Laserfiche WebLink
� • . <br /> EDUCATION. <br /> 1 University, 1 Community College <br /> NUMBER OF HOSPITALS: 2 <br /> RECREATION: <br /> 42 public parks (2, 000 acres) , 40 public tennis courts, <br /> 2 public swimming pools, 7 bowling facilities, 8 golf <br /> courses (5 public, 3 private) , 1 zoo, boating, fishing and <br /> much more. <br /> HIGHEST & BEST USE <br /> "That reasonable and probable use ttiat will sup�ort the <br /> highest present value, as defined as of the eff�ctive date <br /> of the appraisal. <br /> Alternativel:y, that use, from among reasonable probable <br /> and legal alternative uses, found to be physically <br /> possible, ap�ropriately supported, financially feasible <br /> and which results in the highest land value'�. * <br /> Subjeci: is lpgally zoned for present usage and the <br /> imp.rovements are too valuable to be economically feasible <br /> to remove thnm for an alternate use. Therefore, it is our <br /> opi.nivn that the Highest and Best Use is its present <br /> utilization as a commercial facility. <br /> * Real Estate Appraisal Terminology - The American <br /> Institute and Society of Real Estate Appraisers. <br /> THREE APPROACHES TO VALUE <br /> �iistorically there are three practical Approaches to <br /> Value: <br /> 1. �ost Appxoach in which the cost new of replacinq the <br /> improvem��nts is calculated from which all forms of <br /> accrued ��epreciation are deducted then the value of <br /> the land is added. <br /> 2. Income Approach in which the net income is capitalized <br /> indicating a value estimate. <br /> 3 . Direct S<�les Comparison (Market) Approach in which <br /> current actual sales of similar real properties are <br /> compared to subject property and adjusted for the ' <br /> differences. <br /> The Cost Appr.oach will not be applied in this report due 'I <br /> to the age of. the improvements which precludes any i <br /> meaninqful value conclusions by the appraiser. I <br />