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Right of Way - Main St Reconstruction
10/08 STATEMENT OF THE BASIS FOR JUST COMPENSATION Code N/A REV -29 1. This is a written statement of, and summary of the basis for, the establishment of the amount believed to be, through a valuation process, just compensation for the purchase of this right -of -way for highway purposes. The amount set forth in Item ,5 below is not less than the approved estimate of value. In accordance with Public Law 91-646 as amended, the "Uniform Act ", and as codified in Indiana at IC 8- 23 -17 -1 through 8- 23- 17 -35, this value disregards any decrease or increase in fair market value of the property prior to the date of valuation caused by the public improvement for which the property is acquired other than physical deterioration within reasonable control of the owner. 2. The legal description of this acquisition is set forth in the instrument of conveyance in the following identified parcel and this acquisition is identified in the Acquiring Agency's records as: Des. # N/A Parcel 14 Road Main Street County Hamilton Owner(s) Anthony Properties, L.P. 3. The area and type of interest being acquired: 0.089 Acres of 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. 1111 A total acquisition of the real property. b. ® 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 $24,775.00 b. Severance Damages (i.e.: Setback, Loss in Value to the Residues, etc) $ 0.00 c. Other Damages (Itemize) Cost -To -Cure estimates: Relocate 3 parking spaces Temporary R/W Total Damages d. Perpetual Easement $4,300.00 $ 0.00 Total amount believed to be Just Compensation offered for this Acquisition is: $ 4,300.00 $ 0.00 $29,075.00 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: Lawn, asphalt, concrete curbs, and concrete drive. 8. Items owned by others (i.e.: lessee, tenants, etc.) included in Item 5 above are identified as follows: 9. Remarks: *Includes 0.009 Acs of Presently Existing R/W. A cost -to -cure is included to relocate 3 parking spaces. Acquiring Agency Approval: Signature: Name Printed: Title: Date: J, tauc ejcfA,x 160 /° // 7/1 Reviewer: Signature: Name Printed: Julie M. West Company: Appraising Indiana Date: 9/5/2014 CIT OF CARMEL, INDIANA SECURED PARCEL CLOSEOUT LIST Parcel packet contents must be maintained in the order described below for RW Agent submittal and any other reviews or audits. OWNER NAME: REVIEWER: Anthony Properties, L.P. DES: 1400673 PARCEL: 14 DATE SUBMITTED: YES NA Form Required Items Conveyance SDF Etc. ❑ ® Admin Settle ® ❑ Acceptance ❑ ❑ Checks ® ❑ SJC w/ Appraisal /Review Appraisal ❑ ® Retention ❑ ® Daily Notice ® 111 Offer ® ❑ Acquisition Tax ® ❑ Reports ® ❑ Correspondence ® ❑ Misc ❑ ® ROE ❑ ® Name Change ® El Supp T &E Secured Closeout REVISED 08/2014 All Conveyance Documents (Deeds, Easements, with Legal Descriptions) Sales Disclosure Form (if required by county) Any other relevant documents (Partial Mortgage Release, Affidavits, Resolutions, Lead Paint Disclosure) If applicable, Administrative Settlement with Documentation Acceptance of Offer page (usually page 4 of Uniform Offer) Property owner check and any other relevant checks Statement of Just Compensation followed by all Appraisal Documents If applicable, Retention Letter Copy of Daily Notice if Relocation is involved Any Uniform Offer(s) ever presented to an Owner with corresponding Conveyance Documents attached. Must show Proof of Delivery (dates entered on page 3 of Offer for in- person offers, certified delivery confirmation for mailed offers or proof of publication). Include Letter to Rescind Offer if applicable. Documentation/verification that each property owner received the brochure. Documentation showing taxes are current for Partial Takes / paid for current payable year for Total Takes. All Buyers Reports (in chronological order, most current first) with SNET Letter at end All Emails and Correspondence (in chronological order, most current first) Miscellaneous Papers pertinent to the Parcel (Survey Documents, Engineering Documents and Plans, etc.) Right of Entry, if any If applicable, Land Acquisition Name Change, with Conveyance Documents attached. Supplemental Title and Encumbrance Report (dated within the last 30 days) Indiana A State that Works ® ❑ T &E Title and Encumbrance Report (with Caption Deed and Mortgage Documents marked in upper right corner) COMPLIANCE CERTIFICATION 1, Nancy E. Hermann, RWS South, Inc., certify that this submittal is made in good faith; that the supporting data is accurate and complete to the best of my knowledge and that this submittal is in accordance with 49 CFR Part 24, PL 91 -646 and IC 32 -24 and that all applicable rules and regulations of the Federal Highway Administration have been complied with. Secured Closeout REVISED 08/2014 aut/R (Signature) 7 ) Nancy E. Hermann RWS South, Inc. Phone: 317.781.9723 Email: Nancy @rwssouth.com Indiana A State that WWrhs Prescribed by State Board of Accounts ACCOUNTS PAYABLE VOUCHER CITY OF CARMEL , INDIANA City Form No. 201 (Rev. 1995) An invoice or bill to be properly itemized must show: kind of service, where performed, dates service rendered, by whom, rates per day, number of hours, rate per hour, number of units, price per unit, etc. Payee Anthony Properties, L.P. Purchase Order No. Attn.; Tony Schelonka Terms 1919 E. 191' Street Date Due Westfield, IN 46074 Invoice Date Invoice number Description (or note attached invoice(s) or bill(s)) Amount DES. NO.: 1400673 PROJECT: Main Street Reconstruction PARCEL: 14 COUNTY: Hamilton Compensation for Permanent (Fee Simple) Right -of -Way Total $29,075.00 I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and that the materials or services itemized thereon for which charge is made were ordered and received except /1'®veett.4 f , 2014. By: By: Signature: rri- Title Title I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have audited same in accordance with IC 5- 11- 10 -1.6. , 2014 Clerk- Treasurer Ad 3 04/08 SCOPE OF WORK, APPRAISAL PROBLEM & FEE ESTIMATE SHEET Project Location: Main Street, Carmel, IN Present Use: Special Use /Comercl LA Code: NA This appraisal must comply with the 5 following requirements: [See appendix A, 24.103 & 24.103(a). from Federal RegisterNol. 70, #2] (i) An adequate description of the physical characteristics of the property being appraised (and, in the case of a partial acquisition, an adequate description of the remaining property), including items identified as personal property, a statement of the known and observed encumbrances, if any, title information, location, zoning, present use, an analysis of highest and best use, and at least a 5 -year sales history of the property. [See appendix A, 24.103(a) (1).] (ii) All relevant and reliable approaches to value consistent with established Federal and federally assisted program appraisal practices. If the appraiser uses more than one approach, there shall be an analysis and reconciliation of approaches to value used that is sufficient to support the appraiser's opinion of value. [See appendix A, 24.103(a).] (iii) A description of comparable sales, including a description of all relevant physical, legal, and economic factors such as parties to the transaction, source and method of financing, and verification by a party involved in the transaction. (iv) A statement of the value of the real property to be acquired and, for a partial acquisition, a statement of the value of the damages and benefits, if any, to the remaining real property, where appropriate. (v) The effective date of valuation, date of appraisal, signature, and certification of the appraiser. TYPE OF PROPERTY TYPES &SIZES OF TAKINGS Parcel No. 14 ❑ Residential PERM. R/W: 0.089 Acres (including PER) Des. # 1400673 Commercial Improved EXCESS LAND: -0- Road Main Street ❑ Industrial TEMP. RNV: -0- County Hamilton ❑ Agricultural PERMANENT EASEMENT: -0- Owner Anthony Properties L.P. Special Church ACCESS RIGHTS: ❑ -0- Gross Total Area 6.3796 Acres PRESENTLY EXISTING R/W: 0.009 Acres IMPROVEMENTS TAKEN (Per Plans and/or Observation) LAND IMPROVEMENTS TAKEN (Per Plans and /or Observation) El Residential ® Lawn El Agricultural ❑ Septic - Laterals, Well (possible) ❑ Commercial 11 Asphalt ❑ Industrial ® Other: 4 parking spaces ❑ Other Comments: Comments: POSSIBLE RESIDUE DAMAGES (Per Plans and /or Visual Observation) BUILDINGS LAND REVIEWER APPRAISER ❑ ❑ Front Setback ❑ ❑ Side Setback ❑ ❑ Rear Setback ® ❑ Loss of Utility ❑ ❑ Cut or Fill ❑ ❑ Loss of Screening ❑ ❑ Loss of Security Comments: Possible Parking Damages REV. APPR. REV. APPR. ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ El Other ❑ ❑ ❑ ❑ Angulation Separation Landlocked Impaired Area ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ Reduc. in Size Loss of Frontage Fill Cut RECOMMENDED REPORT, APPROACHES, ETC. ,. REV. APPR. z Long Form or Narrative Short Form Value Finding Waiver Valuation (up to $10,000) Cost Approach - Before Cost Approach - After Cost Approach — Land,Land Imp Observe Building Value Market Approach - Before Market Approach — After Income Approach - Before Income Approach - After REV. APPR. ❑ Develop More Than One Land Value to Solve Appraisal Problem Types of land: ❑ Possible Special Benefits: ❑ Cost to Cure Types: Relocate 4 parking spaces Breakdown of Personality and Realty: Potential Comparable - Transferred on: Temp. R/W for EXCESS LAND VALUATION: z P.E.R. Procedure: Per INDOT policy Other: ,SCOPE :OF WORK A11 appraisals must.confomi to Title itt of the Uniform Act and appropriate Federal. regulations The appraisal report must conform with all of the requirements of the last edition of the appraisal manual published by the Indiana Department of Transportation and must meet all requirements of USPAP including any supplemental standards. COMMENTS: The subject property is mixed use tract. The southern section of the tract is a special use (church) and is zoned OM /SU (Old Meridian Special Use), and the northern section of the property is a commercial use and is zoned OM /MU (Old Meridian Mixed Use). The property is located at 13200 Old Meridian Street in Carmel, IN, in Hamilton County. The immediate area surrounding the subject is mainly mixed use commercial, along with residential and mixed medical. The affected tract of the subject is improved with a church and related buildings with typical special use land improvements. The acquisition from the subject property is a fee simple taking located along the Main Street frontage in the southern section of the site containing 0.089 acres (0.080 acres of new fee simple and 0.009 acres of P.E.R). According to the client, all of the P.E.R. is located under pavement of Main Street and INDOT policy should be followed. Land improvements impacted include lawn, asphalt drive and 4 parking spaces; these items should be acquired at their contributory value to the subject. The appraiser should attempt to relocate (by cost -to -cure) the 4 parking spaces with the owner; if the spaces cannot be relocated, the appraiser should verify with the City of Carmel that sufficient parking after the acquisition is available. If the appraiser determines that the available parking is insufficient after the acquisition, then parking damages would apply to the special use buildings. The acquisition from the subject is complicated; a Long Form report should be utilized. If the appraiser determines there are no parking damages, then a Short Form report should be utilized and the appraiser should provide an observed value on the buildings and land improvements located on the site. Residue area: 6.291 Net Acres Tax ID# 29- 09 -26- 203 - 023.000 -018 & 29 -09- 25 -000- 020.000 -018 Plan Sheets: 16 Approximate Station #'s on plans 65 +00 Confirm 911 Address of subject property 13200 Old Meridian Street, Carmel, IN 46032 REVIEW APPRAISER'S ESTIMATED FEE FOR THE ABOVE PARCEL: $ See below Prepared By: (\fti e9.6244 Name: Julie M. West 8/4/2014 Date Fee Appraiser (Signat Agency Approval Signature Name Printed Acquiring Agency/Title Date Page 2 of 7 2 Appraisal Fee Review Fee Long Form (base) $5,000 $2,250 All Land Improvements $ 500 $ 225 Bldg Damages $2,400 $1,080 TOTAL $7,900 $3,555 Agency Approval Signature Name Printed Acquiring Agency/Title Date Page 2 of 7 2 Appraisal Fee Review Fee Short Form (base) $1,500 $ 675 All Land Improvements $ 325 $ 145 Cost - to-Cure $ 200 $ 90 TOTAL $2,025 $ 910 Agency Approval Signature Name Printed Acquiring Agency/Title Date Page 2 of 7 2 GIS Aerial View of the Subject Parcel Augu 4. 2014 Parcels 0 Se coon tines Plan Sheet FAA=_- N 1:1,560 A m od ans m 1 11 1l1 1 1 0 OW 0 D4 0 1m OI••• Prf Db ∎.r. .. lrJ< t� 6. I _ 14m41101.1 r '' � � mum � ils0. ,=ran.. I I, i• .- .-- ...ms•_ AMD G WW1' 11 ,�' i 4 ..H0• •l I _ -- r s D(t H `" • � 7 IJ . ^ + -1 ffi• • . , cnwcwn.z mana NALITA MATT • w:w w,,,n,�,.n Frt - ZI•- il l 4 -• .0- === —MC_ =� =t ��C M = =-1 = f — — =MM� = —_� . - -_ m. ._. = `i.. _-i - -C-- =_c =C =>=. _!_ �C_SC =z= _.i- d--.. ___1= _.._�— =, 1m._ =.� — =_ -_ . r 1C. =L �r ��t .. C�C�C� =ce .. =. = = —mm =_:== -- == __==— _�___ - m� =�� -f== =. =- = „'�__ - =C_. . -. �__= =a- -r .4Q te. .-d m=.= , = �_� ..c -- = =c . =... -= —�= =Mme - -i== �_� .-_ - -...= �- Wiz��:- == 5= —= W =Mc =1= ---= em. _ �' V 1.A+✓ QiY�GI�Mtl _ '_ ° 4 . run AIM rite WE aa.w• ..... i °" 3 Sheet 1 of 1 By: T. McGill Area Computations Sheet Date: 6/24/2014 AREA COMPUTATIONS Chk'd.By: T. McGill PAR.: 14 PROJECT: Main St CODE: Date: 06/24/14 4 TITLE AREAS Inst. No. 9609644559 = = = = 6.3800 AC. AC. AC. AC. EXCEPTIONS Inst. No. 200400005616 = = 0.0004 AC. AC. SUBTOTALS AREAS LESS TOTAL EXCEPTIONS TOTAL AREA 6.3800 TOTAL EXCEPTIONS 0.0004 0.0004 6.3796 EXISTING R/W -- CALCULATIONS AC. AC. Main Street under asphalt 0.009 TOTAL RNV EXISTING = 0.009 PARCEL FEE SIMPLE AREAS AC. AC. Ac. Revised By: TOTAL AREA R/W EXISTING NET TOTAL AREA TOTAL F.S. AREA TOTAL P.E. AREA TOTAL RESIDUE AREA RESIDUE "A" RESIDUE "B" RESIDUE "C" RESIDUE "D" RESIDUE "E" Date: = = = = = = = = _ = = 6.3796 AC. AC. AC. AC. AC. Ac. 5 0.0800 0.0090 6.3706 0.0800 F.S.