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6.C. - Page 18 of 29 <br />3314. Insurance. <br />Finance should coordinate with the City's pooled -risk program <br />representatives to ensure the property becomes properly covered under <br />the program. <br />1-6.15. Record Grant Deed or Lease Agreement. <br />The grant deed, signed by the seller(s), shall be recorded in the Officials <br />Records of the County of San Mateo. This is normally done through the <br />escrow company. The certificate of acceptance signed by the City Clerk <br />should be attached to the recorded grant deed. Leases should include a <br />provision that a memorandum of lease agreement signed by the City and <br />the lessee may be recorded at the City's sole discretion. <br />1416. City Inventory. <br />Once the purchase or lease is completed and all documents have been <br />signed and recorded as necessary, the City Clerk should add the property <br />acquired to the inventory of City -owned parcels. The City Clerk should <br />maintain copies of the written agreement, grant deed, and other related <br />documents for the official City records. <br />III. PROPERTY DISPOSAL <br />The consideration of selling or leasing City property may arise from the City's initiative or in <br />response to interest by others. The guidelines below cover short-term leases of City property <br />as well as long-term leases and fee -title sales. <br />A. GUIDING PRINCIPLES <br />1. Redwood City should consider holding property that: <br />• Supports an existing desired public use in the right location <br />• Supports the future expansion of a desired public use in the right <br />location <br />• Is the proper location for future needed/desired public use <br />• Is a potentially catalyst development parcel, but the private sector <br />is not likely to develop desired land use in current market <br />ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES FINAL <br />REV: 09-16-13 PT <br />Page 12 of 22 <br />42 <br />