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(a) The fair market value of the property taken is the highest price on the date of valuation that <br />would be agreed to by a seller, being willing to sell but under no particular or urgent <br />necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy <br />but under no particular necessity for so doing, each dealing with the other with full <br />knowledge of all the uses and purposes for which the property is reasonably adaptable and <br />available. <br />(b) The fair market value of property taken for which there is no relevant, comparable market is <br />its value on the date of valuation as determined by any method of valuation that is just and <br />equitable. <br />In estimating the fair market value in place, additional costs may be incurred to place the asset in <br />service including installation, freight, sales tax, design and other acquisition costs. <br />Salvage Value <br />The term salvage value means the probable sale price of an item offered for sale to knowledgeable <br />buyers with the requirement that it be removed from the property at a buyer's expense (i.e., not <br />eligible for relocation assistance). This includes items for re -use as well as items with components <br />that can be re -used or recycled when there is no reasonable prospect for sale except on this basis. <br />[Source: Code of Federal Regulations, Title 49, Subtitle A, Part 24, Subpart A, Section 24.2 (a) (23)] <br />Salvage value is the price the State would obtain for the equipment in place at auction with the buyer <br />removing the equipment in a relatively short time. [Source: Caltrans Right or Way Manual, Chapter <br />7, Appraisals, Section 7.08.05.00] <br />The Fair Market Value in Place of the F&E was determined to be $423,850, which is the basis for <br />OCTA's determination of compensation. Please note that moveable business fixtures and equipment <br />listed on Exhibit B will not be acquired, but OCTA will pay the reasonable costs of moving the items <br />pursuant to the Uniform Relocation and Real Property Acquisition Policies Act of 1970, as amended, and <br />California Government Code Section 7267 and its implementing guidelines. <br />RECOMMENDED COMPENSATION: <br />The recommended amount of compensation for the acquisition of the F&E is $423,850. <br />2 <br />75D-105 <br />