(A) Leases or other conveyances for a specified term of an interest in real property owned by the city or amendments to such leases or other conveyances shall be submitted to the Council by the Mayor after negotiation or prior to bidding when:
(1) The term of the lease or other conveyance is proposed to be in excess of two years. For the purposes of this division,
TERM OF CONVEYANCE shall include not only the initial term but also any option to renew where the option is at the sole discretion of the lessee; or
(2) The term of the lease or other conveyance is proposed to be in excess of one month and the income or other consideration to be received by the city is proposed to be in excess of $500 per month. For purposes of this section, an easement granted to a utility operating under a franchise granted by the city shall not be considered as a lease or other conveyance.
(B) All proposals which are submitted to the Council in accordance with the requirements of this section shall be supported by a message setting out the circumstances, benefits, responsibilities and advantages relative thereto.
(C) The Council may approve, take no action or disapprove the proposal.
(D) If the Council disapproved by majority vote of the members present and voting, the proposal may not be entered into.
(E) The Mayor may withdraw the proposal at any time from the Council and may present revisions thereof. In the event of withdrawal, the proposed lease or other such conveyance shall be a nullity. In the event of revision, the provisions of this section shall apply to the same extent as if a new proposal were being submitted.
('74 Code, § 5-3-4) (Ord. 71-1976; Am. Ord. 9-1987; Am. Ord. 58-1990; Am. Ord. 22-2007)