When City land is no longer needed for municipal purposes, it is declared surplus and offered to the market. These surplus lands provide the City the opportunity to maximize revenue and support Council policy objectives.
Decisions on how to offer surplus property consider many factors including:
- Site imitations/potential/context
- Market conditions
- Technical information
- Resource availability
- Industry and public input (where appropriate)
Administration uses City real estate holdings to further City Council goals and avoid holding properties without clear municipal purpose.