THE CORPORATION OF. THE city Cr PORT COQUITLAM

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JUN 22 1981

MEMORANDUM
Mayor and Aldermen . June 18th, 1981.

R.A. Freeman,
Acting-City Administrator

‘

Kingsway/Gately Lane Dedication and Land Sale By-law, 1981, No. 1843”

: A copy of the above noted By-law is attached and is available for:
final reading. : ;

However, before Council Bives consideration to this By-law we would
advise that when the Pursuant to section 4 of ‘the
cipal Act an alternate bid
il will note that the cash
of the By-law is $17,224.97,
The extra amount of ca offered to the City under the terms of the alternate
offer is therefore $5,775.03.

The Council is now in the position that it can either accept the
alternate bid or it can Proceed with process of the By-law but it cannot, of
course, do both. In considering this matter the Council will, of course,
remember that while the total area of City property to be sold comprises
7,493 sq. ft., By-law No. 1843 and the Subdivision Plan that follows from this
By-law requires that 3,665 sq.. ft.. of Property not now owned by the City be
conveyed for use as road and lane and when this amount of land is subtracted
from the City land to be sold the net effect is the sale of 3,828 sq. ft. of.

“land and when this is co $4.50 per sq. ft. price previously set

by the Council it r i al sale price contained in the By-law ~
$17,224.97. we Council do wish to 5s tire 7,493 sq. ft., as Proposed
by the alternate bid City on a $23,000.00 sale price is
$3.07 per Sq. ft., and there would, of course, be no additional road dedications
in the area except those to be taken froma property already owned by the City.

A photo copy of the alternate bid is attached.