06-11-15 Regular Meeting of La Porte City Council

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.....Page 2 Continued...... The market values in the subject neighborhood appear to vary generally from +-$1.00 PSF to over $3.00 PSF for tracts generally similar to the subject property with locations on secondary type roadways such as East Main Street and other smaller nearby collector streets. The area has general access public utilities. The subject site appears to be generally flat and level. The subject property is not located in the 100 year flood plain. The Highest and Best Use of the subject property is determined to be for use an alleyway or for use by adjacent property owners due to its unique configuration. Adjacent property uses on the north, east and west boundaries of the subject property are commercial tracts of land with frontage along East Main Street, E. Polk Street, Virgina Avenue and North Iowa Avenue. The client and intended user of this appraisal is the City of La Porte only. The intended use is to estimate the current market value of the subject property of this analysis as described above for use in street abandonment procedures. There has been no transfer of the subject property noted for the past 36 months per appraisal district records. The effective date of the appraisal is May 14, 2015. The effective date of the report is May 15, 2015. The estimated exposure time is up to 24 months. After a review of the comparable sales it is my opinion the estimated unit value range of between PSF would be placed on the $1.50 PSF to $4.00 subject property with a mid-range value of being indicated for the $3.00 PSF $3.00 PSF being indicated for the subject property with a mid-range value of subject property before any discounting. Therefore the unit market value of subject property before any discounting. Therefore the unit market value of subject property before any discounting. Therefore the unit market value of the subject tract is estimated at $3.00 PSF which is based on 100% fee the subject tract is estimated at $3.00 PSF which is based on 100% fee the subject tract is estimated at $3.00 PSF which is based on 100% fee simple ownership with no discounting applied. simple ownership with no discounting applied. Respectfully Submitted, Chris Chuoke, President R.C. CHUOKE & ASSOCIATES , INC.