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feet to the theater, for a land value estimate of $542,403, and
they assigned 6,493 square feet to the retail space, for a land
value estimate of $175,311.
Ingram/Ewing then utilized the cost estimate in the Adamson
report to value the improvements. For the theater portion, Unit
A, Ingram/Ewing made the following adjustments to the $5,425,000
figure estimated in the Adamson report. First, Ingram/Ewing
determined that optimum seating for the theater would be 1,130
seats. Consequently, they recommended the addition of 370 seats
to the 760 seats used in the Adamson report. At a cost of $350
per seat, Ingram/Ewing made an upward adjustment of $129,500 (370
seats x $350/seat = $129,500) for additional seating.
Next, under component number 8, “Specialities and
Equipment”, the Adamson report had listed the cost of items that
Ingram/Ewing considered to be “personal goods” which should not
be part of the real estate appraisal. They thus deducted the
cost of these items and made a downward adjustment of $69,000.
Ingram/Ewing next made an upward adjustment of $4,000, to reflect
the $5,000 cost of a floor safe, rather than the incorrect cost
of $1,000 used in the Adamson estimate.
In conclusion, with respect to the replacement cost of
$5,425,000 estimated in the Adamson report for the theater,
Ingram/Ewing added $129,500 and $4,000 for a total of $133,500,
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