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A. Limitations. No sale or other Disposition of Real Property belonging to the Town shall be final until approved by a majority vote of the Council and all documents pertaining thereto shall be executed by the Mayor or Town Manager and attested by the Town Clerk. If the value of the property exceeds the amount set forth in Ariz. Rev. Stat. § 9-403(A), as amended, the sale shall first be authorized at an election held pursuant to ARIZ. REV. STAT. § 9-403.

B. Advertisement; Bids. No Real Property belonging to the Town shall be sold or otherwise disposed of except as provided in Ariz. Rev. Stat. § 9-402 et seq., as amended. The Town shall have the right to reject any and all bids, to withdraw the property from sale prior to sale and to readvertise for sale.

C. Appraisal Prior to Sale. Prior to the sale of any Real Property, the Town shall obtain one or more appraisals of value from one or more disinterested parties. Such appraisal(s) shall form the basis for valuation of the property to be sold.

D. Sale; Lease; Exchange. The Town may exchange, sell or lease Real Property to the federal government or another political subdivision pursuant to the procedures specified in Ariz. Rev. Stat. § 9-405 and § 9-407, as amended. (13-04, Added, 11/21/2013)