8/30/02 EM LETTER TO MM
Notes: Letterhead was that of The City of VP. Obviously, I've substituted X's for my address. EM's 7/11/00 letter offered $30,123 for all of #8. On the phone 9/18/00 EM offered me $40,000 for all of #8. After being told in 4/01 that my house & garage would be left to me intact & that "only" most of the front yard would be taken, I invested about $20,000 in #8 improvements between June & December of '01.
August 30, 2002
Reply to: 109 Chesterfield Business Parkway, Chesterfield, MO 63005
Ms. Maureen M. Morris
Re: Acquisition of 8 Arnold Drive - Valley Park Levee Project
Dear Ms. Morris:
It is necessary for the City of Valley Park to acquire all of your ownership interests in the above-referenced land within the city for use in connection with the lower Meramec River Basin (Valley Park), Missouri Flood Protection Project, as well as to provide for the elimination of blight as provided in Chapter 99, RSMo.
In compliance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, P.L. 91-646, I am advising you that the amounts that have been established as just compensation for the properties is as follows:
Just Compensation: $53,000 ----- Address: 8 Arnold Dr. ----- Locator No.: 26Q610166
These amounts are based upon, and are not less than, our approved appraisal of the fair market value of the land. Fair market value has been judicially defined as the price the property would bring in a sale between a willing seller and a willing buyer, neither being obligated to act. Our appraisal was made by a qualified real estate appraiser using standard, nationally accepted valuation techniques recognized by authorities in the appraisal field and taking into consideration the value of the land, its location and its highest and best use, as well as any improvements on the land.
(Ms. Maureen M. Morris, Page 2, August 30, 2002 )
The basic approaches to value considered by an appraiser may be classified under three headings: sales comparison, income and cost. In the appraisal covering your properties, primary reliance was placed upon sales comparison data, including the prices at which similar neighboring lands have sold recently. In making the appraisal, properties similar to yours were used for comparison. Those sales were adjusted on the basis of such factors as location, terms of sale and lapse of time. The income and cost approaches were used as a check on the value as indicated by market data. After completion, the appraisal was reviewed by a qualified appraiser with many years of experience in evaluating real estate, who approved it as a well documented conclusion of the market value of your property and a sound basis for the amount believed to be just compensation for your property.
Please contact me the undersigned within ten (10) days in order to proceed with the acquisition procedures necessary to complete the transaction.
Eric M. Martin