Los Angeles Municipal Code Art. 4.1 Purchase and Sale of Real Property to Assist Nonprofit Corporation

The Council may determine that it is in the public interest to assist a nonprofit corporation in financing or refinancing its acquisition and improvement of real property and equipment and that the assistance requires the City to purchase real property from the nonprofit corporation and then re-sell the real property back to the nonprofit corporation, or requires an equivalent lease/leaseback of real property. The Council may by resolution or ordinance authorize the execution of any deed, contract, lease, installment purchase agreement, installment sale agreement, trust agreement, or other instruments as may be necessary to accomplish the purchase, sale, or lease at and for a price or consideration and upon the terms and conditions to be specified in the resolution or ordinance.

SECTION HISTORY

Article and Section Added by Ord. No. 177,328, Eff. 3-11-06.

ARTICLE 4.5

MANAGEMENT, CLASSIFICATION AND RESALE OF SPECIAL ASSESSMENT PROPERTY

Section 7.34.1 Policy. 7.34.2 Definitions. 7.34.3 Duties of Board of Public Works. 7.34.4 Classification of Property. 7.34.5 Public Use Property. 7.34.6 Application to the Board for Reconveyance. 7.34.7 Reconveyance by the Board. 7.34.8 Payment for Reconveyance. 7.34.9 Property for Resale. 7.34.10 Notice of Resale. 7.34.11 Manner of Resale. 7.34.12 Bids, Security Required. 7.34.13 Powers of Council. 7.34.14 Construction.