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HomeMy WebLinkAbout12-15-2016 Airport CommissionIOWA CITY AIRPORT COMMISSION MEETING AGENDA AIRPORT TERMINAL BUILDING 1801 S. RIVERSIDE DRIVE IOWA CITY, IOWA THURSDAY, DECEMBER 15, 2016 - 6:00 P.M. 1. Determine Quorum 2. Approval of Minutes from the following meetings: 2 min* November 17. 2016 3. Public Discussion - Items not on the agenda 5 min 4. Items for Discussion / Action: a. Westport Easement i. Consider a resolution recommending approval of an easement for a storm water drain pipe ii. Consider a resolution approving an agreement for access and work related to installation of a storm water drain pipe b. Airport Master Plan 5 min i. Consider a resolution accepting work as complete c. FAA/IDOT Projects: AECOM / David Hughes 10 min i. Obstruction Mitigation ii. South Taxiway Extension iii. North T-Hangar Restroom d. Airport "Operations" 20 min i. Strategic Plan -Implementation ii. Budget iii. Management e. FBO / Flight Training Reports 20 min i. Jet Air f. Commission Members' Reports 2 min g. Staff Report 2 min 5. Set next regular meeting for January 19, 2017 at 6:00 p.m. 6. Adjourn *The times listed in the agenda are the anticipated duration of that particular agenda item. The actual discussion may take more or less time than anticipated Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 2 of 106 November 17, 2016 Page 1 MINUTES DRAFT IOWA CITY AIRPORT COMMISSION NOVEMBER 17, 2016 — 6:00 P.M. AIRPORT TERMINAL BUILDING Members Present: Julie Bockenstedt, Minnetta Gardinier, A. Jacob Odgaard, Chris Ogren Members Absent: Robert Libby Staff Present: Michael Tharp, Sue Dulek Others Present: Matt Wolford, Todd Allyn RECOMMENDATIONS TO COUNCIL: (to become effective only after separate Council action): None. DETERMINE QUORUM: The meeting was called to order at 6:03 P.M. by Chairperson Odgaard. APPROVAL OF MINUTES: The minutes from the October 20 meeting were reviewed. Ogren moved to accept the minutes of the October 20, 2016, meeting as presented. Gardinier seconded the motion. The motion carried 4-0, Libby absent. PUBLIC DISCUSSION: None. ITEMS FOR DISCUSSION/ACTION: a. Airport Master Plan — Odgaard noted that earlier in the week Tharp, along with the Airport Commission, gave an update to the City Council on the Master Plan. Tharp stated that he is asking the Commission to defer accepting the Master Plan until next month's meeting. He will then be able to complete all of the documentation required by the FAA. i. Consider a resolution accepting work as complete — Ogren moved to defer acceptance of the Master Plan until the December meeting. Bockenstedt seconded the motion. The motion carried 4-0, Libby absent. b. FAA/IDOT Projects: AECOM / David Hughes - i. Obstruction Mitigation — Tharp noted that Todd Allyn is present this evening from AECOM. Tharp continued, stating that they are moving Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 3 of 106 November 17, 2016 Page 2 forward with the paperwork to get the environmental assessment underway. He is not sure if they will have something for the next meeting or not on this. Tharp then responded to Member questions regarding this process. ii. South Taxiway Extension — Tharp stated that they are in the process of getting a final survey crew out to the Airport so that they can get the bidding process going. They hope to be ready for construction in the spring. iii. North T-Hanger Restroom — Tharp stated that they have spoken with the City building inspectors, as well as architects, and they believe that now they have a better idea on the variance issue. He anticipates having news on this at next month's meeting. iv. FY2018 FAA AIP Pre -Application — Tharp noted that the package was sent to the FAA for comments and that they have responded. Basically the EA can be done this fiscal year, which shifts everything forward a year. Tharp stated that if the Commission is in agreement, the Chairperson can then go ahead and sign the individual project sheets that are part of this application. C. Airport "Operations" i. Strategic Plan -Implementation — 1. Aircraft Traffic Count Collection - Tharp spoke to this item, noting that the topic of aircraft traffic count that they discussed last month led to a meeting between Jet Air and himself to see what information is being collected. The only way to catch all of the traffic would be visually, according to Tharp. He noted that doing something with cameras would probably be the best way to go about this. Ogren asked for some clarification on what an `acoustical system' is. Tharp responded, noting that it looks like a giant bucket, where sounds are directed into a meter. Members briefly discussed this issue, with Tharp giving further explanation as to which tracking system would be best for them. Tharp suggested a subcommittee, consisting of himself and Odgaard and anyone else interested, so that they can move forward on the best method for them to collect this information. 2. 2018 — 100-year anniversary committee — Tharp then spoke to the 100-year anniversary planning and the need for a subcommittee to do this. He added that after meeting with the City Manager on this item, the budgeted amount was cut from $10,000 to $5,000. He noted that there will be the opportunity to raise money through sponsorships and that type of thing, in order to have enough money for this celebration. Odgaard agreed that they should move forward with this planning. Gardinier stated that she would be happy to work on this, as did Ogren. The discussion then turned to the possibility of naming the Airport and how that might take place. ii. Budget- 1. FY2018 Budget Submittal — Tharp stated that he and Odgaard met with both the City Manager and the Finance Director at the beginning of November. They reviewed the budget at that time and Tharp added that he felt the meeting went well. Tharp stated Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 4 of 106 November 17, 2016 Page 3 that the Airport will still be receiving the grant matching allocation, as they have in the past. iii. Management — None. d. FBO / Flight Training Reports — i. Jet Air — Matt Wolford with Jet Air shared the monthly maintenance reports with Members. He stated that he was reading earlier today about the history of the Iowa City Airport and that the name was Smith Field in 1920. Smith was an air mail pilot who crashed his plane and died. Reviewing the monthly reports, Wolford stated that they were able to get some painting done in the terminal building and that he has had good feedback regarding this. Other maintenance items were light bulb replacement, trash pickup, and mowing. Gardinier then spoke to Wolford regarding paving and patch work, suggesting that they lay down some pavement to help with the ruts that are happening. Continuing, Wolford noted that the switch on the UNICOM radio had to be repaired recently. Speaking to Jet Air's business, Wolford stated that they just got their building permit today for the new hangar. Trenches and footings should be done next week, according to Wolford. He then stated that since the last meeting, Jet Air attended the NBAA, the National Business Aviation Association's convention, where they were able to have a booth. Wolford stated that the recent Michigan game against the University of Iowa brought a lot of air traffic to the Airport. e. Commission Members' Reports — Odgaard asked if there was any information that Todd Allyn with AECOM would like to share with the Commission. Allyn spoke briefly to the restroom facility and what the inspectors are looking for. Ogren stated that she thought the City Council meeting was interesting. Gardinier stated that the opener on her hangar door is much quieter now and she asked what was done to it. Tharp stated that some things were tightened on it, but other than that he is not sure. He will check into this further. She then asked about the tree that was cut down, and Tharp noted that the tree was indeed dead. Ogren then suggested that when attendance is done for the meeting minutes that Tharp distinguish between excused and unexcused absences. Staff report — Tharp stated that he will be taking vacation time between Christmas and New Year's. SET NEXT REGULAR MEETING FOR: The next regular meeting of the Airport Commission will be held on Thursday, December 15, 2016, at 6:00 P.M. in the Airport Terminal Building. ADJOURN: Gardinier moved to adjourn the meeting at 7:02 P.M. Ogren seconded the motion. The motion carried 4-0, Libby absent. Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 5 of 106 November 17, 2016 Page 4 CHAIRPERSON DATE Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 6 of 106 November 17, 2016 Page 5 Airport Commission ATTENDANCE RECORD 2016 TERM 0 0 0 0 0 0 0 0 0 0 0 N N W A N T V co co w O NAME EXP. 3 N m a) m 3 N m N o 0)m M 0) 0) 0) 0) a) 0) 0)M m 0) m 0) m a) m a) o> a) o> Minnetta 03/01/ X X X X X X O/ X X X X X X Gardinier 79 E Jose 031011 X O/E X N N N N N N N N N N N Assouline 76 M M M M M M M M M M M Chris Ogren 031011 X X X X X O/ X X X O/ X X X 18 E E A.Jacob 031011 X X X X X O/ X X X X X X X Odgaard 78 E Julie 031011 X X X X O/ X X X O/ X O/ X X Bockenstedt 17 E E E Robert Libby 031211 N NM NM N X X X X O/ X X O O 20 M M E Key., X = Present X/E = Present for Part of Meeting O = Absent O/E = Absent/Excused NM = Not a Member at this time Airport Commission Agenda & Info Packet r Meeting Date 12-15-16 Page 7 of 106 CITY OF IOWA CITY , MEMORANDUM Date: December 12, 2016 To: Airport Commission From: Airport Operations Specialist Re: Agenda Items —Westport Easement Staff has received a request for the Airport Commission to consider a construction easement for the installation of a storm water drainage pipe. Staff is currently working with the developer to draft the necessary agreements to enable this project to move forward with the FAA's approval. We will present a status update and/or the documents for the Commission to review at the meeting. Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 8 of 106 Build to Suit Memo To: City of Iowa City Airport Commission From: Ben Logsdon, Build to Suit, Inc. Dates December 9, 2016 Re: Request for Amendment to Existing Easement To Whom It May Concern Attached is a submittal formally requesting an amendment to the existing easement shown on that attached documents to convey storm water to the Wal-Mart detention basin. The site currently drains over the Airport property and into the Wal-Mart detention basin. However, while the flows will remain the same with the installation of the proposed detention basin, the post development storm water run- off is not permitted to be routed overland. As part of this project, we have also requested an easement from the Wal-Mart corporation for conveyance of the storm water and being able to release our post development outflow to their detention basin. Please review the submittal and advise if additional information is required. I look forward to discussing and requesting approval at your upcoming meeting. Thank you. Ben Logsdon Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 9 of 106 APPRAISAL ASSOCIATES COMPANY REAL ESTATE ANALYSTS • CONSULTANTS 3969 PARK TOWNE COURT NE, CEDAR RAPIDS, IOWA 52402-6446 TELEPHONE (319) 395-0982 Iowa City Easement Westport Plaza Appraisal Report For Mr. Ben Logsdon Build -to -Suit Appraisal Report Prepared By Jonathan K. Westercamp AAC File #16-0576 1 I Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 10 of 106 APPRAISAL ASSOCIATES COMPANY REAL ESTATE ANALYSTS • CONSULTANTS 3969 PARK TOWNE COURT NE, CEDAR RAPIDS, IOWA 52402-6446 TELEPHONE (319) 395-0982 September 26, 2016 Mr. Ben Logsdon Build -to -Suit 625 1st Ave Ste. 201A Coralville, Iowa 52241 Subject Iowa City Easement Westport Plaza Address Highway 1; Lot 1 Westport Plaza -Part Two Iowa City, Iowa 52246 AAC File # 16-0576 Dear Mr. Logsdon: We have completed an appraisal of the real estate identified above and submit our findings in the following Appraisal Report Narrative Format. The scope of work is defined in the appraisal report. We understand this opinion of value will be to estimate the market value of the subject with fee simple ownership. This report will be used for negotiations purposes The enclosed report presents and concludes our opinion of the Market Value of the Fee Simple Interest in the subject property, as if available for sale on the open market. An Appraisal Report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for a Appraisal Report. As such, the scope of work is summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client. The appraiser is not responsible for unauthorized use of this report. 2 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 11 of 106 The opinions expressed in this report can only be completely understood by reading the following report, exhibits, other data, and assumptions and limiting conditions. Neither our engagement to make this appraisal, (or any fixture appraisals for this client), nor any compensation therefore, are contingent upon the reporting of a predetermined value or direction in value that favors the cause of this client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. The undersigned certifies that they have the professional qualifications and competency necessary to complete this appraisal assignment in an appropriate manner. No investigation was made of the title or any liabilities against the property appraised. This report has been prepared in accordance with the specifications agreed upon. This transmittal letter is considered part of the appraisal report. Please contact us if you have any questions. Sincerely, )m� {-, J nathan K. Westercamp, Senior Andlyst Iowa State General Certification #CG02701 JKW/ag 3 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 12 of 106 Salient Facts Report Type Appraisal Report Narrative Format Client/Intended User Build -to -Suit; Mr. Ben Logsdon Observation Date September 23, 2016 Property Name Iowa City Easement Westport Plaza Location Highway 1, Lot one Westport Plaza- Part Two Iowa City, Iowa 52240 Parcel Identification Number 1016365002 Legal Description Effective Date of Value See Addendum September 23, 2016 Property Rights Appraised Fee Simple Ownership Property Type Highest and Best Use Easement Easement for drainage Zoning CI-1; Intensive Commercial; however the Iowa City Zoning Dept. was contacted and because the subject is city property it will likely be rezoned to P-1; Public. Land Area 12.08 acres or 526,554 square feet Easement: 9,672 square feet Flood Plain The subject is not located in a FEMA designated flood zone. Reasonable Exposure Period Six to Twelve Months Personal Property Not Applicable 4 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 13 of 106 Subject History The subject has not changed ownership within the last three years. Building Description Gross Building Area No building improvements Value Indications Concluded Market Value $24,000 5 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 14 of 106 Table of Contents INTENDED USE OF THE APPRAISAL.......................................................................... 