Fair Market Value Finding Report_Hwy 151_61 Development LLCMasterpiece on the Mississippi
Dubuque
AN- AmedcaCily
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Bee Branch Creek Restoration Project, Purchase of Commercial Property
DATE: June 1, 2010
City Engineer Gus Psihoyos recommends the City Council establish the fair market
value of a 0.6373 acre parcel north of 16 Street owned by HWY 151 & 61
Development, LLC at the appraised value of $300,000, and authorize the City Manager
to begin negotiations to acquire this property for the Bee Branch Creek Restoration
Project.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Gus Psihoyos, City Engineer
David Heiar, Economic Development Director
/
chael C. Van Milligen
Masterpiece on the Mississippi
BACKGROUND
DISCUSSION
Dubuque
herd
AI- America City
r
2007
TO: Michael C. Van Milligen, City Manager
FROM: Gus Psihoyos, City Engineer
DATE: May 28, 2010
SUBJECT: Bee Branch Creek Restoration Project, Purchase of Commercial Property
INTRODUCTION
The purpose of this memo is to establish the fair market value of property owned by
HWY151 & 61 Development, LLC (HWY151) and seek authorization for the City Manager
to begin negotiations to acquire the property required for the Bee Branch Creek
Restoration Project.
In December of 2004, the City Council established the alignment for the Bee Branch Creek
Restoration Project, from 15th and Sycamore Streets to 24th and Washington Streets, and
established a building permit moratorium for the properties impacted based on the
alignment. The alignment established the properties necessary to be acquired for the Bee
Branch Creek Restoration Project.
On June 5, 2006 the City Council approved a development agreement (Development
Agreement) with HWY151 that provided public financial assistance and other
considerations for the redevelopment of the former Smithfield property on 16th Street.
The terms of the Development Agreement between HWY151 and the City include the
City's acquisition of 3.3 acres more or less of HWY151 property for the Bee Branch Creek
Restoration Project.
Field investigations were performed as part of the engineering associated with designing
the Lower Bee Branch Creek Restoration Project. These investigations revealed that the
existing sewer under the railroad tracks near Garfield Avenue was farther east than
originally thought. As a result, the proposed railroad bridge for the Bee Branch Creek
Restoration project must be shifted to the east which will require the acquisition of an
additional 0.6373 acres from HWY151.
The 0.6373 acres of the property currently zoned as Planned Commercial was appraised
at $300,000.00, which is about $10.81 per square foot.
RECOMMENDATION
I recommend that the City establish the fair market value of the 0.6373 acres of HWY151 &
61 Development, LLC property north of 16 Street at the appraised value and that the City
Manager begin negotiations with the property owner.
ACTION TO BE TAKEN
I respectfully request that the City Council adopt the attached resolution establishing the
fair market value of the 0.6373 acres of HWY151 & 61 Development, LLC property north of
16 Street and authorizing the City Manager to commence negotiations to acquire the
property.
Prepared by Deron Muehring, Civil Engineer II
cc: Barry Lindahl, City Attorney
Deron Muehring, Civil Engineer II
RESOLUTION NO. 171-10
ESTABLISHING THE FAIR MARKET VALUE OF CERTAIN REAL PROPERTY
OWNED BY HWY 151 & 61 DEVELOPMENT, LLC IN THE CITY OF DUBUQUE, IOWA.
WHEREAS, the City of Dubuque (City) intends to acquire certain real property
owned by Hwy 151 & 61 Development, LLC (Owner), legally described as follows (the
Property):
Lot B of Riverview Plaza, in the City of Dubuque, Dubuque County, Iowa
as shown on Exhibit A attached hereto for the purpose of the stormwater con
associated with the restoration of the Bee Branch Creek;
AND WHEREAS, Iowa law requires that City must make a good faith effort to
negotiate with the Owner to purchase the Property before proceeding with condemnation;
AND WHEREAS, City has caused an appraisal of the property to be made and the
appraised value of the property is $300,000.00;
AND WHEREAS, the City Council now desires to establish the fair market value of
the property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Attest:
1. The fair market value of the Property is hereby established to be $300,000.00.
2. The City Manager is hereby authorized to commence negotiations with the
Owner of the Property and any other interested parties for the purchase of the
Property for a purchase price which is not less than the fair market value
established by this resolution.
Passed, approved and adopted this 7th day of June , 2.10.
eanne F. Schnei•er, CMC
City Clerk
Roy D. Buol, Mayor
EXHIBIT A
PREPARED BY: IIW ENGINEERS dT SURVEYORS P.C, 4155 PENNSYLVANIA AVE, DUBUOUE, IOWA, (563)
WEST LINE
/ RIVERVIEW
PLAZA
ACQUISITION PLAT
LOT B OF RIVERVIEW PLAZA IN
THE CITY OF DUBUQUE, IOWA
POINT OF
BEGINNING
G!
Z�
U
al LP.
LP �� R SW COR
IVERVIEW PROPRIETOR: HWY 151 & 61 DEVELOPMENT, L.L.C.
PLAZA PREPARED FOR: STRAND ASSOCIATES, INC.
DATE PREPARED: MAY 19, 2010
I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT WAS PREPARED
AND THE RELATED SURVEY WORK WAS PERFORMED BY ME OR UNDER MY
DIRECT PERSONAL SUPERVISION AND THAT 1 AM A DULY LICENSED LAND
SURVEYOR UNDER THE LAWS OF THE STATE OF IOWA.
FOR IIW ENGINEERS R SURVEYORS. P.C.
JOHN M. TRANMER
LICENSE NO. 12631
DATE
MY LICENSE RENEWAL DATE IS 12/31/2010
PAGES OR SHEETS COVERED BY THIS SEAL SHEETS 1 & 2
R‘
...0101111111111,....
PZA
..1Haullllllmulll..
RAWN ARC
NECKED JMT
ATE 05 - 19 - 10
556 -2464
LEGEND
PLAT BOUNDARY
SET 5/8" IRON ROD
W/ CAP NO. 12631
UK DEARING DISTANCC
L1 NO3'50 "E 83.55'
L2 NO213'27 "E 61.65'
L3 NO3'29'35 "W 62.44'
L4 N08'55'39 "W 62.10'
L5 N16'20'35 "W 34.20'
L6 N38'47'38 "E 30.76'
L7 N41'25'38 "E 50.00'
L8 N49'59'38 "E 47.63'
NORTH
GRAPHIC SCALE
0 100 200
1 =100'
DRAWING MAY HAVE BEEN REDUCED
IIW ENGINEERS &
SURVEYORS, P.C.