= PARCEL EXCESS 0.0800 — LAND AREAS 6.2906 6.291 E.L.= F.S +E.L. =TOTAL F.S.= 0.0800 PARCEL PERM. ESM'T AREAS TOTAL P.E.= PARCEL TEMP. R/W AREAS 4 Photographs Looking south towards Main Street at the area of acquisition. Looking northeasterly from the drive entrance of the subject at the building improvements on the affected parcel. 5 Legal Description of Fee Simple Acquisition EXHIBIT "A" Project: Main Street Improvements Parcel: 14 - Fee Simple Key No: 29- 09 -26- 203 - 023.000 -018 Sheet 1 of 1 A part of the Northeast Quarter of Section 26, Township 18 North, Range 3 East, Hamilton County, Indiana, and being that part of the grantor's land lying within the right of way lines depicted on the attached Right of Way Parcel Plat, marked EXHIBIT "B ", described as follows: Commencing at the Southeast corner of said Quarter section, said corner designated as point "802006" on said plat; thence along the south line of said quarter section, South 89 degrees 06 minutes 43 seconds West(assumed) 173.80 feet to a southeastern corner of that 6.38 acre parcel described in Instrument Number 9609644559, recorded in the Office of the Recorder of Hamilton County, Indiana; said corner being the Point of Beginning of this description: thence South 89 degrees 06 minutes 43 seconds West 40.00 feet continuing along the south line of said quarter section to the southwest corner of said 6.38 acre parcel; thence North 00 degrees 07 minutes 07 seconds East 97.73 feet along the west line of said parcel; thence South 79 degrees 58 minutes 00 seconds East 4.72 feet to point "504" designated on said plat; thence North 89 degrees 24 minutes 49 seconds East 35.35 feet to an eastern line of said 6.38 acre parcel; thence South 00 degrees 07 minutes 07 seconds West 96.65 feet along said eastern line to the point of beginning and containing 0.089 acres, more or less, inclusive of the presently existing right -of -way which contains 0.009 acres more or less. This description was prepared for the City of Carmel, Indiana by Tracy L. McGill, Indiana Registered Land Surveyor, License Number 20500009, on the 2nd day of July, 2014. L_ (14 c 6 fV r 503 Parcel Plat EXHIBIT "B" RIGHT -OF -WAY PARCEL PLAT Prepared For Indiana Department Of Transportation by: AMERICAN STRUCTUREPOI INC. 675.1' Residue "A" CITY OF CARMEL PER INSTR. NO. 200300107711 SHEET 1 OF 2 0 25' 50' SCALE: 1 " =50' EX R/W 40' MAIN STREET ov0 HATCHED AREA IS THE APPROXIMATE TAKING OWNER: Anthony Properties, L.P. PARCEL: 14 CODE: PROJECT: Main Street Improvements ROAD: Main Street COUNTY: Hamilton SECTION: 26 TOWNSHIP: 18 North RANGE: 3 East DRAWN BY: TLM CHECKED BY: TLM DES. NO.: 1400673 Inst. No. 9609644559, dated June 19, 1996 Sell -offs: Inst. No. 200400005616 (re- recorded as Inst. No. 200400023084) THIS PLAT WAS PREPARED FROM PUBLIC DOCUMENTS AND NOT CHECKED BY A FIELD SURVEY.) 7 Page 4 DES. NO. / PROJECT 1400673; Main Street Reconstruction PARCEL 14 you decide to accept the offer of $29,075.00 made by the City of Carmel, Indiana, sign your name(s) below and mail this form to the address indicated above. An additional copy of this offer has been provided for your file. ACCEPTANCE OF OFFER Anthony Properties, L.P. owner of the above described property or interest in property, hereby accept the offer of $ 29,075.00 made by the City of Carmel, Indiana, on this day of Avenpher , 2014. * Contingent upon the drive, located at STA 64 +82.4 Left, being reconstructed as indicated on the attached plan sheet. 'Should any field adjustment be needed during construction, the construction inspector will coordinate with the owner. Anthony Properties, L.P. By: Signature: Signature: STATE OF TiIALQ.nq COUNTY OF 14c4rn; 14o r. NOTARY'S CERTIFICATE ) SS: Subscribed and sworn to before me this ;5 day of A.)0 Jer,002/ My Commission Expires: 9 /as' /?OQtO My County of Residence is: Wool; r' , 2014. (Printed) NOTARY PUBLIC 03/08 CERTIFICATE OF REVIEW APPRAISER AND CONCLUSION OF FAIR MARKET VALUE Des #: N/A Road: Main Street CODE: N/A PARCEL: 14 County: Hamilton Owner: Anthony Properties, L.P. REVIEWERS COMMENTS AND /OR CORRELATION (See attached sheets) I certify that, to the best of my knowledge and belief: That I have made a personal inspection of the subject property of the work under review. That I have made a personal inspection of the comparable sales utilized for the subject property of the work under review. That I have no present or prospective interest in the property that is the subject of work under review and no personal interest with respect to the parties involved. That the analyses, opinions, and conclusions in this review report are limited only by the assumptions and limiting conditions stated in this review report and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. This appraisal assignment may have called for less than would otherwise be required by the specific guidelines of the Uniform Standards of Professional Appraisal Practices (USPAP), but is not so limited in scope that it may tend to mislead the users of the report, or the public. That I have no bias with respect to the property that is the subject of the work under review or to the parties involved with this assignment. That my engagement in this assignment was not contingent upon developing or reporting predetermined results. That my compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in this review or from its use. That my estimate of fair market value has been reached independently, based on factual data without collaboration or direction from others. That the facts and data reported by the reviewer and used in the review process are true and correct. That items compensable under state law but not eligible for federal reimbursement, if any, are set out in this Review. That I understand that the value estimate may be used in connection with a Federal -Aid highway project. That no one provided significant appraisal, appraisal review, or appraisal consulting assistance to the person signing below. That my opinion of the fair market value of the part taken, plus loss in value to the remainder (if any), as of August 20, 2014 is $ 29,075.00 I have examined the appraisal report on the subject parcel and project relative to State and Federal (49 CFR 24.104) appraisal requirements and have found it to be: ® 1- Recommended as the basis for the establishment of the amount believed to be Just Compensation ❑ 2- Accepted meets all requirements, but not selected as recommended or approved ❑ 3 -Not Accepted APPROVED APPRAISAL AMOUNT FOR APPROVED APPRAISAL AMOUNT FOR Signature Name Printed: Julie M. West Appraisal License Number CG40400487 Indiana Broker Number RB14025911 Date 9/5/2014 0.089 Acres of Fee Simple R/W REQUIRED R/W $29,075.00 (area size) (area size) EXCESS LAND $ 0.00 Potentially hazardous materials: Present IF PRESENT, WHAT TYPE AND WHERE LOCATED: Possible Nothing Indicated X 1s" APPRAISAL 2 "u APPRAISAL 3Ru APPRAISAL 41" APPRAISAL REVIEWER'S VALUE IF DIFFERENT FROM APPRAISAL APPRAISER Lonnie D. Miller FEE (F), STAFF (S), OWNER (0) F DATE OF APPRAISAL 8/20/2014 BEFORE VALUE $2,436,500.00 AFTER VALUE $2,407,425.00 DIFFERENCE $ 29,075.00 LAND & /OR LAND IMPROVEMENTS $ 24,775.00 BUILDING IMPROVEMENTS $ 0.00 LOSS IN VALUE TO REMAINDER $ 4,300.00 ESTIMATED COMPENSATION (DUE PROPERTY OWNER) $ 29,075.00 IF APPROVED AS IS, ENTER (X) X REVIEWERS COMMENTS AND /OR CORRELATION (See attached sheets) I certify that, to the best of my knowledge and belief: That I have made a personal inspection of the subject property of the work under review. That I have made a personal inspection of the comparable sales utilized for the subject property of the work under review. That I have no present or prospective interest in the property that is the subject of work under review and no personal interest with respect to the parties involved. That the analyses, opinions, and conclusions in this review report are limited only by the assumptions and limiting conditions stated in this review report and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. This appraisal assignment may have called for less than would otherwise be required by the specific guidelines of the Uniform Standards of Professional Appraisal Practices (USPAP), but is not so limited in scope that it may tend to mislead the users of the report, or the public. That I have no bias with respect to the property that is the subject of the work under review or to the parties involved with this assignment. That my engagement in this assignment was not contingent upon developing or reporting predetermined results. That my compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in this review or from its use. That my estimate of fair market value has been reached independently, based on factual data without collaboration or direction from others. That the facts and data reported by the reviewer and used in the review process are true and correct. That items compensable under state law but not eligible for federal reimbursement, if any, are set out in this Review. That I understand that the value estimate may be used in connection with a Federal -Aid highway project. That no one provided significant appraisal, appraisal review, or appraisal consulting assistance to the person signing below. That my opinion of the fair market value of the part taken, plus loss in value to the remainder (if any), as of August 20, 2014 is $ 29,075.00 I have examined the appraisal report on the subject parcel and project relative to State and Federal (49 CFR 24.104) appraisal requirements and have found it to be: ® 1- Recommended as the basis for the establishment of the amount believed to be Just Compensation ❑ 2- Accepted meets all requirements, but not selected as recommended or approved ❑ 3 -Not Accepted APPROVED APPRAISAL AMOUNT FOR APPROVED APPRAISAL AMOUNT FOR Signature Name Printed: Julie M. West Appraisal License Number CG40400487 Indiana Broker Number RB14025911 Date 9/5/2014 0.089 Acres of Fee Simple R/W REQUIRED R/W $29,075.00 (area size) (area size) EXCESS LAND $ 0.00 Potentially hazardous materials: Present IF PRESENT, WHAT TYPE AND WHERE LOCATED: Possible Nothing Indicated X The purpose of this assignment is to review the attached appraisal and render an opinion as to the completeness, adequacy, relevance, appropriateness and reasonableness of the data, analyses and conclusions reached by the appraiser. This review was completed for American Structurepoint, Inc., as agents for The City of Carmel, Indiana. This review, in conjunction with the appraisal, will be used by The City of Carmel for purposes of negotiations for right -of -way that is needed for the construction of the Main Street reconstruction project, in Carmel, Indiana. The SCOPE OF WORK for the review process, at a minimum, should be no less than what the appraiser completed in their original appraisal report. While I have not physically replicated the exact scope of the appraiser's work, I have at least considered my scope of work, at a minimum, to include the scope of work found in the appraiser's report. I have also physically inspected off -site all of the comparable sales that have been used by the appraiser. I physically observed the subject property's exterior on August 22, 2014, which is the effective date of this review. In addition to the Scope of Work that was performed in the appraisal process for the subject property, the Scope of Work for this review process also encompasses the following: 1) The checking of all pertinent information to insure that all pertinent data was considered and reported correctly in the appraisal report. 2) That proper and acceptable appraisal methods and techniques were considered and applied. 3) That all analyses and opinions are consistent in the appraisal report. 4) That calculations are correct. 5) That the appraisal and report is in compliance with the requirements of the Uniform Standards of Appraisal Practice, and 6) From the review process, form an opinion as to; the completeness of the material under review; the apparent adequacy and relevance of the data presented and the propriety of any adjustments made; the appropriateness of the appraisal methods and techniques used and as to whether the analyses, opinions and conclusions in the report are appropriate and reasonable and develop any reasons for any disagreement. The location of the property that is the subject of the appraisal and this review is 13200 Old Meridian Street, in Carmel, Indiana. The appraisal was completed by Lonnie D. Miller, Indiana Certified General Appraiser #CG40200140. The appraisers last date of observation was August 20, 2014; which is the effective date of the valuation. The date the appraiser signed the report is August 22, 2014, 2014 and the effective date of the review is August 22, 2014. The appraiser has completed a Short Form Report (as defined by the Appraisal Manual used by the Indiana Department of Transportation). Given the level of detail in the report, I concur with this statement that this report is a Short Form Report that meets the required standards that have been identified by INDOT. The appraiser has completed an Appraisal Report that complies with Standard Rule 2 -2. The appraisal provided appears to include all of the necessary data to be in compliance with State and Federal reporting guidelines, including the Uniform Standards of Professional Appraisal Practice. Overall the appraisal report has been written to a good standard of quality. The appraiser has done an adequate job of presenting general data, specific property data, as well as the Purpose, Use, and Scope of the appraisal. From the observation I made, the descriptions are considered to be generally correct and an accurate reflection of the subject property. For valuation purposes, the appraisal is written under the Hypothetical Condition related to the larger parcel and land'size area totalling 6.6276 gross acres; the total net