HomeMy WebLinkAbout56-03 RESOLUTION56-03
RESOLUTION NO.
•
A RESOLUTION APPROVING THE EXCHANGE OF CERTAIN
REAL PROPERTY BETWEEN THE WATER & SEWER FUND
AND THE GENERAL FUND AND APPROVING A BUDGET
ADJUSTMENT FOR SAME.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas,
hereby approves the exchange of certain real property between the Water &
Sewer Fund and the General Fund.
Section 2. That the City Council of the City of Fayetteville, Arkansas,
hereby approves a budget adjustment for same.
PASSED and APPROVED this 15th day of April, 2003.
SkYirre
1.
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ac- 0' .
c, /pc , 401,:ate
(r.
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By
SONDRA SMITH, City Clerk
APPROVED:
By
/
DAN COODY, Mayoril
•
Budget Year
2003
•
City of FayetteviUe, Arkansas
Budget Adjustment Form
Department: Water & Sewer Ops Center Project
Division:
Program:
Date Requested
4/1/2003
Adjustment Number
Project or Item Requested:
Si 221 000 is requested in the Water & Sewer
Operations Center project.
None. To decrease the Use of Fund Balance account by
$105,000 and to purchase $1,116,000 in Water & Sewer
Property.
Project or Item Deleted:
$105,000 from the Use of Fund Balance in Water & Sewer
from the sale of land at the Gulley Road Tank Site to
Ozarks Electric. The sale should be final in May after the
approval of a lot split by the Planning Commission and
Washington County. The $1,116,000 is revenue received
from the sale of land to General Fund.
The $1 221 000 is from the sale of land to Water & Sewer
by General Fund.
Justification of this Increase:
The funding Is needed for the purchase of Industrial Park
land for the Water & Sewer Operations Center.
Revenue received from the sale of land to Water &
Sewer Fund will reduce the amount of General Fund
Balance used in 2003 by $105,000. The $1,116,000 is
needed to purchase land from Water & Sewer Fund.
Justification of this Decrease:
There is sufficient fund balance remaining to comply with
City Policy.
Increase Expense (Decrease Revenue)
Account Name Account Number Amount Project Number
Land acquisition
Use of fund balance
Land acquisition
5400 5600 5805 00
1010 0001 4999 99
1010 6600 5805 00
1,221 000 98076 30
.105,000
1,116,000
Decrease Expense (Increase Revenue)
Account Name Account Number Amount Project Number
Use of fund balance
Gain/loss sale of assets
Gain/loss sale of assets
5400 0940 4999 99 105,000
5400 0940 6881 02 1,116,000
1010 0001 6881 02 1 221 000
Approval Signatures Budget Office Use Only
Requested By
aail0
Budget Manager
Department D or
%mg! ‘r4t
Fi an & Inte rvices Dir
itt _JAC
Mayor
Date
-
Date
Date
Date
•
te
A B C
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
Date Initial
Date Initial
Date Initial
Date Initial
NAME OF FILE:
CROSS REFERENCE:
Item
Date
Resolution No. 56-03
Document
•
1
04/15/03
Res. 56-03 w/Ex. A
2
03/21/03
Staff review form w/attachments
memo to City Council
water/sewer/industrial park properties
illustration of Lot 14
aerial
map
land appraisal report
land appraisal report market date analysis
supplemental addendum
location map
statement of
limiting conditions & appraiser's certification
appraiser's certification
appraisal & report identification
location map
flood map
memo to Steve Davis from Ed Connell
letter to Ed Connell
map
memo to mayor
memo to city attomey
3
04/17/03
memo to Steve Davis
NOTES:
•
4
FAYETTEVItLE
THE CITY OF FAYETTEVILLE. ARKANSAS
DEPARTMENTAL CORRESPONDENCE
•
To: Steve Davis
Finance & Internal Services
From Clarice Buffalohead-Pearman M
City Clerk Division
Date: April 17, 2003
Re: Res. No. 56-03
Attached is a executed copy of the above resolution approved by the City Council on April 15,
2003, authorizing the exchange of certain real property. Also attached is a copy of the budget
adjustment for said purposes.
I have returned the original budget adjustment to the Budget & Research Division. If anything
else is needed please let the clerk's office know.
/cbp
attachments
cc: Nancy Smith, Internal Auditor
Kevin Springer, Budget & Research
XX AGENDA REQUEST
CONTRACT REVIEW
GRANT REVIEW
•
STAFF REVIEW FORM
For the Fayetteville City Council Meeting of:
/et -5
• toe/ logi
6,011, ittrion.
/id /Wet/
April 15, 2003
FROM:
Stephen Davis
Name
Finance & Internal Services Dir.
Division
Finance & Internal Services
Department
ACTION REQUIRED: Approval of a land exchange between Water & Sewer Fund and General Fund. Water &
Sewer Fund is exchanging land owned by the utility on Cato Springs Road and HWY 45 East plus $105,000 for
approximately 61 Acres in the South Industrial Park owned by General Fund. Approval of a budget adjustment
is requested in order to appropriately record the exchange.
