Whenever property sold for special taxes and purchased by the City shall not have been redeemed within the time specified, but shall have been conveyed to the City by recorder's deed, and which shall not have been sold by the City, such property may thereafter be purchased by the prior owner, his heirs, personal representative or assigns, or any other person, upon petition therefor addressed to the City Council and upon such terms as the City Council may determine. The proceeds of such purchase shall be paid into the Special Improvement Guaranty Fund; provided however, that nothing contained in this Section shall prevent the City from selling any property conveyed to it by recorder's deed to any person at any time after such conveyance is made. (1979 Code § 6-231)