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Appraisal Parking Lot 62E
APPRAISAL REPORT Prepared For: CITY OF CARMEL Project: REAR PARKING Subject Property: PARCEL 62 E REAR PARKING WESTSIDE RANGELINE ROAD CARMEL, INDIANA As o August 11`h. 2008 Requested By: Les Olds Director of Redevelopment City of Carmel One Civic Square Carmel, Indiana 46032 Prepared By: Dennis O. Otto INDOT Approved Appraiser INDOT Approved Buyer 3463 Eden Way Place Carmel, Indiana 46033 PROJECT CARMEL.PARKING LOTS PROJECT 62 Parcel E APPRAISAL REPORT X Value Finding Short Form nLong Form X Partial Acquisition Total Acquisition Page 1 of 30 Type of Properly Bareland(commercial parking lot) Project n/a Indicate:Residential,Commercial,Bareland,Farm,Special, Industrial Location West of Rangeline Rd&North of 1st Ave,Carmel,Indiana Parcel 62 E Owner First Indiana Bank,NA Phone n/a Road 1st Ave SW Address Rear Parking Areas-West of Rangeline Road County Hamilton QTenant QContract Buyer - Phone - Address - Land Areas:Before: 4,555 sq ft After - sq ft Acquisition 4,555 sq ft new Temp.R/W - sq ft Perpetual R/W - sq ft PER - sq ft Access Rights n/a CE12'FIFICATE OF APPRAISER I certify that,to the best of my knowledge and belief: That I have made a personal observation of the property that is the subject of this report and that I have made a personal field inspection of the comparable sales relied upon in making said appraisal. The property being appraised and the comparable sales were as represented or referenced within the appraisal. That the statements of fact contained in the report are true and correct. That I understand that such appraisal MAY be used in connection with the acquisition of right-of-way for a project utilizing Federal funds. That such appraisal has been made in conformity with appropriate laws, regulations, policies and procedures applicable to the appraisal of properly for such purposes;and that to the best of my knowledge no portion of the value assigned to such property consists of such items which are noncompensable under appropriate established law. That this appraisal assignment may have called for less than would otherwise be required by the specific guidelines of the Uniform Standards of Professional Appraisal Practices(USPAP),but is not so limited in scope that it may tend to mislead the users of the report,or the public. That I have no bias with respect to the properly that is the subject of this report or to the parties involved with this assignment. That my engagement in this assignment was not contingent upon developing or reporting predetermined results. .. That neither my employment nor my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. That any decrease or increase in the fair market value of real property prior to the date of valuation caused by the public improvement for which said property is acquired,or by the likelihood that the property would be acquired for such improvement,other than that due to physical deterioration within the reasonable control of the owner,was disregarded in determining the compensation for the property. That the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial,and unbiased professional analyses, opinions,and conclusions. That I have no director indirect present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved or in any benefit from the acquisition of such property appraised. That the owner or a designated representative was afforded the opportunity to accompany me on the properly inspection. That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the Acquiring Agency or officials of the Federal Highway Administration and I will not do so until authorized by said officials or until lam required to do so by due process of law,or until I am released from this obligation by having publicly testified as to such findings. That I have not given consideration,or included in my appraisal,any allowance for relocation assistance benefits. That no one provided significant real property appraisal assistance to the person signing this report with the exception of those signing below. That my opinion of fair market value for the property to be acquired and residue damage,if any,as of the 11^ day of August 20 08 ,which is the effective date of this appraisal is$ 123,000.00 based upon my independent appraisal and the exercise of my professional judgment. SUMMARY PRIMARY APPRAISER BEFORE VALUE $ 123,000.00 Signature: Name Typed Dennis 0.Otto AFTER VALUE $ - Appraisal License# CR49600157 Broker#: 1858800198 Land Taken $ 123,000.00 Date: August 12,2008 Land Improvements $ - ASSISTED BY Signature: Improvements $ - Name Typed: Appraisal License# Cost-To-Cure S - Broker it: Date: Damages to Residue Signature: Temporary R/W $ - _ Name Typed: Appraisal License# TOTAL DUE OWNER $ 123,000.00 Broker#: Date: OAS I Land Acquisition Group PROJECT CARMEL,PARKING LOTS PROJECT 62 Parcel B DEFINITION OF FAIR MARKET VALUE: For the purpose of valuing the property, including land and any building, structure and improvement thereon, acquired under the power of Eminent Domain by the Federal government or using Federal-aid or Federal grant funds, Fair Market Value is the amount of money (cash or its equivalent) which, as of the date of valuation: a. An informed and knowledgeable purchaser willing, but not obligated, to buy the property would pay to an informed and knowledgeable owner willing, but not obligated, to sell it. b. "faking into consideration all uses for which the property is suited and might in reason be applied; including, but not limited to the present use or highest and best available use taking into consideration the existing zoning or other restrictions upon use and the reasonable probability of a change in those restrictions. c. Allowing a reasonable period of time to effectuate such sale. d. Disregarding any decrease or increase in fair market value of such real property prior to the date of valuation caused by the public improvement of which such property is acquired, or by the likelihood that the property would be acquired for such improvement, other than that due to physical deterioration within the reasonable control of the owner. c. Disregarding the fact that the owner might not want to part with the land because of its special adaptability to the owner's use. £ Disregarding the fact that the taker needs the land because of its peculiar fitness for its purpose. g. Disregarding any "gain to the taker", i.e., not giving consideration to the special use of the condemnor as against others who may not possess the right of Eminent Domain. li. Including the value of any buildings, structures, or improvements located upon the land, which are required to be removed or which it is determined will be adversely affected by the use to which such real property will be put, regardless of whether such building, structure or improvement is classified as a real or personal property under local law. Such buildings, structures and improvement are valued based upon their contribution to the fair market value of the real property to be acquired or their value for removal from the real property (salvage value), whichever is greater. This includes tenant owned buildings, structures, or improvements, even if the tenant has a right or obligation to remove the building, structures, or improvements at the expiration of the lease term and even if classified as personal property under law. Fair market value, based upon adequate recent comparable sales and offering data is usually the measure of just compensation. IDENTIFICATION OF PARCEL TO BE ACQUIRED PARCEL.NO. AREA OF ACQUISITION RIGHT TO BE ACQUIRED 4,555 sq ft Fee Simple Right-of-Way Type Property Bareland (commercial parking lot) Size of Property square feet 4,555 Total Area 0 Existing Right-of-Way 4,555 I Area Before Acquisition 4,555 I Area of Acquisition 0 I Total Residue Area Permanent Easement 0 Total Permanent Easement Temporary Right-of-Way 0 Total "Temporary Right-of-Way Information received from Hamilton County Auditor's Office and the Hamilton County Assessors Office, indicates the property consists of a basically rectangular shaped tract of land 