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AUG-29-199? 13:18 CITY OF RAMSEY 612 42? 554G P,08×~9 <br /> <br />market value of the sign befoi:e it was damaged is between $60,000 and <br />$65,000, The cost of repair is less than $7,000; thus, Plaintiff argues it should <br />be allowed to repair the sign under tl~e ordinance since the damage is less <br /> <br />than 50% of the fair market value of the sign. <br />supports were completely destroyed and <br /> <br />therefore, greater than 50% of the market value of the sign was lost in the <br />storm. <br /> <br /> It is common for zoning provisions to provide that in the case of partial <br /> <br />Defendant argues that the sign <br />have no market value, and <br /> <br />accidental destruction of a nonconforming structure, the structure may be <br /> <br />restored to its nonconforming status if the destruction is not in excess of a <br />percentage of the value of the nonconforming structure. McQuillin Municipal <br />Corporations Volq__me 8A, §25.201.70. The total value under these provisions <br />may be measured in a number of ways, such as the assessed value of the <br />structure, the replacement cost at the time of the destruction, or the market <br /> <br />value. J~i The City chose in this instance to use the fair' market value as a <br /> <br />measure of value under the ordinance. <br /> <br />Black's Law Dictionary as the amount at which property would change hands <br />between a willing buyer and a willing seller, neither being under any <br /> <br />compulsion to buy or sell and both having reasonable knowledge of the <br /> <br /> 4 <br /> <br />Fair market value is defined by '1 <br /> <br /> <br />