HomeMy WebLinkAboutTR-4-87 TOWN OF NEWCASTLE
REPORT Fi le #
Res. 16VX-
#
By-Law #
MEETING: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
DATE: January 19, 1987
REPORT #: . TR-4-87 FILE #:
SUB,JECT: COMMERCIAL LEASE AGREEMENT
ORONO SHOWCASE CO-OPERATIVE
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1 . That this report be received; and
2. That the necessary By-Law be passed, authorizing the Mayor and Clerk
to sign a rental agreement with Orono Showcase Co-Operative; and
3. That Orono Showcase Co-Operative be advised of Council's actions.
BACKGROUND AND COMMENT:
The Orono Showcase Co-Operative currently lease space in the Orono Hydro
Electric Building at a monthly rate of $255.00.
Staff have reviewed the cost of operating the building, relative to rental fees
received. A 9.8% increase in the monthly rental from $255.00 to $280.00 was
suggested in a letter dated December 10, 1986 to the Orono Showcase
Co-Operative. As in prior years a one year lease is proposed.
Page - 2 -
TR-4-87
COMMERICAL LEASE AGREEMENT
ORONO SHOWCASE CO-OPERATIVE
Staff feels that this increase, along with the increased revenues from the other
tenant, Matthews and Associates Insurance Brokers Limited, will sufficiently
cover the operating costs of the building.
Staff have been advised that the proposed rental rate of $280.00 per month is
acceptable.
The current lease expired December 31 , 1986, and staff respectfully recommends
that the proposed rental agreement be accepted, effective January 1 , 1987. A
copy of the proposed lease is attached, marked Schedule "A".
Respectfully submitted, Recommended for presentation
to the Committee,
Blanchard, awrence Kotseff,
Treasurer. Chief A istrative Officer.
. Devantie',
Director of Community Se ices.
LAB/hjm
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