Grants and Sponsorship – Accommodation Grants Program - 4A Centre for Contemporary Asian Art

21/08/2023 - Grants and Sponsorship – Accommodation Grants Program - 4A Centre for Contemporary Asian Art

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