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Letter Report – Continued <br /> <br /> <br />Per documents provided by the city, there is a proposed car wash on the site. It appears, based on the <br />documents, the car wash design and use would meet the city’s requirements. Typically, when a use, <br />either permitted or conditional, meets a city’s requirements the use must be approved. <br /> <br />The city required multiple accommodations to limit disruption for adjoining properties, including additional <br />screening and reduced business hours. <br /> <br /> <br /> <br /> <br />Impacts on Nearby Properties: <br /> <br /> <br />The subject appears to have been zoned for a commercial use for many years. While the site has been <br />vacant, the existing zoning and future guided use (commercial) are publicly available. <br /> <br />The definition of market value, per the Dictionary of Real Estate Appraisal, Sixth Edition, Appraisal <br />Institute, is: <br /> <br />“The most probable price which a property should bring in a competitive and open market under <br />all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, <br />and assuming the price is not affected by undue stimulus. Implicit in this definition is the <br />consummation of a sale as of a specified date and the passing of title from seller to buyer under <br />conditions whereby: <br /> <br />(A) buyer and seller are typically motivated; <br /> <br />(B) both parties are well informed or well advised, and acting in what they consider their <br />own best interest; <br /> <br />(C) a reasonable time is allowed for exposure in the open market; <br /> <br />(D) payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto; and <br /> <br />(E) the price represents the normal consideration for the property sold unaffected by <br />special or creative financing or sales concessions granted by anyone associated with <br />the sale.” <br /> <br />The key point is part B, which in effect means that both buyers and sellers are informed and/or advised <br />when purchasing a property. This includes consideration of surrounding properties and what those <br />properties could be used for. <br /> <br />This results in buyers and sellers being aware of what is allowed on and around a property being <br />purchased; if there are potential negative detriments the price is adjusted accordingly. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />94