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Ordinance 3634
f FILED f _ RECORD ' 92 AUG 14 p17 1, 55 ORDINANCE NO , 3634 WASHiFJ ; ION CO AR A . KOLLAEYER AN ORDINANCE AUTHORIZING EMINENT DOMAIN PROCEEDINGS FOR THE CITY TO OBTAIN APPROXIMATELY . 88 ACRES , TRACT 71 , OWNED BY NATIONAL OIL SUPPLY , INC . , WHICH IS PART OF THE AIRPORT FEDERAL LAND ACQUISITION PROJECT �y AREA . V4 X BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE , ARKANSAS : Section 1 . That the Board of Directors authorizes and directs the city attorney of the City of Fayetteville , Arkansas to initiate legal action , in order to obtain property needed for the airport federal land acquisition project , on the property described below : A ) Tract No . 71 , containing approximately . 88 acres , owned by National Oil Supply , Inc . , as more fully set forth in the legal description attached hereto as Exhibit vAn Section 2 , The Board of Directors hereby determines that the immediate acquisition of the above-described property for the airport federal land acquisition project is necessary for runway approach and transitional area protection/obstruction removal and is essential for the public health , safety and welfare . Therefore , an emergency is hereby declared to exist and this ordinance being necessary for the public health , safety and welfare shall be in full force and effect from and after it ' s passage and approval . PASSED AND APPROVED this 4th day of August , 1992 . APPROVED , By . Mayor ATTEST : By : njL 62pct su City C1 rk 92 41408 CRP .TNICATE OF RECORD Stake of A.rr:vnsas City of haya2teville 1, .ilierry ` humsas, City Cl9fk it"d Rif Officto recorder for the City ?+f t aaaltevilte, do hereby certify that tiro annexed or foregoing is of record W iv y office and the same appears M E>rGinenee & Resolution book XrV2L=. a pmWitness my liarran and. Sea! qday of 19 Crtr Creri rn Ei•omdo 1Racordar EXHIBIT ^A^ Part of the Southwest Quarter ( SW1 /4 ) of the Southwest Quarter ( SW1/4 ) of Section 33 , in Township 16 North of Range 30 West , as described as follows , to-wit : Beginning at a point where the North line of said forty acre tract intersects the center line of the concrete slab of U . S . Highway No . 71 , and running thence South 2024 ' West with the center line of said Highway slab 7 . 75 chains ( 511 . 5 feet ) for a beginning point , which beginning point is the South line of the gravel road known as the Bellview Road , thence West along the South side of said road 200 feet , thence North 191 feet thence East 200 feet to the center line of the concrete slab of U . S . Highway No . 71 thence South along the center line of said Highway 191 feet to the place of beginning, located in the City or Town of Greenland , County of Washington , and State of Arkansas . 92 41409 § ff � t � ` ' � 1 : ` � - � § ! . . ® \ k $ 2 \ < � f � . : . : : \ 7 \ � a 1 1 ' ORDINANCE NO. 3634 STATE of ARKANSASJ} AN ORDINANCE AUTHOR- SS. IZING EMINENT DOMAIN County of Washington PROCEEDING FOR THE CITY TO OBTAIN APPROXI- MATELY 88 ACRES , -� �) C Q /� 1 TRACT 71 . OWNED BY NA- I ' , ✓ , .,,JC/� hereby certify that TIONAL OIL SUPPLY, INC., WHICH IS PART OF THE am the publisher of THE NORTHWEST ARKANSAS TIMES, a daily newspaper AIRPORT FEDERAL LAND having a second class mailing privilege, and being not less than four pages of five AAR OUISITION PROJECT columns each, published at a fixed place of business and at a fixed (daily) intervals BE IF ORDAINED BY THE 1 continuously in the City of Fayetteville, County of Washington. Arkansas for more BOARD CIT DIRECTORS thane period of twelve months, circulated and distributed from an established lace OF THE CITY OF TORS I P TEVILLE, ARKANSAS: Of business to subscribers and readers generally of all classes in the City and County Section 1. That tee Board for a definiterice for each of Directors authorizes and P copy, or 8 fixed price per annum, which price W85 fixed directs the city attorney of at what is considered the value of the publication, based upon the news value and ser- the City of Fayetteville. Ark- vice value it contains, that at least fifty percent of the subscribers thereto have paid ansas to initiate legal ac- tion, in order to obtain cash for their subscriptions to the newspaper or its agents or through recognized news property needed for the -air- dealers over a period of a least six months; and that the said newspaper publishes an port fedora) land acquoperisitie - average of more than f percent news matter. project. ,federal Ina property ion � dIty scribed below: I A) Tract No. 71 , containing I further certify that the legal notice hereto attached in the matter of approximately .88 acres, owned by National Oil ^I N � � `' 3t, , � � Supply, Inc., N more fully ( / ' t set forth in the legal de- ^ rl� scription attached hereto as ' Exhibit -A-. was published in the regular daily issue of said newspaper for Section 2. The Board of Di- rectors hereby determines consecutive insertions as follows: that the Immediate acquisi- tion of the above-described x UTJI��• property for the airport fed- The first insertion on the _GJ— day of 19 oral land acquisition project is necessary for runway ap- the second insertion on the day of 19 preach and transitional area protection/obstruction re- moval and is essential for the third insertion on the day of 19 1 the public health, safety and welfare. Therefore, an emergency is hereby dec- and the fourth insertion on the day of 19 fared to exist and this ordi- nance being necessary for the public health, safety and welfare shall be in full force and effect from and after it's passage and blisher General Manager approval. eZ PASSED AND APPROVED this 4th day of August. XiA 1992. Sworn to and subscribed before me on this / APPROVED: day of By: Fred S. Vorsanger Mayor 19 ATTEST: By: Sherry L Thomas City Clark EXt Pert Southwest Quarter the the t5w1 /4Y of the Notary Public Southwest W1/4) Section 33, in Township 1 33. in (5 18 North of Range 30 West. as described as fol- My Commission Expires: lows, to-wit: Beginning at a Point where the North line q � D l 0 of said forty acre tract in- tersects the center line of the concrete stab of U.S. Highway No. 71 , and run- ning thence South 2024' West with the center line Fees for Printing $ �Oq• of said Highway slab 7.75 , g chains (511 .5 feet) for a be- ' ginning point. which begin- : Cost of Proof $ ning point istheSouth line of the gravel read known as ' the BelNiew Road. thence Total West along the South side , of said road . 