The City of Hamilton manages real estate assets and real estate portfolio activities including:
- Leasing, acquisition and disposition of properties owned by the City.
- Site improvements.
- Environmental audits.
The City's Real Estate section focuses on:
- Asset rationalization of municipal assets
- Identifying and disposing of non-core municipal assets
- Long and short term leasing of city-owned properties
- Securing long and short term leases for City use
The City is required to optimize the use of its properties by:
- Purchasing properties planned for future municipal use when they becoming available.
- Leasing these properties for short terms until development can start.
- Charging fair market rates for property leases.
- Leasing space for program use from other agencies instead of purchasing property.
- Acquisition for city capital infrastructure programs such as roads, sewers, storm water facilities, airport expansion, parkland and open space development
- Land sales of industrial business parks, residential or commercial properties, and road closures
- Internal and peer review of external appraisal reports
- Market valuations for cash-in-lieu of parkland, parking and patio licences.
- Appraisal process
- Purchases and sales up to $250,000 can be approved by the City Manager within 2 weeks.
- Purchases and sales up to $150,000 can be approved by the General Manager or designate within 2 weeks.
- Sales over $250,000 require City Council approval which takes 6 to 8 weeks or more depending on their complexity and Council’s reporting cycle.
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