HomeMy WebLinkAbout1973-08-28 ResolutionRESOLUTION NO. 73-376
RESOLUTION OF APPROVAL OF CLASS C LIQUOR CONTROL
LICENSE APPLICATION.
BE'IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA,:that
a Class C Sunday Sales
Permit application is hereby
approved for .the following named
person or persons at the
following described location:
Plamor Bowling, Inc., 2130 -1st Ave., Iowa City
Said approval shall be subject to an
conditions hereafter im o' Y. ions or, restrict
P sed b ions
ordinance
y of law.
The city Clerk shall cause a recommendation for approval to
be endorsed upon the application and 'f
the same together
with the license fee, bond, and all other information
ments
or docu-
required to the Iowa Beer and Liquor Control Department.
It'wa's moved by Hickerson and White
seconded by
that the 'Resolution as
read be adopte
were: , and upon roll call there
AYES: NAYS: ABSENT-
BSENT:
Brandt
Brand•
6
Connell
X'
Czarnecki necki S
Hickerson
White X
Passed this 28 --8th ,day of _August
_
19 73
I I
RESOLUTION NO. 73-380
RESOLUTION OF APPROVAL OF CLASS"C" BEER PERMIT 'APPLICATION
BE IT RESOLVED BY THEITY
C COUNCIL OF IOWA 0 A CITY IOWA t
,, hat a Class
"C" Beer Permit Application is hereby approved for the following named per-
son or persons at the following described locations:
Dorrance'J. & Guenn A`Kehoe DBA Peoples Grocery
701 Davenport Street `
Said approval shall be subject to any conditions or restrictions hereafter
imposedby ordinance or'state 'law.
The City Clerk shall cause a recommendation for approval:to be 'endorsed
upon n sametogether c
eIowa
sedandall ormatidocuments required tothe /Beer
andLiquorC
It was moved by and seconded t t
Rirkarcnn by i ha the
� C�arnark
I
Resolution as read be adopted, upon roll call there were:
Brandt AT NAYS: ABSENT:
Connell g
` zarnec i g,
Hickerson X
White
I
i
Passed this 28 day of Aug 19 73
I
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f
i
Lr
r
I,
�I
RESOLUTION NO. 73-381
RESOLUTION ESTABLISHING ONE-WAY TRAFFIC IN ALLEY
IN BLOCK 1 COUNTY SEAT ADDITION TO IOWA CITY, IOWA
WHEREAS,the Ordinances of the City of Iowa City, Iowa,
provide that ,the City 'Council may establish by resolution one-
way streets in the City of Iowa City, Iowa, and
WHEREAS, the 'City Council of the City of Iowa', City,' Iowa,
has studied the alley in Block l in the Original Town of Iowa
City, Iowa, and application 'has 'been made that said alley be
established as a one-way alley, and
WHEREAS, the City Council deems it in the public interest
to establish said alley in Block 1 in the Original Town as
one-way street.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF IOWA CITY, IOWA, as follows:'
1) That the alley in Block 1 is hereby established as
a one-way street, with the traffic to run in a northerly
direction along said street.
2) The City Manager is hereby authorized and directed to
cause appropriate signs to be posted to effectuate the provisions
of this resolution.
Passed and approved this 28th
1973. day of August A.D.,
It was moved by Hickerson and seconded by Czarnecki that
the Resolution as read be adopted, and upon roll call there were:
Ayes: Nays: Absent:
Brandt K
j Connell }
Czarnecki g
Hickerson g
i
White
Attest:
City Clerk
,•,dyoY
■
• � a
RESOLUTION NO. 73-382
RESOLUTION PROHIBITING PARKING ON HARRISON STREET
WHEREAS, the Ordinances of the City of Iowa City, Iowa, allow the
City Council to prohibit parking by resolution on designated streets, and,
WHEREAS, the City Council deems it in the public interest to Prohibit
parking on 'Harrison St., from the alley westerly to Dubuque St._,,,_„
on the 'North'side at all times Cn: inL ,
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA:
1) That parking is hereby prohibited on.Harrison Street, :from
.thealev'westerlmnto-Dubuoue-Street -`on the Northside at all times
2) That the City Manager is hereby authorized and directed to cause
appropriate signs to be posted to effectuate the provisions of this
Resolution.
