Agenda - Council - 10/29/1985 - Special

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These and other factors may affect the market value of a business more than the impact of an adverse land use. So the significance of selecting the right commu~itL~s for comparison is as ~ru~i~l here as in the r~sidential market. The eva~uation process will be to: I. Determine the m~rk~ value of the businesses in Ra~sey, 2. Develop a list of comparison ~actors--prima~y to find similar locations for the businesses in the commu~iti~ being compared. 3. Evaluate each business above in t~rms of the g~Lst of factors. 4. Select general locations for development of an idenZLcal business in the other communities. 5. Utilize the Towle Company staff to establish a market value for these businesses if located in the selected locations in the other commun~ies. Grapl~Lc, tabular and brief tex~ will be used to docu~e~ comparative market valueS. In order, to assure a valid compa~on Zhat can withstand the careful scrutiny th~s study i~ gikely to attract, we have d~termined that this portion of the study will require individual appraisals for each of the five businesses Zde~ified above. These appraisals will be similar to those made for se~ers buyers of commercial properties. The experience of the Towle Company in the M~ropolitan Area wd~l fac~e accurate judgements of m~ket values if these businesses were located in the other compa~on communities. Extreme caution must be taken in releasing appraisal informa~on. We strongly recommend that the City secure written authorization from the busin~ss¢.~ prior to th~ portion of the study. In tl~is comparison of developed comm~rciallindu~t~a~ develop- menl with hypoth~cal, iden~Lcal, developme~ in other communities, 25 evalu~Zions will be made as foIlo~: ~A~SEY COMMUNITY t COFeiUNITY 2 COMMUNITY 3 OEVELOPED COI'~,/[NO, ZONING ,,, VALUE VALUE' !~ VALUE !~ VALUE ~ VALUE · Jtrr~ny 8'$ American Cafe .LeTourneaus Super Value · ~ate Punch and ,Altron · Koe~lng Brothers Insulation