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Observations/Alternatives: <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. NOTE: all deals have unique circumstances that may require deviation <br />from this policy and template PA; which is not uncommon in the real estate market. <br />Funding Source: <br />NA <br />Recommendation: <br />The EDA has reviewed this case a number of times, beginning in December of 2014. The attached policy and <br />template PA have been amended/ improved/ revised by the EDA on multiple occasions as a result of recent <br />experiences with reviewing PAs (24 Restore, All Seasons Garage, PSD LLC, NIK Management). <br />The EDA passed a motion in April to recommend the City Council adopt the attached policy and template PA. <br />General reasons for EDA support are outlined in the "observation" section of this case. <br />Action: <br />Motion to: <br />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 04032015 <br />Template PA 03302015 <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 04/09/2015 11:49 AM <br />Form Started By: Patrick Brama Started On: 04/03/2015 09:04 AM <br />Final Approval Date: 04/09/2015 <br />