For the purpose of this section, the following definitions shall
apply:
LEASE
A tenancy in real property granting the right of possession
for a specified term for consideration, and shall not include a permit,
license, or franchise to use Village-owned or controlled real property
or public right-of-way.
REAL PROPERTY
Any interest in real property owned by the Village within
or outside the corporate limits of the Village.
Real property qualifying for the procedure established in this
section shall be classified as follows:
A. Substandard undeveloped property. Parcels with no structures thereon
which are not of minimum buildable size for the zone in which located,
and parcels that do not meet the Village's existing development ordinances.
B. Standard undeveloped property. Parcels with no structures thereon
which are of minimum or greater buildable size for the zone in which
located.
C. Developed property. Parcels of any size with structures thereon.
When disposing of real property to federal or state government or any of their agencies or political subdivision, the Village Board may act without complying with the provisions set forth in §§
40-8 and
40-9 above when the disposal is for a specific public use.