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Appraisal 2008
CONFIDENTIAL DOCUMENT NOTICE: This appraisal document has been classified as confidential pursuant to IC 8-23-2-6(c)(2). It is being provided to you as authorized by IC 32-24-I-3(c),but with limitations set forth in Indiana Trial Rule 5(G). This appraisal report was used to establish the proposed purchase price as set forth in the Uniform Property or Easement Acquisition Offer presented to you by the States Buyer. This appraisal is excluded from public access,and is issued within the context of an offer to purchase real estate interests. It may not be used in court if eminent domain proceedings become necessary. APPRAISAL REPORT Prepared For: CITY OF CARMEL Project: REAR PARKING Subject Property: Parcel 62 B REAR PARKING NORTH OF FIRST STREET SW CARMEL, INDIANA As of July 15,2008 Requested Br: Les Olds Director of Redevelopment City of Carmel One Civic Square Carmel, Indiana 46032 Prepared Br: Dennis 0.Otto INDOT Approved Appraiser INDOT Approved Buyer 3463 Eden Way Place Carmel, Indiana 46033 PROJECT CARMEL PARKING LOTS Parcel 620 03/08 Code: n/a _ APPRAISAL REPORT Value Finding 'Shod Form nLong Form X Partial Acquisition Total Acquisition Page 1 of 28 Type of Propent Bareland(commercial parking lot) Project n/a Indicate:Resilenuzl,commercial,Bareland,Farm,Special,Industrial Location West of Rangeline Rd&North of 1st Ave,Carmel,Indiana Parcel 62 B Owner 62 B Phone n/a Road 1st Ave SW Address Rear Parking Areas County Hamilton ETenant EContract Buyer - Phone - Address - Land Areas:Before: 3,911 sq ft After - sq ft Acquisition 3,911 sq ft new Temp.R/W - sq ft Perpetual RAN - sq ft PER - sq ft Access Rights n/a CERTIFICATE 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 wen;as represented or referenced within the appraisal. That the statements of fact contained in the report are mile and correct. That I understand that such appraisal MAY be used in connection with the acquisition of right-ofway 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 property for such purposes:and that to the best of my knowledge no portion of the value assigned to such property consists of such liens which are noncompensahle under appropriate established law. That this appraisal assignment may have called for less than would olhenvise be required by the specific guidelines of the Uniform Standards of Professional Appraisal Practices(USPAP),bud 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 property that is the subject of this report or to the panics involved with this assignment. That my engagement in this assignment was not contingent upon developing or reponing predetermined results. That neither my employment nor may compensation for completing this assignnment 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 ofa subsequent event directly related to the intended use of this appraisal. That any decrease or increase in the fair market value of real properly 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 he acquired for such improvement.other than than 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 direct or indirect present or prospective interest in the properly that is the subject of this report and no personal interest with respect to the parties invoked or in any benefit from the acquisition of such property appraised. That the owner Dra designated representative was afforded the opponuniy to accompany me on the property 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 trot do so until authorized by said officials or until I am required to do so by due process of law.or until I am released from this obligation by having publicly testified as to welt findings. That I have not given consideration,or included to 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 