Prior to the sale, exchange, or donation of real property belonging to the city, such real property shall be determined to be not essential for a municipal purpose as provided herein. After such a determination has been made, the real property may be disposed of by the Mayor in the following manner:
(A) Prior to disposal of real property, the Mayor shall cause an appraisal to be made by the Property Management Division or a qualified private appraiser. No real property shall be sold or exchanged for less than 90% of its appraised value.
(B) Real property having a value of not more than $500 may be sold for cash at a public or private exchange without notice.
(C) Real property having a value of more than $500 may be:
(1) Sold at a public or private sale to the highest bidder meeting the published terms and conditions of the sale after publishing a notice of such sale in a local newspaper of general circulation once each week for two consecutive weeks prior to the sale.
(2) Exchange at a public or private exchange after publishing a notice of such exchange in a local newspaper of general circulation once each week for two consecutive weeks prior to the exchange.
(D) Real property of any value may be sold to, exchanged with or donated to the state, any of its political subdivisions or to the Federal government after a determination by the Mayor or Council as provided herein that such sale, exchange or donation is in the best interests of the city.
(E) Real property acquired by the city through lien or mortgage foreclosure may not in the discretion of the Mayor or his designated representative be subject to this article in the event the sale of the property is to the foreclosure owner of same, and it is or was the owner's residence, and provided further than any such sale shall be for not less than the principal and interest due.
(F) Contracts for disposal of city real property pursuant to divisions (C) and (D) of this section shall be submitted to the Council by the Mayor at the first regularly scheduled Council meeting after their execution when the value of the real property is more than $50,000. Procedure shall be as follows:
(1) All contracts which are submitted to the Council in accordance with the requirements of this section shall be supported by the current appraisal relied upon to determine the value of the city property, the Council's determination that the property is not essential for a municipal purpose, and a description of the disposal process and the other offers received.
(2) The Council may approve, take no action or disapprove the contract.
(3) If the Council disapproves by majority vote of the members present and voting, the contract shall be void.
(4) The Mayor may withdraw the contract at any time from the Council or may present revisions thereof. In the event of withdrawal, the contract shall be a nullity. In the event of revision, the provisions of this section shall apply to the same extent as if a new contract were being submitted.
('74 Code, §5-3-1) (Ord. 3-1975; Am. Ord. 36-1976; Am. Ord. 59-1979; Am. Ord. 23-1983; Am. Ord. 22-2007)