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SECTION 6: SALE PRXESS <br />The purpose of this section is to outline the process in which staff shall work with prospect buyers to <br />negotiate the sale of surplus Oty owned land. <br />hep 1: Letter of Intent (LOI) <br />A Prospect buyer submits written correspondence identifying their interest in purchasing Oty <br />owned land. Correspondence should include as much detail as reasonably possible. <br />B. Gaff 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 />have provide a recommendation to the prospect buyer to reconsider/amend their LOI; or <br />request additional information. <br />C ®A and Oty Coundl LOI consideration. Gaff shall prepare a case write-up, decision <br />alternatives, and recommendation for action. The ®A shall then provide a <br />recommendation for Oty Council consideration. The Oty Council shall provide general <br />policy direction. The Oty Council may provide direction to the prospect buyer to draft a <br />formal purchase agreement for further consideration. <br />aep 2: Purchase Agreement (PA) <br />A Prospect buyer submitsaformal PAidentifyingtheir proposed terms and conditions for <br />purchasing Oty owned land. <br />B. Gaff and the Oty attorney shall evaluate the proposed PA in context of the City's preferred <br />PA terms outlined in fiction 7 o this policy. Based on staff's determination, if the proposed <br />PAfailsto meet the intent of this policy or direction from the Oty Council and EDA, staff <br />shall provide a recommendation to the prospect buyer to reconsider/amend terms and <br />conditions within the proposed PA. <br />C HDA and Oty Coundl PA consideration. Gaff shall prepare a case write-up, decision <br />alternatives, and recommendation for action. The ®A shall then provide a <br />recommendation for Oty Council consideration. The Oty Council shall then consider the <br />proposed PA and may provide direction to reject, amend or execute. <br />aep 3: Closing <br />A Gaff and the Oty Attorney shall execute the closing of all PAs. Staff will execute dosing <br />based on language induded in the respective PA and Section 7 o this policy. <br />®A Ibview Alternatives <br />The ®A may utilize the following methodsfor review: (1) regular monthly ®A meeting (2) <br />special ®A meeting; which may not require a quorum (3) ®A participation in Oty Council <br />meeting (4) no ®A review. Review alternatives shall be utilized based on the order outlined in <br />this provision. Please see 9action 2 of this policy for details on governance. <br />POLI CY FORME S4LE OF CITY OWN® LAND <br />