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Highest and best use is analyzed, both as vacant and as improved. The highest and best use analysis will assist the appraiser with determining which approaches to value are used. The three approaches to value and how they are applied are summarized as follows. • Collection and analysis of comparable land sales are done to form an opinion of the value of the underlying land using the Sales Comparison Approach. Cost and depreciation data are gathered from published sources and the marketplace, The land value and the depreciated costs new are added together to arrive at an indication of value in the Cost Approach. • Collection and analysis of rental data, income and expense information, and income indicators are done in conjunction with preparing an Income Capitalization Approach. • Collection of improved sales data is done in conjunction with preparation of the Sales Comparison Approach. The scope of a preliminary appraisal is limited; therefore, these reports are not to be used for the acquisition process, but are less costly and suitable for project budgeting and planning. Acquisition Appraisals In appraising property for acquisition, it is necessary to contact subject property owners and invite them to accompany appraisers on the property inspection by sending them a Notice of Decision to Appraise (NDA) letter. Following preliminary research and the NDA notification process, the following activities take place. • Inspection of the subject property and the subject neighborhoods. During the inspections, an inventory of the property attributes gathered. • Identification and analysis of the market conditions relevant to the subject property type under appraisal. • Investigation of public records for the property's zoning and flood hazard area classification, as well as investigation of the property tax assessor's records for attributes of the property and project details and mapping, if applicable. • Consideration of the highest and best use, both as if vacant and as improved (if applicable). • Application of all relevant valuation methodologies. • Reconciliation of the approaches used into a single fair market value opinion. • Preparation of a written report. Partial acquisitions require an additional layer of analysis. Analysis of the project plans is critical to understanding the impact of the project on the remainder and to analyze the value of the remainder property. In some instances additional expertise is needed. This may include the assistance of an architect, a fixtures and equipment appraiser, or an arborist, to name a few. Partial acquisitions often create different problems that necessitate multiple experts. The real estate appraiser will meet with these types of experts, as needed, and include their work product in the real estate appraisal process when it is appropriate to do so. Proposal for On -Call Right of Way Property Appraisal Services 13 RFP No. 1 M82, City of Santa Ana