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Property Acquisition - 730 Cody Drive_Roepsch Copyright 2014 City of Dubuque Action Items # 5. ITEM TITLE: Property Acquisition - 730 Cody Drive SUMMARY: City Manager recommending approval of a Resolution authorizing the purchase of 730 Cody Drive and acceptance of the deed for property owned by George and Dorothy Roepsch. RESOLUTION Approving an offer to buy real estate and acceptance for the purchase of certain real estate in Dubuque County, Iowa from George E. and Dorothy S. Roepsch SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type Property Acquisition-730 Cody Drive- MVM Memo City Manager Memo Memo - Purchase 730 Cody Drive Staff Memo Offer to Buy &Acceptance Supporting Documentation Resolution Approving Purchasing Agrmt. Resolutions Appraisal Supporting Documentation 28 E Agreement with School District Supporting Documentation THE CITY OF Dubuque UBE I erica .i Masterpiece on the Mississippi 2007-2012-2013 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Approval of the Resolution to Authorize the Purchase of 730 Cody Drive and Accept the Deed DATE: July 11, 2016 Leisure Services Manager Marie Ware recommends City Council approval of a Resolution authorizing the purchase of 730 Cody Drive for $169,966 and acceptance of the deed for property owned by George and Dorothy Roepsch. This property is located next to Valentine Park. The Offer to Buy outlines the intent to apply for a Resource Enhancement and Protection (REAP) grant. The grant is due August 15, 2016. The City can apply for up to $200,000. If not awarded, the City will apply again in 2017. Should the City be unsuccessful, the City would commence annual payments in Fiscal Year 2019 for ten years. I concur with the recommendation and respectfully request Mayor and City Council approval. Micliael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Marie L. Ware, Leisure Services Manager THE CITY OF Dubuque All-America City � 1 1 Masterpiece on the Mississippi 2007•2012 •2013 TO: Michael C. Van Milligen, City Manager FROM: Marie L. Ware, Leisure Services Manager SUBJECT: Approval of the Resolution to Authorize the Purchase of 730 Cody Drive and Accept the Deed DATE: July 1, 2016 INTRODUCTION The purpose of this memorandum is to request approval of the Resolution to authorize the purchase of 730 Cody Drive and accept the deed for property owned by George and Dorothy Roepsch. The property is located at 730 Cody Drive which is next to Valentine Park. BACKGROUND George Roepsch approached Leisure Services Manager Marie Ware in late 2013 regarding the property he owned to the east of Valentine Park with an offer to sell 730 Cody Drive. An Offer to Buy was presented by the City but negotiations ceased and the Roepsch I s determined they were going to pursue other avenues. Manager Ware was re-approached by the Roepsch's in April of 2016 with a new offer to sell. An appraisal was completed in late 2013 during the first negotiations. DISCUSSION The Dubuque Community School District and the City currently have a 28E agreement for Valentine Park which has allowed the use of the school's land for development of the current park. The agreement was signed October 13, 1997. The agreement terms were for an initial ten (10) year period with the option of four additional terms of five (5) years each. The agreement automatically continues unless the City gives twelve months written notice. If the School District elects to sell the Land prior to the expiration of the duration of this agreement or an extension, the City has the right for their fair market value. Valentine Park is approximately 12 acres. The Roepsch parcel is approximately 8.22 acres. The Roepsch parcel can be accessed from Valentine Park or Cody Drive. If the School District should decide to sell the current Valentine Park the access from Cody Drive would be used to access the Roepsch parcel. Patricia Ann Drive is another access to this property but due to the terrain would not easily accommodate access. The Roepsch parcel has a great deal of terrain change. The area where the current home and outbuildings are is relatively flat. The parcel contains a house and outbuildings that will be deconstructed at a later date. The Engineering Department estimates that the deconstruction along with asbestos inspection and abatement would be about $50,000. Valentine Park is classified as a neighborhood park. It is the only neighborhood park in this part of the community. The next closest park is Marna Ridge Children's Forest which is classified as a mini park and is a passive park. After that, it is Roosevelt which still has a closed status and Creek Wood which is not developed yet. BUDGETIMPACT The Offer to Buy outlines the intent to apply for a Resource Enhancement and Protection (REAP) grant. The grant is due August 15, 2016. The City can apply for up to $200,000. If not awarded the city will apply again in 2017. Should the city be unsuccessful the city would commence annual payments in Fiscal Year 2019 for ten years. ACTION REQUESTED I respectfully request City Council approval of the resolution to authorize the purchase of 730 Cody Drive and accept the deed. attachments: Signed Offer to Buy Real Estate and Acceptance Resolution to Authorize Purchase of 730 Cody Drive Appraisal 730 Cody Drive 28 E Agreement with School District copy: Jenny Larson, Budget Director Crenna Brumwell, Assistant City Attorney Barry Lindahl, City Attorney 2 Prepared by/Return to: Barry A. Lindahl 300 Main Street Suite 330 Dubuque IA 52001 563 583-4113 RESOLUTION NO. 282-16 APPROVING AN OFFER TO BUY REAL ESTATE AND ACCEPTANCE FOR THE PURCHASE OF CERTAIN REAL ESTATE IN DUBUQUE COUNTY, IOWA FROM GEORGE E. AND DOROTHY S. ROEPSCH WHEREAS, the City of Dubuque intends to acquire certain property and has negotiated an Offer to Buy Real Estate and Acceptance with George E. and Dorothy S Roepsch for the purchase of the following described real property in Dubuque County, Iowa: East Part of Lot 5 Block 7 Pioneer Hills; Lot 1 of the Subdivision of Lot 2-1-1-1 McLean Heights excepting the proposed garden lot; and Lot 1 Roepsch Subdivision AND WHEREAS, the City Council has determined that the purchase of the property is in the best interests of the City of Dubuque. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA, AS FOLLOWS: Section 1. The City of Dubuque hereby approves the Offer to Buy Real Estate and Acceptance, a copy of which is attached hereto. Section 2. That the City of Dubuque be and is hereby authorized to accept a Warranty Deed from the owner, conveying the owner's interest to the City of Dubuque, Iowa for the herein described real estate. Section 3. That the City Clerk be and he is hereby authorized and directed to cause said Warranty Deed to be recorded in the office of the Dubuque County Recorder, together with certified copy of the Resolution. Passed, approved and adopted this 18th day of July 016. Roy'D. Btl, Mayor Attest: Kevin Sr. Firnstah(, City'lerk F:\USERS\tsteckle\Lindahl\Roepsch Property Acquisition - Property By Valentine Park\Resolution Approving Purchase Agreement_070516.doc OFFER TO BUY REAL ESTATE AND ACCEPTANCE TO: George E. and Dorothy S. Roepsch, Sellers SECTION 1. REAL ESTATE DESCRIPTION. The City of Dubuque, Iowa (Buyer) offers to buy all of Sellers' right, title and interest in and to the real estate in Dubuque County, Iowa, described as follows: East Part of Lot 5 Block 7 Pioneer Hills; Lot 1 of the Subdivision of Lot 2-1-1-1 McLean Heights excepting the proposed garden lot; and Lot 1 Roepsch Subdivision as shown on the attached Area Maps, subject to survey and platting the cost of which will be shared equally by Sellers and Buyer (the Real Estate), together with any easements and appurtenant servient estates, but subject to the following: a. any zoning and other ordinances; b. any covenants of record; c. any easements of record for public utilities, roads and highways designated the Real Estate. SECTION 2. PURCHASE PRICE. The Purchase Price of $169,966.00 shall be paid as follows: Buyer will apply for a State of Iowa REAP grant in the Fall of 2016 to pay the Purchase Price. If a grant is awarded to Buyer, the Purchase Price will be paid subject to the amount and availability of the grant award funding. If Buyer is not awarded a grant in 2016, Buyer will apply for a State of Iowa REAP grant in the Fall of 2017 to pay the Purchase Price. If a grant is awarded to Buyer, the Purchase Price will be paid subject to the amount and availability of the grant award funding. If Buyer is not awarded a grant by the State of Iowa by December 31, 2017, or if Buyer is awarded a grant but the amount of the grant award is less than the Purchase Price, Buyer will pay the Purchase Price or the balance of the Purchase Price remaining after any payment based on the grant award funding on a ten (10) year promissory note in the form attached hereto at three percent (3%) annual interest from October 1, 2017 with annual payments beginning on July 15, 2018 and July 15 of each year thereafter until fully paid. Buyer may prepay all or part of the balance owed under this Agreement at any time without penalty. Subject to all of the terms and conditions herein. 052016cmb SECTION 3. NON -APPROPRIATION. 3.1 Notwithstanding anything in this Agreement to the contrary, the obligation of City to pay any installment of the Purchase Price shall be an obligation limited to currently budgeted funds, and not a general obligation or other indebtedness of City or a pledge of its full faith and credit within the meaning of any constitutional or statutory debt limitation, and shall be subject in all respects to the right of non -appropriation by the City Council of City as provided in this Section. City may exercise its right of non - appropriation as to the amount of the installments to be paid during any fiscal year during the term of this Agreement without causing a termination of this Agreement. The right of non -appropriation shall be exercised only by resolution affirmatively declaring City's election to non -appropriate funds otherwise required to be paid in the next fiscal year under this Agreement. 3.2 In the event the City Council of City elects to not appropriate sufficient funds in the budget for any future fiscal year for the payment in full of the installments on the purchase price due and payable in that future fiscal year, then City shall have no further obligation for the payment of any installments due in that future fiscal year which cannot be paid with the funds then appropriated for that purpose. 3.3 The right of non -appropriation reserved to the City in this Section is intended by the parties, and shall be construed at all times, so as to ensure that the City's obligation to pay future installments shall not constitute a legal indebtedness of the City within the meaning of any applicable constitutional or statutory debt limitation prior to the adoption of a budget which appropriates funds for the payment of that installment or amount. In the event that any of the provisions of this Agreement are determined by a court of competent jurisdiction to create, or result in the creation of, such a legal indebtedness of the City, the enforcement of the said provision shall be suspended, and the Agreement shall at all times be construed and applied in such a manner as will preserve the foregoing intent of the parties, and no event of default shall be deemed to have occurred as a result thereof. If any provision of this Agreement or the application thereof to any circumstance is so suspended, the suspension shall not affect other provisions of this Agreement which can be given effect without the suspended provision, and to this end the provisions of this Agreement are severable. 3.4 In the event the City exercises its right of non -appropriation City may opt to surrender the Real Estate to Sellers via a quitclaim deed. At the time of surrender the Real Estate shall be free and clear of all liens and encumbrances. If City surrenders the Real Estate to Sellers due to non -appropriation Sellers shall return to Buyers the purchase price paid to date by Buyer. SECTION 4. REAL ESTATE TAXES. Taxes for the fiscal year in which the closing takes place shall be paid by Sellers prorated to the date of possession. Sellers shall also pay any unpaid real estate taxes for prior fiscal years. 2 SECTION 5. SPECIAL ASSESSMENTS. Sellers shall pay all special assessments which are a lien as of the date of closing. SECTION 6. RISK OF LOSS AND INSURANCE. Sellers shall bear the risk of loss or damage to the Real Estate prior to closing or possession, whichever first occurs. Sellers agrees to maintain existing insurance and Buyer may purchase additional insurance. In the event of substantial damage or destruction prior to closing, this Agreement shall be null and void; provided, however, Buyer shall have the option to complete the closing and receive insurance proceeds regardless of the extent of damages. The Real Estate shall be deemed substantially damaged or destroyed if it cannot be restored to its present condition on or before the closing date. SECTION 7. CARE AND MAINTENANCE. The Real Estate shall be preserved in its present condition and delivered intact at the time possession is delivered to Buyer, provided, however, if there is loss or destruction of all or any part of the Real Estate from causes covered by the insurance maintained by Sellers, Buyer at its option may agree to accept such damaged or destroyed Real Estate together with such insurance proceeds in lieu of the Real Estate in its present condition and Sellers shall not be required to repair or replace same. SECTION 8. POSSESSION AND CLOSING. If Sellers timely perform all obligations, and all contingencies are met or waived, possession of the Real Estate shall be delivered to Buyer on or before October 1, 2016 (the Closing Date), or such other date as the parties may agree in writing with any adjustments of taxes, rent, insurance, and interest to be made as of the date of transfer of possession. SECTION 9. FIXTURES. All property that integrally belongs to or is part of the buildings on the Real Estate, whether attached or detached, such as light fixtures, shades, rods, blinds, awnings, windows, storm doors, screens, plumbing fixtures, water heaters, water softeners, automatic heating equipment, air conditioning equipment, wall to wall carpeting, built-in items and electrical service cable, outside television towers and antenna, fencing, gates and landscaping shall be considered a part of Real Estate and included in the sale. SECTION 10. USE OF PURCHASE PRICE. At time of settlement, funds from the Purchase Price may be used to pay taxes and other liens and to acquire outstanding interests, if any, of others. SECTION 11. ABSTRACT AND TITLE. Sellers, at its expense, shall promptly obtain a lien search or an abstract of title to the Real Estate continued through the date of acceptance of this offer which shall show merchantable title in Sellers in conformity with this agreement, Iowa law and Title Standards of the Iowa State Bar Association. At the closing, the abstract shall become the property of the Buyer. Sellers shall pay the costs of any additional abstracting and title work due to any act or omission of Sellers, including transfers by or the death of Sellers or its assignees. 3 SECTION 12. DEED. At the closing, Sellers shall convey the Real Estate to Buyer, by Warranty Deed. SECTION 13. TIME IS OF THE ESSENCE. Time is of the essence in this contract. SECTION 14. REMEDIES OF THE PARTIES. The sole remedy of both Buyer and Seller in the event of default is for breach of contract. Judgment for costs and attorney fees may be as permitted by law. SECTION 15. APPROVAL OF COURT. If the sale of the Real Estate is subject to Court approval, the fiduciary shall promptly submit this contract for such approval. If this contract is not so approved, it shall be void. SECTION 16. CONTRACT BINDING ON SUCCESSORS IN INTEREST. This contract shall apply to and bind the successors in interest of the parties. SECTION 17. CONSTRUCTION. Words and phrases shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender, according to the context. SECTION 18. TIME FOR ACCEPTANCE. If this offer is not accepted by Sellers on or before Noon on July 8, 2016, it shall become void. SECTION 19. OTHER PROVISIONS. 19.1 This Offer is subject to final approval by the City Council in its sole discretion. 19.2 Buyer, its counsel, accountants, agents and other persons authorized by Buyer, shall have full and continuing access to the Real Estate and all parts thereof, upon reasonable notice to Sellers for the purpose of inspecting, surveying, engineering, test boring, performance of environmental tests and such other work as Buyer shall consider appropriate, provided that Buyer shall hold Sellers harmless and fully indemnify Sellers against any damage, claim, liability or cause of action arising from or caused by the actions of Buyer, its agents, or representatives upon the Real Estate (except for any damage, claim, liability or cause of action arising from conditions existing prior to any such entry upon the Real Estate), and shall have the further right to make such inquiries of governmental agencies and utility companies, etc. and to make such feasibility studies and analyses as Buyer considers appropriate. 