Vacate - 212 feet of the first North South Alley East of Michigan running between Navarre & Marion St & first East West alley North of Marion

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k.. It is customary in both law and practice that in instances where municipalities, governmental agencies, public utilities, railroads, pipe lines, and other entities either vacate, abandon or in any other fashion surrender their rights over, under, upon or across any given parcel of real property, the remainder rights to the real estate fall equally to the adjacent property owners, particularly in those instances where such municipality, government agency, railroad, utility or other entity willfully abandons their rights thereto. In this particular instance, the petitioner enjoys fee simple ownership of all properties adjacent to the subject alleyways and accordingly, it is seeking the conveyance of fee simple ownership of the entire vacated parcels. The establishment of the Fair Market Value of the subject becomes that of comparing the sale of similar properties owned by the City of South Bend and sold from time to time at public sale by and through the Board of Public Works. The effort in this appraisal is to establish a value for the entire portion of the alleyway as shown in the attached documentation which consists of a total area of 5,229 square feet. This appraiser has, since 1982, prepared diverse appraisals for property at multiple locations owned by the City of South Bend and sold through the Board of Works. Through this appraisal process the appraiser has recognized the ultimate Fair Market Value at sale for such properties, typically residential in nature and typically located in or near the center of the City, to range in price from approximately $ are single family dwelling lots from which the residential dwelling units have been removed. The remaining lots are typically unusable for building purposes but are often added to one of the adjacent parcels for use in enlarging the size and utility of those parcels. In the opinion of the appraiser, the nature, utility and adaptability of public alleyways lying within the older platted areas of the City of South Bend are similar enough in terms of location, utility and adaptability to compare with these values. Accordingly, in applying the values found consistently among properties similar to the subject, and in consideration of the commercial nature of the alleys proposed for vacation extending westerly from St. Joseph's Street and southerly from Navarre Street, it is the opinion of the appraiser that the Fair Market Value of the subject of this appraisal is $.15 per square foot for a total of $ 784.35 or, rounded, $ 785.00. This report is based upon my personal inspection of the subject property, my general experience and familiarity with similar parcels, and is made subject to the following Assumptions and Limiting Conditions: 1) No responsibility is assumed for matters which are legal in nature nor is any opinion of the quality of the title to be conveyed rendered. Title is assumed to be marketable in the fee simple absolute. The value estimate is given without regard to any question regarding boundaries, title, encumbrances, easements, encroachments or other matters which may affect title and the appraiser assumes no liability therefor. 2) All information, comments and opinions rendered by the appraiser herein regarding location, neighborhood trends, customary uses, or any other data regarding the subject property appraised herein represent the view and opinion of the appraiser formed after an