In the Simple Plan, we were asking for 39 years. City Council never accepted that, and it wasn’t the City’s position going into negotiations. The City’s initial position was to suggest offering 35 years remaining from this year on all existing leases. We successfully secured 20- year extensions across the board, which is significant.

When we made the point that all stratas needed the same length of extension, discussion focussed on 15 years. However, that wouldn’t have granted the 2036 stratas a full mortgage term. For us, it was essential to get up to 20-year extensions.Many other alternatives were discussed (e.g.) 20-year rolling renewals, but none were advanced.