Rules for selling city-owned land

(a) Real property owned by the city which is to be disposed of by sale shall be sold subject to the following provisions, except to the extent that they are inconsistent with § 37-1.4 : (1) The resolution authorizing the sale of the property shall state whether the property is proposed to be sold at auction, by negotiated sale, or otherwise, and shall state the minimum price for which the property will be sold; (2) The property shall be disposed of by public auction, unless otherwise provided in the resolution authorizing the sale; (3) If the council determines by resolution that city real property may be disposed of by auction, the director shall, before selling the city real property by auction, give notice of the proposed sale at least once a week for two weeks in a newspaper of general circulation in the city; and (4) The property shall not be disposed of for a sales price less than any minimum, or upset price, stated in the resolution authorizing the sale. (b) If the city real property to be sold, whether surplus or nonsurplus, has an assessed value greater than $1,000,000, the resolution authorizing the sale of the property shall, in addition to complying with subsection (a), contain the following information: (1) The intended use of the property by the buyer; and (2) The information required in § 37-1.11 (a)(1), (a)(2) and (a)(4).