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HomeMy WebLinkAbout68-03 RESOLUTIONRESOLUTION NO. 68-03 • A RESOLUTION TO APPROVE THE REAL ESTATE PURCHASE AND SALE CONTRACT WHEREIN LEGACY PROJECT LLC PURCHASES THE 289 ACRE 1-540 BUSINESS PARK SITE FROM THE CITY OF FAYETTEVILLE FOR 5.2 MILLION DOLLARS AND OTHER CONSIDERATION WHEREAS, Mayor Dan Coody has negotiated the sale of 1-540 Business Park site to Legacy Project LLC for 5.2 million dollars and Legacy Project's commitment to preserve and protect 100 acres of wetland or near wetlands until it conveys this 100 acres to an environmental conservation non-profit organization; and WHEREAS, the City of Fayetteville is empowered by A.C.A. § 14-54-302 with the authority to buy, sell and convey real estate and the City Council can authorize the Mayor to execute such contract to sell municipally owned real estate. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILI.E, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby approves the Real Estatc Purchase And Sale Contract Between Legacy Project, LLC And The City Of Fayetteville (attached as Exhibit A) in which the City sells its 289 acre 1-540 Business Park acreage to Legacy Project LLC for 55.2 million plus Legacy Project LLC's agreement to convey 100 acres of this property which is wetland or near wetland to an environmental conservation non-profit organization. Section 2. That the City Council of the City of Fayetteville, Arkansas repeals or amends any Resolution that is in conflict with this Resolution or the terms of the Contract attached as Exhibit A. PASSED and APPROVED this the 6th day of May, 2003 eFIEire 4•, /,r-. • 1` ,R G ). \ %`"ITTE �.; 1 i:i raj . BY :r�o..d c.-1 a nw7tC. Sondra Smith, City Clerk APPROVED: By: D N COODY, ayor • • REAL ESTATE PURCHASE AND SALE CONTRACT BETWEEN LEGACY PROJECT, 1 LC AND THE CITY OF FAYETTEVILLE Subject to the terms and provisions contained herein, the City of Fayetteville, Washington County, Arkansas, (hereinafter "City of Fayetteville"), hereby agrees to sell and convey to Legacy Project, LLC, an Arkansas limited liability company, and/or its assigns (hereinafter "Legacy Project"), and Legacy Project hereby agrees to buy from and pay to the City of Fayetteville for that certain parcel of land (the "Land") generally located on the north side of Interstate 540, situated in the City of Fayetteville, Washington County, Arkansas, containing approximately 289 acres of land, more or less, said land being identified and/or described on Exhibit "A" attached hereto and made a part hereof. A legal description of the Property shall be determined from the survey provided for below, and such legal description may be substituted as Exhibit "A" hereto and shall be the legal description used in the deed from the City of Fayetteville to Legacy Project. This Contract is executed and is subject to the following terms and conditions: I. Purchase Price. The Purchase Price for the Property shall be Five Million Two Hundred Thousand Dollars ($5,200,000.00). The Purchase Price shall be payable at Closing (as hereinafter defined), in cash, by cashier's or certified check, or by wire transfer of immediately available funds, less the prorations and adjustments set forth in this Contract. 2. Earnest Money. Within seven (7) business days after the approval of this Contract by the Fayetteville City Council, Legacy Project shall deposit with the City of Fayetteville, the sum of Ten Thousand Dollars ($10,000.00) as Eamest Money. The Eamest Money shall be either cash or check payable to the City of Fayetteville. If this Contract closes, the Earnest Money shall be applied to the Purchase Price. 3. Survey. Within thirty (30) days following the approval of this contract by the Fayetteville City Council, Fayetteville shall cause a current updated ALTA survey to he made of the Property, by a licensed surveyor or registered professional reasonably acceptable to Legacy Project and shall furnish Legacy Project the Survey. The Survey shall indicate: a. That the corners of the Property have been properly monumented; b. The perimeter boundaries of the Property; c. The location of all improvements upon or bounding the Property; d. The location of all easements within or traversing the Property, if any, giving recording data where applicable; e. The location of all roadways traversing, adjoining or bounding the Property, giving recording data where applicable; f. That there are no encroachments except as may be specifically shown on the Survey; and • • g. The number of"net acreage" of land within the Property which shall consist one hundred eighty nine (189) acres more or less. As used herein, the term "net acreage" shall mean the total number of acres of land within the Property, excluding any land lying within any existing river, creek, lake, waterway, wetland, drainage -way, rail way, 100 -year flood plain, or special flood hazard area. The Survey shall contain a certification from the surveyor or engineer to Legacy Project, and any lender designated by Legacy Project, which certification shall be in form and substance as the Surveyor's Certificate attached hereto as Exhibit "B". 4. Title Commitment. Within forty-five (45) days following the approval of this Contract by the Fayetteville City Council, the City of Fayetteville, at its sole cost and expense, shall cause to be furnished to Legacy Project a current title commitment for an owner's title insurance policy (the "Title Commitment") issued through the Title Company, setting forth the status of title of the Property and all exceptions, including rights-of-way, easements, restrictions, covenants, reservations and other conditions, if any, affecting the Property which would appear in an owner's title insurance policy if issued, together with true, legible copies of all instruments referred to in the Title Commitment affecting title to the Property. 5. Additional Information. Within fifteen (15) days following the approval of this contract by the City Council, the City of Fayetteville shall furnish to Legacy Project the following: a. Legible, accurate and complete copies of the most recent ad valorem tax statements affecting the Property from all taxing authorities having jurisdiction over the Property; b. Copies of all leases, if any, (together with all amendments or modifications thereto), service contracts, warranties or other agreements affecting the Property; and c. To the extent available to City ofFayctteville, all engineering studies, surveys, soil tests, environmental reports or studies, feasibility, demographic or economic studies, aerial photographs, topographical maps, and copies of all plans and specifications, including site plans for improvements, facilities and utilities to be constructed on or adjacent to the Property. 6. Review of Title and Survey. Legacy Project shall have a period (the "Review Period") ending thirty (30) days after the date on which Legacy Project receives the last of (i) the Title Commitment; (ii) the Survey required in Section 3 above; and (iii) the additional information required in Section 5 above, in which to notify City of Fayetteville of any objections Legacy Project has to any matters shown or referred to in the Title Commitment or the Survey. Any exception to which Legacy Project does not object shall be considered as a "Permitted Exception". In the event Legacy Project notifies City of Fayetteville of any unacceptable exceptions or conditions, City of Fayetteville shall have thirty (30) days thereafter (the "City of Fayetteville's Cure Period") in which to eliminate or modify such unacceptable exceptions or conditions in a manner reasonably acceptable to Legacy Project. In the event City of Fayetteville is unable to eliminate or modify such unacceptable exceptions or conditions to the satisfaction of Legacy Project within City of Fayetteville's Cure Period, then in that event Legacy Project may 2 • • terminate this Contract by providing written notice to City of Fayetteville at any time at or prior to Closing, in which event this Contract shall terminate and the Earnest Money shall be returned to Legacy Project and the parties hereto shall have no further obligations one to the other. 7. Inspection. At all times prior to Closing, Legacy Project, its agents, representatives and designees (including prospective lenders, tenants, occupants and users of the Property and their agents and representatives) shall have the right to enter the Property to conduct any investigations, soil tests, environmental assessments and engineering and feasibility studies as may deemed necessary or advisable in connection with the purchase or use of the Property; provided, however, Legacy Project shall be responsible for any damages to the Property caused by Legacy Projcct, its agents, representatives and designees. If it should be determined by Legacy Project, in its sole and absolute discretion, that the Property is not suitable for the purposes for which Legacy Project intends to utilize the Property, then Legacy Project shall be entitled to terminate this Contract by giving written notice thereof to City of Fayetteville prior to the expiration of the Inspection Period (as hereinafter defined), whereupon the Earnest Money less Fayetteville's cost of obtaining the Title Commitment and for the Survey, shall be returned to Legacy Project, and thereafter City of Fayetteville and Legacy Project shall have no further obligations or liabilities to each other hereunder. "Inspection Period" shall mean that period beginning upon the approval by the Fayetteville City Council of this Contract and ending at the time that the Fayetteville Planning Commission has approved the Preliminary Plat or Large Scale Development for this land in a form and manner acceptable to Legacy Project with no appeal taken to the City Council or when the City Council approved a Planned Zoning District for this project in a form and manner acceptable to Legacy Project or approves (on appeal) the Preliminary Plat or Large Scale Development for this property or major part thereof in a form and manner acceptable to Legacy Project. Upon such final approval by the Planning Commission or City Council of a Large Scale Development, Preliminary Plat or Planned Zoning District in a form and manner acceptable to Legacy Project, the Inspection Period expires and Legacy Project loses its right to terminate this contract. 8. Approvals. City of Fayetteville agrees to cooperate with Legacy Project in obtaining any and all authorizations, approvals, and permits required and needed to develop this property as a Planned Zoning District, Preliminary Plat or Large Scale Development. In the event all such authorizations and approvals from the Fayetteville City Council and Fayetteville Planning Commission are not obtained by Legacy Project, Legacy Project shall have the right to terminate this contract without further liability and to be refunded the Earnest Money by the City of Fayetteville. 9. Closing Date and Place. The Closing hereunder shall take place within thirty (30) days after the expiration of the Inspection Period. If on the scheduled Closing Date, (1) Legacy Project has made objections in accordance with Section 6 hereof that have not been curcd or waived; (ii) the Title Company has advised that it will not issue the Owner's Title Insurance Policy in accordance with Section 13(e) below; (iii) City of Fayetteville is in default of any of its obligations, covenants, representations or warranties set forth in this Contract, (iv) then Legacy Project may, at its sole option: (x) waive any defect or requirement and close the transaction herein contemplated; (y) 3 • • extend the Closing for such reasonable time as maybe required for City of Fayetteville to cure any title defect or other default hereunder, such postponed date shall then become the Closing Date; or (z) terminate this Contract if such defect constitutes a material breach of this Contract and be refunded the Earnest Money by the City of Fayetteville. 10. City of Fayetteville's Representations and Warranties. City of Fayetteville represents and warrants to Legacy Project as follows: a. City of Fayetteville has and, at the time of Closing, will have and will convey to Legacy Project by general warranty deed good and marketable fee simple title to the Property, free and clear of any and all encumbrances and title exceptions other than the Permitted Exceptions. b. There are no adverse parties in possession of the Property and no parties in possession of the Property as lessees, tenants at sufferancc or trespassers; and no party has been granted any license, lease or other right relating to the use or possession of the Property. Public city streets shall remain open and available for public use. c. There is no pending or threatened condemnation or similar proceeding affecting the Property or any part thereof, nor is any such proceeding contemplated by the City of Fayetteville. d. No portion of the Property is affected by any special assessments, whether or not constituting a lien thereon, nor is any such proceeding contemplated by the City of Fayetteville. e. There are no unpaid charges, debts, liabilities, claims or obligations arising from the ownership and/or operation of the Property which could give rise to any mechanic's or materialmen's or other statutory lien against the Property, or any part thereof, or for which Legacy Project will be responsible. f The Property has full and free access to and from a public street and City of Fayetteville has no knowledge of any pending or threatened governmental proceeding or any other act or condition which would limit or result in the termination of such access. g. There is no pending or to the knowledge of the City of Fayetteville threatened judicial, administrative or other proceeding which might adversely affect the current zoning classification of the Property, and there is no fact which would result in a modification or termination of such zoning classification. h. There is no pending or to the knowledge of the City of Fayetteville threatened litigation, actions or proceedings against City of Fayetteville or the Property which could adversely affect title to the Property or any part thereof or the ability of City of Fayetteville to perform any of its obligations hereunder or the use of the Property by Legacy Project. i. No consent or approval of any person, entity or of any governmental agency or authority is required with respect to the execution and delivery of this Contract by City of 4 • • Fayetteville or the consummation by City of Fayetteville of the transactions contemplated hereby or the performance by City of Fayetteville of its obligations hereundcr. ,l. City of Fayetteville has not received notice from any governmental, agency requiring the correction of any condition with respect to the Property, or any part thereof, by reason of a violation of any federal, state, county or city statute, ordinance, code, rule or regulation or stating that any investigation has been commenced or is contemplated regarding any of the foregoing. k. Performance of this Contract will not result in any breach of, or constitute any default under, or result in the imposition of any lien or encumbrance upon the Property under, any agreement or other instrument to which City of Fayetteville is a party or by which City of Fayetteville or the Property might be bound. 1. There are no attachments, executions, assignments for the benefit of creditors, receiverships, conservatorships or voluntary or involuntary proceedings in bankruptcy or pursuant to any other debtor relief laws contemplated or filed by City of Fayetteville or pending against City of Fayetteville or the Property. m. There are no contracts or other obligations outstanding for the lease, sale, exchange, or transfer of the Property or any portion thereof. n. City of Fayetteville has full power and authority once the Fayetteville City Council has formally accepted this Contract by Resolution to enter into this Contract and to perform its obligations under this Contract. This Contract constitutes the legal, valid and binding obligations of City of Fayetteville once it is accepted by Fayetteville City Council Resolution. Legacy Project's obligation to close this Contract shall be contingent on the above representations and warranties also being true and correct on the Closing Date. I 1. Covenants of City of Fayetteville. City of Fayetteville covenants and agrees with Legacy Project that: a. City of Fayetteville will advise Legacy Project promptly of any litigation, condemnation or administrative hearing conceming or affecting the Property of which City of Fayetteville has knowledge or notice. b. City of Fayetteville will not knowingly allow or permit the introduction, spillage, release, discharge, use, storage or disposal of any pollutant of any kind into or onto the surface water, ground water, soil or subsurface of the Property. 12. Risk of Loss. Risk of all Toss, destruction or damage to the Property or any portion thereof, from any and all causes whatsoever until consummation of the Closing shall be borne by City of Fayetteville. In the event of damage by fire or other casualty or a taking by condemnation or similar proceedings or actions of all of the Property, or any portion of the Property which is material to the use of the remainder of the Property, Legacy Project shall have the option to terminate this 5 • • Contract upon written notice to City of Fayetteville, in which event the Earnest Money less Fayetteville's expenditures for Title Commitment and Survey shall be promptly refunded to Legacy Project, and neither Legacy Project nor City of Fayetteville shall have any further right or obligation hereunder. 13. City of Favetteville's Obligations at Closing. At the Closing, City of Fayetteville shall deliver or cause to be delivered to Legacy Project, at City of Fayetteville's sole cost and expense, each of the following items: a. A general warranty deed duly executed and acknowledged by City of Fayetteville, conveying to Legacy Project good, marketable fee simple title in the Property, subject only to the Permitted Exceptions. b. A current certificate from the Title Company, reflecting no financing statements (UCC -1s) or other filings which affect the Property or any part thereof. c. An Owner's Policy of Title Insurance (the "Owner's Policy") in the amount of the Purchase Price issued by the Title Company on the standard form in use in the State of Arkansas, on the Policy of a Title Insurance Company satisfactory to Legacy Project, insuring good and marketable fcc simple title to the Property in Legacy Project, subject only to the Permitted Exceptions and the standard printed exceptions, but containing extended coverage endorsements acceptable to Legacy Project. All exceptions, conditions or requirements described in Schedule 8, Section 1 of the Title Commitment which are the obligation of City of Fayetteville or which are required to be satisfied in order to cause the Owner's Policy to be issued shall be released or satisfied prior to or at Closing, and such items and requirements shall not constitute Permitted Exceptions (whether or not Legacy Project makes any objections thereto) nor be exceptions to the Owner's Policy to be provided by City of Fayetteville. d. City of Fayetteville shall, at City of Fayetteville's sole cost and expense, make sewer and water available to the boundary of the Property within two months of the Closing date. e. Such evidence or documents as may be reasonably required by Legacy Project or the Title Company evidencing the status and capacity of City of Fayetteville and the authority of the person or persons who are executing the various documents on behalf of City of Fayetteville in connection with the sale of the Property. f. Afler the Closing is completed, the City of Fayetteville shall make available to Legacy Project the amount of Seven Hundred Thousand Dollars ($700,000.00) to be used solely to reimburse Legacy Project for its infrastructure construction expenses on the property described in Exhibit "A". All expenses to be reimbursed by this 5700,000.00 grant must meet all grant terms. 14. Legacy Project's Obligations at Closing. At the Closing, Legacy Project shall deliver to City of Fayetteville the following items: 6 • • a. The Purchase Price (Five Million Two Hundred Thousand Dollars), in cash, subject to any prorations or other adjustments contained in this Contract Legacy Project will receive credit for the SI0,000.00 Earnest Money previously paid. b. An agreement to convey and deed one hundred (100) acres, more or less, of the Property identified by Legacy Project to an environmental conservation non-profit organization acceptable to and determined by Legacy PrQlect based upon a selection process submitted with the development plans acceptable to City of Fayetteville, which acreage shall not be any part of the net usable acreage unless otherwise voluntarily approved by Legacy Project in its sole discretion. The conveyance shall be made within twenty-four (24) months after Closing and the conservation land shall be preserved and protected by Legacy Project until final conveyance. c. Such evidence or documents as may reasonably be required by City of Fayetteville or the Title Company evidencing the status and capacity of Legacy Project and City of Fayetteville and the authority of the person or persons who are executing the various documents on behalf of Legacy Project and City of Fayetteville in connection with the purchase and sale of the Property. 15. Prorations and Costs. Ad valorem taxes for the then current year shall be prorated at the Closing effective as of the Closing Date. If the Closing shall occur before the tax rate is fixed for the then current year, the proration of taxes shall be based upon taxes for the prior year and adjusted for the year of closing when they become finally determined with such settlement to be made within ten (10) days after the date taxes are finally determined. City of Fayetteville shall be responsible for any and all taxes related to the Property for years prior to Closing due to a change in land usage or ownership. City of Fayetteville and Legacy Project shall jointly be responsible for any and all transfer taxes, conveyance taxes (including, but not limited to, documentary stamp taxes) and/or recording fees payable on account of transfer of title to the Property to Legacy Project. Additionally, City of Fayetteville shall be responsible for any and all "rollback" taxes arising from the Property's use prior to Closing. 16. Reservation of Public Streets, Right -of -Ways, Utility Easements and Temporary Construction Easements. A new waste water treatment facility project is currently in the preliminary stages of design and construction for the City of Fayetteville. As part of that project, many new waste water collection systems will be installed around the city and a large gravity main is planned for the north side of Clabber Creek across this property from East to West. It is therefore understood that, as part of this conveyance, Legacy Project will convey to the City of Fayetteville, at no cost to the city and on forms to be provided by the City of Fayetteville or their designee, a permanent Water/Sewer Easement of 40 foot width parallel to and south of the planned extension of Truckers Drive and any alignment adjustments as mutually agreed and a Temporary Construction Easement of 150 foot width south of the permanent easement, along with the right of ingress and egress across the property to facilitate construction. The Temporary Construction Easement shall terminate upon completion of the initial construction of the sewer main. The City of Fayetteville agrees to maintain a periodic consultation with Legacy Project as to the desirable and necessary design location of this proposed sewer main sewer line. Existing public streets, rights-of-way and easements shall remain public and be available for public use. 7 • • 17. Brokerage Commission. City of Fayetteville and Legacy Project each represent and warrant that it has not employed a real estate broker or agent in connection with this transaction, or otherwise taken any action which would subject either party to liability for any commission or fee relating to the purchase and sale of the Property. 18. City of Fayetteville's Default. In the event of City of Fayetteville's default hereunder, Legacy Project shall, as Legacy Project's sole and exclusive remedy, terminate this Contract by giving written notice from Legacy Project to City of Fayetteville and the Eamest Money will be immediately returned to Legacy Project. 19. Legacy Project's Default. In the event that Legacy Project shall fail to consummate this Contract for any reason, except City of Fayetteville's default or the termination of this Contract pursuant to any right of termination given to Legacy Project herein, the City of Fayetteville, as its sole and exclusive remedy for such default, shall have the right to terminate this Contract by notice to Legacy Project and to retain the Earnest Money. 20. Notice. All notices, demands, or other communications of any type (herein collectively referred to as "Notices") given by City of Fayetteville to Legacy Project or by Legacy Project to City of Fayetteville, whether required by this Contract or in any way related to the transaction contracted for herein, shall be in writing and shall be deemed delivered when actually received, or, i fearlier and whether or not actually received, (i) if delivered by courier or in person, when left with any person at the address reflected below, if addressed as set forth below, (ii) ifby facsimile, upon the transmittal of same, addressed and directed to the facsimile number noted below, (iii) ifby overnight courier service (such as, by way of example but not limitation, U.S. Express Mail or Federal Express) with instructions for delivery on the next business day, one (1) business day after having been deposited with such courier, addressed as reflected below, and (iv) if delivered by mail, when deposited in a Post Office or other depository under the care or custody of the United States Postal Service, enclosed in a wrapper with proper postage affixed (as a certified or registered item, retum receipt requested), addressed as follows: To Legacy Project: With Copy To: Legacy Project, LLC 5417 Pinnacle Point Drive, Suite 100 Rogers, Arkansas 72758 Attention: H. Collins Haynes Telephone: 479.464.8622 James W. Smith 3425 North Futrall Drive, Suite 103 Fayetteville, Arkansas 72703 Telephone: 479.695.1105 To City of Fayetteville:City of Fayetteville, Arkansas 113 W. Mountain Street Fayetteville, Arkansas 72701 Attention: Dan Coodv, Mayor Telephone: 479.575.8330 8 With Copy To: • • Hugh Earnest Chief Administration Officer 113 W. Mountain Street Fayetteville, Arkansas 479-575-8330 21. Section 6045(e) Compliance. City of Fayetteville and Legacy Project acknowledge and agree that Section 6045(e) of the Internal Revenue Code may require that notice of the sale and purchase of the Property described in this Contract be provided to the Internal Revenue Service by preparation of and filing with the Internal Revenue Service of Form 1099-B; and further, City of Fayetteville and Legacy Project agree to furnish and provide to City of Fayetteville; Attn: Accounting Department or to the Title Company any and all information that the Title Company may require in order for it to (i) comply with all instructions to Form 1099-B in preparation thereof and (ii) prepare and timely file with the Internal Revenue Service said Form 1099-B with respect to this transaction. 13y execution of this Contract, the Title Company agrees to provide to City of Fayetteville and Legacy Project, following the Closing, evidence that Form 1099-B was timely filed with the Internal Revenue Service, if such filing is required thereby. 22. Governing Law and Venue. This Contract shall be construed in accordance with the laws of the State of Arkansas and any court action arising out of this Contract shall be brought in Washington County, Arkansas. 23. Survival. All covenants, agreements, representations and warranties contained herein shall survive Closing and shall be binding upon the parties hereto and their successors and assigns. 24. Capacity. Except as hereinafter provided, each person executing this Contract hereby represents and warrants that he has the authority to do so and that his signature shall bind the entity for which he signed (after formal City Council approval by Resolution). Each party hereto shall provide the other party and the Title Company with such documentation as the Title Company or Legacy Project's or City of Fayetteville's attorney deems necessary to evidence the authority of that party to perform the actions contemplated herein. 25. Timing. Time is of the essence of this Contract. For purposes hereof, the "Effective Date" of this Contract shall be the date it is accepted by the Fayetteville City Council by Resolution. If the date that the performance of any obligations arising hereunder, or the date upon which any notice shall be given, is a Saturday, Sunday or any legal holiday under the laws of the State of Arkansas, then such date shall be extended to the next business day immediately succeeding such Saturday, Sunday or legal holiday. Notwithstanding anything contained in this Contract to the contrary, Legacy Project shall have the sole right and ability to terminate this Contract without further liability or obligation in the event the Fayetteville City Council does not accept and approve this Contract on or before May 20, 2003. Legacy Project shall exercise such termination right by providing to the City of Fayetteville a written notice of such termination at any time after May 20, 2003. 26. Complete Agreement. This Contract embodies the complete agreement between the parties hereto and cannot be varied or terminated except by written agreement of the parties. 9 • • • 27. Removal from Market. Upon the full execution of this Contract, City of Fayetteville hereby agrees that it shall neither solicit nor accept offers for the purchase, lease or development of the Property from any parties other than Legacy Project or its assigns. 28. Counterparts. This Contract maybe executed in any number of counterparts, each of which will be deemed to be an original and which together shall constitute the agreement of the parties hereto. 29. Good Faith and Fair Dealing. The parties agree to deal with each other fairly and in good faith. 30. The City Of Fayetteville Asserts And Legacy Project, LLC Hereby Acknowledges That This Offer Is Expressly Contingent Upon The Approval Of This Offer Of Contract Sale By The City Council Of Fayetteville And That The Failure Of The Council To So Approve Will Make All Portions Of this Contract Sale Null And Void. EXECUTED on this, the Z day of April, 2003, by Legacy Project, LLC. LEGACY PROJECT, LLC, an Arkansas limited liability company 4 EXECUTED on this, them day of , 2003, by City of Fayetteville. By: ISLAND DEVELOPMENT, LLC, Authorized Member By: V`i H. Collins Hay r horized Membcr LT(4 l • CITY OF FAYETTEVILLE, A Municipal Corporation 0 By Dan Coody, Mayor i 0 1. Witness: • 0 d Sondra Smith Fayetteville City Clerk 10 • • COMMUNITY SUNK MEMBER FDNC HAYNES & ASSOCIATES, LTD, 5417 PINNACLE POINT DR.. STE 100 479-464-8622 ROGERS, AR 72758 4/23/2003 4743 91.506/a29 150 PAY TO THE City of Fayetteville "10,000.00 • ORDER OF $ Ten Thousand and 00/100 DOLLARS City of Fayetteville Washington County, AR Legacy Project, LLC, Earnest Money MEMO 1 I1a0047430 9:0829050689: n■550430141 r N • • EXHIBIT "A" CITY OF FAYETTEVILLE NORTH INDUSTRIAL PARK PROPERTY DESCRIPTION: A part of Section 33, Township 17 North, Range 30 West, and being more particularly described as follows, to -wit: Beginning at tge Northwest comer of said Section 33; thence along the West line of said section South 02° 28' 11" Wcst 1816.06 feet; thence South 87° 19' 24" East 330.00 feet; thence South 02° 28' 10" West 2480.66 feet; thence South 87° 21' 18" East 660.23 feet; thence South 02° 25' 45" Wcst 329.99 feet; thence South 87° 21' 18" East 660.00 feet; thence North 02° 25' 51" East 329.86; thence South 87° 11' 53" East 631.86 feet to the westerly right of way line of U. S. Highway 71; thence Northerly along said west right of way line the following bearings and distances; North 34° 22' 18" East 922.60 feet North 38° 27' 59" East 150.76 feet North 34° 22' 25" East 949.12 feet North 27° 10' 09" East 171.37 feet North 07° 15' 05" East 170.41 feet North 05° 19' 10" West 280.77 feet North 12° 48' 23" West 100.11 feet North 16° 36' 56" West 57.67 feet North 04° 16' 48" East 188.26 feet North 16° 24' 53" East 126.58 feet North 31° 34' 48" East 190.36 feet North 50° 13' 36" East 191.34 feet North 66° 53' 26" East 127.62 feet North 75° 15' 02" East 117.54 feet North 74° 59' 16" East 100.11 feet North 26° 01' 09" East 74.14 feet; thence leaving said west right of way line and running North 87° 17' 25" West 1100.15 feet; thence North 02°26' 17" East 1030.76 feet to the North line of Section 33; thence along the North line of Section 33 North 87° 14' 56" West 247.50 feet to the North quarter corner of Section 33; thence along the North line of said Section 33 North 87° 19' 24" West 2637.40 feet to the Point of Beginning, containing 289.28 acres, more or less, being subject to rights of way and casements of record. 11 • • EXHIBIT "B" SURVEYOR'S CERTIFICATE The undersigned Registered Public Surveyor (the "Surveyor") hereby certifies to Legacy Project, LLC and/or its assigns ("Legacy Project") and (the "Title Company") that (a) this plat of survey and property description set forth hereon are true and correct and were prepared from an actual on -the -ground survey of the real property (the "Property") shown hereon; (b) such survey was conducted by the Surveyor or under his supervision; (c) all monuments shown hereon actually exist and the location, size and type of material thereof are correctly shown; (d) except as shown hereon, there are no encroachments onto the Property or protrusions therefrom, there are no improvements on the Property, there are no visible easements or rights-of-way on the Property, there are no visible discrepancies, conflicts, shortages in area or boundary line conflicts; (e) the size, location and type of improvements are as shown hereon and all are located within the boundaries of the Property and set back from the Property lines the distance indicated; (f) the distance from the nearest intersecting street or road is as shown; (g) there is ingress and egress to and from the Property by paved, dedicated public streets maintained by the city or county in which the Property is located; (h) all recorded easements have been correctly platted hereon; (i) the boundaries, dimensions and other details shown hereon are true and correct; (j) the Property has access to gas, electric, water, sewer and telephone utilities and the location and size of such utilities are correctly shown hereon, on the Property and on abutting streets and roads; (k) the Property does not serve any adjoining property for drainage, ingress and egress, or any other purpose, (I) no portion of the Property is located within any flood plain or flood pronc area; and (m) this survey conforms to the current standards and specifications for an ALTA/ACSM survey. The Surveyor expressly understands and agrees that Legacy Project, any lenderwho will be granted a lien on the Property, and Title Company are entitled to rely on this plat of survey as being true and accurate; and the consideration paid to the Surveyor for the preparation and certification of such survey has been paid, in part, for the benefit of Legacy Project, any lender who will be granted a lien upon the Property, and Title Company and in anticipation of their reliance hereon. Executed this day of , 2003. Registered Public Surveyor, No. Address: 12 RECEIVED DEC 15 2003 CITY OF FAYETTEVILLE CITY CLERK'S OFFICE U.S OEP NT OF HOUSINGAND ( RAN OEVELOPMEflT • n.I come No 2562.266 111P a S MENT STATEMENT 8. TYPE OF LOM 1. OFHA 2. 0 FMHA 3.06 FF. sneer Ids Merlons Insurance GN Neater CONV.UNOtS.I7. Lo.. screw 4. OVA 5. OCONV.INS. I FATIC 03-74098V C. - MOTE: TIM Ana b Antrr11° one you StM a ere ot WAS settlena costs. Asan. an to an N en outside M Mons no r None b b Intima n s•teeman opera we Ono Rens, awned %po.c r wen W Wase Ord .* M td b nn ?OWL pail O. NAME MIO NAMC53 CF NORPOWER Mil E. """IE "'u'e°CIEss LEGACY PROJECT, LLC., H. COLIJNitITNYF • HAYNES, AUTHORIZED MEMBER 5417 PINNACLE POINT DR-, STE 1 ROGERSAR 72758 � ILV DAN COODY, MAYOR I W. MOUNTAIN FATETfEVIl1E AR 1 STREET 72701 of TIMER OF OF NORTH ARKITY ARBAKANSAS NORTH ARKANSAS 0. PROPERTY ILY.aTIOM PT NW NE NE NE 33-17-30BRONSON FAYETTEVILLE, ARKANSAS a SETTLEMENT ADEM TITLE • SERVICES, INC. RICE CP SETREMENT 2886 BELLA VISTA WAY I'sE21203WTE 1 BELLA VISTA, AR 72714 LT5eu16EMENT CATE ' J. SUMMARY OF BORROWERS TRANSACTION12-12-03 K SUMMARY OF SELLERS TRANSACTION WO. D. GROSS AMOUNT DUE FROM HLMROWOi GROSS AMOUNT DUE TO SELLER 11. Cored are Inc. 5200,000.00400. 4m. mem 1411* p1c* 5,200,000.00 .1W. Peron. Roomy) 40Z Person Property 103. Sstir,.a dn9n to bonuww Ino 14W) 280,813.00 CO. 409. 405. ADJUSTMENTS FOR HEMS PAID BY SEDER P4 ADVANCE ADJUSTMENTS FOR ITEMS PAD BY SELLER IN ADVANCE 106. Cay/Town Lean b 406. O tray b 107. Cony bin w 4m. Cony Casey a. t nen to .. Asae.wvb 1O a. AsanamM to lq, Y. 11. 41. 111.' 411. ni • 120. GROSS AMOUNT DUE FROM BORROWER 5,480,813.00 420 GROSS AMOUNT DUE TO SELLER • 200. AMOUNTS PAD BY OA IN BEHALF OF BORROWER5.200,000.00 500 REDUCTIONS IN AMOUNT DUE TO SEiIFA >Dt. Otpor or e.Mnt nosey 10,000.00 501. Eanaa Deposit tNavc 267. Peon 4PIPva a new boss) 1••e o.n 10,000.00 ]IIx. SrOnt.* Oar b 201 Edson b.1(s) tear send b ala. (In CO) 501 bistro bin 1 M aw)Mt to 12,885.00 XM. Agruia. OtDT11 SOA Peal Of patine* Ion .. ]m Second M ewlPpe 505 Payoff 4 anon no.teay Inn 206 NEW LOAN AMOUNT 513,000,000.0 Scs. 707 INIAL DRAW 5,470,813.00 502. m 5m Sm ADJUSTMENTS FOR HEMS UNPAID BY SELLER ADJUSTMENTS FOR HEMS UNPAID BY SEVEN 21. Chattiest Tres to 5IQ, CITY/Town Mm b 2 1 Canty 1 ,° ' t° bier.lb 7t2.512. MsuwM w !n. Aneenl An. b 711 Tl ]t1 214. ]Il 2u Sh 716. SM. 517. 216. SM >t; Le. 220. SAL -`M) BY/W OWEF 5,480,813.00 5211 MIAS TEDUCT1N 300. CASH AT SETTLEMENT FROM OR TO AMOUNT our saw 22,885.00s.00 BORROWER 800. CASH A7 STO OR FROM SELLER 301. 6q* no* y tom barons M 120) 5,460.813.00 0901. mow mem me to me to se m2 Ler sw'. M 20) 5,222,805.00 rots Pae bre. *mow PN no 15,480,873.00 e62 Len ..trcep. I 303: CASH ® FROM O TO BORROWER have sawn* a,* sere. Ri,* siol 003. CASH ®TO 0 FROM SELLER ( 22,885.00) 5,177,115.00' wretoly mimed One 11110.1 Seidl:mnq Statement and to the bear 1 my glnMOyp Settle- ment band d60wamleTlt6 myelo 00 mty account 0, by me i, this transaction 1 ember lle(IO/. Y H l eros and acmes a statene t of all mei Stat) certify that I neve received a copy ot Mfr NUD.1 SetOo-GA Y PR H. •. LMS 6p.o's HAYNES, A1/T110Rf2Ep MEMBER LIOGfA. To the best or . IM IR101 Settlement Statement which 1 have� 4 recthed and hay or w17 bo disbursed the prepped ta e Due end amnio Ory Laderslpgd a pen d UM bnactln. ter 4 Poen ma'am. R b • ons toUNTO LItt4 11•eRpnwell 16 5. C Sc on 1031 ..6 Swann 1010 Steles W On w any peri Wer "j57a1RM40.a EWn Ids . 1144 P1ot1 Puleedn) .Ota /0190 u1l • 1411Ai1 . DAN GOODY. MAYOR ot the funds which were Pawdbes ,Men cO,nb°m u. i.lCa. M 7409 14110-1 (0747) f(.SP& 110 4.1052 • • r U.S. DEPARTMENT OF HOUS URBAN DEVELOPMENT SETTLEMENT MENT Pugs 2 SFTTIFMENT CHARGES 700 TOTAL SAI FS/BROKERS COMMISSION based an IMMO a fn..pyo., m. 7001 u me.., 1 5 200.000.00 n MI 1 An 1 701 raaenVn GeV cl Sennett 900, NEMS PAYNILE_BLeStINFCLION WITH LOAN 91 then Decietellon Fn % COMMUNITY BANK 002 Loon °Penns 103 Martha Fn to COSBY AND ASSOC. m. Creat Aman 001 to .len i n wceon Fte age_ YA fn.9 Fee 97 A,mmctul Fn 000 Ffccusi m T!F to COMMUNITY BANK 009 1110 all uz All 014 Ait 900 rwMs REQUIRED BY LENDER TO BE PAN IN ADVANCE 10t60n.n .nm 12-12-03 to 907 Meckel m,atlt Penn tor mny 93 Hazsd Menet. F rl Ma los tes. to OA 10 1000 RESERVES DEPOSITED WITH LENDER 'Ti want .n,e.tct LODE Mol Income 1021 pry ween{. Tan, • 1 Mat met e 1TO not ■ 1 mo not 0 1 Inc 1001 Cane Prelate Tun mot 0 1 ..,. ?OM Arnim Atte-tweets. feat 11 1 196 1007 nal 1100 TTTLE CHARGES eels. ft m0 ma, 01 mo ft" a It m 1101 Mate(. a Dawn Fn to BRONSON TTRE SERVICES INC. 1102 Abram/ or MP 3.ad to BRONSON TTRE Iq) IIM1 este e➢o1 1 260.000.00 3 500.00 150.00 1101_ 111t 'utter. llaviirt 1103 Doaeeet ftmn.0m to BRONSON TRIS Hos Naar Fn. 1107 ARoerff Fn, to F LEWIS STEEN FN Met l Aon Ism, x0 Iloi Me Want to FIRST AMERICAN TUIE INSURANCE (mann Aon Rem, No ' 2550000 1 IIw Lender's COmiT,i 1 13 0011000 00 250.00 250 00 7500 7500 • 30 00 30.00 13.000.00 30.00 30.00 12 500.00 1110 Dent. Cowling 1 5200.000.00 1111 1200 GOVERNMENT RECORDING AND TRANSFER CHMOES 1201 Nec. Fm,: Dees 11 00 Mei 1 50.00 Bann 1 81 00 1Al2 EllyMotate ui.amn IKIS it' Di1 Mvhaoe 1 1201 Sate pNtanse Deed 1 Monona* 1 VIli MC RM yyap� � 1600 1300 ADOMONAL SETTLEMENT C.cARGE8 1117 Sarni 1302 Pot ■meceon 1111 AT1tn FY Fel; 1101 IX.ST ¶S€AC,I 1121 a RAMSFY SURVEYING to be POC111450 to MITCHF1LWILLIAMS to MITCHFI L VAI I LAMS 1306 117 1400 TOTAL SFTIIEMFNT CHARGES lento/ on San 103 Secton J end 502 Secfbn 10 3 176.00 52500 280.813.00 12 885 00 Ace. m+eooe Receipt a Ms Schoenen Steen. an Ayers 1w Caeecwu nee LLC., H. COWNS 33-1054295 ( OF"FAY) Rete Ft)792 W0 (400, edrAcre n. ma w. 7409 • • SELLER'S/BORROW. AFFIDAVIT State of ARKANSAS County of BENTON The undersigned, referred to as Seller/Borrower, whether one or more, being first duty sworn on oath that the Seller/Borrower is the owner of the following described lands, situtated In WASHINGTON County, ARKANSAS . To -wit: SEE ATTACHED EXHIBIT' W Seller/Borrower further state the following facts are true: t. 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, sates 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 materlalmens' lien may be filed. S. 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. There are no delinquent assessments due on the resident's association cm the property described above, if applicable. 8. That no money whatsoever is owed on subject property to any person, firm, or corporal( other than the following 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 12th day of peceinber 2003 . CIriI ' F Ana. Seller TY OF AYETTEVILLE ,EtlivOkttcs Ale � .7i: .±. ODI' MA 04 (`.‘ J�t, •. &worn to ;• MytAminisslon Expires: Borrower. COW S PROJECT, LLC., H. Bor UTHORIZED MEMBER me, a Notary Public on this 12th 2003 . Notary Public: Please return this to Wonsan Title Services. Inc., 1419 W. Walnut, Rogers, Arkansas, 72765 File -,Y AFRO If Parcel Na Patel Wo.. Patel No Parcel Ns Parcel No. 76615342401 76615360000 76515363000 76615833000 7195-151170000 • WARRANTY DEED MUNICIPAL CORPORATION BE IT KNOWN BY THESE PRESENTS: • THAT the CITY OF FAYETTEVILLE, ARKANSAS, a municipal cor- poration, hereinafter called GRANTOR, for and in consideration of the sum of One -hundred Dollar ($100.