(a) Real property owned by the city which is to be disposed of by gift shall be disposed of subject to the following provisions, except to the extent that they are inconsistent with § 37-1.4.
(1) A description of the city real property being disposed of by gift, an estimate of the value thereof, and the name of the donee thereof shall be set forth in the resolution authorizing the disposal by gift.
(2) The council shall make a determination and declare in the disposal resolution that the disposal by gift shall serve a public purpose.
(3) The council may impose any conditions or restrictions upon the disposal by gift, including but not limited to restrictions upon the use of the real property for a period of time or in perpetuity and may provide for the reversion of the property to the city if such conditions or restrictions as are imposed are not adhered to.
(b) Any negotiated sale or any exchange of city real property for less than the fair market value of the city real property shall be treated as a gift of city real property to the extent that fair market value of the city real property exceeds the sales price of the city real property (in the case of a negotiated sale) or the fair market value of the property for which the city real property is exchanged (in the case of an exchange). Any such gift shall comply with this section and may be made subject to conditions or restrictions as provided in subsection (a)(3) above.
(1990 Code, Ch. 37, Art. 1, § 37-1.8) (Added by Ord. 92-108)