Laserfiche WebLink
RECONCILIATION AND CONCLUSIONS <br /> In making this study , the writer has arrived at several <br /> conclusions relating to the subject property. <br /> Primary among these are the following: <br /> The definition of value employed in this appraisal , <br /> as in most appraisals , implies a theoretical sale . <br /> Since is was apparent that no significant market for <br /> a highly specialized property such as the subject is <br /> likely, the previously cited , "Real Estate Appraisal <br /> Terminology " was consulted for additional <br /> descriptions of value. The following defination is <br /> added to contribute clarity to this appraisal: <br /> "VALUE IN USE"-"A Value concept which is <br /> based upon the productivity of an economic good to <br /> its owner -user . Value in use may be a valid <br /> substitute for market value when the current use is <br /> so specialized that it has no demonstrable market and <br /> when the use is economic and likely to continue. " <br /> The present location for this facility is excellant . <br /> The steep hillside to the south of the subject <br /> minimizes the visual impact on surrounding <br /> properties . This is believed to be an important <br /> consideration in view of today 's land use regulations <br /> together with the impact of sometimes highly <br /> emotional public imput when such projects are being <br /> considered for construction. <br /> The property is well located in terms of proximity to <br /> its raw materials sources. The iron ore used in the <br /> magnetite plant comes from Pitkin County . The raw <br /> limestone comes from a quarry located immediately <br /> north of Glenwood Springs about 12 to 15 miles <br /> distant . While the major user of the products this <br /> facility manufactures are the Mid-Continent Mines <br /> near Redstone , sales to others have and are taking <br /> place. The marketing area is somewhat limited by <br /> high transportation costs as would be expected. In <br /> terms of historic customers , the facility is <br /> centrally located . Public discussion of other <br /> underground coal mining operations , which are in the <br /> design and governmental approval stages , are taking <br /> place. <br /> The subject property has been and is operating on a 5 <br /> day a week basis year round. By extending operating <br /> hours the facility could accommodate additional <br /> market demand , should it develop , with minimal <br /> additional investment . Given the constraints of <br /> -14- <br />