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Home My WebLink AboutPacket for PC 12-15-20 Attorney for Petitioner C. Addison Bradford Hall, Render, Killian, Heath & Lyman, P.C. 500 North Meridian Street, Suite 400 Indianapolis, Indiana 46204 (317) 977-1403 CARMEL PLAN COMMISSION INFORMATION PACKET DOCKET NO: PZ-2020-00171 PV PETITIONER: Meridian Development Realty, LLC PROPERTY LOCATION: Southeast Corner of North Illinois Street and 111th Street DATE OF HEARING: December 15, 2020 INDEX TO EXHIBITS Exhibit A: Brief Description of Project Exhibit B: Plat Vacation Petition Exhibit C: Tax Parcel Information Exhibit D: Original Plat Exhibit E: Proposed Findings of Fact Exhibit F: Retained Easement Exhibit G: Location Map Exhibit H: Termination of Recorded Covenants Exhibit I: Depiction of and New Lot Line for Vacated Area Exhibit J: Conceptual Site Plan Exhibit K: Historical Photographs Exhibit L: Appraisal for Lot Not Subject to Petition (;+,%,7$ BRIEF DESCRIPTION OF PROJECT In connection with the redevelopment of the lots at issue, Petitioner seeks to vacate the Meridian Suburban plat as to 30 of the 31 lots located therein, as well as the easements contained therein (aside from a drainage and utility easement identified in this petition that serves the only lot not subject to this petition (Lot 30 at 49 West 111th Street)). The Petition does not seek to vacate the platted rights-of-way (Tottenham Drive, Manchester Court, and Mersey Court) nor any portion of the 111th Street right-of-way (to the extent such right-of-way remains within the plat). The Petition also does not seek to vacate the recorded covenants included within the plat, as such covenants have already been terminated pursuant to the terms and conditions of that plat. 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Cripe, Inc.REAL ESTATE SERVICESSURVEY + 3D LASER SCANNINGENERGY + FACILITIESEQUIPMENT PLANNINGCIVIL ENGINEERINGARCHITECTUREARCHITECTURE + INTERIORS3939 PRIORITY WAY SOUTH DRIVE, SUITE 200INDIANAPOLIS, INDIANA 46240(317) 844-6777WWW.CRIPE.BIZ09-03-2020180235-20010MERIDIAN DEVELOPMENT REALTY, LLCMERIDIAN SUBURBAN PLAT VACATIONDescriptionDateMark00-00-00/(*(1''5$,1$*( 87,/,7<($6(0(17HISTORICAL PLAT - MAINTAIN EASEMENT (;+,%,7* Location of Meridian Suburban Subdivision (;+,%,7+ EXHIBIT I CERTIFIED BY:Drawn By:Checked By:Quality Assurance:SheetDateProject NumberScale: 1" =DateFOR CALLS IN INDIANACALL TOLL FREE11-30-2020180235-2001011-30-20PROPOSED PLAT VACATION EXHIBIT J HospitalOne-WayGarageDrMedical2IÀFH2FW EXHIBIT K EXHIBIT / IntegraRealtyResources4981N.FranklinRoadT317.546.4720 IndianapolisIndianapolis,IN46226F317.546.1407 www.irr.com July17,2020 Mr.RobertA.Hicks Attorney Hall,Render,Killian,Heath&Lyman,P.C. 500N.MeridianStreet Indianapolis,IN46204 SUBJECT:OpinionofSurroundingPlatVacationonMarketValueofHoldoutProperty 49W.111thSt. Carmel,HamiltonCounty,Indiana46032 IRRͲIndianapolisFileNo.118Ͳ2020Ͳ0853 DearMr.Hicks: Pursuanttoyourrequest,thisletterservesasasummaryofouropinionregardingtheimpact,ifany, onthemarketvalueofthesingleͲfamilyresidentialdwellingreferencedaboveduetoavacationofthe surroundingsubdivisionplat. IdentificationofSubject Thesubjectisanexistingresidentialpropertylocatedonthesouthsideof111thStreet,betweenUS Highway31andIllinoisStreet,onthesouthsideofCarmel.Theimprovementswerereportedly constructedin1960andcontain1,993squarefeetofgrosslivingarea.Thelotcontainsapproximately 0.35acreor15,246squarefeet. PropertyIdentification PropertyName Residential Dwelling Address 49W.111thSt. Carmel,Indiana 46032 Tax ID 29Ͳ13Ͳ02Ͳ302Ͳ003.000Ͳ018 OwnerofRecord DRMProperties,LLC Legal Description LotNumberedThirty(30)inMeridianSuburban,FirstSection,a SubdivisioninHamilton County,Indiana,astheOfficeoftheRecorderofHamiltonCounty,Indiana. Census TractNumber 1110.01 2 LandDescription Land Area 0.35acres;15,246SF SourceofLandArea PublicRecords PrimaryStreetFrontage 111thSt.