A. For vacations totaling less than 5,000 square feet value shall be established by the Director of Public Works based on assessed values of land from properties in the immediate vicinity.

B. For vacations totaling 5,000 square feet or more the Director of Public Works shall determine the fair market value of the area to be vacated based upon an appraisal from a state-certified general real estate appraiser. To obtain such appraisal, the Director of Public Works shall present to the petitioners a list of three such certified and designated appraisers from which the petitioners shall select one appraiser. The petitioner shall pay all costs associated with the appraisal.

C. If this appraisal is less than the assessed value established under subsection A of this section, this assessed value will be used, or if the Director of Public Works or City Council is not satisfied with the appraisal submitted by the petitioners under subsection B of this section, the Director or City Council may order another appraisal from a state-certified general real estate appraiser. The city shall pay for this second appraisal. The Director of Public Works shall use the appraisal having the highest value for the area vacated.

D. The Director of Public Works shall determine the fair market value of the real property proposed to be granted or dedicated to the city in partial satisfaction of or in lieu of cash payment under AMC 12.50.090 in accordance with the appraisal procedures set forth in this section. (Ord. 3052 § 1 (Exh. A), 2020)