THE CORPORATION OF THE CITY OF PORT COQUITLAM

MEMO

B. Kirk, DATE: February
City Administraro:.

J. Maitland,
City Treasurer.

SUBJECT: Proposed Land Sale Wilson Avenue

The proceeds from the proposed land sale will be allocated. to the five properties
in question on a dollar per square foot basis.

Monies received for the sale of properties which were purchased from the Parks DCC
fund must be returned to that fund and used for the purchase of land, any proceeds
exceeding the original purchase price will be deemed interest which must still be
teturned to the Parks DCC fund but which may be used to develop park land.

Proceeds from the sale of the other properties will be put inte our Tax Sale Reserve,

Administrator's Comments:

THAT the proceeds from the land sale
be diebursed as noted above;

AND THAT fimds be taken from the interest
to develop two new tennis courts at the
Reeve Street Park.

Kk

B.R. Kirk,”
City Administrator