60D - 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 by the City in addition to the basic guiding 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. 2. DESIGNATION OF CUSTODIAN OF LIST OF REAL PROPE Following adoption of this policy, the Clerk of the Council list of City real properties available for disposition and sub to the public. As properties are disposed of, or added.t6 will be provided timely updates by the City Agency'dispos to the portfolio. i- // 3. PROCESS TO DETERMINE REAL PRO Several City Agencies possess experti Disposition Policy establishes a Real Manager (or his or her designee), co Agency, Parks, Recreation.and Commu Works Agency. The function•of the RP. and interests for inclusion on the list Council. Recommendations from the R and deliberations -of -the RPDC wilFbe allow for public comment. /" '� `. S'AVAILABLE FOR DISPOSITION function as the official custodian of the to,`thi\policy and make the list available City's real property portfolio, the Clerk of the �eahproperty, or adding property PERTY INTERESTS POTENTIALLY AVAILABLE FOR DISPOSITION se related to valuation and disposition of real property. This Property Disposition Committee (RPDC) chaired by the City mpri,sed of representatives�of the Community Development nity Services Agency P.lanning and Building Agency, and Public DC is to review and -recommend City -owned real property assets of properties available for disposition held by the Clerk of the DPC will be submitted to the City Council for approval. Meetings noticed and conducted publicly. The agenda of the RPDC will Real properties may be made,,available 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. i]