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby grant, bargain, sell and convey unto Legacy Project, LLC, an Arkansas limited liability 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: PROPERTY DESCRIPTION: A part of Section 33 Township 17 North, Range 30 West, and being more particularly described as follows, to -wit Beginning at the Northwest comer of said Section 33; thence along the West line of said Section 33 South 02' 28' 11" West 1816.06 feet thence South 87' 19' 24" East 330.00 feet thence South 02' 28'10' West 2480.66 feet thence South 87" 21 18" East 660.23 feet thence South 02'25 45" West 329.99 feet thence South 87' 21' 18" East 660.00 feet thence North 02' 25' 51" East 329.86; thence South 87' 11' 53" East 631 86 feet to the westerly right of way line of U. S. Highway 7V thence Northerly along said westerly right of way line the following bearings and distances; North 34' 22418- East 922.60 feet North 38' 2T North 34' 22' North 27' 10' North or 15' North 05' 19' North 12' 48' North 16' 36' North 04'16' North 16' 24' North 31' 34' North 50' 13' North 66' 53' North 75' 15' 59" East 150.76 fed 25" East 949.12 fed 09" East 171 37 fed 05" East 170.41 feet 10- West 280.77 feet 23" West 100.11 feet 56" West 57.67 feet 48" East 188.26 fed 53" East 126.58 feet 48" East 190.36 feet 36' East 191 34 fed 26" East 127 62 fed 02" East 117 54 feet North 74' 59' 16' East 100.11 feet North 26' 01 09" East 74.14 feet thence leaving said west right of way line and running North 87' 17' 25" West 1100.15 feet; thence North 02 26417" East 1030.76 fed to the North line of Section 33; thence along the North line of Section 33 North 87' 14' 56' West 247.50 feet to the North quarter comer of Section 33; thence continuing along the North line of said Section 33 North 87'19' 24" West 2637.40 fed to the Point of Beginning, containing 289.27 acres, more or less, being subject to rights of way and easements of record, 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. • Warranty Deed City of Fayetteville - Legacy Prgect, LLC Page 2 of 2 • WITNESS the execution hereof on this /c2 6` day of J/BcteasiJe^e--- 2003 vo t r I t 4, ATS • Mit CITY OF FAYETTEVILLE, ARKANSAS, es,ma.;) war Sondra Smith •City Clerk (Seal) 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 Dan Coady and Sondra Smith, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further 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 MY COMMISSION EXPIRES: day of 2003. Notary Public l&w • b8- 03 AGREEMENT TO CONVEY AND DEED PROPERTY This Agreement to Convey and Deed Property (the "Agreement") is entered into and executed this 12'h day of December, 2003 by and between the City of Fayetteville, Washington County, Arkansas, (the "City of Fayetteville") and Legacy Project, LLC, an Arkansas limited liability company ("Legacy Project"). WHEREAS, the parties have entered into and executed a certain Real Estate Purchase and Sale Contract dated the 23rd day of April, 2003 (the "Contract"); and WHEREAS, Section 14k of the Contract requires Legacy Project to deliver to the City of Fayetteville an agreement to convey and deed one hundred acres, more or less, of the Property (as defined in the Contract) to an environmental conservation non-profit organization acceptable to and determined by Legacy Project based upon a selection process submitted with the development plans acceptable to the City of Fayetteville. NOW THEREFORE, for the purpose of complying with Section 14b. of the Agreement, Legacy Project hereby agrees to convey and deed the acerage identified on Exhibit A attached hereto and incorporated herein by this reference to National Audubon Society within twenty four (24) months from the date of this Agreement. Legacy Project, LLC By: Island Developtnent„LLC, Authorized Member By: Collins H;(ynes, Authorized Member ACCEPTED this 12'h day of December, 2003. City of Fayy ville, Washjxton County, Arkansas By: Coody, Mayor Located in a part of the SW %. of the NW '/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW '/. of the NW %. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 1402.39 feet to the true POINT OF BEGINNING; thence South 87 degrees 32 minutes 04 seconds East, 294.54 feet; thence South 02 degrees 43 minutes 41 seconds West, 66.34 feet; thence North 87 degrees 00 minutes 10 seconds West, 294.26 feet; thence along the West line of the SW Y of the NW '/., North 02 degrees 28 minutes 26 seconds East, 63.61 feet to the true POINT OF BEGINNING containing 0.439 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "B" Located in a part of the SW '/. of the NW % of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW '/. of the NW '/. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 1515.99 feet to the true POINT OF BEGINNING; thence South 87 degrees 07 minutes 20 seconds East, 296.97 feet; thence South 02 degrees 52 minutes 40 seconds West, 299.23 feet; thence North 87 degrees 17 minutes 27 seconds West, 294.85 feet; thence along the West line of the SW '/. of the NW ''/., North 02 degrees 28 minutes 26 seconds East, 300.11 feet to the true POINT OF BEGINNING containing 2.036 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "C" Located in a part of the SW Y. of the NW '/. and in a part of the NW '/. of the SW V. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW /4 of the NW '/. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 2255.37 feet; thence South 87 degrees 17 minutes 27 seconds East, 363.70 feet to the true POINT OF BEGINNING; thence South 87 degrees 16 minutes 59 seconds East, 52.91 feet; thence North 55 degrees 31 minutes 38 seconds East, 12.54 feet; thence South 87 degrees 43 minutes 26 seconds East, 117.07 feet to the point of curve of a non tangent curve to the right, with a radius of 270.00 feet, an arc length of 210.17 feet, and a chord of South 65 degrees 04 minutes 27 seconds East, 204.90 feet; thence South 65 degrees 11 minutes 11 seconds West, 203.22 feet; thence South 24 degrees 57 minutes 21 seconds East, 200.00 feet; thence South 24 degrees 58 minutes 26 seconds East, 100.00 feet; thence South 24 degrees 54 minutes 11 seconds East, 105.39 feet to the point of curve of a non tangent curve to the left, with a radius of 533.64 feet, an arc length of 121.09 feet, and a chord of South 51 degrees 05 minutes 55 seconds West, 120.83 feet; thence North 37 degrees 29 minutes 01 seconds West, 444.57 feet; • thence South 13 degrees 06 minutes 52 seconds East, 100.02 feet; thence South 05 degrees 15 minutes 09 seconds East, 280.77 feet; thence South 07 degrees 17 minutes 26 seconds West, 2.72 feet; thence leaving said right-of-way, South 83 degrees 22 minutes 26 seconds West, 27.11 feet; thence South 83 degrees 20 minutes 44 seconds West, 577.77 feet to the point of curve of a non tangent curve to the left, with a radius of 672.46 feet, an arc length of 156.03 feet, and a chord of South 64 degrees 23 minutes 07 seconds West, 155.68 feet to the point of curve of a non tangent curve to the left, with a radius of 229.40 feet, an arc length of 142.92 feet, and a chord of South 62 degrees 25 minutes 00 seconds West, 140.62 feet to the point of curve of a non tangent curve to the right, with a radius of 1779.49 feet, an arc length of 160.26 feet, and a chord of South 67 degrees 57 minutes 45 seconds West, 160.20 feet to the point of curve of a non tangent curve to the right, with a radius of 1829.25 feet, an arc length of 190.06 feet, and a chord of South 73 degrees 33 minutes 40 seconds West, 189.97 feet to the point of curve of a non tangent curve to the right, with a radius of 1272.68 feet, an arc length of 180.69 feet, and a chord of South 80 degrees 45 minutes 19 seconds West, 180.54 feet to the point of curve of a non tangent curve to the right, with a radius of 1246.16 feet, an arc length of 89.70 feet, and a chord of South 86 degrees 55 minutes 34 seconds West, 89.69 feet to the point of curve of a non tangent curve to the right, with a radius of 1201.62 feet, an arc length of 171.48 feet, and a chord of North 88 degrees 08 minutes 59 seconds West, 171.33 feet to the point of curve of a non tangent curve to the left, with a radius of 285.98 feet, an arc length of 33.38 feet, and a chord of North 84 degrees 26 minutes 11 seconds West, 33.36 feet to the point of curve of a non tangent curve to the left, with a radius of 67.02 feet, an arc length of 96.47 feet, and a chord of South 50 degrees 25 minutes 03 seconds West, 88.36 feet; thence South 02 degrees 04 minutes 54 seconds West, 571.30 feet; thence South 01 degrees 55 minutes 59 seconds West, 260.87 feet; thence North 88 degrees 54 minutes 07 seconds West, 1404.07 feet; thence North 02 degrees 28 minutes 45 seconds East, 397.47 feet to the point of curve of a non tangent curve to the left, with a radius of 595.25 feet, an arc length of 125.97 feet, and a chord of South 88 degrees 23 minutes 35 seconds East, 125.74 feet to the point of curve of a non tangent curve to the left, with a radius of 210.23 feet, an arc length of 92.53 feet, and a chord of South 78 degrees 32 minutes 47 seconds East, 91.79 feet to the point of curve of a non tangent curve to the left, with a radius of 989.33 feet, an arc length of 90.70 feet, and a chord of South 89 degrees 34 minutes 42 seconds East, 90.67 feet to the point of curve of a non tangent curve to the left, with a radius of 157.22 feet, an arc length of 92.91 feet, and a chord of North 81 degrees 10 minutes 58 seconds East, 91.56 feet to the point of curve of a non tangent curve to the right, with a radius of 1525.22 feet, an arc length of 53.47 feet, and a chord of South 70 degrees 30 minutes 32 seconds East, 53.47 feet to the point of curve of a non tangent curve to the right, with a radius of 1113.67 feet, an arc length of 47.75 feet, and a chord of South 68 degrees 36 minutes 08 seconds East, 47.74 feet to the point of curve of a non tangent curve to the right, with a radius of 397.59 feet, an arc length of 41.59 feet, and a chord of South 63 degrees 18 minutes 26 seconds East, 41.57 feet; thence North 15 degrees 42 minutes 31 seconds East, 110.84 feet to the point of curve of a non tangent curve to the right, with a radius of 87.00 feet, an arc length of 33.97 feet, and a chord of North 50 degrees 46 minutes 28 seconds West, 33.75 feet; thence North 37 degrees 39 minutes 21 seconds West, 285.68 feet to the point of curve of a non tangent curve to the right, with a radius of 483.64 feet, an arc length of 118.69 feet, and a chord of North 49 degrees 44 minutes 31 seconds East, 118.39 feet; thence South 32 degrees 17 minutes 47 seconds East, 107.07 feet; thence South 36 degrees 38 minutes 48 seconds East, 172.55 feet; thence South 59 degrees 02 minutes 06 seconds East, 212.00 feet; thence South 58 degrees 46 minutes 08 seconds East, 105.89 feet; thence South 58 degrees 35 minutes 34 seconds East, 124.21 feet; thence South 58 degrees 51 minutes 31 seconds East, 30.12 feet; thence South 45 degrees 30 minutes 43 seconds East, 92.91 feet; thence South 87 degrees 00 minutes 28 seconds East, 107.07 feet; thence South 87 degrees 44 minutes 20 seconds East, 106.39 feet; thence North 02 degrees 16 minutes 39 seconds East, 1087.26 feet; thence North 71 degrees 33 minutes 59 seconds West, 48.91 feet; thence North 80 degrees 41 minutes 50 seconds West, 332.59 feet; thence North 87 degrees 18 minutes 43 seconds West, 216.37 feet; thence North 86 degrees 25 minutes 11 seconds West, 35.96 feet; thence South 68 degrees 06 minutes 16 seconds West, 244.66 feet to the point of curve of a non tangent curve to the left, with a radius 01 321.91 feet, an arc length of 255.14 feet, and a chord of North 64 degrees 37 minutes 28 seconds West, 248.51 feet; thence North 87 degrees 43 minutes 26 seconds West, 116.92 feet; thence North 50 degrees 43 minutes 59 seconds West, 12.46 feet; thence North 87 degrees 38 minutes 47 seconds West, 52.99 feet; thence North 02 degrees 32 minutes 30 seconds East, 463.43 feet; thence South 88 degrees 27 minutes 49 seconds East, 62.11 feet; thence North 55 degrees 19 minutes 59 seconds East, 12.82 feet; thence South 88 degrees 51 minutes 44 seconds East, 24.86 feet to the point of curve of a non tangent curve to the left, with a radius of 211.81 feet, an arc length of 234.01 feet, and a chord of North 60 degrees 03 minutes 34 seconds East, 222.29 feet; thence North 25 degrees 34 minutes 32 seconds East, 104.42 feet; thence along a curve to the right having a radius of 125.00 feet, an arc length of 105.59 feet, and a chord of North 49 degrees 46 minutes 34 seconds East, 102.48 feet; thence North 73 degrees 31 minutes 45 seconds East, 30.09 feet; thence along a curve to the left having a radius of 525.00 feet, an arc length of 199.36 feet, and a chord of North 62 degrees 39 minutes 03 seconds East, 198.16 feet; thence North 48 degrees 48 minutes 53 seconds East, 30.65 feet; thence along a curve to the left having a radius of 375.00 feet, an arc length of 89.10 feet, and a chord of North 42 degrees 00 minutes 28 seconds East, 88.89 feet; thence South 87 degrees 19 minutes 24 seconds East, 204.49 feet to the point of curve of a non tangent curve to the left, with a radius of 375.76 feet, an arc length of 140.59 feet, and a chord of North 26 degrees 19 minutes 59 seconds East, 139.77 feet to the point of curve of a non tangent curve to the left, with a radius of 1706.32 feet, an arc length of 136.49 feet, and a chord of North 09 degrees 15 minutes 52 seconds East, 136.45 feet to the point of curve of a non tangent curve to the left, with a radius of 1400.00 feet, an arc length of 107.66 feet, and a chord of North 04 degrees 38 minutes 49 seconds East, 107.64 feet; thence continue northerly along said curve through a central angle of 04 degrees 22 minutes 45 seconds, a distance of 107.00 feet; thence continue northerly along said curve through a central angle of 04 degrees 22 minutes 49 seconds, a distance of 107.03 feet to the point of curve of a non tangent curve to the left, with a radius of 2610.37 feet, an arc length of 109.91 feet, and a chord of North 08 degrees 01 minutes 32 seconds West, 109.90 feet to the point of curve of a non tangent curve to the right, with a radius of 815.74 feet, an arc length of 108.54 feet, and a chord of North 06 degrees 35 minutes 39 seconds West; 108.46 feet to the point of curve of a non tangent curve to the right, with a radius of 556.95 feet, an arc length of 107.23 feet, and a chord of North 03 degrees 43 minutes 39 seconds East, 107.06 feet to the point of curve of a non tangent curve to the right, with a radius of 1027.13 feet, an arc length of 109.10 feet, and a chord of North 13 degrees 40 minutes 40 seconds East, 109.05 feet to the point of curve of a non tangent curve to the left, with a radius of 390.32 feet, an arc length of 222.73 feet, and a chord of North 00 degrees 20 minutes 02 seconds West, 219.72 feet to the true POINT OF BEGINNING containing 115.565 acres more or less and being subject to the right-of-way of Interstate Highway #540 and any easements of record. Survey Description Of Audubon Parcel "E" Located in a part of the SW %. of the NE 1/4 of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NE Corner of the NE '/. of the NW Y. of Section 33; thence South 02 degrees 26 minutes 42 seconds West, 2358.52 feet; thence South 87 degrees 33 minutes 18 seconds East, 209.38 feet to the true POINT OF BEGINNING; thence North 83 degrees 20 minutes 44 seconds East, 577.77 feet; thence North 83 degrees 22 minutes 26 seconds East, 27.11 feet; thence along the right-of-way of Interstate Highway #540 the following courses: South 07 degrees 17 minutes 26 seconds West, 167.72 feet; thence South 27 degrees 07 minutes 45 seconds West, 171.29 feet; thence South 34 degrees 21 minutes 46 seconds West, 54.91 feet; thence leaving said right-of-way, North 57 degrees 59 minutes 29 seconds West, 554.77 feet to the true POINT OF BEGINNING containing 2.580 acres more or less and being subject to the right-of-way of Interstate Highway #540 and any easements of record. V O (O IC 0 0 m O m m p o ui W m n 0 o0 .. 11 Z O w . .�• o2 co . m M o O 0 (7 Z J : D { a"" O mmm2 D �cmo-I n CD mi m>C). m m m ND(/Io Co < gDDom Co r NN�Z m.. • z J n n J m , n n N I, - •J O p < do N m 5' O \\�N1 • D N �j. .91NJ T� i_ • l- •. i ! ,w • • _ a a • V i V I N p N W Q J Or i • N M rrw•_•uw ur-•u mmam J op W • J 1cL&4. el -OS 0 AGREEMENT TO CONVEY AND DEED PROPERTY This Agreement to Convey and Deed Property (the "Agreement") is entered into and executed this 12'h day of December, 2003 by and between the City of Fayetteville, Washington County, Arkansas, (the "City of Fayetteville") and Legacy Project, LLC, an Arkansas limited liability company ("Legacy Project"). WHEREAS, the parties have entered into and executed a certain Real Estate Purchase and Sale Contract dated the 23`d day of April, 2003 (the "Contract"); and WHEREAS, Section 14b. of the Contract requires Legacy Project to deliver to the City of Fayetteville an agreement to convey and deed one hundred acres, more or less, of the Property (as defined in the Contract) to an environmental conservation non-profit organization acceptable to and determined by Legacy Project based upon a selection process submitted with the development plans acceptable to the City of Fayetteville. NOW THEREFORE, for the purpose of complying with Section 14b. of the Agreement, Legacy Project hereby agrees to convey and deed the accrage identified on Exhibit A attached hereto and incorporated herein by this reference to National Audubon Society within twenty four (24) months from the date of this Agreement. Legacy Project, LLC By: Island Dcvelopwnent„LLC, Authorized Member By: Collins Haynes, A'Nthorized Member ACCEPTED this 12d day of December, 2003. City of By: Coody, Mayor Arkansas J Survey Description Of Audubon Parcel "A" Located in a part of the SW '/. of the NW % of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW % of the NW Y. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 1402.39 feet to the true POINT OF BEGINNING; thence South 87 degrees 32 minutes 04 seconds East, 294.54 feet; thence South 02 degrees 43 minutes 41 seconds West, 66.34 feet; thence North 87 degrees 00 minutes 10 seconds West, 294.26 feet; thence along the West line of the SW ''A of the NW '/., North 02 degrees 28 minutes 26 seconds East, 63.61 feet to the true POINT OF BEGINNING containing 0.439 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "B" Located in a part of the SW '/. of the NW ¼ of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW V. of the NW %4 of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 1515.99 feet to the true POINT OF BEGINNING; thence South 87 degrees 07 minutes 20 seconds East, 296.97 feet; thence South 02 degrees 52 minutes 40 seconds West, 299.23 feet; thence North 87 degrees 17 minutes 27 seconds West, 294.85 feet; thence along the West line of the SW '/. of the NW '/4, North 02 degrees 28 minutes 26 seconds East, 300.11 feet to the true POINT OF BEGINNING containing 2.036 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "C" Located in a part of the SW '/. of the NW '/. and in a part of the NW Y. of the SW '/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW '4 of the NW '/. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 2255.37 feet; thence South 87 degrees 17 minutes 27 seconds East, 363.70 feet to the true POINT OF BEGINNING; thence South 87 degrees 16 minutes 59 seconds East, 52.91 feet; thence North 55 degrees 31 minutes 38 seconds East, 12.54 feet; thence South 87 degrees 43 minutes 26 seconds East, 117.07 feet to the point of curve of a non tangent curve to the right, with a radius of 270.00 feet, an arc length of 210.17 feet, and a chord of South 65 degrees 04 minutes 27 seconds East, 204.90 feet; thence South 65 degrees 11 minutes 11 seconds West, 203.22 feet; thence South 24 degrees 57 minutes 21 seconds East, 200.00 feet; thence South 24 degrees 58 minutes 26 seconds East, 100.00 feet; thence South 24 degrees 54 minutes 11 seconds East, 105.39 feet to the point of curve of a non tangent curve to the left, with a radius of 533.64 feet, an arc length of 121.09 feet, and a chord of South 51 degrees 05 minutes 55 seconds West, 120.83 feet: thence North 37 degrees 29 minutes 01 seconds West, 444.57 feet; thence South 13 degrees 06 minutes 52 seconds East, 100.02 feet; thence South 05 degrees 15 minutes 09 seconds East, 280.77 feet; thence South 07 degrees 17 minutes 26 seconds West, 2.72 feet; thence leaving said right-of-way, South 83 degrees 22 minutes 26 seconds West, 27.11 feet; thence South 83 degrees 20 minutes 44 seconds West, 577.77 feet to the point of curve of a non tangent curve to the left, with a radius of 672.46 feet, an arc length of 156.03 feet, and a chord of South 64 degrees 23 minutes 07 seconds West, 155.68 feet to the point of curve of a non tangent curve to the left, with a radius of 229.40 feet, an arc length of 142.92 feet, and a chord of South 62 degrees 25 minutes 00 seconds West, 140.62 feet to the point of curve of a non tangent curve to the right, with a radius of 1779.49 feet, an arc length of 160.26 feet, and a chord of South 67 degrees 57 minutes 45 seconds West, 160.20 feet to the point of curve of a non tangent curve to the right, with a radius of 1829.25 feet, an arc length of 190.06 feet, and a chord of South 73 degrees 33 minutes 40 seconds West, 189.97 feet to the point of curve of a non tangent curve to the right, with a radius of 1272.68 feet, an arc length of 180.69 feet, and a chord of South 80 degrees 45 minutes 19 seconds West, 180.54 feet to the point of curve of a non tangent curve to the right, with a radius of 1246.16 feet, an arc length of 89.70 feet, and a chord of South 86 degrees 55 minutes 34 seconds West, 89.69 feet to the point of curve of a non tangent curve to the right, with a radius of 1201.62 feet, an arc length of 171.48 feet, and a chord of North 88 degrees 08 minutes 59 seconds West, 171.33 feet to the point of curve of a non tangent curve to the left, with a radius of 285.98 feet, an arc length of 33.38 feet, and a chord of North 84 degrees 26 minutes 11 seconds West, 33.36 feet to the point of curve of a non tangent curve to the left, with a radius of 67.02 feet, an arc length of 96.47 feet, and a chord of South 50 degrees 25 minutes 03 seconds West, 88.36 feet; thence South 02 degrees 04 minutes 54 seconds West, 571.30 feet; thence South 01 degrees 55 minutes 59 seconds West, 260.87 feet; thence North 88 degrees 54 minutes 07 seconds West, 1404.07 feet; thence North 02 degrees 28 minutes 45 seconds East, 397.47 feet to the point of curve of a non tangent curve to the left, with a radius of 595.25 feet, an arc length of 125.97 feet, and a chord of South 88 degrees 23 minutes 35 seconds East, 125.74 feet to the point of curve of a non tangent curve to the left, with a radius of 210.23 feet, an arc length of 92.53 feet, and a chord of South 78 degrees 32 minutes 47 seconds East, 91.79 feet to the point of curve of a non tangent curve to the left, with a radius of 989.33 feet, an arc length of 90.70 feet, and a chord of South 89 degrees 34 minutes 42 seconds East, 90.67 feet to the point of curve of a non tangent curve to the left, with a radius of 157.22 feet, an arc length of 92.91 feet, and a chord of North 81 degrees 10 minutes 58 seconds East, 91.56 feet to the point of curve of a non tangent curve to the right, with a radius of 1525.22 feet, an arc length of 53.47 feet, and a chord of South 70 degrees 30 minutes 32 seconds East, 53.47 feet to the point of curve of a non tangent curve to the right, with a radius of 1113.67 feet, an arc length of 47.75 feet, and a chord of South 68 degrees 36 minutes 08 seconds East, 47.74 feet to the point of curve of a non tangent curve to the right, with a radius of 397.59 feet, an arc length of 41.59 feet, and a chord of South 63 degrees 18 minutes 26 seconds East, 41.57 feet; thence North 15 degrees 42 minutes 31 seconds East, 110.84 feet to the point of curve of a non tangent curve to the right, with a radius of 87.00 feet, an arc length of 33.97 feet, and a chord of North 50 degrees 46 minutes 28 seconds West, 33.75 feet; thence North 37 degrees 39 minutes 21 seconds West, 285.68 feet to the point of curve of a non tangent curve to the right, with a radius of 483.64 feet, an arc length of 118.69 feet, and a chord of North 49 degrees 44 minutes 31 seconds East, 118.39 feet; thence South 32 degrees 17 minutes 47 seconds East, 107.07 feet; thence South 36 degrees 38 minutes 48 seconds East, 172.55 feet; thence South 59 degrees 02 minutes 06 seconds East, 212.00 feet; thence South 58 degrees 46 minutes 08 seconds East, 105.89 feet; thence South 58 degrees 35 minutes 34 seconds East, 124.21 feet; thence South 58 degrees 51 minutes 31 seconds East, 30.12 feet; thence South 45 degrees 30 minutes 43 seconds East, 92.91 feet; thence South 87 degrees 00 minutes 28 seconds East, 107.07 feet; / • • thence South 87 degrees 44 minutes 20 seconds East, 106.39 feet; thence North 02 degrees 16 minutes 39 seconds East, 1087.26 feet; thence North 71 degrees 33 minutes 59 seconds West, 48.91 feet; thence North 80 degrees 41 minutes 50 seconds West, 332.59 feet; thence North 87 degrees 18 minutes 43 seconds West, 216.37 feet; thence North 86 degrees 25 minutes 11 seconds West, 35.96 feet; thence South 68 degrees 06 minutes 16 seconds West, 244.66 feet to the point of curve of a non tangent curve to the left, with a radius of 321.91 feet, an arc length of 255.14 feet, and a chord of North 64 degrees 37 minutes 28 seconds West, 248.51 feet; thence North 87 degrees 43 minutes 26 seconds West, 116.92 feet; thence North 50 degrees 43 minutes 59 seconds West, 12.46 feet; thence North 87 degrees 38 minutes 47 seconds West, 52.99 feet; thence North 02 degrees 32 minutes 30 seconds East, 463.43 feet; thence South 88 degrees 27 minutes 49 seconds East, 62.11 feet; thence North 55 degrees 19 minutes 59 seconds East, 12.82 feet; thence South 88 degrees 51 minutes 44 seconds East, 24.86 feet to the point of curve of a non tangent curve to the left, with a radius of 211.81 feet, an arc length of 234.01 feet, and a chord of North 60 degrees 03 minutes 34 seconds East, 222.29 feet; thence North 25 degrees 34 minutes 32 seconds East, 104.42 feet; thence along a curve to the right having a radius of 125.00 feet, an arc length of 105.59 feet, and a chord of North 49 degrees 46 minutes 34 seconds East, 102.48 feet; thence North 73 degrees 31 minutes 45 seconds East, 30.09 feet; thence along a curve to the left having a radius of 525.00 feet, an arc length of 199.36 feet, and a chord of North 62 degrees 39 minutes 03 seconds East, 198.16 feet; thence North 48 degrees 48 minutes 53 seconds East, 30.65 feet; thence along a curve to the left having a radius of 375.00 feet, an arc length of 89.10 feet, and a chord of North 42 degrees 00 minutes 28 seconds East, 88.89 feet; thence South 87 degrees 19 minutes 24 seconds East, 204.49 feet to the point of curve of a non tangent curve to the left, with a radius of 375.76 feet, an arc length of 140.59 feet, and a chord of North 26 degrees 19 minutes 59 seconds East, 139.77 feet to the point of curve of a non tangent curve to the left, with a radius of 1706.32 feet, an arc length of 136.49 feet, and a chord of North 09 degrees 15 minutes 52 seconds East, 136.45 feet to the point of curve of a non tangent curve to the left, with a radius of 1400.00 feet, an arc length of 107.66 feet, and a chord of North 04 degrees 38 minutes 49 seconds East, 107.64 feet; thence continue northerly along said curve through a central angle of 04 degrees 22 minutes 45 seconds, a distance of 107.00 feet; thence continue northerly along said curve through a central angle of 04 degrees 22 minutes 49 seconds, a distance of 107.03 feet to the point of curve of a non tangent curve to the left, with a radius of 2610.37 feet, an arc length of 109.91 feet, and a chord of North 08 degrees 01 minutes 32 seconds West, 109.90 feet to the point of curve of a non tangent curve to the right, with a radius of 815.74 feet, an arc length of 108.54 feet, and a chord of North 06 degrees 35 minutes 39 seconds West, 108.46 feet to the point of curve of a non tangent curve to the right, with a radius of 556.95 feet, an arc length of 107.23 feet, and a chord of North 03 degrees 43 minutes 39 seconds East, 107.06 feet to the point of curve of a non tangent curve to the right, with a radius of 1027.13 feet, an arc length of 109.10 feet, and a chord of North 13 degrees 40 minutes 40 seconds East, 109.05 feet to the point of curve of a non tangent curve to the left, with a radius of 390.32 feet, an arc length of 222.73 feet, and a chord of North 00 degrees 20 minutes 02 seconds West, 219.72 feet to the true POINT OF BEGINNING containing 115.565 acres more or less and being subject to the right-of-way of Interstate Highway #540 and any easements of record. Survey Description Of Audubon Parcel "E" Located in a part of the SW '/. of the NE '/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NE Corner of the NE '/4 of the NW '/4 of Section 33; thence South 02 degrees 26 minutes 42 seconds West, 2358.52 feet; thence South 87 degrees 33 minutes 18 seconds East, 209.38 feet to the true POINT OF BEGINNING; thence North 83 degrees 20 minutes 44 seconds East, 577.77 feet; thence North 83 degrees 22 minutes 26 seconds East, 27.11 feet; thence along the right-of-way of Interstate Highway #540 the following courses: South 07 degrees 17 minutes 26 seconds West, 167.72 feet: thence South 27 degrees 07 minutes 45 seconds West, 171.29 feet; thence South 34 degrees 21 minutes 46 seconds West, 54.91 feet; thence leaving said right-of-way, North 57 degrees 59 minutes 29 seconds West, 554.77 feet to the true POINT OF BEGINNING containing 2.580 acres more or less and being subject to the right-of-way of Interstate Highway #540 and any easements of record. IC rcflAfl'Th.c.n. N .4i!'"D/'%r+rr a mr+� -03 RECEIVED DEC 15 2003 CITY OF FAYETTEVILLE CITY CLERICS OFFICE _ 2_222 ....a,1. VCrtLt t.tfl1 -• t.j\MV 1f0.8aef 23024]40 st.0 MENT STATEMENT O. TYPE OF LOAN _ 1. OFHA 2. 0 FMHA 3. ❑ CONV.UNINs. s. w/ I11.ODe ]. Ior I*.nt r a a.onpq. -.an. Ca. w 'be 4. OVA 5. OCONV.INS. FATIC O3-74O98Y C. Molt: 116 b,n 1$ VIyRe w 9e. Ya .W.1,.,. d MY 515 ' d mCb. NnM. 0d An YIe ty 91. sse,'-S. 64_, •9/Ie Y/ NiM1../IM AY./e IPO G.) M. 1w e,.I we M,M III/ 61 .*vu flrYwI YG I/ (Cl K.AN .1 TI IU1✓♦ p� oPs_M D. kM.b NC AL S3 a' apaawcn N MOF P. I Asa AODrc5 U:.aa LEGACY PROJECT, LLC., H. COW F�V M OMMUNRY OF BANK HAYNES, AUTHORIZED MEMBER DAN COODY, MAYOR NORTH 5417 PINNACLE POINT DR., STE 1 ARKANSAS ROGERSAR 72758 13W. MOUNTAIN STREET FATETTEVILLE, AR 72701 a »acnry L0fATO. It SERID.ea Arir PT NW NE NE NE 33-17-30 BRONSON TITLE SERVICES, INC. FAYETTEVILLE, ARKANSAS I 2888 BELLA VISTA WAY ]2-1203 wre BELLA VISTA, AR 72714 nls12-1 -O J. SUMMARY OF BgRROWEP5 TRANSACTION 12-12-03 ' K SUMMARY OF SELIFA5 TRANSACTION 100. GROSS AMOUNT DUE FROM BORROWER 400. GROSS AMOUNT DUE TO SEVER «e to,. cw .Yo 5,200,000.00 am. C«tYt »b. 911c/ 5,200,000.00 P.1ae1./ .102. ROPYM .n 1r.pr 1ui steml.a «1111.. w 11«Nwp la+ uoq 280.813.00 w1 IN dea. ADJUSTAENTS FOP ITEMS PP1D BY SELLER IN ADVANCE .m. ADJUSTMENTS FOR rIEM,S PAID BY SELLER 10a cRyfro-n ideas to IN ADVANCE .oe. 1=YRow, 1.a 1p. ConymIs w /p. Im. AW»nIb to M 09, 42. A.».vMb b a 110. 411 II?. • 520. GROSS AMOUNT DUE FROM BORROWER 5,480,813.00 420, GROSS AMOUNT DUE TO SRIETI 5,200,000.00 200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER 201. Ome or »r1YR Epp, REDUCTIONS IN AMOUNT DUE TO SELLER flWW1 10,000.00 SDI. Pwms 0.po.a (r bnSpea.$) 10000.00 Jul a,fr.>d .«ol.a « I wn(t) 20] .1 bill Y4aM w de 5m, Sae., w w III low 12885.00 503. eta,9 bsnt) bin «O}t to 204. Agars o., oVv.. o. Pryoe of -, a Saca,e II, ]Da NEW LOAN AMOUNT $13,000,000.0 Sea P I«I « ..c«s«p.9. IPY, 2p. INITIAL DRAW 5,470 813.00 Sp, m ADJUSTMENTS FOR ITEMS UNPAD BY SEVER sw. ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 210 Rove mss w 5q. p1Ro.e Inv b ]11. Ym b 511. q». 10 s }YL A.M.mYO b 51]. "Aare P 213. 511 214. . N/. 215. 511 I'S. SK 2q. Sn. 211. Sta. 219. 519. no. mut p. aYA01)11 5,480,813.00 300.' 520. IDTAL np1 A]AOIMR 0I1S sT51tR 22 885.00 CASH AT SETHEMENT FROM OR TO BORROWER yl. 6Pss .,an wt from Crows One 1220) 5480 813.00 O. CASH AT SETTLEMENT TO OR FROM SELLER F1. lass a.lwn e.a 0IA« Omo. /a1. 2201 15,480,813.00 I. Gass a'm.n Sn to sac (tie 420) 5,200,000.00 em. 1 rsk*on .nw1.. w ./II It. wq 22 885.00 303 CASH I@ FROM O TO BORROWER Itb3. CASH ® TO 0 FROM SELLER5,177,115.00 1_Mve cu,3 Ny r0v4 wS the UPl SeObinent Sbte t and to the but IU 1„. Inn -4-.t,- _....—.— S. &_ _ — _ . new w uq accanY p DY mC n IIW 4NLGt11. I turN« "••••• .a,mIen Cr a nunSalon' coral that 1 have recdvod a copy 04th. HUD.1 Saco- L1lEGACY PROJECT LLC 11. COLLINS�OF FAYERFVI HAYNES AUTHORIan MBER �DAN COODY MAY o.Is To Ibe best of n In dpe, tie HUOI SettMnant S.ta-nau which I here ptOYod Is a aye and'carnt, lot Ino Mid, wllkb were recSvod and hav p wID be Asburued by the Iadstgned as pest Of this bans.: on. wa«i»to 419n"1 clost NYe««Aa b ee I b.«e1. �91) U(rm/91) wtef on e6 « YM IAIw Wr4 ,«n PIYN.a ,I CO"M[➢Lw Can wdW . ft, Yw >n qlD III 10747) IaSPA. IC 43051. 7.U! SELLLLER'S/BORROW AFFIDAVIT State of ARKANSAS _ - - County of BENTON The undersigned, referred to as Seller/Borrower, whether one or more, being first duty sworn on • oath that the Seiler/Borrower Is the owner of the following described lands, situtated in • WASHINGTON County, ARKANSAS. To -wit: SEE ATTACHED EXHIBIT "A' 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 pat 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, H applicable. 8. That no money whatsoever Is owed on subject property to any person, firm, or corporation other than the following 9. There are no outstanding judgments against Seller/Borrower as a result of legal action to Include, but not limited to, tax Bens, divorce, bankruptcy or foreclosure. 1. 10. That the marital status of Seller/Borrower has not changed since they acquired. above described property. Witness the hand and seal lof the undersigned of this 12th day of December . 2003 alrl�f �- r Eea Yip• boi er. CITY OF FAYETTEVILLE 4,:,. (MC PROJECT, LLC., H. _ �Eticy tP •a� 11OD MAYOR S, 11THORIZED MEMBER r9 kwon to I4Je me, a Notary Public 1.ecember 2003 My CMnlnlsslon Expires: Notary Please return this to Bronson Title Services Inc.. 1419 W. Walnut, Rogers. Arkansas, 72765. File p_ nmD ni Paco Pb. 765156Q001 • Pad Pt. 76515660000 Paoaf Pt. 765-1566i0W PaaY nu 76516661OW PavS Pb. 76515670000 WARRANTY DEED MUNICIPAL CORPORATION BE IT KNOWN BY THESE PRESENTS: THAT the CITY OF FAYETTEVILLE, ARKANSAS, a municipal cor- poration, hereinafter called GRANTOR, for and in consideration of the sum of One -hundred Dollar ($100.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby grant, bargain, sell and convey unto Legacy Project, LLC, an Arkansas limited liability 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: PROPERTY DESCRIPTION: A part of Section 33, Township 17 North, Range 30 West, and being more particrAarty described as follows, to -wit Beginning at the Northwest caner of said Section 33; thence along the West line of said Section 33 South 02' 28' 11" West 1816.06 feet thence South 87' 19 24" East 330.00 feet thence South 02.28' 10" West 2480.66 feet thence South 87' 21 18" East 660.23 feet thence South 02' 25' 45" West 329.99 feet; thence South 87.21' 18" East 660.00 feet; thence North 02' 25 51" East 329.86; thence South 87' 11' 53" East 631.86 feet to the westerly right of way line of U. S. Highway 71; thence Northerly along said westerly right of way line the foitowing.bearings and distances; North 34' 22' 18" East 922.60 feet North 38' 27' 59" East 150.76 feet North 34' 2725' East 949.12 feet North 27' 10' 09' East 171.37 feet North 07' 15' 05" East 170.41 feet North 05' 1910" West 280.77 feet North 12 48' 23" West 100.11 feet North 16' 36' 56" West 57.67 feet North 04' 16' 48" East 188.26 feet North 16' 24' 53" East 126.58 feet North 31' 34' 48' East 190.36 feet North 50' 13' 36' East 191.34 feet North 66' 53' 26" East 127.62 feet North 75' 15'02" East 117.54 feet North 74' 59 16" East 100.11 feet North 26' 01' 09" East 74.14 feet; thence leaving said west right of way line and running North 87' 1T 25" West 1100.15 feet; thence North 02' 26' 1T East 1030.76 feet to the North line of Section 33; thence along the North line of Section 33 North 87' 14' 56" West 247.50 feet to the North quarter corner of Section 33; thence continuing along the North line of said Section 33 North 87'19 24" West 2637.40 feet to the Point of Beginning, containing 289.27 aces, more or less, being subject to rights of way and easements of record., 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 wanant and defend the title to the said lands against all legal claims whatever. Warranty Deed • • City of Fayetteville - Legacy Project, LLC Page 2 of 2 WITNESS the execution hereof on this /a6` day of .1/eat.�rfe^� 2003 (Seal) ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON • . . .. 4. . . �. Y. .: . �r-j:... itt: I . :.,i: • �.: .. , . . . . I . :. t:to- cr rm..r I: • :r • ,.. • .�. , • . I • .:, • jl r.. II :1111 WITNESS my hand and seal on this day of Notary Public MY COMMISSION EXPIRES: 120. (68- 03 AGREEMENT TO CONVEY AND DEED PROPERTY This Agreement to Convey and Deed Property (the "Agreement") is entered into and executed this 12'h day of December, 2003 by and between the City of Fayetteville, Washington County, Arkansas, (the "City of Fayetteville") and Legacy Project, LLC, an Arkansas limited liability company ("Legacy Project"). WHEREAS, the parties have entered into and executed a certain Real Estate Purchase and Sale Contract dated the 23`d day of April, 2003 (the "Contract"); and WHEREAS, Section 14b. of the Contract requires Legacy Project to deliver to the City of Fayetteville an agreement to convey and deed one hundred acres, more or less, of the Property (as defined in the Contract) to an environmental conservation non-profit organization acceptable to and determined by Legacy Project based upon a selection process submitted with the development plans acceptable to the City of Fayetteville. NOW THEREFORE, for the purpose of complying with Section 14b. of the Agreement, Legacy Project hereby agrees to convey and deed the acerage identified on Exhibit A attached hereto and incorporated herein by this reference to National Audubon Society within twenty four (24) months from the date of this Agreement. Legacy Project, LLC By: Island Developjnent,,,)_.LC, Authorized Member By: Collins Ha'vnes, Authorized Member ACCEPTED this 12'h day of December, 2003. City of By: Coody, Mayor Arkansas Survey Description Of Audubon Parcel "A" Located in a part of the SW '/. of the NW '/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW '/. of the NW Y. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 1402.39 feet to the true POINT OF BEGINNING; thence South 87 degrees 32 minutes 04 seconds East, 294.54 feet; thence South 02 degrees 43 minutes 41 seconds West, 66.34 feet; thence North 87 degrees 00 minutes 10 seconds West, 294.26 feet; thence along the West line of the SW '/. of the NW '/., North 02 degrees 28 minutes 26 seconds East, 63.61 feet to the true POINT OF BEGINNING containing 0.439 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "B" Located in a part of the SW '/. of the NW '/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Comer of the NW '/. of the NW %. