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South Bent edevelcpment Cc mission <br />Reschedule4 Regular Meeting - August 25, 1989 <br />6. NEW BUSVESS (Cont.) <br />a. conr-inuect... <br />10 <br />lar properties recently sold in the <br />area are used to determine fair <br />et value; (2) for rental units, an <br />me approach is also used, basing the <br />e on the income the unit generates as <br />as the comparable sales. The two <br />aisers work on their appraisal <br />rately, each determining his own <br />ssment of fair market value. Then a <br />er of the Redevelopment staff reviews <br />appraisals to determine if they are <br />istent with each other, writes a <br />ew report, and establishes the fair <br />et value as the average of the two <br />aisals. <br />Ms. Pfotenhauer responded to the other <br />paxt of Mr. Snider's question of whether <br />the Redevelopment Commission will reap <br />the profit he had hoped to realize when <br />they resell the land to a developer. She <br />noted that the fonnmission often loses <br />mo ey in the acquisition disposition <br />process, considering it an investment in <br />th area. <br />Mrs. Kolata noted that the land will be <br />reappraised as cleared land and may not <br />be valued as high as the Commission pays <br />for the total of the individual <br />T)roperties with structures. <br />being no one else who wished to <br />at the Public Hearing, Mr. Nimtz <br />ded the Public Hearing for whatever <br />i the Commission desires to take. <br />Mr. Piasecki assumed the Chair to conduct <br />the vote on Resolution No. 881 because of <br />Mr. Nimtz's conflict of interest as Ms. <br />'s attorney. <br />MM <br />