(A) Whenever it is determined by the Town Council that it is in the best interests of the town to sell real estate owned by the town and the procedure for sale of such real estate is not otherwise mandated by statute, the procedures of this section will be followed in consummating such sale.
(1) Such real estate will be appraised by two disinterested freeholders of the town selected by the Town Council President.
(2) After receipt of the appraisal of said freeholders, notice of the sale of the real estate shall be published once in two newspapers of general circulation in the town, giving the time, terms, and place of such sale. The sale date shall be at least ten days after the publication in the newspapers.
(3) At the time and place prescribed in the notice, the Town Council will receive bids for the purchase of the property. The Town Council will have the right to reject any bids submitted and may continue to receive bids from time to time after the sale date as prescribed above until such time as the Town Council is satisfied that a fair and equitable bid has been received for the property.
(4) In no event will the town sell such real estate at less than the full appraised value thereof as appraised by two disinterested freeholders.
(5) In the event a bid is received and accepted by the town, the town shall convey title in the name of the town by warranty deed or such other conveyances, and the Town Council President is authorized to assign on behalf of the town with the attestation of the Clerk-Treasurer and the affixing of the seal of the town on the conveyance.
(B) In the event the appraised value of the real estate to be sold is less than $2,000, then no publication or notice will be required and the Town Council is authorized and directed to sell the real estate without the requirement of publication.
(C) The town is authorized to employ a broker for the sale of any real estate of the town and to negotiate for the payment of the broker from the proceeds of any such sale.