HomeMy WebLinkAboutAppraisal 2008 was uses to estahusn the proposes purcnase price as set iortn m the unuorm rroperty or Lasement Acquisition titter
presented to you by the State's Buyer. This appraisal is excluded Prom 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.
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APPRAISAL REPORT
Prepared For:
CITY OF CARMEL
Project:
REAR PARKING
• Subject Property:
PARCEL 62 A
REAR PARKING
NORTI-I OF FIRST STREET SW
CARMEL, INDIANA
As of
JULY 15th, 2008
Requested By:
Les Olds
Director of Redevelopment
City of Cannel
One Civic Square
Carmel, Indiana 46032
Prepared By:
Dennis O. Otto
INDOT Approved Appraiser
INDOT Approved Buyer
3463 Eden Way Place
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Type of Propert'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 A
Owner 62 A Phone 0 Road 1st Ave SW
Address Rear Parking Areas County Hamilton
ETenant EContract Buyer - Phone -
Address -
Land Areas:Before: 5,379 sq ft After - sq ft Acquisition 5,379 sq ft new
Temp. R/W - sq ft Perpetual R/W - sq ft PER - - sq ft Access Rights n/a
CERTIFICATE OF APPRAISER
I cert ify 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-oI-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 property
Mr 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 he required by the specific guidelines of the Uniform Standards of
Professional Appraisal Practices(USPAI'),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 property 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 direct or 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 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 not 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 testi lied 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 lair market value for the property to be acquired and residue damage, if any, as of the I 5th day of .lulu 20 08 .
which is the effective date of this appraisal is$ 124.000.00 based upon my independent appraisal and the exercise of my professional judgment.
SUMMARY PRIMARY APPRAISER
BEFORE VALUE $ 124,000.00 Signature:
Name Typed Dennis 0. Otto
AFTER VALUE $ - Appraisal License# CR49600157
Broker#: IB58800198
Land Taken $ 124,000.00 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:
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, 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.
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.
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
62 A 5,379 sq fi Fee Simple Right-of-Way
Type Property Bareland (commercial parking lot)
Size of Property square feet •
5,379 Total Area
0 Existing Right-of-Way
5,379 I Area Before Acquisition
5,379 I Area of Acquisition
0 ( 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 regular shaped tract of land containing a total of 5,379 square feet
before the acquisition. The property will be acquired in total.
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 62A property record card number is 16-09-25-16-02-
027.000, which is included in the addenda. Taxes are listed in the name of Southern Cross Properties Inc. in
Hamilton County, Clay Township, with a mailing address of 29 Main Street West, Carmel, Indiana 46032.
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.
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 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
in formation 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.
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The area outlined in orange is the apparent area, currently in use. The green lines are from the City of Carmel GIS site.
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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 clue 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
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 5,379 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 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 1-lamilton 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.
1-lamilton 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 $41,567 for Indiana.
Fichere Is the lareect inure/pity with in nnnnktinn nff dd Ad] Inflow/N-1 hw ('nnnel with dtl 327R and Nnhlecwille
artery. 13First Street, which goes through old town Carmel as Main Street, Carmel Drive, 116°i and 126°'
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 116th 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 106°i 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, 116th Street, Carmel Drive and
13First Street (Main Street in "old town"). The nearest neighborhood shopping center is located a little over a
half mile to the north at 136°i 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 July 15, 2008, being the last date of observation, July 15, 2008 is the effective date
of this appraisal.
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SALES HISTORY
To the best of my knowledge using the information available from the Property Record Card.
Owner of Record;
Southern Cross Properties Inc
FIVE YEAR SALES HISTORY
SALES RECORD(5 YEARS MINIMUM REQUIRED)
GRANTOR GRANTEE DATE 1300K I PAGE SIZE RECORDED' VERIFIED VERIFICATION
or Instrument# acres PRICE PRICE
Southern Cross $1.00& Quitclaim
Whaler II Inc Properties 9/12/2005 200500059879 5,663 OVC Deed Quitclaim Deed
The Quitclaim deed recorded in 2005 was a name change by the current owner.