61.55' x 74.0', containing a total of 4;555 square feet before the acquisition. The property will be acquired in total. OAS 2 Land Acquisition Group PROJECT CARMEL,PARKING LOTS PROJECT 62 Parcel E ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser shall state all relevant assumptions and limiting conditions. In addition, the acquiring agency may provide other assumptions and conditions that may be required for the particular appraisal assignment, such as: • The data search requirements and parameters that may be required for the project. • Identification of the technology requirements, including approaches to value, to be used to analyze the data. • Need for machinery and equipment appraisals, soil studies, potential zoning changes, etc. • Instructions to the appraiser to appraise the property "As Is" or subject to repairs or corrective action. • As applicable include any information on property contamination to be provided and considered by the appraiser in making the appraisal. INTENDED USE OF THIS APPRAISAL: This appraisal is to estimate the fair market value of the property, as of the specified date of valuation, for the proposed acquisition of the property rights specified (i.e., fee simple, etc.) for a project funded by the City of Carmel. The intended use of this appraisal is to assist in negotiations with the owner in the acquisition of the subject property. INTENDED USER: The intended user of this appraisal report is primarily the acquiring agency, but its funding partners may review the appraisal as part of their program oversight activities. INTEREST APPRAISED: The interest appraised in this report includes the fee simple title to the subject property by proper officials of the Acquiring Agency, the City of Carmel. ASSESSMENT AND TAXES: Assessment information was obtained from the Property Record Card for the subject property in the Hamilton County, Clay Township Assessor's Office. The parcel 62F property record card number is 16-09-25-16-02-021.000 and 16-09- 25-16-02-023.000, which are included in the addenda. Taxes are listed in the name of First Indiana Bank. NA in Hamilton County, Clay Township, with a mailing address of 1300 Windhorst Way, Greenwood, Indiana 46143. PROPERTY RIGHTS APPRAISED: The subject property is appraised in fee simple, which is defined as a fee without limitations to any particular class of heirs or restrictions, but subject to the inherent limitation of eminent domain, escheat, police power, and taxation. This fee simple estate (ownership) exists more in theory than in practice. SCOPE OF THE APPRAISAL An appraisal is an unbiased, supported, and documented estimate of the nature, quality, value, or utility of an interest in the identified real estate. Valuation is a process of estimating the market value or other defined value of an identified interest in a specific parcel or parcels of real estate as of a given date. The three major elements, which affect the real OAS 3 Land Acquisition Group PROJECT CARMEL,PARKING LOTS PROJECT 62 Parcel E estate for a particular property, are location, supply (competition) and demand factors. The valuation process is a systematic procedure employed to provide the basis for estimating real property value. The appraisal is a process of research and analysis. The appraisal report is a written summary of the appraisal analysis performed. The value estimated within this report is limited to "market value" as defined within the section of the appraisal headed "Purpose of the Appraisal". The estimate of market value is as of the last inspection date for the interest specified under the appraisal section headed "Property Rights Appraised". The date of valuation is important to the value estimate because market value is dynamic and subject to changes over time. In the analysis of specific data, the location and physical characteristics of the subject property are related to the comparable properties analyzed. Specific data is analyzed through the elements of comparison, which relate to the subject property's value. Comparable properties consist of transactions pertinent to the subject property's specific market that compete with the subject or have a demonstrable effect on prices or other relevant components of the subject market. The sources of specific data used in this appraisal include interviews with local market participants/principals, real estate brokers or from the market information files of either the appraiser, or, other appraisers. The information obtained from others is believed to be correct, but is not guaranteed. Until January 2000, within the State of Indiana, there was no disclosure law. Thus, there were no legal records available for verification of actual consideration given in a real estate transaction. In 1995 in the State of Indiana, the County Recorders' Offices began requiring a sales disclosure document indicating relevant information including the consideration given in a real estate transaction before a transfer document would be recorded. This information was not available to the general public including real estate appraisers. As of January 2000, the information was to be made available to the general public. However, at this time in Hamilton County, the system in place to report or retrieve the disclosure documents in a real estate transaction is not totally reliable. It will take sonic time for the disclosure documents to become a dependable source of closed sales. Inspection of the comparable properties relied upon in this report is limited to a visual off-site inspection. Pertinent data in regards to the physical characteristics of the comparable is based upon the data reported in county assessor's records, and when possible, interviews with real estate brokers, buyers, sellers, occupants, or other principals to the transaction. The appraiser made a final inspection ol'the subject property on August 11, 2008, which is the effective date of this appraisal. Data contained in this report with regards to the physical characteristics of the subject property are based upon the appraiser's inspection of the property and examination of the assessor's cards and the information obtained from Hamilton County. Information from the owner of record is believed to be correct and is not generally verified with other parties unless indicated in the report. General market and environmental information is from public or published sources and information of this type is usually limited to one source unless otherwise noted. The appraisal is prepared with the intent that the user of the report is familiar with real estate and real property such as the subject and has a basic knowledge of the appraisal terminology, and accepted reporting practice. The appraisal techniques are intended to meet or exceed the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Foundation and Indiana Real Estate Law, and, the standards, ethics, and rules of the Appraisal Institute (Chicago,IL). All information in the appraisal obtained by the appraiser on the inspection of the subject, and information confirmed by the appraiser in the appraisal process is considered primary information. The other data in the report may be considered primary in that the appraiser collected it, but secondary in that it was obtained from published or unpublished written sources. The information relied upon is believed to be reasonably correct but accuracy cannot be guaranteed. The conclusions of the analysis are those only of the appraiser and the liability of the appraiser is limited as noted in the appraisal assumption and limiting conditions to the Proper officials of the Acquiring Agency or the City of Carmel only and not to a third party user. OAS 4 Land Acquisition Group PROJECT CARMEL.PARKING LOTS PROJECT 62 Parcel E AERIAL VIEW OF SUBJECT PROPERTY ... v- t— .irP ` 'was ,, Via, f _ i $m ..y{`' ,��}z 1 . 74A . .�/1).tea' f :t' 't 53 . it ii a;7i°,. '` '" k p < l ' _ Y '.,,3v .p 4 I ish,C, . _• L k �'' 4,'�'+�pu �,yJ t{�O,.W�+n t . o, ,,fRICT2 v w 1: 1 # ` a f,rt..' ■ moo+ 1 �0 a, f ` 1. i �( a u , ''fi I a• _ i f`if ;3. e�!_�. i� III ��.. ., r F lM1 t$' 1 c'1 ? i,... .1. , �6 i 5� di 11 ,i,.