HomeMy WebLinkAbout66-99 RESOLUTIONr
RESOLUTION NO 6 6- 9 9
A RESOLUTION AUTHORIZING STAFF TO EXERCISE THE
CITY'S OPTION TO PURCHASE 316.5 ACRES OF LAND AS
SPECIFIED IN RESOLUTION NO. 163-98, IN THE AMOUNT OF
$3,007,000, FOR THE PURPOSE OF CONSTRUCTING A NEW
SEWAGE TREATMENT PLANT; APPROVING A $43,000
EXPENDITURE FOR MISCELLANEOUS COSTS FOR
SURVEYS, CLOSING COSTS AND OTHER COSTS
ASSOCIATED WITH THE PURCHASE OF SAID LAND; AND
APPROVAL OF A BUDGET ADJUSTMENT IN THE AMOUNT
OF $410,000.
•
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1 That the City Council hereby authorizes staff to exercise the City's option to
purchase 100 acres owned by James McClelland, Jr., et al, in the amount of $1,040,000. A copy
of the Option to Purchase Real Estate Agreement is attached hereto marked Exhibit "A" and made
a part hereof.
Section 2 The City Council hereby authorizes staff to exercise the City's option to
purchase 100 acres owned by H.M. and Norma Lee Shipp, in the amount of $1,000,000. A copy
of the Option to Purchase Real Estate Agreement is attached hereto marked Exhibit "B" and made
a part hereof.
Section 3. The City Council hereby authorizes staff to exercise the City's option to
purchase 116.5 acres owned by Broyles Farm Corp, et al, in the amount of $967,000. A copy of the
Option to Purchase Real Estate Agreement is attached hereto marked Exhibit "C" and made a part
hereof.
Section 4. The City Council hereby approves the expenditure of $43,000 in
miscellaneous costs for surveys, closing costs, and other costs associated with the purchase of said
lands.
Section 5 The City Council hereby approves a budget adjustment in the amount of
$410,000 increasing Land Acquisition, Acct. No. 5400 5800 5805 00 Project No. 98105 30 by
decreasing Use of Fund Balance, Acct. No. 5400 0940 4999 99. A copy of the budget adjustment
is attached hereto marked Exhibit "D" and made a part hereof.
PASSED AND APPROVED this Ad± day of May , 1999.
APPROVE
By.
ATTES
By
Heather Woodruff, Citfl°ferk
Fred Hanna, Mayor
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Fayetteville City Council
From: Don Bunn, Assistant Public Works Director
Subject: W & S Committee Recommendation, Land Purchase
April 20, 1999
The Water and Sewer Committee of the Fayetteville City Council met on Tuesday, April 13.
The Committee received a report from CH2M Hill on the status of the application for sewer
discharge permits on White River and on Goose Creek/Illinois River. The Committee also
discussed the purchase of 316 acres of land on the west side of Fayetteville for the purpose
of constructing a sewage treatment plant. The City currently owns purchase options on the
property.
CH2M Hill reported that they are currently working on the various water quality modeling
runs on each stream which will be necessary for the permit application. A final permit
application is expected to be presented to the Department of Environmental Quality by
September 1 of this year. We would expect a permit to be issued 6 months to one year after
submittal.
The Committee voted unanimously to recommend to the full Council that the City exercise
its purchase options on three tracts of land on the west side of Fayetteville. The land would
be utilized for the construction of a new sewage treatment facility. This is a summary of the
option cost and the purchase costs of the land:
Tract No. Ownership
1 McClelland
2 Shipp
3 Broyles Farm 116.5
Total Cost
Acreage
100.0
100.0
Option Price*
$ 31,200
30,000
29,010
Purchase Price
$ 1,040,000
1,000,000
967,000
$ 3,007,000
In addition to the option costs as noted above, the Council previously approved the outright
purchase of the Hammond property (3.5 acres and improvements) at a cost of
$120,000.00. Attached is a copy of a Budget Adjustment which provides for funding of the
purchase. The Budget Adjustment is for a total of $3,100,000 which covers the purchase
price and the miscellaneous costs associated with closing, including land surveys.
* Options were approved in December, 1998. The option price does not go toward the
purchase price.
The purchase options expire on June 22, 1999. The City has the right to extend purchases
options for an additional 6 months at a total cost of $60,000.00.
In addition, the Water and Sewer Committee approved the drafting of a resolution which
would express the City's commitment to have the new plant and the renovated plant
designed and operated in such a manner to minimize the production and dissemination of
odor. A copy of that resolution is attached.
•
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
1999
Department: Public Works
Division: Water & Sewer
Program: WWTP Capital
Date Requested
04/20/99
Adjustment #
Project or Item Requested:
Additional funding is requested to purchase land for the
Wastewater Treatment Plant Expansion project.
Project or Item Deleted:
None. Use of fund balance is proposed for this adjustment.
Justification of this Increase:
The cost of acquiring the needed land is in excess of the
funding budgeted.
Justification of this Decrease:
Sufficient cash & investments exist in the Water & Sewer Fund to
fund this request, meet budgeted expenses and comply with City
policy.
Increase Expense (Decrease Revenue)
Account Name Amount Account Number Project Number
Land Acquisistion
410,000 5400 5800
5805 00 98105 30
Decrease Expense (Increase Revenue)
Account Name Amount Account Number Project Number
Use of Fund Balance 410,000
5400 0940 4999 99
Requested By
Approval Signatures
Manager
Department Director
Date
Budget Office Use Only
Type: A B C
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
E
Blue Copy: Budget & Research / Yellow Copy: Requeste C:WPN99BUDGE/\WWTPBA.WK4
•
44
RESOLUTION NO.
A RESOLUTION ESTABLISHING ODOR ABATEMENT AND
CONTROL AS A PRIORITY IN THE DESIGN AND
OPERATION OF THE CITY'S SEWAGE FACILITIES
WHEREAS, the City of Fayetteville has caused to be completed in February, 1997, a
Wastewater Treatment Facility Plan in which the recommendation is for the placement of a new
plant on the west side of the City and upgrade of the existing plant on the east side of the City;
and,
WHEREAS, since that time, the City has investigated sites and is in the process of
acquiring property on which to locate the wastewater treatment plant on the west side of
Fayetteville; and
WHEREAS, the citizens located in the vicinity of the proposed plant have expressed
concern about odors being produced at the proposed plant; and
WHEREAS, technology exists that will allow abatement or elimination of any odors that
might be emitted from the plant; and
WHEREAS, it is the goal and objective of the City of Fayetteville to construct a
wastewater treatment plant on the west side and to upgrade the existing facility to prevent any
odors from occurring.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That odor abatement and control will be a priority in the design and
operation of the new sewage facility on the west side of the City and at the renovated Noland
Plant on the east side of the City.
Section 7. That the contract between the engineering firm or firms and the City to
develop detailed plans and specifications will include specific language directing the engineering
firm(s) to consider odor control during the design process, including the Arkansas Department
of Environmental Quality odor emission requirements.
Section ?, That the facilities to be considered for odor control are to include, but not
be limited to, the treatment plant and all unit processes, interceptors and outfall lines, sewage
pump stations, and sludge treatment and disposal.
Section 4. That odor control be included as a separate consideration chapter in the
O&M Manuals developed for the new and renovated plants.
•
•
•
Section ¶ That specific actions to be considered shall include, but not be limited to:
a. Enclosure of the headworks to the plants.
b. Enclosure of certain unit processes.
c. Study of the revised sewer system to determine if odor control should be
addressed at certain pump stations.
d. Development of operations and maintenance procedures designed to minimize
odors.
e. Inclusion of a paragraph on odor control in our operations contract with OMI.
PASSED AND APPROVED this day of , 1999.
ATTEST:
By:
Heather Woodruff, City Clerk
APPROVED:
By:
Fred Hanna, Mayor
• •I
•
•
•
LEASE AGREEMENT
THIS LEASE AGREEMENT made and entered into this 1st day of February, 1999, in the City
of Fayetteville, Arkansas, by and between the City of Fayetteville, hereinafter referred to as LESSOR,
and Wanda Sue Hammond, surviving spouse of Calvin R. Hammond, hereinafter referred to as
LESSEE.
WITNESSETH
That the Lessor, for the considerations and upon the conditions herein set forth, does hereby
let, lease, and demise to the Lessee on a month to month basis for a term commencing on the 1st
day of February, 1999, and ending on the 31st day of January, 2000, the following property located
in the County of Washington, State of Arkansas, to -wit:
Residence located at 696 South Broyles Avenue, Fayetteville, AR 72701, the same to
be used as a private residence.
1. Lessee agrees to pay and Lessor agrees to accept as rent for said premises the sum
of $100.00 per month during the term of this lease, payable in advance on the first day of each
month beginning February, 1999 In the event the rent is not made on or before the first, a $1.00
per day "bookkeeping charge" will be assessed in addition to the normal rent.
2. Lessee agrees to lease said property at a caretaker rate and agrees to provide the
following services for such rate; Lawn care and maintenance, minor repairs and maintenance, and
general supervision over the 3.5 acres of property owned by the City of Fayetteville at this location
3. Lessee shall give a written 30 -day effective notification of the intent to vacate the leased
premises. This notice must be given to the Lessor on or before the first day of the month at the end
of which the Lessee intends to vacate.
4. Lessee shall take good care of the leased premises, fixtures, and appurtenances
thereto, and suffer no waste or injury, make all repairs to the leased premises, fixtures, and
appurtenances thereto necessitated by the fault of the Lessee, her family, guests, invitee, or
servants; save harmless the Lessor, its successors, and/or assigns from any liability arising from
injury to person or property caused by act or omission of the Lessee, her family, guests, invitee, or
servants, repair at or before the end of the term at the expense of Lessee all injury or damage done
by the installation or removal of furniture and/or other personal property; and at the end of the term,
to surrender the leased premises in a good, clean, and orderly condition. Lessee by these presents,
does hereby accept the leased premises a being in a good, clean, and orderly condition.
5. All improvements made by the Lessee to the leased premises, which are so attached
to the freehold that they cannot be removed without permanent injury to the premises, shall become
the property of the Lessor.
6. Lessor shall be permitted at any time during the term of this lease to examine the
leased premises at any reasonable hour, and workman may enter at any time when authorized by
the Lessor and the Lessee to facilitate repairs in any part of the dwelling, and if the Lessee shall not
be personally present to permit any such permissible entry into the premises, the Lessor may enter
s
Lease Agreement- continued
the same by a master key, without being liable in damages or loss therefore and without affecting
the obligations of the Lessee hereunder.
7. It shall be the responsibility of the Lessee to provide utility services for said dwelling.
8. It is agreed that should said premises or any substantial part thereof be rendered unfit
for occupancy by Lessee by reason of unavoidable casualty, the Lessor shall have the option to
restore said premises or to terminate this lease at once without being required either alone or
through insurance to restore the same.
9. This lease agreement shall bind the parties hereto, their respective heirs, executors,
administrators, successors, or assigns.
10. Neither party has made any representation or promise, except as referred to herein, or
in such further writing signed by the party making such representation or promise.
11. In the event that Lessee breaches the terms and conditions set forth herein and Lessor
is required to take legal action as a result thereof, Lessee hereby agrees to compensate Lessor for
all reasonable legal fees and other reasonable costs and expenses incurred as a result of the breach.
WE STRONGLY URGE LESSEE TO OBTAIN INSURANCE ON PERSONAL PROPERTY,
THE CITY OF FAYETTEVILLE'S INSURANCE DOES NOT COVER LESSEE FOR ANY LOSS
WHETHER IT BE FROM FIRE, THEFT, ACT OF GOD, OR BY ANY OTHER MEANS
WHATSOEVER.
IN WITNESS WHEREOF, the parties hereto have executed this Lease Agreement the day and
year written above.
Wanda Sue Ha ond, Lessee
City of Fayetteville, Lessor
Fred Hanna, Mayor
hi,/, -‘ Aare
eather Woodruff, City Cle
•
•
•
RESOLUTION NO 16 3-9 8
A RESOLUTION APPROVING AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE OPTIONS TO
PURCHASE LAND AND AN OFFER AND ACCEPTANCE TO
PURCHASE LAND LOCATED BETWEEN WASHINGTON
COUNTY ROADS #648 AND #649, SOUTH OF HIGHWAY 16
WEST AND NORTH OF HIGHWAY 62 BELONGING TO JAMES
E MCCLELLAND, JR., ET AL; H.M. AND NORMA LEE SHIPP;
BROYLES FARM CORP.; AND CALVIN AND WANDA SUE
HAMMOND; AUTHORIZING THE CLOSING COSTS FOR
LAND ACQUISITION; AND APPROVING A BUDGET
ADJUSTMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1 That the City Council hereby approves and authorizes the Mayor and City
Clerk to execute Options to Purchase and an Offer and Acceptance to purchase land located between
Washington County Roads #648 and #649, South of Highway 16 West and North of Highway 62
belonging to James E. McClelland, Jr., et al; H.M. and Norma Lee Shipp; Broyles Farm Corp.; and
Calvin and Wanda Sue Hammond; and authorizing the closing costs for land acquisitions Copies
of the Options to Purchase and the Offer and Acceptance are attached hereto and made a part hereof.
Section 7. The City Council also approves a budget in the amount of $285,000 increasing
Sewer Improvements, Acct. No. 5400 5700 5815 00, Project Number 98105 30 by decreasing Use
of Fund Balance, Acct. No. 5400 0940 4999 99. A copy of the budget adjustment is attached hereto
and made a part hereof.
PASSED AND APPROVED this /S day of fig, 1998.
t Fix
•. S. • .:
= . , r\ 1
Uia V'A'��..':
Q1 �.4
it• :
•v Q ,.;,J
•
ATTEST:%
By: /Jt/n/
Heather Woodruff, City Clerk
APPROVED:
By.
red Hanna, Mayor
•
City of Fayetteville, Arkansas
Budget Adjustment Form
•
Budget Year
1998
Department: Public Works
Division: Water & Sewer
Program: Sewer Mains Capital
Date Requested
12/15/98
Adjustment #
Project or Item Requested:
Funding is requested for land purchase/ option cost for
wastewater treatment plant expansion project.
Project or Item Deleted:
none. Use of fund balance is proposed for this adjustment.
Justification of this Increase:
The land purchase options are before City Council for
approval.
Justification of this Decrease:
Sufficient cash & investments exist to fund this request.
Increase Expen e (Decrease Revenue)
Account Name Amount Account Number Project Number
Sewer Improvements
285,000 5400 5700
5815 00 98105 30
Decrease Expense (Increase Revenue)
Account Name Amount Account Number Project Number
Use of Fund Balance 285,000
5400 0940 4999 99
Approval Signatures
Re ested By Date
Budget ordinator Date
•
Department Director Date
Admin Services D'rector
M
Date
r
Date
Budget Office Use Only
Type: A B C
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
E
Blue Copy: Budget & Research / Yellow Copy: Requester C.AAPP\98BUD\BAAD.AWWTP EXP.WK4
•
FAYETTEVI LLE
THE CITY OF FAYETTEVILLE, ARKANSAS
November 3, 1998
James E. and Patricia F. McClelland Jr.,
Raymond K. McClelland,
Linda M. and Joseph S. Rogers
James E. McClelland Jr.
900 West Markham Road
Little Rock, AR 72201-1999
RE:
Dear Jim and Family Members:
McClelland Property
Pt. NE3/4-14-16-31
Land Acquisition, Tract No. 3
Revised Offer
The City of Fayetteville has received a counter offer from James E. McClelland Jr. dated
October 29, 1998 relative to the subject property. This counter offer was in response to the
City's original offer dated October 23, 1998. The following outlines the change requested in
the above mentioned counter offer with reference to the original Offer and Acceptance
Contract:
2. Change purchase price to *10,400 per acre or $1,040,000 for the 100 acre tract as per
telephone conversation of 11-03-98. Please keep in mind that this offer is contingent
upon Fayetteville City Council approval.
5. Seller shall approve title insurance company/abstract company. The City is in agreement
with this statement. FYI; Bronson Abstract and Title Company has given us a quote of
$2.225/51,000 purchase for purchases in the range of 51.0 MM. Accordingly, the cost
of title insurance through Bronson would be $2,314.
6. Seller will provide boundary survey of property by McClelland Consulting Engineers, Inc.
The City concurs; survey will include boundary staking, adjoining roadways, all
easements and rights of way. The City would like for McClelland Consulting Engineers
to conduct boundary surveys on the other properties (3 parcels) in the area being
purchased, however, such additional survey work can not be part of this contract and
regulations require that this be done in accordance with normal engineering and survey
service selection procedures.
8. Closing date to be 75 days after approval (Fayetteville City Council) of offer. Propose
that closing date be left flexible but should conclude on or before 75 days after approval.
10. Indemnification and Hold Harmless clause relating to City inspections: City is in
agreement.
113 WEST MOUNTAIN 72701 501-521-7700
FAX 501-575-8257
McClelland Property
November 3, 1998
Revised Offer Letter
Page 2
Add 18.
Add 19.
•
•
•
(Added as 17) In the event this property is developed into a golf course, the name
of the course will include the family name "McClellandand approved by the
McClelland Family. The City agrees, however, such is subject to council approval.
(Added as 18) Mutual Cooperation Relating to Like -Kind Exchange: The City will
enter into an appropriate agreement with an intermediary which will allow for the
1031 like -kind exchange by Seller of this property. [It should be understood,
however, that the City shall not be liable for any cost or expenses incurred by the
Seller in case this Offer and Acceptance Contract is not approved by the
Fayetteville City Council. We hope to submit the entire package (4 parcels) for
council approval by the 17th of November.]
Add 19. City Council Approval Clause: Moved from 17 to 19.
Please find enclosed two originals of a proposed revised (11-2-98) Offer and Acceptance
Contract which sets forth the terms and conditions for implementation of this acquisition. This
revision incorporates the points you requested, either directly or modified in accordance with
the above discussion. As of this date, we are close to reaching final agreement between the
parties for the purchase of all four parcels. We expect to have such final agreement by the end
of this week. Once we receive signed contracts, we will submit for council approval at their
next public meeting.
We would like to encourage you to discuss this proposed contract with the other
members of the McClelland family who will be party to this transaction and obtain their
agreement and signatures as soon as possible. Signatures of spouses are also required. IRS
requires that the City maintain a signed Vendor Form in our files even though a 1031 exchange
is implemented through an intermediary. Please return the included form with the information
that has been noted (X).
We would be pleased to meet with you at your convenience and discuss any and all
aspects of this proposed contract. Please contact myself at 575-8330 or Ed Connell at 444-
3415 if you have questions or if we need to arrange for a meeting.
Sincerely yours,
Donald R. Bunn
Assistant Public Works Director
Enclosures
cc: Charles Venable, Public Works Director
Ed Connell, City Land Agent
DRB/edc
1
•
•
•
OFFER AND ACCEPTANCE CONTRACT
Preparation Data: 11-3-98
1 The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred
to as the Buyer, offers to buy, subject to the terms and conditions set forth
herein, the following described property.
SEE ATTACHED EXHIBIT "A"
FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash payment of One Million Forty Thousand
Dollars ($1,040,000.00).
3. Contingent Earnest Money Deposit: The Buyer shall, within two weeks of
receipt of this fully executed Contract, tender a check for $10,000.00 to James
E. McClelland Jr. and Patricia F. McClelland, husband and wife, Linda M.
Rogers and Joseph S. Rogers, wife and husband, and Raymond K.
McClelland, a single person , hereinafter referred to as the Seller, as earnest
money, which shall apply on the purchase price. This offer of purchase is
contingent upon approval of the City Council of the City of Fayetteville, Arkansas,
and, if they do not so approve, the earnest money deposit will be returned to the
Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill
any obligations under this contract, the earnest money shall be promptly refunded
to the Buyer. If the Buyer fails to fulfill his obligations under this contract or after
all conditions have been met, the Buyer fails to close this transaction, the earnest
money may, at the option of the Seller, become liquidated damages to the Seller.
Alternatively, the Seller may assert legal or equitable rights which it may have
because of breach of this contract. Seller, at Seller's option, may instruct
Buyer to retain such Earnest Money Deposit until closing or have said
Earnest Money Deposit delivered to a Section 1031 Intermediary for
exchange purposes.
4. Conveyance will be made to the Buyer by general Warranty Deed, except it shall
be subject to recorded instruments and easements, if any, which do not materially
affect the value of the property. Such conveyance shall include mineral rights
owned by the Seller.
5. The Seller shall furnish a policy of title insurance in the amount of the purchase
price from a title insurance company as selected by the Buyer. Buyer and Seller
shall equally share in the cost of such title insurance policy.
6. Seller will provide a boundary survey of said property by McClelland Consulting
Engineers, Inc. at Sellers cost. Seller agrees to cure any title problems which may
result from any differences between the recorded legal descriptions of the
property and the survey description. Said title problems, if any, must be solved
prior to closing to the satisfaction of the Buyer and title insurance provider.
•
•
•
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
Prep. Date: 11-3-98
7. Taxes and special assessments due on or before closing shall be paid by the
Seller. Insurance, general taxes, ad valorem taxes, special assessments and
rental payments shall be prorated as of closing.
8. The closing date shall be determined by mutual consent, but not longer than
seventy five (75) days after approval of this offer by the Fayetteville City
Council. If such date of closing falls on a weekend or holiday, it will be held the
following working day.
9. Possession of the property shall be delivered to the Buyer on the date of closing.
10. Seller hereby grants permission for the Buyer or its employees or designates to
enter the above described property and improvements for the purpose of inspec-
tion and/or surveying. )3uver shall indemnify and hold Seller harmless of anv
damages caused by foregoi g inspections and this covenant shall survive anv
termination of this Offer and Acceptance Contract.
11. All fixtures, improvements and attached equipment are included in the purchase
price.
12. Risk of loss or damage to the property by fire or other casualty occurring up to
the time of closing is assumed by the Seller.
13. Seller shall disclose to Buyer any and all environmental hazards of which Seller
has actual knowledge.
14. This agreement shall be governed by the laws of the State of Arkansas.
15. This agreement, when executed by both the Buyer and the Seller shall contain the
entire understanding and agreement of the parties with respect to the matters
referred to herein and shall supersede all price or contemporaneous agreements,
representations and understanding with respect to such matters, and no oral
representations or statements shall be considered a part hereof.
16. This contract expires, if not accepted on or before the 15th day of November
, 1998.
•
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
•
Prep. Date: 11-3-98
•
17. In the event the subject Property is developed into a golf course. the name of the
course will include the _family name "McClelland". An example and suggested
name is "McClelland highlands Golf Course' The name to be approved by the
JVIcClelland Family.
18. MUTUAL COOPERATION RELATING TO LIKE -KIND EXCHANGE: Seller will
pay cost relating to a 1031 exchange. Each party agrees to take any and all
reasonable actions requested by the other party to assist in effectuating a like -
kind exchange involving the Property pursuant to Section 1031 of the Internal
Revenue Code of 1986, as amended (the Code), including, without limitation,
Buyer's consenting to the assignment of this Offer and Acceptance contract by
Seller to a "qualified intermediary". as defined in Section 1031 of the code and
regulations promulgated thereunder; provided, however, in no event will either
party be required to take title to any other property or to incur any additional
expenses in order to effectuate the like -kind exchange. Each party shall hold the
other harmless from and indemnify and defend the other party against all liability,
costs and expenses, including reasonable attorney's fees, that may be assessed
against or incurred by the other party arising out of the actions taken by it at the
request of the other to assist in effectuating a like -kind exchange involving the
Property. Each Party hereby releases the other party from any and all claims,
losses, damages, suits, costs and expenses, including attorney's fees, arising out
of or relating to the disqualification of this sale -purchase transaction as a like -kind
exchange under the Code. This release and hold -harmless indemnification
agreement will survive the closing of this transaction. Buyer understands that
"Seller" is three different individuals that each own an undivided tenants-in-
common interest in the Property and each may separately determine the propriety
of entering into a like -kind exchange with respect to his or her respective interest
in the Property.
19. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES
THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE
APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY
COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF
THE COUNCIL TO SO APPROVE WILL MAKE ALL
PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING,
BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE
$10,000.00 EARNEST MONEY DEPOSIT.
•
•
•
•
•
Offer and Acceptance Contract
Page 4 of 5
SELLER:
•
Prep. Date: 11-2-98
•
•
DincLeceG's yC i . Date: / 8 / �I St
E. McClelland Jr. (� I
. (ill:9- iXJ-1't c
Patricia F. McClelland
Linda M. Rogers
Joseph Rogers
Jo p
'
031.4
//
Ray
nd K. McClelland
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Fred anna, Mayor
//ficiretayr
eather Woodruff, City Clerk
Date:
Nisi el?
Date: ///ie1 i8
Date: (0 I
Date: II/7/qt
Date: /14r
Date: //%Al
•
•
•
•
•
OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
EXHIBIT "A"
PROPERTY DESCRIPTION
Prep. Date: 11-03-99
The North Half (N'/:) of the Northeast Quarter (NE'/<); the North Half (N%)
of the North Half (NY/) of Southwest Quarter (SWA) of the Northeast
Quarter (NEA); the North Half (NYS) of the North Half (NY2) of the
Southeast Quarter (SEA) of the Northeast Quarter (NE'A), all in Section
Fourteen (14), Township Sixteen (16) North of Range Thirty-one (31) West
of the Fifth Principal Meridian, containing one -hundred (100) acres, more
or less, Washington County, Arkansas
SIGNED FOR IDENTIFICATION:
SELLER:
•
es E. McClelland Jr. Linda M. Rogers
Ra . McClelland
BUYER:
The City of Fayetteville, Arkansas,
a municipal corporation
BY:
Fred anna, Mayor Heather Woodruff, Cit Jerk
•
APPRAISAL REPORT
James McClelland Jr., et.al.
100 acres M.O.L.
Persimmon St.
Fayetteville, AR
By
The Real Estate Consultants
118 N. East Ave By
Fayetteville, AR 72701
(c) Copyright 1998 by The Real Estate Consultants
•
•
THE
REAL ESTATE
CONSULANTS
• REALTORS • APPRAISERS • CONSULTANTS •
September 25, 1998
Mr. Ed Connell
City of Fayetteville
113 W. Mountain St.
Fayetteville, AR 72701
RE- Appraisal Services
Dear Mr. Connell:
•
•
118 N. East Ave
P.O. Box 726
Fayetteville, AR 72702
Phone (501) 442-0762
James E. McClelland, Jr. et.al.
Pt. of the NE1/4 of Sec. 14, T16N, R31W
Appx. 100 AC S of Persimmon & E of 54th, Fay., AR
In compliance with your request, and for the purpose of estimating the Market Value of the above
captioned property, I hereby certify that I have personally inspected the property and made a
survey of matters pertinent to the estimation of its value. The intended use of this appraisal is for
purchase evaluation purposes of the City of Fayetteville.
I further certify that I have no interest, present or contemplated, in the property under
appraisement, and that the fee was not contingent upon the value estimate reported, nor based
upon a percentage of the appraised value.
The following narrative appraisal report contains the data gathered in the investigation, and shows
the method of appraisal in detail. The report has been prepared in conformity with the Uniform
Standards of Professional Appraisal Practice as promulgated by the Appraisal Foundation. This
is considered a Complete Summary appraisal.
Based upon the inspection of the subject property and the investigation and analysis carried out in
this report, it is the considered opinion of the appraiser that the Market Value of the property as
of September 16, 1998 and subject to the assumptions and limiting conditions set forth within
the body of this report, is as follows:
NINE HUNDRED THOUSAND DOLLARS
($ 900,000)
Res. --t ' Submitted,
Mar . Risk, GAA
Stat Certified General Appraiser #CG0202
,01181111{111111///Oft
•
P ocs1psjs
• SUMMARY OF SALIENT FACTS & CONCLUSIONS
1
LOCATION MAP
2
PICTURES
3-7
PROPERTY IDENTIFICATION
8
HISTORY & LEGAL DESCRIPTION
9
DEFINITION OF MARKET VALUE
10
ASSUMPTIONS AND LIMITING CONDITIONS
11-15
THE APPRAISAL PROCESS
16
SCOPE OF THE APPRAISAL
17
AREA ANALYSIS
18-19
NEIGHBORHOOD DATA
20
SITE DATA
21
• TOPOGRAPHIC MAP
22
IMPROVEMENT DATA
23
TAX & ASSESSMENT DATA
24
ENVIRONMENTAL ANALYSIS
25
HIGHEST AND BEST USE ANALYSIS
26
MARKET TRENDS
27
DETERMINATION OF MARKET VALUE
28
THE MARKET DATA APPROACH
29-40
COMPARABLE LAND SALES MAP
30
COMPARABLE LAND SALES
31-37
SUMMARY & ANALYSIS OF COMPARABLE LAND SALES &
ESTIMATION OF VALUE
38-40
CORRELATION, ANALYSIS & CONCLUSION
41-42
CERTIFICATE OF APPRAISER
43-44
ADDENDUM
45-55
WATER LINE MAP
46
SEWER LINE MAP
47
ZONING MAP
48
FLOOD PLAIN MAP
49
WARRANTY DEED
50
QUALIFICATIONS
51-54
MINIMUM STANDARDS CHECKLIST
55
Property Type: Large acreage Presently utilized as a Cattle Farm
Location: .5 Mile South of Wedington Drive (Hwy. 16W), at Persimmon &
Cty. Rds. #648 & #649, Fayetteville, AR
Effective Date
of the Appraisal: The effective date of the appraisal is the date of inspection, which
was September 16, 1998. The opinions set forth in this report are
stated as of September 25, 1998.
Zoning: None - Outside City Limits
Site: Appx. 100 acres (Subject to Survey)
Improvements:. Old Barn, Farm Fencing
Utilities: All municipal utilities available
Highest and Best Use: Single Family Residential Development
Flood Data: Zones A & X, FEMA Map #05143C0095 C (See Flood Plain Map)
Value Indications:
Market Data Approach $ 900,000
Cost Approach NA
Income Approach NA
Final Estimate of Market Value $ 900,000
Note: This appraisal report has been prepared for the exclusive benefit of The City of
Fayetteville. It may not be used or relied upon by any other party. Any party who uses
or relies upon any information in this report, without the preparer's written permission,
does so at their own risk. This report is considered a complete summary appraisal.
3
Analysis of the Comparable Sales and Conclusion of Value
The appraiser has researched the market area and found a significant amount of land sales in
proximity to the subject. The appraiser has included 17 sales considered to be similar, and
believes there is more than an adequate amount of data available to obtain a reliable value
estimate of the subject land as if vacant and available for its Highest and Best use. Due to the
subject's potential for a single-family residential development, a wide array of sales were
researched and analyzed. The appraiser has included an above average amount of sales, but
wanted to make sure no sales were overlooked in the area of the subject. The following table
summarizes the comparable sales used.
Sale # Date Size Sales Price S/Acre
Comparability
1
05/96
17.84
AC
$
170,000
$
9,529/AC
Similar
2
10/97
124.50 AC
$
310,000
$
2,490/AC
Inferior
3
02/93
76.35
AC
$
358,000
$
4,689/AC
Superior
4
07/94
140.00
AC
$
845,000
$
6,035/AC
Superior
5
05/95
46.18
AC
$
347,000
$
7,514/AC
Similar
6
02/95
36.58
AC
$
250,000
$
6,834/AC
Superior
7
05/94
85.12
AC
$
520,000
$
6,019/AC
Similar
8
02/94
37.50
AC
$
135,000
$
3,600/AC
Similar
9
02/93
32.50
AC
$
125,000
$
3,846/AC
Similar
10
01/94
10.20
AC
$
82,000
$
8,039/AC
Similar
11
04/93
45.70
AC
$
175,000
$
3,829/AC
Similar
12
02/97
40.00
AC
$
360,000
$
9,000/AC
Similar
13
10/96
303.00
AC
$
1,654,000
$
5,459/AC
Similar
14
01/95
365.67
AC
$
1,000,000
$
2,735/AC
Inferior
15
04/93
70.17
AC
$
196,000
$
2,794/AC
Inferior
16
04/97
162.31
AC
$
330,000
$
2,033/AC
Inferior
17
12/97
56.37
AC
$
355,000
$
6,298/AC
Inferior
All sales are in the general vicinity of the subject, or are similar in other characteristics.
Sale #1 is located just east of Farmington and south of Hwy. 62. It is similar type land and in
the Farmington School District as is the subject. Sale #2 is located west of the subject. It is
very similar type land, but is a larger parcel. It did have paved road frontage on Harmon Rd.
and is being utilized for residential subdivision purposes. Sale #3 is an older sale of property
which is northeast of the subject. It is the site of the Sports Park on Hwy. 16 (Wedington Rd.).
It was a large tract sale of wooded acreage. Its location is considered superior due to highway
frontage, but its land type is considered inferior. It would require a large adjustment for time.
Sale #4 is also an older sale of land northeast of the subject. It also is a large sale, but of land
very similar to the subject in terrain and appeal. A portion of this property has been developed
into a residential subdivision. It also would require a large adjustment for appreciation over the
past four years in the area.
38
1 1• • 1•.:i'nutki
Sales #5-#12 are of land in the West Fayetteville area, and in the general vicinity of the
subject, which have been purchased in recent years and developed into residential subdivisions.
Consequently, all are considered similar in potential use. Sale #5 is the site of the Heritage
Village Subdivision. Its land type is similar, it is located just north of the subject, and is in the
Farmington School District. Sale #6 is the site of the new Magnolia Crossing Subdivision
which is accessed off.of Hwy. 62, to the southeast of the subject. It is considered superior in
location and similar in land type. Sale #7 is the site of the Bridgeport Subdivision a couple of
miles north of the subject. It was of similar land type, and its location is considered similar. It
is an older sale, and would require an upward adjustment for time. Sales #8 & #9 are the site
of the Fieldstone Subdivision, north of the subject, off of Hwy. 16. These tracts are of similar
land type, and are located in a similarly appealing area. They also are older sales, and would
require an upward adjustment for time. Sale #10 is the site of the Owl Creek Subdivision
located off of Double Springs Road, northwest of the subject. It is of inferior land type, and is
located in the Farmington School District. It is also an older sale requiring a time adjustment.
Sale #11 is the site of the Willow Springs Subdivision, northeast of the subject. It is of similar
land type. It would require a large time adjustment for appreciation in the marketplace. Sale
#12 is a relatively recent sale of similar type land north of the subject, off Salem Rd.. This
land is to be developed into a residential subdivision.
Sales #13-#17 are of larger tracts of land which have sold over the past several years
within the general vicinity of Fayetteville. Sale #13 is the site of the new Stonebridge Golf
Course, also known as the Dash Goff Farm. This sale represents only a portion of the farm,
and of the total sale, which is ongoing over the next few years. Future sales prices will total
$8,000/acre for large tracts, with a total of 1000 acres to eventually convey. The transaction
was reportedly set up this way to limit income tax exposure. It is considered to be similarly
appealing land, but is actually in an inferior location. Sale #14 is the Askew Farm, west of
Drake Field in South Fayetteville. It also is a very large tract of land. It is considered inferior
to the subject in appeal and location. Sale #15 is also a larger tract of land purchased by the
Walker Family on McCollum Mountain. It is considered much inferior to the subject property.
Sale #16 is also a large tract of land in the South Fayetteville area. It is located west of the
bypass and north of Cato Springs Rd.. It is considered much inferior to the subject due to
terrain, location, and overall appeal. Sale #17 is a relatively recent sale of a large tract of land
north of Fayetteville on Clear Creek, off of Hwy. 112. It was purchased by a local doctor for
an estate. It has similar land type and appeal, but its location is considered inferior to the
subject.
39
I!
Analysis of the Comparable Sales and Conclusion of Value ( ont'd )
As mentioned earlier, the appraiser has included a more than adequate amount of sales
data, because he wanted to show the readers of this report the broad area of values in the
subject market area. These sales indicate a broad value range between $2,000 and $9,500 per
acre. The low end of this range is sales inferior in location, terrain, and overall appeal. The
high end of this range are sales within the closest proximity of the subject, most of smaller tract
sizes. Generally, smaller tracts of land with other similar characteristics will sell for a higher
per acre value than will larger tracts of land. This would likely be the case with the subject
property. However, due to the amount of road frontage that the subject has it is likely it could
easily be split into smaller tracts. It is the appraiser's opinion that the subject's value would
fall within the upper section of the above stated value range.
Therefore, based upon data collected, analyzed, and discussed in this report, and after
adjusting for factors such as time, location, size, appeal, and other economic factors, it is the
considered opinion of the appraiser that the subject's Fair Market Value as of September 16,
1998 is as follows:
100 Acres @ $ 9,000/Ac. _ $ 900,000
Say $ 900,000
40
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
November 4, 1998
H. M. Shipp and Norma Lee Shipp
P. O. Box 191
Farmington, AR 72730
RE: Shipp Property
Land Acquisition
Pt. E'/2-14-16-31
Tract No. 4
Dear Mr. and Mrs. Shipp:
In accordance with our telephone conversations this date and your verbal counter-
proposal of 11-03-98, the City of Fayetteville hereby offers to acquire the subject property (100
acres, more or less, for a price of $1,000,000.00. This offer, however, is contingent upon the
approval of the Fayetteville City Council.
Additionally, the City will pay all closing costs except for any and all taxes due for the
tax year of 1998 or previous years. Please find herewith two originals of a revised Offer and
Acceptance Contract which reflect these changes. With the execution and return of this
document, this offer, along with others relating to this project, will be submitted for City
Council approval at their next public meeting. The second original is to be retained by you.
Please
find
herewith a
Vendor Form
which needs to be completed and returned to the
City in order
that
an earnest
money check
may be issued to you.
If you have any questions or comments, please contact Ed Connell at 444-3415 or myself
at 575-8330. We appreciate the opportunity of working with you on this matter.
Sincerely yours,
Donald R. Bunn
Assistant Public Works Director
Enclosures
DRB/edc
113 WEST MOUNTAIN 72701 501.521-7700
FAX 501-575-8257
OFFER AND ACCEPTANCE CONTRACT
1. The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred
to as the Buyer, offers to buy, subject to the terms and conditions set forth
herein, the following described property:
SEE ATTACHED EXHIBIT "A"
FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash payment of One Million Dollars
$ 1,000,000.00.
3. Contingent Earnest Money Deposit: The Buyer shall, within two weeks of
receipt of this fully executed Contract, tender a check for $10,000 to H. M.
Shipp and Norma Lee Shipp, husband and wife, hereinafter referred to as the
Seller, as earnest money, which shall apply on the purchase price. This offer of
purchase is contingent upon approval of the City Council of the City of
Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit
will be returned to the Buyer by the Seller. If title requirements are not fulfilled
or the Seller fails to fulfill any obligations under this contract, the earnest money
shall be promptly refunded to the Buyer. If the Buyer fails to fulfill his obligations
under this contract or after all conditions have been met, the Buyer fails to close
this transaction, the earnest money may, at the option of the Seller, become
liquidated damages to the Seller. Alternatively, the Seller may assert legal or
equitable rights which it may have because of breach of this contract. Seller, at
Seller's option, may instruct buyer to retain such Earnest Money Deposit
until closing or have said Earnest Money Deposit delivered to a Section 1031
Intermediary for like -kind exchange purposes.
4. Conveyance will be made to the Buyer by general Warranty Deed, except it shall
be subject to recorded instruments and easements, if any, which do not materially
affect the value of the property. Such conveyance shall include mineral rights
owned by the Seller.
5. The Seller shall furnish, at Buyer's cost, a policy of title insurance in the amount
of the purchase price from a title insurance company as selected by the Buyer.
6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey
the property. Seller agrees to cure any title problems which may result from any
differences between the recorded legal descriptions of the property and the
survey description. Said title problems, if any, must be solved prior to closing to
the satisfaction of the Buyer and title insurance provider.
7. Taxes and special assessments due on or before closing shall be paid by the
Seller. Insurance, general taxes, ad valorem taxes, special assessments and
rental payments shall be prorated as of closing.
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 4
8. Like -Kind Exchange: If either party seeks to characterize this sale or purchase of
the Property as a like -kind exchange under Section 1031 of the Internal Revenue
code of 1986, 26 U.S.C. § 1031, the other party shall fully cooperate in taking
all actions necessary or advisable to implement the transaction required to qualify
for such characterization.
E
9. The closing date is designated to be Sf.cry ( r days after approval by the
Fayetteville City Council of this offer. If such date of closing falls on a weekend
or holiday, it will be held the following working day.
10. Possession of the property shall be delivered to the Buyer on the date of closing.
11. Seller hereby grants permission for the Buyer or its employees or designates to
enter the above described property and improvements for the purpose of inspec-
tion and/or surveying.
12. All fixtures, improvements and attached equipment are included in the purchase
price.
13. Risk of loss or damage to the property by fire or other casualty occurring up to
the time of closing is assumed by the Seller. ,
14. Seller shall disclose to Buyer any and all environmental hazards of which Seller
has actual knowledge.
15. This agreement shall be governed by the laws of the State of Arkansas.
16. This agreement, when executed by both the Buyer and the Seller shall contain the
entire understanding and agreement of the parties with respect to the matters
referred to herein and shall supersede all price or contemporaneous agreements,
representations and understanding with respect to such matters, and no oral
representations or statements shall be considered a part hereof.
17. This contract expires, if not accepted on or before the 15th day of November,
1998.
18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES
THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE
APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY
COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF
THE COUNCIL TO SO APPROVE WILL MAKE ALL
PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING,
BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE
$10,000 EARNEST MONEY DEPOSIT.
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 4
SELLER:
Date:
Date: // - /D - 9f
ma Lee Shi p
AGENT OR WITNESS:
Date:
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Date:
Fred Hanna, Mayor
Date:
eatYi her Woodruff, City C erk
(SEAL)
I � I
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 4
EXHIBIT "A"
PROPERTY DESCRIPTION
The North -half (N'/:) of the Northwest Quarter (NW'/4) of the Southeast
Quarter (SE'/4); the North -half (N'/z) of the Northeast Quarter (NE'/4) of the
Southeast Quarter (SE'/4); the South -half (S%) of the Southwest Quarter
(SW'/4) of the Northeast Quarter (NE'/4); the South -half (S'/:) of the North -
half (N'%) of the Southwest Quarter (SW'/4) of the Northeast Quarter
(NE'/4); the South -half (S%) of the Southeast Quarter (SE'/4) of the
Northeast Quarter (NE'/4); and the South -half (S%) of the North -half (N%)
of the Southeast Quarter (SEY<) of the Northeast Quarter (NEY4), all in
Section Fourteen (14), Township Sixteen (16) North, Range Thirty-one (31 )
West, containing 100 acres, more or less.
SIGNED FOR IDENTIFICATION:
SELLER:
H. M. Shipp
BUYER:
The City of Fayetteville, Arkansas,
a municipal corporation
BY:
Fr d Hanna, Mayor
-/
heather Woodruff, City 6rrk
(Seal)
APPRAISAL REPORT
H. M. & Norma Lee Shipp
100 acres M.O.L.
Cty. Rds. #648 & #649
Fayetteville, AR
By
The Real Estate Consultants
118 N. East Ave By
Fayetteville, AR 72701
(c) Copyright 1998 by The Real Estate Consultants
1
1 1
THE
REAL ESTATE 118 N. east Ave.
CONSULANTS P.O. Box 726
Fayetteville, AR 72702
REALTORS • APPRAISERS • CONSULTANTS.
September 25, 1998
Mr. Ed Connell
City of Fayetteville
113 W. Mountain St.
Fayetteville, AR 72701
RE: Appraisal Services
Dear Mr. Connell:
Phone (501) 442-0762
H.M. & Norma Lee Shipp
Pt. of the NEI/4 & Pt. of the SE1/4 Sec. 14, T16N, R31W
Appx. 100 AC S of Persimmon & E of C.R. 649, Fay., AR
In compliance with your request, and for the purpose of estimating the Market Value of the above
captioned property, I hereby certify that I have personally inspected the property and made a
survey of matters pertinent to the estimation of its value. The intended use of this appraisal is for
purchase evaluation purposes of the City of Fayetteville, -
I further certify that I have no interest, present or contemplated, in the property under
appraisement, and that the fee was not contingent upon the value estimate reported, nor based
upon a percentage of the appraised value.
The following narrative appraisal report contains the data gathered in the investigation, and shows
the method of appraisal in detail. The report has been prepared in conformity with the Uniform
Standards of Professional Appraisal Practice as promulgated by the Appraisal Foundation. This
is considered a Complete Summary appraisal.
Based upon the inspection of the subject property and the investigation and analysis carried out in
this report, it is the considered opinion of the appraiser that the Market Value of the property as
of September 16, 1998 and subject to the assumptions and limiting conditions set forth within
the body of this report, is as follows:
EIGHT HUNDRED THOUSAND DOLLARS
($ 800,000)
:crhylly Submitte -
E. Ris , GAA
Certified General Appraiser #CG0202
1
TABLE OF CONTENTS
SUMMARY OF SALIENT FACTS & CONCLUSIONS
1
LOCATION MAP
2
PICTURES
3-7
PROPERTY IDENTIFICATION
8
HISTORY & LEGAL DESCRIPTION
9
DEFINITION OF MARKET VALUE
10
ASSUMPTIONS AND LIMITING CONDITIONS
11-15
THE APPRAISAL PROCESS
16
SCOPE OF THE APPRAISAL
17
AREA ANALYSIS
18-19
NEIGHBORHOOD DATA
20
SITE DATA
21
TOPOGRAPHIC MAP
22
IMPROVEMENT DATA
23
TAX & ASSESSMENT DATA
24
ENVIRONMENTAL ANALYSIS
25
HIGHEST AND BEST USE ANALYSIS
26
MARKET TRENDS
27
DETERMINATION OR MARKET VALUE
28
THE MARKET DATA APPROACH
29-40
COMPARABLE LAND SALES MAP
30
COMPARABLE LAND SALES
31-37
SUMMARY & ANALYSIS OF COMPARABLE LAND SALES &
ESTIMATION OF VALUE
38-40
CORRELATION, ANALYSIS & CONCLUSION
41-42
CERTIFICATE OF APPRAISER
43-44
ADDENDUM
45-55
WATER LINE MAP
46
SEWER LINE MAP
47
ZONING MAP
48
FLOOD PLAIN MAP
49
WARRANTY DEED
50
QUALIFICATIONS
51-54
MINIMUM STANDARDS CHECKLIST
55
►�u = ►t t.tttsMsla,1111
Property Type: Large acreage Presently utilized as a Cattle Farm
Location: 1 Mile South of Wedington Drive (Hwy. 16W), between Cty. Rds.
#648 & #649, Fayetteville, AR
Effective Date
of the Appraisal: The effective date of the appraisal is the date of inspection, which
was September 16, 1998. The opinions set forth in this report are
stated as of September 25, 1998.
Zoning: None - Outside City Limits
I%:.
Site: Appx. 100 acres (Subject to Survey)
Improvements:. Old Barn, Farm Fencing
Utilities: All municipal utilities available
Highest and Best Use: Single Family Residential Development
Flood Data: Zones X, FEMA Map #05143C0095 C (See Flood Plain Map)
Value Indications:
Market Data Approach $ 800,000
Cost Approach NA
Income Approach NA
Final Estimate of Market Value $ 800,000
Note: This appraisal report has been prepared for the exclusive benefit of The City of
Fayetteville. It may not be used or relied upon by any other party. Any party who uses
or relies upon any information in this report, without the preparer's written permission,
does so at their own risk. This report is considered a complete summary appraisal.
I I
Analysis of the Comparable Sales and Conclusion of Value
The appraiser has researched the market area and found a significant amount of land sales in
proximity to the subject. The appraiser has included 17 sales considered to be similar, and
believes there is more than an adequate amount of data available to obtain a reliable value
estimate of the subject land as if vacant and available for its Highest and Best use. Due to the
subject's potential for a single-family residential development, a wide array of sales were
researched and analyzed. The appraiser has included an above average amount of sales, but
wanted to make sure no sales were overlooked in the area of the subject. The following table
summarizes the comparable sales used.
