88-74 AUTHORIZING SALE OF LAND 200 SOUTH MARTIN LUTHER KING JR. DRIVE

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, 3 DEFINITION OF VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale of a specified date and the passing of title from seller to buyer under conditions whereby: ( 1 ) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and ( 5 ) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. HIGHEST AND BEST USE The most profitable likely use to which a property can be put, the option of such use may be based on the highest and most profitable continuous use to which property is adapted and needed or likely to be in demand in the reasonable near future. However, elements affecting value which depend upon events of a combination of occurrences which while within the realm of possibility are now fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent upon the uncertain act of another person, the intention cannot be considered. The highest and best use of the site if vacant and available for use may be different from the highest and best use of the improved property. This will be true when the improvements are not the appropriate use and yet make a contribution to the total property value in excess of the value of the vacant site. Highest and Best Use is for commercial purposes.