ADMINISTRATIVE REPORT

Date: October 13, 1999
Author/Local:KarinTurnbull/7426
RTS No. 01060
CC File No. 5102

Council: October 19, 1999

TO:	Vancouver City Council
FROM:	Manager of Real Estate Services
SUBJECT:	Sale of a Residential Lot: 6228 Kings Lynn Street

RECOMMENDATION

THAT Council accept the Offer to Purchase the City-owned Lot 24, NE 1/4 of District Lot 339, Plan LMP 27811 (PID 023-387-963) from Makhan Singh in the amount of $201,625 under the terms and conditions contained in the City’s “Offer to Purchase” tender form.

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 the City-owned property at 6228 Kings Lynn Street (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 39 lots have been sold.

PRESENT SITUATION

Further offers have been received and opened every Tuesday at 9:30 a.m. An offer of $201,625 from Makan Singh for Lot 24 was received on October 12, 1999 is deemed to represent current market value and is recommended for acceptance by the Manager of Real Estate Services.

This is the only lot remaining in the subdivision. Approval of the Offer to Purchase will bring the total sale proceed of the subdivision to $10,744,642.00.

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(c) 1998 City of Vancouver