19.3 Sellers warrants that the rights of all tenants shall be terminated by Sellers prior to closing and that there will be no tenants whose rights in the Real Estate survive the closing. This covenant shall survive the closing. 19.4 Environmental Provisions. 4 A. Sellers warrants to the best of its knowledge and belief that there are no abandoned wells, solid waste disposal sites, hazardous wastes or substances, underground storage tanks, burial sites or private wastewater disposal systems located on the Real Estate, the Real Estate does not contain radon gas, asbestos or asbestos containing building materials, or urea -formaldehyde foam insulation, and Sellers have done nothing to cause or allow contamination of the Real Estate with hazardous wastes, substances, or pollutants. Sellers warrant to the best of its knowledge and belief that the Real Estate is not subject to any local, state, or federal judicial or administrative action, investigation or order regarding any environmental matter. Sellers shall provide Buyer with a properly executed Groundwater Hazard Statement showing no wells, solid waste disposal sites, hazardous wastes, underground storage tanks, private burial sites or private wastewater disposal systems on the Real Estate which shall be considered a warranty and representation by Sellers to Buyer. B. Following closing, should the Buyer learn that the environmental condition of the Real Estate requires assessment and/or corrective action pursuant to local, state or federal law, for matters first arising during the time period the Real Estate was controlled by Sellers, Sellers shall take all action as may be required by law to fully address the environmental condition and Sellers shall indemnify and hold harmless the Buyer from any claims and costs, including attorneys' fees and consultants' fees, arising therefrom. C. The covenants and warranties in this Section shall survive closing. 19.5 Until ten (10) days prior to closing, Buyer shall have the right to terminate this agreement if environmental issues exist on the Real Estate that Buyer determines in its sole discretion do not permit Buyer to use the Real Estate for its intended use. Prior to terminating this Agreement pursuant to this section, Buyer shall offer Seller the opportunity to remediate the Real Estate to the satisfaction of Buyer in its sole discretion and at Seller's sole cost. 19.6 Sellers will use the 24' x 24' barn until Closing. 19.7 Sellers will remove prior to Closing the 12' x 12' shed, 5' x 5' shed, and shelves from sheds and barn. 19.8 A covenant in the Deed will provide that access from Cody Drive to the Real Estate will be limited to pedestrians and Buyer's maintenance and emergency vehicles only, for as long as 715 Cody Drive is the primary residence of either George E. Roepsch or Dorothy S. Roepsch. 5 Dated: BUYER CITY OF DUBUQUE, IOWA By: Michael C. Van Milligen City Manager 6 THIS OFFER IS ACCEPTED Dated: 6(qb/' SELLERS By: eorge Roepsch By: + ,c) Dorothy S. Boesch LOCATION AND AREA MAPS 7 TDuB E LOCATION MAP DAGIS , aRI. M,Ist"Tiece nn the Mississippi 7x 740 I •. ,� 725 �! 725 x UTILITY POLE - .3Lo 739 r.. , 715 4 7555`- f ' 60' WIDE PROPERTY FRONTAGE ` 755 AREA RETAINED 763 coo BY ROEPSCH FOR ; . GARDEN ., I2217 r �. /30 750 . k -4- 760 ' ,y A , 764E: AREA TO BE PURCHASED <: BY CITY �: OHM"&ountyAssessor, City of Dubuque Assessor LA DISCIMER 1- .. „ In N Map Prepared by: I,muau=a.,a o11- cm¢v. ¢is m,de„wo�n - City of Dubuque n,° ro lova ii -i- i l,D d° b1 O G1S an° 1 inch = 50 feet W E 50 est 13th Division d, `""'` °`�° "'�°``r" 50 West 13th Street u.iltk C uit d`pa rticipa[ina r II Itl VI' c U [al F - a 9 - h e Dubuque,Iowa 52001 ll d r ' 'v ... °�° or v e .n 50 25 0 50 Feet Phone:(563)589-4270 Fax:(563)589-4205 bj—�F- ^ DAGIS , Mn;40174VCC(1q the AIissi<ippi AREA MAP F'' 815 231f7 71.0,-' 731;< '740 787 825 2308 ` ,° 710 703 720 ^ 35 7$ aY17 4 1754 173 720 : - �! - ✓12 717 SEE ��T AIL NEXT 784 1723 . 824 �:� � .740. -��_ SHEET 834 •: ,-' 72-5. 798 760 844 /.r �~ 7,5 � _ "5`v •1r7�43 's �t.. � � _ . �.. 780 $ 7.35 �:•�715e 739 _ 770� � �� 1763- 742 f n� 854 .786 7.55 795 834 723 ' ? 7 0 755 -.785 805.. 8 62 � ' 733 ' ;87731 ' � 765 793 _ 790 y' 750 r"�; Soo 835 LOT 1 OF SUB OF LOT 730 ` 760 785 2-1-1-1 MCLEAN HEIGHTS /830-1 830 799 764 a 820. 865, - EXCEPTING PROPOSED q '80 780 770 :; tis . 795 ',� 830' * LOT FOR 735 < _ - -__ :. 776 850 1Zii5 50.E 810 _ 823 815r r ,. 745 90� 815 805 825 _ `, 4� A ✓.. �; 870-, 91,4 PT OF LOT 5 I _ 2897 ` '755 . ' s3s BLK 7 PIONEER - 85512907 s .:..z9o�� HILL , r 651 _ `� 2936 8 918 X1.8 845' ._ 875 2927 850 5 828 885 'z' 2937 926 8551, a_ _..,-. - — _ 895 _ LOT 1 ROEPSCH �870ta . 827 � � `k. 905 !SUB 848_ 865 _• 934 . +r::, 875_ 837 " 858 `�a, 940 j 880 847 878 915 .`' `.`� 885. } 11'20 938 890 q 857.. 898- 895 900r - .�� ,. 4 877 w, \935 ...•�\ k x960 \942 . 905 _..,E.. ,�, t = r �. u 1 OU 24 7 9 990 r _ 5571537 ` ,h 94`5 1577 1 910 762' 741. 4� 2' 1675 1655 1635. 1615 1 � 934 7842 915 . 1685 q yA — 920, q a 595 151 / ssoiaCity_;gf Dubuq ie Assessor 91,Dcihu•ue Count i, sC DISCLAIMER:Th—0., was coni piled N (C-ing ma Dubu qu.Area Gxographic Inrannanpn System IAGIS),whim ntwds dat.t —d by both me CLv of Map Prepared by: b._ and Dubua ue C.unn. ft, is un d.reod mat,while tn.oty or Dungy I Lnr Whaed ma City Of Dubuque que an<Vartici p. .9encles un nfa aOAn.vallable,DAc,s and `n, C Engineering Division sua z s n[ me aL.raCy pr eun y of the 1 inch = 250 feet V V C of aaa conrinea raaln.The Clty andtpamtlpauny 50 West 13th Street au�anaessfl,all nr,t be hem habm mr anv d7,—,md-ct, —d,—I, Dubuque,IOWA 52001 cur sequen[lal,punitive,ul special damayes,whether foresee.bla or unfuresaaabla,.r—m out of ,a.m--or unauth.-,d_pf 100 50 0 100 200 300 400 Feet Phone:(563)589-4270 roes data p ma in.beity m„sz chis data o,put pr anv bream pr S Fax:(563)589205 wan ants wnataaar. PROMISSORY NOTE 10 11 THE IOWA STATE BAR ASSOCIATFONFOR Official Form No. 135 Ban -y . . L' dah THE LEGAL EFFECT OF THE USE OF THLS FORK CONSULT YOUR LAWYER r.. i ..= PROMISSORY NOTE $ 169,965.00 October 1 2016 FOR VALUE RECEIVED, the undersigned, each as principal, jointly and severally, promise(s) to pay to the order of Georgie E. Roepsch and Dorothy S. Roepsch at 715 Codv Drive, Dubuque Iowa, the sum of , One Hundred Seventy -One Thousand and 01100 DOLLARS with interest thereon from rate of 3 October 1, 2016 payable annually at the , per cent per annum until payment hereof as follows: from the payment and any balance shall be applied on principal. not paid when due shall draw interest at the rate of 3 % per annum_ Upon See 1 in Mdenduin Interest shall first be deducted Principal and interest default in payment of any become immediately due of suit on this note, agrees Makers, endorsers and Sureties, endorsers and guarantors times of payment of all or Important. Read Before only those terms in writing written contract may be another written agreement. time it was signed. Address: 50 West 13th Street interest, or any installment of principal, the whole amount then unpaid shall and payable at 'the option ofthe holder without notice. The undersigned, in case to pay attorneys fees. sureties waive demand of payment, notice of non-payment, protest and notice_ agree to all of the provisions of this note, and consent that the time or any part hereof may be extended after maturity, from time to time, without notice. Signing: The terms of this Agreement should be read carefully because are enforceable. No other terms or oral promises not contained in this legally enforced. You may change the terms of this Agreement only by Borrower acknowledges the receipt of a copy of this document at the Dubuque, Iowa 52001 City of Dubuque, Iowa Phone: (563) 5894110 by: Michael C_ Van Millisten., City Manager Caveat: This form not to be used for a Consumer Credit Transaction_ I e a The cwState Bar A,w,oeialiris 2C,1 1PROMISSORY NOTE 36 _ IOWADOCS0 Revised Jammu 2005 11 Addendum 1. The terms of this Promissory Note are given pursuant to an Offer to Buy and Acceptance attached hereto between the City of Dithuque (City) and George E. and Dorothy S. Roepsch (Roepsch). The Purchase Price of $169.966.00 (the Principle of this Promissory Note) will be paid as follows: City will apply for a State of Iowa REAP grant in the Fall of 2016 to pay the Principle. If a grant is awarded to Buyer, the Principle will be paid subject to the amount and availability of the grant award fundiri. If City is not awarded a grant in 2016, City will apply for a State of Iowa REAP grant in the Fall of 2017 to pay the Principle. If a grant is awarded to City, the Principle will be paid subject to the amount and availability of the grant award fundin. If City is not awarded a grant by the State of Iowa by December 31, 2017, or if City is awarded a grant but the amount of the grant award is less than the Principle, City will pay the Principle or the balance of the Principle remaining after any payment based on the want award funding in ten equal annual payments at 3% interest from October 1, 2016, commencing with the first payment on July 15, 2.018 and on July 15 of each year thereafter until fully paid. Buyer may prepay all or part of the Principle at any time without penalty. Client Dubuque Leisure Services Department File No. Db Leisure-Roe sch Property Address 730 Cody Dr City Dubuque County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S TABLE OF CONTENTS Letterof Transmittal............................................................................................................................................................................................................ 1 Summaryof Salient Features............................................................................................................................................................................................... 2 URAR................................................................................................................................................................................................................................. 3 AdditionalComparables 4-6................................................................................................................................................................................................ 9 AdditionalListings 1-3......................................................................................................................................................................................................... 10 SingleFamily Comparable Rent Schedule............................................................................................................................................................................. 11 Sales Comparison,Market Area Data&General Comments Addendum................................................................................................................................. 12 UADDefinitionsAddendum................................................................................................................................................................................................. 15 Abbreviations...................................................................................................................................................................................................................... 18 SubjectPhotos.................................................................................................................................................................................................................... 19 PhotographAddendum........................................................................................................................................................................................................ 20 PhotographAddendum........................................................................................................................................................................................................ 21 PhotographAddendum........................................................................................................................................................................................................ 22 PhotographAddendum........................................................................................................................................................................................................ 23 ComparablePhotos 1-3....................................................................................................................................................................................................... 24 ComparablePhotos 4-6....................................................................................................................................................................................................... 25 ListingsPhotos 1-3............................................................................................................................................................................................................. 26 RentalsPhotos 1-3.............................................................................................................................................................................................................. 27 BuildingSketch................................................................................................................................................................................................................... 28 LocationMap...................................................................................................................................................................................................................... 29 SubjectLocation Map.......................................................................................................................................................................................................... 30 ComparableSales Map........................................................................................................................................................................................................ 31 Listi n g s M ap....................................................................................................................................................................................................................... 32 RentalsMap........................................................................................................................................................................................................................ 33 AedalMap.......................................................................................................................................................................................................................... 34 Plat..................................................................................................................................................................................................................................... 35 FloodMap........................................................................................................................................................................................................................... 36 GLBAct Privacy Notification................................................................................................................................................................................................ 37 Statementof Limiting Conditions......................................................................................................................................................................................... 38 FeldermanAppraisals Qualifications.................................................................................................................................................................................... 40 FeldermanAppmisals Client List.......................................................................................................................................................................................... 41 JLFAppraiser Qualifications................................................................................................................................................................................................ 42 TAGAppraiser Qualifications............................................................................................................................................................................................... 43 License............................................................................................................................................................................................................................... 