eum  OOUNC

NOV 20 1978

TO: Mayor and Council November 17th, 1978

FROM: Land Sale Committee

Re: Referral to and Sale Committee — Rezoning Application R#12-78

At the regular meeting of October 23rd, the Planning and
Zoning Committee had submitted a report on the proposed development
on the east side of Mary Hill Road, south of Port Coquitlam Building
Supplies. At that time, there was a recommendation that a portion of
the extension of Elgin Street (east of Mary Hill Road) be abandoned
and disposed of to the Developer of this project, along with the
possible sale of the remainder to Port Coquitlam Building Supplies.
The Land Sale Committee was asked to determine a price for disposal
of this land.

The Committee has reviewed the market values in the area
and have concluded that Fair Market Value for the land fronting on
Mary Hila Road would be in the neighbourhood of $8.00 per square
foot. The portion involved in this transaction would be approximately.
a 33' strip shown on the attached map. There would be some land exchange
involved in the transaction with the Developer exchanging a small
triangle of land to the rear of his property. The net amount of property

being purchased by the Developer in this case would therefore be about
1500 square feet.

With regard to the remaining portion of Elgin Street, there
has been a request from Port Coquitlam Building Supplies to acquire this
land, however, this does contain B.C. Hydro underground installations and
quite a large drainage ditch. If this portion of the street is disposed
of, the City would no doubt have to retain an easement and this would,
of course, greatly affect the value of the land. This valuation can be
dealt with at a later date.

The Committee was in agreement with the $8.00 per square foot”
price range for the disposal of this property, however, there was not
unanimous agreement on whether or not the street should be closed and
abandoned at this time. Some members of the Committee felt that the City
should retain the option of being able to open this street in the future
as part of traffic circulation patterns. The Committee was therefore
unable to concur with the recommendation to close this portion of Elgin

Street. ,