A. The City Manager or designee shall determine the appraised value of the area vacated based on 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 City Manager or designee shall present to the representatives of the petitioners a list of three such certified and designated appraisers from which the representatives of the petitioners shall select one appraiser. The petitioner shall pay for the appraisal. If the City Manager or designee is not satisfied with the appraisal, the City Manager or designee 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 the second appraisal.

B. The City Manager or designee shall use the appraisal having the highest value for the area vacated. The City Manager or designee shall determine the fair market value or full appraisal value of the real property proposed to be granted or dedicated to the City in lieu of cash payment under LMC 12.12.120 in accordance with the appraisal procedure of subsection A of this section. [Ord. 583 § 14, 2014; Ord. 501 § 3, 2009.]