Alabama Code 45-49-90.15. Sales of parcels of property
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Terms Used In Alabama Code 45-49-90.15
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- property: includes both real and personal property. See Alabama Code 1-1-1
The sales price of any part of an industrial park shall be no less than the greater of the consideration for purchase paid by the participants plus the cost of all improvements made in the development of the property and the costs of financing the acquisition and development, other than interest on any bonds, prorated on the basis of the acreage involved, or the then fair market value of the property to be sold as determined by an appraisal by a real estate appraiser whose appraisals are accepted by local lending institutions.