ADMINISTRATION REPORT

Date: November 17, 1998
Author/Local: C.Gray/7207
RTS No. 332
CC File No. 4656

TO:	Vancouver City Council
FROM:	Director of the Housing Centre
SUBJECT:	Assignment of Lease - Three Links Plaza

RECOMMENDATION

THAT Council approve the assignment of the lease of Three Links Plaza (7349-7363 Rebekah) from the Three Links Housing Society to the Affordable Housing Advisory Association on terms and conditions to the satisfaction of the Director of Legal Services; and

FURTHER THAT no legal obligation shall arise or be created until the execution of all legal documentation to the satisfaction of the Director of Legal Services.

GENERAL MANAGER’S COMMENTS

The General Manager of Community Services RECOMMENDS approval of the foregoing.

COUNCIL POLICY

Council policy is to lease sites to sponsors of non-market housing at 75% of freehold value for 60 year terms.

PURPOSE

This report recommends approval of the assignment of Three Links Plaza from Three Links Housing Society to the Affordable Housing Advisory Association.

BACKGROUND

Three Links Plaza is a 60-unit family non-market rental project developed in 1982. It is located on land leased from the City in the Killarney Neighbourhood at 7349-7363 Rebekah as noted on Figure 1. The lease runs from 1983 until 2043.

Figure 1

Affordable Housing Advisory Association is a non-profit housing sponsor that currently manages three family non-market projects in the City along with three non-market projects for low-income singles in the Downtown.

DISCUSSION

Three Links Plaza is the only project managed by the Three Links Housing Society. This society is closely related to the Three Links Care Society that manages a seniors facility in Renfrew and more recently has taken over operation of the Taylor Manor care facility. They want to focus their efforts on housing and care for seniors, and wish to divest themselves of the Three Links Plaza family project.

Three Links Housing Society and the Affordable Housing Advisory Association have reached an agreement that will see the Affordable Housing Advisory Association take over operation of Three Links Plaza. The City’s approval as Lessor of the site is required for any assignment of the project. Affordable Housing Advisory Association is a successful and comprehensive operator of non-market housing, including family projects. The Three Links Plaza lease is in good standing, and it is recommended that Council approve the assignment of Three Links Plaza from Three Links Housing Society to the Affordable Housing Advisory Association.

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(c) 1998 City of Vancouver