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9c. Attachment C <br />2.An independent opinion of value, which shall include an appraisal. <br />Depending on the size and scope of the project, other sources such as <br />assessed value, broker price opinion, or comparable sales may be used in <br />lieu of an appraisal subject to City Council and REDA approval. <br />3.Identification of other costs necessary for development or redevelopment <br />of the property, such as: Relocation, demolition, environmental <br />remediation, infrastructure needs, etc. <br />4.An estimate of holding costs that must be funded during ownership(e.g. <br />maintenance, insurance). <br />5.Sources of funding to pay for acquisition, redevelopment, and holding <br />expenses. <br />6.An assessment of the site’s marketability for development. This does not <br />require a market studyin all casesbut may include outreach to the <br />development community and brokers to understand the potential of the site <br />and determine if reuse of the property in the near term is likely. <br />7.Identification of any other costs or risks specific to the particular property <br />under consideration. <br />4.IDENTIFICATION OF POTENTIAL BENEFITSAND COST RECOVERY: <br />A.City staff and consultants shall estimate the potential benefits, or cost recovery <br />potential, associated with the acquisition of any property for development <br />purposes. These are likely to include: <br />1.The anticipated land resale price to the private market. <br />2.Estimate of change in market value and tax capacityof the subject <br />property.If tax increment financing, tax abatement, or any other City <br />assistance is necessary, provide evidence that the project and resulting <br />market value would not be feasible but for the City assistance. <br />3.Consideration of benefit to the surrounding properties. <br />4.Tax incrementfinancing or tax abatement potential for a given proposed <br />reuse of the site. <br />5.Any available funding from outside the City.Projects will not be shaped <br />or driven by outside funding opportunities, but the City will seek these <br />sources if they fit City development goals and objectives. <br />5.GAP ANALYSIS AND ESTIMATE OF PERMANENT INVESTMENT: <br />A.City staff and consultants shall prepare a “Gap” Analysis whenever the City or <br />REDA purchase property directly.This analysis will compare all of the costs <br />Roseville Acquisition Framework - DRAFT Page 3 <br /> <br />