MOTION

At the Council meeting of March 27, 2001, Councillor Louis submitted the following Notice of Motion which was recognized by the Chair:

Residential Lease Prepayment Prices in False Creek File: 5104

WHEREAS the False Creek Landlease Action Committee commissioned an independent appraisal of residential lease prepayment prices in False Creek South and submitted the completed appraisal to the City in July 2000;

AND WHEREAS this appraisal differs significantly from the lease prepayment prices established by the City;

AND WHEREAS the City's lease prepayment prices and rent increase predictions affect leaseholders' equity in their homes, whether or not they choose to prepay;

AND WHEREAS Real Estate Services staff commissioned experts' reviews of the leaseholders' and City's appraisals more than six months ago;

AND WHEREAS it is in the interest of both the City and its leaseholders to resolve this issue as expeditiously as possible, and without proceeding to trial;

THEREFORE BE IT RESOLVED THAT the City begin good faith negotiations with its leaseholders within a month, to determine equitable and mutually agreeable lease prepayment prices.

* * * * *

(c) 1998 City of Vancouver