Disposal of Surplus Property. A Roadmap to Establishing Effective Surplus Property Procedures
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1 Disposal of Surplus Property A Roadmap to Establishing Effective Surplus Property Procedures
2 Turn Surplus Properties From Management Headache Funds For Your Next Project to
3 Funds for New Project Excess Property Acquired Surplus Property Transfer Complete SURPLUS SALES PROCESS Identified as Surplus and Tracked Determine Surplus Process to Use
4 Creation of Surplus Properties Transportation Projects Excess Corridor Property Park Projects Facilities Project Tax Delinquency Donation Uneconomic Remnants Unused or Underutilized property Annexation Road Closure Unused Rail ROW
5 Uneconomic Remnant Example Low Value Mobile Home Reduced Lot Size Proximity Damage Requires Expensive Drainfield Relocation Loss of Shop?
6 Acquisition and Surplus Sale Options Acquisition Options One parcel strictly for ROW use Two Parcels: take & remainder establishes clear surplus land Buy MH and land together as real estate Buy MH as personal property and land as vacant and improved Surplus Sale Options Demo structures & secure site sell surplus as vacant land Demo shop & resell and relocate MH sell surplus as Vacant land Secure structure, relocate drainfield & sell surplus land and MH as home site.
7 Surplus Corridor Property Sales Existing Allowed Uses Transmission Corridor Access Parking Site improvements
8 Evaluating Potential Corridor Sale Can transmission corridor use present and future be maintained after sale? Is the asset included in a regulatory rate base? Are there any title issues that prevent sale? What are the current use agreements and what income do they produce? Are the adjacent owners interested in purchasing restricted fee? Can the properties be sold at market value? Will a below market value sale stimulate development and increase tax base? How long to sell all the parcels?
9 Interim Management Plan Stabilize and Control Property to Meet Long Term Goals Maintaining ownership of key properties exercises control and directs development trends Hold property in anticipation of increased profits via zoning change or neighborhood revitalization Examine income and fund disbursement benefits of long term lease over direct sale of surplus property Hold property for assemblage for future project or anticipated public private partnership Use short term leases to prevent blight, cut maintenance costs and generate income during holding period
10 Why Sell Surplus Properties? Fiscal gain through sale or tax collection Stimulate development (TOD, HUD, Block Grant, PPP) Public Safety or Promote Public Goodwill Reduce Management and Staff Costs Fund Project or Reduce Budget Via Trade Meet Agency Goal or Public Need Reduce potential liabilities Increase General Fund Proceeds Offset Property Management Costs
11 Why Sell Surplus Properties? Fiscal Gain Sale or New Tax Base Reduce Potential Liabilities Stimulate Development TOD, HUD, Block Grant, PPP Agency Goals - Public Needs AGENCY OR UTILITY Public Safety Goodwill Project Costs Reduced By Trade Reduce Management Staff Costs
12 How You Buy Impacts How You Sell Interest Purchased Fee or Easement Funding for purchase May need to repay Reversionary Interests To prior owner Use clauses Defined use in deed Statutory Law Vacation of Road & Rail ROW Administrative Procedures Surplus procedures vary by agency or department Link purchase and subsequent surplus sale to specific project or purpose vs. general fund.
13 Two Deeds For One Purchase Project Deed Legal for Project Acquisition from Plan Include Use Clause Condemnation Clause Used Surplus Deed Legal for Remainder from Title Report No Use clause No Condemnation Clause Used
14 Developing Surplus Property Plan Inventory Properties Develop Procedures Surplus Disposal Process By property attributes Meet varied agency needs Verify property is surplus By use or transaction Conform with applicable laws Estimate value Market buyers Salability due diligence Code or Administrative? Use appropriate sales process
15 Inventory Properties Property Attributes Jurisdiction Zoning Current Use Size Restrictions Vacant or improved Code requirements Available Utilities Access Highest and Best Use
16 Inventory Properties By Use or Transaction Determine current or future agency use prospects. Define which agency, departments or legislative bodies approvals may be needed to sell. Identify funding source for original purchase and any restrictions.
17 Inventory Properties Salability Due Diligence Identify interests owned and available for sale. Donation or use restriction that prohibits or limits sale viability. Environmental or development costs to prepare for sale. Cost to City to maintain and loss tax revenues. Available market for identified properties broad, limited or adjacent owners.
18 Develop Procedures To Meet Agency Needs Ability to sell minimal value properties quickly A transparent process that is fair to the public Allow opportunities to assist low income housing and other community programs. Surplus sales funds generated go to which agency account(s)
19 Typical Surplus Property Approval Process Surplus Property Approved For Sale Legislative/Corporate Approval Circulation & Approval By Departments Staff Review and Valuation
20 Conform With Applicable Laws Follow Real Estate Broker laws Comply with State (Province) and Federal laws Meet all criteria of Agency Code All resale requirements of original funding sources are met Identify any impacts to regulatory rate base
21 Develop Procedures as Code or Administrative Guidelines Codified Procedures Administrative Guidelines Procedures are rigid Changes require legislative action Readily accessible to public Decisions can be more political More flexibility in implementation Changes can occur at staff level Public could perceive bias in process Favoritism could occur
22 Typical Code Format RCW Surplus real property program. (1) It is the intent of the legislature to continue the department's policy giving priority consideration to abutting property owners in agricultural areas when disposing of property through its surplus property program under this section. (2) Whenever the department determines that any real property owned by the state of Washington and under the jurisdiction of the department is no longer required for transportation purposes and that it is in the public interest to do so, the department may sell the property or exchange it in full or part consideration for land or improvements or for construction of improvements at fair market value to any of the following governmental entities or persons: (a) Any other state agency; (b) The city or county in which the property is situated; (c) Any other municipal corporation; (d) Regional transit authorities created under chapter RCW; (e) The former owner of the property from whom the state acquired title; (f) In the case of residentially improved property, a tenant of the department who has resided thereon for not less than six months and who is not delinquent in paying rent to the state; (g) Any abutting private owner but only after each other abutting private owner (if any), as shown in the records of the county assessor, is notified in writing of the proposed sale. If more than one abutting private owner requests in writing the right to purchase the property within fifteen days after receiving notice of the proposed sale, the property shall be sold at public auction in the manner provided in RCW ;
23 Typical Administrative Guidelines
24 Verify Property Is Surplus Confirm No Use Restrictions to Surplus Critical Encumbrances Preclude Sale Environmental Concerns Internal Departments Review Process Future Project Use - Agency or Others Preserve Existing or Future Easements Complete Legislative Approval Process
25 Estimate Value & Market Buyers Level of Effort Dictated by Potential Value Current Tax Assessment Staff Valuation Broker s Market Survey Appraisal by Buyer Agency Appraisal/ Review Developer Value Added Project Trade Value Community Value Potential Improve Public or Political Relations Direct to Adjacent Owner Newspaper Ad & Sign Web Site Listing Multiple Listing Service Real Estate Broker Potential Developers Project Negotiations Low Income Housing Groups Legislative Action, Public Media, Inter-Agency
26 Use Appropriate Sales Process Public Property Inventory List & Process MLS Purchase & Sale Direct Sale To Adjacent Owners Auction Sealed Bid or Open Landowner Trade Through Negotiations Donation to Improve Economy or Community Inter-Agency Transfer Operation of Law Direct Marketing Via Internet Public Private Development Process Provide Due Diligence in Review of All Offers
27 Property Inventory System Simplifies Surplus Sales Agency Utility Properties Manage Surplus Sales Process Input Property Info to Database Identify Surplus Properties by Criteria Link Database to GIS Mapping
28 Electronic Tools To Help Manage Your ROW GIS Database Input Reports GIS Maps Documents Property Inventory Database Tracks Available Surplus Properties
29 GIS Mapping Enables Visual Management of ROW
30 Combining a Database With GIS Allows Easy Tracking and Custom Reports
31 GIS Database Integration Simplifies Surplus Property Parcel Identification
32 Basic Steps to a Successful Surplus Property Sale Establish Sound Asset Management Surplus Process Due Diligence, Valuation, Marketing, Sales Approach Identify, Input, Track, Surplus Properties Consider Future Surplus Sale At Purchase
33 Presented By The International Asset Management Committee James F. Prossick, SR/WA, Editor Contributors Pierce County, Washington Washington State Department of Transportation Union Pacific Railroad The Williams Companies Inc.
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