3.03.030 Definitions.
As used in this section, the following words shall mean:
“Dispose” or “disposal” means to sell, lease, trade, gift, convey, or encumber surplus property.
“Exchange” means transactions where surplus property is transferred as a full or partial consideration for the transfer to the city of other property.
“Highest and best return” means maximizing economic return to the city as estimated by one or more of the following methods:
1. Competitive bid which may include electronic auction;
2. Evaluation by a qualified and disinterested appraiser;
3. Other professional publications and valuation services; or
4. An informal market survey by the city’s procurement officer in the case of items of property possessing readily discernible market value.
“Property” means real and personal property.
“Reasonable notice” means publication in a newspaper or newsletter of general circulation within the city, posting in public places within the city, internet posting on the city’s website, or other means of notification accessed by city residents.
“Significant parcel of real property” means a parcel having been owned by the city for a period of at least one year, which exceeds one acre and/or has a reasonably estimated value exceeding one hundred thousand dollars. (Ord. 2018-12 § 1 (Exh. A (part)))