22.05.105 Terms for Financing Sale of City-Owned Lands.
(a) In order to expedite and facilitate the sale of City lands, the City Manager is authorized to accept terms for sales and may accept a note secured by a deed of trust for a portion of the purchase price thereof, subject to the following restrictions:
(1) Except for property sold by the City subsequent to foreclosure for delinquent taxes or assessments, prior to making a determination to accept a note and deed of trust from a prospective purchaser, the City shall order a preliminary commitment for title insurance and a review of the grantee index covering the party desiring to purchase the land at the cost of the party requesting to purchase the land, and no credit will be advanced on such sale if there are any delinquent liens or unpaid judgments found in the title company report until any such judgments or liens are paid and releases therefor have been filed.
(2) In the event of a credit sale, terms shall be approved by the City Council in the ordinance approving the sale, as follows:
(i) The down payment required, which shall not be less than fifteen percent (15%) of the sales price; and
(ii) The length of the note; and
(iii) A fixed or variable interest rate.
(Repealed and Reenacted Ord. 3072-2019 (Substitute))