COST TO CITY:
See Attachment
Cost of this request Program Category / Project Name
See Attachment
Account Number
Funds Used to Date Program / Project Category Name
Project Number Remaining Balance Fund Name
BUDGET REVIEW:
Budget Manag r
Budgeted
3 -z)-(-03
Date
Item XX Budget Adjustment Attached
CONTRACT/GRANT/LEASE REVIEW:
Accounting Manager
Ste fiterw) 6;11404
City Attor6.ey
cqk 003 -ra-tt . fcSirlf0 0 a/5/o3
Date Internal Au
•1'
21/d 7
Date
tor
Date
Purchasing Manager Date
STAFF RECOMMENDATION:
Asti)
Staff recommends approval of the transfer and budget adjustment.
Division Head
De(artment Director
Finance & Internal Services Dir.
/14/
Chi,e4faCrative fficer
4./
Mayor
K \Steve Davis\City Council\
Date
4..))
Date
3-11-03
Date
Date
Cross Reference
New Item:
Yes No
Previous Ord/Res#:
Orig. Contract Date
Orig. Contract Number
t e
iiilfReview Land Exchange Cato Springs_HWY 45E for South 1 Park Land
Description
Comments:
Budget Manager
0 Staff Review Form - Page 2 0
Meeting Date
Reference Comments:
Accounting Manager
City Attorney
Purchasing Manager
ADA Coordinator
Internal Auditor
Grants Coordinator
K:\Steve Davis \City Council\Staff_Review Land Exchange Cato Springs_HWY 45E for South 1 Park Land
FAYETTEfILLE
THE CM OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
TO: Fayetteville City Cou
THROUGH: Dan Coody, Mayo
Hugh Earnest, Ch Admit' tra ive
FROM: Stephen Davis, Finance & Internal
DATE. March 21, 2003
SUBJECT: Cato Springs and Highway 45 East Site Property Exchange for South
Industrial Park Land — Agenda Request
rvices Direct
Background
Beginning the week of February 4, I met with each Alderman and reviewed a number of items. One
of the items reviewed with City Council was the need and desire to re -locate the Water & Sewer
Maintenance Center from the present location on Cato Springs Road to a more industrial setting.
This move is being pursued primarily for two reasons: first the Cato Springs location has limited
future life and would constrain the City's future expansion of maintenance capability and second the
cost of constructing a maintenance facility at the present location would be more costly in that Cato
Springs is a major entry way into Fayetteville.
Exchanging the Cato Springs property and the Highway 45 East property for land in the South
Industrial Park provides the City with more options on possible future uses for those parcels.
Discussion
Staff is proposing to exchange approximately 33 acres and $105,000 in cash owned by Water &
Sewer Fund for approximately 61 acres in the South Industrial Park owned by General Fund. Staff
has obtained a summary appraisal for the Cato Springs property and is relying on the appraisal
obtained in 2001 for thc value of the acreage on Highway 45 East, east of Starr Road. Staff has also
researched the last four land sales in the South Industrial Park for file per acre value of the land in the
industrial park.
Cato Springs Site
The City has used the Cato Springs site for Water & Sewer Maintenance (maintenance) and Water
Meter and Backflow (meter) activities since 1964 and has not materially changed the facilities in
spite of substantial growth in customer population, service area, staff, as well as a change in the type
of equipment and materials necessary to maintain the system. During 1997/98, the City entered into
K:\Stcvc DavisCity Counciaand Exchange Cato Springs, Gulley Tank Site Sale Proceeds and HWY 45 E for S. Industrial Park
Land.doc
an agreement with a private developer to sell the Cato Springs property and use the proceeds to
relocate the maintenance and meter operations to land the City owns in the South Industrial Park off
of Momingside Drive. The developer withdrew the offer to purchase the Cato Springs property on
June 10, 1998.
When the City accepted the offer to purchase the Cato Springs property an architectural services
contract was developed and approved with Cromwell & Associates for the design of the new facility.
Whcn the offer was withdrawn, the City instructed Cromwell to design improvements for the Cato
Springs site. The design developed by Cromwell had to accommodate the on-going work patterns
for our maintenance and meter staffs as well as address aesthetic issues due to being a major entry
into out City and to the University. Relocating the maintenance and meter operations to the South
Industrial Park will provide more flexibility in controlling the cost of providing facilities for the
maintenance and meter crews.
Highway 45 East, East of Starr Road
The Water & Sewer Fund obtained this property, approximately 12 91 acres, as part of the Paul
Noland Plant construction project. The City had sought to purchase a sewer easement for Mud
Creek tributary outfall line, but the property owner required the City to purchase the entire 12+ acre
tract. The Water & Sewer utility will retain a sewer easement across the 12+ acre parcel.
In 2001, the City advertised the property for sale, took bids and presented the high bid ($305,000) to
City Council for acceptance. City Council, after input from neighbors, chose not to sell the land.
The water & sewer operations do not anticipate a need for the property. Transferring the property to
the General Fund will provide the City with more options for public use of the land.
Gulley Road Tank Site
Staff proposes to use the sale proceeds, S105,000, from selling three acres to Ozarks Electric to
complete the land transaction between Water & Sewer Fund and General Fund.
