Current owners of land sold by the borough, the title to which is subject to agricultural covenants and restrictions, may make application to the mayor to have the borough release by conveyance those covenants and restrictions (hereinafter “restrictions”) subject to the following procedure:
A. Application. The owner shall apply using a form provided by the borough for release of the restrictions. The application should include the legal description of the property involved and be accompanied by the appropriate application and processing fee. The owner shall agree to be bound by procedures herein outlined.
B. Title Report. The owner shall provide the borough with a preliminary commitment for title insurance which lists any other parties with an interest in the property which could be affected by the proposed release. The borough will review the preliminary commitment and may require the applicant to secure a nonobjection to the proposed release by the listed party. The borough will not process an application where a listed party objects to the release.
C. Appraisal. Upon direction from the borough the owner will secure, at the owner’s cost, a fair market value appraisal of the property completed by an appraiser licensed by the state of Alaska. The purpose of the appraisal will be to determine the difference between the fair market value of the property in its present state, i.e., subject to the restrictions, and the value of the property with the restrictions released. If an owner holds title to more than one adjacent parcel, a single appraisal may be secured to determine the value of each parcel.
1. The borough will review the appraisal and if it is acceptable proceed with the release process.
4. If the applicant and the borough cannot come to agreement on value the borough will secure a second appraisal at its own cost. The borough’s values and the applicant’s value will then be averaged to determine the selling price.
5. If at any time the applicant decides that the value(s) determined by the above process is unacceptable they may withdraw from the process and terminate their application. No paid fees will be refunded.
D. Conveyance. After the applicant has paid to the borough the value difference determined through the appraisal process described in subsection (C) of this section, the mayor shall execute the deed releasing and conveying the covenants and restrictions to the owner. Cost of recording shall be borne by the applicant. (Ord. 2012-36 § 2, 2012. 2004 Code § 25.15.150.)