A. The Assembly may by ordinance authorize the Mayor to sell Borough land by the use of over-the-counter sales if the land was offered for sale at an auction or lottery and the land did not sell at the auction or lottery. Land offered for sale over-the-counter may be purchased on a first-come, first-served basis at the Division of Natural Resources Development. The Mayor may promulgate rules and regulations for conducting an over-the-counter sale.
B. The Division of Natural Resources Development shall periodically review the terms of sale of all land offered for sale over-the-counter and shall:
1. Adjust rates of interest to reflect the prevailing market conditions, provided the rate of interest shall be not more than six percentage points above nor less than two percentage points above the prevailing Federal Reserve discount rate to member banks.
2. Adjustments in the price of any lot offered in the over-the-counter sale shall be made by the manager of the Division of Natural Resources Development. Price adjustments shall be made only under the guidance of an independent fee appraiser. The Assembly shall be informed of the substance of the price adjustments made by the Division of Natural Resources Development as the adjustments occur. Independent fee appraisals may be obtained by the Division of Natural Resources Development at any time. (Ord. 2021-20 § 3, 2021; Ord. 2013-85 § 10, 2013; Ord. 99-020 § 12, 1999; amended during 1993 republication; Ord. 88-009 § 2, 1988; Ord. 86-072 § 2, 1986; Ord. 86-056 § 2, 1986. 2004 Code § 25.15.080.)