Reso 1996-061 to 065 - Laserfiche WebLink

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a. The seller is a public agency having definite controls over the development. Due to the complexity of the overall plan of development, the developer of the land parcel must contend with a series of regulations and controls which are not common in the conventional real estate market. The Agency must provide a continued monitoring with respect to the ability of the Auto Dealer to perform within prescribed conditions. b. The Auto Dealer, like the Agency, is unique in the real estate market. Due to the various development requirements and time restrictions imposed by the development program, the potential developers are limited to individuals or organizations with adequate financial and productive resources. In order to appeal to the limited market of potential buyers, market value must be equated to the maximum price a restricted and limited market is warranted in paying based upon risk and investment return factors. C. The development plan can impose development restrictions and/or requirements, including that development must commence immediately after conveyance. Accordingly, the market value must reflect the advantages created by the project as well as the requirements and limitations on land uses to be imposed on the Auto Dealer by the public agency. 3. The Agency conveys the site to the Auto Dealer based upon the specific terms and conditions agreed to in the DDA. 4. The Auto Dealer priyately assembles land, in conjunction with the purchase of land from the Agency, for the purpose of developing and operating several automobile dealership facilities on the overall site based upon the specific terms and conditions agreed to in the DDA. 5. Development will proceed as agreed to in the DDA, i.e., speculation is not allowed. C. Righ& Appraised The rights appraised assume that the site is free and clear of all encumbrances except those covenants, conditions, and easements specified in the DDA. KEYSER MARSTON ASSOCIATES I N C. 19096V00144M.doc Page 5