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FDOT Statewide Projects & Training

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Project Type: Project

Project Name: Fair Market Value Study - Completed 4/2012

Aviation Office Project Manager: Erik Treudt

Consulting Firms (Prime and Sub-consultant, if applicable) : Center for Urban Transportation Research (CUTR) University of South Florida

Start Date: Monday, May 9, 2011

Completion Date: Monday, April 30, 2012

Project Description
The purpose of this project is to research and document methodologies and best practices for determining fair market value of airport property, including both sale and rental arrangements, and to develop thorough but easily understood guidelines that can be used to educate airport managers and elected officials on the common approaches to estimate fair market value. These guidelines aim to provide direction to the airport professionals in the business decisions involving leases and sales of airport property and are intended to assist airport managers, owners, and elected public officials in complying with the terms of grant agreements

Current Status (as of Monday, February 13, 2012)

CUTR has completed the first draft of the guidelines for review and this has been sent out to those CFASPP members who have participated in the stakeholders meetings as well as those who were interviewed. The next phase of this project will be the final draft of both the FMV guidelines and reference manual. We anticipate this project will be completed by the end of April, and we will post both the FMV guidelines and reference manual on our website when completed.

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