proper'to be acquired and residue damage,if any,as of the 15th day of July 20 08 , which is the effective date of this appraisal is S 90,000.00 based upon my independent appraisal and the exercise of my professional judgment. SUMMARY PRIMARY APPRAISER BEFORE VALUE $ 90000.00 Signature: Name Typed Dennis 0.Otto AFTER VALUE $ - Appraisal License# CR49600157 Broker#: 1858800198 Land Taken $ 90,000.00 Date: July 16,2008 Land Improvements $ - ASSISTED BY Signature: Improvements $ - Name Typed: Appraisal License# Cost-To-Cure $ - Broker#: Date: Damages to Residue $ Signature Temporary R/W $ - Name Typed: Appraisal License# TOTAL DUE OWNER $ 90,000.00 Broker#: Date: OAS I Land Acquisition Group PROJECT CARMEL PARKING LOI S Parcel 62B 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. Taking into consideration all uses for which the property is suited and might in reason be applied; including,hut 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. e. Disregarding the fact that the owner might not want to part with the land because of its special adaptability'to the owner's use. f. 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. h. 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. i. Fair market value,based upon adequate recent comparable sales and offering data is usually the measure ofjust compensation. IDENTIFICATION OF PARCEL'1.0 BE ACQUIRED PARCEL NO. AREA OF ACQUISITION RIGHT TO BE ACQUIRED 62B 3,911 sq Fee Simple Right-of-Way Type Property Bareland(commercial parking lot) Size of Property square feet 3,911 Taal Area _ 0 Existing Right-of-Way _ 3.911 Area Before Acquisition 3.911 Area of Acquisition 0 I Total Residue Area Permanent Easement 0 Total Permanent Easement Temporary Right-of-Way 0 • Total Temporary Right-of-Way I + 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 containing a total of 3.959 square feet before the acquisition. The Parcel 62 exhibit received from Central States Consulting, E.E.C. included in the addenda, indicates that Parcel 6213 contains 3,911 square feet. Carmel Redevelopment Commission provided the information from Central States Consulting. LTC and this area will be the amount used in this report. The property will be acquired in total. OAS 2 Land Acquisition Group PROIBC r CAR,SIEL.PARKING LOTS Parcel 62B 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. Parcel 62 B property record card number is 16-09-25-16-02-24.001. which is included in the addenda. 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 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 OAS 3 Land Acquisition Group PROJECT CARMEL PARKING LOTS Parcel 620 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 he 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 some 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 of the subject property on July 15,2008,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 he 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 CARNIEL PARKING LOTS Parcel 62B AERIAL VIEW OF SUBJECT PROPERTY 1 z td, \: I r �7I i. Y. E ,1- - - .th� ' �., ' U de :II _. ' ' _ I..1 g�1'n "ti5.r;ii,* {'Cri P. «,mom _.. _.. ' I . ,STTJSWJ .SLLS' M Area outlined in orange is the apparent area currently in use.The green lines are from the City of Carmel 015 site. 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. 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. OAS 5 Land Acquisition Group PROJECT CARMEL PARKING LOT] Parcel 62B 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 3,911 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. 