(a) If a buyer interested in property that may be turned into an immediate economic benefit to the City, above and beyond the sale price, presents a signed purchase agreement to the Director of Finance, along with a current property appraisal prepared by a State certified real property appraiser and a title report in support of the offer, and said purchase agreement contains a condition that any sale pursuant to it shall result in submission of a development plan and commitment to commence construction within six (6) months or some greater time as Council may approve, and, if not complied with, will cause a refund of the purchase price and reverter of the real property to the City, and so long as the amount of real property being acquired is less than (10) ten acres, then the Council may agree, without competitive bidding, to accept the purchase agreement or modify the purchase agreement for acceptance by purchaser so long as Council by ordinance identifies the time sensitive nature of the development and of the economic benefit to be gained by prompt action to conclude the transaction.
(b) Any such ordinance shall be fully and distinctly read on three different days. Any such ordinance having been fully read on its first reading may be read by title only on second and third reading. (Ord. 2015-029. Passed 4-14-15.)