7028 AUTHORIZING SALE OF REAL ESTATE

Home Browse Search

, � . . � . Mr. Hilmer Landholt August 21 , 1975 Re: City land in South Shores 23rd Addition Decatur, Illinois sold in 1975 for $9,000 which reflects approximately $.30 S.F. An estimated 10,000 S.F. of the subject tract is estimated to be within and at the rear of Lot eleven. On a pro-rata basis one might thus attribute as much as $3,000 to that part of Lot Eleven which the city owns. Another way to look at the situation would be to reflect on the so called 4-3-2-1 rule for land where 40% of the overall value is attributed to the front 25% of the lot, 30% to the next 25%, etc. On this theory the rear one third would have a value of approximately $.03+ per S.F. or say $300 for 10,000 S.F. In our case with the topography and shape of the sub- ject tract being what it is the contributory value of the part owned by the City would obviously be less. As a practical matter it is the opinion of the appraiser that the market value of the subject parcel based on the willing buyer-seller concept would be zero. The subject land has no utility due to its shape and topo- graphy and it is the opinion of the appraiser that lots ten, eleven and twelve in South Shores 23rd Addition would be just as great without the inclusion of those parts owned by the city. As a practical matter the only value the subject land has is the nuisance value or expense necessary to clear up the record titles to the three lots in South Shores 23rd Addition. Two photographs of the subject area taken along South Shores Drive and Baywood Drive taken this date along with a portion of a topo- graphical map reflecting the topography is enclosed for your in- formation. Very truly yours, Roby � Roby p , � / j, � � '/� ,/ - ' ,� �-��/'� �: � U rne E. Roby L`'� VER:eh I enclosures