The following provisions shall apply for compensation to the city for the abandonment of a street or rightof- way, or any part thereof:
(1) Determination of payment amount. Where an abandonment has been initiated by request, the owners of the property abutting the area vacated shall pay to the city, prior to the effective date of the abandonment of the area, a sum equal to the appraised value of the area vacated plus the full cost of physical closure and street repairs as required by the department of public works. Where the abandonment has been initiated by the city the payment of such sum shall not be required.
(2) Conveyance of other property. Conveyance of other property acceptable to the city may be made in lieu of the required payment, whether required to mitigate the adverse impacts of the abandonment or otherwise.
(3) Appraisals. The city manager or designee shall determine the appraised value of the area vacated based on an appraisal from a state-certified real estate appraiser. The petitioner shall pay for the appraisal. If the city manager or designee is not satisfied with the appraisal, the city manager or designee may order a second appraisal from a state-certified appraiser. The city shall pay for the second appraisal. The city manager or designee shall use the appraisal having the highest value for the area vacated.
(4) Payment of compensation or conveyance. After determining the appraisal for the value of the street or alley to be vacated, the city manager or designee shall notify the representatives of the petitioners of the amount of required compensation. The payment shall be delivered to the city manager or designee who, upon receipt of payment, shall transmit it to the city clerk for deposit in the city's general fund.
If the petitioner has been authorized to deliver an instrument dedicating to the city a parcel or parcels of land in lieu of cash payment, as contemplated in § 16-411(2), the city manager or designee, at the petitioner's expense, may either obtain a policy of title insurance insuring title of the property to the city, or a certificate of title as to the title insurance insuring title of the property to the city.
(Ord. #002-01-01, Feb. 2002)