Note 6: Commitments
a) Premises lease commitments
In September 1996, the College entered into a long-term lease agreement, which expires November 30, 2012. The lease is for four floors of office space at 121 Bloor Street East, Toronto. In addition to a rent-free period until November 30, 1997 (valued at $615,300), the College obtained an allowance for leasehold improvements of $2,356,891, which is repayable out of rental payments.
The estimated annual rental payments, including a provision for operating costs under the lease agreement, are as follows:
| Year ending December 31 | $ (thousands) |
|---|---|
| 2009 | 1,969 |
| 2010 | 1,969 |
| 2011 | 1,969 |
| 2012 | 1,804 |
| 7,711 |
b) Other operating lease commitments
The College has entered into various operating lease commitments for office equipment. The estimated annual payments for these operating lease commitments are as follows:
| Year ending December 31 | $ (thousands) |
|---|---|
| 2009 | 94 |
| 2010 | 54 |
| 2011 | 35 |
| 2012 | 2 |
| 185 |