A. A petition requesting the vacation of any street, alley or part thereof shall be filed with the village clerk in triplicate and signed by all owner(s) of property abutting upon the street, alley or part thereof which is to be vacated.
B. Such petition shall be accompanied with a plat in triplicate of the street, alley, or part thereof desired to be vacated, along with a filing fee in the amount as shown on the Schedule of Fees found in Section 1-16-1 of the Village Code.
C. All petitions requesting vacation shall be referred to the planning/zoning commission for its recommendation.
D. The planning/zoning commission shall hold a public hearing on the proposed vacation. At least fifteen (15) days prior to such a hearing, notice of time, place and subject matter shall be published in a newspaper of general circulation. At the hearing, all interested persons shall be heard concerning the proposed vacation.
E. Within a reasonable time after the hearing, the planning/zoning commission shall submit their advisory report to the village board. The report shall state the planning/zoning commission's recommendations regarding the vacation and their reasons thereof.
F. The village board may adopt an ordinance providing that it shall become effective when all owners of property abutting upon the street, alley or part thereof so vacated shall pay compensation in the amount to be determined in the following manner:
1. Determine the most recent equalized assessed value (EAV) of the petitioner's unimproved land abutting the street, alley or part thereof which is to be vacated.
2. Establish a cost per square foot of the unimproved land by dividing the EAV by the square footage of the petitioner's land.
3. Apply this rate per square foot to the number of square feet to be vacated by the village.
G. If there are any public service facilities in such street, alley or part thereof, the ordinance may also reserve the village or public utilities' rights of way or easements which are necessary for continuing public service. (Ord. 2012-11, 3-13-2012; amd. Ord. 2021-23, 7-27-2021)