TASK 1 – City Property Inventory and Appraisal This task is focused on establishing the current physical and financial status of all Cityowned real property (land and buildings). 1. Property Inventory ○ Create a complete, verified, and updated inventory of all City-owned parcels of land and associated improvements (buildings, structures, etc.), identifying which properties are leased to third parties. 2. Real Property Appraisal ○ Conduct a formal appraisal for all inventoried properties (both land and improvements) to determine Fair Market Value (FMV). ○ Appraisals must be conducted in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). ○ Provide a detailed appraisal report for each significant asset. 3. Lease Portfolio Review ○ Inventory all active lease agreements where the City is the landlord. ○ Review key terms including: current rental rates, expiration dates, renewal options, revenue generated, and tenant compliance status. ○ Identify opportunities for market rent adjustments or optimizing lease terms upon renewal/re-negotiation. TASK 2 – Space Use and Utilization Analysis This task involves a detailed evaluation of how City-owned buildings and properties are currently being used and how they can be optimized to meet functional needs.
