Opinion ID: 187447
Heading Depth: 3
Heading Rank: 3

Heading: Third-party appraisal

Text: The City also argues it was arbitrary and capricious for the DOT to require that it obtain a neutral third party appraisal, id. at , in order to determine the FMV of rental space. The DOT's concern was that the City's establishment of fair market value was not an objective determination, but rather a determination established ... in-house by the City itself. Id. at . The City objects to the notion that an in-house appraisal may not be objective and reliable. Be that as it may, one need not consult precedents to see that requiring an independent appraisal to ensure an objective determination of the FMV for terminal space is neither arbitrary nor capricious but only a prudent acknowledgement of human nature and institutional incentives.