It was moved by --H rjkp on and seconded by Czarnecki that
the Resolution as read be adopted, and upon roll call there were:
AYES: NAYS: ABSENT:
X
Brandt
X
Connell
X
Czarnecki
X
Nickerson
K
White
Passed and approved this 28th _ day of August lg 73,
Mayor' -
ATTEST:
City Clerk
D Gf�G�7iZG/c�
RESOLUTION N0.
RESOLUTION ESTABLISHING FAIR MARKET VALUE FOR ACQUISITION
OF
CERTAIN URBAN RENEWAL PROPERTY
WHEREAS, the City of Iowa City, acting -as_the Local Public
Agency, hereafter referred to as the LPA, has entered into a
contract for loan and grant with the United States of America
for the implementation of an urban renewal project known as
Project Number Iowa R-14, and,
WHEREAS, in order to accomplish the goals and objectives of
that urban renewal project and in furtherance of the public
welfare, the LPA deems it necessary and in the public interest
to acquire the property described below, either by purchase or
by the exercise of the powers of eminent domain, and,
WHEREAS, the LPA has received appraisals, staff reports and
recommendations concerning the fair market value of certain
property contained therein, and has reviewed the appraisals,
and reports, and being familiar with the property identified
below, desires to establish the fair market value of said
property for the purposes of acquisition.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF IOWA
CITY, IOWA, that the prices and amounts Opposite each parcel of
land, and all interests therein, including improvements, build-
ings, and fixtures, identified below, is hereby declared to be
the fair market value for the purpose of acquisition of each
said parcel and all other interests.
The Staff of the LPA is hereby authorized to begin negotia-
tions for the purchase of said property and the Mayor and City
Clerk are authorized to contract for the__purchase of said pro-
perty. In the event negotiations for purchase are unsuccessful,
the LPA Staff ant the Urban Renewal Attorney are hereby author-
ized to institute condemnation proceedings for the acquisition
of said property.
This resolution certifies that the work of the appraisers and
the review appraiser with respect to each property has been
performed in a competent manner in accordance with applicable
State Law, Public Law 91-6-46, and Department of Housing and
Urban Development policies and requirements.
REAL ESTATE
93-2 LuVerne and Kat)iryn Miller 22 000.00
93-23 LuVerne Miller 42,000.00
101-4 Ray P. Ipsen 60,000.00
101-12 Irene Wakefield Edwards 28,000.00.
OTHER INTERESTS
93-23 _ 1,145.00.
It was moved by Hickerson and seconded
by white that the resolution as read be
adopted, and upon roll call there were:
Brandt
Czarnecki
Connell
Hickerson
White
NAYS:
1
PROCLAIMER CERTIFICATE
RELATIVE TO ESTABLISHMENT OF PAIR MARKET VALUE
FOR PROPERTY TO BE ACQUIRED
I,
C. L. Brandt, the duly elected, qualified, and acting
Mayor of the City of Iowa City, herein called the "Local
Public Agency," hereby certify that I have been authorized
by Resolution No. 70-438, duly adopted by the City Council
of the Local Public Agency at a regular meeting on
December 1, 1970, as set forth in the, minute book on 'file
at the office of the City Clerk, to make the following
certification and that the statements contained herein are
true and correct to the best of my 'knowledge and belief:
I. Each parcel, City -University Urban Renewal Area, Project
No. Iowa R-14, li'sied in the attachment to this proclaimer
certificate has been appraised by at least two qualified,
independent, professionalreal 'estate appraisers and a
written and signed copy of each such appraisal is con-
tained in the Local'Public Agency files.
2. Each such 'appraisal has been reviewed by E. Norman Bailey,
a qualified review appraiser under contract to the Local
Public Agency, and all corrections, revisions, or additions
requested by such reviewer have been made by the original
appraisers.
3. The reviewer has prepared a written report which indicates
that the appraisals are complete and consistent in the
factualdata contained therein,` comply with existing
statutory and administrative requirements of the Depart-
ment of Housing and Urban Development, and are acceptable
for the determination of fair market value.
4. Based upon such appraisals and the review' thereof, the
Local Public Agency', has established the fair market of
each parcel listed herein and all documentation related
to such determination is contained in the Local Public
Agency files.
S. The latest budget amount allowable for real estate acqui-
sition including amounts available in contingencies as
approved by HUD on March 1, 1971 is not exceeded by the
sum of the following:
a. Cost of property previously acquired.
b. Acquisition prices previously approved by HUD for
properties not acquired.
