(a) If a city official or employee has a substantial interest in a business entity or in real property, the city official or employee shall file in accordance with Section 12A-24, before a vote or decision on any matter involving the business entity or the real property, an affidavit stating the nature and extent of the interest and shall abstain from further participation in the matter if:
(1) in the case of a substantial interest in a business entity, the action on the matter will have a special economic effect on the business entity that is distinguishable from the effect on the public; or
(2) in the case of a substantial interest in real property, it is reasonably foreseeable that an action on the matter will have a specific economic effect on the value of the property, distinguishable from the effect on the public.
(b) For purposes of this section, a person has a substantial interest if:
(1) in a business entity:
(A) the city official or employee owns 10 percent or more of the voting stock or shares of the business entity or owns either 10 percent or more or $15,000 or more of the fair market value of the business entity; or
(B) funds received by the city official or employee from the business entity exceed 10 percent of the person's gross income for the previous year.
(2) in real property, the city official or employee's interest is an equitable or legal ownership with a fair market value of $2,500 or more.
(c) A city official or employee is considered to have a substantial interest under this section if a relative of the city official or employee has a substantial interest under this section. (Ord. 32472)