Rent Review Update – False Creek Residential Leasehold Properties

A. THAT the Director of Real Estate Services advise the individual residential lessees in the strata developments commonly referred to as VR419, VR442, VR466, VR514, VR551, VR552, and VR588 who pay monthly rent to the City but have not accepted the revised ground rent proposed by the City that the City will now proceed to arbitration to settle the rental amounts, in accordance with the rent review provisions of the various relevant ground leases.

B. THAT upon approval of A above, the Director of Legal Services be authorized to appoint Mr. Dennis Parkhill of Kent-Macpherson Appraisers Ltd. or, failing the appointment, or continuing appointment, of Mr. Parkhill, an alternate considered acceptable to the Director of Legal Services as the City's choice for arbitrator (the “City’s Arbitrator”) in the rent review arbitrations for strata developments VR419, VR442, VR466, VR514, VR551, VR552, and VR588.

C. THAT Council authorize the City Manager, Director of Real Estate Services, and Director of Legal Services to advise the City’s appraisers to consider three to five year market averaging for land comparables as acceptable appraisal instruction in preparing the City’s submissions to the Arbitration Panel.

The relevant report remains sensitive and cannot be released.

Verbal Briefing – Negotiation Issues – Woodward’s Child Care Centre

Mary Clare Zak, Director Social Policy, provided an overview of two proposed options for moving forward on negotiations with regard to the Woodward’s Child Care Centre and, along with Ken Bayne, General Manager, Business Planning and Services, responded to questions.

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Where these brackets [ … ] appear, information remains sensitive and cannot be released.