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2005-09-12 Regular Meeting and Workshop Meeting of La Porte City Council
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2005-09-12 Regular Meeting and Workshop Meeting of La Porte City Council
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City Meetings
Meeting Body
City Council
Meeting Doc Type
Minutes
Date
9/12/2005
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MARKET VALUE DEFINED <br />According to the definition contained in the Glossary of LrSPAP, `Market Value' <br />is defined as "The most probable price in terms of money which a property <br />should bring in a competitive and open market under all conditions requisite to a <br />fair sale, the buyer and seller, each acting prudently, knowledgeably and <br />assuming the price is not affected by undue stimulus." Implicit in this definition" <br />is the consummation of a sale as of a specified date and the passing of title from <br />seller to buyer under conditions whereby: <br />• Buyer and Seller are typically motivated. <br />• Both parties are well informed or well advised and each acting in what they consider <br />their own best interest. <br />• A reasonable amount of time is allowed for exposure in the open market. <br />• Payment is made in cash in U.S. dollars or in terms of financial arrangemeiAs ;= : <br />comparable thereto; <br />• The price represents the normal consideration for the property sold unaffected by <br />special or creative financing or sales concessions granted by anyone associated with <br />the sale. <br />
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