1.50.095 Exchange of Real Property.
A. The City Council may authorize the trade or exchange of real property with other governmental entities or with private parties.
B. The City shall exchange real property with private entities only if the City receives at least equivalent value for the property it transfers. Payments may be made to compensate for any imbalance in the value of the property exchanged.
C. For exchanges with private entities, the City shall require or obtain an appraisal or other evidence of market value if the value of the property transferred by the City or received by the City exceeds $100,000.
D. In determining the relative value of the properties exchanged, in addition to the factors normally considered in determining the value of property, the City may consider the following factors:
1. Whether the property is adjacent to or otherwise enhances the value of other property the City owns.
2. The suitability of the property for City use.
3. Whether the transfer of the property being transferred by the City to a private party will result in a benefit to the City or community. Potential benefits may include allowing more cohesive development of an area, providing needed housing or employment opportunities, or increasing the City’s tax base. [Ord. NS-2168, 2011; Ord. NS-2159, 2011]