The Commission is authorized to accept the transfer or conveyance of property of any kind, heretofore acquired by the City, or any instrumentality thereof, to carry out the purposes of the Commission. When property is transferred to the Commission in the form of money, the sum contributed shall be deemed the fair market value of the transfer, the adoption of this section being deemed the agreement in writing thereon as required by West Virginia Code 8-3-9. When property is transferred or conveyed to the Commission in the form of real or personal property, a statement of value of same shall be submitted by the City to the Commission fifteen days in advance of the transfer or conveyance. The Commission, within the above-mentioned fifteen-day period, shall give written notice to the City of its acceptance or dispute of the fair market value of the transfer or conveyance. In the event notice of dispute is given, the fair market value shall be determined by arbitration. The City and Commission shall each appoint one arbitrator, and such arbitrators shall select a third arbitrator. The decision as to fair market value by the arbitrators shall be final. No dispute or arbitration shall delay the transfer or conveyance of property.
(Ord. 689. Passed 9-17-85.)