HomeMy WebLinkAbout28908 / 77-14June 16, 1977 # 14 RESOLUTION
PURPOSE: ESTABLISHMENT OF BADGER PROPERTY FAIR MARKET VALUE
INITIATED BY: CITY MANAGER, WILLIAM FRUEH
WHEREAS, the Oshkosh Common Council has approved the
nedeveiapment Plan for the "Redevelopment Froject Area No. 1--
Excelsior/Badger", and
WHEREAS, the Plan Commission has certified the Plan to
the Common Council as prescribed in Wisconsin State Statutes,
Section 66.43 (5)(d), and
WHEREAS, two appraisals have been made on the property described
as follows (commonly known as the Badger Corp. property):
NW 1/4, Sec. 23 and that part of Lot 2 of the
SF. 1/9 of NW 1/4 Southerly of Dempsey Trail,
Northerly of Witzel Avenue and Westerly of
North Campbell Road, City of Oshkash, Winnebago
County, Wisconsin. (Consisting of approximately
8.68 acres.)
i�'HE:R�,?�,^� ,- a-r? ,-z4:•� ��,pr�ii�,:Li nas p�ea sullmitted to the Cammon
Council in accordance with Title 3 of the Uniform Reloca�ion
�ssistance and Real Property Acquisition Policies Act of 1970
and requirements of EiUD Handbook 1302.1, and
�v'HEREAS, the property and interest to be acquired includes
land�
- - - - z -- -
NOW T�iEREFORE, BE IT RESOLVED that the Common Council of the
C� tv or O�iin���: c�rti���J +��at t:i� �wuiic �i �ii� U rais�rs anci
- - 2�P_.
the review appraiser has been pe�formed in a competent manner in
-continued-
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RESOLUTION TO ESTABLISH FAIR
MARKET VALUE - continued
accor3ance with applicable state law, the Uniform Act, and Depart-
���� of Housing and Urban Development policies and requirements,
an�
�E IT FURTHER RESOLVED by the Common Council of the City of
Cs:�kosh that fair market valne for the Badger property is hereby
�s��Iished at NINETY SIX THOUSAND ($96,000.00) DOLLARS, and
�=-i.a� z�.-=� �roper �i �y oificials are �zere�y autnorize� and directc�ci
t� initiate negotiatior_s with Badger Corp. for purchase of said
�r^��r�y.
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Mr. William Frueh
City Manager
City Hall
Oshkash, Wisconsin
Dear Mr. Frueh:
COUNCIL-M/INAGER ADMINISTRATION
June 3, 197�
Per your request, I have reviewed the two appra�sals of the Badger Property,
one appraisal prepared by Roman C. Herman M.A.I. and dated Jan. 7, I977, the
other prepared by Richard J. Bourgnignon M.A.I. - S.R.E.A. and dated Feb.,17,
1977.
I
I have visuaZly inspected the site and am satisfied that the appraisars have
accuratly described the physical features of the property. All information
regarding comparable sales as used in these reports correspond to information
received in my office.
Considering-all the findings of both appraisors as expressed in their reports
as presented to me, it is my opinion that the fair market value as of this
date is $96,000.
The term market vaiue as used in this report may be defined as- �ne pri.ce which
the property will bring in a competitive market under all conditions requisite
to a fair sale which wou2d result from negotations between a buyer and seller,
each acting prudently, with knawledge, without undue stimulus.
My estimate of market value is also contingent upon the rezoning of parts or
all af the property to allow the highest and best use of said property.
My estimate of value is a correlation of facts and figures as presented in
aforementioned appraisals.
R ctfully,
Lowe1Z 0. Lee
City Assessor
LOL:nr
Attach/1
CITY HAi! • 215 CHU2CH AVc. p/q� • ' P.O. BOX 1130 OSHKOSH, WISCONSIN 5490!
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COUNCIL-MANAGER ADMINISTRATION
ANALYSIS OF APPRAISAL REPORTS OF BADGER PROPERTY
The $46,000 appraisal figure as reported by Mr. Bourguignon as his opinion
of value was selected by me to be the most representative figure of market
value for this property.
Th£s figure represents a correlation of both mercantile and industrial sales
in the area.
This figure coincides with the $11,000 per acre as estimated for the Amxco
land which is immediately North of this property.
The Amxco land has river frontage, however, I feel the superior location of
this property compared to the Attixco property in relation to traffic flow and
street patterns offset the riverfront feature. The fact that this property
has been filled to a higher grade that the Am�cco property again offsets the
riverfront feature of the Amxco property, whose frontage is purely asthetic in
nature for most would be purchasers.
My estimate of value is based upon a review of facts and figures as prepared
by the aforementioned appraisers and is not to be construed as an appraisal
made by myself.
LOL/mr
CITY HAII • 215 CHU�CH AVc. p�q� /
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Re ctfully,
G�:f' ��J`-�
Lowell 0. Lee
City Assessor
' P.O. BOX 1130 OSHKOSH, WISCONSIN 54901
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