(1) The fair annual lease value shall be determined by an appraisal or equivalent procedure performed by the department utilizing the following data: improvement cost, replacement cost, earning capacity, sales and lease date of comparable sites or by similar methodology as approved by the department and deemed to be in the best interest of the tribe. An appraisal log reporting the methods of appraisal and value of trust land shall be attached to every business site lease.

(2) Alternatively, the fair annual lease value shall be determined by an appraisal performed by a licensed appraiser utilizing the Uniform Standards of Professional Appraisal Practice or commonly accepted method of appraisal. An appraisal log describing the method of appraisal and value of trust land shall be attached to every business site lease. [Ord. 05-31-2018-B § 2(22.03.060), 2018.]