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(a) The City may, without competitive bidding, sell any property acquired by it as a part of its land reutilization program at such times, to such persons, and upon such terms and conditions, and subject to such restrictions and covenants as it deems necessary or appropriate to assure the properties effective reutilization. Such property shall be sold at not less than its fair market value. However, upon the approval of the legislative authorities of those taxing districts entitled to share in the proceeds from the sale thereof, the City may either retain such property for devotion by it to public use, or sell, or lease or otherwise transfer any such property to another political subdivision for the devotion to public use by such political subdivision for a consideration less than fair market value.
(b) Whenever the City sells any property acquired as part of its land reutilization program for an amount equal to or greater than fair market value, it shall execute and deliver all agreements and instruments incident thereto. The City may execute and deliver all agreements and instruments without procuring any approval, consent, conveyance, or other instrument from any other person or entity, including the other taxing districts entitled to share in the proceeds from the sale thereof. The City may, for purposes of property disposition, consolidate, assemble, or subdivide individual parcels of property acquired as part of its land reutilization program.
(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.)