C. Fair market value determinations previously made by
the LPA for properties not acquired but included in
prior proclaimer certificates.
d. Fair market value determinations for properties
included in the proclaimer being filed.
e. The acquisition prices of the remaining properties
to be acquired as thoseprices were estimated for
the purpose of the above mentioned budget amount'
allowable for real estate acquisition.
6. This certificate is issued pursuant to and consistent with
HUD Omaha Area Office letter 7.2 PTR(ET), dated April 27,
1971,, regarding use of the proclaimer system by the LPA.
LISTING OF PARCELS TO ,BE ACQUIRED
nen..... ... _. .. �.
Any false statement made knowingly herein may subject the
signer to civil penalties under Section 231 of Title '31 of
the United States Code and, if such statements are made
willfully and knowingly, to conviction for a felony under
section 1001 of Title 18 of the United States Code.
ayor
City of Iowa City,, Iowa
..'_
73-384 -
RESOLUTION N0.
RESOLUTION ESTABLISHING FAIR MARKET VALUE FOR ACQUISITION
OF
CERTAIN URBAN RENEWAL PROPERTY -
WHEREAS, the City of Iowa City, acting as tiie Local Public
Agency, hereafter referred to as the LPA, has entered into a
contract for loan and grant with the United States of America
for the implementation of an urban renewal project known as
Project. Number Iowa R-14, and,
WHEREAS, in order to accomplish the goals and objectives of
that urban renewal project and in furtherance of the public
welfare, the LPA deems it necessary and in the public interest
to acquire the property described below, either by purchase or
by the exercise of the powers of eminent domain, and,
WHEREAS, the LPA has received appraisals, staff reports and
recommendations concerning the fair market value of certain
property contained therein, and has reviewed the appraisals,
and reports, and being ,familiar with the Property identified
below, desires to establish the fair market value of said
property for the purposes of acquisition.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF IOWA
CITY, IOWA, that the prices and amounts opposite each parcel of
land, and all interests therein, including improvements, build
ings, and fixtures, identified below, is hereby declared to be
the fair market value for the purpose of acquisition of each
said parcel and all other interests.
The Staff of the LPA is hereby' authorized to begin negotia-
tions for the purchase of said property and the Mayor and City
Clerk are authorized to contract for the purchase of said pro-
perty. In the event negotiations for purchase are unsuccessful,
the LPA Staff and the Urban Renewal Attorney are hereby author-
ized to institute condemnation proceedings for the acquisition
Iof said property.
This resolution certifies that the work of the appraisers and
the review appraiser with respect to each property has been
performed in a competent manner in accordance with applicable
State Law, Public Law 91-6-46, and Department of Housing and
Urban Development policies and requirements.
REAL ESTATE INTEREST
Parcel Owner •Fair Market Value
101-9 Leo V. $ Anne Carlton $26,000.00
101-11 Verl f, Wanda Greenland $24,000.00
OTHER INTERESTS
None
It was moved by HickerGnn and seconded
by white that the resolution as read be
adopted, and upon roll call there were:
AYES: NAYS: ABSENT:
Brandt x
Czarnecki x
Connell x
Hickerson x
'White x
Passed and approved this 28th -day of August
1973.
Mayor
ATTEST: ( ti ✓/ /,.�.(_1%.�
City Clerk i
i
PROCLAIMER CERTIFICATE
RELATIVE TO ESTABLISHMENT OF FAIR MARKET VALUE
FOR PROPERTY TO BE ACQUIRED
I, C.L. Brandt, the duly elected, qualified, and acting
Mayor of the City of Iowa City, herein called the "Local
Public Agency," hereby certify that I have been authorized
by Resolution No. 70-438, duly adopted by the City Council
of the Local Public Agency at a regular meeting on
December 1, 1970, as set forth in the minute book on file
at the office of the City Clerk, to make the following
certification and ,that the statements contained herein are
true and correct to the best of my knowledge and belief:
1. Each parcel, City -University Urban Renewal Area, Project
No:. Iowa R-14, listed in the attachment to this'proclaimer
certificate has been appraised by at least two qualified,'
independent, professional real estate appraisers and a
written and signed copy of each such appraisal is con-
tained in the Local Public Agency files.
