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Purchase of 655 Gillespie Street
THE CITY OF DUB E Masterpiece on the Mississippi MEMORANDUM September 26, 2007 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Resolution Establishing the Fair Market Value of a Property to be Acquired for the West 32nd Street Detention Basin Project The property at 655 Gillespie is one of the two remaining homes identified for purchase and removal for expansion of the West 32"d Street Detention Basin. On May 4, 2006, Gary A. Anderson, the owner of 655 Gillespie Street, signed an Offer to Buy Real Estate and Acceptance on this property, which provided for a July 1, 2006 closing date. Mr. Anderson refused to close on the property on that date. After further negotiations, a new closing date of September 8, 2006, was finally agreed upon. On September 8, 2006, Mr. Anderson again refused to close. Because Mr. Anderson has refused to close on the property or honor the real estate purchase agreement that he signed, City Engineer Gus Psihoyos recommends City Council approval of a resolution establishing the fair market value of the property located at 655 Gillespie Street at the appraised value of $151,000. This is the first step in the condemnation process. I concur with the recommendation and respectfully request Mayor and City Council approval. Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Gus Psihoyos, City Engineer THECITYOF i MEMORANDUM DUB _ E Masterpiece nn the Mississippi September 25, 2007 TO: Michael C. Van Milligen, City Mana FROM: Gus Psihoyos, City Engineer SUBJECT: Resolution Establishing the Fair Market Value of a Property to be Acquired for the West 32"d Street Detention Basin Project INTRODUCTION The purpose of this memorandum is to request the City Council to adopt a resolution establishing the fair market value of the property located at 655 Gillespie Street for the purpose of acquiring the property for the West 32"d Street Detention Basin Project. BACKGROUND The Drainage Basin Master Plan, adopted by the City Council in 2001, recommends the construction of the West 32"d Street Detention Basin to help alleviate downstream flooding to approximately 1,150 properties. The FY05 CIP budget included $4,036,000 for the West 32"d Street Detention Basin Project that involves the purchasing of 15 homes surrounding the existing detention basin and excavating the basin to achieve a storage volume of 94 acre-feet, more than doubling its storage capacity. DISCUSSION The property at 655 Gillespie Street is owned by Gary A. Anderson. The property is one of the two remaining homes identified for purchase and removal for the construction of the West 32"d Street Detention Basin Project as outlined in the Drainage Basin Master Plan. On May 4, 2006, Mr. Anderson signed an Offer to Buy Real Estate and Acceptance. The Agreement provided for a July 1, 2006 closing date. Mr. Anderson refused to close on the property on July 1, 2006, because he was not satisfied with the relocation payment, even though he had agreed that relocation and the purchase of the property were two separate issues. Further efforts were made to resolve the relocation issue as well as to make arrangements for the closing. Anew closing date of September 8, 2006, was finally agreed upon. On September 8, 2006, Mr. Anderson again refused to close because of the historical and archeological survey that was being conducted. He indicated he did not wish to close until he knew the results of the survey, even though there was nothing in the real estate purchase agreement that conditioned the purchase on that survey. And that no matter what the survey concluded, the City's W. 32"d Street Detention Basin precludes Mr. Anderson from inhabiting the property. Adams Appraisal Service was commissioned and determined the appraised value of the property located at 655 Gillespie Street to be $151,000. A copy of the appraisal is attached. RECOMMENDATION Because Mr. Anderson has refused to close on the property or honor the real estate purchase agreement that he signed, Engineering recommends that the City begin condemnation proceedings. The first step in that process is to establish the fair market value of the property based on the appraisal. BUDGET IMPACT The appraised value of the property is $151,000. The purchase of the property will be funded with the FY05 appropriation in the amount of $4,036,000 for the West 32"d Street Detention Basin Project (CIP#7201357). Of those funds, $1,734,621 was specifically identified for property acquisitions. ACTION TO BE TAKEN respectfully request that the City Council adopt the attached resolution establishing the fair market value of the Gary A. Anderson property at 655 Gillespie Street. Attach. cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Jenny Larson, Budget Director Ken TeKippe, Finance Director Deron Muehring, Civil Engineer II Preparers Barry A. Lindahl, Esq. Address: Suite 330, 300 Main Street, Dubuque, IA 52001 Telephone: (563) 583-4113 RESOLUTION NO. 496-07 ESTABLISHING THE FAIR MARKET VALUE OF REAL PROPERTY OWNED BY GARY A. ANDERSON LOCATED AT 655 GILLESPIE STREET IN THE CITY OF DUBUQUE WHEREAS, the City of Dubuque, Iowa (City) intends to acquire certain properties located in the area adjacent to the West 32"d Street detention basin for purposes of storm water mitigation activities as recommended in the 2001 HDR "Drainage Basin Master Plan;" and