multi-Tenant onto i
i 5) United Pinewood Tor T 3 C n (M TPLC Uses 65 TFA Rentals Studios s 15361 tudios Portlands ewood Toronto S se 2 Ontario Pin Pha Q Office 9 Phase 1
5 Ltd. n Street 7 Basi 4
ua 5 tudio City 1 S 2
2 238 9 Scaffold 3 y rge Canada Inc. C LaFa
h Tribal Partners Hydro One (Innocon) 5 e Performance 7 5 r inewood r P utions y Sol
3 s 5 E S nd ssr ption La oc t ad d O r o 222 ce Ro newo 109R e rvi Pi vate Se e Pri TPLC
t
9
1536165 9 ds 9 t Ontario ption Lan ip Allotmen 7 ewood O Leslie Street Sl Castan Ltd. Pin ardens 5 Lafarge G
7 4
II) 2 12 T (Marland 2 Canada o 0 5 r eet NRI 600 P Polson Str o our 6 rb 1 Ha
o 3 n 1 tion 1 536165 Ontario 190 185 Remedia . Strada Aggregates l 1 Ave t 5 Part of 440 Unwin gor r o s The Docks McGre Ltd. & Transfe on (TPLC) 40R Night Club 4 I Telesat 6 nds Energy Centre n Portla Canada n Q 176 e u n Inc. ay tio r d I) l enera TPLC Private Road n (Marlan nne ower G Casta Cha ntario P H hip O Part of 3 Leslie Street a S S h 4 i r p 0 P 2 b C h a Salt o a Canad u n n alt r e nada S l Ca
B 3
2 ls i 4 r alt So i S n 0 e e 8 d anada Gr g C 0 2 e d Limite 4 3 Leslie Street l 2 l 4 Cargi 0 3 0 1 to 6 0 if 4 7 S R idge 150 9 4 r nada 2 iley B a 0 a C 7 B 2 3 4 2 nc, 4 I R 1 0 8
0
0 3 5 R 2 17 0 2 e 2 u CYC 9 ven R 8 A T 51) 4 win (M 4 n 2 U lk eau Bu 7 Rid 2 30 4 1 5
2 2
4
2 2 120 2 3 1 0 L 2 GF 0 C 0 MTCC tlefield 1 Bat 0 ue 0 n ment Ave Equip 0 Unwin Rentals
00 1 1 151 1 5
Toronto, Ontario, Canada R Park e each g rry B a he t Toronto Port Lands Company C t ority a uth R Citigroup Place Port A 5 ronto 5 o toronto To a Pro 123 Front St. West, Suite 1610 d 80 l port lands igarde rai ll p T Toronto, ON M5J 2M2 Inte l an ationa e dm rn rt o company Inte Go y TPA rtin tplc enance Ma Maint on ati ntre nd T. (416) 214-4640 Ce ou g F ilin F. (416) 214-4660 Sa ur rbo Ha ter E. [email protected] Ou February 2014 E.& O.E. se 52) W. www.tplc.ca arehou r (W u TPLC TPLC Owned Buildings o a ach in nger y Be r Passe herr Municipal Municipal Parkland al C b a Termin M r r Pinewood Toronto Studios u Provincial a o Phase 1 rb Land Owned H a Long Term Leases H by Others r r te Federal t e u O u O T o r o n t o 0 125 250 500 750 1,000 m
North American Datum 1983, Modified Transverse Mercator Zone 10, Toronto Toronto Port Lands Map
D
o
n
V
a
l l e
y
P
a
r kw
T a
r y i
n
i
t
y
S Front t Str r eet E e ast E e astern t We Aven st Don ue Lands
Mill
Street H
e
Y
w
F
o
a
5 r
n
r
5 e
d
g
e C
A
e
l 9
o a e v
5
S
o n
n
B
p
t d
u
r L o a iq J
u e
o
e
e r C La
o o
S n k L
tro 1 e
l r
e B S t
o h o
a 2
r o
d r
h 1
t o r
f R e First Gulf
O S L t
g i v r n o
ta b 5 B
rio L la 4 o
i w u M
q A e
uo s le a i t
r 3 va
C s
h
o c r G e v r n e n d
T B tro E ar o o e o l d
r a a
on r st in d r
A
t t
o S of S K er
e s n i C
ta e O nt E
r nta or a x
(O ri k p v o u sm t r
2 e a
i t O F r s n e e
g r n
t t d sw
o a e e
r A n 1 r d r
) io a S e a
B L l y n
td. l
5 a
E v h
o s u o
e xpre t w
ss s e e a e
5 n rd
t a . E
(1 Y n
r
1 l
15 4 n i lvd n
7 a A b B
390 n R re u a c y
2 o
2 o h v so e
O S il S
n 5 W
S t 9 ke e
L u a
td) m Joseph L L 9
1 o 3
Lux & R n b r
l Small 3 0 a t
w Nu s 8 3 0 3
k n 4 s o a T Haubert u r h
e Zwingenberger Ltd. 3
D t Lakeshore 7 t
5
6 o e
l
e c 4 l
In k e 3 v l e
es Sh e 1 tm
o 1 1 9
e p Properties
nts p e 2
e S e
1 S
1 Ltd In r
0 . c
6 . t
S
Imperial 9
1 3
t
t
t 2 S
2
1 2 1 r
r 4
7 t
0 t
1147390 e
0
e
Parking r 9
8 n
4
8 e Queens Quay
2 e
0 e e 0 C Ont. Ltd. 0 TWR 5
e n Investments Inc. t m Casta o t 11 rt irst Pr t ia Cinespace m Po F rl Fil a 7 7 Queens Quay Blvd. East
2 P
9
1
5 5 2 3 Do
5 n Pa
2 rkw J
6 a
y Bri 1 2 ( P a d
ge 6 15 1 5
0 r
a 5
ing Rail Yard 1
) t v Kea 5 3C Development 9 r
4 9 i ian l nad
5 a
1 C s Rail Bridge 8 i . East 5 lvd 8 8 8
B 8 re a m o 8 Cityzen Development Group Redpath Sh 0 Lake 0 e
7 Tir
5 1
t S 7 George 0
9 1
5 e
(Former Avro MT 27) Corus 5 Showlin Sugars 1 5 tre
Bro1 wn Cen r
6
7 7
25 Dockside Dr 6 e ) 7 O
5 ESS e ( 6 5 yhound 2 Gre
3 R
0 n
5 ro e yd C nto H 1 Canada 120 Toro h t B man t Buch
e r
6 e i lin S r ow
d Sh l
S 8 r r umbe
1 L g y C 5 ark t P el 7 leary roof e cC an hann M L C S C fair a r May 0 i o B t Keating ing at r
e p Ke
l g Courts S is o n Ten a Queen Elizab 6 eth Docks e Channel rd a Ya u ks 2 w r 8 TPA Wo a D
n 6 t 0 ch Pub u nada Ca o 1 2 A 1
l A S t t n Stree 8 er rs sh e in ie o ve r Vill e Chai K Duffe v ost 1 5 P
1
l t r R 6 e y t 1 ltr u 5 o
i P e n ls 5 ria S n te 6 a 0 M 5 o p 312 u
5 5 u o t t S on a 4 Tor
r e
e
d e t Cherry M ks Toronto Hydro nsit r City Wor Tra mont w e
Toro e ndsmoor Hou 6 Beach u t on e issi a
omm 5 C 6 Sound n Industries Jennifer ts Parliament 5
en 0 t y Investm 0 i
5
8 t 0 LC) lopments 5 301 i (TP Deve Building 6 256 0 o 0
16 0 & 0 n (Tepperman Supplies
4
4 S a ad 4 on Can 4
S 5 6
0
0 3 0 5 lue t
B 5 tech 2 ua r q 5 0 A Ltd) 0 rs Street 9
e 1 e on .S. 8 missi 5
P 4
0 m tex RC Co 5 n W 0 3 T 5 ua e
(Q 5 RC 1 W 5 2 T duction 5 t ro P 1 orks gies) 5 City W o 5 echnol 1 T 3 0
5 8
4 0 242 s
5 0
