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HomeMy WebLinkAboutTraffic Study • Page 1 State of Indiana 1998 , 26 , Butler, Fairman & Seufert, Inc . Mar 651 AM HighEst Detailed Estimate ` Contract, Number: " Project : MERCHANTS SQUARE Estimated by: Jim Kinney Jan 22, 1998 Checked by: Approved by: English Spec Year: 1996 Units : Eng Work Type: ROAD County: Hamilton Letting Date: Jan 22 , 1998 Total Estimate: $1, 085, 410 . 58 ------ --- - ___ ------------------------------ $4 . 86 $25, 023 . 91 202-02278 5, 148 . 0000 LFT @ 0045 CURB, CONCRETE, REMOVE 203-02000 10 , 195 . 0000 CYS @ $7 . 49 = $76 , 366 . 67 0115 EXCAVATION, COMMON 211-02060 2, 500 . 0000 CYS @ $17 . 92 = $44 , 801 . 25 0340 B BORROW FOR STRUCTURE BACKFILL 303-52308 10, 630 . 9000 TON @ $13 . 10 = $139 , 289 .24 0020 COMPACTED AGGREGATE FOR BASE, 0 , SIZE NO. 53 401-03201 3 , 435 .3000 TON @ $26 . 36 = $90 , 554 . 51 0015 BITUMINOUS BASE 5, MV 401-03230 1, 806 . 2000 TON @ $30 . 59 = $55, 259 . 79 0010 BITUMINOUS BINDER 8 OR 9, MV 401-03560 903 . 2000 TON @ $40 . 92 = $36 , 955 . 51 0005 BITUMINOUS SURFACE 11, MV 409-04375 7 . 7000 TON @ $174 . 60 = $1, 344 . 44 0160 BITUMINOUS MATERIAL FOR TACK COAT 604-06069 153 . 0000 SYS @ $46 . 67 = $7, 140 . 51 0040 CURB RAMP, CONCRETE 604-06070 1, 951 . 3000 SYS @ $23 .41 = $45 , 679 .3E 0035 SIDEWALK, CONCRETE 605-06120 417 . 0000 LFT @ $19 . 84 = $8 , 273 . 1`. 0025 CURB, CONCRETE State of Indiana Page Butler, Fairman & Seufert, Inc . Mar 26 , 1998 HighEst Detailed Estimate 7 : 51 AM --------------------------------------- 605-52807A 468 . 5000 LFT @. $17 . 22 = $8, 067 . 57 0030 CURB AND GUTTER, ROLLED 622-01390 14 . 0000 EACH @ $189 . 00 = $2 , 646 . 00 0280 PLANT, GLEDITSIA TRIACANTHOS INERMIS SKYLINE 622-03093 4 . 0000 EACH @ $50 . 00 = $200 . 00 0335 PLANT, BERBERIS X A, CRIMSON PYGMY 622-03427A 33 . 0000 EACH @ $100 . 00 = $3 , 300 . 00 0295 PLANT, MALUS, ' SARGENT' 622-03427B 19 . 0000 EACH @ $100 . 00 = $1, 900 . 00 0300 PLANT, MALUS, ' PROFUSION' 622-03427C 36 . 0000 EACH @ $100 . 00 = $3 , 600 . 00 0305 PLANT, MALUS, ' INDIAN SUMMER' 622-03842 77 . 0000 EACH @ $50 . 00 = $3 , 850 . 00 0320 PLANT, THUJA OCCIDENTALIS 622-03842 19 . 0000 EACH @ $90 . 00 = $1, 710 . 00 0310 PLANT, THUJA OCCIDENTALIS 622-03842A 84 . 0000 EACH @ $50 . 00 = $4, 200 . 00 0325 PLANT, SPIREA X ' GOLD MOUND' 622-97095 9 . 0000 EACH @ $90 . 08 = $810 . 72 0270 PLANT, PICEA ABIES 622-99097A 94 . 0000 EACH @ $35 . 00 = $3 , 290 . 00 0330 PLANT, JUNIPERUS HORIZONTALIS 622-99207A 36 . 0000 EACH @ $50 . 00 = $1, 800 . 00 0315 PLANT, SPIREA X BUMALDA 622-99273 6 . 0000 EACH @ $131 . 25 = $787 . 50 0275 PLANT, PINUS NIGRA 622-99467 5 . 0000 EACH @ $118 . 00 = $590 . 00 0285 PLANT, JUNIPERUS CHINENSIS 622-99467a 8 . 0000 EACH @ $118 . 00 = $944 . 00 0290 PLANT, JUNIPERUS SCOPULORUM, 'WICHITA BLUE' 715-01715 257 . 0000 LFT @ $40 . 50 = $10 , 408 . 50 0085 PIPE, REINFORCED CONCRETE, 18 IN. I iI • State of Indiana Page '3 Butler, Fairman & Seufert, Inc . Mar 26 , 1998 HighEst Detailed Estimate 7 : 51 AM - 715-02512 36 . 0000 LFT @. $63 .40 = $2, 282 .40 0090 PIPE, REINFORCED CONCRETE, 21 IN. 715-41045 333 . 0000 LFT @ $40 . 01 = $13 , 323 . 33 0075 PIPE, REINFORCED CONCRETE, 12 IN. 715-41090 326 . 0000 LFT @ $66 . 76 = $21, 763 . 76 0100 PIPE, REINFORCED CONCRETE, III, 42 IN. 715-41095 93 . 0000 LFT @ $70 . 53 = $6, 559 . 29 0165 PIPE, REINFORCED CONCRETE, III, 48 IN. 715-99178 169 . 0000 LFT @ $48 . 05 = $8, 120 .45 0095 PIPE, REINFORCED CONCRETE, 24 IN. 715-99384 156 . 0000 LFT @ $36 . 64 = $5, 715 . 84 0080 PIPE, REINFORCED CONCRETE, 15 IN. 720-44000 2 . 0000 EACH @ $460 . 71 = $921 .42 0110 CASTING, ADJUST TO GRADE 720-44296 1 . 0000 EACH @ $330 . 83 = $330 . 83 0105 CAP INLET 720-45015 4 . 0000 EACH @ $1, 031 . 83 = $4 , 127 . 32 0060 INLET, A8 720-45030 1 . 0000 EACH @ $924 .48 = $924 .48 0065 INLET, E7 720-45045 6 . 0000 EACH @ $1, 523 . 20 = $9, 139 . 19 0050 INLET, J10 720-45055 17 . 0000 EACH @ $1, 095 . 46 = $18 , 622 . 82 0055 INLET, M10 720-45415 6 . 0000 EACH @ $2, 494 . 04 = $14 , 964 . 24 0070 MANHOLE, D4 802-76020 60 . 0000 SFT @ $13 . 10 = $786 . 01 0150 SIGN, SHEET, ENCLOSED LENS WITH LEGEND, 0 . 080 IN. THICKNESS 802-76025 108 . 0000 SFT @ $13 . 14 = $1, 418 . 98 0145 SIGN, SHEET, ENCAPSULATED LENS WITH LEGEND, 0 . 080 IN. THICKNESS State of Indiana Page 4 Butler, Fairman & Seufert, Inc . Mar 26, 1998 HighEst Detailed Estimate 7 : 51 AM ------ ------------------ -------------- 802-76055 504 . 0000 LFT @- $4 . 33 = $2, 182 . 32 0155 SIGN POST, A 805-01836 421 . 0000 LFT @ $1 . 12 = $471 . 52 0215 SIGNAL CABLE DETECTOR, 2C 16GA. , SHIELDED, LEAD IN 805-01842 4 . 0000 EACH @ $735 . 03 = $2 , 940 . 12 0205 HANDHOLE, SIGNAL 805-02078 1 . 0000 EACH @ $495 . 70 = $495 . 70 0185 CONTROLLER CABINET FOUNDATION, M 805-02441 1, 612 . 0000 LFT @ $0 . 31 = $499 . 72 0245 SIGNAL CABLE, ROADWAY LOOP, 1C 14GA. 805-04091a 1 . 0000 EACH @ $6 , 371 . 18 = $6 , 371 . 18 0190 CONTROLLER, NEMA 2 TYPE I IN M CABINET 805-04091b 1 . 0000 EACH @ $6 , 371 . 18 = $6, 371 . 18 0265 CONTROLLER, NEMA 2 TYPE I IN P-1 CABINET 805-06592 503 . 0000 LFT @ $15 . 84 = $7, 966 . 82 0210 CONDUIT, STEEL, GALVANIZED, 2 IN. 805-78205 5 . 0000 EACH @ $340 . 00 = $1, 699 . 99 0180 TRAFFIC SIGNAL HEAD, 3 FACE, 12 IN. RED, AMBER, GREEN 805-78230 13 . 0000 EACH @ $541 . 27 = $7, 036 . 51 0175 TRAFFIC SIGNAL HEAD, 5 FACE, 12 IN. RED, AMBER, GREEN, AMBER ARROW, GREEN ARROW 805-78415 7 . 0000 EACH @- $598 . 01 = $4 , 186 . 06 0200 SPAN CATENARY AND TETHER 805-78420 7 . 0000 EACH @ $215 . 11 = $1, 505 . 75 0255 DISCONNECT HANGER 805-78467 30 . 0000 LFT @ $1 . 57 = $47 . 10 0230 SIGNAL CABLE, 3C 8GA. 805-78485 298 . 0000 LFT @ $1 . 33 = $397 . 17 0220 SIGNAL CABLE, 5C 14GA. 805-78490 692 . 0000 LFT @ $1 . 29 = $894 . 69 0225 SIGNAL CABLE, 7C 14GA. • . rays State of Indiana 1998 Butler, Fairman & Seufert, Inc . Mar 26 , 51 AM HighEst Detailed Estimate --------- ------------- _------------ --------- $582 . 39 $3 , 494 .35 805-78785 6 . 0000 EACH @. 0195 SIGNAL DETECTOR HOUSING 805-78795 634 . 0000 LFT @ $5 . 69 = $3 , 609 .24 0240 SAW CUT FOR ROADWAY LOOP AND SEALER 805-78925 1 . 0000 EACH @ $593 . 77 = $593 . 77 0260 CONTROLLER CABINET FOUNDATION, P1 805-81032 8 . 0000 EACH @ $2 , 471 . 16 = $19 , 769 .28 0170 SIGNAL STRAIN POLE, STEEL, 30 FT. 805-86805 2 . 0000 EACH @ $1, 309 . 95 = $2 , 619 . 90 0250 SERVICE POINT, I 805-92504 7 . 0000 EACH @ $249 . 09 = $1, 743 . 63 0235 LOOP DETECTOR DELAY AMPLIFIER, 2 CHANNEL 807-0000A 48 . 0000 EACH @ $4, 000 . 00 = $192 , 000 . 00 0345 LIGHT POLE, LUMINAIRE AND WIRING 808-06713 1, 367 . 0000 LFT @ $0 . 21 = $287 . 75 0125 LINE, PAINT, SOLID, WHITE, 4 IN. 808-06714 8 , 730 . 0000 LFT @ $0 . 13 = $1, 110 .46 0120 LINE, PAINT, SOLID, YELLOW, 4 IN. 808-06723 47 . 0000 EACH @ $27 . 21 = $1, 278 . 87 0140 PAVEMENT MESSAGE MARKINGS, PAINT, LANE INDICATION ARROW 808-06724 25 . 0000 EACH @ $36 . 32 = $908 . 00 0135 PAVEMENT MESSAGE MARKINGS, PAINT, WORD ONLY 808-75035 378 . 5000 LFT @ $1 .41 = $533 . 69 0130 LINE, PAINT, SOLID, WHITE, 24 IN. 900-0000a 1 . 0000 LSUM @ $48 , 460 . 00 = $48 , 460 . 00 0360 MEDICAL DRIVE EAST 930-06845 1 . 0000 LS @ $28, 764 . 23 = $28 , 764 . 23 0350 CONSTRUCTION ENGINEERING 940-01001 1 . 0000 LS @ $49 , 378 . 60 = $49 , 378 . 60 0355 MOBILIZATION AND DEMOBILIZATION Project Total = $1, 085 , 410 . 5E Robert C. Bommer, MAI Real Estate Appraiser and Consultant 6320 BUCKER ROAD • SUITE D • INDIANAPOLIS, INDIANA 46220-4898 vislrfl BUSINESS (317) 257-6255, EXTENSION 301 • FAX (317) 252-5275 APPRAISAL REPORT FOR LAND UNDER THE UNDEDICATED STREETS IN AND AROUND MERCHANTS SQUARE SHOPPING CENTER PREPARED FOR BULTER, FAIRMAN AND SEUFERT, INC. ENGINEERS & CONSULTANTS FOR THE CITY OF CARMEL, INDIANA PREPARED BY ROBERT C. BOMMER, MAI, SRA INDIANA CERTIFIED GENERAL APPRAISER # CG69100182 Robert C. Bommer, MAI . Real Estate Appraiser and Consultant A#mum 6320 RUCKER ROAD • SUITE D • INDIANAPOLIS, INDIANA 46220-4898 191IIY1IYII BUSINESS (317) 257-6255, EXTENSION 301 • FAX (317) 252-5275 March 26, 1998 Butler, Fairman & Seufert, Inc. 9405 Delegates Row Indianapolis, Indiana 46240-3812 Attention: Mr. James A. Deahl Re: Appraisal Report Merchants Square Undedicated Streets Dear Mr. Deahl: In accordance with your request I have completed an appraisal of the land under the undedicated be streets in the Merchants Square Shopping Center ort areeveral for thether nearby land only and dol nott includeshou)d any emphasized that the values set out in thisp site improvement on, below, or above the land. This appraisal is prepared as a summary report of a complete appraisal on the land only as setout in the legal description and plats as provided byButler,hese legal descriptions ons ufert, and a plat of these parcels sed on the lands value as part of the larger parcels of ownership. Copies op E are included in the attached report. This appraisal e landlis being acquired,d scope appraisal aand does not n� include the the total value of the large parcels from which value of any site improvements on the property being acquired. This appraisal is prepared in accordance with the Uniform Standards of Professional Practice (USPAP) as established by the Appraisal Foundation. The various parcels were inspected in detail and photographed on March 15,1998, which is the effective date of this appraisal report. This letter is a summary of the value as set out intheattached appraisal report of 102 pages, and is not valid if presented without the balance of the repo 2 The estimated values of the various parcels are summarized below: THE CINDER GROUP-BEN MAR INC; Parcel 1 —new right-of-way $206,750 15,202 SF @ $ 13.60/SF =$206,747,20 Rd.To 10 Parcel 1-Existing East 116th Street right-of-way-(token value) $ Parcel 1 A253,340 0.853 acre @ $297,000/acre=$253,341 Rd To $ Parcel 1 B—new right-of-way 1.464acres @$297,000/acre =$434,808.00 Rd.To $434,810 Parcel 1 B" -Portion of non-exclusive roadway Easement for ingress&egress $ 10 0,280acre at a total value-(token value) Parcel 1 C -new right-of-way $473,720 1.595 acres @$297,000/acre =$473,715.00 Parcel 1 C" -non-exclusive roadway easement $ 10 0.172acre at a total value -(token value) Parcel 1 D*-non-exclusive ingress and egress easement $ 10 0.249 acre at a total value - (token value) SUBTOTAL PAREL 1 $1,386,660 Parcel 2—INDIANA PROPERTIES,INC. $ 13,030 958 SF @$13.60/SF =$13,028.80 Rd.To Parcel 3—HOOSIER MOTOR CLUB $ g7 680 6,447 SF @ $13.60/SF=$87,679.20 Rd.To Parcel 4—ROY P.SCHEID $ 23,110 1,699 SF @ $13.60/SF=$23,106.40 Rd.To Parcel 5-KEY BANK $ 64,570 4,748 SF @ $13.60/SF =$64.572,80 Rd.To Parcel 6—U.S.RESTAURANT PROPERTIES INC. $ 31,400 2,309 SF @$13.60/SF=$31,402.40 Rd.To Parcel 8—FIRST INDIANA SAVINGS BANK $ 82,350 6,055 SF @$13.60/SF =$82,348.00 Rd To TOTAL VALUE OF PARCELS TO BE ACQUIRED $1,670,800 Parcel 7—Vacation $ 90,640 6,665 SF @ $13.60/SF =$90,644.00 Rd. To Parcel 7A—Vacation $ 17,180 1,263 SF @ $13.60/SF =$17,176.80 Rd.To TOTAL VALUE OF PARCELS TO BE VACATED $ 107,820 NET VALUE (ACQUISITIONS LESS VACATIONS) $1,562,980 If after review of this appraisal report you have any questions or seek additional information, please so advise. Thank you for the opportunity to be of service to Butler, Fairman and Seufert Inc. and the City of Carmel. Sincerely, asj-ed ()041Anvi-e"- Robert C. Bommer, MAI, SRA Indiana Certified General Appraiser #CG69100182 Merchants Square— 116th Street & Keystone Avenue—City of Carmel TABLE OF CONTENTS Title Page 1 Letter of Transmittal 2-4 Summary of Important Facts and 5 &6 Conclusions Assumptions and Limiting Conditions 7 &8 Identification of Subject Parcels 9— 13 Description of Individual Parcels 13—42 Area Analysis 43—50 Area Map 51 Neighborhood Analysis 52—53 Neighborhood Map 53 Neighborhood Aerial Photograph 54 Purpose of Appraisal 55 Definition of Market Value 55 Function of Appraisal 55 Property Rights Appraised 55 Effective Date of Value 55 Zoning 5656 History of Ownership 56 Highest and Best Use 57 Scope of Appraisal 57 Appraisal Procedure Valuation Procedure 57 58—618 Land Value Estimate Shopping Center Tracts-Sales Comparison Approach Land Value Estimate Shopping Center Out 62 - 64 Lots-Sales Comparison Approach 0 Summary of Value Estimates 65 Appraisers Qualifications 67—68 Sales Locator Map 70 Land Sales 1 -14 with Plats 71- I N I I liW 4 Merchants Square — 116th Street& Keystone Avenue - City of Carmel SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Property Location: 116th Street and Keystone Avenue and Vicinity, Carmel Indiana Type of Properties: Shopping Center and Shopping Center Out Lots Owners of Record Parcel#1 Ben Mar LLC Parcel# 1A, 1B, & 1C Ben Mar LLC Parcel#1 D Non-exclusive Access Easement Ben Mar LLC Parcel#2 Indiana Properties Parcel#3 Hoosier Motor Club Parcel#4 Roy P. Scheid Parcel#5 The American National Bank Parcel#6 U.S. Properties Operating LP Parcel#7-Vacation City of Carmel Parcel#7A—Vacation City of Carmel Parcel#8 First Indiana Savings Bank Purpose of Appraisal: Estimate market value of the LAND ONLY of each of the parcels as part of the tract from which they are acquired. Estimate the value of the vacations based on the value of the site to which they will contribute value. Function of the Appraisal: To be used in conjunction with other information provided by Butler, Fairman and Seufert, Inc. to assist the City of Carmel in acquiring Parcels 1 through 6, and of disposing of the excess right-of-way identified as Parcel 7 and 7A. Property Rights Appraised: Fee Simple Estate Interest Improvement Description: NONE INCLUDED IN VALUE ESTIMATE Site Description: See Attached Report for description of each Parcel Zoning: "B-8" Business District Highest & Best Use: Shopping Center&Shopping Center Out Lots Property Value Indications: Cost Approach ----•---- Not Applicable Income Approach --- Not Applicable Sales Comparison Approach —See Next Page 5 Merchants Square— 116th Street & Keystone Avenue—City of Carmel The estimated values of the various parcels based on the Sales Comparison Approach as summarized follows: THE LINDER GROUP-BEN MAR INC. Parcel 1 —new right-of-way 15,202 SF @ $ 13.60/SF =$206,747,20 Rd. To $206,750 Parcel 1-Existing East 116th Street right-of-way-(token value) $ 10 Parcel 1 A 0.853 acre @ $297,000/acre=$253,341 Rd To $253,340 Parcel 1 B—new right-of-way 1.464acres @$297,000/acre=$434,808.00 Rd.To $434,810 Parcel 1 B* -Portion of non-exclusive roadway Easement for ingress&egress 0.280acre at a total value-(token value) $ 10 Parcel 1 C-new right-of-way 1.595 acres @$297,000/acre=$473,715.00 $473,720 Parcel 1 C* -non-exclusive roadway easement 0.172acre at a total value -(token value) $ 10 Parcel 1 D*-non-exclusive ingress and egress easement 0.249 acre at a total value -(token value) $ 10 SUBTOTAL PAREL 1 $1,386,660 Parcel 2—INDIANA PROPERTIES,INC. 958 SF @$13.60/SF=$13,028.80 Rd.To $ 13,030 Parcel 3—HOOSIER MOTOR CLUB 6,447 SF @$13.60/SF=$87,679.20 Rd.To $ 87,680 Parcel 4—ROY P.SCHEID 1,699 SF @ $13.60/SF=$23,106.40 Rd.To $ 23,110 Parcel 5-KEY BANK 4,748 SF @$13.60/SF =$64.572,80 Rd.To $ 64,570 Parcel 6—U.S.RESTAURANT PROPERTIES INC. 2,309 SF @ $13.60/SF=$31,402.40 Rd.To $ 31,400 Parcel 8—FIRST INDIANA SAVINGS BANK 82,350 6,055 SF @$13.60/SF =$82,348.00 Rd To $ TOTAL VALUE OF PARCELS TO BE ACQUIRED $1,670,800 Parcel 7—Vacation 90,640 6,665 SF @ $13.60/SF =$90,644.00 Rd.To $ Parcel 7A—Vacation 1,263 SF @$13.60/SF =$17,176.80 Rd.To $ 17,180 TOTAL VALUE OF PARCELS TO BE VACATED $ 107,820 NET VALUE(ACQUISITIONS LESS VACATIONS) $1,562,980 $ 6 I Merchants Square— 116th Street& Keystone Avenue—City of Carmel This appraisal is subject to the following Assumptions and Limiting Conditions. ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report and the Certification of the Appraiser in this report are subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the appraisal report. 1. That merchantable fee simple title,free of encumbrances, is vested in the owner of the record. 2. That the information supplied by the addressee as to parcel or parcels of real estate including the legal description is correct and complete as it appears in this report. 3. That I assume no responsibility for matters legal in character nor do I render any opinion as to Title which is assumed to be good. All existing liens and encumbrances if any, have been disregarded and the property is appraised as though free and clear under responsible ownership and competent management. 4. That no survey has been made, other than that provided by Butler Fairman and Seufert Inc. Engineers and it is assumed that no encroachments exist, unless a specific statement to the contrary appears in this report. 5. That no soil borings or analyses have been made and the earth is assumed to be firm and solid unless a statement to the contrary appears in this report. Subsidence in the area is unknown or uncommon, but this appraiser does not warrant against this condition or occurrence. 6. That the appraiser has inspected, as far as possible, by observation, the land that is the subject of this appraisal; however, it was not possible to personally observe conditions beneath the soil or hidden under the asphalt pavement. Therefore, no representations are made herein as to these matters and unless specifically considered in the report, the value estimate is subject to any such conditions that could cause a loss in value. 7. That this appraisal includes only the value of the land, and does not include any site improvements above , on, or below the surface, such as streets, landscaping, infrastructure, etc. 8. That the appraiser assumes there are no hidden or unapparent conditions of the property, subsoil, or structure which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 9. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyl's, petroleum leakage, or chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as petroleum products, or other hazardous substances or environmental conditions exist they may affect the value of the property. The value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 10. That exhibits and sketches included in this report are solely for the purpose of assisting the reader in visualizing the property or understanding the content of the report and are not intended to be exact in scale or detail. 11. That materials contained herein which are stated to be or are obviously furnished by others are believed to be reliable but have not been verified except as specifically stated, and the appraiser assumes no responsibility for their accuracy. 7 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ASSUMPTIONS AND LIMITING CONDITIONS(Continued) 12. That the comparable sales data relied upon in this appraisal are believed to be from reliable sources. However, it is not always possible to inspect the comparable sales completely, and it is necessary to rely on information furnished by others as to said data. Therefore, the value conclusions are subject to the correctness and the verification of said data. 14. That possession of this report, or a copy thereof, does not carry with it the right of publication, nor may it be used for any purpose by anyone other than the addressee without the previous written consent of the appraiser and the addressee. 15. That disclosure of the contents of this report is governed by By-Laws and Regulations of the Appraisal Institute. 16. That neither all nor any part of the contents of this report(especially any value conclusions, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or the MAI or SRA designation, shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication without previous written consent and approval of the undersigned. 17. That the delivery of this report to the addressee fulfills the appraisal assignment, and the Appraiser is not required to give testimony, appear in court, or at conferences because of having made this appraisal report unless arrangements have been previously made therefore. 18. That my compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 19. That the liability of the appraiser is limited to the fee collected for preparation of the appraisal, and there is no liability or accountability to any third party. 20. That the fee for this appraisal or study is for the services rendered and not strictly for the time spent on the physical report. 21. Acceptance of,and/or use of,the appraisal report constitute acceptance of the above conditions. Property Appraised: Merchants Square&Vicinity Properties 116th Street&Keystone Avenue Carmel, Indiana &et-4 Robert C. Bommer, MAI, SRA Indiana Certified General Appraiser #CG69100182 March 24,1998 Date 8 I Merchants Square— 116th Street&Keystone Avenue—City of Carmel IDENTIFICATION OF SUBJECT PARCELS This appraisal includes several parcels in and around the Merchants Square shopping center. The following aerial photographs and plat will assist the reader in visualizing these properties and parcels. ''' • -M' '1%. `} 'thy - 4y 44 g s N ' ip i- _i ., ' R ' 4 pCx�ray y . s � moi Y � 1 x�pu �x :` 'l } "1"�• I ; ' il'''? i'-',:t. 4 .1: . ' ,...,:,;• :''''''''' ',,,,• iji . f/.i'''Xr'i - 1' , (1'.°"•:'-: ';'•4' i- 4i..),-t4I''''5140- 1"1:4';'t Ity i= '4 1 €tom `1t .'1' /°� 1, s Glx 7 e i' .$ A*A.,,,,i., a s ,_54 ' , '''. fp ' ''' e • " -,- 4r.- j . ".ht..4. it..,t, li. di'r g i�.�, h Yy a tel i' r; t. � .' ! .s ,,''y ter. . • Ig' <1 fitt tloA '` to x $- ^ r, - .. - . ,,. t f -tt " , ` .' °'Y ..--- ,, "i . . .i •{±.3.. 't ,lrF�f' * '' 4.+} x 4 * r n7.- lok.3 , '' a' -,.,. '~-?. t -" - ' )PA - : *4 i- 1 ,,,,L.'.41. '..4if-r",-.4•,=it` ''t -7--z•''' it .,..• < i,,,, -" - ,. t,,, -''I::: 4,4- .-g--:...7.,,y„tt.'.1, -;''44:,:i • 4 ''' <4 ,..' ,. ,,, .. * ic,* ' .. •V-**".. .. • ,' , ' ' ]i ' -,.' Aa' .c \4000 . , ,10,,, \s,1 , iii, u. , - t , t :.•-e. - z... i •':, 4' pyy{ ♦' SAA ` I #+ :< Y 3 - - . 1 • !+ - ,,fi,�rr Y.1111. j '7! �t'feet; h a s $ t. 1 t`r f ` of G:.: i- r 4 ty,.s ,k fit. i h' N' .Cz ,. 4 \„,, $�y� #� •t ,�` F i- 43,44 t..:, 'Aerial Photograph 9 I Merchants Square— 116th Street& Keystone Avenue—City of Carmel Looking Northwest across 116th Street and Keystone Avenue at Merchants Square Shopping Center E va _ 4 _ •ani `-a�,d=` y, }`2r`i Y"7:.-r ,±>, • - a :spas gig! "'�`a xy_ Looking Southwest from the Indiana Properties Tract—Parcel#2 Toward Merchants Square Shopping Center 10 1 Merchants Square- 116th Street&Keystone Avenue-City of Carmel n e } �� 2, r3- , +i 1 w , ` + F l et "al lan 0Fri -a a '-'41•:.-`,ia, - + w �' r ,:. •• t -..i t.,; r , „ 0,_ .,,..... .,„ 4 . ......, ,bib©2� , x�p,� t �•'��� �,; . o r ��:+� ..1, F� '� .3.:. ,....- r r;,,,... „.. :4,_ j / ,,,,,, 1 ., n e . �T si t2 •� dl i,.,jr t ,. ,.)...,..,,,.- -4 ' 1 ti gd ,:y 4p, b FitJl�.11G.� -.0 °I ins}7i i ?.� t _ .+�}i d { , - t � fid -a '• •5r R 1 �i..f `,t 026 A�' Ri, } r'tu '. t = S^r a. .11 7-0,- — ..Eiv _7__.4._-...'...e.t..., il ;.;.... . , • -'016.ol 1 ,...:- _ .: -- } , '..ia911 moo' a ,3*t - N r 0 a-. ,'"'! e. Sir 6^ - - . -•.0`t I '! _ .n il itl t. � +^ i - - ltdr. j f w 'ty e r .f - Mr t •it t y x.75 Ac i 3 d x i e`' ,+lief F "4, a,_.x f-i w0 .- r-, ,.`. -_+ •• � ••!,$=•'42.4,11 i rty r., ,,,�r� - rft Via"' I1 A • 1 ' ` . -«. ,,,..1 ,,,:.„..,,,.., w t :a ..:` r I.r,„ 0 t rrGifttit a i t3 ¢; ``Ys,"!, y1 V � • •- • *i s t },.: �' h.q i .F€.4 `-4 66 tt f 5�i7c1. Q1 ' At.. .4;%3 '; aa s• A . •I , 4t, _ ° l.94, A:, • + ¢Y k ' r 4 .s f -- st �r',4 ?._ 1el dat' x - t • .,&r ilii',,,!,;-, t�- � ' � f$ Qse@L • Tt '--4-3.'''P''r 44'.. r Q -c 118Eh:.1--" 1 r `` a rid• x - 1�.6' .4,-,t r. F "" '1'"''.' �' .. ,:-,,L-• ! f t '''' Srt� -• -•-f .. ,, -.'.+K ,'n -�.:, i* >k. '- ,.i,.. ....„..,_...P-. it ,..�,.a-.>n--..... ....s- .s. J4 s :;.„.•!1•,,:::06. _ , fi,, -t lir-`, R•erP -.?-t • -fi e r oir Hamilton County Assessors Aerial Plan 11 Merchants Square— 116th Street & Keystone Avenue—City of Carmel 1,i i 2 I _1. -.-.. -. C4:f_'12_ ,,:lM _...- _..-.—. __—.—...- _ -. 1 ! i 1 p, li 11 i III _ r,,,„„f= <_ J i � I I 1 ; l .; x i i w.� - ,.y 4• • ----4,,....-4._,J 'z ' I Irl ,.. I r ri7 i IS-'; i i • �- lt-t F• i,-r:- M:. ,J E `I' e.