MEMORANDUM

TO BAR. Kirk March 25, 1987 MAR 30 1987

City Administrator

FROM: R.A. Freeman
City Clerk

SUBJECT sale of City Property - Northside City Lana

RECOMMENDATION:

"WHEREAS the lands hereinafter described are not required
for municipal purposes nor are they reserved or dedicated;

NOW THEREFORE be it resolved that:

1. Lot 2 of a Subdivision Plan of Lot 383 (as modified by
The "Ulster Street/Lincoln Avenue Road exchange Bylaw,
1987, No. 2234"); S.w. 1/4 Sec. 7 and N.W. 1/4 Sec. 6;
Township 40; Flan 60681; New Westminster Uistrict;
with an area of 9.512 ha (23.5 acres); be sold To
Camlin Prooerties Ltd. at or for the price or sum of
$5,229,500.00 upon the terms and conditions stated jn
the tender call.

The adjustment date be July 31, 1987 or earlier as
stated in the tender call.

The adjustment date be July 31, 1987 or earlier as

stated in the tender call.

The Mayor and Clerk are authorized to execute the
documents necessary for the puroose aforesaid and To
affix the Corporate Seal of the City thereto:

BACKGROUND AND COMMENTS:

When the time for receipt of tenders for the above noted
property closed at 12:00 noon on Thursday, February 26th,
1987 a total of 16 tenders had been received and a listing
of them, and the prices offered, follow this memorandum.

It will be noted that the resolution above if passed by
Council, will authorize sale of the property to the
highest bidder. The initial steps leading to rezoning of
The property have already been taken by Council and a
Public Hearing on the necessary zoning amendment bylaw
will be heard on April 13th, 1987. The prosoective
purchaser is well aware that zoning amendments are totally
at the discretion of Councii and the Citv does not warrant
or represent that any zoning will be advanced or adooted.

RAF/sr

Peesen eg Ny
Et dn Wiss Fate wt

Drea