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AR-DEN HILLS CITY COUNCIL WORK SESSION-JULY 15, 2009 9 Mr. Legare explained that based on the feedback gathered at the conference, the GSA would hope to have someone out on the property completing borings and meeting with the City. After that, a second bidders' conference may be held in late winter if necessary Further discussion ensued regarding the vapor intrusion and how new State regulations would affect this site. Mayor Harpstead asked what would happen after the second bidders' conference. Mr. Legare stated if enough information were gathered the online auction would then be started. Councilmember McClung questioned how the online auction worked. Mr. Legare described how the auction would work with a registration deposit, a minimum bid with the auction lasting 45-60 days. He explained all permits and bonds would be applied for prior to the auction. The GSA would set requirements for qualified bidders. Mayor Harpstead asked how the City could guarantee that the proper criteria and financial assurances were in place before a bid was awarded on this property. Mr. Legare stated this would be written into the bidding process timeline, while allowing the Buyer 180 days to secure the proper permits and bonding to proceed with this purchase. Councilmember Grant indicated the City would be able to have a dialogue with potential Buyer's throughout the entire process. City Administrator Moorse indicated the City would like a clear security arrangement that is going to assure that the cleanup is completed. City Administrator Moorse suggested the GSA and Army further discuss a performance bond that equals 100% of the cleanup cost. Councilmember Grant questioned if the Buyer's would be prequalified and if the City would be a part of this process. Mr. Legare stated he would like to hear ideas from the City on this process but that this would be left to the Army and GSA.