TAKE NOTICE that pursuant to the provisions of Section 24, 26, and 94 of the Community Charter, the City of Prince George (the “City”) proposes to dispose of an interest in the following land to Prince George Regional Art Gallery Association (“PGRAGA”):
- PID: 031-693-342
Lot B of District Lot 343 Cariboo District Plan EPP108820
(the “Lands”),
having a civic address of 725 Canada Games Way, Prince George, BC, as shown outlined in blue on the map on this notice.
The proposed disposition is for the lease (the “Lease”) of the Lands and the building located on the Lands between the City and PGRAGA. The Lease will commence on August 1, 2025, and will expire on July 31, 2030, with an option to extend where mutually agreeable for one (1) renewal term of an additional five (5) years. The consideration to be received by the City of Prince George is rent in the amount of $10,000.00 for the initial term and extension term of the lease, inclusive.
TAKE NOTICE that in accordance with Section 24 and 94 of the Community Charter, the City’s intention is to provide a form of assistance to the PGRAGA as the value of rent for this lease is an amount that is less than fair market value.