87-69 AUTHORIZING SALE OF LAND ALLEN BEND SHORES

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Re: City of Decatur land adjoining Lot 18 of Allen Bend Shores Addition Decatur, Illinois extending in an Easterly-Westerly direction across the Southern portion of Lot 18. It appears from a cursory inspection of the lot that a re- sidence could be built on the platted lot with careful planning. In such event the owners of Lot 18 would pay little if anything for the adjoining 4,730 S.F. tract for reason that from a practical standpoint they would have use of the tract and have no responsibility for taxes, etc. You have indicated to me that the potential use of the lot en- visions design of a residence which would require the addition of the 4,730 S.F. tract to Lot 18. � I know of no similar real estate sales where conditions exist such as we have in this case where the land in question is useful only when combined with adjoining Lot 18. Theclosest thing I can recall involved a reported sale in September of 1986, when the Decatur Park District sold a tract of approximately 34,816 S.F. of land located between four residences on Vining Drive (Lake Park Addition and Lake Park 2nd Addition) and Lake Decatur. The sale of this land permitted each of the four re- sidences to own to the waters edge. The only access to the land prior to the sale was a 10' walkway. From a practical standpoint the four owners had virtual exclusive use of the land prior to the sale. The sale price of $16,000 reflected $.46 S.F. If we apply this same $.46 � S.F. to subject 4,730 S.F. we obtain $2,174. Subject is estimated to have a superior location to the land described in the sale above and the $2,174 is rounded up to $2,500 which is estimated to be a realistic compensation as of this date for subject 4,730 S.F. Very truly yours, Roby & Associates �I By� ��-� �� -� Verne E. Roby SRPA •�� VER:eh enclosures