Laserfiche WebLink
� . Page 1, <br /> • BUO}�fe�2�l.� 'Hi!C262 - <br /> PURPOSE OF THE APPRAISAL _ <br /> The purpose of the appraisal is to estimate what compensation should <br /> be paid by the abutting owners for the vacation of that part of Brenne- <br /> man Road which is the sub�ect of this report. <br /> Most often appraisals are seeking market value which is defined as "The <br /> most probable price which a property should bring in a competitive and <br /> ' open market under all conditions requisite to a fair sale, the buyer <br /> , and seller, each acting prudently, knowledgeably and assuming , the price <br /> 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 <br /> from seller to buyer under conditions whereby: � <br /> a. buyer and seller are typically motivated; <br /> ' b. both parties are well informed or well advised, and each acting <br /> in what he considers his own best interest; � <br /> c. a reasonable time is allowed for exposure in the open market; - <br /> d. payment is made in terms of cash in U.S. dollars or in terms <br /> of financial arrangemeats comparable thereto; and <br /> e. the price represents the normal consideration for the property <br /> ' sold unaffected by special or creative financing or sales con- <br /> cessions granted by anqone associated with the sale." <br /> However, in this case and ia similar casea legal counsel for the City <br /> has advised us that the measure of value rather than being market <br /> value is "the benefits which will accrue to abutting party or pazties <br /> who obtian the vacated area". <br /> LEGAL DESCRIPTION <br /> All of the Public Right of Way, 50 feet in width, called Brenneman <br /> Road (Also kaowa as Gun Club Road) from the East line of Brush College <br /> Road Easterly to a point 1,691.04 feet East of Lhe East line of the <br /> . Northwest Quarter (NW }) of Sectioa 5, Towaship 16 North, Range 3 East <br /> _ of the 3rd Principal Meridian, said Right of Way more particularly de- <br /> scribed as follows: <br /> A 50 foot Right of Way str3p being 24 feet on each side of the <br /> following described centerline: Beginning at a point on the <br /> East Right of Way line of Brush College Road, said point being <br /> 40.00 feet East of and 1,632.57 feet South of the Northwest Cor- <br /> ner os Section 5, T16N, R3E, 3rd P.M.; thence deflecting at an <br />