Ͳ105feet Shape Rectangular Corner No Topography Generallylevelandatstreetgrade Drainage Noproblems reportedorobserved Environmental Hazards Nonereportedorobserved GroundStability Noproblems reportedorobserved FloodArea Panel Number 18057C0208G Date November 19,2014 Zone X Description Outsideof500Ͳyearfloodplain InsuranceRequired? No Zoning;OtherRegulations ZoningJurisdiction CityofCarmel ZoningDesignation MC Description MeridianCorridor LegallyConforming? Appears to belegallynonconforming ZoningChangeLikely? No Permitted Uses Avarietyofcultural/entertainment,educational,institutional,office,recreational,residential (upper floors only),andretail andservice(groundflooronly)uses. MinimumLotArea N/A MinimumStreetFrontage(Feet) N/A MinimumLotWidth(Feet) N/A MinimumFrontSetback(Feet) 50'fromUS31;30'fromarterialandcollectorstreets;20'fromlocalstreets MinimumSideSetback(Feet) 0'Ͳ15'basedonbuildingtype MinimumRearSetback(Feet) 20'or0'withagreementwithadjacentproperties MaximumBuildingHeight 8storiesorupto11storiesifnotwithin 100'ofsinglefamilyarea MaximumSiteCoverage 80% ParkingRequirement Varies byuse OtherLand UseRegulations N/A Utilities Service Provider Water CityofCarmel Sewer CityofCarmel Electricity DukeEnergy Natural Gas Vectren Energy Local Phone AT&Tandothers 3 ImprovementsDescription NameofProperty Residential Dwelling Number ofBuildings 1 Stories 1 ConstructionClass D ConstructionType Wood frame ConstructionQuality Good Condition Good Gross Living Area (SF) 1,993 BasementArea (SF) 656 GarageArea (SF) 441 RoomCount 6rooms;3 bedrooms;2full baths AncillaryStructures Utilityshed BuildingArea Source PublicRecords Year Built 1960 Actual Age(Yrs.) 60 EstimatedEffectiveAge(Yrs.) 25 EstimatedEconomic Life(Yrs.) 65 RemainingEconomic Life(Yrs.) 40 Landscaping Establishedlawnarea,trees,shrubs,concretedriveway Special Features Twofireplaces,screenpatio ConstructionDetails Foundation Assumedconcreteblock Basement Partial basement,assumedunfinished Structural Frame Wood Exterior Walls Brick Roof Asphaltshingle InteriorFinishes Assumedwood/carpet/vinyl floorcover,paint/paperdruwall walls,painted drywall ceiling HVAC Assumed electric furnacewithcentral air;assumedadequate Electrical Assumedadequate Location/Setting ThesubjectisplattedasLot30intheMeridianSuburbanSection1subdivision,a57ͲlotsingleͲfamily communitylocatedonthesouthsideof111thStreet,betweenUSHighway31andIllinoisStreet,on thesouthsideofCarmel.ThesubdivisionwasplattedinJanuary1960withonlytheeastern35lots beingdeveloped.DwellingsinthecommunityaretypicallyoneͲstoryranchhomesbuiltintheearly 1960’sandaresituatedonlotstypicallyabout0.35to0.40acreinsize.Theremainingdevelopedlots inMeridianSuburbanSection1(13.68acres)wererezonedfromSͲ2,Residential,toMC–Meridian CorridorDistrictinDecember2019.TheundevelopedlotsinSection1(6.16acres)wererezonedfrom SͲ2toMCinFebruary2019. 4 PrimaryaccesstosubdivisionisviaTottenhamDrive,atwoͲlaneroadwayprovidingaccessto111th Streetwhich,inturnprovidesaccesstoIllinoisStreettothewestandPennsylvaniaStreettotheeast. PriortotherecentUSHighway31roadimprovementproject,111thStreetwasatgradewithand provideddirectaccesstothehighway.AspartoftheUS31roadimprovementproject,111thStreet waselevatedasabridgeoverthehighway.Additionally,theprojectrequiredtheacquisitionand removalofthreedwellingson111thStreetin2013,alongwithareroutingofTottenhamDriveatits intersectionwith111thStreet.Afourthdwellingon111thStreetwasacquiredandremovedaspartof theIllinoisStreetextensionprojectin2013. TheMeridianSuburbansubdivisionisadjacentnorthofthedevelopingFranciscanOrthopedicCenter ofExcellence,afourͲstory,236,231squarefootorthopedichospital,surgerycenterandmedicaloffice building,alongwithafourͲlevel,664Ͳspaceparkinggaragewithskybridge.Allofthelotsinthe MeridianSuburbansubdivision,exceptLot30,havebeenacquiredbyMeridianDevelopmentRealty, LLC,arelatedentityoftheownershipoftheFranciscanCenter,forfuturedevelopment.Aspartofthe futuredevelopmentplan,theplatfortheremaininglotswithinMeridianSuburban,exceptforLot30, istobevacated.Itisnotedthattheplatforthewestern22undevelopedlotsinMeridianSuburban Section1(6.21acres)wasvacatedin2013. MeridianSuburbanPlatVacationImpactonMarketValueofLot30 WhiletheplatforthelotsinMeridianSuburbanaretobevacated(exceptthesubjectLot30),the subjectwillmaintainitsaccessto111thStreet.Further,thepropertywillmaintainutilityconnections andeasements,includingadrainageeasementrunningalongthesouthpropertylineandsharedwith fouradjoininglots.Asaresult,itisouropinionthattheproposedplatvacationwillnotmaterially changetheutilityoftheproperty. Athoroughsearchforsalesofresidentialpropertiesthatweresurroundedbyavacatedsubdivision foralargerredevelopmentdidnotrevealsuchsaledata.However,wenotethecurrentdevelopment