Notwithstanding any other provision of this Code, the Economic Development Department is authorized to convey any interest owned or controlled by the City in any real property below its fair market value, subject to the Council making a finding that the conveyance at the price with the terms and conditions imposed thereon serves a public purpose. Such conveyance may be made by either sale or lease; however, the sale or lease shall be first approved by the City Council after public hearing and shall be subject to approval by the Mayor.
Any disposition of real property, whether by sale or lease, which is made at a price below fair market value shall be supported by findings and an appraisal setting forth the following:
(a) The estimated fair market value of the interest to be conveyed, determined at the highest and best use;
(b) The purchase price or present value of the lease payments which the lessee will be required to make during the term of the lease;
(c) The conditions and covenants imposed by the City for the conveyance ("City Conditions") and an estimate of the increased development costs to be incurred by the developer of the real property as a result of compliance with the City Conditions;
(d) The estimated value of the interest to be conveyed determined at the use and with the City Conditions ("Fair Reuse Value"); and
(e) An explanation as to why the sale or lease of the real property will assist in the economic development of the City, with reference to all supporting facts and materials relied upon in making this explanation.
Nothing contained herein shall be interpreted to authorize the Department to mortgage any real property in contravention of Charter Section 104(a) or to acquire, whether by eminent domain or voluntary sale, or to dispose of any real property in a manner not otherwise authorized by law.
SECTION HISTORY
Added by Ord. No. 182,500, Eff. 5-22-13.