THE CORPORATION OF THE

CITY OF

FROM:

SUBJECT:

PORT COQUITLAM

BR. Kirk, September 7th, 1989
City Administrator

R.A. Freeman,
City Clerk/Deputy City Administrator

Sale of City Property - Northside 18.3 acres - 1408 Chelsea Avenue.

FIRST RESOLUTION:

“That with respect to the offering for sale of Lot 1, Section 7,
Township 40, Plan 74406, New Westminster District the now repudiated
bid made by 352553 B.C. Ltd. in the amount of $5,876,800.00 be and the
same ig hereby acknowledged as being the preferred bid:

THAT the said 352553 B.C. Ltd. be advised that it was obligated to
leave its bid open and to complete the sale on the specified terms,
and that having repudiated that obligation the City considers 352553
B.C. Ltd. liable to the City for the sum of $418,000.00 (being the
difference between the price offered by 352553 B.C. Ltd. and the next
highest bid) if the land is rezoned;

AND THAT the deposit in the amount of $5,000.00 that accompanied the
bid of 352553 B.C. Ltd. be retained ag partial payment of damages.”

SECOND RESOLUTION:

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

NOW THEREFORE be it resolved thar:

Lot 1, Section 7, Township 40, Plan 74406, New Westminster
District; be sold to Redekop Properties Inc., or its nominee, at or
for the price or sum of $5,458,400.00 upon tha terms and conditions
stated in the tender call and the tender received;

The Adjustment date be December 29th, 1989 or earlier, as stated in
the tender call;

The Possession date be December 29th, 1989 or earlier, as stated in
the tender call;

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.”

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