On the recordMarch 2, 1995
the gentleman asked a very legitimate question, how do you determine the fair market value before and after the regulatory action takes place on the property. The courts have well-settled this issue. As the gentleman has indicated, if the gentleman wishes to incorporate that in the bill, that is fine. But the courts have held, and the arbitration proceeding called for in this act would follow those decisions, and I read from Florida Rock, The uncontroverted evidence of an active real estate market, you look at what a willing buyer, willing seller requirement in that real estate market produces as the fair market value on the date that the regulations took place. If willing buyers and sellers are really out in those areas spending $5,000 an acre, I would be greatly surprised, and so would you. You know that is a sham price, so would the arbitrator. He would not award such a ridiculous amount.
Source
govinfo.gov
