HomeMy WebLinkAbout2002-03-21 Ordinance Prepared by: John Yapp, PCO, 410 E. Washington Street, Iowa City, IA 52240; 319-356-5247 (REZ01-00027)
OROINANCE NO. 02-4012
AN ORDINANCE CHANGING THE ZONING DESIGNATION OF APPROXIMATELY 2,800 SQUARE
FEET FROM LOW DENSITY MULTI-FAMILY RESIDENTIAL, RM-12, TO HIGH DENSITY MULTI-
FAMILY RESIDENTIAL, RM-44, FOR PROPERTY LOCATED AT THE NORTH END OF WEST
BENTON COURT.
WHEREAS, Oaknoll Retirement Residence has applied for a change in the zoning designation of
approximately 2,800 square feet of property from Low Density Multi-Family Residential, RM-12, to High
Density Multi.-Family Residential, RM-44, for property located at the north end of West Benton Coud; and
WHEREAS, Oaknoll Retirement Residence is planning an addition to their facility which, as designed, will
encroach into a portion of properly currently zoned RM-12; and
WHEREAS, in order to accommodate this addition as designed, most of which occurs on property already
zoned RM-44, Oaknoll desires to have an additional approximate 2,800 square feet of property zoned to RM-
44; and
WHEREAS, the Comprehensive Plan supports projects that support group living options for seniors; and
WHEREAS, rezoning the approximate 2,800 square foot area of property to RM-44 will not be detrimental
to surrounding property, which is also owned by Oaknoll Retirement Residence.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA:
SECTION I. APPROVAl. The property described below is hereby redesignated from its current zoning of
Low Density Multi-Family Residential, RM-12, to High Density Multi-Family Residential, RM-44:
The North 20 feet of Lot 11, Streb's First Addition to Iowa City, Iowa, according to the plat thereof
recorded in Plat Book 4, Page 401, Plat Records of Johnson County, Iowa. Aisc, the North 20 feet of
the Western 25 feet of vacated West Benton Court in Streb's First Addition to Iowa City, Iowa,
according to the plat thereof recorded in Plat Book 4, Page 401, Plat Record~ of Johnson County,
Iowa.
SECTION I~ ZONING MAP. The Building Official is hereby authorized and directed to change the zoning
map of the City of Iowa City, Iowa to conform to this amendment upon final passage, approval, and publication
of this ordinance as provided by law.
SECTION III CERTIFICATION AND RFCORDING. Upon passage and approval of the Ordinance, the
City Clerk is hereby authorized and directed to certify a copy of this ordinance and to record the same at the
office of the County Recorder of Johnson County, Iowa, all as provided by law.
Ordinance No. 02-4012
P.~je 2
SF:C. TION IV RFPF:AI FR. All ordinances and parts of ordinances in conflict with the provisions of this
Ordinance are hereby repealed.
.c;FCTIC)N V ~FVFRABII ITY. If any section, provision or part of the Ordinance shall be adjudged to be
invalid or unconstitutional, such adjudication shall not affect the validity of the Ordinance as a whole or any
section, provision or part thereof not adjudged invalid or unconstitutional
RF~TIC)N VI F:FFF:C;TIVI= [')ATF. This Ordinance shall be in effect after its final passage, approval and
publication, as provided by law.
Passed arl~d approved this 21s1: day of March ., 2002
MAYOR ,pr~ i!em ~
ATTEST:'~2 ~.. ~;¢/r~.~ CITY'CLERK
Appro~~ Z.-I t,/~---~
City ~ttbmey's Office
ppdad m/ord/oaknoll.dcc
Ordinance No. _ 02-4012
Page 3
It was moved by 0' Donne11 and seconded by Champion that the Ordinance
as road be adopted, and upon roll call there wero:
AYES: NAYS: ABSENT:
X Champion
X Kanner
X Lehman
X O'Donnell
X Pfab
X Vanderhoef
X Wilbum
First Consideration 2/27/0?_
, Pf b
Voteforpassage: AYES: Kanner, 0 Donnell, ~a~derhoef, Wilburn, Champion. NAYS:None
ABSENT: Lehman.
