§ 48-20. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Appraisal means the full value given to the property and its improvements by a state-licensed appraiser using accepted methods.

Competitive bid means the solicitation of offers-to-purchase from the public after proper notice, pursuant to procedures defined by the provisions of this Code.

Essential to the town means continued ownership deemed necessary or of high importance to the town, rather than merely beneficial, for a present or future municipal purpose.

Leasehold means a property interest in real property for a definite term that conveys no rights of ownership.

Market value means the "best guess" value given to the property and its improvements calculated by a licensed real estate broker based upon experience and anticipated price trends. For the purposes of this article, at least three independent brokers shall be consulted when determining market value.

Municipal purpose means that use which will further a goal or policy of the municipality as described in the town's comprehensive plan, its Land Use Code, and other related master plans.

Nonessential to the town means continued ownership is not essential nor of high importance for a present or future municipal purpose, even though the ownership may appear to be beneficial.

Private sale means solicitation of an offer-to-purchase or response to an offer-to-purchase a particular property where it has been determined that competitive bidding is inappropriate due to the size, shape or location of the parcel, rendering it of true usefulness to only one party.

Publish or publication means printing in a newspaper that maintains an office in the town and is of general circulation within the municipality or, if such newspaper is a nondaily paper that will not be circulated to the public in time to meet publication requirements or if there is no newspaper that maintains an office in the municipality and is of general circulation within the town, then the term "publish" or "publication" means posting in six public places within the municipality on the first day that publication is required in a newspaper that maintains an office in the town and is of general circulation within the municipality. One of the public places where posting shall be made is the town clerk's office who shall maintain the posting during the length of time necessary to comply with the provisions relating to the number of times publication is required in a newspaper of general circulation within the municipality. The town clerk may, in addition to posting, publish one or more times in a newspaper of general circulation in the municipality.

(Code 2005, § 96.01; Ord. No. 1126, § 96.01, 3-13-2007)