Penticton City Council has approved moving ahead with plans to sell a pair of municipality-owned properties that carry a combined appraised value of $1.58 million.
The potential sale of two vacant lots 鈥� at 711 Pineview Rd. and 4507 Lakeside Rd., respectively 鈥� were subject to council's meeting on March 18.
Municipal politicians unanimously voted for city staff to prepare a notice of disposition, for the purpose of selling the land. Both properties are zoned as multi-unit residential.
Proceeds from the sale of the property on Pineview Road will be allocated to the Land Acquisition Fund, city officials said.
Money collected from the Lakeside property, meanwhile, will go toward the Parkland Acquisition Fund, they added.
The property on 711 Pineview Rd. is approximately 6,574 square feet. It carried an appraised value of $322,000 in 2024.
On Lakeside Road, the property in question is approximately 9,408 square feet and has an appraised value of $1.2 million. It was acquired by the city in 1958 for park purposes but has always been vacant, officials said.
"Since the property has never been formally dedicated, electoral approval is not required for the disposal," said Sheri Raposo, land administrator for the city. "However, the proceeds from the sale must be placed in the Parkland Acquisition Reserve Fund."
Funds from the reserve must be used to acquire parkland, Raposo added.
After the disposition is advertised and properties are listed, city council will be asked to approve the final sales.