site area of the larger parcel is 6.6186 acres. The condition is due to the similar ownership, use and location of Parcel 14 (Anthony Properties L.P.) and Parcel 15 (Anthony Insurance Partnership, L.P.) on this project. The subject parcel is irregular in shape and zoned OM /SU (Old Meridian Special Use) and OM /MU (Old Meridian Mixed Use). The subject contains 6.3796 gross acres, which includes 0.009 acres of Presently Existing RAN under pavement, according to the Area Computations Sheet provided by the client. The site has frontage along Main Street and Old Meridian Street; access is via drives from Main Street and and Old Meridian Street, there is a round -about located at the intersection of Old Meridian and Main Streets. The site is improved with several buildings that will NOT be impacted by the acquisition; the appraiser has provided an observed value based on the assessor information. The appraiser reports that the buildings are currently tenant occupied (religious purposes). The site contains typical special use type land improvements to include asphalt parking, lawn, trees, light poles, concrete, signage and miscellaneous landscaping. The subject is located in an area that consists of commercial, multi - family, medical, residential and special uses; the site has all municipal utilities available to it. Main Street Reconstruction 2 Parcel 14 The appraiser has determined that the highest and best use of the subject property as vacant, and as improved, is commercial /mixed use developmental. After examining the subject property and considering local development patterns and conditions, I concur with the appraisers evaluation of highest and best use. The proposed fee simple acquisition contains 0.080 acres of new fee simple and 0.009 acres of P.E.R under pavement, leaving a residue of 6.2906 acres. The acquisition from the subject is located in the southwestern section of the site along Main Street; the appraiser has determined that NO damages will occur as a result of the acquisition; I concur with the appraisers' determination. Land improvements impacted include lawn, asphalt, concrete curbing and concrete drive; three parking spaces will also be impacted. The appraiser has provided a written cost -to -cure to relocate the three parking spaces, and has compensated the owner for the remaining land improvements at their observed contributory value. The appraiser presents the sales data and reasoning for the commercial land value on Pages 20 through 21. The appraiser analyzes each sale and makes the appropriate adjustments for each sale's inferiority or superiority to the subject. After making adjustments and considering all factors that affect value, concludes that the value of the subjects commercial land is $265,000 /Acre. I concur with the appraisers' methodology in valuing the land. The correlated value falls within the appraisers' adjusted range of values, and I concur with the value. The appraiser has used the appropriate approaches in concluding the value of the subject property. Correction noted on Page 20 -CBL -1 Adjusted Sale Price /Square Foot should reflect $5.78. There is no area of Temporary R/W needed and no special benefits that the owner will receive as a result of the acquisition from the subject. It is further noted that the acquisition from the subject property and the value reported by the appraiser for the acquisition from the subject does NOT include any items of personal property. In conclusion, the appraisal is judged to be credible. The information provided is considered to be adequate and relevant and the appraisers presentation of the data, analyses and conclusions are considered appropriate and reasonable. As the review appraiser, I concur with the appraisers value estimate, and recommend that it be approved for negotiating purposes. Main Street Reconstruction 3 Parcel 14 03/08 APPRAISAL EVALUATION SHEET Code: N/A Appraiser Lonnie D. Miller Des. # N/A Fee ® Staff ❑ Parcel 14 County Hamilton Owner Anthony Properties, L.P. Type Take: Partial ® Total ❑ Access Rights ❑ Form: Short ® Long ❑ Narr. ❑ LEGEND: Acceptable (X) Not Acceptable -See Comments (N) Not Applicable ( -) Project and Parcel Number 4 COST APPROACH 4 Comparable Location - Address 4 Land Compared to Sales 4 Sales Used Owner and Address E Land Adj.'s Explained E Comp No. Contract Buyer- Tenant E Impr. Costs & Source E Summary of Values Depreciation Explained 4 Certification E MARKET APPROACH 4 Before Purpose of Appraisal E Direct Comp. To Sales 4 After Areas and Rights Acquired E Adjustments Explained E Sev. Study 5 Year Sales Record E Reasonable Correlation E Comp. Accept. Market Area Influence E Pertinent Calculations E Photo Table of Contents Complete E INCOME APPROACH e Sketch(Aerial) Appraiser's Sketch E Income Explained E Date Sold Engineering Land Plat E Expenses 0 Sale Price Insp. -Owner Contact E Capitalization Technique 0 Size Effective Date /Inspect. Date E Pertinent Calculations 0 Vendor Legal Description E FINAL CORRELATION E Vendee Zoning -Deed Restrictions E Each Estimate Shown E Addr. & Loc. Description of Property E Reasonable Explanation E Deed Number Location E Value Est. Reasonable E Verified Type and Areas E Description of Part Taken E Financing Type of Improvements E Temp. and Prov. R/W Zoning Size of Improvements 0 COST-TO-CURE Cond. Of Sale Condition of Improvements 0 Special Benefits e H &B Use Other e Compensation Breakdown E Prop. Desc. Present Use E Pages Numbered E On. Loc. Map Highest and Best Use E Photographs E Analysis Valuation Procedure E 5 Comparability NOTE: If the comparable has previously been reviewed and considered acceptable for another parcel, only the Comp. Accept needs to be marked. COMMENTS: (Continue on attached sheet if necessary) C B L 1 C B L 2 C B L 3 C B L 4 X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X N X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X Comparable Sale CBL -1 — address should reflect 12346 Old Meridian Street. I have examined the appraisal report on the subject parcel and project relative to State and Federal (49 CFR 24.104) appraisal requirements and have found it to be: 1- Recommended as the basis for the establishment of the amount believed to be Just Compensation ❑ 2- Accepted meets all requirements, but not selected as recommended or approved ❑ 3 -Not Accepted Reviewer Signature mild Name Printed: Julie M. West Date 9/5/2014 valuations ,Rea! Estate Appraisal and Consulting SHORT FORM APPRAISAL REPORT Date: August 22, 2014 COUNTY: Hamilton ROAD: Main Street PROJECT: Main Street Reconstruction Prepared For: American Structurepoint, Inc. as agents For the City of Carmel PREPARED BY: LONNIE MILLER IN CERTIFIED GENERAL APPRAISER CG40200140 (317) 435 -1441 04/08 ❑ Value Finding • Partial Acquisition APPRAISAL REPORT ® Short Form Type of Property Special Use (Improved) ❑ Total Acquisition Code N/A ❑ Long Form Page 2 of 30 plus addenda Indicate:(Residential, Commercial, Bare land, Farm, Special, Industrial) Location 13200 Old Meridian Street, Carmel, Indiana 46032 Owner Anthony Properties, L.P. do Mr. Tony Schelonka Phone C: 317.695.9026 Address 1919 E. 1915` Street, Westfield, Indiana 46074 ® Tenant ❑ Contract Buyer Genesis Church and others Address 13200 Old Meridian Street, Carmel, Indiana 46032 Des # N/A Parcel 14 Road Main Street County Hamilton Phone N/A Land Areas: Before: 6.3796 Ac gross Temp. RNV N/A After: 6.2906 Acres Acquisition 0.080 Acres -Net Perpetual RNV N/A PER 0.009 Acres Access Rights N/A CERTIFICATION OF APPRAISER I certify that, to the best of my knowledge and belief: That I have made a personal observation of the property that is the subject of this report and that I have made a personal field inspection of the comparable sales relied upon in making said appraisal. The property being appraised and the comparable sales were as represented or referenced within the appraisal. That the statements of fact contained in the report are true and correct. That I understand that such appraisal MAY be used in connection with the acquisition of right -of -way for a project utilizing Federal funds. That such appraisal has been made in conformity with appropriate laws, regulations, policies and procedures applicable to the appraisal of 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 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 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 testified as to such findings. That I have not given consideration, or included in my appraisal, any allowance for relocation assistance benefits. That no one provided significant real property appraisal assistance to the person signing this report with the exception of those signing below. That my opinion of fair market value for the property to be acquired and residue damages, if any, as of the 20th day of August, 2014 , which is the effective date of this appraisal is $ 29,075.00 based upon my independent appraisal and the exercise of m .rofessional ud.ment SUMMARY PRIMARY APPRAISER BEFORE VALUE — observed $ 2,436,500 Signature"`" "���� AFTER VALUE - observed $ 2,407,425 Named Typed Lonnie D. Miller Appraisal License Indiana Certified General Appraiser Land Taken $ 21.250 Number CG40200140 Date: Auaust 22. 2014 Land Improvements 3,525 ASSISTED BY Improvements N/A Signature N/A Cost-to-Cure 4,300 Named Typed N/A Appraisal License # N/A Damages to Residue N/A Broker # N/A Date: N/A Temporary RNV $ N/A TOTAL DUE OWNER $ 29,075 Project: Main Street Reconstruction Parcel 14 GENERAL INFORMATION Page Numbers Ownership, Occupancy and Certification 2 Table of Contents 3 Purpose of the Appraisal 4 Scope of the Appraisal 5 -6 Encumbrance /Personal Property 7 -8 Legal Description, zoning and sales /listing history 8 -9 /Addenda Owner Contact and Property Inspection 16 VALUE ESTIMATE BEFORE R/W ACQUISITION Description of Property 16 Present Use of Property 18 Highest and Best Use of Property 18 Valuation Procedure 19 Indicated Value via Cost Approach 22 Indicated Value via Income Approach N/A Indicated Value via Market Approach 24 Correlation and Final Value Estimate 24 DESCRIPTION OF RIGHT -OF -WAY TO BE ACQUIRED & VALUE ESTIMATE AFTER R/W ACQUISITION Description of Right -of -way to be Acquired 24 Description of Property 24 Present Use of Property N/A Highest and Best Use of Property N/A Valuation Procedure N/A Indicated Value via Market Approach N/A Indicated Value via Cost Approach N/A Indicated Value via Income Approach N/A Other Compensable Items, Special Benefits 27 Special Benefits 27 Correlation and Final Value Estimate 28 SUMMARY Breakdown of Estimated Compensation 28 OTHER ITEMS Photographs 15, addenda Property Owner Contact Letter Addenda Area and neighborhood description 11 -14 Site Sketch 17 Engineer's Sketch 25 Interior Floor Plan N/A Comparable Sales Addenda Statement of Limiting Conditions 30 3 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 The Fifth Amendment of the Constitution of the United States guarantees that no person shall be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation. Title III of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 expands upon the basic rights of property owners, requiring a public agency to appraise real property prior to its acquisition as a basis for determining just compensation. The Uniform Act, as amended, along with current federal regulations provides a framework under which the appraisal process is to be conducted. It is the objective of this report to comply with all applicable laws and regulations in the appraising of real property for the proposed acquisition. The 2011 INDOT Appraisal Manual has five items considered to be compliance requirements for all reports. This report is intended to comply with these requirements. 1) Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, (URA) Public Law 91 -646 dated January 2, 1971 (a.k.a. The Uniform Act.). All appraisals must conform to Title III of the Uniform Act and appropriate federal regulations. 2) 49 CFR (Code of Federal Regulations) Part 24; updated January 4, 2005; Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally- Assisted Programs; Final Rule. 3) Uniform Standards of Professional Appraisal Practice (USPAP) 4) INDOT Appraisal Manual: INDOT Real Estate Division. 5) Indiana Law; All appraisal and wavier valuations are to be treated as confidential and the content of any appraisal prepared for the INDOT Real Estate Division is not to be revealed to anyone other than approved INDOT personal, FHWA personnel, and from the Attorney General's Office. PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the fair market value of the subject property before the right -of -way acquisition and, as of the same date, the fair market value of the residue property as if the new roadway facility had been constructed. The interest appraised is "FEE SIMPLE ESTATE" unless otherwise stated. THIS REPORT MAY NOT BE USED FOR ANY OTHER PURPOSE. 