`��,^�'���t�'�..y.."' '.1. ,^n,'�1."�7 �a..:'mi .£e^ x�4yya1 ??' �>.,.S,,.u�n��.l f'` k rW;-4'1/2;z N VALUATION PROCEDURE DEFINITION OF VALUATION PROCEDURE The valuation procedure to estimate market value employs or at least considers the three traditional approaches. The approach or approaches used in determining market value is relegated by each specific appraisal assignment. An approach may not be applicable due to the nature of the specific property. INDICATED VALUE BY COST APPROACH The method of the Cost Approach is to first estimate replacement cost of the improvements, if purchased new, subtract an estimate of accrued depreciation (loss in value or utility from all causes), and then add an estimate of the land value. The Cost Approach is based on the principle that property is worth what it would cost in money to replace. Adjustments to this cost are made to allow for any loss in value due to age_ condition, and other factors reducing market appeal. This approach tends to be particularly applicable when the improvements, representing the highest and best use of the land, are relatively new or when the improvements are of a nature that market data, i.e. comparable properties, does not exist. Only the Land Analysis portion of the Cost Approach will be completed to estimate the land value applicable for the subject property. OAS 5 Land Acquisition Group PROJECT CARMEL.I'ARKING LOTS PROJECT 62 Parcel E INDICATED VALUE BY INCOME APPROACH The Income Approach is based upon the relationship between value, income, and rate of return. The property is in use as a business site. The income approach would typically not be applicable on unimproved business land. Due to the use of the property and the nature of the requirements and the purpose of this appraisal it would provide little if any relevant support in determining the value in this report. DIRECT SALES COMPARISON APPROACH The Direct Sales Comparison Approach compares the property being appraised (subject property) to similar properties that have recently sold in the open market. This approach has the advantage of reflecting actual buyer and seller activity and is the most widely developed approach in the valuation of business developmental properties. Its reliability is directly related to the quality and quantity of the comparable sales available. This is the only approach considered applicable in estimating market value for the subject property and will be utilized in estimating the Before Value. A land value analysis is germane to this appraisal problem and will be included via the Sales Comparison Approach. This 4,555 square feet site does not contain any building improvements. ESTIMATED MARKETING TIME This appraisal is written using the Uniform Appraisal Standards for Federal Land Acquisitions and as such, marketing time is not required to be stated or determined. This is contrary to the Uniform Standards of Professional Appraisal Practice (USPAP), but is considered a jurisdictional exception and as a jurisdictional exception, is allowed by USPAP. OAS 6 Land Acquisition Group PROJECT CARMEL,PARKING LOTS PROJECT 62 Parcel E AREA AND NEIGHBORHOOD INSPECTION OF SITE AND NEIGHBORHOOD ANALYSIS A neighborhood is generally defined as a grouping of complementary land uses within a unified area with somewhat definite boundaries and a fairly homogenous population where the inhabitants have a more casual community interest. The term district is often associated with those areas classified as Residential, Agricultural; Commercial or Industrial in character. An analysis of the subject neighborhood is pertinent when attempting to estimate the fair market value of a particular piece of real estate. The reason for a neighborhood analysis is to identify and forecast trends in the neighborhood which will influence the capacity of the property to be useful and absorbed. Hamilton County: Hamilton County. Indiana, has for many years been mostly a rural area with Noblesville as the county seat. The continuing growth found in Hamilton County has provided great impetus with it's location just north of the City of Indianapolis. US 31 in addition to the construction of 1-465 and 1-69 along with the improvement of Keystone Parkway, US 421 (Michigan Road) and Indiana 37 to a 4-lane highway helped provide more easy access to Hamilton County from the City of Indianapolis. Hamilton County is the state's fastest growing county, due in large part to its easy access to the City of Indianapolis and convenient links to major interstate highways. Hamilton County, just north of the City of Indianapolis is near the geographic center of Indiana. It is bordered by Tipton County to the north, Madison County to the east, Marion County and Hancock County to the south, and Boone County to the west. It has an area of 398 square miles and is considered part of the metropolitan Indianapolis area. According to 2002 Census Bureau data, 1-lamilton County has a population of 205,610 making it the 5th largest county in Indiana. There was a 67.7% increase in population from 1990 to 2000. In the year 2000, there were 69.478 housing units of which 76.8% were owner occupied and 18.1% were renter occupied. The median home value in 2000 was 5166.300 and the median rent was $709. The county shows a 2.7% unemployment rate for September 2003, compared with 4.8% for the State of Indiana. Major employment in the area is in retail trade (12.1%), government (8.3%), construction (7.5%), health care and social services (6.6%), and accommodations/food service (6.3%). Approximately 41.4% of Hamilton County residents commute outside the county to work, primarily to Marion County. The median household income is $71,026 as compared to $41,567 for Indiana. Fishers is the largest town/city with a population of 44,441, followed by Carmel with 40,878, and Noblesville with 31,869 people. City of Carmel/Clay Township: Carmel is located in southwest Hamilton County, about 13 miles north of the City of Indianapolis. Westfield Boulevard/Range Line Road goes through the City of Carmel as a major north/south retail and commercial artery. I3First Street, which goes through old town Carmel as Main Street, Carmel Drive, 1 16th and 126th Streets are major east/west thoroughfares. Carmel is essentially a Residential community with a population that at times has grown at a fast pace in the past and is currently continuing at a steady pace. According to the 2000 Census, the population was 40,878 persons. The City of Carmel continues to attract major office building and medical facility developments, with proximity to the City of Indianapolis a positive factor. OAS 7 Land Acquisition Group PROJECT CARMEL.PARKING LOTS PROJECT 62 Parcel E For many years, commercial activity in Carmel has been principally centered in the older, central core of the community, commonly referred to as "old town". However, commencing in the late 1960's, new commercial development began to take place along Rangeline Road and I 16th Street, with Carmel Drive becoming a major commercial artery to the south of`old town" Carmel. Additional commercial development has occurred west of the downtown in the 1990s. Office development along US 31 west of"old town" Carmel has made this area an office destination. The retail/commercial areas of Carmel are approximately 80 percent developed and businesses in the area provide for the day-to-day needs of area residents. Carmel also has a number of small industries, which are located either within its corporate limits or in nearby unincorporated areas. The Carmel school system has a fully accredited elementary through secondary system. Houses of worship representing most denominations are located throughout the area. The City of Carmel has a mayoral-city council form of government and provides municipal police and fire protection. It also provides sanitary and storm sewer service. The city has its own sewer and water utility plants, which are part of the municipal government. The City of Carmel has expanded as far to the south, east and northeast as possible. Carmel is actively pursuing the annexation of properties located in