A1 ADMINISTRATIVE REPORT Date: March 18, 1997 Dept. File No. F951 C.C. File No. 5102 TO: Vancouver City Council FROM: Manager of Real Estate Services SUBJECT: Sale of Residential Lot: 3526 Petersham Avenue RECOMMENDATION THAT Council accept the Offer to Purchase City-owned Lot 9 NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-815) from Ms. Lan-Yun Chang in the amount of $270,000 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 3526 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 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 32 lots have been sold. -2- PRESENT SITUATION Further offers are now received and opened every Tuesday at 9:30 a.m. The offer of $270,000 from Ms. Lan-Yun Chang for Lot #9 received on March 18, 1997 is deemed to represent current market value and is recommended for acceptance by the Manager of Real Estate Services. The offer was presented by a real estate agent and commission of $7,250 will be payable by the City. 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. * * * * *