75A - PH - RESO CONDEMNATION 1501 N BRISTOL

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SUMMARY OF THE BASIS FOR JUST COMPENSATION (Continued) Value of Part Taken as Part of Whole, Before Taking: (Continued) In summary, the purpose of the public project is for the widening of Bristol Street to its ultimate right- of-way width. The project, as it relates specifically to the larger parent property, entails the acquisition of a permanent roadway easement containing 4,550 square feet of land area. Existing improvements impacted by the project include a portion of the main building, concrete paving, asphalt paving, concrete curbing, various business and parking signage, marked parking spaces, irrigated landscaping, etc. A compensation allowance has been included herein for all improvements impacted by the partial acquisition. As previously stated, the Sales Comparison Approach has been employed herein to estimate the underlying land value of the larger parent property. The acquisition area has been considered and analyzed as part of the larger parent ownership. The fee simple land value applicable to the parent property was estimated at $45.00 per square foot of land area. Compensation for on -site improvements is based on the replacement cost new, less accrued depreciation. The unit rates applicable to the improvements are based on development projects wherein actual rates for a like improvement were available for review. A national cost service providing building costs for a wide variety of construction classes and materials has also be consulted as a secondary check. The overall unit rates applicable to the improvements include labor and material costs, as well as indirect costs such as management and supervision. It should be noted that the value of landscaping is based on its contributory value to the larger parent property. The value of the part acquired, considered as part of the whole parent ownership, before acquisition is estimated as follows: Continued ... 75A -18