THE CORPORATION OF THE CITY OF PORT COQUITLAM

MEMO

FEB 22 1988

B. Kirk, February 16, 1988
City Administrator.

J, Maitland,
City Treasurer.

SUBJECT: Proposed Land Sale Wilson Avenue

The proceeds from the proposed land sale will be allocated to the five properties
in question on a dollar per square foot basis.

Monies received for the sale of properties which were purchased from the Parks DCC
fund must be returned to that fund and used for the purchase of land, any proceeds
exceeding the original purchase price will be deemed interest which must still be
returned to the Parks DCC fund but which may be used to develop park land.

Proceeds from the sale of the other properties will be put into our Tax Sale Reserv

Administrator's Comments:

THAT the proceeds from the land sale
be disbursed as noted above;

AND THAT funds be taken from the interest
to develop two new tennis ccurts at the
Reeve Street Park.

B.R. Kirk,
City Administrator