Toronto Port Lands – Board Governance Structure
Mandate and Responsibilities
Under the authority of the City of Toronto Act, 1985, the City of Toronto Economic Development Corporation (TEDCO) was incorporated in 1986 under the Business Corporations Act (Ontario), with the City of Toronto as its sole shareholder. TEDCO was established as a self-financing corporation to pursue real estate development and to promote employment revitalization in Toronto. In August 2009, as requested by City Council, TEDCO was re-branded as Toronto Port Lands Company (TPLC) to better reflect its business in the port area.
TPLC generates revenues for the City by maximizing the value and economic development potential of properties under its management. TPLC continues to fund the City’s incubator and commercialization programs and provides funding for Invest Toronto’s operations.
TPLC is the largest property owner in the port lands with more than 400 acres in its portfolio. TPLC manages and leases its properties, supports economic development initiatives, has expertise in sustainable and property development, and brownfield remediation. TPLC also retains and creates employment and has environmental stewardship of the port lands.
The Board of Directors is responsible for supervising the business and affairs of TPLC.
Board Size and Composition
The Board of Directors of TPLC consists of 4 City staff members and is composed of:
- the General Manager of Economic Development and Culture;
- the Deputy City Manager and Chief Financial Officer or their designate;
- the Deputy City Manager charged with Waterfront issues or their designate; and
- the Chief Corporate Officer.
The General Manager of Economic Development and Culture is the Chair.
Meetings are held as required. Meetings of the Board, of subsidiaries of the Board, and of committees of such boards, are open to the public, except for meetings or parts of meetings where a subject matter is being considered that is set out in section 190 of the City of Toronto Act, 2006.
No remuneration is paid to Board members.