§ 2.24.225. Appraisal report required for metropolitan council approval.
Latest version.
A.
For transactions involving the sale, purchase, lease, sublease, or other disposition
of real property which require approval of the metropolitan council, authorizing legislation
may not be considered by the council in the absence of an appraisal report that includes,
without restriction, the following components: (a) a current value; and (b) a prospective
value reflecting any anticipated changes in entitlements including, without limitation,
changes in zoning classifications, use restrictions, and/or deed restrictions. For
purposes of this section, Restricted Appraisal Reports, Restricted Use Reports, or
Summary Appraisal Reports shall not satisfy this requirement.
B.
The provisions of this section shall not apply to the appraisal or valuation of real
property that is the subject of the home-buyout program for flood-prone or similarly
encumbered properties as authorized under Section 2.24.250.F of the Metropolitan Code
of Laws.
