HomeMy WebLinkAboutIowa Department of Transportation-Offer to Buy-07.20.2009 Revised on 7/18/01
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HIGHWAY DIVISION
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IOWA DEPARTMENT OF TRANSPORTATION
OFFICE OF RIGHT OF WAY
Black Hawk County
UN-218-7(16)-41-07
Parcel No. 26-3
OFFER TO BUY
I herewith submit an unconditional offer of $ 1,900.00 to the Iowa Department of Transportation (hereinafter
known as Department) for the purchase of the following land:
An easement for utilities purposes over, under, and across that part of the West Half(W 1/2) of the Southwest
Quarter (SW 1/4) of Section Twenty—one (21), Township Eighty—nine North (T89N), Range Thirteen West
(R13W) of the Fifth (5th) Principal Meridian. Waterloo, Block Hawk County, Iowa, described as follows:
The South Sixty (60.00) feet of the West One Hundred Forty(140.00) feet of the following described parcel: All
that part of the West One—half of the Southwest Quarter of Section No. Twenty—one (21), Township No.
Eighty—nine (89) North, Range No. Thirteen (13) West of the Fifth (5th) Principal Meridian. in the City of
Waterloo, Black Hawk County, Iowa, lying within the following described boundaries: Commencing at the
intersection of the East line of the West One—half of the Southwest Quarter of said Section with the
Southwesterly line of U.S. Highway No. 218; thence South along the East line of the West One—half of the
Southwest Quarter of said Section a distance of Four Hundred Seventy—four and Nine—tenths (474.9) feet;
thence West at right angles a distance of Two Hundred Fifty—four (254) feet; thence North along a line that is
parallel with the East line of the West one—half of the Southwest Quarter of said Section to the Southwesterly
line of U.S. Highway No. 218; thence Southeasterly along the Southwesterly line of U.S. Highway No. 218 to the
point of beginning.
I herewith enclose a CHECK or MONEY ORDER (we will NOT accept CASH) for the full amount of the offer
made payable to the Iowa Department of Transportation. Should the Department not accept the bid or offer,
the amount will be returned by mail.
I accept title by State Patent of Easement.
The Iowa Department of Transportation reserves the right to waive any technicalities and to reject any or all
bids or offers.
I certify that I have inspected this property to my complete and total satisfaction and that I am fully aware of all
conditions of the property and the terms and conditions under which it is being offered for sale. I understand
that the property is being sold as is with no warranties of any nature either expressed or implied. I therefore
submit a bid, as shown above, for the property.
If my offer is accepted by the Department, please issue the Patent of Easement to:
(PLEASE PRINT OR TYPE)
* The exact name or names the bidder wishes to appear on Patent
Address
Signed
r1-\ 1-)ur(e.j , rnQyo r
-7 - 20 -D9
Date Telephone Number
* Examples of types of names that will be accepted by the State Land Office:
1) John J. Doe
2) John J. Doe and Mary Ann Doe
3) John J. Doe and Mary Ann Doe as joint tenants with full rights of survivorship and not as tenants in common
4) Any business name
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WAYNE CLAASSEN ENGINEERING AND SURVEYING, INC.P.O. BOX 898 WATERLOO, IOWA 50704-0898 PHONE: (VOICE) 319-235-6294
EASEMENT PLAT (FAX) 319-235-0028
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SECTION 21-T89N-R13W
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FIELD BOOK 634-52 LOT 2
Easement Land Land/Flower St.
City of Waterloo IA
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Proposed Utility Easement 60'x 140'
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City of Waterloo
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Flower Street 4 --'lit
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SUMMARY REPORT
UTILITY EASEMENT
FLOWER ST.
WATERLOO, IOWA
Publication Date— May 15, 2009
Prepared For
Community Planning and Development
City of Waterloo IA
715 Mulberry St.
Waterloo IA 50703
Written and compiled by
VALUATION SERVICES, INC.
Box 861
Cedar Falls IA 50613
John Stortz
Iowa Certified General Appraiser
1
Easement Land Land/Flower St.
City of Waterloo IA
VALUATION SERVICES, INC.
D.Keith Jona,ASA Sherman B.$,Neal
Prrrident/Senior Appraises Certified CeneralAppraiser
John C Stod:z REAL PROPERTY APPRAISERS AND CONSULTANTS Pere J.Alder'
Cestf.ed GrnP sal Appraiser Cestifred Residential Appraiser
IGrtb)Anderson Grey Kahn
Offra Manager Re,rearchArurlya
Phone(319)277.0477•Fax(319)277-0479
716 W.1st Street,P.O.Box 861,Cedar Falls,IA 60613
MO! temeallW ItiNSIIMi I„
LETTER OF TRANSMITTAL
May 19, 2009
Tim Andera
Associate Planner
Community Planning and Development
City of Waterloo IA
715 Mulberry St.
Waterloo IA 50703
Subject Property: IDOT Easement Land
Flower St.
Waterloo, Iowa
Our File: 90302J
Mr. Andera.
At your request, I have inspected the subject property and researched the market to prepare a
Summary Appraisal Report of a typical Appraisal Assignment. This report is being prepared for
potential easement acquisition purposes.
The subject property of this report is a parcel of land lying at the dead end of Flower St. It is quite
a regular rectangle 60' by 140', or 8400 SF— and part of a larger parcel held by the State of Iowa
and part of the on ramp for the intersection. The City of Waterloo proposes a utility easement
across the subject parcel, to allow utility services to be run to a larger parcel of city land directly
north of the John Deere Health building site. The appraiser assumes that no building
improvements can be placed on the easement area — but that it could be used for supporting land
— but not for a driveway, signage and parking lot. The size of the parcel is so small that the use of
the State of Iowa's larger parcel would not be altered — it will remain supporting land for the
intersection and eastbound on-ramp. The sloping elevation of the parcel further reduces the
potential of any significant re-use.
2
Easement Land Land/Flower St.
