60A - PROPERTY DISPOSITION POLICY

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• Use of Proceeds: For transactions where the City retains disposition proceeds, the City Manager may recommend use of proceeds; however, except as set forth herein, the City Council retains approval discretion on use. Application of disposition proceeds toward "one time" expenditures, such as deferred maintenance in parks and community centers, and other possible one time uses, should be prioritized. Beginning in 2019, 30 percent of all disposition proceeds shall be designated to [the creation of a new fund (Community Fund) to be administered by the Community Economic Development Agency, with the purpose of providing affordable housing for low, very low, and extremely low-income persons, expanding resident -owned micro -business enterprises, open recreational spaces.] These proceeds shall be used to develop projects that deliver Community Benefits for the City's Vulnerable Residents, meaning those who are at -risk of or experiencing homelessness, displacement, unemployment or underemployment, low- wage jobs, poor health, and harmful environmental impacts. Upon approval of the Policy and before 2019, City staff will follow up to create this community fund, in conjunction with Equity for All coalition. Fifteen percent of the Community Fund funding will be allocated towards the Universal Representation fund for legal defense (ordinance NS- XXX). • Use of Real Estate Brokers: Real estate brokers may be used to represent the City in the sale of its properties. Brokers will be selected for individual assignments through Requests for Proposals (RFP) or Requests for Qualifications (RFQ) and a subsequent bid or other methods that result in the City receiving the services of a qualified broker at the best value to the City. If the property is listed with a broker, the City reserves the right to exclude from the listing agreement potential buyers whose interest in purchasing a property has been made a part of the record prior to the execution of the listing agreement. All brokerage arrangements shall conform to Section 2-707 of the Municipal Code. • Easements: The City will receive current fair market value for the removal of restrictive easements or access rights previously paid for by the City or other governmental agency or reserved in a sale of City property. • Negotiated Sales: Negotiated sales are permitted as provided in the Municipal Code and this Disposition Policy, and may be approved under one of the following conditions: o When a parcel is landlocked. o When the sale to a contiguous owner would correct a site deficiency. o When a fee interest in a pipeline or other right-of-way is no longer required, it may be sold to a contiguous owner. A restrictive pipeline easement of adequate width or other required easements will be reserved from said sale. o When other governmental, public and quasi -public agencies submit acquisition proposals, or any sale is authorized by a two-thirds (2/3) vote of the City Council after a noticed public hearing per Municipal Code Section 2-709. 7. LEASING OF CITY REAL PROPERTY 60A-31