03-29-10 Special Called Regular Meeting of the Fiscal Affairs Committee

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SUMMARY APPRAISAL REPORT 19 purposes; however, the site is zoned for low density residential use by the city. The property has an inferior location on East Main Street and a +10% adjustment for this factor was warranted. Sale 4 has a superior rectangular configuration but its zoning designation would significantly limit the development potential of this tract. Therefore a very large + 13~% adjustment was applied to reflect this property's inferior potential for use. The adjusted value indication from Sale 4 is $3.65 per square foot but this transaction waS granted limited emphasis due to the significant magnitude of the tequired adjustments. Sale 5: This is the sale of an 8 lot property on South Idaho Street, south of East Main Street. The property sold in September 2001 for $37,5QO which is $1.43 per square foot. The property contains 26,125 square feet or 0.5998 acres and it is also zoned for low density residential use by the city. This property located east of Broadway ancI it has no frontage on Main Street. Therefore a +20% adjustment was applied for its inferior location. Sale 5 has a superior rectangular configuration but its zoning designation would significantiy limit the development potential of this tract. Therefore a very large +133% adjustment was applied to reflect this property's inferior potential for use. The adjusted value indication from Sale 5 is $3.62 per square foot but this transaction was granted limited emphasis d1.1e to the significant magnitude ofthe required adjustments. Sale 6: This is the sale of a 5 lot property at the southeast corner of 11th Street and West Polk Street. The property sold in April 2007 for $30,000 which is $1.92 per square fQot. The property contains 15,625 square feet or 0,3587 acres and it is also zoned for general c011lIl1ercial use by the city. This property is located 1 block west of the freeway and just north of West Main Street (Spencer Highway). Overall S~le 6 has an inferior location and paired sales analysis of Sale 6 with pencIing Sale 4 indicates the need for a significant location adjustment and a +90% adjustment for this factot was applied. The lJilicek Company