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No. 2285 approving and accepting a counter offer for the acquisition of property in the Airport Economic Development Area (Lichtenbarger)
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No. 2285 approving and accepting a counter offer for the acquisition of property in the Airport Economic Development Area (Lichtenbarger)
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8/13/2009 4:39:29 PM
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t <br />EXHIBIT B <br />BREAKDOWN OF COUNTEROFFER <br />r~ <br />The property owners hired David M. Witt to appraise the Property. His appraisal <br />finds that the house is worth $80,000.00. His appraisal indicates that the real property, <br />which currently contains a house, would have a residential value of $30,000.00. In <br />addition to that value, damages to the landscaping would exist. The Lictenbargers <br />received compensation near commercial value for a parcel they sold in relation to the <br />improvement of the Toll Road Bridge for in excess of $40,000 per acre. The property <br />immediately adjacent to their property is commercial property. The Lictenbarger <br />refrained from renting the house at the beginning of the year to anticipating the <br />completion of the transaction, but the transaction was delayed until now. The <br />Lictenbargers claimed a loss of rent for twelve (12) months of $650.00 per month for <br />$7,800.00 total. This transaction contemplates that we would purchase the remainder <br />interest that they have in the current right-of--way from the centerline of Olive Road the <br />edge of the right-of--way. The most significant difference between the Commission's <br />offering price and the counteroffer is the valuation of the land, which is determined based <br />upon the land's use. Although the land is zoned agriculture, it contains a residential <br />home that will be permanently damaged and is immediately adjacent to commercial <br />property. <br />Item Commission Price Counteroffer Price <br />Land $5,645.00 $48,195.00 <br />Damages (House & Landscaping) $81,194.50 $85,000.00 <br />Lost Rent $0.00 $7,800.00 <br />Total $86,839.50 $140,995.00 <br />t <br />
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