CCP 08-17-1992 - Laserfiche WebLink

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" . - Mrs. Cathy Iago July 30, 1992 Page Two The Direct Sales Comparison Approach involves and analysis of sales of similar properties. In this case, an analysis will be made of similar land transactions, having some degree of similarity to the subject. Adjustments will be made for various differences to arrive at a value conclusion for the land, as vacant. Consideration will then be given to the cost to remove the site improvements with that cost deducted from land value to arrive at a "as is" value for the individual property. The Cost Approach separates the property into the components of land and improvements. Since the value lies within the land, this approach is not appropriate. The Income Approach involves an analysis of the rental potential of a property and the conversion of that potential into present value. Land is rarely rented for investment purposes. As such, this approach is not appropriate. Full weight will be placed upon the analysis obtained from the ... Direct Sales Comparison Approach. The appraisal reports will be prepared in conformity with the Code of Ethics and Standards of Professional Practice of the Appraisal Institute together with the Standards of Professional Practice of the State of Minnesota. After reviewing the situation, it was concluded that fee for the preparation of the appraisal reports would be as follows: City Hall Site $2,000 Harstad Site 2,000 Total: $4,000 At the present time, I would anticipate the time frame in which to complete the assignment to approximate four to six weeks from the date of authorization. It appears that the Harsted site constitutes part of the Truler estate. In the 1970s, my father, Joe Benttendorf, was part owner with Keith Harstad of the Truhler estate. In the late 19705, early 1980s, he sold his interest to Harstad. My father has been deceased for five years. I have had no involvement with my father or any other party on the site in question. ... ----------