A10

                             ADMINISTRATIVE REPORT

                                           Date: October 10, 1996
                                           Dept. File No. A587 & 588


   TO:            Vancouver City Council

   FROM:          Manager of Real Estate

   SUBJECT:       Sale of Residential Lots:  906 and 916 East King Edward 


   RECOMMENDATION

        A.  THAT Council accept the Offer to Purchase City-owned Lot A of
            Lot D, Blocks 26 and 27, District Lot 391, Plan LMP 21361 (PID
            019-143-133) from Saeed Khan in the amount of $205,000 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 B of
            Lot D, Blocks 26 and 27, District Lot 391, Plan LMP 21361 (PID
            019-143-141) from Saeed Khan in the amount of $205,000 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
   offers to purchase City-owned property at 906 and 916 East King Edward
   Street.

   BACKGROUND

   On November 8, 1994 Council approved the dedication of the north 20 feet
   of Lot 28 for lane purposes to provide secondary access to City-owned
   Lots 15 & 16 (Appendix A).  Council also authorized the Manager of Real
   Estate Services to sell Lots 15 and 16 by tender.  The lots were
   re-surveyed as part of the lane dedication and re-numbered as Lots A and
   B.


   PRESENT SITUATION

   The lots are held in the Property Endowment Fund and are zoned RS-1S
   (one-family dwelling district).

   The lots were advertised "For Sale by Tender" August 11, 12, and 13,
   1995 in the Vancouver Sun and Province.  The market in this area of East
   King Edward has been very slow and after over one year one offer on each
   lot was submitted.  The Manager of Real Estate Services deems the offer
   from Saeed Khan in the amount of $205,000 on each lot to represent
   current market value and recommends the offer for acceptance.

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