Sale # Date Size Sales Price $/Acre
Comparability
1
05/96
17.84 AC
$
170,000
$
9,529/AC
Similar
2
10/97
124.50
AC
$
310,000
$
2,490/AC
Inferior
3
02/93
76.35
AC
$
358,000
$
4,689/AC
Superior
4
07/94
140.00 AC
$
845,000
$
6,035/AC
Superior
5
'05/95
46.18
AC
$
347,000
$
7,514/AC
Similar
6
02/95
36.58
AC
$
250,000
$
6,834/AC
Superior
7
05/94
85.12
AC
$
520,000
$
6,019/AC
Similar
8
02/94
37.50
AC
$
135,000
$
3,600/AC
Similar
9
02/93
32.50
AC
$
125,000
$
3,846/AC
Similar
10
01/94
10.20
AC
$
82,000
$
8,039/AC
Similar
11
04/93
45.70
AC
$
175,000
$
3,829/AC
Similar
12
02/97
40.00
AC
$
360,000
$
9,000/AC
Similar
13
10/96
303.00
AC
$
1,654,000
$
5,459/AC
Similar
14
01/95
365.67
AC
$
1,000,000
$
2,735/AC
Inferior
15
04/93
70.17
AC
$
196,000
$
2,794/AC
Inferior
16
04/97
162.31
AC
$
330,000
$
2,033/AC
Inferior
17
12/97
56.37
AC
$
355,000
$
6,298/AC
Inferior
All sales are in the general vicinity of the subject, or are similar in other characteristics.
Sale #1 is located just east of Farmington and south of Hwy. 62. It is similar type land and in
the Farmington School District as is the subject. Sale #2 is located west of the subject. It is
very similar type land, but is a larger parcel. It did have paved road frontage on Harmon Rd.
and is being utilized for residential subdivision purposes. Sale #3 is an older sale of property
which is northeast of the subject. It is the site of the Sports Park on Hwy. 16 (Wedington Rd.).
It was a large tract sale of wooded acreage. Its location is considered superior due to highway
frontage, but its land type is considered inferior. It would require a large adjustment for time.
Sale #4 is also an older sale of land northeast of the subject. It also is a large sale, but of land
very similar to the subject in terrain and appeal. A portion of this property has been developed
into a residential subdivision. It also would require a large adjustment for appreciation over the
past four years in the area.
38
Analysis of the Comparable Sales and Conclusion of Value (Cont'd.)
Sales 115-1112 are land in the West Fayetteville area, and in the general vicinity of the
subject, which have been purchased in recent years and developed into residential subdivisions.
Consequently, all are considered similar in potential use. Sale #5 is the site of the Heritage
Village Subdivision. Its land type is similar. It is located just north of the subject, and is in
the Farmington School District. Sale #6 is the site of the new Magnolia Crossing Subdivision,
which is accessed off of Hwy. 62 to the southeast of the subject. It is considered superior in
location and similar in land type. Sale #7 is the site of the Bridgeport Subdivision, a couple of
miles north of the subject. It was of similar land type, and its location is considered similar. It
is an older sale, and would require an upward adjustment for time. Sales #8 & #9 are the site
of the Fieldstone Subdivision, north of the subject, off of Hwy. 16. These tracts are of similar
land type, and are located in a similarly appealing area. They also are older sales, and would
require an upward adjustment for time. Sale #10 is the site of the Owl Creek Subdivision
located off of Double Springs Road, northwest of the subject. It is of inferior land type, and is
located in the Farmington School District. It is also an older sale requiring a time adjustment.
Sale #11 is the site of the Willow Springs Subdivision, northeast of the subject. It is of similar
land type. It would require a large time adjustment for appreciation in the marketplace. Sale
#12 is a relatively recent sale of similar type land north of the subject, off of Salem Rd.. This
land is to be developed into a residential subdivision.
Sales #13417 are of larger tracts of land which have sold over the past several years
within the general vicinity of Fayetteville. Sale #13 is the site of the new Stonebridge Golf
Course, also known as the Dash Goff Farm. This sale represents only a portion of the farm,
and of the total sale, which is ongoing over the next few years. Future sales prices will total
$8,000/acre for large tracts, with a total of 1000 acres to eventually convey. The transaction
was reportedly set up this way to limit income tax exposure. It is considered to be similarly
appealing land, but is actually in an inferior location. Sale #14 is the Askew Farm, west of
Drake Field in South Fayetteville. It also is a very large tract of land. It is considered inferior
to the subject in appeal and location. Sale #15 is also a larger tract of land purchased by the
Walker Family on McCollum Mountain. It is considered much inferior to the subject property.
Sale #16 also is a large tract of land in the South Fayetteville area. It is located west of the
bypass and north of Cato Springs Rd.. It is considered much inferior to the subject due to
terrain, location, and overall appeal. Sale #17 is a relatively recent sale of a large tract of land
north of Fayetteville on Clear Creek, off of Hwy. 112. It was purchased by a local Doctor for
an estate. It has similar land type and appeal, but its location is considered inferior to the
subject.
39
I
• ,,wsntofhiflni
ii 1 i ' •
• • 1 / 1
1 / 1
As mentioned earlier, the appraiser has included a more than adequate amount of sales
data, because he wanted to show the readers of this report the broad area of values in the
subject market area. These sales indicate a broad value range between $2,000 and $9,500 per
acre. The low end of this range is sales inferior in location, terrain, and overall appeal. The
high end of this range is sales within the closest proximity to the subject, most of smaller tract
sizes. Generally, smaller tracts of land with other similar characteristics will sell for a higher
per acre value than will larger tracts of land. This would likely be the case with the subject
property. However, due to the amount of road frontage that the subject has, it is likely it could
easily be split into smaller tracts. It is the appraiser's opinion that the subject's value would
fall within the upper section of the above stated value range.
Therefore, based upon data collected, analyzed, and discussed in this report, and after
adjusting for factors such as time, location, size, appeal, and other economic factors, it is the
considered opinion of the appraiser that the subject's Fair Market Value as of September 16,
1998 is as follows:
100 Acres @ $ 8,000/Ac. = $ 800,000
Say $ 800,000
40
FAYETTEVI LLE
THE CITY OF FAYETTEVILLE, ARKANSAS
November 3, 1998
Broyles Farm Corporation
Mr. Carl Yates
McGoodwin, Williams & Yates, Inc.
909 Rolling Hills Blvd.
Fayetteville, Ar 72703
RE: Land Acquisition
Broyles Farm Corp. Property
Pt. SE'/4-14-16-31
Tract No. 5
Dear Property Owners:
In accordance with the verbal counter proposal presented by Mr. Carl Yates on October
29, 1998, the City of Fayetteville hereby offers to purchase the subject property (116.5 acres)
for a price of $ 967,000 or $8,300/acre. This offer, however, is subject to Fayetteville City
Council approval.
Please find herewith two originals of a revised Offer and Acceptance Contract which
reflects the above change. When executed by the principals of Broyles Farm Corporation, this
document will be presented to the City Council for approval, hopefully by the meeting of
November 17, 1998. The second original is to be retained by Broyles Farm Corporation.
Also, please find herewith a Vendor Form which needs to be completed and returned to
the City in order that an earnest money check may be issued in the name of Broyles Farm
Corporation.
We are pleased to reach an agreement with you on this matter and trust that the City
Council will approve this acquisition. Please contact Ed Connell at 444-3415 or myself at 575-
8330 if you have questions or comments. We appreciate the opportunity of working with
Broyles Farm Corp. on this matter.
Sincerely yours,
Donald R. Bunn
Assistant Public Works Director
Enclosures
DRB/edc
113 WEST MOUNTAIN 72701 501-521-7700
FAX 501-575-8257
OFFER AND ACCEPTANCE CONTRACT
1. The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred
to as the Buyer, offers to buy, subject to the terms and conditions set forth
herein, the following described property:
SEE ATTACHED EXHIBIT "A"
FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash payment of Nine Hundred Sixty Seven
Thousand Dollars (S967,000.00).
3. Contingent Earnest Money Deposit: The Buyer shall, within two weeks of
receipt of this fully executed Contract, tender a check for $10,000 to Broyles
Farm Corporation, hereinafter referred to as the Seller, as earnest money, which
shall apply on the purchase price. This offer of purchase is contingent upon
approval of the City Council of the City of Fayetteville, Arkansas, and, if they do
not so approve, the earnest money deposit will be returned to the Buyer by the
Seller. If title requirements are not fulfilled or the Seller fails to fulfill any
obligations under this contract, the earnest money shall be promptly refunded to
the Buyer. If the Buyer fails to fulfill his obligations under this contract or after
all conditions have been met, the Buyer fails to close this transaction, the earnest
money may, at the option of the Seller, become liquidated damages to the Seller.
Alternatively, the Seller may assert legal or equitable rights which it may have
because of breach of this contract.
4. Conveyance will be made to the Buyer by general Warranty Deed, except it shall
be subject to recorded instruments and easements, if any, which do not materially
affect the value of the property. Such conveyance shall include mineral rights
owned by the Seller.
5. The Seller shall furnish a policy of title insurance in the amount of the purchase
price from a title insurance company as selected by the Buyer. Buyer and Seller
shall equally share in the cost of such title insurance policy.
6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey
the property. Seller agrees to cure any title problems which may result from any
differences between the recorded legal descriptions of the property and the
survey description. Said title problems, if any, must be solved prior to closing to
the satisfaction of the Buyer and title insurance provider.
7. Taxes and special assessments due on or before closing shall be paid by the
Seller. Insurance, general taxes, ad valorem taxes, special assessments and
rental payments shall be prorated as of closing.
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 4
8. The closing date is designated to be thirty (30) days after approval of this offer
by the Fayetteville City Council. If such date of closing falls on a weekend or
holiday, it will be held the following working day.
9. Possession of the property shall be delivered to the Buyer on the date of closing.
10. Seller hereby grants permission for the Buyer or its employees or designates to
enter the above described property and improvements for the purpose of inspec-
tion and/or surveying.
11. All fixtures, improvements and attached equipment are included in the purchase
price.
12. Risk of loss or damage to the property by fire or other casualty occurring up to
the time of closing is assumed by the Seller.
13. Seller shall disclose to Buyer any and all environmental hazards of which Seller
has actual knowledge.
14. This agreement shall be governed by the laws of the State of Arkansas.
15. This agreement, when executed by both the Buyer and the Seller shall contain the
entire understanding and agreement of the parties with respect to the matters
referred to herein and shall supersede all price or contemporaneous agreements,
representations and understanding with respect to such matters, and no oral
representations or statements shall be considered a part hereof.
16. This contract expires, if not accepted on or before the 15th day of November.
1998.
17. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES
THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE
APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY
COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF
THE COUNCIL TO SO APPROVE WILL MAKE ALL
PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING,
BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE
$10,000 EARNEST MONEY DEPOSIT.
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 4
SELLER:
BROYLES FARM CORPORATION:
Date:
Marie McChristian, President
Date:
Doris Ann Yates, Secretary
Date:
Wanda Sue Hammond
Date:
Thelda Pennington
Date:
Wilma Cole
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Date:
Fred/Hanna, Mayor
Date:
I 1 1
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 4
EXHIBIT "A"
PROPERTY DESCRIPTION
The South Half (S'/%) of the Northeast Quarter (NE'/<) of the Southeast
Quarter (SEY. ), and the Southeast Quarter (SE'/4) of the Southeast Quarter
(SEY.), and the South Half (S'/%) of the Northwest Quarter (NW'/.) of the
Southeast Quarter (SE'/.), all in Section Fourteen (14) of Township Sixteen
(16) North, Range Thirty-one (31) West of the Fifth Principal Meridian,
containing in all one -hundred twenty (120) acres, more or less, LESS AND
EXCEPT the following described tract: Beginning at a point 579 feet West
of the Southeast corner of the Southeast Quarter of Section 14, Township
16 North, Range 31 west,; thence running West to the Southwest corner
of said 40 acre tract; North 209 feet; thence East to a point 209 feet North
of the point of beginning; thence South 209 feet to the Point of Beginning,
containing 3.50 acres, more or less, Washington County, Arkansas.
SIGNED FOR IDENTIFICATION:
SELLER:
Broyles Farm Corporation:
Marie McChristian, President Doris Ann Yates, Secretary
BUYER:
The City of Fayetteville, Arkansas,
a municipal corporation
BY:
Fred Hanna, Mayor
ATTEST:
APPRAISAL REPORT
Broyles Farm Corporation
116.5 Acres M.O.L.
S. Broyles Rd., Cty. Rds. #648 & #649
Fayetteville, AR
By
The Real Estate Consultants
118 N. East Ave By
Fayetteville, AR 72701
(c) Copyright 1998 by The Real Estate Consultants
THE
REAL ESTATE 118 N. East Ave.
CONSULANTS Fayettevil e, AR 72702
REALTORS APPRAISERS • CONSULTANTS• Phone (501) 442-0762
October 5, 1998
Mr. Ed Connell
City of Fayetteville
113 W. Mountain St.
Fayetteville, AR 72701
RE: Appraisal Services - Broyles Farm Corporation
Pt. of the SE1/4 of Sec. 14, T16N, R31W
Appx. 116.5 Acs. S. Broyles, Fayetteville, AR
Dear Mr. Connell:
In compliance with your request, and for the purpose of estimating the Market Value of the above
captioned property, I hereby certify that I have personally inspected the property and made a
survey of matters pertinent to the estimation of its value. The intended use of this appraisal is for
purchase evaluation purposes of the City of Fayetteville.
I further certify that I have no interest, present or contemplated, in the property under
appraisement, and that the fee was not contingent upon the value estimate reported, nor based
upon a percentage of the appraised value.
The following narrative appraisal report contains the data gathered in the investigation, and shows
the method of appraisal in detail. The report has been prepared in conformity with the Uniform
Standards of Professional Appraisal Practice as promulgated by the Appraisal Foundation. This
is considered a Complete Summary appraisal.
Based upon the inspection of the subject property and the investigation and analysis carried out in
this report, it is the considered opinion of the appraiser that the Market Value of the property as
of October 3, 1998 and subject to the assumptions and limiting conditions set forth within the
body of this report, is as follows:
NINE HUNDRED THIRTY TWO THOUSAND DOLLARS
($ 932,000)
Rep7ERli(sk,
I ubmitted,
I II
MaGAA r ".,.1,...•.. ,o
StaGeneral Appraiser #CG0202
r
SUMMARY OF SALIENT FACTS & CONCLUSIONS
1
LOCATION MAP
2
PICTURES
3-9
PROPERTY IDENTIFICATION
10
HISTORY & LEGAL DESCRIPTION
11
DEFINITION OF MARKET VALUE
12
ASSUMPTIONS AND LIMITING CONDITIONS
13-17
THE APPRAISAL PROCESS
18
SCOPE OF THE APPRAISAL
19
AREA ANALYSIS
20-21
NEIGHBORHOOD DATA
22
SITE DATA
23-24
TOPOGRAPHIC MAP
25
IMPROVEMENT DATA
26
• TAX & ASSESSMENT DATA
27
ENVIRONMENTAL ANALYSIS
28
HIGHEST AND BEST USE ANALYSIS
29
MARKET TRENDS
30
DETERMINATION OF MARKET VALUE
31
THE MARKET DATA APPROACH
32-43
COMPARABLE LAND SALES MAP
33
COMPARABLE LAND SALES
34-40
SUMMARY & ANALYSIS OF COMPARABLE LAND SALES &
ESTIMATION OF VALUE
41-43
CORRELATION, ANALYSIS & CONCLUSION
44-45
CERTIFICATE OF APPRAISER
46-47
ADDENDUM
48-58
WATER LINE MAP
49
• SEWER LINE MAP
50
ZONING MAP
51
FLOOD PLAIN MAP
52
WARRANTY DEED
53
QUALIFICATIONS
54-57
MINIMUM STANDARDS CHECKLIST
58
1
Property Type: Large acreage Presently utilized as a Hay Farm and Residential
Rental
Location: 1.5 Miles North of Hwy. 62, along S. Broyles Rd. & Cty. Rds.
#648 & #649, Fayetteville, AR
Effective Date
of the Appraisal: The effective date of the appraisal is the date of inspection, which
• was October 3,1998. The opinions set forth in this report are
stated as of October 5, 1998.
Zoning: None - Outside City Limits
Site: Appx. 116.5 acres (Subject to Survey)
Improvements: Old Single Family Dwelling, Hay Barn, Out Buildings, Farm
Fencing
Utilities: All municipal utilities available except Sewer
Highest and Best Use: Single Family Residential Development
Flood Data: Zones X and A, FEMA Map #05143C0095 C (See Flood Plain
Map)
Value Indications:
Market Data Approach $ 932,000
Cost Approach NA
Income Approach NA
Final Estimate of Market Value $ 932,000
Note: This appraisal report has been prepared for the exclusive benefit of The City of
Fayetteville. It may not be used or relied upon by any other party. Any party who uses
or relies upon any information in this report, without the preparer's written permission,
does so at their own risk. This report is considered a complete summary appraisal.
3
Analysis of the Comparable Sales and Conclusion of Value
The appraiser has researched the market area and found a significant amount of land sales in
proximity to the subject. The appraiser has included 17 sales considered to be similar, and
believes there is more than an adequate amount of data available to obtain a reliable value
estimate of the subject land as if vacant and available for its Highest and Best use. Due to the
subject's potential for a single-family residential development, a wide array of sales were
researched and analyzed. The appraiser has included an above average amount of sales, but
wanted to make sure no sales were overlooked in the area of the subject. The following table
summarizes the comparable sales used.
Sale # Date Size Sales Price S/Acre
Comparability
1
05/96
17.84
AC
$
170,000
$
9,529/AC
Similar
2
10/97
124.50
AC
$
310,000
$
2,490/AC
Inferior
3
02/93
76.35
AC
$
358,000
$
4,689/AC
Superior
4
07/94
140.00
AC
$
845,000
$
6,035/AC
Superior
5
05/95
46.18
AC
$
347,000
$
7,514/AC
Similar
6
02/95
36.58
AC
$
250,000
$
6,834/AC
Superior
7
05/94
85.12
AC
$
520,000
$
6,019/AC
Similar
8
02/94
37.50
AC
$
135,000
$
3,600/AC
Similar
9
02/93
32.50
AC
$
125,000
$
3,846/AC
Similar
10
01/94
10.20
AC
$
82,000
$
8,039/AC
Similar
11
04/93
45.70
AC
$
175,000
$
3,829/AC
Similar
12
02/97
40.00
AC
$
360,000
$
9,000/AC
Similar
13
10/96
303.00
AC
$
1,654,000
$
5,459/AC
Similar
14
01/95
365.67
AC
$
1,000,000
$
2,735/AC
Inferior
15
04/93
70.17
AC
$
196,000
$
2,794/AC
Inferior
16
04/97
162.31
AC
$
330,000
$
2,033/AC
Inferior
17
12/97
56.37
AC
$
355,000
$
6,298/AC
Inferior
All sales are in the general vicinity of the subject, or are similar in other characteristics.
Sale #1 is located just east of Farmington and south of Hwy. 62. It is of similar type land and
is in the Farmington School District, as is the subject. Sale #2 is located west of the subject. It
is very similar land, but is a slightly larger parcel. It did have paved road frontage on Harmon
Rd., and is being utilized for residential subdivision purposes. Sale #3 is an older sale of
property that is northeast of the subject. It is the site of the Sports Park on Hwy. 16
(Wedington Rd.). It was a large tract sale of wooded acreage. Its location is considered
superior due to highway frontage, and its land type is considered similar. It would require a
large adjustment for time. Sale #4 is also an older sale of land northeast of the subject. It also
is a large sale, but of land similar to the subject in terrain and appeal. A portion of this
property has been developed into a residential subdivision. It also would require a large
adjustment for appreciation over the past four years in the area.
41
•__uiaitto thrfln1/ 1 1 1 1i rnvrpal.I1
Sales #5-#12 are land in the West Fayetteville area, and in the general vicinity of the
subject, which have been purchased in recent years and developed into residential subdivisions.
Consequently, all are considered similar in potential use. Sale #5 is the site of the Heritage
Village Subdivision. Its land type is similar. It is located north of the subject, and is in the
Farmington School District. Sale #6 is the site of the new Magnolia Crossing Subdivision,
which is accessed off of Hwy. 62 to the east of the subject. It is considered superior in
location and similar in land type. Sale #7 is the site of the Bridgeport Subdivision, a couple of
miles north of the subject. It was of similar land type, and its location is considered similar. It
is an older sale, and would require an upward adjustment for time. Sales #8 & #9 are the site
of the Fieldstone Subdivision, north of the subject, off of Hwy. 16. These tracts are of similar
land type, and are located in a similarly appealing area. They also are older sales, and would
require an upward adjustment for time. Sale #10 is the site of the Owl Creek Subdivision
located off of Double Springs Road, northwest of the subject. It is of inferior land type, and is
located in the Farmington School District. It is also an older sale requiring a time adjustment.
Sale #11 is the site of the Willow Springs Subdivision, northeast of the subject. It is of similar
land type. It would require a large time adjustment for appreciation in the marketplace. Sale
#12 is a relatively recent sale of similar type land north of the subject, off of Salem Rd.. This
land is to be developed into a residential subdivision.
Sales #13-#17 are of larger tracts of land which have sold over the past several years
within the general vicinity of Fayetteville. Sale #13 is the site of the new Stonebridge Golf
Course, also known as the Dash Goff Farm. This sale represents only a portion of the farm,
and of the total sale, which is ongoing over the next few years. Future sales prices will total
$8,000/acre for large tracts, with a total of 1000 acres to eventually convey. The transaction
was reportedly set up this way to limit income tax exposure. It is considered to be similarly
appealing land. Sale #14 is the Askew Farm, west of Drake Field in South Fayetteville. It
also is a very large tract of land. It is considered inferior to the subject in appeal and location.
Sale #15 is also a larger tract of land purchased by the Walker Family on McCollum Mountain.
It is considered much inferior to the subject property. Sale #16 also is a large tract of land in
the South Fayetteville area. It is located west of the bypass and north of Cato Springs Rd.. It
is considered much inferior to the subject due to terrain, location, and overall appeal. Sale #17
is a relatively recent sale of a large tract of land north of Fayetteville on Clear Creek, off of
Hwy. 112. It was purchased by a local Doctor for an estate. It has similar land type and
appeal, but its location is considered inferior to the subject.
As mentioned earlier, the appraiser has included a more than adequate amount of sales
data, because he wanted to show the readers of this report the broad area of values in the
subject market area. These sales indicate a broad value range between $2,000 and $9,500 per
acre. The low end of this range are sales inferior in location, terrain, and overall appeal. The
high end of this range are sales within the closest proximity to the subject, most of smaller tract
sizes. Generally, smaller tracts of land with other similar characteristics will sell for a higher
per acre value than will larger tracts of land. This would likely be the case with the subject
property. However, due to the amount of road frontage that the subject has, it is likely it could
easily be split into smaller tracts. It is the appraiser's opinion that the subject's value would
fall within the upper section of the above stated value range. In the appraiser's opinion, the
improvements on the subject property have no contributory value.
Therefore, based upon data collected, analyzed, and discussed in this report, and after
adjusting for factors such as time, location, size, appeal, and other economic factors, it is the
considered opinion of the appraiser that the subject's Fair Market Value as of October 3, 1998
is as follows:
116.5 Acres @ $ 8,000/Ac. = $ 932,000
Say $ 932,000
43
FAYETTEVI LLE
THE CITY OF FAYETTEVILLE, ARKANSAS
November 3, 1998
Calvin R. Hammond and Wanda Sue Hammond
% Mr. Carl Yates
696 S. Broyles Ave.
Fayetteville, Ar 72701
RE: Hammond Property, Tr No. 6
Pt. SE%. -SE'/. -14-16-31
Revised Offer
Dear Mr. and Mrs. Hammond:
In Accordance with the verbal counter proposal presented by Mr. Carl Yates on October
29, 1998, the City of Fayetteville hereby offers to purchase the subject property (3.5 acres
including residence) for a price of $120,000. Additionally, and as part of the negotiations for
the acquisition of this property, the City concurs that you remain on this property, as caretakers
of said property, under the mutually agreeable terms of a Lease Agreement, for a period of up
to one year after closing on this property. This offer, however, is subject to Fayetteville City
Council approval.
