SECTION 300:25-1-2. Definitions

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The following words or terms when used in this Chapter shall have the following meaning unless the context indicates otherwise.
"Adjacent Property" means that property which is immediately contiguous and appurtenant to the GRDA property upon which the improvement is built.
"Board" means the Board of Directors of the Grand River Dam Authority.
"Fair market value" means the price in cash a willing but not obligated tenant would pay, and a willing but not obligated landlord would charge for the same or similar lands for the highest and best legal use of the property. The values for separate properties may be used to determine a standardized fair market value.
"GRDA land(s)" means that real property owned by the Grand River Dam Authority.
"Improvements" means buildings, or other permanent or temporary structures or developments located on or attached to GRDA lands.

[Source: Added at 23 Ok Reg 1327, eff 5-25-06; Amended at 37 Ok Reg 1352, eff 9-11-20]

                    
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