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9.B. - Page 17 <br /> 15. Insurance. <br /> Finance should coordinate with the City's pooled -risk program <br /> representatives to ensure the property becomes properly covered under <br /> the program. <br /> 16. Record Grant Deed or Lease Agreement. <br /> The grant deed, signed by the seller(s), shall be recorded in the Officials <br /> Records of the County of San Mateo. This is normally done through the <br /> escrow company. The certificate of acceptance signed by the City Clerk <br /> should be attached to the recorded grant deed. Leases should include a <br /> provision that a memorandum of lease agreement signed by the City and <br /> the lessee may be recorded at the City's sole discretion. <br /> 17. City Inventory. <br /> Once the purchase or lease is completed and all documents have been <br /> signed and recorded as necessary, the City Clerk should add the property <br /> acquired to the inventory of City -owned parcels. The City Clerk should <br /> maintain copies of the written agreement, grant deed, and other related <br /> documents for the official City records. <br /> III. PROPERTY DISPOSAL <br /> The consideration of selling or leasing City property may arise from the City's initiative or in <br /> response to interest by others. The guidelines below cover short -term leases of City property <br /> as well as long -term leases and fee -title sales. <br /> A. GUIDING PRINCIPLES <br /> 1. Redwood City should consider holding property that: <br /> • Supports an existing desired public use in the right location <br /> • Supports the future expansion of a desired public use in the right <br /> location <br /> • Is the proper location for future needed /desired public use <br /> • Is a potentially catalyst development parcel, but the private sector <br /> is not likely to develop desired land use in current market <br /> ATTY /POLICIES /PROPERTY ACQUISITION AND DISPOSITION PROCEDURES FINAL <br /> REV: 09 -16 -13 PT <br /> Page 11 of 22 <br />