-:e., i t Li...___..1 Ii r I �. : Irk;.,:,�..,.„, ,an IJx ; -- '-.111`- • , • I n j I • f • ----- ---” -- 11 G, 1 `, . wtr,�� cel• _���r: k ti - f i. ) ;l a� a_...:. *. t11 ''fir I s� 3Xt» — mo i• it L, tt tt--- moi.-..:a•. , I 1L ,mr , _ ; ,H,r If ig,_'. .)X`si..t )2/1.5. ` r,._ i t11:. I 1,. I, !ice`,- '. zii.. •••‘::://.'l . ,�(II i 1 i • ; y ?• =•I` •%. I� Ii I' {` •yy r:::::: -.INF-N"-;;I:, 1 d • • --- _ ,:---,..../..... \/r 'c le ` ;.�::.,......,,..,..1.--'i• '`` ;. .` `L FT.,._. I ,1;� k� i I' i u • i. j {{ � I j 7:::...i;.....1t4•44!" •.. I'I'i Re t...a. -i" r . . ., .......„.• , ..„ 1 "\ b� iI ..=,. ? y [ 211.67H •._:es. St p 'aea.ii : I . 1 .% ) "'..'" ''':~ «� 31i ' r. : I II l }i sy. . s..�i cl�q } A I it. , r ji ^L �"` /I/' I * •W •j� fr• fi' Sw / • 7,i ," •/-1....,_.7 [1.11,K_I,,,.1.,..,....,;1-.... _ . F_=.•=e12.1.---2.1-.-.....-,..-_,r. ... _. ,, / , Ifir.,,/' .i ; i -_... 33.3?.' - ar ....G...f y.w..1 o i:f•• •.1 Y ..n .-.w..a.r }-•♦ Merchants Square Shopping Center Survey1 12 Merchants Square- 116th Street& Keystone Avenue-City of Carmel T --r _-. __ --- -- . — , ( ," 1 1 r N' f` - __-_— ._- r • ,;:p,,,-;i‘ Gil -1 _ . I i l �' Y , . ter `'� _ I,,- 1 -- ' l )1 -' --.._ -, , •:.:..:77.:: i' f. - ,.r^4 � it.:-.:..;-......2.• �"•. � �} ' ... . - '''.-;"7.- ..., _• I11 ._ / .. J i \ t , • Rights-Of-Way Pla Parcel #1 This parcel is a portion of the out lot now occupied by the National City Branch Bank, portion of the out lot to be occupied by the new proposed National City Bank (the site of the former and now demolished FC Tucker Real Estate Office), and the existing right-of-way for 116'n Street. This Parcel consists of a 45 feet wide strip of land along the north side of East 116th Street varying in length from 534.20 feet along the north side of 116th Street to 635.02 feet. The existing National City out lot is approximately 0.700 acre more or less in size, and the proposed new bank site is a 0.906 acre tract. The new right-Of-way to be acquired contains 15,202 square feet ,and the existing right-of-way for east 116th street contains 10,150 square feet. 13 Merchants Square— 116th Street& Keystone Avenue—City of Carmel This parcel is legally described as follows: LEGAL DESCRIPTION FOR ADDITIONAL RIGHT-OF-WAY FOR 116TH STREET Part of the South Half of Section 3 1,Township 18 North,Range 4 East of Clay Township,Hamilton County,Indiana, described as follows: Beginning at a point on the South line of the South Half of Section 31,Township 18 North,Range 4 East that is 2313.00 feet measured North 89 degrees 50 minutes 15 seconds East(assumed bearing)on the South line of said South Half from the Southwest corner of said Section 31;thence North 89 degrees 50 minutes 15 seconds East on said South line 534.20 feet to a point on the Westerly line of real estate conveyed to the State of Indiana for right-of-way of 116th Street,said point being 750.00 feet South 89 degrees 50 minutes 15 seconds West of Station 495+37.8 on the centerline of Indiana State Road 431; thence North 00 degrees 10 minutes 00 seconds West on the Westerly line of said real estate 19.00 feet;thence North 75 degrees 16 minutes 00 seconds East on a Northerly line of said real estate 103.00 feet;thence North 89 degrees 01 minute 00 seconds East on a Northerly line of said real estate 0.85 (85 hundredths)foot to a point that is 45.00 feet North 00 degrees 09 minutes 45 seconds West of the South line of said South Half,thence South 89 degrees 50 minutes 15 seconds West parallel with said South line 635.02 feet to a point on a line that bears North 00 degrees 09 minutes 45 seconds West from the place of beginning;thence South 00 degrees 09 minutes 45 seconds East on said line 45.00 feet to the place of beginning,containing 0.582 acre,more or less. Subject to all legal easements and rights-of-way. Dated:February 19, 1998 -3 ,a mr I.. ....H... a'd� ..ice V-a Looking along the north side of East 116th Street at Parcel#1 14 Merchants Square— 116th Street& Keystone Avenue—City of Carmel �z F fl l f k y Y t ' ; .wain"' •h.... p ljf. `r _t 8 .�"� ' .it. '!/,� #t"� i ! J tt � z 111 16‘1414 cam z w F%.+Ewer^. Looking west along the north side of East 116th Street at Parcel#1 Parcel # 1A Parcel 1A is a strip of land extending west from the dedicated Keystone Way East to Proposed AAA way. This parcel is an internal access road within the Merchants Square Shopping Center. This strip varies in width from 41.02 feet to 95.97 feet and consists of 0.853 acre more or less. This tract is part of the entire shopping center land tract estimated to contain 28.678 acres more or less. This parcel is legally described as follows: LEGAL DESCRIPTION FOR RIGHT-OF-WAY OF PROPOSED "STREET A" Part of the South Half of Section 31, Township 18 North, Range 4 East in Clay Township, Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of Section 31, Township 18 North, Range 4 East; thence North 89 degrees 50 minutes 15 seconds East (assumed bearing) on the South line of the South Half of said Section 31, a distance of 2313.00 feet; thence North 00 degrees 09 minutes 45 seconds West 45.00 feet;thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 82.00 feet; thence North 45 degrees 09 minutes 45 seconds West 31.11 feet; thence North 00 degrees 09 minutes 45 seconds West 160.00 feet to the PLACE OF BEGINNING of the within described real estate; thence North 06 degrees 44 minutes 16 seconds West 96.97 feet to a Southwesterly corner of real estate 15 Merchants Square— 116th Street&Keystone Avenue—City of Carmel conveyed to Mundy Realty, Inc., per a Warranty Deed recorded as Instrument Number 9749655 in the Office of the Recorder of Hamilton County, Indiana;(the following seven courses are on the Southerly line of said real estate) 1.)thence North 89 degrees 44 minutes 30 seconds East 11.50 feet to the point of curvature of a curve to the right, the radius point of which lies 4.50 feet South 00 degrees 15 minutes 30 seconds East from said point of curvature; 2.) thence Southeasterly, curving to the right on said curve, an arc distance of 7.07 feet to the point of tangency of said curve at a point that is 4.50 feet North 89 degrees 44 minutes 30 seconds East of the radius point of said curve; 3.) thence South 00 degrees 15 minutes 30 seconds East 12.69 feet; 4.)thence North 89 degrees 44 minutes seconds East 173.50 feet to the point of curvature of a curve to the right, the radius point of which lies 4.50 feet South 00 degrees 15 minutes 30 seconds East from said point of curvature; 5.) thence Southeasterly, curving to the right on said curve, an arc distance of 7.07 feet to the point of tangency of said curve at a point that is 4.50 feet North 89 degrees 44 minutes 30 seconds East of the radius point of said curve; 6.) thence South 00 degreesl5 minutes 30 seconds East 13.50 feet; 7.) thence North 89 degrees 44 minutes 30 seconds East on the Southerly line of said real estate and the Easterly prolongation thereof, a total distance of 447.05 feet; thence South 89 degrees 36 minutes 53 seconds East 72.00 feet to a point on a line that is 288.52 feet North 00 degrees 09 minutes 45 seconds West of the South line of the South Half of said Section 3 1, said line being also the Westerly prolongation of the Northerly right-of-way of a street known locally as Keystone Way East, as said right-of-way was dedicated to the City of Cannel, Indiana, per a document titled "Acknowledgment of Dedication and Acceptance", recorded as Instrument Number 3688 on pages 493 through 497 of Miscellaneous Record 159in said Recorder's Office; thence North 89 degrees 50 minutes 15 seconds East on said Westerly prolongation of said right-of-way line, measured parallel with said South line 73.00 feet to the intersection of said dedicated Northerly right-of way line with a line that bears North 00 degrees 09 minutes 45 seconds West from a point on the South line of said South Half that is 3148.00 feet East of the Southwest corner of said Section 31; thence South 00 degrees 09 minutes 45 seconds East on said line 41.02 feet; thence South 89 degrees 50 minutes 45 seconds West parallel with said South line 592.00 feet; thence South 00 degrees 09 minutes 45 seconds East 6.75 feet to a line that is 240.75 feet North of the South line of said South Half; thence South 89 degrees 50 seconds West parallel with said South line 170.00 feet to a point on a line that bears North 43 degrees 13 minutes 53 seconds East from the place of beginning; thence South 43 degrees 13 minutes 53 seconds West on said line 18.92 feet to the place of beginning, containing 0.853 acre, more or less. Subject to all legal easements and rights-of-way. Dated: February 20, 1998 16 Merchants Square— 116th Street& Keystone Avenue—City of Carmel I. t Looking east from proposed AAA Way at proposed Street"A" at Parcel# 1A I 1 , { ' 71' -..,-, . . ":-..:-- .t -w , 4v . -t ,. E +c Looking west from Keystone Way East at Proposed Street "A" at Parcel# 1A 17 Merchants Square- 116th Street& Keystone Avenue-City of Carmel Parcel # 1B This parcel consists of a strip of land along the north side of the Merchants Square Shopping Center that is currently being used as an internal access road extending between proposed AAA Way to the west and Keystone Way East and Keystone Way to the east. These strip of land that contains 1.184 acres more or less or 51,575 square feet.This strip is 50feet to 60 feet wide except for a wider irregular section at the east end at the intersection of Keystone Way East. This tract is part of the entire shopping center land tract estimated to contain 28.678 acres more or less. This parcel is already subject to a non-exclusive roadway easement for ingress and egress that is 24 feet wide south of the south property lines of the Indy Tire Center property and the R and R Properties tract. This non-exclusive roadway easement overlay 0.280 acre or 12,169 square feet of Parcel 1B. Thus Parcel 1B contains a net new road right-of-way of 1.464 acres or 39,406 square feet. This parcel is legally described as follows: LEGAL DESCRIPTION FOR RIGHT-OF-WAY OF PROPOSED "STREET B" Part of the South Half of Section 31,Township 18 North, Range 4 East in Clay Township,Hamilton County, Indiana,described as follows: Commencing at the Southwest corner of Section 31, Township 18 North, Range 4 East;thence North 89 degrees 50 minutes 15 seconds East(assumed bearing)on the South line of the South Half of said Section 31, a distance of 2313.00 feet;thence North 00 degrees 09 minutes 45 seconds West 45.00 feet;thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 82.00 feet;thence North 45 degrees 09 minutes 45 seconds West 31.11 feet;thence North 00 degrees 09 minutes 45 seconds West 160.00 feet thence North 06 degrees 44 minutes 16 seconds West 96.97 feet to a Southwesterly corner of real estate conveyed to Mundy Realty, Inc.,per a Warranty Deed recorded as Instrument Number 9749655 in the Office of the Recorder of Hamilton County, Indiana;thence North 00 degrees 15 minutes 30 seconds West on the Westerly line of said real estate 316.30 feet;thence South 89 degrees 44 minutes 30 seconds West on said line 6.10 feet;thence North 00 degrees 15 minutes 30 seconds West on said Westerly line and the Northerly prolongation thereof, a total distance of 313.30 feet;thence North 15 degrees 01 minute 43 seconds East 31.38 feet;thence North 27 degrees 17 minutes 26 seconds East 235.11 feet to a point on a line that is 35.00 feet East of and parallel with the East line of real estate conveyed to Hoosier Motor Club,per a Warranty Deed recorded on pages 519 and 520 of Deed Record 329 in the Office of the Recorder of Hamilton County, Indiana;thence North 00 degrees 09 minutes 45 seconds West on said line 225.88 feet to the PLACE OF BEGINNING of the within described real estate;thence continuing North 00 degrees 09 minutes 45 seconds West 60.00 feet to the Southerly line of real estate conveyed to Roy P. Scheid,per a Warranty Deed recorded on page 54 of Deed Record 338 in said Recorder's Office;thence North 89 degrees 50 minutes 15 seconds East on the Southerly line of said real estate and the Easterly prolongation thereof, a total distance of 432.00 feet;thence South 45 degrees 48 minutes 47 seconds East 142.00 feet;thence South 58 degrees 02 minutes 27 seconds East 247.00 feet;thence North 68 degrees 05 minutes 48 seconds East 41.89 feet;thence North 22 degrees 21 minutes 21 seconds East 9.01 feet to a point on the Northwesterly prolongation of the Southwesterly right-of-way line of a street known locally as Keystone Way East,as said right-of-way was dedicated to the City of Cannel, Indiana,per a document titled "Acknowledgment of Dedication and Acceptance", recorded as Instrument Number 3688 on pages 493 through 497 of Miscellaneous Record 159 in said Recorder's Office;thence South 34 degrees 00 minutes 28 seconds East on said prolongated line and said right-of-way line, a total distance of 248.42 feet;thence North 56 degrees 04 minutes 13 seconds West 128.31 feet;thence South 72 degrees 04 minutes 13 seconds West 38.14 feet; thence North 56 degrees 04 minutes 13 seconds West 51.47 feet;thence North 17 degrees 48 minutes 57 seconds West 48.70 feet to a point on a line that is 50.00 feet Southwesterly of and parallel with the aforesaid line having a course of South 58 degrees 02 minutes 27 second East 247.00 feet;thence North 58 degrees 02 minutes 28 seconds West 213.28 feet;thence North 45 degrees 48 minutes 47 seconds West 149.23 feet;thence North 67 degrees 59 minutes 16 seconds West 38.54 feet to a point on a line that is 40.00 feet South of and parallel with the aforesaid Easterly prolongation of the Southerly line of the real estate described on page 54 of Deed Record 338;thence South 89 degrees 50 minutes 15 seconds East on said line 385.00 feet to a point on a line that bears North 44 18 Merchants Square— 116th Street&Keystone Avenue—City of Carmel degrees 50 minutes 15 seconds East from the place of beginning;thence South 44 degrees 50 minutes 15 seconds West on said line 21.21 feet to the place of beginning, containing 1.184 acres, more or less. Subject to all legal easements and rights-of-way. Dated: February 25, 1998 IM "4�'"� ��te.." '' Looking east from proposed AAA Way at proposed Street"B"at Parcel# 1B 19 Merchants Square— 116th Street & Keystone Avenue—City of Carmel * IN),frf, 0.,. wE do:4- —t.4.—.,.. a n .t .:u• '---"4" +-, . ., ti 'j am"yye'S .�µ i k n'P '- Looking west on the east-west section of propose Street "B" at Parcel # 1B 7. r : ..,7E-.,,..,,,„ V wed 4 „r' � 5 4' Looking southeast on the southeast-northwest section of proposed Street "B" at Parcel # 1B 20 Merchants Square— 116th Street& Keystone Avenue—City of Carmel istgzi ett, y�71 (1� - � ;� d .t �. '-•`! 'lt c ..a „. • Looking northwest from Keystone Way on the southeast-northwest section of proposed Street"B"at Parcel# 1B Parcel # 1 C This tract consists of a strip containing 1.767 acres along the west side of the main portion of the Merchant Square Shopping Center and Marsh Supermarket site. This strip extends north from East 116th Street to the south end of a non-exclusive access easement to extending north to Carmel Drive. This strip of varying width from 82 feet to 35 feet is currently used as an internal access road within the Merchant Square Shopping Center. Located at the north end of this parcel is a non-exclusive roadway easement for ingress and egress that is set out in the Hoosier Motor Club deed as recorded in the Office of the Hamilton County Recorder. This easement is 312 feet long from north to south and 24 feet in width and contains 7,488 square feet or 0.172 acres. This area is considered of only a token value to the underlying fee simple interest in this parcel. The balance of this parcel that is unencumbered contains 1.595 acres. This tract is part of the entire shopping center land tract estimated to contain 28.678 acres more or less. This parcel is legally described as follows: LEGAL DESCRIPTION FOR RIGHT-OF-WAY OF PROPOSED "AAA" WAY DRIVE Part of the South Half of Section 31, Township 18 North, Range 4 East in Clay Township, Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of Section 31, Township 18 North, Range 4 East; thence North 89 degrees 50 minutes 15 seconds East (assumed bearing) on the South line 21 Merchants Square— 116th Street&Keystone Avenue—City of Cannel of the South Half of said Section 31, a distance of 2313.00 feet; thence North 00 degrees 09 minutes 45 seconds West 45.00 feet to the PLACE OF BEGINNING of the within described real estate; thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 82.00 feet; thence North 45 degrees 09 minutes 45 seconds West 31.11 feet; thence North 00 degrees 09 minutes 45 seconds West 160.00 feet thence North 06 degrees 44 minutes 16 seconds West 96.97 feet to a Southwesterly corner of real estate conveyed to Mundy Realty, Inc., per a Warranty Deed recorded as Instrument Number 9749655 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 15 minutes 30 seconds West on the Westerly line of said real estate 316.30 feet; thence South 89 degrees 44 minutes 30 seconds West on said line 6.10 feet; thence North 00 degrees 15 minutes 30 seconds West on said Westerly line and the Northerly prolongation thereof, a total distance of 313.30 feet; thence North 15 degrees 01 minute 43 seconds East 31.38 feet; thence North 27 degrees 17 minutes 26 seconds East 235.11 feet to a point on a line that is 35.00 feet East of and parallel with the East line of real estate conveyed to Hoosier Motor Club, per a Warranty Deed recorded on pages 519 and 520 of Deed Record 329 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 09 minutes 45 seconds West on said line 285.88 feet to the Southerly line of real estate conveyed to Roy P. Scheid, per a Warranty Deed recorded on page 54 of Deed Record 338 in said Recorder's Office; thence South 89 degrees 50 minutes 15 seconds West 35.00 feet to the Easterly line of the aforesaid Hoosier Motor Club real estate;thence South 00 degrees 09 minutes 45 seconds East on said Easterly line 237.00 feet to the Southerly corner of said real estate; thence South 30 degrees 25 minutes 01 second West 94.70 feet; thence South 00 degrees 09 minutes 45 seconds East 328.75 feet to the Northerly line of real estate conveyed to First Indiana Federal Savings Bank, per a Warranty Deed recorded on page 228 of Deed Record 268 in said Recorder's Office; thence South 42 degrees 09 minutes 00 seconds East on said line 26.91 feet to a line that bears North 00 degrees 09 minutes 45 seconds West from the place of beginning; thence South 00 degrees 09 minutes 45 seconds East on said line 549.00 feet to the place of beginning, containing 1.767 acres, more of less. Subject to all legal easements and rights-of-way. Dated: February 25, 1998 22 Merchants Square— 116th Street& Keystone Avenue—City of Carmel li4 r'1. - s v t 'G' a.17; .....,,.. 1124,117 Looking north on proposed AAA Way from East 116th Street at Parcel# 1C . '.........,5-,,--;,.:::;".-:-, 184 :'':i..,',,;,,, r"r� - ; �;. r3, N Looking south on proposed AAA Way from the southeast corner of the U.S. Post Office site at Parcel# 1C 23 Merchants Square— 116th Street & Keystone Avenue—City of Carmel Y ��� % ' ♦ -;q,y,'i .. Z174.° Ird vio '! K [ 5 re3 �# X14 - e Wx 'a es.,r; a d ' x A {: ` i.�f 4 sys y`�tY r a ae ra + ,1;..,..^`.::::.....r�.S. +rrx:i.,� �- f.a ....M.. y Looking south-southwesterly from the northeast corner of the U.S. Post Office site at the proposed AAA Way at Parcel# 1C k 'FlY' Y k ik4.w3_"�. as r +rF9P '$. • xT ek- t-:' q dpa ;e r t 1 i y l I Looking north at proposed AAA Way at Parcel# 1 C in front of the AAA Hoosier Motor Club Property. The paved street is part of the non-exclusive roadway easement already granted to others . 24 Merchants Square— 116th Street&Keystone Avenue—City of Carmel Parcel 1D This tract consist of a 24 feet wide non-exclusive ingress and egress easement that extends north from the Merchants Square shopping center between the Digestive Center, a medical office building, and Fazoli's to the west, and the Indy Tire Center, and Key Bank to the east to Carmel Drive. This tract containing 0.249 acre, currently serves as public access, and is of only a token value to the underlying fee simple ownership. This parcel is legally described as follows: LEGAL DESCRIPTION OF EXISTING INGRESS -EGRESS EASEMENT Part of the South Half of Section 3 1,Township 18 North, Range 4 East in Clay Township Hamilton County, Indiana, described as follows: Commencing on the South line of the South Half of Section 31,Township 18 North, Range 4 East,North 89 degrees 50 minutes 15 seconds East(assumed bearing)2313.00 feet from the Southwest corner thereof,thence North 00 degrees 50 minutes 15 seconds West 866.00 feet;thence parallel with the South line of said Half Section, North 89 degrees 50 minutes 15 seconds East 258.43 feet;thence North 00 degrees 09 minutes 45 seconds West 299.72 feet;thence parallel with the South line of said Half Section, South 89 degrees 50 minutes 15 seconds West 137.05 feet;thence North 00 degrees 09 minutes 45 seconds West 312.00 feet to the POINT OF BEGINNING; thence continuing North 00 degrees 09 minutes 45 seconds West 451.29 feet to the South right-of-way line of Cannel Drive;thence on the said right-of-way line, North 89 degrees 55 minutes 00 seconds East 24.00 feet;thence South 00 degrees 09 minutes 45 seconds East 451.26 feet;thence parallel with the South line of said Half Section, South 89 degrees 50 minutes 15 seconds West 24.00 feet to the place of beginning, containing 0.249 acre,more or less. Subject to all legal easements and rights-of-way. Dated: February 25, 1998 25 Merchants Square— 116th Street& Keystone Avenue—City of Carmel •�x' i1.� ,k, 1‘ T� as , ,4 a4# kat— L ,,�� r,; t �g4,104 * , ` e g -t sn �r * r ,�b sz-.4- - - ..,� 'rdi% � *If.,,,, � a s4.,:r4,,..-_ ,..,„: . w Looking north at proposed AAA Way at the non-exclusive ingress and egress easement Parcel#1 D `‘R.1411._,_ J4 14 - •L' t 11 ' ir .)