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Cancellation Value and Cancellation Fees. The County Assessor <br /> has computed a cancellation value and cancellation fee for the <br /> subject property based on the current market method. The <br /> tentative figures are as follows : <br /> Current Market Method: <br /> Cancellation Value $ 282 , 63 <br /> Cancellation Fee $ 35 , 435 (@ 12 . 5%) <br /> Prior to giving tentative approval to the cancellation of any <br /> contract, the Board must determine and certify to the County <br /> Auditor the amount of the cancellation fee that the landowner <br /> must pay upon cancellation. <br /> Conditions and Contingencies . Before the Board can execute a <br /> final Certificate of Cancellation, the landowner must satisfy <br /> the following conditions and contingencies: <br /> 1 . Payment in full of the amount of the cancellation fee. <br /> Unless paid within one year of the tentative cancellation, <br /> the fee shall be recomputed by the Assessor based on <br /> current market values . <br /> 2 . Execution of a Development Agreement between the County <br /> and the Applicant. This Agreement shall pertain to <br /> Assessor Parcel No. 201-020-01, and shall, at a minimum, <br /> restrict uses to those compatible with Stockton <br /> Metropolitan Airport. <br /> 3 . Issuance of a Site Approval permit by the Planning <br /> Division for the Aero-Turbine project. <br /> FISCAL IMPACT: <br /> None. The cancellation fee paid by the landowner must be <br /> transmitted to the State and deposited in the State' s <br /> general fund. Until all cancellation contingencies and <br /> conditions have been satisfied, and a final Certificate of <br /> Cancellation of Contract has been recorded, the subject <br /> property will remain under contract. <br /> BOS LETTER PAGE 3 <br />