2-159-050  Minimum purchase price required – Sale procedures.
   The minimum purchase price of any city-owned parcel sold pursuant to the provisions of this chapter shall be $1,000.00 for a parcel appraised at $10,000.00 or less, 2,000.00 for a parcel appraised at more than $10,000 and less than or equal to $20,000.00, and for parcels having an appraised value of more than $20,000.00, an amount equal to the sum (a) $2,000, plus (b) fifty percent (50%) of the amount by which the parcel's appraised fair market value exceeds $20,000, up to the $50,000 maximum fair market value limitation. For illustrative purposes, if a city-owned parcel has an appraised fair market value of $40,000, then the minimum purchase price for such parcel would be $12,000. An adjacent neighbor shall not be permitted to purchase more than one city-owned parcel through ANLAP. Upon receipt of an application by an adjacent neighbor to purchase a city-owned parcel accompanied by the payment of a non-refundable $150.00 application fee, the department shall obtain departmental approvals and an appraisal. For qualifying city-owned parcels, the department shall give written notice by certified mail to any owner of improved residential adjacent property indicating that the department will accept sealed bids for the parcel for a period of 30 days from the date of the mailing of the notice. All bids which conform to the requirements of ANLAP shall be submitted by the department to the city council and shall thereafter be referred to the city council committee having jurisdiction over the disposition of city-owned real estate. The bids shall be promptly placed on the committee's agenda and a public hearing shall be held within a reasonable time thereafter. The city council may accept the higher bid by a majority vote or may reject both bids by a vote of three-quarters of its members. If an adjacent neighbor making an offer to purchase a city-owned parcel is the sole adjacent neighbor or the sole bidder, then the department shall submit the offer to the city council, which shall then be referred to the committee having jurisdiction over the disposition of city-owned real estate. The committee shall promptly consider the offer and then forward its recommendation to the city council. The city council may approve or reject the offer by a majority vote. A successful bidder shall deposit with the city a non-refundable earnest money deposit in an amount equal to not less than ten percent (10%) of the approved offer amount within sixty (60) days of city council approval. Such earnest money deposit shall be retained by the city if the successful bidder does not close the acquisition within six (6) months' of city council approval, or credited towards the purchase price if such closing does occur within such time period.
(Added Coun. J. 7-9-03, p. 3770, § 4; Amend Coun. J. 7-28-10, p. 97370, § 3; Amend Coun. J. 6-25-14, p. 83532, § 1)