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floor space for a loading area, offices, new dressing rooms,
stage storage, and a truck dock.
In their appraisal report, Ingram/Ewing used the costs
estimates provided by Design Professionals for each of the
proposed improvement schemes for what they termed a “market
comparison” of the Redwood City Fox to the San Jose Fox. First,
Ingram/Ewing concluded that the Scheme 2 level of use of the San
Jose Fox was very similar to the existing level of use of the
Redwood City Fox if the proposed lobby/pedestrian walkway
addition to the San Jose Fox were ignored. The Scheme 2 cost to
bring the San Jose Fox to operating condition, minus $952,000 for
the cost of the lobby addition, was $4,762,500. With 1,538
planned seats, the Scheme 2 estimated construction cost of
rehabilitation for the San Jose Fox was $3,097 per seat.
Ingram/Ewing then adjusted the Scheme 2 cost estimate by adding
$162,000 for the cost of restrooms and $60,000 for the cost of
stage lighting, and deducting $350,000 (one-half the amount spent
by Dr. Borges) for what Ingram/Ewing considered the superior
artistic decoration of the San Jose Fox. To this total was added
the original $2,010,000 purchase price of the San Jose Fox.
Ingram/Ewing next deducted the $1,222,045 they estimated to be
the restoration cost of the Redwood City Fox. They then added a
time adjustment of 4 percent per annum for the 1.3 years between
the sales dates. Ingram/Ewing thus concluded that the “Market
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