MEMO TO: Mayor & Aldermen June 23rd, 19
FROM: R.A. Freeman, City Clerk 0) |N C
JUN 27 1977

Re: Nu-West Land Use Contract

The Council is now in a position, if it wishes, to finalize the
Nu-West Lend Use Contract and land sale and if Council wishes to do so might
we suggest that consideration be given to the following three resolutions:
lo "That By-law No. 1535 be reconsidered, finally passed and adopted."
2. "That By-law No. 1536 be reconsidered, finally passed and adopted."
3. "That Lot 485 of the North-west Quarter and the North-east Quarter
of Section 6, Township 40, Plan 52610, New Westminster District be and the
same is hereby sold to Nu-West Development Corporation Ltd., 12650 ~ 82nd
Avenue, Surrey, B.C. for the sum of $144,000.00 by way of an Agreement for
Sale calling for an immediate payment of $44,000.00 with the balance of
$100,000.00 to be paid on‘or before December 31st, 1978, or prior to entry
into the "Development Agreement No. 2" referred to in the Land Use Contract
attached to and made part of the "Land Use Contract No. 22 Authorization
By-law, 1977, No. 1536", whichever first occurs;

“SUBJECT to the payment of interest at the rate of 104% per annum
on the balance outstanding from time to time;

AND THAT His Worship the Mayor and City Clerk be authorized to
execute the necessary documents therefore on behalf of the City and affix

the Corporate Seal thereto."

IQR irre.)

City Clerk