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HomeMy WebLinkAboutAppraisal 2013 Traynor .RESTRICTED APPRAISAL REPORT Date of Report: June 17, 2013 Shapiro's Deli 918 S. Rangeline Road Carmel, IN Traynor#: 13230 Date of Valuation: May 20, 201.3 Appraisers: Joseph C. Traynor, MRICS, GAA Indiana Certified General Appraiser License No.CG69100223 • And Zora L. Crabtree Indiana Certified General Appraiser License No. CG4070038I. Requested by: Mr. Matthew Worthley Operations Manager/Special Projects Carmel Redevelopment Commission • 20 West Main Street, Suite 220 Carmel, TN 46032 Traynor&Associates, Inc. This is a Restricted Use Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(c) of the Uniform Standards of Professional Appraisal Practice for a Restricted Use Appraisal Report. As such, it does not present discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the Appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analysis is retained in the appraiser's file. The depth of the discussion contained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized use of this report. CLIENT: Mr. Matthew Worthley • Carmel Redevelopment Commission 30 West Main Street, Suite 220 Carmel, IN 46032 APPRAISERS: TRAYNOR & ASSOCIATES, INC. Joseph C. Traynor, MRICS, GAA Indiana Certified General Appraiser License No. CG69100233 And Zora L. Crabtree Indiana Certified General Appraiser License No. CG4070038I SUBJECT: Shapiro's Deli 918 S. Rangeline Road Carmel, IN 46032 1.3230—918 S. Rangeline Road, Carmel, IN Page 2 Traynor &Associates, Inc. June 17, 2013 Mr. Matthew Worthley Operations Manager/Special Projects Carmel Redevelopment Commission 30 West Main Street, Suite 220 Carmel, IN 46032 Dear Mr. Worthley: An inspection of the above referenced property has been made for the purpose of estimating the fee simple value of the subject property. The subject consists of an approximate 9,300-square- foot restaurant built in 2002. There is also a mezzanine of 2,108 square feet. The property is located on the west side of Rangeline Road, north of Civic Square in Carmel, Indiana. The highest and best use of the subject is for restaurant use. The effective date of this report is the day of inspection which was conducted on May 20, 2013. Our findings are contained in this 39-page restricted appraisal report, which states our opinion of the subject property's value. The Sales Comparison Approach and Income Approach to value is included and the value conclusion reflects known market conditions, and available data with limited explanation of data, reasoning, and analysis. The documentation of these elements is contained in the appraiser's file. PURPOSE OF APPRAISAL The purpose of the appraisal is to estimate the fee simple value of the subject property as of May 20, 2013. DEFINTION OF VALUE Market Value as defined by the Appraisal Standards for Federally Related Transactions 12 CFR Parts 208 and 225 [Regulation H,Regulation Y; Docket No. R-0685] is as follows: Market value as defined by the Appraisal Institute is as follows: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; 13230—918 S. Rangeline Road, Carmel, IN Page 3 • Traynor &Associates, Inc. (2) 13oth parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5)The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. PROPERTY RIGHTS APPRAISED The property rights appraised are those accruing to the unencumbered fee simple estate as of May 20, 2013. Fee simple estate is defined by the Appraisal Institute as: "Tee simple estate. Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." The Dictionaty of Real Estate Appraisal, Fifth Edition. INTENDED USE AND USERS OF TIHIS APPRAISAL Mr. Matthew Worthley, Carmel Redevelopment Commission, the individual who requested this appraisal, stated the intended use of the appraisal is to estimate the fee simple value of the subject for possible sale. The intended user of the report is Carmel Redevelopment Commission. EXTRAORDINARY ASSUMPTIONS & HYPOTHETICAL CONDITIONS The appraisers were asked about excluding the parking lot from the value estimate. The appraisers are including the parking lot as part of the subject's value. Zoning currently requires one parking space for each 2.5 customers and one for each employee. Al the time of inspection, the parking lot was part of the subject property. In addition, zoning requires a minimum site size of 20,000 square feet. Excluding the parking lot would reduce the site size to less than the minimum. In addition, all of the comparables were purchased with parking in place. There are no extraordinary assumptions or hypothetical conditions. OWNERSHIP OF RECORD The property has been owned by BJS, LLC since April 4, 2002. The seller was the City of Carmel Redevelopment Commission. The transfer amount is unknown. BJS, LLC completed construction of the subject improvements in 2002. The appraisers were not provided with a construction quote. However, Brian Shapiro of BJS, LLC indicated that the total 13230— 918 S. Rangel ine Road, Cannel, IN Page 4 Traynor&Associates, Inc, acquisition and construction costs for the subject (real estate only) was approximately $3,200,000. On November 6, 2009 the Carmel Redevelopment Commission purchased a 0.043 acre tract from the east side of the subject site for $60,000, or$32.00 per square foot. The Carmel Redevelopment Commission entered into an agreement with BJS LLC in November 2009, obtaining an undivided 1.3043% tenant-in-common interest of the subject property as shown in Limited Warranty Deed 2010025539 in the Office of the Recorder of Hamilton County. Therefore, the ownership is BJS LLC (98.6957%) and City of Carmel Redevelopment Commission (1.3043%). DATE OF REPORT June 17, 2013 DATE OF INSPECTION May 20, 2013 APPRAISAL DEVELOPMENT AND REPORTING PROCESS In preparing this appraisal, Zora L. Crabtree: ✓ Observed the interior and exterior of the subject site; ✓ Obtained Hamilton County Assessor's information for the subject property; ✓ Gathered sale information for similar properties in Hamilton County and northern Marion County; ✓ Reviewed the Sublease between BJS, II, LLC and Shapiro's Carmel, the Lease and Sublease Guaranty in favor of BJS, II, LLC, Brain J. Shapiro, Guarantor, and Subordination and Attornment Agreement; ✓ Researched restaurant leases for market terms; ✓ Applied the Sales Comparison Approach and Income Approach to arrive at an indication of value. A detailed description of the data utilized in the valuation is retained in the appraisers' work file. LEASE DATA There is a lease between BJS, II, LLC and Shapiro's Carmel. The lease includes all buildings and improvements, all equipment, machinery, building systems and fixtures, all kitchen, food preparation and serving equipment and all tables, chairs, and other furniture fixtures and equipment. The lease term is June 10, 2010 to December 31, 2014. A 10 year extension option was available. The rent was $1,000 per month plus a percentage rent which is the lower of 4% of gross sales or 50% of net. The tenant was responsible for taxes, utilities, HVAC repair and insurance. Based on restaurant leases and listings available to the appraisers, it appears that the lease is not at market rates. The tenant is in default. The appraisers are under the assumption that the lease was subordinated to the Carmel Redevelopment Commission. The appraisers are not able to analyze the lease income due to a lack of information. According to the client, they have not been supplied with sale information since lease inception. Based on the fact that the lease is in default, it is assumed that there is no leasehold position. 