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ADMINISTRATIVE REPORT

Date: January 18, 2000
Author/Local: Karin Turnbull/873-7426
RTS No. 01239

CC File No. 5103
Council Date: February 1, 2000

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of Residential Lot: 3488 Slocan Street

RECOMMENDATION

THAT Council accept the Offer to Purchase City-owned Lot K, Block F, Section 44 THSL, Plan LMP37952 from Mate Construction Ltd. in the amount of $217,500, 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 3488 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. On the tender closing four offers were received which were approved by Council to be acceptable. On June 15, 1999 two further offers were received, also accepted by Council at it's meeting of June 22, 1999.

On January 18, 2000 an offer was received on the remaining lot, Lot K, from Mate Construction Ltd. in the amount of $217,500. The Manager of Real Estate Services deems this offer to be representative of current market value in the area, and recommends this offer for acceptance.

NOTE FROM CLERK: APPENDIX A IS NOT AVAILABLE IN ELECTRONIC FORM -ON FILE IN THE OFFICE OF THE CITY CLERK.

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(c) 1998 City of Vancouver