ofMetroAirBusinessParkII,locatedatthenortheastcornerofRonaldReaganParkwayandStafford Road,justwestoftheIndianapolisInternationalAirportinPlainfield.Uponcompletion,the97Ͳacre parkwillfeatureupto1.2millionsquarefeetofbulkdistributionwarehousespacewithinfour buildings.ThetotallandareaincludedthreesingleͲfamilyresidentialsubdivisions(Applecreek, PeacefulAcres,andHillTop),afourth,unnamedminorplat,andotheragriculturaltracts.Intotal,the subdivisionsandminorplatcontainedabout140dwellings.TheIndianapolisInternationalAirport beganacquiringthedwellingsaspartoftheirPart150AirportNoiseCompatibilityprograminthe 1990’s,withmostbeingrazedbythelate1990’sandearly2000’s. Currently,twodwellingsremainintheMetroAirdevelopment.Oneofthedwellings,10779Melody Lane,soldonMay6,2019tothedeveloperforareported$700,000,farexceedinga“normal”or “typical”marketvaluefortheproperty.Thepropertyisideallysituatedwithintheplannedbusiness parkandwasabletocommandasignificantpremium.Ofparticularconsideration,theplatsand covenantsforthreeofsubdivisions(Applecreek,PeacefulAcres,andHillTop)werevacatedonthe samedayastheMelodyLanesale,May6,2019(certificationrecordedJune13,2019).Itisassumed thepublicwaysandeasementsintheminorplat(MelodyLaneandHarmonyDrive)werevacatedat thesametime. 5 Theowneroftheremainingdwelling(Armstrong),a0.53Ͳacreparcellocatedat4474PlainfieldRoad (formerly9701RamonaDrive–HillTopLot11)hasreportedlyacceptedanofferofunknown considerationwherebythedeveloperwillreceivetitleuponthedeathoftheowner.Giventhe premiumpaidforthe10779MelodyLaneproperty,itisreasonabletoassumeapremiumwillbeor hasbeenpaidfortheArmstrongproperty. ItisnotedthatthesecondaryplatforMetroAirBusinessParkIIwasfiledwiththePlainfieldPlan CommissiononJanuary27,2020.Giventhecurrenthealthcrisis,itisuncertainwhenthefinalplatwill berecorded.However,twoofthefourplannedlargeindustrialdistributionbuildingsarecurrently underconstructionandnearingcompletion. ThesetwoexamplessuggestthatasingleͲfamilydwellingwhichwasoncepartofaplattedresidential subdivisionandsubsequentlypurchasedforredevelopmentaspartofalargerprojectarenot adverselyaffectedbythesurroundingplatvacation.Rather,sucharesidentialpropertywilllikely commandapremiumoveramarketvaluewithoutthesurroundingplatvacationandsubsequent development.Thepremiumpricingprimarilycentersaroundachangeintheresidentialproperty’s highestandbestusefromsingleͲfamilyresidentialtosomethingmoreconsistentwiththe surrounding,moreintensivedevelopment.Moreover,amoreintensivesurroundingdevelopmentwill likelyenhancethemarketabilityoftheremainingresidentialproperty. Conclusion Basedontheprecedingdiscussionpoints,itisouropinionthatthemarketvalueoftheholdoutLot30 willnotbediminishedbythevacationoftheMeridianSuburbansubdivisionplatasdescribedabove. Ifyouhaveanyquestionsorcomments,pleasecontacttheundersigned.Thankyouforthe opportunitytobeofservice. Respectfullysubmitted, INTEGRAREALTYRESOURCESͲINDIANAPOLIS CarlH.Heckman,MAI,SRA CertifiedGeneralAppraiser IndianaCertificate#CG69201178 Telephone:317Ͳ546Ͳ4720,ext.233 Email:checkman@irr.com MichaelC.Lady,MAI,SRA,ASA,CCIM,FRICS CertifiedGeneralAppraiser IndianaCertificate#CG69100223 Telephone:317.546.4720,ext.222 Email:mlady@irr.com 6 SubjectDwellingFacingSouthwestfrom111thStreet 7 HamiltonCountyGISPlat(2019AerialImage) 8 IntendedUseandUser Theintendeduseoftheappraisalisforsurroundingplatvacationpurposes.TheclientisHall,Render, Killian,Heath&Lyman,P.C..TheintendedusersareHall,Render,Killian,Heath&Lyman,P.C.,their designatedrepresentatives,andtheCarmelPlanCommission.Theappraisalisnotintendedforany otheruseoruser.NopartyorpartiesotherthanHall,Render,Killian,Heath&Lyman,P.C.andtheir designatedrepresentatives,andtheCarmelPlanCommissionmayuseorrelyontheinformation, opinions,andconclusionscontainedinthisreport. PurposeoftheAppraisal Thepurposeoftheappraisalistodevelopanopinionofthemarketvalue,pertainingtothefeesimple interestinthepropertyasoftheeffectivedateoftheappraisal,June25,2020.Thedateofthereport isJuly17,2020.Theappraisalisvalidonlyasofthestatedeffectivedateordates. ScopeofWork CarlH.Heckman,MAI,SRA,conductedanoffͲsiteinspectionofthepropertyonJune25,2020. MichaelC.Lady,MAI,SRA,ASA,CCIM,FRICS,didnotinspectthesubjectbutisfamiliarwiththe propertyandsurroundingmarketarea. DefinitionofMarketValue MarketvalueasdefinedbytheAppraisalInstituteisasfollows: “Themostprobableprice,asofaspecifieddate,incash,orintermsequivalenttocash,orinother preciselyrevealedterms,forwhichthespecifiedpropertyrightsshouldsellafterreasonableexposure inacompetitivemarketunderallconditionsrequisitetoafairsale,withthebuyerandsellereach actingprudently,knowledgeably,andforselfͲinterest,andassumingthatneitherisunderundue duress.” Source:AppraisalInstitute,TheDictionaryofRealEstateAppraisal,6thed.