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(a) Market value shall be determined by up-to-date data, and by using the valuation method that the Land Bank or its administrator has determined is most appropriate given the particular conditions of the property and surrounding market.
(b) Nominal or reduced price disposition shall be an option for any properly owned by the Land Bank.
(c) In calculating a reduced sales price, the discount shall take into account the benefit provided by the proposed use, and the amount of discount needed to make the project both initially financially feasible and continually sustainable.
(d) For housing projects serving households at a mix of income levels, the Land Bank may count the number of low and moderate income households served and provide proportionate discounting.
(e) The Land Bank shall make available an appeals process wherein a potential purchaser may submit evidence relevant to the value of a property.
(f) The Land Bank shall enforce any provisions agreed upon as conditions of sale between the transferee and the Land Bank through legally binding mechanisms, including but not limited to deed restrictions, covenants and mortgages.
(Ord. 02-18. Passed 3-21-18.)