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under those circumstances where the owner was willing to sell and the purchaser was <br /> willing to buy, but neither was under an obligation to do so. <br /> In determining the market value of the property actually taken, you are not to take into <br /> account any increase or decrease in value caused by the proposed public improvement. <br /> (01—Civil 4th,36:3) <br /> Colorado Revised Statutes also addresses project influence: <br /> Any decrease or increase in the fair market value of real property prior to the date of <br /> valuation caused by the public improvement for which such property is acquired, or by <br /> the likelihood that the property would be acquired for such improvement, other than <br /> that due to physical deterioration within the reasonable control of the owner, shall be <br /> disregarded in determining the compensation for the property. (§24-56-117(1)(c), <br /> C.R.S.) <br /> The Jurisdictional Exception Rule of USPAP applies to Standards Rule 1-4(f). In Standards Rule 1-4(f), <br /> anticipated public or private improvements must be analyzed for their effect on value as reflected in <br /> market actions.This is contrary to law for eminent domain appraisal.Jurisdictional exception authorities <br /> are Uniform Act,Title III, § 301(3);49 CFR§ 24.103(b); § 24-56-117(1)(c), C.R.S.; and CJI—Civ.4th, 36:3. <br /> See definitions of other terms and pertinent acronyms listed in the Addenda. <br /> Effective Date of Appraisal <br /> The effective date of appraisal, reasonable market value opinions, and compensation estimate for the <br /> proposed acquisition is as of February 28, 2013. Photographs of the property included in this report <br /> were taken by me on that date. <br /> Date of Appraisal Report <br /> The date of this appraisal report is March 15, 2013. <br /> Date of Property Inspection and Owner Accompaniment <br /> An offer was made to the owner to be present during the inspection on February 28, 2013. The offer <br /> was accepted and Mr. Joe Stevens joined the inspection held on that date. Ms. Lisa Gerondale, right of <br /> way agent with CDOT, was also present along with another employee of the city. <br /> Project Identification and Description <br /> US Highway 36 between Denver and Boulder opened as a toll road in 1951. The toll road bonds were <br /> paid off early and the tolling infrastructure was removed in 1968. When it was built, this four lane road <br /> had only one interchange between Denver and Boulder. In response to rapid population growth, there <br /> are now 10 interchanges along US 36 between 1-25 and Boulder. However, the number of main <br /> through—lanes has remained at four. <br /> In December on 2009, the Colorado Department of Transportation completed an Environmental Impact <br /> Statement which described Preferred Alternative improvements to the corridor which would be <br /> implemented in the future as funding became available. The main elements in the Preferred Alternative <br /> include one buffer—separated managed lane in each direction, Bus Rapid Transit (BRT) ramp stations, <br /> auxiliary lanes between most interchanges, and a bikeway. These are the first steps in implementing <br /> improvements described in the US 36 Environmental Impact Statement. <br /> 7 <br /> Bonnie Roerig & Associates, CCC Real Estate Analysts - Valuation Consultants <br />