Second Consideration 3/19/02
Vote for passage: AYES: O'Donne] ], Pfab, Vanderhoef, Wilburn, Champion~
NAYS: Kanner ABSENT: Lehman
Date published 3/29/02
Prepared by: John Yapp, Assoc. Planner, 410 E. Washington Street, iowa City, IA 52240; 319-356-5247 (VAC01-00003)
ORDINANCE NO.
AN ORDINANCE VACATING WEST BENTON COURT NORTH OF BENTON STREET
WHEREAS, the City of Iowa City has received a request from Oaknoll Retirement
Residence to vacate West Benton Court, approximately 15,577 square feet of public right-of-
way north of Benton Street; and
WHEREAS, Oaknoll Retirement Residence owns all properties abutting West Benton
Court; and
WHEREAS, vacating West Benton Court will not interfere with access to or from any other
property, nor will it interfere with traffic circulation in the neighborhood; and
WHEREAS, necessary utility and emergency vehicle easements will be obtained.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF IOWA
CITY, IOWA:
SECTION I. VACATION. The City of Iowa City hereby vacates the right-of-way legally
described as follows:
All of West Benton Court as shown on the plat of Streb's First Addition to Iowa City, Iowa, plat
recorded in Plat Book 4, Page 401 at the Johnson County Recorder's Office, containing 15,577
square feet more or less.
SECTION II. REPEALER. All ordinances and pads of ordinances in conflict with the provi-
sions of this Ordinance are hereby repealed.
SECTION Ill. SEVERABILITY. If any section, provision or part of the Ordinance shall be
adjudged to be invalid or unconstitutional, such adjudication shall not affect the validity of the
Ordinance as a whole or any section, provision or part thereof not adjudged invalid or unconsti-
tutional.
SECTION IV. EFFECTIVE DATE. This Ordinance shall be in effect after its final passage,
approval and publication, as provided by law.
Passed a0d approved this 21stdayof March 20 02
MAYOR p~, i:: ~'em
ATTEST: '~'/~, ~.~
CITY CL~RK
Approved by
City~ttorney's E)ffice
ppdadmin\ord\vacatewben~on doc
Ordinance No. 02-4013
Page 2
It was moved by 0' Donnel 1 and seconded by Wi 1 burn that the Ordinance
as read be adopted, and upon roll call there were:
AYES: NAYS: ABSENT:
X Champion
X Kanner
X Lehman
X O'Donnell
× Pfab
X Vanderhoef
X Wilbum
First Consideration 12/11/01
Voteforpassage:AYES: Champ'ion, Kanner, 0'Donne]I, Vanderhoef, t~i"lburn. NAYS: Pfab
ABSENT: Lehman.
Second Consideration 1/8/02 (5/1)
Voteforpassage: AYES: 0'Donne'l], Vanderhoef, t4i]burn, Champ'ion,Kanner.
NAYS: Pfab. ABSENT: Lehman.
Date published 3/29/02
APPRAISAL REPORT
Portion of Benton Court Street, north of Benton Street,
Iowa City, Iowa
Approximately 15,575 sqft
(
PREPARED FOR
Oaknoll Retirement Residence
701 Oaknoil Dirve,
Iowa City, Iowa 52246
pREPARED BY
Hal Kleinsmith
465 Highway #1 West
Suite 200
Iowa City, Iowa 52240
January 17, 2002
Patricia Heiden Ringham
Oaknoll Retirement Residence
701 Oaknoll Drive
Iowa City, Iowa 52246
Dear Pat,
In accordance with your request for an appraisal of a portion of Benton Court Street
located north of Benton Street in Strebs 1st Addition of Iowa City, please find attached a
report which contains some of the materials gathered and considered in preparation of
this limited summary appraisal report. The area is currently improved as a concrete city
street. At your request I have identified a value for the subject property for purchase from
the city of Iowa City. The purpose of this appraisal is to estimate the current market value
of the fee simple estate.
Please be advised that the site has been inspected, and that all data contained herein
furnished by others is considered to be reliable.
This appraisal report was completed in accordance with the current "Uniform Standards
Board" of the Appraisal Foundation and is referred to as a limited summary appraisal
report.