WHEREAS, City intends to purchase real property owned by Gary A. Anderson legally described as: Lot 2-1-8 Gillespies Subdivision, in the City of Dubuque, County of Dubuque, Iowa according to the recorded plat thereof (the Property); and WHEREAS, Iowa law requires City to make a good faith effort to negotiate with an owner to purchase an interest in real property before proceeding with acquisition by eminent domain; and WHEREAS, City may not make an offer to purchase an interest in property which is less than the fair market value the City has established for the property; and WHEREAS, the City has caused an appraisal of the Property to be made and the appraised value of the Property is One Hundred Fifty-One Thousand Dollars ($151,000); 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: Section 1. The fair market value of the Property is One Hundred Fifty-One Thousand Dollars ($151,000). Section 2. The City Manager and City Attorney are hereby authorized to commence negotiations with the owner for purchase of the Property at a price not less than the fair market value established by this resolution. Passed, adopted and approved this 1st day of October, 2007 Roy D. Buol, Mayor Attest: Jeanne F. Schneider, CMC, City Clerk Pa a#2 APPRAISAL OF REAL PROPERTY LOCATED AT: 655 Gillespie Lot 2-1-8 Gillespies Sub Dubuque,lA 52001 FOR: City of Dubuque Housing AS OF: September 5, 2007 BY: Greg J. Adams Adams Appraisal Service 4029 Pennsylvania Ave. DubuquelA 52002 563-588-3078 Form GA6 - "WinTO7AL" appraisal software by a la mode, inc. - 1-800-ALAMODE Pa e #3 Adams Appraisal Service 4029 Pennsylvania Ave. Dubuque, IA 52002 September 5, 2007 City of Dubuque Housing Re: Property: 655 Gillespie Dubuque, IA 52001 Borrower: City of Dubuque File No.: In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of this appraisal is to estimate the market value of the property described in this appraisal report, as improved, in unencumbered fee simple tftle of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance w8h the Uniform Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated in the body of the report and contingent upon the certification and limiting conditions attached. Appraised value $151,000 It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, ~~~~-- Greg J. Adam Appraiser Pa #4 SUMMARY OF SALIENT FEATURES Subject Address 655 Gillespie Legal Description Lot 2-1-8 Gillespies Sub City Dubuque County Dubuque State IA ZpCode 52001 Census Tract 0011.02 Map Reference MMS2200 Sale Price $ N/A Date of Sale N/A Borrower/Client City of Dubuque Lender Cdy of Dubuque Housing Size (Square Feet) 1,420 Price per Square Foot $ Location Res/Avg Age 125 Condition Average/Good Total Rooms 5 Bedrooms 3 Baths 1 Appraiser Greg J. Adams Date of Appraised Value September 5, 2007 Final Estimate of Value $ 151,000 Form SSD - "WinTOTAL" appraisal sothvare by a la mode.. inc. -1-800-ALAMODE Adams Appraisal Services Uniform Residential Appraisal Report File# Pa a #5 -- The purpose of this surmnary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Pro a Address 655 Gilles ie Ci Dubu ue State IA Zi Code 52001 Bonower Cit of Dubu ue Owner of Public Record Ga A. Anderson County Dubu ue Le al Descd tion Lot 2-1-8 Gilles ies Sub Assessor's Parcel # 10 14 201 007 Tax Year 06/07 R.E. Taxes $ 1,480.94 Nei hborhood Name None Known Ma Reference MMS2200 Census Tract 0011.02 Occu ant Owner Tenant Vacant S ecial Assessments $ O.oD ^ PUD HOA $ ^ er year ^ per month " Pro a Ri hts A raised ~ Fee Sim le ^ Leasehold Other describe Assi nmerd T e ^ Purchase Transaction ^ Refinance Transaction ~ Other describe Value Re uest from Cit of Dubu ue Lender/Client Ch of Dubu ue Housin Atltlress Is the subject ro erty currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this ap sisal? ^Yes ^ No Re ort data sources used, offerin rice s ,and dates . Public Record :Multi le Listin Service I ^ did ^ did not analyze the contract for sale for the subject purchase transaction. Explain the results of the anaysis of the contract for sale or why the analysis was not erfarmed. Contract Price $ NIA Date of Contract N/A Is the property seller the owner of public record? ^Yes No Data Source s Is there any financial assistance (loan charges, sale concessions, gift or downpaymen assistance, etc.) to be paid by any party on behalf of the borrower? ^Yes ^ No tt Yes, re oR the total dollar amount and describe the items to be paid. N/A Note: Race and the racial composdion of the nei hborhood are not appraisal factors. _ Nej tiorhootlCharaaetisHcs. One-UniiHovsiA 'ir¢rWs One-.Unit Housin PresentLxndDse°,6 I Location Urban ^ Suburban Rural Property Values Increasing ~ Stable Declinin PRICE AGE One-Unit 85 °ro _ Built-Up ®Over 75% 25-75% Under 25% Demand/Su I Shortage In Balance Over Su ly $ 000 yrs 2-4 Unit 5 % ;Growth ^ Ra id Stable Slow Marketin Time Under 3 mths ©3.6 mths ^ Over 6 mths 60 Low 10 Multi-Famil 5 % Nei hborhood Boundaries Boundaries include West 32nd St. to Jackson St to 24th St. - rimadl a sin le 250 Hi h 130 Commercial 5 % famil residential area located within walkin distance of ublic schools, church, sho in and ublic 100 Pred. 60 Other % Neighborhood Description Nei hborhood consists rimaril of similar st a homes. Most ro erties have avers e! ood market a eat. Sub ect ro ert is located wtthin walkin distance of bussin to ublic schools. Market Conditions includin su ort for the above