10-14-13 Regular Meeting of La Porte City Council

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...Page 2.... According to Standards Rule 2-2(c) a Restricted Appraisal Report should have these minimum requirements: Describe the extent of the process, collecting, confirming and reporting data. State all assumptions and limiting conditions that effect the analyses, opinions and conclusions. State the appraisal procedures followed, state the value conclusion and reference the existence of specific file information in support of the conclusion. State the appraiser's opinion of highest and best use of the real estate, when such an opinion is necessary and appropriate. State the exclusion of any of the usual valuation approaches. Contain a prominent use restriction that limits reliance on the report to the client and warns that the report cannot be understood properly without additional information in the workfile of the appraiser, and clearly identify and explain permitted departures from the specific guidelines of Standard 1. Include a signed certification in accordance with Standards Rule 2-3. Scope of Report. Per agreement with the client, the scope of this report was limited to a Restricted Use appraisal format. The methodology of the analysis included the Direct Sales Approach snd the Income Approach. The Replacement Cost Approach to value was not used in this report. The appraiser obtained and reviewed the current comparable sales and rents and compared the data to the subject property, making adjustments for any differences where applicable. In terms of data collection, the appraiser reviewed office data files, commercial sales data, and Central Appraisal District data, as well as having conversations with knowledgeable brokers in the local market area. It should clearly be understood that this restricted letter appraisal only constitutes a "summary" statement of the market value and that it does not presume to be the complete analysis of the subject property nor the complete appraisal and it may not be properly understood without all of the file data located in the appraiser's office. Highest & Best Use. The Highest & Best Use ("As If Vacant”) of the subject property is considered to be for commercial or light industrial use. The Highest & Best Use ("As Improved”) of the subject property is considered to be for a warehouse facility and excess land.