1974-03 CRA - Laserfiche WebLink

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10 - DEFINITIONS 10.1 Affected property. Affected property means any real property which actually declines in fair market value because of acquisition by a public entity for public use of other real property añd a change in the use of the real property acquired by the public entity. 'ì 10.2 Average annual net earnings. The net earnings of the business or farm operation before Federal, State, and local income tax, during the 2 taxable years immediately preceeding displacement (or if the business or farm was not operated that long, such other period as may be approved by the state agency), and includes salaries, wages or other compensation paid by the business' or farm operation to the owner, his spouse or his dependents. If the state agency determines that such 2 year period is not equitable for establishing earnings, 4IÞ the period used for determining average net earnings shall be a sub- stitute period determined by the state agency. In the case of a corporate owner, earnings shall include any compensation paid to the spouse or de~~ndents of the owner of a majority interest in the cor- poration. For the purpose of determining majority ownership, stock held by a husband, his wife and their dependent children shall be treated as one unit. 10.3 Business. primarily: Any lawful activity, except a farm operation conducted a. For the purchase, sale, lease, and rental of personal and real property, and'for the manufacture, processing, or marketing of products, commodities or any other personal property; b. For the sale of services to the public; c, By a nonprofit organization; or , d. Solely for the purpose of Section 7262 for assisting in the 1Jurchase, sale, resale, manufacture, processing or marketing or pro- ducts, commodities, personal property: or services by the erection and maintenance of an outdoor advertising display, whether or not such display is located on the premises on which any of the above activities are conducted. 10.4 Closing (Replacement Housing Payments). Those payments to owner-occupants relating to the closing costs on the purchase of a replacement dwelling including costs of evidence of title, recording fees', etc., but not including prepaid expenses. 10.5 Comparable replacement dwelling. For the purposes of rendering relocation assistance by maKing referrals for replacement housing and for computation of the replacement housing payment, a comp~rable replacement dwelling is one which is decent, safe, and san~tary and: . II- 28 8~