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8.A. - Page 17 Owned Parcels.] Of approximately 20,966 parcels within the City limits, the City owned approximately 247 as of 2012. The City-Owned Property Inventory is maintained by the City Manager's office with other copies available at the City Hall counter for public use. As a result of this work, the City established four categories of properties for the purpose of addressing disposition. They are: • Public Facility. These parcels were identified as necessary to sustain City operations and are not recommended for disposal. • Remnant Parcel. These are awkward, undevelopable fragments of land evolving from subdivided parcels over time. Generally, these have been identified for 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. ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES REV:10-04-12 PT Page 12 of 21