10401 & 10403 Pennsylvania Appraisal 2010APPRAISAL REPORT
Prepared For:
CITY OF CARMEL
Project:
PENNSYLVANIA STREET
Subject Property:
CITY OF CARMEL
10401 and 10403 PENNSYLVANIA STREET
INDIANAPOLIS, INDIANA 46280
As of
September 30, 2010
Requested Ru
Tammy K. Haney
Bose McKinney & Evans LL,P
1 1 1 Monument Circle
Suite 2700
Indianapolis, Indiana 46204
Prepared Bt':
Joseph C. Traynor
Traynor & Associates, Inc.
6750 East 75th Street
Indianapolis, IN 46250
and
Dennis O. Otto
OAS Land Acquistion Group
3463 Eden Way Place
Carmel, Indiana 46033
12/08
nValue Finding
APPRAISAL REPORT
nShort Form !Thong Form
Parcel 10401 and 10403 Pennsvh
Type of Property Commercial (Improved with Residential Duplex)
Indicate: Residential, Commercial, Bareland, Farm, Special, Industrial
Location 10401 & 10403 Pennsylvania Street, Indianapolis, Indiana 46280
Page 1 of 122
Des #
nla
Parcel n/a
Owner City of Carmel Phone Road Pennsylvania Street
Address 1 Civic Center, Carmel, Indiana 46032 County /City Hamilton
Phone
0 Tenant :Contract Buyer
Address
Land Areas: Before: 0.309 acres
CERTIFICATE OF APPRAISER
We certify that, to the best of my knowledge and belief:
That we have made a personal observation of the property that is the subject of this report and that we 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.
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 such appraisal has been made in conformity with appropriate laws, regulations, policies and procedures applicable to the appraisal of property for such
purposes; and that to the best of my knowledge no portion of the value assigned to such property consists of such items which are noncompensable under
appropriate established law.
That this appraisal assignment may have called for less than would otherwise be required by the specific guidelines of the Uniform Standards of Professional
Appraisal Practices (USPAP), but is not so limited in scope that it may tend to mislead the users of the report, or the public.
That the 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 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 we 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 my appraisal of such property appraised.
That the owner or a designated representative was afforded the opportunity to accompany me on the property inspection.
That we have not revealed the findings and results of such appraisal to anyone other than the proper officials of the City of Carmel and we will not do so until
authorized by said officials or until we am required to do so by due process of law, or until we am released from this obligation by having publicly testified as
to such findings.
That we have not given consideration, or included in my appraisal, any allowance for relocation assistance benefits.
That no one provided significant real property appraisal assistance to the person signing this report with the exception of those signing below.
That my opinion of fair market value for the property to be acquired and residue damage, if any, as of the 30`h day of September 20 10 . which
is the effective date of this appraisal is $ 160,000.00 based upon my independent appraisal and the exercise of niy professional judgment.
SUMMARY
Land $ 85.000.00
Land Improvements S 8.000.00
Improvements $ 67.000.00
Market Value Estimate S 160.000.00
Rcfore considering After considering
repairs & and repairs & and
incentive incentive
Market Value Estimate 5 160,000.00 S 119.500.00
Owner Marketing Value $ 144.000.00 5 103.500.00
Auction Value $ 128.000.00 5 87.500,00
CO APPRAISER
Signature
Name Typed : 4.71. o
Appraisal License # 0G40801063
Broker #: 1B58800198
Date :
CO APPRAISE
Signature :
Name Typed :
Appraisal License
Broker #:
ember 30, 201
Jose C. Traynor
0G69100233
1851442778
Date :
September 30, 2010
Assisted by:
Signature :
Name Typed : "Murry D.'beCamp
Appraisal License # TR40901143
Date: September 30, 2010
a
Traynor & Associates, Inc. and OAS Land Acquisition Group 1