3.0 HRSR 12-07-2015 - Laserfiche WebLink

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the best interest of the City. Offers to Purchase that are received subsequent to CPED's submission of an Offer to the appropriate neighborhood group for formal review and comment will not be considered as preventing a direct sale. v. Broker Sale. Where commercial/industrial Development Properties are offered for sale or lease through the CPED Commercial/Industrial Broker Participation Program. If a Property is identified as appropriate to be offered through the Broker Participation Program, contact the CPED staff person in charge of the program to have the Property registered. The staff person in charge of the Program shall, on a regular basis, recommend properties for inclusion in the Program to the CPED Director through a Director's report. No properties may be included in the program without an approved Director's report authorizing inclusion. Residential properties are not appropriate for the Program. vi. Pass-Thru Conduit Sale. Where the City agrees to assist a Purchaser wanting to buy property owned by another governmental entity, such as tax-forfeited property from Hennepin County (the "County") or excess land from the Minnesota Department of Transportation ("MnDOT"), and the governmental entity can only sell the property first to the City as a conduit Purchaser, and then only the City, as a conduit seller, can convey the property to the Purchaser. The property owned by another governmental entity must not be part of a City project or program. The Purchaser shall pay all costs of transfer and conveyance and the City may charge the Purchaser an administrative fee of up to ten percent(10%) of the Purchase Price to assist in a Pass-Thru Conduit Sale. vii. Public Entity Conveyance. Where the City agrees to convey a Property by dedication, gift, exchange or sale to another governmental or public Purchaser, and the Property is to be devoted to public uses other than redevelopment purposes. viii. Certain Development Properties to be Made Available for Low or Moderate Income Housing Development Pursuant to M.S. Section 469.029, subdivision 9. Each year, CPED Staff shall list all Development Properties, including air rights, to determine what Properties are in excess of the City's foreseeable needs. These excess Properties shall be included in an Excess Land Inventory Report prepared by CPED Staff and made available to the public on the City's WEB Site. 3. CPED Staff Review And Evaluation Of Redevelopment Proposals And Offers a. Offer to Purchase All Purchasers who want to acquire Development Property must submit an Offer to Purchase form. CPED Staff should obtain a completed Offer to Purchase as early as possible in the process, but in any event, prior to the preparation of the City Council report authorizing the land sale. For in-fill residential lot sales, an Offer to Purchase must be received prior to the advertised submission deadline to be considered. Purchaser's offer is subject to CPED Staff review and evaluation, neighborhood review, a public hearing, City Council approval and the negotiation and full execution of a Redevelopment Contract. Offer to Purchase forms are available on the CPED WEB site or through this link. (Lee, please add a link to the Offer to Purchase forms). b. Determining Purchase Price, Lease Rate and Writedowns In conjunction with the review and evaluation of a completed Offer to Purchase, Project Coordinator and the Purchaser shall negotiate the Purchase Price, Lease Rate or Writedown for the proposed redevelopment in accordance with the following guidelines: Updated as of 10/6/04 7