(Chicago:Appraisal Institute,2015) ApplicableRequirements Thisappraisalisintendedtoconformtotherequirementsofthefollowing: x UniformStandardsofProfessionalAppraisalPractice(USPAP); x CodeofProfessionalEthicsandStandardsofProfessionalAppraisalPracticeoftheAppraisal Institute; x Applicablestateappraisalregulations. 9 ResidentialDwelling Certification Wecertifythat,tothebestofourknowledgeandbelief: 1. Thestatementsoffactcontainedinthisreportaretrueandcorrect. 2. Thereportedanalyses,opinions,andconclusionsarelimitedonlybythereported assumptionsandlimitingconditions,andareourpersonal,impartial,andunbiased professionalanalyses,opinions,andconclusions. 3. Wehavenopresentorprospectiveinterestinthepropertythatisthesubjectofthisreport andnopersonalinterestwithrespecttothepartiesinvolved. 4. Wehaveperformednoservices,asanappraiserorinanyothercapacity,regardingthe propertythatisthesubjectofthisreportwithinthethreeͲyearperiodimmediatelypreceding theagreementtoperformthisassignment. 5. Wehavenobiaswithrespecttothepropertythatisthesubjectofthisreportortotheparties involvedwiththisassignment. 6. Ourengagementinthisassignmentwasnotcontingentupondevelopingorreporting predeterminedresults. 7. Ourcompensationforcompletingthisassignmentisnotcontingentuponthedevelopmentor reportingofapredeterminedvalueordirectioninvaluethatfavorsthecauseoftheclient,the amountofthevalueopinion,theattainmentofastipulatedresult,ortheoccurrenceofa subsequenteventdirectlyrelatedtotheintendeduseofthisappraisal. 8. Ouranalyses,opinions,andconclusionsweredeveloped,andthisreporthasbeenprepared, inconformitywiththeUniformStandardsofProfessionalAppraisalPracticeaswellas applicablestateappraisalregulations. 9. Thereportedanalyses,opinions,andconclusionsweredeveloped,andthisreporthasbeen prepared,inconformitywiththerequirementoftheCodeofProfessionalEthicsand StandardsofProfessionalAppraisalPracticeoftheAppraisalInstitute. 10. TheuseofthisreportissubjecttotherequirementsoftheAppraisalInstituterelatingto reviewbyitsdulyauthorizedrepresentatives. 11. CarlH.Heckman,MAI,SRA,madeapersonalinspectionofthepropertythatisthesubjectof thisreport.MichaelC.Lady,MAI,SRA,ASA,CCIM,FRICS,didnotinspectthesubjectbutis familiarwiththepropertyandsurroundingmarketarea. 12. Nooneprovidedsignificantrealpropertyappraisalassistancetotheperson(s)signingthis certification. 13. Wehaveexperienceinappraisingpropertiessimilartothesubjectandareincompliancewith theCompetencyRuleofUSPAP. 10 ResidentialDwelling 14. Asofthedateofthisreport,CarlH.Heckman,MAI,SRAandMichaelC.Lady,MAI,SRA,ASA, CCIM,FRICShavecompletedthecontinuingeducationprogramforDesignatedMembersof theAppraisalInstitute. CarlH.Heckman,MAI,SRA ManagingDirector CertifiedGeneralAppraiser IndianaCertificate#CG69201178 MichaelC.Lady,MAI,SRA,ASA,CCIM,FRICS SeniorManagingDirector CertifiedGeneralAppraiser IndianaCertificate#CG69100223 DateofCertification:July17,2020 11 ResidentialDwelling AssumptionsandLimitingConditions Thisappraisalandanyotherworkproductrelatedtothisengagementarelimitedbythefollowing standardassumptions,exceptasotherwisenotedinthereport: 1. Thetitleismarketableandfreeandclearofallliens,encumbrances,encroachments, easementsandrestrictions.Thepropertyisunderresponsibleownershipandcompetent managementandisavailableforitshighestandbestuse. 2. Therearenoexistingjudgmentsorpendingorthreatenedlitigationthatcouldaffectthevalue oftheproperty. 3. Therearenohiddenorundisclosedconditionsofthelandoroftheimprovementsthatwould renderthepropertymoreorlessvaluable.Furthermore,thereisnoasbestosintheproperty. 4. Therevenuestampsplacedonanydeedreferencedhereintoindicatethesalepricearein correctrelationtotheactualdollaramountofthetransaction. 5. Thepropertyisincompliancewithallapplicablebuilding,environmental,zoning,andother federal,stateandlocallaws,regulationsandcodes. 