(a) Land acquired by a nonprofit organization under this division may revert to the city if the director determines that the nonprofit organization:
(1) has failed to take possession of the land within 90 calendar days after receiving the quitclaim deed to the land;
(2) has failed to complete construction of affordable housing on the land within three years after receiving the quitclaim deed to the land, or by the end of any extended development period approved by the city council under Section 2-26.6(c);
(3) is not developing the land in compliance with the timetable specified in the nonprofit organization’s proposal;
(4) is unable to develop the land in compliance with its proposal because a request for a zoning change has been denied;
(5) has incurred a lien on the property because of violations of this code or other city ordinances within three years after receiving the quitclaim deed to the land; or
(6) has sold, conveyed, or transferred the land without the consent of the city and other affected taxing units within three years after receiving the quitclaim deed to the land.
(b) Upon determination by the director that a condition described in Subsection (a) of this section has occurred, the city manager is authorized to execute an instrument, approved as to form by the city attorney, exercising against the land the city’s possibility of reverter with right to reentry.
(c) The director shall file notice of the reverter and reentry of the land by the city in the real property records of the county in which the land is located, which notice must specify the reason for the reverter and reentry. The director shall provide a copy of the notice to the nonprofit organization in person or by mailing the notice to the nonprofit organization’s post office address as shown on the tax rolls of the city or of the county in which the land is located. (Ord. Nos. 23713; 25443)