(A) The record owner at the time of tax foreclosure of property acquired by the City, or the assigns of the record owner, within ten (10) years and before the sale or contract of sale for the tax-foreclosed property by the City, may repurchase the property. The City shall sell the property for the full amount applicable to the property under the judgment and decree, with interest at a rate not to exceed fifteen percent (15%) a year from the date of entry of the judgment of foreclosure to the date of repurchase, delinquent property taxes assessed and levied as though it had continued in private ownership, and the costs of foreclosure and sale incurred by the City, including, but not limited to, costs of publication of notice and any costs associated with the determination of holders of mortgages and other liens of record under 6.36.200 (A).
(B) After adoption of an ordinance providing for the retention of tax-foreclosed property by the City for a public purpose, the right of the former record owner to repurchase the property ceases.
(Am. Ord. No. 2003-05, passed 5-6-03)