GRANITE-MYERS-RADOS-2006 - Laserfiche WebLink

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N-2006-079 PROJECT DESCRIPTION: The reconstruction ofStatc Ronte 22 (SR-22), a capital improvement project funded by the local Measure M Program, involves the widening ofSR-22 bctween the SR-22 interchanges with the 1-405 and SR-55 freeways to improve capacity and operations through this corridor. The specific construction element that is the subject oftrus rcport is the removal of the currcnt rear private property bonndary wall/fence (except APNs 390-181-08 and 390-181- 29, which shall remain in place) and the construction of a sound wall that will be constructed along the rear property line, but within the State's right of way. Thc construction in the manncr proposed will require the removal of the rear property boundary wall/fence, the installatioo of drilled pile footings and the replaccment of the existing wall/fcnce with a sound wall. All improvements within the temporary construction eascment are to be protected in place. Any soil, landscaping or hardscape (planter box walls, flatwork, irrigation systems, etc.) disturbed or damaged during construction will be replaced, restored, repaired or other wise compensatcd for by the contractor. Side walls/fences will be extended at the owner's expense and are included as a cost-to-cure damage itcm within this valuation report. PROPERTY DESCRIPTIONS: Each property address and assessor's parcel number is included on the NON COMPLEX VALUATIONS ($10,000 OR UNDER) forms included with thc valuation repOli. METHODS OF VALUATION: There are three conventional methods (approaches) which can bc used to estimate value. They are the Sales Comparison Approach, Cost-Sununation Approach and Income Capitalization Approach. Inasmuch as the purpose of this analysis is to determine thc base underlying land value, the Sales Comparison Approach, as applied to land, is the only approach considered applicable in the subject case. SALES COMPARISON APPROACH: The Sales Comparison Approach takes into account propertics which have sold in the open market. This approach, whethcr applied to vacant or improved property, is based on the Principle of Substitution which states, "Thc maximnm value of a property tends to be set by the cost of acquiring an equally uesirable substitutc property, assuming no costly delay is encountered in making the substitution." Thus, the Sales Comparison Approach attempts to equale the suhject propcrty with sale properties by analyzing and weighing the various elements of comparability.