Item - 2025.PH26.8

The Planning and Housing Committee recommends that:  

1. City Council authorize the Executive Director, Corporate Real Estate Management, in consultation with the Executive Director, Housing Secretariat, to extend the lease agreements, on the existing terms and conditions, with Alexandra Park Housing Cooperative and Beech Hall Housing Co-operative, by up to two years.

On November 13 and 14, 2024, through PH 16.7 - Tenancy Update: Beech Hall Housing Co-operative ("Beech Hall") and Alexandra Park Housing Co-operative ("Alexandra Park"), City Council authorized extensions to the lease agreements, on the existing terms and conditions, for up to one year, to allow for the negotiation of new lease and operating agreements as required under the new policy framework. 

Over the course of the year, staff from the Housing Secretariat and Corporate Real Estate Management have worked with Beech Hall and Alexandra Park to collect and assess site-specific information needed to inform the development of lease agreements.  In addition, City staff initiated and advanced work with both co-operatives to support the upgrading of existing housing assets and to explore opportunities for growth under the City’s Ground Lease Policy Framework.

As additional time is required to finalize the development of the lease and operating agreements, this report requests City Council’s authority to extend the existing lease agreements by up to two years.