§ 4.32.165. Disposal for less than fair market value

A. Upon a finding by the city council that it is in the public interest, the city may convey real property for less than fair market value to a person who has a valid claim of equitable interest in the property or in a substantial improvement located upon the property. That finding shall be incorporated in and made a part of the noncode ordinance that accomplishes the conveyance.

B. Upon a finding by the city council that is in the public interest, the city may convey real property for less than fair market value to a bona fide city resident who seeks the parcel for development and use as a personal place of residence. That finding shall be incorporated in and made a part of the noncode ordinance that accomplishes the conveyance. When a parcel of real property is disposed of pursuant to this subsection, the document of conveyance must contain a condition subsequent which ensures that if the land is used for any use than residential use for a period of ten years after the disposal, title will revert to the city.

(Ord. No. 87-05, part, 1987)