§ 2.60.060. Disposition of real property

A. Execution of Documents by Mayor. No sale or other disposition of real property belonging to the town shall be final until approved by a majority vote of the council and all documents pertaining thereto shall be executed by the mayor and attested by the town clerk.

B. Advertisement—Bids. Unless the sale or exchange is to another governmental agency, no real property belonging to the town shall be sold or otherwise disposed of except at public auction or sealed bids, excepting abandonment of property as provided per resolution; as same may be amended from time to time or this code. The date, time and place of public auction or acceptance of bids shall be posed not less than three weeks in advance of the date at town hall, on the site of the real property to be disposed of and at least two other public places. In addition, the notice of sale shall be published in a paper having general circulation in the town once each week for two consecutive weeks preceding the sale, with the last such publication not less than three days before the sale. The notice shall include a legal description of the property, a common address and a location map.

C. Appraisal Prior To Sale. Prior to the sale of any real property with an estimated value of more than one thousand dollars ($1,000.00) the town shall obtain one or more appraisals of value from one or more disinterested parties. Such appraisal shall from the basis for valuation of the property to be sold.

D. Real Property With Value Above One Thousand Dollars ($1,000.00). Real property having a value in excess of one thousand dollars ($1,000.00) may be disposed of in compliance with this chapter but only after an election is held if same is required by state law.

(Ord. 94 § 1 (part), 1992)