Sec. 518.161. - Responsibility of property acquisitions.

(a) The Real Estate Officer and the Director of Finance and Administration shall be authorized to utilize and administer budgeted or appropriated funds for the purpose of purchasing properties in the "Tax Collector's available land," maintenance of City's properties acquired through any method specified in this Chapter (including those which escheat to the City upon being in the list of available lands for the maximum time allowed by law) and for abatement of public nuisances as approved by the Director of Finance and Administration and the Real Estate Officer. (b) Acquisition of properties shall be performed under the following circumstances: (1) Interested person has entered into a contract with the City for the rehabilitation of the property in accordance with the minimum standards specified in this Chapter. (2) The person interested in rehabilitating the property has provided evidence of available funds for the rehabilitation of the property in the form of a loan commitment from a financial institution or private party. (3) The interested person has agreed to pay the cost of City's acquisition of the property in a period not to exceed ten years, at a yearly interest to be determined by the Director of Finance and Administration. (c) In the event the conditions stated in subsection (a) have been met, the Real Estate Officer, with the approval of the Director of Finance and Administration shall purchase the property in the "Tax Collector's Land Available" for the minimum bid price and deed the property to interested party, subject to a first mortgage for the amount of the acquisition cost. (d) The Real Estate Officer, with the approval of the Director of Finance and Administration, shall also be authorized to settle or extinguish any demolition or nuisance abatement lien in the acquired property in consideration for the rehabilitation of the property. The extinguishment or settlement of the lien shall not be effective until the property has been completely rehabilitated. (Ord. 96-458-297, § 1; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization.