The proposed bill HB2132 amends existing laws regarding the sale of municipal real property valued between $1,500,000 and $15,000,000. Under current law, any sale of property exceeding $1,500,000 requires a special election to determine if the sale should proceed. The new bill raises this threshold to $15,000,000, allowing municipalities to sell properties valued below this amount without a special election. Additionally, the bill mandates that municipalities hold at least one public hearing to gather public comments on the proposed sale, with specific notice requirements for the hearing.

Furthermore, the bill stipulates that the terms of any sale must be posted on the municipality's website upon completion. It also prohibits the sale of property for less than its appraised value, ensuring that municipalities do not undervalue their assets. Overall, the bill aims to streamline the process for selling municipal property while enhancing transparency and public engagement.

Statutes affected:
Introduced Version: 9-403, 28-8414, 9-402, 16-204
House Engrossed Version: 9-403, 28-8414, 9-402, 16-204