In October 2015, the University of Toronto and UTS announced a 50-year agreement that would renew the school's official affiliation with the university, allow UTS to remain on its Bloor Street campus, redevelop 70,000 square feet of its space as well as build a 70,000 square feet addition. The redevelopment proposal would include the construction of a 700-seat auditorium that would also function as a university classroom, a double gym, an atrium and a black box theatre. The university would retain ownership of the building and land but UTS would pay for construction and operating costs. The agreement is subject to approval by the university's governing council.