KRS 82.083: Definition for section -- Sale or other disposition of city property.

(1) As used in this section, "independent appraisal" means an appraisal made by:

(a) An individual or organization not affiliated with the city or its officers or

employees, using a generally accepted national or professional standard; or

(b) A city's officers or employees using:

1. A nationally published valuation of property based on the most recent

edition of the publication; or

2. For personal property with no applica ble nationally published valuation

standard, a generally accepted method to determine a good -faith

estimate of the value of the personal property.

(2) A city may sell or otherwise dispose of any of its real or personal property.

(3) Before selling or other wise disposing of any real or personal property that has any

value, the city shall make a written determination setting forth and fully describing:

(a) The real or personal property;

(b) Its intended use at the time of acquisition;

(c) The reasons why it is in the public interest to dispose of it;

(d) The method used to estimate value when the property is personal property

appraised under subsection (1)(b)2. of this section; and

(e) The method of disposition to be used.

(4) Real or personal property may be:

(a) Transferred, with or without compensation, to another governmental agency;

(b) Transferred, with or without compensation, for economic development

purposes, which shall include but n ot be limited to real property transfers for

the elimination of blight;

(c) Sold at public auction following publication of the auction in accordance with

KRS 424.130(1)(b);

(d) Sold by electronic auction following publication of the auction, including the

uniform resource link (URL) for the site of the electronic auction, in

accordance with KRS 424.130(1)(b);

(e) Sold by sealed bids in accordance with the procedure for sealed bids under

KRS 45A.365(3) and (4);

(f) Traded towards the purchase of the same or similar type of property, if the

trade-in value received equals or exceeds the actual fair market value of the

property as determined using an independent appraisal as defined in

subsection (1) of this section;

(g) Sold for its appraised fair market value or a greater amount if the property is

valued at ten thousand dollars ($10,000) or less in an independent appraisal.

Property sold under this paragraph may not be sold to a city officer or

employee or family member of a city officer or employee as defined in the

city's ethics ordinance adopted under KRS 65.003;

(h) Notwithstanding subsection (3) of this section, sold for scrap or disposed of as

garbage in a manner consistent with the public interest if the property has no

value, or is of negligible value as determined by an independent appraisal;

(i) Sold by the Finance and Administration Cabinet under an agreement with the

city; or

(j) Notwithstanding subsection (3) of this section, when the property is an animal

used in service by the city, given to the a nimal's primary handler or trainer,

without the payment of compensation, when the animal is retired or is no

longer capable of performing service to the city.

(5) If a city receives no bids for the real or personal property, either at public or

electronic auction or by sealed bid, the property may be disposed of, consistent with

the public interest, in any manner deemed appropriate by the city. In those

instances, a written description of the property, the method of disposal, and the

amount of compensation, if any, shall be made.

(6) Any compensation resulting from the disposal of this real or personal property shall

be transferred to the general fund of the city.