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After a property is deemed surplus City owned land, consideration for the sale or disposition of property <br />depend on the criteria outlined below. <br />(1) Ability to develop (utilities, size, stormwater, soils, roads, legal restrictions, etc.) <br />(2) Public input and feedback regarding potential future development <br />(3) Feasibility Report: <br />All costs incurred by the City in order to sell surplus City owned land should be weighed <br />against a payback to the City in property taxes; and land sale proceeds. A present value <br />calculation of property tax cash flows with a discount rate determined by the City's financial <br />advisor shall be utilized. This specific calculation, and the City's acceptance threshold may <br />change on a project -to -project basis. <br />SECTION 5: MARKETING PROCESS <br />Upon direction from the City Council, city staff shall actively market city surplus owned property <br />available for sale. The process of marketing City owned land should include the following items: <br />Marketing Process <br />a. Establish who shall actively market the sale of City owned land: city staff or a third -party <br />professional services firm. <br />b. Establish an asking price. <br />c. Establish an acceptable sale price range* <br />d. Develop and Distribute Basic Marketing Materials and Site Information <br />e. Complete site preparation due diligence; see below. <br />Standard due diligence will be completed for all properties available for sale. Staff will <br />develop a recommendation for EDA and Council consideration for optional and <br />situational due diligence. <br />STANDARD <br />i. ALTA Survey (Table A, items: 1-6, 8, 11a, 21) <br />ii. Title Commitment <br />OPTIONAL <br />iii. Phase 1 Environmental Site Assessment <br />iv. Geotechnical Soils Evaluation <br />SITUATIONAL <br />v. Hazardous Materials Survey <br />vi. Wetland Delineation <br />vii. Concept Site Design <br />viii. Building Demolition and or Site Clean -Up <br />ix. Conduct Analysis of Available Economic Development Incentives <br />*Acceptable Price Range <br />An acceptable sale price range will be developed by a third party professional; and subsequently <br />adopted by the City Council in closed session. Staff will utilize this price range to negotiate land <br />sale prices with prospects. Staff will attempt to maximize the sale price in all land transactions. If <br />offers received are below the acceptable price range, staff has the authority to deny an offer. <br />POLICY FOR LI I 1/V lvLL) <br />YcibC L UI i <br />