"the member whose value is closest to zero" is described by those 14 symbols within the speech marks. As you say, the definition is contradictory.
Edit: note that even "the smallest positive rational number greater than 0" doesn't exist, even though the rationals are merely countably infinite.
1. Wikipedia explanation of the axiom of choice.
Also, algorithms that don't terminate are still algorithms - especially if they keep emitting pieces of a solution, instead of producing the whole solution at the end.
For example, here is an algorithm for printing all of the natural numbers:
i <- 0
while true:
print(i)
i <- successor(i)
Finally, computability is not typically considered necessary for a mathematical construct to exist or be useful. Just like geometry sometimes studies shapes that can't be constructed in the physical world, other kinds of mathematics sometimes studies concepts that can't be computed (at least not given known models of computation).