After determining the appraisal of the value of the street or alley to be vacated, pursuant to LMC 12.12.170, the City Manager or designee shall notify the representatives of the petitioners of the amount of compensation. The payment shall be delivered to the City Manager or designee who, upon receipt of the payment, shall transmit it to the City Finance Department for deposit in the street fund and shall make a written report of the payment to the City Council. If the petitioner has been authorized to deliver an instrument granting or dedicating to the City a parcel or parcels of land in lieu of cash payment, as contemplated in LMC 12.12.160, the City Manager or designee, at the petitioner’s expense, may obtain either a policy of title insurance insuring title of the property in the City, or a certificate of title as to the title insurance insuring title of the property in the City, or a certificate of title as to the title thereof, and upon receipt of such policy or certificate, shall transmit it to the City Council. [Ord. 583 § 15, 2014; Ord. 501 § 3, 2009.]