Recommendation
Staffrecommends City Council approve the transfer of the Water & Sewer property, approximately
19.42 acres, on Cato Springs Road and Water & Sewer property on Highway 45 East, East of Starr
Drive, approximately 12.91 acres and $105,000 for Lot 10, Lot 13, part of Lot 14 and land north and
east of Danaher Tool in the South Industrial Park, approximately 61 acres. Staff also requests
approval of a budget adjustment that reflects the exchange. This trade of assets is a zero sum
transaction for the City.
K:Steve Davis\ City Counciaand Exchange Cato Springs, Gulley Tank Site Sale Proceeds and HWY 45 E for S. Industrial Park
Land.doc
Water/Sewer Properties
Acres $/Ac S/Aite
1. Gulley Road 3.0 acre Tract 3.0 35,000 105,000
2. Hwy 45 Property 12.9 20,150 260,000
3. W/S Operations Center 19.4 44,000 856.000
Total Water/Sewer Properties 35.3 32,325 1,221,000
Conversion to Industrial Park Land: ($1,221,000/$20,000/Ac)= 61.05 acres
Industrial Park Properties (General Fund)
1. Lot # 10, IPW 14.88 20,000
2. Lot # 13, IPW (MODIFIED) 28.82 20,000
3. Land North & East 17.35 20,000
of Danaher
Total Industrial Park Lands 61.05 20,000 1,221,000
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LAND APPRAISAL RLPORT
FitF4 103
NW
8cacred ruillir Census Traci 0111 01 Pap Reference
Noperly Address 2150 S Razorback Rd
City Fayeneville Cony Washington Stale AR bp Ude 72701-7908
'..7 Legal Desubni 19 42 Ac - Sec 29, T 113N. R 30W
0
-s- Sde Prke 3 n/ei Des ol Sae &a Loan Tern nia yrs. Property Rights topresed X Fee
1.: teasel,* LI
De Strirns PLO
NNW Read Estte Taxes 3 rile (A Loan charges to Le dad by sekr3 de Other sales masked None
9 Lender/tied City Of Fayetteville Adtress Fayetteville, AR 72701
Occupant Water 8 Sewer Masa Don L. Cramer InStrilttects la Appraiser Estimate the Market Value 01 9* subjed 19 42
acres of land, currenley_being as Water 8. Sewer Operations Center
.used
Lam X Urban LI Sotteaan tJ Rural
Bud UP . X Ora 75% E 25%1075% E Order 25%
Growth Ram 0 Fuly Der. E sod 0 steady 0 Slow
Propaty Wm El -crush; g Slade Li Decking
DerrundSupdy Li Stains IX In Eldance Li Dvntp�y
Mann Ire D Una 3 Mos 0 4.6 Mos ii Over 6 Mos.
Present Lard Use 10%1 Family % 2-4 Fandy 10% At % Condo 25%0c/wield
GOOd Ang Fax PDX
Employment &atilt! LI 2/ E ri
Convenience to Ectiormenl I. 1 M 0 0
Contreence to SA:gorg Ft M 0 0
Commence to Schools s 0 E D
Ankacy d Public Transpose:cc ri IX LJ Lj
Reann-ulFacithes L.1 D -I 0 0
65% Industrial % Vaca -4 %
Adequacy Unties 0 X 0 LI
of
Change ki Present Lard Use 0
(1
rid Lady g Lady (6)
Fran Res To Rnedentral
•
ling Fleet (*)
- 2
FtWelY COSIY n X
Ptotecton horn Dettrental Coxfcsons 0 0
1.1
•
0
[-I
Predatinad OcCsdanct 0 Ower
0 Tenant %Vacant
POICa and En Pr:steam Li >A
0 0
Single Family Price Range 3 25 000 m3 50 000 Pinceenart Van 3 10.000
General Anearance ol Pmpellesr.-.)
I-1
Sinn Int, Age 40 )TSI) 50 re. >edam= Age 30 yrs.
Appeal lo litaitzt LJ X
0 0
Cannon PcAng rase tglars. Incite fll ImmientilL elenrd Imamate, (e 9. Po* Deki. unit dew. ran) There are no apparent adverse factors
which
mould affect the subjects marketability. The subject has access to all necessary supporting facilities including schools recreation and
employment. The rear 8+ acres hal been used for stock Ohne soil from utility line evansions and vell contain a variety of spoils
Onenslons Subject site is irregular 1942. Se Ft or Acres X Carer Lot
Zang elastic -nen Residential (R-2) Prises Nommen 0 63 63 nal taken lo scais3 ttputatern
Veit rd beg vse
0 Presed use
00t(y) Muly+family red idenhal - (As currently Zan edi
PO* Other (Elescdoe)
Cf F 5111 LIIPAOVEMENTS
len Moderately Sloping._
Elec. X
Slate Access 0 R.Olk LJ Prime
Size 19 42 Acres
Gas
M
I
Sten Asphalt
State Irregular
Water [1
Martertance g Putt<
•
Prtrate
dew Very Good
San Sewer 0
0 Storm Sewer 0 Curtscirter
Drabiage Average
0 Undeptind Elea & Tel.
0 &den& 0 Steel LiSfte
OM nary seated en s HUD Idtrilflail Spider klood Rankest
XII*
Likes
Comet (kande cr mines* kind ary awes nesse einem encroachment er omer emu cord3:00- No apparent adverse easements
eriadatementa of other apparent adverse conoNms were noted.
