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SEP 2 4 M1 <br />R00r 8 F°,uc <br />process of being completed and will be delivered to you this <br />week. The opinions expressed in this report and the value <br />conclusion reported below are subject to the general and special <br />limiting conditions attached. <br />Three approaches to value were used: The Cost Approach, Income <br />Approach, and the Sales Comparison Approach. Value indications <br />from the approaches used are: <br />` Cost Approach $240,000 <br />Income Approach $235,000 <br />Sales Comparison Approach $230,000 <br />Based on the analyses presented in this report, it is our <br />opinion that the Full Compensation for the fee simple interest <br />to the property appraised, on September 13, 1991 is: <br />TWO HUNDRED FORTY THOUSAND -DOLLARS <br />($240,000) <br />We believe the report to be complete, but any questions you may <br />have are welcomed. <br />Sincerely <br />j , •tib <br />Danie A. Nelson #0 2098 <br />Peter rm i.e d, MAI, #0154980 <br />Administrator Chandler felt from staff's respect that our <br />offer of $312,500, which is 25% about our high appraisals, is as <br />high as we should go. On the properties we have acquired, the <br />average has been 9% above high when you exclude the last two <br />which were at 250, and he believed 40% over, which is what the <br />property owner is asking, is too much. <br />Commissioner Scurlock asked if there are any unique <br />characteristics of this particular site that make it substan- <br />tially different from the surrounding properties, and Adminis- <br />trator Chandler stated that as far as we are concerned, no, <br />because all of•the appraisals on all of the properties have gone <br />into consideration of each of the individual properties. In <br />fact, our latest appraisal indicated a value of $240,000 rather <br />than $250.000. The Administrator noted that in going to <br />condemnation, $240,000 is what would be filed with the court <br />rather than the amount of our prior offer. <br />Commissioner Scurlock had questions about the amount to be <br />escrowed and whether we pay legal expenses if the jury comes in <br />about that amount but not if they come in below it. We have <br />already offered them $312,000 but apparently that is not the <br />amount we would escrow. <br />Asst. County Attorney Will Collins explained that we would <br />escrow the amount of the appraised value. The offer that we make <br />54 <br />