7 675 281 4 k Co 5
275 r o
3
2
1 t. Marys 0 S ners Street 2 Basin 0
issio ning W 1 omm 8 Tur us C 7 5
1 ent 5 Cem
5 rs 6 e
3 artn l P y
5 Triba
t 3 9
1 Multi-Tenant onto i
i 5) United Pinewood Tor T 3 C n (M TPLC Uses 65 TFA Rentals Studios s 15361 tudios Portlands ewood Toronto S se 2 Ontario Pin Pha Q Office 9 Phase 1
5 Ltd. n Street 7 Basi 4
ua 5 tudio City 1 S 2
2 238 9 Scaffold 3 y rge Canada Inc. C LaFa
h Tribal Partners Hydro One (Innocon) 5 e Performance 7 5 r inewood r P utions y Sol
3 s 5 E S nd ssr ption La oc t ad d O r o 222 ce Ro newo 109R e rvi Pi vate Se e Pri TPLC
t
9
1536165 9 ds 9 t Ontario ption Lan ip Allotmen 7 ewood O Leslie Street Sl Castan Ltd. Pin ardens 5 Lafarge G
7 4
II) 2 12 T (Marland 2 Canada o 0 5 r eet NRI 600 P Polson Str o our 6 rb 1 Ha o 3 n 1 tion 1 536165 Ontario 190 185 Remedia . Strada Aggregates l 1 Ave t 5 Part of 440 Unwin gor r o s The Docks McGre Ltd. & Transfe on (TPLC) 40R Night Club 4 I Telesat 6 nds Energy Centre n Portla Canada n Q 176 e u n Inc. ay tio r d I) l enera TPLC Private Road n (Marlan nne ower G Casta Cha ntario P H hip O Part of 3 Leslie Street a S S h 4 i r p 0 P 2 b C h a Salt o a Canad u n n alt r e nada S l Ca
B 3
2 ls i 4 r alt So i S n 0 e e 8 d anada Gr g C 0 2 e d Limite 4 3 Leslie Street l 2 l 4 Cargi 0 3 0 1 to 6 0 if 4 7 S R idge 150 9 4 r nada 2 iley B a 0 a C 7 B 2 3 4 2 nc, 4 I R 1 0 8
0
0 3 5 R 2 17 0 2 e 2 u CYC 9 ven R 8 A T 51) 4 win (M 4 n 2 U lk eau Bu 7 Rid 2 30 4 1 5
2 2
4
2 2 120 2 3 1 0 L 2 GF 0 C 0 MTCC tlefield 1 Bat 0 ue 0 n ment Ave Equip 0 Unwin Rentals
00 1 1 151 1 5
Toronto, Ontario, Canada R Park e each g rry B a he t Toronto Port Lands Company C t ority a uth R Citigroup Place Port A 5 oronto 5 o T a Pro 123 Front St. West, Suite 1610 d 80 l igarde rai ll p T Toronto, ON M5J 2M2 Inte l an ationa e dm rn rt o Inte Go y TPA rtin nance Ma Mainte on ati ntre nd T. (416) 214-4640 Ce ou g F ilin F. (416) 214-4660 Sa ur rbo Ha ter E. [email protected] Ou February 2014 E.& O.E. se 52) W. www.tplc.ca arehou r (W u TPLC TPLC Owned Buildings o a ach in nger y Be r Passe herr Municipal Municipal Parkland al C b a Termin M r r Pinewood Toronto Studios u Provincial a o Phase 1 rb Land Owned H a Long Term Leases H by Others r r te Federal t e u O u O T o r o n t o 0 125 250 500 750 1,000 m
North American Datum 1983, Modified Transverse Mercator Zone 10, Toronto Property Management and Leasing
As Toronto’s waterfront undergoes TPLC owns and manages approximately three unprecedented change, Port Lands historic miles of dockwall in the Port Lands. TPLC owns uses such as a large heavy industrial and oversees operations on approximately component is changing as well. Today the four miles of rail lines in the Port Lands. focus is to attract lighter industry and We continue to work on opportunities to employment generating uses such as film leverage major events such as Expo 2025 and media convergence industries, office and the Pan Am Games to attract investment space and recreational activities to the to the Port Lands. In 2013 we concluded Port Lands. agreements for utilities and services for the Our tenants include the public sector, Pan Am Games facilities. manufacturing, recreational, heavy industry, TPLC encourages business creation and media and creative industry (such as film investment by providing more than studios) and retail. TPLC’s portfolio generates $15 million to support business incubation revenues that support the operating costs since 1989 and close to $11 million to support of the corporation as well as our financial sister corporation Invest Toronto’s operations obligations. since 2009. TPLC also acquired two We help sponsor City-led events like the properties from annual real estate/economic development Toronto Hydro Signature Sites event, and are called upon to as a strategic collaborate or lead projects such as the Port investment. Lands Sports Centre. TPLC was retained by the These surplus City of Toronto in 2010 to provide planning, properties have design, environmental risk assessment and been added to the corporation’s portfolio of other pre-development services for what was income-producing properties. to be the newest and largest community and recreation facility in the area. Repurposing To date we manage more than 100 leases the old Hearn Generating Station on Toronto’s and licenses, ranging from two-day licenses waterfront for a mixed-use facility was also for film production shoots to property considered at that time. We also work closely management of larger commercial buildings. with the City to bring recreational facilities Our properties are considered valuable to the Port Lands as well as with Waterfront because of their close proximity to downtown Toronto with whom we delivered the popular Toronto as well as being part of a waterfront Cherry Beach Sports Fields. Again, former area currently under revitalization. vacant lands were successfully returned to productive and recreational use.
