If the owner of lost, abandoned or unclaimed property fails to claim such property within 90 days after the receipt of notice, or said owner is not identified and/or located within the period of three months, the Police Department shall compile a list of such property for distribution to other City departments, as stated in the following section. If, after five days of notifying other City departments of available property, there is still property for sale, the Chief of Police may advertise the sale of such property for at least two days in a newspaper of general circulation in the City, and may, on the date specified in such advertisement, offer the property to the public at public auction. The time of the public sale shall be scheduled for a date not less than five days after published notice of the sale has been completed.