As of the date of appraisal, January 17, 2002 it is my opinion that the subject property
described in this report has an estimated hypothetical value range of:
$5,000 to $10,000
Five Thousand Dollars to Ten Thousand Dollars
Submittgd by,
Hal Kleinsmiti~
Certified General Real Property Appraiser
Iowa #CG01544
2
Summary of Salient Facts
DATE OF SITE VISIT: January 17, 2002
PROPERTY RIGHTS APPPRAISED: Fee Simple Estate
INDICATED HYPOTHETICAL VALUE RANGE: $5,000 -$10,000
PURPOSE OF THE APPRAISAL: To estimate the "hypothetical" market value ora
portion of a city street for plottage with an adjoining property.
PROPERTY REPRESENTATION: I was unaccompanied on my inspection of the
subject property.
LEGAL DESCRIPTION: There is no specific legal description of the subject site. The
entire parcel is owned by the City of Iowa City is known as: Benton Court. The street is
located in Strebs 1 st Addition of Iowa City, Johnson County, Iowa, according to city
plats. The site is subject to easements and restrictions of use and record.
A discussion with Pat Heiden Ringham indicates the city would be willing to sell a
portion of the public street. The estimated parcel is 50' x 311.5 running from the north
edge of the Benton Street. This indicated area is 15,575 sqft. No survey has been done.
Measurements are taken from available city assessor and auditor records.
LOCATION: The subject property is located on the west side of Iowa City in a mixed
residential neighborhood. Many of the surrounding properties are apartments or
converted residential income properties. The subject parcel is surrounded by properties
owned by Christian Retirement Services INC.
TYPE OF PROPERTY: The subject site is a vacant rectangular parcel currently used as a
public street on the west side of Iowa City.
LOT SIZE: The hypothetical subject site is rectangular in shape and is approximately 50
x 311.5 or 15,575 sqfi. No survey has been done on the subject site. Information is from
available city and county records and believed to be accurate. The area being considered
in this report is not sufficient to conform to city regulations to be used as a building site.
IMPROVEMENTS: The subject site is improved for use as a public street.
ZONING: The subject site has dual zoning. The west half of site is Zoned RS-8 Medium
Density Single Family Residential. The eastern half of the site is Zoned RM-44 High
Density Multi Family Residential.
CENSUS TRACT: The subject property is located in Metropolitan area 3500, Map # 19-
103 and the subject tract is 006.00.
TITLE HOLDER AND HISTORY OF TITLE: The subject site is currently owned by the
City of Iowa City. The subject has been owned by the city and there have been no
recorded recent sales of this site.
EASEMENTS OF RECORD: The subject site is affected by normal utility easements,
which would restrict development of this site for anything other than plottage with
adjoining properties or use as a street or drive area.
FLOOD HAZARD INFORMATION: FEMA flood insurance map # 190171 0005 C
dated June 5, 1985. The subject site is indicated to be located within Zone C and not
considered to be a flood hazard area.
TYPE OF APPRAISAL: This is a limited summary appraisal report and conforms with
current U.S.P.A.P. guidelines. The final reported value is Hypothetical and subject to
survey to develop a specific legal description for the subject site.
PURPOSE AND FUNCTION OF THE APPRAISAL:
The purpose of this appraisal is to estimate the current market value of a hypothetical
vacant parcel located in Strebs lst Addition north of Benton Street in Iowa City, Iowa.
The function of the appraisal is intended for use by Oaknoll Retirement Residence in
proceedings with the city of Iowa City to buy a portion of a city street adjacent to their
property. The client for this report is Oaknoll Retirement Residence.
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.
* 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 the 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 concessions by the dollar amount of any adjustment should
approximate the markets reaction to the financing of concession based on the
appraiser's judgment.
ANALYSIS OF THE ASSIGNMENT
I have been asked to determine the value of a proposed parcel on the west side of Iowa
City that is currently used as a city street. The street is known as Benton Ct. located
North of Benton Street in Strebs 1st Addition. This parcel is to be plottage with the
existing lots currently owned by Oaknoll Retirement Residence. The area being
considered alone does not confom~ to city requirements to be a separate building site. The
highest and best use of the parcel is as plottage or assemblage with another adjoining
parcel. Because of this factor there is a very limited market for the subject site.
Plottage as defined in" The Dictionary of Real Estate Apppraisal" second addition.
The increment of value when two or more sites are assembled or created to produce
greater utility.
Assemblage as defined in "The Dictionary of Real Estate Apppraisal" second addition.