1. DEFINITION OF FAIR MARKET VALUE (Fair Market Value as defined by the Indiana Department of Transportation Appraisal Manual 2011/49 CFR 24.2(a)(3). For the purpose of valuing the property, including land and building, structure and improvement thereon, acquired under the power of Eminent Domain by the Federal government or using Federal Aid or Federal Grant funds, Fair Market Value is the amount of money, cash or its equivalent, which, as of the date of valuation: a) An informed and knowledgeable purchaser willing, but not obligated, to buy the property would pay 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 use available 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 a sale. d) Disregard any decrease or increase in fair market value of such real property prior to the date of valuation caused by the public improvement for 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 reasonable control of the owner. e) Disregard the fact that the owner might not want to part with the land because of its special adaptability to the owner's use. f) Disregard the fact that the taker needs the land because of its peculiar fitness for its purpose. g) Disregard any "gain to the taker ", ie, not giving consideration to the special use of the condemnor as against other 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 real or personal property under local law. Such buildings, structures and improvements are valued based upon their contribution to the 4 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 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 local law. Fair market value, based upon adequate recent comparable sales and offering data is usually the measure of just compensation. PROPERTY RIGHTS APPRAISED: Definition of Fee Simple: A Fee Simple Estate as Defined by "The Dictionary of Real Estate Appraisal" 5th Edition, published by the Appraisal Institute, is: "Absolute ownership unencumbered by any other interest or estate; subject only to limitations imposed by the government power of taxation, eminent domain, police powers, and escheat." HIGHEST & BEST USE: Defined as: That use of land which is lawful, practicable and proximate, which will produce the greatest return to land after satisfying all requirements of any improvements which must necessarily be placed on the land in order to bring it into the use. Legal restrictions such as zoning or deed restrictions are recognized to the degree that they would affect value to a prospective buyer in contemplation of any attempt to change or defeat the restrictions." EXTRAORDINARY ASSUMPTIONS & HYPOTHETICAL CONDITIONS: USPAP requires that all extraordinary assumptions and hypothetical conditions be stated and that their use may have affected the assignment results. An extraordinary assumption is an assumption directly related to a specific assignment, which if false, could alter the appraiser's opinion or conclusion of value. An extraordinary assumption presumes as fact uncertain information about physical, legal or economic characteristics of the subject; or conditions external to the property; or about the integrity of the data used in the analysis. All extraordinary assumption will be identified within this report where applicable. A hypothetical condition is something contrary to what exists but is supposed for the purpose of analysis. This may include physical, legal or economic characteristics of the subject; or conditions external to the subject, such as market conditions; or regarding the integrity of the data used in the analysis. All hypothetical conditions will be identified within this report where applicable. For this parcel a hypothetical condition related to the larger parcel and land size area a total gross site area is considered at 6.6276 acres. The total net site area of the larger parcel is 6.6186 acres. LARGER PARCEL: The Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA) defines the larger parcel as that tract, or those tracts, of land, which possess a unity of ownership and have the same, or an integrated, highest and best use. Elements of consideration by the appraiser in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use. The larger parcel by hypothetical condition contains 6.6276 gross acres. SCOPE OF APPRAISAL: The Scope of Work rule states; For each appraisal, appraisal review and appraisal consulting assignment, an appraiser must: 1) Identify the problem to be solved. 2) Determine and perform the scope of work necessary to develop credible assignment results. 3) Disclose the scope of work in the report. Valuation techniques and methods for eminent domain appraising are unique with a variety of problems to solve for the appraiser. The Indiana Department of Transportation identifies various reporting formats based on the level of the proposed appraisal problem. Part of completing this assignment, the appraiser has relied upon the APA (Appraisal Problem Analysis) as provided by the client. The APA is only considered a guide and provides some initial analysis to what format or type of appraisal will need to be developed. The Indiana Department of Transportation Manual shows four types of reporting formats; Waiver Valuation (Not considered an appraisal by the uniform act -49 -CFR) Value Finding, Short Form Report and a Long Form Report. The last three report formats mentioned require the appraiser to follow specific scope of work guidelines that adhere to 49 CFR 24.2 and the Indiana Department of Transportation's appraisal manual. These items are summarized below. In the final analysis it is the objective of the appraiser to provide an appraisal meeting the agency's definition of an appraisal. The definition of appraisal is per the INDOT's FHWA- approved Appraisal Manual. For Federal -aid projects the definition must be compatible with the definition found at 49 CFR 24.2(a)(3). The appraiser has where applicable; 5 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 1) Given the property owner or the owner's designated representative the opportunity to accompany the appraiser on the inspection of the property. 2) Performed an inspection of the subject property. The Scope of Work addresses: a) The extent of the inspection and description of the neighborhood and proposed project area, b) The extent of the subject property inspection, including interior and exterior areas, c) The level of detail of the description of the physical characteristics of the property being appraised (and, in the case of a partial acquisition, the remaining property.) 3) Included a sketch of the property and provided the location and dimensions of any improvements. Photographs of the subject property and location maps are provided within the report. 4) Include items required by the acquiring agency, usually including the following: The property right(s) to be acquired, fee simple, easement, etc., the value being appraised and the definition. 5) Appraised the property as if free and clear of contamination (or as specified). 6) Provided the date of the appraisal report and the date of valuation. 7) Identified realty /personal property as required per 49CFR24.103(a)(2)(i). 8) Reported known and observed encumbrances, if any. 9) Examined title information, zoning, present use, and at least a 5 -year sales history of the property. 10) Identify the highest and best use. 11) Presented and analyzed relevant market information. This includes research, analysis, and verification of sales. In completing the process of developing the appraisal, the appraiser has utilized various real estate services, government data and verification sources as applicable. These may include, City- Data.com, IRED, GIS sites, STATS, USDA and census data. The appraiser may have relied upon information supplied by the owner and is believed to be correct. Information is verified when possible. The appraisal techniques and methods are intended to meet or exceed the Uniform Standards of Professional Appraisal Practice (USPAP), Federal Highway Administration (UASFLA) and the Indiana Department of Transportation. DEFINITION OF APPRAISAL: The act or process of developing an opinion of value. (USPAP 2014 -2015, pg. U -1) INTENDED USE OF THE REPORT: This appraisal report was prepared to assist in the acquisition of real property for a road way improvement project as listed under the project number and designation number on this report. Specifically this report is prepared for the Carmel Main Street reconstruction project. *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.) Any other use of this report is unauthorized and cannot be relied upon. ( *2011 INDOT Appraisal Manual) INTENDED USER: The intended user of this appraisal report is primarily the acquiring agency. However, its funding partners, consultants, contractors and the Federal Highway Administration may review the appraisal as part of their program and oversight activities. This appraisal report should not be used for any other purpose other than listed above. The intended user is the City of Carmel. The City of Carmel is considered the intended user and acquiring agency for this project. 6 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 CLIENT: The client is considered the party or parties who have engaged the appraiser for a specific assignment. The appraiser has been contracted to complete this assignment by American Structurepoint, Inc. who will be considered the client for this assignment. American Structurepoint, Inc. has been contracted by the City of Carmel. TYPE OF REPORT: USPAP STANDARDS RULE 2 -2 shows each real property appraisal report must be prepared under one of the following two options and state which option is used: Appraisal Report or Restricted Appraisal Report. This appraiser has prepared an Appraisal Report as shown in Standard Rule 2. The appraisal report is considered to provide sufficient data and information to meet the requirements shown in Standard Rule 1, Real Property Appraisal Development. Additionally, the report is prepared to meet or exceed INDOT requirements for a Short Form Appraisal report as shown within the INDOT Appraisal manual. JURISDICTIONAL EXCEPTION RULE: If any part of USPAP is contrary to the law or public policy of any jurisdiction, only that part shall be void and of no force or effect in that jurisdiction. *The purpose of the Jurisdictional Exception Rule is strictly limited to providing a saving or severability clause intended to preserve the balance of USPAP if one or more of its parts are determined to be contrary to law or public policy of a jurisdiction. By logical extension, there can be no violation of USPAP by an appraiser disregarding, with proper disclosure, only the part or parts of USPAP that are void and of no force and effect in a particular assignment by operation of legal authority. It is misleading for an appraiser to disregard a part or parts of USPAP as void and of no force and effect in a particular assignment without identifying in the appraiser's report the part or parts disregarded and the legal authority justifying this action. ( *USPAP pg U -15) USPAP states that in an assignment involving jurisdictional exception, an appraiser must: 1) Identify the law or regulation that precludes compliance with USPAP; 2) Comply with that law or regulation; 3) Clearly and conspicuously disclose in the report the part of USPAP that is voided by that law or regulation; 4) Cite in the report the law or regulation requiring this exception to USPAP compliance. USPAP SR 1 -2 © requires an appraiser to develop an opinion of exposure time when an opinion of market value is developed. The standards set out by the State of Indiana Appraisal Manual and Federal Highway Administration do not require this, as the appraiser shall not link an estimate of market value for federal land acquisitions to a specific exposure time. This is considered a Jurisdictional Exception. ENCUMBRANCE: "Encumbrance: An interest or right in real property that may decrease or increase the value of the fee estate but does not prevent its conveyance by the owner. An encumbrance effects a permanent reduction in an owner's property rights, while a lien represents a claim against the owner's property rights which may or may not become permanent. Mortgages, taxes, and judgments are liens; restrictions, easements, and reservations are encumbrances." The Dictionary of Real Estate Appraisal; 5t Edition. Property is encumbered with typical utility easements and drainage easements as shown within the title report. "Easement: An interest in real property that conveys use, but not ownership, of a portion of an owner's property. Access or right -of -way easements may be acquired by private parties or public utilities. Governments dedicate conservation, open space, and preservation easements. See also reciprocal easement." The Dictionary of Real Estate Appraisal; 5th Edition, Page 71 PERSONAL PROPERTY: In compliance with [49 CFR 24.103 & 24.103 (a)] (i) an adequate description of the physical characteristics of the property being appraised and including items identified as personal property. Personal Property: Unless otherwise stated in this appraisal report: the following items are deemed to be personal property as follows: All appliances and mechanical devices that are not permanently attached to the buildings or easily removed from the property are believe and considered to be personal property and are not included in this appraisal. Items that are considered personal property include, but are not limited to, such as: lawn mowers, free standing decorative planters, washers, dryers, furniture, boats, vehicles, equipment that the property owner may use in a business or in the maintenance of the property, and et cetera. 