ADMINISTRATIVE REPORT

                                           Date: April 1, 1997
                                           Dept. File No. F949


   TO:       Vancouver City Council

   FROM:     Manager of Real Estate Services

   SUBJECT:  Sale of Residential Lot:  3506 Petersham Avenue


   RECOMMENDATION

        THAT Council accept the Offer to Purchase City-owned Lot 7 NE 1/4
        of District Lot 339, Plan LMP 27811 (PID 023-387-793) from Mr. Wai
        Chung Kenny Leung 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 3506 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 33 lots have been sold.

   PRESENT SITUATION

   Further offers are now received and opened every Tuesday at 9:30 a.m. 
   The offer of $270,000 from Mr. Wai Chung Kenny Leung for Lot #7 received
   on April 1, 1997 is deemed to represent current market value and is
   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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