INTEGRITY. EXPERTISE SOLUTIONS
4!)r IXRWUEU IIAWEL CRISP. w1
6155 PENNSYLVANIA AYE. OURUOUR IA 12102
YOKE (567) 556.2666 PAX (563) 556.7611
wwwEwms.ao"
PLAT NO. 27 —IA -10
PROD. NO. 06169 -
SHEET 1 of 2
. \06 \169 \169- 03 \OWG \CVL \06169 -O4A
SURVEYOR'S CERTIFICATE
Sheet 2 of 2
1, John M. Tranmer, a Duly Licensed Land Surveyor in the State of Iowa, do hereby certify that the
following real estate was surveyed and platted by me or under my direct personal supervision, To Wit:
Lot B of Riverview Plaza in the City of Dubuque, Iowa, more particularly described as follows:
Beginning at the Southwest corner of said Riverview Plaza;
Thence North 23 degrees 45 minutes 07 seconds West, 356.59 feet along the Westerly line of said
Riverview Plaza;
Thence North 30 degrees 57 minutes 42 seconds East, 395.26 feet along a dimension line, to the Point of
Beginning;
Thence North 03 degrees 50 minutes 55 seconds East, 83.55 feet;
Thence North 02 degrees 33 minutes 27 seconds East, 61.65 feet;
'thence North 03 degrees 29 minutes 35 seconds West, 62.44 feet;
Thence North 08 degrees 55 minutes 39 seconds West, 62.10 feet;
Thence North 16 degrees 20 minutes 35 seconds West, 34.20 feet, to a point on the Northwesterly line of
said Riverview Plaza;
Thence Northeasterly along said Northwesterly line of said Riverview Plaza the following three (3)
courses: North 38 degrees 47 minutes 38 seconds East, 30.76 feet; North 41 degrees 25 minutes 38
seconds East, 50.00 feet; North 49 degrees 59 minutes 38 seconds East, 47.63 feet;
Thence South 13 degrees 34 minutes 25 seconds East, 198.03 feet;
Thence South 30 degrees 57 minutes 42 seconds West, 234.43 feet, to the Point of Beginning.
Containing 0.637 acres, more or less, and subject to easements, reservations, restrictions, and rights -of-
way of record and not of record, the plat of which is attached hereto and made a part of this certificate.
Forth 633101
Parcel Number: Area 3
EMINENT DOMAIN VALUE FINDING REPORT
Record Owner: Hwy 151 & 61 Development, LLC (c /o Steve Smith)
Owner's Mailing Address: 137 Main Street, Dubuque, IA 52001
Address of Property being Appraised: Part of Parcel 1119101024
Project: Bee Branch Creek Restoration County: Dubuaue
This propertyi is described as: Arca 3 as delineated on the exhibit provided by the City of Dubuque, Iowa.
This property consists of 1,724,226 taxable SF before the acquisition.
for highway purposes and 1,696,465 net SF will remain after the acquisition.
Present zoning is PC, Planned Commercial Present use is vacant development land
Appraised on the basis of highest and best use for Commercial Development
before the acquisition and the same after the acquisition.
MARKET VALUE UNDER EMINENT DOMAIN LAW OF THE STATE OF IOWA
The estimate of just compensation* is:
Signed:
$ 300,000
Date of Valuation May 14, 2010
Form 633204
1 hereby certify:
CERTIFICATION OF APPRAISER
Parcel Number: Area 3
Project: Bee Branch Creek Restoration
That 1 personally made a field inspection of the property herein appraised and that 1 have afforded the property owner or his authorized
representative the opportunity to accompany me at the time of inspection. 1 have also personally made a field inspection of the
comparable sales relied upon in making said appraisal. The subject and the comparable sales relied upon in making said appraisal
were as represented by the photographs appropriately supplied.
That to the best of my knowledge and belief the statements contained in the appraisal herein set forth are true, and the information
upon which the opinions expressed therein are based is correct; subject to the limiting conditions therein set forth.
That 1 understand this appraisal is to be used in connection with the acquisition of property by the City of Dubuque.
That this appraisal has been made in conformity with Iowa law, regulation, and the Iowa Department of Transportation Appraisal
Manual as is applicable to the appraisal of this type of property for the stated purpose; and that to the best of my knowledge no portion
of the value assigned to this property consists of items which are noncompensable under the established law of the State of Iowa.
That neither my employment nor my compensation for making this appraisal and report are in any way contingent upon the values
reported herein.
That I have no direct or indirect present or contemplated future personal interest in such property or in any benefit from the acquisition
of such property appraised.
That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the City of Dubuque and
I will not do so until so authorized, or until I am required to do so by due process of law or until l am released from this obligation by
having publicly testified as to such findings.
That the conclusion set forth in this appraisal is my independent opinion of the difference between the fair market value of this
property before and after the proposed acquisition.
Signed: 44 - h..
1 , gins J. l i r
As of May 14, 2010 the estimate of just compensation is S 300,000
Date of Signature: May 17, 2010
Nor.e24- AL it
rY, APP
Form 633205
PURPOSE OF THIS APPRAISAL:
To estimate thc market value of the ownership interest, and the leasehold interest if any, in this property before the proposed
acquisition by the City of Dubuque and the market value of the same interest in the remainder property immediately after the proposed
acquisition. In case the proposed acquisition causes only limited damage, the purpose is to estimate just compensation resulting from
the acquisition, without reporting before and after values. This appraisal considers the loss in value, if any, of owncr's rights in
advertising signs being acquired and is made without consideration of any enhancement that might accrue from the proposed
improvement.
DEFINITION OF MARKET VALUE:
The cash price which would be arrived at as between a voluntary seller willing but not compelled to sell and a voluntary purchaser
willing but not compelled to buy, both of whom are acting freely, intelligently and at arm's length, bargaining in thc open market for
the sale and purchase of the real estate in question. (State of lowa Uniform July Instruction No. 14.4)
DEFINITION OF HIGHEST AND BEST USE:
The utilization of a property to its best and most profitable use. It is that use, chosen from among the reasonably probable and
financially feasible alternative uses which is found to be physically practical, legally acceptable and which results in the highest present
value, as defined, as of the effective date of the appraisal.
HAZARDOUS SUBSTANCE CONTAMINATION:
The appraiser observed the following signs of possible contamination: Noi
FIVE YEAR DELINEATION OF TITLE: (1 f none, so state)
Project: Bee Branch Creek Restoration
Parcel Number: Arca 3
I
As Eiribed
Grantor Grantee Inst Type Inst Date Book & Page Sale Price
Smith - Hurst, LLC Hwy 151 & 61 Dev., LLC WD 12 -06 -2005 2006 496 $500,000
JMC Gold Label Meats Hwy 15I & 61 Dev., LLC WD 3 -11 -2005 2005 3676 $3,400,000
LEASES: (Lessee's Name, Address and Lease Terms)
None
DATE OF INSPECTION AND INVITATION:
The property owner (Steve Smith) was offered an opportunity to accompany me on my inspection of this property. Mr. Smith did not
attend the inspection.
Telephone number of owner or representative contacted: 563 -590 -1708. 1 personally inspected the subjcct property on May 14, 2010.
