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2005-01-26 CC Packet
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2005-01-26 CC Packet
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<br />HIGHEST AND BEST USE DEFINITION <br /> <br />The highest and best use of the subject property is for single family residential use. We <br />have been informed by the owner that the existing utility easement across the subject sites could <br />be adjusted. to accommodate the construction of new dwellings on the sites if the existing <br />improvements were removed. <br /> <br />The following definition of Highest and Best Use is taken from Real Estate Aopraisal <br />Terminology, Byrl N. Boyce, Cambridge, M.A.: Ballinger, 1984, p.127. <br /> <br />That reasonable and probable use that will support <br />the hi~hest present value, as defined as of the effective date of the <br />appraISal. Alternatively, that use, from among reasonably probable <br />and legal alternative' uses, found to be physically possible, <br />appropriately supported, financially feasible, and which results in <br />highest land value. <br /> <br />The definition. . . ap]?lies specifically to the highest and <br />best use of land. It is to be recogmzed tliat in cases where a site has <br />existing improvements on it, the highest and best use may very well <br />be determined to be different from the existing use. The existing <br />use will continue, however, unless and until land value in its highest <br />and best use exceeds the total value of the property in its existing <br />use. <br /> <br />The four tests of Highest and Best Use are those outlined above, i. e. physically possible, <br />legally permissible, financially feasible, and maximally productive. <br /> <br />Highest and Best Use for the subject property is examined on an "as vacant" and "as <br />improved" basis. The criteria for the Highest and Best Use for the subject are set forth in The <br />Aooraisal of Real Estate, Twelfth Edition, Appraisal Institute, 2001, p.p. 305-327. <br /> <br />I. <br />I <br /> <br />The following tests must be met in estimating the Highest and Best Use of a vacant parcel: <br />there must be a profitable demand for such use and it must return to the land the highest net return <br />for the longest period of time. These tests have been applied to the subject site and are discussed <br />as follows. <br /> <br />AS THOUGH VACANT <br /> <br />Phvsicallv Possible - One of the first constraints imposed on the possible use of a site, as <br />if vacant, is dictated by its physical characteristics. Size, shape, area and terrain affect the uses <br />for which a site may be developed. Utility of a parcel may depend on its frontage and depth. <br />Consideration must also be made of its potential use rather than its actual use. The maximum use <br />of the land must be determined. <br /> <br />As noted in the "Site Data" section of this report, the two sites contain approximately <br />23,184 square feet each. The topography of the sites is generally level with a minor slope to the <br />lake. <br /> <br />24 <br />
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