2. Each such appraisal has been reviewed by E. Norman Bailey',
a qualified review appraiser under contract to the Local
Public Agency,'and all corrections, revisions, or additions
requested by such reviewer have been made by the original'
appraisers.
3. ,The reviewer has prepared a"written report which indicates
that the appraisals are complete and consistent in the
factual data contained therein, comply with existing.
statutory and administrative requirements of the Depart-
ment of Housing and Urban Development, and are acceptable
for the determination of fair market value.
4. Based upon such appraisals and the review thereof, the
.Local Public Agency has established the fair market of
each parcel listed herein and all documentation related
to such determination is contained in the Local Public
Agency files.
S. The latest budget amount allowable for real estate acqui-
sition including amounts available in contingencies as
approved by HUD on March 1, 1971 is not exceeded by the
sum of the following:
a. Cost of property previously acquired.
b. Acquisition prices previously approved by HUD for
properties nct acquired.
c. Fair market value determinations previously made by
the LPA for properties not acquired but included in
prior proclaimer certificates.
d. Fair market value determinations for properties
'included in the-proclaimer being filed.
e. The acquisition prices of the remaining properties
to be acquired as those prices were estimated foie
the purpose of the above mentioned budget amount
allowable for real estate acquisition.
6. This certificate is issued pursuant to and consistent with
HUD Omaha Area Office letter 7.2 PTR(ET), dated April 27,
1971, regarding use of the proclaimer system by the LPA.
LISTING OF PARCELS TO BE ACQUIRED''
Any, false statement made knowingly herein may subject the
signer to civil penalties under Section 231 of Title 31 of
the United States Code and, if such statements are made
willfully and knowingly, to conviction for a felony under
section 1001 of Title 18 of the United States Code.
Date
Mayor
City of Iowa City, Iowa -
Parcel Square 1st. A
CITY OF JOWA CITY, IOWA
CITY -UNIVERSITY URBAN RENEWAL PROJECT
IOWA R-14
Listing of Parcels to be Acquired
ra'
isal
Amount
No.
Feet
Date
raisal
Amount
93-2
1410
1966
93-23,
6256
1966
6/5/73'
101-4
6400
1966
22,000.00
101-12
2970
1966
CITY OF JOWA CITY, IOWA
CITY -UNIVERSITY URBAN RENEWAL PROJECT
IOWA R-14
Listing of Parcels to be Acquired
ra'
isal
Amount
2nd. A
Date
raisal
Amount
3rd. A
Date
raisal
Amount
Fixtures
Date
ount
FDS
15,000
3/5/71
20,000.00
6/5/73'
23,200.00
-0-'
22,000.00
31,000'
3/5/71
41;300.00
6/15/73
42,000.00,
12/22/70
1145:00
42,000.00
fixture
1,145.00
43,145.00
65,000
3/5/71
64,000.00
5/29/73
51,000.00
-0-
60,000.00
20,000
2/26/71
'27,200.00
5/24/73
35,000.00
-0-
1-8,000.00
Marshall- 3tevens Hoffnan Eaters Iowa Ap raisal and S.M.'Dix
Resear h Cor
I
I
Land Acquisition Plan
C
M
Burlington 'St. ]
e
in 94
C
O
L
LL
s�.
R
N g O
O
College St.
110
E t1r!
JG 9
! 5
E
s e,r e
83
[,'t Washington St. 11
S
t9 �,R
I:
e 61 65
u
24
e
le (n
}I $: I] Ie 13 rt
1 t C
ro i,
s
IL 62 64 1e 10
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o cr rum
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C1 102 10 103 °
],
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12
lou a Court St.
w.4
Prepared By:
Department of
Community Development
City -University Project
Project Number Iowa R-14
City of Iowa City, Iowa
Legend
Block Number
F100
Parcel Number
°
Rights -of-Way Vacated
Parcels To Be Acquired
Project Boundary
Not To Be Acquired
EXHIBIT R- 213 DI
CITY OF IOWA CITY, IOWA
CITY -UNIVERSITY URBAN RENEWAL PROJECT
IOWA R-14
Listing of Parcels to be Ac'
wired
Parcel Square lst. A raisal
No. Feet ate 2nd. A raisal
ount ate; ount 3rd. A raisal Fixtu,
101-r9 6,000 Marshal -Stevens ate ount ate
Hoffman Waters IARCO
7/1/66 22,000 3/2/71
24,100 6/6/73 30,000
101-1'1' 2 562 None
7/1/66 16,500 2/20/71 13,200 5/30/73 30;000
None
• • Block 93
Parcel -2
APPRAISAL REVIEW SUMMARY
Property Identification
7 West Burlington
Major tenant: Owner
Owner: LuIrerne F Kathryn Miller
Appraisals
A. $ 20,000.00 ) Used in staff recom
B. $ 23, (00 —) mendation of FD1V
C. $ 15,000.00
Recommendation ( 8/22/73)
Staff recommends fair market value of
$ 22,000.00
Rarcel No. 93-2 Addre
am
Owner ine $ Kalwyn
7. I4est Burlington
APPRAISAL REVIEW
Miller •
Lot Size. ame_ i
Iowa R-14
. _
, Use amet .