-44-,1-:-;4'. .. ° -- ' '` ma: '' ; "io- 4'„"`A.,44/,`,A x -:444,.., l�,; �. �� = ti- r - .. • am < j'�, ; . Looking south from Carmel drive at proposed AAA at the non-exclusive ingress and egress easement ParcelWay# 1D 26 Merchants Square— 116th Street&Keystone Avenue—City of Carmel Parcel # 2 This parcel consists of a triangular shaped tract off the west side of a land tract owned by Indiana Properties but under a short term lease purchase agreement to Gary Linder. The larger parcel from which the land is being acquire contains 1.484 acres. This acquisition contains 0.022 acres more or less or 958 square feet more or less. This parcel is legally described as follows: LEGAL DESCRIPTION FOR RIGHT-OF-WAY OF PROPOSED "RELOCATION OF KEYSTONE WAY" (To be obtained from Indiana Properties, Inc.) Part of the South Half of Section 31, Township 18 North, Range 4 East in Clay Township, Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of Section 31, Township 18 North, Range 4 East; thence North 89 degrees 50 minutes 15 seconds East (assumed bearing) on the South line of the South Half of said Section 31, a distance of 2313.00 feet; thence North 00 degrees 09 minutes 45 seconds West 45.00 feet; thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 82.00 feet" thence North 45 degrees 09 minutes 45 seconds West 31.11 feet; thence North 00 degrees 09 minutes 45 seconds West 160.00 feet thence North 06 degrees 44 minutes 16 seconds West 96.97 feet to a Southwesterly corner of real estate conveyed to Mundy Realty, Inc., per a Warranty Deed recorded as Instrument Number 9749655 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 15 minutes 30 seconds West on the Westerly line of said real estate 316.30 feet; thence South 89 degrees 44 minutes 30 seconds West on said line 6.10 feet; thence North 00 degrees 15 minutes 30 seconds West on said Westerly line and the Northerly prolongation thereof, a total distance of 313.30 feet; thence North 15 degrees 01 minute 43 seconds East 31.38 feet; thence North 27 degrees 17 minutes 26 seconds East 235.11 feet to a point on a line that is 35.00 feet East of and parallel with the East line of real estate conveyed to Hoosier Motor Club, per a Warranty Deed recorded on pages 519 and 520 of Deed Record 329 in the Office of the Recorder of Hamilton County, Indiana; thence North 00 degrees 09 minutes 45 seconds West on said line 285.88 feet to the Southerly line of real estate conveyed to Roy P. Scheid, per a Warranty Deed recorded on page 54 of Deed Record 338 in said Recorder's Office; thence North 89 degrees 50 minutes 15 seconds East on the Southerlyline of said real estate and the Easterly prolongation thereof, a total distance of 432.00 feet; thence South 45 degrees 48 minutes 47 seconds East 142.00 feet; thence South 58 degrees 02 minutes 27 seconds East 247.00 feet; thence North 68 degrees 05 minutes 48 seconds East 41.89 feet; thence North 22 degrees 21 minutes 21 seconds East 9.01 feet to a point on the Northwesterly prolongation of the Southwesterly right-of-way line of a street known locally as Keystone Way East, as said right-of-way was dedicated to the City of Cannel, Indiana, per a document titled "Acknowledgment of Dedication and Acceptance", recorded as Instrument Number 3688 on pages 493 through 497 of Miscellaneous Record 159 in said Recorder's Office; thence South 34 degrees 00 minutes 28 seconds East on said prolongated line and said right-of-way line, a total distance of 60.05 feet; thence North 22 degrees 21 minutes 21 seconds East 60.05 feet to the Northeasterly right-of-way line of said Keystone Way East and the PLACE OF BEGINNING of the within described real estate; thence containing North 22 degrees 21 minutes 21 seconds East 27 Merchants Square—116th Street& Keystone Avenue—City of Carmel 59.87 feet; thence North 14 degrees 44 minutes 09 seconds East 53.14 feet to a point on the Easterly right-of-way line of a street known locally as Keystone Way, as said right-of-way was dedicated to the City of Cannel, Indiana, per the aforesaid dedication document, said point being also on a non-tangent curve, the radius point of which hes 174. 10 feet North 75 degrees 15 minutes 51 seconds West from said point; thence Southwesterly, curving to the right on said right-of-way line, an arc distance of 100.26 feet to its intersection with the aforesaid Northeasterly right-of-way line of Keystone Way East; thence South 34 degrees 00 minutes 28 seconds East on said Northeasterly right-of-way line 26.79 feet to the place of beginning, containing 0.022 acre, more or less. Subject to all legal easements and rights-of-way. Dated: February 25, 1998 ti,Psi to a► . ;Yr':;41114:5"' 's"`f14:" h`XY`4 .rSrs n t:• f .k • .,itg,-§re4 t <• •man - .. avfi t▪ „.; + y .'t "` �•'Sa 'RfP"e,cr� " 'xW at , ▪ d° » 4r a Sri Looking northerly on Keystone Way at Parcel#2 28 Merchants Square— 116th Street& Keystone Avenue—City of Carmel Parcel#3 This parcel consists of a fifteen feet wide strip off of the entire east side of the AAA Hoosier Motor Club. This property is improved with AAA Motor Club office and The Digestive Center, a medical office building. The larger parcel from which the proposed right-of-way is to be acquired contains 1.967 acres more or less. The proposed acquisition consists of 0.148 acre more or less or 6,447 square feet. This parcel can legally be described as follows. LEGAL DESCRIPTION FOR RIGHT-OF-WAY OF PROPOSED "AAA" WAY DRIVE (To be obtained from Hoosier Motor Club) Part of the South Half of Section 31, Township 18 North, Range 4 East in Clay Township,Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of the Southwest Quarter of Section 31, Township 18 North, Range 4 East;thence North 89 degrees 50 minutes 15 seconds East(assumed bearing)on the South line of said Southwest Quarter 2313.00 feet;thence North 00 degrees 09 minutes 45 seconds West 866.00 feet;thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 258.43 feet;thence North 00 degrees 09 minutes 45 seconds West 299.72 feet; thence South 89 degrees 50 minutes 15.seconds West 137.05 feet;thence North 00 degrees 09 minutes 45 seconds West 75.00 feet to the Southeast corner of real estate conveyed to the Hoosier Motor Club, per a Warranty Deed recorded on page 519 of Deed Record 329 in the Office of the Recorder of Hamilton County, Indiana, said corner being the PLACE OF BEGINNING of the within described real estate;thence continuing North 00 degrees 09 minutes 45 seconds West on the East line of said real estate 428.29 feet to the Northeasterly corner of said real estate at a point that is 300.00 feet South 00 degrees 09 minutes 45 seconds East of the centerline of Carmel Drive; thence South 89 degrees 55 minutes 00 seconds West on the North line of said real estate, measured parallel with the centerline of Carmel Drive 15.00 feet;thence South 00 degrees 09 minutes 50 seconds East parallel with the Easterly line of said real estate 428.31 feet to the South line of said real estate;thence North 89 degrees 50 minutes 15 seconds East on the South line of said real estate 15.00 feet to the place of beginning, containing 0. 148 acre, more or less. Subject to all legal easements and rights-of-way. Dated: February 25, 1998 29 Merchants Square— 116th Street& Keystone Avenue—City of Carmel 111 �Nty- f f J _ . !' ,-4'-- ...''• t -' .4f (` t -n: t , X38,t7 9 s 7 F Looking north on proposed AAA Way form the south end of Parcel#3 ti /,',,,' Fs' AR Looking south along proposed AAA Way from the middle of Parcel#3 30 4 Merchants Square— 116th Street&Keystone Avenue—City of Cannel .d :,fir ... - _ri '' ••Wig,.b' „. .'. t't-' _ .. ' 'N '' ,. �. i:,-,,,,L,4,-.N,-,A,-,:t4,, ,, s,�., �„j?-�� �7:7.5.414.-E*,,,,:.* :,..*,.. � � �-e u. -.� <�a ';i;`7�"a.a„�"`` '�" .,�y``b'' ...r t ,� ier ,} d '3N`i,:: 'i`�' y .: �,'-As �+y` 4,%. .,fir 4..g^ry-,..':,',1, ...:::,,-4.„,,Z,.',.`,,',,, ;. ,,•,4, z ,,` 'rttVik' >a:c F ,' tt`as.:il" Z4Y t*, Si" . a c. Looking north along AAA Way from the middle of Parcel#3�` • x 4 r ,- "•' `' , cam .; -:' r � ' � ',.t.. +art --+�sF& r* ..1:. .- 4 s" ' ..'''4,!* •=41_..,..:',4.:4i717, e- E. w �' J- ' .t ` �s, '� �s Si yp#a. # ✓ . sf". - s '�'� w "'RtrYp E Y�y.� �pky Looking south along proposed AAA Way from the north end of Parcel#3 31 Merchants Square— 116th Street& Keystone Avenue—City of Cannel Parcel #4 This parcel is to be acquired from the west side of the Indy Tire Center property. This parcel contains 0.039 acre or 1,699 square feet, and is 7 feet wide at the north end. The acquisition then extends south 179 feet to a point where it angles southeast to provide a corner cut at the intersection of proposed AAA Way and proposed Street "B". The large parcel consists of a 0.923-acre tract. This parcel can legally be described as follows. LEGAL DESCRIPTION FOR ADDITIONAL RIGHT-OF-WAY FOR PROPOSED "AAA" WAY DRIVE (To be obtained from Roy P. Scheid) Part of the South Half of Section 31, Township 18 North,Range 4 East in Clay Township, Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of the Southwest Quarter of Section 31,Township 18 North,Range 4 East; thence North 89 degrees 50 minutes 15 seconds East(assumed bearing) on the South line of said Southwest Quarter 2313.00 feet; thence North 00 degrees 09 minutes 45 seconds West 866.00 feet; thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 258.43 feet;thence North 00 degrees 09 minutes 45 seconds West 299.72 feet;thence South 89 degrees 50 minutes 15 seconds West 135.07 feet; thence North 00 degrees 09 minutes 45 seconds West 312.00 feet to the Southwest corner of a 24 foot wide perpetual non-exclusive roadway easement for ingress and egress,per an Instrument recorded in Deed Record 316, pages 15 and 16 in the Office of the Recorder of Hamilton County, Indiana;thence North 89 degrees 50 minutes 15 seconds East on the South line of said easement 24.00 feet to the Southeast corner of said easement and the PLACE OF BEGINNING of the within described real estate; thence North 00 degrees 09 minutes 45 seconds West on the Easterly line of said easement 201.26 feet to the Northwesterly corner of real estate conveyed to Roy P. Scheid,per a Warranty Deed recorded on page 54 of Deed Record 338 in said Recorder's Office, said corner being 290.00 feet South 00 degrees 09 minutes 45 seconds East of the centerline of Carmel Drive; thence North 89 degrees 55 minutes 00 seconds East on the Northerly line of said Scheid real estate, measured parallel with the centerline of said Carmel Drive 7.00 feet; thence South 00 degrees 09 minutes 45 seconds East parallel with the East line of said easement 179.00 feet; thence South 51 degrees 41 minutes 34 seconds East 35.76 to a point on the South line of said Scheid real estate that is 35.00 feet North 89 degrees 50 minutes 15 seconds East of the place of beginning; thence South 89 degrees 50 minutes 15 seconds West on said South line 35.00 feet to the place of beginning, containing 0.039 acre, more or less. Subject to all legal easements and rights-of-way. Dated: February 25, 1998 32 1 Merchants Square— 116th Street&Keystone Avenue—City of Carmel \ ., \- 1 I '! yI i.,- >� .fit y .. _"'tea• `5 a Looking north from the intersection of proposed AAA Way and proposed Street"B"at Parcel#4 +Y1t+ r r yY'°sc a ; J�, Tei ,-.~:4',''...r '"+.€„�>•.*". �� #*. � ,fib�'1}r ,?� � `.r -v'" *-. y ` .-.1., ' t S t r -, �.,-3/4,,_'1 m '''' .1ffi� .! yi r+1'.• *:'M t W.a .. k'C 3 Looking south along proposed AAA Way at Parcel 4 33 Merchants Square— 116th Street& Keystone Avenue—City of Carmel Parcel#5 This acquisition is to be acquired from the Key Bank Property at the southeast corner of Carmel drive and proposed AAA Way. The acquisition is 18 feet wide at the southwest corner of the property and extends north parallel with the non-exclusive ingress and egress easement identified as Parcel # 1D, a distance of 232 feet. At this point the proposed right-of-way line angles to provide a corner cut at the southeast Corner of Carmel Drive and proposed AAA Way. The acquisition is 43 feet in length along the south side of Carmel Drive. The acquisition contains 0.109 acre or 4,748 square feet and is acquired from the larger parcel that consists of 1.198 acres. This parcel can legally be described as follows. LEGAL DESCRIPTION FOR ADDITIONAL RIGHT-OF-WAY FOR PROPOSED "AAA!'WAY DRIVE (To be obtained from The American National Bank) Part of the South Half of Section 3 1,Township 18 North, Range 4 East in Clay Township,Hamilton County, Indiana, described as follows: Commencing at the Southwest comer of the Southwest Quarter of Section 3 1,Township 18 North, Range 4 East; thence North 01 degree 04 minutes 45 seconds West(assumed bearing)on the West line of said Quarter Section 1752.85 feet to the centerline of Cannel Drive; (the next five courses being on the centerline of Cannel Drive) 1.) thence North 89 degrees 55 minutes 00 seconds East 600.00 feet to the point of curvature of a curve to the left, said curve having a delta angle of 20 degrees 00 minutes 00 seconds and a radius of 1145.92 feet;thence in a Northeasterly direction on said curve, 400.00 feet to the point of tangency thereof,thence North 69 degrees 55 minutes 00.9econds East 238.51 feet to the point of curvature of a curve to the right, said curve having a delta angle of 20 degrees 00 minutes 00 seconds and a radius of 1145.92 feet;thence in a Northeasterly direction on said curve, 400.00 feet to the point of tangency thereof,thence North 89 degrees 55 minutes 00 seconds East 880.12 feet to a point on the Northerly prolongation of the East line of a 24 foot wide perpetual non-exclusive roadway easement for ingress and egress per an instrument recorded in Deed Record 316 on pages 15 and 16 in the Office of the Recorder of Hamilton County, Indiana;thence South 00 degrees 09 minutes 45 seconds East on said prolongated line 40.00 feet to the South right-of-way line of Cannel Drive and the PLACE OF BEGINNING of the within described real estate;thence North 89 degrees 55 minutes 00 seconds East on said South right-of-way line 43.00 feet;thence South 54 degrees 08 minutes 09 seconds West 30.79 feet to a point on a line that is parallel with and 18.00 feet East of the East line of the aforesaid non-exclusive easement for ingress and egress;thence South 00 degrees 09 minutes 45 seconds East parallel with said East line 232.00 feet to the South line of real estate conveyed to The American National Bank,per a Warranty Deed recorded on pages 605 and 606 of Deed Record 330 in said Recorders Office;thence South 89 degrees 55 minutes 00 seconds West on said South line 18.00 feet to the West line of said real estate, being also the East line of the aforesaid easement;thence North 00 degrees 09 minutes 45 seconds West on said common line 250.00 feet to the place of beginning, containing 0. 109 acre, more or less. Subject to all legal easements and rights-of-way. Dated: February 26, 1998 34 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ti .. -.civ" re"--' r, o * ^4 ` : a' 1 xit ;v .: y Y ,i x '" v°`" A *�u ;o cii" .- , , im-� : } , 4,{d� } $ e� Y� x ;11''C '4 C-i, is . a -, �. � ' �X �° „ �dt , :'� � '`•:A xi '9R , t ,r Y .: F� gyp,. ri '' . : . z € '- 4x .. ,ateA Aast ',,i,—t..44.` f�� R ,Iax a .41s 'p-TyT-� T _ 'aS4 a} ! ' .f' k ; , .k'rtK q+. „ra���,� 's-; i ,�,4t {: � •12".n a _.. t 3i'_. } Looking north along proposed AAA Way at the proposed right of way along the east side of the non-exclusive ingress and egress easement identified as Parcel# 1D 1111 ',,:C64RMaa at �, a 1. iw m '" q 1 j t 'AA ..rte, { -- ..,-;,,t''';',';;•4---*- *p•^ :,,,...» p 4. Looking south from Carrnel Drive at Parcel #5 along and parallel to the non-exclusive ingress and egress easement identified as Parcel# 1 D 35 Merchants Square— 116th Street& Keystone Avenue—City of Carmel Parcel # 6 This acquisition is from the east side of the Fazoli's restaurant property. The acquisition consists of 0.053 acre or 2,309 square feet. The acquisition is 15 feet wide at the south end and extends north from the southeast corner of the property 242 feet to a point where it angles northwest to a point along the south side of Carmel Drive that is 33 feet west of the northeast corner of the property. This acquisition is being acquired from the larger parcel that consists of 1.373 acres. This parcel can legally be described as follows: LEGAL DESCRIPTION FOR ADDITIONAL RIGHT-OF-WAY FOR PROPOSED "AAA!'WAY DRIVE (To be obtained from U.S. Restaurant Properties Operating L.P.) Part of the South Half of Section 3 1,Township 18 North, Range 4 East in Clay Township, Hamilton County, Indiana, described as follows: Commencing at the Southwest comer of the Southwest Quarter of Section 31,Township 18 North, Range 4 East; thence North 01 degree 04 minutes 45 seconds West(assumed bearing) on the West line of said Quarter Section 1752.85 feet to the centerline of Carmel Drive; (the next five courses being on the centerline of Carmel Drive) 1.) thence North 89 degrees 55 minutes 00 seconds East 600.00 feet to the point of curvature of a curve to the left, said curve having a delta angle of 20 degrees 00 minutes 00 seconds and a radius of 1145.92 feet;thence in a Northeasterly direction on said curve, 400.00 feet to the point of tangency thereof,thence North 69 degrees 55 minutes 00 seconds East 238.51 feet to the point of curvature of a curve to the right, said curve having a delta angle of 20 degrees 00 minutes 00 seconds and a radius of 1145.92 feet;thence in a Northeasterly direction on said curve, 400.00 feet to the point of tangency thereof,thence North 89 degrees 55 minutes 00 seconds East 856.12 feet to a point on the Northerly prolongation of the West line of a 24 foot wide perpetual non-exclusive roadway easement for ingress and egress per an instrument recorded in Deed Record 316 on pages 15 and 16 in the Office of the Recorder of Hamilton County, Indiana;thence South 00 degrees 09 minutes 45 seconds East on said prolongated line 40.00 feet to the South right-of-way line of Carmel Drive and the PLACE OF BEGINNING of the within described real estate;thence South 89 degrees 55 minutes 00 seconds West on said South right-of-way line 35.00 feet;thence South 54 degrees 21 minutes 20 seconds East 30.82 feet to a point on a line that is parallel with and 8.00 feet West of the West line of the aforesaid non-exclusive easement for ingress and egress;thence South 00 degrees 09 minutes 45 seconds East parallel with said West line 242.00 feet to the South line of real estate conveyed to U.S. Restaurant Properties Operating, L.P.per a Special Warranty Deed recorded as Instrument Number 9712126 in said Recorders Office;thence North 89 degrees 55 minutes 00 seconds East on said South line 8.00 feet to the East line of said real estate, being also the West line of the aforesaid easement;thence North 00 degrees 09 minutes 45 seconds West on said common line 260.00 feet to the place of beginning, containing 0.053 acre,more or less. Subject to all legal easements and rights-of-way. Dated: February 26, 1998 36 4 Merchants Square-116th Street& Keystone Avenue-City of Carmel it 1 a IL • Y t1 i ate- -2*-:, s, ., .t k M;- ;:4 t 2 Pip 1�' • :-P. -..,.,04-....-----.... .,,_...,,,,, 1 „,,,, r; '3' YJ :< yam`."*-s w•: ,o,14.4 .:.::::::,.„ : ,...,, , , r:.:„..s.;,„:„..... L 1y f t . «t r,:.�^ „,,,,_ , .,,,,:,_,,,.. ,....... , - ._ ,, _ .,.,.,,, , , . _ ,..„ ,,,,,„. ,, ,.„,,, ,., ,,,, : ., ,,,. ,,,„:„.:. ,. , _ ._, ......,..,,„ ,,,,,....,... , 0„,x,. _ Looking south from Carmel drive along the west side of the non-exclusive ingress and egress easement at Parcel #6 f ' '0 , .- l 'l. till -i.:•'.". -`-r= _ .k ,.. ,?-, ,..ilfilt*w:. ' •--4f4t1.1.-)6.:'•,t, - .''' If - --:— ' . ,..s,, .. .„ . __ ,,, ,„,,,....,..,,,-„,....„,, .. -,„4 c ,__,.. w. 55e, �«; s pr i ..=f{c.L«i t iq..+' '.� t ", •ter b 4'jks'�.t�#4/g, '_.e ..` ^1 g. ,tom, 4 te �� 'r y, s F' , , _ '',....a. .,r -e�4.€' Y r.„ --:,,AJo : �,, a Looking north along the west side of the non-exclusive ingress and egress easement identified as Parcel# 1 D at Parcel#6 37 Merchants Square— 116th Street&Keystone Avenue—City of Carmel Parcel#7—Vacation of Keystone Way East This parcel is basically a irregular shaped tract along the northeast side of Keystone Way East that adjoins the Indiana Properties tract that is now under the control of Gary Linder. This tract containing 0.153 acre or 6,665 square feet and will be vacated and added to the Indiana Properties tract.After the acquisition of Parcel#2 and the vacation of Parcel#7 the Indiana Properties tract will contain 1.615 acres. This parcel can legally be described as follows: LEGAL DESCRIPTION FOR VACATION OF RIGHT-OF-WAY OF KEYSTONE WAY EAST Part of the South Half of Section 31, Township 18 North, Range 4 East in Clay Township, Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of Section 31, Township 18 North, Range 4 East;thence North 89 degrees 50 minutes 15 seconds East(assumed bearing)on the South line of the South Half of said Section 31, a distance of 2313.00 feet;thence North 00 degrees 09 minutes 45 seconds West 45.00 feet;thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 82.00 feet;thence North 45 degrees 09 minutes 45 seconds West 31.11 feet;thence North 00 degrees 09 minutes 45 seconds West 160.00 feet thence North 06 degrees 44 minutes 16 seconds West 96.97 feet to a Southwesterly corner of real estate conveyed to Mundy Realty, Inc.,per a Warranty Deed recorded as Instrument Number 9749655 in the Office of the Recorder of Hamilton County, Indiana;thence North 00 degrees 15 minutes 30 seconds West on the Westerly line of said real estate 316.30 feet;thence South 89 degrees 44 minutes 30 seconds West on said line 6.10 feet;thence North 00 degrees 15 minutes 30 seconds West on said Westerly line and the Northerly prolongation thereof, a total distance of 313.30 feet;thence North 15 degrees 01 minute 43 seconds East 31.38 feet;thence North 27 degrees 17 minutes 26 seconds East 235.11 feet to a point on a line that is 35.00 feet East of and parallel with the East line of real estate conveyed to Hoosier Motor Club,per a Warranty Deed recorded on pages 519 and 520 of Deed Record 329 in the Office of the Recorder of Hamilton County, Indiana;thence North 00 degrees 09 minutes 45 seconds West on said line 285.88 feet to the Southerly line of real estate conveyed to Roy P. Scheid,per a Warranty Deed recorded on page 54 of Deed Record 338 in said Recorder's Office;thence North 89 degrees 50 minutes 15 seconds East on the Southerly line of said real estate and the Easterly prolongation thereof, a total distance of 432.00 feet;thence South 45 degrees 48 minutes, 7 seconds East 142.00 feet;thence South 58 degrees 02 minutes 27 seconds East 247.00 feet;thence North 68 degrees 05 minutes 48 seconds East 41.89 feet;thence North 22 degrees 21 minutes 21 seconds East 9.01 feet to a point on the Northwesterly prolongation of the Easterly right-of-way line of a street known locally as Keystone Way East,as said right-of-way was dedicated to the City of Carmel, Indiana,per a document titled "Acknowledgment of Dedication and Acceptance", recorded as Instrument Number 3688 on pages 493 through 497 of Miscellaneous Record 159 in said Recorder's Office;thence South 34 degrees 00 minutes 28 seconds East on said prolongated line and said right-of-way line,total distance of 60.05 feet to the PLACE OF BEGINNING of the within described real estate;thence North 22 degrees 21 minutes 21 seconds East 60.05 feet to the Northeasterly right-of-way line of said Keystone Way East;thence South 34 degrees 00 minutes 28 seconds East on said right-of-way line 211.88 feet; thence North 56 degrees 04 minutes 13 seconds West 133.11 feet to aforesaid Southwesterly right-of-way line of Keystone Way East;thence North 34 degrees 00 minutes 28 seconds West on said right-of-way line 55.25 feet to the place of beginning, containing 0.153 acre, more or less. 38 Merchants Square— 116th Street& Keystone Avenue—City of Carmel Subject to all legal easements and rights-of-way. Dated: February 25, 1998 R �, `k x ., t`' k 17'h .'�'� p oc:�.-,- `.i z�.r, . '�f., ,a. 4 Sr :"'' t r Y ,�,vim ,, v T K ^.