VALUE FINDING APPRAISAL OF
AREA 3 OF
ASSESSOR PARCEL 1119101024
DUBUQUE, IA
DATE OF APPRAISAL - MAY 14, 2010
DATE OF REPORT - MAY 17, 2010
PREPARED BY
DOUGLAS J. HATTERY
HATTERY REAL ESTATE APPRAISALS, LLC
1216 WEST LOMBARD STREET
DAVENPORT, IOWA 52804
PREPARED FOR
DERON MUEHRING, CIVIL ENGINEER
CITY OF DUBUQUE
50 WEST 13 STREET
DUBUQUE, IA 52001
DOUGLAS J. HATTERY
1216 WEST LOMBARD STREET
DAVENPORT, IOWA 52804
(563) 386 -6606
May 17, 2010
Mr. Muehring:
HATTERY REAL ESTATE APPRAISALS, LLC
REAL ESTATE APPRAISAL AND CONSULTING
Deron Muehring, Civil Engineer
City of Dubuque
50 West 13 Street
Dubuque, IA 52001
RE: RE: Value Finding Appraisal of Area 3 of assessor parcel 1119101024, as delineated on
the exhibit provided by the City of Dubuque, for the Bee Branch Creek Restoration Project.
This appraisal report, plus exhibits, explains and supports my opinion of value of the subject
property. The report was prepared after an inspection of the property, neighborhood, recent
comparable sales, and other factors which I consider to be pertinent to the value of the subject
property.
The subject property consists of a 27,761 SF portion of the former FDL Foods site which is
located on the north side of 16 Street. The property is owned by Hwy 151 & 61 Development,
LLC and consists of 39.58 acres of commercial development land that is currently unimproved.
The proposed acquisition by the City of Dubuque is located adjacent to the 3.30 -acre portion of
the property that is part of a development agreement to accommodate the Bee Branch Creek
Restoration project. I was not provided with a specific legal description of the acquisition area,
and have relied upon the information supplied by the client.
The appraisal date is May 14, 2010, which is the date of inspection of the subject property.
The date of the report is May 17, 2010. Since the acquisition does not involve significant
damages to the remaining property, this report is a Value Finding Appraisal as defined within
the Appraisal Policy & Procedures Manual, August 2003 edition, provided by the Iowa
Department of Transportation, Office of Right of Way.
The purpose of this appraisal is to estimate the difference in the Market Value of the subject
property Before and After the acquisition, as of the appraisal date, relative to the Bee Branch
Creek Restoration Project. The Intended use of the appraisal is to estimate just compensation
for eminent domain purposes as of the appraisal date for acquisition by the City of Dubuque.
The Intended users of the appraisal are the City of Dubuque, and other parties with an interest
in the acquisition process regarding the subject property.
- continued-
Area 3
No Phase I environmental audit has been provided regarding the subject property. No
hazardous conditions were obvious upon the inspection, and the property is appraised as if
clean of all contamination, above and below ground.
This appraisal was prepared according to the contract/assignment from the City of Dubuque.
The intended use of the appraisal is for eminent domain related acquisition. The appraisal is
prepared under the Jurisdictional Exception provision contained in the Uniform Standards of
Professional Appraisal Practice ( USPAP). In preparing the appraisal, the appraiser has
conformed with all parts of USPAP except those that are contrary to State and Federal
requirements. The appraisal was prepared in conformance with the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, Public Law 91 -646, as amended
and Chapters 6B and 316, Code of Iowa. The report was not prepared under USPAP reporting
requirements but does conform to the requirements of State and Federal law as implemented in
the Iowa Department of Transportation Appraisal Manual reporting requirements.
As a result of my investigation, based upon my analysis of the included data, it is my opinion
that the difference between the fair market value of this property before and after the proposed
acquisition as of May 14, 2010 is $300,000.
Respectfully Submitted,
BY: D as J.
-2- May 17, 2010
THREE HUNDRED THOUSAND AND NO/100 DOLLARS
HATTERY REAL ESTATE APPRAISALS, LLC
TABLE OF CONTENTS
Letter of Transmittal
Property Photographs 1
Purpose and Scope of the Appraisal 2.
Summary of Salient Facts and Conclusions 3.
Legal Description and Address of Subject Property 4.
Neighborhood and Area Analysis 5.
Site Analysis 6.
Statement of Highest and Best Use 7
Description and Analysis of the Acquisition 8
Subject Property Valuation 9.
Value Finding Summary 10.
Assumptions and Limiting Conditions 11.
Appraiser Qualifications
Addenda
1.
PROPERTY PHOTOGRAPHS
The photo above is a view of the westerly portion of the subject property "pack site ", and the
acquisition area as seen facing northeast from 16 Street.
PURPOSE OF THE APPRAISAL:
2.
PURPOSE AND SCOPE OF THE APPRAISAL
The purpose of this appraisal is to estimate the difference in the Market Value of the subject
property Before and After the acquisition, as of the appraisal date, relative to the Bee Branch
Creek Restoration Project. Eminent domain law in the State of Iowa has established the
following definition of Market Value:
The term fair and reasonable market value means the cash price which would be arrived at as
between a voluntary seller willing but not compelled to sell and a voluntary purchaser willing but
not compelled to buy, both of whom are acting freely, intelligently and at arm's length,
bargaining in the open market for the sale and purchase of the real estate in question. Such
term does not mean the value under peculiar circumstances where greater than its fair price
could be obtained, nor does it mean the price which the property would bring at a forced sale. It
does not mean what the property is worth to the plaintiff nor what the defendant can afford to
pay, but what it is fairly worth in cash on the open market, as above stated. (Uniform Jury
Instruction No. 14.4).
In short, the fair and reasonable market value of a property is to be considered in the same
manner that a knowledgeable, voluntary buyer determines the fair and reasonable market value
of a property- -what are its capabilities, what are its detriments, what is it fairly and reasonably
worth in the market place? The Jury and /or Compensation Commission is entitled to be
informed of all factors which (1) the willing seller would impress upon the willing buyer that tend
to show value, and (2) the willing buyer would impress upon the willing seller that tend to show
lack of value -- including sales of comparable properties and evidence of its highest and best
use. (Uniform Jury Instruction No. 14.6 and annotated authorities). See also Bellew v. ISHC,
171 N.W.2d 284, 288, 289 (Iowa 1969) and In Re Primary Road No. 141, 124 N.W.2d 141, 147
(Iowa 1963).
The determination of "Market Value" may not consider or reflect any enhancement or diminution
in value of the subject, caused by the building of the project which has prompted the taking.
(No sales exhibiting these effects may be used as a comparable in arriving at the value of the
subject property, either before or after the date of condemnation.) Uniform Jury instruction 14.3
and Soconv Vacuum Oil Co. v. State of Iowa, 170 N.W.2d 378. (Iowa 1969).
INTENDED USE AND INTENDED USERS OF THE APPRAISAL:
The intended use of the appraisal is to estimate just compensation for eminent domain
purposes as of the appraisal date for acquisition by the City of Dubuque. The intended users
of the appraisal are the City of Dubuque, and other parties with an interest in the acquisition
process regarding the subject property.
