ADMINISTRATIVE REPORT

Date: March 27, 2002
Author/Local: Karin Turnbull/7426

RTS No.2628

CC File No. 5102

Council: April 9, 2002

TO:	Vancouver City Council
FROM:	Director of Real Estate Services
SUBJECT:	Sale of Residential Lots : 1718 and 1728 S. E. Marine Drive

RECOMMENDATION

THAT Council accept the Offers to Purchase City-owned Lots D and E, Block D, District Lot 328, Plan LMP51180 from Sona Development Ltd. in the amount of $166,000 each, under the terms and conditions contained in the City's "Offer to Purchase" tender form, with proceeds of the sale to be credited to the Property Endowment Fund (PEF).

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 1718 and 1728 S. E. Marine Drive (Appendix A).

BACKGROUND

The property was acquired by the City between the years 1922 to 1937, at which time these were two larger lots. A portion of these lots were required for the widenining of S. E. Marine Dr., which has long been completed.

In September, 2001 Real Estate Services applied to have the two lots subdivided into four, the resulting parcels to be sold by tender.

PRESENT SITUATION

The lots are zoned RS-1B (One-Family Dwelling District)- Riverside, and are held in the PEF. Each lot is 479 sq. m. (5,156 sq. ft.) in size and located on a very busy part of S. E. Marine Drive.

On January 26, 27 and 30, 2002 the lots were advertised for sale by tender with a tender closing of February 20, 2002. On the tender closing date no offers were received.

On March 18th an offer was received in the amount of $151,000 for Lot D, and on March 26th another offer was received in the amount of $161,100 for Lot E. Real Estate staff re-negotiated both offers to $166,000. The offers had no subject conditions. The Director of Real Estate Services believes these offers to be representative of current market value in the area, and recommends these offers for acceptance.

* * * * *

(c) 1998 City of Vancouver