Applicant submits interest in property location and brief plan to utilize the property. The site is reviewed within the context of existing City plans, commitments, and redevelopment objectives. If the location is available and general plans meet with City’s goals, then Applicant is asked to submit a detailed proposal.

 Step 1: Letter of Interest (LOI)

Applicant is invited to provide a detailed proposal to Staff for review. This plan should detail costs (acquisition and improvements), a timeline for completion, list of contractors, and proof of funding. Documents might include site/floor/landscape plans, bank/loan statements, and other supporting materials

Step 2: Proof of Concept/Funding

Staff prepares a statement detailing the type of transaction, proposed plan, including cost estimates of the real estate transaction. The transaction cost to Applicant may include a) an appraisal and/or environmental report, if required, c) plat of survey, d) title insurance, e) legal fees, f) administrative fees, and other fees.

 Step 3: Settlement Statement

Upon acceptance of terms, Applicant is asked to sign a Purchase Contract or Redevelopment Agreement and await approval from City. The Agreement will specify the terms of completing the project per a redevelopment schedule

Approval of the final transaction will be required by either the City Council or City Administration, depending on the nature and type of transaction– a) commercial or industrial zoned properties, b) # of units in a multi-residential property, or c) # of single-family homes.

The Agreements are signed, escrow payment is made, and prior to closing a final balance is paid by the Applicant and the transaction is recorded thereafter.

The City monitors the project, per the terms of the Agreement/s, the redevelopment schedule, and validates project additions, extensions, or completions.