It is resolved that:
(A) Council approve the provision of an Accommodation Grant to Asian Australian Artists Association Incorporated for Shop 2, Ground Floor, The Corporation Building, 181-187 Hay Street, Haymarket to lease the property for a five-year period from 1 September 2023 to 31 August 2028, with the option to renew, on the following rental subsidy:
|
|
Market Rental Value |
Rental Subsidy |
Rental Subsidy Value |
Rent Payable |
|
Year 1 2023-24 |
$64,600 |
100% |
$64,600 |
$0 |
|
Year 2 2024-25 |
$66,538 |
97% |
$64,542 |
$1,996 |
|
Year 3 2025-26 |
$68,534 |
97% |
$66,478 |
$2,056 |
|
Year 4 2026-27 |
$70,590 |
97% |
$68,472 |
$2,118 |
|
Year 5 2027-28 |
$72,708 |
97% |
$70,527 |
$2,181 |
(B)
authority be delegated to the Chief Executive
Officer to negotiate, execute and administer the lease agreement with the Asian
Australian Artists Association Incorporated for Shop 2, Ground Floor, The
Corporation Building, 181-187 Hay Street, Haymarket; and
(C)
authority be delegated to the Chief Executive
Officer to correct minor errors to the matters set out in this report, noting
that the identity of the recipients will not change, and a CEO Update will be
provided to Council advising of any changes made in accordance with this
resolution.
Carried unanimously.
X086353.004