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g. Whether further appraisal before sale or exchange is necessary and the <br /> type of appraisal required. (opinion, short form or full narrative). <br /> h. Whether special consideration ought to be given to some other public <br /> agency that has a use for the parcel, if applicable. <br /> i. An administration recommendation as to whether such parcel should be <br /> retained or disposed of. <br /> j. Whether the parcel should be sold at auction, or by sealed bid. <br /> k. Proposed property exchange. <br /> Following council's review of such report, including review of any such additional <br /> information as the council may request, the council shall determine if the parcel <br /> described shall be declared surplus and disposed of by sale or lease pursuant to the pro- <br /> cedures described herein. Upon making such declaration of surplus the Council shall <br /> also make the following determination: <br /> A. Whether real property should be leased or sold. <br /> B. Whether special consideration should be given to preferential purchasers. <br /> (other municipal corporations, or political subdivisions) <br /> C. Whether special covenants, easements, or restrictions should be imposed <br /> as a condition of the sale or lease. <br /> D. Whether the parcel should be sold at auction or by sealed bid. <br /> The City Council shall then authorize the Real Property Manager to undertake <br /> disposal of the parcel in accordance with the City Council directives. <br /> Section 5: Sale of Real Property <br /> A. Below Market Value <br /> As declared in Section 1 above, property deemed surplus shall only be dis- <br /> posed of if reasonable return to the City can be achieved. For the purposes of this <br /> section "reasonable return" shall be construed to mean payment to the City of a sum <br /> equal to no less than current market value of the property. Provided however, where <br /> the City Council finds that the best interests of the City would be served by the sale <br /> of such property for less than current market value, then the City Council resolution <br /> may declare the particular City interest to be served thereby. Such resolution shall <br /> require a majority plus one of the full City Council for adoption. In no event shall <br /> the sale price be less than 70% of the current market value. <br /> -3- <br />