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8.A. - Page 22 <br /> 7. Planning Commission Determination. <br /> In the event of a proposed sale, the State Planning and Zoning Law <br /> require the Planning Commission to make a recommendation to the City <br /> Council as to whether or not the proposed disposal is in conformity with <br /> the City's General Plan. <br /> 8. Formal City Council Approval. <br /> At a public meeting, the City Council should formally authorize the sale or <br /> lease of the real property and approve the applicable purchase and sale <br /> or lease documents. The City Council should also authorize the City <br /> Manager to execute any necessary documents to effect the disposition. <br /> 9. Written Agreement. <br /> A formal written agreement, approved as to form by the City Attorney, <br /> delineating the terms and conditions of the purchase and sale or lease <br /> transaction should be prepared and signed by all parties. The signed <br /> agreement should be provided to a title company in accordance with <br /> accompanying escrow instructions in the event of a sale. <br /> 10. Opening of Escrow. <br /> Once the written agreement has been signed, escrow can be opened. <br /> Proceeds shall be placed in a fund as set forth below. <br /> 11. Record Grant Deed or Lease Agreement. <br /> The grant deed, signed by the City shall be recorded in the Officials <br /> Records of the County of San Mateo. Leases should include a provision <br /> that a memorandum of lease agreement signed by the City and the lessee <br /> may be recorded at the City's sole discretion. The person signing on <br /> behalf of the City, usually the City Manager must have his or her <br /> signature acknowledged by a notary. A conformed copy of each recorded <br /> document should be obtained from the County Recorder at the time of <br /> recordation. When escrow is opened, recording is normally done <br /> through the escrow company. <br /> 12. Insurance. <br /> Finance should coordinate with the City's pooled-risk program <br /> representatives to ensure the property is removed from the program in <br /> the case of a sale, or in the case of a lease that the lessee's insurance is in <br /> order. <br /> ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES <br /> REV:10-04-12 PT <br /> Page 17 of 21 <br />