Vacate - First Noth?South Alley West of William St Extending North from the North Line Western Ave

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Mr. Brian Sauers March 23, 1988 Page Two records of the Office of the Assessor, Portage Township, South Bend, St. Joseph County, Indiana. Exhibit A, attached hereto and made part hereof by this reference, graphically illustrates the lot subdivision and ownership of the several parcels adjacent and contiguous to the subject of this appraisal. Substantial ownership of the half block bounded by William Street at the east, Western Avenue at the south, Taylor Street at the west and a public alleyway at the north appears to be vested in GMS Realty, Inc. , and/or Gates Realty, Inc. , each presumed, but not confirmed, to be subsidiary to and controlled by the presumed petitioner for vacation. As illustrated, there appears to be no adverse effect on the adjacent parcels with regard to public access and ingress and egress to the individual parcels with the exception of lot 4 (Key number 18-3012-0422) as shown on Exhibit A and as owned of record by Edward Kurowski, et al, comprised of a single residential lot bearing frontage dimensions along William Street of 49.5 feet by a depth of 115.5 feet extending westerly from William Street to the public alleyway which is the subject of this appraisal. It appears that the vacation of this alleyway would adversely effect ingress and egress to and from lot 4 (aka 323 South William Street) which contains a single family residence presently being offered for sale. Access to lot 4 would be limited by the vacation of this alleyway in that there is no curb cut along William Street allowing for entrance to that parcel. Accordingly, it appears that lot 4, but only lot 4, would be detrimentally affected by the closure and vacation of the South 198 feet of the public alleyway running northerly from Western Avenue since access would require trespass. The appraisal issue raised here is that of establishing the Fair Market Value of a parcel of property which, standing alone, is apparently enjoying its highest and best use as a public access alleyway. It is proposed however that this public access be eliminated by vacation and that the remaining property rights be vested in an entity other than the public domain. The issues of marketability and conveyability are beyond the scope of this appraisal assignment and accordingly, this appraisal ignores the issues of title and the requisite means of conveyance and instead relies upon the assumption of the ultimate conveyability of a marketable fee simple interest. The present configuration of the alleyway provides access northerly from Western Avenue alongside a brick commercial building at the east situated on the west 49.5 feet of lots 5 and 6 and the single family residence (323 South William Street) situated on lot 4. All other lots in the half block lying to the south of the east/west alleyway extending from William Street to Taylor Street in Block 6 are vacant lots upon which all structural improvements have been razed. This alleyway provides a 14 foot right-of-way together with and including certain public utility easements extending northerly a distance 198 feet for a total of 2,772 square feet. The establishment of the Fair Market Value