WWW.DISSERTATION.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Dissertations, online materials
 
<< HOME
CONTACTS



Pages:   || 2 | 3 |

«July 10, 2007 To: City Council From: Budget Committee Subject: Theatre Passe Muraille – City Acquisition of 16 Ryerson Avenue [To be considered ...»

-- [ Page 1 ] --

Ulli S. Watkiss

City Clerk

Secretariat Tel: 416-392-7340

City Clerk’s Office

Merle MacDonald Fax: 416-392-1879

Budget Committee e-mail: mmacdona@toronto.ca

City Hall, 10th Floor, West Web: www.toronto.ca

100 Queen Street West

Toronto, Ontario M5H 2N2

July 10, 2007

To: City Council

From: Budget Committee

Subject: Theatre Passe Muraille – City Acquisition of 16 Ryerson Avenue

[To be considered with ED6.3]

Recommendation:

The Budget Committee recommended that:

1. Council authorize the purchase of 16 Ryerson Avenue and amend the 2007 Economic Development, Culture and Tourism Capital budget, as recommended by the Economic Development Committee, and that, as the Corporate Land Acquisition Reserve Fund is depleted, Council approve the only funding source available on a one-time extraordinary basis, which is the Capital Financing Reserve Fund.

Background:

The Budget Committee on July 10, 2007, considered the following communications:

a. (June 25, 2007) from the Executive Committee advising that the Executive Committee on June 25, 2007, directed the Budget Committee to give consideration to the report (June 20,

2007) from Deputy City Manager Sue Corke, entitled “Theatre Passe Muraille - City Acquisition of 16 Ryerson Avenue”, and forward recommendations thereon to Council for its meeting scheduled to be held on July 16, 2007 for consideration with Item ED6.3;

b. (June 25, 2007) from the Economic Development Committee advising that the Committee on July 5, 2007, requested the Budget Committee to report directly to Council confirming the source of the funding for the acquisition of Theatre Passe Muraille, 16 Ryerson Avenue, in accordance with the request from the Executive Committee on June 25, 2007.

for City Clerk Merle MacDonald/mh Item BU14-13

-2- June 25, 2007 To: Budget Committee From: Executive Committee Subject: Theatre Passe Muraille – City Acquisition of 16 Ryerson Avenue The Executive Committee on June 25, 2007, directed the Budget Committee to give consideration to the report (June 20, 2007) from Deputy City Manager Sue Corke, entitled “Theatre Passe Muraille - City Acquisition of 16 Ryerson Avenue”, and forward recommendations thereon to Council for its meeting scheduled to be held on July 16, 2007 for consideration with Item ED6.3.

Background The Executive Committee on June 25, 2007, directed the Budget Committee to give consideration to the following time-critical matter and forward recommendations thereon directly to Council for

its meeting to be held on July 16, 2007:

Report (June 20, 2007) from Deputy City Manager Sue Corke advising that the Deputy City

Manger responsible for Economic Development, Culture and Tourism recommends that:

1. City Council grant authority to enter into an Agreement of Purchase and Sale for the property currently owned by Theatre Passe Muraille at 16 Ryerson Avenue as a one-time special acquisition to support the ongoing viability of Theatre Passe Muraille and protect this affordable and sustainable cultural space in the City on the terms outlined in Attachment 1 to this report, in a form acceptable to the City Solicitor;

2 should Council authorize the purchase of 16 Ryerson Avenue and amend the 2007 Economic Development, Culture and Tourism Capital budget accordingly, as the Corporate Land Acquisition Reserve Fund is depleted, the only funding source available on a one-time extraordinary basis is the Capital Financing Reserve Fund;

3 the City deposit $0.200 million of the proceeds from the sale of the building into a City Reserve Fund to provide security against any future failure to comply with the capital maintenance requirement during the tenancy and the Deputy City Manager, Chief Financial Officer report the details in the upcoming Report on Reserve Funds;

4. the building at 16 Ryerson Avenue be retained as a City-owned performing arts centre in the Economic Development, Culture and Tourism portfolio of cultural properties without any ongoing capital or operating costs to the City;

5. the City Solicitor be authorized to complete these transactions on behalf of the City including making payment of any necessary expenses, and amending the closing date and other dates to such earlier or later dates and on such terms and conditions as she may from time to time consider reasonable;

-3subject to City Council approving Recommendation No. 1, City Council grant authority to enter into a 10 year lease with two five-year renewal options with Toronto Artscape Inc., who would property manage the operations of the building on a cost recovery basis with Theatre Passe Muraille as occupants at 16 Ryerson Avenue based on the criteria of the City-Owned Space at Below-Market Rent Policy, including provision for the occupants to assume responsibility for all capital and operating costs, for the purpose of a performing arts facility, substantially on the terms and conditions outlined in Attachment 2 to this report in a form acceptable to the City Solicitor, such grant by way of below market rent being in the interest of the municipality;

7. the Chief Corporate Officer be authorized to administer and manage the lease agreement including the provision of any consents, approvals, notices and notices of termination provided that the Chief Corporate Officer may, at any time, refer consideration of such matters (including their content) to City Council for its determination and direction; and





8. the appropriate officials be authorized to take the necessary action to give effect thereto.

