A BILL TO BE ENTITLED
AN ACT to amend the charter of the city of raleigh to authorize the city to sELL, exchange, or otherwise transfer real property subject to restrictions.
The General Assembly of North Carolina enacts:
SECTION 1.  Section 22 of the Charter of the City of Raleigh, being Chapter 1184 of the 1949 Session Laws, as amended, is amended by adding the following new subsection:
"(88). Conveyance of Real Property with Restrictions. When the City Council determines that a sale or disposition of real property will advance or further any Council adopted economic development, transportation, urban revitalization, community development, or other City policy, the City may, in addition to other authorized means, sell, exchange, or transfer the fee or any lesser interest in real property, either by public sale or by negotiated private sale. The City may attach to the transfer and to the interest conveyed any covenants, conditions, or restrictions, or a combination of them, the City deems necessary to further the adopted policies or plans. The consideration received by the City, if any, for the conveyance may reflect the restricted use of the property resulting from the covenants, conditions, or restrictions. Any conveyance under this section may be made only pursuant to a resolution of the City Council authorizing the conveyance. Notice of the proposed transaction shall be given at least 10 days prior to adoption of the resolution by generally authorized legal advertising methods, and the notice shall generally describe: (i) the property involved; (ii) the nature of the interest to be conveyed; and (iii) all of the material terms of the proposed transaction, including any covenants, conditions, or restrictions which may be applicable. The notice shall give the time and place of the City Council meeting where the proposed transaction will be considered and shall announce the Council's intention to authorize the proposed transaction."
SECTION 2.  This act is effective when it becomes law.