Price of land; payment.

§ 2547.3 Price of land; payment. (a) The land applied for shall be appraised for fair market value at the time of appraisal. However, in determination of the price payable by the applicant, value resulting from development and occupation by the applicant or his predecessors in interest shall be deducted from the appraised price. (b) The applicant shall also be required to pay administrative costs, including: (1) The cost of making the survey, (2) The cost of appraisal, and (3) The cost of making the conveyance. (c) The applicant shall be required to make payment of the sale price and administrative costs within the time stated in the requests for payment or any extensions granted thereto by the authorized officer.