City Clerk Item No. EX10.46

–  –  –

Reference

Number:

SUMMARY Theatre Passe Muraille (TPM), Canada’s oldest alternative theatre devoted to the development and production of original Canadian work, is facing financial difficulties that are seriously compromising its ability to produce plays. The theatre company is housed in a 105-year old designated heritage building which TPM has owned since 1975.

In addition to being a home to Theatre Passe Muraille, the building has acted as an incubator for many other theatre companies and projects that includes work by Michael Ondaatje as well as plays such as the Drowsy Chaperone (first professional production at TPM of the musical and is currently playing on Broadway); The Drawer Boy (the most widely produced play in North America last year); Da Kink in My Hair and the AfriCanadian Playwrights Festival.

Based on past City policy and practices, City staff recommends the acquisition and retention of the building as a City-owned performing arts centre and the execution of a below-market lease from the City to Toronto Artscape Inc. who would property manage the operations with Theatre Passe Muraille as the sub-tenant.

There will be no capital or operating costs to the City arising from this lease. A Reserve Fund held by the City, will be set up to hold $200,000 from the proceeds of the sale of the building which will serve as security to the City concerning any future Capital costs. The Theatre Passe Muraille building is in a state of good repair according to a recent Building Condition Assessment.

-5RECOMMENDATIONS The Deputy City Manger responsible for Economic Development, Culture and Tourism

recommends that:

1. City Council grant authority to enter into an Agreement of Purchase and Sale for the property currently owned by Theatre Passe Muraille at 16 Ryerson Avenue as a one-time special acquisition to support the ongoing viability of Theatre Passe Muraille and protect this affordable and sustainable cultural space in the City on the terms outlined in Attachment 1 to this report, in a form acceptable to the City Solicitor;

2 should Council authorize the purchase of 16 Ryerson Avenue and amend the 2007 Economic Development, Culture and Tourism Capital budget accordingly, as the Corporate Land Acquisition Reserve Fund is depleted, the only funding source available on a one-time extraordinary basis is the Capital Financing Reserve Fund;

3 the City deposit $0.200 million of the proceeds from the sale of the building into a City Reserve Fund to provide security against any future failure to comply with the capital maintenance requirement during the tenancy and the Deputy City Manager, Chief Financial Officer report the details in the upcoming Report on Reserve Funds;

4. the building at 16 Ryerson Avenue be retained as a City-owned performing arts centre in the Economic Development, Culture and Tourism portfolio of cultural properties without any ongoing capital or operating costs to the City;

5. the City Solicitor be authorized to complete these transactions on behalf of the City including making payment of any necessary expenses, and amending the closing date and other dates to such earlier or later dates and on such terms and conditions as she may from time to time consider reasonable;

6. subject to City Council approving Recommendation No. 1, City Council grant authority to enter into a 10 year lease with two five-year renewal options with Toronto Artscape Inc., who would property manage the operations of the building on a cost recovery basis with Theatre Passe Muraille as occupants at 16 Ryerson Avenue based on the criteria of the City-Owned Space at Below-Market Rent Policy, including provision for the occupants to assume responsibility for all capital and operating costs, for the purpose of a performing arts facility, substantially on the terms and conditions outlined in Attachment 2 to this report in a form acceptable to the City Solicitor, such grant by way of below market rent being in the interest of the municipality;

7. the Chief Corporate Officer be authorized to administer and manage the lease agreement including the provision of any consents, approvals, notices and notices of termination provided that the Chief Corporate Officer may, at any time, refer consideration of such matters (including their content) to City Council for its determination and direction; and

–  –  –

FINANCIAL IMPACT

The cost to the City to implement this report as per Attachment 1 includes the initial $1.2 million purchase price, which is subject to the usual closing adjustments, and the cost of entering into a below market rent lease with TPM. The financial impact of this transaction approximately totals $1,262,175.00.

–  –  –

The below market rent lease with Toronto Artscape Inc. will have no impact on the City’s Capital or Operating Budgets. Facilities and Real Estate staff estimate that the below-market rent lease with Toronto Artscape Inc., including the capital improvements, represents a present value opportunity cost to the City of approximately $610,000.00 over 20 year time period.

