(a) The record owner at the time of tax foreclosure of property acquired by a municipality, or the assigns of that record owner, may, within 10 years and before the sale or contract of sale of the tax-foreclosed property by the municipality, repurchase the property. The municipality shall sell the property for the full amount applicable to the property under the judgment and decree plus
(1) interest not to exceed 15 percent a year from the date of entry of the judgment of foreclosure to the date of repurchase;
(2) delinquent taxes assessed and levied as though it had continued in private ownership;
(3) costs of foreclosure and sale incurred by the municipality; and
(4) costs of maintaining and managing the property incurred by the municipality including insurance, repairs, association dues, and management fees, that exceed amounts received by the municipality for the use of the property.
(b) After adoption of an ordinance providing for the retention of tax-foreclosed property by the municipality for a public purpose, the right of the former record owner to repurchase the property ceases.
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