On all vacations of streets, alleys or other public grounds, the owner or owners of premises immediately abutting such vacated street, alley or other public grounds shall pay into the General Fund of the City an amount per square foot which is equal to the average tax value per square foot of the land which immediately abuts the vacated portion upon both sides, together with the costs of advertising and replatting. The average tax valuation shall be based on the tax valuation appearing on the latest tax bill received from the County Treasurer at the time the petition for vacation is filed with Council.
(Ord. 47-77. Passed 4-18-77.)