12.40.100 Appraisals and appraisal fees.
The appraisal method shall be determined by the City within its sole discretion as to most accurately determine the fair market value of the right-of-way proposed for vacation. An appraisal of the right-of-way proposed for vacation shall be made by one or more of the following methods:
(1) The assessed value of the comparable abutting properties (without improvements) shall be obtained from the records of the Franklin County Assessor. The average of such values, on a square-foot basis, shall be applied to the right-of-way which is proposed for vacation.
(2) The petitioners shall be required to submit a report of a professional appraiser to the City, stating the fair market value of the right-of-way proposed for vacation.
(3) The City shall obtain a report from one or more professional appraisers stating the fair market value of the right-of-way proposed for vacation. The cost of such report or reports shall be paid by the petitioner prior to the time of the public hearing. [Ord. 4290 § 1, 2016; Code 1970 § 12.40.100.]