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Fair Market Value_SB Development LLC (Smith)Masterpiece on the Mississippi Dubuque hititi All- AmedcaCity I'll! 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: May 28, 2010 City Engineer Gus Psihoyos recommends the City Council establish the fair market value of Lot 1 -354 East Dubuque Addition owned by SB Development, LLC, at the appraised value of $35,000, 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 Michael C. Van Milligen Masterpiece on the Mississippi Dubuque Intil AN- AmericaCiiy II s 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 Lot 1 -354 East Dubuque Addition and seek authorization for the City Manager to begin negotiations to acquire the property required for the Bee Branch Creek Restoration Project. BACKGROUND 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. DISCUSSION The property described as Lot 1 -354 East Dubuque Addition was identified for acquisition based on the project alignment approved by the City Council. The property was appraised at $35,000.00. RECOMMENDATION I recommend that the City establish the fair market value of Lot 1 -354 East Dubuque Addition 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 Lot 1 -354 East Dubuque Addition 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. 172-10 ESTABLISHING THE FAIR MARKET VALUE OF CERTAIN REAL PROPERTY OWNED BY SB DEVELOPMENT, LLC IN THE CITY OF DUBUQUE, IOWA. WHEREAS, the City of Dubuque (City) intends to acquire certain real property owned by SB Development, LLC (Owner), legally described as follows (the Property): Lot 1 -354 East Dubuque Addition, in the City of Dubuque, Dubuque County, Iowa as shown on Exhibit A attached hereto for the purpose of the stormwater conveyance 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 $35,000.00; 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: City Clerk 1. The fair market value of the Property is hereby established to be $35,000.00. 2. The City Manager is hereby authorized to commence negotiations with the Owner of the Property and any other interested parties for the purchase of the Property for a purchase price which is not Tess than the fair market value established by this resolution. Passed, approved and adopted this 7th eanne F. Schneider, CMC day of June , 010. (9 Roy D. uol, Mayor Exhibit A Bee Branch Creek Restoration Project Property Acquisition Legal Description: Lot 1 -354 East Dubuque Addition r1 EL s P Iv E P IEh- PL:+ =1 1 • 1 ' r - ▪ k \ -r . r - � .+ E I. LOT 355 EL TGUEIJ. IJE LOT 376 E= BTDUBIJ:IJELDD o w. • f LOT 376 E=:TGUEUK r' \ LGT36v EL.STC r- r _ r \ \ r r 11•It 31; Ei ST GU BI E _C \ , \ 1 L ▪ 1; EL STDUBUvUEli2r \ f r '\ p �d 31. " E-. ST DU Bsp :..0 1i1i •\ ▪ .� .-. r \ &S.' • \ r " 4e.rLOT 3 17 EL T CUEUOUE jC \ r f \ \ r \ P \ �.04. 111.., ‘‘...........0°. �! E I T 352E ST C�1JEUvUE 'G i LOT! 16 E. ST DUBU4VEi6C. \ \ r � UBV:UE L CC, r r \ ... I \ LOT 3S_E 7CLIBU•:11E'C•[• Ni \ y � " '\ r \ �\ \ \ r _ \ �! a ` El. LOT 351 E ST GUBUuUE+ GC a a \ LOT 313 EL:3TDUBIb:UE =COQ \ \ • r I:? LOT 4::. E- ST 4U 13UvUE -(1:. L . } T 3 5 3 E A 2 T D U B U C / U E A CO ▪ Pla.P ea L "T3EIE r • \ r 1'3$: r �. �r \ f r ' 1.N . • LOT ..r. ' EiSTGUEUGUE'GG r - r ` r _ �. - l {�T:35 E= v[Duel - .LIE:: GC. r 1 y - • r\ '� r� '\ %a 0�r O r `r r r • \ r - r LOT: • 351 365. 38b. 3b'. 168.106L. Y13.410 x.111 it \ EL ST C"JE'J'JE .c ii: LOT - 320 r "\ \• r'' 1 .1 E- STDUSUOLIEi4G t P. a -r - \ r 1 r • � rf • \ r r r r - \ r� .r \ r' r r jore 37 EL ST DU UEi P y r LOT 150 EL 3TDU81.3.:1.1 ELDD \ Date 2010 20091 2008 $01 $0 $0( $0[ 2007 $0 so + Assessed Building Value $0 $0 + /Assessed Dwelling Value + (Assessed Land Value $10,600 $10,6001 $10,600 $10,600 + Exempt Value $10,600 $10,6001 $10,600 $10,600 _'Gross Assessed Value - !Exempt Value $10,600 $10,6001 $10,600 $10,600 _ 'Net Assessed Value Date Seller Buyer 'Recording INUTC 'Type (Deed Amount $24,000.00 18/4/2006 I $0 1D06 -12072 ,VACANT