(A) Purpose. This section governs the sale or conveyance of real property by the village, whether the interest possessed by the village is in fee or any lesser interest, and whether the interest is to be conveyed in whole or in part.
(B) Council action. The disposition of real property shall be by ordinance approved by a vote of at least two-thirds of the members of Council. Proceeds from the conveyance of real property, if any, shall be paid into the General Fund unless otherwise required by law or directed by Council.
(C) Method of conveyance.
(1) Real property may be sold, donated, disposed of, transferred, leased, or otherwise conveyed. Council is authorized to exchange real property, in while or in part, if the property being obtained by the village is equally or more suitable to municipal purposes than the property being conveyed by the village, as determined by Council.
(2) The village may use any reasonable means to advertise or convey property as determined by Council to be in the best interest of the village, including, but not limited to, competitive bid, auction, market listing with or without a broker or agent, appraisal, direct conveyance to a third party, by using the Internet or other electronic means, or by any other means as determined by Council.
(D) Consideration for property. The village shall achieve a fair return in consideration for the conveyance of real property. The fair return shall be determined by Council, and may include obtaining fair market value for the property. Council may also consider factors other than, or in addition to, obtaining fair market value, which may include, but are not limited to, economic development objectives, the facilitation of development or other improvements to the village, the creation of jobs, the creation of revenue to the village, avoiding costs to maintain or own the property, and fulfillment of objectives regarding the planning and development of the village.
(Ord. 2015-3, passed 3-11-15)