The City Council may require the petitioners to compensate the City of Snohomish, prior to the vacation becoming effective, in accordance with the following criteria:
A. If the City Council determines in its discretion to grant the petition for vacation or any part thereof, the Council may by ordinance vacate such street or alley. Except as otherwise provided herein, such ordinance shall not become effective until the City is compensated in an amount which does not exceed one-half the appraised value of the area to be vacated;
B. Notwithstanding (A) above, when the street or alley has been part of a dedicated public right-of-way for twenty-five years or more, or when the street or alley or portions thereof were acquired at public expense, an amount that does not exceed the full appraised value of the area vacated;
C. Compensation may be waived or reduced either when the vacation is initiated by the City of Snohomish or when the City Council deems it to be in the best interest of the City in accordance with the following criteria:
1. When the abutting property is owned by a governmental entity or by a non-profit corporation whose purpose is for the necessary support of the poor or infirm; or
2. When the street or alley was vacated by the provisions of Section 32, Chapter 19, Laws of 1889-90 (as described in SMC 12.48.050).
3. When the street or alley (right-of-way) vacated is traded for property of greater or approximately equal value;
4. When the street or alley (right-of-way) vacated is abutting residential properties and is 1500 square feet or less, the appraisal required under SMC section 12.48.070 may be waived and the value calculated as a percentage of the average Snohomish County Assessor assessed value of the abutting properties.
5. When the street or alley (right-of-way) vacated is de minimis, under 500 square feet, or otherwise has little to no assessed value. (Ord. 1364, 1977; Ord. 1996, 2001; Ord. 2123, 2007; Ord. 2305, 2016)