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one-time snapshot of the parcel's value,in this case reflecting 2010. For transparency purposes,it is <br /> recommended to ensure the best value for taxpayers. <br /> If the EDA chooses to work with Mr. Provo, to sell the lot at a negotiated price, staff will begin working <br /> with the city attorney to draft a purchase agreement and call a public hearing for December 10, 2012, to <br /> consider public comments regarding the disposition of EDA property. <br /> If the EDA chooses to move forward with the sale of the lot through a public bidding process, staff will <br /> advertise for bids,and the highest bidder may be granted the option to purchase the property upon staff <br /> recommendation. The city attorney indicated that total legal fees for the process (purchase agreement, <br /> drafting of covenants, etc.) to be approximately$3,000-$5,000, excluding the cost of the appraisal or staff <br /> time). Staff anticipates the EDA to call a public hearing at the December 10,2012,meeting,to be held at <br /> the January 7, 2013,meeting. Additionally, state statute requires the Planning Commission and City <br /> Council to pass a resolution binding the sale of the lot is consistent with the Comprehensive Plan. <br /> If the EDA chooses to not sell the property, there is no action required. <br /> FINANCIAL IMPACT <br /> Costs involved with this request will vary depending on the course of action taken. <br /> ATTACHMENTS <br /> • Request dated 10-24-12 from Provo Enterprises <br /> • Site location map <br /> Action Motion by Second by Vote <br /> Follow Up <br />