(1) No transfer of a parcel of land owned by the City that is 10,000 square feet in size or larger shall be approved by City Council unless notice of the transfer is posted on the parcel, in the manner required by subsection (1)(a).
(a) Notice shall be posted as follows:
(i) Notice shall be posted for at least 30 days, beginning at the time the opportunity to bid on the land is first advertised, and at least 14 days prior to the first hearing by a committee of Council on the bill to authorize transfer of the land.
(ii) The notice shall be posted on a sign at least 18 by 24 inches, with print that is easily read from the street immediately abutting the property. The sign shall be posted once on each portion of the property that abuts a street, and in a manner clearly visible from each such street.
(iii) The notice shall contain the following:
(.1) The fact that the property is being sold.
(.2) The name of the seller and, if known at the time of posting, the name of the buyer, each identified as such.
(.3) Contact information, including name, street address, mailing address (if different), email address, website address (if any), and telephone number of the seller, and of the office of the councilmember in whose district the parcel is located.
(.4) The date by which any bid or other offer to obtain the property must be received.
(iv) At the time the first Council committee hearing on the bill to authorize the transfer is advertised, the notice shall be amended to include the date of such hearing.
(b) No transfer of land subject to this Section to a "quasi-public agency," defined as the Redevelopment Authority of Philadelphia, the Philadelphia Industrial Development Corporation, or the Philadelphia Authority for Industrial Development, shall be approved by Council unless the quasi-public agency agrees, in writing, that it will post notice of any subsequent transfer of the land by the quasi-public agency to another person as follows:
(i) Notice shall be posted at least thirty days prior to the closing of the transaction in which the land is transferred.
(ii) The notice shall comply with Section 16-207(a), except that Section 16-207(a)(i) and (iv) shall not apply.