§ 9.1. Public or private sale of property located within a designated community and economic development project area.

The City may, when it deems it necessary for the health, safety, and welfare of the City, designate an area as a "Community and Economic Development Project Area." When the City Council determines that a sale or disposition of City-owned property located within a designated Community and Economic Development Project Area is necessary, the City may, in addition to other means, sell, exchange, or transfer the fee or any lesser interest in real property, either by public sale or by negotiated private sale. The City may attach to the transfer and to the interest conveyed any covenants, conditions, or restrictions (or any combination of these) as the City deems necessary to further any adopted policies or plans. The consideration received by the City, if any, for the conveyance may reflect the restricted use of the property resulting from the covenants, conditions, or restrictions. An interest in property, pursuant to this section, maybe conveyed only pursuant to a resolution of the City Council authorizing the conveyance.

Notice of the proposed transaction shall be given at least 10 days prior to adoption of the resolution by publication in a newspaper of general circulation, generally describing all of the following:

(1)

The project area designated by the City Council as a Designated Community and Economic Development Project Area.

(2)

The specific property involved.

(3)

The nature of the interest to be conveyed.

(4)

All of the material terms of the proposed transaction, including any covenants, conditions, or restrictions which maybe applicable.

The notice shall give the time and the place of the Council meeting where the proposed transaction will be considered and shall announce the Council's intention to authorize the proposed transaction.

(S.L. 2000-49, H.B. 1802, § 1, 6-30-00)