A3

                                                        ADMINISTRATIVE REPORT

                                                                         Date: January 14, 1997
                                                                         Dept. File No. F950
                                                                         Our File: 5102

     TO:                       Vancouver City Council

     FROM:    Manager of Real Estate Services

     SUBJECT:                  Sale of Residential Lot:  3516 Petersham Avenue


     RECOMMENDATION

              THAT Council accept the Offer to Purchase City-owned Lot 8 NE 1/4 of District Lot 339, Plan LMP 27811 (PID                                                                                                                       
              023-387-807) from Ching-Cheng Lai in the amount of $270,001 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 3516
     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 Services to sell the
     newly created lots by tender.


     Forty lots were created, all held in the Property Endowment Fund and 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 30 lots have been sold.

     PRESENT SITUATION

     Further offers are now received and opened every Tuesday at 9:30 a.m.  The offer of $270,001 from Ching-Cheng Lai for Lot
     # 8 received on January 14, 1997 is deemed to represent current market value and recommended for acceptance by the
     Manager of Real Estate Services.

     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.


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