3050 Pharmacy Avenue - License Renewal (CIS)
Meeting Date: April 14, 2004
Subject: 3050 Pharmacy Avenue - License Renewal (CIS)
1. Authorize the execution of an agreement with Park Property Management Inc. (Managing Agents for Hanseatic Holdings Limited), under the terms and conditions set out in this report for the TTC’s continued use of the premises at 3050 Pharmacy Avenue to accommodate its Communication and Information System (CIS) equipment.
2. Authorize staff to take whatever action necessary to give effect thereto.
Sufficient funds are included in the 2004 TTC Operating Budget and will be included in future Operating Budgets as required.
Since 1989, the TTC has occupied space within the property known as 3050 Pharmacy Avenue for the purpose of accommodating the construction, operation, maintenance and repair of a rooftop transmitter, antenna and all other related equipment and service utilities to provide broadcast coverage for the Commission’s CIS system.
Operations have expressed a desire to continue the use of these facilities and in order to satisfy Operational needs, Property Development initiated discussions with Park Property Management Inc. to negotiate a renewal License Agreement.
The terms of License Agreement negotiated with Park Management Inc. (Managing Agents for Hanseatic Holdings Limited) are as follows:
Term: Five years from March 1, 2004 to February 28, 2009.
Licenser Fee: A flat rate of $11,065.66 per annum for each and every year of the agreement (no escalation), inclusive of hydro costs, paid in equal monthly instalments of $922.14 per month, plus GST.
The proposed license fee represents an increase of 3% over the current rate which has been in place for the last 5 years.
Extension: If the TTC is not in default under the Agreement, it has the right and option, upon six (6) months advance notice in writing to the Licensor, to extend this agreement for a further period of five (5) years on the same terms and conditions except for a further renewal and for the License Fee, which shall be negotiated at the time of renewal based upon fair market license fees for similar sites, and which shall not be less than the immediately preceding fee.
The TTC has similar type installations at the Clarica Centre (Bloor/Islington) as well as at the CN Tower which are comparatively priced.
In view of the operating benefits accruing to the TTC set out in this report, and the need to continue to occupy these premises, it is requested that the recommendations be approved.
March 25, 2004