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

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Sale#4- 128,895 sq.ft which is tax ID# 04-12-08-176-016. This sold for$12,500. It sold on 10/01/2011 per Recorder Bk.4173/Pg. 209. It sold for .09/sq.ft. This was land sold by the owner to the Park District for the bike path. Sale#5-5400 sq.ft.which is a vacated street at the end of Bob-O-Link Dr. and it is z djacent to South Side Golf Course. It sold on Aug. 15, 2011 for$3,132. This was sold to an adjacent homeowner for .58/sq.ft. This information was obtained via Ordinance 2011-48. Sale#6- 6,000 sq ft.walkway vacated by the city. It sold for$1,500 on December 15, 2003. This strip of land was sold to an adjacent landowner and this sale is very similar in nature to he subject's situation. It sold for .25/sq. ft. This information was obtained via Ordinance No. 003-80. It is a pathway situated between Lots 4,5, 13 and 14 of Radio Towers Subdivision between Corman St. and Green Hill Dr. There were no known previous sales in the prior 3 years. No reasonably similar sales were found near the subject's neighborhood. Theses les are all located in suburban and other urban areas of Decatur. These pieces of land were not builda Ae as individual lots and their price per square foot is a good indicator of the value for the subject's pie a of land. After reviewing these sales it is determined that the estimated value of the subject's stri i of land is .25 per sq ft. It is 1,660 sq.ft. in size and this equates to a value of$415. The most weight as given to sale#6 because it basically the same situation as the subject. It sold ten years ago, but it is unlikely that the values of something like this would change much over time in this area and locatio . The cost approach was not applied as it would not be meaningful for a piece of lard like this. The income approach was not applied as it is not possible to rent this piece of land for income purposes. The sales comparison approach was given the most weight as it reflects the action of buyers and sellers in this market. This report is estimated the Value in Use. The value of property which reflects a alue to a particular user, recognizing the extent to which the property contributes to the personal requirements of the owner. As of Wednesday, May 29, 2013 the estimated Value in Use of the 10' x 166' ROW strip of land between Southmoreland Place Lot 11 Block 2 and Lot 1 Block 3 is$415. Submitted by: Kevin Milllleerr 01-%w State Certified Appraiser 556.001953