10-10-16 Regular Meeting of the La Porte City Council (2)

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.....Page 2 Continued...... The market values in the subject neighborhood appear to vary generally from +-$1.00 PSF to over $4.00 PSF for tracts generally similar to the subject property with locations that range from primary to secondary type roadways. 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 as an alleyways and street right of ways or for use by adjacent property owners due to its configuration. Adjacent property uses are commercial uses and vacant land in nature. The immediately surrounding property of the subject alley is currently used as part of a storage facility. 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 by the client in right of way 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 August 5, 2016. The effective date of the report is August 10, 2016. 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 $1.00 PSF to $4.00 PSF would be placed on the subject property with a mid-range value of $2.00 PSF being indicated for the subject property before any discounting. Therefore the unit market value of the subject tract is estimated at $2.00 PSF which is based on 100% fee simple ownership with no discounting applied. Respectfully Submitted, Chris Chuoke, President R.C. CHUOKE & ASSOCIATES , INC.