*RePlan Strata Delegates Host Presentations on Granville Island

In February, over 300 strata leaseholders in False Creek South came to community meetings at the Revue Stage on Granville Island, organized by *RePlan reps and the Strata Leaseholder Subcommittee (scroll down for video!).

*RePlan Strata Leaseholder Subcommittee (SLS) Chair, Richard Marchant, outlining aspects of renewal options the SLS has put forward to the City

At the meetings, strata delegates shared information on our conversations with City of Vancouver staff about strata lease renewal in the neighbourhood. We held three sessions to:

  • Provide a summary of the strata delegates’ work with City staff

(Our speakers: Panos Grames & Lisa May, Strata Leasehold Subcommittee delegates and Spruce Village/Mariner Point residents)

  • Refresh owners’ understanding of lease terms and conditions 

(Mike Walker, *RePlan’s Lawyer; Managing Partner, Miller Thomson)

  • Review the issues identified and options developed for lease renewal by strata delegates in delegate-City meetings

(Richard Marchant, *RePlan Strata Leasehold Subcommittee Chair and Creek Village resident)

  • Outline how lease renewal connects with other City work in False Creek South 

(Nathan Edelson, *RePlan Project Manager)

  • Answer leaseholder questions and gather information on residents’ priorities, preferences, hopes and concerns

To view the timing of each topic in the video, view it on YouTube and expand the video description.

What you told us

After the community meetings, 99 people filled out online surveys:

  • Offering feedback on the sessions

  • Sharing thoughts on the key issues identified and options developed by strata delegates

  • Identifying areas where more information is desired

Here’s a snapshot of what participants said :

“My ideal solution would be a significant lease renewal (60 years) at a fair rate for both the City and myself, with negotiated, fixed shared equity at lease end.” – Survey response 

“What are the Top 3 things you learned?”

#1 – Mechanics of the lease “My lease makes sense now”

*RePlan’s lawyer, Michael Walker, provided an overview of the lease: what it is, what it isn’t, and the three potential scenarios as we approach lease end. Thirty-five percent of respondents highlighted new knowledge concerning the structure and mechanics of their lease as top lessons from the presentation.

#2- What *RePlan is up to  “*RePlan is doing a good job I can have confidence in”

(Okay, we’re blushing here …) The second most common response was a compliment for the work *RePlan has been up to. We were happy to get the opportunity to communicate the scope of ongoing work towards resolving lease issues, as well as the major work streams relating to community planning. We appreciate your support!

#3- Issues and Options “I understand the potential range of payment options”

Richard Marchant, *RePlan Strata Leaseholder Subcommittee Chair, reviewed the key issues identified and presented to City staff along with *RePlan’s thinking on options for lease modification and extension. Respondents commonly registered support for specific ideas, including the:

  • Idea of an auto-renewal mechanism that ensures leases always have at least 30 years left (to enable sufficient financing terms for improvements)

  • Concept of a redevelopment clause

  • Long-term leases (e.g. 60-99-year)

And much, much more …

In addition to key information relating to the themes above, many respondents also emphasized a greater understanding of:

  • How the lease discussion connects with other City work streams, such as the community plan

  • The general timeline towards lease renewal

  • How and why an enclave could consolidate leases through a homeowner organization to strengthen lease negotiations and share legal costs.

Next Steps

Since the lease discussions with the City took longer than originally anticipated, we expect:

  • Real Estate will report to Council in camera in April 2018

  • Community planning staff will also report to Council on findings from the consultation process and recommendations for community-wide planning principles

Strata delegates’ ask:

  • That Council  direct staff to complete terms, conditions and options for lease modification and extension for leaseholders to consider by June 2018

  • Implementation by October 2018

By | 2018-03-08T23:26:51+00:00 March 8th, 2018|Event, News, RePlan, Strata Leaseholder Subcommittee, Uncategorized|0 Comments

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