(A) The city may sell, lease or otherwise dispose of real property for the purposes of redevelopment or economic development:
1. Without first offering the real property to the public; and
2. For less than fair market value of the real property.
(B) Before the board of councilmen may sell, lease or otherwise dispose of real property pursuant to this section, the city council must:
1. Obtain an appraisal of the property pursuant to section 9-1-1 of this chapter; and
2. Adopt a resolution finding that it is in the best interests of the public to sell, lease or otherwise dispose of the property:
(a) Without offering the property to the public; and
(b) For less than fair market value of the real property.
(C) As used in this section:
ECONOMIC DEVELOPMENT: 1. The establishment of new commercial enterprises or facilities within the city;
2. The support, retention or expansion of existing commercial enterprises or facilities within the city;
3. The establishment, retention or expansion of public, quasi-public or other facilities or operations within the city;
4. The establishment of residential housing needed to support the establishment of new commercial enterprises or facilities or the expansion of existing commercial enterprises or facilities; or
5. Any combination of the activities described in subsections 1 to 4 of this definition, inclusive, to create and retain opportunities for employment for the residents of the city.
REDEVELOPMENT: Has the meaning ascribed to it in Nevada Revised Statutes 279.408. (Ord. 208, 8-10-2005)