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Funding Source: <br />NA <br />Recommendation: <br />Staff would recommend approving the attached policy and template purchase agreement. Below are discussion <br />points. (+) Reviewed and amended by the City's real estate broker CBRE, the City Attorney, and Tom Bray. <br />(+) Establish a formal, equitable and efficient process for the sale of city owned land (for the City and prospects). <br />(+) Establish decision-making criteria to aid policy makers as they consider offers to purchase city owned land. <br />(+) Establish general policy direction to aid staff as they negotiate with prospect buyers interested in purchasing city <br />owned land. <br />(+) This policy will increase the effectiveness of City staff (from an economic development prospective); and <br />increase the efficiency of land -sale negotiations. <br />(-) Additional red -tape and process for developers and prospects. Potentially, delay or de -rail projects. NOTE: <br />policy was built to be very flexible; the EDA spent a lot of time making sure this concern wouldn't come to fruition. <br />(-) potentially set an unrealistic expectation that all contract negotiations will result in 100% acceptance of this new <br />policy/ template PA by prospect buyers. <br />Action: <br />Motion to recommend: <br />The City Council approve the attached policy for the sale of City owned land and draft purchase agreement. <br />Attachments <br />POLICY FOR THE SALE OF CITY OWNED LAND 03302015 <br />Template PA 03302015 <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kathy Schmitz 03/30/2015 03:59 PM <br />Form Started By: Patrick Brama Started On: 03/29/2015 08:35 AM <br />Final Approval Date: 03/30/2015 <br />