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PROPERTY RIGHTS APPRAISED <br /> The nature of this appraisal, estimating the market value of Reclamation's <br /> perpetual easement, first requires the analysis of the fee simple estate on the <br /> larger parcel because no sales are available of a similar perpetual easement or <br /> sales with similar perpetual easements. The fee simple estate is defined as, <br /> "Absolute ownership unencumbered by any other interest or estate, subject only to <br /> the limitations imposed by the governmental powers of taxation, eminent domain, <br /> police power and escheat" (Appraisal Institute, The Dictionary of Real Estate <br /> Appraisal, 5th Edition, Chicago 2010, Page 78). <br /> The Title Policy is included in the Addenda. It shows that the fee simple <br /> estate had numerous encumbrances. Exceptions 1 through 8 are typical <br /> exceptions. Exceptions 9 through 20 are utility and access easements associated <br /> with the historic use and remediation project. Inspection of the property, and all of <br /> the plats that I have of the Durango Pumping Plant, indicate that these exceptions <br /> have either been abandoned or are typical utility easements on the periphery of the <br /> property. Exception 19 is for two electric transmission lines which transect the <br /> south portion of the property near the ravine. Please refer to the photograph on <br /> page 8. This right-of-way encompasses 2.059 acres and has a 30 year term <br /> ending in April 2017. Exception 20 is for the same power lines, but on property <br /> west of Subject. Many of the power lines shown in my photographs have been <br /> added since the date of valuation. <br /> 22 <br />