conclusions There is current) an ade uate su I in the housin market. The Dubu ue area has a low unem to ment rate of 3%-4 % . There has also been an increase in the number of bu ers for this area. Therefore, ro values have increased. Homes raced below $100,000 are increasin at a roximatel 3% annualt ,and homes riced over $100,000 are increasin at a roximatel 2 Dimensions 103x113 Area 11,639 s ft Sha a Rectan ular Vew Res/Av Specific Zoni Classification R-1 Zonin DescR lion Residential Sin le Famil Zonin Com liance ~I Legal Le al Nonconforming Grantltathered Use No Zonin Ille al describe Is the hi hest and best use of subject roe as im roved or as ro osetl er tans and s ecifications the resent use? x Yes ^ No If No, describe Utilities Public Other (describe) Public Other (descr~e) Off-she Improvements -Type Public Private Electricity ® ^ Water ~ ^ Street as haft ^ Gas ^ Sanitary Sewer ~ Alley none ^ FEMA S ecial Flood Hazard Area Yes ~ No FEMA Flood Zone X FEMA Ma # 195 180 0003B FEMA Ma Date 9-6-1989 Are the utilities and off-site im rovements ical for the market area? ©Yes No If No, describe Are there any adverse site conditions or external factors easements, encroachments, environmenal conditions, land uses, etc. ? ^Yes ^ No Ii Yes, describe No adverse easements or encroachments were noted. See attached lat. C,etteralfkSCrt Pion Foandaticn ExteriorDescr' lion :. tnaterials/txrtdiiion Interior rt~etiafs/svm!dion Units ^ One One with Accesso Unit ^ Concrete Slab Crawl S ace Foundation Walls Stone Floors Car/Vn I/Hrd-Av /Gc # of Stories 1.5 Full Basement PaRial Basement Exterior Walls Brick-Vin I Walls Plaster/Goad Type Det. Att. ^ S-Det./Entl Unit Basement Area 1 055 s .tt. Rooi Surface As h Shin le TRMFinish WoodlAv -ood Existi Pro osed Under Const. Basement Finish 85 % % Gutters & Downs outs Alum Bath Fbor Vin I/Av -ood Design Style 1.5 sto Outside Ent /Exit ^ Sum Pump Window Type Dbl Hun Bath Wainscot none noted Year Built 1880 Evidence of Infestation Stonn Sash/Insulated Yes Car Stora a None Effective Age rs 20 ^ Dampness ~ Settlement Screens Yes/Yes ^ Drivewa # 01 Cars Attic None Heatin FWA I- HWBB Radiant Amenities k Woodstove s # 1 Drivewa Sudace Concrete Dro Stair Stairs Dther Fuel Gas ^ Fireplace s # ^ Fence Garage # of Cars Fbor Scuttle Coolin Central Air Conditionin Patio/Deck Porch r Ca ort # of Cars ^ Finished ^ Heated ^ Individual ^ Other ^ Pool ^ Other ^ Att. Det. ^ ^ Built-in A pliances ^ Refri erator ^ Ran a/Oven ^ Dishwasher ^ Disposal ^ Microwave ^ Washer/Dryer ^ Qther (describe Finished area above ratle contains: 5 Roams 3 Bedrooms 1 Baths 1,420 Square Feet of Gross Living Area Above Grade . Additional features s ecial ever efficient items, etc.. Features include brick exterior newer roof and electrical. Note that the kitchen, dinin room and bath are located in the lower level. Kitvchen has oak cabinet . Woodburner is located in the livin room and is functional. Describe the condition of the ro eR includin needed re airs, deterioration, renovations, remodelin ,etc. . Net taxes are $1,480.00 Electric service is 150 am circud breaker. There were no ma'or h sisal or functional inade uacies noted. Are there an h sisal deficiencies or adverse conditions that affect the livabilit ,soundness, or structural inte d of the ro ert ? ^ Yes ~ No Ii Yes, describe Does the property generally conform to the neighborhood functional utility, style. condition, use, constmction, etc. ? > Yes ^ No If No, describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTDTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Pa a #6 Uniform Residential Appraisal Report File# There are 68 com arable pro erties currently offered for sale in the sub ect net hbortrootl ranging in price from $ 140,000 to $ 180,000 There are 112 com arable sales in the subject neighborhood within the past hvelve mordhs ranging in sale rice from $ 140,000 to $ 180,000 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 655 Gillespie Dubu ue, IA 52001 2360 Cherry Dubu ue IA 52001 2689 Becker Ct Dubu ue IA 52001 ~ 1105 S Grandview Ave Dubu ue IA 52003 Pro>am8 10 Subect ' 1.96 miles SW 1.26 miles SW 3.43 miles SE Sale Price $ N/A ; $ 145,000 $ 147,995 $ 157.900 Sale Price/Gross Liv. Area $ s ft ~$ 97.71 s .ft. $ 96.60 s .ff. . $ 101.87 s .ft. Data Sources MLS#108786 MLS#106875 I MLS#107483 Verification Sources I Public Record Public Record Public Record VALUE ADJUSTMENTS DESCRIPTION) DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment Sales or Financing Concessions Conv-none Conv-none Conv-none Date of SaleJTime 1 3/07 9 da s 10/06 75 da s 3107 153 da s Location ReslAv Res/Av Res/Av Res/Good -6,000 Leasehold/Fee Sim le Fee Sim le Fee Sim le Fee Sim le Fee Sim le Site 11,639 s ft 13,068 s ft 18,450 s ft 7,000 s ft View ResWds/Av Gd Res/Av +2 000 Res/Av +2,000 Res/Av +2 000 Design Style 1.5 stor 2 sto 2 sto 2 sto Ouali of ConsVUCtion Brick/Av - d Vin I/Av +3 500 Stone/Vin I/Av +2 500 Brick/Av -Gd Actual A e 125 87 40 83 Condkion Aver a a/Good Aver a a +5 000 Avera e/Good Good -5 000 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Balhs Total Bdrms. Baths Room Caurd 5 3 1 6 3 2 -2,000 8 4 2 -4 000 6 3 2 -2 000 Gross Livin Area 1,420 s .ft. 1,484 s .tt. 1,532 s .tt. -1,120 1,550 sq.ft. -1,300 Basement & Finished Rooms Below Grade 1,055 Sq.Ft. Kit Dinin Bath 742 sq ft Rec BR Bath +2,500 860 sq ft Unfinished +2,500 +4,000 775 sq ft w/o Rec -1,500 Functionallnli Avera