HomeMy WebLinkAboutDSD-19-067 - 55 Bramm St. - Long Term Parking Agreement and Land LeaseREPORT TO:Committee of the Whole
DATE OF MEETING:April 1, 2019
SUBMITTED BY:Brian Bennett, Manager Business Development 519-741-2200 ext 7230
PREPARED BY:Brian Bennett, Manager Business Development 519-741-2200 ext 7230
Paul McCormick, Manager Parking Enterprise 519-741-2200 ext 7155
WARD (S) INVOLVED:Ward 9
DATE OF REPORT:March 22, 2019
REPORT NO.:DSD-19-067
SUBJECT:55 Bramm Long Term Parking Agreement and Land Lease (295 Joseph)
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RECOMMENDATION:
That the Mayor and Clerk be authorized to executea3 year land lease with a 1 year
renewal option on a portion of the property municipally known as 55 BrammSt; anda 3
year Parking Agreement with a 1 year renewal option at the 55 Bramm St parking facility
with 2184647 Ontario Limited & Breithaupt Block Inc,onthe terms outlined inStaff Report
DSD-19-067,andsatisfactory to the City Solicitor.
BACKGROUND:
2184647 Ontario Limited & Breithaupt Block Inc(Perimeter Development Corporation) will
commence construction of Breithaupt Block 3 in the Fall of 2019, and accordingly will lose their
onsite parking that supports the employees of Breithaupt Block 1 & 2.
REPORT:
To accommodate this loss of parking, Perimeter has requested that the City of Kitchenerenter
into a land lease foritsunoccupied vacant property located at 55 Bramm St (295 Joseph St,
Enclosure #1), where they will establish a temporary parking facility for 3 years with a 1 year
renewal option, while Breithaupt Block 3 is under construction. Perimeter will be responsible
for the full operation of the interim facility including all capital and operating costs, maintenance,
property taxes, insurance and liability
Perimeter will also enter into a 3 year Parking Agreement with a 1 year renewal option, with the
Parking Enterprise for 126 parking spaces located at the 55 Bramm Stparking facility,at annual
market rates,with the proceeds directed to the Parking Enterprise.
***This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994for assistance.
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ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
strong and resilient economy and dynamic Downtown.
FINANCIAL IMPLICATIONS:
The land lease will be $115,920 per annum + HSTplus an annual increase representing the rate
of inflation. The lease rate is the average rate for land leases executed by the City of Kitchener
in the Downtown. It is recommended that the land lease proceeds be directed to the Economic
Development Reserve (EDR) as this parcel is vacant, does not formpart of the Parking
inventory, and a previous land sale at 55 Bramm St wasallocated to the EDR.
Perimeter will enter into a 3 year Parking Agreement with a 1 year renewal option with the
Parking Enterprise for 126 parking spaces located at 55 Bramm St at annual market rates, with
the proceeds directed to the Parking Enterprise.
COMMUNITY ENGAGEMENT:
INFORM the
council / committee meeting.
ACKNOWLEDGED BY: Justin Readman, General Manager Development Services
Enclosure #1 55 Bramm St Map
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