The combining of two or more parcels, usually but not necessarily contiguous, into one
ownership or use.
There are very few similar raw land purchases for plottage in our area. Occasionally
portions of vacated alleys will be purchased by adjoining landowners. Likewise areas of
raw land will be purchased to make adjoining lots conforming to site size requirements.
This is most often seen in older residential areas where existing sites are small and of'ten
don't conform to current zoning requirements.
Do to the lack of data available raw land sales have been researched and considered in an
attempt to identify a proper adjustment for existing site sales.
Because of limited sales of similar units the final indicated value is somewhat
judgmental. The subject property is a proposed site and the final indicated value is
hypothetical and is subject to survey in a timely fashion.
6
PROPERTY RIGHTS APPRAISED
The property rights being appraised are considered to be held in "FEE SIMPLE TITLE",
AS IS, free and clear of liens and encumbrances except for zoning restrictions, easements
of record, mortgage loans, and any other restrictions as may be noted.
· Subsequent pages are as follows:
Photos of the subject site
Proposed plat of the subject site
PHOTOGRAPH ADDENDA
IBorrower/Client
PTopeity Address Benton Ct.
City Iowa City County Johnson State la Z~p Code 52246
Lender Oaknoll Retirement Residence
Subject site looking south
Subject site looking north
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SITE DESCRIPTION
The hypothetical subject site is an irregular rectangular shaped parcel that has a gentle
slope from south to north. The entire site is estimated to be 50 x 311.5 or 15,575 sqft.
The site is currently covered with a concrete paved street with standard curb and gutter.
The subject site is located north of the intersection for Benton Street and Weeber Street.
Benton Court runs north until is dead-ends. The site serves as access for a number of lots.
There is a public concrete sidewalk running along the west edge of the site. At the
northern end of the street when it dead-ends there is a sharp drop offto an adjacent
property.
10
APPROACHES TO VALUE
Three approaches to real estate value have been developed through the experience of
professional appraisers. The order of these approaches may vary depending on the
circumstance.
1. The Cost Approach
2. The Income Approach
3. The Sales Comparison Approach
The Cost Approach to estimates the property value as indicated by the sum of the value
contributed by the land (see land value estimate in Cost Approach section) as though
unimproved and subject improvements, and the value contributed by the improvements.
The Income Approach considers the stream of income which the property is likely to
produce during its economic life, and coverts thi~ income to a value estimate.
The Sales Comparison Approach consists of comparing the subjec~ property with other
properties that have been sold, or are for sale, and would be in direct competition with the
subject.
Whenever possible, all three approaches will be applied in making an estimate of value.
One approach, however, will often be given greater weight than the others, depending
largely on the type of property, the most convincing factual data available, and the
purpose for which the appraisal is made.
Comments on The Approach to Value:
The subject site is vacant land, the only applicable approach is the comparison sales
approach to value. Past vacant sites have been considered in comparison with the subject
site. Because of the lack of data, these comparables will be adjusted for the subjects use
as plottage.
Due to the lack of improvements the Cost Approach is omitted from this analysis. Also
due to the size and type of property there is insufficient rental data to apply the income
approach to value. Due to these factors the Income Approach is also omitted from this
analysis.
ll
SALES COMPARISON APPROACH TO VALUE
DEFINITION OF SALES COMPARISON APPROACH
This approach is based on the principle of substitution, which states that a prudent
purchaser would pay no more for real property than the cost of acquiring an equally
desirable substitute on or through the open market.
It assumes the sale of similar or nearly similar properties from which units of comparison
may be extracted and applied to the property being appraised for an indication of property
value.
SALES COMPARISON APPROACH
An effort has been made to identify other sites that have sold as plottage with adjacent
properties. All of these sales were from the City of Iowa City to adjacent property
owners. There are a limited number of these sales and some are commercial sites. An
effort has been made to identify the value difference paid for these sites as compared to
market value ofbuildable sites.
12
Comparable sales of parcels for plottage to adjacent site owners.
839 S. 1 st Avenue, Iowa City. (12/1997) This property owner purchased a portion o f the
right of way running along the southern edge of their property line. This is a commercial
site and the right of way was purchased for use as handicapped parking. The purchased
area is a 12.5' x 75' or 937.5'. The site was pumhased for $2,559.38 or $2.73/sqft.
