§ 8.22 — Real property

Sec. 8.22. - Real property.

(a) Whenever a disposition of an interest in real property is authorized by the City, the instrument conveying such interest may be executed by the Mayor or the Mayor's designee and attested by the City Clerk or Deputy City Clerk, with the corporate seal of the City attached. In the sale of real estate, the City may execute deeds in the usual form and containing full covenants of warranty. (b) The City may convey interests in real property owned by it by private negotiation or sale, with respect to parcels of property having a fair market value of ten thousand dollars ($10,000.00) or less, and G.S. 160A-265 et seq. shall not apply to such dispositions. The City Manager may approve such dispositions. (c) The City may, in addition to other authorized means, convey real property owned by it to persons of lower moderate-income for residential purposes using the negotiated offer, advertisement, and upset bid process and requirements established by G.S. 160A-269, provided, however, the City may lower the bid deposit requirement to an amount not less than one percent (1%) of an offeror's bid. (d) When the Council determines that a sale or disposition of property will advance or further any Council-adopted economic development, transportation, urban revitalization, community development, or land-use plan or policy, the City may, in addition to other authorized 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 such covenants, conditions, or restrictions (or a combination of them) the City deems necessary to further such adopted policies or plans. The consideration received by the City, if any, for such conveyance, may reflect the restricted use of the property resulting from such covenants, conditions, or restrictions. An interest in property pursuant to this subsection may be conveyed only pursuant to resolution of the 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: (1) The property involved; (2) The nature of the interest to be conveyed; and (3) All of the material terms of the proposed transaction, including any covenants, conditions, or restrictions which may be applicable. The notice shall give the time and place of the Council meeting where the proposed transaction will be considered and shall announce the Council's intention to authorize the proposed transaction. Notwithstanding the foregoing, the City may not sell the land or buildings located at 100 Paul Buck Boulevard by private sale. (e) The City Manager may approve the sale by the City of real property having a value of more than ten thousand dollars ($10,000) when the City Manager certifies to the Council that the property is being sold for the purpose of increasing the supply of affordable housing available to low- or moderate-income persons. The City Manager shall within 10 days of any transaction authorized by this subsection report the details to the Council.

(S.L. 2002-32, § 2)