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

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The project is a joint CDOT/RTD project entailing phased reconstruction of US Highway 36 including one managed lane in each direction, bike commuter trail and replacement of selected bridge structures on the corridor. What has been identified as Segment E, in which the subject property is located, impacts 12 parcels in nine ownerships. Segments E and F encompass approximately two miles of US 36 between 881" Street and McCaslin Boulevard. Construction began in summer 2012 and is anticipated to be completed by 2014. Right—of—Way Plans Relied on for Valuation Purposes This appraisal was made under the assumption the acquisition for the proposed public improvement will occur as shown on CDOT's right—of—way plans for the project last modified October 23, 2012 and November 8, 2012, copies in the addenda. If any modifications are made to the plans, the appraiser reserves the right to revise the appraisal and appraisal report to reflect the change, if appropriate and necessary. Scope of Research and Analysis The extent of the process of collecting, confirming, and reporting data was consistent with the typical standard of care involved in consideration of the applicable approaches to value and conveying the results in a summary appraisal report. The steps taken in this analysis included extensive research into the nature of the location of the property, study of economic factors affecting the market as of the date of appraisal, physical inspection of the property, complete data research into available comparable sales, including examining recorded deeds, personal inspection and photographing of the sales, confirmation of sales with either the buyer or seller, analysis and adjustment of the sales, and conclusion of the value of the property appraised, in this case, by the sales comparison approach. There are three approaches by which the value of real estate may be estimated: sales comparison, cost, and income capitalization approaches. USPAP Standards Rule 1-4 covers the three approaches to value. Summary of Appraisal Problems The principal problems considered in the appraisal process included those of the market value of the subject larger parcel and the total compensation due for the property actually being sought. Market support for the value of the subject larger parcel before the acquisition was based on the sales comparison approach. A further consideration is the effect of the project on the value of the residue (remainder) parcel. This step included consideration of any sources of loss in value of the residue and any potential sources of benefits. 8 Bonnie Roerig & Associates, LLC ReaCEstate analysts - `Valuation Consultants