Whenever the city council, pursuant to 65 Illinois Compiled Statutes 5/11-91-1, vacates a street or alley, the final passage of the ordinance shall not be effective until there is paid to the city an amount equal to the following:
A. The fair market value of the property to be vacated; or
B. The benefits which will accrue to the property owners to which the vacated properties will pass; or
C. The actual cost incurred by the city in processing the vacation including, but not limited to, engineering fees, survey fees, cost of producing the required plat and recording fees.
The city council, in its resolution approving the vacation of a street or alley, shall determine the costs which are to be paid to the city in each particular instance. (Ord. 6254, 3-25-1998)