Old decommissioned R.L. Hearn Generating Station in the Port Lands
14 Toronto Port Lands Company Toronto Port Lands Rail and Dock Wall Map
D
o
n
V
a
l l e
y
P
a
r k
w
T a
r y
i
n
i
t
y
S Front
t Stre
r et E e ast E
e astern t A We venue st Don Lands
Mill
Street H
e
Y
w
F
o
a
5
r
n
r 5 e
d
g
e C
A
e
9 l
o
a e v
5
S
p n
n
B
p
d t
u
r L
o
a
iq J
u e
o L
r e
e Co a
o S
n ke L
tro 1
l r S
e B
o t
a h o
2
r o
d r
h
1
t o r First Gulf
f R e
O S L
g
t o
n v
r B
ta b 5
r l
io L aw 4 o
i u M
q A
e
u s le a
o i i
t r v
C 3 a s
o c G r n r e v e n d
T Bo tro E ar o
or e a l a d
on r h s in
t d r t
o t A
S of S K er e s i C
t O n n
a e t E
r nta ork a xp e
(O ri v o u
sm t r
e a 2
i t O F s
n r e
g r n
t d sw
to ar e e
n r A r 1
i S
) o d a a B
e l L y n
td. l a
5
e
E v h
s x o u
e pre
ss st w e
5 a e o d
n r E
t a .
(1 Y d n r
1 l v
15 4 n i l
n a 7 B A 3 b
90 n R re u c y
2 o
2
e o so h v
S O il S e
n 5 W e
S t 9 k
L u a td m
L ) a Joseph L
o 9 n Lux & 3 1 R
b r
l Small 3 0
a N t
t
w u s 8 3 n 0
k 3 4
s o a Haubert T u
r h
e Zwingenberger Ltd. 3
D Lakeshore 7 t
5
e o 6
e
c l l
4
Inv k e l e e S 3
s h e 1 tm
o 1
1
e p Properties e 9
nts p 2 e S
e 1
L I S r
1 td nc
0 . t
6 .
S
Imperial 9
1 3
t t
t S
2
1
2 2
1 r r 4
7 t t 0
1147390 e
0
Parking e r 9
8 n
4
8
e Queens Quay
2 e e 0 e 0 WRC Ont. Ltd. 0 T 5
e stan Investments Inc. t m Ca ro t 11 ort irst P t ia Cinespace Film P F rl 7 7 Queens Quay Blvd. East a
2 P
9
1
5 5 2 3 Do
5 n P
2 arkw J
6 a
y B
2 ( 1
P ri
a d
ge 6 15 1 5
0 r
a r 5
ing Rail Yard 1
) t v Kea 5 3C Development 9
4 9
i ian
l anad
5 C 1 s Rail Bridge 8 i . East 5 lvd 8 8
B 8 8 re
a o 8 Cityzen Development Group Sh 0 Redpath Lake 0 e 7 Tir
1 5 S 7 George 0
9 1
m 5 e
Corus 5 Showlin
(Former Avro MT 27) t Sugars 1 5 tre
Bro1 wn Cen
r 6
7 7
25 Dockside Dr 6 e ) 7 SO
5 (ES 6 e 5 yhound 2 Gre
3 R
0 n 5 ydro C e ronto H 1 Canada 120 To h B n t hma
t Buc
e
r 6 e i lin r w
S t o d Sh
S ion 8 r r se Opt umbe 1 Ro L y C g 5 Park l 7 ary of
e le ro e l n n han McC L Ca S C yfair Ma a r 0 ds
i Lan o g B t Keatin ting a r
e p Ke
g Courts l S o nis Ten a Queen Elizabeth Do nel 6 cks e Chan ard a s Y u k 2 w r 8 TPA Wo a D
n 6 0
t c Pub u nada Ca o 1
2 A 1 h
l A
t S l t n tree 8 er rs S sh e n lie Ko v ri Vil e Chai Duffe ve ost 1 P 5
1 t e r R 6 y t 1 ltr u 5 Po i e n als 5 i S er n t 6 a 0 M o 5
p 312 u
5 5 u o t t S n a 4 Toro
r e
e
d e Cherry M t rks Toronto Hydro nsit r City Wo Tra e n mont w Optio
Toro Rose e undsmoor Ho 6 Beach u t ion e iss a omm 5 C 6 Sound n Industries Jennifer s Parliament s nt 5
d me 0 n t a 0 y L Invest i s Land 5 n 8 t tio p 5 LC) Rose O lopments 0 e 6 301 i (TP Dev Building 256 0 o 0
16 0 & 0 n (Tepperman Supplies
4
4 S a ad 4 on Can 4
S 5 6
0
0 3 0 5 lue t
h B 5 tec 2 ua r
q 5 0 9 A Ltd) 0 ers Street e on 1
8 i .S. miss 5 P m 4 ntex WRC 0 Co 5 3 T 0 5
(Qua e 5 W.T 1 2 5 duction 5 t ro P 1 orks ogies) 5 City W echnol 1 5 T 3
0
8 5
4
0
242 s 5 0
7 675 281 4 k Co 5
275 r o
3
2
1 t. Marys 0 S ners Street 2 g Basin 0
issio nin W
m 8 om 1 ur 7 T
u C
5
1 nt 5 Ceme 5 s
6 er
3 artn T l P y 5 Triba
s
t 3 9
1 Multi-Tenant ronto i o i ted To
5) Uni Pinewood T 3 C ns (M r TFA TPLC ntals dios Uses 165 Re Stu o 1536 tlands ronto Studios Por newood To ase 2 Ontario Pi Ph Q n Office 9 Phase 1 5 Ltd. Street 7
Basin 4 5 t u tudio City 1 S 2
2
o 9 ay 238 Scaffold 3 ge Canada Inc. I n C LaFar h Tribal Partners Hydro One (Innocon) 5 e n Performance 7
5 r inewood r P lutions e y So
3
s 5 E S nd ss r ption La roc t ad od O 222 r ice Ro newo 109R H e Serv Pi rivate e P TPLC 1
t a 7 9 1 r 1536165 9 ds 9 t b Ontario ption Lan ip Allotmen 7 l ewood O Leslie Street S o Castan Ltd. Pin ardens 5 Lafarge G
7 4
I) 2 12 u I 2 (Marland Canada r 0 5 eet NRI 600 P Polson Str our 6 rb 1 Ha
ol 3 1 tion 1 a 1536165 Ontario 190 185 Remedi Ave. Strada Aggregates 5 Unwin gor r Part of 440 s The Docks McGre Ltd. & Transfe o (TPLC) 440R Night Club 6 n Telesat ands Energy Centre Portl Canada Toronto, Ontario, Canada Q 176 u n Inc. ay tio d I) l enera TPLC Private Road n (Marlan nne ower G Toronto Port Lands Company Casta Cha ntario P hip O Part of 3 Leslie Street S S
h 4 i Citigroup Place p 0 P 2 toronto C h a Salt 123 Front St. West, Suite 1610 a Canad n n lt port lands e ada Sa l an C Toronto, ON M5J 2M2 B 3 2 ls r alt Soi 4 i S n 0 e d anada Gre 8 company g C 2 0
e Limited 4 3 Leslie Street ill 2 4 Carg 0 3 0 1 to 6 0 f 4 tplc 7 i S R dge 150 9 4 ri nada 2 iley B a 0 a C 7 B 2 3 4 2 nc, 4 I R 1 0 T. (416) 214-4640 8 0
0 3 75 R 2 F. (416) 214-4660 1 2 0 e 2 u YC 9 ven RC 8 A T 51) 4 win (M 4 n 2 U k l 7 eau Bu Rid 2 0 4 13 5
