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Agenda 05-24-22; 8-i - Proposed Sale of 129 East King Street, Hillsborough, NC
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Agenda 05-24-22; 8-i - Proposed Sale of 129 East King Street, Hillsborough, NC
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5/19/2022 3:19:33 PM
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5/24/2022
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Business
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Agenda
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8-i
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Agenda for May 24, 2022 BOCC Meeting
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7 <br /> The subject site slopes down from back to front, and it has been reported that stormwater has <br /> regularly flooded the building from the higher ground to the north. In 2013 or 2014, remediation <br /> was conducted to address flooding and handle the stormwater, but it flooded again in 2016. The <br /> crawlspace has consistently been damp, and mold was identified inside the office building. <br /> According to a May 1, 2019 report by SEA Consulting, The apparent fungal growth and discolored <br /> and deteriorated floor framing within the crawl space, as well as the reported mold growth within <br /> the building's interior, was consistent with elevated humidity within the crawl space and the <br /> building's interior as a result of surface water intrusion and/or deficiencies in the stormwater control <br /> measures on, and around, the property." Orange County concluded that the building was unsafe to <br /> occupy, and the Public Defender's office moved out of it. <br /> It is our opinion that the most likely buyer of the subject would demolish the building and construct <br /> a new one, taking the site's stormwater challenges into account in its design. Therefore, it is our <br /> opinion that the highest and best use of the subject is for redevelopment. We use the Sales <br /> Comparison Approach to estimate the value of the subject land As Vacant, and then subtract the <br /> estimated cost to demolish the building to calculate the value of the subject As Is. <br /> Subject to the conditions and explanations contained in the following report, and based on our <br /> analysis of the subject and the market, together with our experience appraising properties similar to <br /> the subject, we have concluded the value below. The value concluded is the Market Value of the <br /> Fee Simple Interest in the subject parcel As Is as of January 13, 2022, the date of our site visit; <br /> Value Summary Total Acres Per Square Foot <br /> Land Value -As Vacant $210,000 0.24 $20.09 <br /> Demolition Cost -$50,000 <br /> Land Value -As Is $160,000 <br /> The following report presents the data, analyses and other materials that give support to our value <br /> conclusions. Within the report we provide a definition of Market Value, Fee Simple Estate, Highest <br /> and Best Use, and other appraisal terms used. Please note that our opinion is not based on a <br /> requested minimum value, a specific valuation, or the approval of a loan amount. <br /> The appraisal analysis, opinions and conclusions were developed and this appraisal report has <br /> been prepared in conformance with (and the use of this report is subject to) all regulations issued <br /> under Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 <br /> (FIRREA) and the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated <br /> by the Appraisal Standards Board of the Appraisal Foundation in Washington DC, Under USPAP, <br /> this is a Restricted Appraisal Report. <br /> This letter of transmittal precedes this Appraisal Report, further describing the property and <br /> containing the reasoning and most pertinent data leading to the final opinion of value. Your <br /> attention is directed to the "Certificate of Appraisal," "Hypothetical Conditions," "Extraordinary <br /> Assumptions," "General Assumptions," and "General Limiting Conditions" which are considered <br /> usual for this type of assignment and have been included within the text of this report. <br />
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