Sale of Residential Lot: 4150 St Catherines Street

ADMINISTRATIVE REPORT

Date: September 7, 1999
Author/Local: Karin Turnbull

/7426

RTS No. 00975

CC File No. 5102

Council: September 21, 1999

TO:

Vancouver City Council

FROM:

Manager of Real Estate Services

SUBJECT:

Sale of Residential Lot: 4150 St. Catherines Street

RECOMMENDATION

THAT Council accept the Offer to Purchase City-owned Lot G, Block 27, District Lot 391, Plan LMP35879 from Slavko Ivanda of Mate Construction Ltd. in the amount of $190,000, 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 4150 St. Catherines Street (Appendix A).

BACKGROUND

On November 8, 1994, Council approved to dedicate the north 20 feet of the original Lot 28 as lane. On September 23, 1997, Council approved the sale of portions of Lot 28 to the neighbouring property owners of Lots C-F, fronting onto East 26th Avenue thereby creating a remainder of Lot 28, now Lot G at 4150 St. Catherines Street.

The lot is zoned RS-1S (One-Family Dwelling District) and is held in the Property Endowment Fund.

The property was advertised for sale by tender on January 30, 31 and February 1, 1998 with a tender closing of February 18, 1998. No offers were received during 1998.

PRESENT SITUATION

During the past year several offers were received, all of which were not within current market value. On September 7, 1999 an offer of $190,000 was received from Slavko Ivanda of Mate Construction Ltd. through his agent Myron Slobogean of Sutton Group with commission payable of $5,250, plus GST. This offer is deemed to represent current market value and is recommended for acceptance by the Manager of Real Estate Services.

NOTE FROM CLERK: Appendix A (site map) not available in electronic form - on file in the Office of the City Clerk.

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TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lot: 4150 St. Catherines Street