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there is a change in the appraisal report which af- fects the estimate of just compensation or changes the date of valuation. 22. INFORMATION TO BE FURNISHED BY SPONSOR. As soon as possible, the Sponsor will furnish the appraiser with the following infor- mation in order to permit the orderly completion of the appraisal: a. All pertinent or known title information which may affect the value of the property including en- cumbrances such as leaseholds, easements and re- strictive covenants, if any. b. Rights to be acquired. c. Where it is desired that the appraiser deter- mine an after value based on the premise that cer- tain adjustments of the improvements are to be made, he should be specifically advised of such ad- justments. Construction features to be undertaken to mitigate damages are considered as adjustments for the purposes of this paragraph. d. Acquisition Plans. Where the acquisition is a total taking, the appraiser will be furnished with a plat of the property showing boundary dimensions, location of improvements and other significant fea- tures of the property. If a partial taking is involved, the appraiser will be furnished with a plat of the property showing the area being acquired, location of improvements affected by the taking, the area of each remainder and any other significant fea- tures affected by the the taking. The appraiser should be advised to indicate if the remainder(s) constitute an economic or uneconomic unit(s). e. Information of construction items that might have a bearing upon his appraisal. f. The Sponsor's legal counsel will provide the appraiser with a list of those damage items con- sidered to be noncompensable and an interpreta- tion of State laws regarding benefits. This informa- tion will be furnished to the appraiser along with instructions that it be fully considered in the deter- mination of the value estimate. On questionable individual cases legal counsel should be obtained. 23. APPRAISAL REPORT. The methodology followed by the American Institute of Real Estate Appraisers which uses one or more of the three approaches —market data approach, income ap- proach, and cost approach —is favorably regarded when used for an appraisal. As a minimum the ap- praisal is to contain the following: a. Purpose of Appraisal. The purpose of the ap- praisal which includes a statement of value to be estimated and the rights or interests being appraised. 10 b. Description of Property. Description of the property to be appraised will include: (1) Parcel number as it relates to the Sponsor's exhibit "A" property map. (2) Names of apparent owner of each interest being evaluated. (3) Location of property. (4) Total area of property in acres or square feet. (5) Area of each interest in property being ac- quired in acres or square feet. (6) A minimum of 5 years delineation of title. (7) Present use and zoning. (8) Utilities. (9) Type and condition of improvements and special features that may add to or detract from the value of the property. c. Highest and Best Use. The highest and best use of the property on which the appraisal is based before the acquisition of rights and interests to be acquired and the highest and best use of the re- mainder after the acquisition when a partial taking is involved. In either instance, if the existing use is not the premise on which the valuation is based, the appraisal will contain an explanation justifying the determination that the property is available and adaptable for a different highest and best use and there is demand for that use in the market. d. Before and After Valuation. The "before and after" method of valuation as interpreted by state law will be used in partial acquisitions except where it is obvious there is no damage or benefits to the residue land or improvements. e. Approaches to Value. The appraisal should include all applicable approaches to value. If an approach is not considered applicable, the appraiser will state why. All pertinent calculations used in developing the approaches will be shown. (1) In the market approach, the appraisal re- port will contain a direct comparison of pertinent comparable sales to the property being appraised. The appraiser will include a statement setting forth his analysis and reasoning for each item of adjustment to comparable sales. (2) Where the income (capitalization) approach is used, there will be documentation to sup- port the income, expenses, interest rate, re- maining economic life, and capitalization rate. Where it is determined that the eco- nomic rental income is different from the existing or contract income, the increase or • f