200 feet, i thence North 191 feet thence East 200 feet to the center line of the concrete slab of U.S. Highway No. , 71 thence South along that centerline of said Highway 191 feet to the place of be- ginning, located in the City or Town of Greenland. County of Washington, and State of Arkansas. PHOTOGRAPHS f r�M FRONTAGE LOOKING • �5 BAILEY DRIVE yw tey, as .,iii« . FRONTAGE y • • WAREH k. s, • USE - EAST & SOUTH SIDES • • NORTHWESTERLY r � ■ Photographs cont ' d , . !fan-^------ - - ------ a WAREHOUSE - NORTH & EAST SIDES - LOOKING SOUTHWESTERLY :tpppp 1 WAREHOUSE /OFFICE AREA - WEST SIDE - LOOKING NORTHEASTERLY 5 I , IA wj'r'r..c ..- 8' SMINGDALE A. kt . COUNTIF T, . .n •aa1� {� � Xlek ... I It LLii iCrr /,�' T i L �V o cww , , t WAR- °' i. .`I i 1 IF —.._ . _ _I .am. p fR r —_ — • F r ✓. $ • mk all lim Is 4 4F All \ � u FAY 3 Il — It •:y slL •,4 MY am C ,*fy 'f'l;C �`I�`• O �. •' P. q1 A y C G t.' VIIdd •fir e� �• _. . 0 _ r ..: IIW1a ` ` .. I �. r r {rfe s.✓.+v' -,.. r1]/ j. h± n y'�r�.. r E� -'t r � t A.(a• i •T I s. GREFNIAfSD:� f .. V .1 4.rr .L y x�•1 ] ?t LS ` 4 4J i1+ ?34 , My� ~ vy s dr `' y,1'- ..r.. -fl a '" . . _' � .: •t �rT 'b I}pf ��.� b. r, �:.n � . � _:,r- r t �� •(iNti' `u•'�. yjt y � ' �'.:�. 44 �w, rrrr � "r6P1 yy < I -' 'G5 iu t •'. yl] n • c} -! 3 .• ? ° ] Svc + yk•,+ r� eCl y ■ s t s a t E s a rt t ■ IDENTIFICATION OF PROPERTY Property : National 011 6 Supply Co . , Inc . Property presently occupied by Con-Way Southwest Express , a division of Consolidated Freightway . Address : Northwest Corner of U . S . 71 /Bailey Drive , Greenland , Arkansas , Washington County Legal Description of Property : Part of the Southwest Quarter ( SW 1 / 4 ) of the Southwest Quarter ( SW 1 / 4 ) of Section 33 , in Township 16 North of Range 30 West , and described as follows , to -wit : Beginning at a point where the North line of said forty acre tract intersects the center line of the concrete slab of U . S . Highway No . 71 , and running thence South 2 degrees 24 minutes West with the center line of said Highway slab 7 . 75 chains ( 511 . 5 feet ) for a beginning point , which beginning point is the South line of the gravel road known as the Bellview Road , thence West along the South side of said road 200 feet , thence North 191 feet , thence East 200 feet to the center line of the concrete slab of U . S . Highway No . 71 , thence South along the center line of said Highway 191 feet to the place of beginning , located in the City or Town of Greenland , County of Washington , and State of Arkansas . Actual_site dimensions utilized in this report are from survey which appears later . PURPOSE OF APPRAISAL The purpose of this appraisal report is to estimate the market value of the subject property as of March 3 , 1992s The client ' s intended use of the report is as a basis for acquisition of the, property in connection with the Fayetteville Municipal Airport Land Acquisition Program . PROPERTY RIGHTS APPRAISED The property rights being appraised are those of an assumed fee simple ownership . The owner of the subject property is National Oil S Supply Co . , Inc . , a Missouri Corporation . CITY AND REGIONAL DATA It is assumed that all readers of this report are well informed about the City of Greenland as well as the Metropolitan area and a long dissertation about the economic conditions of the area is not necessary . Greenland is located in the central part of Washington County , immediately South of Fayetteville , the county seat of Washington County , The 1990 population of Greenland was 622 . 7 NEIGHBORHOOD DATA Geographic Boundaries : The subject neighborhood is located in Greenland , Arkansas , along U . S . Hwy 71 and vicinity . The Highway 71 Bypass appears to be the North neighborhood boundary and the South Greenland City Limits are considered the southern boundary . Arterial Roadways : The major roadway within the neighborhood is U . S . 71 . This is a heavily traveled North- South thoroughfare with four lanes and a center turning lane . The 1988 Arkansas Transportation Map indicates an average daily traffic count on 71 in the neighborhood ranging from 16 , 560 in the south to 18 , 000 in the North . The 1991 count is expected to be higher . Built Up : The neighborhood appears to be over 758 developed , considering the Fayetteville Municipal Airport . The overall occupancy rate is in the 85 to 958 range . Summary/Conclusions : Subject property is located on the West side of U . S . 71 at the Northwest Corner of the intersection of Bailey Drive with said 71 . This . location is in the North Central part of the neighborhood . Property uses in close proximity to subject include : A welding shop and residences to the West ; A residence to the North ; Fayetteville Municipal Airport property to the East , across U . S . 71 ; And , two mobile home parks to the south , across Bailey Drive . The Fayetteville Municipal Airport is located on the East side of U . S . 71 in the immediate subject neighborhood . Subject is located West , across 71 from the North end of the runway . The majority of the subject neighborhood is the small community of Greenland . Commercial and industrial property comprise the majority of neighborhood property use . The breakdown of property uses is estimated to be 158 single - family , 208 commercial , 308 industrial , and 358 vacant / airport . Utilities available in the neighborhood include public water 8 sewer , natural gas , electricity , and telephone service . Subject neighborhood appears to be in the stability to declining stage of its life cycle . No new construction was observed . Marketing time for properties in the neighborhood appears to be over six months . 