75N - PH - RESO NECESSITY 2120-2130 S BRISTOL

Home Browse Search

SUMMARY OF THE BASIS FOR JUST COMPENSATION (Continued) Value of Part Acquired as Part of Whole, Before Acquisition: (Continued) As stated, the outdoor patio area appurtenant to the Panda Express tenancy will be displaced by the project. As compensation relating thereto, and as a means of mitigating severance damages, a new outdoor patio seating area will be constructed along the north side of the building. Relocation of the seating area will result in the permanent loss of two on-site automobile parking spaces which is an element of severance damages. Compensation has been included herein for the reworking of on-site improvements along easterly elevation of the "Panda Express" building in order to aesthetically match existing surrounding improvements. The value of the part acquired, considered as part of the whole parent ownership, before acquisition is estimated as follows: Acquisition area: Land: 258 SF @ $55,001 = $14,190. Improvements: 00.2 Total value of partial acquisition (land, improvements): $14,190. Unencumbered fee simple value of underlying land parcel. a Compensation included herein as curable damages, based on the estimated cost -to -cure. Value of Remainder, Before Acquisition: The value of the remaining portion of the subject parent land parcel based on its existing residential use, after acquisition, before consideration of severance damages and project benefits, is estimated as follows: Value of parent property, before acquisition: $3,222,876. Less value of part acquired (land value): -14 19_0. Value of remainder, after acquisition, before consideration of damages and benefits: $3,208,686. Curable Damages: Severance damages are defined in Real Estate Valuation in Litigation, published by The Appraisal Institute, Page 289, as "the diminution of the market value of the remainder area, in the case of a partial taking, which arises (a) by reason of the taking (severance) and/or (b) the construction of the improvement in the manner proposed. " It will be necessary to construct an outdoor seating area comprising 165 square feet, with adjacent landscape buffer containing 650 square feet. Proposed improvements include concrete paving, ornamental 4 -foot high wrought iron fencing, and security lighting. It is also necessary to remove remnant improvements of the former patio area (not within take area) and reconstruct on-site improvements along the new right-of-way to match existing improvements along Bristol Street. Without performing said mitigation measures, the remainder property will be adversely impacted. The value diminution resulting from the potential loss of utility and/or rental income due to the adverse conditions is judged far greater than the estimated cost -to -cure measures. 75N-23