THE CORPORATION OF THE
CITY OF PORT COQUITLAM

MEMORANDUM

TO: B.R. Kirk March 24th, 1988
City Administrator

FRCM: R.A. Freeman
City Clerk

SUBJECT: Sale of City Property ~ 2200 Block Wilson Avenue.

RESOLUTION:

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

NOW THEREFORE be it resolved that:

l. (a) Lots 89 and 90, District Lot 289, Plan 16702
(oO) Lots 91 and 92, District Lot 289, Plan 19019
(c) Lot 1, District Lot 289, Plan 71092
(d) Portion of Lane Allowance intended to be cancelled

all in New Westminster District.

be sold to Filipino-canadian Investors Corp., C/o Bell, Arnold and
Company, Suite 440-2755 Lougheed Highway, Port Ccquitlam, B.C. at or
for the price or sum of $630,000.00 upon the terms and conditions
Stated in the tender call and restated in the offer to purchase dated
March 23rd, 1988:

2. The Adjustment date be October 4th, 1988 or earlier.

3. The Possession date be October 4th, 1988 or earlier.

4, The Mayor and Clerk are authorized to execute the documents necessary
for the purpose 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, March 24th, 1988 only one other tender had
been received. This was in the amount of $625,000.00. Council members will
recall that the "upset price" on this property was $534,000.00. A copy of the
prospective purchasers >ffer is attached and, as stated in the tender call,
the offer is subject to tne rezoning of the Property to RM-4 (Apartment) and
it as my understanding that the purchasers representative will be proceeding
with the necessary rezoning application at an early date. The prospective
purchaser is well aware that zoning amendments are entirely at the discretion
of Council and the City does not warrant or represent. that any zoning will be
advanced or adapted, |

-_
Bo > Kk
16 R.A. Freeman

City Clerk/
Deputy City Administrator