Land Value Component. The Annual Adjustment Analysis established a Land Value Component assuming a construction-ready condition, with dedicated and improved public roads and utilities, including storm drainage facilities. This Land Value Component has been used in calculating the initial Fair Share School Impact Mitigation Payments that are effective during calendar year 2006. The Parties acknowledge this value per acre may vary as the Property is developed. Consequently, effective each January 1st, commencing January 1, 2007, or as soon thereafter as practicable, the Fair Share School Impact Mitigation Payment amounts shall be increased or decreased based upon the Land Value Component determined as of a valuation date of the preceding October 15th. This adjustment shall be determined by the appraised value per-net-acre of the sites then under consideration by ▇▇▇▇ for the next JHS site and the next SHS site (“Proposed Sites”). If ▇▇▇▇ identifies more than one (1) JHS Proposed Site or more than one (1) SHS Proposed Site, the Land Value Components for the JHS and for the SHS shall be based on the average of the appraised per acre values of all JHS Proposed Sites and the average of the appraised per acre values of all SHS Proposed Sites. ▇▇▇▇ shall select an appraiser (“▇▇▇▇ Appraiser”), who shall be a member of the Appraisal Institute (“AI”), to conduct the appraisals of the Proposed Sites. ▇▇▇▇ shall pay the cost of the appraisals with Fair Share School Impact Mitigation Payments received by ▇▇▇▇ from Developer or others, or interest earned thereon. The Proposed Sites shall be appraised on the basis of the highest and best use of the Proposed Sites as determined by the ▇▇▇▇ Appraiser. If Developer does not concur with ▇▇▇▇’▇ choice of the ▇▇▇▇ Appraiser, or with the ▇▇▇▇ Appraiser’s opinion of value, Developer may, at its own expense, designate an AI appraiser (“Developer Appraiser”) to independently appraise the Proposed Sites and prepare a report establishing and supporting the Developer Appraiser’s opinion of the fair market value (“FMV”) of each of the Proposed Sites. If the opinions of value of the ▇▇▇▇ Appraiser and the Developer Appraiser differ by ten percent (10%) or less from each other, the appraised FMV of the Proposed Sites shall be deemed to be the average FMV of the two (2) appraisals of the Proposed Sites. If the opinions of value of the ▇▇▇▇ Appraiser and the Developer Appraiser differ by more than ten percent (10%), the ▇▇▇▇ Appraiser and the Developer Appraiser shall be instructed to agree upon a third AI appraiser (“Supplemental Appraiser”) to appraise the Proposed Sites. ▇▇▇▇ and Developer shall equally share the cost of the Supplemental Appraiser. The Supplemental Appraiser also shall independently appraise the Proposed Sites and prepare a report establishing and supporting his or her opinion of the FMV of each of the Proposed Sites. In that event, the appraised FMV of each of the Proposed Sites shall be deemed to be the average FMV of the two (2) appraisals having the closest opinions of value. In the event the appraisal of each of the Proposed Sites conducted by the Supplemental Appraiser equals the average of the ▇▇▇▇ Appraiser and the Developer Appraiser, then the appraised FMV of each of the Proposed Sites shall be deemed to be the value determined by the Supplemental Appraiser. In the event one or more other Fair Share Mitigation Payment Participants also desire to designate a Developer Appraiser, such appraiser shall be the appraiser designated by a majority of Developer and the other Fair Share Mitigation Payment Participants whose mitigation agreements contain a Land Value Component adjustment substantially similar to the provisions of this Mitigation Agreement. Developer agrees to bear its pro rata share of the cost of the Developer Appraiser and the Supplemental Appraiser designated by a majority of the parties executing such mitigation agreements with ▇▇▇▇. If the parties are unable to agree on the Developer Appraiser, ▇▇▇▇ shall designate the Developer Appraiser from a list of appraisers submitted by Developer and other Fair Share Mitigation Payment Participants.
