(a) Valuation. Valuation shall be based upon the fair market value of the land before its subdivision.
(b) Appraisal. If the city and subdivider fail to agree on the fair market value of the land, the value shall be fixed and established by majority vote of three land appraisers: one shall be appointed by the subdivider; one appointed by the city; and the third appointed by the first two appraisers. All appraisers shall be members of the American Institute of Real Estate Appraisers, Members Appraisal Institute, or other equal national organizations. The subdivider and the city shall equally bear the fees of appraisal and costs thereof.
(Sec. 22-7.7, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 22, Art. 7, § 22-7.7)