City council voted this morning to have the sign reassembled on the roof of 277 Victoria Street, a city-owned building on the east side of the square, and have Ryerson University pick up the bill.
The decision means Ryerson is no longer responsible for installing the sign on the outside of the new Student Learning Centre at Yonge and Gould, the original site of the Sam the Record Man store, despite building permission being granted on the understanding the university would restore the giant neon records in situ.
Ryerson will pay the cost of installing, operating, and maintaining the sign in Yonge-Dundas Square.
The city looked at various location in Yonge-Dundas Square, including the northwest corner of Yonge and Dundas and the roof of a smaller building beside to 277 Victoria. Today's decision also directed city staff to seek funding sources for a "Toronto Music City" sign.
City council also voted to ensure that any future owner of the Victoria Street building, which is seen as a prime target for redevelopment, must take on the preservation of the sign. City staff noted that tethering the sign to the building will reduce the value of the property should it be sold at a later date.