(1) Council shall not approve any acquisition by the City of title in real estate unless, prior to Council approval, the Commissioner of Public Property has filed with the Chief Clerk of Council an independent appraisal of the value of such real estate. This subsection (1) shall not apply under any of the following circumstances:
(a) Acquisitions at Sheriff Sales pursuant to Section 16-102.
(b) Acquisitions to be made pursuant to the City's exercise of its powers of eminent domain under state law.
(c) Whenever application of subsection (1) would not be in the best interests of the City.
(2) Council shall not approve any sale by the City of any real estate where the market value of such real estate, as assigned by the Office of Property Assessment, is in excess of two hundred thousand dollars ($200,000), unless, prior to Council approval, the Commissioner of Public Property has filed with the Chief Clerk of Council an independent appraisal of the value of the such real estate. This subsection (2) shall not apply whenever its application would not be in the best interests of the City.
Notes
| 9 | Added, Bill No. 180011 (approved May 22, 2018). |