e AVera a Avera a Avera e . Heating/Cooling GFA-none GFA-none GFA-c/air -1,000 GFA-c/air -1,000 ,• Ener Efficient ftems Avera a Avera a Avera a Avera e Gars a/Car ort None 2 car del -5,000 2 car alt -5,000 None - PorchlPatio/Deck 2 Porches Patio Patio Porch +500 Porch Patio +500 Porch +1 000 • Fre lace Woodburner None +500 Fire lace -1,000 Fire lace -1,000 • Net Ad usiment otal ' u + ^ - $ 7 000 ^ + ~ - $ -620 ^ + - $ -14 800 Adjusted Sale Price of Com arables - Net Adj. 4.8 % {Gross Adj. 14.5 % $ 152.000 Net Atlj. 0.4 % Grass Adj. 16.0 % $ 147,375 Net Adj. 9.4 % Gross Adj. 13.2 % $ 143,100 I ~ did did not research the sale or transfer history of the subject roperry and comparabl e sales. If not, explain M research ^ did ~ tlitl not reveal an rior sales or transfers of the sub ect ro ert for the three ears rior to the effective date of this a raisal. Data Sources Public Record: Dubu ue Cit Assessor M research ~ tlitl tlitl not reveal an rior sales or transfers of the com arable sales for the ear rior to the date of sale of the com arable sale. Data Sources Dubu ue Cif Assessor: Public Record Re ort the results of the research and anal sis of the rior sale or transfer histo of the subject ro ert and com arable sales re ort additional rior sales on a e 3 . ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior S21e/Transfer No sale 3 ears No sale within 3 ears No sale wdhin 3 ears 8-15-06 Price of Prior Sale/Transfer NIA N/A N!A $127,605 Data SDUrce s Public Record Public Record Public Record Public Record Effective Date of Data Sources Current Current Current Current Anal sis of rior sale or transfer Itistor of the sub ect roe and com arable sales All sale/transfer information obtained from Dubu ue Cif !Count Assessor. T ical of the Dubu ue real estate market. Summa of Sales Com orison A roach Com arable #2 is located in the most similar st le net hborhood as sub ect ro ert and su orts net hborhood value. There are no other recent sales with more similar st le, location, condition, construction, a cal and amenities. No com arables were ad usted for times an of sale com ared to resent a raisal of sub ect ro ert .These are considered the best com arables available. E ual wet ht was iven to all com arables due to low ross & net ad ustment and location. Indicated Value by Sales Com orison Approach $ 151,000 Indicated Value by: Sales Comparison Approach $ 151,000 Cost Approach (if developed) $ 146,262 Income Approach (if developed) $ N/A The Sales Com orison roach more accurate) reflects current value and is iven realest wet ht. The Cost A roach to Value is su ortive of the final value. No wet ht was iven to the Income A roach to Value due to the fact that homes in this rice ran a are seldom rented. - This appmisal is made ^ "as is", ^ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, ^ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alerations have been completed, or ^ subject to the • followin re uiretl ins ection based on the extraordinar assum lion that the condition or deficient does not re uire alteration or re air: Sub ect ro ert is in Avera a/Good condtion and this a raisal is not sub ect to an re airs ins ections or conditions. Based on a complete visual inspection of the interior and exterior areas of the subject property defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of Elie real property that is the subject of this report is S 151,000 asoi Se tember 5, 2007 ,which is the date of ins ection and the effective date of this a raisal. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Farm 1004 March 2005 Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Pa e#7 Uniform Residential Appraisal Report FileN COST APPROACH TO VALUE (rtet uiratitr EannieiWae} Provide ade uate information for the lentlerlclient to replicate the below cost figures and calculations. Su ort for the o inion of site value summa of com arable land sales or other methods for estimatin site value Accordin to Dubu ue Co Assessor 8 similar ro erties sold, the land value of the lot is considered to be between $25,000-$35,000 ESTIMATED REPRODUCTION OR ^ REPLACEMENT COST NEW OPINION OF SITE VALUE.... ..................._..._.....____ _____ _$ 30 000 Source of cost data Marshall and Swift Handbook DWELLING 1,420 Sq.Ft. @ $ 88.00 __ ___ _$ 124,960 Quali rati from cost service Av Effective date of cost data Current 1 055 S .Ft. @ $ 35.00 .__ __..__ _$ 36 925 - Comments on Cost proach ross livin area calculations, de reciation, eic. Porches Patio Fire lace _... . _. _$ 5,000 Marshall and Swift Cost Information was used for data alon with local Gara a/Ca ort 0 S .Ft. $ 0.00 __ _._. _$ 0 construction costs. Ph ical de reciation is cam uter calculated and is Total Estimate of Cost-New =$ 166,885 based on current condition. There were no a arent functional Less Ph sical Functional External inade uacies. There is current no economic obsolescence for the area, De reciation 55,623 =$ 55,623 nor the sub'ect. De reciated Cost of Im rovements =$ 111 262 "As-is" Value of Site I rovements ____..__._......__........