7 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 Real Property: All interests, benefits, and rights inherent in the ownership of physical real estate; the bundle of rights with which the ownership of the real estate is endowed. In some states, real property is defined by statute and is synonymous with real estate. Unless otherwise stated in this appraisal report: the following items are deemed to be realty: Buildings and structures that are attached to the land, all appliances and mechanical devices permanently attached to the buildings and structures are considered realty. In accordance with the norms of the local market, kitchen appliances such as stoves, refrigerators, dishwashers, garbage disposals, trash compactors, microwave ovens, and fireplace inserts, gas logs, wood burning stoves, window treatments, water softener, furnace, hot water heater, electric and water baseboard heat, boilers, radiators, central air conditioners, window air conditioners units, ceiling fans, thermostat, hot tubs, Jacuzzi tubs, tennis courts, playground, decks, above ground swimming pools, fence, antennas and et cetera run with the real estate and are believed and considered to be part of said real property. Residential Improved Properties: Unless otherwise stated in this appraisal report; the following items are deemed to be personal property as follows: all yard improvements without affixed electrical wiring and concrete foundation /footers including sheds, swing sets, detached aboveground pools, basketball goals, etc., AND all portable appliances such as refrigerators, stove /ovens, washer & dryers, microwaves, window NC units, etc., AND furnishing, artwork, antiques, gems and jewelry, collectibles, machinery and equipment, window coverings, etc. Please note that sprinkler systems and well & septic systems are deemed real estate. PERSONAL-PROPERTY ITEMS,TO BE REMOVED BY OWNER/TENANT -- REAL ,PROPERTY ITEMS N/A N/A Legal Description From Parcel Number(s) '.3/4/2003 �' Annexation d- ' -� - ACCESS RIGHTS: Access rights have been defined as: "The right of ingress to and egress from a property which abuts upon an existing street or highway ". The concern of the appraiser is to what extent the Acquiring Agency may regulate this right without payment of just compensation, the point at which regulation or limitation of access requires payment of just compensation and what acts by the Agency constitute regulation of limitation of access. Loss of access is compensable only when the loss of access is special and peculiar to the property and only when no other reasonable means of access is available to the property. "Other reasonable means of access" does not mean access that is reasonable for some other use of the land. Access will be explained later in the report. (Indiana Department of Transportation 2011 Appraisal Manual pg. 124 -126) SALES & LISTING HISTORY: The subject property has not transferred within the prior 5 year period. No prior listing information found. The transfers below are considered non -arms length. The appraiser has no current or prospective interest in subject property or parties involved. The appraiser has not provided any professional services to the subject property in the three years prior to the effective date of this report. Transfer History for Parcel: 17 -09 26-0203=023 000 %.,. Transfer Date & Type Transferred from (Transferred To Instrument Type, Oate& Number Recorded date &Book Type Legal Description From Parcel Number(s) '.3/4/2003 �' Annexation d- ' -� - Anthony Properties . LP ' Ordinance:. -: .... I 2003 12375 2/4/2003,', , . -, 268 570 A11D 5/10/76,268 -427 3/31/77 295 -. . Miscellaneous : i- 10910 /21/96. FRANTIiONY,96445598 /27/93 1 'PRO ADD CyGJA59E550o ,- [Transfer History for Parcel: 17 -09:25-00-00-020.000 Transfer Date &Type Transferred from Transferred To Instrument Type, Date & Number Recorded date & Book Type Legal Description From Parcel Number(s) ,3/2/2005 ` ": Anthony Properties ..Chang D-sai _ ..��..... Anthony Properties., ' P 3 r z '?4 : ' Warrariy Deed - 2004- 5515 ' t 1/26/2004 . Deed''. • T .. -. 268 576 ADD 5/10/76,233-427 3/31/77 295 -. 109 10/21/96. FR ANTHONY 9644559 1/26/04:: bap/legal row split to Qty of Cannel 2004- - 5616 1(26/05 split 175Q r' row to City of ,,,:1 Camel for 2005 pZy 2005 2004 3616 .._ 17- 09- 25-00 -00- 020.000 . 3/1/2003 Annexation .. - Anthony Properties- r .' -; Ordinance -. ', 2/4/2003 Le Miscellaneous 268-576 FWD 5/10(76 283.427 3/31/77295 109 10/21/96 FR ANTHONY 9644559: ,. SCOPE OF PROJECT: The Main Street Improvements Project is the reconstruction of Main Street between Illinois Street and Old Meridian Street. It will add capacity to meet the demands of the new US 31 interchange currently under construction. The existing roadway is two -lane undivided with 10 -foot lanes on both sides of US 31. The proposed typical section will be four -lane divided. The lane width will be 12 feet west of the interchange and 11 feet east of the interchange. A new multilane roundabout will be constructed at the 8 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 intersection of Main Street and Grand Boulevard. South Grand Boulevard will be constructed by others. Storm sewer systems wil be installed to drain the roadway and adjacent right -of -way. LEGAL DESCRIPTION: Please see the legal's within the back portion of this report for the most recent transfer deed and accompanying legal description for the subject property. ZONING /LAND USE CONTROLS & DEED RESTRICTIONS: The subject is under the Jurisdiction of the City of Carmel Plan Commission and is currently zoned OM /SU and OM /MU, Old Meridian Special Use and Old Meridian Mixed Use. The subject is improved with older structures and appears to be legal non- conforming. No deed restrictions were noted. Please see the Addenda section of this report for allowable uses and development standards within these districts. 20G.00 OA'UOId J'Ieridian District.' 20G.00.01 Purpose. Intent & Authority. It is the purpose of the Old Meridian District to promote and protect the public health. safety, comfort, convenience and general welfare by providing for consistent and coordinated treatment of the properties sunoumding Old Meridian Street in Clay Township, Hamilton County. Indiana. The Commission and Council, in establishing this zone. are relying on IC 36 -7 -4 -600 et seq. and IC 36 -7-1 -1400 et seq. It is recognized that the Old Meridian District is an important growth area to Cannel and to Clay Township. Therefore. it is the fluffier purpose of the Distict to promote coordinated, quality development per the land use. and density recommendations set forth in the Comprehensive Plan: to establish basic standards for stnrcmres. landscaping. and other improvements on the properties within the District which promote high quality. innovative site dessen and at the same time encourage efticient land usage; and to establish development standards which will encourage capital investments for the development of those properties within the Old Meridian Road Corridor District. This Ordinance fitrther seeks to foster development that will provide this District with a special sense of place that will increase property values. protect real estate investment. encourage neighborhood diversity. spur commercial activity, and attract new businesses. More specifically. the creation of this special sense of place shall be encouraged by means of a coordinated set of design principles for buildings. site planning. landscaping and sirnage. These principles are upended to etude individual development activities so that they will work together to establish an attractive and relatively dense mixed -use neighborhood. 9 Main Street — Hamilton County Project: Main Street Reconstruction Parcel 14 ENVIRONMENTAL STATEMENT: No environmental assessment or soil investigation of the subject site has been provided. We are not experts in environmental matters. Competent persons should conduct an environmental hazard study if so desired. In the event that such a study would reveal environmental hazards, we reserve the right to amend this report accordingly. The site is valued as if clean per FHWA scope of work requirements. It is unknown if the subject tract is considered clear of contamination. An extraordinary assumption will be used with the site being considered "free and clear" of contamination. CONFIDENTIAL DOCUMENT: This document has been classified as confidential to IC 8- 23 -2 -6 ©(2). It is being provided to you as authorized by IC 32- 24 -1 -3©, but with limitations set forth in Indiana Trial Rule 5 (G). This appraisal report was used to establish the proposed purchase price as set forth in the Uniform Property or Easement Acquisition Offer presented to you by the Agency's Buyer. This appraisal is excluded from public access, and is issued within the context of an offer to purchase real estate or real estate interests. It may not be used in court if eminent domain proceedings become necessary. REAL ESTATE ASSESSMENTS: The subject property is identified by the county assessor by parcel no. 29- 09 -26- 203 - 023.000 -018 and 29- 09 -25- 000 - 020.000 -018. The assessments are shown as follows; L - $1,820,200; B — $654,600; total = $2,474,800. The full assessor tax record cards can be found in the addenda of this report. (Remaining page intentionally blank) 10 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 AREA AND NEIGHBORHOOD DATA (MARKET INFORMATION): The subject is located in Clay Township, Hamilton County. Hamilton County is a part of the ten -county Indianapolis Core Based Statistical Area (CBSA). Marion County is the largest populated county included in the ten counties, which make up the Core Based Indianapolis Metropolitan Statistical Area (CBSA) and Hamilton County is the second largest. The subject property, Clay Township and Hamilton County are subject to the influences of both Marion County and the Indianapolis Core Based Statistical Area. Thus, the Indianapolis CBSA, Marion County and Hamilton County are analyzed for this project. The subject is located approximately sixteen miles to the north of downtown Indianapolis, ten miles southwest of downtown Noblesville, and approximately five miles north of the Hamilton /Marion County line. Indianapolis is the state capital of Indiana and the county seat of Marion County. It is located in the geographic center of Indiana, approximately 175 miles southeast of Chicago, Illinois, 110 miles northwest of Cincinnati, Ohio, and 110 miles north of Louisville, Kentucky. Marion County and Indianapolis are served by numerous interstates including 1 -65, 1 -69, 1 -74, and 1 -70. All of these interstate highways connect with 1 -465, which is an interstate that encircles Indianapolis in a six to ten -mile radius from the central business district. The location of Indianapolis with ease of access from several major interstate systems helps to promote the economic strength of the area. The city is also served by numerous rail lines, including both passenger and freight, along with the Indianapolis International Airport. The subject is located along Old Meridian Street approximately seven (6) miles north of Interstate 465 and Marion County. Population Population trends are increasing in Indiana, and to a greater degree within the subject market area. The U.S. Census Bureau indicates that the total population in Indiana increased 6.63% from 2000 to 2010; and is projected to increase at a similar rate through 2025. The following table illustrates recent census data for Marion and its contiguous counties: 'opulation Trends; &':}'rojections: Marlon &'Surrounding_Counties % Change Projected % Change 1990 Census 2000 Census 2010 Census 2000 -2010 2025 Pop. 2010 -2025 State of Indiana 5,544.159 6,080,485 6.483,802 6.63% 6,887.793 6.23% Marion County 797,159 860,454 903,393 4.99% 941,945 4.27% Hamilton Count 108.936 182;740 274,569 50.25% 396.859 .44.54% Johnson County 88,109 115,209 1 39,654 21.22% 166,499 19.22% Hendricks County 75,717 104,095 145,448 39.73% 183,677 26.28% Morgan County 55,920 66,689 68,894 3.31% 76,368 10.85% Hancock County 45,527 55,391 70,002 26.38% 81,714 16.73% Boone County 38,147 46,107 56,640 22.84% 68,164 20.35% Data: U.S. Census Bureau and Stats Indiana The above data shows that the population in Hamilton County increased over 50% from 2000 to 2010; and is projected to increase at almost that same rate through 2025. The rate of population increase for Hamilton County far exceeds that of the State of Indiana as a whole. As illustrated above, other counties contiguous to Marion have population increases greater than the State of Indiana; but none have experienced increases to the same degree, and none have projected increases to the same degree, as Hamilton County. The above data indicates that there has been, and likely will continue to be, significant demand for additional development within Hamilton County. Clay Township is experiencing above - average population growth, even within Hamilton County. The City of Carmel had the highest population growth percentage in the State of Indiana from 2000 to 2010. According to the 2010 Census, Carmel had a population of 79,191 in 2010. Carmel is the 8th largest city in Indiana. Carmel was ranked #14 nationally for best places to live by CNN Money Magazine in 2010. The local population increases may provide demand for additional development within Clay Township. 11 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 Employment According to the Indiana Department of Workforce Development, the June 2014 Indianapolis area unemployment rate is 5.4 %, and the Carmel rate is 4.4% which is below the State unemployment rate of 5.9% and the Indianapolis rate. The national unemployment rate was 6.1% for that same period. Please note that all prior figures are not seasonally- adjusted. The following table illustrates the unemployment rate for the State of Indiana, Indianapolis and the national average as of June 2014: Unemployment Rate June 2014 MonthlMonth YearlYear National 6.1% -0.2 -1.4 Indiana 5.9% +0.2 -1.7 Indianapolis 5.4% +0.1 -1.6 The below data reports the Carmel area unemployment rate from December 2006 to June 2014. The Carmel area has outperformed both Marion County and the State of Indiana as a whole in regard to unemployment levels. The lower unemployment rate in Hamilton County may foreshadow additional demand for housing and support services in Hamilton County. Single- Family Housing 12 9 6 0 12/2006 612009 12/2011 6/2014 Since 2005 the unemployment rate in Carmel, Indiana has ranged from 2.2% in December 2007 to 6.7;5 in June 2009. The current unemployment rate for Carmel is 4.49 in June 2014. See how other local areas compare by using our Unemployment Compare tool. Information obtained from the Builders Association of Greater Indianapolis for single - family building permits issued in The Indianapolis (Indy) CBSA, Hamilton County and the City of Carmel from January 2013 through February 2013 is summarized on the following table. As you will note there has been a 65% increase from the prior same period last year. 2013 Hamilton County Building Permits 'REPORTING AREA _ ( JAN FEB APR MAY JUNE .(JUL A U G S E P T J O C T NOV DEC TOTAL HAMILTON COUNTY 'Arcadia 0 0 0 0 0 0 1 0 0 0 0 0 0 0 Atlanta 0 0 0 0 0 0! 