The city may provide for the sale of surplus real estate owned by the city in the following manner:
A. The surplus real estate shall first be designated surplus by resolution of the city council.
B. The city shall thereafter put the property out to bid after first establishing the minimum bid amount and the terms of payment if other than all cash.
C. Advertisement of the call for bids shall be consistent with the need to achieve the highest possible bid while avoiding excessive advertising cost.
D. All bids shall be by sealed bid and the city has the right to reject any and all bids if the same are deemed inadequate or not in conformance with this chapter.
E. All bids shall be accompanied by a payment representing ten percent of the bid amount as security for performance in the form of a cashier’s check or other certified funds. In the event the city accepts a bid, and the bidder thereafter fails to complete the transaction, said bid security amount shall be forfeited to the city; the bid security amounts of all rejected or unsuccessful bidders shall be returned to such bidder within ten business days of the opening of the bids.
F. The city shall establish by motion the time, date and place for the opening of all bids and only those bids received prior to such designated time may be considered. (Ord. 767 § 1, 1990).

In the event of an unusual piece of real property, or property requiring particular marketing methods, the city may by resolution waive the sealed bid requirements for the disposal of such property and sell the property in some other manner designated to achieve the maximum amount of publicity concerning the availability of the property for purchase at the best possible price. (Ord. 767 § 2, 1990).