ADMINISTRATIVE REPORT
Date: March 6, 2003
Author/Local: Cameron Gray/7207
RTS No. 03269
CC File No. 5104
Meeting Date: March 25, 2003
TO: |
Vancouver City Council |
FROM: |
Director of the Housing Centre |
SUBJECT: |
Assignment of Lease: Coleopy Park - 5740 Rupert Street |
RECOMMENDATION
THAT Council approve the assignment of the lease for Coleopy Park (5740 Rupert Street - PID: 009-617-469 - Lot A, Block 15, District Lot 50, Plan 9920) from Coleopy Park Developments to HFBC Housing Foundation, on terms and conditions to the satisfaction of the Director of Legal Services.
GENERAL MANAGER'S COMMENTS
The General Manager of Community Services RECOMMENDS approval of the foregoing.
COUNCIL POLICY
The City leases non-market housing sites to non-profit housing sponsors for 60 year terms and values a 60 year lease at 75% of freehold market value.
PURPOSE
This report seeks Council approval for the assignment of the lease of a non-market housing project at 5740 Rupert St., currently operated by the Coleopy Park Developments, to the HFBC Housing Foundation.
BACKGROUND
Coleopy Park Developments is a non-profit society set up by the B.C. Corps of Commissionaires to operate a non-market housing project they developed at 41st and Rupert St. (see Figure 1). The project, which was built in 1990, consists of 58 units (36 units for seniors and 22 units for families). The site is owned by the City of Vancouver and leased to Coleopy Park Developments for 60 years.
The Corps of Commissionaires no longer wish to operate non-market housing. Coleopy Park is their only project, and they are finding that they lack the capacity to properly manage it. The Corps of Commissionaires approached HFBC Housing Foundation, which operates 16 non-market housing projects in Vancouver, to take over the project, and the HFBC Housing Foundation has agreed. HFBC Housing Foundation operates a mix of seniors, singles and family non-market units, and have a proven capacity to effectively operate non-market housing. The City's approval of an assignment of the lease to HFBC Housing Foundation is required, and it is recommended that Council approve the assignment of the Coleopy Park lease to HFBC Housing Foundation. BC Housing, which provides the subsidies for the project, has approved its transfer to HFBC Housing Foundation.
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