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19 <br /> ATTACHMENT F <br /> SPONSOR'S ASSURANCES: REAL PROPERTY ACQUISITION <br /> 1. The acquisition of land, buildings, and other real property involving <br /> the use of state airport aid Binds shall be in compliance with the <br /> provisions of this attachment. <br /> • <br /> 2. The acquisition cost of each parcel, building, or other real property . <br /> acquired with state financial assistance shall be based on the fair <br /> market value of the property as determined by an appraisal process <br /> acceptable to the Department. <br /> 3. For each parcel or building with an estimated cost of $100,000 or less, <br /> fair market value shall be established by a single original appraisal <br /> and a review appraisal. For complex acquisitions, fair market value <br /> shall be established by two original appraisals and one review . <br /> • . appraisal. <br /> 4. All original and review appraisals shall be conducted by qualified <br /> • appraisers who have no financial or other interest in the property to be <br /> acquired. <br /> 5. The fair market value of a parcel will be established by the review <br /> appraiser based upon the information contained in the original appraisal <br /> or appraisals: <br /> • <br /> 6. No negotiation for property acquisition shall be commenced between the <br /> Sponsor and the property owner until the fair market value of the <br /> property has been established. Initial negotiations shall be based upon <br /> the fair market value. <br /> • <br /> • 7. Negotiated values above the fair market value shall not be eligible for <br /> state funding unless, prior to the final agreement for acquisition, the <br /> Sponsor has received the concurrence of the Department for paying such <br /> negotiated values in lieu of the appraised fair market value. <br /> DOA FORM 9/88 ATTACHMENT F Page 1 of 2 <br />