THE CORPORATION OF THE
CITY OF PORT COQUITLAM

TO B.R. Kirk August 20th, 1992
City Administrator

FROM: R.A. Freeman
Acting City Clerk

SUBJECT: Sale of City Property - N.E. Corner Shaughnessy/Pitt

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RESOLUTION:

WHEREAS the lands herelnafter deseribed are not required for municipal
purposes nor are they reserved or dedicated;

NOW THEREFORE be it resolved that:

L. Lot "A", Block 24, District Lot 289, Group One, Plan LMP2894, New

3

Westminster District, Port Coquitlam, B.C.; being approximately ,2215
ha (0.54 acres) located at the Northeast corner of Shaughnessy Street
and Pitt River Road be sold to Ranotech Canada Ltd., 4449 Angus Drive,
Vancouver, 8.C., V6J 432, at or for the price or sum of $528,000.00, in
accord with the conditions stated in the tender call and the tender

received;

The adjustment date be January 19th, 1993, or earller, as stated in the
tender call;

The possession date be January 19th, 1993, 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.

BACKGROUND AND COMMENTS:

A copy of the tender that would be accepted by the above resolution
follows and the exact location of the property its shown on the map section
following. As Council members are aware, an apartment development is proposed
for the site.

The upset price for this property set by the Council on July 27th, 1992
was $500,000.00. Two other tenders in the amounts of $520,000.00 and
$505,000.00 were also received.

ReA. Freeman
Acting City Clerk

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