Please find herewith two originals of a revised Offer and Acceptance Contract which
reflects the above monetary change. This document also incorporates a clause (Item 10.)
relative to the rental of the property. When executed by Mr. and Mrs. Hammond, this
document will be presented to the City Council for approval. The second original is be retained
by Mr. and Mrs. Hammond. The City will prepare a proposed Lease Agreement and we will
submit such to you as soon as it becomes available. Execution of the lease will occur at closing
on the property.
Please
find
herewith a
Vendor Form
which
needs to be completed and returned to the
City in order
that
an earnest
check
may be
issued
to you.
We are pleased to reach an agreement with you on this matter and trust that the City
Council will approve this acquisition. If you have any questions or comments, please contact
Ed Connell at 444-3415 or myself at 575-8330. We appreciate the opportunity of working with
you on this matter.
Sincerely
yours,
Donald R. Bunn
Assistant Public Works Director
Enclosures
DRB/edc
113 WEST MOUNTAIN 72701 501-521-7700
FAX 501-575-8257
C
1320
Q
�O
°
Q
Pt NW -SE -14-16-31
$
Pt.
NE -SE -14-16-31
3
1320
248
WC#248
S90°0E'BROYLES
FARM CO$W
116.5
Acres
TR#5
5
00
o
p
N
h
r\
C
SW -SE -14-16-31
U
rn
SE -SE -14-16-31
It
o
Hammond
Property
741
TR#
oq
3.55 Acres r
N90'0W" WC#649 649
N90WW
y
1320
141 JYVRIC
I
00
Title: TR # 5 & # 6: Broyles Farm & Hammond Properties j Date: 11-06-1998
Scale: 1 inch = 392 feet I File:
+Tract 1: 120.000 Acres: 485622.3 Sq Meters: No significant closure error.:
Perimeter = 9240 feet
-Tract 2: 3.555 Acres:
154869 Sq Feet: 14387.8 Sq Meters: No significant closure error.: Perimeter = 1900 feet
Tract 3: 40.000 Acres:
161874.1 Sq Meters: No significant closure error.:
Perimeter = 5280 feet
Tract 4: 20.000 Acres:
80937.1 Sq Meters: No significant closure error.:
Perimeter = 3960 feet
Tract 5: 40.000 Acres:
161874.1 Sq Meters: No significant closure error.:
Perimeter = 5280 feet
Net Area= 116.445 Acres: 5072331 Sq Feet: 471234.6 Sq Meters
001=S90.0E 2640
010=S0.0E 209
019=S0.0E 660
002=N0.0W 1980
011=@2
020=S90.0E 1320
003=N90.0W 2640
012=N0.0W 1320
021=@l
004=S0.0E 1980
013=N90.0W 1320
022=N0.0W 1320
005=@2 -
014=S0.0E 1320
023=S90.0E 1320
006=/N90.0W 579
015=S90.0E 1320
024=S0.0E 1320
007=N90.0W 741
016=@13
025=N90.0W 1320
008=N0.0W 209
017=N0.0W 660
009=S90.0E 741
018=N90.0W 1320
Prep Date: 11-02-98
OFFER AND ACCEPTANCE CONTRACT
1. The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred
to as the Buyer, offers to buy, subject to the terms and conditions set forth
herein, the following described property:
SEE ATTACHED EXHIBIT "A"
FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash payment of One Hundred Twenty
Thousand Dollars (S120,000.00).
3. Contingent Earnest Money Deposit: The Buyer shall, within two weeks of
receipt of this fully executed Contract, tender a check for $5,000 to Calvin R.
Hammond and Wanda Sue Hammond, husband and wife, hereinafter referred
to as the Seller, as earnest money, which shall apply on the purchase price. This
offer of purchase is contingent upon approval of the City Council of the City of
Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit
will be returned to the Buyer by the Seller. If title requirements are not fulfilled
or the Seller fails to fulfill any obligations under this contract, the earnest money
shall be promptly refunded to the Buyer. If the Buyer fails to fulfill his obligations
under this contract or after all conditions have been met, the Buyer fails to close
this transaction, the earnest money may, at the option of the Seller, become
liquidated damages to the Seller. Alternatively, the Seller may assert legal or
equitable rights which it may have because of breach of this contract.
4. Conveyance will be made to the Buyer by general Warranty Deed, except it shall
be subject to recorded instruments and easements, if any, which do not materially
affect the value of the property. Such conveyance shall include mineral rights
owned by the Seller.
5. The Seller shall furnish a policy of title insurance in the amount of the purchase
price from a title insurance company as selected by the Buyer. Buyer and Seller
shall equally share in the cost of such title insurance policy.
6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey
the property. Seller agrees to cure any title problems which may result from any
differences between the recorded legal descriptions of the property and the
survey description. Said title problems, if any, must be solved prior to closing to
the satisfaction of the Buyer and title insurance provider.
7. Taxes and special assessments due on or before closing shall be paid by the
Seller. Insurance, general taxes, ad valorem taxes, special assessments and
rental payments shall be prorated as of closing.
OFFER AND ACCEPTANCE CONTRACT Prep Date:11-04-98
Page 2 of 4
8. The closing date is designated to be sixty (60) days after approval of this offer
by the Fayetteville City Council. If such date of closing falls on a weekend or
holiday, it will be held the following working day.
9. Possession of the property shall be delivered to the Buyer on the date of closing.
10. Buyer agrees to lease the property to Seller under the terms of a "Lease
Agreement" between the parties on a monthly basis for a period not to exceed
one year, beginning on the date of closing. Seller may terminate said Lease
Agreement at any time with 30 days written notice to the Buyer. The lease
payment under said agreement shall be $ 100.00 per month.
11. Seller hereby grants permission for the Buyer or its employees or designates to
enter the above described property and improvements for the purpose of inspec-
tion and/or surveying.
12. All fixtures, improvements and attached equipment are included in the purchase
price.
13. Risk of loss or damage to the property by fire or other casualty occurring up to
the time of closing is assumed by the Seller.
14. Seller shall disclose to Buyer any and all environmental hazards of which Seller
has actual knowledge.
15. This agreement shall be governed by the laws of the State of Arkansas.
16. This agreement, when executed by both the Buyer and the Seller shall contain the
entire understanding and agreement of the parties with respect to the matters
referred to herein and shall supersede all price or contemporaneous agreements,
representations and understanding with respect to such matters, and no oral
representations or statements shall be considered a part hereof.
17. This contract expires, if not accepted on or before the Jifli.h day of November,
1998.
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 4
Prep Date: 11-02-98
18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES
THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE
APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY
COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF
THE COUNCIL TO SO APPROVE WILL MAKE ALL
PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING,
BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE
$5,000 EARNEST MONEY DEPOSIT.
SELLER:
Date:
Calvin R. Hammond
Date:
Wanda Sue Hammond
AGENT OR WITNESS:
BUYER:
Date:
City of Fayetteville, Arkansas,
a municipal corporation
Date:
Fred Hanna, Mayor
Date:
aaa
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 4
EXHIBIT "A"
PROPERTY DESCRIPTION
A part of the Southeast Quarter (SEA) of the Southeast Quarter (SE'A) of
Section Fourteen (14) in Township Sixteen (16) North of Range Thirty-one
(31) West of the Fifth Principal Meridian, more particularly described as
follows: Beginning at a point 579 feet West of the Southeast corner of the
Southeast Quarter of said 40 acres tract and running thence West 741
feet, more or less, to the Southwest corner of said 40 acre tract; thence
North 209 feet; thence East 741 feet, more or less, to a point 209 feet
North of the point of beginning; thence South 209 feet to the Point of
Beginning, containing 3.5 acres, more or less, Washington County,
Arkansas
SIGNED FOR IDENTIFICATION:
SELLER:
Calvin R. Hammond Wanda Sue Hammond
BUYER:
The City of Fayetteville, Arkansas,
a municipal corporation
BY:
Fred �e Hanna, Mayor ather Woodruff, City CI r
(Seal)
y:
/MwP
yY
tl.
�
rF
Y $.`
Y
mf.
nv �b
A{.
fi?
,-�
APPRAISAL OF REAL PROPERTY
LOCATED AT:
!'s
- 696 S. Broyles Ave.
Pt. of the SE 1/4. SE 1/4 Section 14. T16N. R31W
Fayetteville
FOR:
City of Fayetteville
113 West Mountain, Fayetteville. AR 72701
'.e
6n
Qtl
AS OF:
a`f
9.25.98
BY:
Mark E Risk GAA
6
l
at�q r cwX e _
rain GA7--'T MTAI 700R' appraisal saewam by a ti mane. inc -- I-Ra0-AI AMnfI
I•
1 1
•
SUMMARY OF SALIENT FEATURES
SubjectAddress
696 S. Broyles Ave.
Legal Description
Pt. of the SE 1/4, SE 1/4. Section 14. TI6N. R31W
City
Fayetteville
County
Washington
-..
Snn
AR
2fpcode
72701
Census Tract
105.06
Map Reference
Washington Cty
Sale Priu
S NA
Dan of Sale
NA
..
Borrower/CBent
None
Leader
City of Fayetteville
Size (Square Feet)
1 .397
Price per Square Foot
s NA
_ Location
Farmington
..
Age
26 Yrs 20 E
condition
Average
• Total Rooms
6
Bedrooms
3
.
Bate;
2
Appraiser
Mark E. Risk GAA
• Dale of Appraised Value
September 25. 1998
Final Estimale of Value
$ 104.000
Form SSD -- 'TOTAL 2000appraisal software by a a made, inc. -. 1.800-ALAMOOE
I COMPLETE SUMMARY APPRAISAL REPORT
COMPLETE SUMMARY APPRAISAL REPORT THE REAL ESTATE CONSULTANTS (501) 442-0762
n.......n. n...a..n.... IINIFORM RFSIOFNTIAI APPRAISAL. REPORT Rle Nis
ProoettyAddress 696 S Broyles Ave City Fayetteville sure AR ZipCode 72701
L a0escri lion Pt. of the SE 1/4 SE 1/4 Section 14 T16N R31W Count Washington
AssessorsParcelNo. 001-11821-000 8 001-11820-000 TVYe;r1997 R.E. Taxers 621.80 SpeclalAssessments S0
Borrower None cunentowner Calvin 8 Wanda Hammond Occu ant Owner Tenant Vacant
Pro r h raised
Fee Sim le
Leasehold ProectT a PUD Condominium HUDNA on HOAs NA /Mo.
Neighborhood or Proleci Name N. of Farmington Map Reference Washington Cty Census Tract 105.06
'Sale Price $ NA Dale al Sale NA Descri on and $ amount of loan charges/concessions to be paid by Sena NA
Lender Fort City of Fayetteville Address 113 West Mountain Fayetteville, AR 72701
A raiser Mark E. Risk GAA Address 118 N. East Ave. Fayetteville.
AR 72701
Location fl Urban ®Suburban [J Rural
Built up ❑ Over 75% ® 25.75% ❑ Under 25%
Growth rate fl Rapid ®Stable fl Slow
oauparsy
®Owner
Predominantk60-120
gle hmdy lnusu5
00) 0' yl
0 Low 1
Reseniland use% Wduse change
One lamiy 50 ❑ Not tike ❑ Likey
2.4 family l in process
0 High 100
Propery yawn ❑Increasing ®Stable ❑Decentrq
❑Tenant
Mulb-lamiy To: Residential
DernaM/suppy❑Shortage ® In balance ❑Oversuppy
®Vacam(05%)Predominant'
;-'.:Commercial
25
Marko! lime Under3mas. 3.6 miss. ElOver6mos,
Vac.over5%
Vac/A50
Note: Rate and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundariesand characteristics: The subject neighborhood located just N. of Farmington is defined to
— the north by Wedington Rd.(Ark.Hwy.16). .16 to the south by U.S. Hwy 62, to the east by U.S.Hw 71B
Factors gut affect the marketability of the properties In the neighborhood (proximity to employment and amenities, employment slabily, appeal to market etc.):
The subject ro ert is located on S. Bro les Ave. just north of Farmin ton. The nei hborhood
is comprised of small to large acreage farms, newer modest residential subdivisions, and
suburban homesites. It is within close proximity to local amenities including shopping and
employment centers in Farmington and Fayetteville Farmington School System.
Mattnlcendiben in the subject neighborhood (includuq support lot the above conclusions related to the trend of propea values. demand/suppy. and marketing lame
— such as data on competitive propeiles lot sale in the neighborhood, description of the prevalence of sales and Joining concessions. eft.):
The subject nei hborhood a ears to be ex eriencin a land use chase from a ricultural to
residential due to the continued influx ofpeople and capital into the NW Arkansas area. The
market appears to be stable at this time and marketing times of listed homes seldom reach
beyond 180 days. Long term interest rates continue to be low, which aids positive market
conditions. No seller concessions are t ical at this time.
_ Project Infomation ear RMDs Of applicable)-- Is the devebpaNuilder in control of the Home Owners' Association (HOA)T fl Yes No
Approximate total number of units in the subject project Approximate lolal number of units or sale in the subject protest
Describe common elements and tecreabonal fatten
Dimensions Approximately 209 x 730' (Subject to a Survey)
Topography Level
Size Avg. Homesite
Site area 152.570 sg.ft. or 3.5 acres CornerLot❑Yes [X]No
Specific zothng classification and description None
Shape Rectangular
Zoning complance ❑Legal ❑ Legal nonconforming (Grandlathered use) fl Illegal ❑ No zoning
Drainage Adequate Upon Ins pees.
Wahest & beg use as M'eved: (TI Present use El Other use (exJ) _
View Average/Country
Landscaping Average
Utllties Pubic Omer
Ott -sit h wwvwald Type Public Private
Electricity ®
street Gravel d ❑
Orbeway Surface Gravel
Gas []Propane
Curbputla None ❑ ❑
Apparenteasements Normal Utility
Water ®' Well
Sidewalk None ❑ ❑
FEMA Special Flood Hazard Area ❑Yes No
Sanitarysex" ❑Se tic System
Sweet fights None ❑ ❑
FEZone X MapDale 9/18/91
swimsewa El
Alley None
FEMAMapNo. 05143CO095C
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal of legal nonconforming zoning use. cit.): No apparent
adverse easements, encroachments or other adverse conditions were noted by appraiser upon
ins ection.
GENERAL DESCRIPTION
EXTERIOR DESCRIPTION
FOUNDATION
BASEMENT INSULATION
No. of Units One
Foundation Conc.B CB
Slab No
Area Sq. Ft 0 Roof
No. of Stories One
Exterior Wags Brick
Crawlspace Yes
% Finished NA Ceiling Avg .
Type (Det/Att) Detached
Roof Sunace Comp . Shng 1
Basement None
Ceiling NA Wages Avg.
Design (Style) Ranch
Gutters & Dwnpts. None
Sump Pump None
Wags NA Floor ❑
ExisbngRmpesed Exi sti nfl
Window Type SP Alum.
Dampness None
Floor NA None ❑
Age(Yrs.) 26 Yrs,
Sbrnvscreen Part/Yes
Settlement None
Outside Entry NA Unknown ❑
Enec veA a rs.)20 Yrs.
Manufactured House No
infestation NoneA arent
ROOMS
Foyer
living
Dining
Kitchen
Den
Fimi Am.
Rec. Rm.
Bedrooms
w Baths
Laundry
Omer
Areas . ft
Basement
0
Lads
1
1
1
3
2
1
1.397
Level2
Finished arm above rade contains: 6 Rooms; 3 Bedrooms' 2 Baths' 1.397 5 uare Feet of Glass Livin Area
INTERIOR Mdtrials/Condibon
HEATING
KITCHEN EQUIP.
ATTIC
AMENITIES
CAR STORAGE:
Floors Hdwd C C Vn/Av
Type ForAir
Refrigerator ❑
None ❑
Fireplace(s)♦ 1 ®
None ❑
_ Wags Dr wll /Av .
Fuel Propne
Range/Oren [X]
Stairs ❑
Patio 20 X 28' ®
Garage s of cars
Trurvfmish Pine._Pnt'd/Avg
Condition Good
Disposal ❑
DropStair [K]
Deck ❑
Attached One
Bath Floor Vinyl/Avg.
COOLING
Dishwasher m
scuttle ❑
Porch Cov.Frnt ®
Detached
Each Wainscot Fiberglass/AvgFiberglass/Avg
Cenbal Yes
Fan/Hood ®
Floor ❑
Fence Farm ®
Built -In
Doors Wd.Hollow/Av .
Other No
Microwave ❑
Heated ❑
Pool ❑
Carport
Condition Good
Washer/D ern
Finished n
Driveway Four
n
Additional lnwres (special energy efficient items,eb.): Shop building with lean-to shed stone fountain.
Conditron at the improvements. depreciation (physical functional, and external), repairs needed, quaky of construction, remodeling/additions, etc.: Physical
depreciation due to normal wear 8 tear Subject has dated features such as carpet, bathroom
fixtures. appliances and countertops. Soffits show mildew and trim needs, paint. No_ functional
— or external depreciation noted upon inspection by appraiser. _
Adverse environmental condition (such as, but not Lorded In. hazardous wastes, toxic substances, eta.) present in the improvements, on Me site, or in the
immediateviciniy orthe subjectpropery.: No'adyerse environmental' conditions noted within the immediate
vicinit of the subject ro ert u on ins ection.
PAGE I OF2
Form UA2 --
•TOTAL 2000-
appraisal software by a la mode. Inc. --
I.800
-Al AMODF
Freddie Mac Form 70 6/93
Fannie Mae Form 1004 6/93
- 1• 1 • • •
I 1 1 1 • \
I 1
1
1 1
UNIFORM
RESIDENTIAL APPRAISAL REPORT
Valuation Section
flk No.
ESTIMATED SITE VALUE 3.5 acres
= s 35 000 Comments on Cast App:ach (such as, source of cost estimate. silo value.
ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS: square loot calculation and for HUD. VA and fmHA. the estimated remaining
Dwelling 1.397 Sq. Ft @s 60.00
= $ 83.820 economic hie ofthe propery):
0 Sq. Ft ps
= De rereci ation: Physical due to normal wear
App1 FP Porch Patio
= 7.000 and tear and dated characteristics. No
Gaugutarport 290 Sq Ft @5 18.00
= 5.220 functional or external was noted. Site
' Total Estimated Cost New
=S 96,040 _value is based on_comparable land sales.
Less Physical Functional
External Cost estimates were obtained from the
- Depreclaton 32,0101
=5 32,010 Marshall & Swift Cost Handbook and from
Depreciated value of Jmprwements
=3 64.030 discussions with local suppliers and•
'Asds' Valueol Sit Inpmvemants Drvwy.shop.
=f 5.000 contractors where possible. See attached
INDICATED VALUE BY COST APPROACH
=5 104,030 square foot calculations.
ITEM SUBJECT
COMPARABLE NO. I
COMPARABLE NO. 2
COMPARABLE NO. 3
696 S. Broyles Ave.
252 Wesley Stevens
13450 Amber Ln.
14639 Wilmoth
,.
Address Fayetteville
Farmington
Farmington
Farmington
Prodmi ksubecl
zllw,'r
2 Miles West
3 Miles West
3 Miles Northwest
Sales Price
f NA
'X/*! Is 85 000
• f 89.500
s 78.500
PrkeA;ress LW Arn
sNA m
5 56.07 m
`. =-' - -
f 59.83 WI.
s 55.88
Dataand%or
Inspection
MLS 898-00494
MLS 898.02408
MLS #98-01628
Verification Source
Owner
Agent
Agent
Agent/Asses sor
DESCRIPTION
DESCRIPTION ' + - f Adjust
VALUE ADJUSTMENTS
DESCRIPTION +(-1f Adjust
DESCRIPTION +(-}S Adjust
Saks or Fuuncirq
`VA
Conventional
FHA
Concessions''
?'"z,.'�"
None
None
None
x;k r.
5/1/98
7/20/98
5/18/98
Dam at Sak/Time
Location
Farmington
W of Farm. ' +3 000
W. of Farm. +3000
NW of Farm. +3,000
..
Leaseholuiee Simple
Fee
Fee
Fee
Fee
..
3.5 acs./Av.
2.87 Acres • •10.000
2 Acres ' +15.000
1.02 Acs/Avg • '20000
Site
..
View
Avg./Suburbn
Avg./Suburbn ;
Avg./Suburbn
Avvg./Suburbn
Design andA eal
Ranch/Avg.
Ranch/Avg.
Ranch/Avg.
Ranch/Avg.
Brick/ADAvg.
Rock&Cdr/Avg +2 000
Frame/AvgT 500
Brick/Avg '2.000
QuabtyolConstuctioa
26 Yrs 20 E
30 Yrs 20 E
15 Yrs 15 E ' -2.500
9 Yrs B E -6000
Age
Condition
Average
Average
Average
Average
Above Grade
Total :Bdrms: Baths
Total :Bdrms Baths
tool B4rms: Baths
?_olal Bdrms: Baths
Room Count
6 •3 '2
7 3 :1.5 +1.000
_6 ;_3 12
7 3 :1.5 +1.500
Gross Living Area
1 397 SQ. Ft
1.516 sq_ -3.570
1 496 sq.ft -2970
1.380 Sg. Ft +510
Basement& Finished
0
N/A
N/A
N/A
'.
- Rooms Below Grade
NA
N/A
N/A
N/A
Functionamtiay
Average
Average :
Average
Average
Heap .toots
Central HVAC
Central HVAC-
HVAC
Central HVAC
_ EnergyEflicIentuIeff
None
_Central
Ceil. Fans -150
Fans -150_
Cell. Fans -150
Gasaae/Caroon
I Car Garage
2 Car Garage' -2,500
2 Car Garage' -2.500
1 Car Garage:
Poaq Palo, Deck
CvPrch.Patio
Cv.Entry +2.000
Prch.Pat/Dk
Cv. Ent/Deck : +1.000
Fueplace(s).et.
Brick FP
None +2500
0 -Clear. FP '1000
None '2.500
Fence Poolet+
FrmFnc/Shop
Sho /AbGrnPl: -3.000
None ' +2.000
Stg. Bldg. +1.500
Other
AO ls. Fount
Appls. +500
Appl s____+500
Appls. +500
Net Ad uoial+
f 11.780
1- s 16 880
"X + - S 26,360
Adjusted Saks Price
alCom arable
f 96.780
S 106.380
-
$ 104 860
Comments on Saks Comparison fricluding the subject propeM's compatibly to the nephborhood. em.): The appraiser has included six
comparable sales in this report. See attached addendum for Sales #446. Sales 84 h 86 are
older sales but located within a very close rn oximity_ to the subject Sales 11-83 are more _
recent sales but located in outlying areas of Farmington. All comparable sales required
adjustments for land size.
These sales are considered to be reliable and good indicators of
the subject's value. Each
sale is weighted event.
ITEM
SUBJECT
COMPARABLE NO.1
COMPARABLE NO, 2
COMPARABLE NO.3
Date, Price and Data
No Prior
_
Listed @ 589.900
Listed @ 589.900
Listed @ 578.500
Source. forpharsases
Sale in Yr.
No Sale in past Yr.
No Sale in past Yr.
