The sale, lease or other permanent disposal of borough land valued at $1,000,000 or more per parcel to any single individual, partnership or corporation by means other than outcry auction shall, in addition to conforming to this title, be subject to approval by ordinance ratified by a majority of the qualified voters voting at a regular or special election at which the question of the ratification of the ordinance is submitted. Notice of the election shall be given in accordance with KIBC Title 7. [Ord. FY2017-16 §2, 2016; Ord. 86-40-O §2, 1986; Ord. 80-28-O §1, 1980].