LOTS Dubuque County, IA Summary Parcel ID 1024285010 Alternate ID 4- 4 -3 -15 Property Address Sec/Twp/Rng Brief Tax Description LOT 1 -354 EAST DUBUQUE ADD (Note: Not to be used on legal documents) Deed Book /Page 06-12072 (08042006) Contract Book /Page N/A Iowa Land Records Gross Acres 0.00 Net Acres 0.00 Class C - Commercial Taxing District DUBA - DUBUQUE CITY /DBQ COMM SCH School District DUBUQUE COMM SCH Owners Deed Holder Sb Development LLC 4962 Asbury Circle Dubuque IA 52002 Land Lot Area Sales Valuation Taxation 0.08 Acres; 3,502 SF Contract Holder Mailing Address Includes sales on or after 1/1/2003 ObeaconTw Click to Enlarge Date Created: 4/28/2010 2008 2007 + Taxable Building Value $0 $0 + Taxable Dwelling Value $0 $0 + Taxable Land Value $10,600 $10,572 = Gross Taxable Value $10,600 $10,572 - Military Credit $0 $0 = Net Taxable Value $10,600 $10,572 x Levy Rate (per $1000 of value) 34.71604 34.44665 = Gross Taxes Due $367.99 $364.17 - Ag Land Credit $0.00 $0.00 Dubuque County, IA Summary Parcel ID 1024285010 Alternate ID 4- 4 -3 -15 Property Address Sec/Twp/Rng Brief Tax Description LOT 1 -354 EAST DUBUQUE ADD (Note: Not to be used on legal documents) Deed Book /Page 06-12072 (08042006) Contract Book /Page N/A Iowa Land Records Gross Acres 0.00 Net Acres 0.00 Class C - Commercial Taxing District DUBA - DUBUQUE CITY /DBQ COMM SCH School District DUBUQUE COMM SCH Owners Deed Holder Sb Development LLC 4962 Asbury Circle Dubuque IA 52002 Land Lot Area Sales Valuation Taxation 0.08 Acres; 3,502 SF Contract Holder Mailing Address Includes sales on or after 1/1/2003 ObeaconTw Click to Enlarge Date Created: 4/28/2010 - Family Farm Credit I $0.00 $0.00 FT Homestead Credit I $0.00] $0.00 F --- Disabled and Senior Citizens Credit I $0.00 $0.00 Net Taxes Due I $368.00 $364.00 Pay Property Taxes Special Assessments Tax History Year Due Date 2008 March 2010 2007 March 2009 September 2008 Photos September 2009 Show DeediContract Click here to enter the County Treasurer's web site. Amount Paid Date Paid Receipt $184 Yes $184 Yes $182 Yes $182 Yes Show Deed /Contract 02/16/2010 09/30/2009 05/18/2009 02/25/2009 385541 332185 7 } Form 633 W 1 EMINENT DOMAIN DETAILED APPRAISAL FEE ACQUISITION Parcel Number: C9 Project: Bee Branch Creek Restoration County: Dubuque Record Owner; SB Development. LLC (c/o Steve Smith) Owner's Mailing Address: 137 Main Street. Dubuque. IA 52001 Address of Property being Appraised; Parcel 1024285010 This property is described as: Lot 1 of the Subdivision of Lot 354 in East Dubuque. an addition to the City of Dubuque. Iowa. This property consists of 3.502 taxable SF before the acquisition. for highway purposes and / net SF will remain after the acquisition. Present zoning is H -I. Heavv Industrial Present use is vacant lot Appraised on the basis of highest and best use for Common's! Development before the acquisition and the same after the acquisition. MARKET VALUE UNDER EMINENT DOMAIN LAW OF THE STATE OF IOWA Value of the entire property before the acquisition is: Value of the remaining property after the acquisition is: The estimate of just compensation is : Date of Valuation Signed: $ 35.000 S 35.000 May 14.2010 Form 633204 I hereby certify: CERTIFICATION OF APPRAISER Project: Bee Branch Creek Restoration Parcel Number. C9 That I 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. I 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 arc true, and the information upon which the opinions expressed therein are based is correct; subject to thc limiting conditions therein set forth. That I understand this appraisal is to be used in connection with thc acquisition of property by the City of Dubuque. That this appraisal has been made in conformity with Iowa law, regulation, and thc 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 nonconpensable 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 dircct 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 1 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 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. As of May 14. 