Quitclaim deed. A municipal governing body, in its discretion, may execute and deliver to the owners of a building, business or religious institution a quitclaim deed to that part of the municipality's streets or alleys which have been inadvertently encroached by such building or institution under the following conditions: 1. The governing body finds that a residential building, business, or religious institution located in the municipality has inadvertently encroached not to exceed twenty-four (24) inches on a street or alley of the municipality by constructing a part of a building thereon, which encroachment is of such limited character as not to interfere with traffic on the street, alley, or on any sidewalk located thereon; 2. All the building facing the street are in substantial line with each other; 3. The encroachment has existed continuously for more than fifteen (15) years last past; 4. In the opinion of the governing body the encroachment does not interfere with traffic on the street, alley, or sidewalk; and 5. Payment is made to the municipality of an amount which the governing body finds to be a reasonable cash value of the property so conveyed. This section shall no apply in cases of encroachments accomplishedafter May 27, 1975.
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