[Adopted as Rev. Ords. 1976, §§ 17-1 to 17-12 (Rev. Ords. 1989, §§ 14-16 to 14-27)]
A board known as the "Property Valuation Board" is hereby created, to consist of the following members: the City Treasurer/Collector, to be Chair, the Building Commissioner, to be Clerk, and the Chair of the Board of Assessors.
The Property Valuation Board shall provide for the care, maintenance, rental and disposal or otherwise of all real estate to which the City has acquired or may hereafter acquire title in fee by virtue of land court foreclosure of tax titles or otherwise, excepting all property used for a definite municipal purpose.
The Property Valuation Board may make its own rules of procedure, but there must be two members to constitute a quorum, and affirmative action shall be by a majority vote of all the members.
The Property Valuation Board shall appraise each parcel to which the City has acquired title in fee and determine a fair selling price and may recommend the demolition of any building thereon.
A fair selling price for land and buildings and recommendations for demolition of buildings shall be communicated to the Mayor and City Council.
Offers for the purchase of any parcel at not less than the listed price shall be made, in writing, to the Property Valuation Board. All such offers shall be accompanied by a deposit of 10% of the offering price, and no offer shall be binding on the City until approved by the City Council.
The Property Valuation Board shall submit such offers to the Mayor with its recommendation and shall also forthwith notify the Planning Board, in writing, of each offer so submitted. The Mayor shall refer such offers to the City Council with his/her recommendation.
Deeds and all other papers required to complete the transaction shall be prepared by the City Solicitor upon notification of the Property Valuation Board.
Payments for the purchase or rental of City parcels under this article shall be made to the City Treasurer, and such funds received from the sale of land acquired through tax title foreclosure shall be credited to the account of the Sale of Tax Possessions Fund.
The Property Valuation Board may authorize or request the Department of Public Works to use the gravel or fill found on a City-owned lot or may authorize or request the Department of Public Works to grade such lot.
All legal costs for the conveyance of a clear title and other expenses incurred with the approval of the Property Valuation Board shall be paid from funds appropriated to the Board from the account of the Sale of Tax Possessions Fund.
The account of the Sale of Tax Possessions Fund shall at no time be reduced below $1,000 for any purpose other than for use in the sale of land or improvement of land as hereinbefore described.