44 License............................................................................................................................................................................................................................... 45 Form TOCPPIX-'TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#1 of 45 Felderman Appraisals 55 Bluff Street, Dubuque, Iowa 52001 Web page:www.feldermans.com Office(563)557-1465, Fax(563)588-4214 11/12/2013 Dubuque Leisure Services Department 2200 Bunker Hill Road Dubuque, IA 52001 Re: Property: 730 Cody Dr Dubuque, IA 52003 Borrower: None File No.: Roepsch-George 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 title 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 with the current Uniform Standards of Professional Appraisal Practice.The appraiser makes the Extraordinary Assumption, based on that the properties zoning"R-1 Single Family Residential District"and use with residential improvements that have been maintained and rented,and older improvements(barn)that has not been maintained,that the current and highest best use is"residential". See comments on Sales Comparison, Market area Data&General Comments Addenda page. 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. Sinc r ly, John L. Felderman Certified General Real Estate Property Appraiser(IA/I L) Main File No.Db Leisure-Rae sch Pa e#2 of 45 SUMMARY OF SALIENT FEATURES Subject Address 730 Cody Dr Legal Description E PT OF LOTS eLK]PIONEER HILLS&LOT 1 ROEPSCH sue&LOT 1 OF sue OF LOTS 1 1 1 MCLEAN HEIGHTS City Dubuque County Dubuque State IA Zip Code 52003 Census Tract 0008.02 Map Reference 20220 Sale Price $ 0 Date of Sale Client Dubuque Leisure Services Department Owner Roepsch, George E&Dorothy S Size(Square Feet) 1,544 Price per Square Foot $ Location N,Res, Age 123 Condition C4 Total Rooms 6 Bedrooms 3 Baths 1.0 Appraiser John L. Felderman Date of Appraised Value 11/12/2013 Final Estimate of Value $ 171,000 Form SSD-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Felderman Appraisals Main File No.Db Leisure-Rae sch Pa e#3 of 45 Roepsch-George Uniform Residential Appraisal Report File# DbgLeisure-Roepsch The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 730 Cody Dr City Dubuque State IA Zip Code 52003 Borrower None Owner of Public Record Roe sch George E&Dorothy S County Dubuque Legal Description E PT OF LOT 5 BLK 7 PIONEER HILLS&LOT 1 ROEPSCH SUB&LOT 1 OF SUB OF LOT 2-1-1-1 MCLEAN HEIGHTS Assessor's Parcel# 1035310024 Tau Year 2012 R.E.Taxes$ 3,082 Neighborhood Name South End DistrictANest End District Map Reference 20220 Census Tract 0008.02 Occupant ❑ Owner ® Tenant ❑ Vacant Special Assessments$ 0 ❑ PUD HOA$ 0 ❑ per year ❑ per month " Property Rights Appraised ® Fee Simple ❑ Leasehold ❑ Other(describe) Assignment Type ❑ Purchase Transaction ❑ Refinance Transaction ® Other(describe) Market Value-See additional Certification/Limitations. Lender/Client Dubuque Leisure Services Department Address 2200 Bunker Hill Road Dubuque, IA 52001 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ❑ Yes ® No Report data source(s)used,offering price(s),and date(s). Owner Court House and/or MLS I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price$ 0 Date of Contract 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 downpayment assistance,etc.)to be paid by any parry on behalf of the borrower? ❑ Yes ❑ No • If Yes,report the total dollar amount and describe the items to be paid. Note:Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use% Location ® Urban ❑ Suburban ❑ Rural Property Values ❑ Increasing ® Stable ❑ Declining PRICE AGE One-Unit 45% Buift-Up ® Over 75% ❑ 25-75% ❑ Under 25% Demand/Supply ❑ Shortage ® In Balance ❑ Over Supply $(000) (yrs) 2-4 Unit 5% • Growth ❑ Rapid ® Stable ❑ Slow Marketing Time ❑ Under 3 mlhs ® 3-6 mlhs ❑ Over 6 mlhs 65 Low 1 Mufti-Family 5% • Neighborhood Boundaries Dodge Street/Highway Street/Highway20 to the north and west The Mississippi River to the 750 High 130 Commercial 15% east and Oakland Farms Road to the south. 185 Pred. 25 Other 30% Neighborhood Description Sub ect's is located on the line of the West End District and South End District of the city of Dubuque, in an established subdivision and neighborhood that is in close proximity to schools shopping and employment centers. The other 30%of"Present Land Use" in the grid above represents institutional recreational and vacant land. Market Conditions(including supportforthe above conclusions) The present housing supply is essentially normal with new construction and primarily stable prices under$250,000. A reasonable exposure time has been developed and would typically be 1 to 5 months. Dimensions See Plat Area 8.65 ac Shape irregular View N;Res;Natural Specific Zoning Classification R-1 Zoning Description Single Family Residential District Zoning Compliance ® Legal ❑ Legal Nonconforming(Grandfathered Use) ❑ No Zoning ❑ Illegal(describe) Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? ® Yes ❑ No If No,describe Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private Electricity ® ❑ Water ® ❑ Street Asphalt ® ❑ Gas ® ❑ Sanitary Sewer ® ❑ Alley None ❑ ❑ FEMA Special Flood Hazard Area [:] Yes ® No FEMA Flood Zone X FEMA Map# 19061 C0352E FEMA Map Date 10/18/2011 Are the utilities and off-site improvements typical for the market area? ® Yes ❑ No If No,describe Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ® Yes ❑ No If Yes,describe The site is lar er than typical for a residential site in the city however, it has a large overgrown drainage type gully down the south portion of the property,which appears to provided a flow for rainwater on and off the site. Foundation Exterior Description materials/condition Interior materials/condition Units ® One ❑ One with Accessory Unit ❑ Concrete Slab ❑ Crawl Space Foundation Walls Stone/Avg Floors Car etVin I/Av #of Stories 2 ® Full Basement ❑ Partial Basement Exterior Walls Vinyl/Avg Walls Plaster/Avg Type ® Det. ❑ Att. ❑ S-Det./End Unit Basement Area 772 sq.ft. Roof Surface As haltShin Ie/Av Trim/Finish Wood/Av ® Existing ❑ Proposed ❑ Under Const. Basement Finish 0 % Gutters&Downspouts Aluminum/Avg Bath Floor Vinyl/Avg Design(Style) 2 Story/No W/O ❑ Outside Entry/Exit ® Sump Pump Window Type DoubleHung/Avq Bath Wainscot Fiberglass/Avg Year Built 1890 Evidence of ❑ Infestation None Storm Sash/Insulated Yes/Avg Car Storage ❑ None Effective Age(Yrs) 35 IX Dampness ❑ Settlement Screens Yes/Avg ® Driveway #of Cars 4 Attic E] None lHeating ® FlNA ❑ uel ❑ Radiant Amenities ❑Woodstove(s)# 0 Driveway Surface Gravel ❑ Drop Stair ❑ Stairs ❑ Other Fuel Gas ❑ Fireplace(s)# 0 ❑ Fence None ® Garage #of Cars 1 ❑ Floor ® Scuttle Cooling ® Central Air Conditioning ❑ Patio/Deck None ® Porch CvdEnc ❑ Carport #of Cars 0 ❑ Finished ❑ Healed ❑ Individual ❑ Other ❑ Pool None ❑ Other None ❑ Att. ® Det. ❑ Built-in Appliances ® Refrigerator ® Range/Oven ❑ Dishwasher ❑ Disposal ❑ Microwave ® Washer/Dryer ® Other(describe) Fan/Hood Finished area above grade contains: 6 Rooms 3 Bedrooms 1.0 Bath(s) 1,544 Square Feet of Gross Living Area Above Grade . Additional features(special energy efficient items,etc.). N/A Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). C4;Kitchen-u dated-timeframe unknown;Bathrooms-not u dated;Kitchen updates include newer appliances; Consideration was given and ad ustments made for the lower than typical ceilings on the second floor there were no other ma or physical or functional inadequacies noted mechanicals stems and roof appearto be in satisfactory condition. Are there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ® Yes ❑ No If Yes,describe The barn is in poor condition and appears as if it should be torn down. There is an older garage/storage building in fair to poor condition that is nottypical for residential properties in the area. Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? ❑ Yes ® No If No,describe Property is one of older residential properties in the neighborhood, has surplus land (acreage)and older farm buildings in fair/poor condition. Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa e#4 of 45 Roepsch-George Uniform Residential Appraisal Report File# DbgLeisure-Roepsch There are 1 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 150,000 to$ 300,000 There are 4 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 150,00 to$ 300,000 FEATURE SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Address 730 Cody Dr 16713 Clay Hill Rd 9278 Military Rd 2810 Wildwood Ct Dubuque, IA 52003 Dubuque, IA 52002 Dubuque, IA 52003 Dubuque, IA 52001 Proximity to Subject 4.80 miles NW 3.37 miles SW 3.25 miles N Sale Price $ 0 $ 210 000 $ 215 000 $ 203 000 Sale Price/Gross Liv.Area $ sq.ft. $ 129.47 sq.ft. $ 123.85 sq.ft. $ 143.06 sq.ft. Data Source(s) DBQM LS#124219;DOM 24 DBQMLS#119841;DOM 140 DBQMLS#122878;DOM 18 Verification Source(s) DBQAssessor#1009151005 DBQAssessor#1515377006 DBQAssessor#1014179006 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing Arm Lth Arm Lth Arml-th Concessions Conv;O Convv2500 -2,500 Conv;O Date of Sale/Time s10/13�c09/13 0 s04/1Zc02/12 0 s04/13�c02/13 0 Location N;Res; N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Site 8.65 ac 4.34 ac +8,000 9.14 ac 0 2.15 ac +12,000 View N;Res;Natural B;Woods; -2000 B,Woods, -2000 B,Woods, -2000 Design(Style) 2 Story/No W/O 2 Story/No W/O 1.5 Story W/O -12,000 Split Level W/O -12,000 Quality of Construction Q4 Q3 -10,000 Q4 Q4 Actual Age 123 20 0 31 0 41 0 Condition C4 C3 -8000 C4 C3 -5,000 Above Grade Total Btlrms. Baths Total Btlrms. Baths Total Btlrms. Baths Total Btlrms. Baths Room Count 6 3 1.0 7 4 3.0 -13,000 6 4 1.1 -4 500 6 4 2.0 -7,000 Gross Living Area 1,544 sq.ft. 1,622 sq.ft. 0 1 736 sq.ft. -8 776 1 419 sq.ft. +5,714 Basement&Finished 772sf0sfin 824sfOsfin 01120sf800sfwo -8,0001438sf1200sfwo -12,000 Rooms Below Grade 1 rrObrl.Oba10 O OrrObrO.ObaOo 0 Functional Utility Avera eFair Average -5,000 Average -5,000 Average -5,000 Heating/Cooling GFA/CA GFA/CA GFA/CA GFA/CA Energy Efficient items None None None None Garage/Carport None 2 Attached -10,000 2 Built-in -10,000 2 Attached -10000 Porch/Patio/Deck CvdPchEncPch Cvd PchPatio 0 PatioDeck3Sea -4,000 DeckPatio +3,000 • Fireplace None Fireplace -5,000 Fireplace -5,000 Fireplace -5,000 Shed,Fence,City Services Etc. Shed/Cit Svcs ShareWell/Se ti +6,000 WellSe ticOutBI +5,000 Cit Svcs +1,000 Exterior Siding Vinyl AluminumNin I 0 WoodRock +6000 CedarStone +6,000 • Net Adjustment(Total) E1 + ® - $ -39,000 ❑ + ® - $ -50J76 ❑ + ® - $ -30,286 Adjusted Sale Price Net Adj. 18.6% Net Adj. 23.6% Net Adj. 14.9% of Comparables Gross Atlj. 31.9%,$ 171,000 Gross Atlj. 33.8% $ 164 224 Gross Atlj. 42.2% $ 172,714 did did not research the sale ortransfer history of the subject property and comparable sales.If not,explain My research ❑ did ® did not reveal any prior sales ortransfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s) Assessors Office/Multiple Listings Service My research ❑ did ® did not reveal any prior sales ortransfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data Source(s) Assessors Office/Multiple Listings Service Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) MLS Public Record MLS Public Record MLS Public Record MLS Public Record Effective Date of Data Source(s) 11/12/2013 11/12/2013 11/12/2013 11/12/2013 Analysis of prior sale or transfer history of the subject property and comparable sales No prior sales or transfers of the sub ect property for three years prior to the effective date of this appraisal no prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Comparable#2 is comprised of three ad oining or ad acent parcels sold as part of a single transaction. Summary of Sales Comparison Approach The local market consists of the oldest established city market area west of the Mississippi,with properties of similar age and style sread throughout the city/county, resulting in some comparables being farther than 1-mile from sub ect.Sub ect and comparables are similar style,era,quality and market area. There are similar properties in the subject area,however,none more similar have sold recently.Age adjustments are not typically made in this market,as many properties over 1 00- ears old have had extensive updates, so they compare as if they are much newer properties 100- ear old properties could be in the same condition as a 20-year old property).Therefore age,in itself,is not considered a factor but is included in any condition adjustment. Indicated Value by Sales Comparison Approach$ 171,000 Indicated Value by:Sales Comparison Approach$ 171,000 Cost Approach(if developed)$ Income Approach(if developed)$ The Sales Comparison Approach to Value is completed and used to determine the final opinion of value.The Cost Approach to Value was not considered in the final value.The Income Approach to Value was completed for information purposes only. This appraisal 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 alterations have been completed, or ❑ subjecttothe • following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: 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 the real property that is the subject of this report is $ 171,000 ,as of 11/12/2013 , which is the date of inspection and the effective date of this appraisal. Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa e#5 of 45 Roepsch-George Uniform Residential Appraisal Report File# DbgLeisure-Roepsch Market Area Factor: -The Tri-State Region includes a trade area that covers three states and four different counties Dubuque Coun Iowa Jackson Count Iowa Jo Daviess Count Illinois and Grant County(Wisconsin).This area has an approximate radius of 50 miles around the City of Dubuque with a population of over 300 000.The U.S Census Bureau web page in January of 2013 reports the following current city populations: Iowa Asbury 4,238Bellevue 2,186Cascade 2,178Dubuque 58,234Dyersville 4,099Farley 1,555Guttenberg 1,908Maquoketa 6,124and Peosta 1 393 Wisconsin Boscobel 3,232; Darlington 2,449; Dodgeville 4,677; Fennimore 2,496; Lancaster 3,868; Mineral Point 2,479; Platteville 11 226 and Shullsbur 1,224; Illinois East Dubuque; 1,706; and Galena 3,435. -The Dubuque County Residential Real Estate Market includes the Urban Communities of Dubuque Count Seat),Asbury, Peosta Epworth, Farley, Cascade Dyersville, Guttenberg and Holy Cross. Most consider the City of Dubuque as the Hub City in the Tri-State Region. Dubuque is easily accessible from Illinois and Wisconsin by way of two bridges across the Mississippi River.The overall Tri-State Region continues to see new residential commercial and industrial interest and there are plans for new businesses and subdivisions throughout the County. From the year 2002 to the current year, Dubuque has had a strong commercial and residential development, and trends indicate continuing strength in the real estate market especially as the national level recession recedes.There have been steady increases in total annual employment population, and yearly building permits over the past five to fifteen years to support similar trends in the future. -The economic growth pattern is positive with the new businesses and the continued growth of tourism and service industry for the Tristate Area with several new businesses and obs relocating or expanding in the area IBM SEDGWICK and HORMEL having produced over 1,500 • new obs in the market.Sin Ie family residential properties above$375,000 had 22 sales in the city and 27 for the entire Dubuque multiple listing service areas during 2012 with an overall average of 102 days marketing time. Single family residential properties under$200,000 in the cit characteristically have an average of 59 days on the market and a typical supply of around 200 houses. Single family dwellings between • $200,000 and$375,000 had ust over 188 sales in the city and 277 for the entire Dubuque multiple listing service areas during 2012 with an average of 97 days on the market. -Iowa housing trends from 2012 reported a statewide increase in home sales by 12%over the previous year,with the Dubuque area market increasing by 13%.The Dubuque median sale price increased by 4% in 2012 average sale price increased by 5%. Iowa housing trends have remained stable to increasing in 2013. See Sales Comparison, Market Area Data and General Comments Addendum Following. COSTAPPROACH TO VALUE(not required by Fannie Mae) Provide adequate informationforthe lender/clientto replicate the below costfigures and calculations. Supportforthe opinion of site value(summary of comparable land sales or other methods for estimating site value) Typical vacant urban residential lot values range from $10,000 to$100,000. Value differences are based on size,location,usable land,utility and access. Value is determined based on data obtained from the Count Assessor and actual assessed land values of competing ro erties in the area. ESTIMATED ❑ REPRODUCTION OR ❑ REPLACEMENT COST NEW OPINION OF SITE VALUE =$ Source of cost data DWELLING Sq.R.@$ ____ =$ Quality rating from cost service Effective date of cost data Sq.R.@$ _______ =$ Comments on Cost Approach(gross living area calculations,depreciation,etc.) _______ =$ The Cost Approach to Value is not typically completed for older existing Garage/Carport Sq.R.