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ATTACHMENT <br />HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY <br />PROPERTY? <br />Each parcel of real property is different and therefore no single formula can be devised to <br />appraise all properties. Among the factors an appraiser typically considers in estimating the value <br />of real property are: <br />• How it compares with similar properties in the area that have been sold recently. <br />• How much it would cost to reproduce the buildings and other structures, less any <br />depreciation. <br />• How much rental income it could produce after expenses and how investors typically <br />value that income. <br />WILL I HAVE A CHANCE TO TALK TO THE APPRAISER? <br />YES. You must be contacted and given the opportunity to accompany the appraiser on the <br />inspection of your property. You may then inform the appraiser of any special features that you <br />believe may add to the value of your property. It is in your best interest to provide the appraiser <br />with all the useful information you can in order to insure that nothing of allowable value will be <br />overlooked. If you prefer, you may designate a representative in writing for this purpose. <br />ONCE THE CITY DETERMINES TILAT MY PROPERTY IS NECESSARY FOR A <br />PUBLIC PROJECT, HOW SOON WILL THE CITY GIVE ME A WRITTEN <br />PURCHASE OFFER? <br />The timing of a purchase offer depends on the following factors: <br />• The amount of work required to appraise your property, <br />• The availability of funding; and <br />• Possible project delays caused by factors outside the control of the City. <br />Typically, when there are no funding issues or other project delay factors, you can expect a <br />written purchase offer within 60 days of completion of the appraisal. The appraisal for business <br />or industrial property can take several months to complete due to the much greater complexity <br />involved. <br />The City will give you a written offer to acquire your property for the full amount determined to <br />be just compensation, and it will do so promptly. Along with the offer you will receive a written <br />statement explaining the basis for the determination of just compensation. The City will not <br />initiate negotiations until the purchase offer is sent out and your receipt of the offer is <br />acknowledged. <br />WHAT IS IN THE CITY'S STATEMENT OF THE BASIS FOR ITS DETERMINATION <br />OF JUST COMPENSATION? <br />The City's "statement of the basis for its determination of just compensation" will be provided to <br />you with the written purchase offer. Among other things, this statement will include: <br />75F'-37 <br />