January 20th, 1975

Moved by Alderman Laking:

Seconded by Alderman Traboulay:

That Lot A of Block E of Block 1 of District Lot 380, Group One,
Plan 11048, New Westminster District, being 3215 Lancaster Street, Port
Coquitlam, B.C., be purchased from Oliver Athling Arthur for the sum of
SEVENTY THOUSAND ($70,000.00) DOLLARS upon the following terms and
conditions:
1. The sum of THIRTY-FIVE THOUSAND ($35,000.00) DOLLARS to be paid

upon registration of the necessary documents in the New Westminster Land

Registry Office.

2. TWENTY THOUSAND ($20,000.00) DOLLARS to be paid on December lst,

1975;
3. FIFTEEN THOUSAND ($15,000.00) DOLLARS to be paid on December Ist,
1976;
4. On all deferred payments interest shall accrue at the rate of 11%
per annum, calculated semi-annually, not in advance from the date of
completion and the accrued interest will be payable on July lst, 1975,
December Ist, 1975, and July Ist, 1976;
5. Mr. 0.A. Arthur will be entitled to free occupancy of the property
until December Ist, 1976 and all municipal taxes or municipal utility
rates accruing until that date will be paid by The Corporation of the
City of Port Coquitlam, provided this will in no way interfere with
development of the property not required for occupancy;

AND THAT His Worship the Mayor and City Clerk be authorized to

execute the necessary agreement or other documents necessary for the

Moved by Alderman Laking:

Seconded by Alderman Traboulay:

That the proposed sale of the five City-owned 33' lots located
adjacent to 3215 Lancaster Street be referred to the Land Sale Committee
for consideration and report back to Council. Carried.

Alderman Thompson then expressed his apologies to the Council for
having to leave the previous meeting and for not holding a Planning &
Zoning Committee last week due to illness, and advised that there would
be a meeting of the Planning & Zoning Committee this week.

Alderman Traboulay referred to the proposed increase in the cost of

Natural gas to the United States, and stated he hoped that municipalities

Alderman
Thompson re
absence from
part of pre-
vious meet-
ing, etc.

Alderman
Traboulay re
proposed
cost increae
-natural gas