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MEDLIN Johnny R From: ROYER Russ C Sent: Tuesday, March 08, 2005 4:17 PM To: MEDLIN Johnny R Cc: WILLIAMS Lloyd L Subject: Estimated values of Alley and City owned land near 16th and Jefferson Johnny, you had asked us to research the market to estimate the value of a 16' strip of land to come off the easterly most 16' of the City owned old Jefferson Pool site, between 15th Avenue and 16th Avenue. In addition to the 16' strip you requested the value of an 11' strip which is presently a public alley that runs between the City parcel and the adjacent privately owned parcels to the east, also between 15th and 16th Avenues. Lloyd completed an extensive search of the market for comparable sales and as you might imagine there are not many sales of larger tracts of undeveloped land this close to downtown. We did locate some sales of multi - family zoned land on the east side of the 1300 block of Olive Street and the west side of the 1300 block of Lincoln Street. These sales are very comparable in location to the subject but substantially smaller in size. These two sales suggested a value in the $9 - $10 per square foot range for the smaller lots. There was a third site in the area of 22nd and Madison which included about 2 acres and the price on it yielded about $5 per square foot. The Madison Street site is located in a low density residential neighborhood. After making appropriate adjustments for location, parcel size, zoning, appreciation since the dates of sale, and consideration given to existing utilities encumbering about a third of the 16' subject area, we estimated the market value of the subject 16' strip of land to be $6 per square foot. The City's park parcel extends about 286' from the north property line in a southerly direction to a westerly extension of the north line of 16th Avenue. This area totals about 4,576 square feet. At $6 per square foot the 4,576 square feet would yield a value of $27,456 for the 16' strip. It should be further noted there is about 50' additional feet north of the City lot, crossing Lane County lands before reaching 15th Avenue. The additional County area was not part of this estimate of value. The second area researched was the value of the 11' wide alley. Consistent with City Code for vacations, this area is to be valued based upon the value of the real property and any costs incurred by the City in the construction of public improvements within the area. The area is unimproved so the value shall be limited to the value of the real property. The market analysis was expanded to include smaller residential lots similar to the adjacent lots on the east side of the alley. Again the smaller lots in the 1300 block of Olive and Lincoln Streets were considered very comparable in location and size, but were zoned for higher density. As such their market values of $9 plus per square foot seemed to indicate the higher end of the value range. Further consideration was given to the encumbrances of the existing utilities on the west side of the alley along with the benefits of additional buffering and increased flexibility of further use of the adjacent lots of to estimate the real property value. Assuming the low density zoning of the adjacent lots which the alley will revert to and the other impacts discussed above it would seem reasonable to also conclude a value of $5 per square foot for the alley area to be vacated. Thus 3,586 square feet (326' x 11') at $5 per square foot yields an estimated real property value for the vacation assessment of $17,930. Summary of values: City owned 16' strip estimated at $27,456 plus vacation of the 11' alley of $17,930 yields a total of $45,386 rounded to $45,400. This analysis is for City of Eugene internal use and not intended to be a complete appraisal of the subject areas per USPAP. Additional sales data and workups are available in the file. Please let us know if you need any further specifics or have questions at this time. Thank you. Russ 1