A3
                         ADMINISTRATIVE REPORT

                                           Date: May 11, 1995
                                           Dept. File No. A410

   TO:       Vancouver City Council

   FROM:     Manager of Real Estate Services

   SUBJECT:  Sale of City-owned Lot to the Adjoining Owner
             at 1312 East 8th Avenue


   RECOMMENDATION

        THAT Council  approve the sale of City-owned property in the
        1300  Block East  8th  Avenue, legally  described  as Lot  1
        Except Part in Plan 4094  of Lot E, Block 155,  District Lot
        264A, Plans 400 and  1771 to the abutting owner at 1312 East
        8th Avenue for $137,000.

   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
   need.


   PURPOSE

   The  purpose of this report  is to seek  Council authorization to
   sell City-owned Lot 1 to the abutting owner.

   BACKGROUND

   The  subject  property  is zoned  RM-4  and  it is  owned  by the
   Property Endowment Fund.  It has  been held in reserve subject to
   the  consolidation with  the abutting  lot and the  dedication of
   48.5 square  metres  (522  sq.  ft.) from  the  flankage  of  the
   property for road purposes.

   At  its (In  Camera) meeting  on March  14, 1995,  Vancouver City
   Council approved the establishment of a portion of Lot 1 for road
   with the acquisition cost of $36,000 credited to the P.E.F.

   CURRENT SITUATION

   Following negotiations the owner of the property at 1312 East 8th
   Avenue  has  agreed to  purchase the  residual  portion of  Lot 1
   (2,650 sq. ft.) for consolidation  with his lot.  The  Manager of
   Real Estate is of the opinion that the purchase price of $137,O00
   represents fair value for the property.

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