8 a 0 SCOPE OF THE APPRAISAL The scope of this appraisal involves the application of the "Appraisal Process " in estimating the market value of the subject property . Subject was last inspected on March 3 , 1992 . Employees of Con-Way Express were present at the time of my inspection . Photographs were taken of the site and improvements . In addition , subject warehouse was measured . An interior inspection of the building was also made . Pertinent locational information was also obtained at the property inspection . The legal description of the property and the survey of the site were furnished by the client . Applicable property tax data was obtained at the Washington County Courthouse . The highest and best use of the property was projected based upon location , physical characteristics , zoning , existing use , etc . The Cost and Sales Comparison Approaches were relied upon in this report . The "Approaches To Value " are described later in the report . The Income Capitalization Approach was also presented , however , was given little consideration due to the condition of the building and lack of warehouse rentals in the neighborhood . Finally , the value indications were reconciled into a final estimate of defined value . DATE OF APPRAISAL The date for which this value estimate is applicable is March 3 , 1992s The date this appraisal report was prepared was March 4 , 1992 . 9 mom DEFINITION OF MARKET VALUE The term "Market Value " as used in this appraisal report is defined as follows : " The most probable price which a property should bring in a ' competitive and open market under all conditions requisite to a fair sale , the buyer and seller , each acting prudently , knowledgeably , and assuming the price is not affected by undue stimulus . Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby : a . buyer and seller are typically motivated ; be both parties are well informed or well advised , and each acting in what he considers his own best interest ; ce a reasonable time is allowed for exposure in the open market ; d , payment is made in terms of cash in U . S . dollars or in terms of financial arrangements comparable thereto , and ; e . 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 . " ' DEFINITION OF FEE SIMPLE ESTATE "Absolute ownership unencumbered by any other interest or estate ; subject only to the limitations of eminent domain , escheat , police power , and taxation . " ' DEFINITION OF HIGHEST AND BEST USE The definition of highest and best use is as follows : 1 . The reasonable and probable use that supports the highest present . value of vacant land or improved property , as defined , as of the date of the appraisal . 2 . The reasonably probable and legal use of land or sites as though vacant , found to be physically possible , appropriately supported , financially feasible , and that results in the highest present land value . 3 . The most profitable use . Implied in these definitions is that the determination of highest and best use takes into account the contribution of a specific use to the community and community development goals as well as the benefits of that use to individual property owners . Hence , in certain situations the highest and best use of land may be for parks , green belts , preservation , conservation , wildlife habitats , and the like'. The four tests that must be met to determine highest and best use are as follows : 1 ) Physically possible ; 2 ) Legally permissible ; 3 ) Financially feasible ; And , 4 ) Maximally productive . ' American Institute of Real Estate Appraisers , The Dictionary of Real Estate Appraisal , ( Chicago : American Institute of Real Estate Appraisers , 1984 ) , P . 194 , 2American Institute of Real Estate Appraisers , The Dictionary of Real Estate Appraisal , ( Chicago : American Institute of Real Estate Appraisers , 1984 ) , 123 . 3Ibid . Pg . 152 . 10 Comment: Subject site consists of approximately .88+/- acre of improved commercial property. The site is zoned commercial. The location of the site is on the West side of U.S. 71 at the Northwest corner of the intersection of U.S. 71 and Bailey Drive. This location is in the North part of the Greenland City Limits. Fayetteville Municipal Airport property is located to the East across U.S. 71. Commercial/Industrial uses make up the bulk of the neighborhood property use. However, older residential uses are also visible. Development in the neighborhood is static at the present time. The physical characteristics of the site are considered reasonably conducive to commercial development. The site fronts the West right-of-way of U.S. 71 for approximately 190.08'+/-, however it appears 22.5'+/- of this lies in the intersection of Bailey Drive with 71. The 71 frontage is slightly below road grade. The south boundary of the site appears to front Bailey Drive for approximately 150'+/-. The topography of the site is undulating to gently sloping. In my opinion, the highest and best use of the site as vacant is for the construction of commercial service or warehouse improvements that are in compliance with existing zoning regulations and that do not suffer from any form of accrued depreciation. Subject site is improved with a 1500+/- SF concrete block warehouse presently utilized by Con -Way Southwest Express, a freight transporter. Con -Way Southwest Express is leasing the property on a month to month basis from the property owner, National Oil & Supply Co., Inc. The lease amount is very minimal and has been reported to this appraiser as $100/month. This is due to the condition of the building and the knowledge that the property will soon be acquired by the airport. Subject structure is dock height and has four overhead doors and a 150+/- SF partially finished office. There is a two fixture bathroom, however, it apparently is inoperable at the present time. The condition of the building was only fair at the time of my inspection. Considerable deferred maintenance was observed. However, the building still appears to contribute value to the land. In my opinion, the highest and best use of the subject site as improved is to correct deferred maintenance and to utilize the property for commercial warehouse purposes. In summary, it is my opinion the highest and best use of the subject site is that indicated "as improved." 11 s U° �ih Site Location�,�`'� m oI o 1 v 0 p o oIt ° \ J • o t�l it ° o iUd a LJIeJIItrrb •a O $ gj � lU A7LrJ M o F ; y O` w 0 1 . Y • \ n i • K '• • S - • SW ./:<.1,,J// • I • /' fj! • , R' 'F = r r + ym S �y /_ •.i .: `` i .... .