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 1515.99 feet to the true POINT OF BEGINNING; thence South 87 degrees 07 minutes 20 seconds East, 296.97 feet; thence South 02 degrees 52 minutes 40 seconds West, 299.23 feet; thence North 87 degrees 17 minutes 27 seconds West, 294.85 feet; thence along the West line of the SW '/. of the NW ''/., North 02 degrees 28 minutes 26 seconds East, 300.11 feet to the true POINT OF BEGINNING containing 2.036 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "C" Located in a part of the SW Y. of the NW Y. and in a part of the NW '/. of the SW '/4 of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW '/. of the NW '/. of Section 33; thence South 02 degrees 28 minutes 26 seconds West, 2255.37 feet; thence South 87 degrees 17 minutes 27 seconds East, 363.70 feet to the true POINT OF BEGINNING; thence South 87 degrees 16 minutes 59 seconds East, 52.91 feet; thence North 55 degrees 31 minutes 38 seconds East, 12.54 feet; thence South 87 degrees 43 minutes 26 seconds East, 117.07 feet to the point of curve of a non tangent curve to the right, with a radius of 270.00 feet, an arc length of 210.17 feet, and a chord of South 65 degrees 04 minutes 27 seconds East, 204.90 feet; thence South 65 degrees 11 minutes 11 seconds West, 203.22 feet; thence South 24 degrees 57 minutes 21 seconds East, 200.00 feet; thence South 24 degrees 58 minutes 26 seconds East, 100.00 feet; thence South 24 degrees 54 minutes 11 seconds East, 105.39 feet to the point of curve of a non tangent curve to the left, with a radius of 533.64 feet, an arc length of 121.09 feet, and a chord of South 51 degrees 05 minutes 55 seconds West, 120.83 feet; thence North 37 degrees 29 minutes 01 seconds West, 444.57 feet; thence North 02 degrees 38 minutes 06 seconds East, 262.65 feet to the true POINT OF BEGINNING containing 2.964 acres more or less and being subject to any easements of record. Survey Description Of Audubon Parcel "D" located in a partof the NW Y. of the NW '/.and in a partof the NE '/. of the NW '/.and in a part of theNW''/.oftheNE'/.and in a part of the SW'/.of the NW'/.and in a part of the SE'/.ofthe NW'/.and in a partof the SW'/of theNE%andinapartoftheNW'/oftheSW/andina part of the NE'/. of the SW '/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the NW Corner of the NW 'hot the NW % of Section 33; thence South 87 degrees 18 minutes 53 seconds East, 1285.03 feet to the true POINT OF BEGINNING; thence along the North line of Section 33, South 87 degrees 18 minutes 53 seconds East 539.42 feet; thence leaving said North line, South 00 degrees 04 minutes 21 seconds West, 997.52 feet; thence North 66 degrees 59 minutes 59 seconds East, 1128.39 feet; thence South 02 degrees 27 minutes 35 seconds West, 310.75 feet to the point of curve of a non tangent curve to the left, with a radius of 174.72 feet, an arc length of 93.23 feet, and a chord of North 87 degrees 21 minutes 46 seconds West, 92.13 feet; thence South 66 degrees 00 minutes 52 seconds West, 122.00 feet; thence South 64 degrees 34 minutes 59 seconds West, 74.59 feet; thence South 63 degrees 32 minutes 35 seconds West, 353.75 feet; thence South 64 degrees 42 minutes 09 seconds West, 185.39 feet; thence South 13 degrees 48 minutes 08 seconds East, 26.44 feet; thence South 30 degrees 34 minutes 33 seconds East. 28.27 feet; thence South 88 degrees 52 minutes 35 seconds East, 95.38 feet; thence South 14 degrees 45 minutes 33 seconds East, 50.64 feet; thence South 02 degrees 02 minutes 56 seconds West, 45.86 feet; thence North 88 degrees 06 minutes 58 seconds East, 192.03 feet; thence South 74 degrees 33 minutes 51 seconds East, 43.11 feet; thence South 84 degrees 59 minutes 32 seconds East, 48.95 feet; thence South 87 degrees 50 minutes 53 seconds East, 68.20 feet; thence South 87 degrees 17 minutes 49 seconds East, 177.44 feet; thence North 89 degrees 42 minutes 45 seconds East, 38.91 feet: thence North 09 degrees 53 minutes 17 seconds East, 232.32 feet; thence North 22 degrees 52 minutes 22 seconds West, 114.70 feet; thence South 85 degrees 57 minutes 51 seconds East, 59.68 feet; thence South 02 degrees 27 minutes 35 seconds West, 62.00 feet; thence South 31 degrees 37 minutes 39 seconds East, 67.77 feet thence South 62 degrees 23 minutes 56 seconds East, 130.71 feet; thence North 76 degrees 42 minutes 23 seconds East, 402.53 feet; thence South 87 degrees 17 minutes 25 seconds East, 556.38 feet; thence along the right-of-way of Interstate Highway #540 the following courses: South 25 degrees 55 minutes 34 seconds West, 74.29 feet; thence South 75 degrees 06 minutes 36 seconds West, 100.12 feet; thence South 75 degrees 13 minutes 57 seconds West, 117.68 feet; thence South 66 degrees 52 minutes 02 seconds West, 127.43 feet; thence South 50 degrees 15 minutes 52 seconds West, 191.30 feet; thence South 31 degrees 34 minutes 42 seconds West, 190.35 feet; thence South 16 degrees 25 minutes 41 seconds West, 126.75 feet; thence South 04 degrees 16 minutes 55 seconds West, 188.51 feet; thence South 16 degrees 36 minutes 55 seconds East, 57.67 feet; thence South 13 degrees 06 minutes 52 seconds East, 100.02 feet; thence South 05 degrees 15 minutes 09 seconds East, 280.77 feet: thence South 07 degrees 17 minutes 26 seconds West, 2.72 feet; thence leaving said right-of-way, South 83 degrees 22 minutes 26 seconds West. 27.11 feet; thence South 83 degrees 20 minutes 44 seconds West, 577.77 feet to the point of curve of a non tangent curve to the left, with a radius of 672.46 feet, an arc length of 156.03 feet, and a chord of South 64 degrees 23 minutes 07 seconds West, 155.68 feet to the point of curve of a non tangent curve to the left, with a radius of 229.40 feet, an arc length of 142.92 feet, and a chord of South 62 degrees 25 minutes 00 seconds West, 140.62 feet to the point of curve of a non tangent curve to the right, with a radius of 1779.49 feet, an arc length of 160.26 feet, and a chord of South 67 degrees 57 minutes 45 seconds West, 160.20 feet to the point of curve of a non tangent curve to the right, with a radius of 1829.25 feet, an arc length of 190.06 feet, and a chord of South 73 degrees 33 minutes 40 seconds West, 189.97 feet to the point of curve of a non tangent curve to the right, with a radius of 1272.68 feet, an arc length of 180.69 feet, and a chord of South 80 degrees 45 minutes 19 seconds West, 180.54 feet to the point of curve of a non tangent curve to the right, with a radius of 1246.16 feet, an arc length of 89.70 feet, and a chord of South 86 degrees 55 minutes 34 seconds West, 89.69 feet to the point of curve of a non tangent curve to the right, with a radius of 1201.62 feet, an arc length of 171.48 feet, and a chord of North 88 degrees 08 minutes 59 seconds West, 171.33 feet to the point of curve of a non tangent curve to the left, with a radius of 285.98 feet, an arc length of 33.38 feet, and a chord of North 84 degrees 26 minutes 11 seconds West, 33.36 feet to the point of curve of a non tangent curve to the left, with a radius of 67.02 feet, an arc length of 96.47 feet, and a chord of South 50 degrees 25 minutes 03 seconds West, 88.36 feet; thence South 02 degrees 04 minutes 54 seconds West, 571.30 feet; thence South 01 degrees 55 minutes 59 seconds West, 260.87 feet; thence North 88 degrees 54 minutes 07 seconds West, 1404.07 feet; thence North 02 degrees 28 minutes 45 seconds East, 397.47 feet to the point of curve of a non tangent curve to the left, with a radius of 595.25 feet, an arc length of 125.97 feet, and a chord of South 88 degrees 23 minutes 35 seconds East, 125.74 feet to the point of curve of a non tangent curve to the left, with a radius of 210.23 feet, an arc length of 92.53 feet, and a chord of South 78 degrees 32 minutes 47 seconds East, 91.79 feet to the point of curve of a non tangent curve to the left, with a radius of 989.33 feet, an arc length of 90.70 feet, and a chord of South 89 degrees 34 minutes 42 seconds East, 90.67 feet to the point of curve of a non tangent curve to the left, with a radius of 157.22 feet, an arc length of 92.91 feet, and a chord of North 81 degrees 10 minutes 58 seconds East, 91.56 feet to the point of curve of a non tangent curve to the right, with a radius of 1525.22 feet, an arc length of 53.47 feet, and a chord of South 70 degrees 30 minutes 32 seconds East, 53.47 feet to the point of curve of a non tangent curve to the right, with a radius of 1113.67 feet, an arc length of 47.75 feet, and a chord of South 68 degrees 36 minutes 08 seconds East, 47.74 feet to the point of curve of a non tangent curve to the right, with a radius of 397.59 feet, an arc length of 41.59 feet, and a chord of South 63 degrees 18 minutes 26 seconds East, 41.57 feet: thence North 15 degrees 42 minutes 31 seconds East, 110.84 feet to the point of curve of a non tangent curve to the right, with a radius of 87.00 feet, an arc length of 33.97 feet, and a chord of North 50 degrees 46 minutes 28 seconds West, 33.75 feet; thence North 37 degrees 39 minutes 21 seconds West, 285.68 feet to the point of curve of a non tangent curve to the right, with a radius of 483.64 feet, an arc length of 118.69 feet, and a chord of North 49 degrees 44 minutes 31 seconds East, 118.39 feet; thence South 32 degrees 17 minutes 47 seconds East, 107.07 feet; thence South 36 degrees 38 minutes 48 seconds East, 172.55 feet; thence South 59 degrees 02 minutes 06 seconds East, 212.00 feet; thence South 58 degrees 46 minutes 08 seconds East, 105.89 feet; thence South 58 degrees 35 minutes 34 seconds East, 124.21 feet; thence South 58 degrees 51 minutes 31 seconds East, 30.12 feet; thence South 45 degrees 30 minutes 43 seconds East, 92.91 feet; thence South 87 degrees 00 minutes 28 seconds East, 107.07 feet; thence South 87 degrees 44 minutes 20 seconds East, 106.39 feet: thence North 02 degrees 16 minutes 39 seconds East, 1087.26 feet; thence North 71 degrees 33 minutes 59 seconds West, 48.91 feet; thence North 80 degrees 41 minutes 50 seconds West, 332.59 feet; thence North 87 degrees 18 minutes 43 seconds West, 216.37 feet; thence North 86 degrees 25 minutes 11 seconds West, 35.96 feet; thence South 68 degrees 06 minutes 16 seconds West, 244.66 feet to the point of curve of a non tangent curve to the left, with a radius of 321.91 feet, an arc length of 255.14 feet, and a chord of North 64 degrees 37 minutes 28 seconds West, 248.51 feet; thence North 87 degrees 43 minutes 26 seconds West, 116.92 feet; thence North 50 degrees 43 minutes 59 seconds West, 12.46 feet; thence North 87 degrees 38 minutes 47 seconds West, 52.99 feet; thence North 02 degrees 32 minutes 30 seconds East, 463.43 feet; thence South 88 degrees 27 minutes 49 seconds East, 62.11 feet; thence North 55 degrees 19 minutes 59 seconds East, 12.82 feet; thence South 88 degrees 51 minutes 44 seconds East, 24.86 feet to the point of curve of a non tangent curve to the left, with a radius of 211.81 feet, an arc length of 234.01 feet, and a chord of North 60 degrees 03 minutes 34 seconds East, 222.29 feet; thence North 25 degrees 34 minutes 32 seconds East, 104.42 feet; thence along a curve to the right having a radius of 125.00 feet, an arc length of 105.59 feet, and a chord of North 49 degrees 46 minutes 34 seconds East, 102.48 feet; thence North 73 degrees 31 minutes 45 seconds East, 30.09 feet; thence along a curve to the left having a radius of 525.00 feet, an arc length of 199.36 feet, and a chord of North 62 degrees 39 minutes 03 seconds East, 198.16 feet; thence North 48 degrees 48 minutes 53 seconds East, 30.65 feet; thence along a curve to the left having a radius of 375.00 feet, an arc length of 89.10 feet, and a chord of North 42 degrees 00 minutes 28 seconds East, 88.89 feet; thence South 87 degrees 19 minutes 24 seconds East, 204.49 feet to the point of curve of a non tangent curve to the left, with a radius of 375.76 feet, an arc length of 140.59 feet, and a chord of North 26 degrees 19 minutes 59 seconds East, 139.77 feet to the point of curve of a non tangent curve to the left, with a radius of 1706.32 feet, an arc length of 136.49 feet, and a chord of North 09 degrees 15 minutes 52 seconds East, 136.45 feet to the point of curve of a non tangent curve to the left, with a radius of 1400.00 feet, an arc length of 107.66 feet, and a chord of North 04 degrees 38 minutes 49 seconds East, 107.64 feet; thence continue northerly along said curve through a central angle of 04 degrees 22 minutes 45 seconds, a distance of 107.00 feet; thence continue northerly along said curve through a central angle of 04 degrees 22 minutes 49 seconds, a distance of 107.03 feet to the point of curve of a non tangent curve to the left, with a radius of 2610.37 feet, an arc length of 109.91 feet, and a chord of North 08 degrees 01 minutes 32 seconds West, 109.90 feet to the point of curve of a non tangent curve to the right, with a radius of 815.74 feet, an arc length of 108.54 feet, and a chord of North 06 degrees 35 minutes 39 seconds West, 108.46 feet to the point of curve of a non tangent curve to the right, with a radius of 556.95 feet, an arc length of 107.23 feet, and a chord of North 03 degrees 43 minutes 39 seconds East, 107.06 feet to the point of curve of a non tangent curve to the right, with a radius of 1027.13 feet, an arc length of 109.10 feet, and a chord of North 13 degrees 40 minutes 40 seconds East, 109.05 feet to the point of curve of a non tangent curve to the left, with a radius of 390.32 feet, an arc length of 222.73 feet, and a chord of North 00 degrees 20 minutes 02 seconds West, 219.72 feet to the true POINT OF BEGINNING containing 115.565 acres more or less and being subject to the right-of-way of Interstate Highway #540 and any easements of record. Survey Description Of Audubon Parcel WE Located in a part of the SW '/. of the NE'/. of Section 33, Township 17 North, Range 30 West in Fayetteville, Washington County, Arkansas, more precisely described as follows: Starting at the • NE Corner of the NE '/. of the NW '/. of Section 33; thence South 02 degrees 26 minutes 42 seconds West, 2358.52 feet; thence South 87 degrees 33 minutes 18 seconds East, 209.38 feet to the true POINT OF BEGINNING; thence North 83 degrees 20 minutes 44 seconds East, 577.77 feet; thence North 83 degrees 22 minutes 26 seconds East, 27.11 feet; thence along the right-of-way of Interstate Highway #540 the following courses: South 07 degrees 17 minutes 26 seconds West, 167.72 feet; thence South 27 degrees 07 minutes 45 seconds West, 171.29 feet; thence South 34 degrees 21 minutes 46 seconds West, 54.91 feet; thence leaving said right-of-way, North 57 degrees 59 minutes 29 seconds West, 554.77 feet to the true POINT OF BEGINNING containing 2.580 acres more or less and being subject to the right-of-way of Interstate Highway #540 and any easements of record. April 20, 2002 Fayetteville's 1-540 "Park" — Some Unanswered Questions Comprehensive Statement to the City from the Mudwompers relative to the City's proposed impact on the natural landscape at the proposed Business and Technology Park The City of Fayetteville Administration and the Chamber of Commerce have proposed development of a business/technology park on a 290 -acre parcel at the 540 bypass and Highway 112. This site has unique and valuable environmental qualities. Approximately 85 acres of the land have been designated as wetlands by the US Army Corps of Engineers, and much of the remaining land has wetland properties. Wilson Springs is home to the Arkansas darter, a fish species that is a candidate for federal listing under the Endangered Species Act. The wetland ecosystem supports a large number of plants and animals, provides a basin for water to be stored and purified, and has great education and research potential. To preserve this unique site, we advocate a conservative approach to development of areas adjoining the wetlands. We also request that the City and Chamber of Commerce address important questions related to the economic viability of develop- ment of a business/technology park. Environment I. We ask the City to propose no impact on the wetlands and, therefore, no mitigation. While this may cost the City several acres of hypothetically saleable land, it will at the same time save the City tens of thousands of dollars in mitigation costs as well as infrastructure costs connected to filling and stabilization. We have seen no economic information that would justify the development of the wetlands. 2. We ask the City to contemplate ONLY development that is LIMITED and AWAY FROM the wetlands. We have seen no hydrological information that supports the City's contention that the wetlands will not be harmed in the long run by development of this area, nor an interest in performing professional environmental assessments of the biological and ecological aspects of this property. We believe that the information presently available is insufficient to assure protection. We do not understand why the City does not support its proposal with more impressive data. 3. We do not know why the City has put this project on a "fast track". We have been given information to the effect that there is no deadline attached to the "grant" promised for next fall. We ask the City to take the project off "fast track" and concentrate on gathering all information (economic as well as environmental) that might justify or argue against, this project as planned. If there is a deadline, we would like to see that in writing from the granting authority. 4. We ask the City to justify its claim that the appraisal of this property at $10,000 / Acre is "bogus". If the City. has quotations of the selling price of wetland acres near -this project site, we 0 would like to see them in writing with a documented source. 5. Comments received from public agencies and from private 501 c3's during the 404 comment period (Spring 2000) included requests that conservation easements held by (a) 501c3 conservation organization(s) be applied to the wetlands and to all mitigation areas. We ask that the City pledge to do this and begin immediately working with the Nature Conservancy or a similar entity qualified to hold conservation easements. 6. We ask the City to take the initiative in asking for a meeting with US Fish and Wildlife within the next 2 weeks to discuss the Candidate Conservation Agreement for the Arkansas darter. We would also like clarification of who is doing the work presently on this CCA and on progress that may have been made. 7. There has been no public discussion of the relationship between the two 404 permit applications, i.e. the permit for the B & T park wetlands and the permit that will be required for the large sewer line that we understand will run through the B & T park area carrying sewage to the new westside treatment plant. We do not believe it should be routed through or near a wetland. We believe further that the 404 permitting process now underway for the B & T park wetlands mitigation will be invalid if the sewer line is to be run through these same wetlands. We request a map showing the proposed location of the sewer treatment line as well as clarification of the relationship of the two 404 permit applications. Economy 8. The City has not presented any in-depth data about its prospects for the future of the project once the proposed mitigation and infrastructure have been completed. We request answers to the following questions about the economics and the future development of the "park": a. What is the purpose of the business technology park? How does the city benefit from its development? b. How is this project different from the other business parks in the region? c. How is this project different from the nearby, privately developed CMN Business Park? d. What type of businesses are you expecting to buy lots in the park (give specific examples)? e. What/where is your market? Is it growing, shrinking or staying the same? f. How much will a lot cost per acre? How will that price compare to similar lots in Fayetteville (e.g., CMN, south industrial park, airport and Genesis), Bentonville, Rogers, Ft. Smith etc.? g. Is high bandwidth fiber optic cable (such as the type located near the B/T park), available elsewhere in the city/county/region/state? h. How much money does the city currently have to invest in the park? How much does the city expect to invest in the park by the time it is fully completed" What will be the major source(s) of public funding for the B/T park" I, What do you expect the average square foot costs to be for office space located in the park? j. How many square feet of new facilities are expected to be built in the park? How much of an investment (in dollars) will be required for a fully developed park (include buildings and infrastructure costs)? k. Is there a 5 -year cash flow analysis for the B/T park? I. How many jobs do you expect the B/T park to create" How much will the city invest for each job created? Is the cost/job within acceptable standards for a business park? m. What do you expect the average salary to be for employees working in the park? n. Who will administer the design/building/management/marketing of the park. What are their qualifications? o. How will you determine if the park is successful.? Public Process 9. We have requested on several occasions that the City clearly define a process to engage interested parties from the public sector to be involved in further planning of this project. We reiterate this request. Signed, Mudwompers Fran Alexander, Jim Bemis, JeffErf, Barbara Moorman, Andrea Radwell Mudwompers a nw-ar.com Box 1853, Fayetteville, AR, 72702 444-9825 ii III _i U w C1 '�O - i f^T U) O ' W .i OE . C O 'O d L O N @ N Ii cu C O N •. [lID3-o � • • C: U O Q a CNO-.m@ (Hill Qo iw .N ■ a a c CDi d 0 'O V L t 20 L y. E m' E cv .5 = 0 oW 0< 0- V U d I- N d LL NO) p N !n C « C f0 u U C > d L a) •� u m d C)I- N T C Cfl o C - Q O N m C N I- d E Q u Q o 0 CO O r N N • • • N •/ - i .: y,W ^ /ii ^O Q p .�% 1J C . C C v a) CC v ` d 111. v O O a Q c 3 v= u ( f0 > c b o v I -y O C O v 30 e- ai (a airnQNa • C— Q Ov, w(o o 0 0 I N c c R — v u 22 Opupi0 li—J CD (a �(U N3cc DC Q) N a J -.1 �ao ENEv u m. o —pa peal ma' �o O p o 3>v ov�L E �, l_ • �_,I_ ? Q),O3 _/ v C o -- -•.� N J CpIDE l - (fl4-(V (o OO 3 ai ° D a`i �a Q r_v vEw � oao0v fJ > - - `" E C 1 (O C (U +�—(o (oo o3Ety 1. 1-CI.1� _ tea° v m a I.i [ _m 3aU3a�?i�° a o 7 I �••� v a) N tO E@ 5 E o - 1) OOOOOOOOO fl3'0D0fltDQtn m M1 N Q /•f N O HD O Vl > C N~ L as J O a n U, Li v C a) O 0 C N Qi O h O Es y 4! Eo E vvi Q1 v n E u p n O u 7 a rJ D 0 O N Q O N WGi C N N N C) L a4.1 t ° 3 O c c 15 3c= a v,5 o C_ Y OiWE C N (p L C 1 v v+ c E c 3 G a n•x '- a p LO a) N p O 'a w C)4O C N 0 0 Q n 0` C I I I I I O a E In ` d C Q i N Y C S2 v C N a O m c E 0 0 n O O Za N c a) WC Ob E a>) U C O 0- -III- a+ a) in 01 C a+ -Ea) ECU (o a) C D) a)) W v E 4J C' - E wE c a) O C a) a) a H a « 0- >> 0 f0 0 o O u W o �- CUD 4S a) a > v 2j n W N y C E u LL O N L. 0 W E n V) Q I 10 c 0 Q In O C F— a DWcm Dmu uV) 0 0 0 i V Wilson Spring Business Park Frequently Asked Questions Environment 1. We ask the City to propose no impact on the wetlands and, therefore, no mitigation. While this may cost the City several acres of hypothetically saleable land, it will at the same time save the City tens of thousands of dollars in mitigation costs as well as infrastructure costs connected to filling and stabilization. We have seen no economic information that would justify the development of the wetlands. Response: A Zero Impact option has been developed. This option was concurred with Andrea Radwell and Tom McKinney on April 10, at the second meeting with the environmental community in the offices of McClelland Engineers, others present were Don Bunch of the Fayetteville Planning Commission and MCE staff. Copies of the concept layout were provided to Tom McKinney several days later for his use. The individuals present seemed to understand that street layout, preliminary cost, mitigation requirements, if any, and benefit cost analysis would be developed. That benefit cost analysis is approaching conclusion, at this time awaiting the completion and a professional and competent development appraisal. When the appraisal is received the benefit cost analysis will be completed and provided to the City Council so that the project can be evaluated before proceeding further. 2. We ask the City to contemplate ONLY development that is LIMITED and AWAY FROM the wetlands. We have seen no hydrological information that supports the City's contention that the wetlands will not be harmed in the long run by development of this area, nor an interest in performing professional environmental assessments of the biological and ecological aspects of this property. We believe that the information presently available is insufficient to assure protection. We do not understand why the City does not support its proposal with more impressive data. Response: Only very limited wetland is proposed to be impacted by the 17 -acre wetland impact scenario. This design concept was developed during conversation with members of the environmental community; Andrea Radwell and Tom McKinney, on April 10, at the second meeting in the offices of McClelland Engineers, others present were Don Bunch of the Fayetteville Planning Commission and MCE staff. Copies of this concept layout were provided to Tom McKinney several days later for his use. This 17 -acre impact concept was developed based upon comments from these environmental representatives. The concerns expressed were taken into consideration. The wetlands impacted are upland and prior disturbance is evident on the majority of this generally lower quality wetland area. 3. We do not know why the City has put this project on a "fast track". We have been given information to the effect that there is no deadline attached to the "grant"promised for next fall We ask the City to take the project off "fast track" and concentrate on gathering all information (economic as well as environmental) that might justify or argue against this project as planned If there is a deadline, we would like to see that in writing from the granting authority. Response: It is apparent from the time that the City has been taking to discuss with all interested parties, that this project is not on a "fast track." That does not mean however that the project should languish. The City is committed to developing an environmentally responsible and economically viable project. A project that while protecting the Arkansas Darter and potentially removing it from the "threatened species" list will also generate the creation of jobs with a livable wage, that will help in retaining our youth and in creating a business environment that will compete effectively with the remainder of the I-540 corridor. 4. We ask the City to justify its claim that the appraisal of this property at $10,000/Acre is "bogus". If the City has quotations of the selling price of wetland acres near this project site, we would like to see them in writing with a documented source. Response: Whether the residential appraisal is valid or not, the perception is that it is not, based upon the actual sale of a lot within the project area to a local software firm. This lot (sold for $40,000/acre) was subsequently repurchased from the buyer because the City could not complete the infrastructure improvements at that time due to project controversy. In order to satisfy its fiduciary responsibility to the taxpayers and citizens of Fayetteville, a new appraisal has been ordered. This appraisal will form the basis of the benefit cost analysis that will provide the City Council with some of the information necessary to form the decision on whether to proceed with the project or not. 5. Comments received from public agencies and from private 501c3's during the 404 comment period (Spring 2000) included requests that conservation easements held by (a) 501c3 conservation organization(s) be applied to the wetlands and to all mitigation areas. We ask that the City pledge to do this and begin immediately working with the Nature Conservancy or a similar entity qualified to hold conservation easements. Response: It is true that a conservation easement will be developed for any wetland preservation area. it is also true that the City will be ultimately responsible for the maintenance of the wetland area and therefore any agreement with another agency to manage any preservation area will need to be carefully considered. The Arkansas Department of Game and Fish will be a likely tenant of the development if it comes to fruition in the near future. This State agency is also a likely organization to manage the preservation easement. However, until there is a project, until the Council has agreed to a plan that requires mitigation and therefore a Corps 404 permit, until the mitigation plan has been developed and approved by Corps, any negotiation with an agency to manage the wetland for the City of Fayetteville would seem premature. 6. We ask the City to take the initiative in asking for a meeting with US Fish and Wildlife within the next 2 weeks to discuss the Candidate Conservation Agreement for the Arkansas darter. We would also like clarification of who is doing the work presently on this CCA and on progress that may have been made. Response: The City has agreed with the U. S. Fish and Wildlife to voluntarily develop a candidate conservation agreement to outline the City of Fayetteville's actions to protect the threatened Arkansas Darter species. This agreement is currently being placed in outline form by U. S. Fish and Wildlife so that when the project is authorized by the City Council to move forward, the agreement may be developed as expeditiously as possible. Again, until the project is authorized by the Council it is premature to develop a plan of action based on construction or wetland preservation agreements that may not occur. Other unassociated construction activities on the project site such as the sewer line to the new sewer plant will be required to amend any plan developed as part of this project or if this project does not proceed, then to develop the conservation agreement for the sewer line project construction. Again any action to spend resources or funds to develop this agreement would seem to be premature. 7. There has been no public discussion of the relationship between the two 404 permit applications, i.e. the permit for the B & Tpark wetlands and the permit that will be required for the large sewer line that we understand will run through the B & Tpark area carrying sewage to the new Westside treatment plant. We do not believe it should be routed through or near a wetland We believe further that the 404 permitting process now underway for the B & T Park wetlands mitigation will be invalid if the sewer line is to be run through these same wetlands. We request a map showing the proposed location of the sewer treatment line as well as clarification of the relationship of the two 404 permit applications. Response: There have been numerous discussions with the Corps of Engineers, who are responsible for 404 permit review. Discussions have also been held between the U.S. Fish and Wildlife and the sewer line project team to make certain that their work is proceeding in a manner which addresses the concerns of the U. S. Fish and Wildlife. Yes, there will be a separate 404 permit for the entire sewer plant project. Yes, of course the wetland in the business park, which will be under the restrictions of the conservation easement, will be protected by means appropriate for sewer line construction. As these documents are developed they can be reviewed. The request is at this time premature until the Council has agreed to go forward with the business park project and the layout for Truckers Lane (also the most likely route for the sewer line) is designed. Economy 1. The City has not presented any in-depth data about its prospects for the future of the project once the proposed mitigation and infrastructure have been completed We request answers to the following questions about the economics and the future development of the "park": Response: There have been many public comments concerning the purpose of this project. Some of those comments have been visionary; i.e., attempting to create an expanding business environment which can provide opportunities for job growth for the community's young people, so that they will not need to move to Dallas, or Austin, or Kansas City or Chicago to find craft, technical, and professional jobs which pay a livable wage and better; some have been aesthetic; wanting Fayetteville's exposure to the I-540 corridor to be as attractive and presentable as that of some of our neighbors to the north, such as Pinnacle Point in Rogers for example; some have been practical; wanting to create a development which truly represented the commitment of the City of Fayetteville and its citizens toward environmental preservation and balanced land development in a manner that benefited all parties and in a process that indicated the maturity of the community and its ability to resolve complex issues in an equitable and sincere process. 2. What is the purpose of the business technology park? How does the city benefit from its development? Response: Perhaps the name of the project business and technology has created some confusion. Its purpose is to create job opportunities in a campus style business park environment. Those job opportunities will most likely come from office development, perhaps with software developers, or perhaps craftsmen or professionals involved with dental, or optical, or medical laboratories, or any number of existing employment opportunities that will offer jobs with livable and better wages to keep and attract the communities young people and graduates from the university. The benefits of this kind of business park seem self evident. Additionally the purpose is to create a campus style development which will be competitive with quality and amenities to the most attractive and successful business developments along the 1- 540 corridor. Perhaps the most significant purpose of this proposed project is the demonstration between the ecology and capital motivation, both working together to build a development that accomplishes the objective of enhancing environmental quality while creating a business park that not only accomplishes its objectives of appropriate job creation but also returns capital to the City for additional programs. 3. How is this project different from the other business parks in the region? Response: This project is different from other business parks in the region in that it is in Fayetteville. The City Administration is of the opinion that Fayetteville should be an attractive place for job creation, that even though we have the University, there remains a need to create a diversified economy, to capitalize upon the opportunities that exist within the region but at the same time create a unique opportunity for those businesses that want to grow and prosper in Fayetteville. Certainly there are other business parks in the region that offer many amenities. The Administration believes that this business park can match those amenities offered in other parks of the region and state and can offer other features which set it uniquely apart from the others. These features include its environmental design, it proximity to easily available redundant single mode fiber optic cable access, its campus atmosphere, and the availability of highly educated and talented human capital in the form of University graduates and teaching staff. 4. How is this project different from the nearby, privately developed CMN Business Park? Response: The CMN Business Park is a highly successful development. Its focus to date has been toward retail activities. The focus of this project is toward business development, those opportunities will most likely come from office development, perhaps with software developers, or perhaps craftsmen or professionals involved with dental, or optical, or medical laboratories, or any number of existing employment opportunities that will offer jobs with livable and better wages to keep and attract the communities young people and graduates from the university. Certainly there are business opportunities which each of us can envision, but at the same time there are opportunities that have not yet been envisioned, this is the place that they can grow and develop and become a part of our community. 5. What type of businesses are you expecting to buy lots in the park (give specific examples)? Response: The focus of this project is toward business development, those opportunities will most likely come from office development, perhaps with software developers, or perhaps craftsmen or professionals involved with dental, or optical, or medical laboratories, or any number of existing employment opportunities that will offer jobs with livable and better wages to keep and attract the communities young people and graduates from the university. Certainly there are business opportunities which each of us can envision, but at the same time there are opportunities that have not yet been envisioned, this is the place that they can grow and develop and become a part of our community. 6. What/where is your market? Is it growing, shrinking or staying the same? Response: The market for this project is not fixed; it is and will constantly evolve even after build out. By the question it seems that there are those who think that Fayetteville is stuck in time and perhaps we have been in the past. This administration is now looking to the future and we feel that if Fayetteville is to continue to prosper, we must recognize (by looking at building permits, sales tax receipts, an other indicators of economic vitality) that we as a City may lose our dominance in the region, even with the University, if we do not create opportunities for job and business growth. Certainly we must be watchful of the jobs that we create to make certain that they provide a livable or better wage, but more, that they are the type of business enterprise that promotes the quality of life which does define Fayetteville. 7. How much will a lot cost per acre? How will that price compare to similar lots in Fayetteville (e.g., CMN, south industrial park, airport and Genesis), Bentonville, Rogers, Ft Smith etc.? Response: The cost per lot will be determined by the development appraisal currently being developed. 8. Is high bandwidth fiber optic cable (such as the type located near the BIT park), available elsewhere in the city/county/region/state? Response: Various people have commented that the fiber optic cable which exists through the project area is outdated and will not be the state of the art communication system of the future. To be perfectly honest, I do not know what the communication future will be. What those who do know have said is that the system in place can and will serve the communication needs of the tenants of this park for the foreseeable future. The cable in place is a redundant single mode fiber optic cable system that is a part of the overall system which serves the City of Fayetteville. While it may or may not have the capabilities to serve the unknown future, it currently is a part of the backbone fiber network serving Fayetteville, its businesses, its industry, and its residents. Convenient, nearby, easy access to this backbone would seem to be a significant attribute. 9. How much money does the city currently have to invest in the park? How much does the city expect to invest in the park by the time it is fully completed? What will be the major source(s) of public funding for the BIT Park? Response: There is currently approximately $1.9 million budgeted for the first phase of the infrastructure development for the park. Approximately $700,000 of that is grant funds secured ' from the State. The most recent very preliminary engineering cost estimate is between $8 and $9 million. Funding for future phases for infrastructure development is expected to come from proceeds from the initial phase. The funding for phase 2 will be generated by the revenue generated from phase 1. Phase 3 and subsequent phases will be similar funded by preceding phases. 10. What do you expect the average square foot costs to be for office space located in the park? Response: That is unknown and will be determined by the individual developers who buy the lots and build the structures. Earlier analysis done by others anticipated 1,000,000 square feet of development on the first 122 acres developed. These improvements were expected to require a capital investment of at least $150,000,000. 11. How many square feet of new facilities are expected to be built in the park? How much of an investment (in dollars) will be required for a fully developed park (include buildings and infrastructure costs)? Response: There is currently approximately $1.9 million budgeted for the first phase of the infrastructure development for the park. Approximately $700,000 of that is grant funds secured from the State. The most recent very preliminary engineering cost estimate is between $8 and $9 million. Funding for future phases for infrastructure development is expected to come from proceeds from the initial phase. The funding for phase 2 will be generated by the revenue generated from phase 1. Phase 3 and subsequent phases will be similar funded by preceding phases. The square footage build out will be determined by the individual developers who buy the lots and build the structures. Those costs will also be borne by them. Analysis done by others expects this build out cost to be in excess of $150,000,000 for the first 122 acres developed. 12. Is there a 5 -year cash flow analysis for the BIT Park? Response: Phase 1, with an approximate cost of $1.9 million will be built initially, with construction beginning in the winter of 2002-2003. Phase 2 will begin when funds from the sale of lots in Phase I are sufficient of cover the construction costs. 13. How many jobs do you expect the BIT Park to create? How much will the city invest for each job created? Is the cost/job within acceptable standards for a business park? Response: The proposal at this time is for the project to be self supporting. If the project goes forward, the value of the property after infrastructure improvements will greater than the cost of the land and the construction costs. While some land may be discounted in order to generate appropriate development, the project should return all costs to the City. Analysis performed by others expects that the first 1,000,000 square feet of building space will provide jobs for approximately 2,500 people. That is 400 square feet per employee. The average individual salary is expected to be approximately $45,000. The benefit cost analysis, performed by others, anticipates that the cost per job will be approximately $3,600. They further found that this ratio is within acceptable standards typically embraced by State and Federal funding agencies. 14. What do you expect the average salary to be for employees working in the park? Response: Analysis performed by others expects that the first 1,000,000 square feet of building 6 S space will provide jobs for approximately 2,500 people. That is 400 square feet per employee. The average individual salary is expected to be approximately $45,000. 15. Who will administer the design/building/management/marketing of the park? What are their qualifications? Response: The development of the park design and construction will be managed by Gary Dumas, the City's General Services Director. He has experience as a planner and public works director and has helped to guide projects through design, approval and construction. The management and marketing of the park, as each phase is constructed, will be Ray Boudreaux, the City's Economic Developer and Airport Manager. He has held a similar position in another community. 