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3. The definition of reuse value is further augmented due to certain conditions <br />imposed by the Agency, and assumptions as follows: <br />a. The seller is a public agency having definite controls over the <br />development. Due to the complexity of the overall plan of development, <br />the developer of the land parcels must contend with a series of <br />regulations and controls, which are not common in the conventional real <br />estate market. The Agency must provide continued monitoring with <br />respect to the ability of the Developer to perform within prescribed <br />conditions. <br />b. The Developer, like the Agency, is unique in the real estate market. Due <br />to the various development requirements and time restrictions imposed <br />by the development program, the potential developers are limited to <br />individuals or organizations with adequate financial and productive <br />resources. In order to appeal to the limited market of potential buyers, <br />market value must be equated to the maximum price a restricted and <br />limited market is warranted in paying based upon risk and investment <br />return factors. <br />c. The Agency can impose development restrictions and/or requirements for <br />the proposed Project. Accordingly, the market value must reflect the <br />requirements and limitations on land use to be imposed on the Developer <br />by the public agency. <br />4. The Agency conveys the site to the Developer based upon the specific terms and <br />conditions agreed to in the DDA. <br />C. Rights Valued <br />The rights valued assume that the Site is free and clear of all encumbrances except <br />those covenants, conditions, and easements specified in the DDA. <br />D. Date of Valuation <br />September 5, 2001 <br />Conley Consulting Group Page 8 of 22 <br />9-9 Bartarse Reuse 10300.006 v5 September, 2001 <br />