Departure comes in wake of report that found significant distrust between the Toronto school board and Toronto Lands
The Toronto District School Board has parted ways with the chief executive officer of its real estate subsidiary, 10 months after a review found there was significant distrust between the two organizations.replaced Daryl Sage on Monday as CEO of Toronto Lands Corporation, which manages the board’s $20-billion real estate portfolio.
The TDSB is one of the largest landowners in Toronto, with more than 600 schools and other properties. Toronto Lands, which was founded in 2008 and is unique in Canada, raises funds to repair aging schools through property sales. It also handles leases and land-use planning.’s government has set its sights on using surplus school lands to ease the province’s housing crisis with new legislation known as Bill 98.
It is not clear, however, what role Toronto Lands will have in managing the TDSB’s real estate assets once Bill 98 comes into force. The bill passed third and final reading last month, but the government has yet to release regulations detailing how it will control school land sales. In a recent interview, Education Minister Stephen Lecce did not respond directly when asked whether he envisions a role for Toronto Lands under the legislation.
In addition, after Dentons issued its report to the TDSB last fall, board staff recommended changing the leadership at Toronto Lands, according to a confidential presentation obtained by The Globe.
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