After the fair market value of the property to be vacated has been determined in accordance with BIMC 12.34.140, the director of public works shall notify the representative of the petitioners of the amount of compensation required for the area to be vacated. The required payment shall be delivered to the director of public works who, upon receipt of the payment, shall transmit it to the city treasurer.

At least one-half of the received compensation shall be dedicated to the acquisition, improvement, development and related maintenance of public open space and/or transportation capital projects within the city; provided, that all compensation for the vacation of streets and alleys which abut a body of water shall be deposited in a fund designated for the sole purpose of acquiring additional beach or water access, additional public view sites to a body of water, or additional moorage or launching sites. Any compensation received by the city which is not dedicated to public open space or transportation capital projects or to the acquisition of additional water access, view sites or launching sites, shall be deposited into the street fund. The city treasurer shall make a written report of the payment to the city council.

If the petitioners have been authorized to deliver an instrument granting or dedicating to the city property in addition to or in lieu of a cash payment pursuant to BIMC 12.34.135, the director of public works may, at the petitioner’s expense, obtain either a policy of title insurance insuring title of the conveyed property in the city, or a certificate of title as to the title thereof. Upon the director of public works’ receipt of such policy or certificate, the director of public works shall transmit the policy or certificate to the city council. (Ord. 2002-13 § 2, 2002: Ord. 2001-07 § 5, 2001: Ord. 94-32 § 7, 1995; Ord. 91-30 § 1, 1991)