- 36 -
Therefore the total value of the gifted Litton property on
December 17, 1992, was $986,589.
V. Fair Market Value of the Bates Center
Mr. Cantrell determined the fair market value of the Bates
Center on December 23, 1992, to be $350,000. His report found
that the value indicated by the cost approach was $379,000, and
the value indicated by the sales comparison method was $342,000.
Mr. Cantrell placed greater weight on the cost approach in
determining his final estimate of the Bates Center's fair market
value.
We note that we are skeptical of the accuracy of Mr.
Cantrell's conclusion regarding the value of the Bates Center on
its date of donation. First, one of his basic premises--the date
of donation of the Bates Center--is wrong.11 Second, he places
greater weight on a method of valuation--the cost approach--that
we have found not helpful in this case. Last, he contradicted
himself regarding his basis for valuing the Bates Center--he
testified that he computed the value of the Bates Center based on
its possibility of development into a commercial property because
he assumed that the land, which was zoned R-2 residential with a
church variance, could easily be rezoned as commercial;12
11 Mr. Sessions donated the Bates Center on Sept. 23, 1992,
not on Dec. 23, 1992.
12 We note that Mr. Sessions never took any action to have
the Bates Center land rezoned by the City of Lubbock.
Furthermore, although petitioners point to a letter from Randy
Henson, Senior Planner, Lubbock Planning Department, that
(continued...)
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