1-26-704. Fair market value defined.
(a) Except as provided in subsection (b) of this section:
(i) The fair market value of property for which there is a relevant market is the price which would be agreed to by an informed seller who is willing but not obligated to sell, and an informed buyer who is willing but not obligated to buy;
(ii) The fair market value of property for which there is no relevant market is its value as determined by any method of valuation that is just and equitable;
(iii) The determination of fair market value shall use generally accepted appraisal techniques and may include:
(A) The value determined by appraisal of the property performed by a certified appraiser;
(B) The price paid for other comparable easements or leases of comparable type, size and location on the same or similar property;
(C) Values paid for transactions of comparable type, size and location by other public or private entities in arms length transactions for comparable transactions on the same or similar property.
(b) The fair market value of property owned by an entity organized and operated upon a nonprofit basis is deemed to be not less than the reasonable cost of functional replacement if the following conditions exist:
(i) The property is devoted to and is needed by the owner in order to continue in good faith its actual use to perform a public function, or to render nonprofit educational, religious, charitable or eleemosynary services; and
(ii) The facilities or services are available to the general public.
(c) The cost of functional replacement under subsection (b) of this section includes:
(i) The cost of a functionally equivalent site;
(ii) The cost of relocating and rehabilitating improvements taken, or if relocation and rehabilitation is impracticable, the cost of providing improvements of substantially comparable character and of the same or equal utility; and
(iii) The cost of betterments and enlargements required by law or by current construction and utilization standards for similar facilities.
(d) In determining fair market value under this section, no terms or conditions of an agreement containing a confidentiality provision shall be required to be disclosed unless the release of such information is compelled by lawful discovery, upon a finding that the information sought is relevant to a claim or defense of any party in the eminent domain action. The court shall ensure that any such information required to be disclosed remains confidential. The provision of this subsection shall not apply if the information is contained in a document recorded in the county clerk's office or has otherwise been made public.