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6.1. B. - Page 17 <br /> • Complex Site. There are a number of properties that may be suitable for sale or <br /> lease but which require complex transaction and title analysis as well as a project <br /> management plan to fully evaluate options for the site. <br /> � Development Site. These are properties that in many cases are vacant and are <br /> considered marketable because of the development potential. <br /> C. PROCESS FOR DISPOSAL PURSUANT TO SALE OR LONG-TERM LEASE <br /> In most cases, the sale or long-term lease of City real property will have a similar practical <br /> effect: the use of City property by others for an extended period of time. As such, as set forth <br /> below, the basic process for the sale or long-term lease of City property will be same. The <br /> decision as to whether the City's goals will be better met through sale or long-term lease will be <br /> made by the Council on a case-by-case basis and will affect the terms to be included in an RFP <br /> or other property disposition mechanism. Key factors to be considered include: <br /> • Which option represents the best financial return to the City? <br /> � Are the City's fiscal goals at the time best met with one-time proceeds from the <br /> sale or from a long-term income stream? For example, if the disposition is <br /> directly linked to the funding of another capital project, such as the acquisition <br /> or construction of a replacement facility, then sale may make the most sense. <br /> • Does the City have a long-term policy, project, program or proprietary interest in <br /> how the property is used? In this case, a long-term lease may make the most <br /> sense. <br /> • Is the property already fully developed, undeveloped or under-developed? If <br /> developed, was it intended to be used as leased space? <br /> � Are there limiting factors based on how the property was originally acquired, <br /> developed or used, such as grant, enterprise fund or donation requirements or <br /> conditions, that would favor or require long-term leasing over direct sale? <br /> • What is the appropriate lease term? Depending on the circumstances, the <br /> Council may enter into a lease for up to 99 years. Terms up to 99 years would be <br /> appropriate for leases where the intent, from a use and developer financing <br /> perspective, is intended to mirror a sale; but for the reasons outlined above, the <br /> City desires to retain fee-title. <br /> ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES <br /> REV: 10-04-12 PT <br /> Page 13 of 21 <br />