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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 whom shall actively market the sale of City owned land: city staff or a third - <br />party 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; <br />and shall be authorized to make counter offers to prospective buyers. If offers received are <br />below the acceptable price range, staff has the authority to deny an offer. The City may decide <br />to sell a property below the acceptable sale price range for economic development purposes, to <br />achieve strategic goals set by the City Council, or any other reasonable cause determined by the <br />City Council. Economic development projects should be evaluated within the context of the <br />City's adopted business subsidy policy. <br />POLICY FOR THE SALE OF CITY OWNED LAND Page 3 of 6 <br />