A17
ADMINISTRATIVE REPORT
Date: June 28, 1995
TO: Vancouver City Council
FROM: Manager of Real Estate
SUBJECT: Extension of Completion Date: Sale of Portions of
Road on the Northwest Side of Wall Street
(1985 Powell Street)
RECOMMENDATION
THAT Council give the Manager of Real Estate the authority to
extend the completion date of sale of a portion of the
northwesterly side of Wall Street, northeasterly of Powell Street -
adjacent to Lots 1-4, Plan 178 and Lot 22, Plan 8567 all of Block
18, DL 184 from June 26, 1995 to July 26, 1995 with an increase in
the purchase price to $62,200.64 to reflect interest charges.
GENERAL MANAGER'S COMMENTS
The General Manager of Corporate Services RECOMMENDS approval of
the foregoing.
COUNCIL POLICY
On June 21, 1994, Council resolved in part:
"B. THAT Council give the Manager of Real Estate and Housing
... any general authority to extend completion dates on
any future City purchase and sale transaction where he
considers an extension appropriate provided:
a) The aggregate of all extension agreed to by the
Manager of Real Estate and Housing in a particular
transaction shall not exceed 30 days without further
Council authority; and
b) The Manager of Real Estate and Housing shall have
obtained the prior concurrence of the City Manager
to any extension should the purchase or sale price
in the particular transaction exceed $5,000,000.."
On November 1, 1994, Council further resolved:
"THAT the Manager of Real Estate be given the authority to
extend the dates of any real estate transaction provided:
(a) The aggregate of all extensions under their authority
agreed to by the Manager of Real Estate in a particular
sale of City property shall not exceed ninety (90) days
without further Council authority;
(b) The Manager of Real Estate shall have obtained the prior
concurrence of the City Manager to any such extension
under their authority."
PURPOSE
The purpose of this report is to request Council approval to delegate
authority to the Manager of Real Estate to extend the completion date of
the sale of portions of road on the northwest side of Wall Street for a
further 30 days from June 26, 1995, to July 28, 1995.
CURRENT SITUATION
Canora Centre Mall Inc. ("Canora"), the owners of the property at 1985
Powell Street has received a Development Permit for the construction of
a gas station and a free standing restaurant on the site. One of the
prior to conditions of the Development Permit is the consolidation of
the property, including the portions of road to be closed into a single
parcel, the same as shown within the heavy outline on the plan attached
as Appendix A. Because of delays in receiving clearance from the
Ministry of Environment on required soil remediation, Canora was not
able to complete the sale in time and they are requesting an extension
of the closing date.
The latest extension to the completion date of the sale June 26, 1995,
with Canora represents the 90 day aggregate limit upon which the Manager
of Real Estate may extend a particular sale without further Council
approval.
The Manager of Real Estate is of the opinion that this request is
reasonable and that an extension is warranted.
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