Yes, as follows:
“The City will offer a modified 10 year pre-payment amount (calculated using same assumptions of land value, rent escalation rate, discount rate as the 20 year extension prepayment, other than length of term which is amended to 10 years) for the existing harbour Terrace Program for the […]
All of the leases for the strata units at Harbour Terrace were unilaterally extended by the City by 10 years from 2040 to 2050. The existing offer for prepayment for those 10 years regards prepayment if the leaseholder agrees to modifications about lease end value.
The City is considering all of this now. We expect that if you’re in Harbour Terrace and you accept the new modification offer, you’ll receive another 10 years. What will be in discussion is how you get credit for the 10 years if you have already prepaid. If you didn’t take the previous […]
The rent and subsequent prepayment calculations for the latter were based on another method used by the arbitrator in rent prepayment disputes some years ago.
The original offer is still in place, subject to what the City may decide to do going forward. Part of how we got the five-year offer period to remain open was to give everybody a good long while to think about things, figure out what they might want to do, sell, refinance, etc.
This is best answered at the Harbour Terrace strata-specific meeting. The City is working on how to manage and roll that previous extension into the current lease extension. We expect to have a clearer explanation in the next week or so.
If individual owners accept the lease modification of […]
All HT owners were given a unilateral 10-year extension by the City. And an offer to prepay the extension if they accepted modifications to LISL. To our knowledge, only 2 owners have accepted the rent pre-payment offer to date and as such, the lease modifications.
Rent prepayment for the […]