LONG

TO: Mayor and Council DATE: June 18, 1973

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FROM: L.D. Pollock, City Administrator

RE: Property Purchase - 2478 Mary Hill Road

I mentioned to Council In Committee recently that the property at 2478 Mary Hill Road is presently for sale. Council asked me to pursue the possible acquisition of the property with Mr. Bayes, the owner, in view of the possible future value of this site for a recreation centre expansion. The attached map shows the location of the property with respect to the recreation centre site. ,

In negotiating with Mr. Bayes we have arrived at the purchase price of $42,500. The property hasa 99 foot frontage on Mary Hill Road and the house is quite large with two bedrooms upstairs and a finished bedroom in the basement. in addition there is a separate one bedroom in-law suite.

Our interest in purchasing the property at this time would be mainly to preserve the land for a future recreation use. In the meantime the house could be rented or could be used for projects such as we have had requests for recently fur example, as an alternative for the drug counselling program, the sheltered work shop, or the recent request from Boys Club for accommodation. The house is in good cxndition and ultimately if the City requiresthe vacant land I believe the house: could be moved

to another location.

If Council wish to pursue the purchase at the above mentioned price financing could be obtained from our Tax Sale Land Reserve account which, at the present time, stands at $80,000. (after the purchase of the fire hall site in Pitt River Road). Rather than deplete this fund, however, Council may wish to transfer the $40,000. in the 1973 budget for acquisition of property for Parkway Road allowance. It would appear that we are not going to move immediately on property acquisitions in this area and if we do decide to move we can draw on the Tax Sale Land accvunt at that time. Utilizing the $40,000. in the current budget at this time would eliminate the necessity of having to pass a by-law and get Victoria approval for the Tax Sale Land expenditure.

The above price is a firm one with the seller although I have not yet committed the City. If Council wish me to proceed with che purchase a resolution of Council would be required for the purchase, stating the source of financing.

LDP :da attached