Real Estate Services
FAS plays a coordinating role in the disposition of excess real property for all City departments, following policies and procedures (view dispositions policies here) adopted by the City Council
Real Property declared excess by a City department is subject to an extensive review process that includes opportunities for public input. The Property Review page provides information about current excess properties. The Property Sales page provides information about current City real property available for sale.
Property Sales Methods
The Preliminary Report also identifies a proposed method for selling a property if that is the recommendation being made. The mechanism of selling relates to the goals the City wants to achieve in the property sale. Generally, there are no limits on the choice of which sales method can be used. FAS works with City Departments to develop a recommendation that is forwarded to City Council. Council can agree with the recommendation or specify an alternative mechanism.
An offering and solicitation mechanism is a method to achieve the highest market based price. For example, FAS contracts with a real estate broker who markets the property through multiple listing services, websites, and email mailing lists. The Broker receives offers over a period of 2-8 weeks. The broker and the City evaluate offers. If no offers are received, additional time is allowed for marketing. If multiple offers are received, the City and the broker evaluate the offers and may ask for a submittal of highest and best offers. The details of each offering will be specified when the property is made available for sale.
A public bid process is where FAS manages the marketing and sale process with City staff, advertising the property for sale, with a specific date for bids to be submitted. The City will accept the highest responsive bid, or may choose to reject all bids. If few or no bids are received the bid submittal date may be extended.
A negotiated sale can be used if there is a particular buyer that is seen to offer unique benefits to the City that wouldn’t necessarily be available from another purchaser. This is most common when another government agency, a non-profit or an institution wants a property. A fair market value is determined as well as any other terms and conditions which may or may not affect the price. This method can also be used in the sale of properties of small size to adjacent property owners.
A request for proposals process is used when the City has a specific goal in mind for the property, such as development of affordable housing, or when other specific urban design features or improvements are desired in the future development of the property.
For more information, please contact Hillary Hamilton (206-684-0421).
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