60D - PROPERTY DISPOSITION POLICY

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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. 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. ecord 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 currentfair market value for the removal of restrictive easements or access rights previoiisly.p'aid for by the City'or dthergovernmental agency or reserved in a sale of City property. Negotiated Sales: Negotiated sales are p�rmitte'd as provided in' the Municipal Code and this Disposition Policy, a*nd'may be approved under one of the following conditions: o When a parcel is landlackedr- o When the sale to a contiguous, owner would `correct a site deficiency. o Whe an fee interest in aNpipeline or ether righter f-way is no longer required, it may,.b sold,to a contiguous owner. A'rest?fictive pipeline easement of adequate width or other required easements will be reserved from said sale. -- -- art LEASING OF,CITY REAL There may be opj to the City. City apply: ities forthe rty shall be ernmental, public and quasi -public agencies submit acquisition ysale is authorized by a two-thirds (2/3) vote of the City Council iublic'heanng per. Municipal Code Section 2-709. to lease rather than sell its real propertythat results in a benefit sidered for leasing when one or more of the following criteria The property is not'required for current municipal use, but is to be held for possible future use and can be leased as anlnterrim measure. The City requires substantial control over development, use and reuse of the property. The property has the immediate potential of a high return to the City because of its high demand and type of use, such as commercial and industrial land. • The property can be efficiently utilized by a provider of services needed by the City. • The property can be leased to promote a substantial economic development opportunity. • The property can only be leased because of legal restraints. For example, property acquired with Land and Water Conservation funds or held as dedicated park land. Lessee Selection: Competitive offers for lease of City property shall be solicited in the open market. This may be accomplished through a number of marketing techniques, such as Request for Proposals 60D-10