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A. The Assembly shall by ordinance fix the terms of all sales of Borough land. The ordinance shall contain the date of the sale, the method or methods of sale, the manner in which payment is to be made, the interest to be conveyed, the instrument of conveyance to be used, and any other term the Assembly deems appropriate.

B. The Assembly may authorize payment to be made over time only if:

1. The down payment, payment schedule and rates of interest are reasonable; and

2. The period for total payment does not exceed 10 years, or 20 years if the land is sold for agricultural use.

C. The Assembly may authorize the Mayor to sell land for less than fair market value only if the land is to be offered for sale at an auction, or if the ordinance authorizing the sale contains:

1. A finding that the sale for less than fair market value is in the best interests of the Borough;

2. A statement of the facts on which the finding is based; and

3. The period of time during which the offer may be accepted.

D. If the Assembly requires a prospective buyer to pay to the Borough a down payment, bond or other deposit, and if the prospective buyer breaches a term of the sale, then the Borough shall retain as liquidated damages the prospective buyer’s down payment, bond or other deposit.

E. The Assembly may authorize a land development incentive as part of the terms of a land sale as follows:

1. Within a three-year period following the date of closing, a purchaser shall be eligible to receive a 10 percent discount on the remaining principal balance owed on the parcel if:

a. The current assessed value of the improvements constructed on the parcel as shown on the Borough property tax assessment equals or exceeds (i) $25,000 in the case of designated recreational parcels, or (ii) $50,000 in the case of designated residential or commercial parcels; or

b. The promissory note and deed of trust are satisfied in full through the approval of construction financing in an amount equal to or exceeding (i) $25,000 in the case of designated recreational parcels, or (ii) $50,000 in the case of designated residential or commercial parcels.

2. The purchaser shall be responsible for providing evidence to the Borough to obtain the development incentive. (Ord. 97-005 § 2, 1997; Ord. 86-056 § 2, 1986. 2004 Code § 25.15.030.)