11w unnamed Ns rend Om nears saki d propen it sines ire orcoree so 9.040 and tin cceetteral lieu In fa mead arunsh. IN nabten Inane
Steen releceso malts nuke to titse tans al Antal valadm Went le stied aid onsets merles. tt a donura tee ki the correra311 popery
ll a rat Wrath tdo $18 girl Mr/. 1 dna (.) arNenest ts mace sus none tie Send vase et &deed 1 a unkan tem in re monde Is Melts
IdoraNd fa Ole mem Fatty. a pws (+) "sorb magi Om lxreasirg tie intated rate el the subject
1 oda
Ss Surer
lo 6 less
Rd1PR RILitskul()_
L
COMPARABLE
NO. 3
Adorns 21505. Razorback Rd
Fayettedlle
III 540 8 Porter Rd
Fayetteville
Ftwy 7 1 Elypass/F treat I
Fayetteville
Dean St.
Fayetteville
.
SSP Price
$ NO
1 400 000
: ..• I
. •310
000
:L. Per An
.
2;4
Dia SOWN
InspectionaNeshRec
MLSS3870NVash0eedRec.
MLS40297347/Westeeed Roc-
MLS412944381WashDeedRec
-. oa d Sale an
DESMEDOti
DE,SOFIVI 1±1-1U49.01_
EIESCRIFRON 1 (-1$841AL
Mal 1 (- 4 Aloft
a rani Munn
031032003
03/13f2002 0
08/18/2000
•13,880
12/05/2002 0
i MOM
Good
V. Good 140,000
Good
Good
19.42AorGood
24.78AdGood -443111
7 41AdFloodP/Noic
323 000
10 118AciFbodnon +321 COO
ILS.
EcCOPraCel
GoodralocISkeine
Gloonlcatl•Slodoni
GoodSloging
0
Good 0
lAstaity
Good
Good
Good
Fair +31 000
AcceSSOON
Good
Good
Good
Fair
•31,000
Ub
City/Easement
City/Easement
CityfEasernen1
Ci /Easement
SNes or Fturcirg
Cmcessices
None
None
None
None
mei i1/44 nal
**taffeta°
1-1 • )C- 583.000
X • 1 1 - 4 336 880
C. n 383 000
Inidated Vakre
d Wort
7,2174n
-1,6,rtEXISAIIIIVIECIl
IMAIS-,v.:n-1-.1
onelielP41.6irk
$ 817 000
.14r eingt
$ 47S6SOC;Ne2iSjj
893,030
a? ....-4-.-4..
Ccovnenis oa Market Oda See attached addenda
Userncols ard C.036,C.IS Of 4443011 See attached addenda
_
+
45 Final ReCoicautte: All weight is grven the Sales ComPanal AP1xinal nil reflects buyer and seller actions m the market dace- No weight M
Oj given the Cost Munch cc the Income Approach because them ens430 improvements on Me land, or measubable income 10 9* land
,n * . im Opinr•
Led Wit e
e unman mann YALU AM
))
'
Dee L Garner
,-- . • rt.....e, 71: --r- ---:
1110, or saner .... , . mai' •• .., 4 s
-, •••• STATE • ... --
- a. • 0 INS 0004 c._. ,
E '4. CERI1FliED **.; a •
: '% CF,:cmci • z flId 0 Old lid Etniuflf il$PeclEbsPlat
844rallfil) iterk9401$1419$410catel 1
raP1
Ils,•?,auplicas•AISI 4424894
Form UM— 'TOTAL in 14I•W by eta mcdt Inc — 1400-ALAMOOE
,,,,,,,
•
LARD APPRAISAL REPORT
MARKET DATA Airs
(f_k_4.,1R9j2_day_sje J
AFFRA%N.S. INC (501) 442-S504
Form LND (AC) — 'TOTAL bx Vfnicnys° appraisal sem(' by a La mode. 1-800.A1.AM00E
REM 1 MELT PRCPERTY
CO. PARABLE NO 4
COMPARABLE NO. 5
C0MPAEW3LE NO 6
Aides' 2150 5 Raztxback Rd
Fayetteville
Sunbodge
Fayetteville
207 Edgewood
Sonngdale
m
Itiorady d &tint
...a.
Sads Price
1 Ma
$ 1 500968$$
525 000
=
Pitt Pet Acre
Osta Salm
$
MLS4298383/WashDeedRecs
$ 125 081
26 677
InspectionAhlashRec
DEaMrPTION
MLS•381659VVashDeedRecs.
