Amending Chapter 14.5 Entitled Property

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(2) The Board shall publish a notice calling for sealed bids at not less than the offering price. Bids may be received in the offices of the Board until the time specified by notice for the opening; of bids. (3) The Board shall open all bids at its public hearing, and every bid opened shall be available for public inspection. The Board shall award the sale of the property to the highest and best bid equal to not less than the offering price. In determining the best bids, the Board shall consider, among other factors, the pro- posed use of the property zoning restrictions, the size and charac- ter of the property, the improvements proposed by the bidder, the bidder's plans and ability to make the improvements with reasonable promptness, whether the bidder will sell or rent the property after improvement, and the bidder's proposed sale or rental price. The award of a sale of any property on which the offering price was in excess of twenty -five thousand dollars ($25,000.00) shall be approv- ed by resolution of the Common Council before it may be deemed effective. (4) If either there is no bid received at least equal to the offering price, or no cash sale for any other reason, then the Board may call for bids by publication offering the property for sale at not less than the offering price on credit. in payments not to extend over a period of more than three (3) years, payable in equal quarterly installments with interest at a rate to be establish- ed by the Board payable in advance. In establishing; the rate of interest the Board shall give primary consideration to the rate then being charged by local lending institutions for similar transactions. The publication, bidding and award procedures shall be the same as set forth above. (5) If the Board does not receive installment bid for the property as a result #ken the property eaaaet may not be sold for e4 the Owe k24 apppaleale appraised value as appraiser without specific authorization by Common Council. an acceptable cash or of the above procedures, less than the avepage submitted by the resolution of the (6) Notice required by publication under this section shall appear in two (2) newspapers of general circulation in the City of South Bend on two (2) nonconsecutive days, the last notice to appear at least fourteen (14) days prior to the final date for receipt of bids which shall be the date on which the bids are opened. The pub- lished notice shall specify the general location of the property, any limitations on use of the property, the offering price, the date, time and place for opening bids, the deadline for receipt of bids, and any other information or bidding; requirements which the Board deems appropriate. SECTION V. Severability. If any provision, section, or part of any section of this ordi- nance is declared to be invalid or unconstitutional, such declara- tions shall not be construed to affect any of the other provisions, sections, or part of sections herein, and the remainder of the ordi- nance shall not thereby be invalidated. SECTION VI. This ordinance shall be in full force and effect from and after its passage by the Common Council, approved by the Mayor and legal publications. FILED IN CLERIC'S OFFICE .�N» isi i' `i— 'ADa�a0a �, i 1 NOT APPROVED _ REFERRED �-' - ��fe a ar P mon ASSED - 13 - 7 `) CL, C RK, OUTH BEND, 1ND, ov Member of the 7omrffoh Council R ,2 •�'' //Ss 3. aRk�l�. YSJ�L.i1 w�j L-i t. _i ..._i C:. <v .L z.., LiC?AI