2010 the estimate of just compensation is S 35.000 Signed: Date of Signature: May 17.2010 1 Form 633205 PURPOSE OF THIS APPRAISAL, Project: Bee Branch Creek Restoration Parcel Number; C9 To estimate the market value of the ownership interest, and thc 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 owner'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 the open market for the sale and purchase of the real estate in question. (State of Iowa Uniform Jury 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 usc, 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 thc appraisal. HAZARDOUS SUBSTANCE CONTAMINATION; The appraiser observed the following signs of possible contamination: Not® As 9ribed FIVE YEAR DELINEATION OF TITLE: (If none. so state) Grantor Grantee Inst Type Inakals .k & sac Sale Price William & Dorothy Blum SB Development, LLC Warranty Deed 8-4 -2006 2006 -12072 $24,000 LEASES: (Lessee's Name. Address and Lease Termsl 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 subject property on May 14, 2010. NARRATIVE APPRAISAL OF MARKET VALUE OF THE FEE - SIMPLE INTEREST OF LOT 1 OF THE SUBDIVISION OF LOT 354 IN EAST DUBUQUE ADDITION DUBUQUE, IA DOUGLAS J. HATTERY HATTERY REAL ESTATE APPRAISALS, LLC 1216 WEST LOMBARD STREET DAVENPORT, IOWA 52804 DATE OF APPRAISAL - MAY 14, 2010 DATE OF REPORT - MAY 17, 2010 PREPARED BY PREPARED FOR DERON MUEHRING, CIVIL ENGINEER CITY OF DUBUQUE 50 WEST 13 STREET DUBUQUE, IA 52001 1 DOUGLAS J. HATTERY 1216 WEST LOMBARD STREET DAVENPORT, IOWA 52804 (563) 3864606 May 17, 2010 Deron Muehring, Civil Engineer City of Dubuque 50 West 13"' Street Dubuque, IA 52001 HATTERY REAL ESTATE APPRAISALS, LLC REAL ESTATE APPRAISAL AND CONSULTING RE: Narrative Appraisal of Market Value of the Fee - Simple Interest of Lot 1 of the Subdivision of Lot 354 in East Dubuque Addition located between Cedar and Maple Street, south of 16"' Street in Dubuque, IA, for the Bee Branch Creek Restoration Project. Mr. Muehring: 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 3,502 SF (51.5' x 68') vacant site which is located on the east side of the alley between Cedar and Maple Streets, between 15"' and 16'" Streets. The property is owned by SB Development, LLC and is currently unimproved. The proposed acquisition by the City of Dubuque is a total acquisition in Fee Title. 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. The purpose of this appraisal is to estimate the Market Value of the subject property, as of the appraisal date, relative to the Bee Branch Creek Restoration Project, which requires the acquisition of the subject property in Fee Title. 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. 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 ail contamination, above and below ground. - continued- Dubuque Vacant Lot 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 as of May 14, 2010 the Market Value of the Fee - Simple Interest of the subject property is at, or near ;35,000. Respectfully Submitted, THIRTY FIVE THOUSAND AND NO /100 DOLLARS HATTERY REAL ESTATE APPRAISALS, LLC -2- May 17, 2010 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 and Improvement Analysis 6. Statement of Highest and Best Use 7. Valuation of the Subject Property Cost Approach to Value 8. Sales Comparison Approach to Value 9. Income Capitalization Approach to Value 10. Reconciliation and Final Value Estimate 11. Assumptions and Limiting Conditions 12. Appraiser Qualifications Addenda PROPERTY PHOTOGRAPHS The photo above is a view of the subject property as seen facing southeast from 16 ' Street. PURPOSE OF THE APPRAISAL: 2. PURPOSE AND SCOPE OF THE APPRAISAL The purpose of this appraisal is to estimate the Market Value of the subject property, as of the appraisal date, relative to the Bee Branch Creek Restoration Project, which requires the acquisition of the subject property. 