13230— 918 S. Rangeline Road, Carmel, IN Page 5 Traynor&Associates, Inc. REAL ESTATE APPRAISED SITE DESCRIPTION The overall site consists of an improved tract of land containing approximately 0.757 acre or 32,975 square feet. The subject is on the west of Rangeline Road north of Civic Square. The site is "L" shaped. The property fronts Rangeline Road. Surrounding land uses are commercial in nature. South of the site is a Huntington Bank. Adjacent north is a multi-tenant office building. There is a parking lot west of the subject. There is a sidewalk on the south, east and west sides of the building. The sidewalk on the east side is along Rangeline Road and acquired by the Carmel Redevelopment Commission for possible future parking. Due to this acquisition the subject building's footprint is the new parcel boundary along the east side of the site. There is a flag pole in a concrete base near the southeast corner of the site. There is an outdoor seating area on the south side of the building. Landscaping is found along the east and west sides of the building. An asphalt parking lot is found west of the building. There ares approximately 43 parking spaces on the subject property. There is an access easement across the parking lot drive to additional parking northwest of the subject. All municipal utilities are available. The topography of the land is basically level. The subject is not located in a flood hazard area as defined by the National Flood Insurance Program, Federal Emergency Management Agency Panel #18057CO209F, dated February 19, 2003. No environmental assessments were provided to the appraisers. The appraisers are not aware of any hazardous materials which may currently be present on the subject site. The appraisers were informed by Brian Shapiro that the site was in need of remediation prior to the construction of the existing building in 2002. This contamination of the site was reported to be from the prior use of the site, which was a dry cleaning business. Mr. Shapiro stated that the previous user of the site had disposed of dry cleaning chemical improperly, resulting in the need for site remediation. Mr. Shapiro indicated that the remediation was performed in prior to the construction of'the existing building, and that no further evidence of contamination has surfaced since the remediation. It should be noted that the appraisers are not qualified to detect such substances and no responsibility is assumed for any condition that may affect the market value of the subject. If the appraisers suspect the existence of any hazardous materials within the subject, it is to be noted within the appraisal report. The property is appraised as if free and clear of contamination. IMPROVEMENT DESCRIPTION The site is improved with a '1 story, 9,300-square-foot restaurant built in 2002. There is also mezzanine space totaling 2,108 square feet. The building construction is that of a steel frame on a concrete foundation. The exterior is brick with limestone accents. The roof system is steel truss and deck construction with rubber membrane and asphalt shingles. The exterior doors are metal frame glass storefront doors. The windows are metal frame, double pane insulated glass. • 13230-91 8 S. Rangeline Road, Carmel, IN Page 6 • Traynor &Associates, Inc. The layout of the building is demised into restaurant dining configuration with a small retail area, kitchen area, and office area. There are entrances at the east and west sides of the building. There is also a doorway at the south side of the building which leads to a concrete patio and brick retaining wall. The dining area has a server line, slip-resistant epoxy flooring, with bench and table seating, with a capacity of approximately 200 in the current configuration. The dining area is finished with drywall walls, and acoustic tile ceilings. There are numerous custom finishes for booths, other seating areas, and other typical restaurant finish items. The retail area also has slip-resistant epoxy flooring, finished with drywall walls, acoustic tile ceiling and numerous built-in wood display cabinets. There are three public restrooms located off of the dining area, designated as men's, women's and family. Each has water closet stalls and sinks. The men's restroom includes urinals. The restroom finish will be a combination of drywall and ceramic tile walk, ceramic tile floors and acoustic tile ceilings. There is also a full service kitchen with walk-in coolers and freezers. The kitchen will be equipped with an emergency fire system. The kitchen and office areas have ceramic tile floors, overhead electric lighting, acoustic tile ceiling and concrete block walls. There is a steel staircase leading to the mezzanine area. The mezzanine area is of concrete block construction and is demised into a "water-room" equipped with a built-in reverse-osmosis water- filtration system and water pump, an electrical room, two private offices, 2 restrooms, an employee break room and storage area. The mezzanine area is finished with vinyl tile flooring, drywall walls, and acoustic tile ceiling. The mezzanine level has a steel reinforced sub-floor. The employee break room is equipped with numerous built-in lockers for personal storage. Each restroom is equipped with a stall and sink. The private office areas are finished with carpeted flooring, drywall walls, and acoustic tile ceiling. The HVAC consists of 7 rooftop-mounted units consisting of gas forced heat and central air conditioning. The main electric service consists of a 1,200 AMP, three phase system. It is assumed that the building has adequate electric service. The building is expected to have an economic life of approximately 50 years. The appraisal includes certain equipment such as HVAC, "water room", electrical boxes, walk-in freezers and coolers, ansel ventilation and tire suppression systems, and attached kitchen equipment such as dishwashers. This appraisal does not include freestanding appliances, counters, display cabinets, furniture, or other personal property or intangible items. ZONING The subject property is zoned C-1. The purpose of this district is to "create and protect land areas for the development of the Carmel City Center, a central mixed-use complex of retail, residential, office and community facilities designed to meet the cultural and economic needs of 13230— 918 S. Rangeline Road, Carmel, IN Page 7 Traynor&Associates, Inc. the community". To promote the development of the Carmel City Center district, the City of Carmel is providing master land planning, land acquisition, street improvements, landscaping and utility infrastructure. Following approval of a development plan by the Carmel Redevelopment Commission, the City of Camel shall submit a Development Plan that includes architectural design, exterior lighting, landscaping and signage for the property. The Director of the Carmel/ Clay Plan Commission must approve, approve with conditions or disapprove the development plan. The maximum lot coverage is 80%. The maximum height of buildings is 150 feet measured from street grade. The minimum lot frontage is 100 feet for all uses other than residential. The minimum lot size is 20,000 square feet per principal building. Parking lots shall generally be located at the rear or side of buildings and shall be screened from the sidewalk/street by low walls, fences or hedges. The number of parking spaces required depends on the use. Sufficient parking includes offsite parking spaces on the west side of the subject building. Permitted uses include single family and multi-family dwellings, general and professional offices, general service, banks, art and music centers, hotels, indoor and outdoor theaters, restaurants and museums, commercial outdoor recreational facilities, community centers, and public service facilities. The subject's current use as a single-tenant restaurant appears to be a legal, conforming use. ASSESSMENTS AND TAXES The subject property is identified as parcel number 160936000001001. The property record card obtained from the Hamilton County Assessor's Office indicates that the subject has an assessed land value of $282,700 and an improvement value of $1,069,000 for a total assessed value of $1,351,700. The property is in District 018 which is designated as Carmel City. The 2013 tax rate is $2.0402 per $100 of assessed valuation. Applying this rate indicates an estimated tax burden of approximately $27,577 per year. It is felt the current tax liability would pose no undue burden on a purchaser and therefore has no significant effect on the property's value. A complete