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 identity and forecast trends in the neighborhood which will influence the capacity of the property to be useful and absorbed. Hamilton Counts': 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 ifs 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 states 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. Hamilton 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$166.300 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 541.567 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. OAS 6 Land Acquisition Croup PROJECT C\RVIEL PARKING LOTS Parcel 62B 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 Cannel as a major north/south retail and commercial artery. 13First Street, which goes through old town Carmel as Main Street, Carmel Drive. 116th 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. 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 116t5 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 1061h 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, Ile Street,Carmel Drive and 131u Street (Main Street in "old town"). The nearest neighborhood shopping center is located a little over a mile to the north at Be 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 inspected offsite by this appraiser and photographs were taken on July 15,2008, being the last date of inspection.July 15,2008 is the effective date of this appraisal. OAS 7 Land Acquisition Group PROJECT CARMEL PARKING LOTS Parcel 62B INflood features near Clicked Point COMMUNITY PANEL ZONE DATE 180081 0207F X 20030219 to s ce z W MAIN ST E 131ST ST cc cc N Z J C w U' N 1ST ST SW 1ST ST SE Zone C,Zone X - Areas determined to be outside 500-year floodplain determined to be outside the 1%and 0.2%annual chance tloodplains. SALES HISTORY To the best of my knowledge using the information available from the Property Record Card. Owner of Record; Robert D. Merrill FIVE YEAR SALES HISTORY SALES RECORD(5 YEARS MINIMUM REQUIRED) _ GRANTOR GRANTEE DATE BOOK PAGE_ SIZE RECORDED VERIFIED VERIFICATION or Instrument# acres PRICE PRICE $1.00& Warranty Caroline V.Hanna 62 B 8/23/2003 200300087351 3,911 OVC Deed Warranty 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. 1 reserve the right to amend this report accordingly. 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 the Northeast Quarter,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 be 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. OAS 8 Land Acquisition Group PROJECT CARMEL,PARKING LOTS Parcel 62B Therefore, with the property to the rear of 20 First Street SW. currently being utilized for business purposes. It is concluded that the highest and best use. of the site as vacant would be 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 3.91 1 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. 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 he 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()fan 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. ' fI I l C-46 B-1 - lB=2, not to scale B-1 • 1ST ST SW 1ST ST SE 'AI CS-1 fl-re--2= E N This 3.911 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. OAS 9 Land Acquisition Group PROJECT C\RMEL PARKING LOTS Parcel 62B SITE DESCRIPTION OF PROPERTY BEFORE ACQUISITION SITE ANALYSIS Location: The subject property is located to the rear of 20 First Street SW 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 contains a tract that is the focus of this report that contains a total of 3,911 square feet. Frontage, Access: The tract that is the focus of this report has access from an alley that runs from Rangeline Road to First Avenue SW. 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. First Street SW is a east/west two lane asphalt city street with curbs and storm drains in this area. First Avenue SW is a north/south two lane asphalt city street with curbs and storm drains in this area. It appears utilizing the infbrmation provided on the property record card the subject has no frontage on these streets. 