No Sale in past Yr.
withinyearolappraisal
Assessor
Agent Inquiry
Assessor's Files
Agent Inquiry
Analysts of any curtest agreemenlot sal, orlon.
or fisting of subject Ordinary and analysis of any prior sales of subject and comparables within one year of the date al appraiat
The subiect is currently not under contract or listed for sale
INDICATED VALUE BY SALES COMPARISON APPROACII -- - $ 104.000
INDICATED VALUE BY INCOME APPROACH IA
hcable Estimated Market Rent S N/A Rio. x Gross Renl MuM her N/A... =S NIA ._-....__._
This appraisal is made ®'ass' ❑ subject to the repairs. alteration. inspections at conditions lskd beluw ❑ subject to completion pet plans A specification.
cmaoansmApyaivl: The appraiser
assumes that all mechanical- equipment`plumrrmb> inn _and electrical
systems are in good working
order and the septic system meets Health Dept. regulations. _
Finalflecancihation: The Cost and Sales Comparison Approaches result in value estimates within a very
close range. Due to the availability of adequate comparable sales data the Sales Comparison
- A roach is wei hted most.
The Income Approach is not considered applicable to this property,
The purpose at this appraisal is Ta estimate Inc market value of the teal properly that is the subject of this report based on the above conditions and the certlication. contingent
and limiting conditions, and mark valuedelinition
Uyala I 'ie8_lf.IBy� atuched Freddie Mac Farm 439/FNMA form 10048 (Revised 6/93
I(WE)ESTIMATE THE U AS OEM
' BEA(thInRTYnaTtsTuEsuaJEcTOFTItISREPctuAsor September 25 1998
- pIailcHIS OF f
URTE OFTNIS nEP(111T) TO BE $ 104.000
' GT.'.I� `:`'r = SUPERVISORY APPRAISER(ONLY IFREOU EO):
Signature ≥__.
CcR"fIRcD ar ;) ` Signature []Did fold Nat ..
Name Mark E. lSk GAA R
' E`r'_C 'al__v ;'c= Name _ -___ _ _-_.. ____ __— Inspect Proper
__
Date Re on Sin October 13 -1998 ,r'_��J �7 DakReepon $toned
".
SNte Ceroficatio w CG0202 -..—•:.
s`. SNIe( "_ Slate Certlication :i_" __ sum_ _
OrSUk Licen a
.. qpl. C. . Sta '� Or State License# Sure
Freddie Mac Form 70 M3
'`'-1::::.•ypmft5\"'• PAGE 2 OF 2 Fannie Mae Form 1004 693 ,
From HA? .. 'T01Al 2000' appraisal software by a la made, inc. -- 1-800-ALAMODE
I
UNIFORM RESIDENTIAL APPRAISAL REPORT
MARKET DATA ANALYSIS
I
- - Market Data Analysis 693
These recent sales of pmperia are most similar and proximate to subject and have been considered In the market anaysis. The description includes a dollar adjustment reflecting
market reaction b those Items of significant variation between the subject and comparable piapeNes. II a significant hem In the comparable properly is superior to. or more
favorable than, the subject property, a minus (-) adjustment Is made, thus reducing be Indicated value at the subject II a significant item in the comparable is Interior to, or less
larotabid than, the sub ed prape ,a his + adjustment Is made, thus increasing Inc indicated value of the subject
REM
SUBJECT
COMPARABLE NO. 4
COMPARABLE NO. 5
COMPARABLE NO, 6
696 S. Broyles
Address Fayetteville
Ave.
76 Wilson
Farmington
14693 Wilmoth
Farmington
221 Broyles
Farmington
Proximity bsubect
.—'
1/2 Mile South
3 Miles Northwest
4 Blocks South
Sales Price
$ NA
1"T ::YP
Is 81.000'
- Is
97 000
- 's
74.000
Pdc mss LHin Areas
NA 'P$
58.11 w'°<'
$ 64.07 w
$ 61.57 m '
Dataandbr
verillcamnsources
Inspection
Owner
MLS #98-05035
Agent/Assessor
MLS #97-03882
Assessor's Records
MLS #96-06451
Assessor's Fi les
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION • +(—)$ Adjust
DESCRIPTION +—S Adjust
DESCRIPTION • +(—)$ Adjust
Saks or Roaming
Concessions
-
ti
Conventional :
None
VA
None
FHA
None
Date olsa Ime
p. .Kk:='.11/21/97
+4%: «3,240
10/30/97 +4%: +3.880
3/97 +5% +3,700
Location
Farmington
Farmington
NW of Farm. t3,000
Farmington
teasetbtl ee Sim le
Fee
Fee
Fee
Fee
site
3.5 acs./Av.
.63 Acs/Avg.• +20.000
1 ae./Avg. 20.O00
.33 acs./Avg • +23000
View
Avg./Suburbn
Avg./Suburbn :
Av ./Suburbn:
Av ./Suburbn:
DaloandA eal
Ranch/Avg .
Ranch/Avg.
Ranch/Avg.
Ranch/Avg.
Dually OuaUlyoIConsuc�on
Brick/AbAv .
Brick/Avg. +2000
Brick/Avg. +2 000
Brick/Avg. +2,000
-
Ape
26 Yrs 20 E
13 Yrs 10 E 5.000
17 Yrs 15 E -2.500
9 Yrs 8 E -6.000
Condition
Average
Average
Average
Average
_
Above Grade
Room Count
Gross LWirw Area
Total :Bdrms: Baths
Total :Bdrms: Baths
6-t 3 : 2 :
1.394 Sg. Ft'
Total :Bdrms: Baths
5 7 •1 .75 :
1.514 Su. Ft' .3.510
Total :Bdrms: Baths
7 • 3: 2:
1200 S.Ft' +5 910
6: 3 • 2
1.397 So. Ft
Basement& Finished
Rooms Brow Grade
0
NA
N/A
N/A
N/A :
N/A
N/A
N/A
Functionalutisry
Heatinaltoobrm
Energy Efficient Items
Average
Average : -_
Central HVAC:
Ceil. Fans -150
_
Average. ____ __-_ _ __
Central HVAC
Average
Central HVAC
None
Central HVAC
Ceil. Fans -150
Ceil.Fans -150
GaraeCaron
I Car Garage
2 Car Garage -2.500
2 Car Garage : -2,500
1 Car Garage
Porch, Pape, Deck
Fuepecels). eb.
CvPrch,Patio
Brick FP
Patio +2.000
FrplceW/ins :
Fence : •1,500
Appls. +500
rfl+ -:3 21,590
CvPrch,Deck :
BrickFP __0
34 x 36 Shop -10.000
Appls.
+ - s 10 220
Porch, Deck
-Clear. FP +1000
Ponce. Pont etc.
Other
Nei Adj. ideal
FrmFnc/Sho
Appls..Fount
": °
Fence +3.500
Appls. +500
IXl+ 7-'s 31 460
Adjusted Saks Price
of Comparable
'� ..,..
, .
S 102.590
Listed @ $84.900
No Sale in past Yr.
Assessor's Files
5 10) 220
s 105 460
Data, Price and Data
Source for prior sales
within ear ata raisal
No Prior
Sale in Yr.
Assessor
Listed @ $99,900
No Sale in past Yr.
Assessor's Files
No Sale in past Yr.
A ent In uir
Comments- Camp. #4
: This home
is similar in appeal
to the sub iect. It is located just south of
the subject.
A large site
adjustment was necessary. It occurred last
year and would need a
time adjustment.
comments- comp. s5 : This home
Farmington School District.
is located northwest of the subject off of Harmon Rd. in the
The home is of similar ppeal. It included a large relatively
new shop building,
comments-camp.#6
This is a
small brick home located just south of the subject on Broyles,_
It required a
1 a a time adjustment and site adjustment.
Similar appeal.
Form UA2 -- TOTAL 2000' appraisal software by a la mode, inc. — 1 -800-ALAMDDE
`i"f �l'•6•`
,
X`j(
-R:F
,�•
..
, n. a:"0.
z�.
Y
t.
ss..
t.
4
\
q�.
JQ
f[�
air
fir..
Lfe:
APPRAISAL OF REAL PROPERTY
Zfr
�
LOCATED AT:
696 S. Broyles Ave.
Pt.
of the SE
1/4. SE 1/4 Section 14.
T16N. R31W
?�a�<
Fayetteville
',.
FOR:
City of Fayetteville
113 West Mountain. Fayetteville, AR
72701
{
tQM.
AS OF:
9.25.98
BY:
Mark E. Risk GAA
•.T
x.
�..
♦{1A"lSy$g
'
Y"V y;Phv
p p
.W.. ((gipNN
? pWpt
rnnn GA? .. •IOTA 2000 appraisal snlwaic by a a rr r1c, inr. — 1 -800 -Al AMnnr
1
SUMMARY OF SALIENT FEATURES
SubjectAddress
696 S. Broyles Ave.
Legaoescription
Pt. of the SE 1/4. SE 1/4 Section 14. T16N, R31W
City
Fayetteville
_ County
Washington
stale
AR
ZlpCode
72701
Census Tract
105.06
Map Reference
Washington Cty
SalPrice
S NA
Dale of Sale
NA
Borrower/ Client
None
Lender
City of Fayetteville
Size (Square Feet)
1.397
Price per Square Foot
3 NA
Location
Farmington
Age
26 Yrs 20 E
Condition
Average
Total Rooms
6
Bedrooms
3
Barns
2
Appraiser
Mark E. Risk GAA
Date of Appraised Value
September 25. 1998
Final Esemaleof Value
$ 104.000
Form 550 -- 'TOTAL 2000 appraisal software by a la made. inc. -- I.800.ALAMOOE
••
I
COMPLETE SUMMARY APPRAISAL REPORT
COMPLETE SUMMARY APPRAISAL REPORT THE REAL ESTATE CONSULTANTS (501) 442-0762
No.
Zip Code 72701
hip ton
pedal Assessments S 0
Tenant Elyacant
HIMI NA rtan
Locator, U Urban
IJ Suburban L
• Bum up ❑Over75%
®25-75%
Growth rate Rapid
[ Stable
•
Proper y values ❑Increasing
❑ Stable
Otmaod/suppN Shortage
®M balance [
Marketing tine E-1 Under 3 mos.
EXl 3.6 mos.
Note: Reee and the racial composition of the
Neighborhood boundaries and characteristics:
The
the north by Wedington
Rd (Ark
Factors that affect the marketabmy
of the propeites In V
The subject property
is locate
Address 118 N.
East Ave..
Fayetteville,
AR
72701
Redomhunt"1225
suy
present lard use%
LAM use change
25%
°�°wn°/
(yrsJ
One famIN 50
❑Not kkely ❑Likey
®Owner
1
241amly
®In process
ng
❑Tenant
00
Multi-lamiy
To: Residential
upply
❑vacant (0-5%)t
=.Commercial
5
mos.
vac.ove15%
Vac/A50
aorhood are not appraisal lactora.
ject
neiohborhood.located
just
N. of Farmington.is
defined t
.16).
to the south by U.S.
Hwy
62. to the east by U.S.Hwv 71
boyhood (proximity In employment aod ameniOcs, employment stabily appeal b market etc.)
Markel cand buns In the subject neighborhood (including support for the above conclusions related to the bend of properly values, demand/supply, and marketing Mme
— such as data an competitive properties for sale in the neighborhood• description of the prevalence of sales and financing concessions. et.):
— Proicct tbmubon or PUUs Of applicable)-- is the devebper/oulber in control of the Home OwnersAssociation (HOA)7 UYes UJNO
• Approximate total number of unit In me subject project
Apprmimale bhl number at
units for sale in the subject protect
Describe common elements and recreational facilities-
.. Dimensions Approximately 209' x 730' (Subiect
to a Survey)
Topography Level
sitearea 152,570 sg.ft. or 3.5 acres
CornerLot❑Yes ❑No
Sian Avg. Homesite
Specific zoning classification anddacripton None
Shape Rectangular
toning compliance ❑Legal ❑ Legal nonconforming (Granlamered use)❑Illegal
❑ No zoning
Drainage Adequate Upon Inspe<
)he sl B best use asbnroved: Present use Ii Other use (explain)
_
new Average/Country
Landscaping Average
Utktia Public Omer
o0 -sit Improvements Type Public Piwate
Electricly ®
street Gravel
❑ ❑
Driveway surface Gravel
Gas ❑ Propane
Curbputler None
❑ ❑
Apparent easement Normal Utility
Water m+Well
Smewal None
❑ ❑
FEMA Special Flood Hazard Area ❑Yes No
Sanitarysewer ❑Se tic System
Streetlight None
❑ ❑
FEMA Zone X MapDate 9/18/91
Storm sewer
Airy None
FEMAMapNo. 05 443CO095C
Comment (apparent adverse easements encroachments, special assessments,
side areas, illegal or legal nonconforming
zoning use, etcj: No apparent
adverse easements encroachments or other
adverse conditions were noted by appraiser upon
ins ection.
GENERAL DESCRIPTION
EXTERIOR DESCRIPTION
FOUNDATION
BASEMENT - INSULATION
No.ol Units One
Foundation Conc.5 CB
Sub No
Area Sq. Fl 0 Roof
❑
No.O1 Stria One
Faerior WaAs Brick
__
cowl space Yes
%Finished NA tCeisng Avg.
Type (Del/Aft) Detached
Roof Swine Comp . Shng 1
Basement None
Ceiling NA Walt Avg.
❑
• Deslgn(syle) Ranch
Gutters&Ownspts. None
Sump Pump None
Walls NA Fbm
❑
EdstrgNmposed [xi sting
Window Type SP Alum.
Dampness None
Floor NA None
❑
Age(Yrs.) 26 Yrs.
StormrScreeas Part/Yes
Settlement None
Outside Envy NA Unknown
❑
INTERIOR Materiatacondition
HEATING
KITCHEN EQUIP.
ATTIC
AMENITIES
CAA STORAGE:
Floors HdWd C t Vn/AV
Type FO rAir
Refrigerator ❑
None ❑
Fireplace(s)/ 1
[A]
Nona ❑
Wags Drywll /Avg. -
fuel Pro ne
AangoOven n
Stairs ❑
Pago 20 X 28'
®
Garage • of cars
Trinvfinth PinePnt'd/Av
Condition Good
Disposal ❑
Drop Shit [X]
neck
❑
Anached One
COOLING
Bab) Ftor Vin l/Av .
Dishwasher ❑
Scuttle ❑
Porch Cov.Frnt
®
DetcholBatWainscot
Fiber lass/Av
Central Yes
FaMHood ®
Floor ❑
Fence Farm
®
Bum -In
Doors Wd.Hollow/Av .
Other No
Microwave ❑
Heated ❑
Pool
❑
CarportCondition
Good
Washe:iO er El
finished El
n
Driewa Four
Additional futures (special energy eficient items. etc.): Shop
Ivicinity
building with lean-to shed. stone fountain.
Condition of to Mprovements, depreciation(physial
functional and ealermp,repairsneeded. qualy of construction. remodeeng/addibons, et.: Physical
depreciation due to normal
wear 8 tear
Subject hasdated features such as carpet, bathroom
fixtures`appliances-and
countertops,
_Soffits show mildew and trim needs,
paint.fJo_functionelor
external depreciation
noted upon inspection
by appraiser_Adverse
em0onmmhl conditions (such as,
bin not fmited b, hazardous warts, toxic substances, et.) present in me improvement. on me
sit. or in Te
immediate viciniy byte subject property.:
No' adverse
environmental, conditions noted within
the immediate
of the subject
ro err u on
ins ection.
Freddie Mac Form 70 6/93
PAGE I OF 2
Fannie Mae Farm 1004 6/93
Form IIA2 — 'TOTAL 2000' appraisal solrwam by a la mode. inc. '- I'BOO'AI AMODF
UNIFORM RESIDENTIAL APPRAISAL REPORT
CL W
Valuation Section
ESTIMATED SITE VALUE 3.5 acres
= s 35.000
Comments an Cost Approach (such as, source of cost estimate. site value.
ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS:
square fool calcutlion and for MUD. VA and FmFIA. the estimated remaining
Dwelling 1.397 Sq. Ft @$ 60.00
=$ 83.820
economic file at the properly)'.
0 Sq. FL @$
=
Depreciation: Physical due to normal wear
and tear and dated characteristics. No
= Appl FP Porch Patio
= 7.000
functional or external was noted. Site
Garage.Carpon 290 Sq.Ft ps 18.00
= 5,220
96.040
yalue._is based on_comparable land sales.
Tool Estimated Cost New
Las Physical Functional
=$
External
Cost estimates were obtained from the _
Depreciation 32 0101 1
=5 32.010
Marshall 5 Swift Cost Handbook and from
discussions with local suppliers and
Depreclatedvalue of improvement
as 64.030
contractors where possible. See attached
'As -Is' Valueof Slte Improvement Drvwy.shop.
=5 5 000
INDICATED VALUE BY COST APPROACH
=s 104.030
square foot calculations.
REM SUBJECT
COMPARABLE NO.1
COMPARABLE NO.2 COMPARABLE NO.3
696 S. Broyles Ave.
252 Wesley Stevens
13450 Amber Ln.
14639 Wilmoth
Address Fayetteville
Farmington
Farmington
Farmington
PradmiNbsublea
2 Miles West
3 Miles West
3 Miles Northwest
Sales Prke
$ NA
:. °v% S 85_000
` s 89 500
-- -" 5 78 500
Prke/Gross LM Ara
SNA Go
s 56.07 m ^t r.'.+i -.
s 59.83 wl
S 56.88 ua
Data and%or
Inspection
MLS #98-00494
MLS 198-02408
MLS 198-01628
verukabon Source
Owner
Agent
Agent
DESCRIPTION ±(�S Adjust
Agent/Assessor
DESCRIPTION ' +1 -IS Adjust.
VALUEANUS7MEM5
DESORPTION
DESCRIPTION +(-)S Adjust
Sate or Financing
; i°
VA
Conventional
FHA
concessions
= ;•.
None
None
None
Dateof Sale/Time
"=fr'g?.}WFOYI$l�*
5/1/98
7/20/98
5/18/98
Location
Farmington
W of Farm. +3.000
W. of Farm. +3.000
NW of Farm. '3,000
Leaselbbrfee 5lmple
Fee
Fee
Fee
Fee
Sit
3.5 acs./Av.
2.87 Acres +10.000
2 Acres : +15 000
1.02 Acs/Avg • '20.000
Ava /Suburbn:
View
Avo./Suburbn
Ava /Suburbn
Avo./Suburbn
Design andA al
Ranch/Avg.
Ranch/Avg.
Rock&Cdr/Avg; +2 000
Ranch/Avg. _
Frame/Avg. +3 500
Ranch/Avg.
Brick/Avg. +2.000
OuaityolConsuc6aa
Brick/AbAvg.
9 Yrs 8 E -6000
Age
26 Yrs 20 E
30 Yrs 20 E
15 Yrs 15 E -2500
Condition
Average
Average _
Average___
Average
Above Grade
Total: Bdrms: Baths
Total Bdrms Baths ;
Total :Bdrms. flaws .
Tout Bdrms- Baths_:
RoomCount
7 • 3 :1.5 : +1.000
6 `3 r2 _:
_ 7 3 11.5 +1.500
6 ;3 2
Gross Lbina Ara
1.516 Sg.Ft• -3,570
_ 1 4, 96 $q.Ftl 2.970
1 380 Sa Ft +510
1 397 So. Ft
Basements Finished
0
N/A
N/A
N/A
Rooms Below Gade
NA
N/A
N/A
N/A
Funcuaal Uti6N
Average '
Average :
Average _
Central HVAC,__
Average
Central HVAC
Keabr.Voabi
Central HVAC
Central HVAC
Energy Enickmltenn
None
Ceil_Fans -150_Cei(_Fans
: -15_0_
Cell Fans -150
aaacecarpon
1 Car Gara e
2 Car Garage: -2..500
Cv. Entry +2.000
2 Car Garage -2.500
Prch.Pat/Dk :
1 Car Garage
Cv. Ent/Deck: +1.000
Porch. Patio,Dak
CvPrch.Patio
' Fireplce(s)eie.
Brick FP
None +250
0_Clear. FP + 00
None +2 500
fence Pool etc.
FrmFnc/Shop
Shoo/AbG rn Pl :• -3.000
None +2.000
SSt Bldg _.1500
Other
Appls..Fount
APpls. +500
Appl s____•._____*500_-Appls.
+500
X1. T-__26360
NelAdl. Unto
+ s 1l 780:L1L_f-L-_-s
16 980
Adjusted Sales Price
atCom arable
``
'. _._1s_96.780
S105.30
.T:$104,860
Comment an Saks Comparison (including the subject property's compibbibly to the neighborhood, etc.): The appraiser has included six
comparable sales in this report. See attached addendum for Stales 94-16. Sales 14 8 96 are
older sales but located within
a very close proximi [y_to the subject_ Sales .9l-1) are more
recent sales but located in pert( vi ng areas of Farmington. All_ comparable sales required
adjustments for land size
These sales are considered to be reliable and good indicators of
the subject's value. Each
sale is wei hted even( .
ITEM SUBJECT
COMPARABLE NO. I COMPARABLE NO. 2 COMPARABLE ND, 3
Date, Price and Data No Prior
__
Listed @ 589.900 Listed @ $89.900 Listed @ $78,500
Source,lar prior sales Sale in Yr.
No Sale in pas[ Yr. No Sale in past Yr. No Sale in past Yr.
wlthinyeaiolappraisal Assessor
uir
A ent In uiry__ Assessor's Files AgentInquiry
Analysis of any current agreement of sale, option,
or tong of subject property and analysis of any prior sales of subject and compaiables within one year of the data of appraisal
The subiect is currently not
under contract or listed for sale.
INDICATED VALUE BY SAl1:5 COMPARISON APPflOACII------- S 104,000
INDICATED VALUE BY INCOMEAPPROACII IA
icable Estimated Market Rent S N/A /Mo. x Gross Rent mum tier N/A. =SNIL. ______-
Thisappraisal ismade ®'as t- ❑subject to the replies, Situations, Inspections or conditions listed below ❑ subject to completion per plans & specifications.
CondaonsoiAppralsa: The appraiser
assumes that all mechanical..equipment,—plumbing_and electrical ___
systems are in good working
order and the septic system meets He alth- Dept_regul ation s. _
Real Reconciliation The Cost and Sales
Comparison Approaches result in value estimates within a ver
close range Due to the availability of adequate comparable sales data the Sales Comparison
- Approach is weighted most
The Income Approach is not considered applicable to this property.
The purpose of this appraisal is b narrate the market value of me real prop" that is the sublecl at this report based on the above conditions and me ce,tlicalbn. contingent
and Failing conditions, and mar' value aeliniton gka)A ed!In,ggl aNched Freddie Mac Form 439/FNMA dorm 10048 (Revised __6 / 93
I CAFE) ESTIMATE TIE...1.,
U ASD
- HfAI,;,P�IOPFnrY TINT IS 711E SUBJECT OF TIS REPORT. AS OF September 25 1998
- (NRIGII ESR OAF n
6it'oki SREPORT)TO BE S 104.000
s
ter'' :iT.tilE \`,t SUPERVISORY A17NNlSEP1 (ONLYRflE0U0tE0):
Signature =
- CcP•fffICD2tq Signature DD b Did Nat
Name Mark E. isle GAA 'T4
'__ :. .'- Name ___ --___ __- .— Insped PropeM
oat Beans n October 13 1998r_,
_-'r°'fI __
r__ry., — _ Oat Report Sgned ...--------
_
StateCertilatia I CG0202 _'� *' stated*,._ Stue LeMicabon k-- __ _ __- _:Stale—_..-_
..`,
OrStale Lkens s
_ :-.. State
'-.. 4n•. .. . Sla` Or Stale Licenser
I •I-.L.—IMI a,
Freddie Mac Farm 70
693
•+.,.;;e,.;,11pp,Xa"
rout r ur 4
farm IIA2 --
'10TAI 20nW
appraisal sollwam by a U made, inc. --
1.8D0-ALAMODE
UNIFORM RESIDENTIAL
MARKET DATA
APPRAISAL REPORT
ANALYSIS
,
These reeenl sales of properties are most similar and proximate to subject and have been considered In the market anaysis. The description includes dollar adjustment velke8ng
market reaction lo those Items of signitieanl varlation between the subject and comparable properties. If a signllicant Item In the comparable propery is superior ID, or more
favorable than. me subject propery, a minus (-) adjustment Is made, thus reducing the Indicated value of the subject II a significant Itern in the comparable is Interior to. or less
favorable man. the subject prop .a his + adjustment is made. thus increasing me indicated value al the subject
..