�.. .yam.{ y ___...__ ..... K.. _gam •'�V ,,,_:.... � 1 M TCH LINE, 3Hr80F3 SITE DATA Dimensions & Shape: 190.08' x 200' x 190' x 206.51'; Nearly Rectangular Area: .88+/- Acre; 38,332+/- SF; 190.08'+/ - of U.S. 71 frontage and 175'+/- of Bailey Drive frontage; It should be noted that the east boundary of the site lies in the centerline of U.S. 71B and the south boundary of the site lies on the southside of Bailey Drive; Actual frontage against the 71 right-of- way appears to be 167.58'+/- and actual frontage on the north side of Bailey Drive to the 71 right-of-way appears to be 150'+/-. Topography: Undulating to gently sloping; Soil and subsoil conditions are not believed to be adverse to building construction. Street Improvements sidewalks _Yes X No curbs X Yes _No street paving _Concrete X Asphalt On -site Parking Gravel Off -site Parking No Utilities water system: X public_comm_indiv sewer system: X public_comm_indiv Gas X Yes _No Electric X PSC _Rea Discussion of Economic Inadequacies, if any: Airport is nearby, however, this is not considered adverse to the site's highest and best use. In addition, the Arkansas - Missouri Railroad is located a short distance to the west, however, this, too, is not considered adverse to the site's highest and best use. Easement or encroachments on site, if any: Subject site does not appear to be located within the 100 year flood zone, however, as can be seen from the flood zone map which appears later, the actual limits of the flood zone study are just east of subject. No adverse easements or encroachments were observed, however, the survey which appears later in this report does not depict the location of utility easements. Site Improvements: The only site improvements noted were minimal landscaping and gravel parking area. ZONING Classification: Commercial Remarks: Existing use appears to be legal and permissible. Conforming: X Yes _No 13 A '. ..ct Jrfl_- _ • Parcel No. 7/ (SIXTEENTH SECTION LINE) . 0.88 Acres Afore or Less Record Point OWNER OF RECORD National Oil I & ,, Supply Co., Inc. I Book 899 —Page 584 I - x x lx x xx x- I ji I I I I M� 1 •I I S 880926" E— 206.51' a sl _ MRE FENCE 3 d II I N I ^ N a y O I"I I CONC. BLOCK ONE STORY I ��� N I BUILDING I I O I In O O — — — — — m x x— o,Jl —� p — — — J . — ( GRAVEL DRIVE) ci I I. I L W � I e I I o 3I I I I "I ®5 taut stEPs AND PDRW ! I N z i I• I ✓ ,•� I (GRAM D/tI1E AND PARKING ) Ln BAILEY DRILL' I (16ASPHALT) I N 8809'26" W — 200.00' II 79 a I FY912710 GRAPHIC SCALE DRAKE FIELD 'N,-) IkSe 0 w SrAL6 : 1' —40 PARCEL ND. 71 DEED L1 A3' — — LAND LhW — I Moc/Ml.nd ..,� n. o s.r Con .u/t/np Enpin.n lneorponxt.d Foyettew7le Little Rock 7870 N. cdlp. ODD W Mo*hom 14 i• a I Plain Maps 05143C0094C LIMIT OF 'STUDY LIMIT OF DETAILED STUDY .1245 a a.'a 1 •, Zoning Map / y t R 30 W __ h ►r a 2 R-2 C BAILEYDRIVE I I ! • C • R -I SHORT 42 • DIX YErrEkILtE. FA DRAKE I a F/EL D C I I R-1 MOUNTAIN I DR. R -I R -I W I Q RUS s 4 8 9 DIANE hi R -I R C Q O pJ O WILSON a C u CALD`1 LL $ R -I HORN AVE. C R -I LI CIRCLE 0R• w w -2 a M a W I-. R-1 0 ru,Ir' no N = R-2 16 i I --.-....-- ASSESSMENTS AND TAXES Assessed Value Tax Land $2100 $ 79.38 Buildings 3240 122.47 Total $5340 $201.85 Subject was appraised for property tax purposes at $26,700. The assessment ratio is 208 and the applicable 1991 millage rate is .0378. The 1991 tax is due 10-10-92. No special assessments were noted. The total tax appears in line with similar area properties. HISTORY No sales of the subject property were noted within the last three years. The property is presently under lease on a month to month basis to Con -Way Southwest Express. The indicated monthly rental rate is $100. 17 DESCRIPTION OF IMPROVEMENTS Subject site is improved with a 1500+/- SF concrete block commercial warehouse structure. Following are construction details: ITEM Site Work: Preparation Foundation: Concrete Floor Structure: Lift Slab Floor Cover: None Struc. Fr.: Concrete Block Ext. Walls: Concrete Block; 11'+/- wall height above 3 1/2'+/- dock height floor. Roof Structure: Wood joists and decking Roof Cover: Composition Shingle Ceilings: Fiberboard ceiling tile in small office area in southwest corner of structure. int. Finish: Paneling in office area and bathroom Plumbing: (1) Two fixture bathroom - Apparently inoperable Heat & Cool: Overhead suspended heater Electrical: Minimum Appliances: None Insulation: None Miscellaneous: Four overhead doors noted, one on north and three on south; 19+/- SF porch at southwest corner; 4'+/- roof overhang on south. Age: Unknown, however estimated to be 20+1- 25+!- years. Condition: Fair, numerous deferred maintenance noted: Dryrot on fascia, wood trim needs to be scraped and painted, missing and deteriorated blocks on exterior walls, bathroom is inoperable, etc. Also, numerous cracks in the exterior masonry walls were observed. In addition, cracks in the interior concrete floor were noted in the northwest and southwest corners and the floor slants in these areas. Obsolescence: Functional indicated in layout and construction when compared to a new facility of this nature. Effective Age: 20+/- Years Remaining Ec. Life: 20+/- Years Add. Comments: Interior layout consists of a 150+/- SF office area, 33+/- SF bathroom, and 1317+/- SF warehouse. I BUILDING SKETCH r- 4.75'! Por 4' • Office BR 6y' 5' OHO WAREHOUSE OHO OHD OHD 30' 50' 19 THE COST APPROACH In the cost approach an estimated reproduction or replacement cost of the building and land improvements as of the date of the appraisal is developed, together with an estimate of the losses in value that have taken place due to wear and tear, design and plan, or neighborhood influences. To the depreciated building cost estimate is added the estimated value of the land. The total represents the value indicated by the cost approach. THE SALES COMPARISON APPROACH In the sales comparison approach,, the subject property is compared to similar properties that have been sold recently or for which listing prices or offering figures are known. Data for generally comparable properties are used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. THE INCOME CAPITALIZATION APPROACH In the income capitalization approach, the current rental income is shown with deductions for vacancy and collection loss and operating expenses. A conclusion about the prospective net operating income of the property is developed. In support of this net operating income estimate, operating statements for previous years may be reviewed, together with available operating -cost estimates. An applicable capitalization method and appropriate capitalization rates •are developed for use in computations that lead to an indication of value by the income capitalization approach. 