southern and western Clay Township. Gas service is provided by Indiana Gas with electrical service provided by Indianapolis Power and Light as well as Duke Energy formerly known as Public Service Indiana. Telephone service is provided by AT&T. The only mode of transportation in the Carmel area is the private vehicle. There are no public transportation facilities available. The subject's immediate neighborhood boundaries are 106th Street to the south, Keystone Avenue to the east. U.S. 31 to the north and west. The subject neighborhood is located just to the Southeast of Meridian Street (US 31). The neighborhood is a combination of business and residential properties with many high rise office buildings located along US 31. There is a blend of older established properties with many newer developments. There are shopping centers and neighborhood businesses along Rangeline Road, 116`' Street, Carmel Drive and I3First Street (Main Street in "old town"). The nearest neighborhood shopping center is located a little over a_half mile to the north at 136th Street and US 31. Carmel is becoming an upscale destination with current development of the civic center, as well as the additional commercial and office, restaurants, shopping and other development completed within the past few years These areas are determined to be intimately familiar to the readers of this report and not discussed within this summary scope appraisal report. No adverse neighborhood factors were noted at the time of inspection. The neighborhood provides an appropriate social and economic environment for the utilization of the properties within the neighborhood. PROPERTY INSPECTION AND OWNER CONTACT This appraisal report is to be utilized by The City of Carmel to assist in negotiations with the owner in the acquisition of the subject property. Matthew D. Worthley of the City of Carmel Redevelopment Commission indicated owner contact would not be required. The property was observed offsite by this appraiser and photographs were taken on August 11, 2008, being the last date of observation, August 11, 2008 is the effective date of this appraisal. OAS 8 Land Acquisition Group PROJECT CARMEL. PARKING LOTS PROJECI 62 Parcel E INflood features near 20 South Rangeline Road, Carmel, In COMMUNITY PANEL ZONE DATE 180081 0207E X 20030219 . . L. n R . !� p , .s.", ' liti r-- - -- —1- 47.‘'. '# ;. . • - le a'Pi,i - 1k a Lti O=• eke i i.,.. .. . .DR m Si. 4 i DST�.• e ,x I% .•g -t ' O � i 1 • � rW �` Q . .D O Gm. p pir� x 0• '-I. .t1 I 'I b t 6 nof'��a. ''...• DHeR. p E " _ S L, m "n Z Zone C, Zone X - Areas determined to be outside 500-year floodplain determined to be outside the \ 1% and 0.2% annual chance floodplains. N SALES HISTORY • To the best of my knowledge using the information available from the Property Record Card. Owner of Record; First Indiana Bank, NA FIVE YEAR SALES HISTORY SALES RECORD(5 YEARS MINIMUM REQUIRED) GRANTOR GRANTEE DATE BOOK I PAGE SIZE RECORDED' VERIFIED VERIFICATION or Instrument# SF PRICE PRICE signed May 16,2006 recorded First Indiana Bank, February 12, $10.00& Quitclaim MB Realty Corp NA 2008 2008006884 4,555 OVC Deed Quitclaim Deed No other transfers or easements were discovered; therefore this appraisal assumes no adverse impacts from easements. In the event any additional transfers or easements are discovered, I reserve the right to amend this report accordingly. OAS 9 Land Acquisition Group PROJECT CAR MEI._PARKING WI S PROJECT 62 Parcel E LEGAL DESCRIPTION The land referred to in this appraisal according to the information provided by the Hamilton County Auditor's Office and the Hamilton County Assessor's Office indicate the subject is legally described as being a part of Lot 10 and Lot 15 in Warren & Phelps Addition to the known of Bethlehem_ now Carmel, Indiana, Section 25, Township 18 North, Range 3 East, in Clay Township, Hamilton County, Indiana. HIGHEST AND BEST USE The configurational as well as other physical aspects of the subject lend the site well for any type of business development that would he accommodated by the size of the tract. Highest and best use of the land as though vacant: Land is generally appraised as though vacant and available for development to its highest and best use. The property contains a tract of land currently zoned B-2/Business. Therefore with the property to the south of 14 S Rangeline Road, currently being utilized for business purposes, it is concluded that the highest and best use, of the site as vacant would he for development as a business use, consistent with the size of the property, the zoning classification and surrounding land uses. The configurational as well as other physical aspects of the subject lend the site well for any type of development that would be accommodated by the size of the tract. Highest and best use of the property as improved. To determine the highest and best use of a property as improved, consideration is given to whether or not the removal and replacement of the existing improvements are economically warranted on the date of the appraisal. If the existing improvement is to be retained, the property's highest and best use is based on how the entire property should be used to maximize its benefits or the income it produces. Currently the site is unimproved. This 4,555 square feet site would have a highest and best use as business consistent with the size of the property, the zoning classification and surrounding land uses. The configurational as well as other physical aspects of the subject lend the site well for any type of development that would be accommodated by the size of the tract. OAS 10 Land Acquisition Group PROJECT CARMEL.PARKING LO VS PROJECT€2 Parcel E ZONING The subject area falls under special zoning provisions of the City of Carmel Zoning Ordinance. According to the City of Carmel Zoning Ordinance, the property is currently in the B-2/Business District. 13.00.01 Purpose and Intent: The purpose of this district is to provide primarily for heavy commercial and office uses to be developed as a unit or on individual parcels. The intent is to provide an area where heavy businesses may locate with minimal requirements. 13.00.02 Plan Commission Approval: A. Development Plan. Not required. B. Architectural Design, Exterior Lighting, Landscaping and Signage. To insure the compatibility of the proposed use with adjoining areas, the Commission shall review the Architectural Design, Exterior Lighting, Landscaping and Signage (ADLS) application of any proposed use of any Lot or parcel of ground within the B-2 District prior to the issuance of an Improvement Location Permit by the Department. Once approved by the Commission the Architectural Design, Exterior Lighting, Landscaping and Signage (ADLS) shall not be materially or substantially changed or altered without the prior approval of the Commission. . k" — £ � not to.scale 4. c.. 9a, IL B` 1', w .. , -�---{B 2 -j 7 . :: :1, - , . . ;4,c n u This 4,555 square feet site is unimproved. The properties in this area are currently zoned business. Therefore it is reasonable that the subject will continue as a business site. Therefore for the purposes of this report the property will be considered as business. N OAS I I Land Acquisition Group PROJECT CARMEL,PARKING LO'T'S PROJECT 62 Parcel E SITE DESCRIPTION OF PROPERTY BEFORE ACQUISITION SITE ANALYSIS Location: The subject property is located to the south of 14 South Rangeline Road in the City of Carmel, Clay Township, Hamilton County, Indiana, Carmel, Indiana 46032. This site is just southwest of Main Street and Rangeline Road at the main intersection in what is commonly referred to as "Old Town" in Cannel. Land Area: The property is a 61.55' x 74.0' tract that is the focus of this report and contains a total of approximately 4,555 square feet, estimated by this appraiser. Frontage, Access: This tract has approximately 74' of frontage along the westside of Rangeline Road, south of Main Street. Rangeline Road is a major thoroughfare in Carmel having two asphalt lanes in "Old Town" with turn lanes at Main Street. Rangeline Road has curbs and storm drains. Main Street isan