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.
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
north half of lot 16 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.
Therefore with the property to the rear of 30 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 hest 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 5,379 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 13-2/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 13-2 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.
411.11
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1ST ST SW 1ST ST SW _ 1ST ST1Sg �I
This 5,379 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.
Location: The subject property is located to the rear of 30 First Street SW in the City of Cannel, Clay
Township, Hamilton County, Indiana, Carmel, Indiana 46032. This site is just southwest of Main Street and
Rangeline Road at the main intersection in that is commonly reffed to as "Old Town" in Carmel.
Land Area: The property contains a tract that is the focus of this report that contains a total of 5,379 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
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, 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 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 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 30 First Street SW contains a total area of 5,379 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.
State Form 24671 MARKET GRID
( ) Improved (X) Before Acquisition
(X) Unimproved ( ) After 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 CV-3 CV-4 CV-5
Carmel laillaillea 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 sO 3,920 43,560 =Mal 38,768 3,911
SALE DATE 3/17/04 8/15/03 II/1I/05 7/6/04 8/28/03
SALE PRICE 111..111111111111 S 123,000 $ 866,000 $ 1,000,000 $ 855,000 S 47,500
PROPERTY RIGHTS =Ma 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. 111111111111.1 000% 0.00% 0.00% 0.00% 0.00%
MARKETCOND(TIME 2% 5.58% 6.76% 2.27% 4.98% 6.69%
ADJUSTED SALE $ 129,863 $ 924,542 $ 1,022,700 S 897,579 5 50,678
ADJUSTED SALE PRICE/AC INIIIIIWIMIUMNIMMUINIMI $ 23.15 $ 12.96
ADJUSTMENTS 1111111111111111111111111111.11111a1M11.1111
LOCATION/VISIBILITY -20% -20% -20% -20% 0%
TOPOGRAPHY 1'1 0% 0% 0% 0% 0%
SIZE ADJ. 0% 15% 15% 15% 0%
UTILITIES municipal 0% 0% 0% 0% 0%
ZONING residential 0% 0% 0% 0% 0%
CUMULATIVE ADJ. 20% -5°io -5% 0%
ADJUSTED VALUE S 26.50 $ 20.16 $ 22.53 �E�min S 12.96
INDICATED VALUE/sfi S 26.50 S 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.
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 no frontage along a street and is considered inferior to
all the other sales except CV-5. 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 5,379 square feet. Sale CV-1 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 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.
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 fuly 15, 2008.
The before value for the entire 5,379 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 5,379 sq It $ 23.00 S 123.717.00
Total Land Value Rounded $ 124.000.00
LAND IMPROVEMENT VALUE
Item Quantity Unit Unit Value Depreciation Value
All land improvements included in land value
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VACANT COMPARABLE SALES LOCATION MAP
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(PHOTO V IEV,Looking north from 1st Steel SW (SKETCI-l not to scale
Date Sold 3/17/04 Actual Price $ 123,000.00 Size of Land Area 0.090 $1366.667 /Per acre
Vendor RMG Building#I, LLC Vendee Leechco Properties, Inc
Property Addn 30 First St SW City Cannel
Legal Descript Sec 25 Twp 18 Rng 3 SD Warren &Phelps Lot- P16 Document# 200400017297
Rec. Considers$1.00& OVC Sale info. Verified By MLS & PRC& LLC W.D. Date Verified 4/10/08
Financing Cash to Seller Zoning Commercial L3-2
Condition of S Market Value Highest& Best Use Commercial
IDESCRIP'I'ION of LAND
Dimensions/Si 0.090 acres, regular in shape
Land Improve]Drives ves Walks yes Landscaping yes Trees no Well no
Septic no Fence no Pond no
Available Sen Road Asphalt City Water yes City Sewer yes Gas ves Other n/a
Land Topogi 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
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IPI-10` 0 VIEU, Looking East from Rangcline Road !SKETCH'not to scale
Date Sold 8/15/03 Actual Price S 866.000.00 Size of Land Area 1.000 S866.000 /Per acre
Vendor Kadish, Lawrence Vendee Murph Smurph Corp
Property Addn 1425 Rangeline S City Carmel
Leal Descript A part of Sec 31 Twp 18Rng4 Document# 200300107247
Rec. Consider S10.00 &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 hnprover Drives yes Walks yes Landscaping yes Trees yes Well no
Septic no Fence no Pond no
Available Sere Road Asphalt City Water yes City Sewer yes Gas yes Other n/a
Land Topogi level Drainage adequate Quality of Soils typical for area
ICOMMENTSI PRC -Tax # 1610310000034.000
New building and business is now on site.