*5
--A
ore a side and
ist4gniitm
CCC2rd7n
DESCRPTON I•l -1$ AWL
CESCRP1ION
05/17/2002
• (-1B ACUSI
' . 0
DESCDP7M)N I. L -}$ Adjust
03/032003
09/30/2000 •150,000
Good
Excelkmt -300000
Fair
' .105000
Ste/Vms
Tcvphy
19 42Actood
12 CCAcNGood
-150 000
19 68AUFair
•52 500
Good/ModSloping
Good
Good/ModSiopmg
VGood
VGood
CityfEase.rerit
None
0
Good/ModSloping
o
tc
VistiCy
ACCeStidity
litYds
Sat Or Rriadrig
Concessions
-150 OM
Fair
•52 500
Good
-150 000
Fair
'52500
City/Easemeni
None
, City/Easement
None
Nei Adi (IOW
Wcated Vibe
d Subject
, —
• • •• '' i-
• • I- :
600000
900960
l• 1]-
1
262500
14. (-1-
N 400 %
Net SODA%
$ 787,500
Conran% URAR- SALES COMPARISON APPROACH
A diligent effort was made in the search for comparable sales that are the most similar most recent,
and closest
report are the
in proximity to he sutdect
•-c_i The marvel
was eltelldell beck over one year to find the best Wets. Those used in this
best available mantel data.
While not exactly the some the sales do
tom)
a realistic range of value for the subject Most weight is elven Sale 1, since it is the most similar
and maimed the least
adjustment
AFFRA%N.S. INC (501) 442-S504
Form LND (AC) — 'TOTAL bx Vfnicnys° appraisal sem(' by a La mode. 1-800.A1.AM00E
Non 2150 $ Razorback Rd
Miro ens
Cati Fayetteville Courty Washington
Supplemental Add dum
viging_aigivarags
File No 900103
Ler City Of Fayenevale
Dgiggs 72701-7908
• trend; Market Data
In the eftort to be most reflective of sales comparables it was necessary to extend the search back in time for two • years. and
to consider sales with a greater range of size than is generalliv preferred All sales are considered in the subject site area and
reflect normal market conditions. with vanances for useable area. flood zone influence. zoning differences and location. None of
the sales indicated any type of damage to the sites and therefore all properties are considered in good condition. Sale fr 1 was
adjusted downward for sue. and zoning classification. Sale tt 2 is closest in proximity to the subjeCt, and is zoned Residential 2.
85 15 the subject however the site is partially in the flood area and as potential for multi -tenant development would yield fewer
units per acre. Sale St 3 was verified with the listing agent and the sale needed change of zoning status. which was indicated to
have been accomplished as of the present. and indication is that there is flood plain impact Sale # 4 had existing Commercial
Zoning and was also adjusted downward for location. size. visability and accessability. Sale # 5 required adjustment for location.
visability and acceSSability.
• Land: Conditions of Appraisal
The Subject property is kxated adjacent to and with access from IH 540 and is currently zoned Residential 2 - Medium Density
Residential. The subject has access to an necessary supporting facilities including schools. recreation. and employment The
Subject property currently functions as the Water & Sewer Operations Center for the City of Fayetteville. and as exists. has two
4.200 sqft masonry/block structures and one wood framed shed. with asphalt parking and concrete storage pads The subject
is located adjacent to a railroad siding with loading access For purposes of this appraisal the masonry structures are being
estimated at $20.000 each. Therefore the subject land is estimated at $42000 per acre. plus 140.00010, estimated
improvements.
•
form TA00 — °TOTAL for WalowS* /Oat/ software by 1 la mods Vic —1-80041AMODE
Atlra.0 S RIIICAMICk Rd
cty FayettevAle County Washington
Form MAP LOC — 1014 tor VAndowSantaa: salivate by a la rroxle. Inc — 1.6:0-4AMOOE
laLUIL
41S.
DEFINITION OF MARKET VALUE: The most pregable ate when a property should dna n; carroty* am, can mate under al ecodZons
repuksbe to a tar sale. Me buyer and sebn. each actoel proderty. knagedpeably and assumeg be ace is rat elected by mate mute ireptied m Mos
deflated is =summer al a sale as al a *alga date and the passing al tra Iran' seer * buyer oar conOrtirs wheseby (1) buyer and seer are
typrady meted (2) tent panes are ivell edormed a me atoned. add each acre ei dint he wagers hs awil best merest (3) a rusaarle fame is armee
fcc mote m dr open market (4) payrnent rs made d terms al cash m U S Mean a In terms al ena.xol arrangements ccerantie thereto. and (5) the pnce
represents the roma, cartsIderaban la dee cooly sold unelected by sacra a uutve Maxey crsars cocesslons° granted by anyone assorJated vrCi
Me sale
• Monne% to the comparaties must be mate Mr special o• creaVve Mating or sides concessions No adastroents art necusry
