12-09-19 Regular Meeting of the La Porte City Council

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VALUATION OF PART TO BE ACQUIRED Description of Partial Acquisition: The proposed acquisition consists of a permanent pipeline easement and a springing temporary workspace easement. The permanent pipeline easement has a centerline length of 1,075.51 feet, has a width of 16inches, and contains a total of 0.034 acre (1,486 SF) of land. The proposed pipeline easement parallels existing pipelines and electric transmission line easements across the easternmost portion of the subject property. The springing temporary workspace easement consists of the re-occurring right to use a 30-n both sides of the pipeline) adjacent to the proposed pipeline for the purpose of any subsequent maintenance, inspection, replacement, repair and/or removal of the pipeline. The survey exhibit indicates the springing temporary workspace easement contains 0.70acre (30,492SF). Please refer to the survey exhibit in the addenda for further details on the location of the proposed permanent pipeline and proposed springing temporary workspace easement. Improvements Located Within the Partial Acquisition That Require Valuation: None Highest and Best Use of Part to be Acquired: T property. As such, the highest and best use of the partial acquisition, as vacant, is for use in conjunction with the subject whole property. Valuation of Partial Acquisition: (Land Only) springing temporary workspace easement. Acquiring all rights to the easement areas will not be necessary. Based on the use to which the easements will be put and the property rights imposed by the taking of the proposed easements, an appropriate percentage deduction to the previously concluded fee simple value of the property is necessary. We have estimated the value of the acquisition based on the impact on the subsurface, surface, and air right estates for the subject property. The rights being acquired by the proposed easements are considered less than the total underlying land value. The subject property has multiple pipelines and electric transmission lines. Based on the title work, the acquisition parallels the pipelines and two electric transmission line easements across the property. We have considered the presence of the existing electric transmission line easements and existing pipelines while determining the rights acquired by the proposed acquisition. We have estimated the rights acquired by the proposed pipeline easement to represent 99% of the fee-simple value and the rights acquired by the proposed springing temporary workspace easement to represent 20% of the fee-simple value in the area encumbered by the proposed easements. The value of the partial acquisitions, land only, is calculated as follows: % of Value Partial Acquisition: Area Per Unit Value Acquired Pipeline Easement 1,486 SF @ $3.75 per SF @ 99% = $ 5,517 Springing Temporary Workspace Easement 30,492 SF @ $3.75 per SF @ 20% = $ 22,869 Land Total $ 28,386 Contributory Value of Improvements Within Partial Acquisition (If Required): Itemized Improvements $ $ $ $ Total Value of Improvements Within Partial Acquisition $ 0 Total Valuation of Partial Acquisition The value of the partial acquisition consists of the value of the land and any improvements located within the partial acquisition that require valuation. The total value of the partial acquisition, land and improvements is calculated as follows: Partial Acquisition (Land Value) $ 28,386 Partial Acquisition (Improvements) $ 0 2 Total Value of Partial Acquisition $ 28,386 Allen, Williford and Seale, Inc. Page 7