Commercial land in this area typically sells for $8.00/sqft. The sale of land for plottage
indicates a value of 34% the indicated market value.
A vacant parcel was purchased by an adjoining landowner from 816 S. Gilbert Street in
Iowa City. (4/1997) This adjoining parcel was made into parking area. This location is a
commercial site with an anticipated land value of $6.00/sqft. This parcel 1,454 sqft was
purchased for a reported $799 or $.55/sqft. This sale would indicate that land for plottage
has a value of 10% of the indicated market value.
833 River Street, Iowa City. (8/1988) The property owner recently purchased the
adjoining vacant right of way approximately 8,105 sqft. This site was purchased for a
reported $3,000 or $.37/sqfl. Lot values in this preferred residential area are some of the
highest within the city limits. It is estimated that lots sell approximately $5.00/sqft in this
area. The sale of land for plottage would indicate a value of 7% of the indicated market
value.
Woolf Avenue, Iowa City. (7/2001) This undeveloped portion of Woolf Avenue from
Mclean Street south for a distance of 240 feet was sold to 3 adjoining property owners.
The site has an estimated 9,600 sqf~ of area. The total sales price was $2,064. The
indicated sales price is $.22/sqf~. Lot values in this preferred residential area usually sell
at $5.00/sqft. The sale of land for plottage would indicate a value of 4% of the indicated
market value.
Gable Street right of way, in the Mount Pleasant residential addition was purchased from
the city of Iowa City. (3/1997) This vacated street right of way was purchased for use as a
driveway access. The parcel is 50 x 125 or 6,250 sqft. This site was purchased for
$280.03 or .05/sqft. Lots in this subdivision have been selling for approximately $25,000
for and average of 8,500 sqft. The indicated land value is $2.94/sqft. The sale of land for
plottage indicates a value of 2% the indicated market value.
400 block Grant Street, Iowa City. (6/2000) This vacant rectangular parcel was located at
the southeast comer of Grant Street and Court Street. The site was purchased by the
adjoining property owner for construction of a garage. The site is 41.6 x 72 or 2,995 sqft.
The site was purchased for a reported $4,500 or $l .50/sqft. Sites in this area are thought
to be $5/sqft. The sale of land for plottage indicates a value of 30% the indicated market
value.
13
Reconciliation of plottage sales:
Records of similar sales for plottage between property owners and the city are very
limited. These sales reflect the most recent sales available through research and
discussions with the Iowa City Assessors office.
A review of the available sales data indicates that plottage sites sell for 2% to 34% of
market value. Because of the proposed subject parcel size, location and appeal the
estimated value is at the bottom of the range 2% - l 0% of indicated market value.
The following comparable residential sites are used to develop a market value of land in
the subject area. These listings and sales represent interior lots on the east side of Iowa
City.
14
Comparable Land Sales:
The subject site is located on the west side of Iowa City in close proximity to the
University of Iowa west campus and sports facilities. There have been very few recent
land sales in the area as it has been fully developed since the early 1970's. While new
construction does take place in the area demolition or removal of existing improvements
is needed. Most new construction in the area is multi family apartment buildings. If the
subject site were vacant and ready for development I would anticipate the highest and
best use of the site would be for multi family construction.
I was able to identify one land sale from the subjects immediate area and other sales are
from the east side of Iowa City with similar linkages to the main campus and downtown
area of Iowa City.
15
LAND SALE #1
LEGAL DESCRIPTION: Strebs 1st Addition Lot 11 & N14' Lot 12.
ADDRESS: 703 Benton Street, Iowa City
GRANTOR: Streb
GRANTEE: Christian Retirement Services Inc.
SALE ?RICE: $175,000
INSTRUMENT: Warranty Deed Book 2237 Page 319
SALE DATE: 3/13/97
LOT SIZE AND AREA: 8,740 sqft
PRICE PER SQUARE FOOT: $20/sqft
ZONING: RS-8 Medium Density Single Family Residential Zone
UTILITIES: City Utilities Available
HIGHEST AND BEST USE: single family or small residential income (duplex)
TERMS OF SALE: Cash to Seller
VERIFIED BY:Assessor records/Pat Heiden Ringham for Oaknoll Retirement Residence
DESCRIPTION OF THE PROPERTY: This location is at the end of a dead-end street.
