ADMINISTRATIVE REPORT

Date: June 29, 2000
Author/Local: K Turnbull /7426

RTS No. 01598

CC File No. 5102

Council: July 11, 2000

TO:	Vancouver City Council
FROM:	Director of Real Estate Services
SUBJECT:	Sale of Residential Lot : 2136 East 41st Ave.

RECOMMENDATION

THAT Council accept the Offer to Purchase City-owned Lot 18, Except the North 17 Feet now Road, North 1/2 of the West Part of District Lot 719 Plan 2331 from Rajinder Jim Sidhu in the amount of $165,000, 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 2136 East 41st Avenue (Appendix A - on file in the City Clerk's Office).

BACKGROUND

The property was bought in 1960 as the North 17 feet were required for the eventual widening of 41st Avenue. It was improved by an older single family house. In 1963 the required North 17 feet were established for road purposes, leaving the house encroachingonto the widening strip.

In 1983 Council approved not to sell this surplus property as long as the long term tenant was occupying the house.

PRESENT SITUATION

On February 1, 2000 the long term tenant vacated the property and on February 22, 2000, Council approved the demolition of the building.

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

On May 13, 14 and 15, 2000 the lot was advertised for sale by tender with a tender closing of June 7, 2000. On the tender closing date no offers were received.

On June 27, 2000 an offer was received from Rajinder Jim Sidhu in the amount of $165,000. The Director of Real Estate Services deems this offer to be representative of current market value in the area, and recommends this offer for acceptance.

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(c) 1998 City of Vancouver