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(1) Once the petition is determined to be sufficient, the town council by resolution shall fix a time when the petition will be heard and determined by such authority or a committee thereof, which time shall not be more than 60 days nor less than 20 days after the date of the passage of such resolution.

(2) Upon the passage of the resolution the town clerk shall give 20 days’ notice of the pendency of the petition by a written notice posted in three of the most public places in the town and a like notice in a conspicuous place on the street or alley sought to be vacated. The said notice shall contain a statement that a petition has been filed to vacate the street or alley described in the notice, together with a statement of the time and place fixed for the hearing of the petition. In all cases where the proceeding is initiated by resolution of the town council or similar town council without a petition having been signed by the owners of more than two-thirds of the property abutting upon the part of the street or alley sought to be vacated, in addition to the notice hereinabove required, there shall be given by mail at least 15 days before the date fixed for the hearing, a similar notice to the owners or reputed owners of all lots, tracts or parcels of land or other property abutting upon any street or alley or any part thereof sought to be vacated, as shown on the rolls of the county treasurer, directed to the address thereon shown; provided, that if 50 percent of the abutting property owners file written objection to the proposed vacation with the clerk, prior to the time of hearing, the town shall be prohibited from proceeding with the resolution.

(3) The hearing on such petition may be held before the town council, or before a committee thereof upon the date fixed by resolution or at the time said hearing may be adjourned to. If the hearing is before such a committee the same shall, following the hearing, report its recommendation on the petition to the town council which may adopt or reject the recommendation. If such hearing be held before such a committee it shall not be necessary to hold a hearing on the petition before the town council. If the town council determines to grant said petition or any part thereof, the town shall be authorized and have authority by ordinance to vacate such street, or alley, or any part thereof, and the ordinance may provide that it shall not become effective until the owners of property abutting upon the street or alley, or part thereof so vacated, shall compensate the town in an amount which does not exceed one-half the appraised value of the area so vacated. If the street or alley has been part of a dedicated public right-of-way for 25 years or more, or if the subject property or portions thereof were acquired at public expense, the town may require the owners of the property abutting the street or alley to compensate the town in an amount that does not exceed the full appraised value of the area vacated. The ordinance may provide that the town retain an easement or the right to exercise and grant easements in respect to the vacated land for the construction, repair, and maintenance of public utilities and services. A certified copy of such ordinance shall be recorded by the clerk of the town council and in the office of the auditor of the county in which the vacated land is located. One-half of the revenue received as compensation for the area vacated must be dedicated to the acquisition, improvement, development, and related maintenance of public open space or transportation capital projects. (Res. 379 § 4, 2019)