(A) The Common Council shall authorize by individual resolution or ordinance acted upon by the Council at a regular meeting any person, officer, board, department or commission hereinafter designated as seller, duly authorized and empowered by law or delegated and entrusted with authority to sell, convey, trade or alienate, without an appraisement or public notice, any real property belonging to the city whenever the total amount or any sale, conveyance, trade or alienation does not exceed $4,000.
(B) In all cases of sale, conveyance, trade or alienation of real property where the total amount involved exceeds the sum of $4,000 the seller shall first obtain the appointment of three disinterested freeholders of the city to appraise the property by the Mayor or, in his or her absence or inability, by the Common Council. No sale, conveyance, trade or alienation of any property shall be made for a sum less than the appraisement, and only by a two-thirds vote of the Common Council.
(C) Furthermore, all sales, conveyances, trades or alienations of real property by any government unit under the provisions of divisions (A) and (B) above shall be a unit basis and the sales, conveyances, trades or alienation of property of a value in excess of $4,000 on the open market under two or more contracts is prohibited. However, the real property of whatever value may be sold, conveyed, traded or transferred to the United States government, the state, or any agency, division or instrumentality thereof, unless prohibited by a two-thirds vote of the Common Council. All sales, conveyances, trades or alienations in excess of $4,000 shall be by the Mayor, in the name of the city, attested by the City Clerk-Treasurer and with the seal of the city affixed thereon.
(‘89 Code, § 115.01)