Determination of a significant parcel

(1) Before disposing of public property, a local governmental entity shall: (a) determine if the public property constitutes a significant parcel; and (b) comply with: (i) any statutory requirements specific to the local governmental entity and the local governmental entity's public property; and (ii) the applicable requirements of this part. (2) Subject to Subsection (4) in making a determination on whether public property constitutes a significant parcel: (a) a municipality shall apply the municipality's ordinance described in Subsection 10-8-2(4); (b) a county shall apply the county's ordinance described in Subsection 17-78-103(4); and (c) if a local governmental entity not described in Subsection (2)(a) or (b) has an ordinance or resolution defining "significant parcel," the local governmental entity shall apply that definition, if the definition is reasonably similar to the definition in Subsection (3). (3) If a local governmental entity does not define significant parcel in a local ordinance or resolution, "significant parcel" means real property that has an estimated fair market value of $500,000 or more. (4) A municipality or county may not establish by ordinance or resolution a definition of significant parcel that would result in real property with an estimated fair market value of $500,000 or more not qualifying as a significant parcel under the ordinance or resolution.