Lease of City-owned property located at 2215 Commissioner Street to Smit Marine Canada Inc.

THAT Council authorize the Director of Real Estate Services to negotiate and execute a lease to Smit Marine Canada Inc. for City-owned property situated at 2215 Commissioner Street, legally described as That Part of the Bed and Foreshore of Burrard Inlet shown as Block D (Reference Plan 2347) Group 1 New Westminster District lying in front of Lots 1 and 2, District Lot 184, Plan 178 as shown on Appendix A of the Administrative Report dated December 7, 2011, entitled “Lease of City-owned property located at 2215 Commissioner Street to Smit Marine Canada Inc.”, on the following terms and conditions:

Term: Five (5) years commencing June 1, 2011.

Rent: s. 17(1) (d) (e) & (f) and s. 21(1)

Use: Parking, Tow boat and barge operations

Renewal Option:

One 5-year option to renew

Other Terms and Conditions:

The lease is to be provided on the City’s Standard Commercial Lease and upon such terms and conditions satisfactory to the Directors of Legal and Real Estate Services, it being noted that no legal right or obligation shall arise until the lease is executed by both parties.

Rent to be credited to the Property Endowment Fund (“PEF”).

The attached Administrative Report dated December 7, 2011, refers.

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