Real property belonging to and controlled by the City may be leased by the City; provided, that the following procedure shall be adhered to and followed:
A. Land to be leased for a period of more than one year shall be appraised by an independent qualified appraiser to determine its market value.
B. To further ensure lease conditions most favorable to the City and in conformity with the objectives of this chapter, a public offering shall be made prior to the time of entering into a lease agreement. Such public offering shall be made in a manner and mode which, under the circumstances of the particular parcel of land, would most reasonably ensure that a large percentage of potential lessees will be reached.
C. The notice and posting requirements of SMC 3.28.055.
D. The City shall enter into a lease with the bidder offering the most favorable combination of leased revenue and development benefits.
E. The term of the lease shall be limited to the term of any first mortgage which may issue as security for the cost of development of the property, together with one option to renew the lease for the same, or a lesser period of time. In the event no mortgage is involved, the term of the lease shall be a maximum of fifteen years, with one option to renew the lease for the same or a lesser period of time.
F. At the discretion of the City Council, the requirements of paragraphs (A) through (E) above may be waived in the case of leases of City-owned real property to nonprofit organizations or corporations for the purposes deemed by the City Council to be in the public interest.
G. In the case of ground leases of less than 250 square feet, or where there is a combination of ground space lease of less than 250 square feet together with an air space lease, at the sole discretion of the City Council, any or all of the requirements of paragraphs (A) through (E) above may be waived by the City Council in its sole discretion. (Ord. 1353, 1977; Ord. 1792, 1995; Ord. 2124, 2007; Ord. 2206, 2011)