Ottawa Public Library Board
ACTION SUMMARY
Tuesday, June 17, 2014, 12:00
4th Floor Boardroom, Sir Richard Scott Building, 191 Laurier Avenue West



IN CAMERA
OPLB-2014-0060

That the Ottawa Public Library Board move in camera in accordance with section 16.1 (4)(c) Public Libraries Act, R.S.O. 1990, CHAPTER P.44, to discuss a proposed or pending acquisition or disposition of land by the board.
- CARRIED

191 LAURIER AVENUE/120 METCALFE STREET – MAIN LIBRARY – LEASE RENEWALS

THAT THE OTTAWA PUBLIC LIBRARY BOARD recommend that Council:
1. Approve the increase in revenue rent for the air rights above the Main Library located at 120 Metcalfe Street to $286,000 plus HST per annum for the term commencing July 1, 2014 and ending June 30, 2024.  The total revenue over the 10-year term will be $2,860,000 plus HST;
2. Approve the increase in revenue rent for the parking garage below the Main Library located at 120 Metcalfe Street to $230,000 plus HST per annum for the term commencing July 1, 2014 and ending June 30, 2024.  The total revenue over the 10-year term will be $2,300,000 plus HST; and
3. Approve the renewal of the acquisition lease for the 4th and 5th floors of the office tower located in the air rights at 191 Laurier Avenue for a 10-year term commencing July 1, 2014 and ending June 30, 2024.  The base rent for the first five years will be $15 per square foot and for the remaining five years the base rent will be $16 per square foot.  The estimated total base rent and operating rent for the 10-year term is $4,139,487 plus HST.
- CARRIED

OTTAWA PUBLIC LIBRARY BOARD
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ACTION SUMMARY
June 17, 2014