Walking distance to University of Iowa west Campus. Good Student appeal area. An
existing 1 story house was removed for construction of a parking lot. The site was
purchased by an adjoining retirement home for parking area due to expansion. A
premium was paid for this site.
16
LAND SALE #2
LEGAL DESCRIPTION: Lengthy, Lot I J & JW. Clark Addition Plat Bk 16 Page 493-
494. Subject to easements of record.
ADDRESS: 1002 E. College Street, Iowa City
GRANTOR: Hawkeye Alumni of Theta XI
GRANTEE: Mastafavi, Mastafavi, Razai, & Davaryar
SALE PRICE: $185,000
INSTRUMENT: Warranty Deed Book 2047 Page 280
SALE DATE: 3/8/96
LOT SIZE AND AREA: 12,173 sqft
PRICE PER SQUARE FOOT: $15.20/sqft
PRICE PER BUILDABLE UNIT: $30,833 / unit
ZONING: RNC-20 Neighborhood Conservation Residential Zone
UTILITIES: City Utilities Available
HIGHEST AND BEST USE: Multi family apartments
TERMS OF SALE: Cash to Seller
VERIFIED BY: Assessor records
DESCRIPTION OF THE PROPERTY: This is a comer location property walking
distance from downtown Iowa City. Good Student appeal area. A existing 2 story house
was removed for construction of an apartment building with 6 units. Zoning requirements
allow a maximum of 6units on this site.
17
LAND SALE #3
LEGAL DESCRIPTION:155' east of the NW comer ofOutlot 1 Plat Book I Page 116.
ADDRESS: 919 E. Burlington Street, Iowa City
GRANTOR: John & Joyce Salis
GRANTEE: College Town Partners
SALE PRICE: $220,000
INSTRUMENT: Warranty Deed Book 2857 Page 41
SALE DATE: 11/1/99
LOT SIZE AND AREA: 15,200 sqft
PRICE PER SQUARE FOOT: $14.47/sqft
PRICE PER BUILDABLE UNIT: $27,500 / unit
ZONING: RNC-20 Neighborhood Conservation Residential Zone
UTILITIES: City Utilities available
HIGHEST AND BEST USE: Multi Family Apartments
TERMS OF SALE: Cash to Seller
VERIFIED BY: Assessor Records
DESCRIPTION OF THE PROPERTY: This is a mid block site located within walking
distance of the Unversity of Iowa Main campus. High demand location for student
rentals. An existing house was destroyed by fire and the site was purchased for
construction of a 6 unit apartment building. Zoning would permit a maximum of 8 units.
18
LAND SALE #4
LEGAL DESCRIPTION: Lot 10 Block 1 Berryhills 2nd Addition to Iowa City.
ADDRESS: 534 S. Lucas Street, Io~va City
GRANTOR: John Wakefield
GRANTEE: Gary Hughes
SALE PRICE: $115,000
INSTRUMENT: Warranty Deed Book 2860 Page 323
SALE DATE: 12/13/99
LOT SIZE AND AREA: 12,600 sqfl
PRICE PER SQUARE FOOT: $13.80/sqft
PRICE PER BUILDABLE UNIT: $28,750/unit
ZONING: RM-12 Low Density Single Family Residential
UTILITIES: All city utilities available
HIGHEST AND BEST USE: Multiple family apartments
TERMS OF SALE: Cash to seller
VERIFIED BY: Assessor records
DESCRIPTION OF THE PROPERTY: This site is located a few blocks southeast of
Downtown Iowa City and the University of Iowa Main campus. This area has good
demand for student housing. 4 condominium units were constructed on the site, units are
rented to students and demand top end rents. Zoning permits a total of 4 units on this site.
19
LAND SALE #5
LEGAL DESCRIPTION: Lot 6 in Block 9, Laid off as County Seat of Johnson County
except a right of way over South 10' according to plat book
l & 2 Page 253.
ADDRESS: 522 S. Dubuque Street, Iowa City
GRANTOR: Kroeger-Tiggs L.C.
