TEDCO announces leadership transition

    TORONTO, Sept. 10 /CNW/ - The Toronto Economic Development Corporation
(TEDCO) today announced President and CEO Jeffrey Steiner's intent to resign
effective December 31, 2008.
    "Jeffrey Steiner joined the corporation in 2002, bringing with him a new
sense of urgency and direction to the corporation's activities," said Rowland
Fleming, Chair of the Board of Directors. "During the past five years TEDCO
has grown dramatically in its scope and development projects."
    TEDCO is an arm's length self-financing corporation owned by the City of
Toronto. It works with a range of public and private sector partners to
strategically and proactively pursue opportunities to generate new high
quality jobs and increase industrial and commercial investment in the City of
Toronto.
    "During Mr. Steiner's tenure as President and CEO, TEDCO has accomplished
a great deal to help Toronto become a vibrant and prosperous city, with a
focus on aggressive and innovative development, including cutting-edge green
buildings," said Toronto Deputy Mayor Joe Pantalone.

    Highlights of TEDCO's accomplishments under Mr. Steiner's leadership
include:

    
    -   FILMPORT - TEDCO brought in private investors to develop Canada's
        newest and largest convergence district for film, TV and digital
        media companies now operating in the Port Lands.
    -   Evergreen - The 24-acre, $100 million joint development with TEDCO
        and private developer Monarch Corporation in Scarborough will be the
        largest low-rise green residential community in Canada.
    -   Real results in waterfront revitalization - TEDCO is the land owner
        and developer of the new $160 million Toronto headquarters and
        broadcast centre for Corus Entertainment. The building will seek to
        achieve the LEED Gold green building standard, will have retained
        more than 1,200 jobs in Toronto and kick-started the revitalization
        of the waterfront.
    -   Canpar logistics facility - The first LEED green building owned by
        the City of Toronto was developed by TEDCO in Etobicoke.
    

    "I am very proud of the work we have accomplished during my tenure at
TEDCO to generate exciting new economic projects for the City of Toronto and
its citizens," said outgoing President and CEO Jeff Steiner. "The past few
years have seen an acceleration of activity for the organization, including
major real estate developments, which will continue into the future," added
Steiner.
    "On behalf of the entire Board, our shareholder, and TEDCO employees, I
wish to acknowledge and thank Mr. Steiner for his hard work, vision, and
leadership during the more than six years he has served as President and CEO
of TEDCO," added Mr. Fleming.

    The Toronto Economic Development Corporation (TEDCO) is the principal
redevelopment corporation for the City of Toronto focused on commercial,
industrial and mixed-use projects. TEDCO's urban development activities
encompass real estate, environmental stewardship and economic development
initiatives. Incorporated in 1986 as an Ontario Business Corporation, TEDCO
plays a key role in brokering private and public sector partnerships to
advance city building initiatives. For more information about TEDCO, please
visit www.tedco.ca.

For further information:

For further information: Media Inquiries: Eva Varangu, Director,
Communications & Public Affairs, TEDCO, (416) 981-3869, evarangu@tedco.ca