Appraiser: A Waters
B IARCO'
Data of Appraisal
3/5/71
6/5/73
ToUjI Value
$ 20,000.00
$ 23,200.00
I;nnd
$3.50 PSF $ 5.000.00
$6.00 PSI: $ R snn nn
Imp ruvcuacnts
$ 15,000.00
$ 14 7oo.nn
'foto) R.G. Appraisal
$ 20,000.0o
$ 232200.00
Leasehold Interest
$
$
$
$
$
$
FixCures -1. $
2. $
'I•ntnI I,i<ascd 'Fee
$ 20,000.00
$ 23,200.00
'I'ot:al Lcaschold Interest
$
INCOME
A::tuaal Rent
—T
$
Estimated Rent
$
$ 3,600.00'
Expenses
$
$'1,668.00
Net Income
$
$'1,998.00
Cap. Rate
%
9
%
Va I (Ic Today
$ N/A
�, ?? ')nn
NIARKGT DATA
A B
Comps. 1. 54 @15.82PSF 1. 32-B @-)PSP
5„ 6200=
-• 55 @]0.47 PSI' 2. 32-C @ 2 5 S PSF5400=
3. 60 @ 7.45PSP 3. 46-A @ 50o PSF 12400.00
$PSF 14.00
Value 19,750.00 24,000.00
Reviewer Rodney R. ParsonUate 8/22/73'
Tol Rod Parsons
Fromi Norman Bailey
Subjects 93-2 (miller)
I have reviewed these appraisals and inspected this property.
With the exception that IARCO has an error on the zoning, the
appraisals are acceptable,
I believe the fair market value of this property to be $220000,
4)
0
• Block 93
Parcel Z3—
APPRAISAL REVIEW SUMMARY
Property Identification'
307 South Capitol
Major tenant: Miller Repair Shop
Owner: LuVerne Miller
Appraisals
A. $ 41,300.00 ) Used in staff recom-
B, $ ) mendation of FMV
C. $ 31,000.00
Recommendation ( S/20/73 )
Staff recommends fair market value of
$ 421000.00*
*Plus Immovable Fixtures of $1,145.00
is r;:
Parcel No. 93-23 Addr
n
Ower
307 S. Capitol
•
APPRAISAL REVIEW
LuVerne Miller
Lot Size: ame1 i
Igwa-R 14
se ame 1
Appraiser: A Waters
B IARCO
Date of Appraisal
3/5/71
6./15/73
Total Value
$ 41,300.00
$ 42,000.00'
L,;ind
$ 2.50 PSP $ 1.5,640.00
$3.001SP $ 19,000.00
Improvements
$ 25,660.00
$ 23,000.00
T6La.l R.E. Appraisal
$ 41;300.00
ti 42,000.00
Leasehold Interest
S
5
$
5
$
Fixtures 1. $ 1145.00
2.' $
3. $
Total L,cased Pcc
$ 42,445.00
$ 43,145.00
I'ot:11 Leasehold Interest
$
`
Actual RcnL
INCOME
—T
$
listimated Rent
$ 5,520.100
$ 6,240.00
Expenses
$1,389.00
$ 7,757.00
Net Income
$4,131.00
$ a 4ss.o
Cap. Rate
10 %
to %
Value 'Today
$41,300.00
$4,1,830.00
MARKET DATA
A
B
Comps. 1..
