s Services 1998 Operating Budget Request.
The Commissioner of Finance, in accordance with Provincial Regulations, has certified that financing for these expenditures in the amount of $460,835.00 is within the updated Financial Debt and Obligation Limit.
Recommendations:
It is recommended that:
(1) financing in the amount of $460,835.00 be approved;
(2) the City of Toronto renew the Lease Agreement with Maron Land Development Inc. or in the event of a sale a successor company, for a five year period from April 1, 1998 to March 31, 2003 based on the terms and conditions outlined below, in a form acceptable to the Toronto Solicitor; and
(3) the appropriate Toronto Officials be authorized and directed to take the necessary action to give effect thereto.
Council Reference/Background/History:
Metropolitan Council by its adoption of Clause No. 8 of Report No. 10 of the Management Committee on February 17, 1993 authorized a five year lease for 3,922 square feet of space at 700 Lawrence Avenue West commencing April 1, 1993 and terminating March 31, 1998. The rental was for an annual minimum of $12.00 per square foot net with operating costs in 1997 of approximately $17.50 per square foot for a total annual rent of about $107,855.00.
On August 7, 1997, Lynda Leblanc, Director, Service Access Management Unit advised that it was their decision to renew for a further three to five years. Negotiations were conducted with Ms. Eileen Halpin, Lease Manager for Burnac Corporation, a division of Maron Land Development Inc., and an agreement was reached for a five year renewal extension with the tenant having the right to terminate the lease at the end of the third year (March 31, 2001) providing the tenant has given six months prior written notice at a minimum rent of $6.00 per square foot, the operating expenses remaining the same or similar and the premises being painted and broadloomed.
Comments and/or Discussion and/or Justification:
N/A.
Conclusions:
In my opinion, the above terms and conditions are fair and reasonable and I have been advised that they are acceptable to the Children
