South Australian Numbered Acts South Australian Numbered Acts(1) The City of Port Adelaide Enfield is entitled to compensation for the acquisition of the project land under this Act in an amount equal to the market value of the project land.
(2) Without limiting subsection (1)
, compensation under this section may consist of, or include, non-monetary compensation.
(3) The Urban Renewal Authority must cause a valuation of the project land to be undertaken for the purpose of determining the market value of the project land.
(4) The following provisions apply in relation to a valuation of the project land under subsection (3)
:
(a) the valuation must be conducted by an independent licensed valuer jointly agreed upon by the Urban Renewal Authority and the City of Port Adelaide Enfield (or, if a valuer cannot be so agreed upon within 30 days, by an independent licensed valuer appointed by the Valuer-General);
(b) the valuer is to act as an expert and not as an arbitrator;
(c) the costs of the valuation are to be borne by the Urban Renewal Authority.
(5) For the purposes of this section, a reference to the "market value of the project land will be taken to be a reference to the estimated amount for which the project land should exchange immediately before the commencement of section 6
between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.