A. Conveyance of other property acceptable to the city may be made in partial satisfaction of or in lieu of the required compensation for the vacation of a street or alley, whether the conveyance is required to mitigate adverse impacts of the vacation or otherwise.

B. Where the conveyance of real property is made for street purposes and in exchange for the vacation of a street or alley that does not abut a body of fresh or salt water, one-half of the fair market value of the property conveyed shall be credited to the required compensation payment for the area to be vacated. Where the conveyance is made in fee for purposes other than street purposes, the full fair market value of the property conveyed shall be credited to the required compensation payment for the area to be vacated.

C. Real property may be conveyed in exchange for the vacation of a street or alley that abuts a body of salt or fresh water only where the property to be conveyed is conveyed for port, beach, water access, park, public view, recreation or educational purposes, boat moorage or launching sites, or other public uses, in accordance with BIMC 12.34.120.A.1, or as part of a plan implemented by the city council pursuant to BIMC 12.34.120.A.3. Where such property is conveyed for street purposes, one-half of the fair market value of the property conveyed shall be credited to the required compensation payment for the area to be vacated. Where the conveyance is made in fee for purposes other than street purposes, the full fair market value of the property conveyed shall be credited to the required compensation payment for the area to be vacated.

D. Where the value of the conveyed property is less than the required compensation payment, the owners of the property abutting the property to be vacated shall pay the difference to the city. When the value of the conveyed property exceeds the required compensation payment, the city shall pay the difference to the owners of the conveyed property. (Ord. 2001-07 § 3, 2001)