173.07 SALE, LEASE OR TRADE OF REAL PROPERTY; RESOLUTION.

   All real property owned by the City and determined by Council to be no longer needed for municipal purposes may be sold, leased or traded, and if it is to be sold, leased or traded the following provisions shall be complied with:

   (a)    Real property located in an urban renewal area shall be disposed of in accordance with Chapter 175;

   (b)    Real property purchased with federal Community Development Block Grant funds shall be disposed of in accordance with applicable federal law;

   (c)    Real property transferred by or to The Community Improvement Corporation of Hamilton, Ohio shall be transferred in accordance with Ohio R.C. 1724.10.

   (d)    Real property sold or leased for economic development shall be authorized and approved by Council and the specific terms and conditions of the sale or lease set forth in the ordinance;

   (e)    All real property, except that designated in subsections (a) and (b) hereof, shall be sold, leased or traded to another in exchange for other adequate and valuable consideration in the form of money, real or personal property, or a combination of money and real or personal property.

   (f)    The sale, lease or trade of all real property, except as provided otherwise by virtue of subsections (a), (b), (c) and (d) hereof, shall be authorized by a resolution adopted by Council directing the City Manager to offer such property for sale, lease or trade. Such resolution shall also, at a minimum, do all of the following:

      (1)    Declare the City's intention to sell, lease or trade identified City-owned real property because such property is no longer needed for a municipal purpose;

      (2)    Authorize and direct the City Manager to proceed to sell, lease or trade the identified real property;

      (3)    Set forth any special purpose, other than simply disposing of surplus property, for selling, leasing or trading such real property;

      (4)    Provide a legal description of the real property to be sold, leased or traded;

      (5)    Identify the kind of conveyance or lease to be given by the City;

      (6)    In the case of a trade of property, identify what the City proposes to receive in exchange for the City-owned real property being conveyed.

   (g)    In the case of property which is subject to the lien of an Indenture of Trust and Mortgage, it shall not be sold, leased or traded without the prior written consent of the Trustee under the applicable Indenture releasing such property from the lien and operation of such Indenture.

      (Ord. 93-6-65. Passed 6-9-93; Ord. 2018-1-3. Passed 1-10-18.)