Approaches to the Sale of Property

The sale of City property is intended to promote the greatest possible active reuse of parcels in
the City?s inventory, and will be accomplished through one of the following means:

Note: In accordance with City Ordinance 110848, all properties 10,000 square feet or laraer will
be subject to public notice posting on the property that will include pertinent information

concerning the potential sale and potential buyer. All sales transactions will be made available
for public review via the website.

Open and Competitive Market Sales
Open Market Sales such as broker listings, the use of the Multiple Listing Service, web sites or
other recognized method of advertising may be used to encourage broad participation in the
sale of selected properties.
0 Asking prices may be established using appraisal, competitive market analysis, or
Automated Valuation Model (AVM).
a Properties will be placed on the market for a duration that will allow for broad
engagement by potential buyers.

- The City retains its rights to approve or reject the best Qualified Offer, based on clear
criteria, including price.

Listed Direct Sales

Available properties will be published on a designated City website with an asking price.
individual requests for properties will be accepted and reviewed on an ongoing basis through
the Philadelphia Redevelopment Authority.
0 Qualified Applicants will be allowed to purchase property at the listed price.
When a purchaser offers less than the asking price for a property, or more than one
person wishes to purchase the property, the City will use the Open Market Sales
approach to obtain the best offer for the property.

Discounted Sales

The City may convey a property for a discounted price to support public purposes such as
affordable housing, economic development, community development, or side yards. if a
property is identified for one of the foiiowing uses, the City will evaluate the proposal and

property request to determine if the proposed project provides significant, visible community
benefits that would merit the proposed reduction in sales proceeds.