THE CORPORATION OF THE CITY OF PORT COQUITLAM 0 U h C

MEMORANDUM JUN 2 2 1981

. Mayor and Aldermen June 18th, 1981,

R.A. Freeman,
Acting-City Administrator.

Res: Urban Renewal Scheme

Most members of Council will be familiar with the Urban Renewal Scheme
that has been more or less dormant in Port Coquitlam for a number of years. The

lands involved are show on t project was started under
the provision Urban Renewal Programme back in 1965.

of land on Kingsway and Maple
deral~Provincial-Municipal partner-
ake way for re-development of the area.
particular block was, of course, not a red hot corner of town and we have never.
been pressed for development of this site other than for use as a parking lot as
it is. key parking location. ;

Council may recall that during 1978-79 we tried to arrange to have the
City buy out the Federal and Provincial shares and become sole owner of the Land.
The Provincial Government were in agreement, however the Federal Government set
SLipulations that would not have been advantageous. In the first instance they
wanted the City to take title but stipulated that we could not seli the land, and
if it was going to be developed, the land must be leased in perpetuity for
suitable Commercial development. They altered this position somewhat and their
‘second alternative was to sell to on the basis that if the City sold the

d share in the profits, however if

italization Committee
drely for parking.
site would be

Authorities to see if we could alter
would

This approach
Proposal from the Federal Authorities,
horities, proposing to sell the land
ty for parking purposes at the rate cf 80¢
& square foot. There was also to be some park area along the river; that is
the portion lying west of Maple Street, that was to be sold to the City at 80¢
a square foot For park purposes.