tax analysis is beyond the scope of this appraisal assignment. LEGAL DESCRIPTION A part of the Northeast Quarter of Section 36,Township 18 North,Range 3 East, Hamilton County,Indiana,more particularly described as follows: Commencing at the Northeast Corner of the Northeast Quarter of said Section 36, Township 18 North,Range 3 East;thence South 00 degrees 00 minutes 00 seconds East (basis of bearing is a Quitclaim Deed recorded in Deed Record 360,page 883 in the Office of the Recorder of Hamilton County,Indiana) 1412.00 feet along the East Line of said Northeast Quarter(all of the following calls are parallel with or perpendicular to said East Line);thence South 90 degrees 00 minutes 00 seconds West 51.18 feet to the POINT OF BEGINNING of this description;thence South 00 degrees 00 minutes 00 seconds East 15232 feet;thence South 90 degrees 00 minutes 00 seconds West 304.38 feet; thence North 00 degrees 00 minutes 00 seconds West 76.80 feet;thence North 90 degrees 00 minutes 00 seconds East 152.47 feet;thence North 00 degrees 00 minutes 00 seconds West75.53 feet;thence North 90 degrees 00 minutes 00 seconds East 151.91 feet to the POINT OF BEGINNING,containing 0.800 acres,more or less. 13230—918 S. Rangeline Road, Carmel, IN Page 8 Traynor aAssociates, Inc. On November 6, 2009 the Carmel Redevelopment Commission purchased a 0.043 acre tract from the east side of the subject site. The following is the legal description of that purchase. The area described within is deducted from the above legal description to arrive at the proper legal description for the subject parcel as of the effective date of this report. Part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East of the Second Principal Meridian, Clay Township, Hamilton County, Indiana, mare particularly described os follows: Commencing at the Northeast Corner of the Northeast Quarter of said Section 36, Township 18 North, Range 3 East; thence South 00 degrees 13 minutes 54 seconds East (assumed bearing) 1412,00 feel along the East Line of said Northeast Quarter to the easterly extension of the northern line of the 0.249—acre tract of land'granted to the City of Carmel, Indiana ("City tract") (recorded as Instrument Number 200200025738 in the Office of the Recorder of Hamilton County. Indiana); thence South 89 degrees 46 minutes 06 seconds West 51.18 feel along said extension and said northern line to a northwestern corner of said City tract and the northeastern corner of the 0.000—acre tract of land granted to OJS, LLC ('Grantor") (recorded as Instrument Number 200200025739 in said Recorder's Office), being the POINT OF BEGINNING of this description (the following two courses are along the common boundary of said Granter and said City tract); (one) thence South 00 degrees 13 minutes 54 seconds East 152.32 feet; (Iwo) thence South 89 degrees 46 minutes 06 seconds West 15.84 feet to the southerly extension of the eastern face of a brick building existing on September 17, 2009 (the following thirteen (13) courses are along the southerly and northerly extensions of and the actual face of said building); (one) thence North 00 degrees 20 minutes 41 seconds West 35.68 feet; (two) thence North 89 degrees 39 minutes 19 seconds East 4.00 feet; (three) thence North 00 degrees 20 minutes 41 seconds West 31.00 feet; (four) thence North 89 degrees 39 minutes 19 seconds East 4.00 feeh (five) thence North 00 degrees 20 minutes 41 seconds West 10.20 feet; (six) thence North 89 degrees 39 minutes 19 seconds East 1.80 feel; (seven) thence North 00 degrees 20 minutes 41 seconds West 13.70 feet; (eight) thence South 89 degrees 39 minutes 19 seconds West 1.80 feel; (nine) thence North 00 degrees 20 minutes 41 seconds West 10.10 feat; (ten) thence South 89 degrees 39 minutes 19 seconds West 4.00 feet; (eleven) thence North 00 degrees 20 minutes 41 seconds West 30.95 feet; (twelve) thence South 89 degrees 39 minutes 19 seconds West 4.00 feet; (thirteen) thence North 00 degrees 20 minutes 41 seconds West 20.69 feet to the northern line of said Grantor; thence North 89 degrees 46 minutes 06 seconds East 16.14 feet along said northern line to the POINT OF BEGINNING, containing 1891.6 square feet (0.043 acres), more or less. 13230— 918 S. Rangeline Road, Carmel, IN Page 9 Traynor &Associates, Inc • AERIAL Ida �c✓ __ C1rrtr11� �Q]i CC -+a 1 Y ir(i. _ .1 �•`• v •.1.J,. '' r..i1:� A i }''':�I�1:i1�i'a�. , I.. )ter 71 �4: + S: �-i + Can+<mlril .I 4 �1 ;: : t t, S ,tA ea.i` l^� amok 1-7111,Iu I li 'Tr,ik-en elx..) r_., 1- c - ini 5 , : . ' 6 . - din V,1 I g '.- iia s--b4 r III 1 s`tett4— II s ',,.�:r. 1 Jr .V i t •p �,.- , IL PI if I _ s �/ � '� t—Ylfz � � I I. 1 ' 1 j��--� � 1 l J It, ilIZIEt sc to.: �1'atl r 1 �. 'mot 4i SR J! Ir!t H . . .". • . .,..• ...„.. . ____.__ _„,, SO C�co.I • . •• I ICS r l ' i!,!(:::�M: r .r-( + m i -t.'' 11 '� •: ':. 1 t''i . �Sj . r I { ' ' I '' )r • 1 t:. 1111 Teat E is a Ill IN 1 I I 6 t 1..i 1. s'. i+i • H altid^x�P{��l 1•` A� 4 a s- ., i ,. � 'E = ,�i p Istsi:ut ,..i 1` ,+� 1 + ” " -- at L 13230—918 S Rangeline Ro id Cannel IN Page 10 Traynor&Associates, Inc. FLOOD PLAIN MAP 00 m Jv 19.58' lilt o APPRO%INATE SCALE 5®0 FFET Subject 1 DP DnwLE NAPMAVEE Da nI1 NA810NAI M008 INNRARCE PROGRAM r S 11- 1 IIp' FIRM j I FLOOD INSURANCE RATE MAP City of llii HAMILTON COUNTY, SkOSHONE DP I 'Ij INDIANA Carmel G I I AND INCORPORATED AREAS 180081 1 - E PARR.8800E 1900..n..a.:"'can I CC) tc.-µs.. fl/ EXECUTIVE DR Luw an ,a sun. 1 or CAPMEL Oq l'il a I'I'I MAP NUMBER 18051CO209F baCII EFFECTIVE DAM I FEBRUARY 19,2003 LDS CF O I II Federal Imogene,Management Agency DETAILED STUDY l p CE0LES //n END CT ( 1 PM ///�/ '> ',P=3 T I I w •ew..>.,.a...a„ Fees u.o,„,.....,,..lan..r 13230—918 S. Rangeline Road, Carmel, IN Page 11 Traynor &Associates, Inc. SUBJECT PHOTOS ES, ..-p-�. "^..,)M+'. /� e" ,^P` ��p u p pp "e "ice ' .7�, r /\ a & , fin: 7 v E j 1d e, 00�� Cl i L r�.I.. i �aV a ,tat � C. uta . �n t4.- r Fri '" - t' an . . r- L f f 1 n A .t t <h 2 1 'r0•n , j ' .“ t •-• ! 4 ` t o - .2r- rr ie L:• men K Y t:�L'1 L N 1 t J D't x (Ft '; 'F --3•----- °^4 ,r ,`-u,.M pi Al Rhi'Ia.ura ;- 1 { i,� ,.C'/jJF!..'.W ®LY�t L ,..., ^ 1rir- n±x m97 At 4 6�'mm°! wi1;54 SY4iwa ®® •d' y .�ti ..,r1Y_.».-... ter! y+' :`-`,, - ..,-44'.1 4.. .-1 N i .i.-..-.-t."-,..goys.*, .,c. .;• . ,., r . • ,�` _ c .z 1,j,( __ i ''1\t :a 4 ,.rt^:ti.. y .d y.ry J` .- zk°, t \ . .. ... c,; / ..3,1-r., y ,hY Yur Al.'}Fk 144%27.!u, ;;SAL‘,=.:r4.,:,1,',•:‘,„,,,,.-:,' f�i - aS /' Y r.tdt •d ty'' m!'i �` ; .Y+i+�f_CF 1. x"., 1 w ,-, i 17..,t .0 t ..M�. ,^ii ‘. uq 1 , :,.„. This is viewing the east side (front) of the building along Rangeline Road_ ' 33 Sal 'r v _�--- /C`.`sd "C`;'�5 ":', t 0001 - 8 �'� — r_v nom 44 n _I i name ,' < ei9' a emo p._ V e, t v v F 1 +.&ue�i�ntin aenwaytp j + � ty{i t J q' � v wit) IaY i]YW a f., t10 r,� g� ¢�?;j 'it' r 7- r l 0 r' }LI % e fi r tot t ° ! Zit' 4 .5 2 •. { Ft i NI a8 s !Ht, twxmryy, a nc� �.�a. H :.rvo-- y yr— - r,v t .t, ww wm. 1W wr r .. z ..r.t-t ,; ! 474tH..... +�.iy�Ot"ry5f'v` .,E nti r''* .- t. £'1 .-- . ... •h ..v s . y ` . r, .PtC c,III Y;ti✓44 U,e .,2,;? pY ' ','Ati`L y1 2*."�t 10 7 Y',� -Y, za3"..`f?'' r�cY ,,,, . + t"F+Si, ,,, . ,x,,., y,]p! This is viewing northwest along Rangeline Road. 13230—9 1 8 S. Rangeline Road, Carmel, IN Page 12 Traynor&Associates, Inc. • r y 1 ^vi ,o 1$'n'L '+a z /��m n i e m w' �• i w, :tii, f 'In"-. _'� �<""+• ry"++-. iR 11l ,rpa_ 1•` 1� fN t � i h {r a @d i 'n : -;� z .& Yt - � 4 - i at.a t�+ �.r ar v '"2 'y Aide ,- -y ..iwJ _Y 2:,4 C ,. .w.L'y1y,.,.,yX�`a.c- ^M•' �♦ i o-p,y,r.a a .w iii wr `+3. 4J,41/41 t; _ ` akr aary Y d ' Fo-,: µ ez,y, .t i-+' � - i[ r 1 tZV j 4(et'K � Pt•P�IA 41'' t\- A 331 } Wcw-.4.n7'4 a& 1� ` 1 i . --”h' This is viewing southwest along Rangeline Road. • •• k . I / nk tl ;� +' <+ � nF n ' 3 rye' Tbcf' I./ h4 „ .:a::i.�_.a � t^7,. JSMSi @i-f 51 1 r . . , - �„ ..,. r tt' " , ., •'V` h ;,,m.,--:uL a.+�. ,,.17 7 m ?�ij. - _il C �-B.;t At4.41,,i w•t::.k,-wr4e '9r_ ^ }^ N.:�c v "'�. 