In-camera Council meeting released decisions and reports
October 28, 2014

Lease of City owned property at 2605 Kaslo Street to South Van Bottle Depot (Zim's) Ltd.

THAT Council authorize the Director of Real Estate Services to negotiate and execute a lease (the “Lease”) with South Van Bottle Depot (Zim’s) Ltd. (the “Tenant”) for City owned premises situated at 2605 Kaslo Street, as shown on Appendix A of the Administrative Report dated September 2, 2014, entitled “Lease of City owned property at 2605 Kaslo Street to South Van Bottle Depot (Zim's) Ltd.”, legally described as PID: 009-551-581; Lot 2 South ½ of Section 35 THSL Plan 9744 (the “Subject Property”) on the following terms and conditions:

Term: Five (5) years, commencing September 1, 2014.

Rentable Area: Approximately 6,280 square feet (the “Premises”).

Total Rent: Rent is s.17(1) per annum (s.17(1) per square foot) plus applicable GST.

Use: Recycling and Bottle Depot.

Option to Renew: One (1) 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.

Termination Clause: The Landlord may terminate the Lease or any renewal upon providing the Tenant with a one (1) year written notice of termination.

Other Terms And Conditions: The Lease is to be provided 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 right or obligation shall arise until the Lease is fully executed by both parties.

All rents to be credited to the Property Endowment Fund (PEF).

The Report dated September 2, 2014, refers.

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