In-camera Council meeting released decisions and reports
December 3, 2013
Lease of City-owned premises situated at 1688 Main Street - Unit A to Maych Automotive Ltd.
THAT Council authorize the Director of Real Estate Services to negotiate and execute a lease (the “Lease”) with Maych Automotive Ltd. (the “Tenant”) for the City-owned premises situated at 1688 Main Street - Unit A, legally described as PID: 006-208-975, Lot C Block 3, District Lot 200A and of District Lot 2037, Plan 21111 (the “Subject Property”), as shown on Appendix A to the Administrative Report dated October 28, 2013, entitled “Lease of City-owned premises situated at 1688 Main Street - Unit A, to Maych Automotive Ltd.”, on the following terms and conditions:
Term: Five (5) years commencing January 1, 2014.
Area: Rentable area of Unit A is approximately 4,120 square feet (the “Premises”).
Rent: Rent, inclusive of property taxes as if levied:
Years 1 & 2: s.17(1) per annum ( s.17(1) psf), plus GST;
Year 3: s.17(1) per annum ( s.17(1) psf), plus GST;
Year 4: s.17(1) per annum ( s.17(1) psf), plus GST; and
Year 5: s.17(1) per annum ( s.17(1) psf), plus GST.
Use: The Premises are to be used for automotive repair and servicing.
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 and provision of a one (1) year demolition clause should the property be required for municipal purposes.
Other Terms And Conditions: 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 and Real Estate Services, it being noted that no legal rights or obligations shall arise or be created until execution of the Lease by both parties.
All rents to be credited to the Property Endowment Fund (PEF).
The Administrative Report dated October 28, 2013, refers