16. How will you determine if the park is successful? Response: Success will be determined by occupancy of the park by businesses that are contributing to the City of Fayetteville's quality of life, businesses that are providing jobs that are paying a livable wage and better, business that at helping the community retain its youth, businesses that are capitalizing upon the assets of the University, businesses that are proud to be a integral part of the regions first environment business park. Additionally success will be measured in the positive cash flow of phases 1 and 2 and the initiation of construction on Phase 3 within 5 years. Public Process 1. We have requested on several occasions that the City clearly define a process to engage interested parties from the public sector to be involved in further planning of this project. We reiterate this request. Response: There have been two public meetings on this project in the Town Center this year; there have been numerous discussions before the City Council, at the City Council's request. Members of the environmental community were included in two planning meetings where the final wetland impact was resolved and where their input was sought and included in that design, there have been three meetings on the site where a variety of features have been discussed and where with some discussion an apparent nesting area for the Henslow Sparrow is proposed to be preserved. Five months ago, at the initiation of this projects rebirth, approximately 45 acres of wetland were to be disturbed within a typical business subdivision using typical design and construction techniques, through much review and research and public discussion, such items as permeable pavement for parking lots, drainage swales, rain gardens, minimal underground drainage, and a reduction of wetland impact to approximately 17 acres is now being considered. At some point the project must move forward or Fayetteville can truly claim the moniker of "most difficult town to develop in." I do not want that legacy; rather I would prefer the legacy of "Fayetteville, environmentally aware, balancing the needs of the environment and business growth with a common sense approach to problem solving". FAYETTEVILLE THE CRY OF FAYEREVI LLE, ARKANSAS Memo to Council Junc 30, 2004 From: Mayor Dan Coody p✓i.oce�o?o (J� I apologize to each of you for not having the list of potential projects for funding to you in the manner you were exiiecti g. This had been worked out with the gaff to give to you before the meeting but, obviously, the paperwork was not given to you as it was supposed to be. After vL9tlng with the Council to get an Idea of your wishes concerning how this money could be best utilize, this proposal tries to reflect the visions of both the Council and this administration. This proposal will not satisfy everyone 100%. The wishes for this money ranged from leaving all of it in the bank to spending all of It on one program. This plan represents a middle ground that would give benefit to several projects that are important to this community. While $5.3 million (purchase price after dosing ms plus acted Interest) may sound like a lot of money, It is surprising how quiddy It can be absorbed in needed municipal projects. What I have tried to do was tows on projects that are needed In Fayetteville but lack adequate funding. For example, Alderman Jordan wished that some money would go to a new fire station but we are budgeting to fund a fire station In our C.I.P. and we are In the planning stages now for two new stations on the east side as we construct a new station on the west side. Since we have a funding stream in place for this program, I thought it prudent to fund programs where funding was Inadequate or non-existent. The only program for potential funding where revenue is regularly programmed Is for street Improvements (S21 million for streets and overlay program in our 5 year C.I.P) because this Issue received the highest priority In our citizen's survey. Additional revenue would accelerate our work plan for street Improvements. The other earmarks would be for quality -of -life efforts that will also return revenue to the taxpayers over time based on increased regional and State tourism, provide amenities that would help local companies recruit their best and brightest employees to Fayetteville, and enhance our position in the New Economy as the undisputed cultural center for Northwest Arkansas. Alderwoman Thlel's suggestion for an amount for the Audubon Society is problematic in that the Society has advanced no proposal and does not own any land yet The memo from our City Attomey's office also raises a concern. However It is ultimately up to the Council as to how these issues are addressed. My recommendations are: $L8 Million returned to the General Fund for Economic Development to replenish the fund that originally purchased the land. $2 Million for street Improvements. $750,000 for the Botanical Garden of the Ozarks that Is housed on City property at Lake Fayetteville. $500,000 for acquisition and dean up of creek corridor and construction for Scull Creek Multi -Use Trail in the heart of Fayetteville to connect our northern and southern trails. $250,000 for the City-wide, 2025 Master Plan due for updating next year with the caveat that we Incorporate a more comprehernsive, detailed land -use plan (or the larger community than we have to date. 112WESTNOUNTAIN 72701 479421.7700 FAX 4794754257 FAYETTEVILLE TIE Cm OF FAYETTEVILLE. ARKANSAS DEPARTMENTAL CORRESPONDENCE TO: Fayetteville City Council FROM: Dan Coody, Mayor DATE: June 29, 2004 Subject Use of Wilson Springs Proceeds 0 Guy /v5o� oSpA; &V PA.oeuc MICROFILMED Recommendation It is my recommendation to City Council that we rankth lowing list of potential uses of the Wilson Springs proceeds in priority order and begin the cess to further refine these uses during the next few months. Discussion The City received approximately $5.2 million for operty the uses listed below is not in any priority order. They do reflect the items revi in o nversations over the past few weeks. Potential Uses Savings/Economic Development Street Improvements Matching Funds to the Botanical arden Matching Funds to the Audubon Society Scull Creek Trail Corridor General Plan/ City -Wide Master Plan Update Next Steps Determine amounts to designate for each use Determine amounts and streets Receive proposal for consideration Receive proposal for consideration Determine amounts for the initial phase of project Determine amounts for the initial phase of project 0 NAME OF FILE: Resolution No. 68-03 CROSS REFERENCE: Item # Date Document 04/15/03 Res. 68-03 w/Ex. A 2 04/23/03 Staff Review Form w/attachments draft resolution memo to mayor memo to Alderman Reynolds copy of Condensed Alternative Analysis Proposed Arkansas Research & Technology Park copy of Associated Appraisers, Inc. appraisal Fayetteville Research & Technology Park Moore Lane & North Shiloh Drive copy of Appraisal Report City of Fayetteville, 1-540 Business & Technology Park print out of Financial Management, Project Transaction report copy of Appraisal Report 3 05/12/03 memo to mayor NOTES: FAYETTEV?LLE L THE CITY Or FATETTEVILU. ARKANSAS DEPARTMENTAL CORRESPONDENCE To: Dan Coody, Mayor From: Clarice Buffalohead-Pearman O City Clerk's Division Date: May 12, 2003 Re: Resolution 68-03 Attached hereto is a copy of the above resolution passed by the City Council, May 6, 2003, approving the real estate purchase and sale contract the sale of 289 acres, 1-540 Business Park Site, in the amount of 5.2 million dollars and other consideration. The original resolution and a copy of the Offer & Acceptance Contract will be microfilmed and filed in the city clerk's office: If anything else is needed please let the city clerk's office know. Attachment(s) cc: Nancy Smith, Internal Auditor y+ STAFF REVIEW FORM /-c,J x AGENDA REQUEST • • ` CONTRACT REVIEW GRANT REVIEW For the Fayetteville City Council Meeting of: May 6, 2003 FROM: Dan Coody Mayor Name Division Department ACTION REQUIRED: Approval of resolution authorizing Mayor to enter into a Real Estate Purchase and Sale Contract between Legacy Project, LLC , ... and the City of Fayetteville for approximately 289 acres of land on the north side of Interstate 540 (Wilson Springs Business Park) for $5,200,000.00. COST TO CITY: ($5,200,000.00) $ 371,320 - Wilson Springs Business Park Cost of this request Program Category / Project Name 1010-0001-4881-02 Account Number 95075-00 $ 371,320 Funds Used to Date Program / Project Category Name S -0- - General FUnd Project Number Remaining Balance Fund Name BUDGET REVIEW: Budgeted Item Budget Adjustment Attached -z.3.o3 Budget Manager Date CONTRACT/GRANT/LEASE REVIEW: STAFF RECOMMENDATION: Division Head Department Director (\II f Fina ce & Internal Services Dir. ChiefjAdministrative Officer Mayor a a3?Gu4 . Date Internal Audbor Date W23'63 4a5/o3 Date Purchasing Manager Date Date I Date Date - 2 3 003 Date z i Date New Item: Yes Previous Ord/Res#: Orig. Contract Date Orig. Contract Number Rec'd in Mayor's Office No RESOLUTION NO. A RESOLUTION TO APPROVE THE REAL ESTATE PURCHASE AND SALE CONTRACT WHEREIN LEGACY PROJECT LLC PURCHASES THE 289 ACRE 1-540 BUSINESS PARK SITE FROM THE CITY OF FAYETTEVILLE FOR 5.2 MILLION DOLLARS AND OTHER CONSIDERATION WHEREAS, Mayor Dan Coody has negotiated the sale of 1-540 Business Park site to Legacy Project LLC for 5.2 million dollars and Legacy Project's commitment to preserve and protect 100 acres of wetland or near wetlands until it conveys this 100 acres to an environmental conservation non-profit organization; and WHEREAS, the City of Fayetteville is empowered by A.C.A. § 14-54-302 with the authority to buy, sell and convey real estate and the City Council can authorize the Mayor to execute such contract to sell municipally owned real estate. NOW, THEREFORE, 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 Real Estate Purchase And Sale Contract Between Legacy Project, LLC And The City Of Fayetteville (attached as Exhibit A) in which the City sells its 289 acre 1-540 Business Park acreage to Legacy Project LLC for $5.2 million plus Legacy Project LLC's agreement to convey 100 acres of this property which is wetland or near wetland to an environmental conservation non-profit organization. Section 2. That the City Council of the City of Fayetteville, Arkansas repeals or amends any Resolution that is in conflict with this Resolution or the terms of the Contract attached as Exhibit A. PASSED and APPROVED this the 6'" day of May, 2003 APPROVED: ♦� By: 9k DAN CO DY, Mayor ATTEST: By: Sondra Smith, City Clerk FAYETTE\ LLE THE CITY OF FAYETTEVILLE. ARKANSAS KIT WILLIAMS, CITY ATTORNEY DAVID WHITAKER, ASST, CITY ATTORNEY LEGAL DEPARTMENT DEPARTMENTAL CORRESPONDENCE_ TO: Dan Coody, Mayor City Council FROM: Kit Williams, City Attorney �. DATE: April 23, 2003 RE: Legacy Project Contract I have reviewed and negotiated revisions along with Mayor Coody and City Staff for the proposed 5.2 million dollar Land Sale Contract with Legacy Project LLC. The Mayor, City Staff, and I now can recommend approval of the Contract presented for your consideration. Basically, this Contract is a land sale contract for 5.2 million dollars which will not become final until and unless Legacy Project LLC's development project is finally approved in a form and manner acceptable to Legacy Project LLC by the final city body empowered to approve the development (either the Planning Commission or City Council). Once final approval for Legacy Project LLC has been granted, the remaining requirements of the Contract including the payment of the $5.2 million become legally enforceable. Up until final acceptable approval is granted, Legacy Project LLC can walk away with only its Earnest Money in jeopardy (to reimburse the City for the Title Commitment and Survey). • [1 Once Legacy Project, LLC's development is underway and it begins infrastructure construction, the City is empowered to use money from a state grant to reimburse Legacy Project, LLC's infrastructure expenditures up to $700,000.00. This Contract also ensures that 100 acres of wetland or land adjoining or near the wetland shall be preserved and protected by Legacy Project and then donated by Legacy Project LLC to an "environmental conservation non-profit organization". If any alderman has any questions concerning terms, conditions, or sections of this Contract, please call me at your convenience. FAYETTEV?LLE THE CITY OF FAYETTEVILLE. ARKANSAS Krr WILLIAMS, CITY ATTORNEY DAVID WHITAKER, ASST. CITY ATTORNEY DEPARTMENTAL CORRESPONDENCE TO: Alderman Robert Reynolds LEGAL DEPARTMENT CC: City Council; Mayor Coody FROM: David J. Whitaker, Assistant City Attorney J7/? DATE: May 1, 2003 RE: Restrictions on the Economic Development of Arkansas Fund Grants for 1-540 Business Park At your request, I have reviewed the State law and available documents pertaining to the approximately S700,000.00 in grants received to develop the infrastructure at the 1-540 site. The purposes for which Economic Development of Arkansas Funds are to be used were described in the former A.C.A. § 26-59-122, as follows: "The special revenues in this fund are to be used for grants to support job creation or job retention projects by government entities such as state agencies, public education institutions, airport or port authorities or a local body of government. The grant funds are to be used for construction, reconstruction, demolition, site development, transportation, contract and related costs associated with job creation or retention projects, or streets, roads, bridges, drainage and other vital public facilities related to job creation or retention or to provide training or retraining of the workforce for new or existing industry." (Emphasis added). This statute does not restrict the funds to "high-tech" jobs, and seems to encompass all the activities one would associate with infrastructure development. The grant documents themselves make it clear that the funds may only be used at the 1-540 site, and for the purpose of constructing the infrastructure necessary to develop it. However, there is no language in any of the documents that specifically restricts the use of the funds to the development of "high-tech" or research oriented businesses. While the City's application spoke extensively of such hopes, no such restrictions are mentioned in documents from the granting agency itself or in the above -cited State law. I .P •Ii .ii +I•Y� 11li. �.•�.� t%1 ar.I l r. v ••-. iYa __-• -j . `. t....Jlri .• ;111.1} • L •• ft IC} .tr. 1.iid.['i r1 C.rr 'V .. aJ•11 Ila ... lV ma ei,. EGIS,�Inc :;':rar . ...> I r\ f.r. _'�IJ \� .. I. 4 � nww � '. r' 1 ._a. .. a..0 ' • ' Environmentall& GIS Consulting •l.. a• t d -Irl..y / r 1r � 1 M.� !2 n i Cri'{'� 1 r{'V-1 LL...♦ ti -: i , ;1314ZoUth,Maih :Bentonville„AR 727.12 , l;,'; ;;z, •f i J.•, �. P•Y:K•araa u.. y..a r 501/271-9252 rr Condensed Alternative. Analysis Proposed Arkansas Research and Technology Park Prepared For: -:City.�fFayettevIII�c k1 Fayetteville, Arkansas Prepared: May 2000 Project Number: •1850 Property Type: Industrial/Technological Location: Shiloh Drive City: Fayetteville' County: Washington State: Arkansas I I I L EXECUTIVE SUMMARY EGIS, Inc. (EGIS) has performed environmental and alternative assessments on properties being investigated by the City of Fayetteville (the City) as potential technology development sites in the City of Fayetteville, Washington County, Arkansas. Seven potential sites, including the proposed development site, were examined from an inter -disciplinary team approach (engineers, planners and environmental consultants). Factors considered in the alternative assessment included but were not limited to: wetlands, streams, infrastructure requirements, visibility, access, safety, economics, size requirements for development, zoning, and planning goals. The new development will provide a centralized location for "high tech" industries. The project site contains approximately 84 acres of wetlands and roughly 6,200 linear feet of stream channel. The current development plans propose to impact 47 acres of wetlands and minimal stream channel. Because of the impacted acreage amount, the City has initiated Section 404 individual permitting procedures. In doing so, the City is exercising the Corps of Engineer's (COE) sequencing directive of avoid, minimize and mitigate. As a result of coordination efforts (written correspondence, verbal communications and onsite meetings) with various interested parties such as the COE, US Fish and Wildlife Service (USFWS) and University of Arkansas (U of A) faculty and students, the City has reconfigured and redesigned the project development numerous times. The current design has been modified to the extent of reducing impacts to regulated areas yet remain economically feasible. Further project downsizing could result in project abandonment. Project abandonment is perceived to result in a significant economic loss to not only the City, but also the Northwest Arkansas region. Additionally, project abandonment could conceivably result in adverse impacts to the ecologically sensitive fish species, Arkansas darter and its critical habitat associated with the Wilson Springs watercourse. The potential for adverse impacts to the fish results from the possibility of the City having to sale the property (to gain some economic return) to a new landowner who, in turn, could legally remove the riparian canopy of Wilson Springs without regard to environmental stewardship. This alternative analysis assessment is submitted for the argument that the city -owned preferred site is the only practicable development site which best meets the requirements and needs of both the City and the environment. The due diligence of the City in avoiding and minimizing impacts Ito regulated areas as well as proposing onsite mitigation to offset the loss of waters of the US is believed to be in accordance with the Section 404 guidelines for permit evaluation criteria and therefore, assists the COE decision process regarding the issuance of permit authorization. FAYETTEVILLE THE CITY OF FA YETTEVILLE, ARKANSAS DEPARTMENTAL, CORRESPONDENCE To: City Council From: Gary Dumas Date: April 30, 2003 Subject: Background information concerning Wilson Springs The Mayor indicated during the Agenda Session of April 29, that he would provide to the City Council some background information on the wetland delineation. Attached is the Executive Summary from the EGIS report Condensed Alternative Analysis completed in May 2O00 along with the complete report less appendices and charts of the EGIS, Wetlands Functions and Values Assessment completed also in May 2000. These reports form the basis for the delineation of approximately 84.4 acres of wetlands and approximately 3.9 acres of streams. Remaining portion of the approximate 100 acres to be conserved is comprised of floodplain and the upland area along Wilson Springs Stream. If you desire to review the background data compiled by EGIS which formed the basis for their delineation and alternative analysis please contact me and I will retrieve the files and make them available or copy them for you. I. '• EGIS, Inc. Environmental & GIS Consulting 314 South Main I Bentonville, AR 72712 (501) 271-9252 Wetlands Functions and Values Assessment IPrepared For: The City of Fayetteville I Engineering Department 113 West Mountain Fayetteville, Arkansas (501) 444-3417 I Prepared: May, 2000 Project Number: 1850 Property Type: Commercial I Location: Shiloh Road City: Fayetteville County: Washington State: Arkansas I I I I ' TABLE OF CONTENTS 1 Introduction................................................................1 ' Site Location and Description ........ . . . ............ 1 Regulated Area Descriptions .......... .. . . . . . . .................. .. 2 Wetland Functions and Values Assessment ...................................... 6 ' EGIS's Professional Judgement .................................... 6 Methods...................................................... 7 'Total Wetland Habitat .. .. 9 Total Existing Impacted Area .......................... 9 ' Individual Impacted Wetland Habitats ................... 10 Emergent Wetlands .. . 10 Emergent Marsh Wetlands ................ 10 ' Scrub/Shrub Wetlands ......... 11 Forested Wetlands ...................... ..... 11 Bottomland Hardwood Forest .............. 12 COE's Preliminary Evaluation .............. 13 ' Comparison between EGIS and COE Evaluations .................. 13 ' Stream Habitat Quality......................................................15 Stream Habitats ............................................... 16 Combined Stream System Evaluation 16 ' Three Combined Watercourses .................. 16 Individual Stream Evaluations ......................... 16 Clabber Creek .......................... 16 I Wilson Springs ......................... 17 Unnamed Tributary ...................... 18 Proposed Mitigation .........................................................19 Conclusions............................................................23 References..............................................................26 Appendices..............................................................27 Appendix A - Site Location Map .... 0 ......... 0 .............. 0 .... 28 Appendix B - Habitat Type Map ........... 0 ...... 0 ............... 29 Appendix C - Bridge Expanse Diagram for Clabber Creek ............... 30 Appendix D - Spring Structure Expanse Diagram for Wilson Springs and the Unnamed Tributary ......... 31 Appendix E- - Wilson Springs' Species List .......................... 32 Appendix F - Resumes ......................................... 33 • S LIST OF TABLES ' Tablel. . Total Acreage of Each Habitat Type ................................... 5 Table 2. Impacts per Habitat .. . . 5 Table 3. Function and Value Ratings ........................................... 7 ' I I ' EGIS JOB NO. 1850 ' INTRODUCTION A Functions and Values Assessment (FVA) has been prepared by EGIS, Inc. (EGIS) on behalf of ' the City of Fayetteville regarding appropriate compensatory mitigation ratios for the proposed Arkansas Research and Technology Park (ART Park) located in Fayetteville, Arkansas. This FVA ' has been developed to determine appropriate replacement for impacts to wetlands and waters of the US on the development site. This assessment is designed to examine the biotic functions and human and intrinsic values of wetlands to ensure a "No Net Loss" of social and environmental benefits from these habitats as coined by the Bush Administration. Professional judgement is used ' in this assessment to evaluate wetland and stream habitat qualities under present conditions. The ' information gathered from this assessment will be applied to replacement concepts in order to provide acceptable and appropriate mitigation for the loss of functions and values of existing waters ' of the U.S., including wetlands. Wetland functions and values and stream habitat qualities are assigned ratings of low, medium or high and are estimated by using common functions and values ' knowledge and the professional judgement of EGIS wetland scientists. This assessment is provided to the Little Rock District, U.S. Army Corps of Engineers (COE). 1 SITE LOCATION AND DESCRIPTION The tract of land investigated is located in the City of Fayetteville, Washington County, Arkansas. ' More specifically, the site is described as part of the NW '/. and SW Y. and parts of the NE ¼ and the SE Y. of Section 33, Township 17 North, Range 30 West, containing approximately 289± acres, tmore or less. Generally, the proposed development lies east of State Highway 112. The property is bound to the west by Deane Solomon Road, Moore Lane to the south and Shiloh Drive to the ' east. A fence delineates the north boundary of the site. Commercial properties exist in all four cardinal directions from the proposed development. Residential properties exist south and west ' of the development site. The majority of development area appears to have been utilized for ' agricultural purposes in the past. The site contains limited buildings, most of which are farm - related (hay and cattle sheds). At least three ponds exist on the site. Clabber Creek bisects the I. • Iproperty in a northeast to southwest direction. Additionally, two smaller perennial streams flow into I Clabber Creek from the east (Wilson Springs) and from the north (unnamed tributary). The 289± acre -site includes approximately 14 acres situated on the west side of Deane Solomon Road, ' directly north of the Razorback Golf Course. This separated acreage is included in the total ART Park project, however, the parcel is not currently planned for technology development. Instead, Iapproximately 7.5 acres of the separate parcel are planned to be leased for use by two charitable organizations (Children's House and Sage House). I Appendix A contains a Site Location Map depicting the proposed ART Park development site. IAppendix B depicts the individual wetland habitat types located on the development site. Diagrams I of the various stream channel crossings are located in Appendix C. A Wilson Springs' species list obtained from the U of A student chapter of the American Fisheries Society is located in Appendix ID. Resumes of EGIS professionals associated with this professional functions and values assessment are provided in Appendix E. I REGULATED AREA DESCRIPTIONS The amount of regulated wetlands and streams was initially determined by EGIS field delineation. The City of Fayetteville later surveyed EGIS's delineation and determined the total regulated areas to be about 84 acres of wetlands and 4 acres of surficial stream area. The majority of wetland complexes extant on the proposed ART Park development site would likely be classified within the "Palustrine" system according the Cowardin wetland classification system'. Evolving wetlands located within the channel of Clabber Creek could be classified within the "Riverine" system. The existing wetlands on the site range from small, sub -acre, low quality, emergent herbaceous wetland areas; to bottomland hardwood wetlands of several acres consisting of moderately high quality functions and values. Five wetland habitats were described by the COE (described in the Public INotice, dated 10 February 2000) and are recognized by EGIS in this report. The habitats included As described in Classification of Wetlands and Deepwater Habitats of the United States. ' 2 • emergent wetlands ( or sloped wet meadow), emergent marsh wetlands (or depressional wet meadow), scrub -shrub wetlands, forested wetlands and bottomland hardwood forest. The three streams located on the site combine for approximately 6,000 linear feet of stream channel. The three perennial stream habitats are professionally assessed as moderate in quality. The streams varied little in dimension throughout their respective watercourses. Clabber Creek [roughly 2,800 linear feet in length and 50 to 66 feet wide (58 feet on average) between ordinary high water marks (OHW), or 3.7 surficial acres in size] was channelized throughout its entire length across the development property approximately 8 to 10 years ago. As a result of past stream work, the channel of Clabber Creek is approximately 10 times wider through the proposed development site compared to its natural channel located upstream and downstream of the project site. Portions of Clabber Creek are evolving into more of a flowing wetland rather than a discernible stream. The watercourse is described as being shallow and wetland -like in its easternmost channel segment, and more stream -like and pooled and in its westernmost channel segment. The riparian area paralleling Clabber Creek is open agricultural land offering limited shading of the watercourse. Wilson Springs (originating off -site) enters the project site near its eastern boundary and flows west/northwest approximately 1,750 linear feet before intersecting with Clabber Creek. Wilson Springs watercourse averages four feet between OHW, or 0.2 acre in size. The US Fish and Wildlife Service (USFWS), members of the Arkansas Game and Fish Commission (AGFC), and the faculty and students of the University of Arkansas (U of A) have determined that a rare state fish species (Arkansas darter, Esteothoma cragini) exists in Wilson Springs, and therefore, hold the watercourse in high regards relative to habitat. The watercourse is described as being a cool - water habitat that is relatively narrow and shallow (averages less than six inches in depth at normal flow); contains a silt -laden stream substrate with a limited number of gravel shoals; and has sparsely covered herbaceous banks. The majority of the watercourse is well shaded by a maturing bottomland hardwood forest. Shading of this cool -water habitat is perceived to be significant regarding the presence and continuance of the Arkansas darter. The watercourse appears to have historically experienced significant siltation from undetermined upstream sources. These sources -3- may be naturally occurring or related to development over the past 25± years. Silt deposit depths appear to range from a few inches to over one foot. Additional accrual of silt without some form of silt removal from the watercourse is viewed by EGIS as potentially damaging to the Arkansas darter. Opportunities for habitat preservation and enhancement regarding the darter species will be discussed later in this report and in greater detail in a mitigation plan. The second perennial tributary creek (unnamed) is centrally located on the northern portion of the development site and flows south approximately 1,450 linear feet (two feet between OHW, or 0.1 acre size) before intersecting with Clabber Creek. Although EGIS has not been provided access to view the headwaters of this tributary it is thought to most likely be spring -fed as well. The watercourse is described as being a coot water habitat that is relatively narrow and shallow; averages less than six inches in depth at normal flow; contains a partially sift -laden stream substrate with a limited number of gravel shoals; and has sparsely covered herbaceous banks. A riparian area paralleling the watercourse is described as containing limited wooded coverage with the majority being open agricultural land. The riparian area averages less than 19 feet in total width. It should be noted that although the agencies and U of A Biology Department representatives have strongly advocated the preservation of Wilson Springs because of the existence of the Arkansas darter, all three watercourses have been generally investigated and observed to contain a number of the Arkansas darter. I The public notice related total wetland and stream habitat acreage, however, it did not relate specific acreage totals for each habitat type. The City has continued to refine the project and have developed a number of topographic surveys. EGIS has taken the latest survey and overlaid the approximate individual habitat boundaries on the plan in an attempt to gain an idea of surficial amount of acreage of each habitat. The following Table 1 depicts EGIS's professional interpretation of the habitat acreage amounts: -4. Table 1. Total Acreage of Each Habitat Type Emergent wetland 9.8 Emergent marsh wetland 4.4 Scrub -Shrub wetland 33.9 Forested wetland 22.9 Bottomland Hardwood Forest 13.4 Total Wetlands 84.4 Stream 3.9 (6,000 linear feet) In the public notice, the amount of regulated area impacts was described as 55 acres of wetlands and 0.5 acre of stream. However, because of the ongoing refinement of the City's design (in an effort to minimize adverse impacts) planned construction activities have been reduced to an estimated impact of 46.9 (47 acres) acres of wetlands and 0.1 acre of stream habitat. The following Table 2 is a comparison between the individual wetland and stream habitat acreage impacts determined by the COE (described in the Public Notice) and the acreage impacts determined by EGIS after the City's latest revised footprint plan for the ART Park development. Table 2. Impacts per Habitat Habitat Acreage Impacts (as determined by EGIS following City revision) Acreage Impacts (as determined by COE per the Public Notice) Emergent Wetland 8.3 8.0 Emergent Marsh Wetland 0.2 4.0 Scrub -Shrub Wetland 26.7 18.0 Forested Wetland 11.4 22.0 Bottomland Hardwood Forest 0.4 3.0 Stream 0.1 0.5 Total -47.0 55.5 -5- For this assessment, the wetland and stream acreage determined by EGIS will be discussed in detail. Since wetland systems are different aquatic regimes as compared to stream systems, the wetlands and stream habitat qualities will both be specifically addressed. In addition, a brief comparison of the existing wetlands functions and values qualities between the original site layout plan (submitted to the COE) and the revised site layout plan (reviewed by EGIS in this assessment) will be discussed. WETLAND FUNCTIONS AND VALUES ASSESSMENT EGIS's Professional Judgement The existing wetlands found on -site range from low to high quality. The streams range from low to moderate quality. The professional judgement methodology will demonstrate the present functions and values of the existing wetlands, and to a certain extent the existing stream, from ecological and social perspectives. This FVA evaluation considers pertinent functions and values of existing regulated areas on the development site. Wetland functions are described as the physical, chemical and biological characteristics of wetlands (e.g., hydrologic flux and storage, biological productivity, biogeochemical cycling and storage, decomposition and community/wildlife habitat). Wetland values are those characteristics that are beneficial to society (i.e., flood storage, sediment/nutrient retention, visuaVcultural, erosion control, and water quality). The evaluation of a site to ascertain an appropriate mitigation ratio takes into consideration a number of relational elements. To obtain an appropriate mitigation ratio, the proposed mitigation functions and values must equal or exceed the functions and values of the existing or impacted wetlands. In order to determine appropriate mitigation, an assessment of the existing wetland habitat(s) must be conducted. Once the quality of the existing wetlands has been determined, then mitigation to address the appropriateness of replacement functions and values can be proposed (i.e., compensation to impacts). A ratio of compensation to impacts can be estimated via a number of different techniques. In most cases, the proposed mitigation attributes can be compared to the lost functions and values. However, because a definitive mitigation plan has not been finalized for -6- ' this project as of the publishing of this FVA, only the potential quality points of the existing wetlands ' are determined. Any proposed mitigation plan will need to meet or exceed the value points of the existing impacted wetlands in order to be considered appropriate compensation. In this ' professional judgement assessment, numerical values or quality points are estimated for the existing wetlands. Each impacted wetland's overall quality is described as Low, Low to Moderate, I Moderate, Moderate to High or High. Each quality is then assigned a functional value quality rating (fv rating). Fv ratings are described on a scale of 1 to 3 with 1 being low and 3 being high. The ' following Table 3 describes the overall functions and values and each corresponding fv rating: Table 3. Function and Value Ratings Functions and Values Quality Description (Overall Quality) Functions and Values Ratings (Iv rating) Low 1 Low to Moderate 1.5 Moderate 2 Moderate to High 2.5 High 3 By applying the fv rating to the acreage of impact, quality points of the impacted wetlands are obtained. In most cases, the quality points of the wetlands are derived via one or both of the two methods described below. Either the specific quality points, or the sum quality points of the functions and values to be lost are tallied. The tallied quality points indicate the appropriate minimum number of points to be replaced through compensatory mitigation. The following is a general discussion of the methods utilized to ascertain the quality of the existing wetlands located on the ART Park development site: Methods 1. The first method of assessment determined the specific quality points of the existing functions and values. The specific quality points of the entire impacted -7- ' wetland complex are first calculated. This value indicates the worth of all existing impacted wetlands. The entire complex is valued. If more than one wetland habitat ' exists which will be impacted, the quality of functions and values of each individual habitat type to be lost is determined. The specific quality points are achieved by assessing the wetland complex, holistically and/or individually, and assigning an ' appropriate fv quality rating to the overall functions and values of the wetland areattype. The fv rating indicates the individual quality appraisal of each particular ' regulated area. Specific quality points are obtained when the fv quality rating is multiplied with the wetland acreage impacted on an individual basis. 1 2. The second method of assessment determines the sum quality points of the 1 existing wetlands. The sum quality points are equated by totaling each of the ' specific quality points of the individual wetland habitats (i.e., five habitat types, then totaling all five specific quality point values). The sum quality points represent the ' whole quality of the entire impacted wetland environment on the site as determined by assessing the individual habitat types. The tallied specific quality point value can be utilized to indicate how many replacement ' points must be achieved through compensatory mitigation. In addition, the tallied sum ' quality points can be utilized to indicate the appropriate compensatory mitigation replacement points. However, a combination of the specific quality points and the sum ' quality points indicates a more realistic value of replacement. This is accomplished by achieving an average of the specific quality points of the entire wetland complex and ' the sum quality points of the individual wetland habitats (add the two methods together and divide by 2). The quality points of the impacted wetlands, achieved via either ' method of assessment and/or combination thereof, provide the minimum number of quality points that the proposed mitigation must meet or exceed in order to be ' considered acceptable compensation. The points are utilized to ensure the equality of I 8- I • • F F C I I I I F Ill n I I I fl the proposed compensatory mitigation functions and values compared to the existing functions and values to be lost. Simply said, the total number of quality points of the proposed mitigation (replacement wetlands) must be equal to or greater than the total number of quality points of the impacted wetlands (lost wetlands) to be considered appropriate. Pertinent functions and values to the ART Park entire wetland complex as well as the individual wetland habitats have been considered and are briefly addressed below. Wetland functions exhibited by the existing wetlands include but are not limited to: groundwater discharge/recharge, sediment detainment, wildlife habitat and nutrient cycling. Wetland values exhibited by the existing on -site wetlands include but are not limited to: flood storage, water quality, research/education, erosion control, recreation and aesthetics. The following are brief descriptions of the existing wetland complex including total and individual acreage information and quality of functions and values proposed to be lost: Impacted Wetland Habitat Assessments Total Existing Wetland Habitat The proposed development site contains approximately 84 acres of combined wetland habitat. Total Existing Impacted Area Project proposes to impact almost 47 acres (comprise 59% of the total wetlands). The quality of the existing wetland functions and values are professionally assessed as low to moderate due to the historical land disturbances that have occurred on or adjacent to the site. The site has experienced significant disturbance from surrounding developments, as well as on -site activities such as cropping and cattle operations as well as dredging Clabber Creek and the implementation of a number of underground utility lines. However, the site's wetlands do offer flood storage, water -9- II ' quality, wildlife opportunities, and biodiversity benefits among other limited functions ' and values. This assessment assigns a specific fv rating of 1.5 to the functions and values of the existing wetlands. The resulting specific quality points of 70.5 are ' estimated (47 acres X 1.5 fv rating). The quality points represent the actual value of the entire wetland acreage that is proposed to be impacted. Without reviewing the ' individual wetland habitat qualities, the 70.5 quality points of the entire wetlands complex represent what must be met or exceeded by the proposed mitigation to be an ' acceptable compensation plan. Individual Impacted Wetland Habitats ' Emergent Wetlands - contains 9.8 acres total (comprise 12% of existing wetlands) 8.3 acres are proposed to be lost (comprise 18% of impacted wetlands) - this ' habitat is considered to exhibit low quality wetland functions and values. The majority of this habitat is located on sloping topography and is relatively isolated. The habitat ' does offer some flood storage. Hydrology is presumably associated with a seasonal high water table which offers some groundwater recharge capabilities. As a result, ' vegetative composition is facultative in nature, thereby, suggesting a limited ability to function viably during extended periods of inundation. In addition, the habitat is considered low regarding uniqueness and biodiversity potential. Conversely, the habitat ' offers some lowto moderate beneficial wildlife opportunities, flood storage, water quality and erosion control values. This assessment assigns a low overall fv rating of 1 to this ' habitat type. The impacted habitat exhibits 8.3 specific quality points (8.3 acres X 1 fv rating). 