§ 2-450. Exchanges.

Latest version.

(a)

The council may approve the exchange of a parcel of city property for an equivalent parcel of property owned by the state or federal government or any political subdivision thereof or any other individual or entity subject to such conditions as the council may impose on the exchange, whenever in the judgment of the council it is advantageous to make the property exchange.

(b)

The basis for the exchange shall be the appraised value of the city-owned property. If the value of the property obtained is less than the value of the property exchanged, the city shall be paid the difference in cash. If the value of the property obtained is greater than the value of the property exchanged, the city shall pay the difference in cash.

(Ord. No. 98-06, § 13.12.030, 7-20-1998)

                    
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