REVISED AGENDA STANDING POLICY COMMITTEE ON FINANCE PUBLIC MEETING

Provide financial and other assistance to the Tenant for the operation of the Building, as set out in the Ground Lease; AND THAT the City approves the by-law substantially in the form attached hereto as Schedule “B” (the “By-law”); AND THAT upon the City and Tenant entering into the Ground Lease, Administration bring the By-law forward to be passed by Council; AND THAT, conditional on the passage. [...] Upon the passing of the By-law, the City Clerk will provide written notice of the By-law to the Minister of Finance, the Municipal Property Assessment Corporation, and the Secretary of any school board if the area of jurisdiction of the board includes the land exempted by the By-law, as directed in this Report. [...] Administration is recommending that the City and the Tenant enter into the MCF Agreement to exempt the Building and the lands upon which the Building is situate from municipal and school taxes and to provide for financial or other assistance to the Tenant, as set out in the Ground Lease, for the operation of the facility. [...] Based on the foregoing, the City has satisfied the criteria to designate the Building as a municipal capital facility, to exempt the lands from taxation for school and municipal purposes, and to provide for financial or other assistance to the Tenant, as set out in the Ground Lease, for the operation of the facility. [...] CONCLUSION Administration recommends that the City declare that the Building is for the purposes of the municipality and is for public use, and that, once the Ground Lease has been executed by the City and the Tenant, Administration bring back the By-Law for passage by Council, designating the Building as a municipal capital facility, exempting the Building and the lands upon which the Building is.