2 2
4
2 2 E. [email protected] 120 2 3 1 0 L 2 MFebruaryarch 2013 E2014.& O.E E.&. O.E. GF 0 C 0 MTCC ttlefield 1 Ba 0 ue 0 n W. www.tplc.ca ment Ave Equip 0 Unwin Rentals
0 1 10 151 1 5
R Park e each g erry B a Ch t t ority a uth R Port A 5 o 5 oront o T a Rail Lines 80 d rde il telliga Tra In nal an rnatio odm Inte Go PA tin T nce ar intena M n TPLC Railway Ma tio ntre da Ce un Rail Lines Fo g ilin r Sa ur rbo Ha ter u Ou 2) ouse 5 DockwallsTPLC Railway (Wareh o b a ch r n TPLC Dock Wall r Bea i nge y r Passe herr a nal C a Sidings Termi M r H u o rb r a Sidings e H City of Toronto t r te u u City of Toronto O O Toronto Port Authority T o r o n t o
Toronto Port Authority 0 125 250 500 750 1,000 m
North American Datum 1983, Modified Transverse Mercator Zone 10, Toronto Rail and Dock Wall Infrastructure
TPLC properties include several underutilized Cement where landscaping and dust reduction former industrial sites as well as revitalized are part of the companies’ commitments sites. However, the port remains a functioning to the area. industrial area and will continue to house We also ensure sufficient infrastructure industrial uses such as the concrete and capacity and continued operations such as rail aggregate users so critical to construction in service. In 2013 we settled cost sharing and the downtown core. Relocating the concrete operating agreements with CN and City of and aggregate companies to the Eastern Port Toronto and Toronto Port Authority to provide Lands is part of TPLC’s strategy to consolidate and oversee rail service in the Port Lands. We heavy industry in appropriately zoned areas also oversee TPLC-owned infrastructure in the to free up prime waterfront properties for Port Lands such as dock walls and rail lines. redevelopment. This also retains employment TPLC owns and manages approximately three and shipping in the Port Lands. Essroc is miles of dockwall and owns and over sees the latest company to move to the Eastern operations on approximately four miles of rail Port Lands, joining companies like St. Marys lines in the Port Lands.
New site for Essroc in the Eastern Port Lands
Corporate Plan 2014-2015 15 Pinewood Toronto Studios understands the importance of experience, innovation and collaboration. Toronto Port Lands Company exhibits all of these attributes as our landlord in the Port Lands.
— Blake Steels President, Pinewood Toronto Studios Port Lands Acceleration: Port Lands Innovation and Creativity Cluster/Film Studio Precinct
The Innovation and Creativity Cluster supports Pinewood Toronto Studios is the anchor for job growth with industries such as new media, the Film Studio District within the Port Lands film and entertainment production, music, Innovation and Creativity Cluster. Phase 1 of biomedical, biotechnology and high the $60 million, 260,000 sq ft landmark studio technology. The cluster was initiated in 2008 complex included a 45,000 sq ft purpose-built with the launch of Pinewood Toronto Studios sound stage, the largest purpose-built sound (then called Filmport). The studio complex was stage in North America. Phase 2 is to include developed by a private joint venture additional studios, office space, and other consortium on TPLC-owned property in the ancillary activities. In 2013, three new Port Lands with a focus to make Toronto’s film state-of-the-art sound stages opened as and media industry more competitive. part of the $40 million expansion plan. TPLC Research had shown the need for purpose- completed a lease agreement with tenant built studio space and larger sound studios as Pinewood Toronto Studios to permit key in attracting major feature film production. Pinewood’s expansion. TPLC negotiated a long-term lease, returned The Pinewood development has already derelict lands to productive use, attracted the started to transform the area. Pinewood first private sector commercial development to Toronto Studios will act as a catalyst to attract the Port Lands, supported jobs in the film and investment and other related innovative and media industry and created a catalyst for creative uses to the area. The complex revitalizing this area of the Port Lands. Today continues to attract jobs, increase revenues Toronto is North America’s third largest film and investment to the City, and realize the and television production centre after Los City’s economic development objectives. Angeles and New York City, and has emerged as a global competitor in film and entertainment production.
