Title
Town Hall meeting regarding appraisal report issued for the proposed land exchange between the City of Colorado Springs and the Manitou and Pike's Peak Railway Company, COG Land and Development Company, PF LLC, and The Broadmoor Hotel, Inc., collectively referred to as "Broadmoor".
Presenter:
Mayor John Suthers
Body
Summary:
Since the briefing given to City Council at their work session on April 25, 2016, the parties completed a third-party review of all appraisals relating to the proposed land exchange, which were released to the public on May 4, 2016. As a component of the proposed land exchange, each party performed its own independent real estate appraisals on its respective properties to determine property valuation. The City's real estate appraiser is Kyle L. Wigington. The Broadmoor appraiser is Thomas Colon and Associates. The appraisal review was conducted by Muegge and Associates.
The purpose of an appraisal review is to determine the credibility of the appraisal report under review and evaluate its compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Development of the reviewer's own opinion of value is not part of this appraisal review assignment.
The scope of the appraisal review assignment involved evaluation of the appraisal reports to develop an opinion as to whether the analyses are appropriate within the context of the client's intended use, and to develop the reasons for any disagreement. The appraisal review involved evaluating the content, analysis and valuation methodology stated in the appraisal report.
The appraisal review process included the appraisal reviewer's conversations with both appraisers regarding some points of clarification and questions about the appraisal report. The appraisal review noted areas of potential revisions to such appraisal sections as extraordinary assumptions, assess values and taxes, property sales history, zoning, land shape and form, highest and best u...
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