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IPHOTOVIEV, Looking northwest from Rangel ine Road ISKETCII 'lot to scale
Date Sold 11/11/05 Actual Price $ 1,000,000.00 Size of Land Area 0.990 1,010,101 /Per acre
Vendor K LC LP Vendee The City of Cannel, Redevelopment commission
Property Addr. 130 S Rangelinc Road City Carmel
Legal Descript Wan-en &Phelps SD, Lot 20 S25TI8R3 Document 200600001428
Rec. Consider $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 S Markel Value Highest& Best Use Commercial
DESCRIPTION of LAND
Dimensions/Si 0.990 acres, rectangular in shape
Land Improve]Drives no Walks yes Landscaping no Trees no Well no
Septic no Fence no Pond no
Available Sery Road Asphalt City Water yes City Sewer yes Gas yes Other n/a
Land Topogl level Drainage adequate Quality of Soils typical for area
[COM M ENTSI 0
Appraiser's Na Dennis Otto Broker No IB58800198 Appraisal Lic No. CR 49600157
County Hamilton Township Clay Type Property Bareland
Project Numb( Crawford Inspection Date 4/10/2008 Comparable Sale Number CV-3
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(PH0'10 VlEy Looking Southeast from Rangeline Road ISK.ETCIA not to scale
Date Sold 7/6/04 Actual Price $ 855,000 00 Site of Land Area _ 0.890 $960,674 /Per acre
Vendor O'Malia Investment Co Vendee Carmel Redevelopment Commission
Property Addy 200 Rangeline Road South City Carmel
Legal Descript A pail of NE SE S25 T18 R3 Document# 1609251603010000
Rec.Consider $I.00 &OVC Sale info. Verified By MLS Sc. PRC Date Verified 4/10/08
Financing Cash to Seller Zoning Commercial C-2
Condition of S Market Value Highest& Best Use Commercial C-2
1DLSCRIP I ION of LAND
Dimensions/Si 0.890 acres,rectangular in shape
Land Improves Drives no Walks ves Landscaping no Trees no Well no
Septic no Fence no Pond no
Available Sery Road Asphalt City Water Yes City Server Yes Gas Yes Other n/a
Land Topogi level Drainage adequate Quality of Soils typical for area
'COMMENTSI O
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IPHO`10 VIEW I Looking Southeast from Rangeline Road ISKETCFIinot to scale
Date Sold 8/28/2003 Actual Price S 47,500.00 Size of Land Area 3,959.000 $ 12.00 /Per sf
Vendor Caroline V Hanna Vendee Robert D Men-ill
Property Address Rear Lot West of Rangeline Road South City Carmel
Legal Description A part of NE SE S25 T18 R3 Document# 1.60925E+15
R . Consideration $1.00&OVC Sale info. Verified By MLS & PRC Date Verified 6/3/08
Rec.
Financing Cash to Seller Zoning Commercial C-2
Condition of Sale Market Value Highest& Best Use Commercial C-2
'DESCRIPTION of LAND
Dimensions/Size 3,91 1.000 acres. rectangular in shape
Land Improvements Drives no Walks no Landscaping no 'frees no Well no
Septic no Fence no Pond no
Available Services Road Asphalt City Water Yes City Sewer Yes Gas Yes Other n/a
Land Topography level Drainage adequate Quality of Soils typical for area
'COMMENTS I Crashed stone parking lot with access from alley
Fax# 1609751602024001
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CR49600157
Appraiser's Name Dennis Otto Broker No 1E358800198 Appraisal Lic No.
- 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.
- I have no present or prospective interest in the property that is the subject of this report, and I have no
personal interest or bias with respect to the parties involved.
- 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 ofProfessional Appraisal Practice.
- I have made a personal inspection of the property that is the subject of this report.
- 1 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.
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 be 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.
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.
#110 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.
Stale Licensing Exam, Received Real Estate Salespersons License.
AD I ENDA
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VIEW: Looking north at south side of subject beyond asphalt area in foreground.
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PARCEL 62 EXHIBIT
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THIS INDENTURE DE CROSS PROPERTIES,WITNESSETH,What WHALER ails II,oiINC.,an Indiana aTEE�retion (GRANTOR)QUITCLAIMS to
for and in consideration of One Dollar (51.00) and other valuable consideration, the receipt whereof is hereby
acknowledged,the following described Real Estate in HAMILTON COUNTY.in the State of Indiana,to-wit:
THE NORTH HALF OF LOT SIXTEEN(16)IN WARREN&PHELPS ADDITION TO
THE TOWN OF RECORD E,PAGE 512EIN THE OFFICE R RECORDED D
OF THE RECORDER OF HAMILTON
COUNTY,INDIANA.
Subject to any and all easements,agreements and restrictions of record.
Subject to real estate taxes due and payable on or before NOVEMBER, 2005,and all subsequent taxes
there er. yy,
IN WITNESS WHEREOF,Grantor has executed this QUITCLAIM Deed this 7!l'tf�day of SEPTEMBER,2005
By:Bruce C.Calabrese,President
WHALERS II,Inc.
STATE OF INDIANA )SS:
COUNTY OF HAMILTON ) \\
BEFORE ME,the undersigned,a Notary Public in and for said County and State,this frtii ..: •. EPTEMBER
, 2005, personally appeared Bruce C. Calabrese as preslden • and on behalf of Wh .,�.Inc.,.who
acknowledged the execution of the foregoing Quitclaim Deed, a rate.. been duly sw , , :....;any
representations therein contained are true. // .. .:;?'.%":4,, "mss
�-1__� (( J Printed Signatur; ' �) yy
9Ida Residing in N44.(1-v- County.Indiana
Commission Expires: 9 ,rte
Thls Instrument prepared by David J.Barker,DAVID J.BARKER,P.C.,650 North Rangelino Road,Carmel,}N
46032 317-506-4394.
Return Deed To:
Send Tax Bills To:Bruce C.Calabrese,29 West Main Street,Cannel,Indiana 46032
SECURITY TITLE SERVICE,LLC
C5 3750 PRIORITY WAY SOUTH DRIVE 200500059879
filed for Record in
SUITE 100 HAnILTON COUNTY. INDIANA
INDIANAPOLIS,IN 46240 JENNIFER J HAYDEN
09-12-2005 At 03:17 an.
0 C DEED 14.00
WARRANTY DEED
% - I ne iegai aescription or tnis acquisition is set roan in me instrument or conveyance in me ronowing ioentinea parcel arm tnis acquisition
is identified in the Acquiring Agency's records as:
Project n/a Parcel 62 A Road 1st Ave SW City/County Hamilton
Owner(s) 62 A
3 - The area and type of interest being acquired: 5,379 sq ft new 0 sq 0 existing 5,379 sq it 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.
4 - This acquisition is(check one): a. I A total acquisition of the real property
b. X 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 $124,000.00
b. Severance Damages(i.e: Setback, Loss in
Value to the Residues, etc.)
c. Other damages(Itemize):
Cost-to-Cure estimates
$
$ -
$
Temporary Right-of-Way $ -
Total Damages: $ -
Total amount believed to be Just Compensation offered for this Acquisition is: $124,000.00
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: