OAR 738-010-0035: Fair Market Value Cost of Construction — Adjustments of Unimproved Land, Improved Land and Facility Rents

All rents set forth in agreements for rental of improved or unimproved land, or for any facility or structure, may be adjusted by the Department as follows: (1) Adjustments shall be made annually; (2) Adjustments shall be based on the Consumer Price Index-Urban of the State of Oregon, rounded up to the penny, or three percent (3%) of the previous year’s rent, whichever is greater, or the lease rate can be determined by an appraisal of the Fair Market Value of the lease rate. (3) Except as provided in subsection (4), at intervals of not less than five (5) years, the Department may engage a certified appraiser or equally qualified aviation consultant, at its sole expense, to determine by either appraisal or market rent analysis, the current fair market value or rent for any property subject to a rental agreement. (4) The minimum five (5) year interval described in subsection (3) may be waived by the Department when the Department finds it necessary to meet a legitimate business need arising prior to conclusion of the five-year period. (5) The Department shall be responsible for the engagement of an appraiser or aviation consultant. All expenses for the appraisal or market rent analysis shall be borne by the Department.