Lease of City-owned property at 875-925 Terminal Avenue to The Vancouver Trolley Company (1996) Ltd.

THAT Council authorize the Director of Real Estate Services to negotiate and execute a lease with The Vancouver Trolley Company (1996) Ltd. (the “Tenant”) for the City-owned premises situated at 875-925 Terminal Avenue, legally described as PID: 008-433-399, Lot 5, except part in Plan 8304, Block E, District Lot 2037, Plan 8122; and PID: 004-111-508, Amended Lot A (Explanatory Plan 5052) of Lot E, District Lot 2037, Plan 8304 (see Appendix “A” of the Administrative Report dated February 1, 2013, entitled “Lease of City-owned property at 875-925 Terminal Avenue to The Vancouver Trolley Company (1996) Ltd.”); on the following terms and conditions:

Term: Five (5) years commencing May 1, 2013.

Area: Approximately 22,400 square feet of rentable area.

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

Taxes and Operating Costs:
Tenant shall pay in addition to the Minimum Net Rent, property taxes as if levied, and HST or similar. The Tenant is responsible for his own operating costs including all charges, rates and levies including heat, electricity, gas, water, garbage collection, telephone, cablevision and internet, and all other expenses and outgoings relating to the premises.

Use: Trolley and tour bus storage facility, with ancillary offices.

Option to Renew:
One – five (5) year option to renew on the same terms and conditions save and except rent, which is to be negotiated at market rates. If fair market rates cannot be settled by mutual agreement, then the parties may elect to arbitrate the issue to determine the market rental value of the Premises.

Other: The lease will be based on the City’s current standard form of lease for commercial tenants. Terms and conditions of the lease are to be drawn to the satisfaction of the Directors of Legal Services and Real Estate Services, it being noted that no legal right or obligation shall arise or be created until the execution of the lease.

The Administrative Report dated February 1, 2013, refers.

Property Acquisition for the Powell Street Grade Separation Project – 1130 - 1142 Powell Street

A. THAT Council approve the purchase of 1130-1142 Powell Street, legally described as Parcel Identifiers: 007-945-051, 007-945-078 , Lots 19 & 20, Except The North 7 Feet, Now Road, both of Lot 2 Block K District Lot 182 New Westminster District Plan 176 (the “Subject Property”) from Quinn Matthew Chow, Richard Douglas Chow, Calvin Roy Chow and Billy Burton Chow, for a purchase price of s. 17(1) (d) (e) & (f) and s. 21(1); it being noted that no legal right or obligation is hereby created, and none shall arise, until all legal documentation is fully executed on terms and conditions satisfactory to the Directors of Real Estate and Legal Services.

B. THAT Council approve funding of s. 17(1) (d) (e) & (f) and s. 21(1) to remediate the known contamination on the Subject Property and pursue a Certificate of Compliance and, if required, conduct further site investigations, prepare a remediation plan and site remediation for the surplus portion of the property not required for road purposes.

Funding for the purchase and the soil remediation to be provided from CER-00117-11-AA within the approved 2013 Engineering Capital Budget.

The Administrative Report dated January 23, 2013, refers.

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