(a) Except as stated herein, prior to the disposition of any unclaimed property having an estimated value of $500.00 or more, and when the city knows the identity of the owner and has a last known address for the owner, the director shall send written notice to the last known address of the owner of such property. The last known address of the owner shall be the last address of the owner as shown by the records of the city department or agency holding the property. The notice may include a description of the property and its estimated value; the date on which the property became payable, demandable or returnable; the date of the last transaction with the owner with respect to the property; and, if available, the purpose for which the property was deposited or otherwise held. The notice shall state where the owner may inquire about or claim the property. The notice shall also state that if the owner fails to provide the director with a written claim for the return of the property within 30 days of the date of the notice, the property shall be deposited into the unclaimed property account of the City or held for disposition pursuant to section 2-724 of this Code.

(b) Except as stated herein, prior to disposition of any unclaimed property having an estimated value of $500.00 or more and when the city knows the identity of the owner but does not have a last known address of the owner, the director shall cause notice to be posted on the city website for 30 days. The notice may include a description of the property, its estimated value and, if known, its owner; the date on which the property became payable, demandable or returnable; the date of the last transaction with the owner with respect to the property; and, if available, the purpose for which the property was deposited or otherwise held. The notice shall state where the owner may inquire about or claim the property. The notice shall also state that if the owner fails to provide the director with a written claim for the return of the property within 30 days of the first date of the posting of the notice on the city website, the property shall be deposited into the unclaimed property account of the City or held for disposition pursuant to section 2-724 of this Code.

(c) Perishable or hazardous property: Any property in possession of the city that is of a perishable or hazardous nature or inherently dangerous to the health, safety or welfare of the people may be disposed of immediately.

(d) The director is not required to mail or post notice pursuant to this section regarding any unclaimed property valued at less than $500.00, unless the director considers such mailing or posting to be in the public interest. If not claimed by its owner within 30 days of the date on which it is deemed to be unclaimed property, such property shall be deposited into the unclaimed property account of the City or held for disposition pursuant to section 2-724 of this Code.

(e) When the city does not know the identity of the owner, the director is not required to mail or post notice pursuant to this section regarding any unclaimed property valued at more than $500.00, unless the director considers such mailing or posting to be in the public interest. If not claimed by its owner within 30 days of the date on which it is deemed to be unclaimed property, such property shall be deposited into the unclaimed property account of the City or held for disposition pursuant to section 2-724 of this Code.

(f) If a claim is received within the 30-day claim period, the director shall evaluate the claim and give written notice to the claimant within 60 days after receipt that the claim has been accepted or denied in whole or in part. Each such claim shall be accompanied by proof sufficient to establish the claimant as the owner of the property. The director may investigate the validity of a claim and request further supporting documentation from the claimant prior to disbursing or refusing to disburse the property.

(g) If there is more than one claimant for the same property, the director may, in the director's sole discretion, resolve such claims or may direct the city attorney to deposit the disputed property with the registry of the district court in an interpleader action.

(h) If a claim is upheld with respect to any unclaimed property, the claimant shall, as a prerequisite to recovering possession, reimburse the city for all reasonable expenses incurred in storing or handling such property.

(i) If a claim is denied with respect to any unclaimed property, such property shall be deposited into the unclaimed property account of the City or held for public sale or disposition pursuant to section 2-724 of this Code.

(j) Any legal action filed challenging a decision of the director shall be filed pursuant to rule 106 of the Colorado Rules of Civil Procedure within 30 days of such decision or shall be forever barred. If any legal action is timely filed, the property shall be disbursed by the director pursuant to the order of the court having jurisdiction over such claim.

(k) The police chief is authorized to establish and administer rules and regulations consistent with this article for the administration and disposition of unclaimed property in the custody or control of the police department. The director of finance is authorized to establish and administer rules and regulations consistent with this article for the administration and disposition of unclaimed property in the custody or control of all other city departments, offices and agencies, including compliance requirements for other municipal officers and employees in the identification and disposition of such property.

(l) The failure of any owner of unclaimed property to submit a timely claim under this section shall neither preclude the subsequent filing of a claim nor extinguish any legal or equitable interest of such owner in such property disposed of pursuant to section 2-724 of this Code in an amount equal to the estimated value of such property as determined by the director at the time of final disposition. (Code 1979, § 2-212; Ord. No. 2016-60, § 2, 10-24-2016; Ord. No. 2005-93, § 2, 12-5-2005; Ord. No. 96-20, § 2, 7-1-1996)