Mr. Philip Jones:

It is 31BA, which includes the definition of market value. It is not clear why this is being done. In reality the market will take that into account. If the State is going for a standard CPO and the valuations come in, land that has planning permission is normally worth more than land that has only been zoned. Yet, for some reason, the definition excludes any element of value when it has planning permission. The effect would be to artificially reduce the market value and therefore, the land value sharing contribution as that is the difference between existing use value and market value. If the committee is bringing in Mr. Hogan and his colleagues at the end of this process, it might be relevant to ask why they are doing that.