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02-13-17-R
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02-13-17-R
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<br />BRKW APPRAISALS, INC. PAGE 3 <br />In valuing Property 1, the main focus on the highest and best use analysis will likely <br />be on uses allowed within current NB zoning, since at this point in time you have not <br />indica ted that there is any definitive plan for the City to rezone the property for the <br />alternat ive uses of townhome or single -family home development. Consequently, it is <br />likely in this assignment that the property will be appraised first based on its <br />anticipate d highest and best use of Neighborhood Business zoning -allowed uses, and <br />then two subsequent valuations will follow, based on alternat ive assumed highest and <br />best uses for townhomes and single -family homes . <br /> <br />It is anticipated that for the two alternate use s, an extraordinary assumption will be <br />applied. An extraordinary assumption is defined as “An assumption, directly related <br />to a specific assignment, as of the effective date of assignment results, which, if <br />found to be false, could alter the appr aiser’s opinions or conclusions.” (s ource: <br />Uniform Standards of Professional Appraisal Practice (USPAP) 2016 -2017 Edition <br />©The Appraisal Foundation, Page 3 ). For the purposes of the appraisal, the land <br />would be valued based on the extraordinary assumption that it s highest and best use is <br />for townhome development, and also the land would be valued based on the <br />extraordinary assumption that its highest and best use is for single -family home <br />development. <br /> <br />Property 2 – Existing City Hall Site <br /> <br />The City has asked for o ne valuation scenario for Property 2: <br /> <br />1. Value given development with limited business uses such as office, medical, <br />and limited retail uses [i.e., generally those allowed within NB, Neighborhood <br />Business zoning ]. <br /> <br />Based on the above requested valuation scenario, it is assumed by the appraiser that <br />the City would be willing and prepared to rezone the property from its current P/I, <br />Public & Institutional zoning to NB, Neighborhood Business, and that consequently it <br />is reasonably probable that such rezoning would be approved. For the purposes of this <br />appraisal, the land would be valued based on the hypothetical condition that the land <br />has been rezoned to Neighborhood Business. A hypothetical condition is defin ed as <br />“A condition, directly related to a specific assignment, which is contrary to what is <br />known by the appraiser to exist on the effective date of the assignment results, but is <br />used for the purpose of analysis .” (source: Uniform Standards of Professiona l <br />Appraisal Practice (USPAP) 2016 -2017 Edition ©The Appraisal Foundation, Page 3 ). <br /> <br />You have indicated that the City wishes to have the City Hall property appraisal <br />include an analysis of the reuse potentia l of the existing building on the site, rather <br />than simply be based on the assumption that the buil ding should/would be demolished <br />to make way for redevelopment of the entire 6.9-acre site. Therefore , depending on <br />the results o f such an analysis relative to potential reuse, the appraisal assignment <br />may ultimately include valuing the building on the west approximately one -half of the <br />site and valuing the vacant land for a separate use on the east approximately one -half <br />of the site. Given this possible scenario, the assignment likely will result in the <br />application of all three primary approaches to value – The Cost, Sales C omparison and <br />Income Approaches – in analyzing reuse potential and possibly then valuing the <br />building on the west half of the pro perty.
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