@ PSP I, 63-Ai.39
C� - PSI'
-
@ PSP 2.71-A
@14.48PSr
3•
@ PSP 3. 74-B
@11.10PSr
$PSP
12.00
Value
N/A
80.560.00
ReviewerRodney R. ParsonsDate 8/20/73
August 16, 1973
Po: r' Farsons
From: :.orman .aiiey
Sub ife':t7 ('j—I_ (1".iller)
have rpvi.ewed L.,e appraisals amC inspected. the. property.
i telieve the arica of tj is property °-Yhould be 5:2,000.
• Block 101
Parcel _4
APPRAISAL REVIEW SUMMARY
Property Identification
9/11/13 East Burlington
Major tenant: Various
Owner: Ray P. Ipsen
Appraisals
A. $ 64,000.00 ) Used in,staff recom
B. 5 51.000.00 ) mendation of FMV
C. $ 65,000.00
Recommendation ( 5/22/73)
Staff recommends fair market value of
$ 60,000.00
Parcel No. 101-4 Addr� 9-11-13 E. Burlington • APPRAISAL REVIEW
�
Owner Ray—Ppsen Iowa R-14
Lot Size: S aine X D i se 7 amen i
Appraiser: A Waters B IARCO
Date of Appraisal
TOt:II Value
I,nnd
IIII pruvoments
'total It.F.. Appraisal
Leasehold Interest
Pisriires 1. $
2. S
3. 5
Tota 1 Lcascd F'cc
Toted Leasehold Interest
Actual (tent
Estimated Rent
Iapenses
Net Income
Cap. Rate
Value Today
3/5/71
$ 64,000.00
$7.00 PSF $ 44,800.00
$ 19,200.00
$ 64,000.00
S
5
S
5/29/73
$ 51,000.00
$ 6. 00 PSP $ 38,000.00
5.13,000.00
$ 51,000.00`
S
S
S
MARKET DATA
A G.I.M. B G.A.I.M.
Comps. 1. 42 @ r, r,n PSF 1 . 36 @ 4.4. PSF
51 4.1,8 PSF 2. 49 @ 3. 51 PSF
3. @ PSF 3. 41-A @ 3.0 Ps
SPSF 4.18 3.25
Value 67.665.00 51,630.00
R
Reviewer R. Parsons Daae 8/22/73
i
$ 64,000.00
$
$
S
51,000.00
INCOME
$
16,188.00
$
16,440.00
$
8,512.00
$
11,229.00
$
7,676.00
$
5,211.00
17 %
10 %
$
64,000.00
$
52,110.00
MARKET DATA
A G.I.M. B G.A.I.M.
Comps. 1. 42 @ r, r,n PSF 1 . 36 @ 4.4. PSF
51 4.1,8 PSF 2. 49 @ 3. 51 PSF
3. @ PSF 3. 41-A @ 3.0 Ps
SPSF 4.18 3.25
Value 67.665.00 51,630.00
R
Reviewer R. Parsons Daae 8/22/73
i
c4%
s
Toi Rod Parsons
Fromi Norman Bailey
Subjects 101-4 (Ipsen)
•
August 16, 1973
While the theoretical potential gross income on this property is
over $16,000, actual gross has been around $10,700. The lower figure
does not include the manager's unit which rents for $110/month, or
$1320/year. Apparently the major cause of the difference between the
potential and actual gross income is the very high summer vacancy rate.
I feel that this difference between the two gross income figures
12,000 and 16,000 (259 spread) cannot go unrecognized even though both
appraisers used 10% vacancy factors,
Effective CRN = $12,000 X '50 = $60,000,
Gross Rent 16,000
less vacancies 4,000
Effective Gross12,000
Expenses "5;100
NOI 6,500
♦ 11%
Obi , 000
I therefore recommend a price on this prope rty of $60,000,
APPRAISAL REVIEW SUMMARY
• Block 101
Parcel --'I—
Property Identification
322 South Capitol
Major tenant:
Owner: l.eo V. F, Anne Carlton
Appraisals
A. $ 24,100.00 ) Used in staff recom-
B• $ 0 .OD ) mendation of FMV
C. $ 22,000.00
Recommendation ( 8/13/73 )
Staff recommends fair market value of
$ 26,000.00
■
August 13, 1973
To: Rod ?arsons
From: Norman ?ailey
Sub eci: 101-9 Carlton
T have inspected this property and reviewed the real estate
appraisals on it. In my opinion'.!ARCO is on the high side by an
appreciable amount. Some of my "reasons aro as follows:
a) The lot is too narrow to rebuild into apartments', or offices. (40 ft.