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 wining 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 suer would impress upon the rolling buyer that tend to show value, and (2) the willing buyer would impress upon the wilting 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). SUMMARY OF SUBJECT PROPERTY: The subject property consists of a 3,502 SF (51.5' x 68') vacant site which is located on the east side of the alley between Cedar and Maple Streets, between 15 and 16 Streets. The property Is owned by SB Development, LLC and is currently unimproved. The proposed acquisition by the City of Dubuque is a total acaui ition In Fee Title. - continued- DATE OF THE APPRAISAL: DELINEATION OF TITLE: 2 -A. PURPOSE AND SCOPE OF THE APPRAISAL (CONTINUED) 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. 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. According to the available records, the subject property last transferred on August 4, 2006 from William and Dorothy Blum to SB Development, LLC via Warranty Deed 2006 -12072 for a reported consideration of $24,000. [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: 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 Dia 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 spedfied income pattem, return on investment, and change in the value of the investment. Altemativey, the annual cash f 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 depredation, 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. Ii 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'. In this appraisal, I have relied upon the Sales Comparison Approach. The property is unimproved, and the Cost Approach is not applicable. Vacant lots are not typically rented, and the Income Capitalization is not particularly applicable either. I have estimated the value of the property based upon the comparable sales analyzed. In the Sales Comparison Approach, I have researched and analyzed sales of similar properties (as well as the subject sale) 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: 3,502 SF OWNERSHIP: SB Development, LLC ZONING: H -I, Heavy Industrial IMPROVEMENTS: None RIGHTS APPRAISED: Market Value of the Fee - Simple Interest to the subject property. ADDRESS: LEGAL DESCRIPTION: 4. LEGAL DESCRIPTION AND ADDRESS OF SUBJECT PROPERTY Source: Warranty Deed 2006 -12072 (copy in Addenda). East side of alley between Cedar and Maple Streets between ir and 16 Streets, Dubuque, IA Lot 1 of the Subdivision of Lot 354 in East Dubuque, an Addition to the City of Dubuque, Iowa. 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 5. AREA AND NEIGHBORHOOD ANALYSIS Dubuque, Iowa is the largest community and the county seat of Dubuque County, and is located in northeast Iowa. Dubuque is located 70 mites 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 loss 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: 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 downtums that many communities experienced in the decades of the 1970's and 1980's. A hst 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% 5. AREA AND NEIGHBORHOOD ANALYSIS Dubuque, Iowa is the largest community and the county seat of Dubuque County, and is located in northeast Iowa. Dubuque is located 70 mites 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 loss 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: 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 downtums that many communities experienced in the decades of the 1970's and 1980's. A hst of some of the major employers is shown below. - continued- CONCLUSIONS: NEIGHBORHOOD DATA: 5 -A. AREA AND NEIGHBORHOOD ANALYSIS (CONTINUED) 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. Which this is higher than the past few years, there are many areas that have experienced more job losses than Dubuque. 