Sublease of City Premises at 1001 Main Street to T-Rex Urban Food & Coffee Bar Ltd.

THAT Council authorize the Director of Real Estate Services to negotiate and execute a sublease (the “Sublease”) with T-Rex Urban Food & Coffee Bar Ltd. (the “Tenant”) for City leased premises situated at 1001 Main Street, as shown on Appendix A to the Administrative Report dated May 30, 2014, entitled “Sublease of City Premises at 1001 Main Street to T-Rex Urban Food & Coffee Bar Ltd.” legally described as PID: 024-929-298, Lot 2, District Lot 196 and 2037, Group 1 New Westminster District, Plan LMP 48404 (the “Subject Property”) on the following terms and conditions:

Term: Five (5) years, commencing April 1, 2014

Rentable Area: Approximately 1,598 square feet (the “Premises”)

Rent: s.17(1) and s. 21(1)

Tenant to pay BC Hydro costs.

Use: Retail sales of groceries, beverages and deli food products.

Option to Renew: One option to renew for a further term of five (5) years on the same terms and conditions except rent, which is to be negotiated at the then current market rates.

Other Terms &
Conditions: The Sublease is to be provided on the City’s current Standard Form of Sublease for Commercial Tenants. Terms and conditions of the Sublease 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 be created and none shall arise until the Sublease is fully executed by both parties.

All rents to be credited to the Childcare Endowment Fund.

The Administrative Report dated May 30, 2014 , refers.

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