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(a) If any nonproductive property selected by the City is advertised and offered for sale at two sales but is not sold for want of a minimum bid, the City shall be deemed to have submitted the winning bid at the second sale for the property, and the property is deemed sold to the City for no consideration other than the fee of transferring and recording of deeds.
(b) Upon the filing of the entry of confirmation of sale, the officer conducting the sale shall execute and file for recording a deed conveying title to the property and, once the deed has been recorded, deliver the deed to the City. Title to the property is incontestable in the City and free and clear of all liens and encumbrances. At the time of the sale, the officer shall collect and the City shall pay the fee required by law for transferring and recording of deeds.
(c) For the purposes of the Neighborhood Stabilization Program (NSP), the Land Reutilization Program will operate in a specific, defined geographic area. The City's geographic area will be defined as its corporate boundaries, inclusive of its seven wards. It will purchase properties that have been abandoned or foreclosed upon and maintain, assemble, facilitate redevelopment of, market, sell and dispose of the acquired properties to persons at or below 120 percent of LMI. Other restrictions and requirements apply concerning twenty-five percent of land-banked properties purchased using NSP funds which must be sold to persons at or below fifty percent LMI.
(Ord. 2009-58. Passed 2-2-09; Ord. 2009-84. Passed 3-16-09; Ord. 2009-147. Passed 6-1-09; Ord. 2009-179. Passed 8-3-09.)