Upon securing the appraisal of the value of the street to be vacated as provided in this chapter, or the City Council’s determination of fair market value, the city engineer shall notify the petitioner of the amount of compensation, deducting therefrom any remaining appraisal fee deposit not previously refunded to the petitioner. The payment shall be delivered to the city engineer, who, upon receipt of any such payment, shall forthwith transmit the same to the Finance Director for deposit. One-half of the revenue received by the City as compensation for the area vacated shall be deposited in a fund dedicated to the acquisition, improvement, development, and related maintenance of public open space or transportation capital projects within the City. In the event that the petitioner has received approval of delivery of an instrument granting or dedicating to the City a parcel(s) of land in lieu of a cash payment as contemplated by Section 12.10.090(B), the city engineer, at the applicant's expense, shall obtain a policy of title insurance insuring title thereto in the City.