ITEM SUBJECT
696 5. Broyles Ave.
Address Fayetteville
COMPARABLE NO. 4
COMPARABLE No. 5
COMPARABLE NO. 6
76 Wilson
Farmington
14693 Wilmoth
Farmington
221 Broyles
Farmington
Pradml soSubect
..
1/2 Mile South
3 Miles Northwest
4 Blocks South
Saks Price
$ NA
`; '- "-."Riff
81.000
:,I$
97.000
>°=9 'E'"'•f5
74.000
• Price/Gross LNing Area
pass and%or
Verification Sources
S NA W
S 58.11
"Ft"" ""' ---
s 64.07 m
R --'--
S 61.67
Inspection
Owner
MLS #98-05035
Agent/Assessor
MLS #97-03882
Assessor's Records
MLS #96-06451
Assessor's Files
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION +l—)$ Adjust
DESCRIPTION +(—)$ Adjust
DESCRIPTION ' +E-'$ AdjustSaks
or Financing
Concessions
j
Conventional :
None
VA
None
FHA
None
oak of Sa Ime
11/21/97 +41 +3.240
10/30/97 +41 : +3.880
3/97 +5% +3.700
location
Lasehod ee Sim le
Farmington
Farmington
NW of Farm. +3.000
Farmington
Fee
__
Fee _
Fee _
Fee
site
View
3.5 acs./Av.
.63 Acs/Avg.+20,000
1 ac./Avg. +20 000
.33 acs./Avg' +23 000
Avg./Suburbn
Avg./Suburbn
Avg./Suburbn:
Avg./Suburbn ;
DesignandA al
Ranch/Avg.
Ranch/Avg.
Ranch/Avg.
Ranch/Avg.
Guilty QuaulyoiConstucton
Brick/AbAv
Brick/Avg. : +2.000
Brick/Avg. +2.000
Brick/Avg. +2,000
Age
Condivan
' - Above Grade
_ Room Count
Gross LivIM Ara
26 Yrs 20 E
13 Yrs 10 E ;_ 5.000
17 Yrs 15 E-2.500
9 Yrs 8 E : -6.000
.+
Average
Average
Average
Average
Total :Bdrms: Baths
Total :Bdrms: Batts '
6: 3: 2:
1.394 So. Ft:
Tout Bdrms: Baths:
5 `31 .75 :
1.514 St. It: -3.510
Total :Bdrms: Baths :
7 3' 2:
1 200 5.Ft +5,910
6: 3 2
1,397 S8. Ft
Basement& Finished
Rooms Below Grade
FuncbooalullN_
Hath,qSaobnq
Enugv Efficient Items
0
NA
N/A
N/A
N/A
N/A
N/A
N/A
Average
Average _
Central HVAC:
Ceil. Fans -150
Average
Central HVAC'
Avefr)ge
Central HVAC'
Central HVAC
None
Ceil. Fans -150
Ceil Fans -150
• GarieiCarport
• Porch. Pats. Deck
Fimolacets).etc
• fence. Pool. at.
Other
. Net Adl. hour
Adjusted Saks Pike
of Comoyable
I Car Garage
2 Car Garage: -2.500
2 Car Garage -2500
1 Car Garage
CvPrch.Patio
Brick FP
FrmFnc/Shop
Appls Fount
.,d.
Patio : +2.000
FrplceW/ins :
Fence : t1500
Appls.+500
1Y1+ f —I —,S 21.590
i' . "' I
,,,S 102,590
CvPrch.Deck :
Brick FP
34 x 36 Shop :: -10.000
Appls.
(X]+ n —'s 10 220
5 107.220
Porch, Deck
0 -Clear. FP E +1.000
Fence +1 500
AppIs. +500
11+ f1— s 31 460
-" $ 105,460
DaIe,Prke and Oau
Source far prior sales
whiten arofa rata
No Prior
Sale in Yr.
Assessor
Listed @ 584.900
No Sale in past Yr.
Assessor's Files
Listed @ $99.900
No Sale in past Yr.
Assessor's Files
No Sale in past Yr.
Agent In raft
comment- Comp.#4 : This home is similar in appeal to the subiect. It is located lust south of
the subject. A large site adjustment was necessary, It occurred last year and would need a
time adjustment.
Comment- comp. r5 This home is located northwest of the subjecj off of Harmon Rd. in the
Farmington School District. The home is of similar!neal. It included a large relatively
new shop building.
Comment- Comp.#6 : This is a small brick home located just south of the_ subject on Broyles Rd _
It required a large time adjustment and site adjustment. Similar appeal.
Market Data Analysis 5.93
Form UA2 -- -TOTAL 2000' appraisal software by a b mode. Inc. -. 1.800-AIAMODE
PCOURATE MAPP/ry0 CO Location Map
nGCUnn`E MAPP/NO 0
township 16 N Range 31 W �
Sn•4.IL, N.
_I y
1 �TTi'y; 7ou
• IIIn9
r 2 .� •' 801 •
lPl DINGTON II•ppI).S� �
/ ' .. 1.. cy n. .
)L 842 66 � •` _ ; B77'
n ...... ... 4 Inset I... tT^�,
11 .1 31 0 876.:.
841 z115 5.I�•:;,I1
I6 4 .L4.84 7101 89krI Q�, I:::}I-k...,..-
1659 Come S j]; '•
.- � :., \ 16 3.1 ..
r-w �• a l_ ; 364 /
.._._. .. ; Comp 3 _7 •: •:'•,:•. ;.;...•.•. .;. •. .;
GG2 G6 661 7 I, 6 7 . 1 : '- '.� >_
• • • IVL`•i •
• rq • 1 1;r FAYETTEVILI
'•.••+' 646 4645 0 639 1 649 q8 l.;
644 66 46 063
59 I• - E•
• •p0pst cnEEk ;
C... • ..
Y ri__ O
6 05 ?64 Come 1 :4 mP 6 r:•: r_�.:;
6o . 960 : 4 � I I .....
. •. p ._
631•
19 C N'r, .:''d.. 0 �•y,E•:= _ ..1.
0
96.�c .. .
':a G F .••' ...•:.
•
55 .'+:
•63 w 14 —5 _ ti :. 'i:::I
FARMING ON fQP . �:.:•'.
.616 ti_.• .; "= O.a•
66 �9 ® 7 �'' 51 x. .•�: 251
• 627 ,1122 320
4 , , ,•• 25 1 R : I' • 32
•l q 412
29 • _ 111EL , • CRiM .I I 4 PD..1: : 6L 1411
� : 31
• 62 • ,� � I 62 >.$`q Stork s .
__.
iF n _ 63165 �• 263]
a 9.1•.,._.
/ • Appleby 65
63 65 19 , I. ...--I r
24
624
54
I• vine 3627 : 601 363§,
Grove 19 3207 • 17 C ...
56
37 0•`1 I / 2.58 64 • 3 I
_.._..-. ..80 .
6 a Wa nu I ' e
' •: rye.. . .
c
C.___._.......__
23 3206g6' — ..
nw
57 33 JETS 20.
i Prairie T
Grove I•'. tr'
37 Bo/Ile
• Ground 3211 ?q 3
•. J. •••. '. • 623 �a
.,. :: ,. • > --.: 4246 .. _.__. _..�•, i • ... ,..•.•.•: 21 ,P - .... ..._ __..._. _... 3Z84''fl
1l: �-.T:: r. �. P ' 1405
• IC: no. • -
7_-B.li7. 0.7
IL�I 7 20• ;5 cn Ar 42 ..
SKETCH/AREA TABLE
ADDENDUM
File No. HammondC
Property Address 696 S. Broyles
City Fayetteville State
AR County Washington
ZipCode 72701
Borrower N/A
Lender/Glens City of Fayetteville
2B'
Patio 20'
I I
64.9'
20'
II
Bdrm
Bdrm Din Kit Utli
14.9'
Garage
20.9'
Be
6'
Bdrm Living B
Be
4' 2-
4.7'
40.9'
SCALE: Inch
- 20.00 feet
LIVING AREA CALCULATIONS
AREA CALCULATIONS SUMMARY
Area Name of Area
Size
Totals
Breakdown
Subtotals
54.90 X 26.90
1476.81
Gut First Floor 1396.81
1396.81
P/P front Porch
94.00
-6.00 X 12.00
-72.00
Patio
560.00
654.00
-2.00 X 4.00
-8.00
GAR Garage
298.00
298.00
TOTAL LIVABLE (rounded)
1397
1397
APE%SCFNIARE 216®96668
APxdlo0AM.0
Tu
prJ.
L. ..
✓ a 1+f'
r�l I
iN ' ♦ I'.'
Y 1N
�
,..
fi
• I<,•
-.
•.: -
-
n..
..
_.. . r 1..4.1,..
-
• - •._
• LV+
. N •1 JI .I.I
• Y
Tom: ilrw .•IIT, �-,IL.•
}`, i �•. r♦♦ff it .�ley
1 � ♦ � n4' f ♦ 1 •II l l r.
j l. �♦ ♦ •re vl .� .Z t ,� � v i 4•v 1 i v r' �'•
ui 1. • 4X i. .11 F T Q..,� 11'1. Ii v f4rGZnPP�i^v�jj�1 t 1
�, �)„y.! q.!i'( }n�� cI} -.t Tl rIF)l'�� rrl
�•',rV�"„�'�i 11113 �1a^iu�lYfr�lf'<�P.•� 14+ti�♦11 '1�'SF'
.1�,.�.y•rj•1,',5tlr�X};.h''';Fi ,`6'.}�f�Yk'r
w' NTi�! 'M1*� �1111e �.1' 1 11,•11
{ j v.s ♦
.... _"•wyv - lei':,., .,.. ...__.
.rte t. i ,..fir` ♦�.±;� `i-fit. r♦ .�f1 , ��
��{ ,�../'��
lio, ._ � i1• V�yl+i.
�/ Y /.I. • /��d^,Ipy'w
I t— ;a Y ,
..� pia{ •i/.\•� ia.• I :. ,:•:,i,
' 1 �
II.
1 1 ,
•` Y .• ,'c, v .t'
•
•
kti
�Ir 3
f `� 1n•i n*"'�' `:� aiyl]a�1�in dbY,
w • `'.i t91W
Sr t►. Ct ' it n rYpn
t Fr
'".�yj� �.4 ... ,'.:.... "•�r:.i,• ter>�
� ..i ♦f M . i;.
a.r._��.. _Fy,
I hereby certify, that to the best of my knowledge and belief, that the statements of fact
contained in this report are true and correct; that the reported analysis, opinions, and
conclusions are my personal, unbiased professional analyses, opinions, and conclusions; thatI , ..
have no present or prospective interest in the property that is the subject of this report, and I
have no interest or bias with respect of the parties involved; that my compensation is not
contingent on an action or event resulting from the analyses, opinions, or conclusion in, or the
use of, this report.
I hereby certify, that my 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 Practice of the National Association of Realtors - Appraisal
Section and the National Association of Independent Fee Appraisers; that the use of this report
is subject to the requirements of these organizations relating to review by their duly authorized
representatives; that I have made a personal inspection of the property that is the subject of the
report; that no one provided significant professional assistance to the persons signing this
report.
The appraiser further certifies that the analyses, opinions and conclusions were developed, and
this report was prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice ("USPAP"), except that the Departure Provision of the USPAP does not apply. And,
the appraiser's 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 occurrence of a subsequent event. And, this appraisal ..
assignment was not based on a requested minimum valuation, a specific valuation, or the
approval of a loan.
The appraiser understands that such appraisal may be used in connection with the permanent
acquisition of the property by the City of Fayetteville with regards to a sewer treatment plant
project. The City of Fayetteville has initiated this project. This appraisal has been made in
conformity with the appropriate City laws, regulations, and policies and procedures applicable
to the appraisal of permanent acquisitions, and to the best of my knowledge no portion of the
value assigned to such property consists of items which are noncompensable under the
established law of said city. _.
The appraiser has not revealed the findings and results of such appraisal to anyone other than
the proper officials of the City of Fayetteville, and will not do so until so authorized by said
City officials, or until required to do so by the due process of the law, or until released from
this obligation by having publicly testified as to such findings.
In the previous sections of this report, the appraiser has analyzed the relevant facts and applied
the appropriate appraisal processes to the subject property. It is the considered opinion of this
appraiser that the Market Value of the subject property as of September 25, 1998 is:
ONE HUNDRED FOUR THOUSAND DOLLARS
($ 104,000)
Respectfully Submitted,
ark E. Risk, GAA \"o J't'ru't,,.... ..
State Certified @ Q$ :..;
PGb., ,•.ic General Appraiser #CG0202 c
U
,
����iiiiigb jul➢nCll t\\0`'`� .
DEFINITION OF MARKET VALUE: The most probable price which a properly should bring in a competitive and open market under al conditions
requisite t a fair sale, the buyer and Seger, each acting gradenty, knowledgeably and assuming the price Is not affected by undue stimulus. Impfcit In this
definition is the consummation of a sale as of a spectlkd data and the passing of age from seller a buyer under conditions whereby: (1) buyer and Soler are
typlpey momated; (7) both parties are wel Informed or wel advised, and each acting in what he considers his own best interest (3) a reasonable time is allowed
tar exposure In the open market (4) payment is made in terms of cash In U.S. dolars or in terms of financial arrangement comparable thereto: and (5) the price
represents the normal consideration tot the property sold unaffecled by special or creative financing or sales concessions• granted by anyone associated with
the sale.
•Adjustments In the comparables must be made tar special or creative financing or sales concessions. No adjustments are necessary
for those costs which are narmaly paid by sellers as a result of tradition or taw in a market area; these costs are readily Identifiable ... ... . .
since the sober pays these costs in virtually al sales uansacbons. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third parry institutional lender that is not aueady involved In the
property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession
but the do ar amount of any adjustment should approximate me market's reaction to the financing or concessions based on the . .
appraisers judgement
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report Is subject a me fo0owing
conditions:
I. The appraiser wil not be responsible for mantis of a legal nature that affect either the properly being appraised of the th to It The appraiser assumes that ..
the tiro is good and marketable and, therefore, wil not render any opinions about the htle, The property is appraised on the basis of it being under responsible
ownership.
2. The appraise, has provided a skekh in me appraisal report a show approximate dimensions of the Improvements and the sketch is included only to assist
the ruder of the report in visualizing the properly and understanding the appraisers determination at its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (of other data sources) and has areas
In the appraisal report whether the subject site is located in an bemired Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes
no guarantees. express or implied, regarding this determination.
4, The appraiser wig not give testimony or appear in court because he or she made an appraisal of the property in queslan, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of the land In the cost approach at its highest and best use and the improvements at their contributory value. These
separate Wgladons of the land and improvements must nor be used in conjunction with any other appraisal and are IMaWd If they are so used.
6. The appraiser has noted In the appraisal report any adverse conditions (such as, needed repairs. depreciation, the presence at hazardous wastes, toxic
substances, eta.) observed during the Inspection of the subject properly of that he or she became aware of during the normal research involved in performing
the appraisal Unless otherwise stated in the appraisal report the appraiser has no knowledge of any hidden or unapparent conditions of the properly or
adverse environmental conditions (including the presence of hazardous wastes, toxic substance, eta.) that would make the property more or less valuable, and
has assumed that there ate no such conditions and makes no guarantees of warranties, express or implied, regarding me condition of the properly. The
appraiser wll not be responsible for any such conditions that do east or for any engineering of testing that might be required to discover whether such
conditions east Because me appraise, is not an expert in the held of environmental hazards, the appraisal report must not be considered as an
environmental assessment of the properly.
7. The appraiser obtained the
information, estimates, and opinions gut were expressed in the appraisal report from
source that he or she considers
to be
relable and believe them to be
true and correct The appraiser does not assume responsibihfy for the accuracy at
such items that were furnished by
other
parts.
8. The appraiser wit not disclose the contents of the appraisal report except as provided for in the Uniform Standards at Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuators conclusion for an appraisal that is subject to satisfactory completion, repairs, or
a@rations on the assumption that completion of the improvements will be pertormed in a workmanlike manner. - -
ID. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report
(including conclusions about the properly value, the appraiser's identity and prolessional designations, and references to any professional appraisal
organizations or the firm with which the appraiser is associated) to anyone offer than the borrower: the mortgagee or is successors and assigns; the mortgage
insurer, consultant; professional appraisal organizations; any stale or federally approved financial institution; or any department agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lender/chenl may distribute the property description section Of the report any to data
caflection or reporting services) without having to obtain the appraisers prior written consent The appraiser's written consent and approval must Also
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439693 Page 1 012 Fantle Mae Form 10048 693
Form ACR -- 'TOTAL 2000' appraisal software by a a mode, inc. -- 1-800-ALAMODE
I
I I i
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that
I. I have researched the subject market area and have selected a minimum of three recent sales of propertes most similar and proximate to the subject properly
lot consideration in the sales comparison analysis and have made a doer adjushnenl when appropriate to relied the market reaction to those items of significant
variation. 11 a significant Item In a comparable prop" is superior to. or more lavarable than, the subject properly. I have made a negabe adjustment to reduce
Me adjusted sales price of Me comparable and. it a significant item in a comparable properly is Interior W, or less favorable than Me subject properly, I have made
a positive adjustment to increase Me adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value In my development of the estimate of market value in the appraisal report I have not
knowingly wlthheW any significant Information from me appraisal report and I believe, W the best of my knowledge, that all statements and Information In the
appraisal report are true and correct
3. I slated In the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to Me contingent
and Lmlting conditions specified in this farm.
4. I have no present or prospective interest in Me properly but Is the subject b this report and I have no present or prospective personal interest or btas with
respect W Me participants In the Transaction. I did not base, either panuaty or completey, my analysis and%or the estimate of market value in the appraisal report
on to race, color, religion, sex, handicap, familial slaws, or national origin of either the prospective owners or occupants of the subject properly or of the pencil
owners or occupant 01 the properties in Me vicinity of the subject properly.
5. I have no present or contemptaled future Interest in the subject property, and neither my current of lulune employment nor my compensation for performing this
appraisal Is contingent on the appraised value of Me property.
6. I was not requited W report a predetermined value or d'uectien in value but favors the cause of the client of any related Wry, me amount of the value estimate,
Me aNinment of a specific fault or the occurrence of a subsequent event In order to receive my compensation and%or employment to: performing Me appraisal I
did not base the appraisal report on a requested minimum valuation, a specific vababon. of he need lo approve a specific mortgage ban. ..
7. I performed this appraisal in conformity with the Uniform Standards of Pralessional Appraisal Practice that were adopted and Promugated by Me Appraisal
Standards Board of The Appraisal Foundation and that were In place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value .
and the estimate I developed is consistent with Me marketing time not in the neighborhood section of this report unless I have otherwise stated in the
reconcibation section.
8. 1 have persona inspected Me Interior and interior areas of the subject property and the exterior of al properties rated as comprables in Me appraisal report '...
I Iutter century Mal I have noted any apparent of known adverse conditions In the subject improvements, an the subject site, or on any site within the immediale
vicinity of Me subject property of which I am aware and have made adjustment for these adverse conditions In my analysis of Me properly value b the exlenl that
I had market evidence W support them. I have also commented about the cued of the adverse conditions on the marketability of the subject property.
9. I persona q prepared an conclusions and opinions about the real eslale that were set form In Me appraisal report If I veeed on significant professional
assistance from any individual or Individuals in the performance of Me appraisal or the preparation of Me appraisal report I have named such individual(s) and
disclosed Me specific tasks performed by them in the reconcifation section of this appraisal report I penury that any individual so named is quaated to perform
Me tasks. I have not authorized anyone to make a change to any item in the report therefore. II an unauthorized change is made W the appraisal report I will take
no responsibility for it
SUPERVISORY APPRAISER'S CERTIFICATION: it a supervisory appraiser signed the appraisal report he of she certifies and agrees that
I direct) supervise Me appraiser who prepared Me appraisal report have reviewed Me appraisal report agree with Me statements and conclusions of the appraiser,
agree to be bound by the appraiser's ceNlications numbered 4 through 7 above, and am taking full responsibiey for the appraisal and the appraisal report
ADDRESS OF PROPERTY APPRAISED: 696 S. Broyles Ave. Fayetteville, AR
Signature: P "C
Name: Mark Ef Risk
Datesgned: Oc ber 1
StateCeroyrcatont: CG02
or Scale License t:
Stale: AR
Expiration Date of Certification of License
Freddie Mac Form 439 6-93
SUPERVISORY APPRAISER (only if required):
Signature. _____ _____
__ Name: '' .__ .—.._. --
Date Signed: __._.____ .____._._
Slate 6enilicalmn I:
of Stale License 1:
Shat
_
Sha
• Expiration Date of Certification or License:
1-10id I_. ! Did Nol Inspect Property
THE REAL ESTATE CONSULTANTS (501) 442-0762
Pane 2 of 2 Fannie Mae Form 10048 6-93
Form ACA -- 'TDTAL 2000' appraisal software by a a mode, inc. -- 1-900-ALAMODE
MULTI -PURPOSE SUPPLEMENTAL ADDENDUM
FOR FEDERALLY RELATED TRANSACTIONS
8orrowerrtkent None
Propery Address 696 S.
__
Broyles Ave.
cly Fayetteville
County Washington Stale AR ziptode 72701
Lender Client: City
of Fayetteville
This Mu! -Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current
appraisal standards and repuiremenls al the Federal Deposit Insurance Corporation (FDIC), the Office at the Comptroller of Currency (0CC). The Office of TWO
Supervision (OTS). the Resolution Trust Corporation (RTC), and the Federal Reserve.
This Multi -Purpose Supplemental Addendum is for use with any appraisal. Only those
statements which have been checked by the appraiser apply to the property being appraised.
❑ PURPOSE & FUNCTION OF APPRAISAL
The purpose of the appraisal Is to exempt the market value of the subject property as defined herein. The lunclion of the appraisal is to assist the above -named
Lender in evaluating the subject properly for lending purposes. This is a Federally related transaction.
k„`eq"i'TffiSMi"7Y Q$=1Rvy 'F ' 4t3' `-.... . -... ._ ,... .. ... _..._ ...... .. .. ... .. i .. , y- :"$ T?.
EXTENT OF APPRAISAL PROCESS
The appraisal Is based on the information gathered by the appraiser barn public records, other ideriWied sources, Inspection of the subject properly and
neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables Is shown in the Data Source section
at the market gild along with the source at confirmation, if available. The original source is presented first the sources and data are considered reliable.
When eonikctng Information was provided, the source deemed most reliable has been used. Data believed W be unrebable was not included In the report nor
used as a basis Ior the value concbsbn
The Reproducton Costis based on Marshall A Swift Valuation Service and local contractors
supplemented by the appraiser's knowledge of the beat market
® Physical depreciation is based on the estimated elloctive age of the subject property. Functional and/or external depreciation, if present is specifically
addressed In the appraisal report or other addenda. In estimating the site vaWe, the appraiser has relied on personal knowledge at the local market This
brawledge is based on prior and/or current analysis of size sales and/or abstraction of site values from sales at improved properties.
® The subject properly Is located In an area of primarily owner -occupied single family residences and the Income Approach is not considered to be meaningful
For this reason, the Income Approach was not used.
❑ The Estimated Market Rent and Gross Real Multiplier utibzed in the Income Approach are based an the appraiser's knowledge of the subject matter area.
The rental knowledge Is based on pilot and/or current rental rate surveys at residential propemes. The Gross Real MUNpker is based an prior M/r current
analysis of prices and market rates for residential properties.
❑ For Income producing properties, actual ants, vacancies and expenses have been reported and analyzed. They have been used W project future rentt,
vacancies and expenses.
LX] SUBJECT PROPERTY OFFERING INFORMATION
According0 Mr. & Mrs. Hammond the subject propeM:
® has not been offered for sale in the past 30 days.
❑ Is currently offered lot sale for $ NA
❑ was offered for sale within the past 30 days for $
❑ Offering Information was considered In the final reconciliation of value.
