In accordance with the Lincoln Town Charter §
C6-6(4) and R.I.G.L. § 45-2-4 and 45-2-5, it is hereby declared that a need exists to implement a policy for the sale or conveyance of real property by the Town of Lincoln.
Except as otherwise authorized by law, any real property owned
by the Town of Lincoln, regardless of the manner in which said real
property has been acquired by the Town, including but not limited
to by purchase, by purchase at tax sale, by gift or devise, or by
tax abandonment, shall not be sold, conveyed or gifted to any person
or persons, corporation, municipal corporation, utility, partnership,
limited liability company or any entity of any nature unless the provisions
of this chapter are complied with.
Prior to negotiating the sale of any real property owned by the Town of Lincoln pursuant to §
C6-6(4) of the Lincoln Town Charter, the Town Administrator shall cause an appraisal of the real property, to be performed by a licensed and certified appraiser, which shall establish the current fair market value of the property for which the real property shall be sold.
The Town Council, recognizing that the conveyance of real property to nonprofit organizations and community development corporations can provide significant returns of a nonmonetary nature, hereby declares that conveyances of real property to entities deemed to be 501c(3) corporations, as determined by the United States Internal Revenue Service, need not adhere to the provisions of §§
49-2,
49-3 and
49-4 of this chapter. The Town Administrator may, subject to Town Council approval, negotiate a conveyance to a nonprofit corporation, as defined in this section, for less than the appraised value or for no consideration.
The Town Administrator shall, pursuant to the Lincoln Town Charter §
C6-6(4), obtain the approval of the Lincoln Town Council prior to the sale or conveyance of real property by the Town of Lincoln.