Gardiner Expy
Lake Shore Blvd E y
t a
S
w
e
e
e
v
t d
t
v
t
S a
A
A
e
r o
h w e
n
R
t
c
a
a
l
l n
u
r
g
u o
a
o
a
o D S B L C
Commissioners St
Basin St
Film Studio Precinct Boundary
Corporate Plan 2014-2015 17
2009, Aerial View of Toronto Port Lands Aligned With City Policies and Economic Development
There are just over 100 agencies, corporations • Growth plan and other bodies currently operating in • Economic Development Initiatives Toronto. City Council has chosen to deliver some of its services through agencies or • Regeneration strategy corporations for a variety of reasons such as; • Port Lands Acceleration Initiative • legislative requirements In 2013 City Council approved a new strategic • to engage citizen members in decision- plan called Collaborating for Competitiveness making through appointments to the to accelerate economic growth and job agency’s board of directors creation in Toronto. Key objectives are to:
• to establish independence for quasi- • Increase employment – accelerate judicial decisions job creation
• to focus on one major policy objective, • Increase net commercial office and facility or service industrial property assessment within the City – provides net additional property • to operate within a commercial tax revenue for increased public sector environment investment As the shareholder, City Council approves • Improve job quality Shareholder Directions to the board of directors for city-owned corporations such • Create an attractive climate for business as TPLC. City policies and initiatives applying and investment by aligning and to the leasing areas include: harmonizing City and its agencies and corporations’ policies, programs • Long-Term Employment Land Strategy and activities • Ongoing transit and accessibility improvements
Environmental Stewardship
Our decisions are based on current and longer- Canpar’s former waterfront location to make term social and environmental consequences way for mixed-use redevelopment and created in addition to economic growth. Adhering a 700% increase in tax revenues for the City to this triple bottom line has been part on the new site. of our narrative as an urban development In 2008, Phase 1 of the largest low-rise green corporation. residential community in Canada at the time We have a history of firsts in Toronto in this was completed. Built to LEED-H standard, regard. In 2006, the $15 million 184,000 sq ft this $100 million joint development between Canpar distribution facility developed by TPLC Monarch Corporation and TPLC helped grow became the first LEED building owned by a City the market for sustainable residential corporation. It also retained jobs in Toronto, development. revitalized an abandoned property, freed up
20 Toronto Port Lands Company Environmental stewardship remains a key and distribution. As the petroleum industry component of TPLC initiatives and includes evolved over time, its storage and distribution testing, monitoring, and managing needs changed and operations in the Port contamination and other environmental Lands ceased. issues on properties. TPLC has successfully decommissioned The Port Lands were reclaimed from Lake many of the former fuel storage tanks and Ontario between the late 1800s and early other historic infrastructure throughout the 1900s. The material used for reclamation Port Lands. This activity allows former and infill purposes at the time was not derelict lands to be returned to productive environmentally friendly compared to today’s uses whether it is for redevelopment or standards. In addition, the Port Lands became leasing purposes. Some examples of creating home to heavy industrial manufacturing (ship recreational and productive space from building, foundry, metal works) and bulk coal former industrial and derelict lands are the storage and distribution for decades. Heavy Cherry Beach Sports Fields and the revitalized industry transitioned to lighter manufacturing, Port Lands site for Cirque du Soleil on warehousing and bulk petroleum fuel storage Commissioners Street.
BEFORE: BEFORE: Unwin Avenue and surrounding site. Commissioners Street.
AFTER: AFTER: Cherry Beach Sports Fields today. Cirque du Soleil attracts thousands to the revitalized Commissioners Street site.
Corporate Plan 2014-2015 21 TPLC’s brownfield expertise and historic --Data used for managing or restoring sites knowledge of the port lands and its for redevelopment environmental issues are critical to the strong --Create an AWI information database relationships with the provincial Ministry of the Environment (MOE) and the Ministry of Labour • Individual Site Initiative (MOL) as well as City departments, Waterfront Toronto, TRCA and experts. This expertise and --A comprehensive approach to the short and collaborative approach has seen TPLC become long-term management of individual sites part of a collective of brownfield experts --A variety of conditions on individual sites sharing information and participating in require appropriate responses roundtables and industry discussions. TPLC also had input along with these industry --Data collection provides information to partners into the drafting of the amendments TPLC and other stakeholders to the provincial regulations governing TPLC staff also manage all Certificates of brownfields remediation and redevelopment. Property Use (CPUs) which are issued upon A key driver of TPLC’s environmental completion of a risk assessment, and in stewardship is the Soil and Groundwater addition to the AWI, report regularly to the MOE Strategy in partnership with both municipal that the properties are in compliance. A Record and provincial authorities. The goal of the of Site Condition is also often secured as a strategy is to develop an environmental condition of redeveloping a property and/or road map for the restoration of soil and leasing it to a tenant. groundwater conditions in the port lands. An environmental termination audit is The two components of the strategy are: conducted at the end of a lease to ensure departing tenants have not adversely • Area Wide Initiative (AWI) impacted properties during their tenure. In --Involves collecting soil and groundwater 2009 TPLC successfully updated compliance information over time to understand with necessary regulations with the MOE and existing environmental conditions the MOL.
22 Toronto Port Lands Company The Port Lands
The Port Lands is an extensive, underutilized As a manager and facilitator of development area of 988 acres (400 hectares) of land in the port area, TPLC works closely with the located south of Lake Shore Blvd. and the City’s Waterfront Secretariat, the Economic Keating Channel/Don River, bounded by the Development & Culture division as well as Toronto Inner Harbour to the west, Ashbridges other City divisions and government bodies Bay to the east and Lake Ontario to the south. such as Waterfront Toronto and Toronto Port Authority (TPA). Other major partners are The Port Lands are designated as a provincial government ministries and bodies Regeneration Area, part of Toronto’s long-term such as Ontario’s Ministry of the Environment vision for the Port Lands to become a broad (MOE) and the Ministry of Labour (MOL), mix of commercial, residential, light industrial, Infrastructure Ontario (IO), Ontario Power parks and institutional uses in an urban form. Generation (OPG), Toronto Parking Authority The City’s Official Plan and the Central (TPA), Toronto Transit Commission (TTC), Waterfront Secondary plan are the guiding Toronto Terminal Railways (TTR), and sister documents for development in the area. corporations Build Toronto and Invest Toronto. However, work is underway at the City with the creation of a new Port Lands Planning Change is already underway in the Port Lands, framework and the City and Waterfront Toronto but it remains an area rich in potential and are engaged in the creation of precinct plans an unprecedented development opportunity. for the area.
