(A) The Mayor and City Clerk, with the consent of a majority of the City Council by resolution, are hereby authorized to execute any agreements for financing the acquisition and rehabilitation of a blighted property as herein provided, and to do all things necessary and essential, including the execution of any documents and certificates, to finance the acquisition and rehabilitation of a blighted property.
(B) The costs to acquire and rehabilitate a blighted property may be financed by the payment of cash derived from the General Revenue Fund of the city, or other revenue source(s) of the city as authorized and allowed by law. At any one time, the total outstanding expenditure from the General Revenue Fund to purchase blighted property shall not exceed $250,000.
(C) The costs to acquire and rehabilitate a blighted property may be financed for up to one year or as otherwise allowed by law, through the use of any governmental entity’s lending program, or through a private lender’s conventional financing, including but not limited to a line of credit. The security for any financing allowed herein shall be the blighted property and any improvements made thereto. When a blighted property financed in this manner is sold, the revenue from the sale shall first be used to repay the financing. At any one time, the total outstanding financing to purchase blighted property shall not exceed $250,000.
(Ord. 98-03, passed 1-27-1998)