In the case of Class I or II properties, upon a finding, after a public hearing, that the requirements for approval set forth in BCC 14.35.070 are satisfied, the city council may adopt a motion to conditionally approve the petition and direct the city manager to secure an appraisal of the subject property. The applicant shall post a $1,000 cash deposit with the city clerk to ensure payment of the cost of the appraisal. Upon notification that the amount of required compensation has been established, the applicant shall have 90 days to deposit such amount together with appraisal costs with the city clerk. Credit shall be given for the $1,000 deposit. In cases where required compensation plus costs exceeds $10,000, payment may be made under contract acceptable to the city; provided, that 25 percent of the amount due is paid down and the contract provides for the unpaid balance plus 12 percent interest thereon to be paid in equal annual payments over a period of not more than five years. Upon notification of compliance with this section and any other conditions imposed, the city council shall, in accordance with its prior motion of approval, adopt an ordinance authorizing the city manager to execute an appropriate deed to convey Class I property or adopt an ordinance of vacation of Class II property. If the installment contract method of payment is elected and approved, an ordinance of vacation shall not become effective or be published until the entire balance plus interest has been paid in full and the subject property to be vacated shall not be considered in computing setbacks, minimum lot dimensions and similar requirements until such time. All funds received as compensation pursuant to this chapter shall be deposited in the city’s land purchase revolving fund. (Ord. 5407 § 5, 2002; Ord. 4654 § 57, 1994. Formerly 20.30L.175.)