;WITH myCTE AS
(
SELECT *,
ROW_NUMBER() OVER (PARTITION BY Item ORDER BY EventDate) AS rn
FROM MyTable
)
SELECT
M1.Item,
M1.EventDate AS Start,
M2.EventDate AS End
FROM
myCTE M1
JOIN
myCTE M2 ON M1.Item = M2.Item AND M1.rn+1 = M2.rn
WHERE
M1.Event = 'On'
AND
M2.Event = 'Off';