2013-74 VACATING PUBLIC WALKWAY RIGHT-OF-WAY - SOUTHMORELAND PLACE

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05/29/2013 This is a summary appraisal report being prepared for Phil Cochran of Chastain and Associates, of Decatur, IL. The purpose of this appraisal is to determine the Value In Use of a 10'x 166' ROW trip of land located on the far northeastern corner of the Southmoreland Place Subdivision. The strip runs in a northeasterly direction between Southmoreland Place Lot 11 Block 2 and Lot 1 Block 3. This strip of land is currently a side walk and at the northeastern edge it turns into a stairwell down to the corner of Lost Bridge Rd. and Lake Shore Dr. This ROW strip of land allows access into theneighborhood via foot. This report is making no hypothetical or extraordinary assumptions. The scope of this assignment for started with a telephone call from Phil Cochran and he described the piece of land that was in need of an appraisal. The land was then visited and photos were taken of the site. To find comparable sales, the Office of the Macon County Supervisor of Assessor's Office was visited and various members of the staff were consulted. After consulting with them, their files were manually searched for comparable sales and also a computer search was performed by Sandy(of the Assessor's office) in order to help find additional sales. In addition, previous appraisal files were analyzed and other office documentation was analyzed. Finally, Suzy Stickle of thE City of Decatur,was used as a source for sales#5 and#6. She was consulted and provided those sales f or use in this report. The intended users of this report are Phil Cochran, other staff at Chastain and Associates, and The Southmoreland Homeowners Association. The intended use of this appraisal is to determine the Value in Use of this strip of la id so that the adjacent landowners can obtain this strip of land from the city. Their goal is to prevent access to the area via this open sidewalk. The current owner of the 10' x 166' ROW is the City of Decatur. There have been no sales of this piece of property in the prior 3 years and it has not been publically listed for sale in the past year. State appraisal rules require that an exposure time for the property be estimated. But,this is not of piece of land that would ever be for sale on the open market and there would never be an actual exposure time. If the city were to try and sell it on the open market, one of the adj cent properties would buy it immediately. I have knowledge and experience in appraising this type of property in this market z rea. I am aware of, and have access to, the necessary and appropriate public and private data sources,such as multiple listing services, tax assessment records, public land records and others such data sources for the area in which the property is located. I have no present or future interest in this property or the parties involved.