(A) All parcels sold under the Tax Reactivation Program shall either through covenants, conditions and restrictions in the deed or provisions in the redevelopment agreement:
(1) Require the parcel to be developed and maintained as set forth in the redevelopment agreement. Failure to comply with this may, in the sole discretion of the Village President and Board of Trustees, obligate the applicant to pay all taxes, penalties and interest accrued against the property during the time period the applicant owned the parcel, and cause the property to be conveyed to the Village; and
(2) Provide that the parcel is being conveyed in “as is, where is condition, including any environmental conditions existing in, on, or beneath the property”.
(B) The Village Board may require that other covenants, conditions or restrictions be required that are deemed to be in the public interest.
(C) The conditions of sale, whether imposed through the deed or redevelopment agreement, may be made to run with the land for a period of time to be determined by the Village.
(Ord. CO-02-17, passed 6-17-2002; Am. Ord. CO-2012-14, passed 8-21-2012)