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L and AcquisitionThe City of Kelowna purchases land for four main purposes:
- Parks and Public Spaces
- Strategic Initiatives
- Transportation Purposes
- Utilities
For guidance on future land requirements the Real Estate Services team refers to City of Kelowna's Official Community Plan and input from various other departments.
Land Acquisition ProcedureOnce a property right is identified, a Property Officer (see definition below) or an agent representing the City will approach the property’s legal owner to discuss the acquisition. They will explain the intended use of the property and details of the particular project as well as describe the process and timeline. The City will work with the property owner to achieve an amicable agreement. All acquisitions must be presented to City Council for their approval prior to completion.
The City acquires all real estate interests at market value (see definition below). By purchasing and selling all real estate at market value, equality is promoted across the entire city and to all citizens. Market value can be determined between the property owner and City staff, or through a market appraisal.
Gifts to the CityIf a property owner chooses to donate land to the City of Kelowna, the donation is subject to City Council approved policy 306: Charitable Donations and Gifts to the City.
Definitions
Market value: the estimated amount for which a property should exchange between a buyer and a seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. (International Valuation Standard , Eighth Edition, 2007)
Property Officer: an expert in the real estate field who has the ability to negotiate on behalf of the City.
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