We work closely with the City to accelerate economic growth and job creation while working with a wide range of public and private sector partners. Strategic Goals and Objectives 2014-2015
TPLC continues to be aligned with the City’s environmental stewardship and brownfield policies, objectives and economic reclamation. We are moving forward to fulfill development strategies by attracting and our mandate in 2014. retaining jobs, increasing revenues,
GOAL 1: GOAL 3: Transition dormant or vacant lands Maximize revenues from existing to higher productive use assets
Objectives: Objectives: 1. Effective and efficient property and asset 1. Manage and increase tenancies/licenses management strategies 2. Manage funding obligations 2. Complete infrastructure and functional 3. Manage investments within investment servicing for film media district policy 3. Complete agreements/infrastructure
requirements for relocation of heavy GOAL 4: industrial uses to Eastern Port Lands (such as St. Marys Cement, Essroc) Oversee TPLC-owned infrastructure in the Port Lands 4. Align with City’s economic development strategies Objectives: 1. Continue with role as the rail provider over 5. Expand tax base with new development 4 miles of TPLC-owned track
2. Continue with role of monitoring and GOAL 2: improving TPLC-owned dock wall facilities Provide environmental stewardship in the Port Lands GOAL 5: Objectives: Preserve and create employment in 1. Ensure effective and efficient the Port Lands environmental strategies Objectives: 2. Partner with the City, provincial ministries 1. Support employment studies where and bodies and other agencies to ensure required environmental standards are managed 2. Work with tenants and business owners 3. Remove constraints on lands to allow to retain jobs in the port area leasing to take place 3. Ensure competitive property tax assessments to retain industrial tenants
24 Toronto Port Lands Company
GOAL 6: GOAL 7: Partner with stakeholders to Align corporate infrastructure to meet accelerate revitalization of the the expectations of our shareholder Port Lands Objectives: Objectives: 1. Ensure human resources aligned to the 1. Work with TRCA and other agencies to corporate strategy to enable achieving mitigate flood conditions goals (deploy the right expertise to the required areas, review job descriptions, 2. Achieve precinct planning as part of skill sets) the landowners group 2. Refresh corporate procurement rosters 3. Work with Pan Am to leverage any legacy benefits from games
4. Continue to offer assistance to the Expo 2025 Working Group
Corporate Plan 2014-2015 25 Growing Value for Toronto:
Delivering on the City’s policies, strategies and objectives Growing Value with Partners
PINEWOOD TORONTO STUDIOS 101/225/301 COMMISSIONERS STREET AND RELATED LANDS
In 2008 through a RFP process Pinewood Toronto Studios officially opened its doors with the first phase of development and became Canada’s newest and largest purpose built studio space and media complex. Phase 2 of the expansion of Pinewood Toronto Studios began in 2012 with the lease of an additional 2.2 acres to build three new sound stages. This next phase of the anticipated future expansion will include additional studios, office space, and other ancillary activities. The Pinewood Toronto Studios complex continues to attract jobs, increase revenues to the City, leverages private sector investment, repurposes former brownfield industrial land to new uses, and realizes the City’s economic development objectives within this option to lease arrangement. Phase 1 of the $60 million, 260,000 sq ft landmark studio complex included a 45,000 sq ft purpose-built sound stage.
Aerial view HOK rendering Phase 2 Pinewood Toronto Studios Corporate Plan 2014-2015 27 Growing Jobs
CORUS QUAY 25 Dockside Drive
The $150 million, 485,000 sq ft broadcast and organizations, permits and approvals and office facility officially opened in 2010 with environmental remediation of the site. The Corus Entertainment Inc. as the principal building acted as a buffer between industrial tenant. Corus Quay is the company’s Toronto operations and became a catalyst for the headquarters, consolidating its 11 operating revitalization of the East Bayfront area. The locations and more than 1,100 jobs across the award-winning project is a prime example of City into one of the most advanced broadcast an interactive and publicly engaged facility facilities in North America. Designed by that fosters new business and recreational Diamond Schmitt Architects, it is the first LEED growth. TPLC retained knowledge-based jobs Gold building on Toronto’s waterfront. TPLC in Toronto, created a new destination on the was landlord and developer of this significant waterfront, increased revenues for the City, waterfront landmark and responsible and sold it for a profit in 2012. The project was for predevelopment, public consultation, completed on time and on budget. coordination of regulatory and planning
28 Toronto Port Lands Company Growing Business Sustainably
FLAX ENERGY 274 Unwin Avenue
The only industrial flax crusher/distributor in producing fuel, feed and food from Canadian eastern Canada opened its head office in the flaxseed. The company saw the Port Lands Port Lands in 2009. Flax Energy’s mission was location as an opportunity to grow their to find new sources of clean energy to help new business and have close access reduce pollution using emerging technology. to transportation and capital. Flax Energy is Today it is the only federally certified an Ontario Corporation and services customers and regulated food/fuel facility in Canada from Burnaby, BC, to St. Johns, Newfoundland.
The Port Lands is an amazing location to do business, close to transportation and our customers. I credit some of our success to the relationship we have with our landlord, Toronto Port Lands Company, who understand the needs of a growing company.
— Jon Dwyer, CEO Flax Energy
Corporate Plan 2014-2015 29 Finance & Administration
Incorporated in 1986 as City of Toronto TPLC’s annual financial statements are audited Economic Development Corporation, now by an independent, external accounting firm operating as Toronto Port Lands Company appointed by the shareholder. The audited (TPLC), is wholly-owned by the City and financial statements are presented to the operates at arms-length under the Ontario TPLC Board of Directors for approval before Business Corporations Act. submission to its shareholder at its annual general meeting and subsequently reviewed Finance and administration includes a small by the City of Toronto’s Audit Committee. team of Accounting, Human Resource, Procurement, Information System and Office Service staff.
