(a) One independent, qualified appraisal shall be obtained for any property the city is considering purchasing. If the property is appraised at a value in excess of two hundred fifty thousand dollars ($250,000.00), a second independent qualified appraisal shall be obtained. Any purchase of real property by the city in an amount in excess of two hundred fifty thousand dollars ($250,000.00) must be approved by a five-sevenths (5/7) vote of the total commission membership.
(b) The threshold amount specified in subsection (a) shall be adjusted based on information contained in the "Certification of Taxable Value," designated as Form DR-420, received each year from the Broward County Property Appraiser. Specifically, the threshold amount shall be adjusted by multiplying it by an amount equal to a fraction the numerator of which is the difference between the amount designated as "[c]urrent year taxable value of real property for operating purposes" in the last "Certification of Taxable Value" received prior to the date of a purchase of property and the sum of the amounts designated as "[c]urrent year net new taxable value" in each "Certification of Taxable Value" received from 2011 to the last "Certification of Taxable Value" received prior to the date of the purchase, and the denominator of which is the amount designated as "[c]urrent year taxable value of real property for operating purposes" in the "Certification of Taxable Value" received in 2010.
(c) Notwithstanding the provisions of this section, whenever two (2) or more contiguous parcels of real property are unified under one (1) owner and the city proposes to purchase one (1) or more but not all of such contiguous parcels, a five-sevenths (5/7) vote of the total commission membership shall be required, regardless of the valuation of the parcels proposed to be purchased.
(Ord. O-99-34, passed 10-20-99; Am. Ord. O-2010-29, passed 7-21-10)