Estate of Willie C. Lloyd, Deceased, Iva Nell Holman, Executrix - Page 6

                                        - 6 -                                         
          title immediately.  The condemnation award is thereafter                    
          determined.  Held and Dudley employed Henry V. Graham (Graham) to           
          determine the value of this taking by the State of Alabama.                 
          Graham determined that the land subject to the taking was                   
          suitable for both residential and commercial development, and the           
          value of the taking was $536,110.  Held and Dudley also retained            
          Sidney W. Smyer, Jr. (Smyer), and Joe Scotch, Jr. (Scotch), to              
          assess the value of the taking.  In his appraisal report, Smyer             
          concluded that the highest and best use of the property subject             
          to the taking was commercial in nature.  Scotch, though not                 
          expressly determining the highest and best use of the property              
          subject to the taking, based his report on an analysis of                   
          comparable sales involving only commercial properties.  Scotch's            
          conclusions paralleled Smyer's conclusions, and both determined             
          that the value of the taking exceeded $2 million.  Upon its                 
          completion, I-459 bisected the trust property and intersected               
          Highway 280, forming an angle of approximately 90 degrees.                  
               Throughout the course of the 7-year period ending in 1980,             
          the trust was involved in the sale of between 7 and 10 acres of             
          trust property to Cahaba Mall, Inc., a company owned by James               
          Grimmer (Grimmer).  This property is located west of Highway 280            
          and south of I-459.  Grimmer paid $15,000 per acre in partial               
          consideration for the property.                                             
               In March 1977, the trust and South Central Bell Telephone              
          Co. (Bell) initiated arrangements for the purchase of some of the           




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011