A. Every transfer of inventoried, city owned, personal property shall be conducted by the chief procurement officer, or under his/her express written authority. All conveyances of such property shall be based upon the highest and best economic return to the city, except that consideration for property conveyed may be based on other public policy factors when conveyed to units of government or other public or quasi-public organizations, or to nonprofit corporations which meet each of the following criteria:
1. Have obtained an exemption pursuant to section 501(c)(3), internal revenue code, from the internal revenue service;
2. Exist primarily to serve the needs of the public; and
3. The property is used for bona fide public purposes with only incidental benefit to the nonprofit entity.
B. The highest and best economic return to the city, as referred to in this chapter, shall be estimated by one or more of the following methods:
1. Sealed competitive bid;
2. Public auction;
3. Evaluation by qualified and disinterested consultant;
4. Other professional publications and valuation services; or
5. An informal market survey by the chief procurement officer in the case of items of personal property possessing readily discernible market value.
C. Sales of city personal property shall be based, whenever possible, upon competitive sealed bids or at public auction. The chief procurement officer may, however, waive this requirement when the value of the property has been estimated by an alternate method specified under this section, and:
1. The value of the property is considered negligible in relation to the costs of sale by bid or at public auction;
2. Sale by bidding procedures or at public auction are deemed unlikely to produce a competitive offer; or
3. Circumstances indicate that bidding or sale at public auction will not be in the best interests of the city. (Ord. 39-90 § 1, 1990: Ord. 88-86 § 62, 1986: prior code § 33-2-17)