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JAN 19 1988 <br />BOOK 70 DU 648 <br />Osteen's appraisal was a "check -off" type and adequate for <br />the purpose it fulfilled, i.e. to make a good faith <br />estimate of value for the purposes of quick taking. A court <br />would require a narrative appraisal such as prepared by Mr. <br />Armfield, and would instruct a jury to consider factors <br />which Mr. Armfield included in his valuation. <br />The property in question consists of 12,500 sq. feet of <br />land, improved with a 612 sq. foot residence. Mr. Finney, <br />the County's Right -of -Way Acquisition Agent, has told me <br />that land for office use in comparable areas runs in the <br />five to six (($5 - $6) dollar per sq. foot range. Similar <br />sized parcels are currently on the market on 37th Street <br />near the Hospital at $5 per sq. foot. <br />The County could reasonably expect the fair market <br />value of the parcel to be reduced by the cost of plan <br />amendment and rezoning (estimate $4,000) and the cost of <br />back taxes paid by the County as part of the quick take <br />($83.90). <br />Proposed Settlement <br />Mrs. Montgomery's attorney, Russell Peterson has <br />offered to settle the case in exchange for the following <br />payments from the County: <br />To Mrs. Montgomery for the <br />Fair Market Value of the Property: $46,000.00 <br />To Mr. Peterson for Attorney's Fees: 5,000.00 <br />To Mr. Peterson for Appraisal Costs Incurred: 1842.50 <br />Settlement Amount: $52,842.50 <br />Less Previous Payment to Mrs. Montgomery: -23,000.00 <br />NET SETTLEMENT AMOUNT: $29,842.50 <br />Conclusions <br />The settlement as proposed represents a land cost of <br />$3.68/sq.ft. Thus, it appears the property can be obtained <br />for $16,500 less than comparable parcels available on the <br />market today. (This is in keeping with the fact a court <br />would value the property as of March 23, 1987, and not as of <br />today.) <br />The County would be liable for additional attorneys <br />fees, (estimate $3,500 - 5,000) should the matter go to <br />trial. Also, increased staff attorney time would be <br />expended on this case. <br />The County would incur additional costs for appraisal, <br />appraiser's expert testimony, exhibit preparation and court <br />costs (estimate $3,000 - 3,500), should the case go to <br />trail. <br />Recommendation <br />Accept Mrs. Montgomery's proposed settlement. It is <br />for $6,000 less than her appraiser's valuation. It saves <br />additional expenses estimated at $6,500 - $8,500. <br />88 <br />