@$ _______ =$ • dwellin s. Depreciation is based on sub ects condition ace of its Total Estimate of Cost-New =$ electrical plumbing, roofing, building materials and interior finish.The Less Physical Functional External amount of depreciation for older properties could affect the validity of Depreciation =$( ) the final value.Therefore the Cost Approach was not completed and is Depreciated Cost of Improvements ______________ =$ not considered relevant in determining the final opinion of value. 'As-is'Value of Site Improvements =$ Estimated Remaining Economic Lfte(HUD and VA only) Years INDICATED VALUE BY COSTAPPROACH =$ INCOME APPROACH TO VALUE(not required by Fannie Mae) • Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary of Income Approach(including supportfor market rent and GRM) The sub act is currently rented however,single family dwellings are not typically urchased for their income producing capability,therefore minimal consideration is given to the income approach to value,which is provided for information only. See Sinle Famil Comparable Rent Schedule PROJECT INFORMATION FOR PUDs(if applicable) Is the developer/builder in control of the Homeowners'Association(HOA)? ❑ Yes ❑ No Unittype(s) ❑ Detached ❑ Attached Provide the following information for PUDs ONLY If the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project 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 project created by the conversion of existing building(s)into a PUD? ❑ Yes ❑ No If Yes,date of conversion. Does the project contain any mufti-dwelling units? ❑ Yes ❑ No Data Source Are the units,common elements,and recreation facilities complete? ❑ Yes ❑ No If No,describe the status of completion. Are the common elements leased to or by the Homeowners'Association? ❑ Yes ❑ No If Yes,describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa e#6 of 45 Roepsch-George Uniform Residential Appraisal Report File# DbgLeisure-Roepsch 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 form 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) perform 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 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 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: 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, 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 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 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main Re No.Db Leisure-Rae sch Pa e#7 of 45 Roepsch-George Uniform Residential Appraisal Report File# DbgLeisure-Roepsch APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition 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. 1 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. 1 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. 1 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. 1 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. 1 selected and used comparable sales that are Iocationally, physically, and functionally the most similar to the subject property. 8. 1 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. 1 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. 1 verified, 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. 1 have knowledge and experience in appraising this type of property in this market area. 12. 1 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. 1 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. 1 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. 1 have not knowingly withheld any significant 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. 1 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. 1 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. 1 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 unauthorized and I will take no responsibility for it. 20. 1 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 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#8 of 45 Uniform Residential Appraisal Report Roepsch-George File# DbgLeisure-Roepsch 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 party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. 1 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. 1 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 certification. 2. 1 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 certification. 3. The appraiser identified in this appraisal report is either a sub-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 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature % 4Signature Name John L. FeVerman Name Company Name Felderman Appraisals Company Name Company Address 55 Bluff Street Company Address Dubuque, IA 52001-7608 Telephone Number (563)557-1465 Telephone Number Email Address feldermanappraisals@gmail.com Email Address Date of Signature and Report 11/12/2013 Date of Signature Effective Date of Appraisal 11/12/2013 State Certification# State Certification# CG-01154 or State License# or State License# State or Other(describe) State# Expiration Date of Certification or License State IA Expiration Date of Certification or License 06/30/2014 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property 730 Cody Dr ❑ Did inspect exterior of subject property from street Dubuque, IA 52003 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY$ 1717000 ❑ Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name No AMC COMPARABLE SALES Company Name Dubuque Leisure Services Department Company Address 2200 Bunker Hill Road, Dubuque, IA 52001 ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Email Address mware@cityofdubuque.org Date of Inspection Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004UAD-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa e#9 of 45 Roepsch-George Uniform Residential Appraisal Report File# DbgLeisure-Roepsch FEATURE SUBJECT COMPARABLE SALE# 4 COMPARABLE SALE# 5 COMPARABLE SALE# 6 Address 730 Cody Dr 10583 Watters Forest Dr 0 English Mill Rd Dubuque, IA 52003 Dubuque, IA 52003 Dubuque, IA 52001 Proximity to Subject 3.75 miles SW 2.60 miles W Sale Price $ 0 $ 210 000 $ $ 260,000 Sale Price/Gross Liv.Area $ sq.ft. $ 152.17 sq.ft. $ sq.ft.001116., $ sq.ft. Data Source(s) DBQM LS#122925;DOM 7 DBQM LS#123399;DOM 4 Verification Source(s) DBQAssessor#1508151010 DBQAssessor# VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment Sales or Financing Arm Lth Arml-th Concessions Conv;O Cash;O Date of Sale/Time s04/13�c02/13 s07/13�c05/13 Location N;Res; N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Site 8.65 ac 2.0 ac +12,000 33.38 ac 0 View N;Res;Natural B;Woods; -2000 N;Pstrl; 0 Design(Style) 2 Story/No W/O 1 Story Walkout -12,000 NA 0 Quality of Construction Q4 Q3 -10,000 NA 0 Actual Age 123 34 0 NA 0 Condition C4 C3 -15000 NA 0 • Above Grade Total Btlrms. Baths Total Btlrms. Baths Total Btlrms. Baths Total Btlrms. Baths Room Count 6 3 1.0 4 1 1.0 +6000 0 0 0.0 0 Gross Living Area 1,544 sq.ft. 1,380 sq.ft. +7,496 sq.ft. 0 sq.ft. 0 Basement&Finished 772sfOsfin 1380sf1100s1wo -11,000 Osf 0 Rooms Below Grade 1rr3br1.Oba10 0 Functional Utility Avera eFair Average -5,000 Average 0 Heating/Cooling GFA/CA GFA/CA NA 0 Energy Efficient items None None None Garage/Carport None 2 Attached -10,000 NA 0 Porch/Patio/Deck CvdPchEncPch PchDeck 0 NA 0 Fireplace None Fireplace -5 000 NA 0 Shed,Fence,City Services Etc. Shed/Cit Svcs ComVVtrSe tic +5,000 0 Exterior Siding Vinyl Wood +4,000 0 Net Adjustment(Total) ❑ + ® - $ -35,504 ❑ + ❑ - $ ❑ + ❑ - $ 0 Adjusted Sale Price Net Adj. 16.9% Net Adj. % Net Adj. 0.0% of Comparables I Gross Adj. 49.8%1$ 174,496 Gross Adj. % $ I Gross Adj. 0.0% $ 260,000 Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT COMPARABLE SALE# 4 COMPARABLE SALE# 5 COMPARABLE SALE# 6 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) MLS Public Record MLS Public Record MLS Public Record Effective Date of Data Source(s) 11/12/2013 11/12/2013 11/12/2013 Analysis of prior sale or transfer history of the subject property and comparable sales Property listed as Comparable#6 is a large recent acreage sale land only no improvements. Land has similar topography as sub ect level areas with large areas of gullies/unusable land).Approximately 17 acres of the total was considered useable for development, land was purchased for future development, no other data available at time of this appraisal. $260,000 sale divided by 33.38 acres equals$7,789.00 rounded per acre. Land sale only is provided for information. Analysis/Comments Comparable#4 is located in the county, it is included to provide additional market sale data. Freddie Mac Form 70 March 2005 LAD Version 9/2011 Fannie Mae Form 1004 March 2005 Form 1004UAD.(AC)-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa a#10 of 45 Additional Listings Roepsch-George File# DbgLeisure-Roepsch FEATURE SUBJECT LISTING# 1 LISTING#2 LISTING# 3 Address 730 Cody Dr 1460 Miller Rd Dubuque, IA 52003 Dubuque, IA 52003 Prowmiryto Subject 0.79 miles SE List Price $ $ 284,900 $ $ List Price/Gross Liv.Area $ sq.ft. $ 188.30 sq.ft. $ sq.ft. $ sq.ft. Last Price Revision Date 10/22/2013 Data Source(s) M LS#123518 Verification Source(s) Broker VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjust. DESCRIPTION +(-)$Adjust. DESCRIPTION +(-)$Adjust. Sales or Financing Concessions List/Sell 5.25% -7122 Days on Market 172 Location N;Res; N;Res; Leasehold/Fee Simple Fee Simple Fee Simple Site 8.65 ac 7.94 ac 0 View N;Res;Natural B;Woods -2000 Design(Style) 2 Sto /No W/O 1.5 Story W/O -12,000 Quality of Construction Q4 Q4 Actual Age 123 34 0 Condition C4 C3 -12000 Above Grade Total Btlrms. Baths Total Btlrms. Baths Total Btlrms. Baths Total Btlrms. Baths Room Count 6 3 1.0 6 3 2.0 -5,000 Gross Living Area 1,544 sq.ft. 1,513 sq.ft. 0 sq.ft. sq.ft. Basement&Finished 772sf0sfin 960sf800sfin -8,000 Rooms Below Grade 1 rr1.Oba0o Functional Utility Avera eFair Average -5,000 Heating/Cooling GFA/CA GFA/CA Energy Efficient Items None None Garage/Carport None None +2,000 Porch/Patio/Deck CvdPchEncPch Scrn PchDeck -5,000 Fireplace None None Shed Fence Ci Svcs etc Shed/CitVSvcs Cit Svcs +1,000 Exterior Siding Vinyl Wood +8 000 Net Adjustment(Total) El ® - $ -45 122 ❑ + ❑ - $ ❑ + ❑ - $ Adjusted List Price Net 15.8 % Net % Net of Comparables Gross 23.6 % $ 239,778 Gross % $ 1 Gross % $ Reportthe results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3). ITEM SUBJECT LISTING# 1 LISTING# 2 LISTING# 3 Date of Prior Sale/Transfer Price of Prior Sale/Transfer Data Source(s) MLS Public Record MLS/Public Record Effective Date of Data Source(s) 11/12/2013 11/12/2013 Comments: Listing provided for information only. Listing appears to be listed above market value. March 2005 Form 1004UAD.(AI-)-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#11 of 45 SINGLE FAMILY COMPARABLE RENT SCHEDULE This form is intended to provide the appraiser with a familiar format to estimate the market rent of the subject property. Adjustments should be made only for items of significant difference between the comparables and the subject property. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 730 Cody Dr 567 W 3rd St 715 Groveland PI 2155 N Main St Dubuque, IA 52003 Dubuque, IA 52001 Dubuque, IA 52001 Dubuque, IA 52001 Proximity to Subject 1.96 miles NE 3.83 miles NE 2.83 miles NE Date Lease Begins Month to Month 6 Month Year to Year Year to Year Date Lease Expires Month to Month 6 Month Year to Year Year to Year Monthy Rental If Currently Rented:$ 605 $ 600 $ 775 $ 800 Less:Utilities $ 0 $ 0 $ 0 $ 0 Furniture 0 0 0 0 Adjusted Monthl Rent $ 605 $ 600 $ 775 $ 800 Data Source Observation Dubuque MLS#124055 Dubuque MLS#124085 Dubuque MLS#124233 DBQ Assessor DBQ Assessor#1025254025 DBQ Assessor#1013131014 DBQ Assessor#1024132005 RENT ADJUSTMENTS DESCRIPTION DESCRIPTION + -$Adjust. DESCRIPTION + -$Adjust. DESCRIPTION + -$Adjust. Rent 600 775 800 Concessions None None None N-Res- A-Res- N-Res- N-Res- LocationNiew 7 7 7 7 7 7 7 7 N;Res;Natural N;Res;O N;Res; 0 N;Res; 0 2 Story/No W/O 1.5 Story0 1 Story0 Raised Ranch 0 Design and Appeal Average Average Average Average Age/Condition 123 123 �,I 59 7 �,I C4 C4 C4 C3 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 6 3 1.0 4 2 1.1 +200 5 3 1.0 5 2 1.0 +200 Gross Living Area 17544 S q.Ft. 963 S q.Ft. +100 928 S q.Ft. +100 728 S q.Ft. +100 Other(e.g.,basement, 772sfOsfin 713sfOsfin 0 704sf350sfin 0 728sf350sfin 0 etc.) 1 rr0br1.0ba0o 1 rr1 brO.ObaOo Parking: Parking: Parking: Parking: Other. Off Street 1 Det Gara a -50 Off Street 1 Built in Garage -100 Net Ad'. total + - $ 250 X + - $ 100 X + - is 200 Indicated Monthly Market Rent $ 850 $ 875 $ 17000 Comments on market data,including the range of rents for single family properties,an estimate of vacancy for single family rental properties,the general trend of rents and vacancy,and support for the above adjustments. (Rent concessions should be adjusted to the market,not to the subject property.) Typical single family property rents range from$600 to$2,000 depending on size, location, condition, bedroom count and parking. As of the effective date of this appraisal the Dubuque MLS listed 2 vacant single family rental properties with a total of 8 being leased/rented in 2013. Comparable rental#1 sold on 08/05/2013 as a rental property for$53,500. Not typical market rental, many steps access. Comparable rental#2 sold on 06/30/2009 as a rental property for$70,100. Cottage/cabin not typical market rental. Comparable rental#3 is currently active on the Dubuque MLS. Rents support higher rent for subject; owner agrees, however stated longer term tenant who pays on time, and cannot afford more at this time. Owner also stated only one increase in past years($590 to$605). No GRM determined as rental properties not typical and provided for information only. Final Reconciliation of Market Rent: The single family comparable rentals used were most similar in location, quality, style and size that recently sold,were rented or are currently listed on the market. Single family residential properties are not typically purchased for their income producing capabilities,therefore no income approach determined. (WE)ESTIMATE THE MONTHLYA K OF T E UBJECT AS OF 11/12/2013 20 13 TO BE$ 900 Appraiser(s) SIGNATURE Review Appraiser SIGNATURE (If applicable) NAME John L. Felderman NAME Freddie Mac Form 1000 (8/88) [Y2K] Fannie Mae Form 1007 (8/88) Felderman Appraisals Form RSL-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main Fe No.Db Leisure-Rae sch Pae#12 of 45 File No. Db Leisure-Roe sch Sales Comparison Market Area Data Definitions&Additional Comments Addendum (Data provided as supplement to information on page 3 of 6 of this report) Sales Comparison Approach Market Data Adjustments: Data is based on "matched pairs", local market information (MLS and Public Data) and appraiser experience. Main Floor Room Adjustments • Bedroom- $2,000 to $3,000 • Bathroom- $2,500 to $7,500 • Half Bath- $2,500 to$3,000 • Other Rooms- $1,000 to$3,000 Basement Finish • Adjusted based on $10.00/SF of the difference in finished basement square footage of the subject to the comparable. • Slab/Crawl Space versus Full/Partial Basement with walkout is adjusted $12,000 to $22,000 depending on basement finish and subject size. • Slab/Crawl Space versus Full/Partial Basement with no walkout is adjusted $5,000 to $12,000 depending on basement finish and subject size. • Side walkout basements are adjusted from$4,000 to$10,000 verses traditional rear walkout basements depending on basement finish and subject size. Additional Adjustments • Fireplaces are adjusted from$1,500 to$10,000, depending on value range of house and quality of fireplace. • Decks are adjusted from$1,500 to$5,000, depending on quality and size of deck(s) or versus a patio/porch. • Patios are adjusted from$1,000 to$3,500 depending on quality and size of patio, or versus a deck/porch. • Garages are adjusted $2,000 to$7,500 based on size and quality of property. • Capped garages are adjusted by$2,000 per garage door and increased to $2,500 if accompanied by a full service driveway. • Shed and fences are adjusted from$500 to$3,500, depending on size and quality • Geo-Thermal heating is adjusted from$12,000 to$25,000 depending on gross living area and type of ground loop. • In-Floor heating is adjusted from$4,000 to$8,000 depending on size of space heated. • Pools are adjusted from$2,000 to $18,000 depending on in-ground verses above ground plus additions including size, quality, equipment and associated amenities. Pools that are built-in the structure, are adjusted based on material and installation costs. • Brick siding is typically adjusted between$1,000 and $2,000 per side depending on house size and style, with consideration given to large two story houses. Market Area Data: The market analysis and data derived from this analysis is obtained through, but not limited to, the MLS database, City/County assessor records and the appraisers periodic research of the market area using the following 7 step process: 1. Property Productivity Analysis 2. Market Delineation 3. Demand Analysis 4. Supply Analysis 5. Supply and Demand Interaction Analysis 6. Market Penetration Analysis 7. Financial Feasibility Analysis (proposed properties) Form OUR-'TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main Re No.Db Leisure-Rae sch