HomeMy WebLinkAboutTR-90-83 ZV
CORPORATION OF THE TOWN OF NEWCASTLE
40 TEMPERANCE STREET
BOWMANVILLE, ONTARIO
LiC3A6 TELEPHONE 623-3379
REPORT TO GENERAL PURPOSE AND ADMINISTRATION COMMITTEE MEETING
HELD DECEMBER 5, 1983
TR - 83 - 90
SUBJECT: LEASE AGREEMENT: N. W. KING
RECOMMENDATION:
It is respectfully recommended :
1 . that this report be received; and
2. that the Mayor and Clerk are hereby authorized to execute on behalf of the
Corporation of the Town of Newcastle and seal with the Corporation seal , a
lease agreement, between N. W. King and the Corporation for the property
situated at 152 Church Street, Bowmanville (Former Bell Building) ; and
3, that the attached by-law be forwarded to Council for approval .
BACKGROUND AND COMMENT
An offer to lease submitted by N. W. King for the office facility at 152 Church
Street in Bowmanville was received for consideration by the Town of Newcastle.
The current lease expires on January 31 , 1984, carrying a monthly rate of
$750.00 per month. The proposed lease specifies rates of $800.00 per month for the first
year, $850.00 per month for second year, and $900.00 per month for third year which reflects
increases of 6.67%, 6.25%, and 5.88% respectively. The proposed lease is well within the
local lease rates for office space comparable to this facility and does not conflict with
the timing of any proposed new facility in the capital forecasts. A letter from
Mr. King is attached to support the proposed lease.
Respectfully submitted ,
Kathryn Campbell , C.A. , B. Comm.
Treasurer
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