In-camera Council meeting released decisions and reports
July 10, 2018

Lease of City-owned Premises at 2631 Kaslo Street to Brilliant Cabinets Ltd

THAT Council authorize the Director of Real Estate Services to negotiate and execute a lease (the "Lease") with Brilliant Cabinets Ltd. (the "Tenant") for Cityowned premises situated at 2631 Kaslo Street, legally described as PID: 009-551-581, Lot 2 South ½ of Section 35, THSL Plan 9744 (the “Premises”), as described in Appendix A of the Administrative Report dated June 8, 2018, entitled “Lease of City-owned Premises at 2631 Kaslo Street to Brilliant Cabinets Ltd.”, on the following terms and conditions:

Term: Ten (10) years commencing October 1, 2018 and ending on September 30, 2028.

Area: Rentable area of approximately 10,450 square feet.

Total Rent: Total Rent, before deducting free rent allowance, is as follows:
Years 1-5: s.17(1) per annum (s.17(1) per sq. ft.); and
Years 6-10: s.17(1) per annum (s.17(1) per sq. ft.);
plus GST. Rent is inclusive of operating costs.

Parking: The Tenant shall have the use of ten (10) reserved parking stalls, at no additional cost.

Fixturing: For the purposes of planning and constructing, the Tenant’s improvement work and moving in, the Tenant shall have access to the Premises September 1, 2018.

Free Rent: The Tenant shall be granted the equivalent of s.17(1) free rent from s.17(1) (the “Free Rent”).

Use: The Premises are to be used for kitchen cabinet manufacturing and distribution.

Renewal: One (1) further option to renew for five (5) years with twelve (12) months written notice.

Improvement: At the Tenant’s sole cost and expense, the Tenant shall have the right to widen one (1) of the existing loading door openings by a maximum of 2 feet.

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 June 8, 2018, refers.

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