(A) The property known as a portion of the Lomas Dam Site further described in Exhibit “A,” which exhibit is made a part of this section by reference, is declared surplus.
(B) The land described in division (A) above shall be exchanged for property owned by Spyrok Corporation known as Embudo Arroyo Project area further described in Exhibit “B,” which exhibit is made a part of this section by reference.
(C) Any difference in value between the property described in Exhibit “B” and that described in Exhibit “A” after eight acres of drainage right-of-way easements in Exhibit “B” have been granted by the Spyrok Corporation to public authority shall be credited towards the Park Development Fee as required by Ordinance No. 7-1976 for properties belonging to Spyrok Corporation or companies or persons affiliated with Spyrok Corporation within ½ mile radius of Exhibit “B.” The value of the properties shall be determined by an appraisal obtained by Spyrok Corporation at the time of the exchange, such appraisal to be made by an appraiser mutually agreed upon by the city and the Spyrok Corporation. The decision of the appraiser shall be final and is not subject to appeal.
(Res. 76-1976, approved 5-25-76)