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THE CORPORATION OF THE
CITY OF PORT COQUITLAM

MEMORANDUM
TO: B.R. Kirk March 6th, 1987
City Administrator
FROM: R.A. Freeman
City Clerk
SUBJECT: Sale of City Land - Southfoot of Yarmouth Street
RESOLUTION:

"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 "A", District Lot 340, Group One, Reference Plan 71846,
New Westminster District, be sold te Bosa Bros. Ltd., 4585
Hastings Street, Burnaby, B.C. at or for the price or sum
of $765,000.00 upon the terms and condition stated in the

tender call.

2. The adjustment date be June 30, 1987 or earlier.

3. The Possession date be June 30, 1987 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 Wednesday, February 4th, 1987
only one other tender had been received. This was in the
amount of $693,000.00. Council members will recall that the
"upset price" on this property was $650,000.00 . A copy of the
prospective purchasers proposed rezoning plan is attached to

this memorandum and Council! will be dealing with a Zoning
Amendment Bylaw in this regard in the near future. 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
adopted.

RAF/sr A 7 var

“Freeman
City Clerk

Temp .C.C.(47)