The City has not yet indicated the length of term it is considering. But we are requesting a total remaining lease term that extends an existing lease to a minimum remaining term of 60 years.

We would also like a mechanism in place for future lease extensions that ensures the remaining term does not fall below 30 years – a kind of “rolling renewal” – without impairing the ability to redevelop lands as required. And so mortgages can be amortized over 25 years. (Financial institutions will amortize for five years less than the lease term.) This approach will preserve affordability for purchasers and for maintaining and improving buildings.