TOWN OF

* Includes 57 buildings, with total value of $72,900. in village of Houghton, which will probably not be disturbed, but is included to be on the safn side.

LAND VALUES AT THE PORTAGE RESERVOIR SITE.

(Our estimate of cost of land for this reservoir is so much larger than the estimate by Mr. Rafter given in the State Engineer s Report of 1896 that in order to justify the reasonableness of these later estimates it has appeared best to state the basis in some detail. The investigation was made by Mr. Geo. G Shedd, C. E.. who has had practical experience in bonding of land for power development elsewhere and his report is as follows. J. R. F.)

MR. JOHN R. FREEMAN, Consulting Engineer, Providence, R. I:

DEAR SIR.In response to your request of December 7, 1907, to make as accurate an estimate as possible, and complete field work by December 25th, of the value of all buildings within the limits of the proposed Genesee river storage reservoir at Portage, I beg to report as follows:

METHODS ADOPTED IN ESTIMATING Values.

Before starting for Portage a schedule of values per cubic feet of various kinds of buildings was compiled from the best data at hand. The schedule adopted is as follows:

These values are for new buildings. Depreciation is ordinarily estimated on the frame buildings from 2 to 3 per cent. per annum, and on brick buildings from 1 to 12 per cent. per annum.

In estimating the cubical capacity of the various buildings the cellar is included, and the height is taken halfway between the eaves and ridgepole, so as to get approximately the actual cubical capacity of the building. Realizing that the error in judgment in adopting a unit value for the various buildings was liable to overbalance any little inaccuracy in estimating the cubical capacity, approximate rapid methods were used, using greater care with the larger and more expensive buildings.

Upon arrival at Portageville on December 10th, my first endeavor was to check this schedule. I soon found that Mr. Michael Joyce, the proprietor of the Genesee Falls House, one of the few monied men of the town, had a large personal knowledge of the cost and recent selling prices of a great many of the houses and property in Portageville, and he very kindly gave me a large amount of data by which I was enabled to check this schedule, which was found to agree very well with the values in Portageville when using a rate of depreciation of 2 per cent. per annum.

Through permission of Mr. Walter McCulloh, consulting engineer, Mr. R. H. Prentice, the recorder in the party of engineers in the employ of the Commission Just leaving Portage, was detailed to assist me in measuring buildings, etc.

A check in the valuation at Fillmore was also obtained through Messrs. Warren M. Sweet and Floyd Couch and a number of others who were able to give me exact cost values of different buildings.

The value of real estate in general is quite a little higher at Fillmore' than at Portageville, Wiscoy or Rossburg. The selling value of real estate in Portageville for the past few years seems to have been considerably below the actual value of such buildings elsewhere.

In the course of my investigation there I learned of several estates which were sold at rates far below what I would consider a fair market value. For instance, one of the best houses in Portageville, which must have cost $2,500, was sold, together with six lots, for only $800. While this low valuation would undoubtedly be taken into account when purchasing property for reservoir purposes, I did not consider it wise in preparing my estimate to place values very much below what they would ordinarily sell for in normal conditions.

In order to furnish a check upon my estimate the assessed valuation of a large number of buildings estimated was obtained. While I believe the assessors are supposed to assess property for its fair cash value they will tell you that they placed valuation at from 60 to 75 per cent. of the actual value. My observations would seem to place the assessed value approximately at 50 per cent. of the fair market value, and this was confirmed by Mr. W. P. Brooks, the president of the Fillmore State Bank, who probably is as well posted upon actual values of real estate as any man in Fillmore. The assessed value, while useful as a guide, does not always give the true indication of the actual value, as I found a number of apparent discrepancies between the assessed valuation and the actual valuation.

It was the intention to take photographs of all the important buildings estimated, but owing to the weather conditions this was found to be practically impossible. The sky was clear on portions of three days only in all the time that I was out there. However, whenever it was possible, I took photographs, even if the light was not of the best; although the photographs will not be as good as might be desired, they will give some indications of the character of the buildings.

About half the buildings in Portageville, and nearly all in Fillmore, were photographed, and a few of the farmhouses between. A few photographs were also obtained of the village of Houghton.

ATTITUDE OF RESIDENTS TOWARD CONSTRUCTION OF RESERVOIR.

While not exactly in the line of this report, it may be of interest to note what I observed of the attitude of the owners of the property throughout the valley toward the construction of this reservoir.

In 1896, I understand, the people were very bitter and were strongly opposed to this project, but since then several disastrous floods have occurred, notably that of July 5, 1902, which has materially changed the attitude of the people. That flood practically destroyed all the crops of the lowlands, washed out bridges and roads and caused great damage in all the towns along the river. While confidence is returning slowly, at the same time there still remains a constant apprehension of the recurrence of this flood, so that most of the people would now be very glad of the opportunity to sell their places, provided a fair price was offered.

