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SECTION 8: COST ASSIGNMENTS <br /> The purpose of this section is to outline an assignment of costs associated with negotiating and <br /> closing a PA. Staff shall utilize this information to develop a "net-proceeds" analysis for EDA and <br /> Council review. <br /> A. City Costs <br /> 1. Seller's portion of the prorated property taxes and fees. <br /> 2. Seller's own attorney's fees. <br /> 3. One-half the cost of any closing fees. <br /> 4. State deed tax. <br /> 5. Real estate broker commission fees. <br /> 6. Title Commitment fees as prescribed in Section 5. <br /> 7. ALTA Survey fees as prescribed in Section 5. <br /> 8. The cost of any additional or elected marketing/site-prepping efforts by City as <br /> prescribed in Section 5. <br /> B. Buyer Costs <br /> 1. Buyer's portion of the prorated property taxes and fees. <br /> 2. Buyer's own attorney's fees. <br /> 3. One-half the cost of any closing fees. <br /> 4. Documentary and recording fees for the deed(s). <br /> 5. The cost of the owner's title insurance policy as required by the Buyer. <br /> 6. Environmental, architectural, engineering, financing, and developer fees associated with <br /> pre-development research and the entitlement process. <br /> 7. All other fees. <br /> POLICY FOR THE SALE OF CITY OWNED LAND Page 7 of 7 <br />