(a) The City of Martinsburg may lease its real or personal property to private lessees for less than fair and adequate consideration provided that City Council has made, by resolution authorizing the lease and containing terms and conditions therefor, a factual determination that the property is to be used to facilitate specific economic development projects and/or to provide a specific necessary and convenient resource for the benefit of the citizenry.
(b) In the event the private lessee ceases to use the leased property in the facilitation of economic development projects or to provide a specific necessary and convenient resource for the benefit of the citizenry, the lease shall terminate and such private lessee shall thereafter have no right, title, or interest therein or thereto.
(Ord. 2014-22. Passed 12-18-14.)