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RESOLUTION Page 2 of 2 <br />a)The Property will be sold for not less than its fair market value, as established by written <br />independent appraisal for the Property. <br />b)The City will market and list the Property for sale with a licensed real estate broker in a <br />commercially reasonable manner, with the object of obtaining proposals from <br />interested and experienced developers. <br />c)The Property will be sold to a developer under a Property Disposition Agreement. The <br />Property Disposition Agreement with the developer will be submitted to City Council for <br />approval prior to closing of the sale of the Property. The Property sale will not close <br />without City Council approval of the Property Disposition Agreement. The City Council <br />reserves the right to reject at its sole discretion any proposed Property Disposition <br />Agreement for the Property. <br />d) The Property Disposition Agreement may contain a covenant that will, among other <br />items, require that the purchaser/developer’s project on the Property be a townhouse <br />project with a maximum of 16 townhouse units, not to exceed three floors in height, <br />with substantial majority of all roofs with pitch at 6/12 or greater and with all windows <br />facing Lombard Avenue being multi-paned. <br />e)If the City receives multiple proposals from developers, selection between them will not <br />only be based on proposed purchase price, but also based on developer experience, <br />financial capacity, proposed start date, proposed commitments to encourage owner <br />occupancy and first-time homebuyers, and other relevant factors, all in accordance with <br />applicable law. <br />Section 3. The Property has certain associated easements (including those recorded under <br />Auditor’s File No. 8209130157 and under Auditor’s File No. 8302220223) that are no longer <br />needed for the Property. The City’s Real Property Manager is authorized to release those <br />easements to the underlying landowner(s) in accordance with applicable law separately from <br />the transaction(s) described in the Section 2 above. <br />_________________________________________ <br />Councilmember introducing resolution <br />Passed and approved this _____ day of ___________________, 2024. <br />______________________________________ <br />Council President <br />30th October <br />Scott G Bader