|
r~
<br />~~
<br />EXHIBIT B
<br />INDEPENDENT APPRAISAL RESULTS
<br />The City hired two (2) independent appraisers to appraise the Property: Jerome
<br />Michaels and Ralph Lauver. Originally, the City desired to purchase 0.934 acres of
<br />property along Olive Road. After reassessing the Project, it was determined that
<br />purchasing 1.129 acres would be more appropriate. The additional land, however, would
<br />cause a rental house on the Property to be significantly more damaged, and in the opinion
<br />of the property owners and their appraiser rendered useless. Although it is difficult to
<br />determine what acourt-appointed appraiser would determine, our consultants believe that
<br />their claim had some merit. Accordingly, the appraisals, as originally presented to us,
<br />must be adjusted to account for the additional damages.
<br />Mr. Michaels and Mr. Lauver provided an agricultural per acre price of
<br />$5,000.00, which for the original offer (0.934) was $4,670.00 and for current proposal
<br />(1.129) is $5,645.00. Mr. Michaels and Mr. Lauver appraised the damages for the
<br />original offer (0.934 acres) at $21,622.00 and $23,205.00, respectively, for an average of
<br />$22,413.50. Those damages figures included landscaping damages of $5,000.00 and
<br />$5,500.00 re~:~pectively for an average of $5,250.00. By purchasing the additional righs, of
<br />way, the house becomes unusable, effectively making the house worthless. Mr. Michaels
<br />and Mr. Lauver appraised the house as $77,000.00 and $74,889.00, respectively, for an
<br />average of $75,944.50. Other landscaping determined to be damaged by Mr. Michaels
<br />and Mr. Lauver under both proposals would be $5,000.00 and $5,500.00 respectively for
<br />an average of $5,250.00. Under our original proposal (0.934 acres) our average offering
<br />price was $27,083.50, but under our current proposal (1.129 acres), the average offer is
<br />$86,839.50.
<br />Original Proposal
<br />Item Michaels Lauver Average
<br />Land (0.934 acres) $4,670.00 $4,670.00 $4,670.00
<br />Damages $21,622.00 $23,205.00 $22,413.50
<br />Total $26,292.00 $27,875.00 $27,083.50
<br />Current Proposal
<br />Item Michaels Lauver Average
<br />Land (1.129 acres) $5,645.00 $5,645.00 $5,645.00
<br />Damages to House $77,000.00 $74,889.00 $75,944.50
<br />Damages to Landscaping $5,000.00 $5,500.00 $5,250.00
<br />Total $87,645.00 $86,034.00 $86,839.50
<br />
<br />
|