cast/west two lane asphalt city street with curbs, storm drains and on street parking in this area. First Avenue SW is a north/south two lane asphalt city street with curbs and storm drains in this area The subject currently has ingress and egress to the alley that runs from Rangeline Road to First Avenue SW. Utilities; Currently the utilities available to the subject site will be municipal water and sewer, electric, television cable, natural gas and telephone. Topography: The property would be considered at grade along Rangeline Road and Main Street. Environmental Hazards; at the time of the inspection, the appraiser was not aware of any hazardous materials present on the subject property, which may affect the market value of the property. It should be noted the appraiser is not qualified to detect such a substance and no responsibility is assumed for any such condition. If necessary, it is recommended a Level I environmental inspection be obtained from a qualified environmental engineer. In the event that such a study would reveal environmental hazards, we reserve the right to amend this report accordingly. Please refer to the following limiting conditions as it relates to this matter. * Extraordinary Assumption: "an assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions." [USPAP Effective 7/01/06, Pg. 3-Lines 82-83] * Hypothetical Condition: "that which is contrary to what exists but is supposed for the purpose of analysis." [USPAP Effective 7/01/06, Pg. 3-Lines 89-90] * All properties must be"APPRAISED AS CLEAN"; please refer to the above extraordinary assumption and hypothetical condition provided by USPAP in the appraisal report. Land Uses: The property contains a tract that is currently in use as a parking lot with a asphalt surface and has a highest and best use as business development land. No special studies such as market analysis, marketability analysis, or feasibility analysis were performed. SITE IMPROVEMENTS The site to the south of 14 South Rangeline Road contains a total area of 4,555 square feet tract that is the focus of this appraisal. OAS 12 Land Acquisition Group PROJECT CAR •IEL,PARKING LOTS PROJECT62 Parcel li The land improvements for this property are considered typical for a business parking lot. The other site improvements with a contributory value consist of utilities. BUILDING IMPROVEMENTS The site currently contains no building improvements. PRESENT USE OF PROPERTY The subject property that is the locus of this report is currently in use as a business parking lot. State Form 24671 MARKET GRID ( ) Improved (X) Before Acquisition (X) Unimproved ( ) After Acquisition DIRECT SALES COMPARISON APPROACH ADJUSTMENT GR11) Commercial Bareland Land value; in the land value section of an appraisal report, market data and other information pertaining to land value are presented along with an analysis of the data and reasoning that lead to the land value estimate. With this assignment, the appropriate, which is also the most commonly used method of land valuation, is the Direct Sales Comparison Approach. With this procedure, five comparable vacant industrial land sales were utilized in deriving a market value estimate for the subject land. The criteria used in researching and selecting comparable sales is their likeness to the subject property in terms of market conditions (date of sale), physical characteristics (size), location, conditions of the sale, financing terms, and income characteristics. The similarities and differences between the comparable sales and the subject property are summarized in the following grid. [Please reference the Comparable Sales located in addenda] SUBJECT CV-I CV-2 CV-3 CV-4 CV-5 Cannel Cannel Cannel Cannel Cannel Rear Parking 1425 Rangeline 130 S Rangeline 200 Rangeline Rear Lot West of LOCATION Areas 30 First St SW S Road Road South Rangeline Road SIZE(in st) 4,555 3.920 43,560 43,124 38.768 3,911 SALE DA'Z'E 3/17/04 8/15/03 1 I/11/05 7/6/04 8/28/03 SALE PRICE $ 123.000 $ 866,000 $ 1,000,000 $ 855.000 S 47,500 PROPERTY RIGHTS 0.00% 0.00% 0.00% 0.00% 0.00% FINANCING ADJ. 0.00% 0.00% 0.00% 0.00% 0.00% CONI).OF SALE ADJ. 0.00% 0.00% 0.00% 0.00% 0.00% MARKET COND(TIME) 2% 5.58% 6.76% 2.27% 4.98% 6.69% ADJUSTED SALE PRICE $ 129,863 $ 924,542 $ 1.022,700 S 897,579 S 50,678 ADJUSTED SALE PRICE/AC $ 33.13 5 21.22 S 23.72 S 23.15 $ 12.96 A 1)1IJSrM EATS LOCATION/VISIBILITY 0% 0% 0% 0% 0% TOPOGRAPIIY 0% 0% 0% 0% 0% SIZE AD]. 4,555 0% G% 15% 15% 0% UTILITIES municipal 0% 0% 0% 0% 0% ZONING • residential 0% 0% 0% 0% 0% CUNIUL "IIVE ADJ. 0% 15% 15% 15% 0% ADJUSTED VALUE $ 33.13 $ 24.41 $ 27.27 5 26.63 S 12.96 INDICATED VALUE/sfi $ 33.00 $ 24.00 S 27.00 S 27.00 $ 13.00 OAS 13 Land Acquisition Group PROJECT CARMEL PARKING LOTS PROJECT 62 Parcel E EXPLANATION AND JUSTIFICATION OF ADJUSTMENTS An adjustment is required when there is dissimilarity between the subject property and the comparable sale. The adjustment is made to the comparable to achieve equality with the subject. A comparable that is inferior to the subject property requires an upward adjustment and conversely, a comparable is adjusted downward to reflect a superior characteristic. To indicate equality between the comparable and the subject property, a 0 is entered. REAL PROPERTY RIGI-ITS CONVEYED: The subject property's interest appraised is fee simple and such is indicated to have been transferred in all of the sales used in comparable sale market grid. Thus, no adjustment for property rights is necessary. FINANCING TERMS: No unusual situations are apparent in the financing. All of the comparable sales reportedly transferred on the basis of cash to the sellers; therefore, no adjustments are considered reasonable for financing. CONDITIONS OF SALE: While the motivations of all of the buyers and sellers involved in these properties cannot be fully determined, no information is available that indicates any of the transfers have occurred under duress. Therefore, no adjustments are considered reasonable for differences in condition of sale. TIME OF SALE: After conversations with real estate professionals, developers, builders, real estate sales people and appraisers it becomes apparent the conditions existing in the real estate market provide little if any support for an increase for time beginning in late 2006 or early 2007. It is therefore considered reasonable that no adjustment be made for sales that occurred after January 1; 2007. Conditions existing during 2006 and before in the commercial, industrial and business market indicate an increase for time. Support of a 2% annual time adjustment increase is considered reasonable. The adjustment is based on an overall annual increase in the market before December 31, 2006. Adjustments are made accordingly. LOCATION/VISIBILITY: The subject location contains frontage along Rangeline Road which is similar to the other sales and therefore no adjustments were made. TOPOGRAPHY: The property is basically at grade along both Rangeline Road and Main Street and considered basically rectangular in shape. All the comparable sales are considered basically rectangular in shape and considered to be at grade requiring no adjustment. SIZE: An inverse relationship between size and unit price is often reflected within real estate transactions when the size differentials are substantial. Typically, the comparable sales indicate the premise "as tracts of land become smaller they sell for a higher per unit value" will apply. The subject contains a tract that is the focus of this report that contains a total of 4,555 square feet. Sale CV-I and CV-5 are considered similar to the subject and no adjustments were made. The sales CV-2, CV-3 and CV-4 are larger than the subject and are adjusted upward. UTILITIES: At the present time, the subject has municipal water and sewer available, municipal water and sewer is available to all the sales requiring no adjustment. ZONING: The subject property is currently zoned 13-2/Business, the highest and best use is considered as a commercial site. The subject and all these sales are considered similar in zoning, reflecting no adjustment. RECONCILIATION: Each of the