Number
161565
Version
SUBSTITUTE 2
Reference
130376
Sponsor
ALD JOHNSON
Title
A substitute ordinance relating to city sales of neighborhood property at a discount to employees of the city and city-related entities.
Section
304-51 cr
Analysis
This ordinance authorizes the department of city development to sell vacant, improved neighborhood property to an employee of the city or a city-related entity at a discount. Under this ordinance, “discount” means a 50% reduction from the list price as determined by the department of city development. To receive the discount and to be entitled to conveyance, a conflict of interest form shall be submitted disclosing that the employee had no undue influence on the sale of the property as determined by the department.
An employee who receives the discount must live in the home for 5 years.
Body
Whereas, Pursuant to s.304-49-4 of the Code, the department of city development may sell city-owned neighborhood property, as defined in s. 304-49-1-d, that is habitable property, as defined in s. 304-49-2-b-1, where the local council member has not designated the property to be withheld from disposition under s. 304-49-3, and where, per s. 304-49-2-b-1, the commissioner of neighborhood services has approved a rehabilitation or restoration plan for the property and where the commissioner of city development has determined that the buyer has skills and financial resources to carry out the plan; and
Whereas, According to s. 304-49-4-c, the sale price is to be adequate market consideration that can recognize non-monetary consideration as well as monetary consideration; and
Whereas, According to s. 304-49-4-c, the non-monetary consideration may recognize public policy factors including property and neighborhood stabilization, improvement to the property, returning the property to the tax roll, and promoting home ownership; and
Whereas, The common council recognizes that the city has had robust sales of tax-foreclo...
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