City of Waterloo IA
FINAL OPINION OF MARKET VALUE STATEMENT
It is the conclusion of the appraiser, that the "Market Value" of the proposed easement over the
fee simple ownership interest in subject property, as of the date of inspection May 6, 2009,
subject to the assumptions of use and easements, under the assumption of a marketing time of
within two years, is;
ONE THOUSAND NINE HUNDRED DOLLARS
$1,900.00
If you have any questions or we can be of service in any way, please contact our office.
9 ______,
0) ,_ ,,, ,
John Stortz
Iowa Certified General Appraiser
State of Iowa #CG01234
3
Easement Land Land/Flower St.
City of Waterloo IA
TABLE OF CONTENTS
LETTER OF TRANSMITTAL 2
TABLE OF CONTENTS 4
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 6
PURPOSE AND SCOPE OF THE APPRAISAL&"USPAP" CONSIDERATIONS 6
DEFINITION OF MARKET VALUE 8
STATEMENT OF LIMITING CONDITIONS 9
CERTIFICATION STATEMENT 10
NEIGHBORHOOD& LOCATION DESCRIPTION 13
THE PROPERTY 16
PHOTOGRAPHS OF SUBJECT PROPERTY 20
HIGHEST AND BEST USE 24
COST APPROACH TO VALUE 26
SALES COMPARISON APPROACH TO VALUE 26
MAPS AND DETAILS OF COMPARABLE LAND SALES 29
INCOME APPROACH TO VALUE 36
SUMMARY AND RECONCILIATION OF VALUE ESTIMATES 37
FINAL ESTIMATE OF MARKET VALUE STATEMENT 37
ESTIMATE OF MARKETING PERIOD 37
ADDENDA TO APPRAISAL 38
4
Easement Land Land/Flower St.
City of Waterloo IA
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Client: Tim Andera
Associate Planner
Community Planning and Development
City of Waterloo IA
715 Mulberry St.
Waterloo IA 50703
Subject Property: bare land at Flower St. dead end
Waterloo, Iowa
Owner: State of Iowa (Iowa Department of Transportation)
Format: Summary Report/Complete Appraisal Assignment
Type of Appraisal: "market value" of the described utility easement
Effective Date of Valuation: May 6, 2009 inspection
Date of Publication: May 19, 2009
Subject Land Size . 8,400 SF (area of proposed easement)
Zoning: no zoning
Highest and Best Use: supporting land
Estimated Marketing Time: 24 months or less
VALUE OPINION
Market Value Opinion $1,900.00
5
Easement Land Land/Flower St.
City of Waterloo IA
PURPOSE AND SCOPE OF WORK
The purpose of this appraisal is to estimate the "market value" of the proposed utility easement
interest in the subject property. The subject property is a small parcel of land that is owned by the
State of Iowa — and is apparently excess right-of-way left over from the construction of Greenhill
Rd. The subject property is a non-complex bare land property and part of a fairly stable and
consistent market segment. It was concluded that the Sales Comparison Approach would be the
primary technique for valuation, since there is a reasonably good supply of data available. The
appraiser will attempt to include data and analysis to assist the reader in understanding the
process and analysis that is part of the appraisal process. The intent will be to produce a report
that is clear in concept and analysis, and will not be misleading.
PERSONAL PROPERTY
The subject property of this report is the real property consisting of land. There is no personal
property involved in the analysis of this report.
SALES HISTORY
The subject property has been held by the State of Iowa for many years. No listing or sales history
is pertinent.
SCOPE OF DATA SEARCH
This is intended to be a summary style report of a complete appraisal assignment. The local
market provides a substantial amount of land sales, and it was not judged necessary to utilize
sales from other communities. The amount of data was judged sufficient for reliable valuation.
The appraisers relied on MLS data, county records, and interviews with industry professionals, and
data gathered in ongoing appraisal practice. Confirmation was performed through these same
interviews and through buyer/seller/broker contact whenever possible. The reader is referred to
the Addenda for copies of the resumes of the signing appraisers.
FUNCTION OF THE REPORT
The intended use reported to the appraiser as being for potential disposition of the subject
property and related property management purposes. No other information was provided the
appraiser.
COMPETENCY STATEMENT
The signing appraiser has experience in this type of property, and has completed the highest level
educational courses offered by the American Society of Appraisers in the valuation of income
producing properties, the appraisal of difficult properties, and report writing. I have worked
extensively in the metro market and the neighborhoods from which the comparable sales were
found.
6
Easement Land Land/Flower St.
City of Waterloo IA
TITLE
No opinion is intended to be expressed for legal matters that would require specialized
investigation or knowledge beyond that ordinarily employed by real estate appraisers, although,
such matters may be discussed in the report. No opinion as to title is rendered. Data on
ownership was obtained from sources generally considered reliable. Title is assumed to be
marketable and free and clear of all liens and encumbrances, easements, and restrictions, except
those specifically discussed in the report. The property is appraised assuming it to be under
responsible ownership and competent management and available for its highest and best use.
RELATED DATA
No engineering survey has been made by the appraiser. Except as specifically stated, data
relative to size and area were taken from sources considered reliable, and no encroachment of
real property improvements is assumed to exist. Maps, plats, and exhibits included herein are for
illustration only as an aid in visualizing matters discussed within the report. They should not be
considered as surveys or relied upon for any other purpose.
No opinion is expressed as to the value of subsurface oil, gas, or mineral rights and that the
property is not subject to surface entry for the exploration or removal of such materials, except as
is expressly stated. The most current: legal description was drawn from a 1991 deed copy. No
survey was available. The abstract for the property and other documents are assumed to be in the
hands of the client or ownership and available for use in a sale or transfer.