0 0 0 0 0 0 0 ;CarmeUClay 28 25 41 _ 44 40 39 30 43 20 32 32 20 394 ;cicero/Jackson 6 3 1 I 5 0 0 1 0 3 5 1 « 1 1 26 Fishers 21 55 57 57 53 61 I 86 61 40 57 34 48 630 Sheridan 2 0 1 2 7 1 I 1 1 3 3 3 1 25 Noblesville 35 44 36 39 61 42 I 35 34 30 34 23 21 434 •____ field ___, 34 31 __20 _ __39-__ _26_ _ 34_ 29 40 383 ;Unincorporated 0 2 1 0 1 __26 0 _39_ 1 1 0 « 0 _29 _— 0 2 _36 II 7 12013 TOTAL HAMILTON CO. 126 160 157 186 188 169 ; 192 176 127 156 135 127 1899 ;2012 TOTAL HAMILTON CO. 76 97 148 145 193 147 1 161 161 129 186 137 110 1690 PERCENTAGE CHANGE 66% 65% 6% 28% -3% 15% ; 19ro 9% -2% -1645 -1% 15% 12% 12 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 The above data shows a slight increase in the number of permits as compared to 2012. Overall, a 12% increase is shown from 2012 to 2013 from January to December. Westfield has reported 383 permits issued from January 2013 to December 2013 which is fourth behind Fishers, Noblesville and Carmel. The above building permit data suggests that demand for single - family residential development, although well below peak levels experienced in 2004/2005, is increasing in each area studied above. NEIGHBORHOOD DATA The term "neighborhood" is generally defined as a portion of a larger community or an entire community in which there is a homogenous grouping of inhabitants, buildings or business enterprises. Neighborhood boundaries may consist of well - defined natural or man -made barriers, or they may be more or less well defined by distinct changes in land use. Consequently, a specific definition of a neighborhood is a grouping of complementary land uses affected by similar operation of the forces that affect property value. A neighborhood may also designate an area comprised solely of commercial or industrial properties although the term district is often used for these properties. The, subject neighborhood is Clay Township, Carmel, Indiana. The subject immediate neighborhood contains mostly commercial and special use type properties. The complimentary land uses that make up neighborhoods like the subject generally evolve through the four stages described as follows: 1) Growth — A period during which the neighborhood gains public favor and acceptance 2) Stability — A period of equilibrium without marked gains or losses 3) Decline — A period of diminishing demand 4) Revitalization — A period of renewal, modernization, and increasing demand Development in the subject's neighborhood appears to be experiencing market demand and acceptance. Based on the previously - discussed data and trends, the subject neighborhood appears to be currently situated in a stable cycle, with pockets of growth. Conclusion In conclusion, the economic conditions in Hamilton County, and also in the City of Carmel, appear to be improving as compared to what has been experienced in the prior 2 -3 years; as evidenced by reduced unemployment levels and increased building permit activity. The historic rate of population increase in Hamilton County may also provide a form of pent -up demand for development should consumer confidence improve. The evidence of increased market activity for both residential and commercial development land in Hamilton County (which had been nearly stagnant in the preceding few years) may be an indicator of improved consumer, and investor, confidence. It should be noted that development activity in all studied remains well below the peak levels experienced in 2004 -2005, but has increased. The employment levels in the Indianapolis CBSA, and the State of Indiana as a whole, have not rebounded as quickly as Hamilton County; which may impede the local market's momentum to date. A large development is planned within the project limits of Main Street and Old Meridian called the "The District ". The development will include 400 apartments, retail and hotel. Additionally at the southwest corner of Old Meridian and Main Street Keystone Realty Group is planning a 200 unit residential project called Sophia Point. St. Vincent Carmel Hospital Puns ccll jar rzrn a .-, aid en pr Ii%sk. (Rendetzng.io:o : a.-c of rayeand 4vse &Sons) 3((i��CC ty.�e bier Onve ,1( 13 Main Street — Hamilton County Project: Main Street Reconstruction Parcel 14 It appears reasonable to conclude that, based upon the above data, the City of Carmel and Hamilton County is rebounding from the most recent economic recession more quickly than many of the surrounding areas in the Indianapolis CBSA. Hamilton County and the City of Carmel experienced rapid growth prior to the most recent economic recession, and appear to be on track to be leading areas for development within the Indianapolis CBSA in the near future. IDENTIFICATION OF PARCEL (Use, Site, Buildings and site improvements): The subject property is located along the north side of the roundabout at Old Meridian Street and Main Street in Carmel, Indiana. The supplied documents and title work show two contiguous tracts totaling 6.3796 acres. The property is considered irregular in shape with level topography and access from Main Street and Old Meridian Street. All municipal utilities are available. The property is improved with several buildings currently utilized for religious purposes. Land improvements which support the buildings include lawn area, trees, parking, concrete, signage and other landscaping. It is noted that there is another contiguous tract with ownership shown as Anthony Insurance which is parcel 15 on this project. This piece is shown below and appears to support parcel 14 use. The larger parcel is defined as; The Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA) defines the larger parcel as that tract, or those tracts, of land, which possess a unity of ownership and have the same, or an integrated, highest and best use. Elements of consideration by the appraiser in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use. In the case of the subject and parcel 15 the larger parcel is considered to be both parcels combined which would meet the definition of larger parcel. It appears the reason parcel 14 and 15 are shown as different parcels foi the project is the slight variation in the ownership title. For this parcel a hypothetical condition related to the larger parcel and land size area a total gross site area is considered at 6.6276 acres. The total net site area of the larger parcel is 6.6186 acres. GIS Aerial Parcel 15 Tract under similar ownership 14 Main Street - Hamilton County Project: Main Street Reconstruction Parcel 14 PHOTOS OF THE SUBJECT PROPERTY: Looking W. at the subject from Old Meridian Street Looking E. across the acquisition. Looking N. at the proposed acquisition area from Main St. Looking W. across the proposed acquisition area. 15 Main Street - Hamilton County Project: Main Street Reconstruction Parcel 14 OWNER CONTACT AND PROPERTY INSPECTION: The appraiser mailed the property owner a contact letter and copy of the acquisition documents on August 13, 2014. Title CFR 24.102 © of the Code of Federal Regulations requires that the owner be offered the opportunity to accompany the appraiser on the inspection. The owner's representative Mr. Tony Schelonka contacted the appraiser and an appointment was set for August 20, 2014. Mr. Schelonka can be reached at 317.867.8151 or his cell is 317.695.9026. The appraiser and Mr. Schelonka observed the proposed acquisition and details of the acquisition were discussed. The property was inspected on August 15, 2014 and August 20, 2014 which was the last date of inspection. The effective date of this appraisal is August 20, 2014 with a report date of August 22, 2014. NARRATIVE DESCRIPTION OF PROPERTY: LAND: Topography: The subject property is considered level to street grade with adequate sloping for drainage. The parcel numbers per assessor data are shown as follows; 29- 09 -26- 203 - 023.000 -018 and 29- 09 -25- 000 - 020.000 -018. Confiquration /Size: The subject property consists of a gross area of 6.3796 acres of which 0.009 acres is considered existing r /w. As mentioned, for purposes of analysis, the total area will include the 0.2480 acre tract contiguous (parcel 15) and under similar ownership. The total gross area for this report is 6.6276 acres and a net area of 6.6186 acres. The tract is irregular in shape with frontage along Main Street and Old Meridian Street. The frontage along Main Street consists of 40' and the frontage along Old Meridian consists of approximately 729'. Utilities: The subject property is serviced by all public utilities including water and sewer service. Access: Access is via a drive from Main Street and two separate ingress /egress points from Old Meridian Street. There is a round -about at the intersection of Old Meridian and Main Street. Encumbrances /Restrictions: No adverse encumbrances or restrictions were noted. Typical utility easements are assumed regarding power, water /sewer, telephone and any other public utility. The supplied title works does not show a mortgage. The FEMA flood maps show the subject is not located in the flood hazard area. The map no. is 18057CO207F dated 2 -19 -2003. LAND IMPROVEMENTS: The subject site is supported by typical commercial or special use improved properties regarding the land improvements. These include but not limited to; lawn, asphalt, drainage structures, trees, bushes, concrete areas, light poles, signage, landscape mulch and other landscaping items. The site is considered well groomed and well kept with extensive landscaping and amenities. IMPROVEMENTS: The building improvements are not considered to be impacted by the subject property and are not detailed within the report. A brief description of the buildings is shown below based on the assessor data. No interior observation of the buildings was completed. An observed value is used based on market data as well as assessor information. ID SUMMARY OF IMPROVEMENTS Stry Coast Year Eff Rase Feat- Adj Size or Computed PhysObsolMarket 1 Use R9t Type Grade Consst YearCond Rate urea' Rate Area Value Depr Depr Adj Como Value C THEATRE 0.00 C.1 1960 . 1905 A 0.00 Y 0.00 16802 1029830 70 0 100 100 309000 01 PAVING 5.00 05 C 1930 1970 A 2.00 ?I 2.00 55000 110000 00 0 100 100 3200C Stry CCnst Year tiff Rase 0000- Adj size or Computed PhysObaollarket 1 ID Use ugt Type Grade Coast YearCond Rate urea_ Rate Area Value Depr Depr Adj Comp value C UTL11'OR 0.00 11-1 1970 1970 A 0.00 N 0.00 6440 197340 00 0 100 100 39500 Stry Cans: Year Eff Rase Feat - Adj 01310 or Computed PhysOo]Karket 2 113 19e 12[772 Type Orade Coast Year 03rd A9t0 urea' Rate Area Value Depr Depr Adj Comp value C 72 ..:TOS 0.00 C -1 1928 1934 A 0.00 .•1 0.00 3300 240840 00 0 100 100 49800 Stry C0ast Year Off Rase Feat- Adj S12e Or Computed P7yeObool Market 1 ID Use li91 Type Grade 000St. YearCond Rate ure9 Rate Area Value Depr Depr Adj Comp Value D DWOI.1. 0.00 C 1960 1960 A 0.00 72 0.00 8230 390570 40 0 100 100 234300 16 Main Street- Hamilton County Project: Main Street Reconstruction Parcel 14 SITE SKETCH SHOWING THE ACQUISITION 17 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 PRESENT USE AND /OR HIGHEST AND BEST USE ANALYSIS: (BEFORE) Highest and best use is defined as: "That use of land which is lawful, practicable and proximate, which will produce the greatest return to land after satisfying all requirements of any improvements which must necessarily be placed on the land in order to bring it into the use. Legal restrictions such as zoning or deed restrictions are recognized to the degree that they would affect value to a prospective buyer in contemplation of any attempt to change or defeat the restrictions." The testing criteria for the highest and best use can be summarized as follows: As Vacant: 1) Legally Permissible — The subject is located within the zoning jurisdiction of the Carmel Plan Commission. The subject is zoned OM /SU and OM /MU, Old Meridian Special Use and Old Meridian Mixed Use, which allows for variety of uses. The OM /SU is a more limited use as shown within the zoning information in the addenda. The subject appears to be legal non- conforming. Additional details to the zoning for this property can be found in the addenda of this report. The current use is special purpose. 2) Physically Possible — The subject site could support any allowable use. The area is surrounded by primarily commercial and interim uses. Reasonable access and municipal utilities are available. 3) Financially Feasible — When estimating the highest and best use an appraiser should determine the legal, physical uses which provide a positive economic return. As mentioned, the subject property current use is special purpose. Based on the location to amenities including utilities, shopping and employment centers, interstates and current zoning, the appraiser would consider a more intense use such as office, retail or multi - family to be financially feasible use. This would require a partial re- zoning, but would appear likely based on the adjacent proposed development and other development within a short distance. 