ADMINISTRATIVE REPORT

Date: June 15, 1999
Author/Local: K.Turnbull/7426
RTS No. 00802

CC File No. 5102

Council: June 22, 1999

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lots: 3408 and 3418 Slocan Street

RECOMMENDATION

THAT Council accept the Offers to Purchase City-owned Lots E & F, Block F, Section 44, THSL, Plan LMP37952 from Jiwan Bir in the amounts of $240,150 for Lot E and $240,205 for Lot F, 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 offers to purchase City-owned properties at 3408 and 3418 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, 1997Council 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 & 23, 1999 the lots were advertised for sale by tender with a tender closing of June 9, 1999. On the tender closing four offers where received and the report to accept these offers is before Council this day.

The Manager of Real Estate Services will be accepting offers on the remaining three lots every Tuesday at 9:30 a.m. and will report to Council for approval of acceptable offers.

On June 15th two offers were received from Jiwan Bir. The offer of $240,150 for Lot E and the offer of $240,205 for Lot F are deemed to represent current market value and are recommended for acceptance by the Manager of Real Estate Services.

Offers for the remaining Lot K will again be accepted by the Manager of Real Estate Services every Tuesday at 9:30 a.m.

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(c) 1998 City of Vancouver