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July 23, 2003
Toronto City Council approves Master Agreement for 100 years with Union Pearson Group
At its meeting today, members of Toronto City Council approved by a vote of 31
to 10, a Master Agreement to enter into a lease with the Union Pearson Group
for a 100-year term to restore, revitalize and operate Union Station on behalf
of the City of Toronto.

The Master Agreement was negotiated earlier this year between City staff and
the Union Pearson Group.

"The process to restore this treasured heritage gem, enhance its transportation
functions, revitalize the commercial elements and maintain and operate it in a
fiscally sound manner was designed to protect Union Station," said Councillor
Doug Holyday, Chair of the Administration Committee. "Our intent is to build a
solid financial foundation and ensure that the ongoing repairs and maintenance
required for a building of Union Station's vintage will be funded properly," he

"I'm delighted that City Council has voted so strongly to get on with the work
that needs to be done at Union Station," Councillor Holyday concluded.

Council today also adopted a motion that the station lease include a provision
that the Union Station Public Advisory Group previously established by City
Council remain in place for the duration of the station lease and be fully
involved in the revitalization of Union Station. The Union Pearson Group has
committed to an ongoing public consultation process throughout.

The City of Toronto bought Union Station in 2000 and while it retains ownership
and ultimate control of the station, is enlisting the private sector to provide
the capital resources and expertise essential to successfully revitalize the
complex facility of Union Station.

The next step for this project is to settle the lease terms and finalize the
concept design. As part of this, Union Pearson Group will prepare a detailed
plan that includes a construction schedule and development budget. The
proponent must also obtain all requisite public agency approvals for their
development concept.

City staff and the Union Pearson Group will continue their meetings to finalize
these details over the next several weeks. Construction work at Union Station
is expected to begin by the end of 2004.

Media contacts:
Councillor Doug Holyday, Chair, Administration Committee, 416-392-4002,
Patricia Simpson, Union Station RFP Project Co-ordinator, 416-392-8057



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