CONTRACT
The contract for the appraisal of said premises is fulfilled by the signer upon the delivery of this
appraisal as executed. Disclosure of the contents of this appraisal report is governed by the
Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and the Code of
Professional Ethics. Neither all nor any part of the contents of this report (especially any
conclusions as to value, the identity of the appraiser, or the firm with which he is connected; or any
reference to the appraisers professional affiliations or designations) shall be disseminated to the
public through advertising media, public relations media, news media, sales media, or any other
public means of communications without the prior written consent and approval of the
undersigned. This consent and approval does not apply to government agencies that disclose
appraisals and appraised values through their normal business functions. Any distribution of the
valuation in the report between land and improvements applies only under the existing program of
utilization. The separate valuations for land and building must not be used in conjunction with any
other appraisal and are invalid if so used.
HAZARDOUS MATERIALS
Since the historical use of the property has apparently been agricultural or recreational, the
appraiser has no reason to suspect any contamination exists. No evidence of any potential above
grade contamination was noted on the physical inspection - but this inspection was limited to
surface conditions and present use. No testing, reports, or other related data was furnished the
appraiser. As previously stated, this appraisal is being made assuming the subject land is free of
any contamination and available for development.
7
Easement Land Land/Flower St.
City of Waterloo IA
COURT OR HEARING TESTIMONY
Testimony or attendance in court or at any other hearing is not required by reason of rendering this
appraisal unless such arrangements are made a reasonable time in advance.
TITLE REPORT NON-AVAILABILITY
Because no title report was made available to the appraiser, he assumes no responsibility for such
items of record not disclosed by his normal investigation.
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 they consider their best
interests;
3. a reasonable time is allowed for exposure to the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial
arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special
financing or sales concessions granted by anyone associated with the sale.
8
Easement Land Land/Flower St.
City of Waterloo IA
STATEMENT OF LIMITING CONDITIONS
The Certification of the Appraiser appearing in the appraisal report is subject to the following conditions and
to such other specific and limiting conditions as are set forth by the Appraiser in the report.
1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised
or the title there-to, nor does the Appraiser render any opinion as to the title, which is assumed to be good
and marketable. The property is appraised as though under responsible ownership.
2. Any sketch in the report may show approximate dimensions and is included to assist the reader in
visualizing the property. The Appraiser has made no survey of the property.
3. The Appraiser is not required to give testimony or appear in court because of having made the
appraisal with reference to the property in question, unless arrangements have been previously made
therefore.
4. Any distribution of the valuation in the report between land and improvements applies only under the
existing program of utilization. The separate valuations for land and building must not be used in
conjunction with any other appraisal and are invalid if so used.
5. The Appraisal assumes that there are no hidden or unapparent conditions of the property, subsoil, or
structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such
conditions, or for engineering which might be required to discover such factors.
6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were
obtained from sources considered reliable and believed to be true and correct. However, no responsibility
for accuracy of such items furnished the Appraiser can be assumed by the Appraiser.
7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the
professional appraisal organizations with which the Appraiser is affiliated.
8. Neither all, nor any part of the content: of the report, or copy thereof (including conclusions as to the
property value, the identity of the Appraiser, professional designations, reference to any professional
appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes
by anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgagee or
its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state
or federally approved financial institution, any department, agency, or instrumentality of the United States or
any state or the District of Columbia, without the previous written consent of the Appraiser' nor shall it be
conveyed by anyone to the public through advertising, public relations, news sales, or other media, without
the written consent and approval of the Appraiser.
9. On all appraisals, subject to satisfactory completion, re-pairs, or alterations, the appraisal report and
value conclusion are contingent upon completion of the improvements in a workmanlike manner.
10. Please note that, while we include in our reports any knowledge or suspicions we may have
concerning the presence of potentially hazardous materials on or near the subject property, as the appraiser
is not considered expert in the environmental hazards field this appraisal does not include in its scope the
identification of any or all potentially hazardous materials that may be present, or the effect the presence of
such materials, if any, has upon the value of the subject. Value conclusion considering these aspects will be
presented if the appraisal order is accompanied by environmental site analysis and cost to cure estimates
from contractors considered expert in those areas.
9
Easement Land Land/Flower St.
City of Waterloo IA
CERTIFICATION STATEMENT
I certify that, to the best of my knowledge and belief:
-the statements of fact contained in this report are true and correct.
-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.
- I have no present of prospective interest in the property that is the subject of this report, and no
personal interest with respect to the parties involved.
- I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
- my engagement in this assignment was not contingent upon developing or reporting
predetermined results.
- 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.
- my analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice.
-I have made a personal inspection of the property that is the subject of this report,
- no one provided significant professional assistance to the person signing this report.
'V ---,
S C-___ 0.-/
John Stortz
Iowa Certified General Appraiser
State of Iowa#CG01234
Dated: 5-19-09
10
Easement Land T.and/Flower St.
City of Waterloo IA
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11
Easement T.and T:and/Tlower St.
City of Waterloo LA
Black Hawk County, Iowa
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12
Easement Land Land/Flower St.
City of Waterloo IA
NEIGHBORHOOD& LOCATION DESCRIPTION
"A portion of a larger community in which there is a similar grouping of buildings or business enterprises.
Inhabitants usually have a more than casual interest in the neighborhood. Neighborhood boundaries can
include well-defined natural markers, man-made markers, or they may be(more or less) well-defined by a
distinct change in land use."
The subject neighborhood is the secondary corridor around University Avenue, Greenhill Rd. and
Katoski Way and in western Waterloo Iowa. This area was changed dramatically when Greenhill
Rd was completed in the mid- 1990's. The subject land is apparently part of the left over right-of-
way from this road project and has remained grass covered with volunteer trees since the road
was completed. The subject is at the dead end of Flower St. at the intersection of University Ave.
and Greenhill Rd. There a large John Deere Health Care facility adjacent to the west, and mid-
level residential area to the south.
The immediate area around the subject property has a mix of land uses — mostly historical in
nature and the road plan apparently evolved around these existing properties. The best visual aid
to this description is the copy of the aerial photo found on the Black Hawk County web site and
reproduced on a preceding page. As noted, there is some commercial development immediately
adjacent to the subject property — motorcycle shop is on University to the northeast and a
gymnastics club to the east.
