Toronto Port Lands Company (TPLC) was incorporated as City of Toronto Economic Development Corporation in 1986. Provincial legislation was passed allowing the City to create the company under the Ontario Business Corporations Act. Its business model is loosely based upon similar corporations in the United States, Europe and other international centres.
The corporation was designed to function as a self-financing, arms-length private company wholly-owned by its sole shareholder, the City of Toronto. Previously operating as TEDCO, this public-private hybrid is uniquely mandated to fulfill public policy priorities while at the same time operate as a nimble business entity.
TPLC is also a facilitator, negotiator and catalyst while focused on commercial, industrial and mixed-use projects. Over the years its strategic direction and corporate objectives have evolved as directed by the City of Toronto through City Council with whom TPLC works closely. Our collective goal is to help ensure that Toronto remains at the forefront of job creation, economic development and environmentally sustainable development. Over the years TPLC has also been strategic investor and developer on such projects as Corus Quay, the first commercial and LEED Gold certified building on the waterfront, and Canpar, the first LEED industrial building owned by the city through TPLC. It also partnered with the private sector to create Canada’s newest and largest film and media business district where Pinewood now operates, and with Monarch Corporation in developing Evergreen, what was then the largest low-rise green residential community in Canada.
TPLC is the largest landowner in the port lands with more than 400 acres under management. The lands are managed to a commercially prudent standard. Our experience in dealing with the brownfield legacy of contamination in the port lands has given us the insight to continue as the environmental steward of the port area working closely with many government bodies and agencies as well as the private sector.
In 2008, Toronto City Council passed a report titled “A New Model to Enhance Toronto’s Competitiveness” with recommendations for the City and its economic development and real estate activities. The report recommended the creation of sister corporations Build Toronto and Invest Toronto. TPLC provided funding for transitional activities such as administrative support and working capital advances to both corporations.
In December 2009, TEDCO was rebranded Toronto Port Lands Company, the new operating name for the City of Toronto Economic Development Corporation. Our mandate includes the ability to share profits and pay dividends to the City, leasing and management, the sale and purchase of property and support for economic development initiatives. For more than 20 years, TPLC supported sector specific incubator and commercialization programs with funding and administrative support. TPLC continues to fund these programs for the City and also provides funding for Invest Toronto’s operations.