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, First Avenue SW and First Street SW. 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 folse, could alter the appraiser's opinions or conclusions." [USPAP Effective 7/01/06,Pg.3-Lines 82- 831 * 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 crushed stone 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 rear of 20 First Street SW contains a total area of 3.911 square feet tract that is the focus of this appraisal. 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. 045 10 Land Acquisition Group PROJECT CAR)MEL.PARKING LOTS Parcel 62B PRESENT USE OF PROPERTY The subject property that is the focus of this report is currently in use as a business parking lot. State Form 24671 MARKET GRID ( ) Improved (X) Before Acquisition (X)Unimproved ( )Afer Acquisition DIRECT SALES COMPARISON APPROACH ADJUSTMENT GRID 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-1 CV-2 1 CV-4 I CV-5 Carmel Cannel Cannel Cannel Carmel Rear Parking 1425 Rangeline 130 S Raneeline 200 Rangelinc Rear Lot West of LOCATION Areas 30 First St SW S Road Road South Raneeline Road SIZE(in st) 3,959 3,920 43,560 I 43,124 38,768 3,911 SALE DA'Z'E 3/17/04 8/15103 11/11/05 7/6/04 8/28/03 SALE PRICE $ 123,000 $ 866.000 $ 1,000,000 S 855,000 5 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% COND.OF SALE ADJ. 0.00% 0.00% 0.00% 0.00% 0 00% MARKET COND(TIME 2% 5.53% 6.76% 2.27% 4.98% 6.69% ADJUSTED SALE I $ 129,863 $ 924.542 S 1.022.700 $ 897.579 S 50,678 ADJUSTED SALE PRICE/AC $ 33.13 $ 21.22 $ 23.72 $ 23.15 S 12.96 ADJLIS'ITIEN'I'S LOCATION/VISIBILITY -20% -20% -20% -20% 0% TOPOGRAPHY 0% 0% 0% 0% 0% SIZE ADJ. 3.959 0% 15% 15% 15% 0% UTILITIES municipal 0% 0% 0% 0% 0% ZONING residential , 0% 0% 0% 0% 0% _ CUMULATIVE ADJ. -20% -5% -5% -5% 0% ADJUSTED VALUE $ 26.50 $ 20.16 $ 22.53 $ 21.99 I S 12.96 INDICATED VALUE/st) $ 26.50 $ 20.25 $ 22.50 $ 22.00 S 13.00 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 RIGHTS 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 OAS I I Land Acquisition Group PROJECT CARME.L,PARKING LOTS Parcel 6211 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 I, 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 is sale CV-5 located to the rear of 20 First Street SW in an urban area currently improved with commercial buildings and vacant commercial sites. The subject location contains no frontage along a street and is considered inferior to all the other sales. All the other sales are therefore adjusted downward 20%to reflect this difference. TOPOGRAPHY: The property is basically at grade along both Rangeline Road and First Street SW 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 3,911 square feet. The subject is sale CV-5. sale CV-1 is considered similar to the subject and no adjustment was 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 server is available to all the sales requiring no adjustment. ZONING: The subject property is currently zoned B-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. Normally the sale of the subject is given the most weight in determining a current fair market value. With the sale of this subject, CV- 5, the sale included a building that was abstracted out of the total sales price of S97.500d. The range in indicated values, between$13.00 per square foot and $26.50 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 of 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$23.00 per square foot as of July 15,2008. The before value for the entire 3,911 square feet parcel is in the following grid. OAS 12 Land Acquisition Group PROJECT CARNIEL PARKING LOTS Parcel 629 BEFORE VALUE ESTIMATE FOR EN'T'IRE PARCEL ( )Total Take Briefly explain your estimate if partial take LAND VALUE Item Quantity Unit Unit Value Value Total Rounded 3,911 sq ft $ 23.00 S 89,953.00 Total Land Value Rounded S 90,000.00 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) $ 90.000.00 OAS 13 Land Acquisition Group PROJEC"I Carmel Parkine Project#62 Parcel 13 i�r11 /41� t)� /Ad, 1,t - i Su 1 9 r i t e �la"-.a c3 e 1• . '' 05 k -L�1etc Bc _ ; . 