- continued-
DATE OF THE APPRAISAL:
The appraisal date is May 14, 2010, which is the date of inspection of the subject property.
The date of the report is May 17, 2010. This report is a Detailed Narrative Appraisal as
defined within the Appraisal Policy & Procedures Manual, August 2003 edition, provided by the
Iowa Department of Transportation, Office of Right of Way.
DELINEATION OF TITLE:
According to the available records, portions of the subject property last transferred on two
occasions over within the past five years. The first transfer was on March 11, 2005 for a
reported consideration of $3,400,000. This transfer was for a large portion of the property (prior
to the demolition of the buildings), as well as several lots located south of 16 Street. The
second transfer was on December 6, 2005 for a reported consideration of $500,000. This
transfer involved an 8.73 -acre portion of the site and appears to have involved one of the
members of the ownership group as both buyer and seller. The subject site is currently for
sale, although specific prices are dependent upon the size and location within the development.
[Although the above information is believed to be true and correct, no reliance should be
assumed in that the appraiser is not responsible for items of a legal nature.]
APPRAISAL PROCESS:
2 -A.
PURPOSE AND SCOPE OF THE APPRAISAL (CONTINUED)
The appraisal process is a systematic method of gathering data regarding sociological,
physical, economic, and governmental forces in order to analyze and interpret their influence, in
terms of value, on a specific real property. In this process three basic approaches are typically
used, the Cost, Sales Comparison and Income Capitalization Approaches. Each is based upon
the principle of substitution which states that an informed purchased would pay no more for the
rights in a particular real property than the cost of acquiring without undue delay an equally
desirable one.
Cost Approach, according to the definition as stated on page 81 in The Dictionary of Real
Estate Appraisal, copyright 1993, by the Appraisal Institute, the Cost Approach is defined as:
"A set of procedures through which a value indication is derived for the fee simple
interests in a property by estimating the current cost to construct a reproduction of, or
replacement for, the existing structure; deducting accrued depreciation from the
reproduction or replacement cost; and adding the estimated land value plus an
entrepreneurial profit. Adjustments may then be made to the indicated fee simple value
of the subject property to reflect the value of the property interest being appraised."
- continued-
2 -B.
PURPOSE AND SCOPE OF THE APPRAISAL (CONTINUED)
Sales Comparison Approach, according to the definition as stated on page 318 in The
Dictionary of Real Estate Appraisal, copyright 1993, by the Appraisal Institute, the Sales
Comparison Approach is defined as:
"A set of procedures in which a value indication is derived by comparing the property
being appraised to similar properties that have been sold recently, applying appropriate
units of comparison, and making adjustments to the sale prices of the comparables
based on the elements of comparison. The Sales Comparison Approach may be used
to value improved properties, vacant land, or land being considered as though vacant; it
is the most common and preferred method of land valuation when comparable sales
data are available."
Income Capitalization Approach, according to the definition as stated on page 178 in The
Dictionary of Real Estate Appraisal, copyright 1993, by the Appraisal Institute, the Income
Capitalization Approach is defined as:
"A set of procedures through which an appraiser derives a value indication for an income -
producing property by converting its anticipated benefits (cash flows and reversion) into
property value. This conversion can be accomplished in two ways. One year's income
expectancy can be capitalized at a market - derived capitalization rate or at a capitalization rate
that reflects a specified income pattern, return on investment, and change in the value of the
investment. Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield rate."
The last step in the appraisal process is the Correlation and Reconciliation of the value
estimates derived by each approach used into a final estimate of value. Through the interaction
of analyzing costs and depreciation, rental rates, expense estimates and capitalization rates,
and direct -sale comparables, the results of each approach to value should be similar.
SCOPE OF THE APPRAISAL:
The appraisal report is prepared under a Jurisdictional Exception, based upon Article 1, Section
18 of the Iowa Constitution, which prohibits consideration of increases or decreases in a
property's value caused by the project. R specifically states "shall not take into consideration
any advantages that may result to said owner on account of the improvement for which it is
taken ".
It is my opinion that the Acquisition does not significantly damage the remaining property and
that the Value Finding report format is appropriate. Therefore, I have not valued the entire
property, but have estimated the contributory value of the land within the acquisition area. The
Cost and Income Approaches have been considered, but not developed in this appraisal
because the property is not improved and commercial sites are not typically rented. 1 have
estimated the value of the property based upon the comparable sales analyzed. In the Sales
Comparison analysis, 1 have researched and analyzed sales of similar properties (as well as the
subject sales) located in the subject market area and estimated the value of the subject by
weighing various differences. All of the sales data have been confirmed by a principal involved
(buyer, seller, or broker).
3.
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
DATE OF APPRAISAL: May 14, 2010
DATE OF REPORT: May 17, 2010
PROPERTY TYPE: Vacant Site
SIZE OF PROPERTY BEFORE THE ACQUISITION: 1,724,226 SF
SIZE OF FEE TITLE ACQUISITION: 27,761 SF +/-
SIZE OF PROPERTY AFTER THE ACQUISITION: 1,696,465 SF
OWNERSHIP: Hwy 151 & 61 Development, LLC
ZONING: PC, Planned Commercial
IMPROVEMENTS: None
RIGHTS APPRAISED: Difference in the Market Value of the Fee - Simple Interest
to the subject property Before and After the acquisition.
4.
LEGAL DESCRIPTION AND ADDRESS OF SUBJECT PROPERTY
ADDRESS:
LEGAL DESCRIPTION:
Lengthy —See Deeds in Addenda.
North side of 16 Street, Dubuque, IA
Source: Warranty Deeds 2005 -3676 and 2006 -496 (copies in Addenda).
FIRM
PRODUCT /SERVICE
APPROXIMATE
EMPLOYEES
JOHN DEERE
HEAVY EQUIPMENT
1,800
MERCY HEALTH CENTER
HEALTH CARE
1,325
DUBUQUE SCHOOLS
EDUCATION
1,600
FLEXSTEEL INDUSTRIES
SEATING PRODUCTS
450
MEDICAL ASSOC CLINIC
HEALTH CARE
743
HEARTLAND FINANCIAL
FINANCIAL SERVICES
760
FINLEY HOSPITAL
HEALTH CARE
920
HOLY FAMILY SCHOOLS
SCHOOLS
500
EAGLE WINDOW AND DOOR
WINDOWS AND DOORS
750
Dubuque, Iowa is the largest community and the county seat of Dubuque County, and is
located in northeast Iowa. Dubuque is located 70 miles north of the IA -IL Quad Cities, 160
miles northwest of Chicago, IL, and 70 miles northeast of Cedar Rapids, Iowa. Population
figures for Dubuque and Dubuque County over the last three census periods are as follows:
As can be seen from the above population figures, the Toss in population through the 1980's is
consistent with many Midwestern agricultural areas which experienced decline in the decade of
the 1980's. The decade of the 1990's was generally positive, and many communities like
Dubuque have rebounded and stabilized over the past 5 -7 years. The recent economic
downturn has been characterized by sluggish growth. The City of Dubuque appears to be
generally stable.