In summary, the larger subject parcel of land has been held by the State of Iowa as excess land.
There has been no pressure for development commercially for two primary reasons: 1) its lack of
typical commercial access, and 2) its elevation below University Ave. Some of the land sales
found are near the subject — but further illustrate the nature of the subject location. The largest
single development in the area has been the John Deere Health Care facility to the west. It is over
25,000 SF of good quality medical space. The Deere site is large enough that a portion has been
marketed for other uses — and it appears that a sale of a few acres off Sager for a new religious
structure is one potential comparable :ale. However, this is across the street from the subject and
on a level and all usable parcel of land. The reader is referred to the Site Description and Highest
and Best Use sections for further discussion.
13
Easement Land Land/Rower St.
City of Waterloo IA
MARKET CONDITIONS AND TREND ANALYSIS
The combination of the stable local economy and the completion of new road projects caused
rising property values and higher occupancy levels till mid-2008. With new highway projects
virtually completed, continued new development is likely in these new corridors — mostly along
Highway 58 and 20 in southern Cedar Falls and Waterloo. This would indicate a trend of higher
property values in the future for only the prime locations, with other demand slowed by regional or
national recession. While any long range forecasting of the national or local economy is beyond
the scope of this report, the general economy appears stable at this time — but slower than at any
point in the last 10-12 years. No further substantial negative or positive factors can be forecast as
of this writing.
The subject area will likely remain a secondary commercial/residential/institutional — with no
substantial development foreseen in the immediate future. The trend across the community is a
slow absorption of the remaining usable vacant land within close proximity to the major
commercial corridors. The subject fits into this market segment. The local economy,while slowed
by national recession since mid-2008, will likely remain fairly stable since local unemployment
remains low and there is still a market or most property listings. See Highest and Best Use for
further discussion.
14
Ntsernent Land Land/Flower St.
City of 1C atedoo IA
� „ ir
'
'' Subject T.ocation AP,
Land Owned by 5
.. the City of �q
\'aterloo ' j1 `�`
fff#t
,..- L.: , „,,..-,---...,..„ ..,,,---:'.7; - -_.
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r t• I�Mr A.),,,/ !
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or
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0 .3,i1,0tt ,.
AERIAL PHOTO
15
Easement Land Land/Flower St.
City of Waterloo IA
THE PROPERTY
LEGAL DESCRIPTION
A specific legal description has been provided with the survey on the following pages.
There is no listed assessors parcel for the subject property.
FEMA Flood Zone Zone X, not in a flood hazard area
Flood Maps. 190025-0005E
Current Zoning no assigned zoning
Property Size 60' by 140' = 8400 SF
The exhibits on the following pages were provided by the client and are a very recent survey and
legal description. The subject property of this report is a parcel of land lying at the dead end of
Flower St. It is quite a regular rectangle 60' by 140', or 8400 SF— and part of a larger parcel held
by the State of Iowa and part of the on ramp for the intersection. The City of Waterloo proposes
a utility easement across the subject parcel, to allow utility services to be run to a larger parcel of
city land directly north of the John Deere Health building site. The appraiser assumes that no
building improvements can be placed on the easement area — but that it could be used for
supporting land — but not for a driveway, signage and parking lot. The size of the parcel is so
small that the use of the State of Iowa's larger parcel would not be altered — it will remain
supporting land for the intersection and eastbound on-ramp. The sloping elevation of the parcel
further reduces the potential of any significant re-use.
The subject is not zoned due to its ownership and use. Nearby commercial property is zoned C-2,
and the residential area to the south is zoned R-2. City utility services are at the dead end of
Flower St., so they would be accessible to the subject land.
In summary, the larger parcel of subject land appears to be a minimally usable or desirable parcel
of land if placed on the open market. It appears to be capable of holding a building improvement
"as is" — before the easement. But its sloping elevation and limited access simply would make it
very difficult to develop, and a substantial setback off the off ramp would necessary. The reader
is referred to the Highest and Best Use section for further discussion of the nature of the subject
property.
16
Easement Land Land/Flower St.
City of Waterloo IA
r, z
,„ .-- -,,,,-5:- ..,.. ....., , , ...,,,,, ,,._....
#, Use of IDOT Highway Right-of Way for Utilities Accomodation
City of Waterloo - IA 934 and Greenhill Road
s
I.
} a
i .ate,
Z4 4 ' W O State of Iowa
/4.ate,,,.
Proposed Utility Easement 60'x 140'
1
, City of Water oo
a
CI
V s
lit*oe'
Flower Street ..�. '
Area of Proposed Utility Extensions
r as 1
John Deere Health Care 4 J ' ,'
lam-
,,A
i + '. . � ,
AERIAL PHOTO
17
Easement Land Land/Flower St.
City of Waterloo IA
WAYNE CLAASSEN EIGWEC%NC AND SURVEYING. INC. PHONE (VOICE)319-235-8294
P.O. COX 898 WATERLOO. 1011A 50704-0898 (FAX) 319-235-0028
( 4. EASEMENT PLAT SHEET 2 OF�
PART TH2 W I/O. SW 1/4,
O.SECTIONSLACK
21HAW(GOU w
WATERoo, BLACK HAWK COUNIY, IOWA
C 100 PROPRIETOR: STATE OF IOWA
SL1RtirEY FOR CITY OF WATERLOO
LEGEND:
1 ;NatNOl ' FEET
100 FEET
0 DENOTES 1/2' X 24" STEEL
\ RE-BAR W ED PLASTIC CAP
W/NO. 16 75 SET
DENOTES FOUND 1' CUP PIN
rF0R,(7-/i>i►ei? •
• (UNLESS NOTED O11#RWISE)
U Y 000.00 DENOTES RECORD DIMENSION N
f S (000.00) DENOTES FIELD DIMENSION M
I FOUND P91& y141! '
YELLOW CAP
/8503 O
</81
z'g 1
a�
EAST LINE, f
W 1/2, SW 1/4, J
SEC. 21-so-t3 /,
STATE OF 10WA /
1 DEED 406-223 /
/
,
) !' !FOUND 3/4"
�I FOUND PIN h ( /OPEN PIPE
''YELLOW CAPdeS6 1
fI I /
( 1n I 14
I N I
EAST WEST� ~
Y t.2„SW21-8-13
rrr^--- SEC.21-✓�-13
n ) v
b b
? ( 8V "
R neTs5'33w)
(I 40.03.1 —1 ` "
3 ;I 1
n (WO
EA ENI NT •.';�
( 0 SF.)
