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Item 4.
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| City Council Regular | |
| Date: | 05/24/2021 |
| Title: | Resolution amending Property Purchase Resolution 93-16740 |
| Presented by: | Iverson Jessica |
| Department: | City Hall Administration |
| Presentation: | Yes |
RECOMMENDATION
City Staff recommends approval and adoption of the Property Purchasing Resolution, amending Resolution 93-16740.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
The current property purchasing resolution is 18 years old and has presented compliance challenges for city staff when pursuing property purchases. The revised resolution addresses the following issues:
- The order in which negotiations and appraisals may occur
- The number of appraisals required
- The process by which market value is determined, reviewed, and presented to Council
- Adjusting the dollar amount at which a review appraisal is required
- Clarifying that the City Administrator may approve property purchases within their signing authority
- Revising the process by which the City may negotiate a price above appraised market value
- The order in which negotiations and appraisals may occur
- The number of appraisals required
- The process by which market value is determined, reviewed, and presented to Council
- Adjusting the dollar amount at which a review appraisal is required
- Clarifying that the City Administrator may approve property purchases within their signing authority
- Revising the process by which the City may negotiate a price above appraised market value
ALTERNATIVES
City Council may:
- Approve the resolution amending Resolution 93-16740; or,
- Not Approve and provide further direction to staff
FISCAL EFFECTS
The revised resolution will require fewer appraisals, which will reduce costs and time for property acquisition. Further, the new resolution will allow for greater negotiating flexibility.