Sec. 122.430.3. - Exchanges.

(a) Notice. Before any exchange of property occurs, a notice setting forth the terms and conditions of the exchange of property shall be published once a week for at least two weeks in a newspaper of general circulation published in the City, or via such other advertisement or notice method as permitted by law (e.g., a publicly accessible website), before the exchange of properties. (b) Settlement of a difference in value. No exchange entered into by the Real Estate Division shall require the City to pay the grantor the difference in value when the grantor's property has a greater value than the City property being exchanged. City-owned property may not be exchanged except on receipt of fair market value including, if necessary, the payment by the grantee of the difference in value between the grantee's property and the City property. (c) Applicable provisions. The part of the exchange transaction that will result in a conveyance of real property to the City shall be conducted pursuant to Subpart A of this Part 4. The part of the exchange transaction resulting in the City's conveyance of real property to a third party may be conducted by private negotiation but otherwise shall be conducted pursuant to Subpart B of this Part 4. (Ord. 2018-871-E , § 2; Ord. 2023-187-E , § 5) Note— See editor's note, Subpart B.