1 Emergent Marsh Wetlands - contains 4.4 acres total (comprise 5% of total wetlands) ' 0.16 acre is proposed to be lost (comprise 0.3% of impacted wetlands) - this habitat is considered to exhibit moderate quality wetland functions and values. The majority of habitat is located within the existing floodplain of Clabber Creek, thereby I -10- offering low to moderate wildlife attributes. Additionally, the habitat offers several other moderate benefits regarding groundwater recharge, flood storage, erosion control and water quality which are estimated as moderate value. Individual areas are dominated by wetland herbaceous plants which contribute to biodiversity and aesthetics. This assessment assigns a moderate fv rating of 2 to this habitat type. The impacted habitat exhibits a total of 0.32 specific quality point (0.16 acre X 2 fv rating). Scrub -Shrub Wetlands - contains 33.9 acres (comprise 40% of total wetlands) 26.7 acres are proposed to be lost (comprise 57% of impacted wetlands). This habitat is considered to exhibit low to moderate quality wetland functions and values. The majority of this habitat located within a highly disturbed area of the site. Historical land clearing and forestry activities are associated with this habitat. The area is perceived to be associated with a seasonal high water table and offers some groundwater recharge qualities. The vegetative community is dominated by facultative species which suggests a limited ability to function viably during extended periods of inundation. However, the vegetation is predominated by shrubby plants which contributes to biodiversity. The habitat offers limited benefits regarding wildlife opportunities, flood storage, water quality and erosion control values. This assessment assigns a low to moderate fv rating of 1.5 to this habitat type. The impacted habitat exhibits a total of 40.1 specific quality points (26.7 acres X 1.5 fv rating). Forested Wetlands - comprises 22.9 acres (comprise 27% of total wetlands) The project has an estimated 11.4 acres to be lost (comprise 24% of impacted wetlands) - considered to exhibit moderate quality wetland functions and values. This habitat is located in a number of areas (fragmented) within the perimeter of the project site. Areas are dominated by maturing hardwood wetland vegetation which contributes to biodiversity and uniqueness. These forested wetlands also offer moderate benefits to wildlife, sediment/nutrient retention, flood storage, and water -11- quality. This assessment assigns a moderate fv rating of 2 to this habitat type. The impacted habitat exhibits a total of 22.8 specific quality points (11.4 acres X 2 fv rating). Bottomland Hardwood Forest - contains 13.4 acres total (comprise 16% of total wetlands An estimated 0.41 acre of bottomland hardwood forest habitat is proposed to be lost - considered to exhibit high quality wetland functions and values by the COE. EGIS assessed the area as a moderate to high quality rating. The area is much like the forested wetland habitat in appearance. However, a portion of the habitat surrounds a spring -fed waterway (i.e., Wilson Springs). This area is dominated by mature hardwood wetland vegetation. The vegetation contributes significantly to biodiversity, nutrient retention, water quality, uniqueness and visual attributes. Educational and research opportunities exist due to the presence of the special fish species in ,the encompassed waterway. This assessment assigns a moderate to high fv rating of 2.5 to this habitat type. The impacted habitat exhibits a total of 1 specific quality point (0.41 acres X 2.5 fv rating). The sum quality points of the five wetland habitats combine for a total of 72.5 points (8.3+0.32+40.1+22.8+1). The sum quality value of 72.5 points represents the potential loss of function and value points as a result of impacts to the five existing wetland habitat types. In order to represent a realistic value of replacement points, an average of the entire site's quality points combined with the sum quality points of the individual habitats indicates that 71.5 total quality points are needed to achieve the appropriate compensatory mitigation (70.5 +72.5 =2). Therefore, mitigation which equals or exceeds 71.5 total quality points will result in "no net loss" of wetland functions and values. As the mitigation plan is refined, a goal of at least meeting and most likely -12- exceeding 71.5 sum quality points will be attained in order to meet regulatory requirements for the proposed ART Park development. COE's Preliminary Evaluation In order to complete the public notice request, COE personnel preliminarily estimated the site's wetland qualities and mitigation opportunities for both the City's original development proposal as well as the COE's initial site appraisal. Based on information supplied for the public notice, the City proposed replacing 55 acres of wetland impact with 71 acres mitigated (38 acres creation and 33 acres preservation). This correlation equated to a 1.3 to 1 mitigation acreage to impact acreage ratio (71/55.5). The COE further indicated that the City's proposal offered 67 replacement points for the existing wetland functions and values. The City's initial offering and mitigation compensation ratio were rejected by the COE. Subsequently,, the COE suggested a mitigation compensation area ratio of roughly 1.6 to 1 and mitigating on about 91 acres (55.5 acres X 1.6). The COE's mitigation proposal offered 90 replacement points forthe existing wetland functions and values. Additionally, the COE related that a greater than 1.5 to 1 ratio would be the minimum compensation ratio acceptable to them. Thus, when applying the COE's created to impacted acreage ratio, it was interpreted by the City that the creation of 61 acres (38 impacted acres X 1.6) was required. At that time, the amount of required creation acres was perceived as too high by the City and would likely have meant project abandonment. Due to this possibility, the City redesigned the project to lessen the initial impacts and consequently reduce the perceived required created mitigation acreage target. The results of the project redesign and associated impact reductions are considered by the City to be the extent to which the project can be developed with a reasonable margin of economic return and success. Comparison between EGIS and COE Evaluations When applying the quality point methods as described by EGIS in this professional assessment to the refined impacted acreage, the functions and values of the compensatory mitigation must equal or exceed 71.5 quality points to be an acceptable mitigation plan. EGIS's quality points -13- ' determination of 71.5 are less than the COE's initial evaluation of 90 points. The point tallies differ ' for a couple of reasons. The first reason being that EGIS was able to compartmentalize the five wetland types described by the COE in the public notice. In doing so a discrepancy in habitat type ' acreage amounts resulted. The initial evaluation of the COE was conducted prior to EGIS's acreage refinements. The second reason is that the City has redesigned the development site and ' . decreased the amount of impacted acreage. In association with the reduction of total acreage impacts, impacts to wetland areas of perceived high valued functions and values were substantially ' reduced. The last reason is the fact that EGIS has been able to assess the functions and values of the impacted wetlands over a period of time. The COE's assessment was performed in a ' cursory effort due to time limits in order to publish the public notice with the understanding that a ' formal functions and values assessment was to be performed. EGIS notes that the COE has endeavored earnestly to provide timely responses regarding the numerous regulatory processes associated with this project. ' The early mitigation area projections of the City and the COE are considered to be working targets and as such are perceived by EGIS to be "refinable" with the goal of "no net loss" of wetland ' functions and values. As previously indicated, the City refined the site development plans which have avoided, or reduced impacts to regulated areas. The project's redesign has lessened the ' amount of impacted acreage to 47 acres. The latest City proposal offers approximately 88 acres ' available for mitigation (roughly 50.7 acres creation and 37.4 acres preservation). This proposal decreased the original impacted acreage of 55 acres to 46.9 (47) acres (a total reduction of 8.1 ' acres) and increased the original preserved wetland acreage from 33 acres to 37.4 acres; a total increase of 4.4 acres. With the latest project redesign, the City has related that due to the planned Ipurpose of the site, infrastructure placement criteria, ingress/egress constraints, project costs, as well as other constraints associated with municipal developments, the project layout cannot be ' manipulated any further without the consideration of project abandonment. Project cancellation is perceived to result in significant economic repercussions on the general public. Based on EGIS's evaluation of the existing wetland functions and values, it is believed that the 47 acres of impact ' -14- I 0 I can be adequately and acceptably replaced within this proposal. Therefore, EGIS proposes that a combination of creation, enhancement and preservation will result in exceeding the professionally determined 71.5 wetland functions and values units by the proposed mitigation concepts. Additionally, it is also noted that this project, including mitigation, will most likely benefit the special aquatic fish species, the Arkansas darter through wetland and riparian stream preservation and in stream habitat improvements which will be detailed in the mitigation plan. Wetland habitat creation, enhancement and preservation activities, as well as upland buffer riparian zones are being planned in specific areas on the development site to compensate for impacts to existing wetlands. Compensatory mitigation concepts for wetland impacts are described in a later section of this report. STREAM HABITATS QUALITY It is appropriate to provide holistic aquatic resource benefits when mitigating for a project the size of the ART Park project. It is not unreasonable to prioritize on -site aquatic resources and to target those of greatest ecological effect so as to endeavor to comply with both the letter and the spirit of the Clean Water Act (e.g., "to protect the biological, chemical and physical integrity of the Nation's Waters"). In the context of aquatic resources as a continuum, a high priority purpose of wetlands is to protect streams and the aquatic organisms that reside in those waterways. This purpose is greatly intensified when a species of ecological significance exists within the waterway (e.g., presence of the Arkansas darter in Wilson Springs, the unnamed tributary and Clabber Creek). The three watercourses were evaluated with regards to current and/or potential use qualities exhibited by the watercourses as a combined stream system and also individually. Usage qualities for the stream systems associated with this site are limited because of their size and area. However, the importance of each with regards to agriculture, urbanization, water quality, recreation and wildlife habitat are briefly addressed. The following is a brief description of the qualities exhibited as a combined stream system and as individual streams. -15- Stream Habitats: Combined Stream System Evaluation Three Combined Watercourses - The three small watercourses (Clabber Creek, Wilson Springs and the unnamed tributary) combine for a total of 6,000 linear feet of stream channel, or combine for 4 acres of surficial stream channel area. Construction plans indicate impacting 0.1 acre of stream channel via bridge expansion. The revised site layout plan indicates Clabber Creek being impacted with a bridge expansion; the other two watercourses will be spanned and not impacted. The three watercourses are evaluated as moderate in existing overall qualities. The combined systems appear to have served as an important hydrology component for historic agricultural practices (irrigation and water source for cattle). Today, they service the City as floodwater transport and storage. Little or no recreational use is known, however, fisheries and aquatic -dependent wildlife are associated with the streams. It is the wildlife usage that is considered of greatest ecological significance. Specifically, use of the stream systems by the sensitive fish species, Arkansas darter. Individual Stream Evaluations Clabber Creek - approximately 2,800 linear feet (3.7 acres of surficial stream channel area) 0.1 acre of Clabber Creek is planned to be impacted as a result of a bridge crossing - this stream habitat is considered to be of low to moderate quality. The stream channel was dredged and channelized approximately 8 to 10 years ago for the purpose of improving urban floodwater transport and storage. Portions of the present watercourse exhibit flowing wetland characteristics, including wetland vegetation and pockets of permanent saturation and/or inundation as a result of silt accumulation (which ranges from inches to feet in depth). Due to the widening of the channel, in conjunction with small storm culverts located on its downstream (west) end, the watercourse has lost much of the stream morphometrics which exist in off -site locations -16- I upstream and downstream of the ART Park site. The portion of stream on the development site appears capable of detaining storm surge to the extent that in -stream free -board is available (portions of the streambed or thalweg exist 10 to 15 feet below top bank). The stream system offers diversity for terrestrial, avian and aquatic wildlife. U of A representatives has indicated that the special fish species, Arkansas darter, has been observed in the channel. It is EGIS's perception that this expands the known number of locations described by public notice comments from such entities as the AG&FC, the Nature Conservancy, U of A and USFWS from a reported three localities where the Arkansas darter is known to known to occur. Wilson Springs - approximately 1,750 linear feet (0.2 acre of surficial stream channel area) No impacts are planned for the channel. The watercourse will be spanned by a specially engineered crossing (spring structure) which does not discharge fill material into the stream channel. The Wilson Springs' stream system is considered to be of moderate to high quality by EGIS. The watercourse is perceived high in quality by U of A faculty and students and other environmental entities due to the documented presence of the special state -sensitive fish species, the Arkansas darter. The presence of the Arkansas darter as well as being a spring -fed watercourse is the primary basis of its uniqueness. However, due to its size, a noticeable abundance of silt accrual from upstream sources, and a limited flood carrying capacity, the watercourse appears to suggest a reduction in quality to a moderate status in the opinion of EGIS. Albeit EGIS acknowledges that this damaged environment does support the recognized ecologically significant fish species, Arkansas darter. -17- Unnamed Tributary - approximately 1,450 linear feet (0.1 acre of surficial stream channel area) No impacts are planned for the channel and/or its adjacent riparian areas. I I I I I I The watercourse will be spanned by the same specially engineered crossing of Wilson Springs. The crossing will not result in discharge of fill with the stream channel. This stream system is considered to be of low to moderate quality. The small stream system offers some diversity for terrestrial, avian and aquatic wildlife. U of A representatives have indicated that the Arkansas darter has been observed in the channel. This indication along with being a spring -fed waterway contributes to its uniqueness. However, because of the past agricultural practices that occurred on the site, the stream channel has been substantially impacted. Channel degradation (sloughing) and limited sediment accrual exist along the watercourse. A better overall quality rating, as well as individual stream quality ratings would likely be given if the systems had not been degraded by past activities. Historic impacts from on -site agricultural practices (cropping and cattle use) as well as urbanization from both on -site and upstream activities/developments (channelization and sedimentation) has contributed significantly to on -site stream degradation. All three stream systems endemic to this site are considered perennial streams. Each watercourse maintains some flow throughout the year due to each originating from off -site spring sources. Clabber Creek and Wilson Springs have been significantly altered from their original channel course. These alterations occurred as a result of channelization, upstream mass grading projects and street/highway construction activities. Clabber Creek was channelized throughout its on -site linear extent approximately 8 to 10 years ago. As a result of the past activities, the main influencing factor of degradation to Wilson Springs and Clabber Creek today is siltation. The Clabber Creek stream fishery is significantly degraded due to channelization which has eliminated vital minimum flow habitat by making the channel wide and shallow. Overhanging shelf habitat has been removed which greatly exposes aquatic species vulnerable to predation by aggressive aquatic species such as the green sunfish. U of A representatives as well as others 18- indicate species such as the green sunfish probably ravage Arkansas darter populations. The third on -site stream system has also been impacted by historical agricultural practices relative to cropping and cattle practices. This system has been altered to the extent that it too is experiencing siltation and loss of bank stabilization. Negative stream impacts resulting from the construction of the ART Park development have been limited to the Clabber Creek watercourse in specific reaches where a single road crossing occurs. Compensatory mitigation for the limited stream impacts is being planned and will be combined and implemented with the mitigation activities for the wetland losses. The mitigation will provide riparian and in -stream enhancements which should result in an overall significant improvement to the in - stream habitat qualities, in particular, to those habitat qualities available to the ecologically -sensitive Arkansas darter. PROPOSED MITIGATION The City of Fayetteville offers compensatory mitigation for impacts to regulated areas as a result of the construction activities on the proposed ART Park development site. The mitigation is proposed as a combination of wetland creation, wetland enhancement, wetland preservation, stream enhancements and upland buffer creation. Currently, the City proposes to create wetlands and upland buffers on approximately 50.7 acres, enhance and preserve about 37.4 acres of existing wetlands and enhance nearly 6,000 linear feet of streams (about 4 surficial acres). The mitigation area that the City proposes to compensate wetland impacts within totals approximately 88 acres. Of the 50.7 acres available for wetlands and upland buffer creation, roughly 42 acres are contained mostly within the floodplain/floodway of Clabber Creek, approximately seven acres are contained within future planned utility easements, and the remaining acreage (1.86 acres) is upland areas within portions of the preserved wetlands. To date, a detailed mitigation plan is being refined. However, the mitigation plans will provide replacement function and value qualities (points) that meet or exceed the existing function and value qualities (points) to be lost during construction activities. -19- • Created wetlands would be designed in a manner to be delineated as an immediate wetland per the COE's 1987 Wetland Manual. Creation would likely involve excavation and fill activities in upland areas. The upland areas would be excavated to a depth to support the desired hydrologic regime and hydrophytic vegetation, or a berm around various areas could also provide slight modifications in order to obtain the desired hydrologic regime. Hydric soils from impacted wetland areas would be stockpiled for later use in the created wetlands. The stockpile soils would be re - spread in the created areas to provide both an initial hydric soil layer as well as a natural seed bank source for endemic hydrophytic vegetation. Created wetlands would be planted with diversified target hydrophytic vegetation comprising both woody and herbaceous species. Additional enhancement features such as nesting structures and brushpiles could also be implemented in the created areas to assist ecological stabilization of the newly created mitigation areas. All five wetland habitat types that exist on the development site would be incorporated into the preservation and enhancement activities. A total of 37.4 acres of wetland would be preserved as mitigation. As a result, a representative portion of each habitat type makes up the 37.4 acres and thus situated within the approximate 88 -acre mitigation area assuring quality habitat diversification. In addition to simply preserving existing wetland areas, enhancement activities such as nesting structure, habitat improvement installation, herbaceous and woody reinforcement plantings, wildlife food plot installation and a general clean-up of the wetlands would be considered. These activities are viewed as positive enrichments to a degraded and declining ecosystem and will assist in improving the quality of the existing wetland areas. Urban environmental stewardship opportunities will result via well planned stormwater discharge routings that allow at least significant portions of stormwater to be filtered through wetland systems where possible. 2 In the course of developing the wetland determination methodology, the COE, in cooperation with the USFWS, EPA and the NRCS, compiled a comprehensive list of vegetation occurring in wetlands. The percentage of dominant wetland species in each of the vegetative strata in a sample area (data point) determines the hydrophytic, or wetland, status of the plant community. Obligate wetland plants, OBL, have a probability of 99% of occurring in wetlands. Facultative wetland plants, FACW, have a probability of 67-99% of occurring in wetlands. Facultative plants, FAC, have an estimated probability of 33-67% of occurring in both wetlands and nonwetlands. Facultative upland plants, FACU, occur more often in nonwetlands, while obligate upland plants, UPL, rarely occur in wetlands. The addition of a plus (+) or minus (-) to the Indicator status further differentiates the likelihood of a plant occurring In a wetland or nonwetland. If a species does not occur in wetlands In any region, it Is riot on the USFWS National List of Plant Species That Occur in Wetlands, p.8-9. The vegetative community of a data point must exceed a 50% composition of FAC or wetter to be considered as meeting the hydrophylic criteria specified In the 1987 Wetlands Manual. -20- I • r Limited activities would be conducted within each of the three streams. There is an opportunity for ' enhancement of in -stream features such as a low flow channel, diversified stream habitat and riparian woody plantings to provide canopy to Clabber Creek, Wilson Springs and the unnamed ' tributary. Existing utility easements would be utilized and maintained as grassed upland buffer strips to the streams as well as portions of the preserved and created wetland areas. I. Enhancement and preservation options are not normally given much "weight" when prescribing ' appropriate compensation for the loss of Waters of the U.S. It has been suggested by the COE that a ratio of 3 to 1 for enhancement and a ratio of 5 to 1 for preservation be applied respectively ' when suggesting these concepts in mitigation. In most instances this is not an unreasonable trade- ' off. However, the ART Park development is unique because of the existence of the Arkansas darter. Adding to this uniqueness is the fact that three spring -fed watercourses exist on the site ' in which the darter is known to inhabit. It is theorized that unless measures are taken soon, each watercourse will continue to degrade due to upstream developments and subsequently endanger the survival of the Arkansas darter. Therefore, proactive ecological measures which assist in modifying such degradations are considered significant to this species' survival. Thus, it is ' recommended that enhancement and preservation, particularly in proximity of Wilson Springs, be given greater consideration in the overall requirement for mitigation compensation. ' The basis for giving greater weight to the enhancement and preservation concepts for this project obviously revolves around the Arkansas darter and its existence on the subject property. This ' species of fish is currently a state listed species of concern in the state of Arkansas. It is also a candidate for listing as a threatened species by the USFWS. The public awareness to this species ' of fish is heightened by the close proximity of the U of A which lends an academic presence to the immediate area (i.e., research by faculty and students). The combination of the state, federal and ' public entities have placed a high value on the fish species and its immediate surroundings. Letters supporting the heightened sensitivity or concern for the fish species have been received from ' natural resource agencies such as the Arkansas Natural Heritage Commission (ANHC) and AGFC ' -21- I Li I Li Li I I I I I F as well as private organizations like the U of A student chapter of the American Fisheries Society and the Sierra Club. The City is not comfortable with the idea of causing harm to the fish and, therefore, desires to protect the resource. However, to provide an economically viable project, the City must take advantage of its available resources. It is noted under existing laws and regulations in the United States that a landowner can harvest the timber with little or no state or federal regulatory interference. This being said, if the trees surrounding Wilson Springs were removed, the stream system would be drastically altered. The inhabitants of the stream, including the Arkansas darter, would likely be significantly adversely affected. The City does not intend to harvest the wooded area immediately surrounding the small spring stream. However, if the project were to be abandoned and the property sold to a private entity, the next landowner might not be as concerned with the stream or its inhabitants. Therefore, in an effort to provide a stable environment for the Arkansas darter and reach a win -win scenario, giving more credit to the City for preservation is not unreasonable. In summary, the City proposes to create wetlands and upland buffers on almost 51 (50.7) acres. In addition, another 38 (37.4) acres of avoided wetland area would be enhanced and preserved. This brings the total mitigation area to the approximate 88 -acre total described in the beginning of this section which is actually close to the COE's desire of 91 mitigation acres. It is EGIS's professional opinion that the existing wetlands to be impacted exhibited functions and values totaling 71.5 total quality points. Therefore, proposed mitigation must equal or exceed the 71.5 total quality points to meet the "no net loss" of wetland functions and values objective. It is also EGIS's opinion that the City's latest proposal of approximately 88 acres available to conduct mitigation will provide a sufficient amount of area for replacing impacted wetlands to meet or exceed the COE's minimum replacement ratio of greater than 1.5 to 1 and will meet or exceed the 71.5 total quality points for functions and values as professionally determined in this assessment. In addition to wetland mitigation activities, educational and recreational opportunities could possibly be incorporated into the ART Park mitigation plan. The City preliminarily plans a series of trails -22- around the development park. Inclusion of the trails through the mitigation area is currently being considered. If acceptable by the environmental community as well as the City, the trails could provide access to natural areas, including wetlands, which will promote educational and recreational opportunities not often associated with developments. Features such as informative signs, identification markers and elevated walkways would be considered. These features would assist in increasing the public environmental awareness. Hence, the public including developers, would gain appreciation of natural systems and the need for future ecological balance associated with developments. CONCLUSIONS The City has followed the COE's sequencing directive of avoid, minimize and mitigate the loss of waters of the U.S. The initial project design included impacting nearly all of the 289± acre site. Following the wetland assessment by EGIS and subsequent coordination efforts with the COE, the City submitted a project design for public review which involved impacting 55 acres of wetland and about 0.5 acre of stream (included impacting all three streams with culverts and/or bridges) while avoiding approximately 33 acres and creating 38 acres of wetlands. Upon further consultation with EGIS and the COE, the City redesigned the project to the current submission which involves impacting 46.9 acres of wetlands and 0.1 acre of Clabber Creek while avoiding 37.4 acres of wetlands as well as the two smallest streams. The City proposes to preserve and enhance the avoided wetlands and streams as well as create at a minimum 50.7 acres of wetlands and upland buffers. As part of the sequencing directive, appropriate compensatory mitigation for the loss of waters of the U.S., including wetlands must be proposed and accepted by the COE. In order to justify or defend a mitigation proposal, the significance of the functions and values of regulated areas to be lost are evaluated and determined. The ultimate goal of mitigation is the "no net loss" of wetland functions and values. Thus, to be appropriate and acceptable compensation the functions and values proposed in mitigation must equal or exceed the functions and values of lost wetlands. This -23- assessment summarizes the wetland functions and values as well as stream habitat qualities which existed on the ART Park development site visits conducted by EGIS in the fall of 1999 and winter of 2000. In EGIS's professional opinion, an overall rating of the existing wetland functions and values ranges from low to moderately high. The stream habitats combine for a moderate quality rating. Compensatory measures which will result in "no net loss" of wetland functions and values and quality of stream habitat are planned to mitigate for the specific areas which are impacted as a result of the development. EGIS's professional assessment concludes that a total of 71.5 sum quality points would be lost due to construction activities associated with the proposed development. Therefore, mitigation needed to offset adverse impacts to waters of the US, including wetlands, should be no less than 71.5 wetland replacement sum quality points. Even though this assessment indicates a sum quality point total that is less than the COE's initial total of 91 points, the point difference (although substantial 71.5 points versus 91 points) is considered comparable and is explained due to the timing of the two assessments. The COE's assessment was performed during the initial stages of the project planning process with limited project reconfiguration while EGIS's assessment was conducted during the latest project planning stages which have included notable impact reductions and project redesign. Thus, it is EGIS's professional opinion that previously discussed mitigation concepts offered by the City to be conducted within approximately 88 acres on site (which include creation, enhancement and preservation) will not only coincide with the COE's minimal expectations for mitigation, but more importantly accomplish the goal of "no net loss" of wetland functions and values. In addition, enhancements to the quality of the onsite stream environs will improve the aquatic habitat of the Arkansas darter which is perceived by the public to be the most important attribute extant on the proposed development site. The combination of wetlands mitigation and stream habitat improvements will work to ensure and reinforce the sustainability and proliferation of this sensitive fish species and its critical habitat. EGIS believes that compensation offered by the City which incorporates preservation and enhancement of 37.4 acres of existing wetlands along with the creation of 50.7 acres of combined -24- I wetlands and upland buffers provides for a mitigation concept that is fair and equitable in that it ' balances the need between sustaining our environment and providing economic growth and technological advancement. Based on the information obtained during this assessment, it'is ' EGIS's professional determination that mitigation which meets or exceeds 71.4 sum quality points as suggested in this assessment, would appropriately and sufficiently offset the loss of existing ' wetland functions and values sum quality points. Therefore, when completed, the combined preservation, enhancement and creation mitigation concepts and allotted acreage offered by the ' City would provide an excellent example of an environmentally sensitive development - one that demonstrates a coexistence with nature and strives to reverse certain ecologically damaging ' trends. I ii Ii I -25- A. Wetland • • Outside Flood Plain Tract A Total Area 69.63 Acres less Tract H (High Ground) - 0.74 Acre less Tract I (High Ground) - 0.64 Acre Net Tract A Wetlands 68.25 Acres 68.25 Tract E Total Area 0.51 Acre 0.51 Tract B Total Area 9.79 Acres less pt. Tract B inside FP -0.10 Acre Net Tract B in Wetlands 9.69 Acres 9.69 Sub total Wetlands Outside 100 yr. Flood Plain 78.45 Acres Inside Flood Plain Pt TractB 0.10 Acre Tract C 1.20 Acre TractD 3.63 Acre Tract F 0.26 Acre TractG 0.44 Acre Subtotal Wetlands Inside Flood Plain 5.63 Acres 5.63 Acres Total Wet Lands 84.08 Acres B. Flood Plain Area Non -Wet Lands Tract J Total Area 24.50 Acres less Pt. Tract B Wet land area -0.10 Acre less Tract C Area -1.20 Acres less Tract D Area - 3.63 Acres less Tract F Area - 0.74 Acre less Tract G area - 0.44 Acre Net Flood Plain Area less Wet lands 18.39 Acres 18.39 Acres C. High Ground Lands Tract J Total Area 8 Tract I Total Area 0 Tract H Total Area 0 3 ft. Wide North Creek Area 0 Sub -Total High Ground Lands 10 Total Non -wetlands 66 65 74 10 15 Acres Acre Acre Acre Acres 10.15 Acres 28.54 Acres A. Wetland Areas: • Outside Flood Plain Tract A Total Area 69.63 Acres less Tract H (High Ground) - 0.74 Acre less Tract I (High Ground) - 0.64 Acre Net Tract A Wetlands 68.25 Acres 68.25 Tract E Total Area 0.51 Acre 0.51 Tract B Total Area 9.79 Acres less pt. Tract B inside FP - 0.10 Acre Net Tract B in Wetlands 9.69 Acres Sub total Wetlands Outside 100 yr. Flood Plain Inside Flood Plain Pt Tract B 0.10 Acre Tract C 1.20 Acre Tract D 3.63 Acre Tract F 0.26 Acre Tract G 0.44 Acre Subtotal Wetlands Inside Flood Plain 5.63 Acres Total Wet Lands B. Flood Plain Area Non -Wet Lands Tract J Total Area 24.50 Acres less Pt. Tract B Wet land area -0.10 Acre less Tract C Area -1.20 Acres less Tract D Area - 3.63 Acres less Tract F Area - 0.74 Acre less Tract G area - 0.44 Acre Net Flood Plain Area less Wet lands 18.39 Acres C. High Ground Lands Tract J Total Area 8.66 Acres Tract I Total Area 0.65 Acre Tract H Total Area 0.74 Acre 3 ft. Wide North Creek Area 0.10 Acre Sub -Total High Ground Lands 10.15 Acres 9.69 78.45 Acres 5.63 Acres 84.08 Acres 18.39 Acres 10.15 Acres Total Non -wetlands 28.54 Acres p' Associated Appraisers, Inc. I I I FAYETTEVILLE RESEARCH & TECHNOLOGY PARK I. MOORE LANE AND NTH SHILOH DRIVE FAYETTEVILLE, ARKANSAS Prepared By: ASSOCIATED APPRAISERS, INC. 555 E.J. Ball Plaza Fayetteville, Arkansas 72701 (501) 521-2717 I I. I I I I I I I 0 ,t\ssociatecl /\ppraicers, Inc. REAL ESTATE APPRAISERS & CONSULTANTS KEITH L SCHULTZ PRESIDENT April 21, 2001 Mr. Edward Connell, Land Agent City of Fayetteville, AR 113 West Mountain Fayetteville, AR 72701 Re: Fayetteville Research & Technology Park Moore Lane and Shiloh Drive Fayetteville, AR Dear Mr. Connell: 555 FIRST PLACE FAYETTEVILLE, AR 72701 501/521.2717 FAX 501/521.2718 Pursuant to your request, an appraisal of the above has been completed and I submit my estimate of value. I am enclosing a report which describes in detail my method of approach and contains data gathered during my investigation. In my opinion, the estimated market value as defined herein, of the subject property as April 10, 2001 was as follows: The foregoing opinion of value is assumptions, limitations, and comments report following this certification report is made a part hereof, and more detail the factual evidence and reason conclusions found. subject to the appearing in the of value, which fully develops in Lng supporting the No responsibility has been assumed for matters which are legal in nature, nor has any opinion on title been rendered. This appraisal is made assuming a marketable title. Liens and encumbrances, if any, have been disregarded and the property appraised as though free of indebtedness. /\ssociateci /\ppraicers, Inc. Page Two Mr. Connell Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumptionthat there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for an expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. Employment in and compensation for making this report are in no way contingent upon the value reported, and I certify that I have no interests, either present or contemplated, in the subject property. Respectfully submitted, nn, ASSOCIATED A3�ggP., INC. Arkansas St tvrr i4toZibtGeneral Appraiser #CGO271 AssociaieJ /\ppvoicevc, nc. SUMMARY OF IMPORTANT FA TS Legal Description: Size: Land - Improvements - Owner of Property: Appraisal Requested By: Effective Date of Appraisal: Estimate of Value: Estimated Marketing Period: Estimated Effective Age: Personal Property Included: Estimate of Market Value: See Page Four 132.16 acres None City of Fayetteville Mr. Ed Connell 4/10/01 "As is" 1 yr N/A No $1,321,000.00 This appraisal is a complete, self-contained appraisal report as required and defined by the Uniform Standards of Professional Appraisal Practice (USPAP). CERTIFICATION I certify that, to the best of my knowledge and belief . . the statements of fact contained in this report are true and correct. - the reported analyses,opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. my compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code or Professional Ethics and the Standards of Professional Practice of the American Institute of Real. Estate Appraisers. I. I. I I I I I I I I I I I I I Pg2 State /\ssociateci t\ppraicers, Inc. the use of this report is subject to the requirements of the Arkansas State License and Certification Board Appraisers relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. no one provided significant professional assistance to the person(s) signing this report. unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified,to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for an expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. this appraisal conforms to the Uniform Standards of Professional Appraisal Practice ("USAP") adopted by the Appraisal Standards Board of The Appraisal Foundation, except that the Departure Provision of the USPAP does not apply. our 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. this appraisal assignment was not based on a request minim,,luation, a specific valuation, or the aoerovat�*46QUan• if •y • . '4 y L. st%0 Mrs` # CGO-271 II R& T Park — North • 0 North Section Description: A part of Section Thirty Three (33) in Township Seventeen (17) North of Range Thirty (30 West, Washington County, Arkansas, being more particularly described as follows: Beginning at a point on the North line of said Section 33, said point being South 87° 19' 24" East 330.00 feet from the Northwest comer of said Section 33; thence South 02° 28' 10" West 2592.45 feet; thence North 60° 31' 59" East 447.38 feet; thence North 73° 52' 16" East 447.10 feet; thence South 87° 13' 59" East 477.26 feet; thence South 86° 01' 17" East 100.00 feet; thence North 30° 50' 11" East 344.06 feet; thence North 48° 31' 30" East 235.88 feet; thence North 78° 28' 00" east 194.72 feet; thence North 67° 38' 47" East 100.89 feet; South 64° 32' 16" East 310.91 feet; thence South 05° 36' 36" East 386.85 feet; thence South 55°37'26" East 815.37 feet to the West right of way line of Interstate Highway 540; thence with said West right of way line of Interstate Highway 540 North 34° 22' 25" East 4.97 feet; thence North 27° 10'09" East 171.37 feet; thence North 07° 15' 05" East 170.41 feet; thence North 05° 19' 10" West 280.77 feet; thence North 12° 48' 23" West 100.11 feet; thence North 16° 36' 56" West 57.67 feet; thence North 04° 16' 48" East 188.26 feet; thence North 16° 24' 53" East 126.58 feet; thence North 31° 34' 48" East 190.36 feet; thence North 50° 13' 36" East 191.34 feet; thence North 66° 53' 26" East 127.62 feet; thence North 75° 15' 02" East 117.54 feet; thence North 74° 59' 16" East 100.11 feet; thence North 26° 01' 09" East 74.14 feet; thence leaving the West right of way line of Interstate Highway 540 and running North 87° 1725" West 1100.15 feet; thence North 02° 26' 17" East 1030.76 feet to the North line of Section 33; thence with said North line of Section 33 North 87° 14' 56" West 247.50 feet; thence continuing with said North line North 87° 19' 24" West 2307.40 feet to the Point of Beginning and containing 143.35 acres, more or less, and being subject to existing and recorded rights of way and easements of record. South Section Description: A part of Section Thirty Three (33) in Township Seventeen (17) North of Range Thirty (30 West, Washington County, Arkansas, being more particularly described as follows: Beginning at a point which is South 87° 19' 24" East 330.00 feet and South 02° 28' 10" West 2592.45 feet from the Northwest comer of said Section 33; thence North 60° 31' 59" East 447.38 feet; thence North 73° 52' 16" East 447.10 feet; thence South 87° 13' 59" East 477.26 feet; thence South 86° 01' 17" East 100.00 feet; thence North 30° 50' 11" East 344.06 feet; thence North 48° 31' 30" East 235.88 feet; thence North 78° 28' 00" East 194.72 feet; thence North 67° 38' 47" East 100.89 feet; thence South 64° 32' 16" East 310.91 feet; thence South 05° 36' 36" East 386.85 feet; thence South 55° 3T 26" East 815.37 feet to the West right of way line of Interstate Highway 540; thence with said West right of way line of Interstate Highway 540 South 34° 22' 25" West 944.15 feet; thence South 38° 27' 59" West 150.76 feet; thence South 34° 22' 18" West 922.60 feet; thence leaving the West right of way line of Interstate 540 and running North 87°11' 53" West 631.86 feet; thence South 02° 25' 51" West 329.86 feet; thence North 87° 21' 18" West 660.00 feet; thence North 02° 25' 45" East 329.99 feet; thence North 87° 21' 18" West 660.18 feet; thence North 02° 28' 10" East 1704.26 feet to the Point of Beginning, containing 132.16 acres, more or less, and being subject to easements and rights of way of record. I. Data and Deed Call Listing oft NR&TMLD des Tract 1: 0.000 Acres: 0 Sq Feet CFaawe = n04.4653w 261435 Feet Precision =1/ 1: Perimeta = 2922 Fed Tract 2: 132.158 Acres: 5756808 Sq Feet Ctostue = s57.3141w 0.01 Feet Precision >1/999999: Perimeter =10194 Fed 001cS87.1924E 330.00 002=SO2.2810W 2592.45 003@3 South Section 004=N603159E 44738 005=N733216E 447.10 006=387.1359E 47726 007=S86.0117E 100.00 008=N30.501IE 344.06 009=N483130E 235.88 o10=N182800E 194.72 011=N673847E 100.89 012=S643216E 310.91 013-3053636E 386.85 014-3553726E 81537 015-5342225W 944.15 016=5382759W 130.76 017=S34.2218W 922.60 018=1487.1153W 631.86 019=502.2551W 329.86 020=N872118W 660.00 021=NO2.2545E 329.99 02241872118W 660.18 023 nO2 2810e 170426 ,Associated appraisers, Inc. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as of the date of this report. The function of the appraisal is to provide assistance in a sales decision. PROPERTY RIGHTS APPRAISED SUBJECT PROPERTY WAS APPRAISED AS A FEE SIMPLE ESTATE INCLUDING ALL RIGHTS, TANGIBLE AND INTANGIBLE. INTANGIBLE RIGHTS: are those amenities that accrue through ownership of property. A FEE SIMPLE ESTATE: is defined as a freehold estate of inheritance descending to all the heirs of the owner. A FEE SIMPLE ESTATE: is the highest known in law and is absolute as ownership can be subject, of course, to the power of the government permitted by law. It has, in respect to real property, three elements . . the right of enjoyment . . the right of possession and, . . . the right of disposition. /\ssociateci Appraisers, Inc. HISTORY OF OWNERSHIP in accordance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, the appraiser is to provide the lender with a three (3) year history of ownership of the subject property. The history of ownership is also a requirement under Federal Banking Regulations. The reader should recognize however, that in some cases substantial changes in the market for a particular parcel of property may occur in a short period of time just as an intervening owner may have improved the property since acquisition or on the other hand allowed the improvements to deteriorate significantly. The subject property has been owned by the City of Fayetteville, Arkansas for more than the past three years. /\ssociatecJ /\ppraisers, Inc. FEASIBILITY ANALYSIS The reader should note that this office has not been requested to perform a feasibility analysis for the current owner of the subject property. Opinions expressed concerning the highest and best use of the subject property are based on consultations with various planning agencies and the appraisers personal knowledge of the residential and commercial growth characteristics of the neighborhood. The appraiser of course noted that the subject property is a portion of a larger tract of land that was acquired ten years ago for use as a "high tech" industrial park. A large portion of the subject property lies within the flood plain and the city never developed the property with street systems, etc. It is our understanding that utilities including a fiber optic cable system are at the portion of the property to be appraised. In the opinion of the appraiser, the terrain and topography of the site is not and was not suitable for development as an industrial park and use as residential housing or office development (R-0) is probably feasible although we noted that according to the Fayetteville zoning map, there is apparently little if any land zoned R-0 and lying west of Interstate 540. Associate ppraisers, nc. DEFINITION OF MARKET V UE Market Valuel - The most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. • Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated. 2. both parties are well informed or well • advised, and each acting in what he • considers his own best interest. 