9 SCOPE OF WORK.............................................................................................................11 DATE OF VALUE...............................................................................................................18 NEIGHBORHOOD AND MARKET ANALYSIS.........................................................19 DESCRIPTION OF REAL ESTATE APPRAISED......................................................19 SITE ANALYSIS................................................................................................................. 24 ZONING................................................................................................................................ 25 FLOODPLAIN.................................................................................................................... 25 IMPROVEMENTS ANALYSIS........................................................................................ 28 HIGHEST AND BEST USE.............................................................................................. 30 OVERVIEW OF VALUATION PROCEDURES..........................................................32 COST APPROACH............................................................................................................. 33 INCOME APPROACH...................................................................................................... 34 SALES COMPARISON APPROACH............................................................................. 35 FINAL RECONCILIATION............................................................................................. 47 CERTIFICATE OF THE APPRAISER.......................................................................... 50 6 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 15 of 106 Photographs of Subject Street Scene Easement Area 7 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 16 of 106 Easement Area 8 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 17 of 106 INTENDED USE OF TBE APPRAISAL The intended use of this appraisal is for negotiations purposes for acquisition of an easement to estimate the market value of the property. No other use or users are intended. This report was not prepared for use by the borrower. The borrower is not our client or an intended user of this report. Without the written consent of Appraisal Associates Company, other readers may not use or rely on any portion of this report. Unauthorized users of this report do so at their own risk. No liability is assumed, expressed, or implied by Appraisal Associates Company, or the appraiser(s) for unauthorized use of this report. Market value is defined by the federal financial institutions regulatory agencies as follows: Market value means the most probable price that 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 and 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 acting in what they considered their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of the Comptroller of the Currency under 12 CFF, Part 34, Subpart C-Appraisals, 34.43 Definitions 9 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 18 of 106 Leased Fee Estate The ownership interest that the landlord or lessor maintains in a property under a lease with the rights of use and occupancy being conveyed or granted to a tenant or lessee. The ownership interest in a leased property. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010. Fee Simple (Estate) Absolute ownership subject only to limitations imposed by the State; also called a freehold. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute), 2010. Personal Property and Intangibles Personal property is movable and not permanently affixed to the real estate. Examples of personal property are freestanding ranges, refrigerators, tables, desks, chairs, beds, linen, silverware, hand tools, and small utensils. An intangible is a nonphysical asset like franchises, trademarks, patents, goodwill, and mineral rights. Personal and intangible property included in this appraisal's value opinion, if any, is considered typical for this type real estate, yet insignificant to the value opinion. Therefore, non -realty is not itemized or valued herein. Moreover, this report's final value conclusion(s) excludes unaffixed equipment, detached trade fixtures, and chattel unless specifically stated to the contrary. 101Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 19 of 106 SCOPE OF WORK The scope of work is limited to valuing easement. The amount and type of information researched and the analysis applied in an assignment. Scope of work includes, but is not limited to the following: The scope of this report is to develop only the direct sales comparison approach to value. Relevant Characteristics The 7th assignment element is relevant characteristics about the property appraised. These characteristics are typically categorized as physical, legal, and economic. More details about the physical attributes of the property appraised are presented later in the Subject section of this report. Some relevant characteristics considered are listed below. Atypical issues are detailed elsewhere herein. Physical Existing Property Use Property Use Reflected In One Or More Value Opinions Sources of Information About the Property Appraised Included Category Of Property Appraised Estate Appraised Legal Issues Considered Environmental Concerns Economic Cost Information Airport Buffer Easement Casual Observation Real Property Fee Simple No Atypical Legal Issues No Known Environmental Concerns None I I I P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 20 of 106 Scope of Work Extent of Services Provided Number of Final Value Opinions Developed Extent Of Report Preparation Report Preparation Complies With Requirements Set Forth In USPAP Standard Rule Extent Of Data Research Data Sources Documents Considered Data Verification Extent Of Subject Observation By One Or More Appraisers Signing Report Other Intended Use Considerations Client's Prior Engagement Of Appraisal Services Loan To Value Ratio Atypical Issues Assignment Complexity One Appraisal Report 2-2(a) Exhaustive Local MLS; Public Records At Government Office; Other Appraisers; Real Estate Sales Agents; Landlords and / or tenants Public records and information provided by owner. This information was relied upon and is assumed to be correct. Indirect Method Site observation. Occasional Unknown A Few Complex Issues Somewhat Complex 121Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 21 of 106 Miscellaneous Matters Other Than Signatories, Name(s) Of Person(s) Providing Significant Real No Real Property Assistance Property Assistance To The Development Of The Value Opinion(s) Extent And Type Of Real Property Assistance Scope of Work Agreement Concept Explanations No Real Property Assistance No Written Agreement Information from all data sources was examined for accuracy, is believed reliable, and assumed reasonably accurate. However, no guaranties or warranties for the information are expressed or implied. No liability or responsibility is assumed by Appraisal Associates Company or the appraiser(s) for any inaccuracy from any seemingly credible information source. A statement about observation of the subject property by the appraiser(s) is listed above. If the subject was observed, this viewing was not as thorough as a professional building property inspection. A professional building inspector determines the precise physical condition, remaining useful life, and operability of major building components like the structural system, roof cover, electrical system, plumbing, and heating plant. Inspectors typically do not ascertain size of the building, or characteristics of the land. By contrast, an appraiser commonly ascertains both land and building size. Ordinarily, appraisers do not determine operability, or remaining useful life of building systems. An appraiser typically views real estate to determine only general attributes like physical condition of the building as a whole, site topography and access, building size, construction quality, floor plan, and functionality of the property as a whole. For this appraisal, no probes, investigations, or studies were made to discover unapparent, adverse physical features. Highest and best use analyses can be categorized into two groups - inferred and fundamental. A fundamental analysis is quantified from broad demographic and economic data such as population, household size, and income. Supply is inventoried. Subject specific characteristics are considered. Then, the relationship between supply and demand is weighed to determine a specific highest and best use for the subject. An inferred analysis uses local trends and patterns to infer a general highest and best use for the subject. For an inferred analysis, market dynamics that might be considered include prices, market exposure times, rents, vacancy, and listings of similar real estate. The kind of highest and best use analysis utilized in this assignment is listed above. 131Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 22 of 106 The research was based upon other appraisals we have done in the market and information available from public sources. • The extent of data research Data research was based upon public records available through the assessor and local MLS. Materials used to estimate the market value were obtained from courthouse records, local multiple listing service, and realtors. As much as possible, the sales were confirmed with one of the parties involved in the transaction. Sales and leasing data were written up according to the data obtained. The data is believed to be correct, but cannot be guaranteed. For income producing properties, contract lease agreements and operating statements were reviewed as provided. No attempt was made to authenticate these documents. The appraisers rely heavily upon operating statements, when applicable. Audits are recommended to assure accuracy of statements. • The type and extent of analysis applied to arrive at opinions or conclusions. Appraisal development is the extent of research and analyses that produce one or more credible opinions of value for one or more specifically identified intended users and an explicitly stated intended use. In this context, credible is defined as "worthy of belief'. Depending upon the intended use, intended users, and agreements between the appraiser and the client, the appraisal development process may include several, but not necessarily all of the following tasks. • observation of the property appraised • research for appropriate market data • data verification • consideration of influential market area, physical, economic, and governmental factors • determination of the subject's highest and best use(s), if appropriate • development of one or more applicable approaches to value • reconciliation of value indications • preparation of this report In most cases, the core valuation process begins with a highest and best use analysis. This is essential because it establishes a framework for the proper selection of comparables. Cited comparables should have the same highest and best as the property appraised. If some property modification like new construction is contemplated, a feasibility analysis may be appropriate. In some cases, feasibility may simply be justified by inferred market evidence like low vacancy or rising rents. 141Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 23 of 106 According to USPAP, all approaches that are applicable to the interest being appraised and necessary to produce credible results must be developed. The type of highest and best use; extent of feasibility considered; and the relevance of each major approach are listed below. Highest and Best Use An Inferred Analysis Feasibility Analysis Feasibility Inferred By Market Evidence Cost Approach Not Applicable And Not Included In Report Sales Comparison Applicable And Included In Report Income Approach Not Applicable And Not Included In Report This appraisal per agreement with the client is intended for use by a person that is fully aware of the area. Only the direct sales comparison method is considered applicable. Discussions of the property are in an abbreviated form. 151Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 24 of 106 Conditions that will affect the gathering of factual information, including issues such as • Hypothetical • Extraordinary Hypothetical Condition A condition that is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. Extraordinary Assumption An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. The following extraordinary assumptions are being made: • That the soils are compatible for development, the highest and best use, as stated in this report. • That the property does not encroach on other properties or is being encroached upon. A survey is recommended. • That data provided to the appraiser by the owner or client is true, correct, complete, and is not misleading. • The site is free from contamination. • If stated in this report, that the utilities are of sufficient capacity and design to serve the subject property. 161Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 25 of 106 COMPETENCY PROVISION Jonathan K. Westercamp has performed appraisals on properties substantially like the subject. The appraiser has appraised a wide variety of properties. Therefore, the appraiser possesses the practical experience. Mr. Jonathan Westercamp has a Bachelor's Degree in Business Administration and formal education in theory and principles. Appraisal courses have been taken postgraduate, as well as seminars and updates. In addition to having State General Certifications in Iowa, the appraiser is also a candidate for designation with the Appraisal Institute. A list of qualifications and a partial list of the types of properties appraised are in the addendum. These credentials and experience qualify the appraisers to do an appraisal on this specific property. 171Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 26 of 106 DATE OF VALUE The date of this report is September 26, 2016. The date of value is September 23, 2016, which is also the date of observation. OWNER OF RECORD City of Iowa City ASSESSMENTS AND TAXES 1016365002 The property is classified as exempt because it is owned by the city. Tax Year: 2015 Printable Tax Statement: 029357 Value & Tax Breakdown Land Buildings Dwelling Assessed $0.00 $0.00 $0.00 Taxable $0.00 $0.0c $0.0c Tax Credits Law - Income/ Homestead Elderly Ag Land $0.00 $0.0c $0.0c Total Less Military Credit $0.00 $0.00 $0.00 Family Farm Business Property $0.00 $0.00 The levy rate is $25.169480 per $1,000 of assessed value. Net Value Levy Fate Grass Tax $0.110 25.1694800000 $0.001 Net Annual Taxes 181Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 27 of 106 AND MARKET ANALYSIS Adjacent Uses: North: Residential South: Airport/Agricultural East: Commercial/Retail West: Commercial/Retail Percent Developed: Approximately 80% in the immediate area. 191Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 28 of 106 Types of Uses and Properties The subject is located in a mixed use development area. There area has been in transition to retail commercial. With a mixture of commercial and light industrial service uses in the area. The Iowa City Airport is located directly to the south of the subject. Accessibility of Area Accessibility to the area is considered good, located along Highway 1 and good access to South Riverside Drive to the east, which is a major north/south arterial, and Highway 6 to the west, which is a major east/west connector, which connects to I-380/Highway 27 to the west. The most recent traffic count map was conducted in 2014. The subject is located along one of the higher traffic count arterials in the area. To the west are 23,300 vehicles per day and 22,900 vehicles per day to the east. The subject has good visibility and access. 2014 Traffic Count Map 201Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 29 of 106 Age and Maintenance of Area Overall maintenance of the area is considered good. The area began to develop in the 1960's and most recent developed in the past five years. Services All services are readily available to the site. Employment Center The downtown, because of the University of Iowa Campus and Hospitals, has always been one of the major employers in the area. Several employers are in the downtown, providing services to the entire community. The main employment base is the University of Iowa Campus; other employers are ACT Testing, Procter and Gamble, and NCS Pearson. Another key to the development is the area referenced as The Corridor, which is Cedar Rapids to the north and Iowa City to the south. Effectively, the MSA of this market is approximately a population of400,000. Property Values Property values in general have been on an upward trend in the area. There has been good demand for stabilized net leased investments and retail exposure. The Iowa City metro area has historically had lower cap rates. Observed Vacancy There is limited noted vacancy in the immediate area. There is one noted vacancy in adjoining retail property, but overall estimated properties of this type in the area are less than 5%. 211Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 30 of 106 Proposed Development There is limited noted proposed development in this area. Walmart recently redeveloped their site over the past few years. The former Hames Mobile Home site was redeveloped with a franchised auto dealership to the north of the subject. There is redevelopment on the former Hartwig Motors site for multi -family. There are several other proposed developments to the north. The Riverfront Crossings district is to the northeast and has been one of the main focuses of the area. This is considered to be positive impact to the area overall. The major development in the community has occurred in and around campus to the north. There is some proposed development near the CBD, by Marc Moen, who has been an active developer in the area, as well as, some other multi -family projects. There are on going projects being constructed by the University of Iowa, such as, the major addition of a Children's Hospital. There is a proposed mixed use project, in University Heights as well, which is to have higher end condos, similar in marketplace to Plaza Towers. This is known as One University Place. The project is to be completed with the first phase in 2017. Mr. Marc Moen has proposed development of a project known as The Chauncey; this is also to be in the immediate area and have a mixture of amenities including, a bowling alley, two theatres, a hotel, and condominium units. The project is to be a 20-story complex. It is to have a similar level of quality and amenities to Plaza Towers and Park @ 201, which are two of Mr. Moen's most recent developments that are similar competition. The proposed development is to fill a void in the market because there has been good demand in the past with Mr. Moen's developments. The project is anticipated to begin construction in 2015. These projects are to be considered positive and create synergism. There have been other residential and mixed use development plans noted in the recently developed Riverfront Crossings district, which is to the north of the subject. A vacant parcel to the east was acquired by the Iowa City airport for a slope which limits fixture development to the east. 221Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 31 of 106 MARKET ANALYSIS The subject is an easement over a larger parent tract of land. The subject easement area is over the Iowa City Airport land. The area has good visibility, but limited access. The area as a whole is a growth area. The Iowa City market in general has been stable with the influence of the University of Iowa. Market Conditions The following comments pertain to real estate that is physically similar to the property being appraised and located in the same market area. Rental Market Rent Controls Current Supply & Demand Inventory Level of Competing Rentals Rent Concessions Marketing Times Sales Market None Stable Stable Low Supply of new tenants Not Common 6 to 12 months Current Supply & Demand Stable Inventory Level of Competing Sales Stable Sale Concessions Limited Sales Data Marketing Times 6 to 12 months General Conditions Financing Availability Recent Past Value Trend Expected Near Future Values More Stringent Credit Standards Stable to Mildly Rising Stable to Mildly Rising 231Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 32 of 106 DESCRIPTION OF REAL ESTATE APPRAISED The subject parcel is vacant development land. SITE ANALYSIS Land Area 12.08 acres or 526,554 square feet Easement:9,672 square feet Utilities Assumed to be in the area. INGRESS AND EGRESS The area is assumed to have access off of Highway 1. Access is considered to be adequate. TOPOGRAPHY The site is nearly level with a gentle slope towards the airport. 241Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 33 of 106 ZONING This site is zoned CI-1; Intensive Commercial, current use appears to be an allowed use and consistent zoning with the area. However, the Iowa City Zoning Department was contacted and because the subject is city property it will likely be rezoned to P-1; Public. PEA " CI1 orIntensive Commercial (C11 ) IEUWLRf 251Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 34 of 106 FLOOD PLAIN It appears that the subject is not located in a FEMA designated flood zone. A copy of the map is attached below: • a�[M fy! N..IIY � M•ay Yvr�• HefyFC .:.a ,} � }J rall • � q 7 Y nca � MYM>t x Ir•a�1n r t µnyH M aaan.rl r_Y 14YNXE C Y MAP DATA Map Number : 19103C0195E Census-rract 0101.00 Panel Date February TS,2(IOT Geo Result 58 )Most Accurate) FIPS Cud, 1$103 single raiid addr"s mulch- point located at a single kn m address Pa I eandida¢e fPxoeq r� �] rerClen! ❑ xaoaaoiY.. . Alsr ■ V TlY ❑ 020i 26IPage 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 35 of 106 GENERAL The subject is an easement over the northwesterly portion of the land which is to be an easement for a drainage tube to the adjoining detention pond to the south east. The subject area has good visibility. There may be some additional easements on the site such as glide slopes for the airport and existing easements. Attached below is a copy of the aerial plat of the parent tract and the easement area. The easement area size was provided by the engineer and is relied upon. JOHNSON COUNTY GIS AERIAL 271Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 36 of 106 wwr.nmxoneJbnYnel 01 PROMH STORM &)VER EASEMENT EXHIBIT LOT 1 WESTPORT PLAZA -PART TWO IMA CRY JOHNSON COUNTY IMA MMSC ULTMR$INC 07M7119 281Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 37 of 106 IMPROVEMENTS ANALYSIS The site is vacant land with no building improvements. 291Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 38 of 106 HIGHEST AND BEST USE That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal is the highest and best use. Alternatively, that use, from among reasonable, probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which result in highest land value. The definition immediately above applies specifically to the highest and best use of the land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgment and analytical skill, (i.e., that the use determined from analysis represents an opinion, not a fact to be found). In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value), another appropriate term to reflect highest and best use would be most probable use. In the context of investment value, an alternative term would be most profitable use. Physical Considerations The property is basically a vacant property. Legal Considerations The site is zoned CI-1; Intensive Commercial. However, the Iowa City Zoning Department was contacted and because the subject is city property it will likely be rezoned to P-1; Public. Economic Considerations Economic feasibility relates to the current supply and demand for comparable competing developments now offered or soon to be available in the same neighborhood or competing neighborhoods of the subject. 301Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 39 of 106 Maximally Productive Maximally productive is the use that yields the highest return to the land after all other agents of production has been satisfied. Highest and best use analyses can be categorized into two different levels of detail - inferred and fundamental. This appraisal's level of detail was disclosed in the Scope of Work - Appraisal Development section. A fundamental analysis forecasts demand from broad demographic and economic data like population and income. Existing supply is inventoried. Then the relationship of supply and demand is weighed to determine net demand. An inferred analysis is based on local trends and patterns from which inferences are made. Sales, listings, marketing intervals, and/or price change for other similar land infer there is adequate demand for the subject parcel at a price level congruous with this data. General Comments The highest and best use is considered to be that of some type of commercial development. The site is vacant land, zoned commercial. The highest and best use follows the zoned use which is commercial development land. 311Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 40 of 106 OVERVIEW OF VALUATION PROCEDURES In estimating the market value of the real property interest for any type of improved real estate, three generally accepted methods may be used: the Cost Approach, the Sales Comparison Approach, and the Income Capitalization Approach. Cost Approach In the Cost Approach, an estimate is made of the current cost of replacement new of the improvements. This amount is then adjusted to reflect depreciation resulting from physical deterioration, as well as any functional and external obsolescence that may exist. The adjusted cost indication is then added to the estimated market value of the land, resulting in an indication of value. Income Capitalization Approach The Income Capitalization Approach involves forecasting the income and expenses of the subject property based on analysis of comparable rent and market trends and obtaining capitalization or discount rates from the market to convert the financial forecasts into value estimates. Sales Comparison Approach In the Sales Comparison Approach to valuation, similar properties that have recently been sold, or are currently offered for sale in the local market, are analyzed and compared with the property being appraised. Adjustments are typically considered for differences in such factors as property rights conveyed; conditions of sale; financing, market conditions (date of sale); location; size; age; condition; and other physical characteristics. 321Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 41 of 106 SUMMARY OF ANALYSIS AND VALUATION COST APPROACH The reason the cost approach is not being done because this is a vacant site with no building improvements. 331Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 42 of 106 INCOME APPROACH The income approach is based on the principle of anticipation. The reason an investor buys an income property is because of the income flow that the property will generate. To estimate value by the income approach these three steps are involved. First, market rent (economic rent) is estimated. Contract rent (existing lease) is not necessarily the rent that would be paid in the open market. Second, a stabilized income statement is formulated. The income statement is based on what the normal investor would be able to obtain for a net operating income. The income is before income taxes and mortgage payments, because these items are based on the individual investor and not the property. Third, the income is capitalized into value. The most popular technique of capitalization is direct capitalization. In a market of changing rates, direct capitalization can be too historical. Other popular methods are band of investment and discounted cash flows. Modifications of all of these methods exist. The income approach does not apply because vacant land is not purchased in this area based upon the income approach. There are virtually no land leases to compare the subject with. Income derived from the land such as crops does not represent the highest and best use. Therefore the income approach is not being developed. 341Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 43 of 106 SALES COMPARISON APPROACH Introduction In an appraisal, the real estate being appraised is referred to as the "subject" or "subject property". Properties possessing characteristics that are physically and location similar to the subject are called "comparables" or "comparable sales". In this approach, comparables are compared to the subject. Differences are noted. Dissimilarities between the subject and the comparables are categorized into elements of comparison. Adjustments, to compensate for dissimilarities, are next applied to the sale prices of the comparable sales. Then, a value estimate for the subject is reconciled from the range in adjusted sale prices established by the comparables. Unless stated otherwise, all cited transactions are "arm's length" conveyances. An "arm's length" transaction is an agreement between unrelated parties with typical motivations in a competitive market. The unit of comparison is selected based upon the type of property is typically per square foot or per acre depending upon the size of the parcel and whether the land is development land or developed land. Definitions: Development land is land that will have utilities installed and platted into smaller parcels in the fixture. Developed land is land that has been platted and has the infrastructure in place ready for the construction of building improvements. The sales comparison approach involves a process of comparing the subject to actual sales in the area. The appraiser researched the market for sales of similar parcels of land in the area. The sales shown are felt to be most representative of the subject. Sales used are considered to bracket the subject. Sales data sheets follow this section. The sales comparison approach involves a process of comparing the subject to actual sales in the area. The appraiser researched the market for sales of similar land in the area. Some of the sales are older but values have not changed significantly. 3 5 1 P a g e 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 44 of 106 COMPARABLE LAND SALES SUMMARY TABLE No. Location Sale Date Price Size in SF Price/ SF 1. 470 Ruppert Road (one lot east) 02/19/2014 $228,500 53,761 $4.25 2. 1035 Highway 1 W 04/05/2012 $395,000 56,628 $6.98 3. 1335 Highway 1 (to the east) 12/18/2015 $500.000 101,059 $4.95 Land Sale - 1 Sale 91 is a recent sale of a lot purchase for commercial development. Sale has a slightly inferior location, an upward adjustment of $0.75 per sq/ft when pairing to sale 93. Adjusted sales price is $5.00 per sq/ft. Land Sale - 2 Sale 92 is a sale of a Walmart pad site. Pairing to other sales in the area no adjustment is made for timing. The sale does have a superior utility being a pad site, which is supported by Sale 91 & 93. A downward adjustment of $2.00 per sq/ft is estimated. Adjusted sales price is $4.98 per sq/ft. Land Sale - 3 Sale 92 is a recent sale of a parcel of land purchased for development of commercial/retail. Sale was acquired by the entity which intends to develop a commercial building on the site. The site is irregular shape and has some less utility than other sales, but paring to other sales no adjustment is being made. The sale remains unadjusted at $4.95 per sq/ft. 361Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 45 of 106 Comparable Listings and Market Interviews There are limited active listings in the immediate area of properties of this type. The area continues growth. Analysis and Conclusions The subject and all cited sales share several characteristics. They are all located in Iowa in metro areas and have similar uses. These commonalities justify the inclusion of these sales in this analysis. Property Rights Agreements or laws create partial interests in real estate. If the interest conveyed for a comparable sale is different from the interest being appraised, then a property rights adjustment is necessary. A common adjustment of this type compensates for a lease that disfavors ownership, and negatively affects value. Unless stated otherwise, property rights are virtually the same for the subject and all cited conveyances. No lease adversely impairs value. Hence, no adjustments are necessary for this element of comparison. Financing Non -market financing is a common technique used to finance the acquisition of real estate during periods of high interest rates. When non -market financing is used, the financing is typically favorable to the buyer and the sale price is usually inflated. The escalated price can be envisioned as a composite of real estate, and advantageous financing terms. Since value created by financing is not real property, the contribution of the advantageous financing must be deducted from total sale price to derive a true price for just the realty. Unless a statement is made to the contrary, non -market financing was not used to acquire any comparable sale cited in this report. Therefore, no compensations are needed for financing. Conditions of Sale An adjustment for conditions of sale compensates for unusual buyer or seller motivations that influence sale price. For instance, when a seller gives the buyer an atypical rebate, discount, credit, or something of value to induce a conveyance, it is logical to deduct the worth of the giveback from the sale price. Residual sums represent the net or effective sale price. Unless stated otherwise, no adjustments are necessary for conditions of sale. Expenditures Post Sale This is a situation when a buyer is compelled to invest monies in a property immediately after acquisition for some atypical reason. Post -sale invested sums are customarily added to a comparable's sale price, which produces an adjusted sale price. Examples are demolition costs or building -code compliance costs. Unless a contrary statement is made, no adjustments are necessary for post sale expenditures. Market Conditions This is an adjustment for change in value due to change in market conditions. It is commonly referred to as a time adjustment, but this is misleading. Value does not change simply due to the passage of time. Values fluctuate due to changes in market conditions, so this adjustment compensates for change in market conditions between a sale's transaction date and a later point in time. 371Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 46 of 106 Location Each property was rated to the subject for location aspects such as value growth potential, access, and general desirability. Those transactions with superior locations were adjusted downward and vice versa. Physical Attributes A myriad of physical characteristics can affect value. Some examples are lot size, soil types, topography, drainage, etc. Economic Attributes An economic attributes adjustment is needed when the subject's ability to generate net income is different from that of a comparable. An example is a major disparity in real estate taxes for similar proximate. 381Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 47 of 106 Sales Comparison Approach Analysis and Conclusions Needed adjustments were explained above. These adjustments have been quantified and are shown in the prior table. Some of these adjustments are based upon the appraisers' professional judgment when data was insufficient to enable market extraction. After careful consideration of all factors pertaining to, and influencing the sales comparison approach, the following is selected as the most fitting value indication General Comments The sales data, after adjustments for size and location, indicates a range of value from $4.95 to $5.00 per square foot. Sales data overall is considered good. Subject is estimated towards the middle to lower end of the range at $4.95 per sq/ft because of the overall utility of the site. This comparison is on a per square foot basis of the land. Therefore the estimate of value is calculated: Per the Scope of Work the property being valued is a permanent easement for storm water. There are other easements in the area. Typically properties of this type that have an easement, the easement has an approximately 50% of the land value or $2.48 per sq/ft. This is based on realtor interviews and developer interviews where an easement goes through a lot. The size of the easement area was provided by the engineer, which his relied upon. Easement Value Estimate: 9,672 Square Feet @ $2.48/SF = $23,987 Rounded to $24,000 391Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 48 of 106 1,2 ON LA 52211 Slurgi Ferry Per 401Page 16-0576 Appraisal Associates Company Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 49 of 106 �L PERT RD Property Identification Record ID Property Type Property Name Address Tag ID Legal MSA Market Type Sale Data Grantor Grantee Sale Date Deed Book/Page Land Sale No. 1 5303 Land, Vacant Lot Ruppert Land 470 Ruppert Road (one lot east), Iowa City, Johnson County, Iowa 1016451001 Lot 6 North Airport Development Iowa City Metro Area City of Iowa City WRY DEVELOPERS INC February 19,2014 5207/284 16-0576 Appraisal Associates Company 41 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 50 of 106 Laud Sale No. 1 (Cont.) Property Rights Fee Simple Financing Cash Verification Marty Burkle Assessors ; February 19, 2014; Confirmed by Jonathan Westercamp Sale Price $228,500 Cash Equivalent $228,500 Adjusted Price $228,500 Land Data Zoning CI-1, Commercial Land Size Information Gross Land Size 1.234 Acres or 53,761 SF Indicators Sale Price/Gross Acre $185,143 Sale Price/Gross SF $4.25 Remarks Sale of an interior parcel of land along Ruppert Road. The parcel does have glide path restrictions because of the nearby airport, but has had limited if any impact on the parcels in the area. The area is a mixed use commercial area with good access and location. Parcel was an arm's length sale. 16-0576 Appraisal Associates Company 42 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 51 of 106 Laud Sale No. 2 Property Identification Record ID 5006 Property Type Commercial Property Name Wal-Mart Pad Site Address 1035 Highway 1 W, Iowa City, Johnson County, Iowa Tag ID 1016378002 Sale Data Grantor Wal-MartTRS LLC Grantee CFT Developments LLC Sale Date April 05, 2012 Deed Book/Page 4891/278 Property Rights Fee Simple Financing Warranty Deed Verification Records; Confirmed by Keith Westercamp Sale Price $395,000 Cash Equivalent $395,000 Land Data Topography Level Utilities All 16-0576 Appraisal Associates Company 43 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 52 of 106 Shape Land Size Information Gross Land Size Indicators Sale Price/Gross Acre Sale Price/Gross SF Land Sale No. 2 (Cont.) Rectangular 1.300 Acres or 56,628 SF $303,846 $6.98 Remarks This is a pad site on what was the old Wal-Mart with a private road access. The site is nearly level. 16-0576 Appraisal Associates Company 44 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 53 of 106 Laud Sale No. 3 Property Identification Record ID 5559 Property Type Commercial, Commercial Development Property Name Pad Site Lot Address 1335 Highway 1 (to the east)), Iowa City, Linn County, Iowa MSA Iowa City Market Type Metro Area Sale Data Grantor Lambkin -Bell Properties LC Grantee MTXE LLC Sale Date December 18, 2015 Deed Book/Page 5457/465 Property Rights Fee Simple Financing Cash Sale Price $500,000 Cash Equivalent $500,000 Adjusted Price $500,000 Land Data Zoning CI-1 Intensive Commercial Land Size Information Gross Land Size 2.320 Acres or 101,059 SF 16-0576 Appraisal Associates Company 45 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 54 of 106 Land Sale No. 3 (Cont.) Indicators Sale Price/Gross Acre $215,517 Sale Price/Gross SF $4.95 Remarks Sale of an irregular shaped triangular parcel purchased for fixture retail development. Sale has good frontage to Highway 1. 16-0576 Appraisal Associates Company 46 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 55 of 106 FINAL RECONCILIATION The purpose of the final reconciliation is to evaluate the strengths and weaknesses of the various approaches to value. Since this is vacant land the only applicable approach to value is the sales comparison method. Sales Comparison Approach Sales were found of similar parcels in the area. For vacant land the most applicable approach to value is the sales comparison. Most parties rely upon market sales. The sales comparison approach, per the scope of this report is the only approach to value that is being developed. 16-0576 Appraisal Associates Company 47 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 56 of 106 Exposure and Marketing Time Terminology abounds in the real estate appraisal profession. Two related but different concepts that are often confused are Exposure Time and Marketing Time. USPAP specifically addresses the confusion. Term Definition Explanation Exposure "...The estimated length of time the property Backward looking; ends Time interest being appraised would have been offered on the effective value (Statement on the market prior to the hypothetical date. Based on factual, 6) consummation of a sale at market value on the past events. effective date of the appraisal". Marketing ... An opinion of the amount of time it might take Forward looking; starts Time to sell a real or personal property interest at the on the effective value (Advisory concluded market value during the period date. A forecast based Opinion 7) immediately after the effective date of the on expectancies of appraisal". fixture occurrences. Marketing time and exposure time are both influenced by price. That is, a prudent buyer could be enticed to acquire the property in less time if the price were less. Hence, the time span cited below coincides with the value opinion(s) formed herein. The following assumptions are being made. The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers of similar type properties. The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. A sale will be consummated under the terms and conditions of the definition of market value required by the regulation. USPAP Standard rule 1-2(c)(iv) requires an opinion of exposure time, not marketing time, when the purpose of the appraisal is to estimate market value. In the recent past, the volume of competitive properties offered for sale, sale prices, and vacancy rates have fluctuated little. Sale concessions have not been prevalent. In light thereof, an estimated exposure time for the subject is 6 to 12 months assuming competitive pricing and prudent marketing efforts. 