� iA ��,i ` " 3s`��f. r - 4 t T.t'�* 4 �+Tc -• r �'��'�‘5,-,i,„:,--:,,,,:,.,n _JD" t� �•,�, ,� :�_ 3 t,� r�� ------- ',2 ---.. , %.;-*,.,,ftrii-'.4.,K4,„r1-v,. :....N, 'S'e "f�-t gw y. f4L.i ` .am Looking northwesterly at Parcel#7 Vacation of Keystone Way East Parcel 7A Vacation of Keystone Way This parcel containing 0.029 acre or 1,263 square feet is basically a triangular shaped tract along the west side of Keystone Way that will be vacated to the tract to the west of unknown ownership. The tract to which this parcel will be vacated contains an estimated 0.50-acre more or less. This parcel can legally be described as follows: LEGAL DESCRIPTION FOR VACATION OF RIGHT-OF-WAY OF KEYSTONE WAY Part of the South Half of Section 31,Township 18 North,Range 4 East in Clay Township,Hamilton County, Indiana, described as follows: Commencing at the Southwest corner of Section 31,Township 18 North,.Range 4 East;thence North 89 degrees 50 minutes 15 seconds East(assumed bearing)on the South line of the South Half of sad Section 31,a distance of 2313.00 feet;thence North 00 degrees 09 minutes 45 seconds West 45.00 feet;thence North 89 degrees 50 minutes 15 seconds East parallel with said South line 82.00 feet;thence North 45 degrees 09 minutes 45 seconds West 31.11 feet;thence North 00 degrees 09 minutes 45 seconds West 160.00 feet thence North 06 degrees 44 minutes 16 seconds West 96.97 feet to a Southwesterly corner of real estate conveyed to Mundy Realty, Inc.,per a Warranty Deed recorded as Instrument Number 9749655 in the Office of the Recorder of Hamilton County,Indiana;thence North 00 degrees 15 minutes 30 seconds West on the Westerly line of said real estate 316.30 feet;thence South 89 degrees 44 minutes 30 seconds West on said line 6.10 feet;thenceNorth 00 degrees 15 minutes 30 seconds West on said Westerly line and the Northerly prolongation thereof,a total distance of 313.30 feet; 39 Merchants Square— 116th Street& Keystone Avenue—City of Carmel thence North 15 degrees 01 minute 43 seconds East 31.38 feet;thence North 27 degrees 17 minutes 26 seconds East 235.11 feet to a point on a line that is 35.00 feet East of and parallel with the East line of real estate conveyed to Hoosier Motor Club, per a Warranty Deed recorded on pages 519 and 520 of Deed Record 329 in the Office of the Recorder of Hamilton County, Indiana;thence North 00 degrees 09 minutes 45 seconds West on said line 285.88 feet to the Southerly line of real estate conveyed to Roy P. Scheid,per a Warranty Deed recorded on page 54 of Deed Record 338 in said Recorder's Office;thence North 89 degrees 50 minutes 15 seconds East on the Southerly line of said real estate and the Easterly prolongation thereof, a total distance of 432.00 feet;thence South 45 degrees 48 minutes,7 seconds East 142.00 feet;thence South 58 degrees 02 minutes 27 seconds East 247.00 feet;thence North 68 degrees 05 minutes 48 seconds East 41.89 feet;thence North 22 degrees 21 minutes 21 seconds East 9.01 feet to a point on the Northwesterly prolongation of the Easterly right-of-way line of a street known locally as Keystone Way East,as said right-of-way was dedicated to the City of Cannel,Indiana,per a document titled "Acknowledgment of Dedication and Acceptance",recorded as Instrument Number 3688 on pages 493 through 497 of Miscellaneous Record 159 in said Recorder's Office said point being the PLACE OF BEGINNING of the within described real estate;thence continuing North 22 degrees 21 minutes 21 seconds East 33.50 feet;thence North 18 degrees 43 minutes 12 seconds East 90.80 feet to the point of intersection with the Westerly rightof-way line of a street known locally as Keystone Way and the South line of real estate conveyed to Barnes Investment Company,per a Warranty Deed recorded as Instrument Number 9502489 in said Recorder's Office, said right-of-way line being on a nontangent curve,the radius point of which hes 124.10 feet North 71 degrees 16 minutes 48 seconds West from said point of intersection;thence Southwesterly,curving to the right on said curve,an are distance of 77.52 feet to a point on the Easterly line of real estate described on page 17 of Deed Record 316 in said Recorder's Office;thence South 00 degrees 09 minutes 45 seconds East on said Easterly line 57.37 feet to a point on the aforesaid Easterly right-of-way line of Keystone Way, said right-of-way line being on a non-tangent curve having a radius of 174.10 feet and a common radius point with the last described curve;thence Northeasterly,curving to the left on said right-of-way line,an arc distance of 3.81 feet to the place of beginning,containing 0.029 acre,more or less. Subject to all legal easements and rights-of-way. Dated:February 25, 1998 .. IP"I i 1 . X -'ss. f �; � .ts .an.-i-_.. i'"4 .fir" .. , G, -, u& at y a}y, y.d+ -'.W^ 3 r'4 fes' ,f. ,, * -4,-;;i *'`- �a ,, 1 ''..,.,4,1i* .,.: j",_-1.-'-.%v''...'', ..' ''''',AN",4,-.`"q,-4‘,4'6.`'.. - ;11t:'-':,.i..',V,,Z.rte....47,!--."' •. .':-'-''',14'',A--'.k.---' 4 1 ^S R4^' lk ay, i 1-05. r �:"�+r�, 106;C:151`; } sile 4%,...„. " nt*� 0,. ,--t _ . ... . 4..., '....„0„ .,.„,-., t....,,.. 4-,....., ..`+,... _ ... $*. !} ... Looking northerly along Keystone Way at parcel#7 A to be vacated 40 Merchants Square— 116th Street&Keystone Avenue—City of Carmel Parcel 8 This parcel consisting of an irregular shaped tract along the south side of Medical Drive East just west of proposed AAA Way contains 5,054.71 square feet of land area per the plat that is included below that was supplied by Phillip A. Nicely, Attorney at Law from his file on this project. This tract is being acquired from the site of First Indiana Federal Savings Bank that contains a total land area of 0.503 acres or 21,911 square feet. Butler, Fairman and Seufert Inc. or the City of Carmel has provided no legal description for this parcel. N /,mom i c n X of Chicago, as Trustee ��*s\°"go,e /` �,,;. -er; 9542347) /`• ~ / / ,O tit ` BF" l F A�D,'\Y/" /. Ili; , r`x. I, __- — _-7----/ _ a- 2..,--3479''''''.1./` a ; ii j / O/ /: 1 I N A ,' `▪ /� a\ m °.-,ter^. :,• i 1 I_ .I ;i �7,:.,.� oo' a\9Aly /• ` -d,�•. o 'S:4el I / pS 2 ano• j �� I \ \\ iia i14-:5,4;*m 3 - � �D l G8d' JC\ �', _, \1 .2 rn ...z.,,.....,‘,RF� L ../ z?C'p O E �n ' s .- ,a \,s1:12;c a J' \ -D� ,'� / n1,': /e, 1 ,1 _s t5 O-. ,/-D y „,- ry I n I- I'!r' � o � /' iY 243 0 0. -• /�' � 7, 5 I. ,” . / ! c .I\ o .a 41 S , �� �° r J I i ,; :# 6i , T. , , f' • ', S J � ._ I \� o ,.nn ,= N Keystone So..ore Sropo g Center Cycponyy: , '�� n \ — 77 �` r s'. ,Z t o �s�,;art- - r - IPLAT OF PARCEL#8 41 Merchants Square—116th Street&Keystone Avenue—City of Carmel • L r r ,,,. Lr �. Looking westerly from proposed AAA Way toward Parcel#8 • vref rim s � v � Looking east—southeasterly from Medical Drive East toward Parcel#8 42 Merchants S.uare— 116th Street& Ke stone Avenue—Cit of Carmel AREA ANALYSIS The subject parcels are all located within the city of Carmel, in Hamilton County, which is a part of the nine-county Indianapolis Metropolitan Statistical Area (MSA). The subject property,the city of Carmel, and Hamilton County are subject to the influences both of Marion County and the Indianapolis metropolitan area. Thus, the Indianapolis MSA, Marion County, and Hamilton County are analyzed in this section. The location of the subject within the area is shown on the accompanying map. Marion County is the largest county included in the nine counties comprising the Indianapolis Metropolitan Statistical Area (MSA). Until 1993, the MSA consisted of eight counties; however, in 1990 the census showed that a significant percentage of Anderson and Madison County residents commute to Indianapolis, and Madison County was added to the MSA. Indianapolis is the state capital and county seat of Marion County. It is located in the geographic center of Indiana, approximately 110 miles north of Louisville, Kentucky, 110 miles northwest of Cincinnati, Ohio and 175 miles southeast of Chicago, Illinois. One of the major reasons for Indianapolis MSA 's economic vitality, size and growth is its accessible location. The city is served by numerous interstates including 1-65, 1-69, 1-74, and 1-70. All of these interstate highways connect with 1-465, which is an interstate that encircles Indianapolis in a six to ten-mile radius from the central business district. Numerous rail lines, including both passenger and freight, and the Indianapolis International Airport also serve the city. More interstate highways and railroads converge in Indianapolis than anywhere in the United States, thus the nickname of Indianapolis as the "Crossroads of America". Indianapolis has a high diversification of employment, as it is the state capital and the county seat of Marion County. The city's position as the state capital makes it a center of government employment. The two largest employers in the city are the federal government with 20,000 employees and the State of Indiana with approximately 13,500 employees. Indianapolis/Marion County has 4,500 employees. The city also has a number of large service and retail-oriented employers, such as the hospitals, the utilities, banks, and groceries. As will be shown later, much of the recent employment has occurred in these areas. Population The nine-county Indianapolis Metropolitan Statistical Area (MSA) is one of the thirty largest in the United States in population while Indianapolis is the twelfth largest city. The following table shows population changes in Marion County and the Indianapolis MSA (which includes Marion County and the nine contiguous counties). The 1960, 1970, 1980, 1990, and 1995 figures were obtained from the Bureau of Census, while projections were obtained from the "Indiana Business Research Center, Indiana University." This agency monitors population change through births, deaths, and estimated net migration. 43 Merchants Square— 116th Street& Keystone Avenue—City of Carmel HISTORICAL AND PROJECTED POPULATION Year Indiana MSA Marion County 1960 1,070,294 697,567 1970 1,248,404 792,299 1980 1,306,265 765,233 1990 1,380,491 797,159 1996 1,492,297 817,525 2000 1,459,100 841,300 2010 1,501,200 865,200 SOURCE: 1960-95 Bureau of the Census 2000 + Indiana Business Research Center, Indiana University Population Trends 1,600,000 - 1,400,000 1,200,000 ----- - 1,000,000 800,000 - Indianapolis — 600,000 - a—Marion County 400,000 - 200,000 - 0 coo 0 m 0 rn 0 rn rn rn rn rn 0 0 The table and graph show that the Indianapolis MSA consistently grew in population between 1960 and 1990, with an estimated gain of more than 310,000 persons in 30 years. Most of the growth occurred during the 1960s and the 1970s saw about one-third of the increase of the previous decade. During the 1980s, the population began increasing more rapidly. Between 1990 and 1996, Marion County gained 2.6%, or 20,366 persons. The MSA grew 8.1%, surpassing the projections for 2000. The projections are based on 1990 census data and do not incorporate more recent updates. This illustrates that population in suburban areas has grown more than anticipated. Continued growth is expected, with somewhat slower growth in Marion County. The population of Marion County grew by 13.6% between 1960 and 1970. During the 1970s, however, population began to decline, largely because of out-migration to the suburbs and other areas of the U.S. Since 1980, this trend has reversed and the county's population increased by 4.2% by 1990 and by 2.6% from 1990 to 1996. It is projected that this population growth will continue, and by 2010 the Marion County population will have increased by 8.5% in 20 years, and the MSA population will have increased 8.7%. The phenomenon of a reversal of the decline in urban population has been seen in other Midwestern cities and is a function of several factors, including improved economic conditions and the demographics of the population, particularly age characteristics. 44 Merchants Square- 116th Street& Keystone Avenue-City of Carmel The nine-county Indianapolis Metropolitan Statistical Area (MSA) is one of the thirty largest in the United States in population while Indianapolis is the twelfth largest city. The following table shows population changes in the Indianapolis MSA (which includes Marion County and the eight contiguous counties). The 1960, 1970, 1980, 1990, and 1996 figures were obtained from the Bureau of Census, while 2000 projections were obtained from the "Indiana University Business Research Center". The 1996 estimates have already surpassed the projected 2000 population for Hamilton, Boone, Hancock, Hendricks, Johnson, Morgan, Shelby, and Madison counties. HISTORICAL AND PROJECTED POPULATION ESTIMATES INDIANAPOLIS MSA BY COUNTY 1960 1970 1980 1990 1996 Projected 2000 Total MSA 1,070,294 1 1,248,404 1,306,265 I 1,380,491 1 1,492,297 1,459,100 j Marion 697,567 792,299 765,233 797,159 817,525 841,300 Boone 27,543 30,870 36,446 38,147 42,453 39,900 Hamilton 40,132 54,532 82,027 108,936 147,719 127,800 Hancock 26,665 35,096 43,939 45,527 52,000 47,500 Hendricks 40,896 53,974 69,804 75,717 89,343 80,100 Johnson 43,704 61,138 77,240 88,109 104,280 94,100 Morgan 33,875 44,176 51,999 55,920 63,244 59,400 Shelby 34,093 37,797 39,887 40,307 42,951 40,800 Madison 125,819 138,522 139,690 130,669 132,782 128,200 Source: Census Bureau 1960-1996 Indiana University Business Research Center County Population Trends 160,000 140,000 - 120,000 - .--A--Hamilton 100,000 - -s-Hancock 80,000 - -_________.......„ -'11.1.11- ��/1- -A--Hendricks 60,000 40,000 -�Johnson 20,000 - 0 1960 1970 1980 1990 1996 The graph depicts the population trends for the four adjacent counties to Marion County, which includes Hamilton, Hancock, Hendricks, and Johnson County. Hamilton County had the highest population increase with a 171% total increase from 1960 to 1990. This growth equates to an annually compounded rate of 3.4% over the 30 years. As seen, Hamilton County has experienced substantial growth in population during the period of 1970 through 1990. The following table reflects historical population growth at the township level between 1970 and 1990 for Hamilton County. 45 Merchants Square- 116th Street & Keystone Avenue-City of Carmel HAMILTON COUNTY POPULATION BY TOWNSHIP 1970-1990 --Year- -Percent Change- Township 1970 1980 1990 1994 1970- 1980- 1990- 1980 1990 1994 Adams 4,009 4,307 4,504 4,726 7.4 4.6 4.9 Jackson 5,411 7,435 8,446 9,029 37.4 13.6 6.9 White River 1,671 2,045 2,450 2,171 22.4 19.8 -11.4 Washington 4,789 7,425 9,272 10,514 55.0 24.9 13.4 Noblesville 13,289 18,894 24,247 26,948 42.2 28.3 11.3 Wayne 1,520 1,898 2,071 1,950 24.9 9.1 -5.8 Clay 19,518 32,606 43,007 51,453 67.1 31.9 19.6 Delaware 2,279 4,660 10,524 22,573 104.5 125.8 114.5 Fall Creek 2,046 2,757 4,415 4,788 34.8 60.1 8.5 Hamilton County 54,532 82,027 108,936 134,152 +50.4 +32.8 +23.3 SOURCE: Bureau of Census As can be seen in the table above, Hamilton County's population has virtually doubled since 1970. From 1980 to 1990, population has increased 125.8% in Delaware Township; from 1990 to 1994, the Census Bureau estimates Delaware Township's population increased 114.5%. Numerous residential subdivisions, many of them upper-end, and retail centers have been developed in this area over the last ten years. The subject is located in Clay Township, which has experienced a population increase of 163.6% from 1970 to 1994. Average Effective Buying Incomes and Retail Sales Insight into the economic base of the Indianapolis MSA can be gained through analysis of the average household effective buying income and retail sales per household as displayed in the following table: EFFECTIVE BUYING INCOME AND RETAIL SALES I 1996 I 2001 I %Change Average Household Effective Buying Income: Indianapolis MSA $45,083 $53,394 18.4% Hamilton County 60,703 68,906 13.5% State of Indiana 40,092 48,361 20.6% United States 42,191 48,838 15.8% Retail Sales Per Household Indianapolis MSA $27,036 $30,278 12.0% United States 24,992 28,930 15.8% SOURCE: "Survey of Media Markets,"a supplement to Sales and Marketing Management,August 1996 The Hamilton County average household income far surpasses the MSA, state, and national levels while its retail sales per household is the lowest of the four. The Indianapolis MSA retail sales per household is the highest level of the four and indicates that the majority of the shopping is still done within the MSA boundaries. Retail shopping is somewhat limited in Hamilton County with the five major enclosed regional malls located within Marion County. Since Marion County contains 58% of the area's population, it also contains most of the retail stores; thus, the average retail sales per household in the Indianapolis MSA, which incorporates all nine counties, are above the three other segments. Housing Profile in Hamilton County The trends in housing construction in Hamilton County have generally mirrored population trends. The following table indicates the change in housing stock (by type)from 1980 to 1990 for Hamilton County. Distribution of Hamilton County Housing By Type and Township 46 Merchants Square— 116th Street & Keystone Avenue—City of Carmel I 1 %Change 1980 1990 1980-90 Township Single Mufti Single Multi Single Mufti family Family Family Family Family Family Adams 1,360 125 1,349 125 -.8 0 Jackson 2,307 197 2,638 267 14.3 35.53 While River 603 10 664 6 10.1 -402 Washington 2,003 308 2,486 414 24.1 34.4 Noblesville 5,511 910 6,620 2,224 20.1 144.4 Wayne 506 25 583 12 15.2 -52.6 Clay 9,608 1,582 12,718 2,886 32.4 82.4 Delaware 1,515 41 3,292 968 117.3 226.1 Fall Creek 838 14 1,483 4 77 -71.4 Totals 24,251 3,212 31,833 6,906 31.3 115.0 As this table illustrates, those townships abutting Marion County, Delaware and Fall Creek Townships, have shown the greatest increase in single-family housing with Delaware, Noblesville, and Clay having the largest increase in multifamily housing. Only slight negative growth was indicated for single-family housing in Adams Township, while White River, Wayne, and Fall Creek Townships indicated declines in multifamily housing. Fall Creek Township in particular has illustrated a 77% increase in single-family housing units over the last ten years. Employment Indianapolis has a high diversification of employment, as it is the state capital and the county seat of Marion County. The city's position as the state capital makes it a center of government employment. The two largest employers in the city are the federal government with 20,000 employees and the State of Indiana with approximately 13,500 employees. Indianapolis/Marion County has 4,500 employees. The city also has a number of large service and retail-oriented employers, such as the hospitals, the utilities, banks, and groceries. As will be shown later, much of the recent employment has occurred in these areas. Indianapolis is a major center in the insurance industry with home offices of some 70 insurance companies. The retail industry is also strong within the Indianapolis area; the city has 49 shopping centers averaging more than 50,000 square feet of selling space each, 20 having major department stores as an anchor, and four having more than one million square feet of space. Twenty industrial parks are dispersed throughout the city and its suburbs, and numerous banks meet the financial needs of business, industry, and local residents. The following table shows trends in the nine-county Indianapolis Metropolitan Statistical Area (MSA) labor force and employment since 1990. Indianapolis' unemployment rates are compared to U.S. and state averages. 47 t Merchants Square- 116th Street& Keystone Avenue-City of Carmel EMPLOYMENT AND LABOR FORCE Dec. 1991 1992 1993 1994 1995 1996 1997 Labor Force 727,920 687,550 757,420 803,800 823,870 814,870 836,280 Employed 692,880 652,150 724,090 770,580 792,120 788,470 813,320 Total 35,040 35,400 39,220- 22,220 31,750 26,400 22,960 Unemployed . Indianapolis 4.8% 5.1% 4.4% 4.1% 3.9% 3.2% 2.7% MSA Indiana 5.9% 6.5% 5.3% 4.9% 4.7% 4.1% 3.5% United States 6.7% 7.4% 6.8% 6.1% 5.6% 5.4% 4.7% SOURCE: Indiana Department of Workforce Development The employment data shows that Indianapolis has a relatively healthy economy. The labor force has grown, along with the numbers employed. Indianapolis' unemployment rates have consistently been below state and national averages. The economy has become more diversified in the past decade with the largest gains occurring in service industries. Although the service sector has typically offered lower paying jobs, it is less vulnerable to economic downturns than manufacturing. Thus, the local economy should be more stable. The table on the following page shows the distribution of the Marion County nonagricultural employment by industry in 1985 and 1995. This information indicates that there has been a shift in employment away from manufacturing to other sectors, primarily services. The loss of manufacturing jobs has been more than offset by gains in other types of employment as the result of a 28.2% increase in total employment. New jobs were created in every category of employment except mining and manufacturing. MARION COUNTY COVERED EMPLOYMENT BY INDUSTRY 1985 1995 Change 1985-95 % of % of Industry No. Total No. Total No. % Manufacturing 86,820 20.8 81,680 15.3 -5,140 -5.9 Non-Manufacturing Mining 565 0.01 200 0.04 -365 -64.6 Construction 17,454 4.2 25,340 4.7 7,886 45.2 Transportation, Comm, And Utilities 23,686 5.7 36,190 6.8 12,504 52.8 Wholesale Trade 30,418 7.3 37,980 6.0 7,562 24.9 Retail Trade 80,065 19.2 102,610 19.2 22,545 28.2 Finance, Insurance And Real Estate 35,164 8.4 43,580 8.2 8,416 23.9 Agricultural and Services 93,710 22.5 150,420 28.2 56,710 60.5 Government 48,864 11.7 56,310 10.5 7,446 15.2 TOTALS *416,745 *534,340 *117,595 28.2 SOURCE: Indiana Department of Workforce Development, Labor Market Information Services *Because of rounding,the sum of individual industries may not equal the total, 48 Merchants Square- 116th Street& Keystone Avenue-City of Carmel The Indianapolis economy has become more diversified in the past decade with the largest gains occurring in service industries. This sector has added 56,710 jobs in Marion County within a 10-year period, resulting in the agricultural and service industries becoming the largest source of employment in the country. Another dominant industry is retail trade, which accounts for nearly one-fifth of all jobs. These employment trends mirror those that have occurred nationally over the last decade. HAMILTON COUNTY COVERED EMPLOYMENT BY INDUSTRY 1985 1995 Change 1985-95 % of % of Industry No. Total No. Total No. % Manufacturing 5,072 19.4 9,090 14.3 4,018 79.2 Non-Manufacturing Mining 115 0.4 220 0.4 105 91.3 Construction 1,932 7.4 4,360 7.3 2,428 125.7 Transportation, Comm, and Utilities 2,238 8.6 2,880 4.8 642 28.7 Wholesale Trade 2,211 8.5 4,850 8.1 2,639 119.4 Retail Trade 5,361 20.5 12,780 21.5 7,419 138.4 Finance, Insurance and Real Estate 1,671 6.4 7,070 11.9 5,399 323.1 Agricultural and Services 4,342 16.6 12,180 20.5 7,838 180.5 Government 3,210 12.3 6,120 10.3 2,910 90.7 TOTALS *26,152 `59,560 *33,408 127.7 SOURCE: Indiana Department of Workforce Development, Labor Market Information Services *Because of rounding,the sum of individual industries may not equal the total. In Hamilton County growth has occurred in every sector, including mining. While manufacturing experienced limited growth between 1985 and 1995, other sectors of employment including construction, retail trade, and finance demonstrated dramatic growth. Along with the manufacturing sector, transportation, communications, and utilities, mining, and government realized the smallest gains during this time period. Hamilton County's largest employers include public as well as private businesses. The largest employer is the Carmel Clay School System which has 1,932 full-time employees. Conseco Inc. is the largest private business with 1,784 full-time Hamilton County employees and 3,686 full-time total employees. USA Group, Inc., Thomson Consumer Electronics, and Macmillan Publishing USA are the third, fourth, and fifth largest employers, with Marsh located in the sixth slot with 835 employees in Hamilton County. Marsh employs a total of 8,575 people in their business. Charles Schwab & Co., Inc., Riverview Hospital, Firestone Industrial Products, Co., Indiana Insurance, One Call Communications, St. Vincent Carmel Hospital, Monroe Guaranty Insurance Company, and O'Malia Food Markets are also among the top fourteen employers in the county. The dominant employment sector, both in numbers and in economic impact historically has been the manufacturing sector. The table on the following page shows the 25 largest manufacturing firms ranked by number of full-time employees, as reported by the Indianapolis Business Journal in its annual Book of Business Lists. 