Press release from CNW Group
First Capital Realty Sends Letter to Toronto Mayor & Executive Committee
Monday, April 22, 2013
First Capital Realty Sends Letter to Toronto Mayor & Executive Committee11:16 EDT Monday, April 22, 2013
TORONTO, April 22, 2013 /CNW/ - First Capital Realty (TSX:FCR) today sent the following letter to the Mayor and members of the Executive Committee of the City of Toronto.
|Dear Mayor and Members of the Executive Committee,|
|I am writing to convey First Capital Realty's serious concern about the conditional resolution proposed by the Executive Committee for a vote on a casino at the next City Council meeting. The proposed conditional resolution does not comply with the requirements of Regulation 81/12, Requirements for the Establishment of a Gaming Site.|
|Regulation 81/12, which replaced the referendum mechanism, is intended to give City Council control over the casino approval process! A vote under Regulation 81/12 is Council's only mechanism to approve a casino.|
|If Council votes yes to a resolution under Regulation 81/12, it will no longer have any say whatsoever in whether or not a casino will be established in Toronto. OLG will not be bound by any conditions that Council attaches to a resolution supporting a casino - OLG will merely "consider" those conditions. Moreover, under Regulation 81/12, the City is not permitted to withdraw or alter its vote in support of a casino if OLG does not comply with the City's conditions. In fact, even City staff in its report expresses concern and says a conditional resolution is "not specifically contemplated in the Ontario Lottery and Gaming Corporation Act" and is "unprecedented".|
|We strongly urge City Council to vote NO on the proposed resolution for a casino. A vote YES on a conditional resolution for a casino does not comply with Provincial legislation and First Capital Realty is prepared to take all necessary steps to challenge that outcome.|
|Dori J. Segal
President & CEO
First Capital Realty Inc.
"We strongly urge City Council to reject the resolution for a casino" said Dori J. Segal, President and Chief Executive Officer. "It is very important that both the OLG and the City are completely transparent and compliant with Provincial legislation and regulatory policy with respect to decisions about a casino in Toronto."
ABOUT FIRST CAPITAL REALTY (TSX: FCR)
First Capital Realty is Canada's leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing urban markets. The Company has investments valued at over $3 billion in the Greater Toronto Area and is the largest landowner in Liberty Village.
SOURCE: First Capital Realty Inc.
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