Infrastructure Ontario published the lease it signed with Therme on Thursday, with the government touting the benefits it claims the deal will bring for taxpayers.
The Ford government has finally released the terms of the lease it signed in 2022 with the Austrian company responsible for building a massive waterfront spa aton Thursday, with the government touting the benefits it claims the deal will bring for taxpayers and underscoring the fact the public land has been lent to the spa company, not sold., show the government has agreed on a 75-year deal with Therme , with the option to extend the deal by a further 20 years. The lease is set to begin in 2025.
As the government had previously highlighted, the deal won’t allow Therme to run a shopping mall, casino or condo towers at the Ontario Place site.The government estimates Therme will pay close to $2 billion over the course of the 95-year lease, including rental payments and maintenance payments for the land.For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
Therme is expected to pay $1.1 billion in rent payments while it runs a waterpark and spa on the site, and it is also committed to a further $855 million in maintenance payments to the government.The first, minimum rent, will be 3.5 per cent of the assessed value of Ontario Place, indexed to inflation– estimated to $1.95 million in 2032.
In years when the company brings in higher revenues, beginning in 2034, it will also pay a so-called performance rent, which the government calculates could be an extra $2.07 million per year.Between 2034 and 2044, the government expects Therme to pay $84 million — $47 million in rent and $37 million in maintenance payments.
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