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Council updates real‑estate policies on sales, nonprofit leases and acquisitions to strengthen due diligence
Summary
Council unanimously adopted revisions to Council Policies 710, 712 and 732 to increase transparency, extend appraisal validity, require due‑diligence reporting to the IBA and add safeguards on broker conflicts for city real‑estate transactions.
The San Diego City Council approved comprehensive revisions to three long‑standing policies governing city real‑estate transactions — Council Policies 710 (sale/lease), 712 (nonprofit leasing) and 732 (acquisition) — aimed at implementing multiple audit recommendations and improving transparency.
Director of Economic Development Christina Bibler and Deputy Director Lucy Contreras presented the changes, which include: extending appraisal validity from six to 12 months where appropriate; a Portfolio Management Plan to be presented to council every two years; requiring signed contracts and…
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