20 COST APPROACH LAND VALUE ESTIMATE Comp #1 Comp #2 Comp #3 Location Sale Date Proximity to Subject Zoning Size Shape Topography Sale Price Price Per Acre Comments: East side of NEC of 71B & W side of U.S. U.S. 71, South 26th Street 71,N of Branch of 71 BP Inter. Bank & across from airport 6-17-90 1-18-90 Listing .9+/- mile 1.4+/- miles .3+/- mile North North South Appears to be Appears to be C C-2 C-2 1.66+/- Acres 1.09+/- Acres 2.23+/- Acres Appears Appears Appears Irregular Irregular Irregular Gently Sloping Undulating to Undulating to Gently Sloping Gtly. Sloping $15,000 $40,000 $69,500 $ 9,036 $36,697 $31,166 Sale No. One Grantor: Pearl Thurlby Grantee: Kenneth Shepard Date of Sale: June 17, 1990 Recorded: Book 1349, Page 784 Legal Desc.: Part of Lots 3 and 6, Block 7, Sheltons Addition to Fayetteville Consideration: $15,000 Size: 1.66+/- Acres Price Per Acre: $9036 Remarks: Approximately 125' of frontage on U.S. 71, South of Skelton Street. Speculation is that the seller was motivated to sell and, as a result, sold below market. Comparison to Sub.: Requires upward adjustment for conditions of sale; Reasonably similar in location; Requires upward adjustments for larger size and for a substantially lesser amount of 7.1 frontage per acre. Overall upward adjustment of 165%; Indicated per acre value for subject of $23,945 ($ 9,036 x 2.65). Sale No. Two Grantor: Roy Teckell Grantee: Frank Shuler Date of Sale: January 18, 1990 Recorded: Book 1350, Pages 257 and 258 Legal Description: Lots 4, 5, and 6, Grandview Place Subdivision to Fayetteville. Consideration: $40,000 Size: 1.09+/- Acres Price Per Acre: $36,697 21 Cost Approach, Cont'd. Sale No. Two. Cont'd. Remarks: Comparison to Sub.: Listing Approximately 300'+/- of frontage on the east side of U.S. 71B across from Mexican Original. Site is level at road grade. Property was part of a trade, however, indications are that it was fully arms -length. Reasonably similar in location and size; Requires downward adjustment for more 71 frontage per acre; Overall downward adjustment of 20%; Indicated per acre value for subject of $29,358 ($36,697 x .80). The third comparable utilized is a listing located on the west side of U.S. 71B, approximately .2+/- mile south of subject. The property is situated in the S 1/2 of the NW 1/4 of the NW 1/4 of 4-15-30. The location is in the Greenland City Limits. Lindsey & Associates Realtors presently has the property listed for sale at a price of $69,500. The property has been listed for a long period of time with little market activity. The price has been reduced at least two times recently. The property has approximately 528.06' of frontage on U.S. 71 and also fronts the Arkansas -Missouri Railroad right-of-way. In comparison to subject, this property would require an upward adjustment for size and a downward adjustment for 71 frontage per acre. The adjustments offset. Assuming the property sells for list price, the overall net adjustment is indicated to be 0%; Indicated per acre value for subject is $31,166 ($31,166 x 1:00). Conclusions The land comparables utilized indicate a per acre value for subject ranging from $23,945 to $31,166. Sales one and two indicate $23,945/acre and $29,358/acre, respectively, while the listing indicates the upper end. It would appear logical to give more weight to the sales: Indicated Per Acre Value For Subject = $28,000 88+/- Acre at $28,000 = $24,640 Say $25,000 22 Comparable Land Sales / • I l^ `+T:I BAILEY R to 4 :1 r I a �Y•� ASR ar i SL••(A. V' -• 61] - • YJ� Dw rY o-ll.. rll 1n,, t. •]•,• o-ll L.., G • UN- ,.._t -':z. D11 Lw 4br I• I \•W trN lei < 1 t U� _. •....��aAl XO •� Niii V.L. .NLAND ciRssf w WALKU PARK e ST PAIR id IEC wi .}. 4.7,r6>R`' :.: '' M F. G,k !: r.4L.'. �••. h' }"rTr ,i > ♦ r f0 'Qly --',•�VAti \1 v V L� Vi l ]WY' �iV 'lam t`n ♦ '! P N•r{%!f/�. . I f , F I \ YDUNiNN ST GE IIQLINO YLtJ r • - 4 A _1 H C• Yr COMFORT RD E4 PI [ASTON._ .. r \ , MT NOM 04 ROSE AWE ., "r I r I J '' - fl flr1a -----------11 04 NLr CA...V Y R • .•'e,.. V4 11APT .. OE IIDIM AN. I: V •r i " METRE5MP ST OJ MILEOW ME _ Ip M4mfrrOAL[O� .. CA IPwEO. ♦PAS.-Llr. ...ra[ a lN:�•] • Pt -T '.�. i♦ h:. NMF1O1g1MyR1A AYI�.15%I a.. Dl 4NtlIS .. • Y lK C NOSTH 5T it LMAa'E•• ' a • ,.' NCATIVEW £0 F7 SAWYERAT NOR1M000D . CI SCrsNOL AN.. • 1' a - • _ ' ; MTINGMILL DI SEWNRE .. FAVETTEVIL,E -Rp. - , F - i:. DAP AVC r.E MITI MW A ♦• ,r 4 I CAM OO W YdArM •I A Syl CAP ITAILEY D• SJOLrorw CT ' DRAKE FIELD L .. - - ^ e . . + ' s- Damn _ ' Dr error. ..! .. j y - ♦ •• • MN -11- CAKLANOAVE IS NACOWS" .. OANLA WM OI SNA01 "i- s Iry 4 ✓. -r•1 O♦.KS MANOII DA ... OI $MYSLW AH 1 a jY c RL : V 'LS N 1 'r" rv.A]. yyaW ) MYOADANLCsR LM �1 I ` I { ♦ '( It l: { 'afi'.\•T.f p1 LAICMM WAY. ... 01 ENUNELO Ft. L^\ a 5' ,L/ • k. • • . OLww AVe .0E SMEPt ,'^L^ Y. r SN t� ,• Jl ,.. 1I. f1 ♦TN QO I.WMINOION M NA EAERTAN AWE 4 Tr \1 'O Q0MIS501}IIM . GS YIEPWN..II fry - `I M r� ji QZA aD ZIONRO . .EIS SNF'M'OOD Ir Gr A'- ur r :, Y + 1 ra OLD"ME RD M SNPVLAVE. .Y •, a I.r •Ls tl • '• Y , yD.IVE AVE ..01 SW161 DO .. . r♦a'L A a a j•J't ft r• t!'p ORA0 .. .. MA SMILPr OR... ( ¶ pM. W .. F.J ENRON OA . .l • a '\ r I9- t J L'•,10VE%ANDtlll GT SIERRWLYRV r' - > fi' I • LL"OVERLOON F-, 9DD.P A S1 F •• P OnOMR .•.• CIS ST,EO0NSi RV Ix 4 •' DIARP ,e SKLLIRNRD ♦ S �• L PALMER AVE .. Gi EPVUNE DR • PALMERR O5 UIGO ST IN 1. ` L PARIS - GI W'IMAVE I .a4 ' a PA:RRK, AV ' i iMORti11P16 '� •_ •AIRPIA IS SWLV AVE 1' .^ Il, , PAWNEE CT .. ES 50VDrtRNM •. r I. . RUCM ST .T4 SOOM St MAP 14 STADIW DP pq. �- ` ♦ r ` • PEEL E! PAr{COACI • 1 PFG aN DI STANTONAVI , I PLNOROIIE RD H Sl CHORUS ' ♦ •..••4r• PEITAGRfI . MS STEARNS ST PNARRISO . . 