HomeMy WebLinkAbout35122 / 88-367 NOVEMBER 17, 1988 #367 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: ESTABLISH FAIR MARKET VALUE AND AUTHORIZE
�� PURCHASE OF VACANT LOT ON MARKET STREET
INITIATED BY: CITY ADMINISTRATION
WHEREAS, the Common Council of the City of Oshkosh has
previously determined the necessity of acquiring certain property
£or 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 particilarly described as follows:
Vacant Lot on Market Street:
Northeast 28 ft, of southeast 60 £t. of Lot 5, Block 7, Original
Plat, Leach's Map, lst Ward, City of Oshkosh, Winnebago County,
Wisconsin
and
WHEREAS, a review appraisal has been submitted to the Common
Council in accordance with applicable provisions of the Urban Mass
Transportation 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, i£ any, exclusive o£ equipment and fixtures both
movable and immovable;
. NOW, THEREFORE, BE IT RESOLVED 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 according to applicable State and Federal laws, policies and
reguirements.
BE IT FURTHER RESOLVED that the fair market value for the above
described property is hereby established at TWELVE THOUSAND DOLLARS
AND 00/100 ($12 , 000. 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. 358999 - UMTA Grant
Expenditures.
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� - , . . , Res. #367
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�. DE`�A�f�f1�9Ef9T Cr`
OlHICOJN COMMUIJITY DEVELGF�'F:i:i
ON!NE WMEP
October 5, 1988
To: William Frueh, City Manager
Susan Moore, Associate Planne}''�
From: Lowell Lee, City Assessor<�la.:,,�� � '
Subject: Appraisal of Vacant Lot at 211 Market Street
At your request, I have reviewed the appraisal of the vacant lot
owned by Stephen Weigert located at 211 Market Street.
The appraisal was made by Valupruf Valuation Services , Inc. with
an estimate of value of $14,450.00 as of September 21 , 1988.
The appraisor relied entirely upon the market approach to value,
in this case this is proper since the site is vacant. However,
since this is a recent appraisal , perhaps he could have used
more recent sales for his comparables. I have listed three
recent sales which could have been used.
Sale #1 - 713 N. Main Street - The former Badger Olds used
car lot - contains 19, 110 square feet - all asphalt paved-
sale price $65,000 3/26/88 or $3.40 per square foot.
Sale N2 - 155 High Avenue - Vacant lot with no improvements
� at time of sale - 7,200 square feet of lot area - sale price
$40,000 1/88 or $5.56 per square foot.
Sale #3 - 910 N. Main Street - The former Tudor House Restau-
rant - now being used as a restaurant - land area 19,272
square feet - building area 2,030 square feet - sale price
$110,000 4/7/88 exclusive of personal property or $5.71
square feet for land area.
The appraisor also used a time adjustment of approximately eight
percent for adjusting the sales with no substantiation of these
figures. The Wisconsin Department of Revenue in the equalization
of the City of Oshkosh, has used approximately two percent for
all property. With the exception of the Highway 41 strip, com-
mercial property has not appreciated at a 9reater rate than all
other property. The appraisor also adjusted the previous sale
of the subject twenty five percent for motivation with no ex-
planation of the sellers motivation.
- 15a -
- Res. H367
On July 19, 1988, I submited a review of an appraisal of the
property in which I concurred with an estimate of $10,500.00.
I still concur with the previous appraisal .
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