_..._. _.._ _$ 5,000 0 Estimated Remaining Economic Life (HUD and VA only Years INDICATED VALUE BY COST APPROACH . __ ____ =8 146.262 INCOMEAPPROACHTUVALIlE~notr~uiredb fannieTddel Estimated Monthl Market Rent $ N!A X Gross Rent Mufti tier N!A = $ NIA Indicated Value b Income A roach Summary of Income A proach inclutlin su ort for market rent and GRM PROJECT INFDRtdIATION FOA PIJOs (rf a ica6le) _ Is the tlevelo er/builder in control of the Homeowners' Association HOA ? Yes [~ No Unit e s ^ Detached ^ Attached Provide the followin information for PUDs ONLY if the tlevelo er/builder is in control of the HOA and the subject roe is an attached dwellin unit. Le al Name of Pro ect Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source s - Was the roject created by the conversion of existin buildings into a PUD? ^ Yes f-1 No It Yes, date of conversion. Does the ro ect contain an mufti-dwellin units? ^ Yes ^ No Data Source Are the units, common elements, and recreation facilities com lete? ^ Yes ^ No If No, describe the status of com letion. Are the common elements leased to or by the Homeowners' Association? Yes No Ii Yes. describe the rental terms and o tions. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-B00-ALAMODE Pa a #8 Uniform Residential Appraisal Report Plle# This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report farm is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) pertorm a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identrfiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 7. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, ' adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory i completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL" appraisal software by a la mode. inc. -1-800-ALAMODE Pa a #9 Uniform Residential Aooraisal Report APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condftion of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verfied, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any signficant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to. the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorizer} and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 016 Fannie Mae Form '1004 March 2005 Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-8D0-ALAMODE Pa e #10 Uniform Residential Annraisal 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other parry (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certrfication. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certrfication. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER r Signature ~ Name Greg J. Adams y Company Name Adams ppr sal service Company AddreSS 4029 Pennsylvania Ave.. Dubuque IA 52002 Telephone Number 563-588-3078 Email Address dee(o7remaxdub.com Date of Signature and Report September 10, 2007 Effective Date of Appraisal State Certification # CR01356 or State License # or Other (describe) State # State Iowa Expiration Date of Certification or License 6-3o-2oos ADDRESS OF PROPERTY APPRAISED 655 Gillespie Dubuque,lA 52001 APPRAISED VALUE OF SUBJECT PROPERTY $ 151,000 LENDER/CLIENT Name Company Name City of Dubuque Housing Company Address Email Address Freddie Mac Form 70 March 2005 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name . Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of certrfication or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect exterior of subject property from street Date of Inspection ^ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ^' Did not inspect exterior of comparable sales from street ^ Did inspect exterior of comparable sales from street Date of Inspection Page 6 of 6 Eorm 1 D04 - "WinTOTAL" appraisal software by a la mode.. inc. -1-800-ALAMODE Fannie Mae Form 1004 March 2005 Pa a #11 Uniform Residential Appraisal Report FBe# FEATURE SUBJECT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #6 Address 655 Gillespie Dubu ue, IA 52001 1760 Randall Place Dubu ue IA 52001 Proximi to Sub ect ' 2.94 miles S Sale Price $ N.A $ 178,000 $ $ Sale Price/Gross Liv. Area $ s ft. $ 114.84 s .tt. S s .tt. $ s .ft. Data Sources MLS#109066 Verification Sources I Public Record VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment DESCRIPTION +(- $ Adjustment Sales or Financing Concessions Conv-none Date of Sale/Fime 6/07 21 da s Location Res/Av I Res/Good -8,000 - Leasehold/Fee Sim le Fee Sim le Fee Sim le Site 11,639 s ft 5,700 s ft +2,000 ~_ View ResWds/Av Gd Res/Av -Gd Desi n Style 1.5 sto 2 sto ~ Ouali of ConsVuction Brick/Av - d Wood/Av -Gd +5,DD0 Actual A e 1125 81 Condition Avera a/Good Good -5 000 Above Grade ~ Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Coup! 5 3 1 7 3 2 -3 000 Gross Liwn Area 1,420 s .ft. 1,550 s .tt. -1,300 sq.tt. sq.tt. Basement & Finished Rooms BBlow Grade 1,055 Sq.Ft. Kit Dinin Bath 790 sq ft Unfinished +2,500 +4,000 Functional Util' Avera a Avera e Heating/Coolin GFA-none GFA-none Ener Efficient Items Avera a Avera e Gars a/Ca ort None 2 car det -5,000 Porch/Patio/Deck 2 Porches Patio Deck Porch Fire lace Woodbumer None +500 I Net Ad ustment otal + .x - $ -830D + ^ - $ ^ + ^ - $ Adjusted Sale Price Net Adj. 4.7 % Net Adj. % Net Atlj. % of Comparables I Gross Adj. 20.4 % $ 169,700 Gross Adj. % $ Gross Atlj. % $ Re ort the results of the research and anal sis of the rior sale or transfer histo of the sub ect ro ert and com arable sales re ort additional rior sales on a e 3 . ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior SalelTransfer No sale 3 ears 4-7-05 Price of Prior Sale/Transfer N/A $$168 000 Data SoUfCBIS Public Record Public Record Effective Date of Data Sources Current Current Anal sis of rior sale or transfer histo of the subject ro ert and com arable sales Anal sis/Comments Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Form 1004.