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August 1, 2002
Toronto City Council Votes to Commence Negotiations with Union-Pearson Group to Redevelop Toronto's Union Station
  
Members of Toronto City Council voted this evening to commence negotiations
with the Union Pearson Group Inc., the top scoring proponent that has been
selected following a request for proposal to restore, develop and operate Union
Station.

During their deliberations, members of Council expressed their serious concern
with the air rights associated with Union Station. Council has given firm
direction to staff on a confidential basis to preserve the interests of the
City and in particular, to negotiate an approach that addresses independently
the base proposal and any opportunity to pursue additional density at the site.

Union Pearson Group Inc. is a consortium comprised of:
· O & Y Properties
· Kilmer Van Nostrand Co. Limited
· Jones Lang LaSalle
· OMERS Realty Corporation
· PCL Constructors Canada Inc.
· SNC Lavalin Engineers & Constructors.

The City purchased Union Station in August 2000. At that time three objectives
were identified:
· promotion of Union Station as a multi-modal transportation hub
· heritage preservation
· revitalization of Union Station

City Council's vote to commence negotiations with the Union-Pearson Group comes
following a rigorous process of review and evaluation by technical review teams
and a selection panel that consisted of senior City staff, Transport Canada
representatives and an independent heritage consultant. Details of Union
Pearson's proposal continue to remain confidential until an agreement has been
negotiated.

City staff will report on the status of negotiations with the Union Pearson
Group and related matters at the October meeting of Council's Administration
Committee.


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