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September 27, 2002
Negotiations Stage of RFP to Restore and Revitalize Toronto's Union Station Underway
Corporate Services - Following their consideration of a public report and
presentation outlining the identified objectives and a summary of the proposal
received, Toronto City Council selected the Union-Pearson consortium on July 30
as the preferred proponent to restore and revitalize Union Station.

City staff are currently in negotiations with Union Pearson Group to finalize a
proposal that is acceptable to the City in the areas of team composition, a
development concept that includes transportation components and a heritage
strategy, project management, leasing and operations and a business plan. Once
the negotiations are complete and a successful proponent is recommended to City
Council, all aspects of the proposal will be made public.

The originating Request for Proposal (RFP) to restore and revitalize Union
Station was not a public design competition. It encompasses a lease, project
management skills, operations and leasing capabilities, restoration and
heritage conservation strategies and a business plan.

The current negotiations are the mid-way point of a complex business
transaction to revitalize a valued City-owned real estate asset. Until the
negotiations are concluded, certain aspects of proposals being considered by
the City must remain confidential to protect all parties' business interests.
At that time, there will be a public process inviting citizen input and
consultation into the chosen concept to finalize a design.

The City of Toronto purchased Union Station in August 2000 to promote it as a
multi-modal transportation hub, to preserve its heritage and to revitalize the
existing station facility.

The RFP process was authorized by City Council at its meeting held March 6 - 8,
2001 as the optimum method to obtain business proposals to restore and
revitalize a unique Toronto landmark.

Background information about the selection process and related details was
released on July 24, 2002. More information about Union Station and the RFP
process is available at

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