THE CITY OF POWELL RIVER NOTICE OF PROPOSED ASSISTANCE AND PROPERTY DISPOSITION In accordance with Sections 24 and 26(3) of the Community Charter, the Council of the City of Powell River (the “ City ”) gives notice of proposed assistance and a proposed disposition of property in respect of a Purchase and Sale Agreement dated for reference May 11, 2018 (the “ Agreement ”) between the City, the Provincial Rental Housing Commission (“ PRHC ”) and Inclusion Powell River Society (“ Inclusion ”). Under the terms of the Agreement, Inclusion will sell to the City the property located at 7025 Duncan Street, Powell River, BC and legally described as PID: 010-569-049, Lot E Except: Part Dedicated to Road on Plan LMP41887, Block 44 District Lot 5306 Group 1 New Westminster District Plan 7556 (the “ Duncan Street Property ”). The Duncan Street Property has a market value of approximately $78,000 and under the terms of the Agreement, the City will pay nominal consideration and PRHC will pay the sum of $78,000 to Inclusion for the transfer of the Duncan Street Property to the City. In return, the City will transfer to PRHC the property located on Ontario Avenue, Powell River, BC and legally described as PID: 010-959-670 Lot 6 Block 2 District Lot 5731 Plan 6303 as shown in the sketch plan below (the “ Ontario Avenue Property ”) for nominal consideration. The market value of the Ontario Avenue Property is approximately $187,000. The transfer of the Ontario Avenue Property to PRHC is subject to registration of a covenant that obligates PRHC to construct an affordable housing development consisting of at least 27 units of affordable housing designed and constructed in accordance with the requirements of a development permit to be issued by the City. Sketch plans of the Ontario Avenue Property and Duncan Street Property are shown below: Ontario Avenue Duncan Street To review the aforementioned agreement or for enquiries, please contact the Scott Randolph, the City’s Manager of Economic Development and Communications, 6910 Duncan Street, Powell River, BC V8A 1V4 (Tel. 604-485-8653; Email: srandolph@powellriver.ca)
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