done deal ... 'L' tower no more
according to City's Executive Committee decision document of October 6, 2008 (
http://www.toronto.ca/legdocs/mmis/2008/ex/decisions/2008-10-06-ex24-dd.pdf, see item EX24.4), City accepted the $3 millions from Castlepoint to cut off the boot's toe, in return of building more condo units and a public plaza .......
SHAME ON THEM 
excerpts below:
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EX24.4 - Sony Centre Redevelopment – Public Plaza Option
(September 22, 2008) Report from the Deputy City Manager and Chief Financial Officer, and the Chief Executive Officer – Sony Centre for the Performing Arts
Committee Recommendations
The Executive Committee recommends that:
- Council authorize the Deputy City Manager and Chief Financial Officer and the Chief Executive Officer of the Sony Centre for the Performing Arts to implement amendments to the Umbrella Agreement based on the principles outlined in Appendix ‘B’ that will result in the creation of a public plaza in the strata land originally intended either for the City Centre cultural project or for a commercial development, and further, that Appendix ‘B’ be amended such that the plaza design be determined on a mutual basis by Castlepoint, the Sony Centre and The Chief Planner and Executive Director, City Planning.
- Part 5 contained in Appendix B, be further amended to read as follows: “New PATH entrance on the face of the tower to provide access from the plaza, if and when the path is approved.”
- The appropriate City officials be authorized and directed to take the necessary action to give effect thereto.
Financial Impact
The public plaza development option would result in a financial outcome that is similar to the one that would have been realized under the commercial component option, which is the fallback option established in the existing Umbrella Agreement. The implementation of the public plaza option will result in a minimum payment of $3 million from Castlepoint to the City for additional residential density. Furthermore, under this option Castlepoint will provide
an additional payment of $1 million to the City towards the costs of constructing the public plaza. This will result in a total payment of $4 million.
It is currently estimated that the public plaza will have a construction cost of approximately $1 million.
Under the existing commercial component option, Castlepoint is required to make a payment of $3.5 million to the City for the long-term lease of the commercial component.
The Deputy City Manager and Chief Financial Officer has reviewed this report and agrees with the financial impact information.
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Castlepoint is totally getting a DEAL out of this paying $3 million for extra condo density + $1 million to build the plaza, seeing that under the existing agreement they were
"required to make a payment of $3.5 million to the City for the long term lease of the commerical component" anyways previously, Castlepoint is buying it off fees simple for only $500,00 more !! which is only like the price for one condo unit, what is City Council thinking ??
MODs, thank you for updating this thread to "The
l Tower"