3 BI‘). , 1- c _ z --/ ' k �,.. 'qr - 3 I't4-^- v�d` i e 9 `3�. `,_ aV -1 ?a," -e-, s.`°yt 4-t,z. I -� sr 1141' i )f ii1 B ) 2, ;--c,, —3661�" 1i L` Marallce�.*14��� pap I'WOOdbed 6 ��11 al x a "`. ��h>`'f r��.=lRl -,, �i— a 't'V I, ` O ` Iii F o g i ."-amps I 1 '+r�C� 11 °em V� y1r-ood Dr r Ordr ft 33,43 %"`srn =E 136th P t- C..4Lo t" A� F 10th St Sinnt1.Y_-Row•Rd� �r� 33 'd �9'' l t CV 3 301 ISISW KY r _.i5t 1305eRange Ln Rd P .Na E 1 /--SAO' Carmel IN 46032 IN 96032 fl tficI'Trace N �- p q IIM�I' �� t1 I .rte . ,� �- 1 / 1 (_;, 4L,2,-,,A =11„:04___,�tcamel_4 qfl m'u ar J �9 1t ,d`�.jl. W-131 st2St— 13151St="—W Mam-Std 3. — ;t � ald --� 1�---t p 4_„.4 ,-„,-.7r-3--2,17 .,k _ .E 131st St=>� '„ 1r i' I , r`i4 e0 , II i n — `°. a ay l a P£meao ¢ t 6 I,T, -: L 1I ta41 m° zob1:slsw 5 /L�I h 1 S 1 ✓;..®e i3.14„ if Fl Alt"' Ca mel,IN 96032 200 Range line Rd (� '^� ' afrnell Drip'� I c IN96W2Ea1261 h'St ro3 , - .t T Jr 1 y .^ 1 .c n O od1 3!, t—, l i '� (Adams: -C Ep A 4 < °,p'��+' 9 �� (� 5 kit-, 4 a 7 ft .�W122nd15 m m 7`925 s RaneIn Rd »€ ^ ?3- », 111// '1 '-; °� a S Pl'� t Carmel,IN96W s 4 n E rho fi Ico J1 e ± Y_Y3,—b4. .., r.'.t.:_t II r�. t 2C S-c "',C D N 1161h-St ,E 116th SI ,,.;r 1 0 a�^ 9 [ 1lt—3—� FE" z — �z -�L' G> I1 1 ln� try 1 �� 11. ory u mob, 8 0. j ,,i,y 47---,As F .y 1 ,fit Il 1� ik„ °' V__ L^ke 9"4/"(f.[' A�-1}A 1' tl N�Q 1 Woodard _ I p 1 , r 4zy a w�� x -/ r� r 111 Kin9swro6d £r 71-19,g-11,��9 z i�I� A p ns.1m� I''1-r e k Cl'ed ck � �, g U I x @_ +js `�` o rn � II y D u t 4 ,4 1svcrs k t � r e F314.1'4. n Home Pla l 1 1 t ' PY Ti¢,2009 Microsoft Coif-and/off 6supple¢.N rims.93'99929922229 5990-90mmF-ltTilll "i1 — � — 4 d ................_ VACANT COMPARABLE SALES LOCATION MAP OAS 23 Land Acquisition Group PROJECT Carmel Parking Project II 62 Parcel B SALE OF COMPARABLE PROPER 1ES UNIMPROVED LAND COMPARABLE 1 enri -Warr iSe-?`�s�r_'r_=——-az==z'_-=--s�z=_= vi�'--'r�_-i=_?sue.:_ -�vc.z f' „. -.K.�:111;•- -t=='= L _ -----_ :�._ --:rte— 8 e.'y" I--' -� F . i _== _-___2 'tea -�—__. -a- X61 r_s==_i�oi a _ DO,1.,\PCR..Mel.leAS `"., ,w taht Nikki 1 c=lh IC j 7i. _t�11 ' Q'0 '`LL Opticians ® m roef r i x ik t 13wt«t r V f 3 � .a lw.. tH ti \:-i`L.. r, ,.'1_,;® i ®G PHOTO VIEV.Looking north from 1st Steet SW SKETCHI not to scale Date Sold 3/17/04 Actual Price $ 123,000.00 Size of Land Area 0.090 SI'66,667 /Per acre Vendor RMG Building41,LLC Vendee Leechco Properties.Inc Property Addis 30 First St SW City Carmel Legal Descript Sec 25 Twp 18 Rng 3 SD Warren R.phelps Lot-P16 Document 4 200400017297 Rec-Consider,$1.00&OVC Sale info_Verified By MLS&PRC&LLC W D. Date Verified 4/10/08 Financing Cash to Seller Zoning Commercial B-2 Condition of S Market Value I lighest&Best Use Commercial 'UESCRIP I ION of LAND Dimensions/Si 0.090 acres.regular in shape Land Improve]Drives yes Walks ves Landscaping yes Trees no Well no Septic no Fence no Pond no Available Scry Road Asphalt City Water yes City Sesser yes Gas yes Other n/a Land Topogi level Drainage adequate Quality of Soils typical for area [COMMENTSI Tax ID 41609251602026000 _ Existing building underwent major remodeling and a second floor was added. The original building contributed approximately$140,000 to the original selling price of$263,000 ' 1 ra f ' ff&E..:* r h ir$Ner,,,I,„, 1444 ' 1 ; =___ i a... .hh' ---'it,,,,,i_Y,.•x,,.-_I f'_..