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Fr— _1
<br />BOOK 94 rm,K- 887
<br />The reduced Armfield appraisal thereby lowered the average of the
<br />county's two closest appraisals to $672,500. Based on the revised
<br />Armfield appraisal, the county made a new offer of $668,000, which
<br />was countered by TPL at $708,000. At that point, the county made
<br />a final offer of $672,000. TPL and the Korangys eventually
<br />accepted this final offer.
<br />OFFERS/COUNTER-OFFERS
<br />07/94 _01/95 02/9
<br />COUNTY: $632,500 $720,000•• $668,000•** $672,000 --
<br />(subject to adjustment)
<br />•
<br />PFASMFM TO LAAC 07/06/94; MIECTED)
<br />•• OFFER BASED 011 BAMM APR. i UNMISED ARMFTSM APR.
<br />•** SAM ON SA10;lt i AEVISSD AIt IFULD APA.
<br />•��* FIM COUNTY OFFER
<br />Subsequent to staff's meeting with TPL and the three appraisers,
<br />the Benson, Armfield, and Jones appraisals were changed to
<br />$1,0201,000, $750,000, and $515,000, respectively. Even though
<br />there was still significant variation between the county's two
<br />appraisals, the county made TPL a purchase offer of $632,500. In
<br />rejecting that offer, TPL made the county a counteroffer of
<br />$826,250. That offer was presented to LAAC with a negative staff
<br />recommendation, and LAAC rejected the offer. -
<br />KORANGY APPRAISALS
<br />FINAL APPRAISALS USED
<br />*Paid for by TPL
<br />From mid -summer, 1994 to December, 1994, the county revised its
<br />Land Acquisition Guide to include a written appraisal policy,
<br />providing that a third appraisal may be obtained when two
<br />appraisals diverge more than 20 percent. Also during this time, a
<br />final certified survey of the property was completed. In December,
<br />1994, based on the county's newly adopted appraisal policy, TPL-
<br />agreed to fund another appraisal to be conducted by a county
<br />selected appraiser... That was the Baker appraisal which set the
<br />property's value at $720,000.
<br />Because the Baker and Armfield appraisals were the two closest of
<br />the three county appraisals, those two were used to establish a new
<br />negotiating value. Consequently, the county made a $720,000
<br />purchase offer to TPL, subject to the Armfield appraisal being
<br />revised. While TPL rejected that offer, TPL countered with
<br />$760,000.
<br />Subsequent to TPL's counteroffer, the Armfield appraisal was
<br />reduced to $625,000, based on the final certified survey depicting
<br />a reduced area of wetlands eligible for transfer of density rights
<br />(TDRs) credit, when compared to early TDR acreage survey estimates.
<br />30
<br />APRIL 18, 1995
<br />M M e
<br />ORIGINAL
<br />REVISED PER
<br />ACOE WETLANDS
<br />(<20% DIVERGENT)
<br />BASED ON FINAL SURVEY
<br />(TPL) BENSON:
<br />$980,000
<br />$1,020,000
<br />---------------
<br />(COUNTY) ARMFIELD:
<br />$1,350,000
<br />$ 750,000
<br />$625,000
<br />(COUNTY) JONES:
<br />$ 300,000
<br />$ 515,000
<br />(COUNTY*) BAKER
<br />-----------
<br />-----------
<br />$720,000
<br />*Paid for by TPL
<br />From mid -summer, 1994 to December, 1994, the county revised its
<br />Land Acquisition Guide to include a written appraisal policy,
<br />providing that a third appraisal may be obtained when two
<br />appraisals diverge more than 20 percent. Also during this time, a
<br />final certified survey of the property was completed. In December,
<br />1994, based on the county's newly adopted appraisal policy, TPL-
<br />agreed to fund another appraisal to be conducted by a county
<br />selected appraiser... That was the Baker appraisal which set the
<br />property's value at $720,000.
<br />Because the Baker and Armfield appraisals were the two closest of
<br />the three county appraisals, those two were used to establish a new
<br />negotiating value. Consequently, the county made a $720,000
<br />purchase offer to TPL, subject to the Armfield appraisal being
<br />revised. While TPL rejected that offer, TPL countered with
<br />$760,000.
<br />Subsequent to TPL's counteroffer, the Armfield appraisal was
<br />reduced to $625,000, based on the final certified survey depicting
<br />a reduced area of wetlands eligible for transfer of density rights
<br />(TDRs) credit, when compared to early TDR acreage survey estimates.
<br />30
<br />APRIL 18, 1995
<br />M M e
<br />
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