VERTICA EAST AGI APPLICATION
35 High Park Avenue
65 High Park Avenue
95 High Park Avenue
66 Pacific Avenue
Landlord and Tenant Board
Case Management Hearing TSL-70020-16
We are happy to report that we were able to come to an agreement on a reduction of the Above Guideline Increase at the April 26, 2017 hearing.
Vertica Management Services had applied for an increase of 1.40% above the 2.00% guideline rate. After reviewing Vertica’s capital expenditures, the Landlord and Tenant Board set the maximum allowable increase at 1.27%. Assisted by the L&TB Dispute Resolution Officer, and the willingness of both parties to be reasonable, negotiations produced a further reduction to an agreed AGI of 1.10%.
The Landlord and Tenant Board will issue a Rent Order to affected Vertica tenants in due course. We expect that this could take approximately six weeks depending on the L&TB’s considerable work load.
Affected tenants and Vertica will have 90 days from the issue date of the Rent Order to make a retroactive adjustment to the balance in the tenant’s account. Tenants who opted to hold their annual increase to the 2.00% guideline rate will be informed by Vertica of the lump sum that they owe. Tenants who increased their rent at the requested 1.40% over the 2.00% guideline rate will receive a credit to their account from Vertica.
The Rent Order will inform all affected tenants that they are entitled to a reduction in their rent when the 13-year Weighted Useful Life of the capital expenditures has expired. It is up to the tenants to apply for this reduction at the expiry of the 13-year period, so make sure to retain your copy of the Rent Order.
Thank you to all the tenants who attended the Landlord and Tenant Board Case Management Hearing to provide us with support. Your special effort was greatly appreciated.