16-0576 Appraisal Associates Company 48 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 57 of 106 A marketing time estimate is a forecast of a fixture occurrence. History should be considered as a guide, but anticipation of fixture events & market circumstances should be the prime determinant. Overall market conditions are expected to improve after the recession and financial crisis. A marketing period of six to twelve months is forecast with competent marketing techniques assumed. The scope of work is to estimate the value of an easement. Sales data overall is considered good. The sales comparison approach is the only applicable approach which would be considered for a property of this type. The final conclusion of value is $24,000. 16-0576 Appraisal Associates Company 49 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 58 of 106 CERTIFICATE OF THE APPRAISER I, Jonathan K. Westercamp, hereby certify to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. 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. 7. No one provided significant professional assistance to the person(s) signing this report. 8. I have made a personal observation of the property that is the subject of this report. 9. My analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. 10. The reported analyses, opinions, and conclusions were developed and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, relating to review by its duly authorized representatives. I L This appraisal is in compliance with USPAP. 12. The use of this report is subject to the requirements of the Appraisal institute relating to review by its duly authorized representatives. 13. As of the date of this report, Jonathan K. Westercamp has completed the requirements of the continuing education program of the Appraisal Institute. 14. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. )m� k-, J nathan K. Westercamp, Senior Arkyst Iowa State General Certification #CG02701 Expires June 30, 2017 I have made a personal observation of the property that is the subject of this report. September 26, 2016 16-0576 Appraisal Associates Company 50 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 59 of 106 Digital Images Our world is rapidly shifting to a global economy in which technology and e-commerce play major roles. Digitized signatures and digital photographs are key elements of this shift. This appraisal may contain digital photographs, which are true and accurate representations. Brightness and/or contrast of these images may have been adjusted to enhance visibility when lighting conditions were too light or too dark. However, the content of these images was not altered or augmented in any way. Digital signatures may be affixed to this document. Statement 8 of USPAP recognizes and addresses the proper use of digitized signatures. In this document, a digital signature is a reproduction of the appraiser's actual signature. Software used for the affixation has a password security feature, which controls its usage. 16-0576 Appraisal Associates Company 51 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 60 of 106 ASSUMPTIONS AND LIMITING 16-0576 Appraisal Associates Company 52 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 61 of 106 Contingent and Limiting Conditions (Pagel of 8) This is an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. 2. Any value opinion herein is based a gathering of market information, and an analysis of the gathered information for the effective value date. The effective value date is the only point in time that the value applies. Information about the subject property, neighborhood, comparables, or other topics discussed in this report was obtained from sensible sources. In accordance with the extent of research disclosed in the Scope of Work section, all information cited herein was examined for accuracy, is believed to be reliable, and is assumed reasonably accurate. However, no guaranties or warranties are made for this information. No liability or responsibility is assumed for any inaccuracy which is outside the control of the Appraiser, beyond the scope of work, or outside reasonable due diligence of the Appraiser. 3. Real estate values are affected by many changing factors. Therefore, any value opinion herein is considered credible only on the effective value date. Every day that passes thereafter, the degree of credibility wanes as the subject changes physically, the economy changes, or market conditions change. The Appraisers reserve the right to amend these analyses and/or the value conclusion(s) contained within this appraisal report if erroneous, or more factual -information is subsequently discovered. No guarantee is made for the accuracy of estimates or opinions furnished by others and replied upon in this report. 4. This appraisal is not an engineering, construction, legal, or architectural study. It is not an examination or survey of any kind. Expertise in these areas is not implied. The Appraisers are in no way responsible for any costs incurred to discover, or correct any deficiency in the property. In the case of limited partnerships, syndication offerings, or stock offerings in the real estate, the client agrees that in case of lawsuit (brought by the lender, partner, or part owner in any form of ownership, tenant, or any other party), the client will hold Appraisal Associates Company, its officers, contractors, employees and associate appraisers completely harmless. Acceptance of, and/or use of this report by the client, or any third party is prima facie evidence that the user understands, and agrees to all these conditions. 16-0576 Appraisal Associates Company 53 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 62 of 106 Contingent and Limiting Conditions (Page 2 of 8) 5. Unless specifically stated herein, the appraisers are unaware of any engineering study made to determine the bearing capacity of the subject land, or nearby lands. Improvements in the vicinity, if any, appear to be structurally sound. It is assumed soil and subsoil conditions are stable and free from features, which would cause supernormal costs to arise. It is also assumed existing soil conditions of the subject land have proper load bearing qualities to support the existing improvements, or proposed improvements appropriate for the site. No investigations for potential seismic hazards were made. This appraisal assumes there are no conditions of the site, subsoil, or structures, whether latent, patent, or concealed that would render the subject property less valuable. Unless specifically stated otherwise in this document, no earthquake compliance report, engineering report, flood zone analysis, hazardous waste, or asbestos analysis was made, or ordered in conjunction with this appraisal report. The client is strongly urged to retain experts in these fields, if so desired. 6. For appraisals of multifamily property or multi -unit property, only a portion of all units was observed. A typical ratio of observed units roughly approximates 10% of the total number of units, and this ratio declines as the number of dwellings/units grows. It is assumed, in reaching a value opinion, that the functionality, condition, and finish of the remaining units are similar to the functionality, condition, and finish of the observed units. If unobserved dwellings significantly differ from those that were viewed in functionality, condition, or finish, the Appraisers reserve the right to amend theses analysis and/or value opinion(s). 16-0576 Appraisal Associates Company 54 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 63 of 106 Contingent and Limiting Conditions (Page 3 of 8) This valuation may or may not have included an observation of the property appraised by one or more signatories to this report. The extent of any observation is disclosed in the Scope of Work section of this report. Any observation by a signatory is not, and should not be misconstrued as a professional property inspection. Comments or descriptions about physical condition of the improvements, if any, are based solely on a superficial visual observation. Electric, heating, cooling, plumbing, water supply, sewer or septic, mechanical equipment, and other systems were not tested. No determinations were made regarding the operability, capacity, or remaining physical life of any component in, on, or under the real estate appraised. All building components are assumed adequate and in good working order unless stated otherwise. Private water wells and private septic systems are assumed sufficient to comply with federal, state, or local health safety standards. No liability is assumed for the soundness of structural members since structural elements were not tested or studied to determine their structural integrity. The roof cover for all structures is assumed water tight unless otherwise noted. Comments regarding physical condition are included to familiarize the reader with the property. This document is not an engineering or architectural report. If the client has any concern regarding structural, mechanical or protective components of the improvements, or the adequacy or quality of sewer, water or other utilities, it is suggested experts in these disciplines are retained before relying upon this report. No representations are made herein as to these matters unless explicitly stated otherwise in this report. 16-0576 Appraisal Associates Company 55 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 64 of 106 Contingent and Limiting Conditions (Page 4 of 8) 8. No liability is assumed for matters of legal nature that affect the value of the subject property. Unless a clear statement to the contrary is made in this report, value opinion(s) herein are predicated upon the following assumptions. (A) The real property is appraised as though, and assumed free from all value impairments including yet not limited to title defects, liens, encumbrances, title claims, boundary discrepancies, encroachments, adverse easements, environmental hazards, pest infestation, leases, and atypical physical deficiencies. (B) All real estate taxes and assessments, of any type, are assumed fully paid. (C) The property being appraised is assumed to be owned under responsible and lawful ownership. (D) It is assumed the subject property is operated under competent and informed management. (E) The subject property was appraised as though, and assumed free of indebtedness. (F) The subject real estate is assumed fully compliant with all applicable federal, state, and local environmental regulations and laws. (G) The subject is assumed fully compliant with all applicable zoning ordinances, building codes, use regulations, and restrictions of all types. (H) All licenses, consents, permits, or other documentation required by any relevant legislative or governmental authority, private entity, or organization have been obtained, or can be easily renewed for a nominal fee. 9. If this appraisal values an interest that is less than the whole fee simple estate, then the following disclosure applies. The value for the fractional interest appraised plus the value of all other complementary fractional interests may or may not equal the value of the entire fee simple estate. 10. An appraised property that is a physical portion of a larger parcel or tract is subject to the following limitations. The value opinion for the property appraised pertains only to that portion defined as the subject. This value opinion should not be construed as applying with equal validity to other complementary portions of the same parcel or tract. The value opinion for the physical portion appraised plus the value of all other complementary physical portions may or may not equal the value of the whole parcel or tract. 11. The allocation of value between the subject's land and improvements, if any, represents our judgment only under the existing use of the property. A re-evaluation should be made if the improvements are removed, substantially altered, or the land is utilized for another purpose. 16-0576 Appraisal Associates Company 56 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 65 of 106 Contingent and Limiting Conditions (Page 5 of 8) 12. The Appraisers assume a prospective purchaser of the subject is aware of the following. (A) This appraisal of the subject property does not serve as a warranty on the condition of the property. (B) It is the responsibility of the purchaser to carefully examine the property, and to take all necessary precautions before signing a purchase contract. (C) Any estimate for repairs is a non -warranted opinion of the appraiser. 13. If this appraisal values the subject as though construction, repairs, alterations, remodeling, renovation, or rehabilitation will be completed in the fixture, it is assumed such work will be completed in a timely fashion, using non -defective materials, and proper workmanship. All previously completed work is assumed to substantially conform to plans, specifications, descriptions, or attachments made or referred to herein. It is also assumed all planned, in -progress, or recently completed construction complies with the zoning ordinance, and all applicable building codes. In a prospective valuation, it is understood and agreed the Appraiser is not responsible for the impact on value, caused by unforeseeable events, before completion of the project. 14. Any exhibits in the report are intended to assist the reader in visualizing the subject property and its surroundings. The drawings are not surveys unless specifically identified as such. No responsibility is assumed for cartographic accuracy. Drawings are not intended to be exact in size, scale, or detail. 