55. (1) A relevant public body notified of a decision of the Agency under section 53(3) to acquire its land, or a direction of the Government under section 54(2) to acquire its land, or, in relation to relevant public land referred to in column (1) of Schedule 3, the Schedule 1 public body referred to in column (2) opposite the mention of the relevant public land concerned, shall be entitled to receive an amount equal to the market value of the relevant public land being acquired by the Agency.

(2) The Agency may give notice to a Schedule 1 public body specified in column (2) of Schedule 3 of the Agency’s intention to acquire relevant public land specified in column (1) of the schedule opposite the Schedule 1 public body so specified.

(3) For the purpose of determining the market value of relevant public land, the valuation date shall be—

(a) the date on which the Agency gives notice under section 53 to the relevant public body or, under section 54(3) to the Schedule 1 public body, that the land shall be acquired, or

(b) in relation to relevant public land referred to in Schedule 3, the date on which the Agency gives notice under subsection (2).

(4) The Minister shall prescribe the manner in which the market value of relevant public land shall be determined.

(5) Matters to be prescribed by the Minister under subsection (4) shall include—

(a) procedures for nomination of a person to determine the market value of the land,

(b) the relevant experience, qualifications, membership of a professional body that may be required, training or expertise required to be held by a person nominated in accordance with procedures prescribed under paragraph (a),

(c) procedures and time limits to apply, including in relation to requests for further information or the giving of a notice of the determination,

(d) fees and costs, if any, to be paid, and to and by whom, in respect of the determination,

(e) provisions of other enactments relating to valuation of land to be applied for the purpose of the regulations where the Minister considers it appropriate,

(f) any other matter the Minister considers necessary or appropriate to include in the regulations for the purpose of determining the market value of the land.

(6) Section 67 shall apply to land proposed to be acquired by the Agency under this Part as it applies to land proposed to be purchased compulsorily under Part 8 subject to the following and any other necessary modifications:

(a) a reference in section 67 to land shall be read as a reference to relevant public land;

(b) a reference in section 68(1) to an acquisition order shall be read as a reference to a decision under section 53(3) or a direction under section 54(2) to acquire relevant public land.

(7) Any calculation of the market value of the relevant public land shall take into account the obligations in Part 9 that apply to the development of dwellings on relevant public land.