(AC) - "WinTOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Pa e #12 ENVIRONMENTAL ADDENDUM APPARENT* HAZARDOUS SUBSTANCES AND/OR DETRIMENTAL ENVIRONMENTAL CONDITIONS Borrower/Client City of Dubuque Address 655 Gillespie City Dubuque County Dubuque State IA Zip code 52001 Lender City of Dubuque Housing *ARparent is defined as that which is visible, obvious, evident or manifest to the evaluator. This universal Ernironmental Addendum is for use with any real estate evaluation. Only the statements which have been checked by the evaluator apply to the properly being evaluated. This addendum reports the results of the evaluator's routine inspection of and inquiries about the subject property and its surrounding area. h also states what assumptions were made about the existence (or nonexistence) of any hazardous substances and/or detrimental environmental conditions. The evaluator is not an expert environmental inscector and therefore might be unaware of existing hazardous substances and/or detrimental environmental conditions which may have a negative effect on the safety and value of the property. It is passible that tests and inspections made by a qualrfied environmental inspector would reveal the existence of hazardous materials and/or detrimental environmental conditions on or around the property that would negatively affect its safety and value. DRINKING WATER --- _ _-_w~__~"l x Drinking Water is supplied to the subject from a municipal water supply which is considered safe. However the only way to be absolutely certain that the water meets published standards is to have tt tested at all discharge points. -Drinking Water is supplied by a well or other non-municipal source. tt is recommended that tests be made to be certain that the property is supplied with adequate pure water. -Lead can get into drinking water from tts source, the pipes, at all discharge points, plumbing fixtures and/or appliances. The only way to be certain that water does not cordain an unacceptable lead level is to have it tested at all discharge points. x The value estimated in this evaluation is based on the assumption that there is an adequate suppy of safe, kad-free Ddnking Water. Comments -- SANITARY'UVA~TEDtSPDSAL x Sanitary Waste is removed from the property by a municipal sewer system. -Sanitary Waste is disposed of by a septic system or other sanHary on site waste disposal system. The only way to determine that the disposal system is adequate and in good working condition is to have it inspected by a qual'dietl inspector. X The value estimated in this evaluation is based on the assumption that the Sanitary Waste is disposed of by a municipal sewer or an adequate property permitted attemate treatment system in good condhion. Comments - - - _ _..~ _ -. sail cbNTanr~IrtAtJTs x There are no apparent signs of Soil Contaminants on or near the subject property (except as reported in Comments below). His possible that research, inspection and testing by a qualified environmental inspector would reveal existing and/or potential hazardous substances and/or detrimental environmental conditions on or around the property that would negatively affect its safety and value. x The value estimatedm this evaluation is based on the assumption that the subject property is free of Soil Contaminants. Comments -- - -. _ _ .,.. ~ _ -_ ASBEST x All or part of the improvements were constructed before 1979 when Asbestos was a common building material. The only way to be certain that the property is free of friable and non-friable Asbestos is to have it inspected and tested by a qualified asbestos inspector. _ihe improvements were constmcted after 1979. No ap anent friable Asbestos was observed (except as reported in Comments below). x The value estimated in this evaluation is based on the assumption [hat there is no uncontained friable Asbestos or other hazardous Asbestos material on the property. Comments ~T i'CBs iPOLYCHLORINq'~.BIPHENYLS) T=-' -- ~ ~1 x There were no aD af~rent lealting fluorescent Gght ballasts, capacitors or transformers anywhere on or nearby the property (except as reported in Comments below). x There was no r nt visible or documented evidence known to the evaluator of soil or groundwater contamination from PCBs anywhere on the property (except as reported in Comments below). x The value estimated in this evaluation is based on the assumption that there are no uncontained PCBs on or nearby the property. Comments -_.~ -.RAD~f~_ x The evaluator is not aware o1 any Radon tests made on the subject property within the past 12 months (except as reported in Comments below). x The evaluator is not aware of any indication that the local water supplies have been found to have elevated levels of Radon or Radium. x The evaluator is not aware of any nearby properties (except as reported in Comments below) that were or currently are used for uranium, thorium or radium extraction or phosphate processing. x The value estimated in this evaluation is based on the assumption that the Radon level is at or below EPA recommended levels. Comments Adams Appraisal Services form 69A -'WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMODE Pa a#13 _ - -- '.::: _ UST_s._(tlNDE#iGROUND STflRA6E TANKSL _ __-~ ~ ~. xihere is no app81~ visible or documented evidence known to the evaluator of any USTs on the property nor any known historical