15. Value opinions involve only real estate, and inconsequential personal property. Value conclusions do not include personal property, unaffixed equipment, trade fixtures, business good will, chattel, or franchise items of material worth unless explicitly stated otherwise. 16. Conversion of the subject's income into a market value opinion is based upon typical financing terms that were readily available from a disinterested, third party lender on this report's effective date. Atypical financing terms and conditions do not influence market value, but may affect investment value. 17. All information and comments concerning the location, neighborhood, trends, construction quality, construction costs, value loss, physical condition, rents or other data for the subject represent estimates and opinions of the Appraisers. Expenses shown in the Income Approach, if used, are estimates only. They are based on past operating history, if available, and are stabilized as generally typical over a reasonable period. 16-0576 Appraisal Associates Company 57 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 66 of 106 Contingent and Limiting Conditions (Page 6 of 8) 18. Appraisal Associates Company and the appraisers have no expertise in the field of insect, termite, or pest infestation. We are not qualified to detect the presence of these or any other unfavorable infestation. The appraisers have no knowledge of the existence of any infestation on, under, above, or within the subject real estate. No overt evidence of infestation is apparent to the untrained eye. However, we have not specifically inspected or tested the subject property to determine the presence of any infestation. No effort was made to dismantle or probe the structure. No effort was exerted to observe enclosed, encased, or otherwise concealed evidence of infestation. The presence of any infestation would likely diminish the property's value. All value opinions in this communication assume there is no infestation of any type affecting the subject real estate. No responsibility is assumed by the appraisers or Appraisal Associates Company for any infestation or for any expertise required to discover any infestation. Our client is urged to retain an expert in this field, if desired. 19. Effective January 26, 1992, the Americans with Disabilities Act (ADA) - a national law, affects all non-residential real estate or the portion of any property, which is non- residential. The appraisers have not observed the subject property to determine whether the subject conforms to the requirements of the ADA. It is possible a compliance survey, together with a detailed analysis of ADA requirements, could reveal the subject is not fully compliant. If such a determination was made, the subject's value may or may not be adversely affected. Since the appraisers have no direct evidence, or knowledge pertaining to the subject's compliance or lack of compliance, this appraisal does not consider possible noncompliance or its effect on the subject's value. 20. The appraiser is not required to give testimony or appear in court because of having prepared this report unless arrangements have been previously made. If the appraiser is subpoenaed pursuant to court order, the client agrees to compensate the Appraisers for their court appearance time, court preparation time, and travel time at their regular hourly rate, then in effect, plus expenses. In the event the real property appraised is, or becomes the subject of litigation, a condemnation, or other legal proceeding, it is assumed the Appraisers will be given reasonable advanced notice, and reasonable additional time for court preparation. 16-0576 Appraisal Associates Company 58 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 67 of 106 Contingent and Limiting Conditions (Page 7 of 8) 21. All opinions are those of the signatory appraisers based on the information in this report. We assume no responsibility for changes in market conditions, or for the inability of the client, or any other party to achieve their desired results based upon the appraised value. Some of the assumptions or projections made herein can vary depending upon evolving events. We realize some assumptions may never occur and unexpected events or circumstances may occur. Therefore, actual results achieved during the projection period may vary from those set forth in this report. Compensation for appraisal services is dependent solely on the delivery of this report, and no other event or occurrence. 22. No part of this report shall be published or disseminated to the public by the use of advertising media, public relations media, news media, sales media, electronic devices, or other media without the prior written consent of Appraisal Associates Company. This restriction applies particularly as to analyses, opinions, and conclusions; the identity of the Appraisers; and any reference to the Appraisal Institute or its MAI, SRPA, or SRA designations. Furthermore, no part of this report may be reproduced or incorporated into any information retrieval system without written permission from Appraisal Associates Company, the copyright holder. 23. Responsible ownership and competent property management are assumed, unless otherwise stated in this report. 24. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 25. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report. 26. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non -conformity has been stated, defined, and considered in this appraisal report. 27. It is assumed that all required licenses, certificates of occupancy, or other legislative or administrative authority from any local, state, or national governmental, or private entity or organization have been, or can be obtained or renewed for any use on which the value estimates contained in this report are based. 16-0576 Appraisal Associates Company 59 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 68 of 106 Contingent and Limiting Conditions (Page 8 of 8) 28. Any sketch or calculations in this report may show approximate dimensions and are included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied, unless otherwise stated in this report. No survey has been made for the purpose of this report. 29. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass, unless otherwise stated in this report. 30. Any proposed improvements are assumed to be completed in a good workmanlike manner in accordance with the submitted plans and specifications. 31. The distribution, if any, of the total valuation in this report between land and improvements applied only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 32. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser or appraisers, and in any event, only with proper written qualification and only in its entirety. 33. 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 the appraiser is connected) shall be disseminated to the public through advertising, public relations, news sales, or other median without prior written consent and approval of the appraiser. 34. For proposed properties, the prospective value estimate was made and indicating that the appraiser cannot be held responsible for unforeseeable events that alter market conditions prior to the effective date of the appraisal. 35. Jonathan K. Westercamp is currently an associate member of the Appraisal Institute and a MAI candidate. The Appraisal Institute conducts a program of continuing education for its designated members. 16-0576 Appraisal Associates Company 60 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 69 of 106 Copyright Protection © Copyright 2016 Appraisal Associates Company Cedar Rapids, Iowa 52402-6446 All Rights Reserved. No part of this document may be reproduced, distributed, or disseminated to the public nor may any portion be incorporated into any information retrieval system without written permission from Appraisal Associates Company, the copyright holder. Appraisal Associates Company retains exclusive ownership to all information and data contained in this report including yet not limited to all exhibits, photographs, tables, and charts. All opinions, analyses, and conclusions stated herein are intended for the exclusive use of our client, as spelled out in this report and other specifically identified intended users. Only the client and other specifically identified intended users may use this report for the sole purpose and intended use stated herein. 16-0576 Appraisal Associates Company 61 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 70 of 106 ADDENDUM —.T,,° �a mvoneJgrt9aIB1 PROPMEO STORMSEIVER EASEMENT EXHIBIT LOT 1 WESTPORT PLAZA -PART TWO IMA CRY JOHNSON COUNTY IMA MMS CONSULTANTS, INC )MVIS 16-0576 Appraisal Associates Company 62 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 71 of 106 METROPOLITAN STATISTICAL ANALYSIS IOWA CITY, IOWA (MSA) GENERAL Iowa City is located in Johnson County and is the principal seat of the Iowa City Metropolitan Statistical Area, which encompasses all of Johnson and Washington Counties. Washington County was added to the MSA after the 2000 Census. A Metropolitan Statistical Area is either; a city with at least 50,000 residents or a Census Bureau defined urbanized area of at least 50,000 residents and a total metropolitan population of a least 100,000. The major suburban communities surrounding the City of Iowa City and comprising the metro area include the cities of Coralville and North Liberty. Tiffin, Solon and Hills are other small towns within a few miles. Historically, Iowa City was the original state capitol of Iowa until 1857, when the state capitol moved to Des Moines. The original Old Capitol building is still a major landmark and stands as a tourist attraction within The University of Iowa campus. 16-0576 Appraisal Associates Company 63 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 72 of 106 GEOGRAPHY AND LOCATION The Iowa City MSA is located in the east -central part of the State of Iowa. Iowa City's major transportation thoroughway, Interstate 80, connects with Interstate 380 to the north and Highway 218 to the south. Iowa City is located approximately 200 miles west of Chicago, 290 miles south of Minneapolis, 280 miles north of St. Louis, 300 miles north of Kansas City and 225 miles east of Omaha. Length of Time Goods in Transit, from Iowa City to: Days by Motor Freight City Miles Days by Railroad ( Carload) (Truckload) Allarla 876 - 2 Chicago 200 1 1 Denver 800 2 2 Des Moines '10 1 1 Kansas City 300 1 1 Los Angeles 1,950 4 5 Mitwaukee 225 1 1 Minneapolis 290 1 1 New Orleans 1,150 3 3 New York 1,007 4 4 Omaha 225 1 1 M. Louis 280 2 / Sorrce: Anna Dopanoset o/ Foxw w Cevebpmen(, lows CITY Qi Community Reomoce, Nov. 1999. POPULATION As of the 2010 census, Iowa City has a population of 67,862. The 2012 estimate is 70,133 which is a 3.3% increase from 2010. The Iowa City MSA includes 10 towns. These towns are the Amana Colonies, Solon, Coralville, Tiffin, Iowa City, Tipton, Kalona, West Branch, North Liberty, and West Liberty. The population from the US Census Bureau over the last 30 years for these towns can be found below. Between 2000 and 2010 both Johnson and Washington counties have grown. Washington County has grown 5% while Johnson County has grown by 17.9%. Iowa City's population is also getting older on average. The median resident age is 25.6 years. This is a young average, but is expected in a town with a major university. Town 2012 2010 2000 1990 1980 Amana CDP 442 Solon 2173 2037 1177 1050 969 Coralville 19692 18907 15123 10347 7687 Tiffin 2247 1947 975 460 413 Iowa City 70133 67862 62220 59735 50508 Tipton 3201 3221 3155 2998 3055 Kalona 2421 2363 2293 1942 1862 West Branch 2331 2322 2188 1908 1867 North Liberty 14485 13374 5367 2926 2046 West Liberty 3730 3736 3332 2935 2723 TOTAL 120413 116211 95830 84301 71130 EMPLOYMENT 16-0576 Appraisal Associates Company 64 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 73 of 106 The Iowa City MSA offers a variety of employment options. There are opportunities from large corporations to small businesses. The list of the largest employers and the number of people that they employ can be found below. Leadina Employers Product or Service Employees 01 _ University of Iowa Colleges and Universities 18,330 (2011) 02_ University of Iowa Hospitals and Clinics 03. Iowa City Community School District 04. Veteran's Health Administration 05. Pearson Educational Measurement 06_ Mercy Iowa City 07. ACT, Inc. 08. City of Iowa City 09. Hy-Vee Iowa City (3 locations) 10_ Systems Unlimited UTILITIES General Medical and Surgical Hospitals 12,154 (2011) Educational services 1,676 (2009) General Medical and Surgical Hospitals 1,351 (2007) Business Consulting 1,200 (2011) General Medical and Surgical Hospitals 1,187 (2012) Education/Workforce Development 1,181 (2012) Product and Services Governmental services 1,080 (2012) Supermarket 1,166 (2006) Disabled Persons Assistance 838 (2009) In Iowa City both the electric and natural gas are provided by MidAmerican Energy. The City of Iowa City is the provider of water and sewer. The water system is rated at a capacity of 16.7 mgd and the sewer is rated at 16.6 mgd. THE UNIVERSITY OF IOWA Iowa City is home to the University of Iowa. Essentially Iowa City can be considered a college town, due to how much of the economy is supported by the university and its student body. The Hawkeyes are Division 1 and have over 20 collegiate sports. Along with the university comes the University of Iowa Hospitals and Clinics. This is one of the largest university -owned hospitals in the nation, and has experts in over 30 specialized fields of medicine. Between all of their assets, the university is the largest employer in the area. EDUCATION Besides the University of Iowa, Kirkwood Community College also has a campus in Iowa City. There is also a large public school system. The Iowa City Community School District has 3 high schools, 1 alternative school, 3 junior high schools, and 18 elementary schools. There is also a catholic parochial grade school and high school. ' 1 I 16-0576 Appraisal Associates Company 65 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 74 of 106 Iowa City has a relatively low crime rate for that size of city. Below is a statistical crime analysis. The crime rate goes up and down, but has been better more recently. The second table shows that the crime rate in Iowa City is less than the US average. Crime in Iowa city by Year rates ®0®oo00oao© (City-data.com) 2a❑ 210 140 70 ❑ ��I ��I I��I I��I I��I I����� ��I ��I I��I I��I I��I I��I 20❑0 2001 2002 2003 2004 2005 2003 2007 2032 2000 .2010 21N7 2012 Iowa City C4-data.cam crime rate 0 U S. average City -data _com crime rate (City-data.com) 16-0576 Appraisal Associates Company 66 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 75 of 106 The Iowa City MSA is centralized in Iowa City and Coralville. The MSA area is growing in population, mostly at a steady rate, but some areas are seeing a booming population growth nearly doubling in size over the last ten years. Iowa City is well connected to the rest of the world, through easy access to the Eastern Iowa Airport in Cedar Rapids. 