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THE CORPORATION OF THE
CITY OF PORT COQUITLAM

MEMORANDUM

FEB 3- 1986

Kirk : January 31st, 1986

TO: B.R.
City Administrator
FROM: R.A. Freeman
City Ciark
SUBJECT: Sate of City Land - Fraser Avenue.

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. Lots 31, 32 and 33, Block 2, District Lot 466, Group. One,
Plan 2423, New Westminster District, being 1871 Fraser
Avenue, Port Coquitiam, B.C., be sold to Jayal Management
Ltd. c/o 1023 Austin Avenue, Coquitlam, 8.C. VY3K 3N9 ator
for the price or sum of $79,500.00;

2. The adjustment date be April Ist, 1986;

3. The possession date be Apri! Ist, 1986;

4. The Mayor and Clerk are authorized to execute the documents
necessary for the purposa 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, January 30th, 1986 a
total of 4 tenders had been received. In addition to the tender
offering the highest price (that would be accepted by The
resolution set forth above) 2 tenders were received each
offering $75,000.00 for the 3 lots and one tender in the amount
of $25,700.00 for Lot 33 only was received.

Council members will recall that in December, 1985, the City
Engineer estimated that servicing costs for these lots would be
in the order of $5,000.00 to $10,000.00 and Council agreed to
bear this expense In order that the lots could be sold on a
"serviced" basis. The price that would be accepted by the
resolution quoted above is exactly equal to the appraisal of the

property.

R.A. Freeman —
Mun .C=02/03/86( 47) City Clerk

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