49 Merchants Square— 116th Street & Keystone Avenue—City of Carmel INDIANAPOLIS AREA MANUFACTURING EMPLOYERS No. Employed Eli Lilly& Company 8,100 Allison Transmission Div. of General Motors 4,000 Allison Engine Company 4,000 Ford Motor Company-Indianapolis Plant 3,300 GM Metal Fabricating Division 3,040 Navistar International Transportation Corp. 2,200 Boehringer Mannheim Corp. 1,800 Indianapolis Newspapers, Inc. 1,798 United Technologies-Carrier 1,500 Chrysler Corporation Foundry 1,155 Indiana Precision Technology 856 Olin Brass Corporation 850 Knauf Fiber Glass 720 Diamond Chain Company 660 Best Lock Corporation 646 Thomson Consumer Electronics, Inc. 600 National Starch & Chemical Corporation 600 Herff Jones, Inc. 600 Reilly Industries 510 Libby-Owens-Ford 500 Link Belt Bearing Division 500 David R. Webb 500 Interstate Brands 450 Rexnord Corporation, Roller Chain Division 434 Indianapolis Coke 385 SOURCE: Indianapolis Business Journal,Book of Business Lists, 1997 (Current as of July 12, 1996) Summary The subject properties are located at the southern edge of Hamilton County, near the Marion County line, and are therefore subject to the economic and demographic influences of both counties. The Indianapolis MSA has a widely diversified economic base. Although a substantial amount of employment has historically consisted of manufacturing, public and private sectors have identified this weakness in the economic base and are attempting to diminish the importance of the manufacturing sector, while increasing employment in wholesale, retail, service, and miscellaneous industries. The population of Marion County (Indianapolis) declined in recent years, while Hamilton County has experienced significant growth and is projected to continue to do so in the near future. The nine-county Indianapolis Metropolitan Statistical Area (MSA) increased substantially in population during the past twenty years and is expected to continue to gradually increase in forthcoming years. The Indianapolis MSA and Marion County average household effective buying incomes, which are generally equivalent to the average household effective buying within the United States, are projected to exceed the national average in the future. Hamilton County's average household effective buying income exceeds the national, state, and MSA averages and is expected to maintain this leading position through 2000. Present and projected future MSA retail sales per household are to remain above current and future national averages on an absolute basis. The data presented here indicates that economic conditions are generally good in Indianapolis relative to the rest of the state and the nation as evidenced by the expanding employment levels, and the declining unemployment rates. These signs of economic health are expected to continue in the future for both Hamilton County and the Indianapolis MSA. Barring any major economic downturn in the future, it is anticipated that the local economy should remain resilient and experience stable growth. 50 1 Merchants Square— 116th Street & Keystone Avenue—City of Carmel y+r '� .t r VD ' xwmt rr1 E .ea• r s 7 6•e3r41 ciii)._x. 1. we- CCArtIr tea 1 Ale Kan Aria 1 :(ry MA0ISON 5 Grmt 1, Ekia II .. s7 _ _—I"-? t I 7f• '1%4:0 11 .. :%'� a 770, M.Irse•r9 , 4144p e rrarrlter- ei • 14w7od es — . ,. _ 4rM1ia W*1161 it t I � \s •� Te+b.ae Pier., n A AS:1 7 Q N Jrevt Pak.na.i111 Fbrida w».t,.• .r 7 I 7 / xhH-an ..:l.` n . - 1atnlGzn 1714/ 4 (Cal 11 • 1111111 wr. t a -.4.0.'14 Ukeri =57,-„,,.,�! ' au-F• yYe . 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P.•:aU ... ...• • INDIANAPOLIS METROPOLITAN STATISTICAL AREA 51 Merchants Square— 116th Street & Keystone Avenue—City of Carmel NEIGHBORHOOD ANALYSIS A neighborhood is defined as: A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises. 3 The area most closely surrounding the subject, whether it contains residential property, or a mixture of commercial and residential properties, is called a neighborhood. The inhabitants of a neighborhood have a more than casual community of interest. A neighborhood's boundaries consist of well-defined natural or man-made barriers or may be better defined by a distinctive change in land use or in the character of its inhabitants. Neighborhood Description The subject properties are located in the northwest quadrant of 116th Street and Keystone Avenue (US Highway 431) within the southern portion of Hamilton County in the city of Carmel. The boundaries of the subject's neighborhood can be defined as 116th Street to the south, Carmel Drive to the north, Rangeline Road to the west, and Keystone Avenue (US Highway 431) to the east. The area within these boundaries is comprised of mainly commercial development, with scattered multi-family residential properties. The commercial development is a mixture of retail and service oriented uses, as well as smaller single and multi- tenant office buildings. The subject market areas life cycle is within the stability stage, and has and will continue to remain a major commercial area for the City of Carmel and Hamilton County. Historically, the dominant influence of the neighborhood has been the Merchants Square, formerly known as the Keystone Square Mall. At one time, the subject was an enclosed community oriented mall, anchored by a Target Store. The subject includes two other retail strip centers, and five out parcels occupied by National City Bank, the new National City Bank site formerly the F.C. Tucker Real Estate Company Office, Hamilton Beverages, MobilNet, Tuchman Cleaners, and Hardee's Restaurant. The Target store vacated the mall in 1996 and moved north to 151st and Meridian Streets in Westfield, approximately five miles north. The numerous employment centers and residential neighborhoods surrounding the area, however, continued to utilize the retail and service-oriented business in and around the Merchants Square center. This demand from the surrounding population is the economic force supporting the redevelopment of the former Keystone Square Mall as Merchants Square. Land uses immediately surrounding the subject development include Indy Lube, Car-X, Noble Roman's Pizza, Wendy's Restaurant, MCL Cafeteria, F C Tucker Real Estate Company's Carmel Center, Pier One, a small strip center, and a new Sears Hardware store to the northeast. The area west of the subject is comprised of office, mainly medical office, and buildings with specific tenants including AAA, Digestive Health, and the US Post Office along the West Side of AAA Way. The area north of the subject is characterized of mainly restaurant and small service uses along Carmel Drive. The existing Marsh Plaza is located on the north side of Carmel Drive, and will be replaced by the new Marsh Supermarket being built along the East side of AAA Way in the Merchant Square Shopping Center. South of 116th Street across from Merchants Square, is the Woodland Hills Country Club and Golf Course with surrounding residential development. Woodland Trace, an apartment property, is located west of the Merchants Square on the north side of 116th Street. Many other single-family residential neighborhoods are positioned along the secondary neighborhood streets in the general area. 3 The Dictionary of Real Estate Appraisal, Third Edition, 1993, p. 242, by the Appraisal Institute In the preceding Area Analysis, it was noted that the population in Hamilton County has displayed dramatic growth, with this county being the fastest growing in the state. Much of this development has occurred in Clay Township. Township, where the Merchants Square is located, and in the neighboring townships of Fall Creek and Delaware. Within the subject's immediate neighborhood, single-family housing ranges from $100,000 up to $500,000. Within the city of Carmel, residential dwellings range from $100,000 to over$1,000,000. Other significant development in the general area has occurred along Rangeline Road, a north/south roadway extending from Indianapolis into Carmel and North to 136th Street. This roadway is also known as Westfield Boulevard, south of 116th Street. Rangeline Road's intersection with 116th Street, approximately one-quarter mile 52 Merchants Square— 116th Street&Keystone Avenue—City of Carmel west of the subject, is improved with the 42,900 square-foot Corner Shopping Center. The northwest corner is improved with the 70,000 square-foot Center Shopping Center, anchored by an Osco Drug store. The only major vacancy noted in the neighborhood is the former Kroger Shopping Center, located along the West Side of Rangeline Road, north of Carmel Drive. Kroger vacated this space and moved across the street to a new build-to-suit freestanding store. • _ 31 6 '� n r _' --/—j' r"-- -- _ 1 'i � ' % ,7---,:, J :•:,-,----..'— `r" ;Museum Of inrature Houses y �\ --- , Y 1 i'f ,_sem. --- ;-- .,� N. -`V !,%'i - ----` • :N r" .. Merchants Square No Ihwood Hills NortherrrBeac Eller ridge . °Trails End ©cho Crest . : Lake Woodland Home Place rVoodlornl,�ddir,on Lake o - Orchard Park© ®Hil And Dales North Ri••=Village o College Mea ows t X31 466 Wthr- 31 /7 • �.e r=-= s ., Spri • Dhow �' 'CJ .. BrWOod For-- r Driftwood ills i <> Nora ill Woods Nora P ° 4 eaniKeystone/At The n S N'ora., 9 hopping Center reen r Shopping C - North iew Mall Sh piing Ctr .- - B?' u hopp g enter- 'dWjel-Frei 6 oCa'stleton Square Np , "" ��. _ ' AI4 •• vlla szr�o °Greenbrier a1 Williams . Ivy Hills o `NEIGHBORHOOD MAPS 53 Merchants Square— 116th Street & Keystone Avenue—City of Carmel ler fi, ilit..„vor '# ` • rJII ~ � l !i�; . ille} r ? N - b, r ; ' :, t��F$ i s. i'{ z� Rr `i. +cif ' + .t It . 4 t/ �� .1 1,. :,....'1., .y�°3 'ts �gy` t 6 i N. ''I i'tit'''. JY� ,fin-. � a' t 3 (� x 3' Y 4,2 t ,-} /- • i tT •J !t} ffJI -t , •§i i fi1F2x .a 11� ,.. ,k ` . S � . . E' ` '3 m t Jmay• tt +i ., r r t p 54 i. c j- -a 1 t _ r, rr ,kis t - } i`: 'r it r ic• r! y '1 ',0,t'. {r r' - F • : • .(t ,,. i, ,i? .t 't s,:•, I i • f �. i 'W, r 1•gSi ... .. itif s to j N f ,I,-�' er J , = torr '*'' ' F r �rC�''L '• t I� - J _ '',,. `i `*ate` # xcri4 'W.t a�1 , . . . .. V''' J r 4. 3 � F �� �4 � ; CIA "° I` ' ,5 4 � +. wi •' f-i K • i .,r t , j., r ry xi4 �j�+l •,-.I _-,.� •r3{_. 1.1 b$ ! Jt i (• '. l _ `dpi Yit.r'•I 41, €z • rr . . t •- f i • ..t,` -IL.' r ► ,t m 1 r 1}.tiffs ' `1: •i- :• •r' si'i :,n-,[7.' y ‘t' ;+i 1` a , " '.h , k �. ` r . " �'? z ',' '+. Fi ate• .';r -s 3 •. fr ,.: ,-as? .. y ��✓£,1,?_! ,rt. _ •, ,b `h ' ♦ ` • •1r• '"'�` r.. L _. • , rfa ., t • ` ♦ S 1 , h a� �r a3 t�r - A 7,�$T s arm f� rYx�xgyr r r +t lr.ti , r+a K : 7. ..".! ` } t 121-a.' ..`:g' ff Tex' 1` �_ F',J�},, i. s���"_,ti.. •E� _1 4_ties.... ..r. '_ ..��Sr.'� �: �9 t '{�.�� c>�.F, I NEIGHBORHOOD AERIAL PHOTOGRAPH' 54 Merchants Square— 116th Street & Keystone Avenue—City of Carmel PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate the market value of the land only of various parcels of proposed right- of way in and around the Merchants Square Shopping Center on the west side of Keystone Avenue between East 116th Street and Carmel Drive in Carmel, Indiana. Market value is defined in the following section. DEFINITION OF MARKET VALUE Market value as utilized in this report is hereby defined in conformity with the Final Rule regarding appraisals by the government agencies listed below. Market Value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. FUNCTION OF APPRAISAL The function of this appraisal is to assist the firm of Butler Fairman and Seufert Inc. Engineers and Consultants, and the City of Carmel, Indiana, in estimating an equitable offer for the proposed rights-of-way identified as Parcels 1 through 6 in this report, and an estimated equitable payment that should be received by the City of Carmel for the properties identified as Parcels 7 and 7 A, portions of Keystone Way and Keystone Way East to be vacated. PROPERTY RIGHTS APPRAISED The property rights appraised are the underlying Fee Simple interest in each of the parcels subject to existing rights-of-way and non-exclusive roadway easements for ingress and egress, that are recorded in the Office of the Recorder of Hamilton County, Indiana. EFFECTIVE DATE OF APPRAISAL The subject was inspected and photographs of the subject parcels were taken on March 15,1998 which is the effective date of this report. 55 Merchants Square— 116th Street& Keystone Avenue—City of Carmel HISTORY OF OWNERSHIP Parcel #1 and Sales 8 & 9 The larger parcel from which Parcel # 1 is acquired and sales 8 and 9 in the addenda of this report constitute the Merchants Square Shopping Center. These sales although purchased on three different dates were all part of the overall transaction to purchase the previous Keystone Mall Shopping Center. Sales 8 and 9 although quoted as fair market transaction by Bo Wilfong, the son of Ralph Wilfong, are obviously purchased below market value as supported by other sales included in this appraisal report. The improved shopping center parcel was purchased by Ben Mar, LLC from Keystone Square Shopping Center Company on November 13, 1997, as confirmed by Jeffery Hearn, Legal Counsel for Ben Mar, LLC. This transaction is recorded as instrument number 9709749659 in the Office of the Recorder of Hamilton County Indiana. Parcel # 2 This property is currently titled to Indiana Properties and is being sold to Gary Linder on a guaranteed purchase agreement, signed by Gary Linder on March 14,1997 and by NDB on March 17,1997, the details of which are set out in sale # 7 in the addenda of this report. This transaction was made prior to Indiana properties having knowledge of the major renovation of the Merchants Square Shopping Center. Based on other market data included in this report it is obvious this property sold substantially below its current market value. Parcel #6 The larger parcel from which this right-of-way is to be acquired is the Fazoli's Restaurant. This property was transferred from RR Restaurants 1986-1 to U. S. Restaurant Properties Operating L. P. for an undisclosed sum on March 31,1997. This transaction is recorded as instrument number 9709712126 in the office of the Recorder of Hamilton County. This transaction is for the total improved property and is irrelevant to this appraisal problem consisting of a partial acquisition of land only. There are no other known sales of the properties related to the parcels in this appraisal report in the past five years. ZONING The properties that are the subject of this appraisal are all located in the City of Carmel, in Hamilton County, Indiana, and are subject to the zoning jurisdiction of the City of Carmel. According to the Carmel Area Planning Department the subject parcels are all zoned B-8, a district designed for shopping centers and related uses. It has been reported that all of the parcels are a conforming use. HIGHEST AND BEST USE The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. * The Dictionary of Real Estate Appraisal, Second Edition , Page 149 56 Merchants Square— 116th Street& Keystone Avenue—City of Carmel The subject property is zoned B-8 for shopping center and related uses. This zoning permits numerous retail uses, restaurants, financial institutions, automobile parts and tire centers, general and professional offices, etc. All of these uses are present on the larger parcels from which the proposed rights-of-way are to be acquired. All of these uses are obviously physically possible and appear to be financially feasible. However, if Parcel # 3 was vacant land today it would most likely be developed to a more profitable retail, restaurant or more intense use. The highest and best use of the large tract is for shopping center use, while the smaller tract would have a highest and best use as shopping center out lots. It should be noted that Parcel #1 has some existing right-of-way for East116th Street, and several non-exclusive roadway ingress and egress easements that have been conveyed to adjoining and surrounding properties for access and are currently used by the public. The underlying fee simple interest in these parcels, that coincide with the proposed rights-of-way in many locations represent only a token value to the underlying fee simple title. It is highly unlikely that these ingress and egress easements will ever be abandon to the underlying fee simple interest in the foreseeable future. SCOPE OF THE APPRAISAL This appraisal report is intended to be an "appraisal assignment" as defined in the Standards of Professional Practice of the Appraisal Institute; and the Appraisal Foundation i.e., it is the intent that the appraisal service be performed in such a manner that the results of the analysis, opinion or conclusion are that of a disinterested third party. It is intended that all appropriate data deemed pertinent to the solution of the appraisal problem be collected, confirmed, and reported in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation. The extent of the work and the size of the report are intended to be appropriate in relation to the significance of the appraisal problem. This is a limited scope appraisal, since it includes only the value of the land described in the various parcels, and does not include any land improvements above, on or below the surface of the land, APPRAISAL PROCEDURE With most appraisal assignments in the appraisal process, it is desirable to make use of, or at least give consideration to, three different approaches to the value estimate. These are the Cost Approach, Income Approach, and Direct Sales Comparison Approach. In all approaches to value, assumptions are based upon market information which is applied to the subject property. Since no two properties are exactly alike, the reliability of each approach is somewhat limited by judgments required. The appraisal process is a systematic analysis of the factors that bear upon the value of real estate and is an orderly program by which the problem is defined, the work necessary to solve the problem is planned, and the data involved are acquired, classified, analyzed, and interpreted into an estimate of value. Cost Approach That approach in appraisal analysis which is based on the proposition that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility as the subject property. It is particularly applicable when the property being appraised involves relatively new improvements which represent the highest and best use of the land or when relatively unique or specialized improvements are located on the site and for which there exists no comparable properties in the market. The reliability of this technique is dependent upon (a) the estimated replacement cost new at current prices of the improvements, (b) less the deduction of depreciation arising from physical, functional and economic causes, and (c) plus the estimated value of the land. Income Approach That procedure in appraisal analysis which converts anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value estimate. The income approach is widely applied in 57 Merchants Square— 116th Street & Keystone Avenue—City of Carmel appraising income producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. The reliability of this technique is dependent on four conditions: (1) the reasonableness of the estimate of the anticipated net annual income; (2) the duration of the net annual income; (3) the capitalization (discount rate used); and (4)the method of conversion (income to capital). Direct Sales Comparison Approach That approach in appraisal analysis that is based on the proposition that an informed purchaser would pay no more for a property than the cost of acquiring an existing property with the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data that can be verified from authoritative sources. The Direct Sales Comparison Approach is relatively unreliable in an inactive market or in estimating the value of properties for which no real comparable sales data are available. It is also questionable when sales data cannot be verified with principals to the transaction. Also referred to as the Market Comparison or Market Data Approach. As previously suggested, the essence of all approaches to value (particularly when the purpose of the appraisal is to establish market value) are market data approaches since the data inputs are presumably market derived. Reconciliation The process, by which the appraiser evaluates, chooses and selects from among two or more alternative conclusions or indications to reach a single answer (final value estimate). Preferable terminology to the traditional term "correlation". It is not an average of the value indications. It is a final estimate based on the appraiser's judgment of the reliability of the data assembled for analysis. (Source: Real Estate Appraisal Terminology, Revised Edition, by Byri N. Boyce, Ph.D., Printed 1981, with reliability comments added by the appraiser.) VALUATION PROCEDURE This appraisal problem consists of an estimate of value for several parcels of land. Since this is not an appraisal of improved property the Cost approach is not applicable. Although this type of land is sometimes leased this is not the primary method to transfer the use of the land. Therefore the Income Approach has not been developed. The Sales Comparison Approach is the most appropriate method of estimating the value of the land and has been developed for the two types of land evaluated in this appraisal. Since only one approach has been developed no reconciliation of the indications by more than one approach is necessary. The value of shopping center land and the value of shopping center out lots will be estimated in the Sales Comparison Approach that follows: Land Value Estimate -Shopping Center Tract Parcels 1-A, 1-B, 1-C Numerous sales of large shopping center sites in southern Hamilton and northern Marion County have been investigated and the details of these transactions are set out in the comparable sales included in the addenda of this report. The sales considered most appropriate for estimating the value of the parcels that are part of the large shopping center site are analyzed in the following sales comparison analysis grid. 58 Merchants Square- 116th Street& Keystone Avenue-City of Carmel SHOPPING CENTER LAND- LARGE SITE COMPARISON Comparable No. (Subject) 1 2 3 5 6 Date of Sale N/A 6-7-96 12-18-97 10-19-95 Pending 6-97 5-14-96 Sale Price/Acre N/A $324,250 $409,091 $250,000 $300,000 $200,000 Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Terms Cash Cash Cash Cash Cash Cash Conditions of Sale Fair Market Fair Market Sale Fair Market Fair Market Fair Market Fair Market Sale Sale Sale Sale Sale Adjustments N/A + $ 17,441 +$ 2,925 +$18,451 +$6,731 +$11,164 Adjusted Sale Price N/A $341,691 $412,016 $268,451 $306,731 $211,164 Site Size in Acres 28.678 +/- 13.724 net 22.00+/_ 24.030 18.37 12.06 and Shape Irregular Irregular Irregular Irregular Rectangle Irregular Adjustments N/A - 0 - - 0 - - 0 - - 0 - - 0 - Topography Level Level to Sloping Level to Rolling Level to Rolling Level Sloping Adjustments N/A - 0 - - 0 - - 0 - - 0- - 0 - Location Corner/Good Corner/ Corner/ Corner/Above Interior/Good Interior/ Very Good Excellent Average Plus Average Adjustments N/A - $51,254 - $103,004 + $26,845 - $15,337 + $84,466 Accessibility Good Good Good Good Good Good Adjustments N/A - 0- - 0 - - 0 - - 0- - 0 - Utilities S,W,G,E,&T S,W,G,E&T S,W,G,E&T S,W,G,E&T S,W,G,E&T S,W,G,E&T Adjustments N/A - 0- - 0 - - 0 - - 0 - - 0 - Zoning B-8 C-4 B-8 C-3 Single Family B-2 Commercial Commercial Commercial Commercial Residential Commercial Adjustments N/A - 0 - - 0- - 0 - +$2,000 - 0 - Net Adjustment/Acne - $51,254 - $103,004 + $26,845 - $13,337 + $84,466 INDICATED VALUE/ACRE $290,437 $309,012 $295,296 $293,394 $295,630 Explanation and Justification of Adjustments The sales all conveyed the fee simple interest to the sale properties, and no adjustment is necessary for property rights conveyed. The subject property is appraised assuming a cash transaction. All of the sales were sold on conventional terms with the seller receiving cash at closing. Therefore no adjustment is necessary for financing terms. All of the sales sold as fair market transactions, and no adjustment for conditions of sale are necessary. The sales utilized have taken place since October 19,1995. These are relatively current transactions but analysis of the retail shopping center sites in southern Hamilton and northern Marion County tend to indicate an upward trend in value. There are no specific sales and re-sales to support the specific amount of increase, but an estimated increase of 3 % per year appears to be reasonable. Therefore, upward adjustments of 3 % per year have been made to each of the sales. 