MEMORANDUM C t Uj
N
JAN

9 1976

TO Mayor and Council January 4th, 1978

FROM: L.D. Pollock
City Administrator

Re: Purchase of Royal Bank Property — Elgin and Shaughnessy Street

We have had continuing negotiations with the Royal Bank for the purchase
of their old bank premises on the corner of Shaughnessy and Elgin. The
purchase of this property appears to be necessary in the long term in order
to provide our future right-of-way for the extension of Elgin Avenue to the
west of Shaughnessy.

I have negotiated a purchase price of $100,000. for the premises. I would
hope that if we purchase the building for this price that we could in turn
lease the building out until such time as the extension of Elgin is necessary.

If Council is in agreement with the purchase of the property at this price,
I can bring this matter to a conclusion with the Royal Bank.

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L.D. Pollock

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DRAFT RESOLUTION

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"That Lot 10, District Lot 379, Group 1, Plan 1213, New Westminster District
be purchased from the Registered Owner thereof at or for the price or sum
of One Hundred Thousand ($100,000.00) Dollars;

AND THAT the Mayor, City Clerk, and City Treasurer be authorized to
execute the necessary documents therefor on behalf of the City and affix
the Corporate Seal thereto."

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