use of the property that would likely have had USTs. x There are no aooarent petroleum storage and/or delivery facililies (including gasoline stations or chemical manufacturing plants) located on adjacent properties (except as reported in Comments below). -There are 8 r n signs of USTs existing now or in the past on the subject property. It is recommended that an inspection by a qualified UST inspector be obtained to determine the location of any USTs together vnth their condition and proper registration if they are active; andd they are inactive, to determine whether they were deactivated in accordance with sound industry practices. x The value estimated in this evaluation is based on the assumption that any functioning USTs are not leaking and are property registered and that any abandoned USTs are free from contamination and were properly drained, filled and sealed. NEARBY F~AZARDOllS WAST£ STES ---- - -' - -__ X There are no art ao reM Hazardous Waste Sites on the subject property or nearby the subject property (except as reported in Comments below). Hazardous Waste Site search by a trained environmental engineer may determine that there is one or more Hazardous Waste Sites on or in the area of the subject property. x The value estimated in this evaluation is based on the assumption thatthere are no Hazardous Waste Sties on or nearby the subject property that negatively affect the value or safety of the property. Comments --- __ :UREA FDRMgLpEH1`DE (UFFI) tNSI-t:ATlDN _ x All or part of the improvements were constructed before 1962 when UREA foam insulation was a common building material. The only way to be certain that the property is free of UREA formaldehyde is to have it inspected by a qualified UREA formaldehyde inspector. -The improvements were constructed after 1982. No 8p ardent UREA formaldehyde materials were observed (except as reported in Comments below). x The value estimated in this evaluation is based on the assumption that there is no sign'rficant UFFI insulation or other UREA formaldehyde material on the property. Comments _ _ -- - -- EAD PAINT,. _ -- _ ~.. x All or part of the improvements were constructed before 1980 when Lead Paint was a common building material. There is no r n visible or known documented evidence of peeling or flaking Lead Paint on the floors, walls or ceilings (except as reported in Comments below). The only way to be certain that the property is free of surface or subsurface Lead Paint is to have tt inspected by a qualifed inspector. -The improvements were constrocted after 1980. No aooarent Lead Paint was observed (except as reported in Commertts below). x The value estimated in this evaluation is based on the assumption that there is no flaking or peeling Lead Paint on the property. Comments ~~ - _ __ - AIR P LL , tDN ~ -- - x Tfrere are no aonarent signs of Air Pollution at the time of the inspection nor were any reported (except as reported in Comments below). The only way to be certain that the air is free of pollution is to have it tested. x The value estimated in this evaluation is based on the assumption that the property is free of Air Pollution. Comments wEnANnSlFLOOD P-~tNS x The site does not contain any aonarent Wetlands/Flood Plains (except as reported in Comments below). The only way to be certain that the site is free of Wetlands/ Flood Plains is to have it inspected by a qualified environmental professional. x The value estimated in this evaluation is based on the assumption that there are no Wetlands/Flood Plains on the property (except as reported in Comments below). Comments _ _ -- _ MISCELtANEOUS ~Nl/tRUt~MENTA>~_HAZARDS -- - x There are no other apparent miscellaneous hazardous substances and/or detrimental environmental conditions on or in the area of the site except as indicated below: Excess Noise Radiation + Electromagnetic Radiation Light Pollution Waste Heat Acid Mine Drainage Agricultural Pollution Geological Hazards Nearby Hazardous Property _ Infectious Medical Wastes Pesticides _ Others (Chemical Storage + Storage Drums, Pipelines, etc.) x The value estimated in this evaluation is based on the assumption that there are no Miscellaneous environmental Hazards (except those reported above) that would negatively affect the value of the property. When any of the environmental assumptions made in this addendum are not correct, the estimated value in this evaluation may not be valid. Form 69A - "WinTOTAL" appraisal software by a la made, inc. -1-800-ALAMODE Pa #14 Flood Map BorrowerJClient Ctt of Dubu ue Pro erty Address 655 Gilles ie Cit Dubu ue Coun Dubu ue State IA Zi Cotle 52001 Lender Cit of Dubu ue Housin o Prepared for: }. ~~ k.~r~'~{~~d Adams Appraisal Services ~ MabmoAr 6~ Gillespie wvrw.Mfterflood.com • 1-806-252-6533 Dubuque, IA ~a2~1 t `,,. "" 2QNE X ~ '~ 1`~ ~: . - °~.~~ c . y ;h { 4 t. "~ ~~~4 f ~ - ~ -.. / .. - --° -j FLOOdSCAFE i ~P ~ ( ' , Nwnber f " il 195A~00~ . ~ " ~ + Hlestive DNe l Se~dember 6,1989 ' "~ I ~ - ~ . j I „ . ~ " ~.! r, i i ~' for mote Mfortnatien abaa { fboa mnez and food kisuranc~e, aoraact; 6` dD6' &t16' 1200' 1600' Paarered by Fkad S'otrtrse $7,'.t7.fL000 .aw.floodsaace.com © 194$-.2~ SaaceProse andlor fMcMfioace Cotparatbns. Aft Apps reseraed. Patertts 6,631,326 and 6.678,615 0[her paterJ¢s pending. Far hta: mlr,~Ptoodsource.oom. Form MAP.FLOOD - ^WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Building Sketch (Page - 1) Pa e #15 Borrower/CBeM Cit of Dubu ue Pro erty Address 655 Gilles ie Cit Dubu ue C9un Dubu ue State IA Zi C9tle 52001 Lender Cit of Dubu ue Housin 34.0' Bedroom Bath 0 34.0' b ° Down Bedroom ~ of 3.0' Living Room c 3.0 22.0' Den `o Bedroom o Up 15.0' Porch 9.0' ,.