3.0 HRSR 12-07-2015 - Laserfiche WebLink

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successors in interest, and all future owners of the Property. The Purchaser is permitted to construct accessory buildings on the Development Property for tools, equipment and garden supply storage as permitted by the Building Code and Zoning Ordinance. d. Leases and Other Forms of Disposition i. Leases CPED Staff will manage (i) holdover tenant leases assumed by the City as part of the acquisition of a Development Property; (ii)ground-leases of Development Property where the City retains fee title to the Development Property and the Developer owns the improvements constructed upon the Development Property; and (iii)financing leases where the redevelopment financing of the Development Property is structured within the lease. All other leases involving Development Properties will be managed by the City's Public Works Department's Property Services and Equipment Division. ii. Options, Rights of First Refusal and Exclusive Development Rights Pursuant to City Council approval CPED Staff will prepare City contracts granting options, rights of first refusal or exclusive development rights to Purchasers. CPED shall charge a purchaser obtaining an option, right of first refusal or exclusive development rights an amount equal to the fair market value of the option or rights. For such purposes, the Project Coordinator shall obtain a valuation determination from the CPED Appraiser. The Purchase Price for a Development Property subject to an option, right of first refusal or exclusive development rights may be determined at the time the City Council approves the granting of the option, right of first refusal or exclusive development rights, or at the time the City Council authorizes the sale of the Development Property and the City entering into a Redevelopment Contract with the Purchaser. Be sure to notify the CPED Real Estate Staff if Options, Rights of First Refusal or Exclusive Development Rights are granted. iii. Easements The City may dispose of all or a portion of any of its Development Properties by easement. In the granting of an easement over all or a portion of any Development Property, CPED Staff will follow the same Disposition Policy and Procedure requirements as required for the sale of a Development Property. All easements will be evidenced by an easement agreement and recorded in the Hennepin County Recorder's or Torrens Office. 7. Closing Steps Prior to scheduling the closing for the sale of the Redevelopment Property, the Project Coordinator will determine if all required documentation has been received from the Purchaser and if a pre-closing meeting is necessary. The closing is then scheduled following the pre-closing meeting. a. Pre Closing Review Prior to closing, CPED real estate staff and/or assigned City Attorney, in conjunction with the project coordinator, will verify/confirm receipt of the following: i. Mayor approval & publication of land sale ii. Executed Redevelopment Contract &other related documents Updated as of 10/6/04 21