ADMINISTRATIVE REPORT
Date: June 9, 2003
Author/Local: C. Gray/7207
RTS No. 03454
CC File No. 5104/1203
Meeting Date: June 24, 2003
TO: |
Vancouver City Council |
FROM: |
The Director of the Housing Centre |
SUBJECT: |
Assignment of Lease - Clarke Manor: 650 Bucketwheel |
RECOMMENDATION
THAT Council approve the assignment of the lease for Clarke Manor (650 Bucketwheel - PID: 007-363-290; Lot 37 False Creek Plan 16789) from the Bertha O'Clarke Society to the Vancouver Broadway Housing Society, 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 market value.
PURPOSE
This report seeks Council approval of an assignment of lease for a non-market housing project at 650 Bucketwheel on the south shore of False Creek from the Bertha O'Clarke Society to the Vancouver Broadway Housing Society.
BACKGROUND
The Bertha O'Clarke Society operates two non-market housing projects. One in Victoria and Clarke Manor in Vancouver. Clarke Manor is a 46 unit non-profit rental project serving seniors that was developed in 1976 as part of the City's development of the south shore of False Creek. The location is noted on Figure 1. Canada Mortgage and Housing Corporation provides on-going operating subsidies, and the Province, through BC Housing, provided an initial capital grant. The lease has a term of 60 years, and allows the lessee (Bertha O'Clarke Society) to assign the lease subject to the approval of the City as lessor.
Figure 1
DISCUSSION
The Society is winding up its operations and wishes to assign Clarke Manor to another non-profit society, and selected the Vancouver Broadway Housing Society. The Vancouver Broadway Housing Society was incorporated in 1988 as an off-shoot from the Vancouver Broadway Lions Club, and is a registered charity and a reporting society. It does not operate non-market housing currently, though it has been actively seeking development opportunities.
The approval of CMHC and BC Housing are both required for the Vancouver Broadway Housing Society to take over the operation of Clarke Manor. Both have approved them as the new sponsor. There is no reason for the City to oppose the assignment of the lease from Bertha O'Clarke Society to the Vancouver Broadway Housing Society, and it is recommended that Council approve the assignment.
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