§ 36.12  MUNICIPALLY SPONSORED VERTICAL HOUSING DEVELOPMENT PROJECTS.
   (A)   The city either directly or its urban renewal agency may acquire or dispose of real property located in a VHDZ for the purpose of developing projects. Property acquired within a VHDZ may be sold at a value determined to be reasonable and prudent by the City Council or Urban Renewal Agency Board of Directors to encourage construction of the project. This authority is in addition to and without prejudice to any authority that otherwise exists under the laws of this state or an act of this city to acquire or dispose of property.
   (B)   Development of municipally sponsored development projects may be undertaken by the city or jointly in partnership with a private person or entity. Development projects may also be undertaken by private persons or entities acting independently of the municipal ownership.
(Ord. 2018-03, passed 7-17-2018)