Pae#13 of 45 File No. Db Leisure-Roe sch Definitions: Extraordinary Assumption- an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions of conclusions. Exposure Time -the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of appraisal. Highest and Best Use -the reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and results in the highest value. Hypothetical Condition -a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. General Comments: • Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. • This appraiser obtained the information, estimates and opinions that were expressed in the appraisal report from sources that he or she considers reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. • The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. • This appraiser is not an employee of the company or individual(s) ordering this report and compensation is not contingent upon the reporting of a predetermined value or direction of value or upon an action or event resulting from the analysis, opinions, conclusions or the use of this report. This report is not based on a required minimum, specific valuation or the approval of a loan. • The Statements of fact in this report are true and correct. • 1 have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. • Upon acceptance of this assignment the appraiser's liability is limited to the fee paid to complete the scope of work. • Timothy A. Gosche (Associate Residential Real Property Appraiser Certificate No. AR03221) has contributed substantially to the research and input for this appraisal and report. Subject Specific Comments: • 1 have not performed any services regarding the subject property within the three-year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. • The appraisal was completed on the UAD 1004 Residential form as it is the most used and understood residential appraisal form. Therefore, an additional Statement of Limiting Conditions was included to supplement original form Certification, Assumptions and Limitations. • This appraiser was asked, by the city of Dubuque, to appraise subject property for a possible sale to the City, by its current owner. Included was a request to comment on and/or to complete a separate appraisal, if it appeared feasible to split the property. It was not anticipated that usage of federal funds would be a consideration in appraisal requirements. • Jurisdictional Exception does not apply and appraisal is completed IAW USPAP . • The property adjoins"Valentine Park"a city park. Subject property currently has two accesses, one from Cody Drive and one from the turn around on Patricia Ann Drive. • The improvements include, house, barn, garage/storage building, small shed and fencing. The property is connected to city Services. • The large barn is considered in poor condition (C6 condition) and is given no value in the appraisal, it appears to require a tear down. • The smaller storage/garage building is in fair to poor condition (C5) and is given minimal value, for condition and as not typical for residential area in which located. • The small third building/storage shed Oust behind house) is considered in average condition and was adjusted for current market adjustment value. • Subject has 7"ceilings on second floor and was adjusted for"functional utility", as the current market typically reacts favorably to higher ceilings in upper levels. • Utilities were on and working at time of inspection. • Comparables utilized were based on land size and majority did not meet typical market adjustment percentages. There Form DCVR-'TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main Re No.Db Leisure-Rae sch Pae#14 of 45 File No. Db Leisure-Roe sch • Adjustments for land acreage differences were determined to be$2,000 per acre, giving consideration to: 1-size of subject and comparable parcels, 2-dollars per acre differences, 3-useable land, and 4-surplus land. • Discussion on land split between upper land with access from Cody Drive and lower land with access from Patricia Ann Drive. There is no known study as to how the land would or could be utilized if it were split into two parcels. After a general discussion with the owner, as to where a split could take place, it appears that he envisioned roughly an east/west split through the corner of the barn. With this as the rough basis for a split the following comments pertain to land value, if split as discussed: From a visual and walking visit to the property it appears the land, described as surplus, would primarily consist of a large overgrown gully that moves rain water from the Cody Drive area to the Patricia Ann/Geraldine Drive area, with some minimal useable land along the sides of the gully. It appears that the majority of the useable land would be near the Cody Drive access, and if the acreage were split between the area of the residential improvements and the remaining land, there would be a minimal value to the surplus land as split off, based on the actual amount of useable land included. The appraiser makes the extraordinary assumption that, the surplus land split off, as described, would have minimal value, as the useable upper land, with residential improvements, includes the major amount of useable land, therefore a land split does not appear to be an option as discussed, and a separate appraisal of the sites as if split has not been completed. No bids for cost to remove improvementstbuildings in various conditions (C5/C5) were determined, and are not considered required for the scope of this appraisal. Form OUR-'TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa a#15 of 45 Roepsch-George File No. Dbq Leisure-Roepsch UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Condition Ratings and Definitions C1 The improvements have been recently constructed and have not been previously occupied.The entire structure and all components are new and the dwelling features no physical depreciation. Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered"new" if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep). C2 The improvements feature no deferred maintenance,little or no physical depreciation,and require no repairs.Virtually all building components are new or have been recently repaired, refinished,or rehabilitated.All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category are either almost new or have been recently completely renovated and are similar in condition to new construction. Note:The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation,or an older property that has been recently completely renovated. C3 The improvements are well maintained and feature limited physical depreciation due to normal wear and tear.Some components, but not every major building component, may be updated or recently rehabilitated.The structure has been well maintained. Note:The improvement is in its first-cycle of replacing short-lived building components(appliances,floor coverings, HVAC,etc.)and is being well maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation. C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear.The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs.All major building components have been adequately maintained and are functionally adequate. Note:The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced,and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property. C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs.Some building components need repairs, rehabilitation,or updating.The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence. Note:Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional. C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness,or structural integrity of the improvements.The improvements are in need of substantial repairs and rehabilitation, including many or most major components. Note:Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety,soundness, or structural integrity of the improvements. Quality Ratings and Definitions Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user.Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure.The design features exceptionally high-quality exterior refinements and ornamentation,and exceptionally high-quality interior refinements.The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality. Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However,dwellings in this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly modified or upgraded plans.The design features detailed, high quality exterior ornamentation, high-quality interior refinements,and detail.The workmanship,materials, and finishes throughout the dwelling are generally of high or very high quality. UAD Version 9/2011 (Updated 4/2012) Form UADDEFINEI -"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa a#16 of 45 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Quality Ratings and Definitions (continued) Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site.The design includes significant exterior ornamentation and interiors that are well finished.The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from"stock"standards. Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes.Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials,workmanship, finish,and equipment are of stock or builder grade and may feature some upgrades. Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations.Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail.These dwellings meet minimum building codes and are constructed with inexpensive,stock materials with limited refinements and upgrades. Q6 Dwellings with this quality rating are of basic quality and lower cost;some may not be suitable for year-round occupancy.Such dwellings are often built with simple plans or without plans,often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing,and other mechanical systems and equipment may be minimal or non-existent.Older dwellings may feature one or more substandard or non-conforming additions to the original structure Definitions of Not Updated, Updated, and Remodeled Not Updated Little or no updating or modernization.This description includes, but is not limited to,new homes. Residential properties of fifteen years of age or less often reflect an original condition with no updating, if no major components have been replaced or updated.Those over fifteen years of age are also considered not updated if the appliances,fixtures,and finishes are predominantly dated.An area that is 'Not Updated' may still be well maintained and fully functional,and this rating does not necessarily imply deferred maintenance or physical/functional deterioration. Updated The area of the home has been modified to meet current market expectations.These modifications are limited in terms of both scope and cost. An updated area of the home should have an improved look and feel,or functional utility.Changes that constitute updates include refurbishment and/or replacing components to meet existing market expectations. Updates do not include significant alterations to the existing structure. Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations.These alterations may include some or all of the following: replacement of a major component(cabinet(s), bathtub,or bathroom tile), relocation of plumbing/gas fixtures/appliances,significant structural alterations(relocating walls,and/or the addition of) square footage).This would include a complete gutting and rebuild. Explanation of Bathroom Count Three-quarter baths are counted as a full bath in all cases. Quarter baths(baths that feature only a toilet)are not included in the bathroom count. The number of full and half baths is reported by separating the two values using a period,where the full bath count is represented to the left of the period and the half bath count is represented to the right of the period. Example: 3.2 indicates three full baths and two half baths. UAD Version 9/2011 (Updated 4/2012) Form UADDEFINEI -"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Rae sch Pa a#17 of 45 UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM (Source: Fannie Mae UAD Appendix D: UAD Field-Specific Standardization Requirements) Abbreviations Used in Data Standardization Text Abbreviation Full Name Fields Where This Abbreviation May Appear ac Acres Area,Site AdjPrk Adjacent to Park Location AdjPwr Adjacent to Power Lines Location A Adverse Location &View Arml-th Arms Length Sale Sale or Financing Concessions ba Bathroom(s) Basement&Finished Rooms Below Grade br Bedroom Basement&Finished Rooms Below Grade B Beneficial Location &View Cash Cash Sale or Financing Concessions CtySky City View Skyline View View CtyStr City Street View View Comm Commercial Influence Location c Contracted Date Date of Sale/Time Conv Conventional Sale or Financing Concessions CrtOrd Court Ordered Sale Sale or Financing Concessions DOM Days On Market Data Sources e Expiration Date Date of Sale/Time Estate Estate Sale Sale or Financing Concessions FHA Federal Housing Authority Sale or Financing Concessions GlfCse Golf Course Location Glfvw Golf Course View View Ind Industrial Location &View in Interior Only Stairs Basement&Finished Rooms Below Grade Lndfl Landfill Location LtdSght Limited Sight View Listing Listing Sale or Financing Concessions Mtn Mountain View View N Neutral Location &View NonArm Non-Arms Length Sale Sale or Financing Concessions BsyRd Busy Road Location o Other Basement&Finished Rooms Below Grade Prk Park View View Pstrl Pastoral View View PwrLn Power Lines View PubTrn Public Transportation Location rr Recreational(Rec) Room Basement&Finished Rooms Below Grade Relo Relocation Sale Sale or Financing Concessions REO REO Sale Sale or Financing Concessions Res Residential Location &View RH USDA-Rural Housing Sale or Financing Concessions s Settlement Date Date of Sale/Time Short Short Sale Sale or Financing Concessions sf Square Feet Area,Site, Basement sqm Square Meters Area,Site Unk Unknown Date of Sale/Time VA Veterans Administration Sale or Financing Concessions w Withdrawn Date Date of Sale/Time wo Walk Out Basement Basement&Finished Rooms Below Grade wu Walk Up Basement Basement&Finished Rooms Below Grade WtrFr Water Frontage Location Lr Water View View Woods Woods View View Other Appraiser-Defined Abbreviations Abbreviation Full Name Fields Where This Abbreviation May Appear UAD Version 9/2011 (Updated 4/2012) Form UADDEFINEI -"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main Re No.Db Leisure-Rae sch Pa a#18 of 45 File No. Db Leisure-Roe sch ABBREVIATIONS A: M Alum: Aluminum MLS: Multiple Listing Service Asph: Asphalt Att: Attached P: Avg: Average PAT: Patio PCH: Porch B: PLYWD: Plywood BA: Bathroom BLK: Block R: BLT-IN: Built-in RDS: Roads BR: Bedroom REC: Rec Room BRK: Brick RES: Residential C: S: CA: Central Air SCN: Screen CER: Ceramic SHNGL: Shingle CED: Cedar SHWR: Shower COMM: Commercial STL: Steel CMTBD: Cement Board STN: Stone CONT: Construction Sub: Subdivision CONY: Conventional CPT: Carpet U: CSMT: Casement UNF: Unfinished CVD: Covered LINK: Unknown CVDPCH: Covered Porch CONTP: Contemporary W: D: WD: Wood DBLHUNG: Double Hung DET: Detached DK: Deck DIN: Dining Room DOM: Days on Market E: ENC: Enclosed ETC: Et. Cetera EXC: Excellent F: FAM: Family Room FBGLS: Fiberglass G: GD: Good GFA/CA: Gas Forced Air/Central Air GRT: Great Room I: IAW: In Accordance With 1.E. For Example IND: Industrial K: KIT: Kitchen L: LAM: Laminate LR: Living Room LL: Lower Level LTIND: Light Industrial LTV: Loan To Value Form OUR-'TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pa e#19 of 45 Subject Photo Page Client Dubuque Leisure Services Department Property Address 730 Cody Dr City Dubuque Courfty Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S Subject Front 730 Cody Dr Sales Price 0 Gross Living Area 1,544 _ Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; -- - - View N,Res,Natural Site 8.65 ac Quality Q4 Age 123 Subject Rear r -'G Subject Street ra x+ i Form PICPIX.SR-'TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#20 of 45 Photograph Addendum Client Dubuque Leisure Services Department Property Address 730 Cody Dr City Dubuque County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S Vol r — v -- _ 1 if y Front/Left Rear/Left Front/Right kX Outbuilding #1 Outbuilding #1 Dry Rot Outbuilding #1 Interior 0 SO VWX Outbuilding #1 Interior Outbuilding #1 Interior Shed #1 Ul �,,, 1 i I Shed #1 Interior Outbuilding #2 Outbuilding #2 Dry Rot - - - c rw : -- 1 r Outbuilding #2 Dry Rot Outbuilding #2 Interior Outbuilding #2 Car Storage Form PIC15-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#21 of 45 Photograph Addendum Client Dubuque Leisure Services Department Property Address 730 Cody Dr City Dubuque County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S �ra _ Shed #2 Shed #2 Driveway -- AL Cul De Sac Street Scene Southeast Property Line q z , Northwest Property Line Acreage Acreage View from Patricia Ann Drive View from Patricia Ann Drive Acreage 41 AYMI Acreage Acreage Southeast Property Line Form PIC15-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#22 of 45 Photograph Addendum Client Dubuque Leisure Services Department Property Address 730 Cody Dr City Dubuque County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S - m I z Southeast Property Line South Property Line View from Valentine Park jo u Acreage Acreage View from Valentine Park Acreage Kitchen Dining i ``yam ON o � Living Room Bathroom Staircase b Bedroom Bedroom Bedroom Form PIC15-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#23 of 45 Photograph Addendum Client Dubuque Leisure Services Department Property Address 730 Cody Dr City Dubuque County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S Attic Scuttle HVAC Foundation Dryer Sump Pump Circuit Breaker Qr Ir Water Heater Washer Basement Drain Storage Form PIC15-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main File NO.Dtl Leisure-g0e6eh Pd eK PG OtGS Comparable Photo Pape Client Dubu ue Leisure Services Department Pro ed Address 730 Cody Dr Cit Dubu ue County Dubuque State IA Zi Code 52003 Owner Roe sch Geor e E&Dorothy S Comparable 1 _ 16713 Clay Hill Rd Prax.to Subject 4.80 miles NW Sale Price 210,000 Grass Living Area 1,622 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 3.0 Location N;Res; View B;Woods; Site 4.34 ac Quality Q3 Age 20 Comparable 2 9278 Military Rd Prax.to Subject 3.37 miles SW Sale Price 215,000 Grass Living Area 1,736 Total Roams 6 Total Bedrooms 4 Total Bathrooms 1.1 Lacanian N;Res; View B;Woods; Site 9.14 ac Qualify 04 Age 31 Comparable 3 2810 Wldwood Ct Prax.to Subject 3.25 miles N Sale Price 203,000 Grass Living Area 1,419 Total Roams 6 Total Bedrooms 4 Total Bathrooms 2.0 Location N;Res; View B;Woods; Site 2.15 ac �� �■ Qualify 04 Age 41 Farm PICPIXCR-"TOTAL"appraisal software by a la made,inc.