Laserfiche WebLink
<br />. <br /> <br />It is my recommendation that this amount be accepted by the City. I submit the following <br />to support my recommendation. <br /> <br />Patchins appraisal uses a separate before value for the Industrial and Residential portions <br />with very little damages to severance. The majority of the taking is Industrial and splits the <br />parcel in two. In the appraisal the average value for Industrial property is $12,673.00 per <br />acre. If we were to add severance to thi.~ we would be in excess of $14,000.00 per acre. <br /> <br />The Residential taking is small and in the after condition all of the property east of new <br />Tyler Street would be residential. The severance to this portion would be small but could <br />add $3,000.00 to $5,000.00 to the total because a major road is being constructed. <br /> <br />If this parcel were to go to condemnation I feel the commissioners would place more <br />weight on the payment the City made to the Eull's at $19,850.00 per acre. I think they <br />would consider higher severance damages. <br /> <br />The cost to condemn this parcel could range between $7,000.00 to $10,000.00. This <br />would include attorney fee's, engineers fee's, preparation of exhibits, appraisal update and <br />. testimony, commissioners time and expenses. <br /> <br />Based on the above, it is my recommendation that the City accept the settlement amount <br />of $50,000.00. <br /> <br />May I have your approval. <br /> <br />/iJ;MtnW/~ <br /> <br />Stuart "Bud" Storm, SR/W A <br />President <br /> <br />. <br />