ADMINISTRATIVE REPORT

Date: February 10, 1998

Author/Local: Karin Turnbull/7426

CC File No. 5102

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lots: 3596 Petersham Avenue, 6278 and 6268 Kings Lynn Street

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RECOMMENDATION

THAT Council accept the Offers to Purchase City-owned Lots 18, 19 & 20, all of NE 1/4 of District Lot 339, Plan LMP 27811 (PIDs 023-387-904, 023-387-912 and 023-387-921) from Khera Enterprises Ltd. the amount of $240,000 each under the terms and conditions contained in the City’s "Offer to Purchase" tender form.

GENERAL MANAGER'S COMMENT

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 properties at 3596 Petersham Avenue, 6268 and 6278 Kings Lynn Street (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 36 lots have been sold.

PRESENT SITUATION

Further offers are now received and opened every Tuesday at 9:30 a.m. The offer of $240,000 each, from Khera Enterprises Ltd. for Lots #18, 19 and 20 received on January 27, 1998 are deemed to represent current market value and are recommended for acceptance by the Manager of Real Estate Services.

The Manager of Real Estate Services will be accepting offers on the only remaining lot and will report to Council for approval of acceptable offers.

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(c) 1997 City of Vancouver