In-camera Council meeting released decisions and reports
June 9, 2015

Revised November 5, 2020

Lease of City owned lands located at 8683 Kerr Street to Park Lane River District Developments Ltd.

THAT Council approve the amendment of an existing lease with Park Lane EFL Developments Ltd. for City-owned lands at 8683 Kerr Street legally described as PID: 023-668-318 Lot 9, District Lot 330, 2100 and 6320, Group 1, New Westminster District plan LMP31809 ( the “Lands”) on the following terms and conditions:

New Tenant: Park Lane River District Developments Ltd.

Term: An extension of the existing term which expires on March 31, 2016 for an additional five (5) years expiring on March 31, 2021.

Rent: A total rent of s.17(1) per year (s.17(1) per square foot per year), from April 1, 2016 to March 31, 2021.

Use: A temporary presentation centre with ancillary office space; a restaurant space; visitor parking; and use by community groups pursuant to a Temporary Community Amenity Agreement.

Lease Terms: The terms and conditions of the lease are to be drawn to the satisfaction of the Director of Real Estate Services and the Director of Legal Services, it being noted that no legal rights or obligations will arise or be created until the lease has been fully executed and delivered.

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

The Administrative Report dated April 23, 2015, refers PDF

 

Lease of Premises leased to the City situated at 683-691 East Broadway to Salam Enterprises Ltd.

THAT the recommendations approved by Council on March 24, 2015 be revised to approve a larger lease area and revised term commencement to Salam Enterprises Ltd. (the “Tenant”) for a commercial retail unit (“CRU”) having a civic address of 683 – 691 East Broadway as shown outlined in red in the plan attached as Appendix “A” to the Administrative Report dated June 1, 2015, entitled “Lease of Premises leased to the City situated at 683-691 East Broadway to Salam Enterprises Ltd.” (the “Premises”) and located within a building located on City-owned lands having a civic address of 651-691 East Broadway (the “Lands”) legally described as Parcel Identifier: 028-721-942, Lot A, Block 119, District Lot 264A, Group 1, New Westminster District, Plan BCP 49417 on the following general terms and conditions:

Term: Five (5) years commencing October 1, 2015.

Renewal Options: The lease includes two (2) consecutive options to renew for an additional five (5) year term each in favour of the Tenant and on
the same terms and conditions provided herein except total rent, which is to be negotiated at the then market rates as a condition of lease renewal.

Rentable area: 3,197 square feet.

Rent: A total rent, inclusive of common area maintenance, parking and building insurance costs (the “Rent”) is based on the following
blended rates:

Year 1: s.17(1) /annum plus GST s.17(1) psf) minus the Reduced Rental Period noted below

Year 2: s.17(1) /annum plus GST s.17(1) psf)
Year 3: s.17(1) /annum plus GST s.17(1) psf)
Year 4: s.17(1) /annum plus GST s.17(1) psf)
Year 5: s.17(1) /annum plus GST s.17(1) psf)


Fixturing Period: The Tenant will receive a s.17(1)   fixturing period in order to demise and construct its tenant improvements. The fixturing
period commences on July 1, 2015. The Tenant will not pay any Rent during the fixturing period, but will be responsible for payment of all utility costs.

Reduced Rental Period: The Tenant will receive s.17(1)   of reduced Rent following the fixturing period as a tenant inducement. The Rent
for these s.17(1)   will be s.17(1)   plus GST per month, which represents an s.17(1)   inducement.

Improvement Allowance: The Landlord will provide the Tenant with an improvement allowance of s.17(1)   psf, s.17(1)   inclusive of GST) as well as a budget not to exceed s.17(1)   to install the demising wall to create its Premises, upon receipt of paid Tenant fixturing invoices. The funding source for the tenant improvements is s.17(1) from the approved 2015 Property Endowment Fund “PEF” Capital Budget and is based on a blended rate for the larger space.

Parking: The Rent includes the Tenant’s exclusive use of four (4) parking stalls.

Use: All day breakfast / Coffee Shop / Fast Food / Yogurt / Dessert Store


Utilities: The Tenant will be responsible for the cost of all utilities located within the Premises. These expenses are not included in the Rent. Other Terms: The lease is to be provided on the City’s Standard Lease Agreement, drawn to the satisfaction of the Directors of Legal and Real Estate Services, it being noted that no legal right or obligation is created and none shall arise until the lease document is fully executed by both parties.

Rental revenue is to be credited to the Property Endowment Fund (“PEF”).

The Report dated June 1, 2015, refers.

 

* * * * *