4.04.100 City's determination of amount of just compensation for property.

(A) City's Determination of Amount of Just Compensation. If after the appraisal and other examination and consideration of the property, the city determines that it wishes to acquire the property for a municipal project by eminent domain, the city shall establish an amount that it believes to be just compensation for the property. The amount determined to be just compensation shall be no less than the fair market value of the property as improved.

The determination of the amount established as just compensation shall be based on consideration of:

(1) The property being acquired;

(2) The appraisal conducted by the city;

(3) If the property to be acquired is part of a larger parcel, the injury, if any, to the remainder of the property;

(4) Loss of goodwill, if the owner of the real property also owns a business conducted upon the property to be acquired, or the remainder of the property, and compensation for loss of goodwill is required by the state Eminent Domain Law (Civil Procedure Section 1263.010 et seq.). Goodwill consists of the benefits that accrue to a business as a result of its location, reputation for dependability, skill or quality, and any other circumstances resulting in probable retention of old or acquisition of new patronage;

(5) Other factors as authorized by state or federal law.

(B) Approval of Amount of Just Compensation by City Council. The city's appraisal of the property and amount established as just compensation shall be approved by the city council.