Vancouver City Council |
ADMINISTRATIVE REPORT
Date: July 4, 2003
Author/Local: L Kemp/7426
RTS No. 3509
CC File No.5102
Meeting Date: July 22, 2003
TO:
Vancouver City Council
FROM:
Director of Real Estate Services
SUBJECT:
Sale of Single Family Dwelling - 4168 Atlin Street
RECOMMENDATION
A. THAT Council accept the Offer to Purchase the City-owned property at 4168 Atlin Street, legally described as PID: 024-161-080 Lot K South East ¼ Section 47 Town of Hastings Suburban Lands Plan LMP38157, from Parmjit K. Gill in the amount of $280,000.00 under the terms and conditions contained in the City's "Tender Form-Offer to Purchase" and this report.
B. THAT the Park Board Land Acquisition Fund be reimbursed with the proceeds of the sale.
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 for the City-owned property at 4168 Atlin Street (Appendix A).
BACKGROUND
On May 27, 1997 Council approved the purchase of 4168 Atlin Street for $325,000 with funding from the Park Board Land Acquisition Fund. The property was purchased to consolidate further properties in the Renfrew Ravine to protect the banks of the site. In May of 1998 the property was subdivided into two separate lots with Lot L to become part of the Renfrew Ravine Park and Lot K to be sold as surplus to the City's needs. The surplus lot was advertised for sale by tender in the summer of 2002 but no offers were received and the lot was taken off the market.
PRESENT SITUATION
The property is zoned RS-1S (One Family Dwelling District). The lot size is approximately 34.5 feet x 177 feet (approximately 10.6 metres x 54 metres). The house is approximately 830 square feet with a crawl space.
The property was advertised for sale by tender May 24 & 31, 2003 in The Vancouver Sun newspaper with the tender closing on June 25, 2003.
At the tender opening, only one offer for $81,000.00 was received. Another offer for $280,000.00 was subsequently received from Parmjit K. Gill. The Director of Real Estate Services is of the opinion that the $280,000.00 offer represents current market value for the property and recommends this offer for acceptance.
The Park Board will deal with this matter at its July 21, 2003 "In Camera" meeting and Council will be advised of the Board's decision when considering this report.
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