-1-BOO-ALAMOBE Main File NO.Db Leisure Roe sen Pae#PS ntGS Comparable Photo Page Client Dubuque Leisure Services Department Propery Addass 730 Cody Dr City Dubuque County Dubuque State IA Zi Code 52003 Owner Roe sch George E&Dorothy S Comparable 4 10583 Watters Forest Dr Prox.to Subject 3.75 miles SW Bad Price 210,000 Grass Living Area 1,380 Total Roams 4 Total Bedrooms 1 Total Bathrooms 1.0 Locator N;Res; View B;Woods; - Site 2.0 ac Qualify Q3 Age 34 'aye. Comparable 5 Prox.to Subject Sale Price Gross Living Area Total Rooms Trial Bedrooms Trial Bathrooms Locator View Site Qualify Age Comparable 6 0 English Mill Rd Prox.to Subject 2.60 miles W Sale Price 260,000 Gross Living Area 0 Total Rooms 0 Trial Bedrooms 0 Trial Bathrooms 0.0 Locator N;Res; View N;Pstrl; Site 33.38 ac Qualify NA Age NA Form PICPIXCR-"TOTAL"appraisal software by a la made,inc.-1-BOO-ALAMOBE Main File NO.Db Leisure Roe sen Pae#PB ntGS Listing Photo Page Client Dubuque Leisure Services Department Pmpedy Addass 730 Cody Dr City Dubuque County Dubuque State IA ZipCode 52003 Owner Roe sch George E&Dorothy S Listing 1 1460 Miller Rd Proximity to Subject 0.79 miles SE < List Price 284,900 Days on Market 172 Grass Living Area 1,513 Total Roams 6 Total Bedrooms 3 Total Bathrooms 2.0 Age/Year Built 34 Listing 2 Proximity to Subject List Price Days on Market Grass Living Area Total Roams Total Bedrooms Total Bathrooms Age/Year Built Listing 3 Proximity to Subject List Price Days on Market Grass Living Area Total Roams Total Bedrooms Total Bathrooms Age/Year Built Farm DLSTRNT DS#R-"TOTAL"appraisal software by a la made,inc.-1-BOO-ALAMODE Main File NO.ptl Leisure-g0e6eh Pd eK PI OtGS Rental Photo Page Client Dubu ue Leisure Services Department Pmpedy Address 730 Cody Dr City Dubu ue County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S Rental 1 567 W 3rd St F Proximity to Subject 1.96 miles NE Adl.Monthly Rent 600 Grass Living Area 963 Total Roams 4 Total Bedrooms 2 Total Bathrooms 1.1 Location A;Res; View N;Res; Condition C4 - Age/Year Built 123 Rental 2 715 Groveland PI Proximity to Subject 3.83 miles NE Adl.Monthly Rent 775 - Grass Living Area 928 _ Total Roams 5 e� Total Bedrooms 3 Total Bathrooms 1.0 Location N;Res; View N;Res; r ' Condition C4 Age/Year Built 59 Rental 3 „t r. 2155 N Main St Proximity to Subject 2.83 miles NE Adj.Monthly Rent 800 Grass Living Area 728 Total Roams 5 Total Bedrooms 2 Total Bathrooms 1.0 Location N;Res; View N;Res; Condition C3 Age/Year Built 7 Farm BLSTRNTDS$R-"TOTAL"appraisal software by a la made,inc.-1-BOO-ALAMOBE Main File No.Db Leisure-Rae sch Pa a#28 of 45 Building Sketch Client Dubuque Leisure Services Department Property Address 730 Cody Dr City Dubuque County Dubuque State IA Zip Code 52003 Owner Roe sch George E&Dorothy S Enclosed Porch [48 Sq ft] Covered Porch [72 Sq ft] 8' 12' 32' 32' Bedroom Second Floor Kitchen [772 Sq ft] Co w Family Co w Bedroom m m V V Dining rn First Floorti Bath W N [772 Sq ft] - - 18' 18' Nr Living v Bedroom 14' 14' TOTAL s<emh W a is mme,inc Area Calculations Summery Li Calcula First Flom 772 Sq ft 14 x 14 = 196 18 x 32= 576 Second Flom 772 Sq ft 14 x 14 = 196 18 x 32= 576 Total Living Area(Rounded): 1544 Sq ft Non-living Area Covered each 72 Sq ft 6 x 12 = 72 Enclosed each 48 Sq ft 6 x 8 = 48 Form SKT.BLDSKI-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE I Pon file No Doi Rierinch I Care at 29 M45 Location Map Clienloubu ue Leisure sa rvia prices ament vmPM Addmee 7 30Cotl or CIN Dubuque CouoV Dubuque BA0 IA LpCode 4003 owner Poep sch Geer e eaoormh s a la mode, inc: fee Anti tFuumm" Otani =. Cao owurh Likohn. Maintain' . mind Ind :Mar9ueik.: Fro AiradzvBrarni Mi ® . . nm 151 reds k¢ stone Y� tit y �ti w+nn aundt. Ltd. Plinecto mi Mountain Mi CIO ad Cnmbe 'RICE Law C) ce ado 6.kr, va6mn man. 11, Coal Rapids C Minneapolh S,PiAnatunie i Gi En Cl.... IR IRshmam say in e"' radii,Pnlne uM9ron oai LWemlle wtlwns Mi xv4nlle v °^e Point IN, Green Bay NiWuk Md APPI 4m ®\. on, rmwoC' . mol,nair Panama 0i MAI junin Pwmnna n nusFbN Ehi(mss ' fund au lz Shehoygan ounnarannot an unmoor a. Ea ¢ Omond rake wl Wait read tuk k Coati r FI9 au o� mry Fs,r C scer.n Mem<M Wxew.Vn M 9m qq rasa. Mai n .Madison µrest Milwaukee rake IMF Ei [ma Fall..WMedm ha � d Sam, oNa . � on"i .Rockbra Mount n pallmwn Cetlar Ra Pi tls Pry Mauarnarn Hijamall Ame C Chicago v Anli on. Want Maintain� Des Moines a CtV, p ` il' ille 6zry bs_ 'wlit err ne loli of AnnCarolinian Mus nee a Q VAPsn 1 rst ewe tannor knee �Cm�, IIIc 'dii ala s Pt M ' .mart ran oumin9mn lelayet rlle ® Mvuod dle Main., .assbxne Patin tinrun WWna Ea,ul, oawbN Ai st ms¢M Dominate mn � sahm n SG,ingriem q n. not raniuohzM n�1 rte"iCMd¢ ® 1 Farm,all Vandal,. City gham Effin lathe _ umhia van nmr . Dveaana Pan ora oLa nay on.Stt uSt nary m Offinannuar or � . Corolla_ Mount Vernon inner "va .nnmb. r (nine Evan.vme Olso,t norvtheater wee, Farm MAP LOG-"igfAL ammMJl smi hyala mortIPA.-1-800AIAMODE Subject Location Map cllenlDubuue Itsub re se rvlces De vm°MAeemee ]3ocua Dr CIN Dubuque CGnV Dubuque BA0 IA LpCAe 4003 owner Poe scb Geo re E&D orothy s a la mde, inc: 8 0 Cn.m.R e ".'.0 ym ay° Po Y ua+e y g`°mna.�x 1 oM ouP4�4 ee pAmP"°n 5t •ww•g �, �ak_p, Dubuque Cm,n Club PRd,'� 24 Cy.9 Ply p 7RO C' USA SU61ER a Dubuque, lA 33003 4 Dev°. ea wuoxe.,> d p 0 4 a'' 9 ertnr o~ ' word. Form MAP LOG TOTAL amalsal sahaie byala mo&,Inc-1-8O0 AIAMOOE Comparable Sales Map Clienloubue Leisub re Se vuesDe ament vmgMAlemee ]30uCod or CIN Dubuque County Dubuque BA0 IA LpCAe 4003 owner Pee sch Geer e eaoermh s a la mode W "h.,y \ Poll4 Fy \ ml sageville Durango COMPARABLE No. 1 3 16713 Orly Nin Re g' Dubuque, IN 52002 4.80 miles NW y. 3 merry Wad"A COMPARABLE No. 3 u^ zsig wuaw000 u Dubmgme, la szhgl wmvree 3.zs mile:N Al Ce.rl/Lin.ad Are. Fry� n cel Fe Asbury 5 t zL 4r� elacmxsan Pexe Ws.o c morLRa myy"'•M s "," a m`u Dub gLle COMPRBRaLE No.6 O(oge4 � SUBIECT �e�5e L`J U L 0 English MITI RE 730 Cody Or Dubuque,IA 52001 ?; 3.60 miles W Dubuque, W 53003 x rl< 12 COMPARABLE Ha. O �\� 10503 Wa[[ers Fgrez[ Dr Rockdrd, Cubuque, IP 52003151 Fu 3.]5 miles$W 2u %6 161 hry West � COMPARABLE No. 3 m' O:. Ar 9DR Mlftdry Rtl E j Dubuque, [P 53003 gq 3.3]miles SW b)"$,.ea ,., a �. Form MAP WC-"TUALammll l sohvaie byala mob,Inu.-1-800AIAMCCE Listings Map Clienioubu ,e Leisure SeNicesDe xbment vmyeMAeemee 7 3ocua or CIN Dubuque CounV Dubuque BA0 IA LpCAe 4003 owner Poe scb Geo r e E&D orothy s a m ----_- "war° ,are"47 a la nestle, Inc ¢ yew^a6 mbaps S r,Vxo Jm m _ 2 Cxo5 6Qd-4652' ,, " -0OO9 5 '. $ a -_ - r-- co c.Mam,3r _o zr.o r sc •n 'm ti % Ir as a a mkN Ba.. NMyate O, 5 SunN°"" c y r D,buyue Ceunery Club T v : tt A 5 \ SUZECIF 9 pY %.RI 730Cody UC 5" Dubuque, IA 53003 ^ - ti�� g a � Hw4 0 - Cy1rAm S�e ap � mwar�' o BaNm£ > LISTING No. 1� IeeeO ]4b0 MIIIeC S[ ^' gcT^annn Oubuquel ]A 52003 M., 0.]x miles SE , ^+Y F g Lorna K' Or old'Cam Roche Katy rl�Or roya. Farm MAP NC-"TOTAL amrrsal soXyale byala mort mc-1-800AIAMCCE Rentals Map ClieniDubuua Itsu0 re Se rvlces De vmMM Aeemss ]3000tl or CIN Dubuque Centy Dubuque ALL IA ZoCkde 4003 owner Poep scb Genre E&D mothy s a la mode, me k n, Gq a eroRoad Y14 _ 3 ¢ 9o40nooeo oP a p RENTAL 0 ns Dubuque, DR 52 PI 0 Du 3833 a nEo3 3.83 miles NE °e° mtn 5 ormolcs AIIAW pk` tVAS 5N' WaLnR wamtlat w°a im,Hmo, ZS IR, ea Camara RENTAL No.3 2155 N Main �x x Dubuque,3A 52001 v 2.83 miles NE ars 3 Walker, Mae1rtA^'r6m rhe arm_ Pdro<a,, rula6 z 19, l Cla,ka A IF i 01c I � I 4,e„ry asClorka Cooke w, .. . 11 Rd II xJlwtke 6 pv�° ba `am JACKSON PAW ¢hR m ��I- PeenryXaniaAn— >gh p s k° kq1�d W nab" wl 61 arjL Floe nrvdx lSIdPl Frey Uwxosp ..TT rsSZDrsiarc Fee \ ad,lam. Firm Carrier Ekkhfi�e elO LaA y 4N aeBee m _. $D B]ECT ulu9u¢ m ]30 COFlY Dr !•nunvy Clue Du Luque,lA 52003 NLia fill 5 Exa6 " rk Moa n IrH iA ; 66�� �..by"$ N, rll Farm MAP NC-"TOTAL amused smare byala make,mu.-1-800Al MODE r � 06 °�y a oa •lam �. � . � � . ��o' ii 47 Al CL f i ptz r t Main FIB NO.pb Leisure-ROB 6Cn PdB#350145 Plat .. '"'. Plat s�a p f0 5310020 1035308011 103532900] 1035309012 1035310014 1035329009 1035304013 1035310021 1035309006 1035 14 �pF 0 d0 2 F 1035330001 103 4 1035331001 1035300016 1033331002 03531 353050 1035331005 1035331003 0353100 103531001 1035331006 05010 1035331004 1035310010 1035305008 1035305009 103533100] aoo 103530500] 035310008 p2 0 1035310009 0353 600 1035310024 1035305004 10353]6015 1035305006 1035352008 0353 00 10353]6012 103 8002 1035352003 10353]8003 10353]6013 103535 10353]8008 1035356002 1035356003 1035356006 1035356008 E I EOR 1035356004 1035356005 103535600] i' f035356009� f0 5354021 1035354023 � -� '- — e R 1035380001 10353555 00] 1035380014 1035355011 'Notice-Thaw,maps are wmpiled for awewmi and tax information purposes from official wurdy rawrda. All map information shown is for the forgoing purpow and does not mpmi a survey of land. Form SCNLGL-"TOTAL"appraisal software by a la mode,inc.-1-BOO-ALAMODE Flood Mao ollam oaoaaa �Gura Semmes oaanmam vm mems no co or Dlq Roos as cmna Dubuque eee IA apcm, owner rma s<o George E & Dorothe e Prepared Por. InterFloodjoW FedermanApprabxla 730Cody Dr www.incerlboamrn 1-000-zsz-66]3 Dhows, IA 52003 Del �irr .zo'NEr i r x' IREICG.. as ' c1.t4 pyca r eI, 14 uAl 4� •� t `t` F . ` : '`f': G •.` NON AT +NEL � � ��� •W KK ^ FRRRR WN6NIF BB NORTN � l� --� EP �or FLOONSfAPE NSHIP 89-NORTaH; P '. r ' 1 l b t r SON, m FbW HIMap r7'- r nSw.T r • r' 'rn e^ Kit. w`'� . rte •d i 4% 0,E,b,r 18,2011 r5 a , l Fbr r3. 5. P t6 VM N I INF • � trMP2 sxY f a K W* or m or, y 11-1 ITERS RIDGE 2'D NS PANEL 0350 Fmea.ramw+maxNro,�.m.✓.m,uem1 wm�aw�e. F.I.Ib. rmmMPOROOD-'T)Wapeuusus& 2R 4yalamAe,inc.-I-W0.PNMODE Felderman Appraisals Main Re N..Db dsure-Roesch Pae#37 of 45 PRIVACY NOTICE Pursuant to the Gramm-Leach-Bliley Act of 1999, effective July 1, 2001, Appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. Types of Nonpublic Personal Information We Collect In the course of performing appraisals,we may collect what is known as"nonpublic personal information"about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. Parties to Whom We Disclose Information We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our employees, and in certain situations,to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our employees and any third party consultants we employ are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. Confidentiality and Security- We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties,we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. Please feel free to call us any time if you have any questions about the confidentiality of the information that you provide to us. Form PRV LG-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main Fle No.Db Leisure-Rae sch Pa a#38 of 45 Roepsch-George File No. Dbq Leisure-Roepsch 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 considers his 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. (Source: FDIC Interagency Appraisal and Evaluation Guidelines,October 27, 1994.) *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 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 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 LIMITING CONDITIONS AND 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 valued on the basis of it being under responsible ownership. 2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizing the property. The appraiser has made no survey of the property. 3. 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. 4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization.These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste,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. This appraisal report must not be considered an environmental assessment of the subject property. 6. The appraiser obtained the information, 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 true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. 8. 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 improvements will be performed in a workmanlike manner. 9. The appraiser must provide his or her prior written consent before the lender/client 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 United 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 obtain 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 advertising, public relations, news, sales, or other media. 10. The appraiser is not an employee of the company or individual(s)ordering this report and compensation is not contingent upon the reporting of a predetermined value or direction of value or upon an action or event resulting from the analysis, opinions, conclusions, or the use of this report. This assignment is not based on a required minimum, specific valuation, or the approval of a loan. Page 1 at 2 Form ACR2_DEFD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODE Main File No.Db Leisure-Roe sch Pae#39 of 45 Roepsch-George File No. DbgLeisure-Roepsch CERTIFICATION: The appraiser certifies and agrees that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses,opinions, and conclusions. 3. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. 1 have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. 9. Unless otherwise indicated, I have made a personal inspection of the interior and exterior areas of the property that is the subject of this report, and the exteriors of all properties listed as comparables. 10. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s)signing this certification (if there are exceptions,the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). ADDRESS OF PROPERTY ANALYZED: 730 Cody Dr, Dubuque, IA 52003 APPRAISER: SUPERVISORY or CO-APPRAISER (if applicable): Signature: Signature: Name: John L. Mderman Name: Title: Title: State Certification#: CG-01154 State Certification#: or State License#: or State License#: State: IA Expiration Date of Certification or License: 06/30/2014 State: Expiration Date of Certification or License: Date Signed: 11/12/2013 Date Signed: ❑ Did ❑ Did Not Inspect Property Page 2 of 2 Form ACR2 DEFD-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE Main He No.Db Leisure-Roe sch Pa e#40 o�45 Felderman Appraisals Qualifications FELDERMANAPPRAISALS is currently engaged in real estate appraising and counseling, market feasibility studies,and review appraising. The appraisers of the organization have a comprehensive background in real estate, business, economics,finance, management,aviation,and construction. All of the appraisers are State of Iowa Certified Real Property Appraisers, and some are Illinois Licensed Appraisers and/or Wisconsin Certified Appraisers. Current Appraisers of the firm(and States)are as follows: John L. Felderman, Iowa and Illinois Robert J. Felderman,Iowa,Wisconsin and Illinois A partial listing ofFELDERMAN APPRAISALS activities are listed below. Agricultural properties, including farmland for aviation uses, Airport(Private), Apartments, condominiums and other multi-family projects, Bed and Breakfast Inns,Campgrounds,Church and rectory, Convenience Store and Truck Stop facilities, Dealership facilities of all types(Automobile,Motorcycle,Truck), Eminent domain takings and condemnations, Freight warehouse and shipping/distribution facilities, Gasoline/service station and other convenience stores, Government buildings including Military Armories, Golf Courses of all types, Historical Restorations, Hotels and Motels of all types, Industrial factories,and warehousing, Lumber company and storage facilities, Manufacturing facilities and complexes, Marinas and similar properties, Medical Clinic and similar facilities, Mobile Home Parks, New construction appraisals from specifications and blueprints, Office and Retail commercial buildings of all types, Recreational land and facilities, Renovated facility projects, Residential properties of all types, Restaurants and fast food facilities, River oriented industrial, wharf, leased land and recreational facilities, Education and Religious facilities including school, gymnasium,and dormitories, Shopping Centers and other retail facilities, Special purpose facilities, Subdivision,residential and other, Supermarkets, discounts stores, and other retail, Taverns, lounges,and similar properties, Warehouse,garages, and office-warehouse properties, Expert Witness and court testimony Fe(dermaa App aaG,Dubuque,Iowa Farm SCNLGL-"TOTAL"appraisal sotrware by a la mode,inc.