R590-273-8. Market Value of Land and Infrastructure Improvements in Rehabilitation

  In determining the market value of land and infrastructure improvements under an order of rehabilitation pursuant to Section 31A-44-502(2)(d), the commissioner shall:

  (1) Consider the most probable price as of a specified date, for which the land and infrastructure improvements owned in fee by the ground lessor should sell:

  (a) after reasonable exposure in a competitive market;

  (b) under all conditions requisite to a fair sale;

  (c) with the buyer and seller each acting prudently, knowledgeably and for self-interest; and

  (d) assuming neither buyer or seller is acting under duress.

  (2) Disregard the existence or terms of the ground lease.

  (3) Determine if a commercial appraisal is required to assign the market value.