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v' 9 Ii F -7 <br />INCOME PROPERTY <br />The City owns and manages an extensive and valuable assortment of property <br />including streets, parks, beaches, public buildings and service facilities. The City also <br />owns and operates a yacht basin, a mobile home park, a luxury r dential <br />development and various other income properties. Most of the income property is <br />tidelands, filled tidelands or waterfront. Unencumbered fee value of i ome property <br />is estimated at upwards of one hundred million dollars, and come typically <br />contributes ten percent of all City revenues. <br />As owner of property, the City is the steward of a public and state law requires <br />the City to maximize its returns or be subject to a charge f making a gift of public <br />funds. Nevertheless, the City Council recognizes the in ortance of this property not <br />only as a revenue generator, but also as a means to pr vide otherwise unfeasible uses <br />and facilities to benefit the community. <br />In managing its property, the City will coi <br />owned property to produce revenue. This <br />vacant space, establishing concessions in re <br />The City Council will evaluate the app: <br />properties using sound business principal <br />and users. <br />The policy of the City Council is that <br />the following: J <br />tin4lly evaluate the potential of all City <br />m# include leasing unused land, renting <br />ation areas or other similar techniques. <br />priateness of establishing. new income <br />and after receiving input from neighbors <br />property be managed in accordance with <br />1. Whenever a lease, manag ent contract, concession, sale or similar action <br />regarding income proper is considered by the City, an analysis shall be <br />conducted to determine a maximum or open market value of the property. <br />This analysis shall be conducted using appraisals or other techniques to <br />determine the highest and best use of the property and the highest value of the <br />property. <br />2. All negotiations regarding the lease, management contract, concession, sale or <br />similar action regarding income property shall include review of an appraisal or <br />analysis of the use being considered for the property conducted by a reputable <br />and independent professional appraiser, real estate consultant or business <br />consultant. <br />3. The City shall seek, whenever practical and financially advantageous, to operate <br />or manage all property and facilities directly with City staff or contractors.