I found very few people who really objected to the building of this reservoir. One of them, Mr. W. P. Brooks, was in 1896 one of the principal opponents to the project and headed a delegation that went to Albany in opposition to it. His principal objection now seems to be that Fillmore would probably ose its prestige as a business center, and that the State, or whoever constructed the reservoir, would not place high enough value upon the condemned property to fully compensate the owners.

Nearly all the farmers throughout the valley would like to see the reservoir constructed, but a number of the business men of Fillmore would probably object to it on account of probable loss of business.

VALUE OF LAND.

The value of the land to be taken was also outside the limits of my investigation, but I will record a few facts noted. Village lots in Portageville of onefourth acre or less in size are commonly sold for about $100 per lot, although I learned in one instance where a small lot was sold recently at a rate of about $1,200 per acre. This is an exception though and should not be taken as а guide to the ordinary value.

The best farm land, that is, good, rich, tillage land, situated at a level of ten to twenty feet above the ordinary low water, or, in other words, high enough so that the ordinary floods do not reach it, is sold at a rate of from $75 to $100 per acre.

Other farm land ranges from that price down to about $30 per acre, this for the poorest side hill land.

In the village of Fillmore small lots on the main street in the center of the village would sell for perhaps a rate of $2,400 per acre; on the side residential streets for about $1,200 per acre.

One farm directly across the river from Fillmore, was bought at a rate of $117 per acre. This is the highest price of any farm land in the valley that was able to learn of.

The best farm land away from the village sells for about $100 per acre; good farm land for about $75 per acre and ranging from that down to about $30. The details of my estimate giving the owner, character of building, approximate cubical capacity of each building, unit value placed upon it, estimated value, assessed value, photograph number and any other facts noted are shown on the fifty-five detailed sheets accompanying.

A summary of all the buildings in each town is shown separately on sheets Nos. 56 to 66 inclusive, and a summary of all the towns is also shown on sheet No. 67.

It will be noticed that the total number of all buildings estimated in all five towns is 1,096, with an estimated present market value of $515,626. Allowing an advance of 50 per cent. due to condemnation proceedings and other legal expenses, the total estimated amount required to purchase for reservoir purposes is $773,439. This includes all buildings which it was thought it would be necessary to purchase.

In a number of instances the buildings are situated from ten to twenty feet above the flow line, but the greater part of the land connected with them was situated below the flow line. Where the buildings were between ten to twenty feet above the flow line and the greater part of the land above that, it was not thought necessary to estimate them.

The main portion of the village of Houghton in the town on Caneadea is included to be on the safe side, but it is quite likely that this village will not be disturbed, as it is between ten and fifteen feet above the maximum flow line.

There are fifty-seven buildings with a total estimated value of $72,900 included in the village of Houghton, which will probably not be required. A few buildings also in the villages of Wiscoy and Fillmore were estimated, which it may not be necessary to disturb. On the other hand, it may be necessary to acquire these on the ground of the removal of all their interests.

The estimated values given in tables are for buildings alone and not for business, although side notes upon value of the business wherever it was obtained, are given on the detailed sheets.

In grouping the various kinds of buildings in the summary, the item "minor buildings connected" is principally barns, granaries, sheds and other small buildings. The item of "other buildings' is principally made up of small shops, quarry sheds, cheese factories, saw mills, hotels, etc.

There are no large manufacturing concerns in the valley, the largest being the new plant of the L. C. Roberts Mfg. Co. at Fillmore, where they are just starting in to manufacture concrete machinery.

In 1896, State Engineer and Surveyor's Report, page 691, Mr. Geo. W. Rafter estimates the total land damages, which apparently includes all the land, estimated at 8,300 acres, and buildings to be acquired, at only $650,000, whereas my estimate of buildings alone is $773,439, which would make my estimate, after value of land is added, more than 100 per cent. in excess of his. Nevertheless, I am convinced that my estimate is conservative, excessive as these figures would seem to indicate. Respectfully submitted,

GEORGE G. SHEDD.

Town of Genesee Falls, N. Y., including Village of Portageville.

Extra cost due to condemnation proceedings and other legal expenses, say, 50 per cent.

43,739

Total

$131,218

NOTE.-Village lots in Portageville, 14 acre sell for $100 or $400 per acre. Best farm land sells for from $75 to $100 per acre.

Cheapest farm land $30 per acre.

One small lot in village recently bought at rate of $1,200.

Total assessed value of Real Estate in Genesee Falls, 1907, $363,977.