The assembly, by ordinance, shall provide for the disposition or sale of tax-foreclosed land, including the retention of such property by the borough for a public purpose, in accordance with AS 29.45.460. When the assembly determines that tax-foreclosed land shall be sold, it shall be sold by sealed bids, public auction, or any other method of disposal authorized by the assembly. The proceeds from the sale of tax-foreclosed property shall be allocated as provided in AS 29.45.480. If the property condition is in violation of the borough code, the terms of sale shall include a requirement that the buyer agree to remedy the violation within a time period which is reasonable for the type of violation. [Ord. FY2021-25 §2, 2021; Ord. 80-28-O §1, 1980].