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Council mulls policy for leasing city assets

Jan 28, 2020 News

The Georgetown Mayor and City Councillors, (M&CC) is mulling a policy which will help to inform and guide the municipality on the leasing of properties under its control. City Mayor Ubraj Narine noted that Council has suspended all leasing of properties until the formation of the plan.
Former City Mayor Patricia Chase -Green noted the need for a policy to guide the process during the statutory meeting yesterday.
Chase-Green noted that “There is no system. At present there are leases for 99 years; some persons get 20-year leases, others 40 years. What is the policy used to come up with these figures?”
However Narine said “It was agreed that unless there is a policy on percentage and other issues there will be no leasing of properties belonging to the council. There must be a formula which allows the council to benefit significantly.”
He added “We need a policy that should stipulate a period of review for the percentage that the Council is getting on each leased property.
“That should be based on the performance of the business and the type of business the property is leased to conduct.”
The Mayor said that the investment and development committee will lead the formation of the policy. Issues about the leasing of city assets came to the fore earlier this month when officials of the M&CC debated a proposal to lease a prime piece of property under its control.
The Council was offered $1.5 million per month to lease the grounds of the City Constabulary Training Complex located on Water Street, Georgetown. However during a hearing of the Full Council, City officials appeared split in their views as it relates to leasing.
During the debates, Town Clerk (ag) Sherry Jerrick was among those who cited the need for a system to determine the value and other properties of the facility before it is leased.
Jerrick noted that a valuation of the property would give the Council a better idea on how much money the premises is actually worth and how much it should be leased for.

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