07-22-2020 Workshop Packet - Laserfiche WebLink

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Introduction 15 Commercial Land Site - SWC of Middle Street and Market Place Drive Definition of Value Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) . Interest Appraised The appraisal is of the Fee Simple estate.  Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Appraisal Report This report is presented in an Appraisal Report Format in compliance with the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), Standard 2 - 2 (a). Other information and notes are retained in the appraisal office files. Purpose of the Appraisal The purpose of the report is to estimate the market value of the fee simple interest in the subject property as is.