(a) The City Clerk shall maintain on file in his office an inventory of all real property owned by or leased to the City. This inventory shall be maintained in current status, and during January of each year shall be revised, as may be appropriate, to show changes in value due to depreciation or to repairs, renovations, etc. For each building or lot such inventory shall also show:
(1) A brief description;
(2) A reference to the deed, devise, lease or other instrument whereby the City acquired title to or the use thereof;
(3) The department, office or agency charged with custody;
(4) The purpose or use;
(5) The insurance of all types thereon, together with rates as to premiums payable and anniversary dates; and
(6) For property owned by the City and leased to other persons, copies of such leases and appropriate notes as to the revenues derived therefrom.
(b) Each City officer or employee having custody of items of nonexpendable personal property of value greater than twenty-five dollars ($25.00) owned by or leased to the City shall, during January of each year, prepare in duplicate an itemized inventory of such property, showing for each item:
(1) Its value and a brief description, together with identification (by serial number, where applicable);
(2) A reference to the instrument, if any, whereby title or use was acquired;
(3) The department, office or agency having custody;
(4) The purpose or use; and
(5) The insurance of all types, if any, together with notes as to premiums payable and anniversary dates.
The original copy of each such inventory shall be filed in the office of the City Clerk before February 1, of each year, and the duplicate copy shall be retained on file in the office of the person who prepared it.
(1975 Code Sec. 2-1)
(c) Disposition of Real or Personal Property for Economic Development Purposes.
(1) The City of Princeton may sell its real or personal property in excess of $1,000.00 for fair market value, but without public auction, provided that City Council has made a factual determination that the property is to be used to facilitate specific economic development projects and/or to provide a specific necessary and convenient resource for the benefit of the citizenry.
(2) Any proposed conveyance of City property pursuant to this subsection shall be published as a Class II legal advertisement and the publication area for the publication shall be the City of Princeton.
(Passed 1-11-16.)
(d) Disposition of Municipal Property to Nonprofit Organizations.
(1) The City of Princeton may lease or convey City property to nonprofit organizations for less than fair market value, and without public auction, when the nonprofit organization is providing services that benefit the public and are services that the City could lawfully provide; provided that City Council has made a factual determination that:
A. There is a lack of need for such property by the City in comparison to the benefit to the City if property is leased or conveyed; and
B. There is a demonstrable need for such property by the nonprofit organization to be able to perform the services benefitting the public.
(2) In the event the nonprofit organization should cease to provide such services to the public, the property shall by operation of law, revert to and vest in the City, and such nonprofit organization shall thereafter have no right, title, or interest therein or thereto.
(3) Any lease, deed or other instrument of property transfer executed pursuant to this subsection (d) shall contain the reversion wording in subsection (d)(2) hereof.
(4) Prior to the approval by City Council of any conveyance of City property pursuant to this subsection (d), City Council shall be provided with documentation evidencing that all project plans have been approved by all necessary and relevant state and/or municipal committees and departments, all necessary and relevant state and/or municipal permits are in place or are approved subject to purchase of the property, and funding for the project secured. (Passed 1-11-16.)