ADMINISTRATIVE REPORT

Date: November 16, 1999
Author/Local: Karin Turnbull

/7426

RTS No. 01130

CC File No. 5103

Council: November 30, 1999

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lot: 2731 Horley Street

RECOMMENDATION

THAT Council accept the Offer to Purchase City-owned Lot I, Block B, District Lot 37 , Plan LMP37303 from Oscar Development Ltd. in the amount of $215,000, under the terms and conditions contained in the City's "Offer to Purchase" tender form.

GENERAL MANAGER'S COMMENTS

The General Manager of Corporate Services RECOMMENDS approval of the foregoing.

COUNCIL POLICY

The Vancouver Charter section 190(b) authorizes Council to dispose of City-owned property deemed to be surplus to the City's needs.

PURPOSE

The purpose of this report is to request Council approval to accept the Offer to Purchase City-owned property at 2731 Horley Street (Appendix A).

BACKGROUND

The subject property was consolidated from two 39 foot wide lots, Lots 32 and 33. Lot 32 is encumbered by a 29.5 foot wide statutory right of way for sewer purposes, making it undevelopable. The two lots have been in the City's name since the early 1920's.

On October 28, 1997, Council approved the sale of a 10 foot wide strip from Lot 33 to the privately owned neighbouring property owner of Lot 34, thereby reducing the width of Lot 33 to 29 feet. To accommodate the sale, a subdivision application was made by the Manager of Real Estate, to consolidate the 10 feet with privately-owned Lot 34 and the remainder of Lot 33 with the encumbered Lot 32, creating a marketable lot, Lot I.

PRESENT SITUATION

The lot is zoned RS-1 (One-Family Dwelling District) and is held in the Property Endowment Fund.

The property was advertised for sale by tender on October 22, 23 and 24, 1999 with a tender closing of November 10, 1999. An offer was received in the amount of $215,000 from Oscar Development Ltd. The Manager of Real Estate Services deems this offer to be representative of current market value in the area, and recommends this offer for acceptance.

* * * * *

(c) 1998 City of Vancouver