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The City may decide to sell a property below the acceptable sale price range for both economic <br />development purposes and to achieve strategic goals set by the City Council. Economic <br />development projects should be evaluated within the context of the City's adopted business <br />subsidy policy or housing assistance policy. <br />SECTION 6: SALE PROCESS <br />The purpose of this section is to outline the process in which staff shall work with prospective buyers to <br />negotiate the sale of surplus City owned land. <br />Step 1: Letter of Intent (LOI) <br />A. Prospect buyer submits written correspondence identifying their interest in purchasing City <br />owned land. Correspondence should include as much detail as reasonably possible. <br />B. Staff shall review the written proposal. Based on staff's determination, if the proposed offer <br />fails to meet the intent of this policy or direction from the City Council and EDA, staff shall <br />provide a recommendation to the prospective buyer to reconsider/amend their LOI; or <br />request additional information. <br />C. EDA and City Council LOI consideration. Staff shall prepare a case write-up, decision <br />alternatives, and recommendation for action. The EDA shall then provide a <br />recommendation for City Council consideration. The City Council shall provide general <br />policy direction. The City Council may provide direction to the prospective buyer to draft a <br />formal purchase agreement for further consideration. <br />Step 2: Purchase Agreement (PA) <br />A. Prospect buyer submits a formal PA identifying their proposed terms and conditions for <br />purchasing City owned land. <br />B. Staff and the City attorney shall evaluate the proposed PA in context of the City's preferred <br />PA terms outlined in Section 7 of this policy. Based on staff's determination, if the proposed <br />PA fails to meet the intent of this policy or direction from the City Council and EDA, staff <br />shall provide a recommendation to the prospective buyer to reconsider/amend terms and <br />conditions within the proposed PA. <br />C. EDA and City Council PA consideration. Staff shall prepare a case write-up, decision <br />alternatives, and recommendation for action. The EDA shall then provide a <br />recommendation for City Council consideration. The City Council shall then consider the <br />proposed PA and may provide direction to reject, amend or execute. <br />Step 3: Closing <br />A. Staff and the City Attorney shall execute the closing of all PAs. Staff will execute closing <br />based on language included in the respective PA and Section 7 of this policy. <br />POLICY FOR THE SALE OF CITY OWNED LAND Page 3 of 5 <br />