SECTION 300:25-5-4. Determination of value

(a)   An Applicant may obtain a separate appraisal prepared by an Oklahoma licensed land appraiser.

(b)   Appraisals will be made in accordance with Uniform Standards of Professional Appraisal Practices.

(c)   The appraisers shall determine the "fair market value" of the land without any improvement. For purposes of this section, fair market value is 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. In determining fair market value, the appraisers shall consider the following:

(1)   Present land use;

(2)   Amount of GRDA land upon which the improvement sits;

(3)   Cash rental price of comparable land; and

(4)   The term (number of years) of the License

(d)   Appraisals are public record under the Open Records Act.

(e)   In lieu of appraisals for each property, the Board of Directors may determine a standard value per square foot for all encroachments subject to Title 300, Chapter 25. This standard value may be used for each encroachment or the Applicant may submit their own appraisal for review by the Board.

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