Financial Highlights
TPLC continues to grow its revenue base and TPLC has also issued a $40 million special has increased its gross revenue base on a dividend to its Shareholder in 2012 while comparable property basis (ie adjusted for maintaining its shareholder’s equity value property sales) by over $2.6 million since 2009. of over $365 million in the past three years. TPLC projects to grow gross rental revenue by 2.3% in 2014 from fiscal 2013. CUMULATIVE TPLC DISTRIBUTIONS SINCE 2010
2014 REVENUE BREAKDOWN $40
$35 3%
29% $30 45%
$25 23%
$20
$15
RENTAL INCOME – LEASES RENTAL INCOME – LICENSES $10 OPERATING COST RECOVERIES INTEREST & INVESTMENT INCOME $5
$0 GRANTS TO GRANTS TO DIVIDENDS IN MILLIONS INCUBATORS INVEST TORONTO TO CITY TPLC encourages business creation 2010 2011 2012 2013 and investment by providing more than $6.8 million since 2009 ($15 million since 1989) to support business incubation. TPLC has also provided close to $11 million since 2009 to support sister corporation The chart on the opposite page shows TPLC’s Invest Toronto’s operations. financial results for the past six fiscal years.
30 Toronto Port Lands Company Selected Historical Financial Information City of Toronto Economic Development Corporation c.o.b. Toronto Port Lands Company Consolidated Financial Results ($ Millions)
2009 2013 2012 2011 2010 (Audited/ 2008 Fiscal Year Ended December 31 (Unaudited) (Audited) (Audited) (Audited) Restated) (Audited)
Financial Position ASSETS Current 29.5 44.7 33.2 44.9 31.0 25.1 Capital 4.5 1.2 1.2 14.2 11.6 12.0 Investment properties 345.9 336.4 489.4 153.3 140.4 99.4 & other assets
LIABILITIES Current 8.5 8.5 8.9 23.3 27.3 27.0 Long Term 5.5 8.5 146.6 144.4 116.9 95.3
SHAREHOLDERS EQUITY 366.0 365.3 368.2 44.8 39.8 14.2
RESULTS OF OPERATIONS
Revenue 16.3 19.7 36.1 30.7 13.5 8.5 Expenses 15.9 18.4 30.7 28.0 15.7 11.7 Gain on Sale of Property/ .2 39.6 1.5 2.3 10.5 .6 Other Non-operating
Net Income (Loss) from operations .6 40.9 6.9 5.0 8.2 (2.7)
DISTRIBUTIONS
Grants to Incubators 1.4 1.3 1.5 1.5 1.0 0 Grants to Invest Toronto Inc. 2.5 2.5 2.3 2.8 0.9 0 City of Toronto Dividend 0 40.0 0 0 0 0
Totals 3.9 43.8 3.8 4.3 1.9 0
Corporate Plan 2014-2015 31 Financial Obligations
The City of Toronto, as sole shareholder of the Financial obligations include business corporation, does not provide any funding to incubator programs previously administered the Toronto Port Lands Company. The City and funded by TPLC. While the City now receives funds from TPLC in the form manages the programs, they continue to be of dividends and grants to related entities. funded by TPLC. TPLC also provides operational TPLC must therefore ensure that the lands funding and capital for Invest Toronto and in are prudently managed in order to generate addition, supported transitional activities such revenues required for the corporation’s as administrative support and working capital funding commitments. advances to both Build Toronto and Invest Toronto from 2008 through to 2009.
Risk Assessment
The Corporations activities are exposed to two expected to be renewed as short-term leases major types of risk: leasing risk (primarily from or licenses. TPLC Management will continue to lease expiries) and environmental liability risk. look for other leasing opportunities to convert existing vacant space to productive use. Over the past decade, the rental properties have been earmarked for revitalization and The second major risk is environmental hence leasing opportunities have been liability. Based on the properties’ current use, restricted to licenses (which carry a maximum the corporation has adopted an environmental one year term) or short-term leases with strategy (Area Wide Initiative, ground water cancellation clauses. As a result, the mix monitoring, and polluter pay litigation) that of TPLC’s leasing portfolio has changed with ensures active environmental stewardship. more short-term rentals. Should unanticipated environmental remediation be necessary, the Corporation For fiscal 2014, 5 leases are expiring with has sufficient financial resources to fund any an approximate value of $770,000 which are required work.
Procurement Policy
The TPLC procurement policy supports the to the high standards of ethical behavior and objectives of allowing the corporation to transparency. TPLC’s procurement policy operate in a fashion that supports the desired has also been reviewed and discussed with business outcomes while also ensuring a the City’s procurement and financial experts. clear, equitable and transparent procurement TPLC seeks to work with suppliers that have process. In order for TPLC to meet its a commitment to fair employment practices, objectives, it requires a procurement strategy health and safety, employee training that allows it to procure goods and services and development, investment in their efficiently and cost-effectively while building communities, environmental sustainability a high quality network of advisors, suppliers and Corporate Social Responsibility. and partners. This strategy must also adhere
32 Toronto Port Lands Company Board of Directors & Executive Team
Toronto Port Lands Company is incorporated under the Business Corporations Act (Ontario) and is governed by a Board of Directors. A transitional board was appointed by TPLC’s sole shareholder, the City of Toronto in 2009.
Board of Directors
Mike Williams is General Manger of Economic Development and Culture Division of the City of Toronto. Mike joined the City of Toronto in February of 2009. His main responsibilities include the implementation of the City’s Economic Development Strategy called Collaborating for Competitiveness, and its Culture Plan, Creative Capital Gains. He also sits on the boards of a number of local agencies connected to the City of Toronto that are involved with economic development: Casa Loma, Invest Toronto, Toronto Financial Services Alliance, Toronto Port Lands Company and Tourism Toronto (ex officio). Mike has spent Mike Williams the majority of his career in consulting, marketing and general management Chairman of the Board including running an American marketing and information company’s international operations out of the U.K., and being president of several Canadian companies. Mike has an M.A. in Urban Geography and is a Certified Management Consultant (C.M.C.).
