11

Payments made under subsection (2) above in consideration of the making of the agreement shall be made on the basis of an assessment of the capital value of the land arrived at in accordance with the provisions of Schedule 4 to this Act.

SCHEDULE 4 Provisions as to the Calculation for Fixing Consideration in Respect of the Making of Access Agreements.

1

The district valuer shall value the land covered by the access agreement, as at the first day of the twelve month period to which the consideration will relate, assuming—

a

a sale on the open market by a willing seller; and

b

that the use of the land is unfettered by the access agreement.

2

The planning authority shall, before or as soon as possible after the coming into operation of the access agreement, agree with the owner of the interest in the land what proportion of the figure set by the district valuer should be paid by the planning authority in respect of each twelve month period.

3

The first twelve month period shall begin on the day on which the public is first given access to the land under the agreement.