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8.A. - Page 26 <br /> e) The City will not guarantee the title of any abandoned right-of- <br /> way. Transfer of title to abandoned right-of-way that is owned in <br /> fee by the City should be by a quit claim deed. <br /> F. USE OF FUNDS FROM SALE OR LEASE <br /> When the City sells or leases property, this revenue should be directed to certain funds and <br /> purposes — housing, economic development, capital projects, and/or future land acquisition. <br /> There is an on-going housing shortage occurring at all income levels and funds could be used to <br /> develop the City's housing portfolio. Economic development funds may be supplemented to <br /> support staffing for business outreach and development for programs such as the fa�ade and <br /> signage improvement programs, special events, and marketing. In addition, revenues from <br /> sales and leases may be used to assist in property acquisition and capital improvement <br /> programs. At the time that sales or leases occur, staff will seek direction from the City Council <br /> as to the specific allocation of the revenues to one or more of these funds or purposes. <br /> ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES <br /> REV:10-04-12 PT <br /> Page 21 of 21 <br />