;:Is (NW95.63150
l — �$ (254.62') --. I FOUND 3/4"
\ . ! _ (589.55'S3'E) -
s-) 234' `\L (OPEN PIPE
(440.00) f
- :5875') 'R-- (165,e7')
$ FLOWER STREET
F. 1 I 135'
C ' I D
LOT 1 b Q
E
ALABAR HILLS I--
2N0 ADDITION
ON
S I LOT 2
FIELD Boo( 834-52 I
SURVEY OF SUBJECT LAND
18
Easement Land Land/Flower St.
City of Waterloo IA
WAYNE CEAASSEN ENGINEERING AND SURVEYING.INC, pHQNE: (VfkCE)31B-235-S294
P.O.Box 590 WATERLOO, �OWA 507U4-Ottw5 (FAX)319--233-a020
EASEMENT PLAT
PART cr THE w 1/2, SW 1/4, S.4AET 1 Cf 2
SEC TICN 21-MON-R13W
WATERLOO. BLACK HAWK COUNTY,IOWA
PRCPRIETORI STATE CF IOWA
SURREY MR: CITY OR WATERLOO
LEGAL DESCR1P110N
UTILITIES EASEMENT
An easemont for atiRdos purpoaas avar, undo'', and across that port or the Wrist Kok'
(W 1/2) of the Southwest Ouortar (SW 1/4) of Section Twenty-one (21). Townsf.p m
Eighty-nine North (TUN), Range Thirteen West (R13W) of the Fifth (5th) PAncpa± 1
MAerfdica, Waterloo. Black Hawk County. Iowa, described ne follows: 2
P
The Sot&slay(40.02) feet of the West One Hundred forty(14100 fee: of he
following described parcel:At that part of the West Onne-half of the Southwest Quorter
of Sactlon No. Twenty-ale r21), Township No. E7gMy-nee (59) North, Range Na
ThHeen (13)West of the ftth (Sth'l Principal Ileridhon. In the Vey of Waterloo. Block
Howl County Iowa, lying within the following described t.aunaa-km Commencing at
the inlafeaalivn of The Earl ire of the Weak One-hat of the Southwest Quarter of 11
said Section with the Seuhere tery line of U.S. H01wvy No. 213; thence South clans
the Eaet Ilne of the West One-hoif of the Southwest Quorer of sold Seaton a
dietwws vi Pow- Hur.Jred Seventy-few and Nino-tentho (474.B) foot: tnoneo West at
damangles o distance of Tea Huedn7d Pity-fear(254)feet; thence North do a
line s pardlel with the Ea Unw
t Rot of the West ors-haf of the Soueec Ougortar
of sole Seolion to the Southwesterly Inc of U.S. righwoy No. 215; thence
Southeasterly along the Southwesterly line of U.S. Ffghrcy No. 215 to the point of
beginning.
CERTIFICATION
. -
C 'a.�y..'fy ti'sf°A Iqe T vepoe deomm4t..,propane .a.w.1N
LII owl e a Aeleened ey ire or aneer ray eu.et o or fl auy of.me ,
Tiel 1 e++a d Ynnwd tend Irma., lb.woo or w.B.c.or bra.
Dalr,es., Idyl 3a,22e
se.l. ggnelw.:
*Mt:.&he,...E
Ode c' U:enre seS 16776 J1
rILLD BOOK 634-52 _._. k/law •• •�ems o«.her 31,solo
LEGAL DESCRIPTION
19
Easement Land Land/Flower St.
City of Waterloo IA
PHOTOGRAPHS OF SUBJECT PROPERTY
aa. Q •Y
R
V .a
p
"ems y
SUBJECT STREET - SUBJECT PROPERTY ON RIGHT
f
ram,.
a -
,. 4 •
'Ur 8i►n
NEARBY JOHN DEERE HEALTH CARE
20
Easement Land Land/Flower St.
\tj ` City of Waterloo IA
' tirC- '• ", * &S +R Its �`' ` �.,i,v�*+ %�. —Nfyi
.,qt"ki- "",,t,V$ ' •••,, •'-,'•• -'!4. ' ,. - i'‘ , •4'ili *raw_3 oc, .,,,,-.i v.
QQ ? 4. R ,a, 4 i --t: "
'°s a � 1 0 . -‘\V S i t 4fa:
4
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t R i
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f.G ! y s
a''..ate'--.-+�`� ,�`�.. '�` �;.__;-A
SUBJECT LAND FACING UPHILL
,7'! , ry - may . a-s s `,w`i t "h R. 1
i s* q l•\' yR �iic � � .,.fiC A
'gi'+5 M1'
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f_ # kklfr a=
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t s;- lr'+N ".•. -•R2 _ ; trip-.y g }# .44— e•4 -
.
yr
J *:s k` 4'1 ,
axa .
/ -, ,
SUBJECT LAND
21
EasementCityo LfWandate Lanrld/FoolIAower St.
•
•
k� Yr ',v• p r '*
-- 3;at
r
is
VIEW FROM FLOWER ST. DEAD END
1 M
-t izz. •
_
r+ t
F
M1.
HOUSE ACROSS THE STREET
22
Easement Land Land/Flower St.
City of Waterloo IA
r ,. * ,1:t,flp�`Mi r r Sane �Y ;O.
n r is h. ` Of
,i� D�{yyllY { • CAI '�D�jy•tt /.