for those costs which are namely pad by seers as a mut al Maar a Law in a trinket area. Mese costs ale ruddy IderdiaNe
sate the steer pays these costs in betray t sari transactors. Scala or mane Inancirg adlustments can be made to te
comparator *perry by campinseds to !name.; In catered by a tad parry instcutartal lender that is rat already irreaved In Me
preperry or transrrn. My algsMent should rat be caudated cd a magical doer la &az cost cd dit Mancer 01ececessied
but Me dodar arrant a-ry aeltugment she* roommate De rrytels reacoon to the Inanarg or cencessou based as Me
weasels Won*
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT MW UMMNG CONDITIONS: The roamer s collate Mat appears in Me Wang *at ka *len me lokronl
cortmets
1. The aco-rser we not be respootte for ranters a a legal nature that atteci WV the crawly ben apprised a the Mk 307 The rause menu Ma
the bee rs goal rd mantel)* end therefore. one not render any axons ran Me tree The property is applased 61 Mt bests 01 rt bong urger responsible
enmerstmp
2 The mama Ins cr Need a stretch ri the awateal reoeit to Show apporomste &Tensors al the knamemeras and the sketch Is *Wed Wye° nun
Pie ruder al le moan otsualzeg the property and uncterstanttng the actrastr's Onermanatca ol itS sue
3 Te avower has erred Me Peak Boo] maps ihal are prodded by We Federal Emerpmcy Maiagenent Army (or Cur Cata sources) * roed
in the appalsi report Maher ihe sublect Vie Ls lacaled m an Warned Special Pad Rave Area Because tie apprasu is nal a surveyor. ne cm she metes
rvi euarinteregress a need. repattr tus Oeleffunabai
4 The app-asa W. nali re Unruly or appur i coun because he or the matt an appral ed toe property in rata% antess speak artargements lo do
so hue Wei made before**
5 The gam has eStalged N Out el the UM In IN cost approach alIs highest and bat use and the improvemenn at thee comb/tory Mut These
separate Warm of ine Und and reporrernents nwst 001 be used m conloncdon vet arty ate: appraisal and aro tab] N Mey are so used
6. The attraSee WS Mee Si Vle Wang repal arry Wyse catitcds (such u. needed repays. deprectror the presence ol haarelcus masks. but
sabsteneet et.) ohanal Mtn. asPation at 1M 50*1 Maly a NI to or She becare nan el darer be nor* reseacti rnaVed in Wont%
the waist Unless othenAse gated In Vie maul not the appraiser Ku no entredge ol any hidden a tettparta ...au. 01 N properly or
erne airtime -rat antOlons (Ychairg TM prase= al huudoes wastes. t* *Stances. et.) PO aced make the Maly more a less nag*. aol
has assumed lig len ere no such oanCalms end men no curates or reartes. Dons a Ma* Mater the rare ol le property. 1Te
arks* ove rid be respad/bre for any Sith Matra ail 63 oist a fcr any ergreere* cc testae that rape be heated ta desalt Vett such
conitced eget Became te rasa is rot an err ki Ve Pet al emtcomental haat toe *rasa repart must na be ads** as an
ontemental assessment al the property
7 1M rarer wailed am IloriniMa ranges. end aeons Ont eret crossed in tie waist Mat hal soaves Ilut he a am evinnant be
Oak and teems Dem to be true and caner The goner rtges not assure fesporatily 101 the accuracy al Such Cams CU wen Wished by Met
pates
8 The appraiser wil rot reset* the catera ol tie roam) remol except as braided la in Me Uniarm Standards of Preessicrol Vaasa] Pratte
9 The roamer his based Ns or ha waist repot and neaten cacknicd fa r metals/ Mai Is strata to sallsfactay ample:* repairs. a
Oran* ca Me aspirator Mal cornmeal:a ot Me mount* wl be Drained In a werlortardee mann
10 The roam must provide hs a her prior Cm consent Mae he lender/rim speahed Vie a09a-saJ rePrf en ERMA Ma eitormul Von
(=kW ng cochstrts abut the rawly value. De averages *nab and profess** Cessmaters. and reletences 70 any mammal roma
negates or Me tern oath etch Me rouser is asserted) to aiyore otter Man Pa brewt. the mcrtgare a es sums*, and assigns. Me =riper
Usurercagaltitt, probesslonal appralsai crpaaattters. any SUM Of feckaly appeared Maul Mayor a any depunent agency. or mamma -arty
ol tie United Slates or my gate or tie Oubict Caurria. extol the Ole lerderkfirl may aseterte PrObegy &Sugar Sake al Me rePeg arifY 10 Bath
criterion a repoitrg sente(s) *ghoul Twig to rag the Wages pia wratm Mgt Ire applaiSers rani COEIStfil arg applara Meg atta
be Aired bete the appraisal cal be caned by arryore to Ve cdalc trtur adverbs*, or* farces. news sas a oder media
Fred:Tribe Forrn 439 6-93
Page I al 2 Fare* Mse Fr 10043 6-93
APPRAISALS. NC (501) 442-5604
Foie ACP — 'TOTAL fa Windomraprasal software by a la mole Inc — 1400.N.M1006
