Notice of Disposition of Real Property by Way of Lease and Intention to Provide Assistance to Provincial Rental Housing Corporation
Public Notice is hereby given pursuant to Section 26 of the Community Charter that the City of Nanaimo intends to dispose of land located at 1435 Cranberry Avenue, Nanaimo, BC by way of Lease to the Provincial Rental Housing Corporation.
Public Notice is hereby given pursuant to Section 24 of the Community Charter that the City of Nanaimo intends to provide assistance to the Provincial Rental Housing Corporation by way of a Lease of the land located at 1435 Cranberry Avenue and legally described as:
Lot 1, Section 19, Range 4, Cranberry District, Plan EPP119118
PID: 032-073-763
The Term of the Lease is sixty (60) years, commencing on the date of registration of the Lease at the Land Title Office.
The current fair market value for a Lease of the land is estimated at Fifty-Three Thousand Seven Hundred ($53,700) per annum.
The lease rate payable is the sum of $10.00 for the term.
The total assistance to be provided to the Provincial Rental Housing Corporation by way of rent abatement is approximately Fifty-Three Thousand Seven Hundred ($53,700) per annum.
Any questions regarding the terms of the Lease should be directed to the Real Estate Section at 250-755-4475 during regular office hours from 8:00 a.m. to 4:00 p.m., Monday to Friday (excluding statutory holidays), File No. LD003936