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NOV6 � <br />BOOK 81 FAGS 8_ 1 <br />CONDEMNATION OF PROPERTY - EAST 1/4 LOT 6 - BLOCK 6 - BOOKER T. <br />WASHINGTON SUBDIVISION <br />The Board reviewed the following memo dated 10/16/90: <br />TO: Board of County Commissioners <br />FROM: Terrence P. O'Brien - Assistant County Attorneyw <br />\ DATE: October 16, 1990 <br />SUBJECT: CONDEMNATION EAST J LOT 6, BLOCK 6, BOOKER T. <br />WASHINGTON SUBDIVISION <br />The Cou-nty Commission determined that the subject property <br />Is necessary for County parking facilities and authorized <br />the purchase of said property at the appraised value of <br />$11,200.00. A copy of the appraisal Is attached as Exhibit <br />A. Attempts to reach the property owners were unsuccessful <br />and the Commission approved an October 16, 1990 a Resolution <br />authorizing the acquisition of the property by eminent <br />domain. <br />As a result of a prelitigation notice given by letter dated <br />on October 1, 1990, 1 was finally able to meet with the <br />owners on October 16, 1990 to discuss a possible settlement. <br />The owners' position Is that the property, which is <br />currently rental property, gives them an income of $250.00 <br />per month. If they were to accept the appraised value of <br />$11,200.00 it would be impossible to find any replacement <br />property for this amount. They feel the property Is worth <br />$20,000.00 and they would like to appear before the <br />Commission and discuss this matter. <br />Under the income approach (Addendum A to Appraisal) the <br />indication of value is $15,750.00 this, however, is based on <br />an estimated monthly market rent of $175.00 and it is used <br />to support the basic appraisal. The owners have represented <br />to me that they receive $250.00 per month rent. If this <br />.latter figure is established at trial it would alter the <br />indication of value to $22,500.00 and it would not support <br />the basic appraisal approach which resulted in a $11,200.00 <br />appraisal. <br />It would appear to me that competent counsel could establish <br />a higher estimated market value than $11,200.00. This <br />coupled with, the requirement that the County pay attorneys <br />fees would in all probability drive the total cost. of <br />acquisition closer to. the $20,000.00 figure. sought by the <br />owners. In .the event that the Commission decides ---on a <br />settlement, a Stipulated Settlement Agreement is attached as <br />'Exhibit a. - <br />72 <br />