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, ' • Page 1 <br /> PURPOSE OF THE A.PPRAISAL <br /> The purpose of the appraisal is to estimate what compensation should <br /> be paid by Che Sanitary District for the vacation of that part of <br /> Dipper Lane in question. i <br /> Most often appraisals are made seeking market value which is defined III <br /> as "The most probable price which a property should bring in a com- <br /> petitive and open market under all conditions requisite to a fair sale, <br /> the buyer and seller, each acting prudently, knowledgeably and assum- <br /> ing the price is not affected by undue stimulus. Implicit in this de- <br /> finition is the consummation of a sale as of a specified date and Che <br /> passing of title 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 consideres 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 arrangements 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 anyone associated with the sale." <br /> However, in this case and in similar cases 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 parties <br /> who obtain the vacated area". <br /> LEGAL DESCRIPTION <br /> A tract of land sixty (60) feet in width, the center line of <br /> which is as follows: Beginning at the Northwest corner of <br /> the Southwest quarter (S.W.�) of the Southeast quarter (S.E. �) <br /> of Section 17, Township 16 North, range 2 East of the 3rd P.M. , <br /> and running thence Northerly along the West boundary line of <br /> the East half (}) of said Section 17, Township 16 North, range <br /> 2 East of the 3rd P.M. , a distance of 1324.75 feet, more or <br /> less to the Northwest corner of the Northwest Quarter (N.W. �) <br /> of the Southeast quarter (S.E.�) of Section 17, Township 16 <br /> North, range 2 East of the 3rd P.M. , containing 1.8247 acres, <br /> more or less. <br /> DESCRIPTION OF PROPOSED VACATED AREA <br /> The proposed vacated area consists of a strip of land 60 feet in <br />