6. Theinformationfurnishedbyothersisbelievedtobereliable,butnowarrantyisgivenforits accuracy. Thisappraisalandanyotherworkproductrelatedtothisengagementaresubjecttothefollowing limitingconditions,exceptasotherwisenotedinthereport: 1. Anappraisalisinherentlysubjectiveandrepresentsouropinionastothevalueofthe propertyappraised. 2. Theconclusionsstatedinourappraisalapplyonlyasoftheeffectivedateoftheappraisal,and norepresentationismadeastotheeffectofsubsequentevents. 3. Nochangesinanyfederal,stateorlocallaws,regulationsorcodes(including,without limitation,theInternalRevenueCode)areanticipated. 4. Noenvironmentalimpactstudieswereeitherrequestedormadeinconjunctionwiththis appraisal,andwereservetherighttoreviseorrescindanyofthevalueopinionsbasedupon anysubsequentenvironmentalimpactstudies.Ifanyenvironmentalimpactstatementis requiredbylaw,theappraisalassumesthatsuchstatementwillbefavorableandwillbe approvedbytheappropriateregulatorybodies. 5. Unlessotherwiseagreedtoinwriting,wearenotrequiredtogivetestimony,respondtoany subpoenaorattendanycourt,governmentalorotherhearingwithreferencetotheproperty withoutcompensationrelativetosuchadditionalemployment. 6. Wehavemadenosurveyofthepropertyandassumenoresponsibilityinconnectionwith suchmatters.Anysketchorsurveyofthepropertyincludedinthisreportisforillustrative purposesonlyandshouldnotbeconsideredtobescaledaccuratelyforsize.Theappraisal coversthepropertyasdescribedinthisreport,andtheareasanddimensionssetforthare assumedtobecorrect. 12 ResidentialDwelling 7. Noopinionisexpressedastothevalueofsubsurfaceoil,gasormineralrights,ifany,andwe haveassumedthatthepropertyisnotsubjecttosurfaceentryfortheexplorationorremoval ofsuchmaterials,unlessotherwisenotedinourappraisal. 8. Weacceptnoresponsibilityforconsiderationsrequiringexpertiseinotherfields.Such considerationsinclude,butarenotlimitedto,legaldescriptionsandotherlegalmatterssuch aslegaltitle,geologicconsiderationssuchassoilsandseismicstability;andcivil,mechanical, electrical,structuralandotherengineeringandenvironmentalmatters.Suchconsiderations mayalsoincludedeterminationsofcompliancewithzoningandotherfederal,state,andlocal laws,regulationsandcodes. 9. Thedistributionofthetotalvaluationinthereportbetweenlandandimprovementsapplies onlyunderthereportedhighestandbestuseoftheproperty.Theallocationsofvalueforland andimprovementsmustnotbeusedinconjunctionwithanyotherappraisalandareinvalidif soused.Theappraisalreportshallbeconsideredonlyinitsentirety.Nopartoftheappraisal reportshallbeutilizedseparatelyoroutofcontext. 10. Neitherallnoranypartofthecontentsofthisreport(especiallyanyconclusionsastovalue, theidentityoftheappraisers,oranyreferencetotheAppraisalInstitute)shallbe disseminatedthroughadvertisingmedia,publicrelationsmedia,newsmediaoranyother meansofcommunication(includingwithoutlimitationprospectuses,privateoffering memorandaandotherofferingmaterialprovidedtoprospectiveinvestors)withouttheprior writtenconsentofthepersonssigningthereport. 11. Information,estimatesandopinionscontainedinthereportandobtainedfromthirdͲparty sourcesareassumedtobereliableandhavenotbeenindependentlyverified. 12. Anyincomeandexpenseestimatescontainedintheappraisalreportareusedonlyforthe purposeofestimatingvalueanddonotconstitutepredictionsoffutureoperatingresults. 13. Ifthepropertyissubjecttooneormoreleases,anyestimateofresidualvaluecontainedin theappraisalmaybeparticularlyaffectedbysignificantchangesintheconditionofthe economy,oftherealestateindustry,oroftheappraisedpropertyatthetimetheseleases expireorotherwiseterminate. 14. Unlessotherwisestatedinthereport,noconsiderationhasbeengiventopersonalproperty locatedonthepremisesortothecostofmovingorrelocatingsuchpersonalproperty;only therealpropertyhasbeenconsidered. 15. Thecurrentpurchasingpowerofthedollaristhebasisforthevaluesstatedintheappraisal; wehaveassumedthatnoextremefluctuationsineconomiccycleswilloccur. 16. Thevaluesfoundhereinaresubjecttotheseandtoanyotherassumptionsorconditionsset forthinthebodyofthisreportbutwhichmayhavebeenomittedfromthislistofAssumptions andLimitingConditions. 17. Theanalysescontainedinthereportnecessarilyincorporatenumerousestimatesand assumptionsregardingpropertyperformance,generalandlocalbusinessandeconomic conditions,theabsenceofmaterialchangesinthecompetitiveenvironmentandother matters.Someestimatesorassumptions,however,inevitablywillnotmaterialize,and unanticipatedeventsandcircumstancesmayoccur;therefore,actualresultsachievedduring 13 ResidentialDwelling theperiodcoveredbyouranalysiswillvaryfromourestimates,andthevariationsmaybe material. 