Preparing Project Data Information
Every new project has physical and economic challenges unique to it, which must be understood before an acceptable estimate is accomplished. Without this preparation, the review appraiser is usually limited in his/her value recommendation to a value indicated by one of two appraisals. The appraisal information relative to any project is too diversified for proper retention, particularly if the project is of any consequence. Therefore, the accumulation of the following information in advance will be helpful in subsequent project development:
- a general description of the type of facility contemplated, whether full or partial access control, facility length, including whether the project is a new location or widening of an existing right of way;
- a brief outline of the area to be traversed;
- classification of properties involved;
- physical and economic areas of similarity;
- areas with and without utilities;
- areas in transition from one classification to another;
- areas of special characteristics; and
- highest and best use.