Attachment 8: Tenant Relocation Plan - 339, 341, 345 Island Highway

Tenant Relocation Plan

339, 341, 345 Island Highway

Introduction

ICIC and Boardwalk are committed to building quality, sustainable residential rental buildings.

Project Information

This project is currently undergoing a rezoning to allow for the replacement of 36 dilapidated units (some that are vacant) that have reached the end of their economic life with 259 market rental units and 1575 sq ft of commercial space. The unit sizes are substantially larger than the new market rental in Greater Victoria. The unit mix is as follows:

• bachelor units (average 560 sq. ft): 7
• one bedroom (average 633 sq ft): 117
• two bedroom (average 840 sq ft): 130
• three bedroom (average 1105 s ft): 5

The project consists of three buildings with a maximum height of six storeys. We are providing 329 parking stalls, of which 293 will be located on three levels of the underground parkade and 36 surface stalls. In addition, we are providing 259 bike stalls with provisions for e-hookup to encourage alternative transportation.

Tenant Relocation Assistance

Communication

ICIC/Boardwalk recognizes relocation causes stress and hardship to tenants. The provincial government has set guidelines for compensation; however, we believe more measures are required. Therefore, we offer relocation compensation and moving expenses that surpass the local government's requirements.

We will correspond with tenants and offer relocation assistance well before the four-month requirement, providing more time and ease of transition.

ICIC/Boardwalk is committed to engaging the services of a Tenant Relocation Coordinator to work with each tenant to assist in finding suitable housing options. Unfortunately, we were unable to find any person or business that provides tenant relocation services. However, we will be hiring a compassionate and detailed individual to facilitate this role.

Current Tenancies

The current property consists of three addresses:

339 Island Highway had four rental units. The building had a fire last month and is now vacant. We moved three tenants from that building into vacant units at 341 and 345 Island Highway. One tenant declined a vacant unit and made their own arrangements.

341 Island Highway has 15 rental units.

345 Island Highway has 17 rental units.

The three properties total 32 rental units, of which two are vacant and unrentable. The buildings are dilapidated, and the tenanted units are in poor condition.

We have 30 tenants renting month-to-month, with rents ranging from $475 to $862 per month, with an average monthly rent of $673.18.

The term of tenancy is comprised of the following:

• 15 tenants 0 - 5 years
• 9 tenants 5 - 10 years
• 4 tenants 10 - 20 years
• 2 tenants 20+ years

Compensation

The BC Residential Tenancy Act requires only one month of rent compensation for demolition. Nonetheless, we are providing:

• Tenants renting for up to 5 years will receive four months' rent compensation
• Tenants renting for 5 to 10 years will receive five month’s rent compensation
• Tenants renting for 10 to 20 years will receive six month’s rent compensation
• Tenants who have been renting for more than 20 years will receive eight month’s rent compensation

Although a “First Right of Refusal” for existing tenants was requested, we believe it is not practical for tenants to relocate again after a two or three-year construction phase. Moreover, the BC Residential Tenancy Act only requires a “First Right of Refusal” under section 49.2 for renovation and repair for a period of less than four months.

Moving Expense Compensation

• Bachelor and one-bedroom: $1,000
• Two or more bedrooms: $1,250