APPRAISER'S CERTIFICATION: ine Ammer certies and agrees Out
iolu:egeiry
I 1 hare researched Me soblea market area and have seeped a rem= al tree men/ u2s al properties most sends and aodmate to Me suaeci arty
10, artsterata In Ole sales comparison analysis and hale male a Wu adpsenol when alleolutele m reflect me nand two) 10 mat elms 01eirmasl
winos I/ a *Wert tan el a =Wale nest/ is souls to. a nue Wartata Che sutra property. I have made a negalre Maenad lo redrxe
theatesstod sabes pnce a/ the cameral* a* d a ogrecant tem M a carom& progeny is Inter° to. a less Ina Man Me sut*xl prcputy. I have made
a ware annul to rouse tte Piloted sres *e 04 ttcarparable
2 1 hen Laken into calm:Senna Me ISICeS Mal hare en 'Mac, on nix n my ardomient cl the esbnete at mutat value m tie/anent report I lure fad
lownelle Tiotteled any stodeent rehatraeon Imm aPaahd recoil rarl 1 betty& 10 Me best al my Imovaedge. Mat al stalemeits and Maranon vi Me
scrawl mw are true and area
3 1 stets) in Me amt.! awn My my own persona unblased. art] pectessearal anatyso. amass. and waxes which at sub's! criy Is be calor
and Mtn; ccollons specked in Mrs In
4 1 have no present 04 prospective guest in Ihr Mill Mat is the subled lo Ms feral and 1 hat no present a prospectne puma] Cunt a bias rah
respect la ase permit m te dansactin I Cd not base. Sr patty a cceepletely. my ralysts and/01 the esbmale 01 mahel nen in Ole amused repat
co the race. cola. regal set, hulked. finial status. a Wont crIgn of Wier itt WaSpeCtive Owners or occupants 01 rie subject property at ce 111e present
Mien01 OCOJNYCS 01 Ole properties ei the yknef o the subjett Mora
5. 1 hrn no mod 0, caremptred Ian reveal In Ole saes, propertyand neTher my curve or future enactment nor my canpensrxo lienCriteng tn
appnisal is caragen an de Ceased value al Me Prorettl
6 I was nal regured to report a predeterrnd rake cc cfuecban In yenthat tarots me cane al N ctent or rry SI ed paly. Ilie amount o 11 value estimatt
altrament 01 a specge mut ar re occurrence a a stCseger evvl m ads to acme my carpensaco and/ce enyrneri 101 Peefeeeml9 the eigrarsai 1
ad rot base me &passel report on a requested norm= vattaWn. a spectre valanon. 01211 need to epigram a wait mortgage Wan
7 I Warned Rs appratsaim catomely loath the UnCcon Standards or Prolessloul Appraisal Practee tha1 we adopted and acirmloated by Me Apdaha
Stanlarch Board al The Apprabad landau, and that were In axe as ol me ream date 04 les Slit loth the eceptto ol the deputise pronsico al those
Standards tat does not appty I wknovisedge that al Wrote ol a aura* tre tor exposure In It wen market Is a corolla m the dant= of medal vale
and the estmate I (levee* is cannier' with Me maken; tme Tided in the neilteexce mike al Vs report unless I hm oteriese staled in Me
recanclalmn seam
8 I have ;money inspected the Miens WA edera:4 areas cd tee subject gooey ind me eiterix te al atopetlei lilted al CrynOaratts In 01 e "palm! recat
I Veber catty that I have noted any apparent o boom /chase ccaltbm in me s Titled Imployements. cc the suhact ale or ce any ste vain the immediate
MehldY of Me SAM pita" of *tech lam awn cd have made adealments 01nese phase =daces in my analysis of Me property vibe 13 the enerd Out
I had nurket redence to smut Mem. I here also commented aD3U1 the elect of the gam casalons on the maketattly al Ile sublet awry
9 I casco* amazed al cone/anted and ocatons aloha Me real estte Mal were set teeth In tie maul mat 1 1 Reed cm stature prolesstea
asssunce hot arry ntrid.ral a Iralitals ei Itt perkrmance of the vernal or Me deparracm of Me want tepee. I have naned such MYTJual(s) are
inclosed the spectt tasks pertarned by ACM in the retcodgalko sector of Ca waist meat I catty tIva arry inaVeral so named Ts outdel to pair
the teen 1 lum ea eallalted neva to male a clurt3e to arlY aelm el Me meat Merecre. 11 ai tmarthatted change h made to the appraisal report 1 wil ISz
no res4ordb12y la 4
SUPERVISORY APPRAISER'S CERTIFICATION: 1 a supeodsory appraiser dyed thsawaisal repat Ns or she caries ere gees tat
1 teal Dante Me Sit 00 MIMI the ageehle Mott. Noe Welled Me alon1511 RP* Km well the stamen and lanCeiStelS 01 OW apprise.
ape to be bard by the eppralsas catIllabord metered 4 trough 7 atom. are arn Wag ful resporelbety tor the appratul and the apprise mat
ADDRESS OF PROPERTY APPRAISED: 2150 S Rezottack Rd Fayetteville AR 72701-7908
APPRAISER:
Signttre
Pare Don L Cramer
Date Snpsd
Stale Catdakin CG2171
or Stale Italie •
SUPERVISORY APPRAISER (only If required):
4:;„%:;•;;;;epStratum _
4trealle-TZet.4'.., Name
.• •-•.:444 c:T Dee Signed
T?
