(A) In General. Eminent domain is not to be used to further private economic development. The City of Chula Vista shall not initiate or participate in any proceedings, or take any action to condemn private property for the purpose of making such property available for private development, nor shall the City participate, directly or indirectly, in such takings. “Participation” means contributing, lending, providing, pledging, or foregoing, any funds, property, credit, in-kind services, or incurring any debt or lease obligation, or providing any other thing of value to any agency, organization, or project. Notwithstanding these prohibitions, the City of Chula Vista may participate in proceedings to condemn private property for the purpose of making such property available for private development if such participation is approved by a majority of the voters in the City.

(B) Minimum Public Use Period. Property acquired by the City of Chula Vista through the use of eminent domain after June 6, 2006 must be held or used for a public use by the City for a minimum ten-year period prior to sale, lease, transfer or other disposition by the City.