The Police Department shall have the power to receive lost, abandoned or unclaimed tangible or intangible property from a private citizen. He shall then make reasonable efforts to locate the owner of such property; but, if after three months, the owner has not been located or his property claimed, the property shall be returned to the citizen upon the citizen's payment to the City of a processing and administrative fee. If the citizen disclaims the property, then the property shall be distributed according to the provisions of this Chapter.