THE CHARTER PROVISION REQUIRING VOTER APPROVAL OF TRANSFER OF PUBLIC PROPERTY
Sale, gift, trade, transfer or lease of public property. Any (a) sale, gift, trade, transfer or lease of all or a portion of city-owned real property, or (b) sale, gift, trade, transfer or lease of any interest right to all or a portion of city-owned real property, must be approved by a majority of the qualified electors of the city voting at a regular city, general or special election if the fair market value of the real property is in excess of $750,000.00. If a portion of city-owned real property is being considered, the value of the entire parcel must be determined for purposes of determining fair market value. Fair market value is defined as the highest price valued in terms of money that the land would bring in if exposed for sale in the open market, with reasonable time allowed in which to find a purchaser, buying with knowledge of all the uses and purposes for which it may be capable of being used. Sale is defined as any transfer of real property to another party. Gift is defined as the conveying of title or interest in real property to another party. Trade is defined as the exchange of real property to another party for consideration. Transfer is defined as conveying of title, interest or rights in real property to another party. Lease is defined as a contract for possession or use of real property. The only exceptions to this referendum requirement are that the city commission may, upon a four-fifths majority vote, award leases or contracts (but may not sell, gift, trade or transfer) for a pier restaurant or snack facility located east of Ocean Drive or for the operation of the pier itself or for the operation of a business for cabanas, umbrellas and chairs on the beach.