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' • , Section 6: Exchange of City-Owned Property <br /> The City of Everett may at its option exchange properties with other municipal <br /> corporations, government agencies, private corporations, or individuals conditioned <br /> upon: <br /> A. The area exchanged to the City is equal to or greater than the area <br /> conveyed by the City, or <br /> B. The value of the property exchanged to the City is equal to or greater <br /> than the value of the property conveyed by the City. <br /> 1. If the value of the property, exchanged to the City is not equal <br /> to or greater than the value conveyed by the City, then the City <br /> may accept a cash deposit which will offset the difference in <br /> value. <br /> In accordance with the provisions of RCW 39.33, the Inter-governmental Dis- <br /> position of Property Act, any sale, lease, or exchange of City-owned property to the <br /> State or any political subdivision thereof shall be accomplished in accordance with such <br /> statute. <br /> Section 7: Special Requirements to Sale <br /> Whether property is sold at auction or by sealed bid, the following deposit <br /> requirements shall apply. Unless specifically recommended by the Real Property Manager <br /> and authorized by the City Council as provided in Section 2 above, bidding at auction <br /> shall begin at the appraised value of the property or if the property is to be disposed <br /> of by the sealed bid process, only sealed bids equal to or greater than the appraised <br /> value of the parcel shall be considered. <br /> a. Sealed Bid Process <br /> In the case of sealed bids, any bid that is submitted of $1,000 or less must <br /> be accompanied by a bid deposit in the form of a cashier check payable <br /> to the City equal to 50% of the bid amount. Where the bid amount exceeds <br /> $1,000, the bid deposit shall be 10% of the bid amount. The successful <br /> bidder shall pay the full purchase price within 30 days from the date the <br /> bids are opened or in the alternative, deposit an additional 20% within <br /> the initial 30 days, in which case the purchaser shall have an additional <br /> 30 days to make full payment. In the event the purchaser fails to make <br /> full payment within the first 30 day period or post the additional 20% <br /> deposit, within the same period of time, the 10% deposit shall be auto- <br /> matically forfeited to the City as liquidated damages. In the event full <br /> -4- <br />