4) Maximally Productive — Maximum productivity is the fourth determinate in considering highest and best use. This would bring in the principle of conformity and whether the property conforms to the surrounding area considering use. Reflective of the surrounding property uses and trends, the highest and best use of the subject property, as vacant, would be considered for development of office, retail or a combination of multi - family consistent with the proposed adjacent development to the south. It is noted that the proposed development relies on the Main Street re- construction project due to the current inadequate infrastructure along Main Street between Old Meridian and US 31 for a higher intensity use. In conclusion, the highest and best use, as vacant, is measured by determining the answers to the above four criteria reflective of the market and legalities. Considering these factors, the highest and best use as vacant is considered to be a more intense use than the current use. As mentioned, there is a large scale proposed development consisting of retail and apartments at the corner of Old Meridian and Main Street. The subject highest and best use would be considered consistent with the use with a partial re- zoning needed. Based on the development in the area a re- zoning of the Special Use to a Mixed Use or other would appear likely based on the market. The location of the subject and development patterns in the area would constitute little support for a special use zoning classification. As Improved: The above items show a brief determination of the land as though vacant and ready for development. The highest and best use as improved helps to determine if the existing buildings should be renovated, remain as is, or be razed. In conclusion, the highest and best use, as improved, is measured by determining the answers to the above four criteria reflective of the market and legalities as mentioned under the land highest and best use. Based on these factors it is determined that the highest and best use of the subject property would be for a more intense use. The land as if "bare" would have a highest and best use considered to be inconsistent with the current improvements based on development patterns in the area. The buildings are considered to be an interim use with a highest and best use for development utilizing retail, apartments or a combination of uses. 18 Main Street - Hamilton County Project: Main Street Reconstruction Parcel 14 VALUATION PROCEDURE: Once the style, size and quality of the property was determined this appraiser collected market data, government data and other information to help determine the overall value of the subject property in "as is" condition. Data used was provided by real estate brokers, appraisers, buyers, assessor, auditor, treasurer, and zoning officials. This appraiser will use acceptable methods and techniques recognized in the appraisal industry (see below). For this appraisal it is determined that the sales comparison approach will be used regarding the land value. Observed contributory values may be used regarding land improvements or other items not broken out in the market place. Once the "as is" (before value) is determined this appraiser takes into consideration the proposed acquisition amount and any damages that may occur to the property where applicable. This amount is the estimated compensation amount due to the acquisition. As mentioned, the sales comparison approach will be used regarding the site value. This is the most reliable approach considering the relevant available market data. This appraiser will use other similar sales to the subject site that have occurred in the subject market area. On the following pages the land value will be estimated reflective of sales in the area. Then the subject property land improvements will be valued followed by the building improvements where applicable. An "observed value" will be used for the buildings for this report. Once the before- acquisition value has been determined, the acquisition will be explained and any loss of land, land improvements and damages will be determined where applicable. Typically, there are three accepted techniques utilized by the appraiser to derive an indication of value: the cost approach, the sales comparison approach, and the income approach. While the market approach is generally considered to be the most reliable approach such is the case when an adequate supply of market data exists in the local market place. It is the best measurement of local market conditions and automatically measures all forms of depreciation found in the market place. The cost approach is used in cases involving improved property where market data is weak or non - existent or where improvements are of special purpose design and enjoy little market demand. The cost approach can also be used as support to the other methods of property valuation. The income approach is used primarily in the valuation of income producing properties. METHODS OF VALUATION: There are three classical appraisal techniques available to the appraiser; the Cost Approach, Market (or Sales Comparison) Approach and the Income Approach to value. This appraiser will consider the three approaches to value as they apply to the subject property. The value estimates are based on an appraisal of the whole property, and also focuses in on the right -of -way to be acquired, as it contributes to the whole property. When this appraiser considers the three approaches to value, he might eliminate one or more of the approaches because it is not considered appropriate to the appraisal problem and scope. This appraiser has defined and considered the three classic approaches to value as they relate to the subject property as follows: Cost Approach The cost approach involves determining the replacement cost new of a certain improvement; minus its overall accrued depreciation in order to derive the improvements value. This approach is considered to be a more reliable indicator of value for relatively newer buildings because the inaccuracies involved in measuring the overall depreciation affecting a certain improvement; tend to somewhat compromise the validity of the cost approach. However, an observed depreciated contributory value (ODCV) analysis will be applied to the land improvements valuation based on Marshall & Swift cost manuals considering the overall contribution of each item to the property value. Market Approach The market approach involves the comparison of the subject property to similar properties that have recently sold in the open market in order to conduct a market analysis. This approach has the advantage of reflecting actual buyer and seller activity and is the most widely accepted and developed approach in the valuation of single family residential properties. Its reliability is directly related to the quality and quantity of the comparable sales data available. The market approach is deemed the most applicable in estimating the residential improved portion of the property and a separate land value analysis is implemented to isolate strictly the bareland value of the subject. This approach will be developed and is considered the most reliable indicator of fair market value because it best measures local market conditions and depreciation factors. Income Approach The income approach is based upon the relationship between Income, Rate of return, and Value; commonly known in real estate terms as "IRV'. This approach involves the theory that a property's value can be calculated from comparable market rental data by constructing a stabilized annual net operating income (NOI) divided by an appropriate marketplace overall capitalization rate (OAR). This approach is most meaningful for properties that are generally bought and sold for investment/income purposes. The properties comparable to the subject property are not typically purchased for investment purposes and therefore, the income approach will not be developed in this appraisal report. 19 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 MARKET LAND GRID (6.6186 Net Acres) ❑ IMPROVED ® BEFORE ACQUISITION ® UNIMPROVED ❑ AFTER ACQUISITION (Note: Numbers produced by software may be rounded in final analysis. Comp data sheets maybe slightly different due to rounding.) COMMERCIAL LAND SALES GRID SALE NUMBER SUBJECT CBL -1 CBL -2 CBL -3 CBL -4 ADDRESS 13200 Old Meridian Carmel. IN 12346 Old Meridia Carmel, IN 1250 City Cntr. Or Carmel. IN 136th & Illinois Carmel. IN 14835 Carey Road Westfield, IN Sale Price NIA Date of Sale NIA Net Usable Area (Acres) 6.6186 Parcel Size (Square Feet) 288,306 Visible From Interstate? No Utilities All Site Location Corner Shape Irregular Zoning OMISU -OMIMU $2.100,000 Oct -11 7.922 345,082 No All Corner irregular OMIO $1.178,650 Jun -14 4.286 186,698 No All interior irregular B -3 $1,300.000 Sep -13 5.50 239,580 No All corner Irregular PUD $957.856 Mar -13 5.856 255,087 No All interior Rectangular PUD Property Rights Conveyed Financing Terms € Conditions of Sale " :1 Fee Simple Cash to Seller Arm's Length Fee Simple Cash to Seller Arm's Length Fee Simple Cash to Seller Arm's Length Fee Simple Cash to Seller Arm's Length Sale PricelAcre Sale Price/Square Foot ' is s ?: € 1265,085 $6.09 1275,000 $6.31 1236,364 $5.43 1163,568 $3.76 AL4ruSTMENTS Property Rights Adjusted Sale Price Financing Adjusted Sale Price Conditions of Sale Adjusted Sale Price Market Conditions (time) Adjusted Sale Price $0 $2,100,000 $0 $2,100,000 0.00/ $2,100,000 0.0000 $2,100,000 $0 $1,178,650 $0 $1,178,650 0.00/ $1,178,650 0.0000 $1,178,650 $0 $1,300,000 $0 $L 300,000 0.00/ $1,300,000 0.0000 $1.300.000 $0 $957,856 $0 $957,856 0.00% $957,856 0.0000 *957.856 Adj. Sale PricelAcre Adj. Sale Price/Sq. Ft_ _ _ $265,085 $6.09 $275,000 $6.31 $236.364 $5.43 $163,568 $3.76 WHER ADJUSTMENT5i Location & Interstate Visibility Size Zoning Utilities A'wioaiCha acteistrios Topography Frontage /Access Shape Other Net Adjustment Factor ':': ': 0/ 0/ -5/ 0/ 0/ 0% 0/ 0/ -57 10'/. -5/ -5/ 0/ 0/ 0% 0' /. 0/ 07 0'% -5/ -5/ 0/ 0/ 0' /. 0' /. 0/ -107 20% -5/ -5'/. 0/ 0/ 0/ 0/. 0/ 107 Adj. Sale Price/Acre Adj. Sale Price/Square Foot $251,831 *5_79 $275,000 $6.31 $212,728 $4.89 $179,925 $4.14 Indicated Value of Subjeaj jf> 4::<i<j:ij:!j:':':j $1.666269 $1.820.115 $1.407.962 $1.190.852 Reconciliation 6.6186 Acre z $265,000 1 Acre *1.753.929 Rounded *1.754.000 Low High Mean Median Effective Date Of Time Adjustment Time Adjustment ElAcre //Sri Ft Indicated Value 1179.925 $4.14 $1.190.852 6275.000 $6.31 $1.820.115 6229.871 $5.28 61.472.976 6232,280 $5.34 *1.407.962 20- Aug -14 0.00x 20 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 Explanation and Adjustments: The first elements of comparison between the subject and the comparable sales are property rights appraised, financing, conditions of sale and market conditions. These items are adjusted first to provide an equal analysis point and show a beginning adjusted unit value price before all other elements of comparison. The subject is appraised in fee simple ownership with all comparable sales shown as cash transactions. The appraiser has considered time adjustments with no adjustment deemed necessary. CBL -1 — Sale is located just south of the subject along Old Meridian and Pennsylvania Street in Carmel. The site was improved with a mix use of apartments and retail. The site is triangular in shape with similar overall appeal and size as the subject. A small negative zoning difference adjustment is warranted based on the special use zoning for the subject. A total net adjustment of 5% is completed. CBL -2 — This is a recent sale of a vacant tract located south of the subject along the north side of City Center Drive. A positive 10% adjustment is deemed necessary with the subject location considered superior with traffic counts and visibility. The comparable receives a slight size adjustment with all things being equal a smaller site will bring more per unit value. A small negative zoning difference adjustment is warranted based on the special use zoning for the subject. A total net adjustment of -0- is shown. CBL3 — Sale is located at the corner of 136th Street and Illinois Street just west of US 31. The site is currently being improved. The comparable receives a slight size adjustment with all things being equal a smaller site will bring more per unit value. A small negative zoning difference adjustment is warranted based on the special use zoning for the subject. A total net adjustment of negative 10% is shown. CBL-4 — Sale is located along the east side of Carey Road just south of 151st Street in Westfield. The site is currently being improved with an assisted living facility. A location adjustment is deemed necessary based on the visibility, traffic counts and overall inferior area for commercial development. The comparable receives a slight size adjustment with all things being equal a smaller site will bring more per unit value. A small negative zoning difference adjustment is warranted based on the special use zoning for the subject. A total net adjustment of positive 10% is shown. It is noted that the proposed "Sophia" development project and the "District" project show land sales which are located along Main Street adjacent to the subject tract. A 1.014 acre tract sold in January of 2014 (assemblage parcel) for $247,500 or $244,083/ac. This property is improved with a dwelling which will be razed. Additionally, the property at the immediate corner (SW corner of Old Meridian and Main) along with other adjacent tracts was assembled containing 4.990 acres sold in August of 2011 for $1,055,000 or $211,423/ac. The transfers are not used in this report due to the city may have been a party in a transfer. Reconciliation of Land Value: The adjusted range is shown at $179,925/acre to $275,000 /acre for the four closed sales. The adjusted mean is shown at $229,871/acre and the median is shown at $232,280/acre. Sale CBL -4 is located in Westfield and is the lowest sale. This sale is given little weight. Sale CBL -1, CBL -2 and CBL -3 are located in Carmel. Sale CBL -1 and CBL -2 are located just south of the subject. CBL -1 has frontage along Old Meridian Street and is bounded by a roundabout similar to the subject. The zoning is shown as Old Meridian /office. Sale CBL -2 is located along City Center Drive and is the most recent. CBL -1 and CBL -2 best represent the subject and are given the most weight in the final estimate of value. The arrived at unit rate is a culmination of research from various sources that lead to a specific estimate of value. The various sources for data included; local MLS data, Assessor data, disclosures and local real estate professionals. Based on the data, a correlated final value is estimated at $265,000 /acre. Land Value Calculations: 6.6186 net acres x $265,000 /acre = $1,753,929 0.009 acres existing right -of -way @ $1 = $1 Total = $1,753,930 Say $1,754,000 Total Correlated Site Value $1,754,000 