HomeMy WebLinkAboutCRPS-05-106 - Approval of Brafasco Lease with Torbram Electric Supply - 1475 Strasburg Road
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Report To:
Date of Meeting:
Submitted By:
Prepared By:
Ward(s) Involved:
Date of Report:
Report No.:
Subject:
Special Council
June 13, 2005
Lesley MacDonald,
Director of Legal Services and City Solicitor (Ext. # 2267)
Lesley MacDonald,
Director of Legal Services and City Solicitor
Ward 3: Fairview - Gateway - John Gazzola
June 8, 2005
CRPS - 05 - 106
Brafasco Lease with Torbram Electric Supply
1475 Strasburg Road, Kitchener
Seeking Council Approval of Lease
RECOMMENDATION:
That Council approve the Lease Agreement between Torbram Electric Supply (hereinafter
Torbram) and Brampton Fastener Co. Limited (hereinafter Brafasco) or any successor of
Brafasco with respect to the property described as Part 4 on Reference Plan 58R-5310, located
at 1475 Strasburg Road, Kitchener.
EXECUTIVE SUMMARY:
N/A
BACKGROUND:
T orbram Electric Supply purchased the property located at 1475 Strasburg Road from the City
of Kitchener on March 6, 2001 by way of a Transfer registered as Instrument Number 1489081.
The property was subject to certain restrictive covenants contained in Schedule A to that
Transfer. Specifically, any lease, sub-lease, assignment transfer or resale of the property
within five (5) years from the date of closing (March 6, 2001) shall be approved by the City of
Kitchener.
Torbram leased out a portion of the building to Brafasco in May of 2001 with an option to renew
for two additional five (5) year periods.
REPORT:
As the title control restrictions have not yet expired and will not expire until March 6, 2006,
Brafasco is seeking approval from the City of Kitchener for their lease with Torbram. The
possibility exists that Brafasco will undergo a merger or a buyout in the near future and any
approval by the City should also extend to the successor of Brafasco.
FINANCIAL IMPLICATIONS:
None.
COMMUNICATIONS:
N/A
CONCLUSION:
The appropriate staff have reviewed this request and have advised there are no outstanding
concerns.
Lesley MacDonald,
Director of Legal Services and City Solicitor
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