�.r;., -=-14-...q t YMr9 4T M t _ r Li Li ki b a d y,e i� ,, I I� PTq�t ` r If ,, r «: E Appraiser's Na Dennis Otto Broker No IB58800198 Appraisal Lie No. CR 49600157 County Hamilton Township Clay Type Property Bareland Project Numb[ Crawford Inspection Date 4/10/2008 Comparable Sale Number CV-1 OAS 24 Land Acquisition Group PROJECT Cannel Parking Project k 62 Parcel B SALE OF COMPARABLE PROPERTIES I UNIMPROVED LAND COMPARABLE I i C L ;44..51?tc?',: 721;3-^'°_1,1;e.#7„,...- :_-q A' I 4 .' ',#4,::;',.‘4 -.lit © 0 0 'c ! "f1 r I -.x 8, P.y�y ' NV r, �,r a.3t.fi H )< ,1; 1:x"7 t'k IF' ' �i-',:; t.�_+r-i t'. - 1ltitS. V \\\\\\4�l. rr a :11.:- b ".f < ■r t' t Pita • �` ini i F �''4' 1r vii i Li`, �` � y�„ -P4© y,o` xxx.I� ' ��,,,, ~ -�-"..aS'•fin. ' ��'..a.'irrt:t,7°.+m r .. :��n`•+.e�a.�.x i�.'_,� ~ v}«�~ Jr _ ` .. I ..3:4-7 .:::t.✓y ? d. _c..,....: ii.i3 rr X? • PROJECT Carmel Parking Project d 62 Parcel B SALE OF COMPARABLE PROPERTIES IINIMPROVED LAND COMPARABLE • G ry iR fittz", .;rid,. ` t '-0 " ,.f rF :I:.Ili l l i 0 ` > `Y ' ,.. .C.. " I Yc ' 01 1 C c Yu5,6,t ar .s` 17 _ ra ,-- di'-*E__,■E' 1• %i%^ x iv.1 It�ir.rna.'r 11n91n1iylli ` t`, �ICi�,l� F.' rii, n� --i A A' -----' ' . per- .. PHOTO VIEV Looking northwest from Rangeline Road SKETCHl not to scale Date Sold II/11/05 Actual Price $ 1,000,000.00 Size of Land Area 0990 1010.101 /Per acre Vendor KLC LP Vendee The City of Cannel,Redevelopment commission Property Addo 130 S Rangeline Road City Carmel Legal Descript Warren&Phelps SD,Lot 20 S2.5 f 18R3 Document# 200600001428 Rec-Consider; $1.00&OVC Sale info-Verified By AILS&PRC&W.D. Date Verified 2/25/08 Financing Cash to Seller Zoning Commercial C-2 Condition of S Market Value Highest&Best Use Commercial DESCRIPTION of LAND Dimensions/Si 0.990 acres,rectangular in shape Land Improves Drives no Walks yes Landscaping no Trees no _ Well no Septic no Fence no Pond no Available Sera Road Asphalt City Water yes City Sewer yes Gas yes Other &a Land Topogl level Drainage adequate Quality of Soils typical for area [COMMENTSIO Appraiser's Na Dennis Otto Broker No 1658800198 Appraisal Lie No. CR 49600157 County Hamilton Township Clay Type Property Bareland Project Numbs Crawford Inspection Date 4/10/2008 Comparable Sale Number CV-3 .< 3 OAS 26 Land Acquisition Group PROJECT Carmel Parking Project#62 Parcel B SALE OF COMPARABLE PROPERTIES }` UNIMPROVED LAND COMPARABLE i• I 1\ '7 r d: 42 tf Fs ��� / tit HIS 3,41 1A� s .5 x f-, 'sue a• . I e,, C�4.11ti. Qy.;_n- 5t •-_ ...,- 1-c :' P - . 44 F r �h"a�#w.w pit J' ". , � -).,-,t 11-� 1 . _ PHOTO VIEV Lookine Southeast from Raneeline Road SKE l CHI not to scale Date Sold 7/6/04 Actual Price $ 855.000.00 Size of Land Area 0.890 5960,674 /Per acre Vendor O'Maha Investment Co Vendee Carmel Redevelopment Commission Property Addn 200 Raneeline Road South City Carmel Legal Descript A pan of NE SE S25 T18 R3 Document# 1609251603010000 Rec.Consider; $1.00&OVC Sale info.Verified By MLS&PRC Date Verified 4/10/08 Financing Cash to Seller Zoning Commercial C-2 Condition of S Market Value Hiehest&Best Use Commercial C-2 IDESCRIP I ION of LAND Dimensions/Si 0.890 acres.rectangular in shape Land Improves Drives no Walks yes Landscaping no Trees no Well no Septic no Fence no Pond no Available Sers Road Asphalt City Water Yes City Sewer Yes Gas Yes Other n/a Land Topogi level Drainage adequate Quality of Soils typical for area COIMNTSI0 C._..-r _ 1 S t- — ___" 3- 3 - n _ -__... 2NDAVE'SE' $.-., V s 1 7,.:14 Cf y;4- -14 1 . i a w'rail- " yAw r {5• - #- • - 4 .N f k • .. 1 ) 'p , .,. :-..- 0 , - y -..-.. Ts LT ,ii• ItT. r I: ales r�.fy.�✓. Appraisers Na Dennis Otto Broker No 11158800198 Appraisal Lie No. CR 49600157 County Hamilton Township Clay Type Property Bareland Project Numb( Crawford Inspection Date 4/10/2008 Comparable Sale Number CV-4 OAS 27 Land Acquisition Group PROJECT Carmel Parking Project#62 Parcel 13 SALE OF COMPARABLE PROPERTIES UNIMPROVED LAND COMPARAI3LC Pd I ' 9 i • �1l I � > k R = �A tz4c muo ii ; ir }'r IF) v.