TRANSPORTATION:
5.
AREA AND NEIGHBORHOOD ANALYSIS
The area is served by two U.S. Highways 151, 20, 52, 61 and State Highways 3 and 84. There
continues to be upgrades in Highway 61, providing expressway type traffic north and south.
The area is also served by railroad and Mississippi River barge carriers. The Dubuque
Municipal Airport is located south of Dubuque along Highway 61 and provides some
commercial airline service through American Airlines, as well as charter service.
INDUSTRY, GROWTH TRENDS AND MAJOR EMPLOYERS:
Dubuque has a typical mixture of major employers. Aside from John Deere, the manufacturing
companies are relatively small. Although there are fluctuations in the John Deere workforce,
the employment situation appears to be relatively stable. The Dubuque area has experienced
the same economic downturns that many communities experienced in the decades of the
1970's and 1980's. A list of some of the major employers is shown below.
- continued-
1980
1990
% change
2000
% change
Dubuque County
93,745
86,403
-7.8%
89,143
3.2%
Dubuque
62,321
57,538
-7.6%
57,686
0.3%
Dubuque, Iowa is the largest community and the county seat of Dubuque County, and is
located in northeast Iowa. Dubuque is located 70 miles north of the IA -IL Quad Cities, 160
miles northwest of Chicago, IL, and 70 miles northeast of Cedar Rapids, Iowa. Population
figures for Dubuque and Dubuque County over the last three census periods are as follows:
As can be seen from the above population figures, the Toss in population through the 1980's is
consistent with many Midwestern agricultural areas which experienced decline in the decade of
the 1980's. The decade of the 1990's was generally positive, and many communities like
Dubuque have rebounded and stabilized over the past 5 -7 years. The recent economic
downturn has been characterized by sluggish growth. The City of Dubuque appears to be
generally stable.
TRANSPORTATION:
5.
AREA AND NEIGHBORHOOD ANALYSIS
The area is served by two U.S. Highways 151, 20, 52, 61 and State Highways 3 and 84. There
continues to be upgrades in Highway 61, providing expressway type traffic north and south.
The area is also served by railroad and Mississippi River barge carriers. The Dubuque
Municipal Airport is located south of Dubuque along Highway 61 and provides some
commercial airline service through American Airlines, as well as charter service.
INDUSTRY, GROWTH TRENDS AND MAJOR EMPLOYERS:
Dubuque has a typical mixture of major employers. Aside from John Deere, the manufacturing
companies are relatively small. Although there are fluctuations in the John Deere workforce,
the employment situation appears to be relatively stable. The Dubuque area has experienced
the same economic downturns that many communities experienced in the decades of the
1970's and 1980's. A list of some of the major employers is shown below.
- continued-
CONCLUSIONS:
5 -A.
The trends with respect to population, employment, construction and tourism are fairly typical of
midwestern river frontage communities. The economy, in general appears to be rebounding
somewhat. The residential sector appears to be ahead of the commercial sector in this
recovery. The Dubuque area unemployment rate has risen over the past few years, and was at
7.8% in March of 2010. While this is higher than the past few years, there are many areas that
have experienced more job losses than Dubuque.
NEIGHBORHOOD DATA:
AREA AND NEIGHBORHOOD ANALYSIS (CONTINUED)
Identification and Delineation: The subject neighborhood is just northeast of the "downtown"
area, and is located in the eastern portion of Dubuque, Iowa. The subject neighborhood is
roughly bounded by Highway 61 on the east, 20 Street on the north, 14 Street on the south,
and the railroad ROW to the west.
Property Types: The area has a variety of uses, with a balance of vacant sites, residential,
Tight industrial, and commercial uses interspersed. There are several vacant sites in the area,
and the homes and commercial buildings are generally older.
Neighborhood Trends and Changes: The subject neighborhood is about 50% built -up with
various improvements. The major influence on the area is the development of the subject site,
which is the former FDL foods "pack site ". The site has been purchased and has had the
buildings cleared from the site and the rough grading mostly completed. The property was
rezoned to a PUD type classification (PC, Planned Commercial), which would allow for large
retail, or other commercial uses. The developers of the subject "pack" site have also been
purchasing properties in the immediate subject neighborhood in order to provide sufficient land
area for development. The development of the pack site has been slow, partially because of
the general economic situation of the past few years. Nevertheless, it appears that this portion
of the community (the pack site and the area south of 16 Street) is poised to see development
in the relatively near future.
Competition: The subject neighborhood competes with other developing intensive commercial
areas within Dubuque, but the area is somewhat distinct, as an older, fringe downtown
neighborhood. The area is generally stable, but will likely see some redevelopment in the
future, and the general outlook is basically positive.
Adverse Influences: There appears to be no obvious adverse influences on the subject
neighborhood.
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6.
SITE ANALYSIS
Location: The entire subject property is located along the north side of 16 Street, east of the
railroad tracks. The exhibit on the page opposite is a conceptual layout of the property, with the
development agreement area surrounded in red, and the acquisition area shown in yellow.
Size and Shape: The subject lot is an irregular shape and consists of a total area of 39.58
acres (1,724,226 SF +1 -), according to the available records. The primary frontage is along 16
Street.
Access and Traffic Flow: The property will primarily be accessed from 16 Street, which is
currently a two -lane, two -way street with traffic flowing basically east -west. The exact
development layout of the site has not been determined, but I have presumed that the subject
site will have suitable access.
Topography: The subject property is basically level and is at grade with the surrounding
streets. According to the City of Dubuque, the property is located in Zone X, which is not a
100 -year or 500 -year floodplain.
Zoning and Utilities: The subject property is located within the city limits of Dubuque and is
currently zoned PC, Planned Commercial. This zoning classification is unique to the subject
and is essentially a PUD type of zoning that allows for a wide variety of commercial uses,
depending on the final uses. The site is served by all municipal utilities.
Improvements: The subject property is currently unimproved.
7.
STATEMENT OF HIGHEST AND BEST USE
The subject site consists of a total area of 39.58 acres, has level topography and all city utilities
available. There are a number of commercial uses that would be physically possible. The
immediate neighborhood is partially undeveloped, and has been stable for many years.
However, there is the distinct possibility of intensive commercial development of the area,
considering the potential activity associated with the subject site. The current zoning would also
allow a variety of commercial uses and therefore, commercial development is legally
permissible. The most recent activity in the neighborhood involving the subject site and
properties across 16 Street (to the south) indicates that the subject site would have potential
for some type of commercial development, as indicated by the recent pending offer on a portion
of the subject site. This indicates that commercial development is financially feasible. Based
on these factors, it is my opinion that intensive commercial development is the maximally
productive use of the site and that future commercial development represents the Highest and
Best Use of the subject property.
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8.
