“Appraised value” means a determination of the fair market value of the Subject Parcel, as determined by a sufficient and acceptable appraisal performed by a licensed appraiser using a commercially reasonable method of appraisal.

“Assessed value” means the dollar amount assigned by the Clark County Assessor as the valuation of the Subject Parcel of land and improvements for taxation purposes.

“Fair market value” means the price that a willing buyer would pay to a willing seller for the purchase of property in an open and competitive market.

“Public interest” means factors to be considered in determining whether to dispose of a Subject Parcel for less than appraised value, including but not limited to whether such disposition permits higher and better use of the Subject Parcel for the community at large; the economic value of the Subject Parcel; the economic value of the proposed disposition; the potential of the Subject Parcel for use in coordinated development in relationship to other economic development activity; the social impacts of the proposed disposition; whether the public need for the funds in the amount of the appraised value is outweighed by the public benefit of disposition for a lesser amount; the unique character of the Subject Parcel; or the development potential of the Subject Parcel.

“Reasonable return” means cash; or real property; or improvements; or construction of improvements conducted pursuant to RCW Title 39 and all other applicable public contracting rules and laws; or some combination thereof, provided to the City in exchange for City-owned surplus real property, that is either: 1) a monetary value equal to the surplus property’s appraised value as defined in this chapter; or 2) a monetary value that is less than the appraised value, when based upon a finding by the City Council that disposition of the surplus property for less than its appraised value is in the public interest as defined herein and as determined by the City Council acting in its legislative capacity.

“Subject Parcel” means City-owned real property under consideration for disposition as surplus real property.

“Surplus real property” means City-owned real property for which there is no reasonably identifiable current or future public need. (Ord. M-3923 §4, 2009)