ADMINISTRATIVE REPORT
Date: October 8, 1996
Dept. File Nos. F944,
F965, F973, F952 & F953
TO: Vancouver City Council
FROM: Manager of Real Estate Services
SUBJECT: Sale of Residential Lots: 6216 Arlington Street,
6238 Kings Lynn Street, 3546 and 3556 Petersham
Avenue and 3532 East 46th Avenue
RECOMMENDATION
A. THAT Council accept the Offer to Purchase City-owned Lot 2
NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-696)
from Sarawak Enterprises Ltd. in the amount of $290,088
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 11
NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-831)
from Apex Insurance Services Ltd. in the amount of $270,018
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 12
NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-840)
from Apex Insurance Services Ltd. in the amount of $270,018
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 23
NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-955)
from Sarawak Enterprises Ltd. in the amount of $265,103
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 31
NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-388-081)
from Sarawak Enterprises Ltd. in the amount of $287,011
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
A, B, C, D and E.
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 6216 Arlington Street,
6238 Kings Lynn Street, 3546 and 3556 Petersham Avenue and 3532 East
46th 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 Services 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 advertised for sale by tender with closing dates of June
24, 1996, for the first 11 lots and August 26, 1996, for the balance.
To date, 22 lots were sold.
PRESENT SITUATION
Further offers are now received and opened every Tuesday at 9:30 a.m.
The following offers are deemed to represent current market value and
are recommended for acceptance by the Manager of Real Estate Services
Services.
Lot # Amount Purchaser
2 $290,088 Sarawak Enterprises Ltd.
11 $270,018 Apex Insurance Services ltd.
12 $270,018 Apex Insurance Services ltd.
23 $265,103 Sarawak Enterprises Ltd.
31 $287,011 Sarawak Enterprises Ltd.
The Manager of Real Estate Services will be accepting offers on the
remaining tendered lots and will report to Council for approval of
acceptable offers.
* * * * *