The text
(a)
The city council may adopt a resolution approving or denying the sale of the subject parcel at any time after all offers have been considered pursuant to this section. No sale of any parcel of real property held by the city in fee simple shall take place until an appraisal has been obtained from an independent appraiser who has been retained pursuant to section 2-10. The cost of said appraisal shall be borne by the purchaser of the property.
(b)
Notice shall be provided and input shall be obtained from the directors of city planning, public works, finance and the clerk of the zoning board prior to the commencement of selling a property in accordance with this section. A copy of the notice shall also be sent to the councilperson in whose ward the parcel of land lies. Notice may also be placed in newspapers of local and or regional significance should city staff determine such is necessary to maximize bid price. Abutting property owners, whose lots are contiguous to the subject parcel shall receive first class notification of the bid effort with information sufficient to submit a sealed bid.
(c)
An offer to purchase any parcel of real property which is held by the city in fee simple shall be made in the form of a sealed bid which shall be submitted to the city treasurer in a sealed envelope clearly marked with the words "City Land Purchase," and the assessor's plat and lot number of the subject parcel. The envelope shall be kept sealed until opened by the city council public properties committee. Should multiple highest bid offers be of identical value, staff shall obtain a second round of sealed bids from the said highest offerors for the next available meeting of the committee. A purchase and sale agreement shall be established with the highest bidder. A minimum deposit of 20 percent of the assessed value, according to the tax assessor records, shall be tendered to the city along with execution of the purchase and sales agreement.
(d)
The city may require a bid deposit, not to exceed five percent of a property's assessed value, to accompany bid submissions under this section. All bid deposits, except that of the successful bidder, shall be refunded or returned within a reasonable time after the identification of the successful bidder. The successful bidder's bid deposit shall be applied to the purchase price at closing, or forfeited to the city as liquidated damages for nonperformance should a successful bidder fail to timely execute a purchase and sales agreement or to close the sale, as determined by the city solicitor, and provided that notice of forfeiture is provided at least 15 days in advance and the successful bidder has an opportunity to cure the nonperformance within such timeline.
(e)
The purchase and sale agreement shall contain the following provisions, and other terms and conditions as shall be approved by the city solicitor:
(1)
Prior to closing, the city shall obtain an appraisal at the expense of the purchaser, and the purchaser shall also submit a title report to the city.
(2)
The purchaser shall pay, on or before the date of closing, any outstanding taxes, interest, assessments or other liens, costs of clearing the title to the subject parcel, and any and all closing costs including the appraisal fee, attorney fees, recording fees and tax stamps which shall accrue as a result of the sale.
(3)
In the event that the subject parcel is adjacent to a parcel owned by the prospective purchaser, then the lot shall be merged administratively into the purchaser's existing lot and if the subject parcel is zoned residential, the deed shall contain a restriction that no building or structure shall be allowed on the subject parcel except that which is permitted as a residential accessory use by the city zoning ordinance without variance or other relief from said ordinance, including, but not limited to, a shed, a pool, a driveway, an addition to an existing house, or a fence. Administrative subdivision shall be provided by the purchaser prior to closing.
(Ord. No. O-08-10, § I, 3-18-08; Ord. No. O-22-5, § I, 2-25-22)