ADMINISTRATIVE REPORT
Date: August 27, 1996
Dept. File Nos. F947, F967,
F968, F970, F971 & F974
TO: Vancouver City Council
FROM: Manager of Real Estate
SUBJECT: Sale of Residential Lots: 3522, 3552 and 3562 East 46th
Avenue, 6208 & 6218 Kings Lynn Street and 6246 Arlington
Street
RECOMMENDATION
A. THAT Council accept the Offer to Purchase City-owned Lot 32 NE
1/4 of District Lot 339, Plan LMP 27811 (PID 023-388-099) from
Universal Typewriter Co. Ltd. in the amount of $287,019 under
the terms and conditions contained in the City's "Offer to
Purchase" tender form.
B. THAT Council accept the Offer to Purchase City-owned Lot 29 NE
1/4 of District Lot 339, Plan LMP 27811 (PID 023-388-030) from
Krause & Son Construction Ltd. in the amount of $285,128 under
the terms and conditions contained in the City's "Offer to
Purchase" tender form.
C. THAT Council accept the Offer to Purchase City-owned Lot 28 NE
1/4 of District Lot 339, Plan LMP 27811 (PID 023-388-021) from
Terry Mah in the amount of $286,003 under the terms and
conditions contained in the City's "Offer to Purchase" tender
form.
D. THAT Council accept the Offer to Purchase City-owned Lot 26 NE
1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-980) from
Krause & Son Construction Ltd. in the amount of $262,128 under
the terms and conditions contained in the City's "Offer to
Purchase" tender form.
E. THAT Council accept the Offer to Purchase City-owned Lot 25 NE
1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-971) from
Krause & Son Construction Ltd. in the amount of $262,128 under
the terms and conditions contained in the City's "Offer to
Purchase" tender form.
F. THAT Council accept the Offer to Purchase City-owned Lot 5 NE
1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-777) from
Sona Development Ltd. in the amount of $290,100 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
offers to purchase City-owned properties at 3522, 3552 and 3562 East
46th Avenue, 6208 and 6218 Kings Lynn Street and 6246 Arlington Street
(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.
Forty lots were created, all held in the Property Endowment Fund and are
zoned RS-1 (one-family dwelling district).
The lots were 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) were offered by
tender June 24, 1996 and only one acceptable offer was received at that
time.
PRESENT SITUATION
As the response for Phase I has been very poor since June 24th, with
only one lot being sold, it was decided to market all the rest of the
lots. Advertisements were put into various newspapers, including the
Sun and Province, from August 10th to 16th with a tender closing, for
the lots not previously offered, of August 26th, 1996. Nineteen offers
were received but the Manager of Real Estate Services deems only two
offers to represent current market value and recommends the offer of
$286,003 for Lot 28 from Terry Mah; and the offer of $285,128 for Lot 29
from Krause & Son Construction Ltd. for acceptance.
Further offers are now received and opened every Tuesday at 9:30 a.m.
The following offers are deemed to also represent current market value
and are recommended for acceptance by the Manager of Real Estate
Services.
Lot # Amount Purchaser
5 $290,100 Sona Developments Ltd.
25 $262,128 Krause & Son Construction Ltd.
26 $262,128 Krause & Son Construction Ltd.
32 $287,019 Universal Typewriter Co. Ltd.
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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