HomeMy WebLinkAbout35066 / 88-302 �
October 6, 1988 # 302 RESOLUTION �
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: ESTABLISH FAIR MARKET VALUE AND AUTHORIZE PURCHASE OF
PORTION OF 222 PEARL AVENUE �
INITIAiED BY: CITY ADMINISTRATION
WHEREAS, the Common Counci] of the City of Oshkosh has previously determined
the necessity of acquiring certain property for construction of a transit center
and appurtenant facilities for the Oshkosh Transit System; and
WHEREAS, an appraisal has been made on the property to be acquired, which
is more particularly described as folloris:
Portion of 222 Pearl Avenue
A sq. t. triangu ar portion extending from the southeast corner
of the lot, 20 ft. along the south lot line and 50 ft. along the east
lot line of Lot 10, Block 7, ORIGINAL PLAT, Leach's Map, 1st Ward,
City of Oshkosh, W nnebago County, Wisconsin.
and
WHEREAS, a review appraisal has been submitted to the Comnon Council in
accordance with applicable provisions of the Urban Mass Transporation Act of
1964, as amended, and with applicable provisions of grant approval for Mass
Transportation Operating Assistance; and
WHEREAS, the property and interest to be acquired includes land and buildings,
if any, exclusive of equipment and fixtures both movable and immovable;
NOW, THEREFORE, BE IT RESOLVEO by the Common Council of the City of Oshkosh
that the Common Council certifies the work of the appraiser and the review appraiser
has been performed in a competant manner accordinq to applicable state and federal
laws, policies and requirements.
BE IT FURTHER RESOLVED that the fair market value for the above described
property is hereby established at: Seventeen Thousand Five Hundred Thirty-five
Dollars ($V,535.00).
BE IT FURTHER RESOLVED that the proper City officials are authorized and
directed to purchase said property and execute all documents necessary to
consumate this transaction.
� Money for this purpose is appropriated from
' Account No. 358-999 --- UMTA Grant Expenditures
SU2PdI1`TED ➢Y
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`- Res. #302
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July 19, 1988
To: William Frueh, City Manager
Susan Moore, Associate Planner
From: Lowell Lee, Cit Assessor � �
Y � �e 2,
Subject: Review Appraisal of 222 Pe
At your request, I have made a review appraisal of the July 1 , 1988
appraisal of 222 Pearl Avenue prepared by Fox Valley Appraisals Inc. .
As stated on Page 29 of the appraisal , titled "Value of Taking" the
reduction in area does not materially affect the value of the land.
The appraisor then used the $7.50 per square foot unit price. This
is reasonable as justified in the appraisaL However, the $2,500.00
per stall for paving, bumpers and marking is high and the source
� is not documented. The Marshall Valuation Service in Section 66,
Page 3, lists the cost of an average parking space to be $750.00
including paving, lighting, striping , landscape and drainage but
exclusive of land. This would be a minus difference of $7,000.00.
Other than the parking space improvement, I concur with the appraisal .
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