-_._._ 19.0• ..__._.._~ Level Two Level One Comments: AREA CALCULATIONS- SUMMARY Code Desuiption Net Size Net Totals GLAl First Floor 997.0 997.0 GLA2 Second Floor 973.0 973.0 P/P Porch 152.0 152.0 Net LIVABLE Area (Rounded) ~ 1420 i1VING AREA BREAKDOWN Breakdown SuMotals. 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ENCP:ALE_ i-lt~hf° ,{ [E~_ t i ilr~;•~; ~ ": tits G :~ i-'L7WT C9~ FiaEr T~ rr,c~- ~! ~~'rt: hw~ ae ~siitrrad~t:» ~~°°~ . ~ h~:rx its t;rr'i ~rc~ucEt ~~F: kt;~: s.ar» .. -~..- F . ... lu:- ! , L` t *t~^e uP~r~ "-'~!~ N-It'S U~ ~Ju~l i;{L}~ t~ a;i3r'4"PeF"3C~'e' ="EPL Ufa {'.t,-; -~~'; ~~;. >., Etl<i: .-:!~~ M-~ ~~t~e~:~ fit art lrr~ts'?t-tom! ~~dt~. u -r'~n~ t~ ~tsni', r~~.3ude i;~al~T£_?::r~f`u E a .,. ,~~''.;~.C' C'i~.'t:~,-tw C.It~R Form SCA - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Pa e #23 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting pmdenhy, knowledgeabry and assuming the pdce is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is albwed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (6) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustmerds are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readiry identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third parry institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appmiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser wig not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at .its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid it they are so used. 6. Tire appraiser f~as noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the irrformation, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be tme and correct. The appraiser does not assume responsibility tar the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvemerds will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lentlerlclient specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the Unttetl States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to oMain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through adverfising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 10046 6-93 Adams Appraisal Services Form ACR - "WinTOTAL" appraisal software by a la mode, inc. - 1-804ALAMODE Pa e #24 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have researched the subject market area and have selected a minimum of three recent sales of properties moss similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. M a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appmisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupams of the properties in the vicinity of the subject property. 5. I have no preserd or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related parry, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appmisal in conformity with the Un'dorm Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, wtth the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or krwwn adverse conditions in the subject improvements, on the subject site, or on any sfte within the immediate vicinity of the subject property of which I am aware and have made adjustments far these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions abou! the real estate that were set forth in the appraisal repoR b I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not aNhorized anyone to make a change to any item in the report; therefore, it an unauthorized change is made to the appraisal report, I will take no responsibility for h. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statemerts and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 655 Gillespie, Dubuque IA 52001 APPRAISER: SUPERVISORY APPRAISER (only if required: Signature: ~ ~~.L ~,/ Signature: Name: Gre J. Adams v T Name: Date Signed: Se tember 10 20 Date Signed: State Certification #: CR01356 State Certification # or State License #: or State License #: State: Iowa State: Expiration Date of Certification or License: 6-30-2008 Expiration Date of Certhication or License: ^ Did ^ Ditl Nat Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form tOD46 6-93 Form ACR - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Pa e #25 I7UBUQU~ AF2~A INF{~E'~RftATlOtV ?aut~~~ur s.guut~d ~tv~t~ t~€ '" ;>issl~:~; R!:•~r Ire E~r51--rn 611 -rt,ts k~!1~'~CrtSm aAr~ is3S:~t~6~ i:i . , , ~ctr~~~ Thu raver ir;,~rtt Latu :au-_ LDuL"~.~~4~~ r~ _~?u:a'~d a~~~.r~~ ar_= rru'~ ~ r~E2€"itt gat ~~~av~sr;.~~rt ,;i~:~s ~u9cfthl~;~~s"=, tit v::n f,;iirEa~s ~srr*~ . _ - ~- "`hu~'c~~i rsf t;tlr . ~~e~ta'ue~u'r ,s tt~~ `luk3 crtj' €n t=it'?~1-.3*csse~;tC"c ii ~s ~a~r ~ .. tf:i`Y: 1f6t ,~r~ ~?s~ V1, "-, 'lrt Thz~r~ ==-s ~ t~~~x:liatrrsr ~s~ ~~ €raxlma~,~ 3iM:? ~~I j~C' r~;~~ ;~v`3f'~+;; ::~'. r`r,j~~; Cl11~. 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F ~c da t csi.~ rrrmvc~~ :STATE Q ~ t {>VVA RNflfE'9@aONA~ LiCEN.°iiNC AtFi: itE4U~F?!;)ry T;dT t~ Tc~ iL,;T Ta'r' it;,..` 7ti~ ;3 i.Lt.74«' ._ - - - - ' i~I i~L F1;-thL 3s i Y T._' i ... r - - ~:''T~Tt A, Y;tzi (d;i. 43i,+13:~b E_R',3,'c_,r °T:aJ~in~i`.:s>>~}, _~l~ _. .t e~c4,~ ' V V k. sigrvanx . Form SCA -'WinTOTAL" appraisal software by a la mode, inc. -1-8D0-ALAMODE