RES-2001-037 Resolution to Approve for Special Use Permit, Class A for Planned Development of American Stone Company and Orange Water and Sewer Authority

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7F 29. American Stone Company and OWASA agree to compensate the owners of property 71 within a radius of 3,000 feet of the perimeter of the property encumbered by this permit for the loss of fair market value of their property, if any, resulting from quarry operation according to the following guidelines: (a) The property owner making the request must have continuously owned the property in question since January 1, 1978. If the loss of fair market value is for a structure, it must have been constructed prior to January 1, 1978. (b) The property owner must have closed a sale of the property or a loan secured by the property within thirty days prior to the date the owner makes a request under this section and the owner must have made a good faith effort to obtain the maximum sale price or appraised value in the case of a loan. (c) Property owners may make use of this provision only one time for any single property. (d) The procedure for seeking compensation shall be as follows: (i) The property owner shall notify OWASA in writing of the request. (ii) OWASA and American Stone Company shall engage an MAI Appraiser (Member of the American Institute of Realtors) from North Carolina who has not been used by American Stone Company, Martin Marietta Materials, Inc. or OWASA as of the date of the issuance of this special use permit for the purpose of analyzing the sale or loan to determine whether the presence of the American Stone quarry adversely impacted the contract price or the appraised value of the property in the case of a loan. American Stone Company and OWASA shall each bear one -half of the cost of the appraisal. American Stone Company and OWASA shall attempt to have the appraisal completed within sixty days of the submission of the request by the property owner. (iii) American Stone Company and OWASA shall provide the property owner with a copy of the appraisal as soon as it is submitted. If the owner is not satisfied with the results of the appraisal, the owner may have his or her own MAI appraisal performed at his or her expense. (iv) If the owner, OWASA and American Stone Company are not able to resolve the dispute upon receipt of the first or second appraisal, the two appraisers will select a third MAI Appraiser to perform an analysis, and the three appraisers shall seek to quantify any decrease in the fair market value of the property resulting from quarry operations, if any. OWASA and American Stone Company shall pay one half of the cost of he third appraiser and the property owner shall pay the balance. (v) If the three appraisers report a decrease in fair market value resulting from quarry operations, American Stone Company and OWASA shall each pay the property owner one half of the decrease in fair market value within thirty days bf the receipt of the report from the three appraisers. l sg: orangecounty \SpecialUsePemiitResolution #2 (geg revisions 4- ]0 -01)