Sub-Lease of City-owned property situated at 108 West Pender Street to TDL Group Corporation

THAT Council authorize the Director of Real Estate Services to negotiate and execute a sub-lease to TDL Group Corporation (dba Tim Hortons) for the City-owned property situated at 108 W. Pender Street, legally known as PID: 016-560-248, Lot 192 False Creek Plan 23011, on the following general terms and conditions:

Term: Ten (10) years commencing March 1, 2012.

Area: Rentable area of 2,328 square feet.

Rent:
Years 1-5: [ … ] per annum [ … ] or [ … ] per month, plus applicable taxes, a pro rata portion of property taxes and operating costs.

Years 6-10: [ … ] per annum [ … ] or [ … ] per month, plus applicable taxes, a pro rata portion of property taxes and operating costs.

Fixturing Period: The tenant will receive one hundred twenty (120) days free rent to install its tenant improvements and fixtures.

Improvement Allowance: Landlord will provide the tenant with an Improvement Allowance of [ … ] dollars psf, totalling [ … ] plus HST, to assist with tenant fixturing.

Option to Renew: Four (4) five–year options to renew on the same terms and conditions save and except rent which is to be set as follows:

Option 1: Years 11-15: [ … ] per annum [ … ] or [ … ] per month, plus applicable taxes, a pro rata portion of property taxes and operating costs.

Option 2: Years 16-20: [ … ] per annum [ … ] or [ … ] per month, plus applicable taxes, a pro rata portion of property taxes and operating costs.

Options 3 and 4: Years 21 to 30: the rent will be negotiated at market rates.

Parking: The rent will include two (2) parking stalls for the exclusive use of the tenant.

Use: The premises are leased to the Tenant for the purpose of operating a restaurant and/or food service business.

Other Terms: The terms and conditions of the Sub-lease are to be drawn to the satisfaction of the Director of Legal and Real Estate Services, it being noted that no legal right or obligation shall arise or be created until execution of the Sub-lease.

All rents to be credited to PEF.

The Administrative Report dated September 1, 2011 , refers.

Potential Sale of 3690 Vanness Avenue and proposed closure and sale of adjacent lane

A. THAT Council authorize the Director of Real Estate Services to enter into exclusive negotiations with BJW Holdings Ltd. for the sale of the City owned lot located at 3690 Vanness Street, legally known as Lot C, except part in Plan LMP47050, Block 6, District Lot 36, Group 1, New Westminster District Plan 13894, (PID 003-541-002) (“Lot C”), and the adjacent lane as described and shown approximately in Appendix A (together forming the “Subject Lands”) of the Administrative Report dated September 12, 2011, entitled "Potential Sale of 3690 Vanness Avenue and proposed closure and sale of adjacent lane".

FURTHER THAT, if the Director of Real Estate Services can successfully conclude such negotiations with BJW Holdings Ltd. Council authorize the Director of Real Estate Services to enter into a Contract of Purchase and Sale, satisfactory to the Director of Legal Services, such sale being subject to Council approval;

AND FURTHER THAT, no legal rights or obligations will arise or be created between BJW Holdings Ltd. and the City unless and until a legally binding Contract of Purchase and Sale is successfully negotiated and executed and delivered by BJW Holdings Ltd. and the City through its authorized signatories, the Director of Real Estate Services and approved by Council.

B. THAT a Council decision to enter into a Contract of Purchase and Sale with BJW Holdings Ltd will not in any way limit Council or the City and its officials, including the Approving Officer and Director of Planning, in exercising their

The Administrative Report dated September 12, 2011 , refers

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