|Property Asset Management Transactions
||28 July 2009
||28 July 2012
|Responsible Officer: General Manager Corporate Services
||Chief Executive Officer
To provide guidance in relation to all prospective property transactions in accordance with Council’s strategic priorities, service delivery, operational and legislative requirements.
Applies to all employees and Councillors of the City of Greater Geelong.
- Local Government Best Practice Guideline on the Sale and Exchange of Land March 2008
- Government Land Monitor
- Local Government Act 1989
- Planning and Environment Act 1987
- Subdivision Act 1988
- Crown Land (Reserves) Act 1978
- Land Act 1958
- Limitations Act 1969
- Corporate Asset Management Plan, Property Asset Management Plan, Sub Asset Management Plans
- Asset Manager’s Manual
- Property Transactions: Include the purchase, acquisition, sale and exchange of building assets and land including any property interest (easements, covenants etc), road discontinuances, accepting and relinquishing Committee of Management responsibility.
4. Council Policy
The following principles and practices will apply in governing the effective and efficient conduct of prospective property transactions.
Principle: Strategic Resourcing
In accordance with the changing economic environment the transactions of land and buildings will be governed by the priorities outlined in the annual strategic resource plan within City Plan.
Property transactions will be conducted in accordance with the Local Government Best Practice Guidelines on the Sale and Exchange of Land March 2008.
Principle: Asset Management Plan and Property Asset Management Plan
The roles and responsibilities of the Owner, User and Maintainer as described in Council’s Asset Management and Property Asset Management Plans will be a principal guide in respect to prospective property transactions of Council and in conjunction with Council’s overall strategic aspirations.
The following diagram depicts the roles, responsibilities and relationships between the asset owner, maintainer and user.
Principle: Property Transactions Master Schedule
The Property Adviser will maintain a property transactions master schedule that will register all Council decisions and contractual obligations relating to property transactions.
The purpose of the schedule is to ensure that all contractual transactions are –
- Captured at a single point within the organisation;
- Assigned to a competent responsible officer;
- All transactions are authorised by Council or appropriate delegated officer;
- Being managed so as to ensure that Council’s obligations are being met and contractual risk is minimised.
Principle: Legislation Framework
All property transactions are to comply with relevant legislative requirements.
Applicable legislative requirements will be identified and managed during all contractual negotiations with prospective parties.
Principle: Basis of Property Transactions
All property transactions will be conducted in a fair and equitable basis in the overall interests of the municipality.
All property should be transacted at market value including that transacted with private entities, government departments and agencies. Where property is not transacted at market value, the reasons will be detailed in the Council report supporting the proposed action.
Prior to sale of any property, the appropriateness of zoning will be considered for the purposes of maximising Council’s interests. This may include where necessary rezoning to its appropriate underlying zone. If property is sold prior to the application of the appropriate underlying zone, the sale price must be determined assuming the underlying zone. The appropriate underlying zone is the zone that would be applied if the land was privately owned.
The relevant ward Councillor will be advised of any pending property transaction.
A report to Council relating to a property transaction should be considered in open Council. Where a report is to be considered as a confidential agenda item, the report will explain the commercial-in-confidence aspects of the proposal.
Principle: Local Government Best Practice Guideline for the Sale and Exchange of Land
The Best Practice Guideline of April 2008 is incorporated into this Policy without amendment.
All Council property transactions are to be conducted within the terms of this policy including the Best Practice Guideline.
5. Quality Records
Quality Records shall be retained for at least the period shown below.
Local Government Best Practice Guideline on the Sale and Exchange of Land.