❑ Offering Information was tat considered In the final reconcikatbn at value.
❑ Offering Information was not available. The reasons for unavailabiliy and the steps taken by the appraiser are explained later in this addendum.
rLjX - SALES HISTORY OF SUBJECT PROPERTY
Accordingt Washington County Tax Assessor's Records. the subject PropeM:
® has not transferred in the past Metre months.
❑ has transferred In the past Were months.
❑ Al prior sales which have occurred in the past twelve months are lasted below and reconciled to the appraised value, either in the body of the report or
In the addenda.
®:,FEMA FLOOD HAZARD DATA
® Subject properly is not located in a FEMA Special Flood Hazard Area,
❑ Subject property Is located in a FM Special Flood Hazard Area.
The community does not participate In the National Flood Insurance Program.
The community don participate in the National Flood Insurance Program.
It is covered by a regular program.
It is covered by an emergency program.
Page 1012
Form MPA --
'TOTAL 2000
appraisal software by a la mode, inc.
-. 1-800-ALAMODE
I
I
r
®= CURRENT SALES CONTRACT 1; -.
® The subject property Is currently not under contract
❑ The contract and/or escrow Instructions were not available for review. The unavailability of the contact is explained later In the addenda section
❑ The contract and%or escrow Instructions were reviewed. The following summarizes the contract
Contract Date Amendment Date Contract Price Sailer
❑ The contract indicated gut personal property was not Included In the sale.
❑ The contact indicated that personal property was Included. It consisted of
Estimated contributory value is S
® Personal property was not Include! In Me final value estmate.
❑ Personal properly was Included In the final value estimate.
❑ The contract indicated no financing concessions or other Incentives.
❑ The contract indicated the fo wild concessions or Incentives:
❑ If concessions or Incentives exist the comparabh3 were checked for slmilal concessions and appropriate adjustments were made, it applicable so
Mal the fuelvalue conclusion is In compliance with the Market Value defined herein
a
.•LX];�, MARKET OVERVIEW ,'�" Include an explanation ai cunem manaeicondiuws antl tends' II g ; y,- q,
P.»<..ir>fsYy a.'e.M.naa'r`-r<. -.� l>. .N6(Elf •.•..v M .. sv a .+.
3-6 months bconsidered a reasonable marketing period for Me subjectpropem based on current market
activity. Multiple Listing Service data, and the appraiser's knowledge of the market.
-., ., , rz '.< "' ➢.7 "7' 7 "_ $'. -.
;=®``'ADDITIONAL CERTIFICATTON .kr: ';. ¢ ""+' -^ •",�-*"'`
.R"
s�.. . ..- _ _ •.
waa-YP Y}.._-. — .n.\_ .�-J.4 ..P. ✓-NAM-
The Appraiser cradles and agrees Mat
(1) The analyses, opinions and conclusions were developed, and this report was prepared. In conformity with the Uniform Standards of Professional
Appraisal Placate rUSPAP-). except Mal Me Departure Provision 01 Me USPAP does not apply.
(2) Their compensation is not conMdect upon the reporting of predetermined value or direction in value that favors the cause of the client the amount
of Me value carouse, Mae attainment of a stipulated result or Me occurrence at a subsequent event
(3) This appraisal assignment was not based on a mquesled minimum valuation, a specific valuation, of Me approval at a ban.
'_'-t �^ry4. n -..m cotta ...„(Y^':.+'_. ¢ a-. .. ..
r`XJ ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS
The value estimated Is based on Me assumption that the properly is not negatively affected by the existence of hazardous substances or detrimental
environmental conditions unless othewise slated In this report The appraiser is not an expert in the dentilkation of hazardous substances or detrimental
environmental conditions. The appraiser's routine inspection of and Inquiries about Me subject properly did not develop any information Mat indicated
arty apparent significant hazardous substances or detrimenal environmental conditions which would affect the properly negatively unless otherwise slated
In this report II is possible that tests and inspections made by a quatlied hazardous substance and environmental expert would reveal the existence of
hazardous substances of detrimenal environmental conditions on or around the properly that would negatively allect it value.
® - ADDITIONAL COMMENTS :'
The purpose of this appraisal is to determine the market value of the subject property.
The intended use of the appraisal is for purchase evaluation purposes of the client.
APPRAISE SI R/CERTIFICATION
Appraisers Signalure Effective Date 9-25-98 Dale Prepared 10-13-98
Appraiser's Name(pilnl) Mark E. Risk G A Phones 442-0762
_(501)
stateAR ❑titer ®CeNfication0 CG0202 Tax1De 71-0714450
J CO-SIGNING AP AISER'S CERTIFICATION
® The co-signing appraiser has personalty Inspected the subject propeM, both inside and out and has made an exterior inspection of al comparable sales
tsfed in the report The report was prepared by the appraise under direct supervision at the co-signing appraiser. The co-signing appraiser accepts
responsibility for the content of the report including the value conclusions and Me limiting conditions, and confirms Mat the certlicalions apply
fully b the co-signing appraiser.
❑ The co-signing appraise has not personaM Inspected the Interior of the subject properly and:
❑ has not inspected Me exterior of the subject property and an comparable sales listed in the report -
fl has inspected Me exterior of the subject property and ag comparable sales bled in Me report
❑ The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts lesponsibiary for the
content of Me report including Me value conclusions and the limiting conditions, and confirms mat the certifications apply fury to the co-signing
appraiser with Me exception of Me certilkation regarding physical Inspections. The above describes Me level of inspection performed by the
co-signing appraise.
❑ The co-signing appraiser's level of inspection, InvoNemen in the appraisal process and certification are covered elsewhere in the addenda section
of this appraisal
w -Y wa v ''I.p..-se.. va'Ov,M #+J 4p�'T..._._ ....> " .. .v... .< 4 •
(X -I ,> CO-SIGNIN PPRAISER'S SIGNATURE & LICENSE/CERTIFICATION'
_ Co-Synbq
Appraisers 5ynaWre _s _ ENeciveDate 9-25-98 DatePrepared 10-13-98
Co -Signing Appraisers am (print) Le i e Mann Phones (501) 442-0762
state AR (TLkense nCenilicatumr Taz lDs 465-11-1959
Page 2 of 2
THE REAL ESTATE CONSULTANTS (501) 442-0762
Form MPA -- •TOTAI. 2000- appraisal software by a la hare. inc. -' 6800 -AI AM)E
City of Fayetteville, Arkansas
Budget Adjustment Form
•
Budget Year (Department: Public Works
1998 Division: Water& Sewer
Program: Sewer Mains Construction
Project or Item Requested:
Funding is requested for land purchase in conjunction with the
Wastewater Treatment Plant Expansion project.
Justification of this Increase:
The funds requested will provide the City with funding to
purchase necessary parcels of land for the Wastewater
Treatment Plant Expansion project. This phase of the project
is currently scheduled for 1999. This request will advance the
land acquisition phase from early 1999 to late 1998.
Account Name
Land Acquisition
Account Name
Use of Fund Balance
•
0.
Department Director
Admin. Services Director
Date Requested
11/09/98
Adjustment #
Project or Item Deleted:
None. Use of fund balance is proposed for this adjustment.
Justification of this Decrease:
Sufficient cash & investments exist within Water & Sewer Fund
to meet this request, all planned capital funding items currently
budgeted and comply with City policy.
Increase Expense (Decrease Revenue)
Amount Account Number Project Number
3,127,000 5400 5100 5805 00 98105 30
Decrease Expense (Increase Revenue)
Amount . Account Number Project Number
3,127,000 5400 0940 4999 99
Approval Signatures
at
II g
Date
Date
Date
Budget Office Use Only
Type: A B C CD E
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Mayor
Date
Entered in Category Log
Blue Copy: Budget & Research / Yellow Copy: Requester C:WPP\98BUD\BAADJ\WWTP_LAN.WK4
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year (Department: Public Works I Date Requested
1998 Division: Water & Sewer 11/09/98
Program: Sewer Mains Construction
Project or Item Requested:
Funding is requested for land purchase in conjunction with the
Wastewater Treatment Plant Expansion project.
Justification of this Increase:
The funds requested will provide the City with funding to
purchase necessary parcels of land for the Wastewater
Treatment Plant Expansion project. This phase of the project
is currently scheduled for 1999. This request will advance the
land acquisition phase from early 1999 to late 1998.
Account Name
Land Acquisition
Account Name
Use of Fund Balance
•
Adjustment #
Project or Item Deleted:
None. Use of fund balance is proposed for this adjustment.
Justification of this Decrease:
Sufficient cash & investments exist within Water & Sewer Fund
to meet this request, all planned capital funding items currently
budgeted and comply with City policy.
Increase Expense (Decrease Revenue)
Amount Account Number Project Number
3,127,000 5400 5f00 5805 00 98105 30
Decrease Expense (Increase Revenue)
Amount Account Number Project Number
3,127,000 5400 0940 4999 99
Approval Signatures
pate1
i( S _
Date
Budget Office Use Only
Type: A B C CD E
Date of Approval
Department Director Date Posted to General Ledger
Admin. Services Director Date I Posted to Project Accounting
Mayor Date I Entered in Category Log
Blue Copy: Budget & Research / Yellow Copy: Requester C:WPPVBBUD\BAAD.AWWTP_LAN. WK4
RESOLUTIONNO.16 -98
A RESOLUTION APPROVING AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE OPTIONS TO
PURCHASE LAND AND AN OFFER AND ACCEPTANCE TO
PURCHASE LAND LOCATED BETWEEN WASHINGTON
COUNTY ROADS #648 AND #649, SOUTH OF HIGHWAY 16
WEST AND NORTH OF HIGHWAY 62 BELONGING TO JAMES
E. MCCLELLAND, JR., ET AL; H.M. AND NORMA LEE SHIPP;
BROYLES FARM CORP.; AND CALVIN AND WANDA SUE
HAMMOND; AUTHORIZING THE CLOSING COSTS FOR
LAND ACQUISITION; AND APPROVING A BUDGET
ADJUSTMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That the City Council hereby approves and authorizes the Mayor and City
Clerk to execute Options to Purchase and an Offer and Acceptance to purchase land located between
Washington County Roads #648 and #649, South of Highway 16 West and North of Highway 62
belonging to James E. McClelland, Jr., et al; H.M. and Norma Lee Shipp; Broyles Farm Corp.; and
Calvin and Wanda Sue Hammond; and authorizing the closing costs for land acquisitions. Copies
of the Options to Purchase and the Offer and Acceptance are attached hereto and made a part hereof.
Section 2. The City Council also approves a budget in the amount of $285,000 increasing
Sewer Improvements, Acct. No. 5400 5700 5815 00, Project Number 98105 30 by decreasing Use
of Fund Balance, Acct. No. 5400 0940 4999 99. A copy of the budget adjustment is attached hereto
and made a part hereof.
PASSED AND APPROVED this 1day oft, 1998.
_.'i! k
APPROVED:
r,% ,uJ' • 1 ` red Hanna, Mayor
Il
ATTEST:
By: l�YO . 4 yQ.
Heather Woodruff, City Clerk
Project No. 97023
Waste Water Treatment Plant No. 2
Parcel No. u/ 11781-000
Tract No.
WARRANTY DEED
HUSBAND AND WIFE
(With Relinquishment of Curtesy and Dower)
BE IT KNOWN BY THESE PRESENTS:
THAT WE, H. M. Shipp and Norma Lee Shipp, husband and wife,
hereinafter called GRANTORS, for and in consideration of the sum of One Dollar
(81.00) and other good and valuable consideration, the receipt of which is
hereby acknowledged, do hereby grant, bargain, sell and convey unto the City
of Fayetteville, Arkansas, a municipal corporation, hereinafter called
GRANTEE, and unto Grantee's successors and assigns, the following described
land situated in the County of Washington, State of Arkansas, to -wit:
FILED FOR RECORD
99 11iiG 20 AN 10 44
WASHINGTON CO AR
K. HARNESS
The North -half (N Y2) of the Northwest Quarter (NW'.) of the Southeast Quarter (SE)'4);
the North -half (NY2) of the Northeast Quarter (NE)'.) of the Southeast Quarter (SE)',);
the South -half (SY2) of the Southwest Quarter (SW'!.) of the Northeast Quarter (NE)',);
the South -half (SY2) of the North -half (NY2) of the Southwest Quarter ($W%.) of the
Northeast Quarter (NE)'4); the South -half (SY2) of the Southeast Quarter (SE)'.) of the
Northeast Quarter (NEY.); and the South -half (SY2) of the North -half (NY2) of the
Southeast Quarter (SE','.) of the Northeast Quarter (NEY.), all in Section Fourteen (14),
Township Sixteen (16) North, Range Thirty-one (31) West, containing 100 acres, more
or less.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of
said lands and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the
title to the said lands against all legal claims whatever.
And we, the respective Grantors, hereby release and relinquish unto the said Grantee our respective rights of
dower/curtesy and homestead in and to said lands.
WITNESS the execution hereof on this
H. M. SI ipp
STATE OF ARKANSAS
COUNTY OF WASHINGTON
day of 'y , 1999.
ACKNOWLEDGMENT
Ss.
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public
within and for said County and State, personally appeared H. M. Shipp and Norma Lee Shipp, husband and wife,
to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they
had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and
set forth.
WITNESS my hand and seal on this "Z() day of/y_ 1999.
MY OMVK§R �N, JR
NOTARY M R 1C • ARKANSAS �.
.i ;Y
V
Notary Public
,✓e
990'715967
. ar.w•+�i
I, Kathleen Harness, Circuit Clerk attff Px•officio
Recorder for Washington County, Arkansas, do hereby
certify that this instrument was filad for record in my
office as indicated hereon and the same is now duly
recorded with the acknowledgement and certificate
thereon in Record Book and Page as indicated thereon.
IN WITNESS WHEREOF, I have hereunto set my
hand and affixed the of said Court on the date indi-
cated hereon.
Kathleen Hamese
Circuit Clerk r ,d C c .,cis dec^-dsr
U.S.DEPARTMENT OF HOUSING AND. URBAN DEVELOPMENT
nue u_ neon n.un
- #"1u n.i.NiViW
1
A_ SETTLEMENT STATEMENT
B. TYPE OF LOAN
1. ❑FHA 2. ❑ FMHA 3. ❑ CONV.UNINS.
4. OVA 5. ❑CONV.INS.
6. File Number
FATIC 99-10536
7. Loan Number
8. Mortgage Insurance Case Number
C. NOTE: This form Is furnished to give you statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(p.o.c.)" were paid
outside the closing; they are shown here for Informational purposes and are not Included In the totals.
0. NAME AND ADDRESS OF BORROWER
CITY OF FAYETTEVILLE ARKANSAS
�. NAMAND
M SHIPP
ADDRESS OF SELLER F. NAME AND ADDRESS OF LENDER
NORMA LEE SHIPP
FARMINGTON,AR 72730
NAME AND ADDRESS OF LENDER
G. PROPERTY LOCATION
N 1/2 NW SE 14-16-31 ETC.
ARKANSAS
H. SETTLEMENT AGENT
BRONSON ABSTRACT CO., INC.
PLACE OF SETTLEMENT
3810 FRONT STREET, SUITE 5
FAYETTEVILLE, ARKANSAS 72703
I. $6 EMEEN DATE
DISBURSEMENT DATE
8-2O-99
J. SUMMARY OF BORROWER'S TRANSACTION
K SUMMARY OF SELLER'S TRANSACTION
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price
1,000,000.00
401. Contract sales price
1,000,000.00
102. Personal Property
402. Personal Property
103. Settlement charges to borrower (Line 1400)
646.00
403.
104.
404.
105.
405.
ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE
ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE
106. city/town taxes to
406. City/Town taxes to
107. County taxes to
407. County taxes to
108. Assessments to
408. Assessments to
109.
409.
110.
410.
111.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER 1,000,646.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
420. GROSS AMOUNT DUE TO SELLER 1,000,000.00
500. REDUCTIONS IN AMOUNT DUE TO SELLER
201. Deposit or earnest money
501. Excess Deposit (see Instructions)
202. Principal amount of new loan(s)
502. Settlement charges to seller pine 1400)
807.39
203..Existing loan(s) taken subject to
503. Existing loan(s) taken subject to
204. Application deposit
205. Second lien mortgage
504. Payoff of first mortgage loan
505. Payoff of second mortgage loan
59,723.74
206.
506.
207.
507.
208.
508.
209.
509.
ADJUSTMENTS FOR ITEMS UNPAID BY SELLER
ADJUSTMENTS FOR ITEMS UNPAID BY SELLER
210. Clly/Town texas to
510. City/Town taxes to
211. County taxes 1-1-99 to 8-2O-99
79.99
511. County taxes 1-1-99 to 8-2O-9
I 79.99
212. Assessments to
512. Assessments to
213.
513.
214.
514.
215.
515.
216.
518.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY/FOR BORROWER 79.99
300. CASH AT SETTLEMENT FROM OR TO BORROWER
520. TOTAL REDUCTION AMOUNT DUE SELLER 60,611.12
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120)
302. Less amounts paid by/for borrower (line 220)
303. CASH ® FROM ❑ TO BORROWER
I have carefully reviewed the HUD -1 Settl t St t
1,000,646.00
( 79.99)
1,000,566.01
601. Gross amount due to seller (line 420)
602. Less reduction amount due seller Ine
n 520)
603. CASH ® TO 0 FROM SELLER
1,000,000.00
( 60,611.12 )
939,388.88
smell a ement and to the best of
my knowledge and belief, h Is a true and accurate statement
of all
receipts and disbursements made
on my account or by me in this transaction. I further certify that
I have received a copy of the HUD -1
Settle-
ment Statement.
CITY OF FAYETTEVILLE ARKANSAS
H.
M. SHIPP
' (fle
i
NORMA LEE SHIPP
o ers
To the best of my knowledge, the
HUD -1 Settlement Statement which I have
e
prared is a true a d
accurate account of the funds which
received and have_been or II be
disbursed by the undersigned as part of this
tra sactlon,
were
Settlement Ag�it
Dote
WARNING; NING• It is a crime to knowingly
make false statements to the United States on this
or any other similar form.
Penalties upon
Imodsonment. For donne an. Tab 1A
u c r..n- c -...,.....m. __u a_-i__ ......
conviction can Include a fine
and
Previous Edition
F2366.LM (03)91)
10536
(07-87) RESPA. He 4305.2
% I I SELLER'S/BORROWER'S AFFIDAVIT
State of ARKANSAS
County of WASHINGTON
The undersigned, referred to as Seller/Borrower, whether one or more, being first duly sworn on
oath that the Seller/Borrower is the owner of the following described lands, situtated in
WASHINGTON County, ARKANSAS. To -wit:
DESCRIPTION BEING THE SAME AS SHOWN ON EXHIBIT "A" ATTACHED HERETO AND MADE A
PART HEREOF.
Seller/Borrower further state the following facts are true:
1. There is no adverse occupant of the property described above.
2. Seller/Borrower and those under whom Seller/Borrower claims title, have been In peaceful
possession of said lands for more than 7 years past.
3. There are no unrecorded options to purchase, sales contracts or lease agreements
outstanding, which affects the property described above.
4. There have been no Improvements made on the property described above during the past
130 days for which a mechanics' and materialmens' lien may be filed.
5. No appliances have been installed in the property described above on deferred payments
which are unpaid for.
6. The property described above is not traversed by any roadways or easements except those
shown on record.
7. There are no delinquent assessments due on the resident's association on the property
described above, if applicable.
8. That no money whatsoever is owed on subject property to any person, firm, or corporation
other than the following
RHEA ANDREWS
9. There are no outstanding Judgments against Seller/Borrower as a result of legal action to
Include, but not limited to, tax liens, divorce, bankruptcy or foreclosure.
10. That the marital status of Seller/Borrower has not changed since they acquired above
described property.
Witness the hand and seal of the undersigned of this 20th day of August , 1999 .
PSL!z1
•
/ 1
I 4''
S.
Borrower:
Subscribed and sworn to before me, a Notary Public on this 20th day of Au , 1999
l _ W1NFlElD caon: .. ._ Nota 'Public:
I,.... - _._. ..... Inca: 'F3 - 8 .2Ce2
Please return tliis to Bronson Title.. ervices, Inc., 1419 W. Walnut, Rogers, Arkansas, 72765.
File #_
AFFID.REF
EXHIBIT "A"
The South 3/4 of the SW 1/4 of the NE 1/4, the South 3/4 of the SE 1/4
of the NE 1/4, the North Half (N 1/2) of the NE 1/4 of the SE 1/4, and
the North Half (N 1/2) of the NW 1/4 of the SE 1/4, all in Section
Fourteen (14), Township Sixteen (16) North, Range Thirty-one (31)
West, containing 100.00 acres, more or less.
INDEMNITY AGREEMENT
DATE: August 20. 1999 RE:
• PROPERTY ADDRESS: N 1/2 NW SE 14-16-31 ETC.
ARKANSAS
LEGAL: DESCRIPTION BEING THE SAME AS SHOWN ON EXHIBIT "A" PARCEL 0 001-11781-000 -
ATTACHED HERETO AND MADE A PART HEREOF.
WHEREAS, CLOSING AGENT Is required to collect county property taxes for prior years from the SELLERS
and prorate funds for the year 1999 in order to satisfy title requirements, and
WHEREAS, CLOSING AGENTS Information regarding said taxes is based on figures obtained from the records of the
WASHINGTON COUNTY TAX ASSESSOR'S OFFICE; and said Information available at the time of the closing of the
transaction from the said Assessors office Is on some occasions only an estimate of the taxes for the parcel of real property or said
Property may currently be or at some time In the future be reassessed.
NOW, THEREFORE, in consideration of CLOSING AGENT dosing this transaction for the BORROWER(S) and/or SELLER(S) based on
Information available to CLOSING AGENT, the BORROWER(S) and/or SELLER(S) agree with CLOSING AGENT as follows:
1) In the want the funds collected to pay taxes for prior years and prorated sexes for the year 1999 . as shown on the
SETTLEMENT STATEMENT for the BORROWER(S) and/or SELLER(S) herein, are not sufficient to pay In Ng the actual real property
taxes for said Wends years. the BORROWER(S) and/or SELLER(S) egret to hold the CLOSING AGENT harmless from any claims and
demands from any lending institutions or other entitles for payment of said taxes, and
2) If CLOSING AGENT is required to advance any of Its own
funds
to pay
said
taxes,
the
BORROWER(S)
and/or
SELLER(S)
will
Indemnity CLOSING AGENT for any such funds so advanced.
3)
The SELLER(S) will make en additional prorate payment of said taxes based
on the percentage reflected on the
respective
SETTLEMENT
STATEMENT regarding this transaction when advised by the CLOSING
AGENT that the funds credited to the
BUYER(S)
at the
dosing for payment of said taxes were not sufficient to pay same.
PRIOR YEAR TAXES are based on amount reported by WASHINGTON
COUNTY TAX COLLECTOR.
PRORATED TAXES are based on amount reported by WASHINGTON
COUNTY TAX COLLECTOR.
❑
PRORATED TAXES credited to the BUYER(S) are based on an estimate, calculated as follows: PURCHASE PRICE
20%
MILEAGE RATE " ESTIMATED TAXES.
x x
❑ WASHINGTON COUNTY TAX COLLECTOR'S books are currently dosed. Prior years taxes and prorated taxes
may be based on prior year reportings. In the went the property is reassessed or tax figures are adjusted, BORROWER(S) and/or
SELLER(S) wol be responsible for any difference between amount cofieded and the actual amount reported on the tax billing for the
current year.
THIS AGREEMENT shag bebinndddiing on the heirs, successors and assigns of
the
parties hereto.
