7Offers to purchase affected properties

7 Offers to purchase affected properties

(1)  The Minister, within 30 days of receiving a report of the valuation of an affected property under section 6(2) , must send to the eligible owners of the affected property a written offer to purchase the affected property.

(2)  An offer to purchase an affected property under subsection (1) is to provide –

(a) that the purchase price is to be the amount determined under subsection (3) ; and

(b) that the property is to be transferred by the owners to the purchaser free of any mortgage or other charge and free of any lease or licence giving any person the right to occupy the whole or any part of the property (other than necessary easements for services to other properties) –

and may be made subject to any other terms and conditions that the Minister considers appropriate.

(3)  The purchase price of an affected property is to be determined in accordance with the following formula:

where –

A means the purchase price of the affected property;

VA means the amount representing 75% of the amount of the valuation of the affected property made by the Valuer-General under section 6(2) ;

C means the sum of each percentage change in the CPI, in respect of all groups for Hobart in a quarter, that has been reported by the Australian Bureau of Statistics, in relation to a quarter, on or after 1 June 2016 and before the day on which the offer is made under this section.

(4)  The conditions to which an offer to purchase property under subsection (1) may be made subject under subsection (2) include, but are not limited to including, conditions providing for the salvaging of materials, fixtures and fittings from the property.