GRANTEE: College Town Partners
SALE PRICE: $260,000
INSTRUMENT: Warranty Deed Book 2951 Page 239
SALE DATE: 4/27/2000
LOT SIZE AND AREA: 80 x 150 = 12,000 sqft
PRICE PER SQUARE FOOT: $21.67/sqft
PRICE PER BUILDABLE UNIT: $ $20,000
ZONING: OSA PRM - Planned High Density Multi Family Residential
UTILITIES: All City Utilities are available
HIGHEST AND BEST USE: Multiple Family Apartments
TERMS OF SALE: Cash to Seller
VERIFIED BY: Assessor records
DESCRIPTION OF THE PROPERTY: This site is located 5 blocks south of Downtown
Iowa City and the University of Iowa main campus. This area has good demand from
student tenants. Existing improvements were removed for construction of 5-5 bedroom
units. Zoning in this area would allow a maximum of 13 units on this site.
2O
RECONCILLIATION OF LAND SALES:
It should be noted that another sale from the immediate area is 715 Benton Ct, Iowa City.
This location is along the west side of Benton Ct., the subject site. This location is
walking distance to University of Iowa west Campus. Good Student appeal area. An
existing 1 story house remains on the site but is expected to be removed in the future for
expansion of the adjacent retirement home. This sale if considered as a land sale would
reflect a value of $16.00/sqft.
Overall land sale comparables reflect a range of value from $13.00/sqfl to $21.00/sqft.
Land for apartment construction reflects good values due to the delnand for rental units
caused by the presence of the University of Iowa.
In reviewing sales it appears that properties like the subject demand a value significantly
less than parcels that can be complete building sites. The comparables appear to support a
value range of $13/sqft to $21/sqft. The subject value is thought to fall in the middle of
the range say $16/sqft.
In reviewing sales it appears that sites purchased for plottage to adjacent sites demand a
value significantly less than parcels that can be complete building sites. As is indicated
the subject parcel will demand only 2%-10% of the indicated market value of
surrounding lots. The value range indicates 16/sqft assuming the subject site is 2%-10%
of market value the indicated adjusted value is $.32 - $1.60/sqft.
The subject site is estimated at 15,575 sqft. The subjects indicated value range is:
15,575 x $.32/sqft = $ 4,984 ($5,000) to 15,575 x $1.60/sqft = $24,930 ($25,000).
The indicated value range for the proposed site is $5000 to $25,000
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RECONCILLIATION OF VALUE:
As discussed in the body of this analysis there is limited data for use in this report. The
indicated values are very judgmental as well as the adjustment of raw land for plottage
compared to legal building sites. The data in this analysis supports a value range of
$5,000 to $25,000.
Because of the size of the subject site and its location the highest and best use of the site
is as plottage with an adjoining property. There is limited demand for the subject parcel
due to lack of possible properties that could use the site as plottage. There is also
consideration that utility easements exist and use is limited to only as a drive access.
After considering all data in the report and the limited demand for the subject site I would
expect its value to fall in the bottom half of the range say $5,000 to $10,000.
indicated Final Value:
$5,000 to $10,000
Five Thousand Dollars to Ten Thousand Dollars
This reported value is hypothetical and is dependent on a survey of the subject site to
establish a legal description for the property. This report is a limited appraisal summary
report and conforms with current U.S.P.A.P. guidelines.
Date: January 18, ~00/2~
Appraiser:
Hal Kleinsmith
Certified General Real Property Appraiser
Certificate # CG01544, expires 6/30/2002
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PRIVACY NOTICE
Pursuant to the Graham-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
hq 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 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 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.
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STATEMENT OF LIMIT1NG CONDITIONS AND APPRAISERS CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that
appears in this report is subject to the following:
1. The appraiser (s) assume no responsibility for matters of a legal nature affecting
the property appraised or the title thereto, nor do the appraisers render any opinion
as to the title, which is assumed to be good and marketable. The property is
appraised as though being 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 appraisers have made no survey
of the property.
3. The appraiser (s) has examined the available flood maps provided by the Federal
Emergency Management Agency (or data sources) and has noted in the appraisal
report whether the subject site is located in an identified special flood hazard area.
Because the appraiser (s) is not a surveyor, makes no guarantees, expressed or
implied, regarding this determination.
