Acquisition of Property – 495 SE Marine Drive

A. THAT Council approve the purchase of 495 SE Marine Drive (the “Subject Property”) legally described as Parcel Identifier 013-225-855, Lot 25, Except Part in Explanatory Plan 6616, of Lot A Block 31 District Lot 313 Plan 3021 for a purchase price of $492,500; source of funding to be the Property Endowment Fund (PEF).

B. THAT Council approve the registration of an Option to Purchase and Statutory Right of Way (the “Option”) in favour of the City over the north 16 feet of the Subject Property for lane access and future lane dedication; the Option to be drawn to the satisfaction of the Directors of Legal Services and Real Estate Services.

C. THAT Council authorize the Director of Real Estate Services to solicit offers to purchase by way of public tender for the Subject Property and the adjacent City-owned Property at 491 SE Marine Drive (the “City-owned Property”) legally described as Parcel Identifier 013-225-821, Lot 24, Except the North 16 Feet and Part in Explanatory Plan 6109 Now Highways, of Lot A Block 31 District Lot 313 Plan 3021.

No legal rights or obligations shall arise or be created until all legal documentation is fully executed on terms and conditions to the satisfaction of the Directors of Legal Services and Real Estate Services.

The attached Administrative Report dated October 28, 2011 , refers.

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