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, light 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 former FDL foods 'pack site ". The large site has been purchased and has had the buildings cleared from the site and the rough grading mostly completed. This property is owned by essentially the same ownership group as the subject property. The property was rezoned to a PUD classification, which would allow for large retail, or other commercial uses. The developers of the 'pack" site have also been purchasing properties (like the subject) 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. Lot 1 -354 East Dubuque Add.jpg - Gmail Page 1 of I P FI E P'v 1EW PL A to . joleicTi Is EAST DUBUOVE O rA r r goe • r• \ r 2% EAS VB!w3UE$CC 1 L'2 LOT 213t EA IT {!8 ADC• • ▪ \ LOT233 EA t CV UEADD 1215 E. TC•U BUG" UE.4 \C. -.0• lk:TOT 201 EST DU Blk:•r1 f• l •r . U'Et l•:T 31S EA ST DU BUGU lr r \ 1 1 .3n ......_/ . • �Jr' \ r \ r AtTDUBU• }UE � \ • r\ l �. , r• r • r ,\ • • L \ E I \LOT355 EA: TC•UBUOUE \DG t f' r r•1 W I\ LOT 355 EAST DUBUOU r • LOT 373 EA S T DU BU•:IUE ADC • af'fr LOT 373 EASTDUEV ►.# r 51 E3.TOUBU }UE DD , LCT3i0 EA TC \ \ r . Va Ca 1 r 1 1 r �'' tM \ \ \ r \ y \ \ \ r �l r • '"' \ ' t 'r E1. 1OT351EASTDUBUCUEADO LOT 313 WST nV DU E A CO \ r' I. WN LOT 351 EA3TDUBUOUE'DD • \ ! l •��,r• ; \ v. ... •r LOTS \ EA•.TDUBUOUE LOT 324 ' , 1, r' \ K� r ,r• \ 1J \ • r' i 1, \LOT33 1 r` r • LOT 353 EA.1TDUB000EA DC. ,\ \ r\ ` r r ` �! 'rr' EI. LOT352EASTDUBIh7UE�•D 01332 1 • t LOT IS EAST DUBUQUE ADD \ \ P • 4...' \ Al LOT 352 EA:T DUBUQUE DD .334. 353. 385.317. 463.403A. 405.1 8 111 At r \ r 1 r' r 1OT380 EASTC•UBL10UEADD \ https: // mail. google .com/mail / ?ui= 2 &ik= 32ab7c5a86& view= att &th= 12846469498a 1 fie &attid= 0.1... 4/28/2010 6. SITE ANALYSIS Location: The subject property is a platted lot which is located between Cedar and Maple Streets, between 15 and 1 Street. Size and Shape: The subject lot is rectangular and consists of 3,502 SF (51.5' x 68'), as shown on the plat on the opposite page. There is no frontage along Cedar or Maple Street, but the property fronts the alley. Access and Traffic Flow: The property would be accessed from the alley on the west side of the site. Maple Street and Cedar Street are two -lane, two-way streets with onstreet parking. 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 r,Lot, a 100 -year or 500 -year floodpiain. Zoning and Utilities: The subject property is located within the city limits of Dubuque and is currently zoned H -1, Heavy Industrial District. This zoning classification allows for a wide variety of commercial uses. The site Is served by all municipal utilities. Improvements: The subject property is unimproved. The subject site consists of a total area of 3,502 SF, and has all city utilities available. 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 activity associated with the "pack site" to the north of the subject. According to the City of Dubuque Zoning Department, the current zoning would allow primarily industrial uses. The most recent activity In the neighborhood Involving the "pack site" indicates that the subject site would have potential for some type of commercial development, if It was assembled with surrounding land. While the City of Dubuque would not Guarantee that rezoning would be allowed, 1 have presumed that there is a reasonable likelihood that the property could be rezoned and utilized as part of a larger commercial development. However, the property would not require rezoning for many commercial uses. The use of nearby land for development indicates that the maximally productive use of the site would likely be for a relatively intensive commercial use of some type. Therefore, it Is my opinion that the Highest and Best Use of the subject property is for future commercial development. 7. STATEMENT OF HIGHEST AND BEST USE 8. COST APPROACH TO VALUE The subject property is essentially a vacant site, and the Cost Approach to Value is not particularly applicable. Therefore, I have relied primarily upon the Sales Comparison Approach in estimating the value of the subject property. COST APPROACH TO VALUE N/A ---- ,- kw - .0,...,..,.., .s., }12- r ..