3. a reasonable time is allowed for exposure in the open market. 4. payment is made in cash or its equivalent. 5. financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale. 6. the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. I I 1. Real Estate Appraisal Terminology, page 137 IJ I ,'\ssociaec appraisers, Inc. AREA DATA Fayetteville, Arkansas is the county seat of Washington County, Arkansas and is best known as the home of the University of Arkansas. The city has experienced steady and continual growth since the mid nineteen -forties and has a current population of approximately 52,900. In addition, enrollment at the University of Arkansas campus is approximately 14,900. Fayetteville is considered to be the retail trade and financial center of Northwest Arkansas, which encompasses the two- county area of Washington and Benton Counties. The larger cities within the two county area are Springdale, Rogers, and Bentonville which all lie north of Fayetteville. The remainder of the area is comprised of smaller communities and towns lying to the east, south, and west of Fayetteville. The entire region is connected by U.S. Highway 71 with Interstate 40 to the south in Arkansas, and Interstate 44 to the north in Missouri. Oklahoma is reached by Arkansas State Highway 68 West from Springdale, connecting with Oklahoma State Highway 33 at Siloam Springs to Tulsa. I • • ,ssociaied Appraisers, Inc. AREA DATA Continued p Approximately forty-five industries consisting of poultry processing plants, producers of sporting equipment, clothing, business forms, pipe fittings, electrical equipment, forged tools, pianos, etc., reside in this area. These small manufacturing and processing enterprises, together with the University of Arkansas, provide ample employment opportunities. In addition, Northwest Arkansas is considered to be one of the leading poultry growing centers in the nation. The current civilian work force in the two county area is 77,650 while unemployment is at 2.9%. At the present time, the national economy is experiencing a upturi.. The local economy appears to have bounced back from a mild recession that had its strongest effects felt in the housing industry and retail automobile sales. Interest on bank loans have begun to decrease again. In conclusion, due to its strong economic base and broad ' recreational and educational opportunities, Fayetteville, as the rest of Northwest Arkansas, should continue to experience growth and prosperity in the coming years. P I P P /\ssociateJ ,Appraisers, Inc. NEIGHBORHOOD DATA For appraisal purposes, a neighborhood is considered to be a portion of a larger community, or an entire community, in which there is a homogeneous grouping of inhabitants, buildings, or business enterprises. Inhabitants of a neighborhood usually have a more than casual community of interest and a similarity of economic level or cultural background. Neighborhood boundaries may. consist of well- defined natural or man-made barriers or they may be more or less well-defined by a distinct change in land use or in the character of the inhabitants. The neighborhood in this case could be considered to be those properties located in the vicinity of the intersection of the U.S. Highway 71 Bypass (U.S.Highway 71 Relocated) and Porter Road in the northwest quadrant of the City of Fayetteville, Washington County, Arkansas. The neighborhood contains a mixture of land uses with light industrial development as well as duplex units located at the southwest corner of the intersection, the University of Arkansas Experimental Farm located at the northwest corner and a fairly new apartment complex located just north of the Washington County Fairgrounds just across Interstate 540 from Moore Lane. We noted a fairly new complex of duplex units located just to the west of the intersection of Moore Lane and Deane Solomon Road. ,ssociateci /\ppraisers, Inc. NEIGHBORHOOD DATA Continued Development in the immediate neighborhood has been relatively slow during the past decade. The past few years however, have seen increased residential development and the development of a fairly large tract to the southwest into duplex lots. With the excellent access to both shopping and employment opportunities afforded by U.S. Highway 71, the trend toward increased development in the neighborhood will probably continue. Research into real estate transactions in the neighborhood indicate that real property values are increasing at a rate that is below the norm for the city.as a whole. /\ssociateci /\ppraisers, Inc. DESCRIPTION OF SUBJECT PROPERTY Site Data The subject site consists of a somewhat rectangular shaped parcel of land located north of Moore Lane, east of Dean Solomon Road and west of Interstate 540 in the northwest quadrant of the City of Fayetteville, Washington County, Arkansas. According to the survey provided this office, the site has approximately 1,704 feet of frontage on the east side of Deane Solomon Road, approximately 660 feet of frontage along the north side of Moore Lane and approximately 1,867 feet of frontage on the west side of North Shiloh Drive. In all, the site contains approximately 132.16 acres. Access to the property is available from all three street systems. Elevations range from approximately 1,300 feet above MSL at the southeast corner of the site to approximately 1,192 feet above MSL at the northwest corner of the site. Soil tests have neit this office and no opinion is expressed regarding the suitability of the soil for intensive development. An inspection of improvements to parcels in proximity to the subject site revealed no adverse conditions. An inspection of the site revealed no apparent adverse easements or encroachments. Drainage appears to be adequate. The subject property does not lie in a H.U.D. identified flood zone. Our inspection of the site indicated that it was a mixture of open pasture and wooded lands with the majority of the property lying on the east side of the tract being heavily wooded with scrub timber. /\ssociateci /\ppraicers, Inc. DESCRIPTION OF SUBJECT PROPERTY Continued Surrounding land uses include a small horse ranch at the southwest corner of Moore Lane and Deane Solomon. The Razorback Park Golf Course is located just to the northwest of Deane Solomon and Moore Lane. Land uses to the south include a small office building as. well as a small industrial building followed by Williams Ford Tractor and Implement Dealership. Development to the southwest consists of a mixture of new upper priced duplex units and older single family residences. Property to the north of the subject is primarily wet lands followed by single family residences on small acreage tracts. Development to the east of the subject and across Interstate 540 consists of the Washington County Fair Grounds, a fairly new apartment complex and light industrial development. We did note a number of new office buildings at the southeast corner of the intersection of North Garland Avenue and Interstate 540. In conclusion, the site is located in near proximity to Interstate 540, has very limited east -west access, good north -south access and has somewhat difficult terrain features. /\ssociateci Appraisers, Inc. UTILITY INFORMATION All municipal utilities are available at the subject site. The services available are adequate for future expansion. Electric power is provided by SWEPCO, natural gas is provided by Arkansas Western Gas Company, and telephone service as well as fiber optic cable is provided by Southwestern Bell Telephone Company. I • • /\ssociateci appraisers,. Inc. TAX INFORMATION I The subject property is currently "appraised" by the Washington County assessor's office as follows: Land: $243, 200.00 Improvements: None Washington County real property, as the rest of the state, is assessed at twenty (20) per cent of market value. The current assessment indicates an annual tax liability of approximately $2,495.00. it has been our experience that real property assessments ordinarily bare little relationship to fair market value. The reader should note that the City of Fayetteville intends to market the property for residential and residential/office use and it is quite likely that assessments will increase. I I I I I I I I I I I I I I I I I /\ccociothcl Appvoicvc Inc. ZONING NFFORN O R -O RESIDENTIAL OFFICE PURPOSES The Residential -Office District provide area for offices without size of the office, together restaurants, and compatible ree 2414, 1, 2-7-78). USES PERMITTED is designed primarily to limitation to the nature or with community facilities, iidential uses. (Ord. No. Unit 1, city wide uses by right. Unit 5, government facilities. Unit 8, single family and two family dwellings. Unit 12, offices, studios, and related services. Unit 25, professional offices (Ord. No. 1832, 1, 11-1-71; ord. No. 2414, 2, 2-7-78). USES PERMITTED ON APPEAL TO THE PLANNING COMMISSION Unit 2, city wide uses by conditional use permit. Unit 3, public protection and utility facilities. Unit 4, cultural and recreational facilities. Unit 9, multi -family dwelling - medium density. Unit 10, multi -family dwelling - high density. Unit 13, eating places. (Ord. No. 2414, 3, 2-7-78). BULK AND AREA REGULATIONS The minimum lot width, lot area, and land area per dwelling unit for residential structures shall be the same as those in the R-3 District. I • I. ASZONING ZNFORMAT Ok Inc. R -O RESIDENTIAL OFFICE 1 Set back lines shall meet the following minimum requirements: From street row 30 feet From street row if parking is allowed between the row and the building 50 feet From side property line 10 feet From side property line when ' contiguous to a R-1, R-2, or R-3 district 15 feet From back property line 25 feet From center line of public easement or alley 25 feet (Ord. No. 2414, 4, 2-7-78) BUILDING AREA ' On any lot the area occupied by all buildings shall not exceed sixty (60) percent of the total area of such lot. HEIGHT REGULATIONS There shall be no maximum height limits in R -O Districts, provided however, that any building which exceeds the height of twenty (20) feet shall be set back from any boundary line ' of any R-1, R-2, or R-3 District an additional distance of one foot for each foot of height in excess of twenty (20) Ifeet. (Ord. No. 2414, 5, 2-7-78). I I 1 I I1 S 0 0 /\ssociateci appraisers, Inc. HIGHEST AND BEST USE Highest and best use is the basis for the valuation of the subject property. The highest and best use of the land provides the basis for valuation of the site alone while the highest and best use of the property as improved indicates the applicable data for both the sales comparison approach and the income approach. Highest and Beat Use - The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The definition reflects the procedure that must be followed for highest and best use analysis. The appraiser first determines those uses which would. be physically possible. Those physically possible uses are then analyzed to determine which are permissible legally by zoning and deed restrictions. The physically. possible and legally permissible uses are then further analyzed to determine if the use will provide an adequate return to the owner of the site. Finally, the financially feasible uses are analyzed to determine the use which will result in the highest value. The highest and best use of the land as if vacant is determined first for two reasons. First, the determination will be utilized to form the basis for the land valuation in the cost approach. Second, the determination will help /\ssociateJ /\ppraisers, Inc. HIGHEST AND BEST USE Continued indicate whether, the improved property is being put to its highest and best use. If the improved property is not being put to its highest and best use, an analysis is made to determine whether the improvements should be removed, renovated, or left alone. Highest and Best Use of Land As If Vacant There are five (5) major categories of possible uses for land in its vacant state. These uses are as follows: 1. Agricultural 2. Residential 3. Industrial 4. Commercial 5. Special purpose (schools, parks, churches, etc.) Physically Possible Development of the property is probably limited to residential and residential/office due to topography characteristics. Legally Permissible The subject property is currently zoned for light industrial development although it is our understanding that the property is to be rezoned to Single Family Residential (R-1) and Residential Office (R-0). Financially Feasible Development of the property for residential use with some residential/office use is probably financially feasible at some point in time. /\ssociatecl ,ppraicerc, Inc. HIGHEST AND BEST USE Continued Highest and Best Use In the opinion of the appraiser, the highest and best use of the property is for a mixture of residential and residential office uses. I I I I I I I I I 11 I I ,ssociateJ /ppraisers, Inc. METHOD OF APPRAISAL Standard real estate appraisal technique calls for the use of the three accepted methods or approaches to value. These three widely known methods include the sales comparison approach, cost approach, and income approach. They may be defined as follows: Sales Comparison Approachl - Approach through which an appraiser derives a value indication by comparing the property being appraised to similar properties that have sold recently, applying appropriate units of comparison, and making adjustments, based on the elements of comparison, to the sale prices of the comparables. Cost Approach2 - Approach through which an appraiser derives a value indication of the fee simple interest in a property by estimating the current cost to construct a reproduction or replacement for the existing structure, deducting for all evidence of accrued depreciation from the cost new of the reproduction or replacement structure, and adding the estimated land value plus an entrepreneurial profit. Adjustments may be made to the indicated fee simple value of the subject property to reflect the value indication of the property interest being appraised. The word depreciation is also sometimes used as a catch all phrase for the various components of depreciation. The components may be defined as follows: I I 1. The Dictionary of Real Estate Appraisal, Second Edition, AIREA, page 268. 2. The Dictionary of Real Estate Appraisal, Second Edition, AIREA, page 72. 0 r t\ssocloteJ /ppraicers, Inc. METHOD OF APPRAISAL Continued Accrued Depreciation' - 1. The difference between an improvement's reproduction or replacement cost and its market value as of the date of the appraisal. 2. In accounting, the amount reserved each year or accumulated to date in the accounting system for replacement of a building or other asset. Income Capitalization Approach2 - Approach through which an appraiser derives a value indication for income -producing property by converting anticipated benefits, i.e. cash flows and reversions, into property value. This conversion can be accomplished in two ways: One year's income expectancy or an annual average of several years' income expectancies may be • capitalized at a market -derived capitalization rate or a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment; secondly, the annual cash flows may be discounted for the holding period and the reversion at a specified yield rate. The Market Data Approach to value was used to estimate the value of the land alone. The Reproduction Cost Less Depreciation Approach to value was not utilized due to the lack of improvements having contributory value. The Income Approach to value was not utilized to estimate the value of the land and improvements due to the lack of economic rent data. p -------- 1. The Dictionary of Real Estate Appraisal, Second Edition, AIREA, page 4. 2. The Dictionary of Real Estate Appraisal, Second Edition, AIREA, page 156. I I p/\ssociatecl appraisers, Inc. Sale # 1 (01896001-960910) Seller: Crystal Springs Ltd Partnership to Dana & Donna Samples P. and Roy & Glenda Thompson Location: SW NW 32-17-30 (Salem Road) Fayetteville, Arkansas Sale Date: 9/10/96 Size: 40 acres Sale Price: $360,000.00 Improvements: None of contributory value Book & Page: 96-57830 Remarks: Fairly level land with frontage on the west side of Salem Road across from Crystal Springs Subdivision Sale # 2 (02098003-980129) Seller: Vanessa Calabria, Ann Calabria Mintz & Meriam Calabria to Lindsey Multi -Family Group, a Limited Partnership Location: Pt SE 33-17-30, Fayetteville, Washington Cty, AR (Drake Street at McConnell Rd) Sale Date: 1/29/98 Size: 22.38 acres Sale Price: $538,000.00 Improvements: None Book & Page: 980688-6887-071508 Remarks: Rolling pasture land adjacent to the Washington County Fairgrounds and acquired for use as the site for the "Fairgrounds Apartments" Sale # 3 (01998006-980202) Seller: Franklin & Son Inc. to Westark Agri Enterprises Location: Pt S/2 S/2 SW 33-17-30, Fayetteville, AR (North Shiloh Drive, south of Moore Lane) Sale Date: 2/02/98 Size: 3 acres Sale Price: $80,000.00 Improvements: None Book & Page: 98-26622 Remarks: Located on west side of Shiloh and'acquired by an adjacent landowner to increase the size of his business zoned I-1 P P P /\ccociateci t\ppraicers, Inc. Sale # 4 (00399005-990514) Seller: Mahlon Gibson to Interstate 540/Greathouse Springs Rd Investors LLC Location: Pt W/2 Ne & Pt NE NW 21-17-30 Johnson, AR (SW corner of Greathouse and Interstate 540) Sale Date: 5/14/99 Size: 40.64 acres Sale Price: $2,000,000.00 Improvements: None Book & Page: 99-46708 Remarks: Rolling pasture land with portion in the flood plain of Clear Creek. Acquired for new hospital/clinic Sale # 5 (02099001-990608) Seller: Helen Dunlap, Trustee to Ross Pendergraft Trust Location: Pt NE NW and Pt SE NW and Pt E/2 W/2 NW 34-17-30 Fayetteville, AR Sale Date: 6/08/99 Size: 76.02 acres Sale Price: $4,500,000.00 Improvements: None of contributory value Book & Page: 99-52758 Remarks: Rolling open land with frontage but no access on 71 Bypass and frontage on Drake Street Sale # 6 (01599003-990929) Seller: Spencer Albright Enterprises to Millennium LLC Location: Pt NW NW 3017-29 Fayetteville, AR (SW Corner of Old Missouri and Joyce) Sale Date: 9/28/99 Size: 12.211 acres Sale Price: $439,000.00 Improvements: None Book & Page: 99-89368 Remarks: Gently rolling land acquired for use as an office development. Zoned R-0 p. p p p p p p p p p p p I p p p p p /ssociateci appraisers, Inc. Sale # 7 (01199007-991229) Seller: Henry Shreve Trust to Terminella Inc. Location: Pt SW SE 29-17-30 Fayetteville, AR (NW corner of Highway 112 and Howard Nickle Rd) Sale Date: 12/29/99 Size: 72.09 acres Sale Price: $980,000.00 Improvements: Two older homes with a contributory value of $50,000.00 Book & Page: 99-115311 Remarks: Now platted into Woodland Estates. Open land with pond and some trees to the north. Large acreage tracts I • ,ssociateci t\ppraisers, Inc. ANALYSIS OF COMPARABLE SALES Sales Comparison Approachl -Approach through which an appraiser derives a value indication by comparing the property being appraised to similar properties that have sold recently, applying appropriate units of comparison, and making adjustments, based on the elements of comparison, to the sale prices of the comparables. Unimproved Sales PThe appraiser has attempted to locate sales of unimproved property similar to the subject in terms of location, size, terrain, topography, access, utility of use, and with a date of sale as recent in time to the date of the appraisal so as to reflect current market conditions. Research indicated that 1 there had been no recent sales of very large parcels of property that were• acquired for development as residential/office sites in either the immediate or general neighborhood of the subject property. Our research also indicated that there had been no sales of parcels the size of the subject property located along Interstate 540 that had sold with R-0 zoning. We therefore I. have included sales data on parcels with other than R-0 zoning. I I ------------------- 1. The Dictionary of Real Estate Appraisal, Second Edition, AIREA, page 268. 1 /asociateJ appraisers, Inc. ANALYSIS OF COMPARABLE SALES Continued Sale #1 is the late 1996 sale of a smaller (40 acre) parcel of unimproved property located approximately one mile west of the subject property and having frontage on Salem Road. The sale property was considered to be superior to the subject in terms of terrain and topography. The sale property was acquired for residential use. The sale indicated an unadjusted value to the subject of approximately $9,000.00 per acre. Sale #2 is the early 1998 sale of a smaller (22 acre) parcel of property located just to the east and across Interstate 540 from the subject property. The sale property was zoned for multifamily use prior to the sale and has been developed with a large apartment project. Terrain and topography were considered to be superior to the subject as was location. The sale indicated an unadjusted value to the subject of approximately $24,000.00 per acre. Sale #3 is the early 1998 sale of a small (3 acre) parcel of unimproved property located on the west side of Interstate 540 and lying just south of Moore Lane. The sale property was considered to be identical in terms of location but slightly superior in terms of topography and was acquired by an adjacent landowner to expand his business. The sale indicated an unadjusted value to the subject of approximately $26,500.00 per acre. ,1\ssociateJ appraisers, Inc. ANALYSIS OF COMPARABLE SALES Continued Sale #4 is the sale of a forty acre parcel of unimproved property located on the west side of Interstate 540 at the southwest corner of the interstate and Greathouse Springs Road in Johnson, Arkansas, approximately five miles north of the subject property. At the time of sale the property was unimproved pasture land and lacked sewer service. Approximately ten acres of the parcel was located in the flood plain of Clear Creek. Greathouse Springs Road is a well traveled, two lane road that serves to connect Johnson with the interstate as well as Springdale to the east. The sale property was acquired for use as the site of a women's hospital and is being developed as such. The sale indicated an unadjusted value to the subject of approximately $49,000.00 per acre. Sale #5 is also a mid 1999 sale of a smaller (76.02 acre) parcel of undeveloped property located at the south side of the interchange of Interstate 540 with the U.S. Highway 71 Bypass in Fayetteville, approximately three miles northeast of the subject property. The sale property has frontage on the bypass but does not have direct access. Access to the bypass and Interstate 540 is by means of Deane Street and Highway 112. The property is currently zoned R-0 and was acquired by an adjacent landowner. The sale property has all utilities with the exception of city sewer service. I • • AssociaieJ /appraisers, Inc. ANALYSIS OF COMPARABLE SALES Continued Terrain and topography are considered to be quite superior to the subject as is access to the business sections of the City of Fayetteville. The sale indicated an unadjusted value to the subject of approximately $59,000.00 per acre. Sale #6 is the late 1999 sale of a much smaller (12 acre) parcel of unimproved property located at the northwest corner of the intersection of East Joyce Blvd and Crossover Road and lying approximately five miles northeast of the subject property. The sale property was acquired for residential/office development and has been developed as such. Location was judged to be superior to the subject due to the greater traffic flow along Joyce and Crossover as compared to Moore Lane and Interstate 540. Terrain and topography were also judged to be superior. The sale indicated an unadjusted value to the subject of approximately $36,000.00 per acre. Sale #7 is the late 1999 sale of a smaller (72 acre) parcel of partially improved property located at the northwest corner of the intersection of Highway 112 and Howard Nickel Road, approximately one and three fourths mile northwest of the subject property. The sale property was considered to be superior to the subject in terms of terrain and topography and was acquired for residential use. The sale indicated an unadjusted value to the subject property of approximately $13,000.00 per acre. I ,ssociateci appraisers, Inc. ANALYSIS OF COMPARABLE SALES Continued Sales Data Summary Sale # Size Date Price/Acre Zoning Access 1 40 ac 96 $ 9,000 A-1 Inf 2 22 ac 98 $24,000 R-3 Sup 3 3 ac 98 $26,000 I-1 Sim 4 40 ac 99 $49,000 Comm Sup 5 76 ac 99 $59,000 R-0 Sup 6 12 ac 99 $36,000 R-0 Sup 7 72 ac 99 $13,000 A-1 Sim As can be seen by a study of the sales summary, sales prices ranged from approximately $9,000.00 per acre for a forty acre tract in 1996 that was acquired for residential use and located across from the Holcomb elementary school to a high of approximately $59,000.00 per acre for a seventy six (76) acre parcel of property located on the south side of the bypass and having frontage on the bypass but having access from Deane Street. The reader should note that the purchaser owned by adjacent lands and had inherited substantial funds upon the death of his father. If we considered that purchase as an aberration, and make no adjustments for time, location, topography or size, the average sale was approximately $26,000.00 per acre. Our inspection of the sale properties indicated that all of the listed sales were superior in terms -of topography although we noted that a portion of Sale #3 was situated in the flood plain of Clear Creek. The inspection also indicated that all of the listed sales with the exception of Sale #1 had superior secondary access as compared to Moore Lane. I �IA ssociaieJ f--\ppraisers, Inc. ANALYSIS OF COMPARABLE SALES Continued It is commonly accepted among experienced real estate appraisers that smaller parcels tend to bring higher prices per unit than larger parcels. Again, considering that Sale #5 is an aberration, Sale #4 is the most comparable in terms of size (that was acquired for office/commercial use) and then is less than thirty (30) percent the size of the subject property. Assuming a downward adjustment of sixty (60) per cent for size, the sale indicates a value to the subject site of approximately $20,000.00 per acre. Sale #3 is the most comparable sale in terms of location but is of course a much smaller parcel and is not zoned residential/office. However, in my opinion, the sale sets the upper limit of value for the subject property. The major problem confronting the appraiser is the vehicular traffic visibility that is afforded the subject. While visibility is excellent, the lack •of secondary access tends to offset the positive nature of the visibility. Moore Lane does not connect to any heavily traveled street system and while it does connect with Deane Solomon Road, such access has little benefit in that Deane Solomon connects with'Mt Comfort Road and Porter Road at approximately the same distance from the subject as does North Shiloh Drive. A final negative factor affecting the value of the subject property is the fact that it lies between two controlled access points to Interstate 540 thus creating problems with immediate access. /\ssociateci /\ppraicers, Inc. ANALYSIS OF COMPARABLE SALES Continued In almost all cases, development along Interstate 540 from the southern limits of Fayetteville to the end of the Interstate at Bella Vista, has been limited to those parcels having- locations either adjacent- to or in the immediate vicinity of a controlled access point. The lack of access both secondary and primary, as well as the inferior terrain and topography act, in my opinion, to decrease the value estimate as indicated by Sale #3 and Sale #4. Based on the above analysis and taking into consideration the various characteristics of the subject property, as well as a knowledge of the national and local economy and the resulting influence on real property values in the area, it is my opinion that the estimated market value of the subject site is as follows: Site: Total Acreage 132.16 acres © $10,000.00 per acre = $1,321,600.00 Say $1,321,000.00 /\ssociated t\ppraicers, Inc. THE COST APPROACH Cost Approach - Approach through which an appraiser derives a value indication of the fee simple interest in a property by estimating the current cost to construct a reproduction of or replacement for the existing structure, deducting for all evidence of accrued depreciation from the cost new of the reproduction or replacement structure, and adding the estimated land value plus an entrepreneurial profit. Adjustments may be made to the indicated fee simple value of the subject property to reflect the value indication of the property interest being appraised. The subject property has no improvements that are considered to have contributory value other than municipal utility systems. Valuel -1. The monetary worth of property, goods, services, etc. 2. The present worth of future benefits that accrue to real property ownership. I -------------------- --The Dictionary of Real Estate Appraisal, Second Edition, AIREA, page 318. II II II I� IP f 1- IP IP IP IP II I0 II IP Associated n raisers, Inc. INCOMH APPROACH Income Approach - That procedure in appraisal analysis which converts anticipated benefits (dollar -income or amenities) to be derived from the ownership of property into a value estimate. The Income Approach is widely applied in appraising income -producing properties. Anticipated future income and/or reversions are discounted to a present wortH figure thrbug t e capitalization process. (Real Estate Appraisal Terminology, page 112) Research indicated that there was inadequate market rental information available to estimate the market or economic rent applicable to the subject property. It was therefore our opinion that the income approach could not be utilized to estimate the market value of the subject property. II ,ssociateJ appraisers, Inc. FINAL ANALYSIS AND CONCLUSIONS OF VALUE Ii 11 /\ssociateJ appraisers, Inc. ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. No..responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free •and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. I ' /\ssociated /\ppraicerc, Inc. ASSUMPTIONS AND LIMITING CONDITIONS ' Continued 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 8. It is assumed that all applicable zoning and use 1 regulations and restrictions have been complied with, ' unless a nonconformity has been stated, defined, and considered in the appraisal report. ' 9. It is assumed that all required licenses, certificates. of occupancy, consents, or other legislative or ' administrative authority from any local, state, or ' national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. ' 10. It is assumed that the utilization of the land and ' improvements is within the boundaries or property described and that there is no encroachment or trespass ' unless noted in the report. Ii II I I I Associated Appraisers, Inc. ASSUMPTIONS AND LIMITING CONDITIONS Continued This appraisal report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. 3. The appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through • advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. ii Neighborhood View _ Looking South 1 ' 1 • 1 ' _ Moore Lane Looking East 1 1 1 I M - .- --I- ';. -.' ----amoo.,, I Property Looking South I. 1 I. 1 • Hr • I v, - .,- vr•• i 1 'I _ Northwest Corner of Property Looking North 1 1 Southeast Portion of Property _ P ssociate ppraisers, Inc. QUALIFICATIONS OF KEITH L. SCHULTZ Arkansas General Certified Appraiser # CGO271 Oklahoma General Certified Appraiser # 10530 Member: National Association of REALTORS Past President: Fayetteville Board of Realtors Court Qualifications: Chancery & Circuit Court: Washington, Madison, Benton, and Carroll Counties U.S. District Court U.S. Bankruptcy Court Advanced Education: University of Maryland University of Arkansas, BSBA, 1966 University of Arkansas, School of Law University of Colorado, AIREA, Course IA, 1974 Course IS, 1975 Indiana State University, AIREA, Course IB, 1978 Memphis State University, AIREA, Course II, 1979 Indiana State University, AIREA, Course IV, Eminent Domain, 1979 University of Colorado; AIREA Standards of Professional Practice, & Market Analysis, 1986 AIREA Report Writing, Ok City, Okla 1989 Residential App Exam Prep Course 10/92 Environmental Concerns 6/93 UofA New URAR/IFA 11/93 Appraiser/Lender Legal Liabilities UofA Continuing Education 9/94 AR App Lic/Cert Board/Liabilities 5/95 Professional Standards/NAIFA 10/95 USPAP Update 6/2/97 Residential Income Approach 5/29-30/98 USPAP Update 6/11-12/99 Manufactured Homes 5/20/00 President: Associated Appraisers, Inc. 555 First Place Fayetteville, Arkansas 72701 Telephone: (501) 521-2717 Incorporated 1974 ii • • II /\ssociated /\ppraisers, Inc. GOVERNMENTAL AGENCIES •' U.S. Dept. of Interior National Park Service City of Fayetteville City of Rogers Fay. Housing Authority Off Street Parking Dev., Fay., AR State of Arkansas Federal Aviation Admin. --- -----Reso-lution-."Trust' - -- -- Corporation I •1 Veterans Administration Federal Housing Administration City of Springdale City of Eureka Springs Community Development/Fayetteville FNMA Approved Appraiser Arkansas Natural Heritage Commission Farmers Home Administration I /\ssociateci /\ppraicers, Inc. APPRAISAL CLIENTELE Types of Appraisals Relocation Services I Condemnation Urban Renewal Agricultural Individual Hospitals Nursing Homes -Doctors"Clinics Residentials Commercial Estates Mortgage Loans Industrial Hospitals Relocation Hospitals Nursing Homes ,Doctors Clinics Residentials Commercial Estates Mortgage Loans Industrial Hospital Hospitals Nursing Homes Doctors Clinics Residentials Commercial Estates Mortgage Loans Industrial Hospitall Land Bank Paragould, AR United Federal Savings Bank, Springdale, AR First National Bank Fort Smith, AR First National Bank Springdale, AR General Motors Corporation PHH Home Equity Relocation Merrill -Lynch Relocation Equitable Relocation Partial List of Clients Southwestern Electric Power Co. Carroll Electric Cooperative Madison County Hospital Wendy's Restaurants Southwestern Bell, Telephone Partial List of Clients Southwestern Electric Power Co. Carroll Electric Cooperative Madison County Hospital Wendy's Restaurants Southwestern Bell Telephone Partial List of Clients Southwestern Electric Power Co. Carroll Electric Cooperative Madison County Hospital Wendy's Restaurants Southwestern Bell Telephone Arkansas National Bank Bank of America Fayetteville, AR PHH US Mortgage Corporation Cherry Hill, NJ • I1 I APPRAISAL REPORT CITY OF FAYETTEVILLE 1-540 Business & Technology Park Fayetteville, AR i BY The Real Estate Consultants 118 N. East Ave. Fayetteville, AR 72701 (c) Copyright 2002 by THE REAL ESTATE CONSULTANTS THE (' REAL ESTATE 118 N. East Ave. CONSULTANTS FayettevilP.O. ARrna2 I. REALTORS • APPRAISERS • CONSULTANTS • Phone (479) 442-0762 June 21, 2002 Mr. Ed Donnell City of Fayetteville 113 W. Mountain St. Fayetteville, AR 72701 1 m Y. ♦`: 1 : Jl.�:�? Il�laM111.U.• •� ' : L\ :1. 1•: :..' VI • K .' I I • w I1•: 111 I • •• • \YLI wI 1 • • / w•• I •• I 1 1 . • I•`.1 : I :♦\ 1 : IIJ •�� ': I 4I •''11:1 1-: •1. 11' I1 '•/ rl / I.I r • 1.1.•`:. J. . :♦ 1 .' 1' ..:I :I ' V . : �: . 1' •1:i, 'I'I • t Imo♦\: • : ill S•4 ' " `•IY 1 I: 1 I.. 1 •1••`:111.1 :wI ••::•I •. •S ♦.\••1'II .1. •:I 11111.111 I. �.•' 1 ''• •:1 1 ♦ : • Y/ VI • 1 Y. I. I 1 :: • • 111.••1 I' I I. 111 ' •: ♦" I. 1111 :• 1 I ✓. is 1 1' .111' 1 ♦ I .1 •" I .1 I .11-:1 1 •: • I 1 1 I. : •• • .15• •1 .' •I 1 1 I' .. • 1 :1 • 1' ' : •Iii.. . II.\Y. 1 11 1 1 • • 1: 1 11 I w I .' I ✓.I C 1 1 �•' I :♦' 1 1 1 1• :I i1 I . I .' I• w 11 ` 1 11 1 1': 1 :♦ I.1 . p 1111 1 :C' I pill I • :1 • I n �r r r •'.• S Page 2 Based upon my inspection of the subject property and the investigation and analysis carried out in this report, it is my considered opinion that the Market Value for the Subject Property Case #1 (As Is), subject to the assumptions and limiting conditions set forth within the body of this report, is as follows: us Currently Deve(opedCase "I" $ 2,900,000 Based upon my inspection of the subject property and the investigation and analysis carried out in this report, it is my considered opinion that the Prospective Market Value of the Subject Property Case #2 (Proposed Development), subject to the assumptions and limiting conditions set forth within the body of this report, is expected to be as follows: Proposed38-.4lcre DeveCojrment Case "2" $ 3,900,000 '"ii" .I1tIr, at lr. prj j91r ' I:.:wc. un. na nhll'r,i� ai:sv ti H dMtiM1" ri •,i,jti J!i.,. ',p ii _• p. s i Proposed38-Acre Development Case "2" $ 5,100,000 IC :,.7t::an k '' f IyjrT 1.af'REGi._ r ll Gregory Young State Registered Appraiser #SR1747 i SUMMARY OF SALIENT FACTS & CONCLUSIONS 1 LOCATION MAP SUBJECT PICTURES 3 PROPERTY IDENTIFICATION w LEGAL DESCRIPTION 14 DEFINITION OF MARKET VALUE 15 DEFINITION OF VALUEIN-USE 15 ASSUMPTIONS AND LIMITING CONDITIONS 16 THE APPRAISAL PROCESS 21 SCOPE OF THE APPRAISAL 22 AREA ANALYSIS 23 DATA 2S SITE DATA 26 ENVIRONMENTAL ANALYSIS 28 AEREAL VIEW OF SUBJECT TRACT .HH.. N.N.YNN .H...... N..Y..NNH.N ..H......... .. N. NE/ PROPOSED PROJECT IMPROVEMENTS N..NNNNN.H H.... 4•••••..NH.........444••• -'•• ___...__J 0 SITE DEVELOPMENT PLAN- CASE #2 ......N NNH-H...H.......H..HHH N.N ... NH ....... N..NNYY..NN.NNNN 31 11)*Y30:iu11►fl*[•)T. i.3 a 0% No SZI 11 THE MARKET DATA CA��P�P/ROACH 35 CONIPAR BE SA ES ...NN..N._ .......... MNHMN...N........ ANALYSIS OF LAND SALES & CONCLUSION OF VALUEYN.........N....�N 48 COMPARABLE LAND SALES ADJUSThIENT GRID NYN_ 49 9 THE COST APPROACH 52 DEVELOPMENT COST & ENGINEERING CONSIDERATIONS...............................»..................53 ESTIMATED DEVELOPMENT COST- FULL PARK DEVELOPMENT.........................................54 INDICATED VALUE VIA COST APPROACH.........................................................................»......55 SUBDIVISION ANALYSIS METHOD 56 CONCLUSIONS ABOUT SUPPLY AND DEMAND FACTORS :•............ _................. ...» ___ SELLING PRICES OBTAINABLE ......». ... ...._............ .... ..»........ .............»................_._.......... _ ..59 TRACT SALES PROJECTION- CASE#2: .. . . . .. - . . .. ... . ..... . . . .. . . .. .• .... .. . .. . .... . . . . ... . . ...._.... . .... .. .. ......... 73 INDICATED VALUATIONS VIA S/D ANALYSIS METHOD- CASE#2.........................................75 CORRELATION, ANALYSIS & CONCLUSION 76 FE ZONINGMAP»_...._»._....._..................._..............................»...__......._............................. _79 WATER LINE MAP ..... SEWERLINE MAP................................»......................»......................................................4......»...81 TRAFFICFLOW MAP.....»................................................................................................................82 QUALIFICATIONS..»..............»......_...._..».......» ---»............».........»...»............»......444 4 ....»»....83 Property Type: Date of the .AlppraisaL Location: Zoning: T'otafSite Size: 9ltiftties: 1 glood Data.• ifighest and Best 'Use: 'Value Indications: Case"!" Final Value Estimate Case "2" Final Market Value Estimate ' „• :1 : tin:, ,., , p., ,!� . 1: u. 'wIi. , North of Moore Lane, West of Shiloh Dr. and East of Deane Soloman Road, Northwest Fayetteville, Washington County, AR Currently Zoned Light Industrial (I-1) Proposed Zoning of C-2, R -O, and I-1 Case #1- Appx 146 Acres Case #2- Appx 38 Acmes ' All Municipal utilities are available Fiber Optic Phone Lines Market Data Approach Cost Approach Subdivision Analysis Method Final Value In Use Value Estimate $2,900,000 $2,900,000 $4,200,000 $3,700,000 $3,900,000 $5,100,000 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 report • ____ '• II, ,,L •a!t fl1jlfljj' •j ,ijJ,:L.; 1iHt.il&'.1iU! lI:} "F' r' I ?l.1•I 0* C1 View of Subject Acreage from Trucker's Drive Area Looking North Street Scene of Existing Trucker's Drive Looking East a View of Subject Acreage from Moore Lane Looking NE View of Subject Acreage from Moore Lane Looking North Street Scene of Moore Lane Looking East Street Scene of Moore Lane Looking West • • PTMTRF-S • T1 r su'a.. , ?1 'i) .III . ^� �rJ� ~\1'\f:: \�a\tar I . /l.. it t .p�' �� �1a r�,'_l I4M ary CSi 4c.-: t � .�-TYSfJ;aar� �'�'l 1 r .(y. i Y n T � \}�,,'��Q"�-y�}}L'��';'' `1Laeu\s LtiFlaV� a `L'ip'.�;.+1.13'" View of Subject Acreage from its SE Comer Looking NW Wv a' �`ntkiti r' 11 t \YfFv b •4l`St 5�TV :�L vi ... View of Wetland Preserve Area Looking North [ ` �' 11. . P1 'V.'LL�^: -..�i •k l.:.{!�. .. , i � w' • I • �Y�.�f � a,�. T 01 .i i Cr e O l S A •- - l L yk 1 .♦f...- �. . K I ♦ C. y, T q.. � r iI . lAC View of Subject Acreage near its East -central Boundary Looking NW Street Scene of Shiloh Drive/Moore Lane Intersection Looking North Street Scene of Shiloh Drivel540 Bypass Looking South ::•, Street Scene of Shiloh Drivel540 Bypass Looking North a: r II ►YYI21 IL • 1' • • . 1 r. • :1 • • u.' 1 • u r • • _ • r • Il I O. • r lo I • 1 11' I • �: 1. • • Ir: 1 ' I ..• I 1 • u' I m �. • • r • 1 • • r.' rl ' '11 -• .. 1.:1 11 I 1 nl • 1 u .. 1 • • • • • 1 • r I nnr• • 1 I m : Ilc•: � I • • 11' :qlq•% : .x•11 • .L'.1 • •_ • (• • 1 Y •r Lw The City of Fayetteville 1 :11 . '•: 1.•:. . 1. . 1 . • . .111•: .1. • L' /r . /, / . , • . . �1 • 1.' . .1 ..1 111_1 .�:. II 1:1 11�• .1 1 . 1 .11 • L..I : 1.1 L.Igi. • . 1 1 1.. 1 • 1 . '.'t-.' _1 •_. 1. 1. • '4 1. I Ir I I I r / I I 11� • • :1 • • 1 • I .As Currently Developed Case i" June 21, 2002 Proposed Development Case i" June 1, 2003 t9t&t . , _1 1.. • 1 I • 1._1 11 1� 111111 .11.. 1�.11 . �..,111!Ei;;: :1 \ La nu .. \'t • • • ._ 1 I . • 1. n111 :u • IC n. 1 .. •1 • /• lI • • • • • • :I 11111 .1\ • 1 11:1 1.': �.