A. Interests in real property shall be purchased or otherwise acquired for the Agency by the Executive Director, or the Executive director's designee, under such terms and conditions determined to be reasonable by the Executive Director; provided that:
1. No interest in real property shall be acquired unless:
a. Determined to be necessary or desirable for the implementation of an approved Project Area Plan or a redevelopment project otherwise approved by the Board; or
b. Determined by the Executive Director to be desirable for future redevelopment activities of the Agency; and
2. Such acquisition, if requiring the expenditure of funds, is:
a. Specifically authorized in the approved annual budget; or
b. Authorized for acquisition by a resolution of the Board with existing appropriations; or
c. Acquired through the use of funds authorized for general property acquisition in the approved annual budget.
3. With regard to an option to purchase real property, provided the option meets the real property acquisition requirements of Subsection A.1.a., the Executive Director shall not be required to obtain Board approval prior to entering into such option provided the price of the option is either less than $30,000 or ten percent (10%) of the purchase price of the property, whichever amount is lower. Options for purchase of property not located within an approved Project Area Plan or a redevelopment project otherwise approved by the Board shall require prior Board approval.
B. Whenever any interest in real property is acquired by the Agency, the deed or other instrument of conveyance shall immediately be delivered to the City Recorder, as the custodian of Agency records, who shall forthwith cause the same to be recorded in the office of the county recorder in which the real property is situated. After such deed or other instrument has been so recorded, the original shall be maintained in the City Recorder's Office and a copy provided to the property manager designated by the Executive Director who shall keep and maintain a complete, accurate, and properly indexed record of all transfers of real estate interests to or from the Agency.
C. Notwithstanding the above, the exercise of eminent domain powers for the acquisition of real property must comply with applicable laws, rules and regulations.
D. Within thirty (30) days after the Executive Director's acquisition of any interest in real property, the Executive Director, or the Director's designee, shall disclose to the Board the location of the property, the nature of the real property interest, the general terms of acquisition, and the purpose for such acquisition.
(Res. 2023-18, 8-15-2023)
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