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ADMINISTRATIVE REPORT

Date: August 19, 1997

Dept. File No. F952

TO: Vancouver City Council

FROM: Manager of Real Estate Services

SUBJECT: Sale of Residential Lot: 3536 Petersham Avenue

RECOMMENDATION

THAT Council accept the Offer to Purchase City-owned Lot 10 NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-823) from Helge and Erja Mononen the amount of $244,000 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 3536 Petersham Avenue (Appendix A).

BACKGROUND

On January 17, 1995 Council approved in principle to re-subdivide the property at 46th Avenue and Arlington Street, and once the subdivision was registered and the lots fully serviced, for the Manager of Real Estate Services to sell the newly created lots by tender.

Forty lots were created, all held in the Property Endowment Fund and are zoned RS-1 (one-family dwelling district).

The lots were advertised for sale by tender with closing dates of June 24, 1996 for the first 11 lots and August 26, 1996 for the balance. To date 34 lots have been sold.

PRESENT SITUATION

Further offers are now received and opened every Tuesday at 9:30 a.m. The offer of $244,000 from Helge and Erja Mononen for Lot #10 received on August 19, 1997 is deemed to represent current market value and is recommended for acceptance by the Manager of Real Estate Services.

The Manager of Real Estate Services will be accepting offers on the remaining tendered lots and will report to Council for approval of acceptable offers.

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(c) 1997 City of Vancouver