Toronto Azzurri Soccer Club is a Below Market Rent not for profit tenant of a City-owned property located at 4995 Keele Street in Ward 6. On January 1, 2006, the Tenant entered into a 20-year Below Market Rent lease agreement for the Property. As of January 1, 2006, the Tenant began occupying the Property and has constructed an on-site field house and has operated and maintained the field house and the outdoor soccer field at the Property. The Tenant also operates recreational, competitive, and special needs soccer programs on the Property. A lease amendment was executed on June 1, 2008 to increase the area of the Leased Premises, to construct and maintain an environmentally friendly parking lot and to expand the use of the facility to include cricket and other sports and recreational activities. The operating and maintenance cost of the clubhouse and the field will continue to be the responsibility of the Tenant. The forgone revenue is not fully known given the status of the existing nominal lease arrangement. The Property is under the jurisdiction of Toronto Water as Keele Reservoir expansion lands. The expansion lands will be used by Toronto Water in future to increase the size of the current drinking water reservoir located onsite. The expansion of the reservoir is currently not scheduled in the 10-year Toronto Water capital plan. The proposed 10-year lease term better aligns with Toronto Water capital planning activities for the Property. Securing authority for this lease renewal agreement is time-sensitive by virtue of the Tenant needing a confirmation of renewed tenancy to be able to secure grants to continue to deliver their community programs.
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