Section 56501.1 - Real property(a) No real estate owned by the township may be sold for a consideration in excess of six thousand dollars except to the highest bidder after due notice by advertisement for bids or advertisement of a public auction.(b) The advertisement shall be published once in one newspaper of general circulation not less than ten days prior to the date scheduled for the opening of bids or public auction. The date for opening bids or public auction shall be announced in the advertisement.(c) The award of contracts shall be made only by public announcement at a regular or special meeting of the board of commissioners or at the public auction. A bid shall be accepted on the condition that payment of the purchase price in full shall be made within sixty days of the acceptance of a bid unless otherwise specified in the bid advertisement. If no compliant bids are received after advertisement, the applicable procedures in the act of October 27, 1979 (P.L. 241, No. 78), entitled "An act authorizing political subdivisions, municipality authorities and transportation authorities to enter into contracts for the purchase of goods and the sale of real and personal property where no bids are received," shall be followed.(d) The board of commissioners shall have the authority to reject all bids if the bids are deemed to be less than the fair market value of the real property. In the case of a public auction, the board of commissioners may establish a minimum bid based on the fair market value of the real property.(e) Real estate owned by a township may be sold for a consideration of six thousand dollars or less without advertisement or competitive bidding only after the board of commissioners estimates the value of the property upon receipt of an appraisal by a qualified real estate appraiser. Prior to selling real estate valued at six thousand dollars or less without advertisement or competitive bidding, the board of commissioners shall make a public announcement of the board's intention to sell the real estate at a regular or special meeting of the board at least thirty days prior to the sale.(f)(1) Notwithstanding this section, the board of commissioners shall have the authority to exchange real property for real property of equal or greater value without complying with this section if the property being acquired by the township is to be used for municipal purposes. Municipal purposes as used in this subsection include a subsequent sale or lease of the property to any of the entities listed in section 1501.3.(2) A conveyance of real property acquired in an exchange to an entity listed in section 1501.3 may contain a clause under which the lands and buildings will revert to the township if they are no longer being used for the purposes of the entity.(3) If the board of commissioners chooses to exercise its power of real property exchange under this section, it shall be by resolution adopted by the board of commissioners. Notice of the resolution, including a description of the properties to be exchanged, shall be published once in one newspaper of general circulation not more than sixty days nor fewer than seven days prior to adoption.(4) Participation in a real property exchange may not prohibit the application of the requirements of the act of October 4, 1978 (P.L. 851, No. 166), known as the Flood Plain Management Act.1931, June 24, P.L. 1206, No. 331, art. XV, § 1501.1, added 2020, Oct. 29, P.L. 782, No. 96, § 53, effective in 60 days [Dec. 28, 2020].