comparable sales in the previous grid was selected as being the most representative of the subject property and provides a reliable indication of market value. For purposes of comparison, each sale was developed on a per square foot basis. As stated previously, the time adjusted sale price was first established. Then considered were location and physical characteristics of the comparable sales as compared to the subject property. Other dissimilarities may exist between the comparable sales and the subject property, but none are determined to significantly affect value. OAS 14 Land Acquisition Group • PROJECT CARMEL.PARKING LOTS PROJECT 62 Parcel E The range in indicated values, between $13.00 per square foot and $33.00 per square foot are selected as being the best available for this area and are determined to provide reliable support for a market value estimate ol'the subject land. Subsequently, with all of the factors of value considered and after weighing each comparable site with its similarities to the subject's, it is my opinion that the per square foot market value estimate of the subject property is $27.00 per square foot as of August 11, 2008. The before value for the entire 4,555 square feet parcel is in the following grid. BEFORE VALUE ESTIMATE FOR ENTIRE PARCEL ( )Total Take Briefly explain your estimate if partial take LAND VALUE Item Quantity Unit Unit Value Value "total Rounded 4,555 sq ft $ 27.00 $ 122,985.00 Total Land Value Rounded $ 123,000.00 LAND IMPROVEMENT VALUE Item Quantity Unit Unit Value Depreciation Value All land improvements included in land value Total S - Total Value of Land Improvements $ - VALUE ESTIMATED BEFORE RIGHT OF WAY ACQUISITION (Rounded) $ 123,000.00 OAS 15 Land Acquisition Group PROJECT CARMEL,PARKING LOTS Project 62 Parcel E CERTIFICATION: I certify that to the best of my knowledge and belief - The statements of fact contained in this report are true and correct. - The reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is my personal, unbiased professional analyses, opinions, and conclusions. - l 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. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion,the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. - I have made a personal inspection of the property that is the subject of this report. - I certify that by virtue of my training and experience that I am competent to complete the appraisal in accordance with the competency provision of USPAP. - No one provided significant real property appraisal assistance to the persons signing this certification. NOTE: No personal property, fixtures,or equipment are included in the valuation of this property. OAS 16 Land Acquisition Group PROJECT CARMEL,PARKING LOTS Project 62 Parcel P. UNDERLYING ASSUMPTIONS AND CONTINGENT CONDITIONS Unless otherwise stated, this appraisal is subject to the following conditions: 1. The legal description and size of the site are those furnished with the assignment and are assumed to be correct. The indicated size of the site, its location and improvements are believed to be substantially correct,but diagrams of the property, if included herein, are only for illustration, and'are not necessarily according to scale. No survey was made. No responsibility is assumed as to legal matters, questions of survey, building code violations, zoning non-conformance or violations. or validity of title. Title is assumed to be held in fee simple, and no adverse claims, liens, easements or encumbrances were considered. All special assessments are assumed to be paid. 2. The physical condition of the improvements described herein was based on visual inspection. Electrical, heating, cooling, plumbing, sewer, septic system, mechanical equipment and water supply were not specifically tested, were assumed to be in good working order and adequate, unless otherwise specified. No liability is assumed for the soundness of members, nor for soil conditions, since no engineering tests were made of same. The exhibits in the report, if any, are to assist the reader in visualizing the property, and as supporting data for this report. The existence of potentially hazardous material used in the construction or maintenance of the building, such as urea formaldehyde foam insulation and/or toxic waste, or radon, which may or may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances and suggests the client seek an expert opinion, if desired. 3. It is assumed that the property is under responsible ownership and competent management; that the premises will be readily available for inspection; and that the owner and the occupants will cooperate fully in the showing and sale of the property- 4. the appraisal covers the premises described only, and is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Neither the figures therein, nor any analysis thereof, nor any unit thereby derived are to he construed as applicable to any other property however similar they may be. The distribution of the total valuation in this report between land and improvements apply only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 5. While it is believed the information, estimates and analysis given, and the opinions and conclusions drawn therefrom are correct, the appraiser does not guarantee them, and assumes no liability for any errors in fact, in analysis, or in judgment. Information furnished by others is believed to be reliable, but is not guaranteed. 6. The ownership or possession of this appraisal, or any copy thereof, does not grant the right of publication, nor is it to be used by anyone other than the one to whom it has been issued. 7. The appraiser shall not be required to appear in court, or before any hearing with reference to this property, and is not required to furnish testimony regarding it, unless proper arrangements have been made previously for that purpose. OAS 17 Land Acquisition Group PROJECT CARMEL,PARKING LOTS Project 62 Parcel E EXPERIENCE AND QUALIFICATIONS Dennis O. Otto 3463 Eden Way Place-Carmel, Indiana 46033 Telephone 317-815-1137- Facsimile 317-587-5580 E-Mail lotto a indv.rr.com Indiana Certified Residential Appraiser# CR49600157 Indiana Real Estate Broker IB58800198 Experience and Background in Real Estate Appraising, Right-of-Way Acquisition and Real Estate: For the past twenty one years I have worked in the Real Estate Industry as a Real Estate Appraiser, Review Appraiser, Right-of-Way Buyer and Real Estate Broker. For the past fourteen years I have devoted myself exclusively to the working in the right-of-way acquisition field. This background and experience give me a thorough understanding of the appraisal and buying of right-of-way process. Independent Fee Appraiser; Types of property appraised throughout Indiana: Commercial Industrial Special Purpose Residential Retail Storage Recreational Undeveloped Service Distribution Religious Multifamily Office Refining Institutional Single Family Financial Manufacturing Agricultural Professional Experience: Appraiser—OAS Land Acquisition Group, company owner. Duties; writing and review of appraisal reports, obtaining cost estimates and arriving at severance damages. Presenting the proposed Right-of-Way improvement plans to business and homeowners. Preparing transfer documents for the buying process, contacting property owners, presenting the proposed project, getting the transfer documents signed and resolving the many unique issues that arise working with right-of-way acquisition buying. Appraiser Indiana Department of Transportation, Division of Land Acquisition 1990 1995: Duties; writing and review of appraisal reports, obtaining cost estimates and arriving at severance damages. Presented the proposed Right-of-Way improvement plans to business and homeowners. Fee Buyer for State and Local Projects for INDOT, Division of Land Acquisition: Duties, preparing transfer documents and contacting property owners, presenting the proposed project, getting the transfer documents signed and resolving the many unique issues that arise. Approval and Training: INDOT Approved Fee Appraiser for State and Local Projects. INDOT Approved