DESCRIPTION AND ANALYSIS OF THE ACQUISITION
The proposed project involves the construction of the Bee Branch Creek Restoration
improvements. The proposed Fee Title Acquisition consists of 0.637 acres (27,761 SF) and
is located at the north end of the area involved in a previous development agreement with the
City of Dubuque. The acquisition area provides additional area that may potentially be required
to construct the Bee Branch Creek improvements. The acquisition area is shown highlighted in
preen in the exhibit on the page opposite. In my opinion, the remaining property will still be
readily developable and the acquisition does not create significant damages to the remaining
property. The acquisition does not appear to adversely affect the potential layout of the site, or
access to the site. It is my opinion that the property will be equally functional for development
After the acquisition as Before the acquisition.
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9.
SUBJECT PROPERTY VALUATION
The subject site is located northeast of the downtown area. The immediate neighborhood is
characterized by a variety of vacant lots, residential, commercial, and Tight industrial uses. The
area has more vacant land than the nearby downtown area, and the land values do not appear
to be as high as in the downtown area, primarily because downtown sales often involve older,
improved buildings which are demolished to create a vacant site. The cost of the improved
property &I the cost of the demolition tends to make the vacant land very costly, relative to
other vacant commercial sites in other neighborhoods. It is not unusual to have a per square
foot land cost that is higher in the downtown area than in the most popular intensive commercial
development areas in a community. The range of sale prices per SF in the other commercial
development areas is generally from $10.00/SF to $15.00/SF. There are sales in the
$16.00/SF to $20.00 /SF range (including the recent Walgreens sale at 20 and Elm Streets),
but in my opinion these are atypical of the market, in general.
The subject neighborhood does have some current influence from the demand for land by the
developers of the "pack siteTM. I have researched land sales in the subject neighborhood, and
the trends appear to be consistent, with the older sales (2004 -2006) having a per SF price in
the $6.00 to $7.00 range, and the most recent sale discovered involving the developers of the
pack site having a per SF price of $10.68/SF. It is not unusual for the general market
conditions to improve over time, but economic conditions do not always improve, and
corresponding land values do not necessarily rise, particularly if there is limited new building
activity. The economic difficulties of the past two years are well known, and there is limited new
development in the commercial sector at this time. Therefore, I have not adjusted the
comparable sales from 2007 for time, as the value of commercial development land does not
appear to have appreciated demonstrably since that time. The sales analyzed below are good
comparables which illustrate a reasonable value range for the subject site. The comparable
sales most heavily relied upon are summarized below, with detailed writeups in the Addenda.
Sale 1 is a 2,560 SF paved parking lot located on the east side of the 1400 block of Central
Avenue. This property was purchased in March of 2005 for $45,000 ($17.58/SF). The site is
utilized as a rental parking lot. The site has 9 spaces which have rented for $25.00 /month. The
property was sold to the owner of a commercial building located across Central Avenue. In my
opinion, this sale would require downward adjustments for the paving, and for the slightly
superior location. The net adjustment to the sale price /SF is downward, relative to the subject
property.
Sale 2 is a 2,500 SF site located in the northwest corner of 15 Street and Maple Street, just
south of the subject. This vacant parcel was sold by G & S Real Estate to the owner of the
adjacent parcel in May of 2004 for $15,000 ($6.00 /SF). This site is a good direct comparable
with respect to size and location, but would require an adjustment for time (market conditions
have strengthened since 2004). Therefore, it is my opinion that an upward adjustment for time
(market conditions) is appropriate. In my opinion, the net adjustment to the sale price /SF of this
sale is significantly upward.
- continued-
9 -A.
SUBJECT PROPERTY VALUATION (CONTINUED)
Sale 3 is a 3,502 SF site located on the east side of the alley between Cedar and Maple
Streets, just south of 16 Street. This vacant parcel was sold by William Blum to SB
Development (one of the developers of the subject site) in August of 2006 for $24,000
($6.85/SF). This site does not front Cedar Street, but was improved with a single - family home
in previous years. In my opinion, the subject land is more desirable because it is part of a
larger site that fronts a street, and this factor would indicate an upward adjustment, as well as a
minimal upward adjustment for time. The overall (net) adjustment is significantly upward,
relative to the subject.
Sale 4 is the city block bordered by 15 and 16 Streets and by Cedar and Sycamore Streets.
This property was purchased by SB Development (the pack site developers and subject
owners) from Alvin Blum. The property was primarily vacant land, and there were small, older
buildings which the seller indicated had minimal contributory value. The property consists of 10
lots (all 51.5' x 100') which are separated by the public alley. This 51,500 SF property was
purchased in August of 2007 for $550,000 ($10.68/SF). In my opinion, this sale is the most
meaningful sale for a current indication of land value trends in the immediate area. This sale
would require minimal overall adjustment. The overall adjustments for the sales discussed
above, relative to the subject property are summarized below.
Sale Size (SF) Sale Price Sale Price /SF Net Adjustment
Sale 1 2,560 $45,000 $17.58 Downward
Sale 2 2,500 $15,000 $6.00 Large Upward
Sale 3 3,502 $24,000 $6.85 Large Upward
Sale 4 51,500 $550,000 $10.68 Minimal
I have also considered a pending sale of a portion of the subject site, which the owners have
indicated would involve approximately 2 acres. The ownership has provided a copy of the
purchase agreement, which has not been fully completed. The anticipated sale price is
$10.00 /SF. This would be a very positive event for the future development of the immediate
area and could spur additional development in the near future. This is not a closed sale, but it
does lend some support for the value estimated for the subject land.
CONCLUSIONS: The sales primarily required adjustments for location and time. As previously
mentioned, the current neighborhood trend has been affected by the subject site development,
and the demand for neighborhood parcels for that development. The sale prices in the subject
neighborhood are comparable to other parcels in arguably more desirable commercial locations
in the community. The pack site development has been slow to materialize, but there is a
pending sale, and this may spur other development in the immediate area. Based upon my
analysis of the sales, adjusted for differences, it is my opinion that the market value of the
subject land (as if vacant) is at, or near $11.00/SF. In my opinion, the acquisition does not
reduce the development potential of the property and there are no measurable damages to the
remainder. The compensation for the 27,761 SF acquisition area is estimated at $300,000
(27,761 SF x $10.81 /SF).
As a result of my investigation, based upon my analysis of the included data, it is my opinion
that the difference between the fair market value of this property before and after the proposed
acquisition as of May 14, 2010 is $300,000.
,4r.-
THREE HUNDRED THOUSAND AND NO /100 DOLLARS
HATTERY REAL ESTATE APPRAISALS, LLC
B Y: Do sJ.Ha terry, Appraiser
10.
VALUE FINDING SUMMARY
11.
ASSUMPTIONS AND LIMITING CONDITIONS
1. The photographs contained in the individual appraisal reports were taken by the appraiser
on the date the property was inspected. Any photo taken on a different date or by another
person will be appropriately labeled.
2. The title to the property is good and merchantable, free and clear of all liens and, there are
no encumbrances other than those mentioned in the appraisal report.
3. The plans, plats, legal descriptions and other data furnished by others are assumed to be
correct and reliable but the appraiser assumes no responsibility for their accuracy.