To protect the City from the risk of incurring future capital costs for this facility, $200,000 of the proceeds from the purchase is to be deposited in a City Reserve Fund and the balance of the Reserve Fund shall remain at a minimum of $200,000 for the duration of the tenancy. As a condition of the lease the tenant is to contribute a minimum of $20,000 annually to this Reserve Fund. Such funds are to be applied to building maintenance through the Economic Development Culture and Tourism Capital Budget.

The Deputy City Manager and Chief Financial Officer has reviewed this report and concurs with the financial impact statement.

DECISION HISTORY

In November 2006, Theatre Passe Muraille approached the City about the serious financial situation it is currently facing which is seriously threatening the theatre’s ability to continue.

-7Further to discussions with the Mayor’s office and staff in Culture and Finance, the Ward Councillor wrote a letter dated January 25, 2007 to Culture staff requesting that a report be submitted to Committee and Council including ways in which the City can assist this valuable community and cultural institution as the theatre restructures financially.

ISSUE BACKGROUND

A Leading Theatre Company:

Theatre Passe Muraille continues the proud tradition to develop and produce innovative and provocative Canadian theatre while nurturing new and established artists and companies. The theatre is located at 16 Ryerson Avenue which is east of Bathurst Street and north of Queen Street West.

Theatre Passe Muraille is nearly 40 years old and has created over 400 plays in a rich legacy of ground-breaking theatre that includes work by Michael Ondaatje as well as plays such as the Drowsy Chaperone (first professional production at TPM of the musical and is currently playing on Broadway); The Drawer Boy (the most widely produced play in North America last year); Da Kink in My Hair and the AfriCanadian Playwrights Festival.

The theatre has mentored burgeoning organizations which have become vital on their own artistic terms. Companies such as Newfoundland’s CODCO, Toronto’s Buddies in Bad Times, Nightwood Theatre and Necessary Angel Company, Saskatoon’s Twenty-Fifth Street Theatre and the Blyth Summer Festival all drew their inspiration form Theatre Passe Muraille. In more recent years, several new generations of artists and small companies have found a place at Theatre Passe Muraille. They include DNA Theatre, Platform 9, Cahoots Theatre Projects, Bald Ego and Civilized Theatre amongst a host of others.

Theatre Passe Muraille is housed in a designated historical building. The building was the original home of the Nasmith Bakery and Stables.

Current Crisis:

Theatre Passe Muraille is burdened with a crippling debt that is seriously compromising the theatre’s ability to produce plays. For many years, Theatre Passe Muraille has struggled financially but has managed by re-mortgaging the building that they own. More recently, TPM has come to the realization that the solution of re-mortgaging their asset is not sustainable in the long term. For the current season, the company has significantly reduced the size of the program it typically presents;

reduced its staff and made additional cuts to an already lean budget.



Pages:   || 2 | 3 |


Similar works:

«UNIVERSIDADE ESTADUAL PAULISTA Instituto de Geociências e Ciências Exatas Campus de Rio Claro CARACTERIZAÇÃO MAGNETOMÉTRICA DE SILL DE DIABÁSIO NA REGIÃO DE LIMEIRA – SP ADRIANO DA ROSA SEIXAS Rio Claro – SP 2014 UNIVERSIDADE ESTADUAL PAULISTA Instituto de Geociências e Ciências Exatas Campus de Rio Claro ADRIANO DA ROSA SEIXAS CARACTERIZAÇÃO MAGNETOMÉTRICA DE SILL DE DIABÁSIO NA REGIÃO DE LIMEIRA – SP Orientador: ANTONIO JOSE RANALLI NARDY Dissertação de Mestrado...»

«WP/15/285 Corporate Investment in Emerging Markets: Financing vs. Real Options Channel by Delong Li, Nicolas E. Magud, and Fabian Valencia WP/15/285 © 2015 International Monetary Fund IMF Working Paper Western Hemisphere Department Corporate Investment in Emerging Markets: Financing vs. Real Options Channel Prepared by Delong Li, Nicolas E. Magud, and Fabian Valencia1 Authorized for distribution by Dora Iakova December 2015 IMF Working Papers describe research in progress by the author(s) and...»

«PDF Signer User Manual Introduction The main function of PDF Signer is to sign PDF documents using X.509 digital certificates. Using this product you can quickly sign multiple PDF files (bulk sign) by selecting input and output directory. This is ideal for bulk signing of a large number of corporate documents rather than signing each one individually. The positioning of the signature appearance is configurable, plus on which pages of the document it should appear (first page, last page or all...»

