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<br />. <br /> <br />. <br /> <br />ORDINANCE NO. lSSO <br />Page Two <br /> <br />(4) any land or interest therein which was originally acquired <br />for the purpose of streets, rights-of-way or easements which <br />the City of La Porte chooses to trade or exchange as considera- <br />tion for other land acquired for streets, rights-of-way or <br />easements, including transactions which may be partly for cash <br />and partly by trade or exchange: <br /> <br />(5) land owned by the City of La Porte which it desires to <br />have developed by contract with an independent foundation: or <br /> <br />(6) any interest in land that is conveyed by the City of La <br />Porte to a governmental entity having the power of eminent <br />domain. <br /> <br />Any conveyance, sale or trade made under the provisions hereof, <br /> <br />shall never be for less than the fair market value of the land or <br /> <br />interest being conveyed, or sold, or traded, as determined by an ap- <br /> <br />praisal obtained by the City of La Porte, which shall be conclusive <br /> <br />of the fair market value thereof. <br /> <br />Upon agreement by the Applicant and the City Manager, or his <br /> <br />designee, the fair market value of the land or the interest being <br /> <br />conveyed, sold, or traded shall be determined by averaging on a square <br /> <br />footage basis, the Prime Rate appraisal of the adjoining tracts of land, <br /> <br />exclusive of any improvements thereon, as said Prime Rate appraisal <br /> <br />is established by the most recent certified appraisal by the Harris <br /> <br />County Appraisal District, before reduction by any applicable tax <br /> <br />exemptions, which average square footage Prime Rate fair market value <br /> <br />appraisal shall be multiplied by the total square footage contained <br /> <br />in the tract of land sought to be closed, which product shall be <br /> <br />then multiplied by a factor of one and one-half (1.5). <br /> <br />If either the Applicant or the City Manager, or his designee, <br /> <br />do not agree on the result obtained, then an independent fee apprai- <br /> <br />sal shall be obtained by the City of La Porte, by an independent fee <br /> <br />appraiser selected by the City of La Porte, at Applicant I s sole <br /> <br />expense. In conducting such appraisal, the appraiser shall appraise <br /> <br />the tract of land sought to be closed, as if it were an integral <br />