01 STL'4NSON _ 4.' LV•RLIPS 4E 5TEw. t I ( _ WNI .. 0J STOMf Sl N / WpWNDR E.1 STONE RPIIX i r KAINNE W Ag OI STGAER Yf • 23 �U.RO T5, IS stIR.ARO F1E• 4 I A Ca EI L.VMER•.c MATT . MRTIR aD I. 5UMMC S • PRCF IIcl IO•S.INr r.N YA i .1i5t l Ar,...5f E L v -4T fl _ ___ PPncnrrr LA: wv.iE1 :11 Cost Approach cont'd. ESTIMATED REPRODUCTION COST NEW OF IMPROVEMENTS $ 14.70 Base Price Per Square Foot = +1.20 Dock Height = $ 15.90 Multipliers Wall Height .960 Perimeter 1.252 Cost •99 1.00 Area .84 Adjusted Price Per Square Foot $ 15.90 x 1500+/- SF = $23,850 Plus: Entrepreneurial Profit 0 8% = 1,908 Reproduction Cost New = $25,758 Less: 50% Accrued Depreciation 8791 (20+/- yr. Eff. Age V. 40 yr. Ec. Life) _ X12• Depreciated Reproduction Cost New = $12,879 Plus: Landscaping/Gravel 1,000 Plus: Estimated Land Value = 2S 5,000 INDICATED VALUE BY COST APPROACH Say $39,000 •Remarks: cn 14on Cost New Data was of Marshall Valuation Service. Setioderived from 24 SALES COMPARISON APPROACH The unit of comparison is whole property. The elements of comparison are property rights, conditions of sale, market conditions, location, and physical characteristics. All adjustments derived from the market and the knowledge and experience of the appraiser. Please see the following pages for a description of the sales. ITEM Subject Address Sales Pric4 Pric•/ST Prop. Rte. Cored. of Sale Market Cond Location site Phy. Char. Eft. Aqe/ Cond. Quality Heat/Air Size Other Ind. Value For Subj. Camp 81 NP] Coup 03 MMC Salley/71 Greenland 293 E. Main, Farmington 1410 S. School Fayetteville SEC of Cherry 6 S.school-Tay N/A 050,000 $44,000 $43,000 M/A $20.00 $15.25 $43.08 Tee Fee 0 Fee 0 Too 0 Cash Cony. 0 Unknown 0 Unknown 0 3-3-92 6-6-91 0 4-26-91 5-7-90 M. Greenland E. Farmington S. Fay. S. Fay. .08+/- Acre) $25,000 .33+/- Acre; $15,000 +10,000 1.293 Acres; $25,000 1.84+/- Acres 829,500 -4,000 20 yrs./Avg. 5 yrs./A-G -9,500 35 yrs./F - + 3,500 20 s/Fair Mas.Warehouse/Fair Serv.Gar/ Better -2,500 Na. a Fr./ Better -2,300 Masonry/Sup. Finish -2,500 Space Heat Space Heat 0 Similar sim;C N/A app- ears to have been added since sale 1,500+/- 8T 2,500+/- Sr -5,000 2886+/- 8T -7,000 980+/- SF +2,500 Site Improvements Site Imp. Site zap. Site Imp. E3e.GpG 839.000 Comments: The mean of the sales is $40,000 and the median is $39,000. Adjustments: Location - Any location adjustment is adequately reflected in the land value difference. Site - Adjustments based on difference in contributory value as reflected in grid. Eff. Age/Condition - Adjustments based on effective ages of sale buildings at date of sale in comparison to effective age of subject structure at date of appraisal. Quality - Each of the sales is considered 10% superior to subject in construction quality/finish. Size - Adjustment estimated to be $5 per square foot for difference in building size. Other - No adjustments indicated. Correlation: Each of the sales is given consideration, however, most weight is placed on comps two and three due to location. INDICATED VALUE BY SALES COMPARISON APPROACH = $39,000. 25 Sales Comparison Approach, Cont'd. Sale No. One MLS Number: 91-00460 Address: 293 E. Main, Farmington, Arkansas Date of Sale: June 6, 1991 Consideration: $50,000 Financing: Conventional Land Size: .33+/- Acre Building Size: 2500+/- Acre Price/SF of Building Area: $20.00 Remarks: 50' x 50' metal garage located on .33+/- acre in Farmington. Structure had two overhead doors, one bathroom, and gas heat. Zoning is C-i. Typical city utilities are available. Building in average to good condition at time of sale. Sale No. Two Grantor: Grantee: Address: Date of Sale: Recorded: Consideration: Financing: Land Size: Building Size: Price/SF of Building Area: Walter Heflin Kendall Parsons 1418 S. School, Arkansas April 26, 1991 Book 1412, Page 522 $44,000 Not known 1.295+/- Acres Fayetteville, 1404+/- SF retail building 1482+/- SF service station 2886+/- SF Total $15.25 Remarks: Masonry retail building and frame service station located on 1.295+/- acres. The location is on the east side of U.S. 71B, North of Highway 16. Buildings were older and in fair condition at time of sale. This is the site of Layer's Marine. Sales Comparison Approach, Cont'd. Sale No. Three Grantor: Barbara Williams Grantee: Dorthea O'Neal Address: Fayetteville, Arkansas Date of Sale: May 7, 1990 Recorded: Book 1365, Page 655 Consideration: $43,000. Financing: Not known Land Size: 1.84+/- Acres Building Size: 980+/- SF Price/SF of Building Area: $43.88 Remarks: Concrete block commercial building located on 1.84+/- acres. The location is on the east side of U.S. 71B at the Cherry Street intersection. Building was approximately 30 years old at the time of sale and in below average condition. Property is currently utilized as a, lounge. D y.,. -iw, •t r .us - } • 14 /,��¢� I(i'Y.y�}:, Yom• L N Imi �. C�4lI u k S n I • .•in •,yn r N ; 1 VTFI• • ' I r 1, 'I Y/Y•i�Y.)Y�11C �.. 4_T. �•\rY. .. {a1 I l,\• '•.I♦ 5 , r� y;�., jr .•V S ' kit ? f1.J n fi r•y � l! +'�T�-y�• •Y .) r'i1.i 1` 4 - yrrR " ;e♦;;�� \61ra; a7 r` �•'♦; . �Lw".Ai ��j��iv,tykw� l) s''�11'.*c?ti s�.' . ..•i �� �. r' " INCOME CAPITALIZATION APPROACH The availability of commercial warehouse rentals in the subject neighborhood was limited. I did find warehouse rentals in the $1.50 - $3.00+/SF/Yr. range in the Fayetteville -Springdale area. Subject is presently rented for $.80/SF/Yr., which is below market. In my opinion, the Income Capitalization Approach is not the best method to utilize in estimating the value of subject property due to the limited comparable rental data in the neighborhood. However, following is a projected net operating income (NOI) statement for the property with the indicated NOI capitalized into value by use of an overall capitalization rate derived from the Band of Investment method. Considering the location and physical characteristics of the property, an annual per square foot rental rate of $3.00 is utilized. 