How is public property typically sold?

Public property is typically sold through a formalized process that ensures transparency and fairness, which is why the correct answer involves a resolution, sealed bids, or public auction. This approach adheres to the principles of public accountability and provides equal opportunity for all interested parties to participate in the bidding process.

When a municipality decides to sell public property, the process often begins with a resolution that outlines the terms of the sale and publicly declares the intent to sell. This is followed by a sealed bidding process or a public auction, which allows potential buyers to submit competitive offers, ensuring the highest possible return for the public asset. Sealed bids specifically safeguard the integrity of the process, as bids are submitted discreetly and opened publicly at a designated time, preventing any potential manipulation of offers.

The other methods mentioned are less typical for selling public property. Private sales to the highest bidder may lack the necessary transparency and could result in favoritism, while open house negotiations are informal and do not guarantee a fair market value. Additionally, advertising in local stores is not a recognized or adequate method for soliciting bids for public property, as it does not enable a structured bidding process. Thus, the use of resolution, sealed bids, or public auction represents the best practices established to manage the