16-0576 Appraisal Associates Company 67 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 76 of 106 tau \ FMdeofOfpmuwmm STATE OF IOWA STATE OF IOWA IOWA DEPARTMENT OF COMMERCE PRGFESSgNAL LICENSING AND REGULATION MDPEeapr�uL=EWWINGAwxXJljGCE MN THE PERSON NAMED BELOVI, HAVING MET TIE REQUIREMENTS THIS IS TO CERTIFY THAT THE BELOW NAMED AND BEING IN GOOD STMDING IN OTHER RESPEUS. IS ISSUED HAS BEEN GRANTED A CERTIFICATE AS A A CERTIFICATE AS A GENERAL REAL PROPERTY APPRAISER GEN.REALPROPERAISER WESTERCAMP, JONATHAN ATHAN K CERTIFICATE NO. CG02701 EXPIRES: 6/30/2017 CERTIFICATE NO. CG02701 WESTERCAMP, JONATHANK APPRAISAL ASSOCIATES CO. 3969 PARK TOWNE CT NE CEDAR RAPIDS, IA 52401 EXPIRES 6/3012017 16-0576 Appraisal Associates Company 68 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 77 of 106 QUALIFICATIONS OF APPRAISER Jonathan K. Westercamp 3969 Park Towne Court NE Cedar Rapids, IA 52402 Professional Designations State of Iowa General Certified General Real Property Appraiser Certification # CG02701 Certified through June, 2017 Candidate for Designation of the Appraisal Institute Employment History December 1, 2000 Appraisal Associates Company Education 1996 - High School, John F. Kennedy High School, Cedar Rapids, Iowa 2001 - Bachelor of Business Administration, University of Iowa Seminars Attended Regression Analysis in Appraisal Practice (10/00) USPAP Update, 2011, 2015 Feasibility Analysis, Market Value and Investment Timing (05/02) Vitality of the Retail Sector (11/03) Real Estate Finance & Investment Analysis (09/04) Current Issues & Misconceptions in Appraising (11/04) 16-0576 Appraisal Associates Company 69 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 78 of 106 Appraisal Course Work 2002- 410 Standards of Professional Appraisal Practice, Part A, 2002- 420 Standards of Professional Appraisal Practice, Part B 2004- 310 Basic Income Capitalizations 2004- Appraising from Blue Prints and Specifications 2004- Analyzing Operating Expenses 2004- Introduction to GIS Applications for Real Estate Appraisal 2004- Current Issues and Misconceptions in the Appraisal Process 2004- The Essentials- What Every Appraiser Should Know 2005- Mathematically Modeling Real Estate Data 2005- Case Study- Eminent Domain 2005- Convincing Residential Appraisals 2007- Analyzing Operating Expenses 2007- Analytics with the Site to Do Business 2007- Business Practices and Ethics 2008- Effective Appraisal Writing 2011- The Value of Communication (Report Writing) 2011- Business Practice and Ethics 2011- Introduction to Valuing Commercial Green Buildings 2011- New Technology for Real Estate Appraisers 2011- General Appraiser Report Writing and Case Studies 2012- Advanced Market Analysis and Highest & Best Use 2013- Appraising Cell Towers 2014- General Demonstration Report Writing 2014- The Discounted Cashflow Model: Concepts, Issues and Apps 2014- Advanced Concepts and Case Studies 2015- Application & Interpretation of Simple Linear Regression Types of Properties Appraised Rural, Multi -Family, Retail Service, Industrial, Subdivisions, Office Buildings and other Special Use Properties Appraisal Reports & Studies Prepared for Mortgage Lending, Insurance Value, Litigation, Feasibility Studies, Lease Interest, Eminent Domain, Going Concern and Fee Simple Valuation. Types of Appraisal Clients (Partial list) Numerous banks and financial institutions Governmental authorities on the local, state, and federal level Insurance companies Corporations Attorneys 16-0576 Appraisal Associates Company 70 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 79 of 106 References David Lodge, Vice President Guaranty Bank & Trust Company 3'd Avenue & 3'd Street SE Cedar Rapids, Iowa 52406 (319) 286-6220 Dale Wirtjes, Senior Real Estate Analyst AEGON USA Realty Advisors, LLC 4333 Edgewood Rd NE MS 5444 Cedar Rapids, IA 52499 (319) 355-3932 James Miller, Appraisal Review Officer Cedar Rapids Bank & Trust 500 1st Ave NE Suite 100 Cedar Rapids, IA 52402 (319) 743-7050 Lisa Graves, Assistant Vice President; Senior Review Appraiser US Bank RETECHS 777 E Wisconsin Avenue Milwaukee, WI 53202 (414)765-4288 Paul Morf, Attorney Simmons Perrine Moyer Bergman PLC 115 3rd Street SE Suite 1200 Cedar Rapids, IA 52401 (319) 366-7641 16-0576 Appraisal Associates Company 71 Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 80 of 106 16-0576 Appraisal Associates Company 72 As Part of this development, the SITE PLAN developer will need an easement LOT 1 WESTPORT PLAZA - PART TWO from Wal-Mart to install storm sewer IOWA CITY, IOWA and drain into the Wal-Mart detention basin /Y Requesting the existing access easement be amended to include storm sewer to drain this new developments detention basin , " f ' 4950 SF PRPPOSED Proposed Site l" be Developed i ISTELL LEE .EE .a.,� LOT ��3a>o sF ` \ ZA—RTWESTPORT �,✓ �� PLAZ4—P�TWO QQ41S146M5r Jki4f4i. W' STANDARD LEGI Site Currently �rT°A Drains overland to "fiV� I ®I"'f PM1P:l19A1'ntf Wal-Mart Detention Basin s s s s a New uetention basin to De Instanea as part of this development, which will discharge through newly amended - easment to Wal-Mart Detention basin a epnoix�aurvpNo�Isrvpc� Page 8r* 106 M M s CIVIL6VGMEERS WO Pw 11R u DsuAVEI,A IANGSUTEARCHIIECTS ENVIRGNMEWRLSPECIP WS all en UTILITY PLAN WESTPORT PLAZA -PART TWO IOWA CITY JOHNSON COUNTY IOWA MMS CONSULTANTS. INC. 8-25-2016 = OWACEII 3 7331034 w ` a Airport Commission Agenda & Info Packet Meeting Date 12-15-16 Page 82 of 106 Prepared by: Michael Tharp, Operations Specialist, 1801 S. Riverside Or, Iowa City IA 52246 319-350-5045 RESOLUTION NO. RESOLUTION ACCEPTING THE WORK FOR THE 2016 AIRPORT MASTER PLAN UPDATE WHEREAS, the planning consultant, Bolton & Menk has submitted the Airport Master Plan and Airport Layout Plan to the Airport Commission and the Federal Aviation Administration. WHEREAS, the Federal Aviation Administration has accepted the Airport Layout Plan. WHEREAS, the final contract price is $329,699.25 which is established from the original contract cost of $329,800 with no change orders. NOW, THEREFORE, BE IT RESOLVED BY THE IOWA CITY AIRPORT COMMISSION THAT Said project is hereby accepted as complete by the Iowa City Airport Commission. Passed and approved this _ day of CHAIRPERSON ATTEST: SECRETARY It was moved by and seconded by adopted, and upon roll call there were: Ayes Nays 2016. Approved by � I C/d/� City Attorneys Office Absent the Resolution be Bockenstedt Gardinier Libby Odgaard Ogren Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:47 CITY OF IOWA CITY P 1 mtharp INVOICE LIST BY GL ACCOUNT apinvgla YEAR/PERIOD: 2017/5 TO 2017/5 ACCOUNT/VENDOR INVOICE PO YEAR/PR TYP S 76850110 Airport Operations WARRANT CHECK DESCRIPTION 7600-70-70-850-850100-850110-000-0000-438030- Electricity 010319 MIDAMERICAN ENERGY 20161122080926 0 2017 5 INV P 1,095.29 112316 1638 MidAmBilling 112220 ACCOUNT TOTAL 1,095.29 7600-70-70-850-850100-850110-000-0000-438070- Heating Fuel/Gas 010319 MIDAMERICAN ENERGY 20161122080926 0 2017 5 INV P 56.40 112316 1638 MidAmBilling 112220 ACCOUNT TOTAL 56.40 7600-70-70-850-850100-850110-000-0000-438100- Refuse Collection Charges 010507 JOHNSON COUNTY REFUS 90342 0 2017 5 INV P 165.00 110416 168221 Refuse & Recycling 010507 JOHNSON COUNTY REFUS 90345 0 2017 5 INV P 30.00 110416 168221 Refuse & Recycling 195.00 ACCOUNT TOTAL 195.00 7600-70-70-850-850100-850110-000-0000-438110- Local Phone Service 011937 AUREON COMMUNICATION 0789004025.2016.11 0 2017 5 INV P 85.71 111016 168373 NOV 2016 INV ACCOUNT TOTAL 85.71 7600-70-70-850-850100-850110-000-0000-442070- Bldg Pest Control Services 013610 STANDARD PEST CONTRO 31581 0 2017 5 INV P 30.00 111816 168702 Pest Control ACCOUNT TOTAL 30.00 7600-70-70-850-850100-850110-000-0000-454020- Subscriptions 010169 GAZETTE COMMUNICATIO 166000 0 2017 5 INV P 249.60 PCARD P-Card invoice for ACCOUNT TOTAL 249.60 7600-70-70-850-850100-850110-000-0000-455120- Misc Computer Hardware 091501 HP DIRECT-PUBLICSECT 166196 0 2017 5 INV P 15.91 PCARD P-Card invoice for ACCOUNT TOTAL 15.91 ORG 76850110 TOTAL 1,727.91 FUND 7600 Airport TOTAL: 1,727.91 ** END OF REPORT - Generated by Michael Tharp ** Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IONA CITY P 1 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 ACCOUNTS FOR: 76850110 Airport Operations ORIGINAL APPROP TRANFRS/ ADJSTMTS REVISED BUDGET YTD ACTUAL JOURNAL DETAIL 2017 5 TO 2017 5 AVAILABLE PCT ENCUMBRANCES BUDGET USED 381100 Interest on Investments 850110 Airport Operations 76850110 381100 Interest on Invest 0 0 0 1,452.81 .00-1,452.81 100.0%* 382100 Land Rental 850110 Airport Operations 76850110 382100 Land Rental -48,000 0 -48,000 -12,803.14 .00-35,196.86 26.7%* 11/03/16 CRP 973510 FINA -368.75 ARMED FORCES RESERVE 11/16/16 GBI 101908 -8,651.99 LAND RENT 11/16/16 GBI 104107 -100.00 LAND RENT 11/16/16 GBM 8,651.99 GB INVOICES 11/16/16 GBI 101679 -8,651.99 LAND RENT 11/28/16 GBI 104843 -325.00 LAND RENT 382200 Building/Room Rental 850110 Airport Operations 76850110 382200 Building/Room Rent -275,000 0 -275,000 -112,008.33 .00-162,991.67 40.7%* 11/28/16 GBI 409163 -151.00 Hangar Rent #26 11/28/16 GBI 314170 -151.00 HANGAR #11 11/28/16 GBI 405558 -144.00 Hangar #2 11/28/16 GBI 405441 -144.00 Hangar #7 11/28/16 GBI 319397 -358.00 HANGAR #33 11/28/16 GBI 403578 -110.00 Office Rent (Bldg G) 11/28/16 GBI 400467 -179.00 Hangar Rent #41 11/28/16 GBI 400059 -151.00 HANGAR #15 11/28/16 GBI 400246 -144.00 HANGAR #5 11/28/16 GBI 100686 -210.00 HANGAR #57 11/28/16 GBI 105947 -179.00 HANGAR #38 11/28/16 GBI 105183 -151.00 HANGAR #27 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IONA CITY P 2 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 11/28/16 GBI 105172 -179.00 HANGAR #48 11/28/16 GBI 104275 -144.00 HANGAR #8 11/28/16 GBI 104090 -4,287.00 D, E, F, H 11/28/16 GBI 104090 -500.00 Hangar M 11/28/16 GBI 104090 -144.00 HANGAR #1 11/28/16 GBI 104090 -185.00 HANGAR #59 11/28/16 GBI 104090 -185.00 HANGAR #60 11/28/16 GBI 104090 -650.00 HANGAR #72 11/28/16 GBI 103824 -179.00 HANGAR #51 11/28/16 GBI 103759 -151.00 HANGAR #13 11/28/16 GBI 103636 -179.00 HANGAR #47 11/28/16 GBI 103584 -179.00 HANGAR #42 11/28/16 GBI 103583 -4,392.00 HANGAR #35 11/28/16 GBI 103583 -652.00 HANGAR #32 11/28/16 GBI 103574 -144.00 HANGAR #9 11/28/16 GBI 103503 -310.00 HANGAR #34 11/28/16 GBI 103319 -179.00 HANGAR #53 11/28/16 GBI 103078 -151.00 HANGAR #16 11/28/16 GBI 103026 -151.00 HANGAR #19 11/28/16 GBI 102700 -151.00 HANGAR #14 11/28/16 GBI 102618 -179.00 HANGAR #40 11/28/16 GBI 102617 -210.00 HANGAR #58 11/28/16 GBI 102612 -243.00 HANGAR #61 11/28/16 GBI 102608 -217.00 HANGAR #55 11/28/16 GBI 102608 -650.00 HANGAR #71 11/28/16 GBI 102606 -185.00 HANGAR #63 11/28/16 GBI 102603 -217.00 HANGAR #46 11/28/16 GBI 102601 -179.00 HANGAR #49 11/28/16 GBI 102597 -179.00 HANGAR #36 11/28/16 GBI 102597 -179.00 HANGAR #37 11/28/16 GBI 102596 -217.00 HANGAR #45 11/28/16 GBI 102592 -151.00 HANGAR #25 11/28/16 GBI 102592 -179.00 HANGAR #44 11/28/16 GBI 102592 -179.00 HANGAR #50 11/28/16 GBI 102592 -151.00 HANGAR #28 11/28/16 GBI 102586 -151.00 HANGAR #17 11/28/16 GBI 102580 -144.00 HANGAR #6 11/28/16 GBI 102580 -151.00 HANGAR #30 11/28/16 GBI 102578 -151.00 HANGAR #22 11/28/16 GBI 102575 -185.00 HANGAR #62 11/28/16 GBI 102466 -151.00 HANGAR #24 11/28/16 GBI 102090 -179.00 HANGAR #43 11/28/16 GBI 101765 -151.00 HANGAR #23 11/28/16 GBI 101403 -151.00 HARNGAR #21 11/28/16 GBI 101368 -204.00 HANGAR #64 11/28/16 GBI 101069 -144.00 HANGAR #10 11/28/16 GBI 101069 -404.00 HANGAR #31 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 3 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 11/28/16 GBI 100701 11/28/16 GBI 100685 11/28/16 GBI 100474 11/28/16 GBI 100354 11/28/16 GBI 100353 11/28/16 GBI 100111 11/28/16 GBI 100061 11/30/16 GEN 110983 JA 384900 Other Commissions 850110 Airport Operations 76850110 384900 Other Commissions -36,500 393120 General Levy 850110 Airport Operations 76850110 393120 General Lev -113,209 11/30/16 GEN 111023 REJE#2 411000 Perm Full Time 850110 Airport Operations 76850110 411000 Perm Full Time 58,614 11/10/16 PRJ 1110516 110516 11/23/16 PRJ 1111916 111916 -75.50 -75.50 -179.00 -151.00 -100.00 -151.00 -179.00 -179.00 -148.00 0-36,500-13,346.00 0-113,209-47,170.44 -9,434.08 0 58,614 22,631.43 2,232.00 2,232.00 HANGAR #18 HANGAR #18 HANGAR #39 HANGAR #12 OFFICE SPACE RENT HANGAR #29 HANGAR #54 HANGAR #52 #104922 DOUGLAS 00-23,154.00 36.6%* .00-66,038.56 41.7%* Ptax from Gen Fund .00 35,982.57 38.6% WARRANT=110516 RUN-1 WARRANT=111916 RUN-1 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IOWA CITY P 4 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 413000 Temporary Employees 850110 Airport Operations 76850110 413000 Temporary Employee 11/23/16 PRJ 1111916 111916 414500 Longevity Pay 850110 Airport Operations 76850110 414500 Longevity Pay 11/23/16 PRJ 1111916 111916 421100 Health Insurance 850110 Airport Operations 76850110 421100 Health Insurance 11/10/16 PRJ 1110516 110516 11/23/16 PRJ 1111916 111916 421200 Dental Insurance 850110 Airport Operations 76850110 421200 Dental Insurance 11/10/16 PRJ 1110516 110516 11/23/16 PRJ 1111916 111916 500 500 5.227 338 0 500 277.50 60.00 0 500 500.00 500.00 0 5,227 2,104.40 210.44 210.44 0 338 142.40 14.24 14.24 .00 222.50 55.5% WARRANT-111916 RUN-1 .00 .00 100.0% WARRANT-111916 RUN-1 .00 3,122.60 40.3% WARRANT-110516 RUN-1 WARRANT-111916 RUN-1 .00 195.60 