Real estate belonging to the City which has a fair market value of five hundred dollars ($500.00) or less, may be sold or leased when so directed by the Board of Control and pursuant to an ordinance of Council setting forth the following:
(a) A description of the real property to be sold or leased;
(b) A finding that the property is no longer needed for any municipal purpose;
(c) The reason for selling or leasing the property;
(d) The kind of conveyance or lease to be given by the City; and
(e) The consideration to be paid therefor.
When the sale or lease is so authorized, the Mayor, without further proceedings, shall execute a deed or lease to the purchaser or lessee of the property, provided that the purchaser or lessee shall have first been approved on motion of Council adopted by a majority vote of the members elected thereto.
(Ord. 70-68. Passed 9-16-68.)