Fraser Academy Ground Lease Authorization

Motion 12 · Council Meeting, June 27, 2023

Carried Location 2294 West 10th Avenue Moved by Sarah Kirby-Yung, Lisa Dominato

Summary

The City proposes to enter into a legally binding Development Agreement and a minimum 60-year ground lease (plus two renewal options totalling 39 years) with Fraser Academy Association for a City-owned property at 2294 West 10th Avenue, at a nominal cost of $100.
Fraser Academy is a non-profit independent school (grades 1–12) that has occupied the site since the mid-1980s, specializing in education for students with dyslexia and language-based learning differences — services that address gaps in the public school system.
The existing building is nearing end of life, with an estimated $3.5M in repairs needed; the proposed redevelopment would expand the facility to include day school programs, childcare spaces, and community literacy services.
A legally binding Development Agreement (rather than the previous non-binding Letter of Intent approved in 2021) is recommended to help Fraser Academy secure fundraising and equity investment for the project.
The below-market lease and waived property taxes represent an estimated public subsidy valued at approximately $27.5 million over the full lease term, requiring a two-thirds Council majority to approve.
As a condition of the ground lease, Fraser Academy must submit a Public Benefit Plan outlining how it will improve access for students from lower-income families and equity-deserving communities, including Indigenous, racialized, and students with other disabilities.