4. The individual appraisals are made in accord with the Code of Iowa and do not reflect any
benefit from the proposed improvement or non - compensable items of damage.
5. Any temporary easement area acquired will be retained by the acquiring authority until
completion of project construction and will be returned in the condition indicated by the highway
plans.
6. The existing drainage will not be adversely affected by highway construction unless
otherwise specified in the data furnished and the tile lines on the remaining property will
function properly after highway construction is completed.
7. The property is appraised as though under responsible ownership and typical management.
8. The property owner will be paid separately for the cost of fencing the new right of way line, if
such fencing is needed, in those cases where the acquiring authority does not erect a right of
way fence. The property owner has a right to pasture livestock adjacent to any state erected
fence but must assume all responsibility for restraint of such livestock. Any effect on fencing
other than right of way fence or temporary fence will be considered in the individual appraisal
reports.
9. The property owner or lessee will be paid separately for Toss, if any, of growing crops or
completed field work.
10. The acquiring authority may use any or all of the contents of the appraisal reports only for
its normal business functions.
EDUCATION:
Graduate of Galesburg Senior High School, Galesburg, Illinois, 1981
Graduate of University of Colorado, Boulder, Colorado, 1985
Bachelor of Science in Business with majors in Marketing and Small Business
Management
APPRAISAL INSTITUTE COURSES:
Course 1A -1, Real Estate Appraisal Principles, June 1992, Tom Bennett, MAI, sponsored by
the University of Colorado and the Appraisal Institute, Boulder, Colorado
Course SPP Parts A & B, Standards of Professional Practice, March 1993, Guy Romito, MAI
and Jim Schroeder, MAI, sponsored by Chicago Chapter -of the Appraisal Institute, Chicago,
Illinois
Course 120, Real Estate Appraisal Procedures, February 1994, Joseph Magdziarz, SRPA,
SRA, sponsored by Chicago Chapter of the Appraisal Institute, Chicago, Illinois
Course 210, Residential Case Study, March 2001, Maggie Hambleton, SRA, sponsored by
Chicago Chapter of the Appraisal Institute, Chicago, Illinois
Course 310, Income Capitalization, October 1999, Joseph Magdziarz, SRPA, SRA, sponsored
by Chicago Chapter of the Appraisal Institute, Chicago, Illinois
Course ILVII, Nonresidential Report Writing, April 2001, Susan Rex, sponsored by Chicago
Chapter of the Appraisal Institute, Chicago, Illinois
EXPERIENCE:
Present Hattery Real Estate Appraisals, LLC, Davenport, Iowa
August 1995 — September 2006 Stahl - Hattery Valuation Services, LLC, Davenport, Iowa
January 1992 - August 1995 American Real Estate Ltd. Davenport, Iowa
CERTIFICATION:
APPRAISER QUALIFICATIONS - DOUGLAS J. HATTERY
Certified General Real Property Appraiser by the State of Iowa, Certificate #CG01824
Certified General Real Estate Appraiser by the State of Illinois, License #553.001382
ADDENDA
I
M a:
SALE #: 1
ADDRESS: 1400 Central Avenue TERMS: Cash to Seller
ZONING: C -4, Commercial GRANTOR: K & L Properties
LAND SIZE (SF): 2,560 SF GRANTEE: Zapf Family Trust
SALE DATE: 3 -30 -2005 CONFIRMED BY: Grantor (Kehrli)
SALE PRICE: $45,000 RECORDING: 4622 -05
SALE PRICE /SF: $17.58
REMARKS: This parcel was sold to the owner of a commercial building located across the
street. The site is paved and is utilized as a rental parking lot, with 9 spaces. The rent is
somewhat below market, according to the seller, at $25 per month.
SALE #: 2
ADDRESS: NWC 15 & Maple
ZONING: H -I, Heavy Industrial
LAND SIZE (SF): 2,500 SF
SALE DATE: 5 -14 -2004
SALE PRICE: $15,000
SALE PRICE/SF: $6.00
REMARKS: This unimproved parcel
neighboring property.
TERMS: Cash to Seller
GRANTOR: G & S Real Estate
GRANTEE: Tony Zenner
CONFIRMED BY: Grantor (Schwartz)
RECORDING: 8376 -04
is a 1/2 lot (25' x 100') which was sold to the owner of the
SALE #: 3
ADDRESS: SWQ 16 & Cedar TERMS: Cash to Seller
ZONING: H -I, Heavy Industrial GRANTOR: William Blum
LAND SIZE (SF): 3,502 SF GRANTEE: SB Development
SALE DATE: 8 -4 -2006 CONFIRMED BY: Blum
SALE PRICE: $24,000 RECORDING: 12072 -06
SALE PRICE /SF: $6.85
REMARKS: This unimproved parcel does not front Cedar Street, but fronts the alley between
Cedar and Maple Street. The lot is 51.5' x 68' and was formerly improved with a single - family
home. The property was purchased by the developer of the "pack site ".
SALE #: 4
ADDRESS: Cedar St Block (15 to16 TERMS: Cash to Seller
ZONING: H -I, Heavy Industrial GRANTOR: Blum Properties
LAND SIZE (SF): 51,500 SF GRANTEE: SB Development
SALE DATE: 8 -21 -2007 CONFIRMED BY: Alvin Blum
SALE PRICE: $550,000 RECORDING: 12834 -07
SALE PRICE /SF: $10.68
REMARKS: This property is the city block bounded by 15'" and 16'" Streets, and by Cedar and
Sycamore Streets. The property consists of 10 lots, each 51.5' x 100', separated by the city
alley. The parcel is mostly unimproved land, with small buildings, which had no significant
contributory value according to the seller. The property was purchased by the developer of the
"pack site ".
• (Page 2 of 3)
An, - Pa..n rat. x.+rn/+.r 9A14_AAAAAd44
THE IOWA STATE BAR ASSOCIATION
Official Fenn No. 101
Brian J. Kane 1SBA * 7604
FOR THE LEGAL EFFECT DF THE USE OF
MIS FORA, coNatlLT Yot1R LAWYER
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J WARRANTY
7
�UC[AT'�
For the consideration of
Dollar(s) and other valuable consideration,
SMITH - HURST, LLC, an Iowa
DEED
Ten (510.00)
limited liability company
do hereby Convey to
HWY 151 & 61 DEVELOPMENT, LLC, an Iowa limited liability company
the following described real estate
Lot 2 of Lot J of FDL Second Addition,
In Dubuque County, Iowa:
plat thereof
in the City of Dubuque, Iowa, according to the recorded
Grantors do Hereby Covenant with grantees, and successors In interest, that grantors hold the real estate by title
in fee simple; that they have good and lawful authority to sell and convey the real estate; that the real estate Is Free
and Clear of all liens and Encumbrances except as may be above stated; and grantors Covenant to Warrant and
Defend the real estate against the lawful claims of all persons except as may be above stated. Each of the
undersigned hereby relinquishes all rights of dower, homestead and distributive share In and to the real estate.
