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(a) Real property acquired and held by the City that is not sold or transferred within fifteen years after acquisition shall be offered for sale at public auction during the sixteenth year after acquisition. If the real property is not sold at that time, it shall be offered every three years until it is sold. Notice of the sale shall contain a description of each parcel, the permanent parcel number, and the full street address when available. The notice shall be published once a week for three consecutive weeks prior to the sale in a newspaper of general circulation within the City. Each parcel subsequent to the fifteenth year after its acquisition as part of a land reutilization program shall be sold for an amount equal to but not less than the greater of:
(1) Two-thirds of its fair market value; and
(2) The total amount of accrued taxes, assessments, penalties, interest, charges, and costs incurred by the City in the acquisition, maintenance, and disposal of each parcel and the parcel's share of the costs and expenses of the land reutilization program.
(b) For the purposes of the Neighborhood Stabilization Program (NSP), the Department of Housing and Urban Development (HUD) does not believe the benefits of just holding property(s) are sufficient to stabilize most neighborhoods or that this is the best use of limited NSP funds absent a re-use plan. HUD is requiring that a land reutilization program may not hold a property acquired with NSP funds for more than ten years without obligating the property for a specific, eligible redevelopment of that property in accordance with NSP requirements.
(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.)