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Land Value Component. The Annual Adjustment Analysis established a Land Value Component assuming a construction-ready condition, with dedicated and improved public roads and utilities, including storm drainage facilities. This Land Value Component has been used in calculating the initial Fair Share School Impact Mitigation Payments that are effective during calendar year 2006as of January 1, . The Parties acknowledge this value per acre may vary as the Property is developed. Consequently, effective each January 1st1, commencing January 1, 2007, or as soon thereafter as practicable, the Fair Share School Impact Mitigation Payment amounts shall be increased or decreased based upon the Land Value Component determined as of a valuation date of the preceding October 15th. This adjustment shall be determined by the appraised value per-net-acre of the sites then under consideration by ▇▇▇▇ for the next JHS site and the next SHS site (“Proposed Sites”). If ▇▇▇▇ identifies more than one (1) JHS Proposed Site or more than one (1) SHS Proposed Site, the Land Value Components for the JHS and for the SHS shall be based on the average of the appraised per acre values of all JHS Proposed Sites and the average of the appraised per acre values of all SHS Proposed Sites. ▇▇▇▇ shall select an appraiser (“▇▇▇▇ Appraiser”), who shall be a member of the Appraisal Institute (“AI”), to conduct the appraisals of the Proposed Sites. ▇▇▇▇ shall pay the cost of the appraisals with Fair Share School Impact Mitigation Payments received by ▇▇▇▇ from Developer or others, or interest earned thereon. The Proposed Sites shall be appraised on the basis of the highest and best use of the Proposed Sites as determined by the ▇▇▇▇ Appraiser. If Developer does not concur with ▇▇▇▇’▇ choice of the ▇▇▇▇ Appraiser, or with the ▇▇▇▇ Appraiser’s opinion of value, Developer may, at its own expense, designate an AI appraiser (“Developer Appraiser”) to independently appraise the Proposed Sites and prepare a report establishing and supporting the Developer Appraiser’s opinion of the fair market value (“FMV”) of each of the Proposed Sites. If the opinions of value of the ▇▇▇▇ Appraiser and the Developer Appraiser differ by ten percent (10%) or less from each other, the appraised FMV of the Proposed Sites shall be deemed to be the average FMV of the two (2) appraisals of the Proposed Sites. If the opinions of value of the ▇▇▇▇ Appraiser and the Developer Appraiser differ by more than ten percent (10%), the ▇▇▇▇ Appraiser and the Developer Appraiser shall be instructed to agree upon a third AI appraiser (“Supplemental Appraiser”) to appraise the Proposed Sites. ▇▇▇▇ and Developer shall equally share the cost of the Supplemental Appraiser. The Supplemental Appraiser also shall independently appraise the Proposed Sites and prepare a report establishing and supporting his or her opinion of the FMV of each of the Proposed Sites. In that event, the appraised FMV of each of the Proposed Sites shall be deemed to be the average FMV of the two (2) appraisals having the closest opinions of value. In the event the appraisal of each of the Proposed Sites conducted by the Supplemental Appraiser equals the average of the ▇▇▇▇ Appraiser and the Developer Appraiser, then the appraised FMV of each of the Proposed Sites shall be deemed to be the value determined by the Supplemental Appraiser. In the event one or more other Fair Share Mitigation Payment Participants also desire to designate a Developer Appraiser, such appraiser shall be the appraiser designated by a majority of Developer and the other Fair Share Mitigation Payment Participants whose mitigation agreements contain a Land Value Component adjustment substantially similar to the provisions of this Mitigation Agreement. Developer agrees to bear its pro rata share of the cost of the Developer Appraiser and the Supplemental Appraiser designated by a majority of the parties executing such mitigation agreements with ▇▇▇▇. If the parties are unable to agree on the Developer Appraiser, ▇▇▇▇ shall designate the Developer Appraiser from a list of appraisers submitted by Developer and other Fair Share Mitigation Payment Participants.two
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