Sec. 122.425. - Disposition by auction or sealed bid.

(a) Public auction. If the Chief of the Real Estate Division determines that a property may be more advantageously disposed of by public auction, the Chief may sell the property at public auction to the highest and best bidder for cash, after publication of a notice of the auction in a newspaper of general circulation in the City, or via such other advertisement or notice method as permitted by law (e.g., a publicly accessible website), published at least ten days before the date of the auction, setting forth the date, time and place of the auction and a legal description and street address (if available) of the surplus real property. Persons who have requested notice from the Real Estate Division of auctions of City-owned property shall be notified of the date and time and place of property auctions. (b) Sealed bid. The Real Estate Division may choose to submit any City-owned surplus property to the Procurement Division for sale through a sealed bid process. The Real Estate Division may request the Procurement Division to advertise the property for sale in a local newspaper of general circulation, or via such other advertisement or notice method as permitted by law (e.g., a publicly accessible website), for a minimum bid equal to the appraised value, if an appraisal was obtained, but no less than 25 percent of the assessed value. The bidding period shall remain open for ten days after publication of the notice. The property shall be sold to the highest bidder for cash whose bid meets or exceeds the minimum bid. (Ord. 2018-871-E , § 2; Ord. 2023-187-E , § 5)