§ 16–1332. Sale of excess property; restrictions on use; fair market value; disposition of moneys.

(a) The Mayor of the District of Columbia may, with the consent of the Council in accordance with section 10-801, upon completion of public improvements:

(1) subdivide, and sell, at public or private sale, or exchange, any excess real property acquired pursuant to this subchapter; and

(2) to carry out such purposes, convey any property acquired in excess of that actually needed and which is not essential to the usefulness of the public works —

with such reservations concerning the future use and occupation of the property as, in the Mayor’s discretion, may be necessary to protect the public improvements.

(b) Property sold under this section shall be sold at not less than the fair market value at the time sold, as determined by appraisement of the assessor of the District of Columbia.

(c) Moneys received from sales or transfers of properties pursuant to this subchapter shall be covered into the Treasury of the United States to the credit of the revenues of the District of Columbia.