ADMINISTRATIVE REPORT

Date: June 10, 1999
Author/Local:Karin Turnbull/7426
RTS No. 00792
CC File No. 5102

Council: June 22, 1999

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lots: 3428, 3438, 3468 and 3478 Slocan Street

RECOMMENDATION

THAT Council accept the Offers to Purchase City-owned Lots G, H, I and J, Block F, Section 44, THSL, Plan LMP37952, from Sona Developments Ltd. under the terms and conditions contained in the City's "Offer to Purchase" tender form for the following amounts:

- Lot G (3428 Slocan) - $239,000
- Lot H (3438 Slocan) - $240,001
- Lot I (3468 Slocan) - $240,001
- Lot J (3478 Slocan) - $240,101

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 offers to purchase City-owned properties at 3428, 3438, 3468 and 3478 Slocan Street (Appendix A).

BACKGROUND

A portion of the site was formerly used by the Children's Foundation and on July 29, 1994, Council approved a new lease for the Foundation on the easterly portion of the site, for new development. The remaining property could then be subdivided and sold. On July 22, 1997, Council approved for the Manager of Real Estate Services to apply for subdivision to create seven lots to be sold by tender. Seven lots were subsequently created.

The lots are zoned RS-1 (One-Family Dwelling District) and are held in the Property Endowment Fund.

PRESENT SITUATION

On May 21, 22 and 23, 1999, the lots were advertised for sale by tender with a tender closing of June 9, 1999. Four offers were received all from Sona Developments Ltd. The offers of $239,00 for Lot G, $240,001 each for Lots H and I, and $240,101 for Lot J 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 acceping offers on the remaining three lots and will report to Council for approval of acceptable offers.

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(c) 1998 City of Vancouver