(1) This section applies if the parcel contribution percentage relating to the parcel of land is more than the ICP land contribution percentage for the land in the ICP plan area for the class of development that may be carried out on that land.
(2) Part 4 of the Land Acquisition and Compensation Act 1986 does not apply for the purposes of calculating any amount of compensation payable to the owner of the parcel of land by the collecting agency or the development agency (as the case requires).
(3) However, the owner of the parcel of land is entitled to be paid an amount of compensation under the Land Acquisition and Compensation Act 1986 that equates to the land credit amount relating to the parcel of land that the owner would have been entitled to be paid by the collecting agency under section 46GZ(7) as at 30 June before the date of acquisition of the inner public purpose land as if an application referred to in section 46GV(2) had been made in relation to the parcel of land on that date of acquisition.
(4) For the purposes of subsection (3), if only part of the inner public purpose land has been acquired by the collecting agency or a development agency, the amount of compensation payable is the proportion of the land credit amount that equates to the proportion of the inner public purpose land that has been acquired.
S. 172G inserted by No. 7/2018 s. 13.