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Attorney Collins advised that these 3 tracts are located on <br />the north half of the section of the Boulevard that we have just <br />built. <br />Tract 108 - Hoffman - Approx. 39 Acres <br />The low appraisal by our appraisers was $270,000. The <br />property owner's appraisal was $971,150, which has a midpoint of <br />about $620,000. The attorneys would like authorization to make an <br />offer in the range of $475,000-$500,000 for this 39 -acre parcel. <br />They feel that based on the depositions they have taken and where <br />a jury is likely to fall in that range when they hear the expert <br />testimony, there would be some savings in making that offer now, <br />and also because if the offer is refused and the jury comes in <br />below that amount, we would not be liable for any expert testimony <br />fees and attorney fees from the date of the offer. <br />Public Works Director Jim Davis wished to interject that after <br />the taking, the DOT came through with the Merrill -Barber Bridge <br />alignment and we entered into an agreement with the DOT to convey <br />some interest in some of this land to them, and the DOT has <br />committed to picking up a large percentage of the final value, <br />somewhere around 80 percent he believed. <br />Tract 110 - Gregory & Wiggins - 43 Acres <br />This parcel is on the river, east of the Hoffman tract. The <br />appraisals came in with a low of $440,000 and a high of $816,400, <br />which is a midpoint of $628,200. The attorneys are recommending an <br />Offer of Judgment in the range of $550,000-$575,000. <br />Tract ill - 2-1/2 Acres - Gregory & Wiggins Immediately North of <br />37th Street <br />The low- appraisal was $55,000 and the high appraisal was <br />$311,300 with a midpoint of $183,400, and the attorneys are <br />recommending an Offer of Judgment in the range of $100,000- <br />66 <br />JUN 2 31992 1100� GJ [;",E <br />L_ <br />