(A) General provisions. After being acquired by the city as herein allowed, a blighted property is declared to be surplus property pursuant to ILCS Ch. 65, Act 5, § 11-76-4.1.
(B) Conditions precedent to sale. Blighted property shall not be sold until after the Rehabilitation Plan has been approved by the Mayor, and the City Planner has obtained a written MAI-certified appraisal, or a written appraisal from a state certified or licensed appraiser.
(C) Sale directly by the city. The sale of a blighted property directly by the city shall be approved by the Mayor and by a resolution of the City Council. The resolution shall include the size, use, zoning, price and any additional terms necessary to sell the blighted property. When a blighted property is being sold prior to completion of the Rehabilitation Plan, the resolution shall indicate where, and from whom, a copy of the Rehabilitation Plan may be obtained. The resolution shall be published in a newspaper having general circulation in the city.
(D) Sale by real estate broker. The sale of a blighted property through the services of a real estate broker licensed with the state and a member in good standing of a multiple listing service, shall be approved by the Mayor and by a resolution of the City Council. The resolution shall include the terms of the agent’s compensation, the size, use, zoning, price and any additional terms necessary to sell the blighted property. The resolution shall be published in a newspaper having general circulation in the city. A listing agreement shall not exceed three months, but may be extended for an additional three months upon approval of a majority of the City Council. The city shall not enter into more than three listing agreements in any calendar year with any one real estate broker or firm of real estate brokers.
(E) Sale contract terms. A contract for the sale of a blighted property must:
(1) Be prepared or approved by the Law Department;
(2) Close within 60 days after approval;
(3) Only be contingent upon the responsible bidder’s securing necessary financing; and
(4) Require the responsible bidder, if applicable, to deposit sufficient security with the city to ensure completion of all work under the Rehabilitation Plan.
(F) Approval of contract. A contract or proposal from a responsible bidder to purchase a blighted property shall be reviewed by the City Planner and presented to the Mayor and City Council with the City Planner’s recommendation. The city may accept any contract or proposal from a responsible bidder that is deemed to be in the best interest of the city, but in no event less than 80% of the appraised value. A contract or proposal to sell a blighted property shall be approved by the Mayor and a two-thirds vote of the City Council.
(Ord. 98-03, passed 1-27-1998)