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SECTION 6: SALE PROCESS <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 City owned land. <br /> Step 1: Letter of Intent (LOI) <br /> A. Prospect buyer submits written correspondence identifying their interest in purchasing City <br /> owned land. Correspondence should include as much detail as reasonably possible. A <br /> "term-sheet" or"deal-summary" are acceptable for this step. <br /> B. Staff shall review the written proposal. Based on staff's determination, if the proposal fails <br /> to meet the intent of this policy or direction from the City Council and EDA, staff shall <br /> provide a recommendation to the prospect buyer to reconsider/amend their LOI; or request <br /> additional information (see Section 7, G). <br /> C. EDA and City Council LOI consideration. Staff shall prepare a case write-up, decision <br /> alternatives, and recommendation for action. The EDA shall then provide a <br /> recommendation for City Council consideration. The City Council shall provide general <br /> policy direction. The City Council may provide direction to the prospect buyer to draft a <br /> formal purchase agreement for further consideration. <br /> Step 2: Purchase Agreement (PA) <br /> A. Prospect buyer submits a formal PA identifying their proposed terms and conditions for <br /> purchasing City owned land. <br /> B. Staff and the City attorney shall evaluate the proposed PA in context of the City's preferred <br /> PA terms outlined in Section 7 of this policy. Based on staff's determination, if the proposed <br /> PA fails to meet the intent of this policy or direction from the City 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. EDA and City Council PA consideration. Staff shall prepare a case write-up, decision <br /> alternatives, and recommendation for action. The EDA shall then provide a <br /> recommendation for City Council consideration. The City Council shall then consider the <br /> proposed PA and may provide direction to reject, amend or execute. <br /> Step 3: Closing <br /> A. Staff and the City Attorney shall execute the closing of all PAs. Staff will execute closing <br /> based on language included in the respective PA and Section 7 and 8 of this policy. <br /> EDA Review Alternatives <br /> The EDA may utilize the following methods for review: (1) regular monthly EDA meeting (2) <br /> special EDA meeting; which may not require a quorum (3) one-way, one-time email feedback <br /> from individual EDA members directly to staff only(4) EDA participation in City Council meeting <br /> (4) no EDA review. Review alternatives shall be utilized based on the order outlined in this <br /> provision. Please see Section 2 of this policy for details on governance. <br /> POLICY FOR THE SALE OF CITY OWNED LAND Page 4 of 7 <br />