2 �*a' , This is viewing west. The outdoor sealing area is in the center of the photo. Civic Square is left of the outdoor sealing area. Page 13 13230—918 S. Rangeline Road, Carmel, IN Traynor&Associates, Inc. r n y ` 1Y 1 f XF I '. y> Yi gC. F � t d-4 mi • ! k nt+ l .� .�n � 11 J. rt ' > 4.i l.' x� Lt ° t r_ v Ki ^cq , i 3?f J n J.,1 -z o te i f s d g. . W trx ,it Ax i.t. F ,{ }4 y1 $�t"P ...1 Nyy '^ h sl u f� i�1 f S TT �� ID BI � p� t1t { f 1 "='-'-• lw 1,1113:4,i r R , - .1 1 e *. I '', r ¢ en r4 , . b i +,4 - c 4 i�y bi a ty IN • j t e at .}. folig4 u2rt.44)L . j l , s . . - , yNn4't C I " �4{ . it4 t .1 ,. " �� ° ` 1 z 1.i,�{' w. . t L r; x Cam .r� aY , 1 , � > f'} !!k% ryp✓ eRi" 4 ya ....`� Y ' ' ,7 Y., i t1[' ""`t i Y tct r1 F i. S :i...^';lr `�Z i7.b •... This is viewing the west side of the subject property. 17 11x 3 - - , 4. Ittiiiiteat 54• ' I ti a``�`" ' rte ✓�n �"4'- a" `;1t��y�y'7 p , ,h'@.t l 1` 9+' R yLR n�� �QtC ..^ eiM1 _It- y ,try �: -g c g�. J / StE h a"y -•avX 14 a ..- *P.+.r..: - i-- bee.l, 49 ti JUj l.1 1 �y : !Ifi'r SJfi R lc t x !I '`"µ' S�i t..F th 1.. MiF}'§ ) r. 1 � ry Z--,4y2-4-p",- '''O'��r' ?tz.""' 1 5'. � ,y• �Yi 6# �5 y` �." a K(�� vl J tliII i� � 1� $,�4 W n tw2ar» � ¢ f g , 1,,, tl ,`l.z s � ti - : a ' , ,1.') a trW4.S ?e 1 I ' t J., ..ly C .- � 4 t r }r^'- A4P {S (t I Jthlt- ' arlro * , Cd.. .e e, f.4 a f, 'WC S 1i1 rr go" 041l.o. 7--1-} ., �ich� . • • ' ' � ° 1 14.: Lib 6 l .4... - 2 �l 1' 7,alstZr 5� w.h ; +3z. 'i.i arks s ,. :i. q'1 ., :!L. ' i „ iee4fF..i-g2:5' . ..; ! al& !' °.. x '51 `14F''"h.''7i: iW ,,4-:;-+ :2'' This is viewing the electrical and air conditioning on the north side of the building. 13230—91$ S. Rangeline Road, Carmel, IN Page 14 Traynor&Associates, Inc. T . ) r 4 ■ -. ''''r.:;.-•W' i t 'f l'$I mrS- 1Cdttr t . a '`i "4 a ®—a- .. tl�3u 'f „ t i •e ' , f`kF • .. ;_ e F:L . 4 •a 171 n '04,4 ' F p%� yty S.+1��� �1 , f k ", ^417:q 1 x:" N -k. ^i t.`(�.fL$Stf '.:, • -'7�°xgF. t -�y ,•-„. ' �, —rte • iii ii .,H,. ,,. , yT) .�,� �--1 +► --. fF,.�.-,V.. c� .r -tifir;c. VI� t�--c t .3 t ` i sW. :4;L�ri"diti rt '34:'.' m f . ) t 1ft E;.1q�J G i -i• _ 4• YI : - „ rr"fi.�WvL _tr , A This is view ing the serving area. c Cp• S f r r `'4' „--,--` �x xr '4 s•l�S • ii K d -1--_ - / ,? .¢" t w3^ y ;mild. n .. ... Ir ar:" ice.x j.�t`,'at,��� `^^rtw . '1 -}.sit_ ^--- i r'�l I tiil 6 -t • .e., S u A P-1 R a S ''-`-5 „w`S+i -. F t ti .. tiil . _,..! ",' ra ore e• • 4 .. ,w,.,,'— �..5j _t ,�,tir.?;� ' � 4 ."'Ow.: f }fir^! to .alL- ,1 °S. a '".s»4jRItait i to - ,4 -ee♦ 2?`L.iT -PL'+Y-`yJ b tde. .$•r-• t rip.kk. _�� �`�. '..k".., -~ Si ty;� ■ r. F,y>� ,1 o- a t e yy� d �r 4 � This is viewing the dining area. 13230—918 S. Rangeline Road, Carmel, IN Page 15 Traynor&Associates, Inc. iiii■i::54 wk 4 t� 9Y l�! �;" RRI I l ply. ,J' � t nR 4. , A'... t.'... ( k+r,+ ) :44, st�d� $k X11 14 ° a� v 1jr)'.�.) .. .) # :, Ift4pl, 4 f qM, ..� fy, p t.. . 8 ° ,..7-:,,;.:-,, A. ,� O Y` mot. 4t0'..;". 2- rr �a'✓ J� j r-P,af"',,�a A . ke ' C' - .5 )5 b5 ����� t el, d �'e,1„...;',1;1,�", •° r: 1 �3l C t i r`1 Li14c r � —...42, . r d" f Nk �ue�'` • `.m Mt� 4r -x C a, w1 0�4 a f "T .$° � 4 ,I b " . This is viewing a private party room. Ar ;, •I as 'P www•�1I7<''"$ k �..y.Fl l 4, f(846 sly. L -___]s--- cl tv.J t �y It 5 , .. t x N `, . 7+ a v�N C4 � u � rsY,;�. :�il� ;41.0„, i'?.�Mn`e"f �s Vr' .. B a . d xr C caa , y $..(74 ":,I, i f rd i "'' ,. fb? l 4 j`i1^.. f w •T.+ " .-A, �'� '� r i lam' t ft, _ '` .1i ` . X55"F ,s i .:AOSxe ;6t n�,i 't.., '" d x°R, w''4k r ,rN A �4 , �, . .:� (1.-,;its..Y.tL" t3 A- a..:Yxa`; This is viewing the family restroom, note finish. 13230- 918 S. 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': ...,t; : I N , `‘,....."wa -,,, ...A:401/41 NW -. ..et). •q,',''' - \45,ivoirtr„.4 ).- \8' e.„. •. •Rt.,„ ,,,,.. tk. i„.•-•.., s.„,.. .. ,..• 40 ..e. _ ,„;,...;,;...----7 * ...crt ::- `Co‘v. : '.., 'it'c4. -,;.....tetret ...i+4.-'' ", , -„...e1 ii,.... ..t.i Kitchen Area 13230— 918 S. Rangelinc Road, Carmel, IN Page 17 Traynor &Associates, Inc. �bS t1 A§.,4. ° # r .qr k , l71Yet, 1 �.',-A'ri x _ _..• L hW �` 4.L` '�`isle` 'L� vt .,"' 'SAP '; '—. _ rm/' F a� t i S Y � ,r ::uu'' "'.dd'Y a +� 1a ? y3 f ,�°�s 1 n }+ask z} >, 12 �: N-1'7 1e 3 s`"� n �`T '� a 4 �� n k , C! F • t, *Ain:s � • r� y • E V h ai !1 L�Sc0i.i s 1 9 r7'fi r r h rb ml ; I`^ le,-; j'�"L2�k;4��.1' 7'x4 �IrY ;?f �' 1 t' ,. Kit 1f � -' �1 ��� f FC, ,, �d r •> a'Erfi'*$. ID I�)r'y^ , lit air;,,,,,- 'o� t%1 ''..4...- g �17,-&yY, Q�tli 14 i'�. � c,�fw,ifr [",atFry��� q t � �y; t t n 1's '' ""7, ' -• sL q,r tic. .: It ∎,T ' �' F 1 lc ,r�sN ' x`t•a 1^;d >` " k(. 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''.1It ice°' p� r` 4 T>R 1447`, "s`r 't' t; . -`e i-I '4 i Ari N 4. {,tT E`ys�.?'--^y>''--" :ti J.�+l; f'tu b ' . a,�, .ry■t1+rr,°y;n'-''''--. ..i• 1 R `111 '�'' .s .., r$: ,My ? ' SQ .;5 i� ..<®viiic-4,•:'7 >< ' i'>i.r 1. ^hi,I}�1 ■••n,"� 1..1=_S[' l'L_jk1ftiYn r� '`_ 3 k 5' lU i ^4 i 1'F ‘. 1 `� L. .. 'yr .�i ei° 44”!, Y _ 'd >•Sr�,..T.4/A. L"Ip _ jL C fA+ l , P g �1 1 /q 1y¢C Y;).j 1''11 t £" " r14"-tti... ..X Y1r,,i4,n$'R _?r ^F ..n3,f`k n.M.;'� _1 Eating area 13230—918 S. Rangeline Road, Carmel, IN•I Page 18 Traynor&Associates, Inc. • i .. `` t0 s I ' } , 1 /}ty�,� J w0■a , i ,�( ^ ‘4. 1 , 41v ' } ..' 7 't 4�'j� �+ 0 ‘'t i At., r S A.;4,,., a+ Fn ai< 'tJ «t d9d 1 ;.1. ;{� t r� e1 f.t;. 1 1 "Jr i 1; , c r !� ;t% 4 Lt �y�k z _ t4,�'t .Ix in It' ) '.'1 : , ,.7.M1° r• Store and take out area v r. al .i9 :' nW mac ' :tt �' " irk r • '.�,�z ,,, x :..1151,-,2,- ft:;;;;;.:::: i . 4 xaiwyty; t f i 't •pi IF SS.Y Cf F tr. .. .rrc g tt�y n a2F 0 y .k.-1, s ��, ,S , q-'r"C U q~,s.LAW .w.� I. 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Rangeline Road, Ctumel, IN Page 22 Traynor&Associates, Inc. M1t 4 aa$J }1 rr. ARt f "��f A4 1 "x. „.2, f „ F. e.; 47 ti 24310 $ *1 �} e5 r - ' l G� =Tiy J i 41:7;:c: fly ' �, e ; i '1n'Nr 1 ¢i ce S t.47 :::;.;.4.,S �y-��!� .., Q4Y _ c4 poi IC CC1 Asa ^6 .p ; �+l t' yF Iii-.1-41444 1 imp ? 1 ,p�rya +1 pk_. w,d'11 ° 4)� r 4 .. 24310 / "S n0C4` 414: 1 i t'= , a y h' ham. �� , 11.. ( C' d 1 1 4 .3 .!' 1 tp � i ,.,v1:'i l� ,}p9(� r y x o-„1, �a �� . t11id'°�!F/d�v s x t.r iflr;e t°I '1 F"y ,A... } .. k'. 1 P^ .os ,nit l ptr ,�_Lri:Ix ct y a,ax kiti5 s W a,�x�1^«t �` > M F�V^. 24h� r s i,. i'? l Y''+- r93"`aa;� ,. ;, gfttti Storage area in mezzanine area l/J ;i ' I I � F r \ 1 , r ; ' 1 � �3, c �a9 t1 .1-, 1 , � j� i �! l j i Li-, i I rig • = �,yµ st,adeg 4 tw.� = i 1 ,' y� L.,,,,,-...v 1 1 ' ep t i 4 ie e S. ",4 i 1 ! '.!* 1 n t ti.o t� ! %ia`". e44.1/4:1' l am\l^ �% a 4 t 5- +.I .,. \ yI a ty{yR � .J i 1 �, = h ' \r• - �' " : es,,4, ;., `1 ` I t, ,, x . 0i'v 4s�'7''d t ,(4,„( ,„,...0,•1 l` rr 4..1„ F. I '-i�Se,} .f.t A r{� YY ,...F k I 1'1 TU i ie,_ 1:,:.. ,, . ,„ ` Z:Q r �.« F9 4�' 4 Electrical in mezzanine area Page 23 13230— 918 S. 12angeline Road, Carmel, IN Traynor&Associates, Inc. HIGHEST AND BEST USE Highest and Best Use as Vacant: The subject is located in the C-1/City Center District. This suggests that if the site was vacant it would be used for some type of use compatible with redevelopment plans for the Cannel City Center. The subject's location is within the current building area which includes the Carmel City Center, the Carmel Civic Center and the Palladium. The site has frontage on Rangeline Road and convenient parking. The tract size of the subject would allow for many different development plans. All municipal utilities are available. Therefore, its location and tract size suggests that it would be physically possible to development the tract with a use or uses allowed by zoning. A commercial, retail or office development would be considered consistent with development patterns in the area. Developing the site with commercial, retail or office use would meet the economic needs of the community would be compatible with zoning and represents a legal use, a physically possible use, and a use that provides a return that exceeds the value of unimproved land. In addition, it would be surrounded by similar uses. Based on the foregoing analysis the highest and best use, as vacant would be a commercial, retail or office use compatible with zoning. Highest