(a) “Market value” defined: For purposes of this section, “market value” means the price in terms of cash, cash equivalent financing, or other precisely-defined terms a willing buyer would pay a willing seller, neither acting under compulsion or duress, both freely exercising prudence and intelligent judgment as to its value and familiar with the purposes for which the property is reasonably available.
(b) Parcels of real estate are to be sold only as provided in West Virginia Code 8-12- 18, unless those parcels have a market value of less than $1000.00.
(c) The following procedures shall be utilized in considering the sale of small parcels of real property valued at less than one thousand dollars ($1,000), such as so-called “paper alleys”, owned by the City.
(1) The prospective buyer of a parcel of real property owned by the City shall, as a prerequisite to a sale and conveyance of such property, provide the City with a current professional property appraisal, based upon the market value of the property. The appraisal is to be done by an appraiser approved or selected by the City. The purchaser must also provide the City with a metes and bounds survey and map which adequately describes the property in question. The property, if sold, shall be sold at its appraised market value plus the cost of appraisal, but in no event shall the sale price be less than one hundred dollars ($100.00), and the cost of the appraisal, if paid by the City, shall be an additional amount due the City from the prospective buyer.
(2) Each proposed sale of City real property shall be handled on a case-by-case basis. If two or more parties are interested in purchasing the same parcel of property, and the parties cannot agree between themselves as to the division or sale of the property, the property shall not be sold to any party at that time.
(3) A request for the purchase of such a parcel of real property shall be made to the Streets, Alleys and Sidewalk Committee of Council, which Committee shall make a recommendation to Council as a whole, with a majority vote of Council required for approval. Council, in considering such approval, shall give great weight to potential public use of the property, and shall cause the matter to be given public notice, as a Class I legal advertisement, cost to be borne by the prospective purchaser.
The guidelines of this section are in addition to any other limitations or requirements imposed on the sale of municipally owned real property, contained in either City or state statutes, including West Virginia Code 8- 11-3(6) and 8-12-18.
(Ord. 1880. Passed 9-7-95.)
(Ord. 1880. Passed 9-7-95.)