2025-009 Ordinance - Laserfiche WebLink

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Hiehest and Best Use Is the same as present use [ ] Is different from present use [ x Present use of the Dropertv: vacant land Definition: The concept of highest and best use as defined by the Appraisal Institute the Dictionary of Ileal Estate Appraisal is as follows: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet arc legal permissibility, physical possibility, financial feasibility, and maximum productivity." 19 For the purposes of this report, consideration was given to the existing development, neighborhood characteristics, physical condition of the improvements, economic forces and zoning trends. The Highest and Best Use analysis is conducted in two basic steps. First, the site is analyzed as if vacant and available for development. After the highest and best use of the site has been estimated, the property is analyzed considering the existing improvements. The Highest and Best Use As Vacant is defined as "Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements .'°" The subject property is a narrow 1.2313 acre parcel of land zoned for residential use. Legally Permissible Uses, The property is a narrow strip of land along Crocker -Stearns Road, zoned for residential use.'The zoning allows residential lots with a minimum lot size of 10,350 square feet or a density 4.2 lots per acre. The zoning requires a depth of 135 feet for a single family lot. The property is not deep enough to create buildable lots on the Crocker -Stearns Road frontage, the zoning code requires 135 deep lots and the property ranges from 40' to 100 feet deep. It could be developed in combination with the former Forest School property to the east. Physically Possible Uses: The property is a narrow strip of land along Stearns Road that ranges from 42.94 feet deep on the south to 101.07 feet deep on the north, the property widens at the northern end and the majority of the property is 40-70 feet wide with only the northern +/-200 feet being more than 80 feet deep. Of the legal uses discussed above, the property could be developed in combination with the adjacent former Forest School site to the east. Financially Feasible Uses: The third test of highest and best use is what uses are Financially feasible for the property. The property could be developed in combination with the adjacent former Forest School site to the east. This is the only parcel that is adjacent to the property as Stearns Road runs along the entire western property line and there is a developed single family residential lot to the north that would not benefit from this parcel. The Forest School site has access via the terminus of I lampton Drive which ends at the northern portion of the site. There are 5 lots on Berkshire drive that could be acquired for a second point of egresss, so this site is not critical to the development of the Forest school site. The subject could not be developed independently but could be combined with the former Forest School site for development. This is the only financially feasible use of the subject property. Maximally Productive Uses: The highest and best use of the property, is for residential development in combination with the adjacent former Forest School site. 'lb. D.Womry orR-1 Is WAp ivl, S-1hIA,I,- 28 C. 11. BRAMAN & CO., INC. - Rcal F.,MW Appmisal, & C...alling www. cpM1cu.wm