and Best Use as Improved: The subject is improved with a 9,300-square-foot building with an approximate 2,108 square foot mezzanine built in 2002 for restaurant use. A restaurant use is a permitted use in the C-I zoning classification. The building has significant features such as built-in display counters, walk-in freezers and coolers, a "water-room" equipped with a built-in reverse-osmosis water-filtration system and water pump, and hood ventilation/fire suppression systems. The removal of these items would be costly. Therefore, the highest and best use of the building would be to continue as a restaurant. As will be shown, the subject building provides value to the site therefore, should be retained. While removal of the kitchen equipment and built-ins are possible to allow for a different permitted use, the cost to renovate would be substantial. Since the building was constructed in 2002, these features still provide value to the subject. The subject's building size would indicate that a larger, possible chain restaurant may be better suited for the site rather than a local restaurant. The highest and best use of the site is for continued use as a restaurant site. VALUATION TECHNIQUE AND PROCEDURE There are three basic approaches to the valuation of real estate: The Cost Approach is the method in which the value of the real estate is derived by estimating the replacement or reproduction cost new of the subject improvements and deducting the estimated depreciation which would accrue from all causes. The market value of the underlying land is estimated by the use of market data and added to the depreciated value of the improvements. The simplest definition of depreciation is the difference between replacement or reproduction cost new of the improvements and market value as indicated by the other approaches to value. The second approach to value is the Income Capitalization Approach which measures the present value of the future benefits of ownership. Direct capitalization and yield capitalization are 13230—918 S. Rangeline Road, Carmel, IN Page 24 Traynor&Associates, Inc. methods of valuation based on different measures of anticipated earnings and have distinct assumptions concerning the relationship between anticipated earnings and value. Direct capitalization is utilized to convert a single year's net income expectancy into an indication of market value. This approach to value has greatest applicability for a property which would typically be purchased as an investment. The third approach to value is the Sales Comparison Approach. This appraisal technique estimates market value by comparing actual market transactions of similar type properties with the subject property. Various adjustments are applied to the comparables to reflect the differences between the sale properties and the subject. This approach depends on a high degree of comparability between market sales and the subject. It is generally considered that the Sales Comparison Approach is one of the strongest indicators of market value, given adequate market data with an appropriate level of detail. Each of the above approaches considers the value of the subject property from a slightly different point of view. A final value conclusion is not an average of the values indicated by the three approaches, but rather a considered judgment on the part of the appraiser based on the quantity and quality of the data available for examination in each approach and the relevance of each approach to the subject property. The Sales Comparison Approach will be used to value the -subject. The Income Approach was also considered as a test of reasonableness. The Cost Approach was not considered as buyers typically would not consider the Cost Approach when making a purchasing decision. SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that the market value of a property is directly related to prices paid for competitive properties within the subject's marketing area. Thus, market value is estimated by making a direct comparison of the subject with sales of competitive properties. Units of comparison employed with the Sales Comparison approach consist of the component parts of a property, which have a relationship to the sale price of the property for the purpose of comparison and analysis. The subject will be compared based on the sale price per square foot of gross building area. The sales utilized in the Sales Comparison Approach are as follows: • 13230— 918 S. Rangeline Road, Carmel, IN Page 25 Traynor&Associates, Inc. COMPARABLE SALES MAP fl DELORME oeLOrme Street Atlas USASS 2010 n qY rye^m1ye0 IQ n yoe„... + © w< ©", �VeSCieM L �w� � ,,,.E ® F _.._�� ©aunts.*lc.' Sale_ ®um ��� rxn jL Ell f a'll aneYn. \.±:1 m Subject mN iI n: :k nonsn le-- m Sale 1 (J j _-te! ,74::,„,I\ ,_____,.--, • d Salp ..._� . t CA �ru \. Cue \ 0AtNitOn e 6 m•1 Sin Port_ l�.`` ery McCordnNe • I eer 1. "I x oa• E eCnN Tn' I GrandNmv I�' JJ JSC � Jty �• e '1—i __ ritba Amon Wintry ReterveYe. m•`J1 1 \. flachY Rbdee ' _to j� •— '� aY �� 1 }1e l l .. �• .""' • in ,", , \ 1 — -- . 1 ...}:-:•5 \ ., SVnEry I �� � t�^' et 4 �, .,+" ;ems. Indianapoli :_ ..-`Q-. 7 V r�Q,n w®"• Bt106eport 9S{>'e •• .,E (fl.. f'E in°YA Beech oe •4. I. BEN ~` .f P.Ger.� 1 1�/ \ �./ ;%, O 1 ® --1—\-----c, Sale 2 N�`. \_ � ~� / kT=I I lann.1447 Data use subject to license. ml B DeL°nne.DeLomle Street Atlas USA&2010. \v 0 1 2 3 4 5 w\v aelomiecom MN{f5'VYJ Data Zoom 10.0 13230— 918 S. Rangeline Road, Carmel,IN Page 26 Traynor&Associates, Inc. __ T_ _ —"' Sales Comparison Gail r� SUBJECT SALES' SALE IS sALE LE IA SALE II I Shapiro's Cooper's Hawk IT Johnson's Charleston's Don Fables! Property Address 918 S.Rangeline Rd. 3815 E 96th Si 4530 Southport Crs Dr 6815E 82nd 14758 N Meridian Srl Camel Indiana Indwa_•Iia,IN Indiana••Lis.IN Indiana••l6,IN Carmel Sale Price N/A 51,501,100 SL000,000 S 2,446,000 S 2.050,1,001 ' 1 Dam of Sale N/A Mu-10 Dec-10 Dec-12 Nov-12((, (Gross Bldg Area(SI) 9,300 9.200 7.329 7,226 7,3471 • `Year Built 2002 2003 2003 1989 1991( IIIrdMying She Area(Ac.) 0.757 1.930 1.860 1.080 0.900 Land/Bldg Ratio 355 9.14 11.05 651 5.34' (Salo Price per Square Foot N/A 516303 S136.44 $338.50 0279.031 'Property Rights Conveyed 11 III 'l Fee Simple Fee Simple Leased Fee Leased Feel 1111 111 91 Financing Terms l l Cash to Mlg. Cash to Mtg. Cush to Mtg. Crash to Mtg.! }ADJUSTMENTS:Crud" of Sale III III (I Arm's Length Aam's Length Ann's Length Arm's lengths l I (l h 11 I II I Property Rights Conveyed -..III I t flta XL -250 2.5ffis Adjusted Sale Price I 1111 I I $1,500,000 S1,030000 $1,834,5130 $1,537,5001 Financing Terms III 'II1 1 1 I S0 SO 50 so Conditions 111 I 1j I SQ MI SP 50 Adjusted Sale Price 111111 11 I 11111-1 III 51,500,100 31,000.040 $1,834,500 $1537,500 IMarket d'om0ime) IIII .IIII 11 IIII 1,00 L00 1.00 IW1 Adjusted Sal Price IIII 1 I 1i111 111! $1,500,031 51,000,009 51,834,500 51537,5(0 'Adjusted Sale Price/SE II Il III1 I11 $163.04 _513544 5253.87 S209271 Dno-HADJUSTMENTS: Ill 111141 l l I ILondonS- III III I l .IIII Superior 'fenor Superior Sarpedon Phy' ICnva sues III "Ill IIII III Superior Superior Similar S nilal ‘Physical Age/C di ion IIII lI I II III Ih Inferior Inferior Inferior Inferior, I)'Overall t Size I I Ill Similar Smalllet Sr,el i Sala d 'Ov erall Comparison to Subject __l I l L-II''I'LL id likl__.._ Inferior Interne 4^, Superior Sn pet a, Adjustment Process The elements of comparison between the comparable sales selected and the subject property are: 1) property rights conveyed; 2) Financing; 3) conditions of sale; 4) market conditions (time); 5) location; 6) physical characteristics; 7) age/condition; and 8) improvement size. The sales data does not indicate an adjustment to the comparable sales for the variance in other characteristics. The unit of comparison utilized in the analysis of the comparable land sales with the subject property is sale price per square foot. A comparable sale must first he adjusted for property rights conveyed, financing terms and conditions of sale, and then for market conditions (time) in order to provide an equal basis for analysis of the other elements of comparison. Factors that impact value, but reflect no measurable difference in the market are not discussed. The adjustments are as follows: The subject is encumbered by a lease. However, there is no lease fee interest as the tenant is not paying rent. Comparables 1 and 2 pertain to the sale of fee simple ownership while Comparables 3 and 4 were leased at the time of sale. The leases remained in effect after the sale. The leases add value to the property as the new buyer will not incur tenant build out expense, leasing commissions and rent loss. A downward adjustment for property rights conveyed is made to these two comparables. All of the sales had financing cash to seller upon closing. All of the comparables are considered to be arm's length transactions. 