(a) Land of the Village may be exchanged for property of equal value owned by another upon passage of an ordinance approving such transfer.
(b) Prior to the exchange there must be two independent appraisals, one for each property performed by two different appraisers each of who must be on the list of approved appraisers from the Ottawa County Probate Court. Each party is to bear the cost of their own appraisal. If such an appraisal of the Village owned property has been prepared in the last three years prior to the passage of the ordinance approving the exchange, no new appraisal of the Village owned property is necessary.
(c) If the appraisal of the privately owned property is equal to or greater than the appraisal of the Village owned property, then the exchange would be allowed. If not, the exchange would not be allowed.
(d) The private owner of a property whose exchange was not allowed in subsection (c) hereof, may submit another described property, for instance, a large piece of land, to fulfill the conditions of subsection (c) hereof. (Ord. 5-12. Passed 6-11-12.)