Designed to help tenants fulfill their social benefit covenant and provide reporting on their impact.
CIRES was founded on the mandate to curate a blended commercial property portfolio to bring social and economic benefits to low-income residents of the inner city. During the leasing process, CIRES works with our tenants to enshrine a Social Benefit Covenant (SBC) as part of their sublease agreements. The social and economic benefits generated from SBCs lift the broader community and businesses that our tenants operate in through three main categories: local procurement, local employment, and the provision of community-focused goods and services.
To support the implementation, sustainability, and reporting of these SBCs, CIRES has created the Impact Support Services (ISS). This service is designed to help tenants to fulfill their SBCs and to provide reporting of the positive social impact the CIRES portfolio has had within the City of Vancouver.
As of March 31, 2023, a total of 32 out of 49 Sublease Agreements contain with SBCs or 65.31%. The tenants have developed Social benefits that include food programs and donations, holiday meals, community events, utilizing local suppliers, services and hiring employees from the neighbourhood.
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