4. The appraiser (s) 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 made therefore.
5. Any distribution of the valuation in the report between land and improvements
applies only under the existing program of utilization. The separate valuation for
land and buildings must not be used in conjunction with any other appraisal and
are invalid if so used.
6. The appraiser (s) has noted in the appraisal report any adverse conditions (such as,
needed repairs, depreciation, the presence of hazardous waste, toxic substances,
etc.) observed during the inspection of the subject property or that became aware
during the normal research involved in performing the appraisal. Unless otherwise
stated in the appraisal report, the appraiser (s) has no knowledge of any
environmental conditions (including the presence of hazardous wastes, toxic
substances, etc.) that would render the property more of less valuable and has
assumed that there are no such conditions and makes no guaranties 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. The
appraiser report must not be considered as an environmental assessment of the
property.
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7. Information, estimates, and opinions furnished to the appraiser, and contained in
the report, were obtained from sources considered reliable and are believed to be
true and correct, however, no responsibility for accuracy of such items furnished
to the appraiser can be assumed by the appraisers.
8. The appraiser (s) will not disclose the contents of the appraisal report except as
provided for in the Uniform Standards of Professional Appraisal Practice.
9. The appraiser (s) has based the 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.
10. The appraiser (s) must provide 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 any 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 successor 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. 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.
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APPRAISERS CERTIFICATION
The appraiser (s) certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three
recent sales of properties most similar and proximate to the subject property for
consideration in the sales comparison analysis and have made a dollar adjustment
when appropriate to reflect that market reaction to those items of significant
variation. If a significant item in a comparable property is superior to, or more
favorable than, the subject property, a negative adjustment was made to reduce
the adjusted sales price of the comparable and, ifa significant item in a
comparable property is inferior to, or less favorable than the subject property, a
positive adjustment was made to increase the adjusted sales price of the
comparable
2. I have taken into consideration the factors that have an impact on value in my
development of the estimate of market value in the appraisal report. I have not
knowingly withheld any significant information from the appraisal report and I
believe, to the best of my knowledge, that all statements and information in the
appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional
analysis, opinions, and conclusions, which are subject only to the contingent and
limiting conditions specified in this report.
4. I have no present or prospective interest in the property that is the subject of this
report, and I have no present or prospective personal interest or bias with respect
to the participants in the transaction. I did not base, either partially or completely,
my analysis and/or the estimate of market value in the appraisal report on race,
color, religion, sex, handicap, familial status, or national origin of either the
prospective owners or occupants of the properties in the vicinity of the subject
property.
5. I have no present or contemplated future interest in the subject property, and
neither my current or future employment nor my compensation for performing
this appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors
the cause of the client or any related party, the amount of the value estimate, the
attainment of a specific result, or the occurrence of a subsequent event in order to
receive my compensation and/or employment for performing the appraisal. I did
not base the appraisal report on a requested minimum valuation, a specific
valuation, or the need to approve a specific mortgage loan.
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7. I performed this appraisal in conformity 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 as
of the effective date of this appraisal, with the exception of the departure
provision of those Standards, which does not apply. ! acknowledge that an
estimate ora reasonable time for exposure in the open market is a condition in the
definition of market value and the estimate developed is consistent with the
marketing time noted in the neighborhood section of this report, unless I have
otherwise stated in the reconciliation section.
8. I have personally inspected interior and exterior areas of the subject property and
the exterior and all properties listed as comparables in the appraisal report. I
further certify that I have noted any apparent or known adverse conditions in the
subject improvements, on the subject site, or on any site within the immediate
vicinity of he subjects property of which I am aware and have made adjustments
for these conditions in my analysis of the property value to the extent that I had
market evidence to support them. I have also commented about the effect of the
adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were
set forth in the appraisal report. If I relied on significant professional assistance
from any individual or individuals in the performances of the appraisal or the
preparation of the appraisal report, I have named such individual (s) and disclosed
the specific tasks performed by them in the reconciliation section of this appraisal
report. I certify that any individual so named is qualified to perform the tasks. I
have not authorized anyone to make a change to any item in the report; therefore,
if an unauthorized change is made to the appraisal report, I will take no
responsibility for it.
Appraiser: .z-~/,~-~
Hal Kleinsmith
Certified General Real Property Appraiser
Certificate # CG01544, expires 6/30/2000
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