§ 2.72.050. Appraisals.

During the acquisition process, an appraisal of the property will be made by a professional, unbiased appraiser. A second appraiser, called a review appraiser, will examine the fair market value placed on the property by the first appraiser. The review appraiser will determine the just compensation (the dollar amount to be offered to the property owner) from those reviews. The review appraiser's decision must then be approved or disapproved by the village. In case of disapproval, the just compensation shall be determined by HUD. The just compensation figure will not be less than the approved appraisal of the fair market value. After the determination of the just compensation, the village will submit to the property owner in writing an offer to acquire the property for the established full amount, together with a summary explaining how it arrived at the amount.

(Part of Res. 1979-8)