\ V V • �: .IlbvlIIC 1 13 • T.F.GAT, DESCRIPTION • Note: The following Legal Description was provided by McClelland Consulting Engineers, Inc. It includes all lands originally acquired by the City for development into the Business & Technology Park.. For each of the three `cases', the subject acreage (that portion of the whole considered in each case) lies within the following `Parent Tract'. See Site Plan, also provided by McClelland, in the Addendum. n its to .aanat A part of Section 33, Tosmh4 17 North. Rang. 30 reset, bag mars parttadarly drvbed as b. nlrq at the NW Caner of sold Section 33. Thera South e7'I0.24 East — 2637.40 Feet to the NE Corner of the NE 1/4 of the NW 1/4 of said Section 33; Thence South 67'1436' East — 247.00 Feet Thence South 0226ir Mhst — 1030.76 Feet Thera South 0717025' East — 1100.15 Fat to the West Right of Way of U.S. 1-510; Thence along said West Right of Way Vi. fanoehq 9sarirgs and Distanees: South 261 OC West - 74.14 Feet Thence South ' 7439'16' West - 100.11 rest Thence South 7015'02' West - 117.54 Feet Thence South 6633'26' West - 127.82 Feet Thence Saudi 501336West - 19134 Feet Then South 3134'48' West - 190.36 Feet Therm South 317446' West - 12636 Feet Thence South 0416'46' Whet - 18626 Feet Thence South• 1676'66'. East - 57.67 Feet; Th-nar South 11'46'23' East - 100.11 Foot Thence South 0619'10 East - 260.77 Foot Thence South 071505 West - 170.41 Feet Thence South 271009' West - 177.37 Feet Thence South 3472'2$ west - 949.12 Feet Thence South 36'2759' West - 150.76 Feet Thence South 342216' West - 92260 Feet Thence Leaning the West Right of May of 1-540. North 6711'53' West - 631.86 Feet Thence South 0220'44' West - 329.87 Feet Therm North 672118' West - 660.00 Feet Thence North 022544' East - 330 Feet Thera North 872118' West - 660.23 Feet Thence North 0220'11' East - 2460.65 Feet Thence North 8719'24' West - 330.00 Feet Thence North 02'2811' East - 1816.06 Feet to the Point of Beginning. Containing 289.28 Acres, more or ices. Located In Waahington County In the State of Arkartsm b-ing`eubjset to any and a9 rights er of way and easements of record or Int AfsTnR1 The City accumulated the Park's acreage (`Parent Tract') primarily through purchase of numerous parcels in July of 1990. According to Washington County Assessor's records, the City acquired nearly all of the non -roadway land from five primary sellers. Additional acreage was transferred to the City in 2001. No revenue stamps were recorded in this transaction. Apparently, this tract also lies within the Park. To the appraiser's knowledge, there have been no other transactions affecting the subject within the past three years. 14 • The Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") define market value as follows: "line most probable price that a property should bring in a competitive and open j market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a I sped date and the passing of title from seller to buyer under conditions -s*ereby: 1. Buyer and seller are typically motivated 2. Both parties are well informed or well advised, and each acting in what he considers his own best interest 3. A reasonable time is allowed for exposure to the open market 4. Payment is made in terms of cash in U.S dollars or in terms of financial arrangements comparable thereto. I S. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." 1 • . • 1 • • s n : . 1 1.1 u • r r: • ,Y' • / • I \J 11 ":11\' 1 • • H �+ UI/':1 • 1/':1 1 • �• •.1 1 • •1 U.1 w 1111 • \ 11.1 b' V : �1 Y/ /1. 1/ Y: , . • 1 1 U :1 • .Y.•. .1 • 1 1/ 11 1 YLYL1 1 11 A1.\ • , / /II• \. wI Y. • ❑ .II .L11 CK 1 \ w 1J • :I 1I IyI 1 I 1 YM I :I 1I :I •. II Value in Use of Real Property is the value of a specific property to a specific user for a specific pwpose. It is a value based on economic productivity and reflects the value of the contribution by Real Property to an economic enterprise of which it is apart 15 ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT BY THE CLIENT OR ANY THIRD PARTY CONSTITUTES ACCEPTANCE OF THE FOLLOWING ASSUMPTIONS AND LIMITING CONDITIONS: Limit of CuabiL ty: I I . I . • I .L•: • 1•: • I rl • :III :11 • n l• • w- ur 141 • I ?.)h14 I • I '1 - :'r II %1• l . \• ••• I I r • I I II . r '.'1 I •• r �1 II- 4l1 GII I I I•• dIm Iu • • I• U r I,. :n,• uu1Ii-, Vn,Y" I I I" . I• • • I' r• I • • I • I L 1 L. • 1 • 4• V: • lull-• ..•u- nl• -n •J-�+ I I • brought • "n •: n,a •:1 •• 1e - l rl • • I %1 .:I �•. 1 u .n • • • u - n • . l .' n I I 'J:I • w. 1 r l • n,' -J iijii 'ii I I,' :In who Ir rIl a1 • ' • • ,- - u an rII l . r • I • • l - .. 4 • nu r harmless II.n I • • r Copies, pu6Cication, distribution, and use of tke report: •• • 1 1 1 • 1 1 .11 •• P. , •s. 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O Y • • I iTl •' I Lw w r-• Li': L '•• • l • p:l ar • .7- :I TV II • • 1 23 1 • r • • .1 ••: ' : ✓. 1 • • • II • ,,:I • • • 1 •_ 1 •' ..11 • . •.•Springdale,r'u:• •.• as I. •• • I'•: n•. ••1 IJ r , : •.1constitutes •i financialY' 11 :1 • 1• :1 m: • rn•• -• • • . • 1 1 u 1. past •11 is ' 11 • w r: • • nu• n• • .• ✓., • • n II or.• • • of n. • I,. . u.• attention • 1 1 • • • 1 • • 1 : • • '.C._- estimates II r • • .•:•Arkansas•.: beenincreasing • • : • • • ..., : • :111 • r Y • .: • 1 • • • w :•1 w : • • 11.111 • II M is annually • • 4 . ••I• •r IIII •_ S. :I: economic1 i% 1 , 1. L:economy C • • • 1 4P.• • U Company:1 • : • .'. • rll••: . • 1 • •. .• • Y.• in •. I.1• ' 1 •5: 1,-S _-:u, • .I•. :I••1 • • • ✓: • . •I located I• i•I• Benton • 1•I . • ••: ' • • :111 • I I• • •• i•1 • .•• Y•I••• • • 1.11• • Y.111 •I: , : .•. 1 1 11 1111 • • • :11.1 BentonCounties :11 abundance• • a.. • . 4 I• andReservoir• • 11•.1 •and completed II • • • 1 1 I >• • Ir • , II •1' I. '. y • • 5I • • UI• • • 1 ; h• • 4•I • , • l•11% I • • .... • I Y • • ✓. • • • - • • • • _I• • :1.. • • ' •P: • I• L: • I. ;1 : •Jrecreational •:i 11•'.... • P. • - •1 •1/•. .IIII• . •I • 111 ' • •• • •_ : • I,.,• : I . 11 • • I .5.-: .IL• I• • institutions. ii-- - .1-. • : • 11.1 1 • •1 1.' • • ✓: 1 • • 1 1 • 11 .: : • • .1. •. I • • �'1 in LI .4 :w • 1 1 :IU high,reflecting M •I•Y. demand 1• I • • ..: estateand •6• •. II the I :1 • • , 1 • • •. : OI ✓. • • I . .YI•J • II:I ' _I.• • • • • •1 :1 r: . • • ••1 , : n • . • • 1 • •11 • i✓. 1• • Y:1 • • •I 1 1 • • • I• • • 1 ; •.• Benton • •I•.. 24 ri C location.• % DeveCopet• Growth Rate: Property 'Values: Present land 'Use: Northwest Fayetteville 70% Steady to Rapid Stable to Increasing 40% CommerciaUlndustrial 30% Residential/Agricultural 30% Vacant/Undeveloped Change in Present Land Ilse: Taking Place at this time - From Vacant/Undeveloped to Commercial/Industrial & Residential Predominant Occupancy: Owner Adequacy of Utilities: Average Property CompatibiCity: Average Police/Fire ProtectionAverage GeneraCAppearance of Properties: Average AccessibiCity: Slightly Above Average Age of Structures: New to 30+ yrs. Appeal to the Market: Slightly Above Average Comments: Boundaries for the neighborhood could be: N- Highway 112, S- Mount Comfort Road, E- Hwy 540 Bypass, W- Deane Soloman Road. This portion of the city is a steadily growing area with ongoing developments of all kinds in the general vicinity. There has been a increase in residential development along Mount Comfort Road during the past few years, along with associated public works projects. Commercial/Industrial locations along the Bypass in this area have experienced a less dramatic development rate. This is considered typical as the commercial -centered market sector generally follows the lead of residential/public development trends. The area is well located and poised for continuing growth. Fayetteville schools (Holcomb Elementary, Holt Middle School). 25 II Tract Dimensions: rota! Size: Road Frontage: (Entire Park) Zoning Cass fication.. Electricity: alatura(Gas: Irregular - See Site plan on following pages CASE #1- 146± acres CASE #2- 38± acres Hwy 540 (Shiloh Dr)- Appx 2,400' Deane Soloman Road- Appx 3,800' Moore Lane- Appx 660' Current I -I Light Industrial Proposed C-2 along Hwy route Proposed R -O to mix with existing I -I Ozarks Electric Cooperative )Vater: City of Fayetteville - 36" Waterline through subject 8" Stub available from Deane Soloman Road 12" Stub available from Shiloh Drive Sanitary Sewer: City of Fayetteville - 8" Line through subject 6" Line available at Trucker's Lane/Hwy 112 intersection Other utilities: Fiber optic cable route with multiple stubs through subject Street Access: Shiloh Drive, Deane Soloman Road, & Moore lane All are paved, public maintained roadways Topography: Gently to Heavily Rolling, partially wooded, many areas low-lying. Shape: Irregular 'yew: Average for area Drainage: Adequate to lacking upon inspection. See attached Site plans in addendum for locations of floodplain areas. Easements: Normal utility and roadways. 26 1, r g a , x�• srti� ��(�: ,Fr �J. r`" r 1F ) SSS xr{ ; �.'.. yJ/ F�'i✓i. �,,. s, r . s %{ u. v.✓ A � Yet* • • .._. � _..�.a.•c.l{,,fir /r• 1' .< 4 Fi. 'I .n ,- xi.I 6633fy-- 1.' • • 1 • 1 1 • I. 1 I . 1 1 1. • I I • I w • • 1 1 • 1 . 1 4 • .1 1.1 • • • 1 IIPI• • ••_ e • 1 1 indicated41*:" : MII Y •I/ I Y: •I I . I: • • •♦ •.Ye+ • • • 1/1�w•1 : yl 1 1 1111.' 11 . • •.• 1• • V: 1 • / Srij I• • •' rd. • /' /ra• 1. • •11 • 1 •.• • • 1 •.� 1 L • 1� w•1 11' • • 1 b•••• 1 1 I15 1.11 1 •.V✓ •• • • , I••411 1••.x•1 1 •.• I•.• 1+/r' • • 11 IN 1/r 1 •1• I Itl4 •I • •r Y. • •w • • • 111. 11 1 I • IIO.411 Y• IJ 1• • /+ 11 •' I • • \ • 1 :1 ...� •.1 1• 1 L • 1 1 11 • • 1 Illr�• • I:I • / K V •+ :I I.Y : I-• w1 1 / 1111-y11 ♦•14 • .• 1�' • LY • Ir: VIa ••• IK 'r •J • • 1.1..1• w• I • •11•.N• • I./ 1• • I ' • 1 • • I I.• 1i • • 1 H 1 : •II I •. 'I:11 / w Il I fI• }.iii .. .r• I µ•V i 1 .. ♦ fri- i a to , `-y •Y I , Dy...J 'Y4 .y it \ • �r ir.a '. .P . R {�. _ _ u ••, fr-..w .� , nCH i- • r ilt • �i� �. yr l ffi laa ' • • is .l F` � _. <�' •� ,- g,; ti t f� ��{•TR �r Jy� _ qyy�a�,� %v NL G�iaalfar 6'1bRl Fsflili�•:""�'•��"' _•♦' f..t. �_.._-� - '�' �7 •J7mi2L:>:\:Ie7 The appraiser is analyzing one proposed scenario (Case #2) calling for development of appx 38 acres in the subject's Southeastern area. This scenario includes construction of appx 2,900 lineal feet of new roadways, 10' sidewalks, streetlights and associated improvements. (See Site Plan, next page). McClelland Consulting Engineers, Inc has provided the following details for proposed improvements of the subject's entire 146 acres assuming full development (including the '17 acre wetland impact' area). Only a portion of the Park would be developed under Case #2, though, so some items on the following list are not applicable. Nonetheless, the categories contained in the list are representative of expected development activities and components. The list also includes above average development requirements due to soil conditions. These soil conditions are considered to be less of a problem in the 38 -acre development area as opposed to other portions of the subject acreage that would not be improved according to Case #2. 1Wc 1av ae.ap.n-1s.wa .an crdw! an ana ataa 2100 3c Os Span- 2J ilea aMaa< anon aMa 2050 SNewatm: Campacb0 I—_Yf ' Endar nwt 700 Comes &Mak(100X on 11200 Ewftow► 1v 8aah Cmmip 12 10' CW 120 2tCLIP 440 Sea. 30 I - - A. -. I:I I ':I IiIUdHt •v II I sea E�► , EE �! 31 [1 •.. . 11 .. ... 1 111 �. 1 • 1. �.'• 1.1 . w . � . "The reasonably probable and legal use of vacant land or improved property, which is, physically possible, appropriately supported financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability " p • • II • 4. 11 " • 11II w •111': •11 • 1.' 1 ' 1 :n .11 1 • • 1.' 1 111 • • • Y ✓ I • • Y • K .1 • 1 1 • • 1 p: •, 1• •' 'Y• 111.1 1 all 1 1 1 1• • • • 1 1� 111 • • • 1 •L • L• •.• P: 1 U • • • 11 1 1 • w : 1 1 1 Ise 111 v • 1 • 11 1 e 1 IP: 11 • 1 1.• 1 111 '• 1 1 1 1- an II • • es 1. 1 1 • L' 1 1 • �.v •.1 J 1 • Ib•.' 1 . F1r4tF • •1 1 . 1• lift: ' .`b • • 11 • 1 1 .1Fit 1 • •. �. i •.�'•111 1.1 •• 11 • •' • 11 1•• Ili • 11 •11•iA 1• 1 Y. •1 yY • 111 . 1.1 •. • • .T. • • • 1111.-• • .1 • • 1 • UFII L• Y. • • • 1 • • OT11 : 1 .• • ' preservation• :1•J 1 proposed • 1 YI • I •1 • b' presentren 11 1. 111111 • •: 11 I • L • • ..,.!.14j,,i,.: • U • • ,1 1 1 • • 11 ill • 1.' 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It: t111f • • • • •1 - X11 IIU II I ` •he4I \ • I - �• .1 1 : w. •IIIK i1 IJ IIK •- • • 1 \ , 1 • • • I( 11 1 • I is • I • • • • 3.• 1 .1 1 •- 1 no 1• 4•I IIK • involving 1 • • • • i L 1111• • - II qII I i • • I a1 • • 1U • • .1 • I •11• • • 111• - •I• • • • 4 • }: , - •' yl 11 • . • . • • . •C /w• :1 y II 'Ii. - • I 33 •.t. •;k;_i.'.j1ji. $,.'. - ___ Ifi:. ' rFr_ iii. .1 L".).WeJ. •J:TJ11L*I.tli(ku.i.14(.Pu.c#L hi 1s . 4r. i& __ • •(.4qC .ij.h.J.l.saIM.!!aU.1LL;lt. •J_•(__. nfl U. SI. :IIILJUif.i!T.! 11*1. t.N.;:b.1P1 1 ' • IIII • properties.\ • -"comparable"• \ \ ' / - " . I I • ' • :III\ • L" • Y / - • \ 1 • 11p l ..• 11 ordinary/ meaning m 111 • • . M: • : • ' • / ' II • YI 1.1• :I 4. ` 1 ••) worthy• Y• 111••:1 • 1 1. : • •I : 1 : 1111w 1 • • I 11 1 ' 11 ` 1.• • . 1/ • • 1 ' • 4 • I • :I 1 : 1 1 '-liii It • - 1 - 1 • .bextensivesearching • • Yw_'J''!'1" 11 / 1 /constantly • •il.l •11 • : , ti11 .4 • \ • q 14: • 1 ' •LIIIII111.' the • M. :I . ' • 11 • \ • • 11 1 ' 11 • 114: • • y • - / II 11 • • • • 4 • • • \ 1 1 knowledge • the 1I . 1 1 d I 1 11 • 1 J . � :1 Y. • 1 • : 1 1. .I I • i1 r 11' • • • 11 ` 1.Researches the market for available comparable properties for which actual sales, listings, or offerings has occurred 2. Confirms the prices and bonafide nacre of the data and qualifies the terms and motivatingforces. 3. Compares the property being appraised with each of the comparable properties, under the general division of location, time, physical characteristics, and other economic factors. 4. Formulates an opinion of the market value of the property being appraised based upon the price of each comparable property. • 1 :111 • 1 - .1. . • I. 1 - ••• y 1 appraiser1researched 1_ • 1 1• 1 1' ;•. Ii- ❑ 1 • 1 1 III • .• .1-1 J. • • 1 • 1 • 11 • • .I to Sc* .111 •1 .I I I 11 • 11 • propertiescomparable, I yllll :I to • ' • 4 1 -✓.1111'.:4,•1 11 III 11••:•..•:1 •• • •,.11.1 •t• I1 • •4 . .• 1 •111 I 11 ' • • I. 1 . •4; • . ' Y 1 ' .II • 4 Ill - 4 Gill Il • • • • ' .111 :1: 1 W.1•I 1.1' \•. .111 .I' • 1 •!I :•. •w .M:I �. I, • - :1 , Y. • • • • : IDetermines the • 1 4u all I- • • .11 • added to theestimated • • • • improvements • arrive 1. • s.'. _ II•,':1 , 1 .. Y • • • • y I . . 1 :I. : 1 • •�- •• ••: y 1 • • • :II .1 11• : 11.. ..:l -I -I, 35 • • ('OMPARARi.R T AND SAi.RS MAP 4, «`` r 718 �•• •' 12 a 72 la T Tli/a. F�''j4•/.N• . • 1 ^. ^ a(i r C'il a I J+i +�1 r4S�aC�' i.. OG'ER' ♦ -:.;>' ( � yy wAhyy ir.\ a [y• - r `/ �n a � lrl. Ll i i ./t/.Y /j 11 ^S:r \J ♦aJN -[ •I lIrI r ..rr \ 1t (4% VI +r , YI M 't •lei ' - # .r\u!ti \ y .*v fII ♦v' lY.- s•�ppp 4 1 a Y • ,jY..• ' U J M N Ja r/ s I ,♦ ( 4a ♦! a :V JI IlY Ili \, r laN O ,� QV f < .'nl ♦Y;j r<f. T i I�. yr N•� w r. � )Y. L.•,� 7 v♦,. 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CE ry 1 , • `V Nq'ry?F e$ 1'ri%. ? ~ t4 _I. . `4,�ar 1•\ •S .+ 5 vy 4 'r . , (i Iry , 1'U LI I\•"1 %- I f i )I aa. }il- ' W M [ t„i\ r „yy♦II// l.Ia 64 to [�vi C;'.V. .'tu \. ,.lJ r\IY 1♦-aC� .�� � f 'a♦.� 11 Y i? `yp�yf ¢w ', JI S rF r \•::r r 1 \ • ♦ },{}}• fy a fI ijFS,"rNa: lK'' t . , f� 1. s;�q s. t� }5� 'tI •44\ i+.••(a A \t.+r a II .n_l 7 �. a'.1 aY f. i. ^ , YICLt Fl ify f�i4 ' ♦.11,3' a4),l ,T�n• a•T o" ♦ a° 1 i I( ,\ )Sj +TLII aVi Jir�) t to tla`• 1I` ! )-YfC` a♦ -,2 .lv.n •a,• 3(t'�iN.: 'Ir 1 �+}��.1rpy.1�1 n lf,�)Y��.auri YL�4 , • � �'lk, {•♦3 ti I t i"1 X'i `�I f) �4 V'a' �}At Ji >C� � 'yt'i' !x't\�;\':aF I+ rvi��'i��}. �'rk 5,1.. ✓riN r\.J )\.a,lY1 �, 4 J r •\.\'. Yi'f 1"fi uwii:1. �VC(� /LI['•i,`�i � �'i'a ,SSY Y1. aj , r. a `S:i nC .n\T • ' , rt . n4r or• rfcc Cr ,1 , pvf:�'F rr\i•Ii, njJ , Vi ��. c]' '"h- �J, •Jtv^ a`r/ rrr{C{.rr r il' ' `< �75:�Iv�/C IV t , LwQw{\}+^y1'.4 J� ----• 4s r, ti ki <!L lam':" n. ♦5 r 't' a ✓ w`a, r ,\I✓ J i 3' ..i's���['� .� i11"k'C )\"S 1 I u r jl I • ., e! ill :) jr f'yafYl,7`J!/ 1. C\Lr1�•a n`1 t, t i ti It r •• y'��1J�iLl+Vrtt•hy Yt�.. ,'wiP41 . 3� Y ` a � � 1 r t l• fit f�M` C Y? µ. w j �ja 1 • . a i •'l� 1 ` ry r K.la.i', UNIVd-$" 1 rh,4 ',-r1 OF ARKANSrAS P3.3 K:� , yYwi(,JJ. •[• IT r' P! +JI` ' .aaBl Il•• 1.? ♦ •\jy 4♦t f}It)'' �0 na.a al.:: is a /I \ S�� a?♦ •�Yli.' MINGTON , 02. �.., �\�,� wj'•' It i' 1V' r •'f t J 'tt. Iy ~�!,\{a f vL♦/ :`\i'i{ +`ry E.VI LEI 1 1Yr fit l �l'n. 36 ..n Grantor: Rife Estate Grantee: CT Northwest, LLC• location. Rogers- East side of Hwy 540, between Perry & New Hope Roads LegaCvescriytion: Part of Sections 16 & 21, Township 19 North, Range 30 West Date of sate: 07/12/00 • 111 II. 115 • 1,1.11:!- • III •i• I'.- S. - ii u a. . • . Size: Appx 310.46 Acres Improvements: None of contributory value .. -. . .111.1N • .- - ...lull • :1 M • ' Si. • 1 l . • :1 A.1 ill l • . I l • Ill • . M i•: ' • I.i • . frontage. 1 • also 1 . 11 • S additional • 1 ' • 1 1 111 . 11 SJ•• 1 • • 1 .1 •- 1 :1111. • • . • • ' .•I • 1 • i• 1,- 1 • Y intersection • • 1 • 1 - 5.';route :1 11 •111 • • . • • 540 1 • 1• 1 ' Ill, . " development. 37 T ANf CALF. NI • • Grantor. Oldridge Grantee.• Reaves Family Limited Partnership Location-• Lowell- N of Hwy 540/Hwy 264 interchange, S Pleasant Grove Rd Legal Description-• Part of Sections 35-19-30 & 02-18-30 Date of Sate 07/24/01 Reported Consideration_ $2,700,000 Site Characteristics: Gently rolling, cleared acreage. Appx 3,783' of Bypass frontage. Large majority of acreage lies just North of the Hwy 264 Size: I Appx 114.27 Acres Improvements: None Zoning: None at time of sale, just outside the city limits of Lowell. Purchased for commercial development Indicated Price: $23,628/Acre Remarks: This was a purchase of three tracts held by the same owner. The buyer also purchased other tracts adjacent to or very near this sale for assemblage purposes. kfl j,A" SAT.F. #3 • • Grantor. Farrar Estate Grantee.• Pinnacle HI[Is Realty, LLC Location. Lowell- SW comer of the Hwy 540/Hwy 264 interchange. Legal Descriytion.• Part of Sections 10-18-30 & 11-18-30 Date of Safe.• 05/12/02 & 05/13/02 Reported Co►sideration, $2,742,000 + $501,333 Site Characteristics: Gently rolling, cleared acreage. Appx 2,123' of Bypass frontage. Additional frontage along Hwy 264. Size: 34.02 + 19.96 Acres = Appx 53.98 Total Acres Improvements: Old Farm outbuilding having no contributory value. Zoning: None at time of sale, just outside the city limits of Lowell Indicated Price: $60,084/Acre RemarIs: Extremely recent purchase of two tracts between the same seller & buyer. Deeds recorded on consecutive days. 39 I.ANTI SAT.F. #4 • • grantor - Grantee: Location: Legal Description: Date of Safe-' Reported Consideration -- Site CFaracteristics: Size: Improvements: Zoning: Indicated Price: Remarks: Interstate 540/Greathouse Springs Road Investors, LLC Johnson- SE corner of the Hwy 540/Greathouse Springs Road interchange. Part of the NW/4 & part of the W/2 of the NE/4, Section 21-17-30 05/17/99 $2,000,000 Gently rolling, cleared acreage with frontage along Clear Creek Some lower -lying areas. Appx 1,361 of Bypass frontage. A portion of the site lies within a FEMA identified 9oodplain. Appx 40.64 Acres None W TAN!) RAT.F. #5 Grantor: grantee: Location Legal Description: Date of Safe: Reported Consideration: Size: 11I- ... .: -11 • .•. Part of the NW/4 of Section 21-17-30 06/01/00 $1,000,000 • IIrolling, J . « J • • Ili- • • 3I 11 ` .1 .. 11 . ... I . • .. • . . YI 1 1 1. . w.t 1'. I...• 1. Improvements: None 41 T.AND SAT.F. #6 • Grantor. Grantee: Location. ! Legal Descrrytic nr Date of Sat Reported Consideration I Site Characteristics: Size: Imyrovements: Zoning: Indicated Price: Remarks: P.R. Green Trust Ross Pendergtaft Trust Fayetteville- South side of Bypass, just East of the Hwy 540/Hwy 112 interchange. Part of the NW/4 of Section 3447-30 06/08/99 Gently rolling, cleared acreage with appx 2,080' of frontage along the Bypass route. Appx 76.02 Acres None Resideatial-OItce (R-0). $59,195/Acre Rare sale of R-0 zoned land with Bypass frontage. Purchased by adjoining property owner for assemblage purposes Good lath quality and visibility from the Hwy. 540. 42 TAN!) SAT.R #7 • 0 Grantor: Calabria Grantee: Lindsey Multi -Family Group Location.• Fayetteville- just South of the Hwy 540/Hwy 112 interchange. North of Washington County Fairgrounds. Across Bypass route from the subject Lega(Descr)tion.' Part of the SFJ4 of Section 33-17-30 Date of Safe: 01/06/98 ReportedConsideration. $538,000 Site CFsaracteristics: Gently rolling, cleared acreage, slightly elevated acreage. Frontage along the Hwy 540 route. Size: Appx 22.38 Acres Improvements: None Zoning: Multi -Family Residential (R-2) Indicated Trice: $24,039/Acre Remarks: Slightly dated sale of a smaller parcel located in ex remely close proximity to the subject Current site of Fairground Apartments. 43 S Grantor. grantee: Locatio►v LegaCDescriytion.• Date of Sale: Reyorted Consideration: Site Characteristics: Size.• Improvements: Zoning: Indicated Price: Remar.Es: I :1 I I • -. 11 II ..II, ,i v -I. South . S. 1 III .I 1✓. 1 I I.Washington • 111 Fairgrounds.Across: 1•: 11- 1111 1. • 1 -M I. . .. I . 1, • _ I . , 1 08/05/99 $4,263,436 Gently rolling, mostly cleared acreage, slightly elevated acreage. Frontage along the Hwy 540 route. 'Appx 63.66 Acres None Agricultural (A-1) 566,97VAcre Good land quality and visibility from the Hwy. 540. Rail frontage. Purchased for long term investment purposes. S Grantee: Location.- Legal Description: Date of Safe: Reported Consideration: Site Characteristics: Size: Improvements: Zoning: indicated Price: Remarks: Louise Guisinger Sager (1/2 interest), Paul, Jr. & Bernice Guisinger (1/2 interest) Robert D. & Millie S. Nelms Fayetteville- NW corner of the Hwy 540/Mount Comfort Road interchange. Just South of the subject. Part of the NW/4 of Section 05 & part of the NE/4 of Section 6, T16N-R30W 03/13/02 101' Nearly level, cleared acreage. Appx 1,158' of frontage along Shiloh Drive. Appx 23.76 Acres $58,923/Acre 45 grantor: Vlasic Foods grantee: Razorback Foundation, Inc. Location: Fayetteville- 15t° Street, just East of Razorback Road. LegaCDeseription: Part of the NE14 of the SE/4, Section 20-16-30 Date of Safe: 07/27/00 Peportet Consideration. 5502,000 Site Characteristics: Gently robing, mostly cleared acreage. Railroad frontage. Size: Appx 35.80 Acres Improvements: None Zoning: Light Industrial (I-1) Indicated Price: $ 14,026/Acre Remaris: Rare sale of a large I -I zoned tract. Located across from the Swanson plant. Purchased by the University for stadbun parking. Much inferior location. m S 0 Grantor. Nelson Family Revocable Trust, et al Grantee: I.B. Hanna, LLC Location: Fayetteville- NE comer of the Hwy 540/Hwy 265 interchange. Legal Description: Part of Sections 29 & 32, T16N-R30W Date of Safe: 05/13/99 ReportedConsideration: $1,100,000 Site Cfcaracteristics: Rolling, mostly cleared acreage. Some lower -lying areas. Appx 4,000' of Bypass frontage & 2,370' along Hwy 265 (Cato Springs) Size: Appx 94.86 Acres Improvements None Zoning: Currently zoned A-1 & R 1 Indicated Price: $11,596/Acre g ,rIs Slightly dated sale of a large tract with frontage along two highways. Inferior location in S. Fayetteville. 47 • • • N l PSIS, OF I AND SAT FS & CONCLUSION OF VALIWF. An exhaustive study of the Hwy 540 route was conducted in order to uncover land sales for comparison to the subject. In addition, other areas within the city of Fayetteville were researched to ensure a confident understanding of the market for large -acreage tracts with development potential similar to the subject project. Of the large volume of sales analyzed, eleven were included in this report that are considered the best available and representative of activity along the Bypass. In the appraiser's opinion, there has been an adequate amount of comparable land sales within the recent past to render a reliable value estimate of the subject's acreage. Finding large -acreage tract sales with Bypass frontage was difficult, so some slightly dated sales were included. In the appraiser's opinion, the sales included are adequate to formulate a value opinion for the subject as if vacant and available for its highest and best • use. All sales except #10 offered some amount of Bypass/access roadway frontage. All but three sales were purchased specifically for commercial type development. The sales are summarized as follows: SALE DATE SIZE PRICE S/ACRE 1 07/00 310.46A $5,595,000 $18,022 2 07/01 114.27 A $2,700,000 $23,628 3 05/02 53.98 A $3,243,333 $60,084 4 05/99 40.64 A $2,000,000 $49,213 5 06/00 50.28 A $1,000,000 $19,889 6 06/99 76.02 A $4,500,000 $59,195 7 01/98 22.38 A $ 538,000 $24,039 8 08/99 63.66 A $4,263,436 $66,972 9 03/02 23.78 A $1,400,000 $58,923 10 07/00 35.80 A $ 502,000 $14,026 11 05/99 94.86 A $1,100,000 $11,596 Only one of the sales analyzed in this report is larger than the subject under Case #1, while all but three sales are larger than the subject under Case #2. Generally, the price per acre paid rises as total land size decreases and vice versa. Due to this, it is reasonable to expect most Bypass sales to be smaller than the subject's IWl project size as seller's divide their large tracts in order to receive a higher $/Acre Because Highway frontage amounts were not available for all sales, the appraiser will utilize the $/Acre as the sole unit of comparison. The older sales will require a upward adjustment for appreciation. The above -recited sales indicate values ranging from $11,596 to $66,972/Acre. This wide range is attributable to factors such as total size, location, frontagelvisibility, topography, zoning, and date of sale. It is the appraiser's opinion that the subject's value would fall in the lower section of the $/Acre range for Case #1 and the mid to upper section for Case #2. See the Sales Comparison Adjustment Grid included on the following pages for a summary of the detailed adjustment process to determine the per acre value of the subject under Cast #1.. Therefore, based upon the above recited sales and analysis thereof, and after adjustments are made for differences in time, location, access, visibility, size and other economic conditions, it is the considered opinion of the appraiser that the land value of the subject acreage as of the date of the appraisal is: CASE #1- 146 Acres @ $20,000/acre = $2,924,000 SAY $2,900,000 CASE #2- 38 Acres @ $50,000/acre = $1,900,000 SAY $1,900,000 48 • R- • •.. /11 Y 11 /// IC< Y 111 111 • • •: L•, iliWc U. . •. •1111\ U 11..• 1 1 ' • � '. 111 � / / / 1 ':Y 111 it • • / 1/1 .• • • — - J �• Y 1 - 1 �• > 1 - .}II \ •. •, I) 3111\ •. •.L• •• 7 '. 111 '. 111 '. 111 '. 111 ' ■ 7Ii 111 : 111 • 7 !IIRt: '. 111 '.. 1 111 :iGr 111 • -' • 111 111 �2" 11 : ,. 11111 11111 111 ". .( ": �� L--11u-\II� 1 111 � 1111 1 is g:p— / •: . G • . 7 .L' 111 Y 111 1 111 !G•1 111 ;. •.IIiiiY,Iil 111 • • IUi I Y I7ii © •. � I� .' 111 1 111 111 1 111 50 • -- .I • I. . 1/ 111 1/ 111 11 111 IG L • •L rrn. • . I� 111 1 111 1 111 •. O K/ 111 -. 111 ©j • ®®® . I -. 111 X III Y 111 I' 'Jilkt I 7 .' 1 111 © • 1•.I •♦ .• ( u V t. .••_•_. I1.: ' 1 •I_• •: • dr..• • i 51 The Cost Approach is based upon the principle of substitution that states: "A purchaser will not pay more for an existing property than the cost to reproduce it in the current market & in a similar location." The Cost Approach is particularly applicable when the subject improvements are new or relatively new and represent the highest & best use of the land; and also when the subject improvements are unique or special purpose improvements for which there exists few if any comparable properties in the market. The Cost Approach for proposed developments such as the subject property indicates a value estimate as follows: 1) Costs of all proposed improvements based upon current labor & material costs is estimated. Costs include engineering fees, government fees and entrepreneurial profit. 2) Any depreciation due to physical, functional or external inadequacies is deducted from the cost estimate. 3) The estimated value of the land is then added to the depreciated cost to obtain a total value estimate for the subject property. The traditional method of determining the value of land is by comparing the subject site to. comparable properties, which have sold recently. The subject's existing $/Acre land value has been previously determined under the Market Data Approach. That previously determined value will be used in the Cost Approach methodology as follows: CASE #2- 38 ACRES @ $50,000/ACRE SAY $1,900,000 52 1• • 1 w • • .• 1 \ • .1 1 'J 1 , • 1 :r• 1 • • ; ii....., I1 .1 1: v• %'.• i• • +••111 :111•' :iJ I._.1. 11 { 1• 1 1 L• • 1 1Ii 1• •• 1 V: • .1 11✓1. • , ' w The I develop 11�' 11 estimates :1considered : • • 1 4• ii. 1 •conditions• 1 • • 1•.• Ir: • . • i1 ' 1 1 1 • • 11 • • 1 i :1 IS 11 • 11 w: . 1.1 ' 1. •nw1111':I .mss • 1 • �• appear to • 11 111.• 1 • Lr Y• I n ✓., • 11 1 • • 11 c1U • 1. 1 w .•. •111•:1 • 11. • is ' • 11 • • w . • contingency 1 • \•.111••\.\ •' • Si 1' •- • II. • •• — • • • • 1 I• -I II i•.. • \•. , Y: • • IJ ••; • \I I. 1.' •_ :1• I YI , I I• • 1\ : • 1 •• • • • • IC • I 1 1\ I. w I - P • •1. .• • Y • • I \11U Y• w, •.,,.:I IJ •. •I i• I I. I •.4 5:i.• •. • b. II 1 • .V1 IJ 111 ••: \ V: :•. .11+• I w • . I • I • • 1 11 I 1•. L: 1•. • •.41 I • • II • 'I. .1 • • I :1• • •. w i.: 11 I • .1 Y• •+Y • :1 .1• • In ' Lsll :1 II•• :I • UI • .nv•I11•:1 • Y • • 11 • • Lv•Uly — • • • • 1'1.11:• • , 1111 • • YII .• • 1. u...'. LI Y•'I • • • • •' ' :5. ,I_ • • : •1 :.•. . 5 • • 501.:, ' • 1 1 w- • . • ' • u,.-:. • • • • 1 • ...v11• :1 • • w. •.• 1• • •1• ' • . , I I: • • 11 ✓ • 1• • 1 .. • • 1 • • - 1•i • 1.-: 111 • • •I.1• • .l •. .+.1 5.. .1 •111111• I: • • 11 • • •K :15 • ••I•: 1• • ws •111•:1 a. •I 1 RIM • •. ..:I i • • • : • • , Y • ✓. • IH . • i L' :1• • w .•L• • • • IU I:1 • • • O.w•Ithe-1• • .1 • • 1 1 • 1 %1 1 • > • • • ••.1 .M•1 • • • •,.411 Y•'• of l i 1 1 ' w 1 -I 1 I 1 1 1• S. • • • • :N • : • ' • • 1•i' 11 ., .- 1.' • 1.• • II • • . • • • :n w•I • • " w •1•IKI Ls ♦ 1 %I it • 1 L• • 1 . 1•,5 • 1 111;w:1 I. 53 rl. Sew was: lb I hnl III It is presumed that all development costs will be incurred in the initial year of development and prior to the sale of lots. Summaries of estimated costs for Case #2 is as follows: Total Estimated Development Cost 38 Acres Q $50,000/AQe 2,900 Linear Feet @ $650/Foot CASE_#2 $1,900,000 Or $1,885,000 SAY $1,900,000 Entrepreneurial Profit and Indirect Costs (20%)• $ 380,000 Phis Land Value f,i con non Indicated Value by The Cost Approach $4,180,000 SAY $4,200,000 * The appraisers have discussed the proposed project with several developers and reakors in the market area. The indicated return on investment in the market varies widely, generally between 10-50 percent. This has allowed the appraiser to justify the percentages for entrepreneurial profit, present value, and related numbers used in the subdivision analysis method. Indirect costs include appraisal fees, bank loan charges (if any), environmental impact studies, and other expenses not included in the engineer's development cost estimates. 55 l:1\I 1► :►a a NI 01 Introduction: This method of value indication is a combination of all three appraisal approaches. It is generally useful in determining value when the highest & best use of the land is for subdivision purposes as is the case with the subject property I - 11 . 1 . �+I /. . .. I. •"11.1. Y. . . ..I•-1 . . 1/K. . w •• .t •nU •I m.1 n• . I • 1 I �. • 11 . �. n •11 • 1" • W. 11 J 1• I- Y• 1 SuppCy Factors: 1•- nn0• /' r• • 9'Lgas n /' :.: •n••1• till 1I • / ' • "•• I• • •ij4lI'.or I r. ip • 1 • • H ' 11 ,/11 1 - • • • • • 11111 4• " •• • b 1 11 I ! • • • • /11•/ • • 1 - 1 : r " i- :1 • • •1\ • / 1 11 • 1 • 1 1 • • I /I . • • •Examples 11 • YI1• 1 -•11• •/ ' I:1 .Iw ✓ '111. ' 'Jij1111: HillsII • •':1 ' • • • 1 • • I. ' • ••• / r• • - • • • 1 • 1 • • w • 1//✓. :.: 11 • income)•11 1 •1 1- y ••i- • •1 1-••'1 u. •• • uu- n •-•Y.Factory•1 1-1- • • • 1 • uu 1 • 1 • 1 • - • I • - Wsubdivisions• i 1 • 1 ' fl • •a 1 n i Sr J( iii- .1*' 1 ' • • • / growth • • • . • • • •4..,:• - :J.•• • 1 . • l n ..L 1 ' • w u • 1 1/ 1•••/ I rr • 1/11 1 • ••" • • • •'• •- ••" n :+ • I V L' II .• pro 111111:111 • r on /1 1 / • • 1 additional • •n•1 :1 locations. 1 1 1 • 1 1 1 q•1 r • • • • " 1 • " 11 • i c • •♦ • • - I 11 1 • • /1 111 • / • 11/ • •11• • • I ' 1competing � 1/ • � • I • 1 : i •,r.,. ' I r • • •-and 4111 111 is 1 • • •' 1 • :•• / :1 •1 • I • 1.- r Diiw Y • 111/11 • • located 1• r 4/1 • 1 • :1 S• 1/�• •j.- .7.- s II ' • • • 41ti •- • r 4 1• y• • 1 Jsurrounding•1' •. I• 1 • / - •• • •• - I • 11 • • • • /11• U• • • 1 • 11 • • 11 • • 1 • 1 1 •,1 •14:LLIj I-• • 1.'1-•/ 11 ••11••• 4• ✓w•• 1••111•: rthat• 1 Y I I - I ✓ / r • 1 • •iIf • • ' • s • 11 • :_,,..,L,., • :11 • • 11 ill 1 I �•% UcommercialI • • II I - • r u au • • • • uu •1 - 1'1 b ei : r - 1 I e development - • •1 • r 1 . 11 ' • 1 • • • I - - . •n • 1 1 :� • • - 11 • • 1 - • 1 1 1 11.1 • 11111.1 K development 11 • 1 • :1 I L - 1 • 1 1 • • 1 ' i • 11 ' • 1 ' • 1 • ' • 1 : • • 11 ' additional • I I n l 1 " • 1 / • :1 , • i K 1 m Y. • increased 1 1 r • • 111 • ' • 11 • properties over • - • 1: 1.11 • I I 1 • 1•••: •�• :1 la -current •IIU 1 1 - • M 11111 •11 ' • : 1 / 1 1 - ' 1111 • • � • � ' 1 • 1 • • � 1 • • 111 • Y. 11 • : 1 • " Ll 1 - .. . 1 • 1 n :L u • .. . . u .. - : . 1 •il! • 1 1 - I . . . • U . • . 1 • 1 - u - u 1 • • - 1 . • u 1 • .. . u . .. 4 • 1 •1 This.-.. w 1 • .. 1 ..0 lw. . -..u-. .-m .u. I .0 .1 • 1.1 1• or • . 1 .:1n . - .. 1 . . . L. 1 . . - u • Il .. - . n 1 - .1.. 4 .. n • 1 1 -1 1 - .: .. • . - • . . nu .. . . u • . - 4: • . . - u . I . w.- . • . , . . . - •1 1 • Y. • - • Y. 1 • • ' . ' • • • • • 1 I I 11 • 1 +: 1 . u . 1 1 • • • ' 1 - • Y:1 • ` - I r • is 1 1 1 • i• • . - uK 1.• • 1 4 .1 .• 1 '1$';I • . 1 1 ' • - n r r :•: • r ' • • • u • • I • • mu - • - - • r ...... 1 1 11 1 i' SI 4! .i. ' iI:I .',,tu'- 1• ••11•. •• • •..1.'"•b• • • 1 • 1 1`• Y. • • .' • ••L' ` 11 •••• In: -•b• • 1 11 • 4: • 4 • . • - - • • 1 1 1.111 �• .11 . Y 1 • .0 . • • 111 • 1 1 :1 1. 1 .IIJ • GII':11 . ri. T ,RTJ,TNG PRICKS ()RTAINART. The appraiser has extensively researched the market area in order to determine potential selling prices for the subject. This research included analysis of existing commercial developments within the city as well as individual, variously located tracts deemed comparable in some way. The following pages include information the appraiser considers to be the most pertinent for analysis of the subject's proposed Cases. A wide S/Acre margin exists in the market area, especially when incinding all zoning types. Sales have ranged between $26,042/Acre to $178,500/Acre. Many of the sales lying at the top of this range are small lots with strategic locations. The lower end of the range generally consist of large tract sales &/or discount purchases of multiple lots within a development. Ova time, it is the appraiser's opinion that most tracts within the 38 -acre development area of the subject could enjoy selling prices exceeding the above -stated range. On the other hand, there are tracts within the area that are not expected to sell at premium prices, or very quickly. Visibility, access, and zoning are key factors in potential selling price. The appraiser has divided the subject site into portions, according to expected zoning & the site use maps provided, in order to more effectively apply expected selling prices. For a .summary discussion of this process, along with important asswnptions, please see 'Tract Sales Projection- Case 2' on page 73. For Case #2, obtainable land prices would be as follows: Prime C-2 $218,000/Acre 8 Total Acres Secondary C -2/R -O $174,000/Acre 19 Total Acres Prime R -0/I-1 $130,000/Acre 11 Total Acres According to the above, tracts will sell for appx $170,000/Acre or S4.00/Square Foot on average over the anticipated sell out period. The following pages offer information for developments/single tracts considered comparable to the subject. 59 LI E PRO, F:C'.T #1 Development: Developer. location. Date of Plat piling: Date of last Sale.• Reported Consideration: Dr. Mae Nettleship Between Gregg Street & Hwy 71B 10/94 05/02 ,. 1 11► w 1•rnJ Predominant Range: $50,000-$100,000 for small, single lots & $150,000+ for larger lots Predominant Size: 125-1.75 Acres Predominant Price: $109,650/lot, $65,000 to $130,000/acre, $1.50 to $3.00/SF I. . • - - u 1 u • - - • • .. .I •• • . -. in :1 - •. • • • 1 U. .•y- u. -. .• U. and •• .•. . .. - •:• .i -• I,'. 1. - Q.1..• ac .•4.l1. ••.' I1111 U. .••• • :111 1 . •zoned • 1 • 1 • • • 1 • ..I, • • • • i . 1 1 • • •11 •1 Date of Pat fiLsng: 1995 & 09/99 Date of Last Safe: 04/02 Reyorted Consideration: Between $190,000 and $625,000 for single lots • n•w , : N -, 1 111 i •• .I a : N .. 1 1 1 1 N •111 .• • 111 •N• 1 I • I 1' • Y. Y -I •• . 1 •_V • • .1 .• 1•:e• • v, • IIIIII ' • I• • I 1 ' Y 11 • • • ••.wll •:' •..., • : -• 11.1• 1 :II • LY' • S••- `•: ... I • ••I• • Icombined • • I • I •K I• •I •.w • : 1 1.' • • • holding 1 •c 1 • • • • •. .• 111 •: • • •1' 1••i 111 • ' 1• •1 • •1• I •I IYw • • • far1h • • I�,. . :•I• • •11 p:. • .I Combination i..,,.. 61 PRCI.TF.CT #3 Development: Millennium Place Commercial S/D Developer Mtllennium, LLC Location: NW comer of the Hwy 265 (Crossover)/Joyce Blvd intersection. Date of At Filing: 07/00 Date of Last Safe: 01/02 Reported Consideration.- Between $100,000- $393,000 (multiple lots) Predominant Range: $85,000 - $125,000 Predominant Sue: .56 Acre average average Price: $115,700/lot, $178,500/Acre, $4.00/SF Remarks: The data listed above is an aggregate of all verified lot sales within M llennium place. Of the 17 original lots, 8 have sold (53% absorption). Multiple lots have been sold at a discount Combination zoning of C-1 & R-0. Development: Developer. Location: Date of Plat •Fiffng: Date of Last Safe: Reported Consideration - North Pointe SE corner of the Hwy 540/Hwy 112 interchange. 10/91 11/94 for sell-out ► II► .� ..� Predominant Range: 575,000 per lot average for re -sells ► ►•„, • • 1•I • K an • .• _ development 1 • O . • ..• • •1••11 • •. •L ,.: ,. .•4'•:x•,.11 :•• :••1•1I•• • •• • 1• :1•.• , • • 1• • • • ► 63 . PRQ.TFCT #5 DeveCopment: CMN Business Park,I Developer: Nanchar, Inc. Location: Mfllsap Road & Futrall Drive, South side of Hwy 540 spur Date of PCat filing: 10/93 Date of Last Safe: 03/01 Reported Consideration• Between $104,000 - $541,000 (two lots) Predominant Range: $250,000+ Predominant Size: .85-23 Acres .Average Price: $247,800/lot, $142,850/Acre, $330/SF •• • I .• • •'• • •. n ••. I rn• .I • • • • • 1 - y •1 :111 • • 1• iri PRO.wrT #fi • • Development: Point West S/D Developer. M.A.P. Location: Shiloh Drive, South of Mt. Comfort Road Date of Plat yitmg: 04/91 Date of last Safe: 08/97 Reported Consideration- Bet's $22,000 - $60,000 for single lots Predominant Range: $70,000-$80,000 for four lots Predominant Size.- .72 Acres :•II• , n • • 1..• • • . •.- • ,• 1.• n. . • .I. e • I transactions.u. • m•, • I • • • • III • • 1 parties • Lw • :1• I • • q11 I 1• • • 11 , • • • • • ILw11 •1 ., • I- • 1: -c 11. • 11 improvements •' • • one • II • yl.: • • • .. The .. .: I• I. • • • ..unimproved : I. • • 1 1 I I. , I• • 1 • proximity 65 PRDIEC r Development: Steele Crossing (CMN Business Park II, Phase I & II) DeveCoper: Nanchar, Irwin & Saviers (Agent) Location: Hwy 540 spur & Joyce Boulevard Date of Flat ,filing: Estimated at 01/01 Date of Last Safe: Some sales currently pending Reported Consi teration: $835,000 - $2,750,000 Predominant Range: $1,000,000+ Predominant Size: Multiple sizes available- 1-5 Acres & 10+ Acres predominant Larger tracts available. .Average Price: $/1,000,000+/Lot, $150,000+/Acre, $4.50 - $7.00/SF r .' •. -r r• .. ..v-• • .I - u'. • •.' • .- h1h'tfl!• r - includingr - • . w - u • - i ... • Development: Fayetteville Industrial Park -S South Developer. The City of Fayetteville Location: • 15t° Street & Armstrong Road 9, • r r • Vua fl.I 1 ur: • :, Mod 1 r • • r • 1 u 1• n• r • • , • 111 : • 1 ppI. • •i • • 1 • 11 :1 . — ••• • • 1 • I. .is • .1.:. • •.' •• • • 1 • • u' 1 • •.• •L•• 1' • • 1: •., 1 • . -dpi.. • 111' •I •,• • •' — •: ,:p.. ii,. with . present absorption .1 • • • VP. • :1 1,.• 1 67 S • - grantor. Interstate 540/Greathouse Springs Road Investors, LLC grantee: Medisphere Health Partners Location: West side of Hwy 540, just before Johnson exit. tegaf Descriytion.- Part of the NW/4 & part of W/2 ofNE/4, Section 21-17-30 Date of Safe: 07/13/00 Reyortel Consideration: $660,000 Site Characteristics: Rolling, somewhat cleared acreage. Visibility from Bypass route. Access via Greathouse Springs Road. Utilities provided by the city of Springdale after purchase. A good portion of the site lies within a FEMA identified floodplain. Size: Appx 10.89 Acres Improvements: None Zoning: None Indicated Price: $60,606/Acre Remarks: Current site of a new woman's clinic. • S • TRACT SATE #2 Grantor. Washington County grantee: Sharon Sweetser Trust Location East side of Gregg Street, just S of Township LegaCDescriytion Part of the W/2 of the NE/4, Section 04-16-30 Date of Sate: 12/01/00 Reported consideration: $501,000 Site Cfsaracteristics: Gently rolling, cleared acreage. Size: Appx 9.49 Acres Improvements: 'None of contributory value Zoning: I-1 Indicated Price: $52,792/Acre Remarks: Former site of the old Washington County work yard. Sale included several buildings.that were razed by the buyet. S TRACT SA!,F, #3 grantor: Bailey, et al Grantee: Ben Isreal Location. 2416 Joyce Street Legal Description.' Part of the NE/4 of the NE/4, Section 25-17-30 Date of Safe: 08/28/00 ReportedConsideration.• $4485,000 Site Characteristics: Relatively level, cleared building site. Size: Appx 5.0 Acres Improvements: Older single family residence- no contributory value Zoning: R-0 Indicated Price: $97,000/Acre Re,narIs: Small R-0 tract in a highly appealing area of the city. 70 Grantor. Life Change Community Fellowship Grantee: Dixie Development Location. SW corner of Joyce & Old Missouri Road Legal Description: Part of the NE/4 of the NW/4, et 4 Section 25-17-30 Date of Safe: 03/24/01 Reported Consideration.• $600,000 Site Characterirtscs: Gently rolling, cleared site. size Appx 4.81 Acres Improvements: None Zoning: C-2 Indicated Price: $124,740/Acre RemarIs: Site of new medical and professional office development. Strategic corner location in high traffic area. 71 Grantor: Paul & Bernice Guisinger Grantee: Farm Credit Services of Western an as Location: Shiloh Drive, just North of its intersection with Mount Comfort Road. Legal Description.- Part of the NW/4 of Section 05-16-30 Date of Safe.• 11/09/01 ReportedConsideratron.• $125,000 Site Characteristics: Gently rolling, cleared building site with frontage along Shiloh Drive & visibility from the Bypass. Size-- Appx 1.02 Acres Improvements: None Zoning: C-2 Indicated Price: $122,549/Acre Remarks: Recent sale of a small tract in extremely close proximity to the subject. Future location of Farm Credit Services branch. Construction is currently underway. 72 r:: wt. :(•!i Nr 1 n ;i • • • .� • 1 . • 1 . • • 1 •j1U• u. • 1 • • u • Yun • • • u.4u . -• Consideration v �•• • • •&.. :11 �. I• n.: 1 • u 11 :n.. 11 :1 •n •_ n v �. u • • • • 1 • • . ••• I•. 1 L •.v• ti 1.1 • 1.• ,n. • 1,1 1. 1 IK :1 11.' uu 11 1 I ' 1 ii, ii 1 : • •• 4 is : • - / • I •• • : IJ • S.'1 • w -• b:l I • • 11• • 1 • L • • L •. 411.1 • L YI 1 11 • 1 -• I. rwV:• • •• 11 : b.H 1 nu•1 :11 1 • .: u• 1• 1 unl • • • 1 1 • • r :.. , • 1 • -: ,j1. :1111 •• 15, 1, r • • 1.• • 1 nll • ' 1 •�: .1 I • :111 •ice• 1• 1.' 1 ,1 • 11.11 1, 11 IJ • IIJ • • • • 1- : II. : • e' 5-S • • u •_ • I • 1 n : 4111' •/•n •,.l 1, - • • •L.4 : 1111..