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full amount of enhancement stemming from a modification of Lease restrictions, the very prospect of obtaining the modification adds a value to the land over its existing use value. This could be described as hope value and would probably result in the open market value assessed in accordance with the Crown Lands Resumption Ordinance amended as we have suggested, of most lots lying with the new town layouts rising to something higher than the present administrative compensation level of $17 per square foot. But probably not significantly higher in most cases. In some cases, agricultural land in the more remote portions of the new town layouts might have à lower open market value than $17 per square foot. In such circumstances, the Crown might wish to retain as an overriding political consideration, the present practice of offering to take voluntary surrender at a cash sum of $17 per square foot.

Royal Institution of Chartered Surveyors

Public Affairs Sub-Committee

January 1978