�* r '1 y +: t1 ! I( " • 'PHOTO VIEW I Looking Southeast from Rangeline Road SKETCHInot to scale Date Sold 8/28/2003 Actual Price $ 47500.00 Size of Land Area 3.959.000 $ 12.00 /Per sf Vendor Caroline V Ilanna Vendee Robert D Merrill Property Address Rear Lot West of Rangeline Road South City Carmel Legal Description part of NE SE 525118 R3 Document# 1.60925E+15 Rec.Consideration $1.00&OVC Sale info.Verified By MLS&PRC Date Verified 6/3/08 Financing Cash to Seller Zoning Commercial C-2 Condition of Sale Market Value Highest&Best Use Commercial C-2 [DESCRIPTION of LAND I Dimensions/Size !?u,000 acres.rectangular in shape Land Improvements Drives no Walks no Landscaping no Trees no Well no Septic no Fence no Pond no Available Services Road Asphalt City Water Yes City Sever Yes Gas Yes Other n/a Land Topography level Drainage adequate Quality of Soils typical for area [COMMENTS [Curshed stone parking lot with access from alley Tas# 1609251602024001 FFF l .( 4W' ` !Y 1[" �.• - I 6-1 ■ B-2m r ,4t • ° • 1 �2 1 as-pC' 21•rt .,u < � s — 4 0' e 1 r--A- .. `� r ( 11rT1i:tnl ten •�IS L1 in __ _ 1ST ST'S ' 15T ST SE Appraiser's Name Dennis Otto Broker No IB58800198 Appraisal Lic No. CR 49600157 County Hamilton Township Clay Type Pmperty Bareland Project Number #62 Inspection Date 4/10/2008 Comparable Sale Number CV-5 OAS 28 Land Acquisition Group ALA-REV-29 (STATEMENT"OFTHE'BASIS FOR JUST-COMPENSATIONI HA Code: 1 -This is a written statement of,and summary of the basis for,the establishment of the amount believed to be,through a valuation process,just compensation for the purchase of this right-of-way for highway purposes. The amount set forth in Item 5 below is not less than the approved estimate of value. Public Law 9-646 provides that this value disregards any decrease or increase in fair market value of the property prior to the date of valuation caused by the public improvement for which the property is acquired other than physical deterioration within 2- The legal description of this acquisition is set forth in the instrument of conveyance in the following identified parcel and this acquisition is identified in the Acquiring Agency's records as: Project a/a Parcel 62 B Road 1st Ave SW City/County Hamilton Owner(s) 62 B 3- The area and type of interest being acquired: 3,911 sq ft new 0 sq ft existing 3.911 sq ft total These areas are being acquired Fee Simple. The amount in Item 5 below includes payment for the purchase of all interests in the real property and no separately held interest is being acquired separately in whole or part except as may be explained in Item 8 below. trac 4-This acquisition is(check one): a. A total acquisition of the real property b. R A partial acquisition of the real property. 5-The Agency's Offer: Just compensation has been determined to be and the Acquiring Agency's offer for the purchase of this real property is as follows: a. Total Land,Land Improvements and Buildings S 90.000 00 b. Severance Damages(i.e:Setback,Loss in Value to the Residues,etc.) c. Other damages(Itemize): Cost-to-Cure estimates 0 $ - $ - $ - Temporary Right-of-Way $ - exis Total Damages: $ - Total amount believed to be Just Compensation offered for this Acquisition is: $ 90.000.00 6-The amount in Item 5 above may include payment for the purchase of certain buildings and improvements and their ownership shall pass to the Acquiring Agency. These buildings and improvements are identified as follows: None 7- The amount in Item 5 above may include payment for the purchase of certain Land Improvements,Fixtures,Equipment,Machinery, Signs,Etc.,and their ownership shall pass to the Acquiring Agency. These items are identified as follows: None 8- Items owned by others(i.e-:lessee,tenants,etc.)included in Item 5 above are identified as follows: None 9- Remarks: Date Signature Acquiring Agency: