§ 2-475. Record of acquisition and inventory of real property.

(a) For each purchase of real property, the original contract for purchase indicating the price paid for the property shall be forwarded to the city clerk for retention in the official records of the city.

(b) For each acquisition of real property through purchase, donation, foreclosure, tax sale or other means, the city attorney shall forward to the city clerk the recorded original deed or other document conveying ownership to the city. The city attorney shall, at the time of such conveyance, prepare and forward any notifications to the county tax collector, property appraiser, or other officials as may be required to establish date of acquisition, tax-exempt status, and other legal matters relevant to ownership of real property by a municipality.

(c) Upon receipt of the recorded deed or other document conveying ownership of real property to the city, the city clerk shall provide to the assets custodian a completed property record showing the acquisition cost of the property or the value of the property, if donated, and a copy of the deed or conveying document for addition of the property to the schedule of fixed assets. Acquisition cost shall include all legal fees, recording fees, payment of back taxes, and any other costs incurred to effect the conveyance of the property to the city. The city clerk shall file the original recorded deed or conveying document with the official records of the city. The original contract for purchase, where applicable, shall be attached to the recorded deed or conveying document. If all acquisition costs are not known when the property record is initially forwarded to the assets custodian, the city clerk shall notify the assets custodian of such additional costs when they become known, and the assets custodian shall amend the acquisition cost of the property on the schedule of fixed assets.

(d) The record-keeping requirements of this section shall apply to all real property acquired after October 1, 2000. A complete property record in the form required by this section shall be created for real property acquired prior to October 1, 2000, and remaining in the city's inventory of real property on that date.

(Ord. No. 95-01, § 1, 2-21-95; Ord. No. 2001-04, § 1, 4-17-01; Ord. No. 2011-32, § 1, 12-20-11; Ord. No. 2013-17, § 1, 11-5-13)