In-camera Council meeting released decisions and reports
July 25, 2017
Proposed Sub-Sublease of City-owned Premises situated at 675-683 East Broadway to Nada Grocery Inc.
THAT Council authorize the Director of Real Estate Services to execute a sub-sublease (the “Lease”) to Nada Grocery Inc. (“Nada” or the “Tenant”) for the City-owned premises having a civic address of 675-683 East Broadway within a building on property legally described as PID: 028-721-942, Lot A, Block 119, District Lot 264A, Group 1, New Westminster District Plan BCP 49417, outlined in red in Appendix A attached (the “Premises”) on the following general terms and conditions:
Term: Five (5) years commencing February 1, 2018.
Option to Renew: Three (3) options to renew in favour of Nada for an additional five (5) year term each, on the same terms and conditions provided herein except rent, which is to be negotiated at the then market rates as a condition of the Lease renewal, and there will not be any tenant inducements.
Lease area: 2,332 square feet.
Total Rent: A total rent, inclusive of common area maintenance, parking and building insurance costs (the “Rent”) based on the following rates:
Per Month |
Per Annum (per sq.ft) |
|
Year 1 |
s.17(1) |
s.17(1) |
Year 2 |
s.17(1) |
s.17(1) |
Year 3 |
s.17(1) |
s.17(1) |
Year 4 |
s.17(1) |
s.17(1) |
Year 5 |
s.17(1) |
s.17(1) |
Total Rental value for the initial five year term is s.17(1)
Tenant Inducements: Cash Allowance – The Landlord will provide the Tenant with an improvement allowance of s.17(1) inclusive of GST], to assist with tenant fixturing. The allowance will be paid upon receipt of completed work to the Landlord’s satisfaction. The funding source for the tenant improvements is the approved 2017 PEF Capital Budget.
Fixturing Allowance - The Landlord will provide the Tenant with a Six (6) month fixturing period to demise and construct its tenant improvements. The fixturing period commences on August 1, 2017. s.17(1)
s.17(1)
Parking: The total Rent will include the exclusive use of three (3) parking stalls for Nada’s use during the Lease.
Use: Grocery store and sale of related accessories and products, including a café, juice and smoothie bar.
Utilities: Nada 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 current standard form of lease for commercial tenants in this building. 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. The Tenant is responsible for the costs of regular service, maintenance, repair and replacement of the HVAC units that exclusively serve the Premises.
The Administrative report dated July 4, 2017, refers.
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