FAA Regulations - Laserfiche WebLink

Home

is adequately related to comparable sales. An ex- ample of the appraisal report form is included as ap- pendix 4. Examples of uncomplicated takings would be whole takings of single family residences; whole takings of unimproved residential, commercial, or industrial lots or other vacant land; strip or other partial takings not involving benefits or damages to the remaining property other than minor replace- ment or reestablishment items measurable by the "cost to cure," such as reconnections or minor re- placement of walks, steps, drives, fencing, etc. 25. NOMINAL VALUE FINDINGS. A "nom- inal value" parcel is defined as one valued at $1,000 or less, provided the acquisition does not include benefits or damages to the remaining property other than nominal replacement or reestablishment items measurable by the "cost to cure." a. Federal Participation. Federal reimbursement under ADAP/FAAP may be approved by the ap- propriate FAA official if the transaction is other- wise eligible when the Sponsor acquires "nominal value" parcels on the basis of written "value find- ings" by qualified staff personnel. Routinely these "value findings" may be prepared by staff and re- view appraisers. In unusual cases, the FAA may give prior approval for the use of fee appraisers to pre- pare "value findings" on a project basis provided it is shown that the appraisal fee is commensurate with the service to be performed. An example of a "value finding" report is attached as appendix 5. b. Preparation. All value findings will be inde- pendently prepared. In addition to the informa- tion required in paragraph 23b, the findings must indicate the date of valuation, be dated, signed by the person making the value finding, and be in ink or typed. 26. SPECIALTY REPORTS. When a separate valuation of machinery, equipment or other spe- ciality items considered as real property is required, the value of such items will not be arbitrarily added to the valuation of the other realty, but will be con- sidered to the extent of the contributory value in establishing the value of the whole property. a. Documentation. A specialty report is a writ- ten document which, as a minimum, contains the following: (1) Statement of purpose of report. (2) Definition of value(s) reported, i.e., fair market value, salvage value, etc. (3) Identification of the property and its owner- ship. 12 (4) Statement of appropriate contingent and limiting conditions, if any. Identification of the value problem. The estimate of value (s) . The data and analysis to explain, substan- tiate and thereby document the estimate of value(s). (8) The date (s) on which the estimate of value(s) applies. The certification, signature and date of signature of the specialist. Other descriptive material (maps, charts, plans, photographs) . b. Employment of Specialist. Normally the em- ployment of specialists to prepare such valuations should be handled by the Sponsor. In appropriate instances, such employment may be accomplished by the contract appraiser responsible for the ap- praisal of the entire property. If the latter course is followed, the Sponsor will reserve to itself the ap- proval of the selection of the specialist by the con- tract appraiser. c. Distribution of Estimate. Each acceptable esti- mate prepared by a specialist retained for the Spon- sor will be made available to all appraisers for analysis and incorporation into their appraisal re- ports to the extent deemed appropriate by the in- dividual appraiser. The Sponsor should have the specialist's appraisal reviewed by their review ap- praiser or staff specialist to determine its accept- ability before distribution to the fee or staff appraisers. d. Engineering Data. In many instances engi- neering information can be developed from a Spon- sor's own engineering studies rather than from the employment of a special consultant engineer to develop the necessary information. 27. NUMBER OF APPRAISALS. a. Appraisals Contracted. The airport sponsor will secure at least one appraisal or value finding for each parcel to be acquired or damaged. Two ap- praisals should be obtained on properties of a com- plex or unusual nature or whenever the appraised value is expected to exceed $50,000. Exceptions may be permitted where the Sponsor has submitted a different plan of operation which has been accepted by FAA. b. Allowable Appraisal Fees. If otherwise eligi- ble, Federal participation will be allowed in the cost of one appraisal or one value finding on parcels valued at $1,000 or less, in the cost of two appraisals (5) (6) (7) (9) (10) • • •