1,500+/- SF @ $3.00 = $4,500 Less: 10% Vacancy/Credit Loss = ( 450) Effective Gross Income = $4,050 Less: Real Estate Tax = ( 202) Insurance (Estimate) _ ( 300) Management (10%) _ ( 405) Maintenance & Reserves (8%) = j 3241 Net Operating Income = $2,819 Expenses were projected based on local market indications. Value Computations: Considering a 75% loan -value ratio, an 8.5% interest rate, 15 year term, and 7.25% (see 11-1-91 "Appraiser News") Equity Dividend Rate, an overall cap rate of 10.7% is indicated: $2819 0/. .107 = $26,346 SAY $27,000 30 RECONCILIATION Reconciliation is the part of the valuation process in which the appraiser attempts to resolve differences among the value indications derived from the application of the approaches. The conclusion drawn in the reconciliation is based on the appropriateness, the accuracy, and the quantity of the evidence in the entire appraisal. Indicated Value by the Cost Approach $39,000 Indicated Value by the Sales Comparison Approach $39,000 Indicated Value by the Income Approach $27,000 The Cost Approach is based, in part, upon the principle of substitution. This principle is basic to the Cost Approach and holds that no prudent investor would pay more for an existing property than the cost to acquire the site and construct improvements of equal desirability and utility without undue delay. Other appraisal principles that relate to the cost approach are: Supply and demand; balance; externalities; and, highest and best use. The strength of the Cost Approach is the availability of good supporting cost data through Marshall Valuation Service. The weaknesses are that subject improvements suffer significantly from accrued depreciation and, also, there was a lack of good, recent land sales in the subject neighborhood. Still, this valuation method, in my opinion, produced a realistic value estimate for the subject property Certain principles are also basic to the Sales Comparison Approach: Substitution; supply and demand; balance; and, externalities. Again, the principle of substitution is very important. This principle states that the value of a specific property generally is set by the price necessary to acquire a substitute property of equivalent utility. The strength of the Sales Comparison Approach is the availability of reasonably good improved sales on which reliable and accurate data could be obtained. Numerous adjustments were required to the sales, however, the adjustments are believed to be market supported. The application of the Income Capitalization Approach is based on the operation of value influences and appraisal principles. The appraisal principles considered are: Anticipation and change; supply and demand; substitution; balance; and, externalities. Anticipation and change are very important. The principle of anticipation states that value is created by the expectation of benefits to be derived in the future. Income Capitalization methods attempt to forecast future benefits, and estimate their present value. The Income Capitalization Approach also focuses on how change affects the value of income -producing properties. The Income Capitalization Approach has been utilized in this report, however, the value indication is considered the weakest of the three approaches due to the limited warehouse rental data available in the neighborhood. Also, the rent subject could command does not appear to reflect the true value of subject 71 frontage. No reliance is placed on this approach. Subject is currently rented, however, the rate is below market due to the buildings condition and the knowledge that the property is to be acquired by the airport. 31 Reconciliation, Cont'd. In the final value analysis, most weight is placed on the Sales Comparison Approach. The Cost Approach indicates an identical value. FINAL VALUE ESTIMATE: $39,000 The preceding value reflects terms equivalent to cash to the owners. I hereby certify this appraisal report conforms to Federal Aviation Administration guidelines, to the best of my understanding. It should be noted that the existing lease of subject property to Con -Way Southwest Express is ignored in this appraisal. The fee simple estate of subject is valued in this report. 32 litWil attta• r.� anal Mara — sr rata ra m Business Name: Location City r/ Type Occupancy: _ CI 01T^ V Building Class: A — B — O Overall Quality 1 — 2 — 3 4 Number of Stories.: Actual Age: =' ^ -) Condition: Effective /Age: Average Floor Area: /50 Average Perimeter. E G •' ....•• .. .� •JT_•.. •a 1.. 4 .� :..rte...._ - tea',:. .. = .' �'. tea: :tom. iii n■���0■c4.�o■m� o■�a■ e�'"�■ err -.•••--.w.2. I e■.• fl■'-" ..• o■..: O■P'i:�@�..^ :emu_._ •__ .. n■ on. :.. n■ .... n■�o■o� •jJo■��n■ .. • .. n■mon■ .. • ______________________ flUijoP�o■ . :. .. o■ . o■ . nny o■ .. • . flit..: . o■��o■��o� n■ • ■ o■��o ... flit- n■ .•.. ■ E■ O■ - p■ ■ m■� a■ .��o■ n■ ■ m■�n■ ■ n■�� me�m■ ... ■sue . : o f o■ ■ o��o■ • • o■. ii:��n■� a■ ©■ • fGC�■ n■� ©■ o■�fl■f.t U n■ nc n■�■ ■�� m■� ■ oi i■ �■� .,ii�4[•�li�i�91�{• 1 ��� 1.111 • �'��•M J�y�+��•�•�c'�. 1•�V•a �' � •'.A.' 4:.••1L'1�1Rw N�• i•�r.Yi �.S,a�.�.`'¢li:��aralv._�[(tC�w •'� J.J� } �:: 1": •.i�� �•. � w.f�. r �{ •i tK •.� A4. f 1� }�s Y, • 35 'BASE PRICE ADJUSTMENT FACTORS . •. 1. Number of Stories Multiplier X 2. Location Multiplier X 3. Wall Height Modifier (Calculator Only) X 4. Area —Perimeter Multiplier (Calculator Only) Tntnl AAjustment Factor oO zy O 1. Base Cost per Square Foot + 2. Heating & Cooling Systems + 3. Sprinkler Systems 3D Unadjusted Bass Price per Square Foot 1. Unadjusted Base Price per Square Foot 2. Total Adjustment Factor 3. Adjusted Base Price per Square Foot X 9C 4. Total Floor Area + 5. Total Lump Sum Adjustments X Loc. Mult. B. R.C.N. 7. Depreciation % 8. R.C.N.L.D. 9. Total of all Sections: 1. Excavation 2. Compacted Fill 3. Site Preparation 4. Foundation 5. Frame 8. Floor. Structure + Covering + Ins. 7. Walls: Structure + Omamnt. + Ins. 8. Roof: Structure + Covering + Ins. • 9. Ceiling: Sus. S. + Covering + Ins. 10. Interior Finish 11. Heating & Cooling Systems 12. Electrical 1. Total Basic Structure Cost 2. Total Lump Sum Adjustments 3. Unadjusted R.C.N. 4. Total Adjustment Factor 5. R.C.N. 6. Depreciation % 7. R.C.N.L.D. Total Basic Structure Cost $ X X ._ L` ADDITIONAL SUBJECT PHOTOGRAPHS WAREHOUSE - SOUTH & EAST SIDES - LOOKING WAREHOUSE - NORTH SIDE - LOOKING SOUTHERLY WAREHOUSE - WEST SIDE - LOOKING SOUTHEASTERLY I l •. 1��: '.