No wooden building within the fire limits which may become damaged to the extent of fifty percent (50%) of the value thereof by fire, decay or otherwise, shall be repaired or rebuilt. The extent of the damage that may be done to any such building as aforesaid shall be determined by three (3) disinterested persons, residents of the city, one appointed by the mayor, and another who may be appointed by the owner or agent of such building and the two (2) chosen shall elect the third. Upon failure of the said owner or agent to select such person within five (5) days after the mayor has made his selection, it shall then be lawful for the mayor to select a second person and the two (2) so appointed shall select the third as in other cases. The persons so chosen shall first be duly sworn to fairly and impartially estimate such damages and their decision shall be final. (1977 Code)