§ 3.76.010. Established.

A.

There is established a commercial/industrial land bank to be operated by the City through the Department of Community Development with the advice and recommendations of the Economic Development Commission. In establishing the land bank, the City through the Department of Community Development may purchase, on the open market, commercial and industrial properties. In addition, property owned by the City designated and declared by the City Council to be surplus property shall become a part of the land bank. The parcels may be assembled for subsequent sale or lease to commercial and manufacturing concerns wishing to locate within the City.

B.

The Economic Development Commission shall advise the Department of Community Development concerning the program, and shall recommend appropriate guidelines for the operation of the program. The Economic Development Commission shall submit recommendation regarding any and all transactions for City Council approval whether they are the sale of surplus City property or the purchase, sale, lease or disposition of other properties.

(Ord. C-5428 § 1, 1978: Ord. C-5337 § 1, 1977)