Item 37 - Bristol Street and Memory Lane Intersection Improvements

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ATTACHMENT 3 The compensation for site improvements located within the acquisition areas will be protected in place or replaced as part of the project. Temporary Impacts A temporary construction easement is required for the reconstruction and widening of the existing right of way. The site will be graded and compacted to restore it to a condition that is as functionally equivalent as is practicable to its condition before commencement of the construction activities. The acquisitions do not adversely affect the utility, desirability, marketability, or highest and best use after construction is completed. However, an analysis of possible adverse impacts during the construction period is made. The temporary construction easement will encumber the property for a 12-month. According to the client, access to the temporary construction easement area will be from the public right-of-way. Reasonable pedestrian and vehicular access to the property shall be maintained at all times. The six units facing Bristol Street and two guest parking spaces will be impacted during construction. During this time, a 20% rent reduction for the two -bedroom units ($375 per unit per month) and parking spaces ($50 per space per month) impacted by the construction is estimated based on the market rental rate concluded previously in the Income Approach. Calculations are as follows: Valuation of Temporary Impacts Units Duration (Months) Rent Loss / Month Rent Loss 6 12 $375.00 $27,000 2 12 $50.00 $1,200 Total $28,200 The total value of the TCE is calculated as follows: Temporary Construction Easement - Total Value Item Indicated Value Land Rental Component $6,636 Temporary Impacts $28,200 Fair Market Value of TCE $34,836 Page 11