ADMINISTRATIVE REPORT

Date: November 12, 1999
Author/Local: Karin Turnbull

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RTS No. 01128

CC File No. 5103

Council: November 30, 1999

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lots: 1121, 1127, 1133, 1155 and 1175 Boundary

RECOMMENDATION

THAT Council accept the Offers to Purchase City-owned Lots P - T, S.E. 1/4 of Section 27, THSL, Plan LMP37736 from Rajinder Sidhu of J. & M. Expediting Services Ltd.. in the amount of $150,000 each, 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 offers to purchase City-owned property at 1121, 1127, 1133, 1155 and 1175 Boundary Road (Appendix A).

BACKGROUND

The original subdivision pattern of this site was four single family lots. One of the lots came to the City by way of tax sale in the 30's, two of the lots were purchased in 1961 and 1962 and the remaining property which was developed with an old single family dwelling was purchased in 1992. Council approved the demolition of this dwelling when the tenant vacated. The building was subsequently demolished in 1997.

On April 7, 1998, Council approved for the Manager of Real Estate Services to apply for subdivision of these four parcel into five, and market these five lots for sale by tender.

PRESENT SITUATION

The lots are zoned RS-1S (One-Family Dwelling District) and are 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. Five offers were received all from J. & M. Expediting Services Ltd., each in the amount of $150,000.00. The Manager of Real Estate Services deems these offers to be representative of current market value in the area, and recommends acceptance of these offers.

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(c) 1998 City of Vancouver