If a member or applicant disagrees with the appraised valuation determined by the certified appraiser, a three-person arbitration panel will be established, composed of the following persons: the certified appraiser, an independent appraiser selected by the applicant or member and an umpire selected and approved by these two appraisers. The appraised valuation agreed to by any two of the three panel members shall be binding on all parties involved under this chapter. The cost of the independent appraiser shall be borne by the member or applicant. The cost of the umpire shall be borne by the member or applicant. The cost of the certified appraiser shall be borne by the member or applicant.
(Ord. 96-37, passed 10-8-1996)