Key Terms

An organization that is connected to or involved in the francophone community and demonstrates they are going to meet conditions as defined by stakeholder and public engagement. 

An agreement where the owner of a property (lessor) agrees to the property being used for a specified time and use by a renter (lessee), usually in return for compensation. In this case, the City would be the lessor and the lessee would have control of the property (subject to the negotiated terms and conditions). 

A long-term lease (spanning years or decades) can provide stability and certainty for the owner of the property and the renter.

The current price an asset can be bought or sold for. For buildings, this is typically determined by allowing for anyone to make a bid and the supply and demand for similar properties will determine how much bidders are willing to pay for it. 

A transfer of property where the seller (vendor) gives all property rights to the buyer (purchaser) in exchange for money.  In this case, the City is the vendor and would evaluate sale offers from potential purchasers.  The best offer will be selected, which does not necessarily mean the highest price gets the property.