THE CORPORATION OF THE CITY OF PORT COQUITLAM

= COUNC

MAR March 3rd, 1976

1976 TO: Mayor and Council

FROM: Land Sales Committee

Report from the Land Sales Committee Meeting held March 3rd, 1976.

IN ATTENDANCE: Alderman M.A. Thompson Alderman E.W. Mabbett V.G. Borch, P. Eng.

Respegianily ubmivted.,

ITEM I 7 | | JM

Re: Proposed Purchase of the Remainder of Lot 9, Plan 1106

. Late last year the Department of Highways in conjunction with the property acquisition for the Lougheed Highway Widening Project pointed out that it was necessary to acquire approximately 3,600 sq. ft. from the above mentioned property. Because the property is adjacent to other City owned property, including Lions Park, and to the river, the Department of Highways requested that the City give consideration to purchasing the entire parcel and selling back to the Department of Highways the small portion that they require for widening purposes. This is similar to the arrangement which has been concluded nor=h of

the Lougheed and south of Manning Avenue.

’ The Department of Highways have indicated that the Prop er te ts worth at least 80¢ per sq. ft. The owner of the property: stated).t letter, that he would sell for $1.00 per sq.ftRecently the owner’ has ° indicated that he would accept 90¢ per sq. ft. The property has an

area of 1.23 acres and at 90¢ per sq. ft. the price would be approximately

~ $48,000.00. The Department of Highways requirements would return approxi-

mately $3,000.00 so that the net price to the City would be approximately $45,000.00. The Committee recommends that Council approve the purchase

of this proper’y. ITEM II

Re: Proposed Purchase of Lots 7, 8 & 9, Plan 2080 - Northeast Corner Shauchnessy Street and Pitt River Road

Discussions have been held with Council in Committee relating to the desirability of acquiring the above mentioned property for future road widening purposes. Negotiations have been carried out with repre- sentatives of the owner who have indicated a sale price of $55,000.00 would be acceptable (slightly over $18,000.00 per lot). This amount is within current appraisals and the Committee therefore recommends that Council approve the purchase of these three properties for $55,000.00.