�r�■�.fC i 'tom ��
{ • fit,. D
il%
ay
FACING NORTHEAST FROM JOHN DEERE HEALTH CARE PARKING LOT—SUBJECT IN DISTANCE
23
Easement Land Land/Flower St.
City of Waterloo IA
HIGHEST AND BEST USE
"The allowable use for which sufficient demand can be shown, which at the date of the appraisal is most
likely to produce the greatest net return to the property over a given time period." The four traditional tests
of highest and best use are physically possible, legally permissible, financially feasible and maximally
productive. (from the text "The Appraisal of Real Estate, Ninth Addition", the most recent text of the
American Society of Real Estate Appraisers)
The larger parcel of subject land is somewhat unique— it has commercial land use adjacent—but
does not appear have an obvious potential Highest and Best Use as commercial land or for any
other open market development. This is due to the sloping elevation and lack of ready access.
While virtually every parcel of land has some productive use, the subject larger parcel appears to
best serve as supporting land for the University Greenhill intersection.
It is assumed that no significant improvements can be placed over the easement area The 8400
SF easement also reduces the usable area of the larger parcel. While the larger parcel appears to
be partially buildable — it is not necessarily desirable for any commercial purpose. It could be
suited for display purposes—signage or equipment display.
The appraiser will consider the proposed permanent easement as a total acquisition, since the
land will be made virtually unusable to the ownership by the easement. It appears the subject is
best valued as sub-prime land of limited utility. There are several nearby sales that will provide a
good basis for a land value estimate — though some are older than would be preferred. When
combined with more recent land sales, the sales will illustrate a range of value indicators that
should provide a reasonable basis for a value opinion. They will be addressed in the Sales
Comparison Approach section on a following page.
24
Easement Land Land/Flower St.
City of Waterloo IA
COST APPROACH TO VALUE
'A method in appraisal analysis which is based on the proposition that the informed purchaser would pay
no more than the cost of producing a substitute property with the same utility as the subject property. It is
particularly applicable when the property being appraised involves relatively new improvements which
represents the highest and best use of the land, or when relatively unique or specialized improvements are
located on the site and for which there exist no comparable properties in the market."
The subject property is a bare land. Since there are no improvements, the Cost Approach as
typically performed in commercial appraisal will not be completed.
25
Easement Land Land/Flower St.
City of Waterloo IA
SALES COMPARISON APPROACH TO VALUE
"A method in appraisal analysis which is based on the proposition that an informed purchaser would pay
no more for a property than the cost to him of acquiring an existing property with the same utility. This
approach is applicable when an active market provides sufficient quantities of reliable data which can be
verified from authoritative sources."
Following is a file of six land sales judged to outline the lower level land market in the
Waterloo area. They include the sales judged most similar to the subject property—and some are
quite proximate to the subject. The intent is to more accurately place the subject land within the
overall market context — and bracket the subject with sales that are both superior and inferior in
development potential. Obviously, this is a small market segment and few really pertinent sales
exist. These are the best found Detail sheets with photos and a location map will be found at the
end of this section. The appraiser notes that some of the sales are older than would be preferred,
however their location is so proximate to the subject that their inclusion is warranted. The
appraiser reviewed over 40 land sales, and these six were judged similar enough to provide a
good over view of the market. Emphasis was placed on location near the subject and sales that
had similar utility.
On a following page is and summary analysis of the sales, followed by the adjustment grid
The appraiser has selected Sales 1, 2, 4 and 5 for adjustment. No time adjustments are made due
to current economic conditions. The appraiser had to make some significant adjustments to the
sales — due to the nature of the subject and its general nature. The result is a wide range of
indicators - all weighted equally to an indication of $.231SF times 8400 SF, yielding $1932.00
rounded to a value indication of$1,900.00. Under the circumstances of this report, this appears
to be a reasonable conclusion. The reader is also referred to the Reconciliation section and the
letter of transmittal for further discussion.
26
Easement Land Land/Flower St.
City of Waterloo IA
SUMMARY OF COMPARABLE LAND SALES
• Sale 1 ($..21/SF) sets the bottom of the applicable range — it appears to also be a tract of
excess ROW land on the edge of the city purchased by an investor. It lacks immediate
sanitary sewer but has utility services within 100'. It has no obvious immediate use.
• Sale 2 ($.06/SF) is unbuildable raw land in the flood plain. It is located in an old river cabin
area that has been decimated by flooding in recent years. It has no obvious use other
recreational or supporting land.
• Sale 3 ($.11/SF) is river frontage recreational land, unusable other than river access. Due to its
river bank, it was not used for adjustment.
• Sale 4 ($.21/SF) is 1.64 acres of raw land near the subject, located next to an old subdivision,
but used as farm ground. It could possibly be buildable if a house was elevated due to flood
hazard area.
• Sale 5 ($1.41/SF) is the purchase of a small tract for the parking lot expansion of Beck's, a
popular restaurant/lounge one block from the subject. It was steeply sloped but a large
retaining wall was used to gain some needed parking next to the restaurant. Judged quite
superior in most regards.
• Sale 6 ($2.03/SF) is a simple bare commercial lot in a marginal location used as the site for a
new service building. It is not adjusted but sets the top of the subject's applicable range. It is
also literally the bottom of the range for immediately buildable commercial land in the metro
area.
27
Easement Land Land/Flower St.
