§ 1-26-704 — Fair market value defined

(a) Except as provided in subsection (b) of this section:
(i) The fair market value of property for which there
is a relevant market is the price which would be agreed to by an
informed seller who is willing but not obligated to sell, and an
informed buyer who is willing but not obligated to buy;
(ii) The fair market value of property for which
there is no relevant market is its value as determined by any
method of valuation that is just and equitable;
(iii) The determination of fair market value shall
use generally accepted appraisal techniques and may include:
(A) The value determined by appraisal of the
property performed by a certified appraiser;
(B) The price paid for other comparable
easements or leases of comparable type, size and location on the
same or similar property;
(C) Values paid for transactions of comparable
type, size and location by other public or private entities in
arms length transactions for comparable transactions on the same
or similar property.
(b) The fair market value of property owned by an entity
organized and operated upon a nonprofit basis is deemed to be
not less than the reasonable cost of functional replacement if
the following conditions exist:
(i) The property is devoted to and is needed by the
owner in order to continue in good faith its actual use to
perform a public function, or to render nonprofit educational,
religious, charitable or eleemosynary services; and
(ii) The facilities or services are available to the
general public.
(c) The cost of functional replacement under subsection
(b) of this section includes:
(i) The cost of a functionally equivalent site;
(ii) The cost of relocating and rehabilitating
improvements taken, or if relocation and rehabilitation is
impracticable, the cost of providing improvements of
substantially comparable character and of the same or equal
utility; and
(iii) The cost of betterments and enlargements
required by law or by current construction and utilization
standards for similar facilities.
(d) In determining fair market value under this section,
no terms or conditions of an agreement containing a
confidentiality provision shall be required to be disclosed
unless the release of such information is compelled by lawful
discovery, upon a finding that the information sought is
relevant to a claim or defense of any party in the eminent
domain action. The court shall ensure that any such information
required to be disclosed remains confidential. The provision of
this subsection shall not apply if the information is contained
in a document recorded in the county clerk's office or has
otherwise been made public.