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The amount of compensation required to be paid to the city as a condition precedent to the vacation of a public way shall be determined according to the following criteria:

A. Class I property shall be considered a sale of a capital asset and shall be compensated for at 100 percent of its fair market value;

B. Rights-of-way over Class II property shall be compensated for in the amount of 50 percent of the fair market value of said property;

C. Vacation of Class III rights-of-way shall not require compensation in excess of filing fees. (Ord. 5407 § 3, 2002; Ord. 4654 § 57, 1994. Formerly 20.30L.165.)