Methodology for Valuing Public Benefits under a Planning Agreement Sample Clauses

Methodology for Valuing Public Benefits under a Planning Agreement. 15.1 The value of a development contribution or an offer by a developer comprising land to be dedicated or a material public benefit is to be determined prior to a draft planning agreement being publicly notified. Public benefits will be valued as follows: a) Provision of land for a public purpose - Where the benefit under a Planning Agreement is the provision of land for a public purpose, the value of the benefit will be determined by an independent valuer with a minimum of 10 years’ experience in valuing land in New South Wales (and who is acceptable to Council), on the basis of a scope of work which is prepared by Council. The developer and the Council may agree that an independent valuer be engaged to provide valuations. Where the developer engages a valuer to provide the valuations, the Council will engage an independent valuer to verify the valuations. In all instances, costs of the independent valuer in carrying out such a valuation will be borne by the Developer. b) Carrying out of works for a public purpose - Where the benefit under a Planning Agreement is the carrying out of works for a public purpose, the value of the benefit will be determined by an independent quantity surveyor with a minimum of 10 years’ experience (and who is acceptable to Council), on the basis of the estimated value of the completed works being determined using the method that would ordinarily be adopted by a quantity surveyor. The developer and the Council may agree that an independent quantity surveyor be engaged to provide valuations. Where the developer engages a quantity surveyor to provide the valuations, the Council will engage an independent quantity surveyor to verify the valuations. In all instances, costs of the independent valuer in carrying out such a valuation will be borne by the Developer.
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