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 at Ontario Place, including rental payments that will be based on the company’s revenues.
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 and underscoring the fact the public land has been lent to the spa company, not sold.
Details of the lease, first reported by Global News last year, 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.
“Our government is proud to have Therme Canada as a development partner on this once‐in‐a‐generation project,” Kinga Surma, Minister of Infrastructure, who was not available for questions about the lease on Thursday, said in a statement.
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