212 



20 



1 in the appraisal of assets similar to those that are 



2 subject to the appraisal. 



3 (2) Requirements. — The appraisal required 



4 by paragfi'aph ( 1 ) shall be performed not earlier than 



5 18 months before the expiration of the concession 



6 ser\iee agreement and shall employ the income ap- 



7 proach to valuation in determi.-iing the fair market 



8 value of any such improvement used primarily for 



9 the production of income — 



10 (A) in a manner consistent with the proce- 



11 dures and assumptions then generally employed 



12 for similar income-producing assets by apprais- 



13 ers who are members of the American Institute 



14 of Real Estate Appraisers or the Society of 



15 Real Estate Appraisers; and 



16 (B) assuming a future fee equal to the av- 



17 erage annual fee payable by the concessioner 



18 during the term of the concessioner's agree- 



19 ment. 



20 (3) Later acquired or (^oxstrtctei) prop- 



21 ERTY. — The value of improvements constructed or 



22 acquired by the concessioner after the date of the 



23 appraisal under pai'agi'apii (1) shall be the conces- 



24 si()nei"'s original cost of such construction or accjuisi- 



25 tion. 



•HR 2028 IH 