b) ;:hile theoretically a developer in the high density zoning area
could put one unit per 300 s,f, of land on lots in the'high density area,
the lots do not sellon that 'Crisis and few, if any, have taken that '
option, Instead they have Sone for, the medium density rule of
750 s,f, per unit, In -fact, It is extremely difficult'', to meet the high-
rise standards,
c) Usually apartment land hasa market value of close to $2,500 per
unit than x3,000.
a) I disagree_wiih the bZ;o cap rate used by IARCO, IA rate of 1C%
would be preferable in my opinion,
:lith these comments in mind, I feel that a value closer to the middle
twenty thousand area is indicated,
:later. -'figures for land are more realistic, in my opinion, in
adlli Li01:,ft.el tea;, ,.Faer3� :Droj�':Ctcd inco:,,e is too low. The to
inco;.a is offset
however, by t00 low a Cap rate 1f GY0 WGTC t0
increase the income to, say $300 per month and increased the cap rate
to 105, we would have the following:
GRI 4320
2700
2c)20
+ 1.0
26200
a GR : of cX would indicato o % 4320 y25i 123.
It therefore is mJ opinion that ;.V of this property is �26,OUG,
Parcel No. 101-9 Acldrq&
322 South Capitol
APPRAISAL REVIEW
Owner _y r
•
Iowa R-'14
Lot Size: ame_ i
Use amen Dif.
Appraiser: A Waters
8 IARCO
Date of Appraisal
3/2/71
6/6/73
Total Value
$ 24,100.00
$ 30,000.00
I,:Inll
$ 2 . 50 PSI' $ 15 , 000.00 '..
$ 4. 00 PSP $ 24 1000.00
Improvuinchts
$ 9,100.00
$ 6,000.00
Total R.E. Appraisal-,
S 24,100.00
$ 30,000.00
Leaschuld Interest
$ None
S None
Fixtures 1. $ None
2. S'
3. $
TotalI ccl Tec
$ 24,100.00
X30,000.00
'1'ot:il Ixascholcl Interest
$ None
$ None
INCOME
Action hent
—$
$
Estimated Rent
S 3,360.00
S 3,720.00
Expenses
$ 1,331.00
$ 1,234.00
Not Income
S 2,029.00
$ 2,4S6.00
Cap. hate
08 %
09 '%
Value "Today
$ 25,400.00
$23,000.00-
MARKET DATA
A
g
Comps. 1. 55
@10.47PSP 1. #40
7,900 PS1;
_. 53
�11.15PS1: 2, 46-A
16,700 PSP
3. 64
@16.44PSP 3. 41-A
7,375 I)Sl'
$PSI'
13.45
---
Value
22,800.00
32,000.00
Reviewer R. Parsons
Date 8/15/73
APPRAISAL REVIEW SUMMARY
Property Identification
330 Soiith Capitol
Major tenant'.
Owner: Verl & Wanda Greenland
Appraisals
A. $ 18,200.00 ) Used in staff recom-
8 $ ,000.00 ) mendation of FMV
C. $ 167S00.00
Recommendation ( 8/13/73 )
Staff recommends fair market value of
$ 24,000.00
August 13, 1973
To: Rod ?arsons
,row.: Norman Bailey
Sub„ecic 101-11 Greenland
1 have lns_h:cied ti ce subject property and reviewed the aDDraisals
anon i= and find them, 20 be CL•ite far a7art, :raters iG at d1L',•�vG Wliiie
IARCO is at c•30,000 _n my opinion, the better estimate of.fair market
value lies in between these figures.
It is my belief that, IAROG's rents are: too high. Economic rent
should be closer to $360/mo, (S .miiarly, lsaters is 'below this figure,
In addition, a cap rate of 10"o would be in ,order, Slaters used 81G and,
;ARCO 95.
At $360Iuo X 12 = 0320 5.5M = $23,760.
Similarly GRI of 4320
less exp of 1900
$ 2420
t 10
$24,200
:hese figures lead me to believe tl:at the fair market value oI' tnis
property is $24,000,
Other comments:
1. There is a typoF;raphical error on 'eiatersincome statement, It
a�DCars tLat it should read "Assume theowners apartment can rent for '
$130/m,or.th,
2, IARCO's floor area estimate is too low,
"/ any ra'i.i0^ail-.Ca:a:rG',Lis }i:0 mer ty is WortC. ic:i5
(Carlton), .he houses are about of equal value, but Caroton'.s Iia3 a
dollble Eara,-e and a 6000s,f, lot and should therefore be Worth more thz.n
Grocnland, (101-11)
Parcel No.101-11 Addr
owner Verl da F 3YanGre a
Lot Sizc:' ameXL . _ F.
