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B. Loss of Goodwill <br />As used herein, "Goodwill" consists of the benefits <br />that accrue to a business as a result of its location, reputation <br />for dependability, skill or quality, and any other circumstances <br />resulting in probable retention of old or acquisition of new <br />patronage. CITY has determined that a potential goodwill loss <br />will occur due to the street widening, therefore CITY does,hereby <br />request APPRAISER to appraise the value of the goodwill loss, and <br />APPRAISER agrees to provide such value. <br />C. Purpose and Basis of Valuations <br />1. Purpose and Significance of, Appraisals <br />The appraisals to be furnished under this agreement are <br />required by CITY for its guidance in making fair and impartial <br />determinations of fair market vale and just compensation to be <br />offered for each parcel. APPRAISER shall be guided by such <br />objectives. The text of each appraisal report shall cover all <br />matters germane to such required valuation findings and shall <br />provide a full explanation of APPRAISER'S reasoning and analysis <br />of the evidence of value. <br />2. Appraisal Standards <br />APPRAISER ^shall be guided by Caltrans Right of Way <br />Procedural Handbook -Volume 7- Appraisals, issued by the State of <br />California, Department of Transportation and shall also be guided <br />by the California Code of Civil Procedure 123.010 et seq. <br />(California Eminent Domain Law). The three standard approaches <br />to value shall be considered and if not used, the reasons for <br />their exclusion shall be included. <br />3. Concept of Value <br />APPRAISER'S opinion of the fair market value shall be in <br />accordance with the definition of concepts of value and the rules <br />on admissibility of evidence of value under the Eminent Domain <br />Law of the State of California. <br />4. Date of Valuation <br />APPRAISER'S valuation shall be as of a date concurrent with <br />the preparation of his report, unless CITY has specified in <br />writing an earlier date of valuation. <br />5. Relocation Assistance and Payments <br />APPRAISER'S analysis and opinions of property value shall <br />not reflect any consideration or allowance for the relocation <br />assistance and payments provided under State or Federal law. <br />6. Influence of Project on Property Value <br />In forming opinions of the fair market value of any <br />property, APPRAISER shall disregard any decrease or increase in <br />the fair market value of property to be acquired (or the. entire <br />-2- <br />