The fair market value of city land being disposed of shall be determined by one of the following:
1. The city land shall be appraised within 90 days prior to the date fixed for its disposal. An appraisal shall be performed by the assessor or a qualified appraiser and shall reflect the fair market value of the land and city improvements located thereon; or,
2. The city council shall make a determination and finding, after review and recommendation by the mayor as to the land's value, of (a) the fair market value of the land being disposed of, or (b) in cases of exchanges of land, that the land to be received by the city is of equal or greater value than the land being disposed of.
(Ord. 86-03 § 3 (part), 1986; Ord. 87-03 § 1, 1986; Ord. 07-06 § 3, 2007)