ADMINISTRATIVE REPORT


                                                        Date: June 25, 1996
                                                        Dept. File No. F959


     TO:       Vancouver City Council

     FROM:     Manager of Real Estate

     SUBJECT:  Sale of Residential Lot:  3592 Petersham Avenue



     RECOMMENDATION

          THAT Council accept the Offer to Purchase City-owned Lot 17, NE
          1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-891) from
          Beverly Smith in the amount of $288,000 under the terms and
          conditions contained in the City's "Offer to Purchase" tender
          form.


     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 City-owned property at 3592 Petersham Avenue
     (Appendix A).


     BACKGROUND

     On January 17, 1995, Council approved in principle to re-subdivide the
     property at 46th Avenue and Arlington Street, and once the subdivision
     was registered and the lots fully serviced, for the Manager of Real
     Estate to sell the newly created lots by tender.



     PRESENT SITUATION

     Forty lots were created, all held in the Property Endowment Fund and
     are zoned RS-1 (one-family dwelling district).

     The lots are being offered for sale by tender in four phases to keep
     the number of closings at one time manageable.  As each phase is sold
     another phase will be marketed.  Phase I (eleven lots) was advertised
     in various newspapers including the Sun and Province from June 1 to
     June 11 with a tender closing of June 24, 1996.  Thirty-eight offers
     were received on the various lots but the Manager of Real Estate deems
     only one offer to represent current market value and recommends the
     offer of $288,000 for Lot 17, from Shirley Smith for acceptance.

     The Manager of Real Estate will be accepting offers on the remaining
     tendered lots and will report to Council for approval of acceptable
     offers.



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