{"id":5075,"date":"2015-10-07T07:14:03","date_gmt":"2015-10-07T11:14:03","guid":{"rendered":"https:\/\/huntsville.dopperonline.ca\/?p=5075"},"modified":"2015-10-07T11:43:45","modified_gmt":"2015-10-07T15:43:45","slug":"town-will-receive-70573-more-rent-this-year-from-uwaterloo","status":"publish","type":"post","link":"https:\/\/doppleronline.ca\/huntsville\/town-will-receive-70573-more-rent-this-year-from-uwaterloo\/","title":{"rendered":"Town will receive $70,573 more rent this year from University of Waterloo"},"content":{"rendered":"

It would appear that the idea of luring a well-known university to Huntsville influenced lease negotiations for the Waterloo Summit Centre for the Environment.<\/p>\n

In a staff report to council last week, the old lease, which expired at the end of September, was compared to the newly negotiated lease.<\/p>\n

<\/broadstreet-zone><\/strong><\/div>\n

The original lease with the University of Waterloo, which has been in place for the last five years, had the university paying a mere $1 a year for the facility.<\/p>\n

In return for $1 a year, the Town paid for all the operating and capital costs associated with the building. On top of that, the Town shared function space rental revenues with UofW on a 50\/50 basis, no matter which party secured the rental. The Town received 90 per cent of the rental income for accommodations.<\/p>\n

\"Waterloo<\/a>The inequity inherent in the original lease agreement became very salient to councillors when they were updated on how much the Town would receive from the space rental to Elections Canada. Although the Town found the tenant and negotiated the lease on the space, UofW pockets $13,466.15 for their share of the rent prior to the agreement coming to an end.<\/p>\n

The new three-year lease agreement, which took effect on October 1, is a decidedly better deal for the Town.<\/p>\n

In the new agreement the University will pay $50,974 a year for exclusive use of the wet lab, and $19,600 for exclusive use of the third floor accommodations from May to June. All other needs for function space and accommodations will be charged per the Fees & Charges bylaw at the time of booking. The Town has retained the naming rights on the building.<\/p>\n

<\/broadstreet-zone><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

It would appear that the idea of luring a well-known university to Huntsville influenced lease negotiations for the Waterloo Summit Centre for the Environment. 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