In-camera Council meeting released decisions and reports
February 7, 2017

Updated September 9, 2020

Lease of 1431 West Broadway

THAT Council authorize the Director of Real Estate Services to execute a lease (the “Lease”) to Omer DeSerres Inc. (“DeSerres”) for the City-owned property having a civic address of 1431 West Broadway, a portion of that property legally described as Parcel Identifier: 015-201-261, Lot 15, Except Part in Plan 4379, Block 331 District Lot 526 Plan 590 (the “Premises”) shown in Appendix A of the administrative report dated February 2, 2017, entitled “Lease of 1431 West Broadway”, on the following general terms and conditions: Term: Five (5) years commencing March 1, 2017.

Termination Clause: 18 Months written termination from either the Landlord or Tenant.

Renewal Options: One (1) option to renew in favour of the tenant for an additional five (5) year term on the same terms and conditions provided herein except rent, which is to be negotiated at the then market rates as a condition of lease renewal.

Rentable area:5,677 square feet.

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

Term Total Rent (psf) Total Annual Rent (Excl. GST)
Year 1 s.17(1)
Year 2
Year 3
Year 4
Year 5

Parking: The Rent will include the exclusive use via a Parking Licence Agreement of one (1) parking stall for DeSerres at 1441-1445 West Broadway, an adjoining City owned property.

Use: Retail sale of art supplies and related business such as training and workshops.

Utilities: DeSerres 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 with reasonable amendments, 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.

The Report dated February 2, 2017, refers PDF