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The City will convey to the Parma Heights Community Improvement Corporation lands and interests in lands owned by the City and determined by City Council that such land is not required for municipal purposes and that conveyance of such land or interest in land will promote the welfare of the people of the City, stabilize the economy, provide employment, and assist in the development of industrial, economic, commercial, distribution, research and development, and civic development activities to the benefit of the people of the City and provide additional opportunities for their gainful employment. The consideration for any such lands and interests in land so conveyed may be determined by the Mayor and the Law Director and confirmed by City Council. Any conveyance or lease by the City to the Parma Heights Community Improvement Corporation shall be made without advertising and receipt of bids. If any lands or interest in lands conveyed by the City to the Parma Heights Community Improvement Corporation are sold by the Corporation at a price in excess of the consideration received by the City from the Corporation, such excess shall be paid to the City after deducting therefrom the following costs to the extent incurred by the Parma Heights Community Improvement Corporation: (1) the costs of acquisition and sale by the Corporation; (2) taxes and assessments; (3) costs of maintenance; (4) costs of improvements to the land by the Corporation; (5) service fees; and (6) any debt service charges of the Corporation attributable to such land or interests.
(Ord. 2014-10. Passed 4-28-14.)