42.1% WARRANT-110516 RUN-1 WARRANT-111916 RUN-1 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 mtharp FOR 2017 05 ACCOUNTS FOR: 76850110 Airport Operations CITY OF IOWA CITY YEAR-TO-DATE BUDGET REPORT JULY 1, 2016 - NOVEMBER 31, 2016 ORIGINAL TRANFRS/ REVISED APPROP ADJSTMTS BUDGET YTD ACTUAL JOURNAL DETAIL ENCUMBRANCES 2017 5 TO AVAILABLE BUDGET P 5 glytdbud 2017 5 PCT USED 421300 Life Insurance 850110 Airport Operations 76850110 421300 Life Insurance 145 0 145 60.50 .00 84.50 41.7% 11/23/16 PRJ 1111916 111916 12.10 WARRANT-111916 RUN-1 421400 Disability Insurance 850110 Airport Operations 76850110 421400 Disability Insuran 252 0 252 103.95 .00 148.05 41.3% 11/23/16 PRJ 1111916 111916 20.79 WARRANT-111916 RUN-1 422100 FICA 850110 Airport Operations 76850110 422100 FICA 4,514 0 4,514 1,773.62 .00 2,740.38 39.3% 11/10/16 PRJ 1110516 110516 168.83 WARRANT-110516 RUN-1 11/23/16 PRJ 1111916 111916 211.75 WARRANT-111916 RUN-1 423100 IPERS 850110 Airport Operations 76850110 423100 IPERS 5,324 0 5,324 2,090.44 .00 3,233.56 39.3% 11/10/16 PRJ 1110516 110516 199.32 WARRANT-110516 RUN-1 12/09/2016 16:51 mtharp FOR 2017 05 ACCOUNTS FOR: 76850110 Airport Operations Airport Commission Agenda & Info Packet Meeting Date 12-15-16 0000 CITY OF IOWA CITY P 6 YEAR-TO-DATE BUDGET REPORT Iglytdbud JULY 1, 2016 - NOVEMBER 31, 2016 JOURNAL DETAIL 2017 5 TO 2017 5 ORIGINAL TRANFRS/ REVISED AVAILABLE PCT APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 76850110 423100 IPERS 11/23/16 PRJ 1111916 111916 431020 Court Costs & Services 850110 Airport Operations 76850110 431020 Court Costs & Sery 432020 Annual Audit 850110 Airport Operations 76850110 432020 Annual Audit 435057 Couriers 850110 Airport Operations 76850110 435057 Couriers 435060 Legal Publications 850110 Airport Operations 76850110 435060 Legal Publications 249.33 110 0 110 552 0 552 M M 0 0 0 18.50 0 0 0 25.37 WARRANT=111916 RUN-1 00 110.00 .0% 00 552.00 .0% 00 -18.50 100.0%* 00 -25.37 100.0%* Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IOWA CITY P 7 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 436030 Transportation 850110 Airport Operations 76850110 436030 Transportation 436050 Registration 850110 Airport Operations 76850110 436050 Registration 436060 Lodging 850110 Airport Operations 76850110 436060 Lodging 436080 Meals 850110 Airport Operations 76850110 436080 Meals 1.000 1,000 500 200 0 1.000 350.46 0 1,000 250.00 0 500 320.26 0 200 25.00 00 649.54 35.Oo 00 750.00 25.0% 00 179.74 64.1% 00 175.00 12.5% Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 8 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 437010 Comp Liability Insurance 850110 Airport Operations 76850110 437010 Comp Liability Ins 437020 Fire & Casualty Insurance 850110 Airport Operations 76850110 437020 Fire & Casualty In 437030 Worker's Comp Insurance 850110 Airport Operations 76850110 437030 Worker's Comp Insu 437041 Bonding & Other Insurance 850110 Airport Operations 76850110 437041 Bonding & Other In 22.886 12,524 159 875 0 22.886 3.284.53 0 12,524 7,553.00 0 159 181.00 0 875 MM 00 19.601.47 14.4% 00 4,971.00 60.3% 00 -22.00 113.8%* 00 875.00 .0% Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 9 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 437200 Loss Reserve Payment 850110 Airport Operations 76850110 437200 Loss Reserve Pavme 438010 Stormwater Utility Charges 850110 Airport Operations 76850110 438010 Stormwater Utility 11/16/16UBB C-161116161116 438030 Electricity 850110 Airport Operations 76850110 438030 Electricity 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 11/22/16API VCH IN20161122080926 438050 Landfill Use 850110 Airport Operations 5.000 14,911 20,198 0 5.000 5.000.00 0 14,911 0 20,198 7,888.60 1.577.72 6,213.80 151.34 .39 44.49 202.34 680.47 .39 .39 15.48 00 .00 100.0% 00 7,022.40 52.9% 00 13,984.20 30.8% MIDAMERICAN E#1638 MIDAMERICAN E#1638 MIDAMERICAN E#1638 MIDAMERICAN E#1638 MIDAMERICAN E#1638 MIDAMERICAN E#1638 MIDAMERICAN E#1638 MIDAMERICAN E#1638 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IOWA CITY mtharp YEAR-TO-DATE BUDGET REPORT JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL JOURNAL DETAIL 2017 5 TO AVAILABLE ENCUMBRANCES BUDGET P 10 glytdbud 2017 5 PCT USED 76850110 438050 Landfill Use 83 0 83 135.00 .00 -52.00 162.7%* 11/21/16 CRP 40.50 438070 Heating Fuel/Gas 850110 Airport Operations 76850110 438070 Heating Fuel/Gas 4,227 0 4,227 165.83 .00 4,061.17 3.9% 11/22/16API VCH IN20161122080926 10.00 MIDAMERICAN E#1638 11/22/16API VCH IN20161122080926 10.00 MIDAMERICAN E#1638 11/22/16API VCH IN20161122080926 36.40 MIDAMERICAN E#1638 438080 Sewer Utility Charge 850110 Airport Operations 76850110 438080 Sewer Utility Char 1,881 0 1,881 817.63 .00 1,063.37 43.5% 11/16/16UBB C-161116161116 127.94 438090 Water Utility Charge 850110 Airport Operations 76850110 438090 Water Utility Char 1,984 0 1,984 864.60 .00 1,119.40 43.6% 11/16/16UBB C-161116161116 138.37 438100 Refuse Collection Charges 850110 Airport Operations Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 11 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 76850110 438100 Refuse Collection 1,363 11/01/16API VCH IN90345 11/01/16API VCH IN90342 438110 Local Phone Service 850110 Airport Operations 76850110 438110 Local Phone Servic 1,322 11/02/16API VCH IN0789004025.2016.11 438120 Long Distance Service 850110 Airport Operations 76850110 438120 Long Distance Sery 0 11/30/16 GNI ISICHARGERD 442010 Other Building R&M Services 850110 Airport Operations 76850110 442010 Other Building R&M 14,069 442020 Structure R&M Services 850110 Airport Operations 0 1,363 0 1,322 780.00 30.00 165.00 428.82 85.71 0 0 23.78 2.70 0 14,069 3,457.50 .00 583.00 57.2% JOHNSON COUNT#168221 JOHNSON COUNT#168221 .00 893.18 32.4% AUREON COMMUN#168373 .00 -23.78 100.0%* CH NOV LONG DIST CHGBK 00 10,611.50 24.6% Airport Commission Agenda & Info Packet 12/09/2016 16:51 CITY OF IOWA CITY P 12 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 76850110 442020 Structure R&M Sery 621 442030 Heating Equipment R&M Services 850110 Airport Operations 76850110 442030 Heating Equipment 3,000 442040 Cooling Equipment R&M Services 850110 Airport Operations 76850110 442040 Cooling Equipment 1,083 442060 Electrical & Plumbing R&M Srvc 850110 Airport Operations 76850110 442060 Electrical & Plumb 4,459 442070 Bldg Pest Control Services 850110 Airport Operations 76850110 442070 Bldg Pest Control 242 11/10/16API VCH IN31581 0 621 180.00 0 3,000 M 0 1,083 528.00 0 4,459 M 0 242 359.52 30.00 00 441.00 29.0% 00 3,000.00 .0% 00 555.00 48.8% 00 4,459.00 .0% .00-117.52 148.6%* STANDARD PEST#168702 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IOWA CITY P 13 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 443080 Other Equipment R&M Services 850110 Airport Operations 76850110 443080 Other Equipment R& 6,997 0 6,997 2,320.67 444060 Cable & Electrical R&M Srvcs 850110 Airport Operations 76850110 444060 Cable & Electrical 403 0 403 .00 445030 Nursery Srvc-Lawn & Plant Care 850110 Airport Operations 76850110 445030 Nursery Srvc-Lawn 41,529 0 41,529 25,544.60 445080 Snow and Ice Removal 850110 Airport Operations 76850110 445080 Snow and Ice Remov 29,000 0 29,000 5,737.43 00 4.676.33 33.20 00 403.00 .0% 00 15,984.40 61.5% 00 23,262.57 19.8% Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 14 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 445110 Testing Services 850110 Airport Operations 76850110 445110 Testing Services 445230 Other Operating Services 850110 Airport Operations 76850110 445230 Other Operating Se 11/30/16 GEN 111036 SS/JA 446100 City Attorney Chargeback 850110 Airport Operations 76850110 446100 City Attorney Char 446120 ITS-Server/Storage Chgbk 850110 Airport Operations 76850110 446120 ITS-Server/Storage 11/30/16 GNI Nov 16 ND 11/30/16 GNI Nov 16 ND 11/30/16 GNI Nov 16 ND 2,000 0 2,000 .00 0 0 0 264.00 264.00 6,465 0 6,465 M 216 0 216 205.16 34.88 2.13 18.50 00 2.000.00 .0% .00-264.00 100.0%* Annual Maint 3 hydrant 00 6,465.00 .0% .00 10.84 95.0% Storage of files AIR Storage of Email Office sofware Airport Commission Agenda & Info Packet 12/09/2016 16:51 CITY OF IOWA CITY P 15 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 446130 ITS-PC/Peripheral/Tablet S/R 850110 Airport Operations 76850110 446130 ITS-PC/Peripheral/ 6,909 0 6,909 5,096.50 .00 1,812.26 73.8% 11/30/16 GNI 30-NOV-I6ND 1,073.60 NOV ITS Repl Chgbk 446160 ITS -Infrastructure Fee 850110 Airport Operations 76850110 446160 ITS-Infrastucture 8,761 0 8,761 8,761.00 .00 .00 100.0% 446190 ITS -Software SAAS Chgbk 850110 Airport Operations 76850110 446190 ITS -Software SAAS 216 0 216 18.50 .00 197.50 8.6% 446220 Phone Service Chargeback 850110 Airport Operations 76850110 446220 Phone Service Char 800 0 800 .00 .00 800.00 .0% Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IOWA CITY P 16 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 446300 Phone Equipment/Line Chgbk 850110 Airport Operations 76850110 446300 Phone Equipment/Li 11/30/16 GNI ISICHARGERD 446320 Mail Chargeback 850110 Airport Operations 76850110 446320 Mail Chargeback 11/01/16 GNI 11012016 ND 446350 City Vehicle Replacement Chgbk 850110 Airport Operations 76850110 446350 City Vehicle Repla 11/30/16 GNI Nov 16 ND 446360 City Vehicle Rental Chargeback 850110 Airport Operations 76850110 446360 City Vehicle Renta 1.378 200 18.244 272 0 1,378 562.50 112.50 0 200 159.76 .60 0 18,244 8,624.96 2,307.96 0 272 MM .00 815.74 40.8% CH NOV PHON EQUIP CHGB .00 40.24 79.9% OCT Mail Charges .00 9,619.04 47.3% NOV REPLACEMENT COST 00 272.00 .0% Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 17 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 446370 Fuel Chargeback 850110 Airport Operations 76850110 446370 Fuel Chargeback 5,258 0 5,258 1,435.46 11/30/16 GNI Nov 16 ND 110.60 446380 Vehicle R&M Chargeback 850110 Airport Operations 76850110 446380 Vehicle R&M Charge 27,733 0 27,733 5,093.58 11/30/16 GNI Nov 16 ND 2,274.02 449055 Permitting Fees 850110 Airport Operations 76850110 449055 Permitting Fees 440 0 440 175.00 449060 Dues & Memberships 850110 Airport Operations 76850110 449060 Dues & Memberships 1,185 0 1,185 300.00 .00 3,822.54 2 7. 30 NOV DIVISION FUEL .00 22,639.42 18.4% NOV DIVISION SERVICE 00 265.00 39.8% 00 885.00 25.3% 12/09/2016 16:51 mtharp FOR 2017 05 ACCOUNTS FOR: 76850110 Airport Operations Airport Commission Agenda & Info Packet Meeting Date 12-15-16 0000 CITY OF IOWA CITY P 18 YEAR-TO-DATE BUDGET REPORT Iglytdbud JULY 1, 2016 - NOVEMBER 31, 2016 JOURNAL DETAIL 2017 5 TO 2017 5 ORIGINAL TRANFRS/ REVISED AVAILABLE PCT APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 449120 Equipment Rental 850110 Airport Operations 76850110 449120 Equipment Rental 452010 Office Supplies 850110 Airport Operations 76850110 452010 Office Supplies 452030 Minor Office Equip/Furniture 850110 Airport Operations 76850110 452030 Minor Office Equip 452040 Sanitation & Indust Supplies 850110 Airport Operations 76850110 452040 Sanitation & Indus rk 357 I 131 0 0 232.67 0 357 253.86 0 0 223.41 0 131 00-232.67 100.0%* 00 103.14 71.1% 00-223.41 100.0%* 00 131.00 .0% Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-18 12/09/2016 16:51 CITY OF IOWA CITY P 19 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 454020 Subscriptions 850110 Airport Operations 76850110 454020 Subscriptions 11/21/16API VCH IN166000 455120 Misc Computer Hardware 850110 Airport Operations 76850110 455120 Misc Computer Hard 11/21/16API VCH IN166196 461040 Other Agriculture Chemicals 850110 Airport Operations 76850110 461040 Other Agriculture 466050 Electrical Supplies 850110 Airport Operations 76850110 466050 Electrical Supplie 0 0 0 249.60 249.60 193 0 193 15.91 15.91 336 0 336 129.13 445 0 445 690.62 .00-249.60 100.0%* GAZETTE COMMUNICATIO .00 177.09 8.2% HP DIRECT-PUBLICSECT 00 206.87 38.4% 00-245.62 155.2%* Airport Commission Agenda & Info Packet 12/09/2016 16:51 CITY OF IOWA CITY P 20 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 466070 Other Maintenance Supplies 850110 Airport Operations 76850110 466070 Other Maintenance 583 0 583 1,401.38 .00 -818.38 240.4 — 467020 Equipment R&M Supplies 850110 Airport Operations 76850110 467020 Equipment R&M Supp 1,377 0 1,377 186.27 .00 1,190.73 13.5% 468030 Asphalt 850110 Airport Operations 76850110 468030 Asphalt 155 0 155 .00 .00 155.00 .0% 469040 Traffic Cntrl Imprvmt Supplies 850110 Airport Operations 76850110 469040 Traffic Cntrl Imor 169 0 169 .00 .00 169.00 .0% Airport Commission Agenda & Info Packet 12/09/2016 16:51 CITY OF IOWA CITY P 21 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 469190 Minor Equipment 850110 Airport Operations 76850110 469190 Minor Equinment 469200 Tools 850110 Airport Operations 76850110 469200 Tools 469260 Fire Ext & Refills 850110 Airport Operations 76850110 469260 Fire Ext & Refills 469360 Food and Beverages 850110 Airport Operations 76850110 469360 Food and Beverages 570 400 324 C, 0 570 MIS 0 400 244.89 0 324 506.20 0 0 78.83 00 570.00 .0% 00 155.11 61.2% 00-182.20 156.2%* 00 -78.83 100.0%* Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IOWA CITY P 22 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 JOURNAL DETAIL 2017 5 TO 2017 5 ACCOUNTS FOR: ORIGINAL TRANFRS/ REVISED AVAILABLE PCT 76850110 Airport Operations APPROP ADJSTMTS BUDGET YTD ACTUAL ENCUMBRANCES BUDGET USED 473010 Contracted Improvements 850110 Airport Operations 76850110 473010 Contracted Improve 473020 Non -Contracted Improvements 850110 Airport Operations 76850110 473020 Non -Contracted Imp 490040 Capital Project Funding 850110 Airport Operations 0 0 0 259,932.22 .00 -259,932.22 100.0%* 20,000 0 20,000 18,321.32 7,450.00 -5,771.32 128.9%* 76850110 490040 Capital Project Fu 0 TOTAL Airport Operations-100,000 TOTAL REVENUES-472,709 TOTAL EXPENSES 372.709 0 0 5,564.39 0-100,000 236,990.16 0-472,709-183,875.10 0 372.709 420.865.26 .00-5,564.39 100.0%* 7,450.00-344,440.16-244.4% .00-288,833.90 7.450.00-55.606.26 Airport Commission Agenda & Info Packet nn PPfin� na}P 19-15-1R 12/09/2016 16:51 CITY OF IONA CITY P 23 mtharp YEAR-TO-DATE BUDGET REPORT glytdbud JULY 1, 2016 - NOVEMBER 31, 2016 FOR 2017 05 ORIGINAL TRANFRS/ REVISED APPROP ADJSTMTS BUDGET JOURNAL DETAIL 2017 5 TO 2017 5 AVAILABLE PCT YTD ACTUAL ENCUMBRANCES BUDGET USED GRAND TOTAL-100,000 0-100,000 236,990.16 7,450.00-344,440.16-244.4% ** END OF REPORT - Generated by Michael Tharp **