„ , .... , ^ 0 ,,, ...,,.. ,....)......0.... 0 00„ Apt n..1% 102 7001 2 I, .0 .o 1. ,..,,1 2590 5 0247'12 - 02128100 102 OS • sr, 02 760 • .0 5 -12427000 42 3 024285 1 "N , 3 0 10242880 .0 " 02427600 o • .., 102327 001 0 0 , •,1 1 4279001 0 7. .19'■ ..,,,,,,,, . ,..,,,,,„..„aii:,1„0 0 28 i .,5 2 ,,, .0 ., ,. .., .se .... ., 7 I. . -76' •" st 0 42134015 02 8 002 .1'5' n .7.., 11. 02 2850C' o 0 6 21" 5 14 0 0 428 01 ..‘ . ‘ 6 10 28 007 1- ,.-- 8 02427 1 t e0_,...,„ 02427 0 10 8 132. .°' C" 02427 61 024282 1 0 sr, 024 820 02 S "..... .00 2 8.30 0 Se. ,,,,,A oo 1024 8 '° 10 429020 n .60 ,,•.• 1. 5 un ........ , 10 p 1124 83001 '8% 2 1., is 0242 41 .0% 11 4 7011 02427 01 02 701 .sas5 102428 0 42 012 10 428900 O 1 428900 tf. .,1024289 10 NN 02 288004 s ' .2<1289003 0 2 289011 ol .‘ • e 39 5 7. 21 0 '40 428800 ,b1 .0 0 4288001 •,47° 42800 024 • Subject Sale 4 0 85009 1024433010 ■ .020 102428 15 10 428.2O3 11 9 1 •0 30 lt 41 53012 5 • 02 2900 4 7 -0 280 1119101024 433 1024433012 P1 2. .24.433-073 1024433013 PI 2 PT 10.24.453.013 1 44330 12 7.1 1119152005 Pt : 9. SALES COMPARISON APPROACH TO VALUE 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 vacaht and 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 Myi 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 pries 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 site ". 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 sate 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 lime. The sales analyzed below are good comparables which illustrate a reasonable value range for the subject site. The comparable sales most heavily rued upon are summarized below, with detailed writeups in the Addenda. Sale 1 is a 2,560 SF oayed 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 acijustments 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 comer of 15 Street and Maple Street, just south of the subject. This vacant parcel was sold by O S 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. SALES COMPARISON APPROACH TO VALUE (CONTINUED) Sale 3 is the subject sale which was sold by William Blum to the current owners (SB Development) in August of 2006 for $24,000 ($6.85 /SF). The site does not front Cedar Street or Maple Street. In my opinion, the subject would be more desirable if it fronted a street, although it would likely be used for assemblage with neighboring property for a more intensive development. Nevertheless, this factor would indicate an upward adjustment, as well as a minimal upward adjustment for time. The overall (net) adjustment is upward, in my opinion. 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 Tots (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, although a minimal downward adjustment for direct street frontage would be appropriate. 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 Adiustment Sale 1 2,560 $45,000 $17.58 Downward Sale 2 2,500 $15,000 $6.00 Large Upward Subject 3,502 $24,000 $6.85 Large Upward Sale 4 51,500 $550,000 $10.68 Minimal Downward I have also considered a pending sale of a portion of the "pack 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 n21 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. Additionally, two of the sales are of slightly smaller sites, with the exception of Sale 4. Smaller sites typically sell for more per SF than larger sites, and this is a factor when comparing the subject site to other commercial sales in Dubuque. As previously mentioned, the current neighborhood trend has been affected by the pack 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 3,502 SF subject site is at, or near $35,000 ($10.00/SF). VALUE BY THE SALES COMPARISON APPROACH $35,000 10. INCOME CAPITALIZATION APPROACH TO VALUE The subject property is a vacant site, and the Income Approach to Value is not particularly applicable. Therefore, I have