(a) Pursuant to Section 10 of the Act, the City of Freeport hereby establishes an urban shopstead program and an urban homestead program. Under the urban shopsteading program, the City may sell to a designated zone organization a structure or portion thereof it owns for a sum not to exceed one hundred dollars ($100.00). The designated zone organization shall agree to renovate or remodel the property to meet the standards and level of maintenance stated in the agreement between the designated zone organization and the City. The designated zone organization may sell or lease such structure to commercial and industrial businesses pursuant to the procedures set forth in the sales agreement between it and the City. The Designated Zone Organization may retain the structure in whole or in part for its own use. Any proceeds derived from the use, lease or sale of such property shall accrue to the designated zone organization.
(b) Under the urban homestead program, the City may sell to an individual a residence or any portion thereof that the City owns within the zone area for a sum of one hundred dollars ($100.00). The individual must agree to renovate or remodel the property to meet the standards and level of maintenance stated in the sales agreement between the individual and the City, and the individual must live in the residence for seven years. At the end of the seven-year period, the City shall assign title to the property over to the individual, provided that satisfactory improvements to the property have been made pursuant to the agreement with the City.
(c) The urban homestead program and the urban shopstead program shall be subject to rules and guidelines issued by the Zone Administrator, with the approval of the City Council of the City of Freeport, provided that such rules and guidelines are not inconsistent with the Act.
(Ord. 89-77. Passed 12-18-89.)