13230—918 S. Rangeline Road, Carmel, IN Page 27 Traynor&Associates, Inc. In regards to changing market conditions over time the real estate market stabilized in 2010 and has held steady. Therefore, no adjustment for market conditions is made as the sales occurred in 2010 or after. Sale 1: Sale I is adjusted downward for superior visibility as it is located along 96th Street, east of Keystone Avenue. The comparable also has a higher land to building ratio suggesting additional parking or building expansion may be possible. Therefore, a downward adjustment is made. The comparable was built in 2003, but reportedly had extensive remodeling after the sale. Therefore, an upward adjustment is made for age/condition. The comparable is similar in size to the subject. The sale was on the market for a reported 634 days. The list price was $2,200,000. Prior to sale it was a Bahama Breeze restaurant. Sale 2: Sale 2 is adjusted upward for inferior location. It has some visibility from an Interstate 65 on- ramp, but is located in a commercial pocket near the interstate and does not have major thoroughfare visibility. There are five hotels, three major restaurants and three fast food restaurants surrounding the subject. The comparable has a high land to building ratio suggesting additional parking or building expansion may be possible. A downward adjustment is made. The subject was built in 2003 as a Damon's Restaurant but is considered slightly inferior to the subject. An upward adjustment is made for age/condition. The comparable is smaller. Smaller buildings tend to sell for more per square foot. A small downward adjustment is made to the comparable. The list price was $1,250,000. The comparable had been vacant for some time prior to the sale, although the marketing time was 1-33 days. it was purchased for a non-chain American style restaurant. Since that time, a Scotty's Brewhouse and now Detour have been - tenants of this property. Sale 3: Sale 3 is located in Casdeton along 82" Street. The sale was a change in ownership only. The location is considered slightly superior due to visibility and warrants a small downward adjustment. The comparable has a slightly higher land to building ratio warranting a small downward adjustment. The subject was built in 1989 and is being adjusted upward for inferior age/condition. The building is also smaller warranting a downward adjustment for size. The list price was $2,653,409 and was on the market for 146 days. It sold in 2008 for $2,437,500. Sale 4: Sale 3 is located on North US 31 in Greyhound Plaza, an area of commercial and retail uses. The sale was a change in ownership only. This property was affected by the new construction of the US 31 bypass, but the State of Indiana worked with the property owner and tenant to ensure that the restaurant could continue to operate at that location. The location is considered slightly superior due to visibility and warrants a small downward adjustment. The comparable has a similar, albeit higher land to building ratio. No adjustment is made. The subject was built in 1998 and is being adjusted upward for inferior age/condition. The building is also smaller 13230—918 S. Rangeline Road, Carmel, IN Page 28 Traynor&Associates, Inc. warranting a downward adjustment for size. The list price was $2,532,923 and was on the market for 172 days. It operates as a Don Pablos. Summary The subject is 9,300 square feet with an additional 2,108 square foot mezzanine. It is likely that a new tenant or buyer would incur some expenses to remodel. The preceding grid indicates a range in adjusted unit rates for the subject property from $171 to $234 per square foot, with a mean of$200 and a median of $198 per square foot. Based on the analysis, a unit rate of$200 per square foot is considered reasonable for the main floor of the subject property. The mezzanine is accessible via a stairway. There is no elevator. The square footage of the mezzanine area is considered at $20 per square foot. Therefore, the value of the subject, as of May 20, 2013, is estimated at$1,900,000 as shown below. 9.300 SF @ $200 Per SF= $1,860,000 2.108 SF @ $20 Per SF= $42.160 $1,902,160 Round: $1,900,000 ONE MILLION NINE HUNDRED THOUSAND DOLLARS ($1,900,000) INCOME APPROACH The following are actual leases or listings for restaurants in the Indianapolis metropolitan area. Most of the lease rates are similar to retail rents. In addition, most do not have a percentage rent attached to them. Monthly Yearly 1 oration Rent Rent SE Renl/SF S'ommrnrs 19029 US 31 $4,200 $50,400 5,208 $9.68 Stand alone bldg. 5703 Pebble Village $2,533 530,396 1,600 $19.00 Retail Strip 7701 E 52nd $6,000 $72,000 6.150 $11.71 Attached to extended stay hotel visible from 465 7020 E 21st $8,800 $105,600 6,600 $16.00 21st and Shadeland 5899 E 86th $7,000 $84,000 6.000 $14.00 Stand atone bldg. Castleton 2293 E 116th $12,064 $144,771 7,062 $20.50 Stand alone bldg. III W Main $2,217 $26,600 1,400 $19.00 Arts and Design District 12950 Publishers $18,500 $222,000 7,043 $31.52 5'90 of sales in excess of 4.44 Million 2271 Pointe Park $7,700 $92,400 4,200 $22.00 Final year of 10 yr lease;%rent never paid 6629 W 38th $5,999 $71,990 7,414 $9.71 Vacant for 3 years 725 Massachusetts $9,200 $110,402 9,588 $11.51 Downtown,no percentage rent,separate agreement for FE&E 10340 US Hwy 36 $17,285 $207,420 7,276 $28.51 Outtot of Shiloh Crossing 5%of annual sales when exceeds nriminum rent spt 9111 NMichigan $19,400 $232,801 7,191 $32.37 5%of sales in excess of 4.656 million 132 N.East Street 2,800 $15.60 Net lease,walk in cooler and annul remain,no other FIT&E Based on the location of the subject, a rental rate of $20.00 per square foot for restaurant use appears reasonable. At a rate of $20.00 per square foot, with the tenant paying all expenses except management expense, and a 10% vacancy rate, the estimated value of the subject using a capitalization rate of 8% would be$2,030,000. 13230-918 S. Rangeline Road, Carmel, IN Page 29 Traynor&Associates, Inc. SUMMARY The fee simple value of the subject, as of May 20, 2013 is estimated at$1,900,000. Sincerely, 9aoh daviest Oncu eta-loae_A_ Joseph C. Traynor, MRICS, GAA Zora L. Crabtree Indiana Certified General Appraiser Indiana Licensed General Appraiser #CG69100233 #CG40700381 13230—918 S. Rangeline Road, Carmel, IN Page 30 Traynor&Associates, Inc. ASSUMPTIONS AND LIMITING CONDITIONS 1. This is a Restricted Use Appraisal Report, which is intended to comply with the reporting requirements set forth under Standard Rule 2-2© of the Uniform Standards of Professional Appraisal Practice for a Restricted Use Appraisal Report. As such, it states the data, reasoning and analyses that were used in the appraisal process to develop the appraisers' opinion of value. It also includes limited descriptions of the subject property, the property's locale, the market for the property type, and the appraisers' opinion of the highest and best use. 2. The value of the property is expressed in dollars on the date specified and is subject to any changes in the value of the dollar. All existing liens or encumbrances have been disregarded and the property is appraised as though free and clear under responsible ownership and competent management. 