City of Waterloo IA
LAND SALE ADJUS 1 sf q 'A 1,'
Land Sale#1 Land Sale#2 Land Sale#4 Land Sale#5
Greenhill& University&
Idaho/MLK Greenwood Garden&Scott Flower
Item
Land Area/SF 10,706 9,322 71,438 24,740
$0.05 $0.06 $0.21 $1.41
Cash Equivalent Unit Price($/SF)
Financing Terms 0% 0% 0% 0%
Conditions of Sale 0% 0% 0% 0%
Adjusted Unit Price $0.05 $0.06 $0.21 $1.41
Date of Sale Jun-08 May-07 Oct-06 Jul-00
Time Adjustment 0.0% 0.0% 0.0% 0.0%
Time Adjusted Unit Price $0.05 $0.06 $0.21 $1.41
Adjustment Factors:
Location 0% 25% 0% -50%
Visibility 0% 0% 0% -10%
Grade/Shape 10% 0% 0% 0%
Infrastructure/Utilities 25% 25% 0% 0%
Size 0% 0% 0% 0%
Net Adjustments 35% 50% 0% -60%
Adjusted Unit Pnce $0.07 $0.09 $0.21 $0.56
Relative Weight 25% 25% 25% 25%
Weight Unit Price $0.02 $0.02 $0.05 $0.14
i
.i i
Source: Valuation Services-2009
28
Easement Land Land/Flower St.
City of Waterloo IA
lryacterPuto mum utaper
tug tICX:K
1 Airport WI jil
-,.
1 ;Pe
:
,-
'''W Airbne Hwy < E Ailtnn Mwy
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z
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ots › to 2
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Newton St ,- -r 04,
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I Rd g e
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Waterloo. .
Downing Ave ,-;---- w 0 •cI c7
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0 63 '-,- .1 Williston Ave, ,•;. Of
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Hilltop
M4,ti,Rd 4:l 464;>4° ; -g, 8 4' i E wow,Ave Elk Rt.
- °Heigh!
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It- _ 15)0
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9 err t =
Cr 41 4.le.-
mat Rd ti
MAPS AND DETAILS OF COMPARABLE LAND SALES
29
Easement Land Land/Flower St
City of Waterloo IA
COMPARABLE LAND SALE 11
ir
4!1 ,
A
}
17w._Y
/1
So ammo/wag M/N•CA,nitl MO ON URI Ye i
Location: Near Idaho and MLK Drive, Waterloo (Assessor' s Parcel ID #8912-19-258-
001)
County: Black Hawk
Sale Price: $600.00 Sale Price/Acre: $2,441.13
Dated: 6-10-08 Filed: 6-17-08 Book: 2008 Page: 025376
Instrument: Warr. Deed Revenue Stamp:
Grantor:
Grantee: Contemporary Urban Development
Terms:
Land Size: .21 acres Verification: Public Record
Area: 10,706.5 Price/Csr: NA
Topography: Buildable Corn Suitability Rating: NA
Zoning: R-2 Utilities: City Services
Street: paved Assessed Value: $2,330
Sale Price/SF: $,05
Remarksl Buildable lot with some functional issues due to shape
30
•
Easement Land Land/Flower St.
City of Waterloo IA
COMPARABLE LAND SALE #2
•
00.
f1
LOCATION: SWC Greenhill Road and Greenwood Ave. Waterloo (Assessor' s Parcel ID
#8913-16-327-014)
COUNTY: Black Hawk
f �
'SALE PRICE: $600.00 SALE PRICE/ACRE: $2,803.69
DATED: 5-29-07 FILED: 3-18-08 BOOK: 2008 PAGE: 01848
INSTRUMENT: warr. deed REVENUE STAMP: $168.80
GRANTOR:
'GRANTEE: Kim Maclin
(TERMS: adjacent landowner purchase
LAND SIZE: .214 acres VERIFICATION: public record
AREA: 9,322 SF Sale Price/SF: $.06
TOPOGRAPHY: in floodway CORN SUITABILITY RATING: NA
ZONING: Ag UTILITIES: City service
STREET: Paved ASSESSED VALUE: $1,190
LEGAL' Burd's Subdivision in Sherwood Park Lot 52
REMARKS Located in active floodway, not buildable purchased by adjacent
landowner
31
Easement Land Land/Flower St
City of Waterloo IA
COMPARABLE LAND SALE #3
1/
t. c.
4M
- I --
r- F
: ...: 'I_-* ' 1 .1., r-'--- ''''A.,..4tr I . Ns,, 1;2 tilitil
cr.
r
ss '`-wey'„{y'
as, 1,� .
LOCATION Greenwood Avenue, Waterloo(Assessor's Parcel ID #8913-16-401-025)
COUNTY: Black Hawk
I 1
'SALE PRICE: $20,000.00 SALE PRICE/ACRE: $4,761.90
DATED:10-28-08 FILED:10-29-08 BOOK: 2008 PAGE: 8810
INSTRUMENT: warr. deed REVENUE STAMP: $31.84
GRANTOR:
'GRANTEE: Shane M. McCracken I
'TERMS:
LAND SIZE: 4.2 acres VERIFICATION: public record
AREA: 182,952 sf Sale Price/SF: $.11
TOPOGRAPHY: Active Floodway CORN SUITABILITY RATING:NA
ZONING: Ag UTILITIES:
STREET: Paved ASSESSED VALUE: $8,770.00
LEGAL' Sherwood Park Lot 60 Exc that part sold to Black Hawk County in B10 P986
REMARKS' Recreational ground, with river frontage and heavy vegetative cover.
32
Easement Land Land/Flower St.
City of Waterloo IA
COIPARABLE LAID SALE #4
r..
ri
..11 t
•c`.�
ice•„i, HG .
Y
t
a
Tt 1.t 11k
_ zr
. c
HUNTIN RD. •
LOCATION: South of Rush Street, East of Garden Avenue, Waterloo (Assessor's
Parcel ID #8913-28-176-027)
COUNTY: Black Hawk
I I
SALE PRICE: $ 15,000.00 SALE PRICE/ACRE: $9,146.35
DATED: 10-31-06 FILED: 11-1-06 BOOK: 2007 PAGE: 0110058
INSTRUMENT: warr. deed REVENUE STAMP:
GRANTOR:
GRANTEE: John and Katie Pollock
TERMS: adjacent landowner purchase
LAND SIZE: 1.64 acres VERIFICATION: public record
AREA: 71,438.4 Sale Price/SF: $.21
TOPOGRAPHY: 100-year flood plain CORN SUITABILITY RATING: Low
ZONING: Ag UTILITIES:
STREET: ASSESSED VALUE: $4,390
LEGAII lengthy-see assessor cards
REMARKS' Half low quality crop ground half wooded adjacent to developed
residential district
33
Easement Land Land/Flower St.
