AI-assisted research summary: Cities and towns face extra steps before selling real property over $1.5 million, and special-election approval is required for property worth $15 million or more.
9-403 - Sale of real property; public hearing; resolution; posting of terms of sale; special election; sale at auction 9-403. Sale of real property; public hearing; resolution; posting of terms of sale; special election; sale at auction A. Real property of a city or town, the value of which is more than $1,500,000 but less than $15,000,000, may not be sold unless the governing body of the city or town does both of the following: 1. Holds at least one public hearing to take public comment on the proposed sale after publishing the invitation for bids as prescribed in section 9-402 at least thirty days before the scheduled approval of the purchase agreement. Notice of the hearing shall be provided at least ten days before the hearing and shall include both of the following: (a) A description of the property proposed for sale and the reasons for the proposed sale. (b) Information on how to submit to the governing body written and verbal comments on the proposed sale. 2. By a vote of the members of the governing body, adopts a resolution approving the sale of the property. B. If a city or town sells real property pursuant to subsection A of this section, the terms of the sale shall be posted on the city's or town's website on completion of the sale. C. Real property of a city or town, the value of which is $15,000,000 or more, shall not be sold unless first authorized by a special election called for the purpose of submitting to the voters of the city or town the question of selling or not selling the real property proposed for sale. The election shall be held within the corporate limits of the city or town on a date prescribed by section 16-204, and notice shall be given as provided in section 9-402. D. The ballots shall contain a description of the property proposed for sale and the reason the governing body desires the property sold. The description and reasons shall be printed in eight-point type and shall contain not more than one hundred words. E. If a majority of the ballots cast is in favor of selling, the governing body may sell the property at public auction, after giving the notice required in section 9-402, to the highest bidder for cash, reserving the right to reject any and all bids. F. Real property sold pursuant to this section shall be sold at not less than the appraised value of the property.