HomeMy WebLinkAboutINS-16-071- Parking Lot Lease Agreement - 194 King Street East
REPORT TO: Finance and Corporate Services Committee
DATE OF MEETING: September 12, 2016
SUBMITTED BY: Ken Carmichael, Interim Director, Transportation Services,
(519) 741-2200 x7372
PREPARED BY: Paul McCormick, Manager, Parking Enterprise,
(519) 741-2200 x7155
WARD(S) INVOLVED: 10
DATE OF REPORT: August 2, 2016
REPORT NO.: INS-16-071
SUBJECT: Parking Lot Lease Agreement - 194 King Street E.
___________________________________________________________________________
RECOMMENDATION:
That Council enter into an agreement to operate public parking at 194 King Street
Eastwith the new owner, 2425754 Ontario Ltd., subject to the satisfaction of the
City Solicitor.
BACKGROUND:
The City of Kitchener has managed the parking lot located at the back of the property
st
known municipally as 194 King Street East since May 1, 1987. The property
ownership has changed a couple of times since 1987 and the previous owner, 6894631
Canada Inc. sold its interests to 2425754 Ontario Ltd. on August 6, 2014.
REPORT:
The new lease terms are similar to the previous agreement with net revenues being split
50:50. Net revenue includes all gross revenue generated by the eight (8) metered
parking spots less operating expenses including but not limited to maintenance, snow
removal and property taxes for the parking apportionment of the property. The initial
term expires December 31, 2016 and thereafter the agreement will automatically renew
on a yearly basis. Either party may terminate the agreement upon 180 days written
notice.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
vision through the delivery of core service.
FINANCIAL IMPLICATIONS:
The annual net revenue for this facility is approximately $9,000. Under the proposed
lease agreement, both parties will share in a 50:50 split of the net revenue.
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
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COMMUNITY ENGAGEMENT:
INFORM
advance of the council / committee meeting.
ACKNOWLEDGED BY:
Justin Readman, Interim Executive Director of Infrastructure
Services
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