City of Waterloo IA
COMPARABLE LAND SALE #5
i
FILE #: 612
LOCATION: University Ave. between Flower St. & Littlefield Rd.
CITY, STATE: Waterloo, IA
SALE PRICE: $35,000.00 INSTRUMENT: contract
DATED: 7-14-00 FILED: 7-14-00 BOOK: 339 PAGE: 278
REVENUE STAMPS: n,a. VERIFICATION: public record
GRANTOR: Ernest H. & Vera I. Lang
GRANTEE: Barmuda Corp.
TERMS: $3,500 down, 85 interest, $3,883.83/semi-annual payments
DIMENSIONS: .55 acres UTILITIES: city services
AREA: 24,740 SF STREET: paved frontage road
TOPOGRAPHY: steep slope DEMOLITION COST: n.a.
ADJ. CASH SALE PRICE: n.a.
ZONING: C-2, commercial SALE PRICE/FRONTFOOT:
SALE PRICE/SF: $1.41
HBU: commercial
ASSESSED VALUE: $29,610.00
LEGAL DESCRIPTION: Littlefield Addition SELY 22 Ft Lot 11 Exc SWLY
120 Ft & Exc Hwy; All Lot 10
REMARKS: Steeply sloped lot purchased for additional parking for
Beck's restaurant, Not usable without substantial fill.
34
Easement Land Land/Flower St.
City of Watedoo LA
COWARABLE LAND SALE #6
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FILE #: 860
LOCATION: W. 9th & Jefferson (8913-25-304-002/304-001/304-003)
CITY, STATE: Waterloo, IA
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(SALE PRICE: $34,000.00 INSTRUMENT: warr. deed
DATED: 1-31-06 FILED: 2-7-06 BOOK: 2006 PAGE: 019391
REVENUE STAMPS: $53.60 VERIFICATION: public record
GRANTOR: James R. & Linda C. Blackledge
GRANTEE: Sabid & Ismeta Nadarevic
TERMS: property with dual classification
DIMENSIONS: .386 acres UTILITIES: city services
AREA: 16,800 SF STREET: paved
TOPOGRAPHY: DEMOLITION COST: n.a.
ADJ. CASH SALE PRICE: n.a.
ZONING: M-1 SALE PRICE/FRONTFOOT:
SALE PRICE/SF: $2.03
HBU:
ASSESSED VALUE: $12,050.00
LEGAL DESCRIPTION: Orig Plat Waterloo West SW 70' NW 30' Lot 4; SW
70' Lot 5; NE 70' NW 30' Lot 4; NE 70' Lot 5; SE 30' Lot 4 Block 44
REMARKS: 3 parcels of bare land making up corner lot.
35
Easement Land Land/Flower St.
City of Waterloo IA
INCOME APPROACH TO VALUE
'That procedure in appraisal analysis which converts anticipated benefits (dollar income or amenities) to
be derived from ownership of property into a value estimate. The income approach is widely applied in
appraising income-producing properties. Anticipated future income and/or reversions are discounted to a
present worth figure through the capitalization process."
The Income Approach does not appear to be relevant in this appraisal assignment. The only
leased land in the metro area are typically a few highly desirable pad sites near the major malls.
Some parking stalls are leased in the downtown areas, but these involve leased hard surfaced
parking stalls on an improved lot. It does not appear that the subject holds any real potential to
generate lease income in the "as is" condition. Any projections of land rents would be somewhat
speculative, and lack reliability, since this analysis would not reflect the Highest and Best Use of
the property. Therefore, the Income Approach will not be performed.
36
Easement Land Land/Flower St.
City of Waterloo IA
SUMMARY AND RECONCILIATION OF VALUE ESTIMATES
Cost Approach: not applicable
Sales Comparison Approach: $1,900 00
Income Approach: not applicable
Of the three approaches to value, the Sales Comparison Approach is typically the most reliable,
with actual sales being the most relevant data available. The conclusion from this approach
appears reasonable when viewing the sales data as a whole and considering the overall market
reflected in these sales. Some of the sales data is older than would be preferred, but the sales
provide a marginally useable land market over view
Neither the Income or Cost Approaches hold any relevance or reliability. In this case, it appears
the value indication from the Sales Comparison Approach is the only applicable and relevant
valuation method.
FINAL ESTIMATE OF MARKET VALUE STATEMENT
It is the conclusion of the appraiser, that the "Market Value" of the proposed easement over the
fee simple ownership interest in subject property, as of the date of inspection May 6, 2009,
subject to the assumptions of use and easements, under the assumption of a marketing time of
within two years, is;
ONE THOUSAND NINE HUNDRED DOLLARS
$1,900.00
ESTIMATE OF MARKETING PERIOD
Typical marketing time for land can vary dramatically. Due to the current slow nature of the
development in the subject area, it would be expected the subject would a longer-than-average
marketing time -concluded to be 24 months or less. The nature of the subject suggests only a few
buyers would be interested in the property.
37
Easement Land Land/Flower St.
City of Waterloo IA
ADDENDA TO APPRAISAL
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Easement Land Land/Flower St.
City of Waterloo IA
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+±±�� j STATE OF IOWA `_ ' .._
IOWA DEPARTMENT OF COMMERCE
PROFESSIONAL LICENSING AND REOULATTON
THIS IS TO CERTIFY THAT THE BELOW NAMED
HAS BEEN GRANTED A CERTIFICATE AS A
GENERAL REAL PROPERTY APPRAISER
CERTIFICATE NO.CG01234 EXPIRES'8C3012009
STORTZ,JOHN
VALUATION SERVICES INC
BOX 861
CEDAR FALLS,IA 50613
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