�. Iii CERTIFICATE I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. - My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurence of a subsequent event. The appraisal assignment was not based on a requested minimu valuation, s specific valuation, or the approval of a loan. - My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. - I, Tom Reed, have made a personal inspection of the property that is the subject of this report. - No one provided significant professional assistance to the person signing this report. - I certify that, to the best of my knowledge and belief, 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. I certify that the use of this report is subject to the requirements of the Appraisal. Institute relating to review by its duly authorized representatives. As of the date of this report, I, Tom Reed; have completed the requirements under the continuing education program of the Appraisal Institute. Respectfully sub 'tted, Tom Reed, MAI REED & ASSOCIATES, INC. 39 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and merchantable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. B. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required of occupancy, consents, or administrative authority from national government or private have been or can be obtained or which the value estimate contai based. licenses, certificates other legislative or any local, state, or entity or organization renewed for any use on ned in this report is 10. 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 noted in the report. 11. "Unless otherwise stated in this report, the existence of hazardous materials which may or may not be present on the property was not observed by the appraiser. No responsibility is assumed for any such conditions or any expertise or engineering knowledge required to discover them. The client is urged to retain an expert if desired." 40 Assumptions and Limiting Conditions - cont'd. This appraisal report has been made with the following general limiting conditions. 1. The distribution, if report between land the stated program allocations for land conjunction with any so used. any, of the total valuation in this and improvements applies only under of utilization. The separate and buildings must not be used in other appraisal and are invalid if 2. 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, and in any event only with proper written qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. 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 media without the prior written consent and approval of the appraiser. 41 QUALIFICATIONS OF TOM REED Educational Background and Training B.S.B.A. in Finance/Real Estate -University of Arkansas, May 1973 Masters in Business Administration -University of Arkansas, May, 1978 State Certified General Appraiser - CG0-217 The following courses and/or exams given by The American Institute of Real Estate Appraisers have been successfully completed: Exam 8 (Residential Valuation) -1976 Exam 1A (Real Estate Appraisal Principles and Basic Valuation Procedures) -1977 Exam 2-3 (Standards of Professional Practice) -1982 & 1991 Exams 1B -A & 1B -B (Capitalization Theory and Techniques) - 1984 Exam 2-1 (Case Studies in Real Estate Valuation) -1984 Course 2-2 (Valuation Analysis and Report Writing) -1987 Exam lA-1 (Real Estate Appraisal Principles) -1988 Exam 1A-2 (Basic Valuation Procedures) -1988 Additional appraisal courses successfully completed include: Farm Manager and Rural Appraisal Course sponsored by The American Society of Farm Managers and Rural Appraisers -1976 Professional Experience Associate Appraiser with Adams Appraisal Co., Harrison, AR, from January, 1974, through December, 1977 Chief Appraiser and owner of Adams Appraisal Co., Springdale, AR, from December, 1977 to present Adams Appraisal Company renamed "REED & ASSOCIATES" as of July 1979, and Incorporated as of October, 1982 Professional Affiliations Arkansas Real Estate Salesperson's License -1972 Arkansas Real Estate Broker's License -1979 National Association of Realtors Arkansas Realtors Association-GRI District 3 Vice -President (1985) Board of Directors (1987-1989) Board of Realtors Springdale (President -1984) Fayetteville -Affiliate Membership Rogers -Affiliate Membership Member of the Appraisal Institute - #M7987 Arkansas Assessors Association -Senior Appraiser Level IV designation given by the Arkansas Assessment Coordination Div. Federal Housing Administration Fee Appraiser Veterans Administration Fee Appraiser Conventional Fee Appraiser -FNMA #1024389 42 Clientele FAA Dept. of Transportation -Southwest Region -Ft. Worth, TX Federal Housing Administration -Little Rock, AR Farmers Home Administration -Harrison, Yellville, & Mountain Home, AR Veteran's Administration -Little Rock, AR Corps of Engineers -Little Rock & Vicksburg Districts Cities of: Pea Ridge, Springdale, Fayetteville, Harrison, Bentonville, Mountain Home, Gravette First National Bank -Springdale, AR First State Bank -Springdale, AR Springdale Bank & Trust -Springdale, AR United Federal Savings Bank -Springdale, AR First National Bank -Rogers, AR MclLroy Bank -Fayetteville, AR First National Bank -Fayetteville, AR One National Mortgage -Fayetteville, AR Collateral Mortgage -Fayetteville, AR First Financial Mortgage -Fayetteville, AR Other Mortgage Companies, Banks, & Savings & Loans Individuals & Attorneys Relocation Companies -Employee Transfer Company, Homequity, Realty Relocation Service Corp., Merrill Lynch Relocation Management, Equitable Relocation Service Mass Appraisal for Property Tax Purposes: Crawford County, Baxter County, Boone County, Carroll County Court Testimony Circuit Court -Harrison, Fayetteville, Bentonvile, Berryville, Eureka Springs, Mt. Home, & Fort Smith Federal Court -Harrison, Fayetteville, & Fort Smith Chancery Court -Harrison & Fayetteville Appraisal Seminars, 1990 Hotel/Motel Valuation -Deer Valley, Utah, January, 1990 HUD Single -Family Review Seminar -Hot Springs, AR April 9-10, 1990 VA Single -Family Review Seminar - North Little Rock, AR, August 3, 1990 Appraisal seminars, 1991 VA Single -Family Review Seminar - North Little Rock, AR, August, 1991 Landfills and Their Effect Upon Value - Seattle, Washington, August, 1991 The Technical Inspection of Real Estate - Seattle, Washington, August, 1991 Ot