§ 2-312. Limited commercial use of city owned property.

Latest version.

(a)

Upon the approval of the city commission, no greater than ten (10) percent of any parcel of land acquired by the city through the issuance of debt service or bonds may be utilized for commercial purposes, and only the out-parcels of any designated city owned property may be utilized for such commercial purpose.

(b)

Any and all income acquired through the limited commercial use of designated property shall be used for the purpose of accelerating the payment of debt service and/or the repayment of bonds.

(c)

Upon the approval of the city commission, such limited commercial use of designated property shall be declared a public purpose.

(Ord. No. 98-132, § 2, 12-8-98)

                    
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