Fee Buyer for State and Local Projects. Fundamentals of Rural appraisal American Society of Rural Appraisers Written communication, Appraisal Institute course of study. # 510 Advanced Income Capitalization, Appraisal Institute course of study. Office Building Valuation, Appraisal Institute course of study. #310 Basic Income Capitalization, Appraisal Institute course of study. #320 General Applications, Appraisal Institute course of study. #330 Introduction to Income Capitalization, Appraisal Institute course of study. Uniform Standards of Professional Practice, Appraisal Institute course of study. #1 10 Appraisal Principles. Appraisal Institute course of study. #120 Valuation Procedures, Appraisal Institute course of study. Graduate Realtors Institute "GRI" State Licensing Exam, Received Real Estate Appraisal License. State Licensing Exam, Received Real Estate Brokers License. State Licensing Exam, Received Real Estate Salespersons License. OAS 18 Land Acquisition Group PROJECT CARMEL PARKING LOTS Project 62 Parcel E ADDENDA OAS 19 Land Acquisition Group PRO IECT CARMIEL PARKING LO S Pnriect 62 Parcel E Date Taken: August 1 1.2008 PHOTOGRAPHS . ie= + ' ,'. gi �i w 1-I 1�—I a -j4� = 1 71 1 •1 A& -- 4 '^', ter-- � x' I (`i7 [ f ypj^ I VI 4 Zf, { �Y� � ., ,fir rrlj nl f S Al i Y 7rs .. 's r ro. a ll 1. '' : P k 1:0` .''�'T • pAt ` { 9 Sltfl° -1..� 333 I ar { y -a . xj. :4°31 �3.1 L d2 x ., :. . •it";'. -x n °y> t r s f..-c.,r 'tom 1!yap..'!.w..r, .a"4i s ^ c.• xw.w. fi t» F @ ' t` /v G %; `Y 1 _ Y s r Ca� V n el a ya 'am " - n ' +c i. .''- a� n` 4-'spa , ti \ _ r t3�. / wn,r++',, agt� +,�' tir ..,■ <�.,� 7` 20J1 n° YS rv�t"Y11.. .l.f' NR9C+`maca'°rnr,AMr'p" �v M 3r VIEW: Looking west at area of acquisition from Rangeline Road. T .. S � ry ana k , • 644 s `fir � 51a . —�BA / C-44 k. "i °€ �. . exa{rt a Lp _ i t '. `3 y1 '1 c f '4,„:,74,0.... Gc r ' e+1y.. Y.}, ..# 4s M v • . rt-- ,. .uM y �'- Mme..` \�.� - _ _ .n.+✓1 ]) Z A ��.�Pr� Y . 4 .F Y ,, .: ' rv1., , " e- y a, ..1__ a i+..'•,..ci. VIEW: Looking northeast toward Rangeline Road and area of acquisition. OAS 20 Land Acquisition Group PROJECT CARMEL,PARKING LOTS Project 62 Parcel I. Date Taken: Auuust 1 1. 2008 PHOTOGRAPHS r�..y,.'�.;. �i' / - .++" Sri r i VF 31::.z°• �' I r ,.yn'� 'ten r y "* F� n a y t ,!t'4`k S3" },r ( 1N� s -3, ;-�...NI 1 , 12 1 .t . - ".<1;71C- 1 C r b• w.-' � t ttAfJ wy .� t t. l_,t n _i � S� _ �qr.. 'S.. it •3 ^C � w�1 i y "(`911 ° rr"� ..,..,, r� I I 7'is- 11 i r 4 w. "r .110, I—Fi p� i t .[v r..- _. :.�* .x.�-- � - 1191,;¢ 'Riker r '1.' L f 404 fr } r" lq v --n .4 S 9 `.- dr•• 5:4,t< ..,. .,--ot s egY' l M ; 'l +"'µ• s_yy ...�wy Stir q,.'Y� ti« ;, —ss -a_ • v s t � 1 . cr } ( �3 ,. r * �, �' 1!i ,....'t ` �"y."ias.„ - '92e ,....4.1/4 ,44,....„2:05..„.4,4,:•,..:,�•.mFT s t `� , - i fi J :.sue vT. .;s—�a t•P -• t----:-.:�f^' 2�, , y 2. 4 Y/ i '4,-`-. f / r Arc" - M' Y 'T 1.5.„s rr ��- ' i' VIEW: Lookin_westerly at area of acquisition behind buildings on Main Street. � ^2 oNp 4(� 5 1 y j Ott: t .i N4ar X�' �T.\ q§' 'A' ( � v ; ' llorfltfs ‘4P4 171.' Liirm \ T : S i d , ..�. -;--a x ny. 3 L j"1.`' I a a A�h a ” Y d i r'r w..• • 1. .._.v a ^' � t .ii i -� L1" � g • 3 erE ! - '"�+v'S ,._.. Tr '•�i £ r}t ' r , ..oaf s. - S Q •� - .. Y` } I' VIEW- Looking north at area of acquisition and back of buildings on Main Street. OAS 2I Land Acquisition Croup PROJECT CARMEL,PARKING LOTS Project 62 Parcel E PARCEL 62 EXHIBIT 1 L — - j -~ WEST MAIN STREET l I I _ I m E a ROBBY JON. MERRILL I r 0 Bd0 I a = YERRILL E Li 8 i $$[[..,,��ii�� I FIRST INO LI i E'ii'Ll .620 I IS q 66L - L' Q I 1 nIj 6AF. n FIRST MO Oi I F g. al L N _h r ta I LI i I Rj 9 0950( ' DUNKERLY I Z I I 4ER'EL Qi I Q Cl I- N FIR I I LEECH° OLD TOWN ACOUISITIONS I I 1 - L 1sT STREET SOUTHWEST _ _ _ __ - E % ,THE CARMEL REDEVELOPMENT COMMISSION ` ONE CIVIC SQUARE V . 1 _� CARMEL,INDIANA 46032 YY CENTRAL STATES CONSULTING,LLC 1I a.o 2 60 0 30 6o 1' PARCEL 62 4Knur.ar,4%i ziltiE�nam EXHIBIT yanirallrcestil � KESTAW SCF ISE NO.RD ( IN FEET ) aSSYtnf[a * -•.-..�< eroac”. .rca 1 1 inch = 60 ft. snmr.F U+ro u �ma Ca-044 I 1 EXHIBIT OAS 22 Land Acquisition Group PROJECT CARMEL. PARKING LOTS Project 62 Parcel B O 1 -1- o i 'i • -' 0 0 000 I III !O O O 0 { a 9£ 2 1 y I� N N N u d a V.1 •1 /'1 t l v1 { V w p4 G I UI E ea G ( ` 81000 000 - _• _ yt em m�0 O O O 4I a. m v' nF F'N N , H I r - Li 7f W Z„ff ( 1° ri N f'1 M i N Y. 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V_ ! b O WHO vnOae a i• I� 4 > F i N a U ti U DI r.,-, U Z z a 1 S oz °•O p 2 c Y• o cp cq > g4 oyVG w .. F O q F q K u .pp x '+ NO D P n j in a Fo 13=< G Op UO N 2 G 2 L L a N T� N LT. P. .5, C TU 'd r q m p 0 V „ .. 4° ON. O e FF V7 M Nm ` 1i_P 40: L Z O C' W p d> L.1 H> G Po h ti q£ Ku O mN 60 e ' U O�J uq N y rl CT 4 M1" L 6N .. E. S m F.1 �4 NW tN .]° c7 �, • PROPERTY RECORD CARD OAS 23 Land Acquisition Group PROJECT CARMEL.PARKING LOTS Project 62 Parcel E et el ry 0 E. '�' ` 000 000 000 000 9 '0 ° L° P"N Crlm 2 r-N N P VIN C G L la 8 N N N N f, C m 3 ■ C > ap M �( °a o I i- T =Oi E 4 Y o I 01000 000 ,°>,u� E. m ui r‘t o 0 0 0 0 o M 7F8 mn mn ° N P N F " N y F e M F ccz I (o O N N N N N : o U I N F . q Ir m = 000000 - 3 S' C K E000 000 'O 4 L/ F' m4�m "01m N �.'yI ~ 4F' ' CC omp 000 z ° I �m '� - H N.i N P p - > 0 F' n M W fi 44 Y * F I 4444 m 4 e 44 QQ ft I i4' r u° ELI K o �i000 000 u 0 I o • 0 0 C rc .oia°m .0iom a CI0 O It m - I OLIN b.1 r 0 >¢ 0;1° rmmm mAm (1 o m y N N $ ry . M p. O m l \ H ° Cl) • q 'Q °c E.II I 0 0 5000000 K a o 000 000 0 �� > ` ao n r o n m0m �Om I ry � VI Q o n 10 m co . C N C n n.i " .� ... o O � ll ° 41 o N co , 8 1� � , 4 . o z _ P. 0 0 > & I` o 0 0 °�-n o a a '.:I z rec. F ~"� I o 4 M M e o i A '" 4 "` 3• • O Y V �^O l N" o .,>.cI 7 44 4 1 m 4 4 ° p F m oI0! y m m 0 6 F p^ o L24 , ' l tT a000000 y l el P. cI' �' I NO.I W V Oo0 `no y, O O 0 n O v z Q oo� ImrnP cm Ie : n"" " i 1 '= n L0 °'F9 i °�O`w < m 3 P O1 L C 8 /�J1 2`- y1 0. C L N w r ' �. C I, o f .] o f mo 'CO - as C I :o�FI rya a vvv r O I > g„ ' a2 v. LL' H H N O g,..- 1` r 1 C c ■10 4 0 % tm¢a. V m N 0 U �C' °0e. Q y Q h c. wow ao: : 3 a 3 41• _ Q ho: < z '> a i t C aI _. 51 i �o: z i m f 0oa .4 , Is” O 2 2 It' oco Ot 40 �-0 O , P 6 A „ 0 -. . N m v°u ° m> c g- cE. •tV0 Gn o� §o '� i- o i- o 'm3 V, V E .V' 'ti 6 - N ' u C ory yU n a pmt o44 C 40 Oo Vl H ry V 8."°` no '� u 9 G N L. r y 6 ti'4 .n ory ...0 p V' yn Jn O� LL 6 if.: 6v F S e O f3 64 N E2 2 50 P.On O mVa.m>. PROPERTY RECORD CARD OAS 24 Land Acquisition Group PROJECT CARMEI...PARKING LO'T'S Project 62 Parcel E dennu Otto —. r DULY ENTERED FOR TAXATION,: Subject to final acceptance foriransfer _a_day of,a41444M_.,20.1211. 2008006884 QUIT CLAIM $22.00 02/12/2008 10:34:13A 4 PGS V itrjA, tkPlaid Auditor of Hamilton Ceunly Jennifer J Hayden HAMILTON County Recorder IN A0 Parcel#lb-o4-AS-16-02-023.0°o Recorded as Presented • n V !G p9 �5 /Go1o�f.000 C. 14-09-RS-14-02-00'coo '. QUITCLAIM DEED THIS INDENTURE WITNESSETH, That MB REALTY CORPORATION, an Indiana corporation ("Grantor"), by and through its sole shareholder FIRST INDIANA CORPORATION, an Indiana corporation, which, pursuant to Indiana Code § 23-1-45-5, is executing this Quitclaim Deed for the purposes of winding up and liquidating its business and affairs, hereby quitclaims to FIRST INDIANA BANK, N.A., a national banking association;for the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, certain real estate located in Hamilton County, Indiana,being more specifically described on Exhibit A attached hereto and incorporated herein by reference. The undersigned person executing this Quitclaim Deed on behalf of Grantor represents that he has been fully authorized and empowered to execute this Quitclaim Deed on behalf of Grantor. IN WITNESS WHEREOF, Grantor has caused this Quitclaim Deed to be executed this I�day of /rag ,2006. MB REALTY CORPORATION, an Indiana corporation By: FIRST INDIANA CORPORATION, an Indiana corporation and successor-by-merger to METROBANCORP.,an Indiana corporation and the sole shareholder of MB REALTY CORPORATION, an Indiana corporation By: C llfi . Wit 'am 7.Brunner,ifice President and Chief Financial Officer 76264 I.DOC QUITCLAIM DEED OAS 25 Land Acquisition Group PROJECT CARMEL,PARKING LOTS Project 62 Parcel E dcnnis ono ... EXHIBIT A • [Legal Description] Lot Number Nine(9)and 8 feet off the entire south side of Lot Ten(10) in the original plat of Bethlehem,now Carmel, Indiana,as per plat thereof recorded in Deed Record E page 512 in the Office of the Recorder of Hamilton County, Indiana. ALSO: Part of Lot Fifteen(15) in Warren& Phelps' Addition to Bethlehem,now Cannel,as per plat thereof recorded in Deed Record H page 258 in the Office of the Recorder of Hamilton County,Indiana,described as follows: begin at the southeast corner of said Lot 15,run north 74 • feet,west 33 feet,south 74 feet,east 33 feet to the place of beginning. ALSO: A strip of land being 0.5 feet of even width off the entire South end of the following described real estate,to-wit: Part of Lot Number Ten(10) in the Original Plat of Bethlehem, now Cannel, Indiana,described as follows: Beginning 17 %: feet East of the Northwest corner of Lot Number Ten(10)and run thence South 58 '1 feet;thence East 12 '1 feet;thence North 58 'A feet;thence West 12 'feet to the place of beginning. 