[Ord. #05-04, § 1]
a.
The City of Ocean City is authorized by N.J.S.A. 40A:12-1 et seq.
to acquire or sell an interest in real property.
b.
From time to time it is necessary or appropriate for the City of
Ocean City to acquire or sell an interest in real property.
c.
It is in the best interest of the City and its taxpayers that it
receive fair market value for any property which it sells, and further
it is in the best interest of the City that it does not pay in excess
of fair market value for any property which it acquires. In order
to assure that this goal is achieved, it is determined that it is
necessary and appropriate to obtain a minimum of one (1) real estate
appraisal from a New Jersey certified real estate appraiser before
any land is acquired or sold by the City of Ocean City for an amount
in excess of one hundred thousand ($100,000) dollars.
[Ord. #05-04, § 2]
Prior to the City of Ocean City executing any agreement of sale
for an amount in excess of one hundred thousand ($100,000) dollars
to acquire an interest in real property, or to sell an interest in
real property, or to attend any closing for the acquisition or sale
of any interest in real property, the City shall obtain a written
appraisal from a licensed New Jersey appraiser certifying the value
of the interest to be acquired or sold. Thereafter, the City should
not contract to acquire or sell an interest in real property, or attend
any closing to acquire or sell an interest in real property, unless
the value of the interest in real property to be acquired or sold
by Ocean City is consistent with the value as determined by the real
estate appraisals.
Prior to the City of Ocean City executing any agreement of sale
for an amount in excess of two hundred fifty thousand ($250,000) dollars
to acquire an interest in real property, or to sell an interest in
real property, or to attend any closing for the acquisition or sale
of any interest in real property, the City shall obtain two (2) written
appraisals from a licensed New Jersey appraiser certifying the value
of the interest to be acquired or sold. Thereafter, the City should
not contract to acquire or sell an interest in real property, or attend
any closing to acquire or sell an interest in real property, unless
the value of the interest in real property to be acquired or sold
by Ocean City is consistent with the value as determined by the real
estate appraisals.
For properties valued in excess of two hundred fifty thousand
($250,000) dollars where two (2) appraisals are received differing
by more than ten (10%) percent in value, then a third appraisal from
a New Jersey certified real estate appraiser shall be obtained prior
to the City of Ocean City executing any agreement of sale or acquiring
an interest in real property.
[Ord. #05-04, § 2.1]
Any buyer of City property shall reimburse the City the cost of all appraisals required in connection with the sale of property by the City as required in Subsection 2-25.2 above.