6".• STATE • • -jute csericatco •
±
= CERTIF:ED ir Stte Mau. a
Sate AR
EmtraX0 Date al Cur-cabal01 Lkense
E t fir,rriafli • qtra
6/30,2003 cr. o• -$ ••
ppourxe2 Date d Cetkaill Or LICOISO
//1/41 t.. t...4,,,,e,••‘ Ei ocirty
Freese Mac tam 4316-93
Pale? of 2
form ADD — 10181 tor %Wows' apdaMal software by a la mode. 1t — I•600•ALARCON
Fanny Mae Fcan 10018 6.93
troth, 900103 tact •11
Gamer no fit
Property Address S Razorback Rd
Cly.Fayottevilte
Lenda City Of Foyer/evele
tank Washington
•
State AR
Ric No 900103
zy_Qggc72701.7908
APPRAISAL AND REPORT IDENTIFICATION
This.appraisal conforms to pug of the following definitions:
L. Complete Appraisal (The ad or process of estimating value, or an opinion ol value. performed wIlhout invoking the Departure Rule)
Limited Appraisal (The ad cc process of estimating value, or an opinion of value. performed under and resulting from Involdng Ihe
Departure Rule.)
This report is one of the following types:
El
Sett Contained
Summary
Restricted
(A written report prepared under Standards Rule 2-2(a) of a Complete or Limbed *parse' performed under STANDARD 1 )
(A wnnen report prepared under Standards Rule 2-2()) of a Complete or linded Appraisal performed under STANDARD )
(A watten report prepared under Standards Rule 2-2(c) W a Canplete or Ltmrted Appraisal performed under STANDARD 1
for client use only.)
Comments on Standards Rule 2-3
1 entry Curt to Me best a my knot.** rs7 NMI
The staamerts or fact confined n thrs :earl are true aid cared
F.t The ruccei reties. rebels. and conclusions re urns ont by et reputed assanctons and Ening candbons, rd are wry Nun =pants!. and untrased
prolnerui analyses. clarions asd caxankns
:1 hen no (or te speared) present a prospectst Everest In the grocerty tut is Cte %bled crt Cis resat and no (or the gaited) Personal rtereat wt resPect to te
Damn gran%
11 an no tcs mln respect to ths property Cut is the sabred at Mrs reart a the tortes km:Aid wM tks assignment '
11 My engagement in en asp:owned was rd ciontngert con brakeng or reportng predetermined rites
0 My cant:eta:cc for cern:Cato des astgoment 6 ACt co-Ongent opal the devekpment reartng al a pedelermned vabe a &taw in value mat lavas the cause
Qt the clent the earl or the rake amen. the Mtn:rent 011 stpi#uled mut or Me occurence al a subsequent evert &Key mired to Me intended use al Cc appraisal
My artatses. otans aid amanita's WM devebped laden report has been reseed in ccrlorrney WM the dalorrn Standards al trade:soul Aranaltrachce
(11 have (or kne patine, a arsenal impedes of the epoch kat is the subject of this recon
Na cre added siplicant rea/ amok axonal assistance to the person Keno Ms certification
Comments on Appraisal and Report Identification
Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure:
None noted
APPRAISER.
&Vita
Narne DOn L Cramer
Dale Sigel:
State Cerarson CG2171
Cr State License
Stale AR
ra°1;7'd
Nye
• •
CTATE
• •
= Date Scat
- Cf.fli.nEu
z -.Stale Crakallar
or Sute License s
SUPERVISORY APPRAISER (only If required):
Swan
let . Slat
baxadon Dab 04 Certfication a License
6130rk,330 .Cu2171
• 4;1/4 -'-‘k
cRix
Eiabratcn Dale a Centers:0i or License
n Ord 17, Nol inspeCt PM:eft
APPRAGALS. INC (501) 442-5804
Farr r03 — TOTAL fcr lirndows* appraisal sollwre by a la mode. Inc — 1.8CO-ALAMOOf
•
Location M
a
ftgggitt;drsss 2150 S Razorback Rd
Oty FayetlebnIIe
Ludo City Of Fayetteville
County Washington State AR
KsCode 72701-2908
4I A
•
1-12‘—E;(400:i
,112:1 .4.•••••t-400—cr _All .9
RE112e4iffl4tmiirli4
Id_ • Pi) elitt•
tot rgin...):5.1 51A11
r
&" r
Fan MAP LOC —101AL Ice l'Andowst arcresal software by a 11 m000.11C — 1.800.ALAMODE
a
Borrow
Flood Mall
Prtysly ideffEs 2150 S Razotbace Rd
Fayenemce
Inlet City Of Feyettevale
no.-89010.1.Doe
Curb Washmgfon
Slate AR
Zo Co1e 72701-7908
interneed " a la ma Ine,
Penal by FLOOOSOURCE
wwwinterlineicom • 800-252- II 33
Praparfd Tiar
Parrish Appraisals. Inc
2150 S. Razorback Rd
Fayetteville. AR 72701
RM115
01999-2032 Farce Corp as VI, reserved For more secnnetee Mese emsi Pt caloolsarce can
Form P4AP FLOOD — *TOTAL tor 1101senvs• acpralsal scene by a 0 mode — 1 800 AMON
FLOODSOURCE
Ficod Haunts Map
Map Number
05143a0910
Effective Date
fly 21, Intl
fa nun Infamalbn Sea
nom &ow and need Zee*
ilacidSato to Corp
977 774 L000
ems 110,14W/C4 CO,