AG 2007 10 15 - Laserfiche WebLink

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addition, the donated site benefits from all underground utilities (e.g., electrical, water, sewer, gas, cable, phones) being installed directly adjacent to the property, including the necessary sewer lift stations that will handle the sewer capacity for the entire neighborhood, including the proposed school The value of all of these improvements clearly benefits the 22.163 acre school site, and thus should be included in any analysis of•the valuation of the property. A detailed analysis depicting the values of these improvements and supporting the valuation recommended is attached as Exhibit A. Thirdly, and lastly, while all three appraisals use the same approach -Sales Comparison - to valuation, only the Integra appraisal consistently uses the word "opinion". For example, on p. 25, "it is our opinion that the location of the subject within the mixed use development is not suitable for retail use." There is no data to back up this opinion-based conclusion, and the analysis offers no explanation or mention of the opportunity to increase the value of the overall Commercial Neighborhood by using the proposed school site for alternative uses as outlined above and mare particularly illustrated in the financial analysis in Exhibits A and B. The Sales Comparison approach is used to fairly make comparisons between the subject site and other. similarly situated sites, but there is no data pointing to a conclusion that the site could not sustain retail uses. Without any convincing data, there is no reason to exclude allowable uses under existing zoning pertaining [o the proposed school site when determining the value of the tract, and the inclusion o1'this particular information and its relative economic effect would certainly have increased the end valuation. We tecognize that the County's sole plan for the donation site is the elementary school, but we would like to emphasize that the developer's valuation model of the site includes other higher value uses, including the ability to enhance the real values of its other property located in the Commercial Neighborhood through continued ownership of the proposed donation property. ht addition, we are willing to provide additional improvements to the school site (e.g., clearing, grading, and fill) consistent with the development plans for the proposed school. In detailed discussions with the County Engineer for such matters, we have estimated additional improvement costs associated with the proposed school site only in the amount of $ 3,459,689.32 , or $ 156,102.03 pet• acre as detailed fiu~ther in Exhibit A. ~-OI