Nominal Lease Agreement with It’s Ok Community Arts - 468 Queen Street West

generally in keeping with the Community Space Tenancy Policy, except as specifically set out in Attachment 1 to the report (March 8, 2022) from the Executive Director, Corporate Real Estate Management and the Interim General Manager, Economic Development and Culture and on such other or amended terms and conditions as may be deemed appropriate by the Executive Director, Corporate Real Estate Management, or their designate, in consultation with the Interim General Manager, Economic Development and Culture, and in a form acceptable to the City Solicitor. 2. City Council authorize each of the Executive Director, Corporate Real Estate Management, and the Director, Transaction Services, Corporate Real Estate Management severally to execute the Lease, and any related documents on behalf of the City. 3. City Council authorize the City Solicitor to complete the Lease transaction on behalf of the City, including amending the commencement date of the Lease and other dates, and amending terms and conditions, on such terms as the City Solicitor deems advisable. 4. City Council authorize the Executive Director, Corporate Real Estate Management, or their designate, in consultation with the Interim General Manager, Economic Development and Culture, to administer and manage the Lease including the provision of any amendments, consents, approvals, waivers, notices, and notices of termination, provided that the Executive Director, Corporate Real Estate Management may, at any time, refer consideration of such matters (including their content) to City Council for its determination and direction. 5. City Council direct the General Manager, Economic Development and Culture, in consultation with the Executive Director, Corporate Real Estate Management, to prioritize efforts to support the Tenant to identify a future leased premises on completion of the Term, provided that the Tenant has remained in good standing under the Lease throughout the Term. 6. Despite the Financial Impact statement in the report (March 8, 2022) from the Executive Director, Corporate Real Estate Management and the Interim General Manager, Economic Development and Culture, and the general principles of the Community Space Tenancy Policy, City Council increase the 2022 Approved Operating Budget for Economic Development and Culture, on a one-time basis by $37,673.00 gross, $0 net, and transfer to It's OK Community Arts for the purpose of improvements at 468 Queen Street West, fully funded by Section 37/(45)(Planning Act Reserve Funds) collected from the following developments: a. 295 Adelaide Street West and 100-104 John Street, secured for arts and cultural facilities in Ward 20 (now Ward 10), in the amount of $7,590.00 (Source Account: XR3028- 4500128); b. 335, 355 King Street West and 119 Blue Jays Way, secured for a range of purposed including cultural facilities in Ward 20 (now Ward 10), in the amount of $25,000.00 (Source Account: XR3026- 3700747); and c. 60 John Street and 12 Mercer Street, secured for improvements to public housing and/or arts space within Ward 20 (now Ward 10), in the amount of $5,083.00 (Source Account: XR3028- 4500120). 7. City Council authorize the General Manager, Economic Development and Culture to enter into and execute on behalf of the City a funding agreement with It's Ok Community Arts to contribute $37,673.00 towards building improvements on such terms deemed necessary and appropriate by the General Manager, Economic Development and Culture and in a form satisfactory to the City Solicitor. 8. City Council direct staff to waive the permit fees for any change of use permit or building permit associated with the temporary use of 468 Queen Street West by It's OK Community Arts.