More than a year after the lease was signed, we’re just getting details now of how much the Township of Warwick will pay for its new municipal office.

The township moved into its new office in Watford on Nauvoo Road in April 2022. The Watford Investment Group which removed a block of old buildings in the downtown and erected a new plaza and home for Libro Financial.

Council approved the construction and work began April 2021. At the time, council was still negotiating the cost of the lease.

Councillors met in camera to discuss the lease in May, but there was no documentation in minutes after that meeting to show if a deal had been reached and its terms.

Township CAO Amanda Gubbels tells The Independent the lease was signed July 20, 2021. It’s a 25 year lease with an option for the township to purchase the building after four years.

“I can confirm that the township currently pays a per square foot rent at the new facility of $22 per square foot in basic rent. This represents a total of $13,451.17 per month or $161,414 per year,” Gubbels said in an email to The Independent.

If Warwick continues to lease the building for the full 25 year lease, it will have spent $4,035,350. If the township arranges a purchasing agreement in year four, it would have already paid $645,656. It is not clear what the terms would be should the township purchase the building.