(A) The city will capitalize all land purchases, regardless of the cost. Exceptions to land capitalization are land purchased outright, as easements, or rights-of-way for infrastructure. Examples of infrastructures are roads and streets, street lighting systems, bridges, overpasses, sidewalks, curbs, parking meters, street signs, viaducts, wharfs and storm water collection. Infrastructure reporting shall comply with GASB 34 implementation rules.
(B) Original cost of land will include the full value given to the seller, including relocation, legal services incidental to the purchase (including title work and opinion), appraisal and negotiation fees, surveying and costs for preparing the land for its intended purpose (including contractors and/or city workers (salary and benefits)), such as demolishing buildings, excavating, clean up, and/or inspection.
(C) A department will record donated land at fair market value on the date of transfer plus any associated costs.
(D) Purchases made using federal or state funding will follow the source funding policies and above procedures.
(Ord. 2002-13, passed 10-21-02; Am. Ord. 2005-03, passed 3-21-05)