Words and phrases herein, Including acknowledgment hereof, shall be construed as In the singular or plural
number, and as masculine or feminine gender, according to the context.
STATE OF Dated: December 6, 2005
COUNTY OF SMI , ,.
This Instrument was acknowledged
me on ,
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before fr
.
by BY Steven J. Sm
(Grantor)
(Grantor)
Notary Public
(This tone or acknowledgment for
•
(Grantor)
(Grantor)
Individual grantor(s) only)
o n w bwa nue ear As:w atlm 2005 101 WARRANTY DEED
IOWADOCSo RaYYW Ja uai . 2005
• (Page 2 of 3)
An, - Pa..n rat. x.+rn/+.r 9A14_AAAAAd44
tray= .1. 1.71 c)
ENTERED FOR TAXATION ON
This (5• day of (Al\a,µ1 2015
DENISE M. DOLAN
1- .tlra my d t4
By /rdP )1' tr y . �
Deputy
Prepared by: Arthur F. Gilloon, of Norman, Gilloon, Wright & Hamel, P.C., 800 Main Street, P.O. Box 857, Dubuque, IA 52004 - 0857;
(563) 556 -6433
Address tax statement Hwy 151 & 61 Development, LL.C., c/o Platinum Services, Inc., Attn: Wayne A. Briggs, 137 Main Street, Dubuque, IA 52001
WARRANTY DEED
(CORPORATE GRANTOR)
For the consideration of Ten and no /100 ($10.00) Dollars and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, JMC GOLD LABEL MEATS, INC., a corporation organized and existing under the laws of Delaware,
does hereby Convey to HWY 151 & 61 DEVELOPMENT, L.L.C., an Iowa Limited Liability Company, the following described real estate
in Dubuque County, Iowa:
SEE ATTACHED EXHIBIT A FOR THE LEGAL DESCRIPTION.
THIS DEED IS GIVEN WITH THE FOLLOWING RESTRICTIVE COVENANT: GRANTEE AND ANY
SUCCESSOR OR ASSIGNEE OF GRANTEE IS PROHIBITED FROM USING THE REAL ESTATE, DIRECTLY
OR INDIRECTLY, FOR THE PROCESSING OR SALE OF MEAT OR MEAT PRODUCTS INCLUDING,
WITHOUT LIMITATION, THE SLAUGHTERING OF HOGS, CATTLE, LAMB, OR POULTRY, AND THE
PROCESSING, CUTTING, PRODUCTION, PACKAGING, STORAGE, DISTRIBUTION, MARKETING, OR SALE
OF MEAT PRODUCTS OR BY- PRODUCTS, OR FOR THE PRODUCTION OF ETHANOL, METHANOL,
BIODIESEL, OR RELATED PRODUCTS, ALL FOR A PERIOD OF TEN (10) YEARS FROM THE DATE OF THIS
WARRANTY DEED. THIS RESTRICTIVE COVENANT SHALL NOT, HOWEVER, INCLUDE ANY
RESTRICTION AGAINST RETAIL SALES OF THE AFORESAID PRODUCTS OR STORAGE THEREOF FOR
THE PURPOSE OF RETAIL SALES OF THE AFORESAID PRODUCTS.
The Corporation hereby covenants with grantees, and successors in interest, that it holds the real estate by title in fee simple; that
it has good and lawful authority to sell and convey the real estate; that the real estate is fret and dear of ail liens and encumbrances, except
as may be above stated; and it covenants to Warrant Defend the real estate against the Iawful claims of all persons, except as may be
above stated.
Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or pluraj,numben;,Iccordipg,
to the context. ti , ∎ ,�� r4, 3r7� ��.,, • ,
4, �Y
By ` ti ' N v
� 2005. L `
: .:J ' s w .1 C' f p/ -
, ;i) Dated: March / •
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STATE OF VIRGINIA, e Orr ,),>■C3l\ COUNTY, ss:
111 111111111111111111111
Recorded; 03/15/2005 at :28 :6 Ph
Fee Amt: $5,478.20 Pape 1 of 2
Revenue Tax: =5.428.20
Dubuque County Iowa
Kathy Flynn Thurlow Recorder
Fi1•2005- 00003676
JMC GOLD LABEL MEATS, INC.
Michael H. Cole, Vice- President
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On this i I day of March, 2005, before me, the undersigned, a Notary Public in and for said State, personally appeared
Michael H. Cole, to me personally known, who being by me duly sworn, did say that he is the Vice - President of said corporation; that
the seal affixed thereto is the seal of said corporation; that said instrument was signed and sealed on behalf of said corporation by authority
of its Board of Directors; and that they e,ittddiabut H. Cole, as such officer, acknowledged the execution of said instrument to be the
voluntary act and deed of said corpoptttp a td y him voluntarily executed.
Gominormaitli Emoossec Harm Is My ` 18 �o4tivlt'',• d Wary Pit& Sod
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Hook , Page , File Number 2005- 00003676
(Page 2 of 2)
EXHIBIT A
Lot 1 of Lot 1 of FDL Second Addition, in the City of Dubuque, Iowa, ac to
the recorded plat thereof,
AND
Lots 1 and 2 of the north half of lot 292, the south half of lot 292, lots 293, 294, 295,
296, 297, 298, lot 1 of lot 299, lot 1 of lot 1 of lots 300 and 301, lot 300A, lot 300B,
lot 300C; that portion of vacated Maple Street, lying between the north curb line of
East 16th Street to the south curb line of East 17th Street; lot 2 of lot 1 of lot 304, lot
1 of lot 2 of lot 305, lot 1 of lot `B" of' lot 1 of lot 305; lot 2 of lot 1 of Vacated
Maple Street north of 18th Street; lots 306, 307, 308, 309, 310, lots 1 and 2 of lot
311, lots 312, 313, 314, 315, the vacated "unvacated portion of Sycamore Street
situated north of the north side of' 16th Street running northerly to the south side of
the vacated portion of East 19th Street ";
in East Dubuque No. 2, in the City of Dubuque, Iowa,
Lot 316, lot 2 of lot 354, lot 355, in East Dubuque No. 2, in the City of Dubuque,
Iowa,
Lots A, B and C, of Dubuque Packing Company Addition, in the City of Dubuque,
Iowa,
Lot 2 of lot 3, lot 1 of lot I of lot 4, and, lot 2 of lot 5, in Block 2, in Railroad
Addition, in the City of Dubuque, Iowa,
Lot 2 of "Vacated East Nineteenth Street between East line of Mineral Lot 106 and
west line of Original Sycamore Street extended ", in the City of Dubuque, Iowa,
Lot "A" ofMineral Lot 106 (according to the Correction Plat recorded as Instrument
No. 8861.77), in the City of Dubuque, Iowa,
Lot 1, in Block 3, in Dubuque Packing Company Addition, in the City of Dubuque,
Iowa,
according to the respective recorded Plats thereof.
Book , Page , File Niaober 2005- 00003676