-1-BOO-ALAMOGE Main FIB NO.pb Lei sure-Roesch PdB#GrO GS Felderman Appraisals Client List CLIENT REFERENCE LIST Alcoa Credit Union,Bettendorl;Iowa American Trust and Savings Bank,Dubuque, Iowa Associates Intergroup Management Company, Dallas,Texas Brenton First National Bank,Davenport, Iowa Buchanon County,Independence,Iowa Carlisle Graphics,Dubuque, Iowa City of Dubuque, Independence, &Maquoketa, Iowa City of East Dubuque, Illinois Clinton County Assessor,Clinton,Iowa Coll Banker Mortgage Services,Inc.,Overland Park, Kansas Crawford,Miller,&Taylor,Inc. Springfield,Illinois John Deere&Company,Dubuque,Iowa Design Center Associates(Historic Restoration), Dubuque,Iowa Dubuque Bank and Trust Company,Dubuque,Iowa Dubuque City Assessor, Dubuque,Iowa Dubuque Initiatives, Dubuque,Iowa DUPACO Community Credit Union, Dubuque, Iowa DUTRAC Community Credit Union, Dubuque, Iowa East Central Inter-governmental Agency, State of Iowa East Dubuque Savings Bank,East Dubuque,Illinois Federal Deposit Insurance Corporation(FDIC),Des Moines, Iowa Fidelity Bank and Trust, Dubuque, Iowa Fischer Companies,Dubuque,Iowa Home Equity Relocation,Oakbrook, Illinois Iowa Department of Transportation, Ames,Iowa Jackson County Assessors Office, Maquoketa, Iowa Kretschmer--Tredway Company, Dubuque,Iowa Law Firm Clemens and King,Dubuque,Iowa Law Firm Fuerste,Carew,Juergens, & Sudmeier, Dubuque,Iowa Law Firm Hughes,Trannel, and Jacobs, Dubuque,Iowa Law Firm,Tom Jenk, P.C. Dyersville,Iowa Law Firm Kintzinger,Van Etten, Setter; Pearce& Scott,Dubuque,IA Law Firm, O'Connor and Thomas,Dubuque,Iowa Liberty Bank,Dubuque, Iowa Mound City Bank, Platteville, Wisconsin Northeast Iowa Community College,Dubuque, Iowa Premier Bank,Dubuque,Iowa St. Lukes United Methodist Church, Dubuque, Iowa Spahn and Rose Lumber Company,Dubuque,Iowa State Central Bank,Dubuque,Iowa The National Bank, Davenport, Iowa White Truck Company of Iowa U.S. Bank,Iowa&Wisconsin&Illinois United States Postal Service,Kansas City, KS Wartburg Seminary, Dubuque, Iowa Feldermn.A,,r .R,DO,. ,raw. Form SCNLGL-"TOTAL"appraisal soi by a la mode,inc.-1-BOO-ALAMODE Main FIB NO.pb Leisure-ROB 6Cn PdB#GP u�GS JLF Appraiser Qualifications QUALIFICATIONS OF THE APPRAISER JOHN L. FELDERMAN EDUCATION Graduate Loras College,B.A.Degree,Business and Economics, 1957 Graduate Armed Forces Staff College, 1970 Graduate Real Estate Institute, 1978 Appraisal and Real Estate Education Uniform Standards for Professional Appraisal Practice(USPAP National),Appraisal Institute Principles, Faun and Land Appraisals, Commercial Investment Appraisals, Appraisal Report Writing,Review Appraisals,Standards and Ethics,Environmental Site Assessments,Principles of Property Inspections, Principles of Business Appraisals, Standards of Professional Appraisal Practice,UAD Appraisals,FHA Appraisals,Appraising for Secondary Market, Appraisal Income Capitalization,Business Practices and Ethics,Marshall&Swift Residential Cost Seminar,Property Inspections PROFESSIONAL AND TRADE AFFILIATIONS AND DESIGNATIONS Appraisal Review, since 1985 Former Board of Directors,Iowa Chapter of Master Appraisers Master Farm& Land Appraiser,Nat'l Association of Master Appraiser Real Estate Broker, Iowa(B04220000),Illinois (075-083128) Senior Appraiser(384)and Accredited Review Appraiser(40),N.A.M.A. Former Chairman and Member, Iowa Real Estate Appraiser Examining Board Member,Real Estate Educators Association Iowa Certified General Real Property Appraiser,CG01154 State of Illinois Certified General Real Property Appraiser, 153-000851 Former President, Dubuque Board of Realtors,member since 1975 FHA Approved since 1992(current in Iowa and Illinois) Past Senior Property Inspector BUSINESS EXPERIENCE Twenty-four years Naval Engineering, Operations and Administration Owner,Felderman Appraisals Owner,J &J Construction Company President, Continental Realty and Investment,Ltd. Twenty-four years Government Administration and Budget Management Senior Faculty,Appraisal Courses, Lincoln Graduate Center Guest Speaker for Real Estate and Appraisal Organizations. Expert Witness for Court Testimony and Litigation since 1980 Residential, Commercial, Industrial,Farm&Land Appraiser,Appraisal Reviewer Feldermaa Appraimis,Dubuque,loin Form SCNLGL-"TOTAL"appraisal soi by a la mode,inc.-1-BOO-ALAMODE Main FIB NO.pb Leisure-ROB 6Cn PdB#GB u�GS TAG Appraiser Qualifications QUALIFICATIONS OF THE APPRAISER Timothy A. Gosche EDUCATION Graduate Kukwood Community College,A.A.Degree,2003 Graduate University of Wisconsin,B.S.B.A. Degree,2006 Graduate University of Dubuque,M.B.A.Degree, 2013 Appraisal and Real Estate Education Uniform Standards for Professional Appraisal Practice (USPAP National) Basic Appraisal Procedures Basic Appraisal Principles Professional Designations Registeredlowa Associate Residential Real Property Appraiser,AR03221 Related Course Work Microeconomics Macroeconomics Managerial Economics &Finance Financial Accounting Management Accounting Treasury Controllership Business Law Ethics Statistics Technical Writing Technology Management BUSINESS EXPERIENCE Coordinator—Woodward Priming Services Residential Insurance Inspections &Claim Adjustments Hardwood Flooring Installation and Refinishing Purchasing Intent— Eagle Ridge Resort and Spa Construction&Commercial Renovation Fddmrw 4almis,Dubuque,Iowa Form SCNLGL-"TOTAL"appraisal soi by a la mode,inc.-1-BOO-ALAMODE Main FIB NO.Db Leisure-Roe 6Cn PdB#QQ 0145 License rw"ai0� STATE OF IOWA IOWA DEPARTMENT OF COMMERCE PROFESSIONAL LICENSING AND REGULATION THIS IS TO CERTIFY THAT THE BELOW NAMED HAS BEEN GRANTED A CERTIFICATE AS A GENERAL REAL PROPERTYAPPRAISER CERTIFICATE NO. CG01154 EXPIRES:6/30/2014 FELDERMAN, JOHNL FELDERMAN APPRAISALS 55 BLUFF STREET DUBUQUE, IA 52001 Form SCNLGL-"TOTAL"appraisal software by a la mode,inc.-1-BOO-ALAMOE Main FIB NO.Db Leisure-ROB 6Cn PdB#QS 0145 License m«aaN.... STATE OF IOWA IOWAU00iNWMMENCE pgCFE9910N44CEX9X4 AND NOREW4ilON THE PERSON NAMED Mi HAVING MET THE REQUIREMENTS AND BEING IN GOOD STANDING IN OTHER RESPECTS,IS ISSUED A REGISTRATION AS AN ASSOCIATE RES. REAL PROPERTY APPRAISER GOSCHE,TIMOTHY A. CERTIFICATE NO. AR03221 EXPIRES 6/30/2014 ' Form SCNLGL-"TOTAL"appraisal software by a la mode,inc.-1-BOO-ALAMODE 28E AGREEMENT BETWEEN DUBUQUE COMMUNITY SCHOOL DISTRICT AND CITY OF DUBUQUE, IOWA This Agreement is made and entered into as of the day of October, 1997, by and between the Dubuque Community School District (herein the "School District") and the City of Dubuque, Iowa (herein the "City"). RECITALS The School District owns approximately twelve (12) acres of land in the City of Dubuque, Iowa legally described as follows: Lot 1 of the Subdivision of Lot 1 of Lot 1 of Lot 1 of McLean. Heights which property is herein called the "Land". And a lot in the City of Dubuque, Iowa which is legally described as: Lot 4 in Block 2 of Marna Ridge Estates 2 in the City of Dubuque, Iowa, which property is herein called.the ("Lot"). The School District plans to construct anew elementary school on part of the Land and the City desires to use a part of the Land for a public park and recreation area. The City-and the School District wish to enter into this Agreement pursuant to the provisions of Chapter 28E, Code of Iowa. THEREFORE, in consideration of the mutual agreements and covenants contained herein, the City and the School District agree as follows: 1. DURATION OF AGREEMENT. This Agreement shall commence on the date set forth above and shall continue for a period of ten (10) years thereafter. Upon expiration of the initial ten (10) year term, the City shall have the option to continue this Agreement for 4 additional terms of 5 years each unless sooner terminated as herein provided. The Agreement will automatically continue unless the City gives 12 months written notice to the School District that it does not intend to continue the Agreement beyond the initial ten (10) year term or any extension thereof. If the School District elects to sell the Land and Lot prior to the expiration of the duration of this Agreement or an extension thereof, the City shall have the first right to purchase the Land and Lot for their fair market value. If the School District intends to sell the Land and Lot, written notice shall be provided to the City Clerk of the City. Within sixty (60) days after receipt of the written notice, the City shall give written notice to the Secretary of the School District of its intent to purchase the Land and Lot. If the City elects not to purchase the Land and Lot, this right to purchase shall cease and be of no force and effect whatsoever. Further, if the City elects not to purchase the Land and Lot, this Agreement shall cease and be of no force and effect whatsoever upon a date when the Land and Lot are sold to third parties. If the City elects to purchase the Land and Lot, the City and the School District shall jointly select a certified real estate appraiser who engages in the appraisal of real estate on a full time basis to provide an opinion of the fair market value of the Land and Lot. The selection shall be made within thirty (30) days after the City notifies the School District of its intent to purchase the Land and Lot. If either the City or the School District disagree with the appraisal, the City and the School District shall each select a qualified appraiser, who is engaged in the appraisal of real estate on a full time basis, conduct an appraisal of the Land and Lot. The three appraisers shall then meet and a decision of the two the three appraisers shall be final as to the fair market value of the Land and Lot. The closing of the transaction shall occur within sixty (60) days after the fair market value of the Land and Lot are so determined. Upon purchase by the City, this Agreement shall be null and void and of no force and effect whatsoever. 2. ORGANIZATION. The City and the School District will not create a separate entity to carry out the intent and purpose of this Agreement. The City Manager of the City shall be responsible for the administration of that part of the Land dedicated to public use, as hereafter described and referred to as the "Park Site", subject, however, to the right of the School District to use of such area for school purposes. The Superintendent of the School District shall be responsible for the administration and ongoing management and operation of that part of the Land dedicated to school purposes as hereafter described. The City Manager may appoint a representative to handle the day to day matters with respect to the administration of the Park Site. The 2 Superintendent may appoint a representative to handle the day to day matters with respect to the administration of the School Site and the School District's use of the Park Site. 3. . PURPOSE OF AGREEMENT. The purpose of this Agreement is to permit the City and the School District to make efficient use of their respective powers to provide the services and facilities referred to herein. The School District intends to construct an elementary school with adjoining parking facilities in the area identified on the attached plat (the "School Site"). The City intends to develop a public neighborhood park including a walkway, baseball field, playground equipment and other facilities on the Land in the area described on the attached plat ("Park Site"). The City shall have the right to name the Park Site subject, however, to the approval of the Board of Directors of the School District. 4. FINANCING THE PARK SITE. The City will provide the sum of $500,000 towards the development of the Park Site. The City will be solely responsible for and shall pay directly the costs related to the purchase, installation and maintenance of playground equipment, safety surfaces, picnic tables, park benches, outdoor basketball standards and similar types of park and recreation equipment, the estimated cost of which is $100,000.00. The School District will be responsible for the cost of site development improvements related to the Park Site including: grading, storm sewer, landscaping, planning, design, engineering, parking, site drawings, necessary retainage wall, walk paths, sidewalks, exterior property fencing, and fencing around the.softball field. The City will pay the School District an amount not to exceed $400,000 for the above-listed items, but only as such costs relate to the Park Site. The City shall make payment to the School District within 30 days after payment by the School District to the contractors and other providers of materials and services to be furnished to the School District. The School District will be responsible for all other costs related to the development of the Park Site and School Site, except as otherwise herein provided. 5. ACCESS TO THE LAND. The access to the Land will be from Valentine Drive for pedestrian and vehicular traffic and from the Lot adjacent to June 3 Drive for pedestrians. The specific access locations are shown on the attached plat. 6. DESIGN CONSTRUCTION AND USE. 6.1 Design. The School District contracted for the design of the Park Site and School Site. The plat attached hereto shows the proposed layout and location of the Park Site and School Site. The plat attached and the full enlargement thereof prepared by the Architect have been approved by the School District and the City. Any alterations to the Park Site or additional equipment or facilities shall be provided by the City with the approval of the School District. 6.2 Construction. The School District will secure bids for the site work pursuant to Iowa Law. The School District reserves the right to reject any and all bids. 6.3 Playground Development and Use. The Park Site and playground equipment will be useable by the School District for school related purposes and by the City as a neighborhood park. The School District will.not construct any type of fence, wall or other enclosure around the Park Site that would physically separate it from the surrounding neighborhood without the prior written approval of the City; provided, however, that said approval shall not be unreasonably withheld, and further provided that, in the event the School District and the City are unable to agree on this issue, the decision of the School District regarding the same shall control. 6.4 Time of Use. The School District shall have the right to use the Park Site as herein provided. School District activities shall take precedence over any activities of the City if the elementary school is constructed on the School Site. The City's use of the Park Site shall take precedence when school is not in session, meaning late afternoon, evenings, weekends, and summer recess periods. If the elementary school is constructed, there may be a limited use of the Park Site by members of the public when school is in session provided that the use thereof does not interfere with the School District's right to use the Park Site for its purposes during the school day and further provided that the use by the public shall not interfere with school because of noise or other activities which may be conducted on the Park Site. 4 6.5 Schedule of Use. The use of the athletic fields on the Park Site will be scheduled by the City subject, however, to the prior privilege of the School District to use the Park Site for school activities. The administrators of this Agreement through their respective designees shall meet on a semi-annual or a more frequent basis to schedule activities for the Park Site, consistent with the provisions of this paragraph. The actual scheduling of times for use of the Park Site not dedicated to use by the School District will be the responsibility of the City. 6.6 School Policies. The City acknowledges that the School District has certain Board policies governing the use of its facilities. These include policies relating to health and welfare and are designed for the benefit of the School District and all facility users. The City agrees that during the time it is managing and/or using the site these Board policies will continue to apply and the School District will provide copies of all applicable policies to the City prior to the commencement of this Agreement and shall also provide any modified policies to the City from time to time throughout the term of the Agreement. The parties agree that alcoholic beverages will not be allowed on the Land. The City acknowledges receipt of applicable Board Policies. 7. OPERATION AND MAINTENANCE. 