Division IV — REAL ESTATE PURCHASE CONTRACTS

A.

Any person or entity selling real property to the City, for a sales price of one million dollars ($1,000,000) or more, shall be required to disclose in writing the identity of all third-party, finders, brokers and/or agents entitled to any compensation from the seller, or agent of the seller, resulting from the sale, and the nature and value of such compensation; provided, however that written disclosure shall not be required if such third-party's compensation is valued at less than ten thousand dollars ($10,000).

B.

Seller shall preserve and maintain, for a period of not less than three (3) years after completion of the subject sale of real property, all financial records related to such sale, and such records shall be open to inspection, examination and audit by City upon three (3) days' advance notice of City's intention to exercise its rights hereunder.

C.

If the City determines that the requirements of this Section have been violated by any person, the City shall assess a civil penalty against such person in an amount equal to ten percent (10%) of the total compensation paid by City to seller in connection with the subject sale of real property to the City. The City shall give notice of the assessment of this penalty to the seller, and the seller may appeal the imposition of this penalty to the City Council in accordance with Section 2.93. The civil penalty shall constitute a debt of the person charged to the City of Long Beach and is collectible by the City as an obligation or liability created by statute.

(ORD-14-0008 § 1, 2014)