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<br />,I <br /> <br />" <br /> <br />. <br /> <br />e <br /> <br />. <br /> <br />~ <br /> <br />~ <br />EN HILLS <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />April 25, 2002 <br /> <br />TO: <br /> <br />Mayor and City Council <br />Joe Lynch, City Administrator <br /> <br />Ii(/ <br />Aaron Parrish, City Planner , ' <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Indykiewicz Property Appraisal <br /> <br />Staff has received a copy of the appraisal report for the Indykiewicz property. A copy of the <br />report is included for your review. Based on the appraisal report, the probable market value for <br />the property is listed at $900,000. After considering the comparables, the adjusted sales price <br />represents a range of $4.20 to $5.88 a square foot. This translates into a sales price of $722,677 <br />to $1,011,748. It should be noted that from staffs perspective the comparables may not be <br />entirely representative. However, as is the case with all appraisals, the appraiser did take into <br />account various site and location factors. <br /> <br />After taking into consideration the constraints of the site, the highest and best use of the property <br />is listed as office or light industrial. Staff will be preparing a letter to Chesapeake Companies <br />making them aware of the appraisal results. In addition, staff will be requesting Council <br />direction at an upcoming meeting about how the Council would like to proceed with marketing <br />the site. <br />