(a) The City will capitalize all land purchases, regardless of cost.
(b) Exceptions to land capitalization are land purchased outright as easements or rights-of-way for infrastructure. Examples of infrastructure are roads and streets, street lighting systems, overpasses, sidewalks, curbs, parking meters, street signs and storm water collection.
(c) The original cost of land shall include the full value given to the seller including relocation costs, legal services incidental to the purchase (including title work), appraisals and negotiation fees, surveying and any other costs for preparing the land for its intended purpose. Also included are contractors and/or city personnel (salary and benefits) used to demolish buildings, excavation, clean up, and/or inspection.
(d) The City shall record donated land at fair market value plus all associated costs on the date of the land transfer.
(e) Purchases made using federal or state funding will adhere to the source funding policies and procedures.
(Ord. D-1546-01, 12-17-01; Ord. D-2067-11, 11-7-11)