§ 5.12 - Property sales by council - Vermont Statutes

§ 17-5.12. Property sales by council

(a) The city council may authorize the sale of real or personal estate belonging to the city when the same shall not exceed in value ten thousand dollars, or may lease the same for a term not exceeding one year and all conveyances, grants and leases of any such real estate shall be executed by the mayor and sealed with the city seal. The voters, at a duly warned annual or special city meeting, may authorize the sale of real or personal property belonging to the city when the value exceeds ten thousand dollars except for those sales provided for in subsection (c) of this section.

(b) The city shall have the authority to purchase real estate for the purpose of development. The purchase of such property must be approved by resolution of the city council.

(c) The city council may authorize the sale of real estate, belonging to the city, that exceeds ten thousand dollars in value, provided that such property was acquired for development purposes and that such transfer is made to the Winooski Community Development Corporation. Such transfers shall be executed by the mayor and sealed with the city seal.