•: rl ••I• •11 Ni' •IL.• • • I •. I.,,�• • : :1 , :1-S IUI• 1 4.1.' 11 • ' I • 11 • •: • 1 dU IY: •. 111 • • •111 -U.• I1 I• 1••: • 1 11' 11 -w1 1.1 ••1 w, p• • 1 4: • I • iii. • 1• •1•: y, +pb• • w 1 pa • • L• • Lil••w• •1 • Y • • • • .; •' 1 • ••1•.-• I 1 rYw :11•Y 1 1 11 1 ' • • ♦ I L. • 1 • 11.1 1 y 1 • • • I 1 : Y. 1• 1 1 .:.. ' r 1 • • • N 4 li w • • - �. �• • • II • 1 1✓ l • I • • 11 • 411E 11: • r• • .1• • • 1 • 1i a JI 1• : 3$ Ii 11 I. 1 (lid as 1, 5 -YEAR SELLOUT PERIOD: • -1 --• • L •ice .e.:1 2 11.34 3 6 4 6 5 6 Total 38 .'_ •. - c , • .y • c• • -. 'lY : III • ::1 - • . c. • III `:. All , tt •v .. - :. III Y 1"'1 . :• _I • .l• : III II - • • o• . . III ":• All • • >•Land - cTracts I III i. 111 • n .•c'.. •• III ,Y 941 �\ 1•o- my • " :• : 11 • •-;-.c •• - 'rte b• •rG •\ - • • c• • III 't. All • . c• . - _r1_ I III i• III Total Gr•\ •• - • - III ti All ': Y wii • • _• • : • III >6 JY • • z• _I - <. _.1. _ 1 �1� '7:'. 011 •r_. •s •• lilT Y III :ti' d1 • - •• • • -. . • • Ill ... All • • _• _S_c. _•. I I11 Y1:• 111 •� •-- •• 1. 111 .ti• 111 • : Y :'1 4 Full . Y 1 1► I: 11 ►: 11I Au. 11 •;c icc .:Y .;1 1 :I/w 0.401878 •• • I • F J r J.\ 11 • 11 JI I OF • • 7' • PRESENT VALUE $1,145,310 $1,319,574 $493.334 t$4411.11, �1111 $342593 $3,711,922 SAY $3,700.000 • 1 •. d•: P: •4; •11 :•: 1 •1 1t. •Y.: .:Y .:1 1 ::3:<•: 1. ;v . ; 1 1 . .. .:. • • 1 11 11 i 75 L] The Market Data Approach was utilized to value the subject, as it currently exists, per Case #1. The Cost Approach and Subdivision Analysis Method were used to estimate the prospective Market Value and Value -in -Use of the subject as proposed per Case #2. These approaches resulted in the following indicated values: CASE #1: MARKET VALUE DETERMINATION Market Data Approach- $2,900,000 Cost Approach NA Income Approach NA CASE #2: MARKET VALUE DETERMINATION: Cost Approach- $4,200,000 S/D Analysis Method- $3,700,000 VALUE IN USE DETERMINATION: Subdivision Analysis Method $5,100,000 It is the appraiser's opinion that an adequate amount of Market Data was available to obtain a reliable value estimate for the subject site as it is now developed. A sufficient amount of recent undeveloped land sales activity has occurred in the general vicinity of the subject and along the Hwy. 540 corridor. The appraiser has included and analyzed a number of these sales in this report. These sales are considered reliable and do indicate the prices being paid for similar -use development land in the City of Fayetteville and the NW Arkansas market area. Consequently, the value estimate indicated under the Market Data Approach is considered to reliable in the valuation of the site as it now exists. This was the only applicable appraisal approach to the valuation of the 146 acre site as presently developed (Case #1). In estimating the value of the proposed Business and Technology Park (Case #2), two appraisal approaches were deemed applicable, the Cost Approach and Subdivision Analysis Method. The value estimate indicated by the Cost Approach is considered reliable. No depreciation was noted due to proposed nature of the subject subdivision improvements. This approach best reflects the principal of substitution in the market place. However, the subject site characteristics cause increased development costs that may not be recoverable in the marketplace. The Subdivision Analysis Method also indicates a reliable value estimate based upon the subject property's capacity to generate income through lot/tract sales. This method bases its value estimate upon the potential tract sales over the anticipated sell-out period and conversion of future net income to present value. By converting the estimated income stream to present value, the appraiser has obtained a value estimate that reflects the value a prudent developer/investor would place on the property. The value indicated by this approach is based upon a conservative 5 -year sell-out period. On the other hand, the appraiser has used land values in the upper end of the value spectrum, which would reflect values over this anticipated sell out period. In determining the Market Value of the proposed development, this method discounts future net sales proceeds to present value using a 20% discount factor, resulting in a value estimate lower than might otherwise be the case if a lower discount factor was used. Furthermore, a good amount of competing locations should be anticipated in the coming years. Consequently, profit margins could shrink in the future due to longer holding and sell-out periods. 76 In determining the Value in Use of the proposed development, this method discounts future net sales proceeds to present value using only a 5% discount factor, resulting in a value estimate higher than might otherwise be the case if a higher discount factor was used. The City of Fayetteville has unique needs and purposes and will receive different benefits from this project than would a typical investor/developer in the marketplace. Hence, it was felt that the City would not have a profit motive and could also raise funds if necessary at much lower rates than private individuals; consequently, a lower discount rate was justified. The approaches have resulted in value estimates within a reasonable range for this type of property and development. Therefore, based upon the data collected and analyzed within this report and the preceding discussion it is the considered opinion of this appraiser that the Fair Market Value of the subject property, as currently improved, and the prospective Market Value of the proposed developments, as of the expected completion date of September 1, 2003, is expected to be as follows: CASE #1: 146 ACRES AS CURRENTLY DEVELOPED Market Value - $2,900,000 CASE #2: FULL DEVELOPMENT OF 38 ACRES PHASE I Market Value - $3,900,000 Value in Use - $5,100,000 77 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 limited only by the reported assumptions and limiting conditions, and are my. personal, unbiased professional analyses, opinions and conclusions; that I 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 to the property that is the subject of this report or to the parties involved with this assignment; that my engagement in this assignment was not contingent upon developing or reporting predetermined results; that my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal I hereby certify, that my analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with requirements of the code of Professional Ethics and the Standards of Professional practice of the National Association of Realtors; that the use of this report is subject to the requirements of the National Association of Realtors relating to review by its 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 person 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. 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 indicated Values of the subject Cases are: MARKET VALUE $2,900,000 TWO MILLION NINE HUNDRED THOUSAND DOLLARS MARKET VALUE $3,900,000 THREE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS VALUE -IN -USE $5,100,000 FIVE MILLION ONE HUNDRED THOUSAND DOLLARS Mark F. Risk GA) State Certified General Appraiser tt %' Appraiser #SR1747 ►E8 79 WATER TINE MAP W 7v 69♦ 10 • PJ lY . tO. 28 27 29`28 3 3t 32.33 @, TRUCKER'S DRNE E C, • C �Y }E ]vrlS • �, b• u • ARKANSAS BUSINESS & TECHNOLOGY PARK . �M6 SCH RAZORBACK PARK m .ball GOLF COURSE ' o • lmz. p m .. o B• e- t t 2 °° {ti u? @. i C WfOTE: TRNL MOORE D qg₹ W t. •v TOWNSNIP ST %3 QUAIL DR 6 5 @• • ?.m DOQEDR .z A. 6 z I MEADOWLARK DR 71 Gi' UGC 1 T2- MOUNT CO ORT RD 12 i m8 • I -N UNIMERSRY OF KANARSAS _0(PERMENTAI FARM J '1 m V ' o I • 3 WLOWOOO (M 8 0 t , u - o ho?•} I U jN 6 W cT 7b `7 fi •. B - 2. 8- OEMd • STREET 3 E" ___- iAQfOQ z • 12 i ?� 12-< 26 is zm 1J=e .O • W 6a S • NI _ _ - . _ SY('JnORE E- a 65 , m m - N MAXWELL DRE • �`—�-i/2 ,�3' 8 "0,0 REAP DR 1'� ocl { •lo -- AMNE .T'o --- .--. _.6. W•st8 a `1 •IAA S MAXWELL oR 3 J R HART W F "1 6• HENDRR A6N+E Vi b .¢ z�' W $ J \�. 6• W I _ —- CARTER FII g NZ •`5 F 4i..2 N 2 MEGA 6 DR m XEFLEv 1.. g• s .'• 80 * LN Z s. 29'128 • 3233 I ' COURSt City Limits ARKANSAS BUSINESS & TECHNOLOGY PARK i �. 3�,z-g- B. 0 r ii, TRUCKER'S 9i 540 y ^1.. ; LN L� g^ wt • COY h! TRAIL MBE 4 1 t -. P", _.. �t 1 "' �} TOwNSHiF �', 33 34 10 2.3k ...... ...,: IL)R g g _� / 'f -h- * '0f I �J �V 540 , UNNER 54 Eil • QTTAT.IFTC'ATIONS • Mark E. Risk, GAA Real Property Appraise PRF SENT TREC, INC. dba THE REAL ESTATE CONSULTANTS 118 N. EASTAVE./P.O.BOX726 FAYETrEVILLE, AR 72702 (501)442-0762 STATE STATE OF ARKANSAS - #CG -0202 CERT� GFNFRAL eSER M JI. 7J11 • u Y ..• - ji 1 1111 ' FnnrATION UNIVERSITY OF ARKANSAS, MBA 1979 UNIVVERSITY OF ARKANSAS, BSBA 1977 MAJOR REAL ESTATE AND FINANCE AMERICAN INSTITUTE OF APPRAISERS COURSE 1Al REAL ESTATE APPRAISAL PRINCIPLES COURSE 1A2 BASIC VALUATION PROCEDURES COURSE 2-3 STANDARDS OF PROFESSIONAL PRACTICE CAPITALIZATION THEORY AND TECHNIQUES (U of A) MARSHALL & SWIFT BUILDING COST SEMINAR EASEMENT VALUATION - INTERNATIONAL RIGHT OF WAY ASSOC. ENVIRONMENTAL SITE ASSESMENT — LINCOLN GRADUATE CENTER HUD/FHA APPRAISER TRAINING SEMINAR — LITTLE ROCK HUD OFC. ASS INFORMATIONAL MEETING (Revisions to the USPAP) DALLAS, TX NATIONAL ASSOCIATION OF REALTORS USPAP UPDATE COURSE INSTRUCTORS TRAINING INSTITUTE (ITI) — SAN ANTONIO, TX �: • 31 .ti •._ a a a• a• a Kr _ r : • _ : liq. 11 1_. . .1 _ a a • a i • : • • • . GOVERNOR :' CLINTON11 11 :1 • • • _:1... 1111_. . . ...: ill M 11 •• X11 ..1_111 . :1 • •• `ON ills SillS U F.xpnnwF.N.CE ACTIVELY APPRAISING REAL ESTATE IN NW ARKANSAS SINCE 1979 ASSOCIATED WITH JIM SULLIVAN (SULLIVAN AGENCY), 1979 TO 1989 ASSOCIATED WITH TOM REED (REED AND ASSCIATES), 1981 TO 1985 EMPLOYED BY KEITH L. SCHULTZ (ASSOCIATED APPRAISERS) 1980-81 TF A('ATNC REAL ESTATE INSTRUCTOR AT THE UNIVERSITY OF ARKANSAS (1981 TO DATE) COURSES TAUGHT INCLUDE REAL ESTATE PRINCIPLES, APPRAISAL AND FINANC CONTINUING EDUCATION SEMINARS: BASIC STEPS TO RESIDENTIAL APPRAISAL, ENVORONMENTAL CONCERNS PTTRT.TCAITfNS "RECREATIONAL LAND VALUES AND TRENDS IN NORTHWEST ARKANSAS" ARKANSAS BUSINESS AND ECONOMIC REVIEW, VOL. 16, NO. 1, 1983; PICKED UP FOR REPRINT BY THE INTERNATIONAL ASSOCIATION OF ASSESSORS *LENDING 66 FEDERAL CREDIT UNION INSTITUTIONS AMERICAN AIRLINES CREDIT UNION ARKANSAS NATIONAL BANK BANK OF ARKANSAS BANK OF BENTONVILLE • BANK OF ELKINS BANK OF EUREKA SPRINGS BANK OF FAYETTEVILLE BANK OF LINCOLN • BANK OF OKLAHOMA COMMERCE BANK OF BARRY COUNTY, MISSOURI COMMUNITY BANK COMMUNITY FIRST BANK FARMERS & MERCHANTS BANK OF PRAIRIE GROVE FIRST EUREKA SPRINGS BANK FIRST FEDERAL BANK FIRST FINANCIAL BANK FIRST NATIONAL BANK OF BERRYVILLE FIRST NATIONAL BANK OF SPRINGDALE FIRST NATIONAL BANK OF ST. LOUIS MCILROY BANK AND TRUST NATIONS BANK NEW SOUTH FEDERAL SAVINGS BANK 02 Mark F Rick Appra� • • CLIENTS SFRVFD (Cnnt' 1 •LENDING SPRINGDALE BANK & TRUST INSTITUTIONS SUPERIOR FEDERAL BANK (Cont'd.) UARK FEDERAL SAVINGS BANK *MORTGAGE AMERIQUEST MORTGAGE COMPANIES ARVEST MORTGAGE COMPANY BROYLES MORTGAGE COMPANY FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE) JAMES RIVER MORTGAGE COMPANY LOMAS & NETTLETON NORWEST MORTGAGE PHIL HOME MORTGAGE PULASKI MORTGAGE COMPANY SOUTHERN MORTGAGE U.S. MORTGAGE nVVYLOPEI;S AIMH DEVELOPMENT CORPORATION BRITTNEY DEVELOPMENT CORPORATION LARRY CARTER DEVELOPMENT CORPORATION CASTLE DEVELOPMENT EAST AVENUE DEVELOPMENT, LLC DR. J.B. HAYS GORDON WILIdNS RFLOC&TTON ASSOCIATES RELOCATION rOMPANTFR BOATMEN'S GENREL COLD WELL BANKER RELOCATION COMMONWEALTH RELOCATION SERVICES EQUITABLE RELOCATION MGMT. CORPORATION EXECUTIVE RELOCATION FORWARD MOBILITY HOME EQUITY CORPORATION PRUDENTIAL RELOCATION MANAGEMENT RE/MAX RELOCATION RELOCATION FUNDING CORPORATION RELOCATION RESOURCES WBCHERT RELOCATION tai .031 _ .1 • I 7' •••• • :a 1 a • a • P. i • • • OF r OF • , • p 1 • • 1 r - LS S Mark F Risk Apier ('TWNi s ..RVF.i)(Cn nt'd) MISCF.i.T.ANF.ATTS COLGATE PALMOLIVE (ConCiL) CTS CORPORATION DEERE CREDIT SERVICES FEDERAL DEPOSIT INSURANCE CORP. (FDIC) FULBRIGHT ENTERPRISES GATES RUBBER COMPANY GENERAL MOTORS KRAFT, INC. LOVE BOX COMPANY MGIC MICHELIN TIRE COMPANY PHIZER, INC. PROCTOR & GAMBLE RECORD DATA, INC. 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I • , III III • V' 'i L: V V o Q. 2 v Q• t fJ N (L` Sy P Y Y` N 4' O C N /l /V f•: N N N l N V 'l . / • • • • • • • •~ • • • • • • • • •Y • • • • • • • / /l/c� Buai lFyy APPRAISAL REPORT CITY OF FAYETTEVILLE I-540 Business & Technology Park Fayetteville, AR Dli The Real Estate Consultants 118 N. East Ave. Fayetteville, AR 72701 (c) Copyright 2002 by THE REAL ESTATE CONSULTANTS 1 , / I ' „ 1' 1 11 1 • 1 _� 1 . Date of the . 4yjiraisat Opinions set forth in this appraisal are stated as of July 1, 2002. The effective date for Case "1" is the date of this report, July 1, 2002. The effective date for Case "2" is the date of anticipated completion of the proposed improvements, which is estimated to be June 1, 2003. Location.' North of Moore Lane, West of Shiloh Dr. and East of Deane Soloman Road, Northwest Fayetteville, Washington County, AR Zoning: Currently Zoned Light Industrial (1-1) Proposed Zoning of C-2, R -O, and I-1 `I'ota(Site Size: Case #1- Appx 146 Acres Case #2- Appx 38 Acres 'Utilities: All Municipal utilities are available Fiber Optic Phone Lines Flood Data.' Located in a FEMA identified flood area. • Per map #05143C0083D & 84D, as of 07/21/99 • 3143 Rest and Best 'Use: Connrcial and Multi -Family Residential Development Value Indications: Case "I" Market Data Approach $2,900,000 Final Value Estimate $2,900,000 Case "2" Cost Approach $4,200,000 Subdivision Analysis Method $3,700,000 Final Market Value Estimate $3+x,000 Final Value In Use Value Estimate $5,100,000 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 report 1' :I 1 1 11 1assumes 11111 11 1 1 :1 11 11 1 •11, manner.:1 11)!J"' 1 1 1: 1 1 1 1 1 I I' 1' 1 1 i: 1appraiser 1 ♦ 1 • • I I II U 1 1 1 1 '•: 1 11 1 , 1 , 1 1:that1 : 1• 1 1 I.. I.,I 1 I. 1 1 � _ I ► u The Market Data Approach was utilized to value the subject, as it currently exists, per Case #1. The Cost Approach and Subdivision Analysis Method were used to estimate the prospective Market Value and Value -in -Use of the subject as proposed per Case #2. These approaches resulted in the following indicated values: CASE #1: ' MARKET VALUE DETERMINATION Market Data Approach- $2,900,000 Cost Approach NA Income Approach NA CASE #2: MARKET VALUE DETERMINATION: Cost Approach- $4,200,000 S/D Analysis Method- $3,700,000 VALUE IN USE DETERMINATION: Subdivision Analysis Method $5,100,000 It is the appraiser's opinion that an adequate amount of Market Data was available to obtain a reliable value estimate for the subject site as it is now developed. A sufficient amount of recent undeveloped land sales activity has occurred in the general vicinity of the subject and along the Hwy. 540 corridor. The appraiser has included and analyzed a number of these sales in this report. These sales are considered reliable and do indicate the prices being paid for similar -use development land in the City of Fayetteville and the NW Arkansas market area Consequently, the value estimate indicated under the Market Data Approach is considered to reliable in the valuation of the site as it now exists. This was the only applicable appraisal approach to the valuation of the 146 acre site as presently developed (Case #1). In estimating the value of the proposed Business and Technology Park (Case #2), two appraisal approaches were deemed applicable, the Cost Approach and Subdivision Analysis Method. The value estimate indicated by the Cost Approach is considered reliable. No depreciation was noted due to proposed nature of the subject subdivision improvements. This approach best reflects the principal of substitution in the market place. However, the subject site characteristics cause increased development costs that may not be recoverable in the marketplace. The Subdivision Analysis Method also indicates a reliable value estimate based upon the subject property's capacity to generate income through lot/tract sales. This method bases its value estimate upon the potential tract sales over the anticipated sell-out period and conversion of future net income to present value. By converting the estimated income stream to present value, the appraiser has obtained a value estimate that reflects the value a prudent developer/investor would place on the property. The value indicated by this approach is based upon a conservative 5 -year sell-out period. On the other hand, the appraiser has used land values in the upper end of the value spectrum, which would reflect values over this anticipated sell out period. In determining the Market Value of the proposed development, this method discounts future net sales proceeds to present value using a 20% discount factor, resulting in a value estimate lower than might otherwise be the case if a lower discount factor was used. Furthermore, a good amount of competing locations should be anticipated in the coming years. Consequently, profit margins could shrink in the future due to longer holding and sell-out periods. 76 In determining the Value in Use of the proposed development, this method discounts future net sales proceeds to present value using only a 5% discount factor, resulting in a value estimate higher than might otherwise be the case if a higher discount factor was used. The City of Fayetteville has unique needs and purposes and will receive different benefits from this project than would a typical investor/developer in the marketplace. Hence, it was felt that the City would not have a profit motive and could also raise funds if necessary at much lower rates than private individuals; consequently, a lower discount rate was justified. The approaches have resulted in value estimates within a reasonable range for this type of property and development. Therefore, based upon the data collected and analyzed within this report and the preceding discussion it is the considered opinion of this appraiser that the Fair Market Value of the subject property, as currently improved, and the prospective Market Value of the proposed developments, as of the expected completion date of September 1, 2003, is expected to be as follows: CASE #1: 146 ACRES AS CURRENTLY DEVELOPED Market Value - $2,900,000 CASE #2: FULL DEVELOPMENT OF 38 ACRES PHASE I Market Value - $3,900,000 Value in Use - $5,100,000 77 /\ssociateci Appraisers, Inc. I I FAYETTEVILLE RESEARCH & TECHNOLOGY PARR MOORE LANE AND NTH SHILOH DRIVE FAYETTEVILLE, ARKANSAS Prepared By: ASSOCIATED APPRAISERS, INC. 555 E.J. Ball Plaza Fayetteville, Arkansas 72701 (501) 521-2717 I I I I I I I I 3 ,ssociateJ ,Appraisers, Inc. REAL ESTATE APPRAISERS S CONSULTANTS I. KEITH L SCHULTZ MISSIDINT April 21, 2001 Mr. Edward Connell, Land Agent City of Fayetteville, AR 113 West Mountain Fayetteville, AR 72701 Re: Fayetteville Research & Technology Park Moore Lane and Shiloh Drive Fayetteville, AR Dear Mr. Connell: 555 FIRST PLACE ►ATSTTSVILLL AR 11701 501/511.1717 PAZ 601/511.1715 Pursuant to your request, an appraisal of the above has been completed and I submit my estimate of value. I am enclosing a report which describes in detail my method of approach and contains data gathered during my investigation. In my opinion, the estimated market value as defined herein, of the subject property as April 10, 2001 was as follows: The foregoing opinion of value is assumptions, limitations, and comments report following this certification report is made a part hereof, and more detail the factual evidence and reason: conclusions found. subject to the appearing in the of value, which fully develops in Ong supporting the No responsibility has been assumed for matters which are legal in nature, nor has any opinion on title been rendered. This appraisal is made assuming a marketable title. Liens and encumbrances, if any, have been disregarded and the property appraised as though free of indebtedness. 12/29/2005 15:49 IFAX fayetteyilleafec.net rut krwmmtpnpued by. Stew. I. Biot Sq. EDday. ndroda, RC1ok ur 3425 Ron%Fa,1I Oche, edn 103 FryuM,bte. A,Wsas 72703 CRAHnff APflDAVfr? I miry under pally es wwYyt%u the kpayconic' ram of dtcunruiWrnunbubem phocd on dtk Imnnsaa. rk7A,a AUArben Cb.i rbk aunt glpw nr . • Ii Corm Hrynor, C.ltncc Grew otCanlW.,�caIsdG 4 adds" u .deA a1rnwnem tbodd be n,dkd: Ikyere Aedoboa Cbriublo IOR (rn:u Hayrca. Co -That app Honebm Rope. AR 72731 WARRANTY DEED (Limited Liability Company) KNOW ALL MEN BY THESE PRESENTS: AI_ M G9 -O3 + STEVE BROOKS 1001/007 PM 7603 That Legacy Project, LLC, an Arkansas limited liability company ("Grantor"), as a result of its desire to protect and preserve the real property heroinaftor described as a natural habitat fbr wildlife, plant communities, water quality in Payetteville, Arkansas, and the natural and aesthetic value thereof; and in exchange for the mutual covenants and restrictions hereinafter set forth, doca hereby gift, grant, bargain, sell and convey unto H. COLLINS HAYNES, JAMES VON GREMP, and FRITZ S. STEIGER, Co -Trustees of the Haynes Audubon Charitable Trust ("Grantee"), and unto its successors and assigns forever, the lands lying in Washington County, Arkansas, as more particularly described on Exhibit "A" attached hereto and incorporated herein by this reference, including any easements, and subject to the restrictive covenants, as described on Exhibit "B", attached hereto and incorporated herein by reference (the "Property'. TO HAVE AND TO HOLD the Property unto the said Grantee, and unto its successors and assigns forever, with all tenements, appurtenances and hereditaments thereunto belonginc . The covenants as agreed to herein, and the terms, conditions, restrictions, purposes as imposed herein shall be binding upon Grantee and Grantee's successors and assigns, and all other successors in interest to it, and shall run with touch and concern and be binding upon the lands described herein in perpetuity. Grantor hereby fiuther covenants with the Grantee, its successors and assigns, that they will forever warrant and defend the title to said lands against all claims whatsoever except easements and restrictions of record. ('v0RM fro% rdt.CAt&a Wy(&MM ay it WWPW rrud hat eery Na* re HflsA,iena Q,ddY 71eAA,c 12/29/2005 15:49 IFAX fayetteville@fec.net + STEVE BROOKS @ 002/007 WITNESS our hands this 30th day of December, 2005. GRANTOR: LEGACY PROJECT, LLC By: By: C%DCCW -lI Y4�QOCN.Sr11Ssq__e['n dWmrymlipw Lq,ry?e I to lfgonNWb DWdk T,w 2 12/29/2005 15:48 IFAX fayettevi11e@fec.net + STEVE BROOKS IZO03/007 ACKNOWLEDGMENT STATE OF ARKANSAS ) } ss: COUNTY OF WASHINGTON ) On this 30th day of December, 2005, before me the undersigned Notary Public, personally appeared Collins Haynes known personally to me to be a Member of Legacy Project, LJ.•C, and acknowledged that he, being authorized so to do, executed the foregoing instrument for the purposes therein contained. 1• �4 U , ,:i, 11 •'1 Notary •1 •1 • •" ills 1 �1 C • .. . . •. •. E • ACKNOWLEDGMENT STATE OF ARKANSAS ) ) ss: COUNTY OF WASHINGTON ) On this 30th day of December, 2005, before me the undersigned Notary Public, personally appeared Hunter Haynes known personally to me to be a Member of Legacy Project, LLC, and acknowledged that he, being authorized so to do, executed the foregoing instrument for the purposes therein contained. IN.WTI'NESS WHEREOF I have hereunto set my hand and official seal. C 1DD0.W-IYaWi1ACALS-IWwl&flc an AM•D.! 4mbp..yt 2•u M Ike. ASS assTna4 3 12/29/2005 15:49 IFAK fayetteville@fec.net + STEVE BROOKS E1 004/007 . AIL• . I - ., - - 1 t.;0 - 1 � P : r• np • YI R ;1- • 1 •I Y • •1 r. • •.• u I 1 11 nl •f1 Nl •! 1 -_ 1. 1 •:1 r .I. 1 4w• _ 1r � 1 ill I • A I:c • :p• I. r]Y 1 rI: • I I V' I' Y• 1' I � f: • •tl •jY 1 1 ii • : a • • 1 I •'. :1 1 CI • l 1 • r . r lip 1 wj • 1 ~: 1 p• • fl I ♦ irisi.t idk'!J*! :K .1 11 e i r — • r1 w _ 1• 1 pl r • 1 �,• . 1 1 1 _ • • 1 • ! 1 •1 I 1 . • • •. I 1 . 1:• - 1 :.K j - r• 1 _ , • • r w u 1 • ^ - 1 11 • • K 1 1 _ 12/29/2005 15:50 IFAX fayetteville$fec.net + STEVE BROOKS Q 005/007 thence North 15 degrees 42 minutes 31 seconds Pat, 102J7 feet to the point of curve of a non tangent curve to the right wi7h a radius of 85.00 feet an arc length of 36.71 feet and a doled of North 50 degrees 01 minutes 38 seconds Weat, 35.42 feet thence North37 degrees 39 uHmutas 21 seconds West, 283.13 feet to the point of curve of a non tangent curve to the right, with a radius of 483.64 feet, an arc length of 118.71 feet and a chord of North 49 degrees 42 minutes 42 seconds Fast 118.41 feet thence South 34 degrees 49 minutes 09 seconds East 254.99 feet: thence South 59 degrees 33 minutes 32 seconds East, 49892 fast throne South 41 degrees 55 minutes 21 seconds East 90.63 feet thence South 87 degrees 43 minutes 21 seconds East 208.32 feet hence North 02 degrees 18 minutia: 39 seconds East,1100.29 feet thence North B4 degrees 43 minutes 03 seconds West 637.74 feet thence South 65 degrees 02 minutes 39 seconds West 235.31 feet to the poirm of cove of a non trtngsnt cWA 10 to left, with a radius of 320.00 feet an am length of 266.23 feet, and a chord of North 83 degrees 46 minutes 36 seconds West 257.70 feet thence North 87 degrees 31 minutes 16 seconds West, 115.g7 foot thence North 50 degrees 34 minutes 09 seconds West 13.31 feet thence North 87 degrees 31 minutes 15 seconds West 02.29 feet thence along the ripbtof-way of Deane Soloman Road the Mowing courses: North 02 degrees 37 minutes 29 seconds East 325.81 feet thence along a curve to the left having a radius of 25420.26 feat, an am length of 75.10 feet and a chord of North 02 dsgre s 32 minutes 24 seconds East 75.10 feet thence North 02 degees 27 minutes 19 seconds East 8247 feet thence Now s South led r-of.way, agrees 31 minutes 24 seconds East, 61.10 feet thence North 55 degrees 19 ntiutss 59 seconds East 12.82 feet; thence South 88 degrees 51 minutes 44 seconds East 28.57 feet; thence along a curve b the left haft a radius of 212.00 feet an arc length of 24259 feet and a chord of North 58 dew ees 21 minutes 24 seconds East 229.67 feet thence North 26 degrees 34 minutes 32 seconds East, 93.92 feet thence along a curve to the right having a mdkrs of 125.00 feet, an arc length W 104.62 feet and a chord of North 40 degrees 33 minutes 09 seconds Eger, 101.59 feet thence North 73 degrees 31 minutes 45 seconds East 25.86 feet thence along a curve to the left having a radius of 55.00 feat, an arc length of 323.76 feet and a chord of North 66 degrees 51 minutes 48 seconds East 316,64 feet thence South 87 degrees 19 minutes 24 seconds East 204.51 feet thence North 32 degrees 22 minutes 04 seconds East, 46.58 feet thence along a stave to the IBM havig a radius of 300.00 Test an arc length of 118.87 feet and a deny of North 21 degrees 13 minutes 37 seconds East 115.93 feet thence North 10 degrees 05 minutes 10 seconds East 32.10 fast thence along a ohava b the left having a radius of 1400.00 feet an am length of 442.54 feat end a chord of North 0l degrees 01 minutes 49 seconds East 440.70 feet thence North 08 degrees 01 minutes 31 seconds West, 135.38 feet thence along a curve in the right having a radkn of 500.00 feet; an am length of 213.94 feet, and a chord of North 04 degrees 13 minutes 58 seconds East 212.32 fast thence Nate 16 degrees 29 mkwtsa 27 seconds East, 41.88 feet thence along ■ cove to the left having a radius of 400.00 foot an am length of 228.31 feet and a chord of North 00 degrees 08 nninues 22 seconds East 226.22 feet to the true POINT OF BEGINNING containing 116570 acres more or less AND a part f the SW % of the NW'/. of Section 33, Townnlp 17 North, Range 30 Went In Fayetevi le, Washington County, Arkansas, mss precisely desorbed as fvilows: Starting at the NW Corner of the NW %of the NW %of Section 33; thence South 02 degrees 28 minutes 26 seconds West 1402.39 feet to the hue POINT OF BEGINNING; 12/29/2005 15:50 IFAX fayetteville@fec.net 4 STEVE BROOKS 006/007 thence South 87 degrees 32 minutes 04 seconds East, 295.14 fast thence along the tight-ot-way of Deane Soloman Road, South 02 degrees 27 minutes 19 seconds West, 66.55 feet thence North 87 degrees 31 minutes 24 sends West, 295.16 feet thence North 02 degrees 28 minutes 26 seconds East, 65.49 feet to the true POINT OF BEGINNING containing 0.444 acres more or less AND a part of the SW Y4 Of ft NW Y4 of Section 33, Township 17 North, Range 301Nest in Fayetteville, Washington County, Arkansas, more preciSy described as foflosrs Starting at the NW Caner of the NW Y4 of the NW X of Sediorn 336 thence South 02 degrees 28 minutes 20 seconds West, 1517.88 feet to the true POINT OF BEGINNING; thence South 87 degrees 31 minutes 24 seconds East, 295.18 feat thence along the night -of -way or Deane Soloman Rood the idbwirng courses: South 02 degrees 27 minutes 19 seconds West, 272.35 feet thence along a curve to the right having a radius of 25350.26 feet, an am length of 27.07 feet, and a chord of South 02 degrees 29 minutes 09 seconds West 27.07 feat thence leaving said right-otasay, North 87 degrees 17 minutes 27 seconds West, 295.26 feet thence North 02 degrees 28 minutes 25 seconds East, 298.22 feet to the true POINT OF BEGINNING contenting 2.025 acres more or iaee a partofthe SW X of the NW %and a pert of tee NW X of the SW X of Section 33, Township 17 North, Range 30 West in Fayetievik, WashiMlon County, Arkansas, more precisely desaimed as foiow& Starting at the NW Comes of the NW X of the NW Si of Section 83; thence South 02 degrees 28 minutes 28 seconds v*s& 1816.10 feet thence South 02 degrees 30 minutes 44 seconds West, 439.76 feet thence South 87 degrees 19 minutes 30 seconds East, 364.45 feet to the true POINT OF BEGINNING; thence South 87 degrees, 31 minutes 15 seconds East, 5246 feet thence North 66 degrees 31 minutes 38 seconds East, 13.31 feet thence South 87 degrees 31 minutes 15 seconds East 115.97 fast thence along a curve to the right having a rats of 270.00 feet, an am length o1210.22 feet, end a chord of South 65 degrees 12 minutes 58 seconds Eat 204.95 feet thence South 65 degrees 02 minutes 39 seconds West, 20321 feet thence South 24 degrees 56 minutes 48 seconds East 405.06 fast to the point of cove of a non tangent oave t0 the kit with a radius of 533,64 fact, an am length 0( 121.16 feet, and a chord of South 61 degrees 04 minutes 28 seconds West 120.90 het thence North 38 degma 55 groups 38 seconds West, 448.72 feet thence along the right-ofway of Deane Soloman Road, North 02 degrees 37 minutes 29 seconds East, 268.20 feet • to the true POINT OF BEGINNING contahirg 2.937 cow mom or less. sea tig a total area of 121.976 aces more or less and being subject to the dghh-of way of Shiloh Drive and Deane Soloman Road and any easements of reecord. 12/29/2005 15:50 IFAK fayetteville@fec.net • STEVE BROOKS X007/007 EXHIBIT B RESTRICTIVE COVENANTS AND DEED OF CONVEYANCE FROM LEGACY PROJECT, LLC TO HAYNES AUDUBON CHARITABLE TRUST Grantee agrees that by acceptance of this conveyance that it is the mutual intent of the Grantor and Grantee to preserve and maintain the scenic, natural and aesthetic value of the Property in its present natural state, and to protect the natural habitat of plants and animals, in particular, habitats for rare or threatened species of plants and animals; and therefore, Grantee shall not use or develop the Property for any purpose or in any manner that would conflict with the maintenance of the Property in its scenic and natural condition, or with a "conservation purpose" as defined in Section 170(h) of the Internal Revenue Code of 1986, as amended (the "Code"). Furthermore, any subsequent transfer or assignment of the Property by Grantee shall be restricted to only organizations that are "qualified organizations" as defined in Section 170(h) of the Code, as may be amended from time to time. c00=t t p.na:AU-IRspWds"ffNww.p.pAdamLWR PP*A a Rwo* m ____Ir.i+" 5 3(11/13/2006) Sondra Smith - Fwd: Springwoods conveyance of 120 acres by deed Page 1 From: Tim Conklin To: Williams, Kit Date: 11/9/2006 4:55 PM Subject: Fwd: Springwoods conveyance of 120 acres by deed Attachments: Springwoods conveyance of 120 acres by deed; Legacy Project LLC Springwoods .pdf; Warranty Deed Legacy to Haynes Audubon Charitable Trust_1.pdf CC: Dumas, Gary; Goddard, Jill; Pate, Jeremy; Smith, Sondra FYI -- See attached e-mail and PDPs. Thanks. Sondra - Can you file this with the sale contract. Thanks. Tim Conklin, AICP Director of Planning and Development Management City of Fayetteville 113 West Mountain Street Fayetteville, AR 72701 Phone: 479-575-8267 Fax: 479-575-8202 planning@ci.fayetteville.ar.us 1(11113/2006) Sondra Smith - Springwoods conveyance of 120 acres by deed Page 1 From: "Sara Hartwick" <sara a@hayneslimited.com> To: "'Tim Conklin' (E-mail)" <tconklin a@ci.fayetteville.ar.us> Date: 11/9/2006 4:00 PM Subject: Springwoods conveyance of 120 acres by deed Attachments: Warranty Deed Legacy to Haynes Audubon Charitable Trust.pdf Tim, Please find the attached to be the Warranty Deed for the 120 acres. If you need anything further, please do not hesitate to call. Sara Hartwick 599 Horsebam Road/Suite 100 Rogers, AR 72758 T 479.464.8622 F 464.8633 www.hayneslimited.com <<Warranty Deed Legacy to Haynes Audubon Charitable Trust.pdf>> • FAYETTEVILLE THE CITY Of FAYEITtVILLF. ARKANSAS Ku WILLIAMS, CITY ATCORNEY • DAVID WHrrAxER, ASST. CITY ATIIDRNEY ` DEPARTMENTAL CORRESPONDENCE . LEGAL DEPARTMENT TO: Dan Coody, Mayor Gary Dumas, Director of Operations ✓Tim Conklin, Planning & Development Management Director FROM: Kit Williams, City Attorney £j� DATE: November 6, 2006 !!�� RE: Legacy Project LLC for I-540 Business Park Pursuant to Resolution 68-03 of May 6, 2003, Mayor Coody signed a Real Estate Purchase and Sale Contract with Legacy Project LLC for the I-540 Business Park site. This agreement provided for $5.2 million to the city, plus an• agreement to convey about 100 acres• to a. non-profit for preservation purposes. After the PZD for Springwoods was approved on October 21, 2003, the closing date was set. The closing occurred on December 12, 2003, and the City received a check for $5,177,115.00 and an Agreement To Convey and Deed Property. In this agreement, Mr. Collins Haynes for Legacy Project, LLC agreed "to convey and deed the acreage identified on Exhibit A attached hereto and incorporated herein by this reference to National Audubon Society within twenty-four months from the date of this Agreement." . That 24 month period ended on December 11, 2005. I assume Mr. Haynes may have, in fact, deeded the approximately 120 acres as described in the agreement to National Audubon Society. His good faith is evident by his agreement to deed about 20% more than required under the Real Estate Purchase and Sale Contract. The City should; however, confirm this conveyance has occurred and request a copy of the file -marked deed for our records. RESOLUTION NO. 68-03 A RESOLUTION TO APPROVE THE REAL ESTATE PURCHASE AND SALE CONTRACT WHEREIN LEGACY PROJECT LLC PURCHASES THE 289 ACRE 1-540 .BUSINESS PARK. SITE FROM THE CITY OF FAYETTEVILLE FOR 5.2 MILLION DOLLARS AND OTHER CONSIDERATION WHEREAS, Mayor Dan Coody has negotiated the sale of 1-540 Business Park site to Legacy Project LLC for 5.2 million dollars and Legacy Project's commitment to preserve and protect 100 acres of wetland or near wetlands until it conveys this 100 acres to an environmental conservation non-profit organization; and WHEREAS, the City of Fayetteville is empowered by A.C.A. § 14-54-302 with the authority to buy, sell and convey real estate and the City Council can authorize the Mayor to execute such contract to sell municipally owned real estate. NOW, THEREFORE, 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 Real Estate Purchase And Sale Contract Between Legacy Project, LLC And 'The City Of Fayetteville (attached as Exhibit A) in which the City sells its 289 acre 1-540 Business Park acreage to Legacy Project LLC for $5.2 million plus Legacy Project LLC's agreement -to convey 100 acres of this property which is wetland or near wetland to an environmental conservation non-profit organization. Section 2. That the City Council of the City of Fayettev"ille. Arkansas repeals or amends any Resolution that is in conflict with this. Resolution or the tams of the Contract. attached as Exhibit A. PASSED and APPROVED this the 6°i day of May, 2003 �ttrrArk�, ;fi r By. Sondra Si Clerk a. The Purchase Price (Five Million Two Hundred Thousand Dollars), in cash, subject to any prorations or other adjustments contained in this Contract. Legacy Project will receive credit for the $10,000.00 Earnest Money previously paid. b. An agreement to convey and deed one hundred (100) acres, more or less, of the Propcny identified by Legacy Project to an environmental conservation non-profit organization acceptable to and determined by Legacy Project based upon a selection process submitted with the development plans acceptableto not be any part of the net usable acreage unless otherwise voluntarily approved by Legacy Project in its solediscrctiom The conveyance shall be made within twenty-four (24) months after Closing and the conservation land shall be preserved and protected by Legacy Project until final conveyance. c.. Such evidence or documents as may -reasonably be required by City of Fayetteville or the Title Company evidencing the status and capacity of Legacy Project and City of Fayetteville and the authority of the person or persons who arc executing the various documents on behalf. of Legacy Project and City of Fayetteville in connection with the purchase and sale of the Property. 15. Prorations.andCosts. Ad valorem taxes for the then current year shall be prorated at the Closing effective as of the Closing Date. lithe Closing shall occur before the tax rate is fixed for the then current year, the proration of taxes shall be based upon taxes for the prior year and adjusted for the year of closing when they become finally.determined with such settlement to be made within ten (10) days after the date taxes are finally determined. City of Fayetteville shall be responsible for any and all taxes related to ihe;Property for years prior to Closing due to a change in land usage or ownership. City of Fayetteville and Legacy Project shall. jointly be responsible for any and all transfer taxes, conveyance taxes (including, but not limited to, documentary stamp taxes) and/or recording fees payable on account of transfer of title to the Property to Legacy Project. Additionally, City of Fayetteville shall be responsible for any and all rollback" taxes arising from the Property's use prior to Closing, 16. Reservation of Public Streets. Right -of -Ways. Utility Easements and Temoora Construction Easements, A new waste water treatment facility project is currently in the preliminary stages of design and :construction for the City of Fayetteville. As part of that project, many new waste watercollection systcroswill be installed around the city and a large gravity main is planned for the north side of Clabber Creek across this property from Eastto West. It is therefore understood that, as part of this conveyance, Legacy Project will convey to the City of Fayetteville, at, no cost to the city and on forms to be provided by the City of Fayetteville or their designee, a permanent Water/Sewer Easement of40 foot width parallel to and south of the planned extension of Truckers Drive and any alignment adjustments as mutually agreed and a Temporary Construction Easement of 150 foot width south of the permanent easement, along with the right of ingress and egress across the property to facilitate construction. The Temporary Construction Easement shall terminate upon completion of the initial construction of the sewer main. The City of Fayetteville agrees to maintain a periodic consultation with Legacy Project as to the desirable and necessary design location of this proposed sewer main sewer line. Existing public strcets,.rights-of-way and casements shall remain public and be available for public use. 7 ORDINANCE NO. 4523 AN ORDINANCE ESTABLISHING A COMMERCIAL PLANNED ZONING DISTRICTTITLED SPRING WOODS (C-PZD 03-08.00) LOCATEDSOUTH OFHWY. 112 AND WEST OF 1-540, CONTAINING 28928 ACRES; MORE OR LESS; AMENDING THE OFFICIAL ZONING MAP OF THE CITY OF FAYETTEVILLE; AND ADOPTING THE ASSOCIATED COMMERCIAL DEVELOPMENT PROJECT AS APPROVED BY THE PLANNING COMMISSION BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,ARKANSAS* Section 1. That the zone classification of the following described property is hereby changed as follows: From 1-1, Heavy Commercial/Ligbt Industrial to C-PZD 03-08.00 as shown in Exhibit "A" attached hereto and made a part hereof. Section 2. That the change in zoning classification is based upon the approved master development plan and -development standards as shown on the preliminary plat for springwoods and approved by the Planning Commission on October 13, 2003. ectio ' That this ordinance shall not take affect and be in full.force until approval of the final plat for the subdivision Section 4. That all conditions of approval of the subdivision as approved by the Planning Commission shall be satisfied prior to the issuance of a final plat. Section . That the official zoning map of the City of Fayetteville, Arkansas, is hereby amended to reflect the zoning change provided in Section 1 above. PASSED and APPROVED this the 21" day of October, 2003. `FrIr /! �� APPROVED• !• , ., � By: 'd'.. CAI LEST: iI/IIna!rnIIIA®11 Coo Ib.00/21/100302 TYnt: ICE. SONDRA SMITH, City Clerk Feeora.:- i .00 oo• .t 10:00:61 Alt Fee rd. L11.0D Vaoa t. of 2 Washington coentY. M Bstte Statat Circuit Clerk Flta2003-00064823 -'k • . ►Zo • l48- 03 AGREEMENT TO COTIVLY AND.DEED PROPERTY This Agreement. to Convey and Deed Property (the "Agreement").is entered into and executed this 12th day of December, 2003 by and between the City of Fayetteville, Washington County, Arkansas, (the "City of Fayetteville") and Legacy Project, LLC, an Arkansas limited liability company ("Legacy Project"). WHEREAS, the parties have entered into and executed a certain Real Estate Purchase and Sale Contract dated the 23rd day of April, 2003 (the 'Contract"); and WHEREAS, Section 14b. of the Contract requires Legacy Project to deliver to the City of Fayetteville an agreement to convey anddeed one hundred acres, more or less, of the Property (as defined in the Contract) to an environmental conservation non-profit organization acceptable to and determined'by Legacy Project based upon a selection process submitted with the development plans acceptable to the City of Fayetteville. NOW THEREFORE, for the purpose of complying with Section 14b. of the Agreement, Legacy Project hereby agrees to convey and deed the accrage identified on Exhibit A attached hereto and incorporated herein by this reference to National Audubon Society within twenty four (24) months from the date of this Agreement. Legacy Project, LLC By: Island Develop pcnt,4.LC, Authorized Member Collins dynes, Authorized Member ACCEPTED this 12* day of December, 2003. City of