John Livey is Deputy City Manager for the City of Toronto responsible for corporate oversight, administrative governance and coordinating the collective expertise of the City on major city-wide initiatives and projects. His portfolio includes Water, Transportation, Solid Waste Management, Technical Services, Planning, Fire, Environment, Building, Emergency Management, Municipal Licensing & Standards, Capital Infrastructure Coordination as well as the Waterfront Secretariat overseeing the critical regeneration of Toronto’s waterfront. Previously John served as the Chief Administrative Officer at the John Livey Town of Markham and President of Markham Enterprises Corporation (which Director holds Markham’s shares in Powerstream and Markham District Energy) for more than 11 years. He has also worked with the Regional Municipality of York as Planning Commissioner and the former Municipality of Metropolitan Toronto as Director, Policy Development. John has a B.A. (Hons) in Applied Science, an M.A. Sciences in Urban and Regional Planning from the University of Toronto, and completed the Public Executive Program at the Queen’s University School of Business. John Livey has served on a number of non-profit boards, is a Fellow and Past-President of the Canadian Institute of Planners, first President of the Society for Conflict Resolution in Ontario and a past Director of the Centre for Sustainable Transportation among others.
Corporate Plan 2014-2015 33
Josie Scioli is the Chief Corporate Officer for the City of Toronto. Josie brings her multi-dimensional skills and experience in transforming organizations and her focus on customer service to the City of Toronto where she oversees the City’s Facilities Management, Real Estate, and Fleet Services divisions. Previously, Ms. Scioli was the Chief Executive Officer of Housing Services Inc. (hsi), one of Canada’s foremost multi- residential maintenance and construction service providers where she transformed the company by redefining its core services to meet market Josie Scioli demand, reinforced a facilities management framework, and created Director a “customer First” philosophy. Josie also has extensive experience in the communications field having held a series of progressive senior leadership roles with Bell Canada, one of Canada’s largest communications corporations. Her success at Bell was noted by her focus on the root principles of customer service, financial accountability, and performance management. Ms. Scioli holds a Bachelor of Economics degree from the University of Toronto and brings a fresh perspective to business to drive competitive organizational results. Josie also has a passion for community service and is extensively involved in her local school council and youth soccer.
Joe Farag is the Director of Corporate Finance Division for the City of Toronto. Joe manages the City’s debt and investment portfolios, insurance and risk management programs and oversees the provision of an array of corporate financial services. These include the development of tax and revenue policies, corporate financial analysis, financial oversight of City owned subsidiaries, advisory services on land development initiatives, major real estate transactions and public-private partnerships. His most recent accomplishments Joe Farag include the introduction of the City’s new development charges Director by-law, the implementation of the Toronto York Spadina Subway Extension and the negotiations of key city building partnerships including the BMO National Soccer Stadium, the Sony Centre redevelopment, and the 2015 Pan Am Games. Previously, Joe held dual portfolios as Director of Corporate Finance and Director of Real Estate with the former City of North York prior to amalgamation. Joe holds a B.Comm. from the University of Toronto and a M.A. in Economics.
34 Toronto Port Lands Company Executive Team
Michael Kraljevic is a Real Estate and land development professional who has worked with both public and private sector real estate development companies for over 25 years. He has held key positions leading development and managing large scale land redevelopment projects for 13 years with the federal civil service at the Canada Mortgage and Housing Corporation (CMHC), the Canada Lands Company (CLC) and Parc Downsview Park Inc. (PDP). Mr. Kraljevic previously worked at Tridel Developments, the GTA’s largest builder of residential condominium communities overseeing the development approvals of numerous Michael Kraljevic high-rise projects. Prior to being appointed as President & CEO of the Toronto President & CEO Port Lands Company (TPLC) in August 2009, Mr. Kraljevic was Vice-President of Real Estate with the City of Toronto Economic Development Corporation since August 2005, overseeing the development, acquisition, leasing, joint venture partnerships and property management of all land and buildings owned by the Corporation. Michael is a Registered Professional Planner (RPP) a member of the Canadian Institute of Planners and the Ontario Professional Planners Institute, a Professional Land Economist (PLE) and a member of the Ontario Society for Environmental Management (OSEM). Michael was appointed to the Board of Directors of the Building Industry and Land Development Association (BILD) in 2010, and the Design Review Panel for Parc Downsview Park in 2012. Michael is a member of Lambda Alpha International, an organization for the advancement of land economics and an Alumni of the Graduate School of Design, Harvard University, Advanced Management Development Program (AMDP) in Real Estate 2013.
Winston Young is a financial executive who excels in strategic and financial planning with extensive business experience in both the private and public sector. A chartered accountant, he has over 15 years of real estate and development experience. Winston is former CFO of Build Toronto Inc. and CFO of Invest Toronto Inc. He has held various senior finance positions including Vice President, Finance and Controller, and Vice President, Business Planning (during its megaplex theater expansion phase) at Famous Players Inc., a division of Viacom Canada Inc. He has also served as Director, Planning at Markborough Winston Young Properties Inc. Winston holds an MBA and previously worked with the firms Ernst Senior Vice-President & Young and Richter & Partners Inc. in auditing and financial consulting. Winston & CFO is also a certified corporate director of the Institute of Corporate Directors and currently serves as a director of the board of Ontario Place Corporation, and a past director of the board of the International Institute of Business Analysis.
Jerry Prypasniak is a lawyer with over 30 years of experience in Commercial Real Estate as well as Development and Land Use Planning. In his practice, Jerry has negotiated and completed commercial real estate transactions for major developments in Ontario. His work has included negotiating development and related agreements for Dome Stadium on behalf of the City of Toronto; agreements for the sale of Union Station and related lands by Toronto Terminal Railways Company Limited to the City of Toronto; and Land exchange and development agreements for a mixed-use development at York Mills and Yonge Jerry Prypasniak Street integrating a bus facility and subway station. As Corporate Secretary Corporate Secretary and General Counsel, Jerry is responsible to review and settle terms of TPLC’s & Legal Counsel transactions and report to the President and TPLC’s Board as to governance matters affecting TPLC and its operations.
Corporate Plan 2014-2015 35 TPLC adds value and contributes to the City of Toronto’s strategic plan for accelerating economic growth and job creation by being a proactive property manager and facilitator of development in the port lands. It does this by determining the best economic return for its lands, preserving and creating employment, and contributing to the broader city-building goals.
36 Toronto Port Lands Company
TPLC can buy, sell or lease property, support economic development initiatives, share profits and pay dividends to the City.
toronto port lands tplc company www.tplc.ca