The City of Toronto Economic Development Corporation (TEDCO) now operates as the Toronto Port Lands Company (TPLC) to better reflect its core activities in the Port Lands area where it is the largest landowner. TPLC’s mandate is to actively manage its lands prudently including leasing, preparing for development and remediating approximately 400 acres of land in the Port Lands. TPLC is a self-financing corporation and through its brownfield remediation, land management, leasing and sale operations, it provided a $40M dividend to the City in 2012. Annually, TPLC also provides full financial support to the operation of Invest Toronto Inc. and funds the Economic Development and Culture Division’s incubator programs.

Follow this link for information on the Board governance structure for Toronto Port Lands Company.

TPLC is a completely self-financing municipal corporation wholly-owned by the City. Through TPLC’s leasing, development, brownfield reclamation and land management activities, it finances its operations, provides funding to City programs, and has the ability to deliver financial dividends to the City.

2014 Service Overview

Following City Council’s decision in October 2008 to create two new economic development corporations (Invest Toronto Inc. and Build Toronto Inc.), the operating name of TEDCO was changed to TPLC, to better reflect its core Port Lands operations.  TPLC is a key stakeholder in Port Lands revitalization along with the City of Toronto, Waterfront Toronto, and the Toronto and Region Conservation Authority.  Since 1986, TPLC entered into various leases and agreements regarding its properties that affect the revitalization of the Port Lands, including the following projects:

  • The Corus Quay office building, a 500,000 square foot LEED Gold office and broadcast building located on Queens Quay;
  • Expansion of the Toronto Pinewood Studios with 3 new state-of-the art sound stages built in 2013 that anchor the Port Lands Media, Innovation and Creativity Cluster; and
  • Relocation of the new Essroc Cement Terminal to the East Port Area. TPLC continues to work closely with its tenant Essroc to complete the new multi-million dollar cement terminal to be opened in the fall of 2014.

2013 Financial Results

Summary Statement of Net and Comprehensive Income ($000s)

  Year ended Dec. 31, 2012 Year ended Dec. 31, 2013

Audited

Audited

Net revenue from investment properties

10,898

9,112

Expenses
    General & administrative

3,751

3,560

    Amortization

1,580

1,573

Income before the following:

5,567

3,978

Other income/(expenses)
Non-recurring income

0

1,076

Incubator program funding

(1,346)

(1,355)

Invest Toronto Inc. grant

(2,472)

(2,525)

Interest, net

(508)

618

Gain on sale of investment properties

39,632

121

Net income & comprehensive income

40,873

1,913

Retained earnings – beginning of year

368,186

365,254

Contributed Surplus

0

0

Distribution to Shareholder

(40,000)

0

Transfer of Assets to Build Toronto Inc.

(2,904)

0

Reserve for future transfer of assets to Build Toronto Inc.

(901)

(121)

 
Retained earnings – end of year

365,254

367,046

 

*Note: Given the nature of the different operations of TPLC and Invest Toronto, it was determined that TPLC reports under an International Financial Reporting Standard (IFRS) accounting standard and Invest Toronto reports under public sector accounting standards. This difference in reporting standards results in different presentation formats on the respective audited annual financial statements. The full amount of the annual operating and capital grant for Invest Toronto for a particular fiscal year is reflected in the annual TPLC operating statement for that fiscal year.