N ITY OF FAYETTEVILLE ARKANSAS s�� -p�fj, S IPP
,p SSAN
aoR w A Ad - 7
ORMA LEF tHIPP
SSAN
SSAN
SELLER'S FORWARDING ADDRESS:
P. O. Box 191
FARMINGTON AR 72730
F1227e.1Mg (S/ee)
10536
EXHIBIT "A"
The South
3/4
of the SW 1/4 of
the NE 1/4, the South 3/4 of
the SE 1/4
of the NE
1/4,
the North Half
(N 1/2) of the NE 1/4 of the
SE 1/4, and
the North
Half
(N 1/2) of the
NW 1/4 of the SE 1/4, all in
Section
Fourteen
(14),
Township Sixteen
(16) North, Range Thirty-one
(31)
West, containing
100.00 acres,
more or less.
Project No, 97023
Waste Water Treatment Plant No. 2
Parcel No. 001-11780-000
Tract No. 3
WARRANTY DEED
HUSBAND AND WIFE
(With Relinquishment of Curtesy and Dower)
BE IT KNOWN BY THESE PRESENTS:
THAT WE, James E. McClelland Jr., Linda M. Rogers and
Raymond K. McClelland, as Tenants in Common, hereinafter called
GRANTORS, for and in consideration of the sum of One Dollar ($1.00) and
other good and valuable consideration, the receipt of which is hereby
acknowledged, do hereby grant, bargain, sell and convey unto the City of
Fayetteville, Arkansas, a municipal corporation, hereinafter called
GRANTEE, and unto Grantee's successors and assigns, the following described
land situated in the County of Washington, State of Arkansas, to -wit:
FILED FOR RECORD
'99 SEP 13 HP? 10 56
WASHINGTON CO AR
K. HARNESS
The North Half (NN) of the Northeast Quarter (NE)'4); the North Half (NY4) of the North Half (NY2) of
Southwest Quarter (SWY4) of the Northeast Quarter (NE'.); the North Half (N Y2) of the North Half (N 34)
of the Southeast Quarter (SE)'.) of the Northeast Quarter (NE)'), all in Section Fourteen (14), Township
Sixteen (16) North of Range Thirty-one (31) West of the Fifth Principal Meridian, containing one -
hundred (100) acres, more or less, Washington County, Arkansas
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of
said lands and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the
title to the said lands against all legal
gal claims whatever, ex cept those easements, restrictions and
encumbrances existing and/or of record. ACS�
And we, the appropriate and respective Grantors and their respective spouses, hereby release and relinquish
unto the said Grantee our respective rights of dower/curtesy and homestead in and to said lands.
WITNESS the execution hereof on this I _ __ day of _ I___ . 1999.
i ' ii A,r
,, .. i
rr '7
STATE OF ARKANSAS
COUNTY OF WASHINGTON
3 ' ' i
fA/iji( i �-�i
ACKNOWLEDGMENT
as.
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public
within and for said County and State, personally appeared James E. McClelland Jr. and Patricia F. McClelland,
husband and wife, Linda M. Rogers and Joseph S. Rogers, husband and wife, and Raymond K. McClelland and
Deanna McClelland, husband and wife, to me well known as the persons who executed the foregoing document, and
who stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration,
uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on this %72 day of d`t_l
1999.
Notary Public
NI2 l'iE-N-)I,-31 %OPc-
N�z N12- Svi-NE-M-Ilo-3) 10 Rc
µlz r+tz-SE- NE,ty-�� 31 1O¼ 99082858
[A
Pro1jectNO. 97023
Waste Water Treatment Plant No. 2
Parcel No. -L-11781-000
Tract No. 4
WARRANTY DEED
HUSBAND AND WIFE
(With Relinquishment of Curtesy and Dower)
BE IT KNOWN BY THESE PRESENTS:
THAT WE, H. M. Shipp and Norma Lee Shipp, husband and wife,
hereinafter called GRANTORS, for and in consideration of the sum of One Dollar
($1.00) and other good and valuable consideration, the receipt of which is
hereby acknowledged, do hereby grant, bargain, sell and convey unto the City
of Fayetteville. Arkansas, a municipal corporation, hereinafter called
GRANTEE, and unto Grantee's successors and assigns, the following described
land situated in the County of Washington, State of Arkansas, to -wit:
FILED FOR RECORD
99 ruG 20 Am 10 99
WASHINGTON CO AR
K. HARNESS
The North -half (NYz) of the Northwest Quarter (NWY.) of the Southeast Quarter (SE'!.);
the North -half IN of the Northeast Quarter (NE'!.) of the Southeast Quarter ISEA);
the South -half (SYz) of the Southwest Quarter (SW','.) of the Northeast Quarter (NE)'.);
the South -half (SYz) of the North -half (NY2) of the Southwest Quarter (SW%) of the
Northeast Quarter (NE'/.); the South -half (SYz) of the Southeast Quarter (SE'!.) of the
Northeast Quarter (NE)'4); and the South -half (SYz) of the North -half (NYz) of the
Southeast Quarter (SE)'.) of the Northeast Quarter (NE'!.), all in Section Fourteen (14),
Township Sixteen (16) North, Range Thirty-one (31) West, containing 100 acres, more
or less.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of
said lands and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the
title to the said lands against all legal claims whatever.
And we, the respective Grantors, hereby release and relinquish unto the said Grantee our respective rights of
dower/curtesy and homestead in and to said lands.
WITNESS the execution hereof on this
H. M. Sl ipp
STATE OF ARKANSAS
COUNTY OF WASHINGTON
day of liot'I— , 1999.
ACKNOWLEDGMENT
ss.
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public
within and for said County and State, personally appeared H. M. Shipp and Norma Lee Shipp, husband and wife,
to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they
had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and
set forth.
WITNESS my hand and seal on this 20
MY COM §hgsuJ48N, JR.
NO'rAFW F. ifi1.IC . AfF.f•�eEAS
4. c
... .. .. .. ..•. �' L. ti • is-i _
day of L,`/2i°fi 1999.
Notary Public
tonc S/1- SE �E -u-w-3 2o
Ngz- ) E -SC- lu-Ib-31 2OA0 s12 Nh'SE l� Ibo l0 31 lu(
3Ia—Strl—NE ly!L''I 3014O
Q, .1.,19-;v—IJr —IL(-110.31 In6,.
990 715967
C
I 1
C
.
Pr�ect No. 97023
Waste Water Treatment Plant No. 2 FILED FOR RECORD
Parcel No. 001-11819-000
Tract No. 5
WARRANTY DEED '99 JUL 9 Ail 10 57
CORPORATION
WASHINGTON CO AR
BE IT KNOWN BY THESE PRESENTS: K. HARNESS
THAT Broyles Farm Corporation, an Arkansas corporation,
hereinafter called GRANTOR, for and in consideration of the sum of One Dollar
(81.00) and other good and valuable consideration, the receipt of which is
hereby acknowledged, does hereby grant, bargain, sell and convey unto the
City of Fayetteville, Arkansas, a municipal corporation, hereinafter called
GRANTEE, and unto Grantee's successors and assigns, the following described
land situated in the County of Washington, State of Arkansas, to -wit:
The South Half (SY2) of the Northeast Quarter (NEY.) of the Southeast Quarter (SE)'.1, and the
Southeast Quarter (SEY.) of the Southeast Quarter (SEY.), and the South Half (SY2) of the Northwest
Quarter (NW)'.) of the Southeast Quarter (SE)'.). and the Southwest Quarter (SWY.) of the Southeast
Quarter (SE1b), all in Section Fourteen (14) of Township Sixteen (16) North, Range Thirty-one (31) West
of the Fifth Principal Meridian, containing in all one -hundred twenty (120) acres, more or less, LESS
AND EXCEPT the following described tract: Beginning at a point 579 feet West of the Southeast corner
of the Southeast Quarter of Section 14, Township 16 North, Range 31 west,; thence running West to
the Southwest corner of said 40 acre tract; North 209 feet; thence East to a point 209 feet North of
the point of beginning; thence South 209 feet to the Point of Beginning, containing 3.50 acres, more
or less, Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantor, hereby covenants that it is lawfully seized of said
lands and premises; that the same is unencumbered, and that the Grantor will forever warrant and defend the title to
the said lands against all legal claims whatever.
WITNESS the execution hereof on this
`k day of 1999.
Broyles Farm Corporation
Marie McChristian, President
ATTEST:
7 -
Doris Ann Yates, Secretary
(Seal)
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Publi
within and for said County and State, personally appeared Marie McChristian and Doris Ann Yates, to me well know
as the persons who executed the foregoing document, and who stated and acknowledged that they are the Presider
and Secretary of the Broyles Farm Corporation, a corporation, and are duly authorized in their respective capacitiE
to execute the foregoing instrument for and in the name and behalf of said corporation, and further stated ar
acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposE
therein mentioned and set forth.
WITNESS my hand and seal on this day of 41_�
1999.
l
ss.
)
Notary Pub
T7WINFIELD
N. -E
OFFIC.19.i. SEAL
S. BRONSON,SJR.
WASHINGTON COUNTY
Commuso Fcpkes. 08• 18- 2002
...
SuJ-Sf,-lu-Ip-3)
SE -SE- 1I% %O j1
C17—sG cc 111-11..'x\
99062516.
C
BROYLES FARM CORPORATION
CERTIFICATE OF RESOLUTION TO SELL PROPERTY
We, the undersigned, constituting the entire membership of the Board of
Directors of Broyles Farm Corporation, an Arkansas Business Corporation organized
and existing under and by the virtue of the laws of the State of Arkansas, do hereby
state that the following resolution was passed unanimously by the Board of Directors on
the 8'" day of July, 1999, and the specific resolution is as follows:
RESOLVED that we, constituting the unanimous membership of the Board of
Directors of Broyles Farm Corporation, an Arkansas Corporation organized and existing
under and by virtue of the laws of the State of Arkansas, do hereby authorize Leslie
Marie McChristian and Doris Ann Yates, the President and Secretary of the
Corporation, respectively, to execute deeds and any other documents required by the
purchaser or other duly authorized representatives, and to execute any and all closing
documents for the Corporation, and to do any and all acts necessary to complete the
sale of the farm, real estate, and improvements thereon to the City of Fayetteville, and
to do any and other acts required to complete said sale.
We further certify and affirm that the foregoing resolution has not been revoked
and is in full force and effect at the time of the signing of the aforementioned Warranty
Deed by Leslie Marie McChristian and Doris Ann Yates in their respective capacities as
President and Secretary, respectively, of the aforesaid Corporation.
Dated this 8'" day of July, 1999.
ie Marie McChristian, Director
Doris Ann Yates, Director
Project: West Waste Water Treatment Plant
Parcel No. 001-1 1820-000
Parcel No. 001-11821-000
Tract No. 6
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT I, Wanda Sue Hammond, surviving spouse of Calvin R.
Hammond, hereinafter called GRANTOR, for and in consideration of the sum of
One Dollar ($1.00) and other good and valuable consideration, the receipt of
which is hereby acknowledged, do hereby grant, bargain, sell and convey unto
the City of Fayetteville, Arkansas, a municipal corporation, hereinafter
called GRANTEE, and unto Grantee's successors and assigns, the following
described land situated in the County of Washington, State of Arkansas, to -wit:
FILED FOR ROr;D
99 FEEL 1 Po') 10 12
WASHINGTON CO AR
N. HARNESS
A part of the Southeast Quarter (SE'/<) of the Southeast Quarter (SE/<) of Section Fourteen (14) in
Township Sixteen (16) North of Range Thirty-one (31) West of the Fifth Principal Meridian, more
particularly described as follows: Beginning at a point 579 feet West of the Southeast corner of the
Southeast Quarter of said 40 acres tract and running thence West 741 feet, more or less, to the
Southwest corner of said 40 acre tract; thence North 209 feet; thence East 741 feet, more or less, to
a point 209 feet North of the point of beginning; thence South 209 feet to the Point of Beginning,
containing 3.5 acres, more or less, Washington County, Arkansas
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantor, hereby covenants that it is lawfully seized of said
lands and premises; that the same is unencumbered, and that the Grantor will forever warrant and defend the title to
the said lands against all legal claims whatever.
WITNESS the execution hereof on this 1st day of February , 1999.
ACKNOWLEDGMENT
STATE OF ARKANSAS
ss-
COUNTY OF WASHINGTON
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public
within and for said County and State, personally appeared Wanda Sue Hammond, surviving spouse of Calvin R.
Hammond, to me well known as the person who executed the foregoing document, and who stated and acknowledged
that she had so signed, executed and delivered said instrument for the consideration, uses and purposes therein
mentioned and set forth.
WITNESS my hand and seal on this / day 1999.
"OFFICIAL SEAL"
Elizabeth M. Watson
Notary Pubi . c;,.e r,f Arkansas
County of Washington
My Commission Exp. 12/03/2007 Notary Public
MY COMMI
nA/Zeo 7
9900 93'150
'$AYETTEVILL E
THE CITY OF FAYETTEVILLE, ARKANSAS
JAN 1 4'000
DEPARTMENTAL CORRESPONDENCE
To: Tim Conklin, City Planner
From: Heather Woodruff, City Clerk
Date: January 12, 2000
Attached is a copy of the ordinance confirming the annexation in request RZA 99-4. The
original will be filed with the County, then microfilmed and filed with the City Clerk.
cc: Pon Bunn, Assistant Public Works Director
Ed Connell, Engineering
Tony Webb, Planning
Jim Johnson, 911 Coordinator
John Goddard, Data Processing
Scott Caldwell, Data Processing
Clyde Randall, Engineering
5v5
A
y7 o9
ORDINANCE NO. 4209
AN ORDINANCE CONFIRMING THE ANNEXATION TO THE
CITY OF FAYETTEVILLE, ARKANSAS OF
APPROXIMATELY 320 ACRES OWNED BY THE CITY OF
FAYETTEVILLE, AS REQUESTED IN RZA99-4.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That the City Council hereby confines the annexation to the City of
Fayetteville, Arkansas, of the following described property:
See Exhibit "A" attached hereto and made a part hereof.
Section 2 That the above described property is hereby assigned'to Ward No. 4 .
PASSED AND APPROVED this 4th day of January . 2000.
APPROVED:
By:
tred Hanna, Mayor
Ordinance 4209
EXHIBIT "A"
The East half (E 1/2) of Section Fourteen (14), Township Sixteen (16) North,
Range Thirty-one (31) west of the Fifth Principal Meridian, Washington County,
Arkansas, containing 320 acres.
STAFF REVIEW FORM
X. Agenda Request
Contract Review
Grant Review
For the Fayetteville City Council meeting of January 4, 2000.
FROM:
Tim Conklin
Planning
Public Works
Name
Division
Department
ACTION REQUESTED: To approve an ordinance
for RZA 99-4.00 submitted
by Don Bunn
on behalf of the City of
Fayetteville for
property located south of
Persimmon,
bound on the west by 54th
and bound on the
east by county road 648.
The request
is to annex approximately 320 acres.
COST TO CITY:
Cost of this request
Category/Project
Budget Category/Project Name
Account Number
Project Number
Funds used to date Program Name
Remaining balance Fund
BUDGET REVIEW: Budgeted Item Budget Adjustment Attached
Budget Coordinator Administrative Services Director
CONTRACT/GRANT/LEASE REVIEW: GRANTING AGENCY:
Acun/ir9 Manager Date ADA Coordinator Date
z-7"
City At$or y Date Internal Auditor Date
Purchasing Officer Date
STAFF RECOMMENDATION: Staff recommended approval and the Planning Commission
approved the annexation with a vote of 6-1-0. Commissioner Hoffman voted against
the annexation.
Cross Reference
Date
111 -s5
Date New Item: Yes No
Date
Prev Ord/Res#:
Date Orig Contract Date:
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
113 W. Mountain St.
Fayetteville, AR 72701
Telephone: (501) 575-8264
PLANNING DIVISION CORRESPONDENCE
TO: Fayetteville Planning Commission Members
FROM: Tim Conklin, City Planner
DATE: December 13,1999
RZA 99-4.00: Annexation (City of Fayetteville, pp 476) was submitted by Don Bunn on behalf
of the City of Fayetteville for property located south of Persimmon bound on the west by 54' and
bound on the east by county road 648. The property contains approximately 320 acres.
RECOMMENDED MOTION:
Staff recommends approval of the requested annexation based on the findings included as
part of this report.
PLANNING COMMISSION ACTION: X Required
Approved Denied
Date: 12/13/99
Comments:
CITY COUNCIL ACTION: _Required
Approved Denied
Date: I I
1• •
BACKGROUND:
The City has requested this 320 acre annexation for the proposed sewer treatment plant site. The
site automatically comes into the City zoned A-1, Agricultural. Treatment plants are listed under
Use Unit 3 - Public Protection and Utility Facilities and are a use by right under A-1 zoning. The
actual location of the treatment plant has not yet been determined on this property; however, it
will likely be located near Goose Creek which is located on the southern portion of the property.
The property does contain areas of 100 year floodplain and floodway along Goose Creek located
on the southern portion of the property and Owl Creek located on the northeastern portion of the
property.
The property does contain
a small cemetery,
an historic homestead and
one single family
residence. The remainder
of the property is
undeveloped and has been
used as pasture land.
The order of annexation was filed on October 26, 1999 and the confirmation of the order was
signed by Washington County Judge Jerry Hunton on November 29, 1999.
ADJACENT LAND USE AND ZONING:
North: Undeveloped, Single Family Homes, A-1
South: Undeveloped, County
East: Undeveloped, Single Family Home, County
West: Undeveloped, Single Family Homes, County
INFRASTRUCTURE:
Streets: North: Persimmon, Classified as a Collector (70' of row required)
South: S. 54" Avenue, Classified as a Local street
East Broyles, Classified as a Collector (70' of row required)
West: 54`" Avenue, Classified as a Principal Arterial (110' of row required)
Water: 8" line along 54'" ,2 line along Persimmon, 8" line along S. 54'"•
Sewer: 10" line crossing the northeast comer of the property.
LAND USE PLAN: General Plan 2020 classifies this area as residential. The south portion of
this property is located in the Farmington Planning Area. Cities are allowed to annex areas
located in other planning areas. The City of Farmington has been provided a copy of the report.
HIUSERSICOMMOMercmVtPCIL13-9%RZA99-4 City of Fa vtwvMc.wpd
Planning Commission
December 13, 1999
RZA99-4 City of Fayetteville
Pane 6.2
:c :.iC2�G_c9�ii
Y�Jr^r:
1
•
FILED •
' 99 NOU 29 191O07
07
IN THE COUNTY COURT OF WASIJ] LTNVQI&, QVAN , ARKANSAS
G0, •
& PROBATE CLERK
IN THE MATTER OF: WASHINGTON CO. ARK:
ANNEXATION OF LANDS TO THE
• CITY OF FAYETTEVILLE, ARKANSAS
CITY OF FAYETTEVILLE, ARKANSAS PETITIONER
Case. No. CC 99-16
ORDER OF ANNEXATION
NOW on this 29th day of November, 1999, the Petition for Annexation filed herein came
on for hearing before the Washington County Court. From the evidence presented and a review
of the complete case file, the Court finds:
1. The City of Fayetteville, Arkansas, is the sole owner of all the real property described
in Exhibit "A" attached to the Petition for Annexation which real property is described in Exhibit
"A" to this Order.
2. Said real property is contiguous to and adjoining the City of Fayetteville, Arkansas.
3. Petitioner has caused a Notice of the hearing on the Petition for Annexation to be
published one time a week for three consecutive weeks in the Northwest Arkansas Times, a
newspaper of general circulation in Washington County. Said notice contains the substance of
the Petition and states the time and place for the hearing on said petition. Proof of Publication of
said notice has been filed with the Court.
4. The Court is satisfied that the limits of the territory to be annexed have been
accurately described and an accurate map thereof made and filed, and that the prayer of the
Petitioner is right and proper.
IT IS, THEREFORE, ORDERED by the County Court of Washington County,
Arkansas, that the Petition for Annexation filed herein is hereby granted and the real property
described in Exhibit "A" attached to this Order is hereby annexed to the City of Fayetteville,
Arkansas.
DATED thiso� / d y of �K 1999.
Wa bin ton aunty Judge
• 1
1 1
Planning Commission Minutes
December 13, 1999
Page 25
RZA99-4: ANNEXATION
CITY OF FAYETTEVILLE, PP476
This item was submitted by Don Bunn on behalf of the City of Fayetteville for property located
south of Persimmon bound on the west by 54"and bound on the east by county road 648. The
property contains approximately 320 acres and is in the Fayetteville growth area.
Don Bunn was present on behalf of the request.
Staff Recommendation
Staff recommends approval of the requested annexation based on the findings included as part of
this report.
Commission Discussion
Johnson: This is the property which the City has purchased and on which it proposes to
build the second sewage treatment plant on the west side of town. The staff is recommending
approval of this annexation. The commission deals with the annexation and acts on it one way or
another but as you know, the City Council makes the final determination as to whether or not the
land is annexed. We toured this property in the heavy rain the other day. We know where it's
located. It's a large tract of essentially undeveloped property. There is one old house that the
city is protecting and I believe there is a cemetery that won't be disturbed. I understand that the
house has historic value and it is going to be preserved as well. I believe that the thinking is that
the construction is not going to be that close to the house. I don't know that and I don't whether
an exact site has been set. I believe the house is not threatened by this project.
Conklin: That is correct. The City will work around the historic homestead on this property
and leave the cemetery intact. There is enough acreage to site the sewage treatment plant.
Between 30 and 40 acres is estimated to be needed for the sewage treatment plant so actually
there is quite a bit more land than what truly is needed just for the actual plant.
Johnson: Mr. Bunn, do you have a presentation for us or are you here for questions? We
are glad to here whatever you have to say to us this evening.
Bunn: I don't have a presentation. I will be glad to answer any questions that you might
have. The location of the treatment plant on the site is planned to be confined to the south 120
acres. There are two 100 acre tracts to the north which was purchased really for the purpose of
making the land adjacent to the our existing city limits. I'll be glad to answer any questions that
you have.
Planning Commission Minutes
December 13, 1999
Page 26
Johnson: Initial questions?
Hoffman: Normally an annexation comes with a rezoning and this doesn't have one.
Conklin: Treatment plants are .a use unit 3 and are allowed as a use by right in an A-] zone.
Therefore, we do not need to rezone this property for the treatment plant. It will come back
through the City process as a large scale development and we will see the project again here at
Planning Commission.
Public Comment
M.G. Meyerson of Farmington was present.
Meyerson: My question is that 2 years ago there was a vote put before the people on
annexing this land into the City of Fayetteville. That was voted down. Can you explain to me
the procedure of how this is being brought to light once more and that the City of Fayetteville is
going ahead to make plans to purchase the land and annex it?
Johnson:
It's
my
understanding and I'll
let staff correct me if I'm wrong. It's my
understanding
that
the
City has purchased the
property.
Bunn: Yes.
Johnson: The City is then the owner of the property and the City as the owner may seek to
annex it's own property which this now is. I believe that is the primary difference. It's one thing
if you seek to annex somebody else's property but if you are annexing your own property, I
believe that is the way it is typically done.
Meyerson:
MOTION
Ward:
Johnson:
Marr:
Johnson:
Marr that we approve RZA99-4 to annex the 320 acres into the City. Is there discussion? This is
to recommend that the Council proceed with the annexation of the land.
That's very interesting. Thank you.
I move approval of RZA99-4 for the 320 acres.
Is there a second?
Second.
We have the motion by Commissioner Ward and the second by Commissioner
ORDINANCE NO.
AN ORDINANCE CONFIRMING THE ANNEXATION
TO THE CITY OF FAYETTEVILLE, ARKANSAS OF
APPROXIMATELY 320 ACRES OWNED BY THE CITY
OF FAYETTEVILLE, AS REQUESTED IN RZA99-4.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council hereby confirms the annexation to the City of
Fayetteville, Arkansas, of the following described property:
See Exhibit "A" attached hereto and made a part hereof.
Section 2: That the above described property is hereby assigned to ward No.
PASSED AND APPROVED this day of , 2000.
APPROVED:
Fred Hanna, Mayor
ATTEST:
By,
Heather Woodruff, City Clerk
EXHIBIT "A"
The East -half (E1/2) of Section Fourteen (14), Township Sixteen (16) North, Range Thirty-one
(31) West of the Fifth Principal Meridian, Washington County, Arkansas, containing 320 acres,
more or less.