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on future property tax revenues from development within The COR. In order to meet future <br />obligations to residents and businesses, the City is not seeking to sell City owned land <br />located within The COR to tax exempt users. <br />NOTE: the City does anticipate a community center to be located within The COR. A <br />community center user may be a tax exempt user. The City welcomes discussion of a <br />community center with prospective developers. <br />F. Professional Services <br />City staff shall make a good faith effort to utilize local businesses for professional services <br />required for land transactions (i.e. Title Commitment, Escrow Agent, Closing Services, ALTA <br />Survey, etc.); subject to competitive pricing. <br />G. Memorandum of Understanding (MOU) Requirement <br />Before a PA is considered or executed by the EDA or City Council, the City may require the <br />buyer to meet with the City's development team to discuss project timelines, property <br />specifications, required public infrastructure, and land use regulations (known as a "Pre - <br />Development" meeting by staff). The purpose of this meeting is to confirm that the <br />preliminary project concept is physically and schematically possible, and to confirm the <br />buyer understands City land use regulations, and to confirm what public infrastructure <br />improvements will be requested. The City shall require the buyer sign a non -binding MOU <br />before executing a PA. <br />Staff is authorized to request the buyer supply a concept site plan for this process. A <br />concept site plan is not intended to be a full, detailed site plan, but a generalized concept <br />with sufficient detail to demonstrate compliance with zoning standards. Additionally, if <br />deemed necessary, staff is authorized to request preliminary concept design to be reviewed <br />by the Planning Commission as part of this process. <br />The benefit of this process is to avoid misunderstandings between the buyer and seller, <br />avoid delays to the buyer's desired project timeline, and to avoid dollars expended by the <br />buyer if a project is non -compliant with applicable standards. <br />H. Land Sale Ordinance Contingency <br />The City Charter requires an ordinance be passed to sell City owned land. This process can <br />take two to three months. The City shall include a provision in the contingencies section of <br />all PAs requiring a land sale ordinance to be effective before closing. <br />POLICY FOR THE SALE OF CITY OWNED LAND Page 5 of 5 <br />