60A - PROPERTY DISPOSITION POLICY

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upon a current appraisal with a date of valuation not more than one (1) year prior to the date of City Council approval of any agreement to dispose of the real property. Subject to any limitations which may derive from the source of funds used to acquire a property, the following factors potentially influence a disposition decision and will be considered bythe City in addition to the basicguiding policy: 1.) the effect of prevailing economic conditions and market trends on the appraisal conclusion of value, and: 2.) the estimated value of any special benefits that may accrue from a sale, lease, or other agreement for use. •'1 2. DESIGNATION OF CUSTODIAN OF LIST OF REAL PROPERTIES -AVAILABLE FOR DISPOSITION Following adoption of this policy, the Clerk of the Council will function as the official custodian of the L list of City real properties available for disposition and subject,to.this policy and make the list available to the public. As properties are disposed of, or added -.to -the City's real property portfolio, the Clerk will be provided timely updates by the City Agency'disposing of the 'rea�l`pr perty, or adding property to the portfolio. r /' 3. PROCESS TO DETERMINE REAL PROPERTY INTERESTS POTENTIALLY AVAILABLE FOR DISPOSITION Several City Agencies possess expertise related to valuation and disposition of real property. This Disposition Policy establishes a Real Property Disposition Committee (RPDC) chaired by the City Manager (or his or her designee), comprised of •rep resentatives`of the Community Development Agency, Parks, Recreation,and Community Services Agency; -Planning, and Building Agency, and Public Works Agency. The function•of the RPDC is to review and recommend City -owned real property assets and interests for inclusion�on the list of properties available for disposition held by the Clerk of the Council. Recommendations feom the RDPC will be submitted to the City Council for approval. Meetings and deliberations -of -the RPDC will be noticed and conducted publicly. The agenda of the RPDC will allow for public comment. Real properties be made,a3ailable for�disposition subject to the below described review criteria. As part of its charge, the RPDC will review the City s real property inventory to determine which properties are remnant, surplus, unneeded,'or marginally used and therefore potentially available for disposition. A City owned property may be recommended for disposition by the RPDC if: • Disposition is required by the terms of the funding used to acquire the property. • The property is not currently used by a City department or does not support a municipal function. • The property is vacant and has no foreseeable use by the City. • The property is a non-performing or under -performing asset and greater value may be generated by its sale or lease. • Significant economic development opportunities may be generated by selling or leasing the property. • Disposition facilitates acquisition of real property required for a City project, or acquisition of other real property required for a City project. 7 • 1 M