3. All information and comments concerning the location, neighborhood, trends, construction quality and costs, loss in value from whatever cause, condition, rents, or any other data of the property appraised herein represent the estimates and opinions of the appraisers, formed after an examination and study of the property. 4. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 5. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 6. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. 7. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined and considered in the appraisal report. 8. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 9. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass noted in the report. 13230—91 8 S. Rangeline Road, Carmel, IN Page 31_ Traynor&Associates, Inc. 10. In preparing this appraisal, the appraisers were required to rely on information furnished by other individuals or found in previously existing records and/or documents. While it is believed the information, estimates and analysis given and the opinions and conclusions drawn there from are correct, the appraisers do not guarantee them and assume no liability for any errors in fact, in analysis, or in judgment as a result of the inaccuracy of such information. No attempt has been made to render an opinion of title or status of easements or of any other matter of a legal nature. 11. The distribution of the total valuation in this report between land and improvements apply only under the existing program or utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 12. Possession of this report, or a copy thereof, does not carry with it the right of publication, nor may it be used for any purpose by any but the client for whom it was made without the consent of the appraiser or the client as specified in the section of this report entitled "Intended use of the Appraisal". 13. The fee for this appraisal does not provide compensation for conference or testimony or attendance in court, with reference to the property in question. 14. This appraisal represents the independent opinions of the appraisers free from any commitments and free from any present or contemplated future interest in the property, with the sole compensation for the employment being a fair professional fee. 15. Neither the fee nor the employment to make the appraisal was contingent on the value to be reported. Further, the appraisal was not based on a requested minimum valuation, specific valuation or the approval of a loan. 16. The existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraisers have no knowledge of the existence of such materials on or in the property unless specifically stated within the appraisal report. The appraisers are not qualified to detect such substances and no responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if there is any suspicion of hazardous material. 17. The presence of substances such as asbestos, urea-formaldehyde foam insulation, radon gas, or other potentially hazardous materials may affect the value property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. 13230— 918 S. Rangeline Road, Carmel, IN Page 32 Traynor&Associates, Inc. CERTIFICATION We certify that, to the best of our knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only to the reported assumptions and limiting conditions explained in the report, and are our personal, impartial, and unbiased professional analyses, opinions and conclusions. • We have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. • We have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. • We have performed an appraisal of the property in May 2010. No other service has been performed for the subject property in the past three years. • Our engagement for completing this assignment is not contingent upon the reporting of predetermined results. • Our 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. • Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the most recent issue of the Uniform Standards Of Professional Appraisal Practice promulgated by the Appraisal Standards Board of The Appraisal Foundation and the requirements of the Code Of Professional Ethics Of The Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Prior to receiving this assignment, we had significant knowledge and experience in regard to the valuation of this property type and were competent to prepare the appraisal. • Joseph C. Traynor did not inspect the property. Zora L. Crabtree did personally inspect the subject property which is the subject of this appraisal. • No one provided significant professional assistance to the persons signing this report. gcod, 6 ritayiao__ •Os-10,_ Joseph C. Traynor, MRICS, GAA Zora L. Crabtree Indiana Certified General Appraiser Indiana Licensed General Appraiser #CG69100233 #CG40700381 13230—918 S. Rangeline Road, Carmel, IN Page 33 • Traynor &Associates, Inc. ENGAGEMENT LETTER Traynor & Associates, Inc. /teal Estate Appraising&Consulting Joseph C."Raynor,CAA.IAA Denise Klivwnsley Stephen A.Traynor Eric cunt Timothy.'.Fuller Judi Williams Zara Crabtree Dasina Lady April 24,2013 Mr.Matthew Worthley Operations Manager/Special Projects Carmel Redevelopment Commission 30 West Main Street,Suite 220 Cannel,M 46032 Re: Shapiro's Deli,918 S.Rangeline Road Dear Mr.Worthley, We are submitting an agreement to perfonn an appraisal at the above referenced property. The appraisal results will be communicated in a restricted report using the sales comparison approach and income approach per the Uniform Standards of Professional Appraisal Practice(USPAP). We will also estimate a leasehold value,if there is one. The client and intended user is the Carmel Redevelopment Commission. The intended use is for internal planning purposes. The total fee for the appraisal will be$2,000. In the event it is necessary for you the client to stop work on the appraisal,you agree to pay for time and costs incurred prior to the receipt of written notice of such a stop order. Our appraisal work will start upon receipt of payment and a signed copy of this letter of engagement. The fee for the appraisals is for the service rendered and not necessarily the time spent in preparation of the actual physical report. The above fee does not include a charge for court appearances or appearances before government agencies to give testimony, if such should be required. The fee for such services will be Two Hundred Twenty Five Dollars($225.00)per hour with a minimum of Nine Hundred Dollars($900.00). These rates are subject to change,but will remain valid for a period of six (6) months from the date of execution of this agreement. We require-one half('/o)day's notice of the cancellation of a scheduled court appearance and in lieu of such notice, charge the minimum appearance fee of Nine Hundred Dollars ($900.00). The minimum fee is due prior to testimony. 6750 East 75th Street•Indianapolis,Indiana 46250 (317)813-4990•fax(317)813-4992 www.traynorassociales.com 13230—918 S. Rangeline Road, Carmel, IN Page 34 Traynor&Associates, Inc. Traynor&Associates,Inc. The findings and conclusions of the appraisal will be reported to our client.The findings will not he reported to any other individuals unless we are otherwise authorized. It will be necessary for us to disclose the fact that we are undertaking the appraisal as we proceed through the investigation process. The evaluation and analysis of the subject property as it appears in the appraisal review report will be the opinion of Joseph C. Traynor,his associates and staff. The fee for this appraisal is not contingent upon any particular conclusions, The appraiser's liability to the client is limited to the amount of the fee as liquidated damages. The appraisers hereby limit their liability to the client alone and the use of the appraisal by third parties shall he at the risk of the client and/or the third party. We will have the appraisal completed by May 20, 2013. We thank you for your interest in our fin's services. If this contract meets with you approval, please so indicate by your signature. Upon receipt,please return a signed copy. TRAYNOR&ASSOCIATES, INC. By: 6 I✓tayke2 Joseph C.Traynor,MRICS,GAA,RAA President