To protect the values of real estate owned by nonparticipating landowners from reduction
due to location proximity to any WECS, the applicant and owner shall guarantee the
property values of all real estate located within two miles of any WECS tower or substation
as hereafter set forth. For each such property, the applicant and the non-participating
landowner shall each select an independent Illinois licensed appraiser to perform
the required certified appraisals. Each appraiser shall determine; the fair market
value of the real property and any improvements located thereon assuming no WECS is
proposed for construction; and the fair market value of the real property and any
improvements located thereon assuming the WECS as proposed is constructed. To the
extent, if any, that there is a change in fair market value caused by location proximity
to the WECS, the amount of the change shall be referred to as the "change in value."
If the change in value set forth in the two appraisals is within ten percent of each
other, then they shall be averaged together and, to the extent the averaged change
in value shows a reduction in fair market value, the applicant and owner shall promptly
pay the amount of the reduction to the non-participating landowner. If the change
in value set forth in the two appraisals are not within ten percent of each other,
then the two appraisers shall select a third independent Illinois-licensed appraiser
who shall prepare and present his own appraisal of the real property and any improvements
located thereon determined as set forth above. The parties agree that the appraisal
of the third appraiser shall be binding as to the determination of change in value.
To the extent, if any, that the change in value of the third appraiser shows a reduction
in fair market value, the applicant and owner shall promptly pay the amount of the
reduction to the non-participating landowner. All appraisals shall be completed at
the cost of the applicant and owner prior to the village's approval of the conditional
use permit and payment made within six months of the issuance of the conditional use
permit.