18. TheAmericanswithDisabilitiesAct(ADA)becameeffectiveJanuary26,1992.Wehavenot madeaspecificsurveyoranalysisofthepropertytodeterminewhetherthephysicalaspects oftheimprovementsmeettheADAaccessibilityguidelines.WeclaimnoexpertiseinADA issues,andrendernoopinionregardingcomplianceofthesubjectwithADAregulations. Inasmuchascompliancematcheseachowner’sfinancialabilitywiththecosttocurethenonͲ conformingphysicalcharacteristicsofaproperty,aspecificstudyofboththeowner’sfinancial abilityandthecosttocureanydeficiencieswouldbeneededfortheDepartmentofJusticeto determinecompliance. 19. Theappraisalreportispreparedfortheexclusivebenefitofyou,yoursubsidiariesand/or affiliates.Itmaynotbeusedorrelieduponbyanyotherparty.Allpartieswhouseorrely uponanyinformationinthereportwithoutourwrittenconsentdosoattheirownrisk. 20. Nostudieshavebeenprovidedtousindicatingthepresenceorabsenceofhazardous materialsonthesubjectpropertyorintheimprovements,andourvaluationispredicated upontheassumptionthatthesubjectpropertyisfreeandclearofanyenvironmenthazards including,withoutlimitation,hazardouswastes,toxicsubstancesandmold.No representationsorwarrantiesaremaderegardingtheenvironmentalconditionofthesubject property.IRRͲIndianapolis,IntegraRealtyResources,Inc.,andtheirrespectiveofficers, owners,managers,directors,agents,subcontractorsoremployees(the“IntegraParties”), shallnotberesponsibleforanysuchenvironmentalconditionsthatdoexistorforany engineeringortestingthatmightberequiredtodiscoverwhethersuchconditionsexist. Becausewearenotexpertsinthefieldofenvironmentalconditions,theappraisalreport cannotbeconsideredasanenvironmentalassessmentofthesubjectproperty. 21. Thepersonssigningthereportmayhavereviewedavailablefloodmapsandmayhavenoted intheappraisalreportwhetherthesubjectpropertyislocatedinanidentifiedSpecialFlood HazardArea.However,wearenotqualifiedtodetectsuchareasandthereforedonot guaranteesuchdeterminations.Thepresenceoffloodplainareasand/orwetlandsmayaffect thevalueoftheproperty,andthevalueconclusionispredicatedontheassumptionthat wetlandsarenonͲexistentorminimal. 22. Wearenotabuildingorenvironmentalinspector.TheIntegraPartiesdonotguaranteethat thesubjectpropertyisfreeofdefectsorenvironmentalproblems.Moldmaybepresentinthe subjectpropertyandaprofessionalinspectionisrecommended. 23. Theappraisalreportandvalueconclusionsforanappraisalassumethesatisfactory completionofconstruction,repairsoralterationsinaworkmanlikemanner. 24.IRRͲIndianapolisisanindependentlyownedandoperatedcompany.Thepartieshereto agreethatIntegrashallnotbeliableforanyclaimarisingoutoforrelatingtoanyappraisal reportoranyinformationoropinionscontainedthereinassuchappraisalreportisthesole andexclusiveresponsibilityofIRRͲIndianapolis.Inaddition,itisexpresslyagreedthatin anyactionwhichmaybebroughtagainsttheIntegraPartiesarisingoutof,relatingto,orin anywaypertainingtotheengagementletter,theappraisalreportsoranyrelatedwork product,theIntegraPartiesshallnotberesponsibleorliableforanyincidentalor 14 ResidentialDwelling consequentialdamagesorlosses,unlesstheappraisalwasfraudulentorpreparedwith intentionalmisconduct.Itisfurtherexpresslyagreedthatthecollectiveliabilityofthe IntegraPartiesinanysuchactionshallnotexceedthefeespaidforthepreparationofthe assignment(unlesstheappraisalwasfraudulentorpreparedwithintentionalmisconduct). Itisexpresslyagreedthatthefeeschargedhereinareinrelianceupontheforegoing limitationsofliability. 25. IRRͲIndianapolisisanindependentlyownedandoperatedcompany,whichhaspreparedthe appraisalforthespecificintendedusestatedelsewhereinthereport.Theuseoftheappraisal reportbyanyoneotherthantheClientisprohibitedexceptasotherwiseprovided. Accordingly,theappraisalreportisaddressedtoandshallbesolelyfortheClient’suseand benefitunlessweprovideourpriorwrittenconsent.Weexpresslyreservetheunrestricted righttowithholdourconsenttoyourdisclosureoftheappraisalreportoranyotherwork productrelatedtotheengagement(oranypartthereofincluding,withoutlimitation, conclusionsofvalueandouridentity),toanythirdparties.Statedagainforclarification,unless ourpriorwrittenconsentisobtained,nothirdpartymayrelyontheappraisalreport(evenif theirreliancewasforeseeable). 