Accepted and Agreed to,this 2 5 day of_ 4ty,52 ,2013 ■ Authorized Signature Letter of Engagement for Shapiro's Deli,918 S.Itangelinc Road,Cannel,IN 13230-918 S. Rangeline Road, Carmel, IN Page 35 Traynor&Associates, Inc. QUALIFICATIONS ZORA L. CRABTREE INDIANA CERTIFIED GENERAL APPRAISER OFFICE: 6750 E. 75th Street Indianapolis, Indiana 46250 Phone: (317)813-4990 email: zora @traynorassociates.com Fax: (317)813-4992 http://www.traynorassociates.com EDUCATION: • BS Degree in General Business Administration, Ball State University, 1981 Appraisal Course Work Completed: • Appraisal Institute Basic Income Capitalization— 1310 Advanced Income Capitalization—1510 Education Resource. LLC Introduction to Real Estate Appraisal Principals—R100 Real Estate Appraisal Procedures and Applied Residential Valuation—R200 Standards of Professional Practice,USPAP—S220 Small Residential Income Property Valuation and An Introduction to Income Capitalization Techniques—R/G 240 Introduction to Income Capitalization and Real Estate Applications of Financial Calculators—G330 INDOT Approved Appraiser, April 2008 INDOT Approved Review Appraiser, April 2011 LICENSES: Indiana Certified General Appraiser#:CG4070038 I EXPERIENCE: Traynor&Associates,April 2006 to Present. Specializing in commercial, industrial,special use properties,development land, subdivision analysis and right-of-way appraisals. Steve R. Graves Associates, Independent Fee Real Estate Appraiser, 2003 -2006, specializing in commercial, industrial,special use properties,development land and subdivisions. 13230—918 S. Rangeline Road, Cannel, IN Page 36 Traynor&Associates, Inca JOSEPH C.'TRAYNOR,i 1RICS,GAA,RAA INDIANA CERTIFIED GENERAL APPRAISER OFFICE: 6750 East 75th Street Indianapolis,Indiana 46250 Phone: (317)813-4990 email:joe @traynorassociates.com Fax: (317)813-4992 www.traynorassociates.com EDUCATION: Business Administration,Ball State University, 1974-1976 Architectural Technology, IUPUI, 1976-1977 Appraisal Course Work Completed: Appraisal Institute Standards of Professional Practice-Part A Standards of Professional Practice-Part B Condemnation Appraising Course 550—Advanced Income Applications American Institute of Real Estate Appraisers Capitalization Theory and Techniques-Part A Capitalization Theory and Techniques-Part 13 Society of Real Estate Appraisers An Introduction to Appraising Real Property Applied Residential Property Valuation Narrative Report Writing Seminar Applied Income Property Valuation Appraisal Continuing Education Seminars Completed: Professional Practice and the Society of Real Estate Appraisers Feasibility Analysis-Highest&Best Use Applied Sales Comparison Approach The Appraiser As Expert Witness The Appraiser's Legal Liabilities Maximizing The Value Of An Appraisal Practice Rates,Ratios&Reasonableness Understanding Limited Appraisals-General Discounted Cash Flow Analysis The High Tech Appraisal Office Indiana Department of Transportation Right-Of-Way Seminar The Internet and Appraising Easement Valuation Appraisal of Local Retail Properties Market Extractions USPAP For Brokers"' Environmental Issues Seminar Single Family Appraisals" Subdivision Analysis 2-4 Family Appraisal"" A.D.A.Act Seminar Indiana Appraisers Licencense Law* PRO-JECT Financial Analysis Seminar The Appraisers Role in Zoning" Marshall Valuation Seminar Subdivision Demographics Analysis" Appraising Local Retail Properties The High Tech Real Estate Office"" Internet Search Strategies USPAP 2003 Update Analyzing Operating Expenses Case Studies in Highest and Best Uses-Commercial Partial Interest Valuation-Divided "'Author&Instructor * Instructor Qualifications Continued on Page Two—6/1/2011 13230—918 S. Rangeline Road, Cannel, IN Page 37 Traynor &Associates, Inc. PROFESSIONAL MEMBERSHIPS AND DESIGNATIONS: MRICS-Royal Institute of Chartered Surveyors MAI Candidate:Appraisal Institute General Accredited Appraiser(GAA):National Association of Realtors Residential Accredited Appraiser(RAA):National Association of Realtors Metropolitan Indianapolis Board of Realtors(Member) Indiana Association of Realtors(Member) National Association of Realtors(Member) PROFESSIONAL INVOLVEMEN'I': Appraisal Foundation Chairman of the Board of Trustees 201 I Vice Chairman of the Board of Trustees 2010 Board of Trustees 2005-2012,Executive Committee 2007-2012 AQB Certified USPAP Instructor Appraisal Institute Secretary 1991 MAI Candidate Liaison 1992 Candidate Leadership Committee 1993-1994 Governmental Affairs Committee—Chair 1997-2005 Metropolitan Indianapolis Board Of Realtors Realtor of the Year 2005 Distinguished Service Award 2003 President 1996 President-Elect 1995 Secretaryareasurer 1994 Moderator Leadership Academy 2004-2005 Broker-Appraiser Committee Member 1988-1990 Professional Standards Committee 1991-1992 Finance Committee-Chair 1994 Indiana Appraiser Certification and Licensing Board Board Member appointed by Indiana Governor Mitch Daniels 2006-2011,C hair 2008-2009 Indiana Association of Realtors Realtor of The Year 2006 President 2001 President-Elect 2000 Treasurer,Leadership Team 1999 Regional Vice President, 1997-1998 Director 1993-2006 National Association of Realtors Regional Vice President-2004 Appraisal Committee Chair-2003 Board of Directors 2000-2002,2004 Appraisal Forum 1994-1995 Commercial,Industrial Forum 1994 Appraisal Committee 1995-2004 LICENSES: Indiana Broker#:I1351442778 Indiana Certified General Appraiser#:CG69100233 EXPERIENCE: Co-Owner,Traynor Company Realtors, 1982-1986 Independent Fee Real Estate Appraiser since 1985,specializing in commercial, industrial,residential,special use properties,subdivisions,rural properties,easements and right-of-way takings including assignments for financial institutions,public agencies,government agencies,real estate developers, attorneys and individuals 13230—918 S. Rangeline Road, Carmel, IN Page 38 Traynor&Associates, Inc. Traynor & Associates, Inc Client Listing Banks and Financial Institutions Developers Bank One Indianapolis,NA Bay Development Corporation Bank Calumet Beazer Homes Citizens Bank of Central Indiana Boomerang Development Community Bank C.Y.Morgan Homes Fifth Third Bank Centex Homes First Indiana Federal Savings Bank Davis Homes,LP First Merchants Bank Day-Marc Homes First National Bank Dennison Properties Heartland Community Bank Estridge Group Hendricks County Bank and Trust Five Points Development Huntington National Bank Harbour Town Ventures,LLC Indiana Business Bank Holladay Properties Irwin Union Bank Kite Development JP Morgan Chase Bank Kosene&Kosene LaSalle Bank N.A. Langston Development Lincoln Federal Savings Bank Platinum Properties Ml Marshall&Ilsley Bank. Triton Development Monroe Bank 'Thompson Land Company National City Bank,Indiana Westport Homes Old National Bank Regions Bank Government Star Financial Bank Carroll County Highway Department Symphony Bank City of Carmel Union Planters Bank City of Elwood Union Federal Savings Bank City of Indianapolis City of Noblesville Professional(Legal,Engineering, Real Estate,etc.) City of Terre Haute Associated Right of Way Services Decatur Township Trustee Barnes&Thornburg Attorneys Greenwood Community Schools Beam Longest&Neff,Engineers Hamilton County Assessor Burgess&Niple Engineers Hamilton County Highway Department Butler Fairman&Siefert,Engineers Hamilton County Aviation Board Campbell Kyle Profitt,Attorneys Hendricks County Highway Department CrossRoad Engineering Hendricks County Sewer Board Carpenter Realtors Johnson County Highway Department First Group,Engineers Indiana Department of Transportation Floyd Burrow&Associates, Engineers Marion County Superior Court#1 Forsythe Racing,Inc. MSD of Decatur'Township Henderson,Daly,Withrow&Devoe,Attorneys MSD of Lawrence Township Hill,Fullwider,McDowell,Funk&Mathews,Attorneys MSD of Perry Township Kroger Gardis&Regas,Attorneys MSD of Pike Township Paul I Cripe, Inc.,Engineers MSD of Wayne'township Strand Associates, Engineers Washington Township Trustee United Consulting,Engineers Vermillion County Highway Department Zook GMAC Realty 13230—918 S. Rangeline Road, Carmel, IN Page 39