There are five general steps in acquiring an RDA-owned property under the general properties category, and depending on the type of property involved (location and the re-use proposal), the course of action will vary. Processing time differs from project to project, since the approval of the City Planning Commission and City Council is required for a property to be sold. Depending on the quality of the proposal and the ability to provide the documentation needed to evaluate the application, transaction time will vary from one to three months.
List of Properties
Step 1 : Submit an Expression of Interest form
Submit an
Expression of Interest form to indicate your interest in an RDA-owned property, which will be reviewed to verify the property’s availability and RDA ownership status. If the property is available, we will request that you supply a certified check to cover the appraisal. The appraisal price will be dictated by the lot size; the typical fee for a residential property ranges from $300 to $600. The appraisal fee is non-refundable.*
The appraisal process will establish the fair market sale price for the property. It will take up to six weeks for the appraisal to be completed to determine the sales price. Once the appraisal is completed, you will be contacted with the property’s fair market price. If you choose to proceed with the purchase of the property, you will receive a Property Application Packet (see Step 2).
| [*NOTE: If appraisal establishes property’s fair market price at or above $100,000, the RDA is required by Board Resolution to advertise the sale of the property through an open, competitive process. Appraisal fees will be refunded. The property will be listed on the website under the Featured Properties & Broker Sales category to provide public notice of sale, requiring offers be submitted under an Agreement of Sale. Please refer to Featured Properties & Broker Sales for more information.] |
Step 2 : Complete Property Application Packet
The following application forms and supporting documents will need to be completed and returned to the RDA before next steps can be taken:
Completed forms & drawings will be reviewed when returned to the RDA. Upon staff approval, a Redevelopment Agreement will be prepared.
Step 3 : Sign the Redevelopment Agreement
The Redevelopment Agreement is a legally binding contract that is recorded at the time of settlement. Its purpose is to ensure that the property is developed in accordance with the approved re-use proposal and other applicable plans or city regulations. Please review the
Redevelopment Agreement summary.
At the time the Redevelopment Agreement is signed, a “good faith” deposit in the amount of 10% of the settlement price is placed with the Authority. At settlement, this is converted into a “security completion” deposit and is held until the project is successfully concluded. Upon receipt of a signed Redevelopment Agreement and deposit, RDA staff will move to obtain approval from the RDA Board, Planning Commission, and City Council authorizing staff to proceed with property settlement.
Step 4 : Schedule Property Settlement
At settlement, you will be required to pay all costs associated with acquiring the property, including the fair market value and closing costs. Once the property has been settled, work must proceed along the timeline specified in the Redevelopment Agreement; this usually calls for work to commence within 3–6 months and construction to be completed within 12–24 months.
After settlement, the developer is required to attend a pre-job meeting to discuss final plans and requirements if applicable (Fine Arts, Prevailing Wage, and Equal Opportunity Plan). Periodic inspections will be made during construction to ensure adequate progress is being made and requirements are being met.
Step 5 : Certificate of Completion
After the project is completed and all terms of the Redevelopment Agreement have been satisfied, RDA staff will conduct a final property inspection and issue a Certificate of Completion to clear title and return deposit. If commencement and completion of construction do not proceed along the timeline outlined in the Redevelopment Agreement, a default notice will be issued.
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