(A) The fair market value per buildable acre shall be determined by resolution adopted by the City Council.
(B) The fair market value per buildable acre shall be updated from time to time as directed by the City Council.
(C) If the developer objects to the fair market value, the city, at the developer’s expense, shall obtain an appraisal of the property by a qualified independent real estate appraiser, agreed to by the city and the developer, and the value established by said appraiser using standard recognized appraisal techniques to establish fair market value will be accepted as the fair market value of the land in the proposed development.
(Ord. 951 C.S., passed 3-21-18)