7.1 City Obligations. The City shall be responsible to operate and maintain the Park Site, including the grounds and equipment, and shall have the responsibility to provide general supervision of the Park Site during normal park operating hours. The City will provide personnel to supervise the use of the Park Site during periods of use by the City. The City will keep the Park Site (defined as an area 25 to 50 feet outside the school building the exact area to be agreed upon by the City Manager and the Superintendent of Schools when a school is constructed) in good repair, including: walking path, play equipment, trees and shrubs, turf(including grass cutting, fencing, and other items pertaining the Park Site). The City shall also remove snow from the walking path as the need is determined by the City. Parking area maintenance and repair will be cost shared with the School District. The playground equipment will be installed no later than September 1, 1998. 7.2 School District Obligations. The School District will be responsible for supervising the use of the Park Site and equipment 5 when the Park Site is being used by students attending the elementary school while school is in session. The School District shall maintain the area 25 feet around the exterior of the School, including: turf, trees and shrubs. The School District shall also maintain all walkway pertaining to use of the School and cost shares maintenance and repair of the parking area. The School District will be responsible for maintenance of all Land used for school purposes and will provide snow removal from the access to the Land from Valentine Drive. 7.3 Required Repairs. Any repairs required as a result of misuse of the Park Site shall be made by the party utilizing the site at the time the misuse occurred. 8. ASSIGNMENT AND SUBLEASE PROHIBITED. This Agreement shall not be assigned by the City nor shall any part of the Park Site be sublet by the City. 9. DECLARATION OF DEFAULT AND NOTICE. In the event either party determines the other has defaulted in the performance of its material obligations hereunder, the aggrieved party may declare that default has occurred and give notice thereof to the defaulting party. Notice of default shall be given in writing, shall specify the nature of the default and the provision of the Agreement involved, and shall specify what action is required of the defaulting party to correct the default. The defaulting party shall have thirty (30) days from the date of its receipt of the notice of default to correct the default. If the default has not corrected, within such thirty (30) day period the aggrieved party may pursue its remedies as provided herein. Notwithstanding the foregoing, if default is of such a nature that it is unable to be remedied within said thirty (30) day period, the defaulting party shall not be in breach of this Agreement so long as the defaulting party is making good faith efforts to remedy the default during said thirty (30) day period and corrects the default as soon thereafter as is reasonably possible. 10. REMEDIES UPON DEFAULT. Either party may, at its opinion, after declaring default and giving notice thereof as provided in paragraph 9 above seek termination of this Agreement or specific performance of its provisions. In order to obtain termination of this Agreement or specific performance of its provision, the party seeking such relief shall, after expiration of the thirty 6 r , (30) day period following receipt of notice of default, commence a cause of action for such relief in the Dubuque County District Court. The petitioning party may seek termination and specific performance as alternative forms of relief in the same cause of action. Nothing in this Agreement shall be constructed to require the petitioning party to elect its remedy at the time suit is filed. 11. EFFECT OF TERMINATION. In the event of termination of this Agreement for any reason, the City shall have the right to remove all of its equipment that is located on the Park Site and restore the Site to its original condition. 12. MODIFICATION OF THIS AGREEMENT. No waiver, change, modification or amendment of this Agreement shall be binding upon either party unless in writing and.signed by the affected party. 13. INDEMNITY AND HOLD HARMLESS. 13.1 School District Obligation. The School District hereby agrees to indemnify, defend and hold harmless the City, its officers, agents, and employees, against any and all claims, suits, actions, debts, damages, costs, charges, and expenses, including court costs and attorney's fees, and against all liability for property damage and personal injury, including death resulting directly or indirectly therefrom, arising from any act of negligence of the School District or of its agents or employees, or any other persons acting on its behalf in supervising the use of the Park Site by the School District pursuant to the terms specified in, this Agreement, or arising from any other use of the premises by the School District, its agents, employees, assigns, or any other person acting on its behalf, or arising from any other activity which the School Distrtict sponsors, suffers or allows to occur on the Park Site. 13.2 City Obligation. The City agrees to indemnify, defend, and hold harmless the School District, its officer, agents, and employees, against any and all claims, suits, actions, debts, damages, costs, charges, and expenses, including court costs and attorney's fee, and against all liability for the property damage and personal injury, including death resulting directly or indirectly therefrom, arising from any act of negligence of the City, or those of its agents, employees, or any other persons acting on its behalf in the operation, maintenance, or general supervision of the public use of the Park Site pursuant to the terms of this Agreement, or arising from any other 7 _ hr use of the premises by the City, its agents, employees, assigns, or any other person acting on its behalf, or arising from any other activity which the City sponsors, suffers or allows to occur on the Park Site. 14. APPROVAL. 14.1 By the City Council. This Agreement was approved the C'ty Council of the City of Dubuque on the day of , 1997. 14.2 By the School District. This Agreement was approved by the Board of Directors of the Dubuque Community School District on the day of OCT , 1997. Notwithstanding the foregoing provisions of this Agreement, the City may use all of the Land and the Lot for public park purposes until such time as the School District decides to construct a building on the School Site. So long as the School District does not utilize the property for the construction of a new school, the City shall be solely responsible for the use, operation, maintenance and supervision of the Land and Lot and the School District shall have no responsibility therefor. The School District shall have no obligation under the provisions of paragraph 13 until such time as it commences use of the property for the construction of a new school. Dated as of the day and year first above written. Dubuque Community School District City of Dubuque, Iowa President - .- Mayor By By G � Secre City Perk 8 Page 1 of 1 Kevin Firnstahl - Roepsch From: To: Date: Subject: CC: Attachments: Barry Lindahl Van Milligen, Mike 09/23/2016 12:30 PM Roepsch Kieffer, Nate; Stecklein, Tracey; Ware, Marie FirstAmendmentToOfferToBuy_092316_3.doc MVM, we discovered during the title search that Mr. and Mrs. Roepsch own the area shown in blue on the attached exhibit. There is an easement on that area for street purposes. We would like to include that area as street right of way when we replat the property. The area was not included in the purchase agreement. The Roepsches would prefer that the City acquire it. The attached amendment includes that area in the acquisition. We have increased the purchase price from $16,699 to $171,000 which was the original purchase price. I don't think this requires council approval since it not a material change in the agreement. Let me know if you have questions. file:///C./TTserc/kfirn.cta/AnnData/T,ncal/Temn/XParnwice/S7F.RF.Tl71fl1 C) D 1T)RO P(i _ (19/76/T(11h FIRST AMENDMENT TO OFFER TO BUY REAL ESTATE AND ACCEPTANCE BETWEEN THE CITY OF DUBUQUE, IOWA AND GEORGE E. AND DOROTHY S. ROEPSCH This First Amendment to Offer to Buy Real Estate and Acceptance dated for reference purposes this day of , 2016, is made and entered into by and between the City of Dubuque, Iowa, an Iowa municipal corporation (City) and George E. and Dorothy S. Roepsch (Roepsch). Whereas, City and Roepsch entered into an Offer to Buy Real Estate and Acceptance dated July 18, 2016 for the sale of the following legally described property: East Part of Lot 5 Block 7 Pioneer Hills; Lot 1 of the Subdivision of Lot 2-1-1-1 McLean Heights excepting the proposed garden lot; and Lot 1 Roepsch Subdivision And Whereas, City and Roepsch now desire to amend the Offer to Buy Real Estate and Acceptance as set forth herein. NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: 1. Section 2 of the Offer to Buy Real Estate and Acceptance is amended to read as follows: SECTION 2. PURCHASE PRICE. The Purchase Price of $171,000.00 shall be paid as follows: Buyer will apply for a State of Iowa REAP grant in the Fall of 2016 to pay the Purchase Price. If a grant is awarded to Buyer, the Purchase Price will be paid subject to the amount and availability of the grant award funding. If Buyer is not awarded a grant in 2016, Buyer will apply for a State of Iowa REAP grant in the Fall of 2017 to pay the Purchase Price. If a grant is awarded to Buyer, the Purchase Price will be paid subject to the amount and availability of the grant award funding. If Buyer is not awarded a grant by the State of Iowa by December 31, 2017, or if Buyer is awarded a grant but the amount of the grant award is less than the Purchase Price, Buyer will pay the Purchase Price or the balance of the Purchase Price remaining after any payment based on the grant award funding 092316baI on a ten (10) year promissory note in the form attached hereto at three percent (3%) annual interest from October 14, 2016 with annual payments beginning on July 15, 2018 and July 15 of each year thereafter until fully paid. Buyer may prepay all or part of the balance owed under this Agreement at any time without penalty. Subject to all of the terms and conditions herein. 2. Section 8 of the Offer to Buy Real Estate and Acceptance is amended to read as follows: SECTION 8. POSSESSION AND CLOSING. If Sellers timely perform all obligations, and all contingencies are met or waived, possession of the Real Estate shall be delivered to Buyer on or before October 14, 2016 (the Closing Date), or such other date as the parties may agree in writing with any adjustments of taxes, rent, insurance, and interest to be made as of the date of transfer of possession. 3. All other terms and conditions of the Offer to Buy Real Estate and Acceptance shall remain in full force and effect. CITY OF DUBUQUE, IOWA GEORGE E. ROEPSCH By: Michael C. Van Milligen City Manager Attest: Kev S. FirnstahlC y Clerk By: DOROTHY S. ROEPSCH By: C:\Users\jhilkin\Documents\GroupWise\FirstAmendmentToOfferToBuy_092316.doc 2 DUB thr! MMkut AREA TO BE DEDICATED AS STREET ROW LOCATION MA P $120,1 • avV1.• cm 00. AREA RETAINED BY ROEPSCH FOR GARDEN is.44111110.tp1,4.111. INT W. 1511..m. Om* 1114,111. 0.MIK.1411*.lrel.bm !dom.. "(I1-t.CINcl all... 0..4.0 irift. 11. krif•Mt-44 UN, MIN ltd. r(Oktany rrr 441'8 Ilwrclenillbre th, .t.,,fltlnt11,1, N11.11. 01011., WA. afiv fr rel 0101tf1 0.100 el H Irltrmoller ergo. todolrottnel. Olvirtrottldrel.‘ VAII, 0111 fx11.1fio 11[404 IFelny k vd.t1.1 trme4a1t14 NI.. Ire,wee*,,. kle.OHon akontiOlikloa 014%.1.1 c//1....trrIalect I. Ms cs 11.1r11,111, td.INItalt110.1bRital..rt 014114,0 AREA TO BE PURCHASED RY CIT'( 1 inch 50 feet 54 25 54 4-4 N Cisy qb ug.lo fnikriparing vnn WW, 13n 5imal Dutu q.to 47o -a 42031 PPitno t4VQ Fax :,913) 649.4235 'n4 CII, o s' ,, DUB IIS E ALIS M ,Perrhre OM thr A!' 11 RT'A A4 A P -``1710 825 815.. 14231,7 . '`r 2308 .7"7. "f �.�" 814 r 720 '^ ,> 824 ': ' 740, 834 ....•."'"." • ''y'ej 760 7"� a*, 844 ,1 s 7807.35 e,. 854 ' : ,.' I86 755 854. 763 Y 785 - 4769 a 731;. 740. , 78 \ 7 701 720 d i3., 76$ ,vii 17;71 `1iIi4 , (70 - , 4 ,� 717 /84. 1723 F '< , % a ti 798"9 ,,, ,r f703 p..'1. /` ,rfa A 18743* ' 715 ,3,,, 770 . 1x63. ,,.;- $ 795 -83.4". ` 723 , /55Alta, a . 1zw.5 8' 762 ♦ X733 -; "'79()� S }.� 7F13 if `-' 1 , )5 fir .rloik, 790 760 '785 7835 800 835 `` ` LOT 1 OF SUB OF LOT •.3 .¢~w 7 0, 830, x99 I , •,- I> 764 %, 820 865, \ I 2-1-1-1 MCLEAN HEIGHTS EXCEPTING PROPOSED os Pt w. 770 805 i 1 80 7�,; ` . 4 830 ' % LOT FOR GARDEN 735. �776, 850 z1, '780" $15 ' 510 '4 gni /ir s ' 904 I • 605 8151 145. 91 i 825 I 1'e. ,2895 1 ter^ i Llt iii .i ys ��' 1 r. ~ �' 870 1755 • R 9� ; 1 •'� �' >z 8197 4,7 3LK 7 PIONEER ' 11.5.," 880 4. 8351 I ILLS �f365` ` . d ti+ 290 293. 910 845 . I 1 1850 � i 875 ;\ kr 900 ,, • `2927 ' "I L _•_.... __._ 628 88.)�� � A8� N 2931 • 926' 8311 i 13954 LOT•1 ROEPSCH 8651 1 ; �. x848 827 jy, i)Oa'� ("11r� 934 MIMI 880 Fila 858 I.. . 940 91.5\ V7 ,r� ' 847� r 8378 y, qr�. 1120 ...,r 938 L.� _ 1 f390 895' 857 -n'+► 898 I377s ` { 900 942 I t V i C 11ri� -0 960 - 'i3�r7 •<. 990 I,I11111S'if ' 905 842 i '910 - ' ^762 d" 727 a d 1 1x117 a 1 915 167r a16rr 16:, 1615 1.5 )5 � vM191 V it VVr.920w.7\•. 168,5 , .x,1�1. 1 l . �111. ,_ ,1 ...7y. :ta.?...5.. a, N �.-.: arw • 9 1 +• i a v a+ Ve a ne 1 Inch = 250 feet s w a a a 109 a:r rent n 110 n nee .re•al0*teerom an a^ers.,,Nr, 4,34,.. ^ M.e.jl•a:ea.,r.o t.arra^,a'me:sate',.,•5Mea, ^aa. ru^.Ya _ e• bpai aAmrMa. a!al.r blewAM. e. , :M:ton 50 0 100 200 aoa 400 Fool Y.... �. o-.n 11x111,10 .01.1,:. wu r. or et aq enam Or .eaekr S Map hMani' I E Engineering [linin kw 50 West 13th Street Dubuque. Iowa 52001 Phone: 55.M)5504270 1 ,1.41 Fax: (553) 59P-4,2gni 5 THE IVAIA STATE BAR ASSOCIATION Official Form Mc_ 13a Ban-y A. Lindahl FOR THE LEGAL EFFECT OF THE USE OF THIS FORM. cortsuLT YOUR LAWYER. '' ..c.' PROMISSORY NOTE $ 169,966_00 October 14 2016 FOR VALUE RECEIVED, the undersigned, each as principal, jointly and severally, promise(s) to pay to the order of George E. Roepsch and Dorothy S. Roepsch at 715 Codv Drive, Dubuque Iowa, the sum of , One. Hundred Seventy-One Thousand and 0/100 DOLLARS with interest thereon from rate of 3 October 14.2016 payable annually at the, , per cent per annum until payment hereof as follows: from the payment and any balance shall be applied on principal_ not paid when due:shall draw interest at the rate of 3 % per annum._ Upon See 1 in dendnm Interest shall first be deducted Principal and interest default in payment. of any become immediately due of suit on this note, agrees Makers, endorsers and Sureties, endorsers and guarantors times of payment of all or Important. Read Before .only .those terms in writing, written contract may be another written agreement. time itwas signed. Address: 50 West 13th. Street interest, or any installment of principal, the whole amount then unpaid shall arid :payable at the option of the holder without notice_ The undersigned, in case to pay attorneys fees_ sureties waive demand of payment, notice of non-payment, protest and notice. agree to all of the provisions of .this note, and consent that the time or any part hereof may be extended after .maturity„ from time to time, without notice. Signing: The terms of this Agreement should be read carefully because are enforceable. NO other terms or oral promises not contained in this legally enforced. You may change the terms of this Agreement .only by Borrower acknowledges the receipt of a copy of this document at the Ditbuque, Iow 52001 City of Dubuque, Iowa. Phone; (563) 589-4110 by: Micie1 C. Van Milligen, City Manager Caveat: This form not to be used for a Consumer Credit Transaction_ iD The Iowa Skate Ear Association 2DDS 136 PROMISSORY NOTE tOWADOCS0 Revised January 2305 5 Addendum 1. The terms of this Promissory Note are given pursuant to an Offer to Buy and Acceptance attached hereto between the City of Dubuque (City) and George E. and Dorothy S. Roepsch (Roepsch). The Purchase Price of $171,000.00 (the Principle of this Promissory Note) will be paid as follows: City will apply for a State of Iowa REAP grant in the Fall of 2016 to pay the Principle. if a grant is awarded to Buyer. the Principle will be paid subject to the amount and availability of the grant award funding. If City is not awarded a grant in 2016, City will apply for a State of Iowa REAP grant in the Fall of 2017 to pay the Principle. If a grant is awarded to City, the Principle wil be paid subject to the amount and availability of the grant award funding. If City is not awarded a grant by the State of Iowa by December 31, 2017, or if City is awarded a grant but the amount of the grant award is less than the Principle, City will pay the Principle or the balance of the Principle remaining after any payment based on the grant award fitnding in ten equal annual payments at 3% interest from October 14. 2016, commencing with the first payment on July 15., 2018 and on July 15 of each year thereafter until fully paid. Buyer may prepay all or part of the Principle at any time without pena 6 ty.