59 Merchants Square— 116th Street & Keystone Avenue—City of Carmel The adjusted sale price for date of sale (market conditions), property rights conveyed, financing terms, and conditions of sale are as set out in the grid. The subject shopping center site is estimated to contain 28.678 acres more or less. The sale properties range in size from 12.06 acres to 24.030 acres. The market for retail shopping center sites indicate that the size of the tract within the size range of the subject and the comparable sales has little if any affect on the per acre price paid for these tracts. Therefore, no size adjustment is considered necessary. The subject property is a relatively level tract. The sales vary in topography from level to sloping to rolling, with no market difference recognized for the difference in topography. Therefore, no topography adjustment has been made. The subject property has a good location in a good market area at the northwest corner of 116th Street and North Keystone Avenue with a good affluent residential back up. Sale 1 is on the south side of 82nd Street in the Keystone Crossing Shopping Center area, the most affluent shopping area on the north side of Marion County, and is judged to be approximately 15% superior in location to the subject. Sale 2 is located on the southwest corner of Greyhound Pass and US-31 North in the vicinity of the planned 146th Street and US-31 interchange across US-31 from a new shopping center. This site has excellent exposure to US-31 a very heavily traveled major thoroughfare. This site is judged to be approximately 25% superior to the subject property. Sale 3 is located in the southeast quadrant of Hague Road, 1-69 and East 96th Street. At the time of sale, this tract was across from Wal-Mart and Sam's Club, The Shell Convenience Store, and the vacant Amoco service station with industrial use to the south. This location at the time of sale was estimated to be 10% inferior to the subject property as of the date of this appraisal. Sale 5 is located on the west side of US-31 between 136th Street and 146th Street in the vacinity of the planned 146th Street and US-31 interchange, and although an interior site, it is part of a larger assemblage. This location along US-31 is judged 5% superior to the subject. Sale 6 is located on the east side of Michigan Road north of 106th Street in a substantially inferior location,judged to be 40% inferior to the subject's location. All of the sales have equally good accessibility. Thus no adjustment for accessibility is considered necessary. The subject property and all of the sales have utilities consisting of sewer, water, gas, electricity, and telephone available to the site. All of the sales are similar with respect to utilities and no adjustment is considered necessary. The subject property and sales 1, 2, 3 and 6 had adequate commercial zoning at the time of sale. However, sales 5 will require re-zoning for their intended use. Therefore an upward adjustment has been made for the superior zoning on the subject property. Other minor differences may exist between the subject property and the sales. However, these differences are insignificant and do not affect the market value or the marketability of the sales or the subject. Therefore no adjustments have been considered necessary for these minor differences. The net adjustment, sale price of the comparable sites, and the indicated value of the subject site on a per acre basis by each of the sales is as indicated in the grid. Land Value Correlation -Shopping Center Tract The sales indicate a range in value from $290,437 per acre to $309,012 per acre, or a range in value of approximately 6% for the subject's shopping center land. The sales indicate a mean value of $296,754 per acre and a median value of $295,296 per acre. The mid-point in the range is $299,724 per acre. After appropriate adjustments all of the sales are all considered to be good indicators of the subject's 60 Merchants Square — 116th Street & Keystone Avenue—City of Carmel land value. Giving relatively equal weight to the value indications by each of the sales, the value of the subject's land is estimated within the value range at $297,000 per acre. Based on this value indication the estimated value of the parcels that are part of the shopping center are estimated as follows: Parcel 1 A 0.853 acre c $297,000/acre = $253,341.00 Parcel 1 B—new right-of-way 1.464 acres © $297,000/acre = $434,808.00 Rd.To $434,810.00 Parcel 1 B*-Portion of non-exclusive roadway Easement for ingress & egress 0.280 acre at a total value— (token value) $ 10.00 Parcel 1 C -new right-of-way 1.595 acres c@ $297,000/acre = $473,715.00 Parcel 1 C*-non-exclusive roadway easement 0.172acre at a total value- (token value) $ 10.00 Parcel 1 D*-non-exclusive ingress and egress easement 0.249 acre at a total value - (token value) $ 10.00 *These parcels serve as essential access to several extensively improved properties at the present time and is their legal access. It is highly unlikely that this easement would revert to the underlying fee simple interest any time in the foreseeable future. Thus these is parcels are assigned a token value of$10.00. Land Value Estimate -Shopping Center Out Lots Parcels 1, 2, 3, 4, 5, 6, 7, & 7A Numerous sales of shopping center out lots in southern Hamilton and northern Marion County have been investigated and the details of these transactions are set out in the comparable sales included in the addenda of this report. The sales considered most appropriate for estimating the value of the parcels that are out lots of the large shopping center site are analyzed in the following sales comparison analysis grid. 61 Merchants Square— 116th Street & Keystone Avenue—City of Carmel SHOPPING CENTER OUT LOTS COMPARISON Comparable No. (Subject) 10 11 12 13 14 Date of Sale N/A 4-23-96 2-29-96 4-03-96 5-5-94 3-6-97 Sale Price/SF N/A $14.21 $12.77 $11.44 $12.06 $22.58 Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Terms Cash Cash Cash Cash Cash Cash Conditions of Sale Fair Market Fair Market Sale Fair Market Fair Market Fair Market Fair Market Sale Sale Sale Sale Sale Adjustments N/A + $ 0.82 +$ 0.80 +$0.68 +$1.46 +$0.69 Adjusted Sale Price N/A $15.03 $13.57 $12.12 $13.52 $23.27 Site Size in SF 21-911 to 61,943 58,754 67,736 51,836 53,143 and Shape 85,683 Irregular Irregular Rectangular Rectangular Rectangular Rectangular to Irregular Adjustments N/A - 0- - 0 - - 0 - - 0 - - 0- Topography Level Level Level Level Level Level Adjustments N/A - 0- - 0 - - 0 - - 0 - - 0- Location Corner& Corner/ Corner/ Corner/ Comer/ Interior/ Interior/Good Very Good Good Above Ave Good Excellent Adjustments N/A - $1.50 - 0 - + $1.21 - 0- - $9.31 Accessibility Good Good Good Good Good Good Adjustments N/A - 0 - - 0 - - 0 - - 0 - - 0 - Utilities S,W,G,E,&T S,W,G,E&T S,W,G,E&T S,W,G,E&T S,W,G,E&T S,W,G,E&T Adjustments N/A - 0- - 0 - - 0 - - 0 - - 0- Zoning B-8 C-3 C-3 C-3 C-4 SB-PD Commercial Commercial Commercial Commercial Commercial Commercial Adjustments N/A - 0 - - 0 - - 0- - 0 - - 0 - Net Adjustment/SF - $1,50 - 0- + $1.21 - 0- - $9.31 INDICATED VALUE/SF $13.53 $13.57 $13.33 $13.52 $13.96 Explanation and Justification of Adjustments The sales all conveyed the fee simple interest to the sale properties, and no adjustment is necessary for property rights conveyed. The subject property is appraised assuming a cash transaction. All of the sales were sold on conventional terms with the seller receiving cash at closing. Therefore no adjustment is necessary for financing terms. All of the sales sold as fair market transactions, and no adjustment for conditions of sale are necessary. The sales utilized have taken place since May 5,1994. These are relatively current transactions but analysis of the retail out lot sites in southern Hamilton and northern Marion County tend to indicate an upward trend in value. There are no specific sales and re-sales to support the specific amount of increase, but an estimated increase of 3 % per year appears to be reasonable. Therefore, upward adjustments of 3 % per year have been made to each of the sales. The adjusted sale price for date of sale (market conditions), property rights conveyed, financing terms, and conditions of sale are as set out in the grid. 62 Merchants Square— 116th Street& Keystone Avenue—City of Carmel The subject out lot sites range in size from approximately 0.70 acre to 1.967 acres. However the largest site is improved with the AAA Hoosier Motor Club and the Digestive Centers, and although one ownership, it is actually two sites. The next largest site consists of Fazoli's site that contains 1.373 acres. Thus the effective site size range is approximately 0.503 acre to 1.373 acres. The market evidence does not indicate that site size within this range has a measurable effect on the unit price paid. Therefore, no size adjustment is considered necessary. The subject property and the sales are all level tracts. Therefore, no topography adjustment has been made. The subject properties have a good location in a good market area to the west of Keystone Avenue between 116th Street and Carmel Drive, with a good affluent residential back up. Sale 10 is on the southeast corner of Hague Road, and east 96th Street just east of the 1-69 and east 96th Street interchange and is visible from north bound 1-69. The visibility of this site from 1-69 and being the first site with access to 96th Street east of 1-69, indicates a superiority of this site in comparison to the subject of 10%. Sale 11 is located between sales 10 and 12, but is not located on a prime corner and is considered 10% inferior to the subject sites. Sale 12 has a good corner location but is farther from 1-69 than sale 10, and thus considered similar in location to the subject sites. Sale 13 is located on the south side of east 82nd Street in a good location. However, the site is completely surrounded by streets that created setback problems when locating the building on the site. These factors are considered offsetting. Thus this location is considered overall similar to the subject sites. Sale 14 is an out lot of a relatively new shopping center on the east side of US-31 north of Carmel and south of Westfield in a rapidly expanding area. Thus this location is rated 40% better than the subject sites All of the sales have equally good accessibility. Thus no adjustment for accessibility is considered necessary. The subject property and all of the sales have utilities consisting of sewer, water, gas, electricity, and telephone available to the site. All of the sales are similar with respect to utilities and no adjustment is considered necessary. All of the sales have similar commercial zoning although under different zoning jurisdictions. Therefore no adjustment is considered for zoning. Other minor differences may exist between the subject property and the sales. However, these differences are insignificant and do not affect the market value or the marketability of the sales or the subject. Therefore no adjustments have been considered necessary for these minor differences. The net adjustment, sale price of the comparable sites, and the indicated value of the subject site on a per square foot by each of the sales is as indicated in the grid. Land Value Correlation -Shopping Center Out Lots The sales indicate a range in value from $13.33 per square foot to $13.96 per square foot or a range in value of approximately 4.6% for the subject's shopping center out lots. The sales indicate a mean value of $13.58 per square foot, and a median value of $13.53 per square foot. The mid-point in the range is $13.65 per square foot. After appropriate adjustments all of the sales are all considered as being good indicators of the subject out lots value. Giving relatively equal weight to the value indications by each of the sales the value of the out lots are estimated within the value range at 13.60 per square foot. Based on this value indication the estimated value of the parcels that are considered out lots to the shopping center property as follows: 63 Merchants Square— 116th Street& Keystone Avenue—City of Carmel Parcel 1 — new right-of-way 15,202 SF @ $ 13.60/SF= $206,747,20 Rd. To $206,750.00 Parcel 1-Existing East 116th Street right-of-way-(token value) $ 10.00 Parcel 2 958 SF @ $13.60/SF= $13,028.80 Rd. To $ 13,030.00 Parcel 3 6,447 SF @ $13.60/SF= $87,679.20 Rd. To $ 87,680.00 Parcel 4 1,699 SF @ $13.60/SF= $23,106.40 Rd. To $ 23,110.00 Parcel 5 4,748 SF © $13.60/SF = $64.572,80 Rd. To $ 64,570.00 Parcel 6 2,309 SF @ $13.60/SF= $ 31,402.40 Rd. To $ 31,400.00 Parcel 7—Vacation 6,665 SF @ $13.60/SF= $90,644.00 Rd. To $ 90,640.00 Parcel 7A—Vacation 1,263 SF @ $13.60/SF = $17,176.80 Rd. To $ 17,180.00 Parcel 8 5,055 SF @ $13.60/SF= $68,748 Rd To $ 68,750.00 64 Merchants Square— 116th Street & Keystone Avenue—City of Carmel SUMMARY OF VALUE ESTIMATES THE LINDER GROUP-BEN MAR INC. Parcel 1 —new right-of-way 15,202 SF @ $ 13.60/SF=$206,747,20 Rd.To $206,750 Parcel 1-Existing East 116th Street right-of-way-(token value) $ 10 Parcel 1 A 0.853 acre @ $297,000/acre = $253,341 Rd To $253,340 Parcel 1 B—new right-of-way 1.464acres @$297,000/acre=$434,808.00 Rd.To $434,810 Parcel 1 B* -Portion of non-exclusive roadway Easement for ingress&egress 0.280acre at a total value-(token value) $ 10 Parcel 1 C -new right-of-way 1.595 acres @$297,000/acre=$473,715.00 $473,720 Parcel 1 C* -non-exclusive roadway easement 0.172acre at a total value -(token value) $ 10 Parcel 1 D*-non-exclusive ingress and egress easement 0.249 acre at a total value-(token value) $ 10 SUBTOTAL PAREL 1 $1,386,660 Parcel 2—INDIANA PROPERTIES,INC. 958 SF @$13.60/SF =$13,028.80 Rd. To $ 13,030 Parcel 3—HOOSIER MOTOR CLUB 6,447 SF @$13.60/SF=$87,679.20 Rd.To $ 87,680 Parcel 4—ROY P.SCHEID 1,699 SF @$13.60/SF=$23,106.40 Rd. To $ 23,110 Parcel 5-KEY BANK 4,748 SF @$13.60/SF=$64.572,80 Rd.To $ 64,570 Parcel 6—U.S.RESTAURANT PROPERTIES INC. 2,309 SF @$13.60/SF=$31,402.40 Rd.To $ 31,400 Parcel 8—FIRST INDIANA SAVINGS BANK 6,055 SF @ $13.60/SF=$82,348.00 Rd To $ 82,350 TOTAL VALUE OF PARCELS TO BE ACQUIRED $1,670,800 Parcel 7—Vacation 6,665 SF @$13.60/SF=$90,644.00 Rd.To $ 90,640 Parcel 7A—Vacation 1,263 SF @ $13.60/SF =$17,176.80 Rd. To $ 17,180 TOTAL VALUE OF PARCELS TO BE VACATED $ 107,820 NET VALUE (ACQUISITIONS LESS VACATIONS) $1,562,980 65 Merchants Square— 116th Street& Keystone Avenue —City of Carmel Certificate of Appraiser The undersigned does hereby certify that to the best of my knowledge and belief, except as otherwise noted in this appraisal report: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 5. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and the Code of Professional Ethics of the Appraisal Institute. 6. I have made a personal inspection of the property that is the subject of this report. 7. No one provided significant professional assistance to the person signing this report. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representative. 9. The Appraisal Institute conducts continuing education for its designated members. As of the date of this report, I have completed the requirements of the continuing education program of the Appraisal Institute. Property Appraised: MERCHANT SQUARE 9463-NyWysin. Street Right-Of-Way Acquisitions &Vacations 4 , 116th Street and Keystone Avenue Carmel, Indiana Robert C. Bommer, MAI, SRA Indiana Certified General Appraiser #CG69100182 March 26,1998 Date 66 t Merchants Square— 116th Street& Keystone Avenue—City of Carmel QUALIFICATIONS OF ROBERT C. BOMMER MAI. SRA 6320 RUCKER ROAD,SUITE D INDIANAPOLIS, INDIANA 46220-4898 TELEPHONE NO. (317)-257-6255 EXTENSION 301 FAX NO. (317)-252-5275 BACKGROUND Born in Cincinnati, Ohio (Hamilton County) on March 2, 1941. Raised on a general farm near Brookville, in Franklin County, Indiana. Resident of Indianapolis,Indiana since 1964. EDUCATION B.S.Degree-General Agriculture- Purdue University 1984 A.A.S.H.O. R/W Training Course-Indiana State Highway Commission 1964 American Institute of Real Estate Appraisers-Courses&Seminars: Course I-Appraisal Procedures and Techniques 1966 Standards of Professional Practice Update 1987 Course II-Appraisal of Urban Properties 1967 Construction Technology and Modern Construction Techniques 1987 Course IV-Condemnation Appraisal Procedure 1968 Highest and Best Use Analysis 1988 Course VIII-Appraisal of Residential Real Estate 1969 Persuasive Styles in Narrative Appraisal Reports 1988 Course III-Appraisal of Rural Real Estate 1989 Discounted Cash Flow Analysis 1989 Elwood Mortgage-Equity Capitalization 1977 Rates, Ratios, &Reasonableness 1989 Neighborhood Analysis 1978 Real Estate Risk Analysis 1989 Income Capitalization Workshop 1981 Easement Valuation 1990 Real Estate Investment Analysis 1984 Business Valuation Part I &II 1990 Discussion of R-41 c Requirements 1986 Farm Valuation 1990 Society of Real Estate Appraisers-Courses and Seminars: Appraisal Principles and Techniques 1964 Energy Considerations in Real Estate Appraising 1981 Apartment Appraising 1974 Appraising Residential Condominiums 1981 Valuation of Lease Interests 1978 Financial Calculators- HP-38E&HP-12C 1982 Tax Consideration in Real Estate Transactions 1979 Income R 41-b and The Appraiser 1985 Property Valuation Procedures 1979 FNMA and The Appraisal Process 1986 Appraisal Institute-Courses&Seminars: Standards of Professional Practice 1991 & 1997 The High-Tech Appraisal Office 1996 Subdivision Analysis 1992 The Internet And Appraising 1996 Appraisal Office Management 1994 Use of the Uniform Commercial/Industrial Appraisal Form 1996 Appraisal of Office Buildings 1995 Special Purpose Properties: The Challenges of Real Estate Market Extractions-Income Properties 1995 Appraisal in Limited Markets 1996 APPRAISAL EXPERIENCE 1978 to Present-Independent Fee Appraisal Practice 1967 to 1978-Part Time Fee Appraisal Practice 1969 to 1978-Chief Review Appraiser-Indiana State Highway Commission 1965 to 1969- Staff Appraiser and Review Appraiser-Indiana State Highway Commission 1964 to 1965-Staff Appraiser-Indiana State Highway Commission Court Testimony in Boone, Hamilton, Hancock,Madison, Marion and Owen County Indiana Courts TYPE OF PROPERTY APPRAISED Agricultural, Commercial, Industrial,Residential, Special Purpose,and Rights-Of-Way PROFESSIONAL ORGANIZATIONS AND MEMBERSHIPS American Institute of Real Estate Appraisers-MAI Designation 1974 to 1990 Society of Real Estate Appraisers-SRPA Designation 1973 to 1990 Society of Real Estate Appraisers-SRA Designation 1970 to 1990 Appraisal Institute- MAI and SRA Designations 1991 to Date Metropolitan Indianapolis Board of REALTORS- Realtor 1974 to 1995 Indiana Commercial Industrial Board of REALTORS 1995 to Date Licensed Real Estate Broker,State of Indiana-Broker No. B-51151054 Certified Real Estate Appraiser,State of Indiana-Appraiser No. CG69100182 QUALIFICATIONS CONTINUED ON NEXT PAGE 67 Merchants Square— 116th Street& Keystone Avenue—City of Carmel CONTINUATION OF QUALIFICATIONS OF ROBERT C. BOMMER MAI.SRA 6320 RUCKER ROAD, SUITE D INDIANAPOLIS,INDIANA 46220-4898 TELEPHONE NO. (317)-257-6255 EXTENSION 301 FAX NO. (317)-252-5275 PROFESSIONAL ORGANIZATION SERVICE Chapter 27 of the American Institute of Real Estate Appraisers- Offices &Committees Served:Admission,Appraisal Experience Review, Appraisal Review, Professional Ethics, Board of Directors 1979- 1982,Treasurer 1985,Secretary 1986,Vice President 1987,and President 1988, Board of Directors 1989, Regional Standards of Practice Committee 1990 Chapter 5 of the Society of Real Estate Appraisers-Offices&Committees Served: Education-Workshop,Admissions,Appraisal Experience Review&Board of Directors 1983-85. Appraisal Institute-Regional Standards of Practice Committee, Board of Directors 1997& 1998 REPRESENTATIVE LIST OF CLIENTS American Fletcher National Bank Indianapolis Department of Public Works American Motors Corporation Indianapolis Department of Capital Asset Management Associated RPM Services Indiana Vocational Technical College Beam,Longest&Neff Inc. Engineers Indiana University/Purdue University Busch Properties, Inc. Internal Revenue Service Butler, Fairman &Seufert Inc.Engineers Johnson Suburban Utilities Camvic Corporation Keer-McGee Corporation Chrysler Corporation Lichtenauer&Associates City of Bloomington,Indiana McDonalds Corporation City of Carmel, Indiana Melody Homes Craig&McKneight Engineers&Architects Merchants Mortgage Corporation Deluxe Homes Merrill Lynch Relocation Management D.E. McGillem&Associates Methodist Hospital Eastman Kodak Norfolk Southern Corporation East Side Community Investments Pittsburgh Plate Glass Industries Eli Lilly&Company Sieco,Inc. Engineers&Architects Equitable Relocation Management The Hoosier Group Fairbanks Hospital Town of Cumberland,Indiana Humana Women's Hospital Town of West Lebanon,Indiana Indiana Department of Transportation United Consulting Engineers&Architects Indiana White River Park Development Commission Union Federal Savings and Loan Indianapolis Department of Transportation United States Postal Service Indianapolis Department of Metropolitan Development Western Relocation Management 68 Merchants Square— 116th Street&Keystone Avenue—City of Carmel ADDENDA 69 i C�e e�` e 19 13 Boxley `_ rcadia Walnut Grove Terhune, 38 ®�� �� �� . / ,z1. Creek ,. i' Perki sville \ SheridanCct ::kers Comer r�m ; o * Cicero� �� � Deming ; © e D ,Indianapolis Boys lub Camp 37 .Waugh ' �- 131 ®Lamong ®orton = ,i� Fishersburg� \ V i oBig Springs D rbi 1.pel I 38 Roston Noble file 6 Westfie 32 3z V. •Eagletown ® `,6� ew Hos•-r `•Northfield `2 w Pot �� tip` / Sale#2, 5, & 14 I �` - Q ® I • es '�` � �ew Britton �� Sale# 7, 5, &9I © Q •rthe Meadows o > .-rk Village �� �' Sale# 6 Northe Beach• i© i.eek Zi• •• rai n• es Sale # 3, 4, awn*--- ------t,/ H• e 'lace Russell Lake o ••rrchard Park Ha '/• 10, 11, & 12 rooks Fortville Parks •rtville ■ 5 ■-� •`. .,r ol- Sale# 1 ' � �� �'ring •flow •�asa�t j ...bury 111111•1 or--rboar No a' � �'� lFall Creek HighlanF •e yy a or I• , -nd Par' i1 7 Fairwooa Hills ie? Lak- deo ass New Aug_ . - MIlan Hills 1 0 S v+ on c�- ■ I • �' E •cad Ri pie 'ark o valon Hills akland �,,. s 4 1 Leg ndary Hill- rand eh;s opad.. ■ �` .ppl ••• oFt Benja Harrison Military Reservation 2°11 ��+ 'Rd'I r ",- o .111i' La<<rr P rk `Pleasant Acres ohawkS .• Hig .••=o(i Y Rlppl- •filer- ills ° o �_ �■ ljr Mt Comfort 74 • �` 11• , .Wood-, Ta get orth-j$5 ■• Fl-a., -(� libEoal:edal' ' - - !� I i s Pare, ;:rook• • ■ ■4490 �' * Victo, aid ' s 1 c 70 • • ; o acre Hills em•_ g Lake _Ctaapela-fill � + i•.r10----`--- ‘ �-y ngt4:73h- © ._„�,.iA fan p•.��= Wa-hington Shop• aim-. •••••• ,r,' istia NM f ■�-"' � an i- +: � Burge Terrace1202 ■ •�,/int ,� ��as6 Carriage Estat-s �� , im ' 7�� ■ - �� . , • liana o r / lil< �—�74-t r Brookville Heights • - elyl,9l� *S. n own©Belle Arbor -rss r 9 1497�eLormo. s, Mars Hill . SALES LOCATION MAP Merchants Square— 116th Street&Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE 3'--1* igi t p 5 ',,,,1 ;,, ,A., `C ' �Fp ht 1 T ;'�"+�+ ?"te ,-�• s � 1 .` ,,G .:6 la' {.-' Krt PHOTO VIEW Southeasterly Across 86th Street Sketch See Next Page Recorded 6-12-96 13.724 Net Acres Av.$/Net Acre $324.250/Ac Date Sold 6-7-96 Act. Price $4,450,000 Size 19.25 Gross Acres Av./Gross Ac. $231,169 Vendor Haran Landfill,Inc. Vendee Fashion Mall Commons I LLC Prop.Address(Location) SEQ Union Chapel Road& East 82nd Street Nearest City Indianapolis. Legal Desc. Pt.of NE 1/4,Sec19,&Pt.NW1/4 Sec 20Twp. 17 N., R 4 E Document# 96-78812 Rec.Consid. $1000&OVC Sale Info.Verified By Richard E.Nichols Associates Date Verified 3-18-98 Financing Cash Zoning C-4 Commercial Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase Fashion Mall Commons Shopping Center built on site DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A Trees N/A Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Level to Sloping/ Adequate Quality of Soil Average Other N/A The gross area of the site was 19.25 Acres,but 5.931 acres were in the White River floodway. Fashion Mall Commons I,LLC donated and quitclaimed this 5.931 acres to White River Greenways Foundation Inc. This left 13,724 acres that was suitable for development. APPRAISER'S NAME Robert C.Bommer,MAI,SRA IB51151954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Washington TYPE PROPERTY Commercial Site PROJECT NO. STP-9329( ) INSP.DATE 3-15-98 COMP NO. 1 71 Merchants Square- 116th Street& Keystone Avenue-City of Carmel 25 '• v l� 490 L\.S.' 1y,1�Y2 O. .