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6.C. - Page 20 of 29 sale with the objective of clearing title and limiting City responsibility and liability for land which is of no interest or use to City. • Complex Site. There are a number of properties that may be suitable for sale or lease but which require complex transaction and title analysis as well as a project management plan to fully evaluate options for the site. • Development Site. These are properties that in many cases are vacant and are considered marketable because of the development potential. C. PROCESS FOR DISPOSAL PURSUANT TO SALE OR LONG-TERM LEASE In most cases, the sale or long-term lease of City real property will have a similar practical effect: the use of City property by others for an extended period of time. As such, as set forth below, the basic process for the sale or long-term lease of City property will be same. The decision as to whether the City's goals will be better met through sale or long-term lease will be made by the Council on a case-by-case basis and will affect the terms to be included in an RFP or other property disposition mechanism. Key factors to be considered include: • Which option represents the best financial return to the City? • Are the City's fiscal goals at the time best met with one-time proceeds from the sale or from a long-term income stream? For example, if the disposition is directly linked to the funding of another capital project, such as the acquisition or construction of a replacement facility, then sale may make the most sense. • Does the City have a long-term policy, project, program or proprietary interest in how the property is used? In this case, a long-term lease may make the most sense. • Is the property already fully developed, undeveloped or under -developed? If developed, was it intended to be used as leased space? • Are there limiting factors based on how the property was originally acquired, developed or used, such as grant, enterprise fund or donation requirements or conditions, that would favor or require long-term leasing over direct sale? • What is the appropriate lease term? Depending on the circumstances, the Council may enter into a lease for up to 99 years. Terms up to 99 years would be appropriate for leases where the intent, from a use and developer financing ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES FINAL REV: 09-16-13 PT Page 14 of 22 44