The selected Consultant shall perform a complete and defensible appraisal establishing Fair Market Value Rent, also referred to as a lease rate, for non-aeronautical purposes of each parcel. Appraisals must: • Establish FMV Rent for non-aeronautical land with supportable documentation. • Compare PAAQ non-aeronautical land to similar aviation-related properties within Alaska. • Conduct a highest-and-best-use analysis consistent with FAA guidance for nonaeronautical property. • Ensure all appraisal work complies with USPAP, FAA policy, and applicable federal requirements for appraising federally obligated airport land. Evaluate comparable properties/airports using: • Metropolitan area and population • Airport location and access
