The Council shall pass an ordinance providing for the care, custody and disposition of real property, or any interest therein, which it shall hereafter acquire by reason of any action taken to protect the City's tax lien thereon. Unless action is taken by the Council as provided and permitted in this section, the owner of any interest therein, by fee, by title, as mortgagee or as vendor or vendee under a land contract shall be given the right to purchase the City's interest therein, upon payment to the City of the amount of money which the City has invested therein in the form of unpaid taxes, special assessments, charges, fees, penalties, interest and costs. After the lapse of ninety days after the date that the City acquires title to any such property, the Council may remove the same from the market by determining that such property is needed for and should be devoted to public purpose, naming such purpose, or may sell the same at a price which shall be not less than its market value, as determined and certified to the Council by the Assessor.