2025-009 Ordinance - Laserfiche WebLink

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Appraisal Problem and Scope of the Appraisal The appraisal problem is to value the propert for possible acquisition by the City of North Olmsted. The city intends to combine the proprerty with the adjacent former forest School site and transfer the assembled property to a developer. In arriving at the value of the property, the appraiser: • Emily Braman has made a personal inspection of the subject property and the comparable sales. • Emily Braman has compiled data upon which the value conclusions are based. Data have been compiled from public records, published market, studies, and interviews with knowledgeable parties and in-house appraisal files. Sales of comparable properties in the area of the subject were verified from county records, buyer, seller, broker, attorney and/or appraiser and have been reviewed and analyzed and viewed by this firm. • The valuation of the property encompassed the three traditional approaches to value including the Cost, Sales Comparison and Income Capitalization Approaches. • The Cost Approach is applicable when the value of the land, the cost to replace the buildings, the amount of depreciation which has accrued and the value of the site improvements are independently measurable, and when the sum of these components is believed to reflect market value. The cost approach is not applicable when appraising unimproved land or obsolete improvements. • The Income Capitalization Approach is applicable for income producing properties when adequate and accurate income and expense information is available. It is not applicable for properties that have no readily discernible income properties. • The Sales Comparison Approach is applicable when there is adequate and accurate market data involving similar or comparable properties. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant, when an adequate supply of comparable sales is available. C. P. IIaAMAN&CO., INC. - aeul Duun Aparui.k& Com'ulling www. cpbcn..