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Article 12.
<br />Sale and Disposition of Property.
<br />§ 160A -265. Use and disposal of property.
<br />In the discretion of the council, a city may: (i) hold, use, change the use thereof to other uses, or (ii)
<br />sell or dispose of real and personal property, without regard to the method or purpose of its acquisition
<br />or to its intended or actual governmental or other prior use. (1981 (Reg. Sess., 1982), c. 1236.)
<br />§ 160A -Z66. Methods of sale; limitation.
<br />(a) Subject to the limitations prescribed in subsection (b) of this section, and according to the
<br />procedures prescribed in this Article, a city may dispose of real or personal property belonging to the
<br />city by:
<br />(1) Private negotiation and sale;
<br />(2) Advertisement for sealed bids;
<br />(3) Negotiated offer, advertisement, and upset bid;
<br />(4) Public auction; or
<br />(5)Exchange.
<br />(b) Private negotiation and sale may be used only with respect to personal property valued at less
<br />than thirty thousand dollars ($30,000) for any one item or group of similar items. Real property, of any
<br />value, and personal property valued at thirty thousand dollars ($30,000) or more for any one item or
<br />group of similar items may be exchanged as permitted by G.S. 160A -271, or may be sold by any method
<br />permitted in this Article other than private negotiation and sale, except as permitted in G.S. 160A -277
<br />and G.S. 160A -279.
<br />Provided, however, a city may dispose of real property of any value and personal property valued at
<br />thirty thousand dollars ($30,000) or more for any one item or group of similar items by private
<br />negotiation and sale where (i) said real or personal property is significant for its architectural,
<br />archaeological, artistic, cultural or historical associations, or significant for its relationship to other
<br />property significant for architectural, archaeological, artistic, cultural or historical associations, or
<br />significant for its natural, scenic or open condition; and (ii) said real or personal property is to be sold to
<br />a nonprofit corporation or trust whose purposes include the preservation or conservation of real or
<br />personal properties of architectural, archaeological, artistic, cultural, historical, natural or scenic
<br />significance; and (iii) where a preservation agreement or conservation agreement as defined in G.S,
<br />121 -35 is placed in the deed conveying said property from the city to the nonprofit corporation or trust.
<br />Said nonprofit corporation or trust shall only dispose of or use said real or personal property subject to
<br />covenants or other legally binding restrictions which will promote the preservation or conservation of
<br />the property, and, where appropriate, secure rights of public access.
<br />(c) A city council may adopt regulations prescribing procedures for disposing of personal property
<br />valued at less than thirty thousand dollars ($30,000) for any one item or group of items in substitution
<br />for the requirements of this Article. The regulations shall be designed to secure for the city fair market
<br />value for all property disposed of and to accomplish the disposal efficiently and economically. The
<br />regulations may, but need not, require published notice, and may provide for either public or private
<br />exchanges and sales. The council may authorize one or more city officials to declare surplus any
<br />personal property valued at less than thirty thousand dollars ($30,000) for any one item or group of
<br />items, to set its fair market value, and to convey title to the property for the city in accord with the
<br />regulations. A city official authorized under this section to dispose of property shall keep a record of all
<br />property sold under this section and that record shall generally describe the property sold or exchanged,
<br />to whom it was sold, or with whom exchanged, and the amount of money or other consideration
<br />received for each sale or exchange.
<br />(d) A city may discard any personal property that: (i) is determined to have no value; (ii) remains
<br />unsold or unclaimed after the city has exhausted efforts to sell the property using any applicable
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