The premises set forth as the development or rehabilitation site in the project agreement shall, upon payment of the price negotiated, fixed or bid, which price shall be determined by the Board of Control to be the fair re-use value of the site based upon two (2) independent re-use appraisals and, in Federally assisted projects, concurred in by the United States government, and after compliance with the terms of the project agreement which must be met prior to conveyance, be conveyed by official deed of the City, prepared by the Director of Law and executed by the Mayor, in conformity with the terms and conditions of the project agreement.
(Ord. No. 1492-66. Passed 12-12-66, eff. 12-14-66)