Laserfiche WebLink
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 />