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TO: Mayor and Council DATE: October 18, 1974

FROM: L.D. Pollock
City Administrator

RE: Purchase of Schinz Property ~ 2650 Wilson Avenue

Mr. and Mrs. Paul Schinz owners of property at 2650 Wilson Avenue have offered
approximately 5% acres of land at 2650 Wilson Avenue to the City. This property
is adjacent to land owned by the City and if purchased could be, incorporated

in the City's holdings.

Mr. and Mrs. Schinz have agreed to accept a purchase price of $50,000.00
payable in annual payments of $10,000.00 over a period of five years.

I would recommend to Council that we purchase the Property at this negotiated
price.

RE: Sale of City Land to School Board - Sunny Park School Site

Council will recall that we approved the sale of City land to the School Board
on Coquitiam Avenue for the Sunny Park School site. The agreed upon price

was based on an appraisal by an independent appraiser and amounted to $62,500.00.
The legal plans have now been drawn to convey this land to the School Board.

You will also recall that during the discussions on this transaction it was
agreed that the School Board would dedicate a small piece of land to provide a
cul-de-sac turn around at the end of Suffolk Street. In the course of approving
the sale to the School Board it was determined later that a small portion of Land
Bhould be dedicated from the City property to provide a cul-de~sac turn around
on the continuation of Suffolk that is, on the east side of the school site,
This dedication was not included in the original transaction,

The School Board has determined that the amount of land dedicated for this cul-—
de~sac from the City owned parcel at 1720 Coquitlam should be reflected in the
price paid to the City and they have therefore asked that the purchase price be
reduced by $850.00. This represents the land area of approximately 1100 square
feet times .80¢ a Square foot. The School Board has not asked for compensation
for the portion of road dedicated from their land.

Ii the Council are in agreement with the reduction of this sale price from
$62,500 to $61,650.00 we will proceed with the transaction with the School Board.

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