ILCS Ch. 65, Act 5, §§ 11-76-1 through 11-76-3 and 11-76.1-1 through 11-76.1-4 are hereby abrogated and replaced by the following:
(A) Purchase of real estate. In the purchase of real estate, the City shall comply with the following procedures and any applicable state and federal requirements:
(1) When the City deems it necessary to purchase real estate for municipal purposes and the assessed fair market value of the real estate to be purchased exceeds $20,000, that real estate shall be appraised by at least 1 impartial appraiser unless the owner of the real estate donates such real estate to the City.
(2) An ordinance shall be presented to the City Council setting forth the name of the seller, the description of the real estate, the purchase price, the amount of appraisal, and the purposes for which the property is to be acquired.
(3) The vote of not less than two-thirds of the City Council members present at the Council meeting shall be necessary to pass the ordinance.
(4) If a property's acquisition price or cost is $20,000 or less, the Mayor shall have the authority without approval of the City Council to acquire the property for, on behalf of and for the benefit of the City.
(B) Lease of real estate. The City shall have the power to lease its real estate for any term not exceeding 99 years. The power to lease shall be exercised by ordinance passed by not less than two-thirds vote of the City Council present at any regular meeting or any special meeting called for that purpose. The City Council has the power to authorize the Mayor to make leases for terms not exceeding 2 years in such manner as it may determine.
(C) Sale of real estate. The City shall have the power to convey its real estate when, in the opinion of the City Council, the real estate is no longer necessary, appropriate, required for the use of, profitable to, or for the best interests of the City. The disposition of real estate acquired pursuant to ILCS Ch. 315, Act 25, Section 6 and ILCS Ch. 315, Act 30, Sections 12, 22, and 31 shall be exempt from the requirements of this section.
(1) Sale of real estate at public sale. In the event the City determines that certain municipal real estate shall be sold, it may sell the real estate at public sale in the following manner:
(a) Notice of the sale shall be published at least one time in a newspaper of general circulation in the City and one copy of the notice shall be posted upon the public notices bulletin board in the office of the City Clerk. The notice shall contain the legal description of the property, its common address, the date by which sealed bids must be submitted to the City Clerk, and the date of opening the sealed bids.
(b) The vote of not less than two-thirds of the City Council present at a regular council meeting shall be necessary to accept any bid made.
(2) Sale of real estate at private sale. In the event the City determines that certain municipal real estate shall be sold, it may sell such real estate at private sale in the following manner:
(a) When the value of the real estate exceeds a fair market value of $ 10,000, the real estate shall be appraised by a qualified, impartial appraiser.
(b) The property shall be sold for not less than 80% of the estimated fair market value or appraisal, whichever is less.
(c) The ordinance proposing the sale of real estate at private sale shall set forth the legal description of the real estate, its common address, the name of the purchaser, and if a land trust, the name of the holders of the beneficial interests in the trust, the sale price and the appraised value of the real estate.
(d) When the ordinance to sell the real estate at private sale is presented, no action shall be taken upon the ordinance until publication of the ordinance is made by posting a copy of the ordinance on the public notices bulletin board in the office of the City Clerk at least 10 days prior to the action of the City Council upon the ordinance.
(e) Not less than 10 days after posting the ordinance, the sale may be approved by action of not less than two-thirds of the City Council present at the council meeting. In the event the offer of purchase is less than 80% of the estimated fair market value or appraisal, whichever is less, the sale may be confirmed by the unanimous action of the City Council present at the meeting.
(Ord. 6316, passed 5-4-76; amend. Ord. 7034, passed 1-17-84; Am. Ord. 8684, passed 1-5-10; Am. Ord. 9037, passed 3-1-16; Am. Ord. 9416, passed 12-20-22)