ADMINISTRATIVE REPORT
Date: November 17, 2003
Author/Local: Linda Kemp
/7426
RTS No. 3790
CC File No. 5102
Meeting Date: December 9, 2003
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TO: |
Vancouver City Council |
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FROM: |
Director of Real Estate Services |
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SUBJECT: |
Sale of a Vacant City-owned Lot - 2505 South East Marine Drive |
THAT Council accept the Offer to Purchase the City-owned property at 2505 South East Marine Drive, legally described as PID: 024-945-226, Lot X, Block 72, Group 1, Fraserview, Plan LMP48782, from Greco Development Ltd. and DaSilva Investments Ltd. in the amount of $295,000.00 under the terms and conditions contained in the City's "Tender Form-Offer to Purchase," addendums and this report. Proceeds of the sale are to be credited to the Property Endowment Fund.
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 vacant City-owned property at 2505 South East Marine Drive (Appendix A).
BACKGROUND
In 1996 the Park Board was asked if they were interested in acquiring the property for consolidation with the golf course, but they declined. The property was originally advertised For Sale by Tender in January 2002 with the tender closing on February 20, 2002. No acceptable offers were received at that time. In March 2002 two offers for $160,100.00 and $180,000.00 were received but these were deemed too low. Our evaluation of the property was estimated to be in the low $300,000.00 range. We continued to market the property throughout 2002 and 2003 but only two other offers were received. These were for $210,000.00 and $ 245,000.00. Again, deemed too low.
PRESENT SITUATION
The property is zoned RS-1 (One Family Dwelling District). The lot is an irregular shape and is approximately 945 square metres (10,172 square feet). It is located at the south west boundary of the Fraserview Golf Course.
In November 2003 an offer was received from Greco Development Ltd and DaSilva Investments Ltd in the amount of $295,000.00. The offer is subject to the buyer having a feasibility study done on the property by January 20, 2004. The Director of Real Estate Services is of the opinion that the $295,000.00 offer represents current market value for the property and recommends this offer for acceptance.
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