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The corporate authorities may by resolution passed by an affirmative vote of two-thirds of the corporate authorities:
(A) Determine the method by which the municipal real estate shall be offered for sale or lease and in so doing specify the location of the real estate, the current use thereof, and the reason it is no longer needed or appropriate for public use;
(B) Negotiate through the City Administrator or his or her designated representatives the price and terms of sale or lease of the municipal real estate in whole or in part; and
(C) Accept and authorize the execution by the appropriate municipal officer of any proposed agreement for the sale or lease of municipal real estate, in whole or in part, including installment purchase agreements not exceeding 20 years or lease agreements not exceeding 99 years.
(1999 Code, § 34.06) (Ord. 3443, passed 5-1-2006; Ord. 3784, passed 12-3-2012)