A. The director of public works shall determine the fair market value of the area to be vacated based upon an appraisal from a state-certified real estate appraiser who has an MAI or SRA designation from the Appraisal Institute. To obtain such appraisal, the director of public works shall present to the petitioners a list of three such certified and designated appraisers from which the petitioners shall select one appraiser. The petitioner shall pay all costs associated with the appraisal.

B. If the director of public works is not satisfied with the appraisal submitted by the petitioners under subsection A of this section, the director may order a second appraisal from a state-certified real estate appraiser who has an MAI or SRA designation from the Appraisal Institute. The city shall pay for this second appraisal. The director of public works shall use the appraisal having the highest value for the area vacated.

C. The director of public works shall determine the fair market value of the real property proposed to be granted or dedicated to the city in partial satisfaction of or in lieu of cash payment under BIMC 12.34.130 in accordance with the appraisal procedures set forth in this section. (Ord. 2001-07 § 4, 2001: Ord. 94-32 § 6, 1995; Ord. 91-30 § 1, 1991)