76264_1.00C II EXHIBIT A OF QUITCLAIM DEED OAS 25 Land Acquisition Group PROJECT Cannel Parking Project#62 Parcel E R - B t � v; ` Suel1Dr$ 9v l ° \ gyp � v ' a s _p � �" `�- ° ' / � i 11 z sGlace D v n �' 4� Maralice o °o a W00dfrep _ s m _ n• Q `s& \ a r t ly �°_ v l .< cm !E-t 136th 5t_ 1�� CV 3 },0� -___ _.�I, cv—c-t 2Frl, cr? Smotey=Row=Rdl!r,�� Pr==- ! L 130 5 Range Line Rd • 30 1st St SW �� S "� ; + Imo' � efd18 g Carmel IN 96032 Carmel,IN 96032 C� ,'bJu ,, IIF V ae• 6�d'£ N' �� ,° r:I �-:r7- nJ2 n- SCI U ,4 �' - , Q clr , rOT�`sa l.1Y/. ILf r. 7. Liu (m , Q N=13�1st 1St-J-t 131 st St- y�W Maims�r "H`p i ILJ,i St Carmel tz l� - d.E 131 st-St— IMP I co� Err`si`-Anr� �) `���, IFj�^III ,°�$s,', [ � o �\ IUL1L� 31 Cb: Subject&CV-5 Ef'� n c .LL -;�a� Ca mt 5t SW ,t a l Carmel,IN 46032 200.5 Range Line Rd —1E-126th-St--a—'"mil sI r31� 6- -. �L Q111m O I Carmel,IN 96032 -.11�� o J' r r V � _ m e at '9 o £ a iiv a tae 1,, ii- C D'`Adamsr- 1 "}r 1q 3 `� n� r t J6z ‘ I :9 �t � i y!.L-3 1 .; 0 ii af�i cV 2 y � y � � +^_ i ijr 'a I[j e 'W-1.22nd15' x m 1425 5 Range Line Rd :_€p 01a��°/`s, 1 _ '�� i. . a (1 Carmel,IN 46032 ,�� D r .e m °-_ ,, a '0 i ii( co rikly n r. Gong°""._ _ 3' MedicalF P a d �Ir N.116th=St c E=1.16lh=St--i�p o. 9xM. i- z— — rn c i 2,V� t ;� v_ '�", mN �Nk.N u o INced i lr° a.'._ �'` 1 a a . ��u"Z U ° �S Urr iz� �� — q �"�°a�J I t 1 KingswOQtr Q ti Zr a ) ( —m�J Lm ID-'�A• —4.i 4 �I P Q 1—� r',_ 1J vJ� fir' � a = 'r 0, \ C�hla„dwickx ((�� [ �II f co --1\,` Cj B _ >1 i �� eI' ace > � o Aedpynght92004'Microsoft Corp.andlor itssupplie s All r ghts'reserved- paF-1 Mil— VACANT COMPARABLE SALES LOCATION MAP OAS 25 Land Acquisition Group PROJECT Cannel Parking Project#62 Parcel E SALE OF COMPARABLE PROPERTIES UNIMPROVED LAND COMPARABLE - Nerr l ing`3'dCiiiCltl t ills # i>"a!— --1i .1 T ayg ill .__ k n O'O I 0 p 0-0__ ovum-.;LI 6t°' tl .. A DI"STRICT:2 " r ..�Y 2-1; jam` J M� Sl h©® ' q �A I "f' r r 7 ;_# t 4 t3,: L:1 [s L- C.' v. IP1-10'f0 VIEV,Looking north from 1st Steel SW 'SKETCH;not to scale Date Sold 3/17/04 Actual Price $ 123,000.00 Size of Land Area 0.090 $1.366.667 /Per acre Vendor RMG Building#1. LLC Vendee Leechco Properties, Inc Properly Addr•30 First St SW City Cannel Legal Descript Sec 25 Twp 18 Rng 3 SI) Warren & phelps Lot - P16 Document# 200400017297 Rec. Considen$1.00& OVC Sale info. Verified By MI,S & PRC& LLC W.D. Date Verified 4/10/08 Financing Cash to Seller Zoning Commercial 13-2 Condition of S Market Value Highest& Best Use Commercial IDESCRIP I ION of LAND Dimensions/Si 0.090 acres, regular in shape Land Improver Drives yes Walks yes Landscaping yes Trees no Well no Septic no Fence no Pond no Available Sere Road Asphalt City Water yes City Sewer yes Gas yes Other n/a Land Topogr level Drainage adequate Quality of Soils typical for area 'COMMENTS'Tax ID#1609251602026000 . Existing building underwent major remodeling and a second floor was added. The original building contributed approximately$140,000 to the original selling price of$263,000 Appraiser's Name Dennis Otto Broker No IB58800198 Appraisal Lie No. CR 49600157 County Hamilton Township Clay Type Properly Bareland Project Number #62 Inspection Date 4/10/2008 Comparable Sale Number CV-I OAS 26 Land Acquisition Group PROJECT Cannel Parking Project#62 Parcel F SALE OF COMPARABLE PROPERTIES 1� ��p UNIMPROVED LAND COMPARABLE !A {-rte R M ,,r .V..M -z.ryi F f t „2 T It£1Mr� �'�C J .,.a H,''hth�� --7455Oaln'YE r WeE 1-�.�- Lf r, x .11 ' 1 I .,. --- 7.—.. r� ' ' , I i.pt t ..-,--- -�*.r'; ,t yam. 0". ,�i, �` ..'t `m..nai ".• - ..,, +r"a3x. '..ate flick ll 9 C! N .•.i r ,;,_.".._.t `W PFepnfil 1, 7"i)i[i11c19rHrjj 1 �_,... S.'' 3 �' - '' ✓ - "` ) f yZ,g^, S I�I 4 1 rq [y�}P i �) .b..N n ?.s�y��1 IICC" tYFF � ilr h ! {iG^ � '�'i C' 1_�� , 7MiIIilL�._17_y J�xp ,J(nJ °i4 .,. ch Y .t is 1, RSICV 3 '!' a (PHOTO VIEV: Looking East from Rangeline Road ISKETCI-Knot to scale Date Sold 8/15/03 Actual Price S 866,000.00 Size of Land Area 1.000 S866,000 /Per acre Vendor Radish, Lawrence Vendee Murph Smurph Corp Property Addl.. 1425 Rangeline S City Cannel Legal Descript A part of Sec 31TwpI8Rng4 Document # 200300107247 Rec. Considen 510.00 K.OVC Sale info. Verified By MLS & PRC&Transfer Document Date Verified 4/10/08 Financing Cash to Seller Zoning General Business B-8 Condition of S Market Value Highest& Best Use Commerical DESCRIPTION of LAND Dimensions/Si 1.000 acres, rectangular in shape Land lniprovei Drives yes Walks yes Landscaping yes Trees yes Well no Septic no Fence no Pond no Available Sen.Road Asphalt City Water yes City Sewer yes Gas yes Other n/a Land Topogi level Drainage adequate Quality of Soils typical for area 'COMMENTS!PRC -Tax # 1610310000034.000 New building and business is now on site. Appraiser's Name Dennis Otto Broker No IB58800198 Appraisal Lic No. CR 49600157 County Hamilton Township Clay Type Property 13areland Project Number #62 Inspection Date 4/10/2008 Comparable Sale Number CV-2 OAS 27 Land Acquisition Group PROJECT Carmel Parking Project#62 Parcel E SALE OF COMPARABLE PROPERTIES UNIMPROVED LANG COMPARABLE rr^ "_ '• y j —as•yl r i. rvr t Y'>44, r,,,� T ,A tlt f 1 �c 0, i ','•--t'- . $Lr=� - s`T. r— 7-+ - __ cam'- ;pecc „i.xemc s z ie.m., & ,, . • “...;Y:', - I, rye v�4 , g &. ' I• y s ` 4 N 2` >S.. off' O Mr-.wx 7. 7 ; 1[ ., 1 , Ei 1Y f Gg LKrr?"' .`' �' y' f zy� 'S7 ' r f �, ti ygr ' • 1 {" 111 ,���•� a� >i "� '�,,rs O��O'":i3�csA....��.�.���:,��,�s. . ( 44rt aY "Y/" r � �4e 1•yfy. flt3t3 q44� - Aw V i I re & 1� ?, *, ,� i 05,i .,... f: 53n-C.Y 'B' 3.ki,�.'lYt' <Ca s_ °- Y a.V.m +b i , n•,t, kf' { CAL/t c1 : P- IJ 1—e _1 r,�1� j( v 7 ' f ''i .iw i a z v�-.=..w ♦ ' `'3` )" Y4 ; "c"P. •'• If 1 '1 --“' ira t �rl. , r ‘4:44. c'- -,-. a:if 9 a`'q '' t°{ �, Yt"htr .vai.�`"v.A y {1' I `•s r r fift�� IL:- FA -,1';:?- 44'�' £A i' 5 w Zd , x�, y. , ,,,c-'t p{ ( t1 `4:fm (PHOTO VIEW . I Looking northwest from Rangeline Road 'SKETCH'not to scale Date Sold 11/11/05 Actual Price $ 1,000.000.00 Size of Land Area 43124.400 23 /Per sf Vendor K LC LP Vendee The City of Carmel, Redevelopment commission Property Address 130 S Rangeline Road City Carmel Legal Description Warren & Phelps SD, Lot 20 S25'118123 Document # 200600001428 Rec. Consideration $1.00& OVC Sale info. Verified By MLS& PRC& W.D. Date Verified 2/25/08 Financing Cash to Seller Zoning Commercial C-2 Condition of Sale Market Value Highest& Best Use Commercial 'DESCRIP'T'ION of LAND 1 Dimensions/Size (1,,124,400 acres, rectangular in shape Land Improvements Drives no Walks ves landscaping no Trees no Well no Septic no Fence no Pond no Available Services Road Asphalt City Water yes City Sewer ves Gas ves Other n/a Land Topography level Drainage adequate Quality of Soils typical for area COMMENTS 10 Appraiser's Name Dennis Otto Broker No 1B58800198 Appraisal Lic No. CR 49600157 County Hamilton "township Clay 'type Property Bareland Project Number #62 Inspection Date 4/10/2008 Comparable Sale Number CV-3 OAS 28 Land Acquisition Group