relied primarily upon the Sales Comparison Approach in estimating the value of the subject property. INCOME APPROACH TO VALUE N/A 1 1. RECONCILIATION AND FINAL VALUE ESTIMATE COST APPROACH TO VALUE N/A SALES COMPARISON APPROACH TO VALUE $35,000 INCOME CAPITALIZATION APPROACH TO VALUE N/A The subject property consists of a 3,502 SF (51.5' x 68') vacant site which is located on the east side of the alley between Cedar and Maple Streets, between 15 and 16 Streets. The property is owned by SB Development, LLC and is currently unimproved. The proposed acquisition by the City of Dubuque is a total acquisition in Fee Title. 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 Aporaisal 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 Market Value of the subject property, as of the appraisal date, relative to the Bee Branch Creek Restoration Project, which requires the acquisition of the subject property in Fee Title. 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. 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 aH 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, and in concurrence with the FAA Advisory Circular 150/5100 -17, Chapter 2. The report was not prepared under USPAP reporting requirements but does conform to the requirements of State and Federal taw as implemented in the Iowa Department of Transportation Appraisal Manual reporting requirements. - continued- CONCLUSIONS: CONCLUSIONS: 11 -A. RECONCILIATION AND FINAL VALUE ESTIMATE (CONTINUED) Exposure and Marketing time: The improved properties researched indicated a wide variety of exposure times. Longer marketing times are generally caused by changes in Highest and Best Use, declining desirability of locations and other factors. Considering the subject's location and the current market conditions, I would estimate Exposure Time (i.e. the length of time the subject property would have been exposed for sale In the market had it sold at the market value estimated in this analysis as of the date of the valuation) to be six to 18 months. I have estimated a similar marketing time for the subject property (the length of time it would probably take to sell the property If exposed In the market beginning on the date of this valuation). In addition to the contingencies and limitations stated elsewhere within this report, no survey was available of the property to show boundaries, improvements, lot size, easements or any encroachments, although the accompanying exhibits and descriptions herein fairly depict the property under appraisement. No Phase I environmental audit has been provided regarding the subject property. No hazardous conditions were obvious upon the inspection. The property is appraised as if clean of all contamination, above and below ground. Based upon the relative strengths and shortcomings of the various approaches to value developed in this appraisal I have relied upon the Sales Comparison Approach M arriving at an opinion value for the subject property. As a result of my investigation, based upon my analysis of the included data, it is my opinion that as of May 14, 2010 the Market Value of the Fee - Simple Interest of the subject property is at, or near $35,000. THIRTY FIVE THOUSAND AND NO /100 DOLLARS HATTERY REAL ESTATE APPRAISALS, LLC ` 1 BY: Dd J attery, Appraiser 12. 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 tine, 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 loss, 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: APPRAISER QUALIFICATIONS - DOUGLAS J. HATTERY 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 Paris 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: 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 1 c1 1024285012 BILLMEYER, CYNTHIA A ETAL c2 1024285015 BILLMEYER, CYNTHIA A ETAL 5282.2 1456 O'HAGEN 2641.9 2095 KERPER BLVD DUBUQUE IA DUBUQUE IA 52001 C 52001 I 9600 LOT 1 -354 EAST DUBUQUE ADD 8300 W 1/2 LOT 352 EAST DUBUQUE ADD 0 11172000 00 13609 2 c3 1024286001 