`a'0 b� J� Say�5°\ ,t4:,.z... ti 13.724 Acre Shopping Center Site $ _ Net Usable Area r ..,,,.. } a 3e sn . 4.OV25 E 4 •' ` J, 0ad5°/ , 5.931 Acres Donated Tory„ 0 4> Yom' ' ��Z Q 4-White River Greenw: • ,yS. p°Q�,,Foundation I Qj j. b S " 1S 141 N. Title: 'Date: Scale: 1 inch=331 feet IFile:FASHION.4 Tract 1: 19.654 Acres: 79535.5 Sq Meters:Closure=n35.0716e 0.09 feet: Precision=1/39955: Perimeter=3644 feet Tract 2: 5.931 Acres: 258356 Sq Feet: 24002.0 Sq Meters:No significant closure error.: Perimeter=2981 feet 001-/S88.4716E 1215.88 024=N11.3019E 46.90 047=S67.2612E 40.13 002=/S01.0501W 641.49 025=N14.1213E 54.39 048=S14.1213W 54.39 003=/S88.4716E 335.45 026=N67.2612W 85.00 049=S11.3019W 46.90 004=1S40.4343E 885.61 027=N49.0532W 243.84 050=S11.2627W 47.99 005=540.4343E 801.34 028=N52.5956W 101.12 051=S28.5033W 56.31 006=N61.0214E 37.74 029=S56.2712W 36.18 052=S01.3253W 89.03 007=N70.0134E 64.60 030=N88.5055W 85.33 053=S20.0047W 78.10 008=N60.3739E 54.67 031=S49.4426W 995.07 054=S27.2418W 68.23 032--@0 Mere 1 055=S45.5251 W 45.17 009=N51.3444E 77.04 Merge 010=N54.4432E 79.12 033=/S88.4716E 1215.88 056=S25.1949W 48.44 011=N36.3933E 81.82 034=/S01.0501W 641.49 057=S24.5648W 66.78 012=N50.1928E 90.96 035=/S88.4716E 335.45 058=S24.2032W 59.51 013=N35.3035E 88.48 036=/S40.4343E 885.61 059=S32.5921W 60.84 014=N32.5921E 60.84 037=/S40.4343E 434.09 060=S35.3035W 88.48 015=N24.2032E 59.51 038=N40.4942E 114.83 061=S50.1928W 90.96 016=N24.5648E 66.78 039=N59.3401E 96.18 062=S36.3933W 81.82 017=N25.1949E 48.44 040=N84.0128E 158.66 063=S54.4432W 79.12 018=N45.5251E 45.17 041-S82.0542E 118.12 064=S51.3444W 77.04 019=N27.2418E 68.23 042=N50.4013E 122.86 065=S60.3739W 54.67 020=N20.0047E 78.01 043=N44.4524E 225.32 066=S70.0134W 64.60 021=N01.3253E 89.03 044=N35.2902E 171.26 067=S61.0214W 37.74 022=N28.5033E 56.31 045=N30.1609E 228.55 068=N40.4343W 367.25 023=N11.2627E 47.99 046=N04.0846W 42.07 (SALE # 1 PLATT 72 Merchants Square— 116th Street&Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE i - { r1 - PHOTO VIEW Southerly From Greyhound Pass Sketch See Next Page Recorded 12-24-97 Date Sold 12-18-97 Act. Price $9,000,000 Size 22.00=/-Net Acres Av./Gross Ac. $409,091 Vendor See Below Vendee Greyhound Plaza Associates, LP Prop.Address(Location) Between 146`h St.& Greyhound Pass West of US-31 Nearest City Carmel Legal Desc. Pt.of SE 1/4, Section 13,Township 18 North, Range 3 East Document# 97-09755656 to 59 Rec.Consid. $10.00&OVC Sale Info.Verified By Bo Wilfong Date Verified 3-17-98 Financing Cash Zoning B-8 Commercial Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase Church demolished and site work underway for Greyhound Plaza Shopping Center DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A Trees Many Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Rolling/ Adequate Quality of Soil Average Other N/A This tract was an assemblage from Donald and Doris Duke,Faith Evangelical Church of North America,and Hamilton Western Utilities.The property was a heavily wooded tract that was improved with a large church that was demolished. APPRAISER'S NAME Robert C. Bommer,MAI,SRA 1851151954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Washington TYPE PROPERTY Commercial Site PROJECT NO. Merchant Square INSP. DATE 3-15-98 COMP NO. 2 73 Merchants Square—116th Street& Keystone Avenue—City of Carmel O _ __. 1 - — A`t7CE PARR TE2 T. b A/YO At/CHAEj S!H(t Tr 4. ,17 /Nd NAT/Oh/AL dANX ACJ n r �i II — �ASETfR lif:will l '_ UTi[lTiEs INC, "SI I \ - , PA 53 1 ?l;lo4 5/A-c• / / et Au/ ' YN 1 I I GREINOUNO A`T/C£COVANr I t I 1 6 9 I III , 3 I I ti I e �, II I f s5fri1 J _v� . _ . ` I \I s l • p.., `` . ,`6 ' q-,, �+, I 1 I .._ ?1 Z •. SACC 0 ftZ 0 6AP' OAYAL• !OC X/ R 0 ' 1 N \ i ›z, n.. - OU ?? p `'' Cede!'LA ,�h✓ ACL / - © ENO L •)r; ACl / CL!lr ' > --, ----- 1 - I (wig'.p h9 .4 LI RY . , .. - i. maw A r te6AY LA , , ACl / Cl 7 � ' w w „ • , w I I _ / © [PLAT SALE # 2 74 Merchants Square— 116th Street& Keystone Avenue —City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE i. -I �- catI b " F ?1Z t sus .+ ^: �e. F1xa.,,o,ia.rza • PHOTO VIEW Southeast from West of Hague Road Sketch See Survey on Back Date Sold 10-19-95 Act.Price $6,007,500.00 Size 24.030 Net Ac Av.$/Ac. $250,000/Acre Vendor Boehringer Mannheim Corporation Vendee Glendale Partners Inc. Prop.Address(Location) Southeast Quadrant of Hague Road and East 96th Street Nearest City Indianapolis, Indiana Legal Desc. Part of NE 1/4 of NW 1/4 of Sect.13,Twp. 17 N.R.4 E. Instrument No. 95-0133574&95-0133575 Rec.Consid. Not Yet Recorded Sale Info.Verified By Dandy Marr-Glendale Partners Date Verified 10-24-95 Financing Cash Zoning C-3(Commercial) Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase Kohls,United Artist Cinema, Sreak&Shake, Ruby Tuesdays,Shanes DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual.Soils Average Other N/A This property was purchased on the basis of $250,000.00 per acre of net salable land after the installation of streets and roads. This property was developed with an 80,654 SF Kohl's Department Store on an 6.824 acre site in the southeast corner of the property. This Kohl's Department Store was to be developed by Glendale Partners, and was leased to Kohl's. A 50,841 SF United Artist Cinema Theater was developed in the southwest corner of the property on 9.621 acres by Glendale Partners, and was pre-sold to United Artist. A Steak "N" Shake Restaurant site containing 1.349 acres in the northeast corner of the property was purchased and developed by Steak"N"Shake. A Ruby Tuesday's Restaurant site containing 1.555 acre in the north center part of the property fronting on east 96th Street was developed by Ruby Tuesday. A third out lot sale of 1.422 acres at the southeast corner of east 96th Street and Hague Road was developed as a Shane JewelryStore. APPRAISER'S NAME Robert C. Bommer,MAI IB 51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Lawrence TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP.DATE 3 1598 COMP. NO. 3 75 4 Merchants Square– 116th Street & Keystone Avenue–Cfty of Carrnel j I k ---- .=•...',- .". ,--- - -„,:.n - ,r.--:••••• -I ' — sii.m..% • P..4,20 1, 1‘... ..,=.7.I ...\......_ ...=.1...'..' } \,..... 7..:::.:--.."7:-.....„ .. ............. !\ "742._...., . k /,..,2,,,,z____.„....-.L_i_L--‘--;-*==-4-514?-1-•at:--;;L•- _ •\_. . I ....,., • , ,,_k.-:::°-14-_--, . - ...,__. ...: ..--`4:-.'",',: li;"=.;;=-..:64.--1:5•• ":".17.` -----"" -..2.1.---4• =-"-:".."*" ...frt.--"'"",t......:',,--•VA n .______.e' ...".1:•••-74 ' r.`ii.r.::::: ......:•-, i-',..---! - •,--.F4-•-•'!-'-'145'7-'71,r_ •-- •,,----,------.-V.:.7"...il •--------•••"rtt*.1 r...::r.''''..-'•:...r-p-., • •-... :r.....j..kt," V......''''••-:* .....7.77 ).---.:.? '74,„..1S;P'''.....i.,.,,-.4'. 1”Tc.=.:::•7=7"'V."'" '..,. i—3:2:-.J.-54.--Zi/N,5L.--r• \-r•t....1 ....:*".74=t, , r tri . •.•".'''''Z. -.4 t..A.- P‘....--.,.......• i 1- kfl.N..•.•••,....4....2, .I II, . ....,......... . :i ry,E.,:....se. •. . V.:,., 1 r.t. 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'-- --......11_.i..•1.0. • I ; k."'":.:2 .• ...;. --.--r I 'E'": : • V t / 1,I, c,'•11 - , z•-cz.r..v I .• . : i -..,.- : • , .•• 1 I I • ,., --:t7zr..---,r.r...-- , -•:;-_-.--r.-- • _ ...! - • - <! o 1.2,...f...........w........—.—...... _,...,...e.n.ce,...:,....c,.....,, ••, ' i • ,erend. 0 e.:••".e-,•,...c.e •••', I . .05• fro%,es.,:e. V nnt,,,,vcr,‘ - < A .........e.. . • torit...•,..e. , .....-.1. • % co,,,,,,:e.,pie. C- • roowe>,e r ta,..0.•Vesr.10• tie pas ra,. ® *ate.•••• • . C- te,ca,,,t vett., * ,, D... (C) Coic.,,ated - l2etr r.. nO u•NU.E.T'S',ERE Esuousan:O IPLAT SALE # 31 76 Merchants Square— 116th Street& Keystone Avenue —City of Carmel A-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE • ..I t — - f —— j meg`, PHOTO VIEW South from East 96th Street east of Kincaid Drive Sketch See Next Page Recorded 1,165,622 SF $5,17/SF Date Sold 10-19-95 Act.Price $6,020,775..00 Size 26.759 Net Ac. Av.$/Ac. $225,000/Ac. Vendor Boehringer Mannheim Corporation Vendee Meijer Realty Company Prop.Address(Location) Southwest Quadrant of Village Way and East 96th Street Nearest City Indianapolis, Indiana Legal Desc. Pt,of W 1/2,NE 1/4&Pt.of E1/2,NW 1/4 of Sect.13,Twp. 17 N. R.4 E. Instrument No. 95-0133574&95-0133575 Rec.Consid. $10.00&OVC Sale Info.Verified By Dandy Marr—Olympia Partners Date Verified 10-24-95 Financing Cash Zoning C-3(Commercial) Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase None DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual.Soils Average Other N/A This property was developed with a Meijer Store. The property was purchased on a net useable land area of 26.759 Acres;however,the deed includes the description of the gross land area of 31.162 acres. The net area excludes the 70 foot proposed right-of-way for 96th Street,the proposed right-of-way for internal access road#4 along the south side of the site,one half of the proposed right-of-way for Meijer Drive along the west side of the site,and the existing right-of-way of Village Drive. The deed includes 31.162 acres,but the total sale price of$6,020,775.00 was based on the sale of 26.759 net acres. APPRAISER'S NAME Robert C.Sommer,MAI IB-51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Lawrence TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP.DATE 3-15-98 COMP.NO. 4 77 Merchants Square— 116th Street&Keystone Avenue—City of Carmel MeiJer - 96th St . Site East 96th Street N88-30'51 "E p 1187 .87 �^ 6 ." S � � � �RoPoS�p /� � f0lz nST � q h n Q 0 &) 31 . 162 Gross Acres o y f7'1 o-, 26 . 759 Net Acres co N a � 1NAcc& s p 588-30.51 ' W 1237 .23 PLAT SALE # 41 78 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE rf ry 4.54'"A, ggiMi .erg., FIRST r: • .s14». 'w✓u ' _s_F.. "rye ..:�.#r ..:—..:7-;•,;,;,`,:'''' PHOTO VIEW Southerly From Greyhound Pass Sketch See Next Page Recorded Not Yet Recorded Date Sold 6/97 Act. Price $5,511,000 Size 18.37 Acres Av./Gross Ac. $300,000 Vendor Gus Pappas,Angelo Pappas, Euglna Hontos&Angelo A.Pappas Vendee MBA,LLC by Darrell Borsios,&Paul Mosier Prop.Address(Location) West Side of US-31 Frontage Road North of 136`"Street Nearest City Carmel Legal Desc. Pt.of NE 1/4,Section 24,Township 18 North,Range 3 East Document# 97-09755656 to 59 Rec.Consid. Not Yet Recorded Sale Info.Verified By Mike Wyatt,Coldwell Banker Date Verified 3-17-98 Financing Cash Zoning R-1 Resisential Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase None DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A Trees Many Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Rolling/ Adequate Quality of Soil Average Other N/A According to Mike Wyatt Broker with Coldwell Banker this tract is part of an assemblage of approximate 60 acres that includes the Carmel Motel. The purchase agreement was signed in June of 1997 but final closing will be in September of 1998.The tract was purchased with the present residential zoning. The entire assemblage is to be developed with a new six-story motel,mid- rise office buildings and condominiums. APPRAISER'S NAME Robert C.Bommer,MAI,SRA 1651151954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Washington TYPE PROPERTY Commercial Site PROJECT NO. Merchant Square INSP.DATE 3-15-98 COMP NO. 5 79 Merchants Square— 116th Street& Keystone Avenue—City of Carmel M V) Q " ) tJ 0 J Q 4 (NI �-7 /Vj7, 3 A c 4. U v 0 / 305, lar SLAT SALE # 5 80 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE ram..'? "7!..-'r°f'rn""au.r+t' .d: a cc».r—k+e-... xcarm ,..�.r.«.+a� 2:sm..i ,.*. '+r?i7's''�''`r....r.,. ,.� ! TT-",e1"4.d� ,.c -"i "� a--- vz° xc- t,`c -"" z„"""' :- x , Cv w .: ,. ' r -+„ s+xtiwv 71 4,:r. ar- kir $ -+. ,,,, 3 �.'".' .a=r 1."i `. zv,. b' v ,a R�' ' 1,. A r - PHOTO VIEW Easterly from Michigan Road Sketch See Next Page Recorded 5-29-96 Date Sold 5-14-96 Act. Price $2,412,000 Size 12.06 Acres Av./Gross Ac. $200,000 Vendor K.E.Properties,LLC Vendee Mundy Realty Inc. Prop.Address(Location) NEC of Michigan Road&106`"Street Nearest City Zionsville Legal Desc. Pt.of SW 1/4,Section 6,Township 17 North,Range 3 East Document# 9609622087 Rec.Consid. $10.00&OVC Sale Info.Verified By Lenny Hayes,Mundy Realty Date Verified 3-17-98 Financing Cash Zoning B-2 Commercial Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase Some site work has been completed DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A Trees N/A Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Level/ Adequate Quality of Soil Average Other N/A This tract was purchased for development into a Marsh Supermarket. APPRAISER'S NAME Robert C.Bommer,MAI,SRA IB51151954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Clay TYPE PROPERTY Commercial Site PROJECT NO. Merchant Square INSP.DATE 3-15-98 COMP NO. 6 81 t Merchants Square— 116th Street & Keystone Avenue—City of Carmel IA '-':-':•;"'"-1-.,-.,1.-:.-;,,i, --',•.: 0.ac ^..p...p... �}"' ' Y m r}-q 4 • J • Ala A. ▪ • r t Q * �:trY.f X .y '' � t i •t }: !r..d , f 4 vuXTi. t9ri• y r, C qz „ ,rY ..s , ,-.=,..� s 1, , ' - `� F • Xyf ` xi t o Y t . 0,::,' 7,,,....-;1,44:..„.4 wA ▪ tt '.-.,,T,,-4.'1` t„ -*' fi� `� ` � .ti `▪ ' :+ x; 'e}i; aB . 7 stri* ix.2 ` ,.at ' i, T • - `, - • t r y:. Z. k-N 5 . ., rt :' .7''"..,'-:"-'7:74,:i-,'''''''.:'..--,. 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'� Jtom'rt- y.lY_.•r tit 4'..,,'-'4* ? i i����{�� '' :4 r X t.A kr,x•� C: a :i.t �1"!�'' t '''''''f'• •,f'-:.;-. `%,`,W " � '17 .P i ytY, i �a``J-Z.*C•453.1• y. i� a 1s! 3 'r r".t-.A7 ''•1441-. / A x�i:V. i't w p*t . 1,* y4 t , J• a 'z:474$,': . l??`fix(x y :3 3,i. • ..,r4.} ;-r-'''' ''.-r-',4-4-441e.., ts. yiS U } '. l x k . . ' S• '_•,'z.r #., ti � a { t*' r`tiFi4,4E,s...:7;‘, �1 ' 'r '",' ; . 4 r r. • �'••, :t � . -•u.•tt . qh • i' - ° s41F " tk va ' 3. ,t i . . TA ..v.•: -s.-.:rS' ..*14.,.•••,-.....r.-,..4%...„ r `., li q cr+r» r a Y �$ / s 41: :ji • . vs w • . �`� > .Yxt4wty C - � -,..o.5.---,...6-.•.....,-. r� ..-'‘'....777"1...1"....'. � . ..?-,t'''''":',7,....."1-: • ..:;"•''''.,,..r,-,.-4„,.... + +� 4• s� :.,i-.-",-4,..,,. ���i 1 t5 �"' rmsr �� v` ib 't ti.:2"4,,Ln3'.? �_ i, G ti c .t,•i �.�„: Ic-t -E,„• 1r • 51•-. . YrLi. LU,,• GC. LA 0` p Y .• -f x-+ 4, +s"' . . .r . u T 'ti ..>`..'i'.i?-Li':n• Jat'_.:.Ia=4�.::J"ut4..a3c'... ...- - IPLAT SALE—#----61 82 Merchants Square— 116tt'Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE .k, � R ., ' k1- Uzi.; irk 7 <K 9#iti4v7".'11- . ' L."111111. '' ,..a ova y *w.-thu « i ,?,. , � ,, g 'te t" r- y:k „ - fiX*Icik2.. "11 _ , . ' : - - — PHOTO VIEW Northerly from Keystone Way Sketch See Next Page Recorded Not Yet Closed Date Sold Current Agreement Act. Price $380,000 Size 1.484 Net Acres Av./Net Ac. $256,065 Vendor Indiana Properties Inc. Vendee GaryLinder Prop.Address(Location) NEC Keystone Way East&Proposed Street"B" Nearest City Carmel Legal Desc. Pt.of S 1/2, Section 31,Township 18 North, Range 4 East Document# Not Yet Recorded Rec.Consid. Not Yet Recorded Sale Info.Verified By John Comb,Ind.Prop. Inc.' Date Verified 3 1398 Financing See Below Zoning B 8 Commercial Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase Some site work has been completed DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A Trees NIA Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Level/ Adequate Quality of Soil Average Other N/A This is a guaranteed purchase agreement. Currently Gary Linder is leasing the site for$1,600 per month. Gary is responsible for any and all expenses relating to the property,including real estate taxes. The property can be purchased at any time during the lease for$380,000, but must be purchased by 12-31-2000. None of the lease payments apply to the purchase price. If the property is not purchased by 1231-2000 the lessee must pay Indiana Properties Inc. $100,000 in damages. This agreement was made prior to Indiana Properties being aware of the pending redevelopment of the then Keystone Mall Shopping Center. *Also confirmed by Jeff Heam,Staff Attorney for the Linder Company and Gary Linder. APPRAISER'S NAME Robert C.Bommer,MAI,SRA 1851151954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Clay TYPE PROPERTY Commercial Site PROJECT NO. Merchant Square INSP.DATE 31598 COMP NO. 7 83 , Merchants Square— 116th Street&Keystone Avenue—City of Carmel Barnes Investment Company L.P. 1 o Iv 1 Groves Carmel Associates, L.P. w (Instr. 9502489) I . 1nl 1 (D.R. 288, pg. 406) 1 o 0 v �o o2 E I b, 1 0 1 8 I-0 1 d 1 t j I 1 Z I I HN J V 1d l . I ' I l Z I., I �1 s 89.55'00" w `to ;;.a:, �� „a " c,l _ w • - V < `to ea Notec 7P ti;: I o o l S 80'25'48 E j N i■ MIN' in nhvslcn PwdPnr,'�inP I I' oR' 5l°oP ,,esk o i ° N 88'55'18” E 215.18' I• N `chi' \ Ami Q ,,P (215.22' Adjoiner's Deed) , • . w u �(il\ toc ��������••�:•I�.,�!� Z °o d 0 NOTE: Unable to determine s• `o:y,�$�i�iV o \ ° ° I: �� __ 1 he ownership of this triangular F 'pv4>�i�•:/ii ���. '�1 t N ISN Z 3 0 hoped parcel of land from the X0 ." T a,°° �5y5h9 .#•bc3' �.� I; 1MM o records of the Count Auditor. 4. ��' <� c`O Gra ,� 404oy� X, I. ,o I 3� `r Q°c� 1 , ••'P a.�<a .Q,4 5,Q AO' a1 v rn I. I I oa° to�oa�°�'gel of Gr �Q` J� a ,� ofebo< c�peaot tea CP, tib, `., \ GOKI o v • I t, 1p.5 C 1 1 c� s L J l Co °7 °c 1i R �b Qj�?-• � \ s•\5\s ,3 I sI 3`ta. �a0e .K , \ t A✓ C�\ \00. ,-..,.,°- �, g.2. I I PI1 S ti\ \ 0.'1 \'�, '>°+.eco°so w kc t' �.� �. ��S\ 4` 7.So • co7r rn Eo tna .o oel • 'Jo, , d �c> 9> of r 1 1 ", bot,,,,,..„,c ea of t \ 4),.., > Son. Sewer Easement "F" ' `,co, \�d\, � ' , I ` `• ��oP 5�•t1e5 granted to the City of -1 BEN MAR, LLC �s� u, lllllbtiti'. 9 -a I `09 Carmel, per Instr. 9116458 (Instr. 9703932) �s \ • \: O �'--,!�'r1 50.00' �? `�O 4‘. '.: > 3 3 • N 8658.00` W •\\ \ •'•rte\ °' I •I b� I co' in .., \,, `�,, . : o,n , Place • � \::.. ���k 'm� * 8eglnnFog51 11•RCP Sanitor Sn.s S 85151'08-E 152.58' r1•_ wr>r N 87 1 s'oo" w 1, —• 4 Nigi, ,_ F • — 2. 42' 9• -'15• 00 � ? N:.2\\ I• 1 Gkr 1 ,I� G ' • ..51, P \ \a9 � g /G'�5gMtIf h L1h� MCL, Inc. Q rn xl ") (D.R. 300• pgs.213-214) y- 7 z S ID-. 1 C/L Curve Data ----1 Delta = 34'41'28" 1 I 7' cj Radius = 300.00' 1 Arc = 181.64' 1 ' Chd. Brg. = N 16.39'44" W l I (� 1 . N 8919'00" W 275.00' "1 CU I a � t N CO PLAT SALE # 7 84 Merchants Square— 116th Street&Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE {. 1: $ a r � f J 5 J„Ar bifOJ '. �n_. tat c 7::-,7: 11.444 I-Will J t i l i.i. ti 1 L- 1 ' #1 i I A II:. i . -. ysr.'ed4,".*-4z. 2 5 $ r i s Y4 '..< P s fid _ 1 ` xC • t t y. la et'�y,- . N J PHOTO VIEW Northwesterly from AAA Way Sketch See Next Page Recorded 12-17-96 195,148 SF $2,82/SF Date Sold 12-12-96 Act. Price $550,000 Size 4.48 Net Acres Av./Net Ac. $122,768 Vendor Ralph L.Wilfong II Trustee of the Ralph I.Wilfong Charitable Remainder Vendee Ben Mar,LLC Unitrust Prop.Address(Location) West Side of AAA Way South of US Post Office Nearest City Carmel Legal Desc. Pt.of S 1/2,Section 31,Township 18 North, Range 4 East Document# 9609652783 Rec.Consid. $10.00&OVC Sale Info.Verified By Bo Wilfong—Wilfong Company Date Verified 3-16-98 Financing Cash Zoning B-8 Commercial Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase A neighborhood strip center has been built on the site DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A N/A N/A Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Level/ Adequate Quality of Soil Average Other N/A This property was purchased by Ben Mar LLC prior to the purchase of the Keystone Mall Shopping Center,but was part of the overall purchase scheme of the Shopping Center.This is an interior site with no exposure to any major thoroughfare. APPRAISER'S NAME Robert C.Bommer,MAI,SRA 1851151954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Clay TYPE PROPERTY Commercial Site PROJECT NO. Merchant Square INSP.DATE 3-15-98 COMP NO. 8 85 1 Merchants Square- 116th Street& Keystone Avenue-City of Carmel • • o 1 I a✓...t rval r,a,)ad• . OeN eus.l,R rya H M,SO • r '4 1 Ua• 5+.10+Posta S✓Ja• 8 $ !•• �' I wwm.nt en,oaia vxu 1 u+.a n x•Y a . • i\i . . • �T gi I $ I _ f La IT.'� In�� �w. II! `', -LL 1- ,� VnaH 9401.,P.+la S✓.b• l of •'''s , 4....., =� Ord Ruga)Y,rya 6x5 Y baa 40 I ttl < ... '1 g • ef, EN d•'° to Ft I`; �_ -_ . 405{' ,a, ae',, 1.) Stale 1• =50' ,\ \.bpm V I "C .4 [moi$al.•y :/ • • L +\ / i .L � Lu+lee g a •I ; \ 3pZ, TNRadL I I �a' • \ �• \ \ /! S I ow•x Olive��e`" i ..r;�:;w . - l 1' � �= 4at��el!l•e i` " 6b�;� PdfC e,( A 3 i J+,.IY,Y.Y c/L {.�.� ••�..0•as ., (3 750 Actes-� ) 1 • ^ MC,.0 wmsr: Wena uu:m.m SlaMordf Seery 'i `•,.,, • East --a' l • -~:;:.•..�.~• I C455 OF SURVEY: M+s l7.Ter 1,1.063-x1 Ne Wlr.o Adrr..„..lne c.0. 6 '/a.'r.n..<.r!~�.�.•�•- rdw•ce.:In Tale 865.Mf Is I.CMpbo:2,..4.:,..,.:7^:,,t,',=,,Ualne Cede,lM + v� , .r 1 _. I .4 4401 o6urvolbr.a�M°'''''"' era a6mal+ 9lf.the poi l'wn eM. ,y'' "''s' .1 I fa;l'air 1,"ss Jr ' J r l d W arts and awn •...SFW'aN/w+ee.t<Dw>n<a Uwf wrvey a este of s f i. +. a.) a.rk6ly ad<r•cl:en !I.rv.n<. _ -- • y .•..Y. ie) cb.dy.w%w may.))a 14..0000 a.«row(.)b.Ne,,,(«I �<w....-+...I. s'e.A,.e.,:r'..-......._en....I......................,.,.,. , .d elate ed K/w Cad plp'ryr a d.+crlpMn •�".� _ 1''''.;....1.268. :n.era.. 5 Ili V;:W. r..C ba pr+. :4•+aw ff 0 Ines'a Una•rl.lay) e a'• T'•OeH,uwd 264 ):6 1,1 y j:,:.„::j•, ..1 I : "WE' 1040•mq N wwAten 0gewae eaeccled.IN l:,•nneerldnyw± •"l I `�, , �• ie o.✓ III •I,<anew<IKd Vnerbbiy al a deulated red<,bl.a <sleUnRed R/Ini+wlutY s.iU�n U.sp<:i'Ketb.f la, h e.. $ l Cla+s D Sulu. ,(+</-I^00 reel)a la:va b ti'0 665 d U.•NJb6I,,,,...lyd4.Cede. .,,,n bd Uncwlalnl..of a me6.p.. . M • '� i..d.er.<:< .6;< .:<rae<��e+en .a<wb:d.p N.proaapl.Ina.treat«. a.p •r..a pe:nl a+alwm.nH,y 6a w•d,'.a.+a I 1 I 48.y n;'":.and Meced✓•+.^'pleled M tM pwlwmaro•ole"urv.Y.l x040 . A•h��. $ '''''"*..'::;:,!..1°,t17.Cml✓er^pa`Y I N e.,< + p,)O2 .alb.•a<0.a le N.1.01 IMI 40 ny.4.4 lb,N•°=:4,.f +amt rot Leen peryelue1H x M.•Men,d Ha +.W on,/ +.'Mena'.o..U.i W06osc u.CO..,peufro o.,o. «g.vl I ,.,M9 I I.,..lwcd a enl . '3 ...'"‘"'"h. .","'"I l 16• rwam<n.a 119 0.40..0 u..YOI me%< l,,,,,,,,:f.:-.0‘,.. mer uremenl to a laU,4. , <w 9ectbn I I fr.."'" ,a.. "'p <wn. ,,,.,.r c n.I. sl�. . mlwrnallr+m.y en«I u.. .:`walan.I"o ll4 cwawl w"u..<�a�:.l"�"Iel a.•uaiy Is0.....anal, e +z i r;;‘ p✓Im•ter N;;;.‘..1‘;';''''''.? M+.6q 4401•as .-a+le6.Med M+H.Oe',nlermelbn' Ona Ides of M'wn•en...."1.6.409 namww++urn? •4000 ` :M.•Mon mode d N. s parcel,I.4 40.04 N.l mal.up Uva 9<n.Idly< nes 9.Plw.SMppi.0 C<d.0. i.u•fe ,Mu.M<n g 0009 mod•0.00 0 perbd al Iim<,Ilam prior b N.<.sltue'0.al any al Uf Ilnprm msnls 4060100 on Ne fu6iul red.0101,U SM 0010^^9 Ipr<ae...leadiq Pont W bre 1960'.is IM pawl dol.. - 1 iM 00Hs el ruwd la tlw+.rcjacl red e •and N•000:.:0.9 p.ud+e!..d.41,t••.. eel":.<d Own N.I•crda !IM.:,...;4i;.4.; emdten wy ' I CaucO...1.0x00 M+ed anw era of a'.Ir+1u'p CI+d4 1.00 bre 11...16 Ina 110.rvlthe Caw•11./talar. In 0 .Iron to aeras• S . po.110 sLp eW/w 6.001095''''.""l 1.0en 6.E,<s al 6...Ojul r d ural"a.M lM Mef d the adjo✓0nq 1.rcel.el"0";,.. al ;ale N. + I f 1''scrip' d,e:l parcel+ 1 red"flat.•a•mathematic.py retraced.1640 lM Seuln 441 d Sul'ron)I.ia•nsnlp 0.0.`Rwge 0 Cast a I.-e+taOffMd as natal•Cone. - I. 'r I IM vnc0Aobl,+in IM Iwa4on or 6,Inns end owners $ I •:•.1.2.0+:41 • < R d IM aM..aaurvalbn,,i is Nlf fanny«f 01401.0 N. .•.1.0+:41 M Nis..rv<y w.el Idb•v OVK M vwltu,CCS W RCfCAEIICCD IeWVUENiS: Sea OM.•eoro•m:.q sxllen caner+004 Nb<emer+. !OVC 10 65CaEP MCS W i✓E RCCOaO DESCRWI 1 0 i .erv.yw'.10.1.++40'apb1en Net ro uncella:ntb+..:,1........ W pn<+a 1 '....'...*6 C 9°°'"led.slak 64.le Gfcr.9 6..'40 N.9.0.04 d..cllpl4n.of N.sunryH pw«I.4 Uw 04,0.Yq Ina 101,10. I wC i0.*6""SCCCCS 6r ld1C5 00 CCNPaiq✓/p059ESSIU,: It Is ilu+ woe/.%+Prf...,-7,'o 6.on IMl Ina:11,, dy 1600,11,I/40 O.e 1' .. , Ia/IM fvrvryed rad"slab 140 to i.cenflflenab5 1,N•En.,.l x<v9atbn/pne•e+ven loud 0100.9 N.penmel.l el IM.vn•yH pw<el n • as nal•'en Vn•.1640 .er 4 pbL .w........0 i.6.O..d • 6:1.-,..:, 31•Rr)I."e•mMy Is R✓.,Mal - 1,1•..00' ----_--- -' of is• I......,M•.y1 ! • . PLAT SALE # 8 86 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE .`.4,.x .