Waterfront Toronto and Sidewalk Labs have agreed to extend the Plan Development Agreement (PDA) for the Quayside project. An Amending Agreement has been entered into to extend the PDA by six months in order to allow for additional time to review and consult on Sidewalk Labs’ Draft Master Innovation Development Plan (MIDP).
The Plan Development Agreement is the legal agreement between the Waterfront Toronto and Sidewalk Labs that establishes the scope, budget, principles and governing structures for the creation of the Master Innovation and Development Plan. It is the sole governing agreement between Sidewalk Labs and Waterfront Toronto.
Extending the PDA until March 31, 2020 allows Waterfront Toronto more time to receive public feedback on the MIDP and to undertake an expert evaluation of it prior to making a recommendation to its Board of Directors.
The Amending Agreement also includes a new termination provision should certain threshold issues outlined by Waterfront Toronto’s Board Chair not be resolved. If the parties cannot reach an understanding on these issues the PDA will terminate as of October 31, 2019.
Finally, should the Waterfront Toronto Board of Directors ultimately approve the MIDP, the PDA is amended to extend the deadline for entering into Principal Implementation Agreements from December 31, 2019 to December 31, 2020.
The PDA and the Amending Agreement are found HERE.