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<br />IV~ <br /> <br />MURPHY APPRAISALS <br />dtt.al Eitatt. dlpfHaLit.u <br />W.T. "BILL" MURPHY ASA, IFAS, MGA, SRA <br />and C oniuttanh <br /> <br />November 20, 1989 <br /> <br />1360 H.MAIN PLACE-SUITE 0 PO. 80X 898 <br />TELEPHONE ta~.33~ <br /> <br />PARIS, TEXAS <br />75~80 <br /> <br />Mr. T. K. Haynes, City Attorney <br />City of Pari s <br />Box 1037 <br />Paris, Texas 75460 <br /> <br />Dear Mr. Haynes: <br /> <br />I submit herewith my market value appraisal report of the damages or enhancement <br />caused by the taking of a .OS-acre utility easement along the west side of U.S. <br />Highway 271 Korth, in Paris, Texas (Boyd property). <br /> <br />The purpose of my appraisal is to estimate the damages or enhancement to the <br />property as the result of a taking by the City of Paris, Lamar County, Texas, <br />in due process, to provide a basis for just compensation. <br /> <br />Definition of Market Value <br />Market value is the highest price which a property will bring if exposed for sale <br />in the open market for a reasonable time by a willing seller and sold to a willing <br />buyer, neither being under any compulsion to act, both the seller and buyer having <br />full knowledge of all the uses and purposes for which the property is being used <br />and for which it is capable of being used. <br /> <br />Definition of Just Compensation <br />The U.S. Supreme Court case of Olson vs. United States, 292 U.S. 246, is most often <br />cited as the authority on condemnation law, and defines just compensation as follows: <br /> <br />"Just compensation includes all elements of value that inhere in the prop- <br />erty, but it does not exceed market value fairly determined. The sum required <br />to be paid the owner does not depend upon the uses to which he has devoted <br />his land, but is to be arrived at upon just consideration of all uses for <br />which it is suitable. The highest and most profitable use' for which the <br />property is adaptable and needed or likely to be needed in the reasonably <br />near future is to be considered, not necessarily as the measure of value, <br />but to the full extent that the prospect of demand for such use affects the <br />market value while the property is privately held." <br /> <br />Definition of Highest and Best Use <br />Highest and best use is the most profitable likely use to which a property can be <br />put. The opinion of such use may be based on the highest and most profitable con- <br />tinuous use to which the property is adapted and needed, or likely to be in demand <br />for, in the reasonably near future. However, elements affecting value which de- <br />pend upon events or a combination of occurrences, which - while within the realm <br />of possibility - are not fairly shown to be reasonably probable, should be excluded <br />from consideration. Also, if the intended use is dependent on an uncertain act of <br />another person, the intention cannot be considered. <br /> <br />Highest and best use ;s also defined as that use of land which may reasonably be <br />expected to produce the greatest net return to land over a given period of time; <br />that legal use which yield to land the highest present value, sometimes called its <br />optimum use. <br /> <br />In my opinion, the damages or enhancement to the .OS-acre subject is as follows: <br /> <br />Fair market value prior to the taking (1.56 acres) $62,595 <br /> <br />. _ .. ., .,. &r:n r:1n <br />