HomeMy WebLinkAboutAdmin 21-85Ut_a
CORPORATION OF THE TOWN OF NEWCASTLE
40 TEMPERANCE STREET �^
BOWMANVILLE, ONTARIO
L1C3A6
REPORT TO THE GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
MEETING HELD APRIL IST 1985
ADMIN. 21 - 85
SUBJECT: RENEWAL OF LEASE OF OFFICE SPACE WITH MATTHEWS
& HILL INSURANCE BROKERS LIMITED, ORONO ARMOURIES
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and
Administration Committee recommend to Council the following:
1. That Administrator's report ADMIN. 21 - 85 be received;
2. That the Mayor and Clerk be authorized to execute the necessary
documents to revise the necessary lease with Matthews & Hill
Insurance Brokers Limited on the basis of a 1985 increase
of 5% and a 1986 increase of an additional 5%; -
3. That the attached by-law authorizing the Mayor and Clerk to
execute the necessary documents be adopted;
4. That Matthews & Hill Insurance Brokers Limited be advised.
of Council's actions.
BACKGROUND AND COMMENT:
In March of 1983 a lease was signed with Matthews & Hill Insurance
Brokers Limited for the sum of $325 per month for office space in
the Orono Armouries. This amount escalated to $364 per month in 1984.
Staff contacted Matthews & Hill Insurance Brokers Limited prior to
the end of the current lease to see if the company was interested in
renewing same. Staff is prepared to recommend the lease be renewed
until the end of 1986 on the basis of annual increases of 5%. As
such, it is being recommended that effective March 31st 1985 the
rent be increased to $382.20 per month for the year 1985 and $401.31
per month for the year 1986.
.2
ADMIN. 21 - 85 -2-
It should be noted that in calculating a rental factor to the Orono
Co-operative Showcase it was anticipated that the insurance office
space would have a rent increase of approximately 5%. The renewal of
the leases for 5% increases should ensure that the building runs on
a break-even proposition and does not require monies from the general
levy.
For Council's information I am attaching a March 8th 1985 letter from
Matthews & Hill Insurance Brokers Limited accepting the proposed new
rental arrangements.
All of which is respectfully submitted,
David . Johnston, M.C.I.P.,
Chief Administrative Officer
DSJ:nof
att.
a Ca,
Matthe37�TS Matthews & Hill Insurance Brokers Limited
frin 466 George h,Street
On aria K Box 1180
�,. Peterborough, Ontario K9J 71-14
INSURANCE Tel: 1706) 743-4211 Telex: 06-962933
March 8, 1985
David S. Johnston, M.C.I.P.,
Chief Administrative Officer,
Corporation of The Town of Newcastle,
40 Temperance Street,
�3owmanville, Ontario LIC 3A6
Dear Mr. Johnston:
Based upon our previous understanding, that if certain
improvements were made we would sign a new lease with two annual 5%
increases, you can now go ahead and prepare such a lease.
Please send the new lease to me when it is ready. Perhaps
',you may prefer an addendum to the existing lease, rather than an en-
tirely new one. This would be acceptable to us.
Yours truly,
Gary W. Harris, C.A.,
:ck Vice President
Peterborough Fenelon Falls Orono Bancroft Thunder Bay Toronto