«x Annual Report 2013 The Ubiquitous Swarm Lab at UC Berkeley i Table of Contents Introduction Overture Swarm Lab Directors and Associated Faculty Swarm Lab Students Swarm Lab Seminars Acknowledgements Recent Publications ii INTRODUCTION Ken Lutz, Executive Director The Ubiquitous Swarm Lab at UC Berkeley The Ubiquitous Swarm Lab at UC Berkeley (Swarm Lab), now in its second year of operation, is a partnership of UCB researchers, leading electronics companies, and government research agencies....»

«Como compreender os benefícios Conteúdo Contato do Seguro Social........................3 Seguridade Social: um conceito simples..........4 O que precisa saber sobre a Seguridade Social enquanto estiver trabalhando...................7 O que precisa saber sobre os benefícios..........9 Benefícios para sua família......................13 Quando está pronto para solicitar benefícios....16 Programa do...»

«CEF.UP Working Paper 2012-01 REACHING AN OPTIMAL MARK-UP BID THROUGH THE VALUATION OF THE OPTION TO SIGN THE CONTRACT BY THE SUCCESSFUL BIDDER João Adelino Ribeiro, Paulo Jorge Pereira, Elísio Brandão Reaching an Optimal Mark-Up Bid through the Valuation of the Option to Sign the Contract by the Successful Bidder∗ Jo˜ o Adelino Ribeiro† Paulo Jorge Pereira‡and El´sio Brand˜ o§ a, ı a April 24, 2012 Abstract This paper aims to establish a support decision model by which an optimal...»

«return to updates How to Win an Argument about Relativity most Efficiently by Miles Mathis This paper will show you how to win an argument about Relativity very fast, even if you are arguing with professional mathematicians who start misdirecting with tensors. You don't have to know the first thing about tensors to win an argument about Relativity. My polemic here is not for those who believe Relativity is a hoax. It is not for anti-Relativists. It is only for people who think Relativity is...»

«The Pathology and Surgery of the Salivary Glands R. A. Cawson, M. J. Gleeson, J. W. Eveson Chapter 4: Sialadenitis Conditions which are included in this chapter range from infections to immunologically mediated disease and others, such as some lymphoproliferative disorders of unknown pathogenesis. They include the following: 1. Acute suppurative sialadenitis 2. Chronic non-specific sialadenitis and sialolithiasis 3. Recurrent parotitis 4. Viral and other infections mumps cytomegalovirus other...»

«IN THE COURT OF CRIMINAL APPEALS OF TENNESSEE AT KNOXVILLE Assigned on Briefs March 25, 2015 STATE OF TENNESSEE v. MARK DEVEN DOVER Appeal from the Criminal Court for Sullivan County No. S62,891 Robert H. Montgomery, Jr., Judge Filed June 3, 2015 No. E2014-01558-CCA-R3-CD Mark Deven Dover1 (“the Defendant”) was indicted for vandalism over $1,000. He pleaded guilty to vandalism over $500, a Class E felony. After a sentencing hearing, the trial court denied the Defendant’s request for...»

«Dirección Regional de Educación GOBIERNO REGIONAL DE LAMBAYEQUE DIRECCION REGIONAL DE EDUCACIÓN DE LAMBAYEQUE CONSEJO PARTICIPATIVO REGIONAL DE EDUCACIÓN DE LAMBAYEQUE -COPAREPROYECTO EDUCATIVO REGIONAL DE LAMBAYEQUE AL 2021 “POR LA EDUCACION QUE QUEREMOS PARA LA SOCIEDAD QUE SOÑAMOS” LAMBAYEQUE 2006 1 INDICE AGRADECIMIENTO 5 PRESENTACIÓN 6 INTRODUCCIÓN 7 CAPITULO I. 1.0 PANORAMA EDUCATIVO EN EL QUE SE ENMARCA EL PER LAMBAYEQUE 9 1.1 La educación en el contexto mundial 9 1.2...»

«Softest Training Manual – Academic Edition Table of Contents Frequently Asked Questions Page 2 Install on Native MAC OS X Page 4 Steps to Install and Register Softest Page 5 Steps to Download an Exam Page 7 Steps to Take Mock Exam Page 10 Additional Helpful Links Page 14 Frequently Asked Questions ABOUT EXAMSOFT AND THE SOFTWARE Who is ExamSoft? ExamSoft Worldwide, Inc. is a software developer specializing in computerized assessment and assessment administration programs. This Institution...»

«GANDHIJI'S VISION OF A FREE SOUTH AFRICA A collection of articles E. S. REDDY If we look into the future [of South Africa], is it not a heritage we have to leave to posterity, that all the different races commingle and produce a civilisation that perhaps the world has not yet seen? M.K. Gandhi, in a speech in Johannesburg in 1908 [NOTE: The following is a revision of a book published in 1995 by Sanchar Publishing House, New Delhi, in 1995. It includes an additional article entitled: Mahatma...»





 
<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.