08-11-2004 Council Agenda - Laserfiche WebLink

Home Browse Search

PURPOSE OF THE APPRAISAL: The purpose of this appraisal is to render an opinion of value of a portion of the subject property that is being acquired in fee and temporary easement. The acquisition areas are needed for ponding purposes along the west side of Interstate 35E just south of Interstate 694 in Little Canada. Market Value as defined in The Dictionary and Real Estate Appraisal - Second Edition: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms for which the specified property fight should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. UNDERLYING ASSUMPTIONS & LIMITING CONDITIONS 1. The appraiser will assume no responsibility for matters legal in nature nor render any opinion as to the title, which is assumed marketable. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has made no survey of the property and the sketch in the appraisal report showing boundaries are taken from records believed to be reliable. The sketches in this report are included to assist the reader of visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser is not required to testify or appear in court on matters contained herein unless previous arrangements have been made. 4. The appraiser has no present or prospective interest in the property that is the subject of this report. Employment for this appraisal engagement is not contingent upon the value reported. 5. The analysis, opinions and conclusions of this appraisal have been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. 6. The information, estimates and opinions furnished to me in this report were obtained from sources considered reliable. The appraiser certifies to the best of his /her knowledge that these statement are correct, however, this information cannot be guaranteed. 7. The appraiser assumes that there are no hidden or unapparent conditions to the property or the structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or for the engineering, which might be required to discover such factors. 8. The appraiser did not consider the existence of potentially hazardous materials or other toxic contaminants, which may or may not be present on the property, unless otherwise noted, The appraiser is not qualified to detect such substances, therefore, the value estimate is predicated on the assumption that there is no such material on or in the property that would impact the value.