(a) The Land Bank is authorized to convey, exchange, sell, transfer, lease, grant or mortgage interests in real property of the Land Bank in the form and by the method determined to be in the best interests of the Land Bank, except where expressly limited in this Section.
(b) The Board of Directors may delegate this disposition authority to the administrator of the Land Bank except in the following circumstances in which the Board itself must review and approve transfers of property at a public meeting:
(1) The proposed terms of the transaction conflict with the Land Bank’s published policies or procedures; or
(2) When otherwise required by law.
(c) The Land Bank shall be guided by such hierarchical ranking of priorities for the use of real property conveyed by the Land Bank as the Sharon City Council may establish, including use for:
(1) Retail, commercial and industrial activities;
(2) Affordable housing;
(3) Purely public spaces and places;
(4) Conservation areas; and/or
(5) Private uses.
(Ord. 02-18. Passed 3-21-18.)