In-camera Council meeting released decisions and reports
September 15, 2015

Lease Renewal of a Portion of Cornett Road, East of Skeena Street

A. THAT Council authorize the Director of Real Estate Services to negotiate and execute a renewal lease (the “Lease”) with Vancouver Film Studios Limited Partnership (“VFS”) for that portion of Cornett Road east of Skeena Street shown hatched on the plan attached as Appendix “A” to the Administrative Report dated August 6, 2015, entitled “Lease Renewal of a Portion of Cornett Road, East of Skeena Street” (the “Subject Property”) on the following terms and conditions:

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

Rentable Area: Approximately 64,910 square feet.

Gross Rent: Year 1: s.17(1) per month plus applicable taxes (s.17(1) psf);
Year 2 & 3: s.17(1)per month plus applicable taxes (s.17(1) psf);
Year 4: s.17(1) per month plus applicable taxes (s.17(1) psf);
Year 5: s.17(1) per month plus applicable taxes (s.17(1) psf).

Use: The Subject Property to be used to provide security to the “film campus”, and for access, parking and loading only plus incidental uses related to the film studio.

Option To Renew: Two (2) further five (5) year renewal options on the same terms and conditions as the current lease except for rent.

Termination Clause: Both the Tenant and Landlord has the right to terminate the Lease upon giving one (1) year written notice of termination.

Other Terms And conditions: The Lease is to be to the satisfaction of the Director of Legal Services, the Director of Real Estate Services and, the City Engineer and may contain other terms and conditions to the satisfaction of the Director of Legal Services, the Director of Real Estate Services, and the City Engineer.

B. THAT Council authorize the Director of Finance to continue to direct the annual income generated from the Lease to the Still Creek/Greenway Enhancement Reserve to be used for future initiatives toward achieving Council objectives to protect, enhance and daylight Still Creek, including acquisitions of properties in fee simple or rights-of-way, and other protection and enhancement initiatives in the Grandview Boundary area.

The Administrative Report dated August 6, 2015, refers

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