26. Theconclusionsofthisreportareestimatesbasedonknowncurrenttrendsandreasonably foreseeablefutureoccurrences.Theseestimatesarebasedpartlyonpropertyinformation, dataobtainedinpublicrecords,interviews,existingtrends,buyerͲsellerdecisioncriteriainthe currentmarket,andresearchconductedbythirdparties,andsuchdataarenotalways completelyreliable.TheIntegraPartiesarenotresponsiblefortheseandotherfuture occurrencesthatcouldnothavereasonablybeenforeseenontheeffectivedateofthis assignment.Furthermore,itisinevitablethatsomeassumptionswillnotmaterializeandthat unanticipatedeventsmayoccurthatwilllikelyaffectactualperformance.Whileweareofthe opinionthatourfindingsarereasonablebasedoncurrentmarketconditions,wedonot representthattheseestimateswillactuallybeachieved,astheyaresubjecttoconsiderable riskanduncertainty.Moreover,weassumecompetentandeffectivemanagementand marketingforthedurationoftheprojectedholdingperiodofthisproperty. 27. Allprospectivevalueopinionspresentedinthisreportareestimatesandforecastswhichare prospectiveinnatureandaresubjecttoconsiderableriskanduncertainty.Inadditiontothe contingenciesnotedintheprecedingparagraph,severaleventsmayoccurthatcould substantiallyaltertheoutcomeofourestimatessuchas,butnotlimitedtochangesinthe economy,interestrates,andcapitalizationrates,behaviorofconsumers,investorsand lenders,fireandotherphysicaldestruction,changesintitleorconveyancesofeasementsand deedrestrictions,etc.Itisassumedthatconditionsreasonablyforeseeableatthepresent timeareconsistentorsimilarwiththefuture. 15 ResidentialDwelling 28. Theanalysisisalsosubjecttothefollowing: ExtraordinaryAssumptionsandHypothetical Conditions 1. None 1. None Theuseofanyextraordinaryassumptionorhypothetical conditionmay haveaffectedtheassignmentresults. Thevalueconclusionsarebasedonthefollowinghypothetical conditions.Ahypothetical conditionisa condition, directlyrelatedto a specificassignment,which iscontraryto whatisknownbytheappraisertoexistonthe effectivedateoftheassignmentresults,butisusedforthepurposeofanalysis. Thevalueconclusionsaresubjectto thefollowingextraordinaryassumptions.An extraordinaryassumptionisan assignmentͲspecificassumptionasoftheeffectivedateregardinguncertaininformationusedinananalysiswhich, iffoundto befalse,couldaltertheappraiser’s opinions orconclusions. Indianapolis Integra Realty Resources irr.com T 317-546-4720 F 317-546-1407 4981 North Franklin Road Indianapolis, IN 46226 Carl H. Heckman, MAI, SRA Experience Managing Director for Integra Realty Resources – Indianapolis, employed since 1992. Engaged in real estate valuation and consulting since 1985. Valuation analyses have been performed on various property types including retail, industrial, office, residential, mixed use, special use, recreational, vacant land, and land development. Specialized experience includes golf courses, subdivision analyses, automobile dealerships, and self-storage facilities. Clients served include accountants, investment firms, law firms, lenders, and private and public agencies. Valuations have been completed for various purposes including financing, eminent domain, estate, tax appeal support, legal support, equity participation, and due diligence support. Currently certified by the Appraisal Institute's voluntary program of continuing education for its designated members. Professional Activities & Affiliations Appraisal Institute, Member (MAI) 2014 Appraisal Institute, Senior Residential Appraiser (SRA) 1991 Hoosier State Chapter: President - 2001 Vice President - 2000 Secretary/Treasurer - 1999 Board of Directors - 1997-1999 Education Chair - 1998 Residential Admissions Chair - 1993-1997 Young Advisory Council - 1999 Regional Representative - 1994-1999 National Association of Realtors: Indiana Association of Realtors: Board of Directors - 2009-2010 Appraisal Forum Chair - 1999 Metropolitan Indianapolis Board of Realtors: Board of Directors - 2006-2009 Salvation Army Indiana: Advisory Board Member - 2007-Present Advisory Board Chair - 2014-2016 Advisory Board Vice Chair - 2012-2013 Property Committee Member - 2002-Present Property Committee Chair - 2016-Present Indiana Commercial Board of Realtors: Board of Directors - 2010-2012 Indiana Real Estate Data, Inc.: Board of Directors - 2010-2015 Licenses Indiana, Certified General Appraiser, CG69201178, Expires:ƵŶĞϮϬϮϮ Education Bachelor of Science Degree, School of Business, Indiana University, 1983 (Major: Business) Successfully completed numerous real estate and related courses and seminars sponsored by the Appraisal Institute, accredited universities, and others. checkman@irr.com - 317-546-4720 x233 Indianapolis Integra Realty Resources irr.com T 317.546.4720 F 317.546.1407 4981 North Franklin Road Indianapolis, IN 46226 Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS Experience Senior Managing Director for Integra Realty Resources–Indianapolis. Background includes two years as Staff Appraiser for the Indiana State Highway Commission and over forty years serving the public in real estate valuation and consulting. Recent experience is concentrated in major urban and suburban development projects, as well as public development and redevelopment projects. Valuations have been performed on various property types including single and multi- tenant retail properties, apartment complexes, single and multi-tenant industrial properties, low to high rise office buildings, mixed use facilities, residential subdivision analyses, and vacant land for different uses. Specialized real estate valued includes military bases, hospitals and medical centers, nursing homes, churches, and recreational properties. Valuations have been performed for mortgage loan purposes, equity participation and due diligence support, estate planning, condemnation proceedings, insurance purposes, and real estate tax valuation. Assignments have included the valuation of proposed properties, distressed properties, contaminated properties, and market studies. Currently certified by the Appraisal Institute’s voluntary program of continuing education for its designated members and the American Society of Real Estate (ASA) continuing education requirements. Real Property Valuation & Consultation - 1972-Present. Professional Activities & Affiliations Level III Certified Indiana Assessor-Appraiser Appraisal Institute (National Finance Committee) Appraisal Institute (Leadership Development) Appraisal Institute (General Experience Subcommittee) Appraisal Institute (General Admissions Committee) Appraisal Institute (Qualifying Education Committee) Appraisal Institute (Past Member National Board of Directors) Appraisal Institute (Past President-Hoosier State Chapter) Member: Indiana Association of Realtors Member: Metropolitan Indianapolis Board of Realtors Member: American Society of Appraising (ASA) 1979 Member: Urban Land Institute Member: IREM Appraisal Institute, Member (MAI) 1989 Appraisal Institute, Senior Residential Appraiser (SRA) 1982 Certified Commercial Investment Member (CCIM) 2000 Royal Institute of Chartered Surveyors, Fellow (FRICS) 2008 Licenses Indiana, Certified General Appraiser, CG69100223, Expires June 202Ϯ Indiana, Broker, ZϭϰϬϬϰϯϭϭ, Expires June 202ϯ Kentucky, Certified General Appraiser, 003441, Expires June 20Ϯϭ Illinois, Certified General Appraiser, 553001596, Expires September 20Ϯϭ Florida, Certified General Appraiser, RZ1893, Expires November 20ϮϬ Michigan, Certified General Appraiser, 1201004011, Expires July 20Ϯϭ Ohio, Certified General Appraiser, 2006007069, Expires December 20ϮϬ South Carolina, Certified General Appraiser, CG6526, Expires June 202Ϯ ŽůŽƌĂĚŽ͕ĞƌƚŝĨŝĞĚ'ĞŶĞƌĂů͕'ϮϬϬϬϬϭϵϮϯ͕ǆƉŝƌĞƐĞĐĞŵďĞƌϮϬϮϭ mlady@irr.com - 317.546.4720 x222 Michael C. Lady, MAI, SRA, ASA, CCIM, FRICS Indianapolis Integra Realty Resources irr.com T 317.546.4720 F 317.546.1407 4981 North Franklin Road Indianapolis, IN 46226 Education Bachelor of Science Degree, Ball State University, 1972 (Major Study: Business Administration) Successfully completed numerous real estate and related courses and seminars sponsored by the Appraisal Institute, Commercial Investment Real Estate Institute, and accredited universities. Qualified Before Courts & Administrative Bodies Qualified as an expert witness in several courts and jurisdictions, including U.S. Bankruptcy Court and Federal Tax Court. Litigation support work has included consulting and review services, as well as valuation services. mlady@irr.com - 317.546.4720 x222 Michigan-7-31-2021 Kentucky-6-30-202 Florida-11-30-2020 South Carolina-6-30-202 Colorado- 12-31-2021 Ohio-12-4-2020 Illinois-9-13-2021 /ŶĚŝĂŶĂƌŽŬĞƌͲϲͲϯϬͲϮϬϮϯ