City Council Agenda and Packet 2013 05 21 - PG 160 - ATTACHMENT #3

Home Browse Search

Purpose of the Appraisal Eminent domain appraisal is subject to the Code of Federal Regulations (CFR) and the federal Uniform Act appraisal requirements, Colorado Revised Statutes (C.R.S.), and Colorado Jury Instructions (CJi). Real property appraisal development and reporting are subject to the Uniform Standards of Professional Appraisal Practice (USPAP). The purpose of this appraisal was to develop a compensation estimate for the reasonable market value of the property/property rights being sought; compensable damages, if any, to the residue; and specific benefits, if any, to the residue. Referred to as the modified state before—and—after rule,steps to develop a compensation estimate for the acquisition of real property are: 1. Larger Parcel Value Before Take 2. Value of Part Taken (including easements acquired) 3. Residue Value Before Take (Value of Larger Parcel Before Take Less Value of Part Taken) 4. Residue Value After Take(including encumbered easement areas acquired) 5. Analysis of Damages and/or Benefits 6. Rental Value of Temporary Easements 7. Compensation Estimate Summary Please see the Appendices for further details about the steps outlined above. Identity of the Clients and Intended Users This appraisal report has been prepared for the client, CDOT. Intended users of this appraisal report include representatives of CDOT, attorneys with the Colorado Office of the Attorney General, and representatives of RTD. Other known users include the property owner or the owner's personal representative, and/or property owner's attorney. Intended Use of the Appraisal The intended use of the appraisal is in connection with the acquisition of right—of—way for the referenced project to be constructed by CDOT which includes Federal—aid highway funding. If necessary, this appraisal report with supporting data, analyses, conclusions, and opinions is to serve as a basis for court testimony in condemnation trial proceedings. The appraisal report will become a public record after settlement with the property owner or at the conclusion of legal proceedings if necessary. Real Property Interest Appraised The real property interest of the subject larger parcel before take, the part taken,and residue after take are valued as fee simple estate (title). The property is appraised "as if free and clear" of all liens, bond assessments, and indebtedness, but subject to existing easements, covenants, deed restrictions, rights- of—way of record, and excepting therefrom all rights to oil, natural gas, or other mineral resources beneath such real property. This mineral interest exception is an assignment condition. Definition of Reasonable Market Value For purposes of this assignment, reasonable market value is defined as: The value you are to determine for the property actually taken is the reasonable market value for such property on (February 28, 2013). "Reasonable market value" means the fair, actual, cash market value of the property. It is the price the property could have been sold for on the open market under the usual and ordinary circumstances, that is, 6 Bonnie Roerig & .Associates, LLC Real Estate .Analysts - 'Valuation Consultants