FAA Regulations - Laserfiche WebLink

Home

(3) A recital of the amount of the offer and a statement that such amount is the full amount believed by the Sponsor to be just compensation for the property. (4) A statement that the Sponsor's determina- tion of just compensation is not less than its approved appraisal of the fair market value of the property. A statement that the Sponsor's determina- tion of just compensation for the property (real) to be acquired is based on its inspection of the property and its con- sideration of independently prepared appraisal(s) for the property by competent professional appraisers. (6) The definition of "fair market value" (or other equivalent term if more appropriate in the State involved) recognized by the eminent domain courts of the State and used by the Sponsor and its appraisers in making their determinations of value. If only part of the property of an owner is to be acquired (or the interest to be acquired in the property is less than the full interest of the owner), the statement should also ex- plain the basis for the determination of just compensation in such case; e.g. the amount by which the fair market value of the en- tire property of the owner exceeds the fair market value of the remainder. Statement (unless it has been determined by the Sponsor with the concurrence of FAA that it would be contrary to State law) that any decrease or increase in the fair market value of the real property to be acquired (or the entire property of the owner in the case of a partial taking) prior to the date of valuation caused by the public improvement or project for which the property is to be acquired, or by the likelihood that the property would be ac- quired for such improvement or project, other than that due to physical deteriora- tion within the reasonable control of the owner, has been disregarded by the Sponsor and its appraisers in making their determi- nations of the fair market value of such property, Statement that the appraisals and determi- nation of just compensation do not reflect any consideration of or allowance for any relocation assistance and payments which (5) (7) (8) (9) the owner is entitled to receive under title II of the Uniform Act or for the Sponsor's agreement to pay certain settlement costs. If only a portion of a property is to be acquired, a separate statement (which should be identified as being for informa- tion purposes only and as not constituting the basis for the Sponsor's determination of just compensation) allocating the total estimated just compensation for the partial taking, first, to an amount representing estimated just compensation for the real property to be acquired, which compensa- tion will be the amount considered to be the fair market value of the part or interest to be acquired as part of the whole property, and second, to an amount representing any net damages or benefits to the remaining property. (10) If there are separately held interests in the real property to be acquired (such as ease- ments, leaseholds, tenant owned improve- ments, life estates, and water, gas, oil or mineral rights), the statement will include an apportionment based on the appraisals and the Sponsor's appraisal review of the total just compensation to each such sep- arately held interest to be acquired. (11) If any buildings, structures, fixtures, or other improvements comprising part of the real property have been identified as being the property of a tenant who has the right or obligation to remove them at the expira- tion of his term, the total just compensa- tion for the real property, including the property of such tenant, will be apportioned to the landowner and to the tenant so that the amount apportioned to the tenant's im- provements and interest in the real prop- erty will be the greater of: (a) The fair market value of the tenant's leasehold estate in the property; The amount which the tenant's im- provements contribute to the fair market value of the real property to be acquired; or (c) The fair market value of the ten- ant's improvements for removal from the real property. The basis on which the Sponsor established the value and just compensation for each tenant's interest will be identified as to (b) 21