21 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 COST APPROACH: ® BEFORE ACQUISITION ❑ AFTER ACQUISITION (If no changes do not repeat) DEPRECIATION EXPLANATION (PHYSICAL, FUNCTIONAL AND ECONOMIC): Physical depreciation is a loss in value due to physical deterioration and is divided into two types, curable and incurable physical depreciation. Curable depreciation is generally associated with short-lived items and incurable depreciation is generally associated with long -lived items. The condition of the improvements is a measure of the degree at which items subject to physical depreciation have been maintained. The adjustments above reflect the condition and depreciation as recognized in the subject property appraised. Based on the overall age and condition of certain items above and the fact that they are not affected by the proposed acquisition, an observed contributory value has been assigned which takes into account total depreciation to the structures. Functional obsolescence is the loss in the lack of utility or desirability of all or part of the property. Curable functional obsolescence is the lack of utility due to such factors as outdated or inadequate components which could be corrected or replaced without major rebuilding. Incurable functional obsolescence is the lack of utility or desirability due to such factors as poor design, antiquated mechanical systems or the like which cannot be cured except by major reconstruction or renovation and are typically no economically feasible to correct. External Obsolescence is a loss in value due to causes outside of the property itself and therefore, are not considered to be curable as of the appraisal date if noted. The cost approach is used along with an observed-contributory value for some items for the land improvements. The land improvements are valued based on contributory observed value only and not fully developed. The value of the land improvements reflect the improvements which may be in conflict with the overall highest and best use of the land. A interim value for the land improvements is observed. BEFORE SIZE VALUE TOTAL AFTER SIZE VALUE TOTAL DIFFERENCE Lawn area Signs /lights Trees asphalt Concrete areas Landscaping TOTAL $50,000 Building Value (Observed) The buildings are not considered impacted by the acquisition. The value only represents an observed value which is represented by the assessor figures and rounded. These figures can be found on page 16 of this report. SUMMARY OF COST APPROACH (OBSERVED) LAND $ N/A LAND IMPROVEMENTS $ 50,000 BUILDINGS $ 632,500 TOTAL INDICATED VALUE BY COST APPROACH $ 682,500 22 Main Street — Hamilton County Project: Main Street Reconstruction Parcel 14 ® BEFORE ACQUISITION ❑ AFTER ACQUISITION (If no changes do not repeat) INCOME APPROACH The income approach is considered, but not considered relevant since the acquisition pertains to the land area only. TOTAL INDICATED VALUE BY INCOME APPROACH $ N/A 23 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 VALUE ESTIMATE BEFORE R/W ACQUISITION (OBSERVED) COST APPROACH — observed MARKET APPROACH (total) INCOME APPROACH $682,500 $2,436,500 N/A CORRELATION AND FINAL VALUE ESTIMATE FOR ALL LAND, LAND IMPROVEMENTS AND BUILDINGS; Land $1,754,000 Land improvements $50,000 Buildings $632,500 Total $2,436,500 DESCRIPTION OF R/W TO BE ACQUIRED DESCRIBE R/W TO BE ACQUIRED -Land, land and building improvements, temporary and provisional r/w The proposed acquisition is a fee simple interest containing 0.089 acres. There is 0.009 acres of existing r/w to be acquired which leaves a net area of 0.080 acres. The existing r/w is considered under the pavement and will be compensated for based on INDOT guidelines. The acquisition is located at the far southwest corner of the property. The area is utilized for an ingress /egress drive from Main Street as well as parking. The acquisition will include the loss of approximately three parallel parking spaces, lawn area, asphalt (drive area only), curbing and concrete. The parking spaces will be replaced by a cost to cure with the estimate shown within the addenda. The owner's representative indicated there are several areas where they could redo the parking and recapture the lost spaces. The construction plans show a similar ingress /egress point from Main Street in the after. Access is considered unchanged. Acquisition type: Area acquired: Fee simple 0.080 acres Fee simple — PER 0.009 acres Access Rights - Total 0.089 acres ACQUISITION COMPENSATION Land Area: Fee area: 0.080 acres x $265,000 /acre = $21,200 Fee PER area 0.009 acres @ $1.00 Total = $21,201 Say $21,250 Land Improvements: 2,500 sq. ft. of Asphalt @ $1.25/sq. ft. = $3,125 300 sq. ft. of lawn area @ $0.05 /sq. ft. = $15 25 LF of conc. Curb @ $2.50 /LF = $62.50 100 sq. ft. of concrete drive area @ $3 /sq. ft. = $300 Total = $3,502.50 say $3,525 VALUE ESTIMATE AFTER R/W ACQUISITION DESCRIPTION OF PROPERTY AFTER ACQUISITION The residue area per area computation sheet contains 6.2906 acres. The residue area will have a similar configuration, topography, access and overall utility as in the before. The loss of parking spaces will be recaptured at a different location which will be determined by the owner at a later time. Overall, the loss of land and land improvements as detailed within the report does not adversely impact the residue area or buildings within the subject tract. The utility of the tract remains similar in the before and after. 24 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 EXHIBIT "B" RIGHT -OF -WAY PARCEL PLAT Prepared For Indiana Department Of Transportation by: AMERICAN STRUCTUREPOINT INC. 675.1' Residue "A" CITY OF CARMEL PER INSTR. NO. 200300107711 SHEET 1 OF 2 0 25' 50' SCALE: 1 " =50' co Q~ • HATCHED AREA IS THE APPROXIMATE TAKING OWNER: Anthony Properties, L.P. PARCEL: 14 CODE: PROJECT: Main Street Improvements ROAD: Main Street COUNTY: Hamilton SECTION: 26 TOWNSHIP: 18 North RANGE: 3 East DRAWN BY: TLM CHECKED BY: TLM DES. NO.: 1400673 Inst. No. 9609644559, dated June 19, 1996 Sell -offs: Inst. No. 200400005616 (re- recorded as Inst. No. 200400023084) THIS PLAT WAS PREPARED FROM PUBLIC DOCUMENTS AND NOT CHECKED BY A FIELD SURVEY. 25 Main Street — Hamilton County Project: Main Street Reconstruction Parcel 14 Plan Sheets 1L No. 146 No, 145 (26.63) Li) ANTHONY PROPERTIES, L.P. Temp. R/W fcr Storm Sewer Constr. & Grading Str, No. 1498 ri...ADLT.HCANY / f NSURANCE - A +as H ' 118.6' _/ / 'ARI'NLRSIIP 922' ; X10,99 yn 70.31'1 te_'" asph Ili L asd ah Str. No 1143Ja }N I r cq • / r asphalt Exist. App. R/W 63)1 or +34.98 60' +34,98 72' .S, 7• 4 Str. No. c r� A i l t45t .149C ae • y 1 %Str, No, i j / ¶ St No. 149A TS 1� n .7� e � , 1 mac. ===r- = �i'�' -f —T _ �• 4 \ a a r//. /i t / : �(! 14 -IL ° __ Str. No `150 )14V 174*-, 7L- lil ,.a e' >w.11 VT Pi'I'AL No. 143A gale, Type 3-7 & if 36" Plpe )rive to be Coordinated vlth Property Owner Ln 149B -i l0 ANTHONY `• Str. No. Type Jli F SU. No. 145 ry >- A'� f INSURANCE _ '6j 11' of 36" Plpe RecP Catch 8asln, Type K -10 & 26' of 12" Pipe Rey d, e,, Commercial Drive Req'd.' VJ = 24.8' New Yard Dra'n ARTNERSHIP n r. N0, 146 �j Str._No. 148 anhole, T etch Basin, T Ye 13 P. v; J 7' of l pi e l of 36' Pipe & 13' b c! 18" Pipe Reed, ei c 4r� p, R,07 f,. c ( - ' .∎1`'. 5 Sewer + f '60'5- / ruction & l y - , ��� ng i T- II SU II Co 1 Ix. 26 Main Street- Hamilton County Project: Main Street Reconstruction Parcel 14 OTHER COMPENSABLE ITEMS COST -TO -CURE A cost to cure has been included to relocate three lost parking spaces.The estimate was provided by Young & Sons, Whitetown, IN 317.844.8333. The estimate can be found in the addenda. TEMPORARY R/W AND /OR PROVISIONAL R/W Land Value: Present Value Rental Factor Present Value 1 $0 .10 1.00 $0 2 $0 .10 0.909091 $0 3 $0 .10 0.826446 $0 Total = $0 Say $0 SPECIAL BENEFITS No special benefits are applied. EXCESS LAND No excess land to be acquired. $ 4,300 $ N/A $ N/A $ N/A 27 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 VALUE ESTIMATE AFTER R/W ACQUISITION COST APPROACH - observed MARKET APPROACH - total INCOME APPROACH $678,975 $2,407,425 N/A CORRELATION AND FINAL VALUE ESTIMATE The market approach has been utilized to estimate the overall and value in the before. The cost approach represents observed values for land improvements and the building improvements. Land $1,732,750 Land Improvements $ 46,475 Buildings $ 632,500 CORRELATED FAIR MARKET VALUE AFTER ACQUISITION $2,411,725 Less Any Cost -to -Cure, Temporary or Provisional R/W $ 4,300 ESTIMATE OF FAIR MARKET VALUE AFTER ACQUISITION $2,407,425 BREAKDOWN OF ESTIMATED COMPENSATION VALUE OF ACQUISITION Land ($ /Unit X No. Units) 0.080 acres x $265,000 /ac 0.009 acres @ $1.00 Total = $21,250 Land Improvements ($ /Unit X No. Units) 2,500 sq. ft. of Asphalt @ $1.25/sq. ft. = $3,125 300 sq. ft. of lawn area @ $0.05/sq. ft. = $15 25 LF of conc. Curb @ $2.50/LF = $62.50 100 sq. ft. of concrete drive area @ $3/sq. ft. = $300 Total = $3,502.50 say $3,525 Estimate of Fair Market Value Before Acquisition $2,436,500 Estimate of Fair Market Value After Acquisition $2,407,425 DIFFERENCE: $ 29,075 $21,250 Total Land $21,250 $3,525 Total Land Improvements $3,525 Buildings — N/A N/A Total Buildings Total Value of Acquisition INDICATED LOSS IN VALUE TO RESIDUE; Cost -to -Cure $4,300 Damage N/A Less Special Benefits N/A N/A $24,775 Indicated Loss in Value $4,300 COMPENSATION FOR USE OF RNV: Total Temporary R/W N/A Total Provisional R/W N/A ESTIMATE OF FAIR MARKET VALUE FOR ALL R/W ACQUIRED $29,075 28 Main Street— Hamilton County Project: Main Street Reconstruction Parcel 14 ACQUISITION LEGAL DESCRIPTION EXHIBIT "A" Project: Main Street Improvements Parcel: 1.4 Fee Simple Key: No: 29-09-26-203-023.000-018 Sheet l of l A part of the Northeast Quarter of Section 26, Township 18 North, Range 3 East, Hamilton County, Indiana, and being that part of the grantor's land lying within the right of way lines depicted on the attached Right of Way Parcel Plat, marked EXHIBIT "B ", described as follows: Commencing at the Southeast corner of said Quarter section, said corner designated as point "802006" on said plat; thence along the south line of said. quarter section, South 89 degrees 06 minutes 43 seconds West(assumed) 173.80 feet to'''a southeastern corner of that 6.38 acre parcel described in Instrument Number 9609644559, recorded in the Office of the Recorder of Hamilton County, Indiana; said corner being the Point of Beginning of this description: thence South 89 degrees 06 minutes 43 seconds West 40.00_feet continuing along the south line of said quarter section to the southwest corner of said6.38 acre parcel; thence North 00 degrees 07 minutes 07 seconds East 97.73 feet along the west line of said parcel; thence South 79 degrees 58 minutes 00 seconds East 4.72 feet to point "504" designated on said plat; thence North 89 degrees 24 minutes 49 seconds East 35.35 feet to an eastern line of said 6.38 acre parcel; thence South 00 degrees 07 minutes 07 seconds West 96.65 feet along said eastern line to the point of beginning and containing 0.089 acres, more or less, inclusive of the presently existing right -of -way which contains 0.009 acres more or less. This description was prepared for the City of Carmel, Indiana by Tracy L. McGill, Indiana Registered Land Surveyor, License Number 20500009, on the 2nd day of July, 2014. 29 Main Street — Hamilton County Project: Main Street Reconstruction Parcel 14 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS 1. This appraiser makes no warrants or guaranty that the property will sell for the value expressed in the report. If this report is given to a third party, the client shall make the party aware of the assumptions and limited conditions set forth. 2. Ownership is assumed to be in competent and responsible hands. 3. No engineering survey has been made of the subject property. Dimensions as supplied by others are assumed to be correct. (engineering) 4. The report was prepared for the purpose so stated and should not be used for any other purpose or reason. 5. All direct and indirect information supplied by the client and others concerning the subject property is assumed to be true and accurate. 6. Drawings, sketches, maps in this report are presented to assist the reader in understanding the property. The sketches, drawings, maps, etc. may not be to scale. 7. No responsibility is assumed for information supplied by others and is believed to be reliable and correct. 8. The signatories shall not be required to give testimony or attend court or be at any governmental hearing with reference to the said property unless prior arrangements have been made with the client. 9. The legal description used in this report is brief and provided by the local assessor's office or client. No responsibility is assumed for matters legal in nature concerning the legal description, survey, structural, mechanical or any engineering components. No opinion is given as to the title of the property, which is presumed to be good and merchantable. 10. To the best of our knowledge, this report has been written in conformance with the appraisal standards as set by the Federal Reserve System (FIRREA) or Supplemental Standards from the INDOT or Federal Highway Department. 11. This report specifically assumes that there are no site, subsoil or building contaminates present resulting from residual substances or construction materials, such as asbestos, radon gas, PCB, etc. It is suggested that if there are concerns regarding these issues, that an engineering report be obtained. Should any of these factors exist, the appraiser reserves the right to review these findings, review the value estimate, and change the estimates, if warranted. 12. The appraiser's contractual engagement was not conditioned on the report producing a specific value or value within a given range. August 22, 2014 Lonnie D. Miller Certified General Appraiser IN License No. CG40200140 expires 6 -30 -2016 30 Main Street— Hamilton County