BLUM PROPERTIES INC 5234.1 1552 MAPLE STREET DUBUQUE IA 52001 R 7000 E 1/2 LOT 352 EAST DUBUQUE ADD 3022004 04 3261 c4 1024286002 BLUM PROPERTIES INC 5264.1 P 0 BOX 901 DUBUQUE IA 52004 C 23800 LOT 378 EAST DUBUQUE ADD 12151990 91 1364 c5 1024286003 BLUM PROPERTIES INC 5310.2 P 0 BOX 901 DUBUQUE IA 52004 C 13700 LOT 379 EAST DUBUQUE ADD 12151990 91 1364 c6 1119151001 BLUM PROPERTIES INC 5270.1 P 0 BOX 901 DUBUQUE IA 52004 C 13700 LOT 380 EAST DUBUQUE ADD 12151990 91 1364 c7 1119151002 BLUM PROPERTIES INC 5269.0 P 0 BOX 901 DUBUQUE IA 52004 C 13800 LOT 381 EAST DUBUOUE ADD 12151990 91 1364 c6 1119151003 BLUM PROPERTIES INC 26954.4 P 0 BOX 901 DUBUQUE IA 52004 C 13800 LOT 382 EAST DUBUQUE ADD 12151990 91 1364 3 c9 1024285010 BLUM. WILLIAM & DOROTHY 3591.5 137 MAIN STREET DUBUQUE IA 52001 I 9900 W 1/2 LOT 355 EAST DUBUQUE ADD 3112005 05 3676 4 c10 1024284011 G & S REAL ESTATE 2628.7 P 0 BOX 901 DUBUQUE IA 52004 C 134500 DUBUQUE ADD 12151990 91 1364 5 c11 1024285006 JUNNIE AND RICK'S COIN 5290.7 137 MAIN STREET DUBUQUE IA 52001 I 9700 N 1/2 LOT 316 EAST DUBUQUE ADD 3112005 05 3676 c12 1024285013 JUNNIE AND RICH'S COIN 2643.3 137 MAIN STREET DUBUQUE IA 520011 4500 LOT 2 OF 354 EAST DUBUQUE ADD 3112005 05 3676 6 c13 1024284008 SCHWARTZ. MILTON E 5257.3 1552 MAPLE STREET DUBUQUE IA 52001 R 10100 LOT 353 EAST DUBUQUE ADD 3022004 04 3261 PIN OWNER NAME ALL INFORMATION AS OF MAY, 2005 Area OWNER ADDRESS ATTACHMENT A OWNER ADDRESS3 ZIPS CLASS TOTALVALUE FULLLEGAL DEEDDATE DEEDBOOK DEEDPAGE r±► ..,, WILLIAM O. BLUM .. ..,. l w.r EXPIRES 0 0 CtnUIOWASTATIWI i j William 0. Blum, # AT 0000U6 won knit tM,1111• IY 7001 1 /Oa TN* L$OAL VFW erne W or Tip FORM. C01111ULTYOUR LAWYER Return Document to: SB +, , •: nt 4962 A Cxci . • , . • ue A 5 Prepare(nfonnation: 'T <. m, 1411 Miller : ., Dubuque, M 3, (S 3) U -0775 Address Tax Statement: SB Development LLC, 4962 Asbury Circle. Dubuque. IA 52002 JJ Y�Te . For the consideration of Twenty Four Thouand and 00/100 William Blum and Dorothy Blum, husband and wife do hereby Convey to SB Development, LLC the following described rear estate in Coauaission #1904135 WARRANTY DEED Dubuque County. Iowa: Lot 1 of the Subdivision of Lot 354 in East Dubuque, an Addition to the City of Dubuque, Iowa. Doc ID: 006400670001 Type: OEN Recorded: 01/07 /2006 at 03:61:17 Pt1 Fee Ant: *.6o page 1 of 1 Revenue Tax: 637.00 Dubuque County Ioqwwa Kathy Flynn Thurlew Recorder File 2006-00012072 Grantors do Hereby Covenant with grantees, and successors In interest. that grantors hold the real estate by title in fee simple; that mey have good and lwv/ul authority to sell and COnVIIty tit s 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 me real estate against the lawful dolma old persons except as may be above stated. Each of the undersigned hereby relinquishes as rights of dower, homestead and distributive share in and to the real *stale. Words and phrases herein, Including ad novAedgmert hereof. shall be construed as in the singular or plural number. and as masculine or feminine gender. according to tin context. (Grerto (G rantor ) Dollar(*) and other valuable consideration. Dorothy Blum STATE OF IQwa COUNTY OF Dybuque This This i nt vets acknowledged before me on 4J ._ 200+ . by William Blum and Dorot allum. hmbsrd ife tom► /� 1� "°� eac $50 3700 Kane Norby Firet7006O 112077 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 ZONING: H -I, Heavy Industrial LAND SIZE (SF): 3,502 SF SALE DATE: 8 -4 -2006 SALE PRICE: $24,000 SALE PRICE /SF: $6.85 TERMS: Cash to Seller GRANTOR: William Blum GRANTEE: SB Development CONFIRMED BY: Blum RECORDING: 12072 -06 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 ) ZONING: H -I, Heavy Industrial LAND SIZE (SF): 51,500 SF SALE DATE: 8 -21 -2007 SALE PRICE: $550,000 SALE PRICE /SF: $10.68 TERMS: Cash to Seller GRANTOR: Blum Properties GRANTEE: SB Development CONFIRMED BY: Alvin Blum RECORDING: 12834 -07 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 ".