08-11-2004 Council Agenda - Laserfiche WebLink

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DESCRIPTION OF PROPERTY AFTER ACQUISITION: The subject property will be reduced by 37,229 square feet for an after acquisition balance of 65,095 s.f. In addition, a temporary easement consisting of 3 separate areas will encumber the subject property until December 1, 2009, or until at such time the Commissioner of Transportation deems it necessary that it is not needed for highway purposes. Located within the acquisition area is a variety of trees which will be handled through a Cost to Cure along with approximately 60 feet of chain link fencing located in the temporary easement at the northeast corner of the subject property. The subject's improvements outside of the fencing will not be affected. TEMPORARY EASEMENT VALUATION: The temporary easement areas are shaded in green on the enclosed parcel sketch. As it shows there are three areas that total 10,450 s.f. The first area is a small area located in the northeast corner of the subject property. The second area is a strip of land approximately 350 feet south of the parking lot entrance and is a strip 35 feet in length and 100 feet in width. Finally the third area is a triangular shape piece located at the most southern portion of the subject property. These easement areas will encumber the subject property until December 1, 2009 or until an earlier date determined by the Commissioner of Transportation that it is no longer needed for highway purposes. Using the Reversion Method at a 7.5% (annual safe rate or return the valuation of the temporary easement is calculated as follows: 10,450 s.f. X $2.30 = $24,035.00 /present value. $24,035.00 present value x reversion factor of 0.6966 = present discounted value of $16,742.78. $24, 035.00 (present value) less $16,742.78 (discounted value) equals present value for the Temporary Easement of $7,292.22. COST TO CURE: Cost to Cure is a tool used to mitigate possible loss in esthetic value the landscaping provides to the whole of the subject property. Replacement of the 8 trees with a combination of pines, maples and flowering crab apple trees will restore the property as in the before situation. Estimates for the landscaped items includes trees, installation and delivery. The estimate was received from Bachman's Landscaping. In addition to the landscaping the temporary easement located in the northeast corner of the subject property will be affected. An Estimate was acquired from Marshall & Swift Cost Service. Estimate includes material and labor. Landscaping: 2 Pines Approx 7' in height @ $533.00 /ea. = $1,066.00 2 Maples Approx. 12 -15' in height at @ $809.00 /ea. = $1, 618.00 4 Flowering Crab Apple @ $100.00 = $ 400.00 $3, 084.00 Fencing: Approx. 60' of Chain Link Fencing @ $16.15/lin. ft. = $ 969.00