In-camera Council meeting released decisions and reports
May 28, 2019

Lease of a portion of City-owned premises at 312-324 Main Street to Simon Fraser University

THAT Council authorize the Director of Real Estate Services to approve terms and execute a lease (the "Lease") with Simon Fraser University (the "Tenant") for premises for Unit 318 - 312 Main Street (the “Premises”), as shown in Appendix A of the Administrative Report dated May 17, 2019, entitled “Lease of a portion of City-owned premises at 312-324 Main Street to Simon Fraser University”, located at a City-owned property situated at 312-324 Main Street, as legally described in Appendix B of the same report, on the following terms and conditions:

Lease Area: Approximately 4,285 square feet (the “Premises”).

Term: Ten (10) years commencing September 1, 2019, and ending on August 31, 2029.

Possession Date: June 1, 2019

Fixturing: rent free (with the exception of utilities, maintenance, and insurance charges) commencing on the Possession Date, during which to install the Tenant’s fixtures.

Rent: Basic Rent is as follows:

Year 1-6	s.17(1)
Year 7-8	s.17(1)
Year 9-10	s.17(1)

plus GST.

Additional Rent: s.17(1) Year 1 (Proportionate Share of Building Operating Costs)

Use: Office activities in keeping with the centre for innovation located within 312-324 Main Street.

Renewal Option: One (1) further option to renew for five (5) years (the “First Renewal Term”) on the same terms and conditions save and except the Rent, to be negotiated at market rates.

Tenant Inducement: s.17(1)

Other Terms and Conditions: The Lease will be based on the City’s current standard form of lease for commercial tenants. Terms and conditions of the Lease are to be to the satisfaction of the Directors of Legal and Real Estate Services, it being noted that no legal right or obligations shall arise or be created until the Lease is fully executed by both parties.

The related report remains sensitive and is not to be released.