`t '- ? tip , .. '_ _ . . . �.; , . Y { an F7..: u .rads..'^ . . ..-.Yaw -,d" A* •1 n ? ;.. . .,�` ;-;11,,4,,,s,,c,,',,, .:. See Next Page For Additional Photo PHOTO VIEW Northeasterly from AAA Way Sketch See Next Page Recorded 2-04-97 74,880 SF $3.34/SF Date Sold 2-04-97 Act. Price $250,000 Size 1.719 Net Acres Av./Net Ac. $145,433 Vendor Ralph L.Wilfong II Trustee of the Ralph I.Wilfong Charitable Remainder Vendee Ben Mar, LLC Unitrust Prop.Address(Location) East Side of AAA Way&West Side of Keystone Way East Nearest City Carmel Legal Desc. Pt.of S 1/2, Section 31,Township 18 North, Range 4 East Document# 9709703932 Rec.Consid. $10.00&OVC Sale Info.Verified By Bo Wilfong—Wilfong Company Date Verified 3-16-98 Financing Cash Zoning B-8 Commercial Condition of Sale Fair Market Transaction Highest and Best Use Commercial Shopping Center Site Improvements Made Since Purchase Being utilized in the overall redevelopment of Merchants Square DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives N/A Walks N/A Landscaping N/A N/A N/A Well N/A Septic N/A Fence N/A Pond N/A Avail Services: Road Asphalt City W. Yes City S. Yes Other N/A Land: Topo/Drainage Level/ Adequate Quality of Soil Average Other N/A This property was purchased by Ben Mar LLC just after the purchase of the Keystone Mall Shopping Center, but was part of the overall purchase scheme of the Shopping Center.This sale consists of two separated sites. One site is a triangular site on the West Side of Keystone Way East,South of Proposed Street"B"and contains 0.609 acre. One—half of the right-of-way for Keystone Way East,encumbers the entire East side of the tract. The second site is an irregular shaped tract that is crossed on the entire West side by MA Way and is east of the US Post Office.This site contains 1.11 acres,and is an interior site with no exposure to any major thoroughfare. APPRAISER'S NAME Robert C. Bommer, MAI,SRA 1651 1 51 954 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Clay TYPE PROPERTY Commercial Site PROJECT NO. Merchant Square INSP.DATE 3-15-98 COMP NO. 9 87 1 Merchants Square— 116th Street & Keystone Avenue—City of Carmel 1 N I Lj"S. \` � .S SCA1 o, s� RAY R'O1lti war L#.'f e9'a0Y#Y_1.f.#0' ,l ty�aY e9'#9Y#T.a fl'el..,' _I �.rr. 8^ fir... 9.r..r•coar<iK \ e S.W.EU•0.-7Ex0o' ( I, �� �Sef99rw. -•'9• +±�,`. . Ns, W ^ yE STORE MASONRY BlOOC lit. �t ` t \`t „„�' 1 I' ".f7'"'rc,. 2 (RcuL euxdrcc n,m �$ .,\ NOT INCLUDED r''a�'® is i aru'at rroa G .a0,..0 ti C• \ `s li Ouw Lrx rC'.0 41x. ' Ix5 I �I S }5 ^ a • C'\\? $. r�-r• rsr d ur.[ • /,^ y=147 o u....,_ _ ,�Y \ s. fr uaeD a I, Pi A ; Z 1 g ' F� a, 47%4 f ../ / NT § i JE- My Nacw[Lop ?� `'' Jall`� Trc.corer ''A 'p� C i CI', : z ; S ..• \''. ,c.i.:,�`. 0.5s NOr I,,6, ��P h' i CI', '� ce. Fi 1` [ wz$ RaVM L w[rG'4 rRVSTEE y'\ \ t.c.,\ \ �•C _w �iO coc 793-erJ.a 0.90•west n Erp / •/p sir�OT'I 8 Z �� = CErouBr!a-r') `'}•s \?'¢ Y OI Prop.Corner '+,' C .f xe7.00. . I' _ Ei ` •"\V;,9\\ `,• , �"""'""r`¢- ,1;'i�Y 9 a+ ...........f.or� ac mar.'.sa.Nr 5 ` PARCEL AA=I 4!� 'rte '(' \ \, • W .i ( c0uu(NOu.eVNW'G ` f�N.1/7 ` /i3� 1.11 Ac, f/— x q �_ —� 0.609 Ac.+/— F9'.` Y rc 'DED 1 ge L. .�� ` ��a x \ wo,; rcr a•- qv - r ses.roev.-ru. � y\•• Rc Jv o• `.P,' .. e._ r/ ws`iir n=na.. . is I *9 Y �y ., s.•...,r a[ f \ +- n..o Joaoo' I� � ([' >I:� 2 p r.N 4�r Y• t 'Sr i}..` x. 0'!755 w I '.:ru. ^.I'Z'' \ jt:+.-E. 7 8h N�R i.ar:u �K'g , t k o rm"u� % 1. \ ZLH' °'\\ e�^- . §I $3 Kalli p�s9.aiu _ ( _ + \� . ILI j 8' _ sa9soYs-.•-a1o.a9• -L,'` — • --,'14.•'.a Zf .r.x,ex�w \ `1 .y'+• !P/ ••;', i '3 — xe9�o'r5'w-J:e..J' \rdrnlMK�s7i,E orserAt � ,\ \ P� �i• i oEscPONOr aEGrwNG, t.:,,,,,..1.7,,...* n'•i...ri KN O.a Na i:09 n+x r f • Y� I o[wwnu ��������� .- c.,c ru ?/. n�a`m.rra I rx,rtw:.a 7e..Gr us WC usaENr� �'"`^'-"'•' a•o t IYI�rss or.xi.r.so u r.Nr1.11r aNttn.c io•rx[.snc.r raj X11 €I • 9( e.fr DR.m.0..3 [lr[mc rxix,GRAwJ L.&[YKS I. (Z18 Ip D.0.353,1.4f.)N-J01 • • ' .ewN 9r2-mor=7y • �. .r11101 SW* • • • • • PLAT SALE # 9 88 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE • • F r. s t PHOTO VIEW East from Hague Road South of East 96th Street Sketch See Survey Below Recorded 4-27-96 61,943SF $14.21 /SF Date Sold 4-23-96 Act.Price $880,000.00 Size 1.422 Net Ac. Av.$/Ac. $618,847/Ac. Vendor Glendale Partners Inc. Vendee Mainstreet Indianapolis, LLC Prop.Address(Location) Southeast Corner of East 96th Street and Hague Road Nearest City Indianapolis, Indiana Legal Desc. Part of NE 1/4 of NW 1/4of Section 13,Township 17North,Range 4 East Instrument No. 96-51254 Rec.Consid. $1.00&OVC Sale Info.Verified By Danny Marr-Glendale Partners Date Verified 10-24-95 Financing Cash Zoning C-3(Commercial) Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase A new Shanes Jewelry Store has been built on this site. DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual. Soils Average Other N/A Comments:This is an out lot of the Glendale Partners site that includes Kohls Department Store and the United Artist Cinema Theater. APPRAISER'S NAME Robert C.Bommer,MAI IB 51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Lawrence TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP. DATE 3-15-98 COMP. NO. 10 89 1 Merchants Square— 116th Street& Keystone Avenue—City of Carmel ,.4.2r,....-.:;.- t....,:;::.1"•:.:cx;:: .',.;,". • . 1 \,.........- . ....., ::::zt7,;;:rzn: ,\ / __________ \ ------'t-7----1,2, irn..7,,.. . ,lf:i•—:31,,_.\\ r,• I , :96th Street rt.... . Nertr.Line,Nee.t...set 13-'117N-R4E ,t,': --.....„,_o_., Co.s.00lt — — — 7.-t •— — : t / ,•.- ::e 60.00. t; t / N00'18'0370/ 4 i _______ _,__ t I L_ _.5_0.01 7 . 1.•-'n * , \/•`•-••••-":1-•--2:7-5`,4 ir-.- -!.-... : -_. _,-L.:7••-•,-1-,,,-,! 7 ei. Ne.5.3till:-'-'7,ir___%2T6:r.1•41.,t-.. •'-2,4-" -LA?t_33:_m;_,-,...., ,.• ".:EA'-;'-__LL•::: ___,,,,,_LL_: .---... ,---..,;,.- • ,_ , , ., - z••-•=1,---E•••• - '--•it .,...,•;,.., ,, _______., - - . .7.-., ----,.JO- 1.2.)41",,,,,--.-_-1.32.1.5.21'.'js'os'w ; --,,-.--.4./....-,„1-- ...-7-7-•,.,„...,..... ..., 251.00 4, : ----'"--r•,...-''' . `S.:e.:. ____ - " -I "..• • SR.R.4!.• • . _ ... -2?2 . .. .... ! 1 Ift;e \117,.' s1 , 1•_....\\_:_921.1_9_cl:.670.7c •--• ti o.t. S08100-26.25' ; 1 ii a p 58 • '' . '. • t 1 1 oin of Be innin . . •• 41, .i Common Access L 0.895 Av.= . .3.loolr4 1. l Poi: .11-ot W•cd • • ... 1-tt. . • .F .i I i.,1 fr.. .... • • . . 7"5, ;t...41C.....-;!°1;,-L5'le:DE C.ECT19::::UNE CASCu'N1 9 • •• --.. toes:em OA', . ' •. • ,z, / ,.....2..22 Actes± • / ,,.I it.:. '4 . it;--, •, i , ..,s 0 sow-9.,-).,,,-,„,....,c.„...,;,,./..P, (71-28.998 ••- •t't •f f 0 Ne•YCol.Coeooteuon ' n ' ..i.•;1 ; li:3; .11`.--,...' • wkicie o..,1., 1.555 Aces ..."... 0.o. `. .. / 1 0 '. .* / .V.,/si leceranty Dee: lost_185-85025. .. ..,‘ , I ''' "F'; ilFei ---2 , •• / / ts•. . ., . • "r/ i /',..". 1 1 "; & 1,7 • • • i ,, "•••‘,.. ceatnt of R;r.t of Noy / ' ;.; %, • •. • s. .% / /I.. o'.1 t.::;nreLIES-S2M6 8 M 5 • ... ) • , . 1 if il... 'kr . et Ino;co, •• \, ...„.• ,...' ./.;,4,.._._ ____N,.,,_/' 988',5•3010-244.19M2S3.88101 .7" ... 'I ' 5-528 for R/W r•'• I g ,:t . ,\•, , ;'..e. •• C 4'Ze••,>.. 2 I I f ....." . V.' • !,.' Pi• ••••;$'• t?..1.4X,.; _ 985'.5.30w-105.93• ., , to • ' ' .'' •.- *6 • - ." i . eit.7'-i,1N• N C.O.O.I5o1 '.5'37t-.0.09-, : .6.1..30-W.2t.21. ACCESS E. . s0 ," .,' .., .. .. 1 •••••••.. ...----- '..•i!, .„., •-- -55 .3...: 734.15' ..." .. ..".-"...'„.,:o--- ..." NS,OCk16 ,".... .''',.. N55.0.15.30•E.- ' i :I•E 1 /2 II 4;r1\ I ro'.11 * ....V.,.r'''...:-.''' II,7 Point of Beginnino ...!ey,%;?•-•,?:*:?:::;---9.5 Point of Beoinnin ' '1 inicay too,..ni/3 Un:tec Artist a fact I li I:i 1 I 0..95 Acrest 7.487 Mies* . •It 1....I • • • • PLAT SALE # 10 90 .... Merchants Square— 116th Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE s r . _ ti ... ___7,, ___ :_iifs_________ _ „....,: . ..,. �ttlrics � ,, ______ . . _______ � ////�' 1 s a 4,...,,,„,,,,,,,,.,. ..,-- $ _ fira� r Y,, .�y� fiw � ; ' n -^n'. � r'i-- rs *wr v � � YEN- tet - ss.x,..,i✓ r AP s,y I `',, y ,. v>r i E ..y F: '4# .,' .+.. i va mrd c 4 <'v PHOTO VIEW South from East 96th Street Sketch See Survey Below Recorded 2-29-96 58,754 SF $12.77/SF Date Sold 2-23-96 Act.Price $750,000.00 Size 1.349 Net Ac. Av.$/Ac. $555,967/Ac. Vendor Glendale Partners Inc. Vendee Steak"N"Shake Prop.Address(Location) 8157 East 96th Street Nearest City Indianapolis,Indiana Legal Desc. Part of NE 1/4 of NW'A of Section 13,Township 17North,Range 4 East Instrument No. 96-27058 Rec.Consid. $10.00&OVC Sale Info.Verified By Danny Marr—Glendale Partners" Date Verified 10-24-95 Financing Cash Zoning C-3(Commercial) Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase None DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual.Soils Average Other N/A Site and building design plans for this Steak"N'Shake were developed by Butler,Fairman and Seufert Engineers. **Also confirmed by John Reller,Real Estate Representative for Steak"N"Shake Restaurants on 10-20-95. APPRAISER'S NAME Robert C.Bommer,MAI IB-51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Lawrence TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP.DATE 3-15-9810-24-95 COMP.NO. 11 91 Merchants Square— 116th Street&Keystone Avenue—City of Carmel SteQ " � " ShaKe Site East 96th Street S88-95'30"W 215.00 . 349 Ac . A N © 68 . 754 SF N88-9S'30"E 189.19 PLAT SALE # 11 92 Merchants Square—116th Street&Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE r' k y r t _ .• ,rsac Me.. + '' _ - .7 ,k .1 .,. '�wa' - .. as ,'r bra e+..,,.kA -, a< t 8 {i-„a xr;4 ,w y' r°'k: y,:1, '.hitt-, ST ",,s.,-. ':n y3 '. PHOTO VIEW South from East 96th Street Sketch See Survey Below Recorded 4-17-96 67,736 SF $11.44/SF Date Sold 4-03-96 Act.Price $775,000.00 Size 1.555 Net Ac. Av.$/Ac. $498,392/Ac. Vendor Glendale Partners Inc. Vendee Ruby Tuesday's Restaurant Prop.Address(Location) 81-31 East 96th Street Nearest City Indianapolis, Indiana Legal Desc. Part of NE 1/4 of NW 1/4 of Section 13,Township 17 North,Range 4 East Instrument No. 96-155286 Rec.Consid. $1.00&OVC Sale Info.Verified By Danny Marr-Glendale Partners Date Verified 10-24-95 Financing Cash Zoning C-3(Commercial) Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase Ruby Tuesday's Restaurant DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual.Soils Average Other N/A APPRAISER'S NAME Robert C.Bommer,MAI IB—51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Lawrence TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP.DATE 3-15-98 COMP. NO. 12 93 Merchants Square— 116th Street& Keystone Avenue—City of Carmel roint oI Beg.nning t western Oottat /See the Suce.:e•Ce:%t of rnakne I 1egi Aces: / Coo*See t N9.S n,C.a6 o Rmt Survey Point en Beginning\ / Instrument/96-E5070 r',9'1 or Key Oro-t }.,4•4, 1.300 Acres! t �msa,.ment/e6•a558C • I-' s 4.' /Oren%of RI/ht eat wcy` • / 1'• < .0.I r \ FI !!I tn,ment/8."92735 i / i-' Ic.r.• _ — —NortA Line,WW1..Sec 7}717N-R4E��ti' fw+rt) t 96th Street .I 'u+u.umenl/e9-92737 {•� t•(� S8r4.:30'w•612 7e'e ,T r - C.c 1 So1'14'3.3, N00'le'03'w 1 �T—_ HB6'f5.301•49:.76'1•- 1 t 50.00' `. 50 EIV* 4----_ _-_1 'VEr•T loNT:147i.1T-_-.. __-_._1i e- .. .-." -- s r tett .,.....;...1:1,......--7----:-...._.` \a`-7�•— .s.u•:53:T- -- -- �+tevz' � -:e—$yt , 261.00 le - • , _ - /n -w�_1_` b! r=t__1-3.....5.7•='25.°5'W _ + _ -�;-�~1oosee sr_:n•_535'+.']J•w_-E517e'-� ,. •r2i- ,� �. .414,.;17/ ��Ct/t 185.22•] OW43301 M❑1 r voter line Ecsee.enl-O.JG<Aaee: gt3.55' :536. Xt 1 t It ai°ja�_'\' ll' Nb5'<5'30T-670.79' , - • 1 J1 "539.0816•w-26.25' 1. III 51P-43737)w•72E.76' I --i 4. I' Point of Beginning I is • j 1 l. N330.7a'IC) I r 11 wo•tnem Common Access Easement .I •• I• I 0.895 AO II ; r' I( 2O.00 2 a Point of'Beginning I i1 • r I 'i,/ $ II-•1 1.555 Acrest I IL I o 8&I o1& III S :' I <r ..-_- wet CN tic: `r.. 'ri t-51'^i I e o ...e, • ` .t3 ` 7.422 Au es! . h 3 ey�, �1„ g� 'r• '4,S / r r / ;te: --5•NIDE CLCCTR;C LINE EASCUEN7; • • 't••yr r' ' e / AlS II wsT.nt-26e55 s1• •4 s... i r 1 /© Eoenrinoer-Yonnnem Capaot;oo�y o N ol�t 1Y Y' • .. /4 / :s o New Yak Caporetion l v: r,r11 c•n l 9. e*.•. r:Ir woaonty Deed • LI TI:i I • Y;o4 Oreo: r�J ♦•♦ W / Inrl f86-65070 f vai c u 1.555 Arent .sy 'r •• e?•. .�/ / rr Oront of R;snl of we. I er V 6 I I"I . Sale •'?re�. I.n Il ♦ rid, 1 stnmtmt/119-9276 7 'I `•' - �' `/' ,. 0.139 Acre: I a • • �. • I t ; rt 1e = I . I of Ine,on- • •:.i _ �•I. Sb8'+5'X•�1_29a,1E'{C1293.H6Y01 g (11 (� toR/W ' �! Q N`�'� N 2 III`I/ l� •`J' !of I '+! _ ! /J• 6 yJ3N�,G 586'45'30'w"195.93' / p N65.45'331:-248 00 I•I !i • !it ` ! 4'3"4.- 46°.i?* `1� Sb5'45'J'u'w-430J:' — Ord ' • ,• •m 1=`\ NoRTMERN CD.IYON N68'a5']gt-<o.ro'-� 7 S,�Na6'f 4'30'w-21.21' AC",.E55 C+SEuEr:7 0.695 ACRE51 oeS 'y! .�,/..% \\� fnEB'a5'3CT•704.;Y Ss8L5'3J'w'-447.76• i 09 c N88'45'301-276.79' T I "''� _ a i- Sy4. I I I1,� NE8'45'30i•427.36' I 1.l I I \ 566 4S'SO'W.427.36' ,„,„:)....-5......r....„- ,p1'''q5 Sqn Cosemmt/2 I 1 \ -!.c.:„...,,,"'-'7-- 14 I I Point of Beginning • .' .....e.:„?..:-;;,.0 .... -- Point t of Beoinhing I I 1 I Ut.:ty Easement 13 .: ........,":0.314-i.' United Ntnt s efroet I ' I 0.+95 Aoer3 7.467 Acrer2 r 1 I'16 I FLAT SALE # 12# 127 94 IR-7 1 Merchants Square— 116th Street&Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE 0 J ‘R?Z ,), .....u... . ;..F lir, • r �;.I., �.r aruw.,.yr.r '�'I.4 ,..A'.. .,. . ,,, , , . x l':,:': ,�„ ,wr, cry x"'y' .�-a��^tr"eta #3' �s ,s �� � 1' ^'rr: -{?,.:-.%..'4,5,,,::.i.,-.'--,..:;.,;kT ,5n." s ". om #' 's-z k d� '' s r ,� ::4.....1- .�.a�-� „� ` k,....._-_:,.. ---,-.4,eranm�- _ ±.' ,. , PHOTO VIEW Southeast from Bash and East 82nd Street Sketch See Next Page 51,836 SF $12.06/SF Date Sold 5-5-94 Act.Price $625,000.00 Size 1.19 Net Ac. Av.$/Ac. $525,210/Ac. Vendor U.S. Lodging Vendee National Bank of Indianapolis Prop.Address(Location) Southeast Corner of East 82nd and Bash Street Nearest City Castleton, Indiana Legal Desc. Pt.of SW1/4 of Section 23,Township 17N,Range 4E Instrument No. 94-73674 Rec.Consid. Sale Info.Verified By Michael Mauer Chairman of Board of NBI Date Verified 7-25-95 Financing Cash Zoning C-4 Community Regional Commercial District Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase National Bank of Indianapolis branch under construction DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual. Soils Average Other N/A This site is surrounded on all four sides by streets,and requires front setback from all four streets.This provides ample access to the site but limits the area of the site that can be improved.This property was sold subject to very stringent set restrictions and covenants that run with the land for a period of twenty- year period as set out in a sixteen-page deed. (i.e.)The grantee must buy a public liability insurance policy to cover any cost of property damage, injury or death that may arise out of use of the Common Roadway surrounding the property, and furnish a copy of the policy to the grantor each year. Also the grantor reserves the right to repurchase the property at a price to be established by three MAI appraisers if the grantee decides to sell the property in the future.Also the grantor maintains architectural control over any construction to be placed on the property, plus a multitude of other restrictions too numerous to cover on this comparable data sheet. APPRAISER'S NAME Robert C.Bommer,MAI IB 51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Marion TOWNSHIP Lawrence TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP.DATE 3-15-98 COMP. NO. 13 95 t Merchants Square— 116th Street& Keystone Avenue—City of Carmel ice° .r.�[�....,a.".,.. �I'_ ,a- 1' Ise.... ...I�J �� Ir A ST ea ND ST. 5 O+rG or 5235.34 e.,S409•W(0•510.411 burs)x07072 1 •...., real bowel 1..Stott !„...,••r ,.�h... I'`I"'-'1. rl.. i bN C•e sw.. • • ��1 >r [..:e.r.e a:.•avut.isr.)�o) 1...1. • xi s e • Loc..a L.,ti > r ..r.w E I q'i t':: .._y / X"< c...... < Z,. 81 E'er uy'L'?'$ e�� - 4. '� .,_,�,•�'. • a:a ,.a� -2.1•••=J' i .e...r__£a. S.•j}'1 r. ` rfS�-M'fff.[`I ,� Wim/; $•J : „1� } '.�'`_ �.z. .(p: i. Itis: s ,.t7 �rt • r.:.:;••••'::* 11 • M 001 r,.,.. ••jam 1 10 Ut,t '• .�Po...• /7,-.........r........., �r• •N.�.• h..S1-04-t'12) ,�`.—J } I r r ro.cr o n fart O/ 1 ,u-.3.,11... I•� h6o+t . -27 tn0 tq+t.IKr i aYI ,..r h,t.W.06-127W2 ▪ "f'.wk al OO.. `i• I'e"'1�Sel cl_" .'3 ,.,T.w f _ _ _ lr ,n:_n1 i:0 '// �L_ ,e\ ..--12•}uCl (V\CLtCp) 1 )t::rs - ..1.N.t1= j ! �..d1m..a t.; • to ati+.w C'etc r.4-._ 1 •r , , .O Ut\t7 C.xwt feSo.or- • • �' � at n.s1-noxi r:e..r,9 ry. 1•• r.e. 1 _ L ,l• ♦ 11;1 haero B.1 Terowr Corp..oe. •. ?I SI. i � `71 )...c e....ute .0 we:.[ ^ 1,..t.Ko a6-126709 .iII I ..• 1 1 !I -.-'' t e 1 �� iii •••[,tl1C Clogs-P.M 1 e , / • \w,1 :f.•.ol.•K.I..t b 1...t.15.55) I `'. !, �,f M1R J .l•..,we.r..e ii,- •' C 1 . Crrl C Al.M' .Ib:l •r 44 ••„�0j/\�^1"/ ....t•row.r..n ass ••.a.n..r 1 I J• I „+�a I r• 1 1 18 r� -4,-..-W;•... r i::.i..�r1\' \r1. ' I �..........• 1 /1 y ,• `/o fl.T r,,o • .,.. , .> •. �1'•C.-tara s1e[[1 aa'.a1Cc)1�8‘`a.'•..I Qy�Yr tr >' .� �.1,� •1. ^R r, 9 QL I'w 44••• •ter i.. a 4 tt a �� L 1 . - JL I I 1 i a• • • •t; 1 ' 1' Ln -fv}CAtCD) I-. I I _ .. `b 4c a cIII I. • • .. I i I YE • I I ,.Y I? II 4; ! • II • ;. if 2.= j ' - S 1..., LCcr<r0, >0-\ • 1-.t -'i _.__.,_. I.f .S/B•[<cbr rov.o - .. .„. —�S 1 1 Pr,r •.P1:Ina ro+.o i 1 11l . .ne... -L L . `.e t ... FLAT SALE # 13 96 N... Merchants Square— 116th Street& Keystone Avenue—City of Carmel ALA-MD-26 SALES OF COMPARABLE PROPERTIES Rev.State Form 2629R UNIMPROVED LAND COMPARABLE { t0-r,,' yr,. ,i ri ' : r T _, f-I - P 4��1 i i 141 , , , ‘ i , , ,: „, i - - z,--4 , itifi i •{ . ' k,'-':'.) S u' � '' K4r -y 7,7' k` �-^wr-r. • A 1"4 '� 'y' , d � {'# � :" -%1 4" ter s , s ''';'1.-'4' `` v i'iwe' T e '' w s x � t fi 'itk:'4 ` . 0 , x� ---:,:-4:1'.'--K--7,,,:,-,7:„,,- r'# . .*,4-£"t 411.4'�W3s ' : 7 ,,';;•4' kx . y .041 , -#, v.�5.r2'3'. f any r 1 s } ',gs ''-e `" 4 •:Y • = r .�m Y4•h .3.,,,, f+lg... "�x,}� � �a����� ; �4-m��';.'�•"n r its; PHOTO VIEW Looking westerly from Shopping Center Sketch See Next Page Recorded 3-17-97 53,143 SF per deed $22.58/SF Date Sold 3-6-97 Act.Price $1,200,000 Size 1.220 Acres. Av.$/Ac. $983,607/Ac. Vendor Frisch's Restaurants, Inc Vendee Mike's No.15 LLC Prop.Address(Location) 14837 US-31 North Nearest City Westfield Legal Desc. Part of SW V.of section 18,Townshipl8 North,Range 4 East Instrument No. 9709709671 Rec.Consid. $1,00&OVC Sale Info.Verified By Mike Daum,Mike's Express Car Wash Date Verified 6-16-97 Financing Cash Zoning SB—PD(Commercial) Condition of Sale Fair Market Transaction Highest and Best Use Commercial Site Improvements Made Since Purchase Mike's Express Car Wash&Quaker State Quick Lube Built on Site DESCRIPTION-GENERAL COMMENTS Land Improv.: Drives None Walks None Landscaping None Trees None Well None Septic N/A Fence N/A Pond N/A Avail.Services: Road Asphalt City W. Yes City S. Yes Sewer Yes Other N/A Land: Topo/Drainage Level/Adequate Qual.Soils Average Other N/A This was originally the site of a relatively new Frisch's restaurant.When Frisch's restaurants decided to pull out of the Indianapolis market this restaurant was placed on the market. Mike's purchased the restaurant and demolished it to provide the site for Mike's Express Car Wash and a Quaker State Quick Lube facility. APPRAISER'S NAME Robert C.Bommer,MAI 18 51151054 APPRAISAL CG69100182 (type or print) (Broker No.) (License No.) COUNTY Hamilton TOWNSHIP Washington TYPE PROPERTY Commercial Site PROJECT NO. Merchants Square INSP.DATE 3-15-98 COMP. NO. 14 97 Merchants Square— 116th Street& Keystone Avenue—City of Carmel cc 304.74 N89°43'12"E v� €u � z a O w+ 3 4 1.220 Acres z_ w 0 w W on cp O fat N. C"9 O 889°43'12"W 299.80 Title: Mike' No. 15 LLC Date: 3-20-98 Scale: 1 inch= 100 feet File: MIKE'S.#15 Tract 1: 1.219 Acres: 53099 Sq Feet: 4933.0 Sq Meters:Closure=s00.1927w 0.30 feet: Precision=1/3194: Perimeter=956 feet 001=N89.4312E 304.74 003=S00.1648E 108.90 005=N01.4733W 175.93 002=S00.0141E 66.67 004=S89.4312W 299.80 PLAT SALE # 1 98 Merchants Square- 116th Street & Keystone Avenue-City of Carmel o � - tJ"O 432.01045.07 s889511211550'15"e s89,11 . w 385.00 232.74 6' s8993500"e A•,?.? It. 12.62 y '� 8 Ip 9 � I.24:213 Title: Parcel 1B with Overlay of non-exclusive roadway easement Date:3-24-98 Scale: 1 inch=200 feet File: OVERLAY.ESM Tract 1: 1.184 Acres: 51588 Sq Feet: 4792.7 Sq Meters:Closure=n58.4824w 0.52 feet: Precision=1/4302: Perimeter=2254 feet Tract 2: 0.864 Acres: 37616 Sq Feet: 3494.6 Sq Meters: Closure=s84.3852w 0.02 feet: Precision=1/144557: Perimeter=2862 feet 001=/n89.5015e 2313.00 018=n22.2121e 9.01 035=/n00.0945w 288.00 002=/n00.0945w 45.00 019=s34.0028e 248.42 036=n00.0945w 475.29 003=/n89.5015e 82.00 020=n56.0413w 128.31 037=n89.5500e 24.00 004=/n45.0945w 31.11 021=s72.0413w 38.14 038=s00.0945e 451.26 005=/n00.0945w 160.00 022=n56.0413w 51.47 039=n89.5015e 545.07 006=/n06.4416w 96.97 023=n17.4857w 48.70 040=s00.0500e 89.50 007=/n00.1530w 316.30 024=n58.0228w 213.28 041=n89.5500e 232.74 008=/s89.4430w 6.10 025=n45.4847w 149.23 042=s34.0028e 56.67 009=/n00.1530w 313.30 026=n67.5916w 38.54 043:Rt,R=124.10,Arc=21.92 Rp=n45.3317w 010=/n15.0143e 31.38 027=s89.5015w 385.00 044=s00.0500e 50.61 011=/n27.1726e 235.11 028=s44.5015w 21.21 045=n34.0028w 105.85 012=/n00.0945w 225.88 029=@0 Merge 1 046=s89.5500w 212.62 013=n00.0945w 60.00 030=/n89.5015e 2313.00 047=n29.4720w 102.92 014=n89.5015e 432.00 031=/n00.0945w 866.00 048=s89.5015w 494.02 015=s45.4847e 142.00 032=/n89.5015e 258.43 016=s58.0227e 247.00 033=/n00.0945w 299.72 017=n68.0548e 41.89 034=/s89.5015w 135.07 (PARCEL # 1 B WITH OVERLAY OF NON- EXCLUSIVE ROADWAY EASEMENT 99 t Merchants Square-116th Street&Keystone Avenue-City of Carmel 1"111... ......!1....MIMIMMMIMM.... Title: Parcel 1B with Overlay of non-exclusive roadway easement Date:3-24-98 Scale: 1 inch = 200 feet File: OVERLAY.ESM Tract 1: 1.184 Acres: 51588 Sq Feet: 4792.7 Sq Meters:Closure=n58.4824w 0.52 feet: Precision=1/4302: Perimeter=2254 feet Tract 2: 0.864 Acres: 37616 Sq Feet: 3494.6 Sq Meters:Closure=s84.3852w 0.02 feet: Precision=1/144557: Perimeter=2862 feet 001=/n89.5015e 2313.00 018=n22.2121e 9.01 035=/n00.0945w 288.00 002=/n00.0945w 45.00 019=s34.0028e 248.42 036=n00.0945w 475.29 003=/n89.5015e 82.00 020=n56.0413w 128.31 037=n89.5500e 24.00 004=/n45.0945w 31.11 021=s72.0413w 38.14 038=s00.0945e 451.26 005=/n00.0945w 160.00 022=n56.0413w 51.47 039=n89.5015e 545.07 006=/n06.4416w 96.97 023=n17.4857w 48.70 040=s00.0500e 89.50 007=/n00.1530w 316.30 024=n58.0228w 213.28 041=n89.5500e 232.74 008=/s89.4430w 6.10 025=n45.4847w 149.23 042=s34.0028e 56.67 009=/n00.1530w 313.30 026=n67.5916w 38.54 043:Rt,R=124.10,Arc=21.92 Rp=n45.3317w 010=/n15.0143e 31.38 027=s89.5015w 385.00 044=s00.0500e 50.61 011=/n27.1726e 235.11 028=s44.5015w 21.21 045=n34.0028w 105.85 012=/n00.0945w 225.88 029=@0 Merge 1 046=s89.5500w 212.62 013=n00.0945w 60.00 030=/n89.5015e 2313.00 047=n29.4720w 102.92 014=n89.5015e 432.00 031=/n00.09451,v 866.00 048=s89.5015w 494.02 015=s45.4847e 142.00 032=/n89.5015e 258.43 016=s58.0227e 247.00 033=/n00.0945w 299.72 017=n68.0548e 41.89 034=/s89.5015w 135.07 PARCEL # 'I B WITH OVERLAY OF NON- EXCLUSIVE ROADWAY EASEMENT WITHOUT DIMENSIONS 100 Merchants Square— 116th Street& Keystone Avenue—City of Carmel 432.00 n89°50'51"e s89°50'51"w 'o 456.55 Title East -West roadway overlap of Non-exclusive roadway easement Date:3-24-98 Scale: 1 inch= 58 feet File: OVERLAP.ESM Tract 1: 0.245 Acres: 10662 Sq Feet: 990.5 Sq Meters:No significant closure error. : Perimeter=947 feet 001=n00.09445w 24.00 003=s45.4810e 34.33 002=n89.5051e 432.00 004=s89.5051w 456.55 EAST — WEST OVERLAP OF EASEMENT AND PROPOSED RIGHT-OF-WA 101 Merchants Square— 116th Street& Keystone Avenue—City of Carmel PASo 92 C-' F' 0 3s6 0 29 022, e s89°55'00"w 45 Title: Triangle Overlap Date: 3-24-98 Scale: 1 inch= 20 feet File: TRIANGLE.OVL Tract 1: 0.035 Acres: 1507 Sq Feet: 140.0 Sq Meters: Closure=n41.5506w 0.18 feet: Precision=1/1470: Perimeter=258 feet 001=S45.4847e 92 003=s89.5500w 45 002=558.0227e 29 004=n29.4720w 91.5 `TRIANGULAR OVER LAP OF EASEMENT AND PROPOSED RIGHT—OF-WA 102