Date of Appraisal
TO l;i I V;i I Ile
I;;uu1
Improvements
'l'Otnl R.F. Appraisal
I.cascholdInterest
Fixtures 1. $ none
2. S --
3. S --
"Total Lensed Pec
1'ot;,l Leaschold Interest
Actual hent
Estimated Rent
Expenses
Net Income
Cap. R:ILC
Value I011;,y
;30 South Capitol APPRAISAL REVIEW
1 0 Iowa R-14
1. Use Same X Dit.
.ppraiser: A Waters B IARCO
2/26/71 S/30/73
$ 18,200.00 $ 30,000.00
$ 2.50pSP $ 6,400.00 $ 3.501)S1: $ 9,000.00
$11,800.00 $21,000.00
$13,000.00 $30,000.00
$ none $ none
$13,200.00 $30,000.00
INCOME
$
.rn nn 4 6)0 00
$ 1,07U.UU
$ 1,464.00
08 %
$ 18,300.00
MARKET DATA
$ 2,042 .00
$ 2,578.00
09 %
w oo Inn nn
A 13
Comps. 1. 55 @10.47PSP 1. 40 12,7.201)S1'
@11 .15PS1' 2. 12,240 PSP
3. @ 7 .4 5PSI' 3. G, 000 PSI'
SPSI' 9.30 ---
Value 18,100.00 rounded30,000.00
Reviewer R. Parsons Date 8/15/73
APPRAISAL REVIEW SUMMARY
Property Identification
6 East Court
Major tenant: Various residential'
Owner: Irene Wakefield (Edwards)
Appraisals
A• $_ 27,200.00 ) Used in staff recom-
B• $_ 35,000.00 ) mendation of FMV
C. $ 20.000.00
Recommendation ( 8/27/73 )
Staff recommends fair market value of.
$ 23,000,00
ParccI No. 101-12 Addr�
6 East Court
$
• APPRAISAL
REVIEW
Owner Dirs. Dwi ht Edwar
$
3,183.00
Iowa R-14
.09 %
Lot Size: ame X i .
se amen
DIT.
Appraiser: A
B
Date of Appraisal
2/26/71
5/24/73
Total Valuo
$ 27,200.00
$ 35,000.00
I.vul
$2.50 PSP $
7,400
$ 3.50 PSI: $
10,000
Impru�ements
$
19,800
$
25,000
'Ib Lal R.G. Appraisal
$
27,200
$
35,000
Leasehold Interest
$
$
Fixtures 1.' $
2. $
3. $
Total Lcased Pcc
$
27,200
$
35,000
Iotn l I.Ca5Clio ILI I fit Crest
Actual IZent
Estimated ,Rent
Expenses
Net Income
Cap. Ratc
Value Today
$
INCOME
$ 4,800.00
$ 2,620.00
.08 1
$ 27,300.00
MARKET DATA
k
$
$
5,880.00
$
2,-97.00
$
3,183.00
.09 %
$35,000.00
A GRIM B
Comps. l . S6 @ 4.79 PSP 1. 40 @ S.5 PSI:
2. 58 @ 5.39 PSP 2. 45-A @ 5.49 PSP
3. 60 @ 3.71 PSP 3. 46-A @ 6.3 PSP
$PSI' 4. S5 6.0
Value 21,800.00 33,000.00
Reviewer Rodney R. ParsonsDate 8/27/73
Tor Rod Parsons
Proms Norman Bailey
Subjects 101-12 (Edwards)
The subject property is a two story older home on a small lot
with a walkout basement. It has been converted from a single
family residence into a three unit apartment building. As a result
of the conversion, its floor plan suffers - particularly access to
the second 'floor unit, The basement unit has some rartition walls
that are less than standard construction and the bedroom may riot meet'
city code.
The two appraisals are fairly far apart - $35,000 vs, $27,200.
It is my belief',that Waters is fairly close on this property. My
reasoning is as'followsr
GRM - 5,25 X 5400 rent due = $289350
Gross Rent 5400
Expenses2650
Net Income 2750
. 10