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Home My WebLink About190-21 RESOLTUIONof snrerrF y a r� � M T'4+C � H S •S 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 190-21 File Number: 2021-0508 YRCC LAND PURCHASE: A RESOLUTION TO APPROVE A LAND SALE AGREEMENT BETWEEN THE CITY OF FAYETTEVILLE AND THE HEIRS OF BOBBY YORK FOR THE CITY TO PURCHASE ABOUT 0.3 ACRES OF LAND LOCATED ON MOUNTAIN STREET NEAR THE YVONNE RICHARDSON COMMUNITY CENTER FOR THE AMOUNT OF $75,000.00 PLUS CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT WHEREAS, Parks and Recreation staff recommend the purchase of approximately 0.3 acres near the Yvonne Richardson Community Center which will increase the park size from 1.94 to 2.24 acres. 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 authorizes Mayor Jordan to sign a Land Sale Agreement with the heirs of Bobby E. York, a copy of which is attached to this Resolution, to allow the City to acquire approximately 0.3 acres located on Mountain Street near the Yvonne Richardson Community Center for the amount of $75,000.00, plus closing costs of up to $2,500.00. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution. PASSED and APPROVED on 7/20/2021 Page 1 Printed on 7/21/21 Resolution: 190-21 File Number: 2021-0508 Attest: Ifii11jjjr Kara Paxton, City Clerk Treasmir ICCF.:71 'Y • ��'�7,�1v CDo y�►`�` Page 2 Printed on 7121121 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 Text File File Number: 2021-0508 Agenda Date: 7/20/2021 Version: 1 Status: Passed In Control: City Council Meetinq File Type: Resolution Agenda Number: A.4 YRCC LAND PURCHASE: A RESOLUTION TO APPROVE A LAND SALE AGREEMENT BETWEEN THE CITY OF FAYETTEVILLE AND THE HEIRS OF BOBBY YORK FOR THE CITY TO PURCHASE ABOUT 0.3 ACRES OF LAND LOCATED ON MOUNTAIN STREET NEAR THE YVONNE RICHARDSON COMMUNITY CENTER FOR THE AMOUNT OF $75,000.00 PLUS CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT WHEREAS, Parks and Recreation staff recommend the purchase of approximately 0.3 acres near the Yvonne Richardson Community Center which will increase the park size from 1.94 to 2.24 acres. 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 authorizes Mayor Jordan to sign a Land Sale Agreement with the heirs of Bobby E. York, a copy of which is attached to this Resolution, to allow the City to acquire approximately 0.3 acres located on Mountain Street near the Yvonne Richardson Community Center for the amount of $75,000.00, plus closing costs of up to $2,500.00. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution. City of Fayetteville, Arkansas Page 1 Printed on 7/21/2021 Lee Farmer City of Fayetteville Staff Review Form 2021-0508 Legistar File ID 7/20/2021 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item PARKS & RECREATION (520) Submitted By Submitted Date Division / Department Action Recommendation: 6/30/2021 Resolution to purchase .3 acres from the Heirs of the Estate of Bobby E. York located on Mountain Street as Lot 27A located north of the Yvonne Richardson Community Center (YRCC) for $75,000, plus an estimated $2,500 for additional related closing costs/fees and for the approval of the budget adjustment. This purchase will increase the size of the YRCC acreage from 1.94 acres to 2.24 acres. 2250.520.9256-5805.00 Account Number 21013.1 Project Number Budgeted Item? No Does item have a cost? Yes Budget Adjustment Attached? Yes Purchase Order Number: Change Order Number: Original Contract Number: Comments: Budget Impact: Parks Development Fund YRCC Land Acquisition Current Budget Funds Obligated Current Balance Item Cost Budget Adjustment Remaining Budget Project Title $ 75,000.00 $ 77,500.00 $ 2,500.00 V20210527 Previous Ordinance or Resolution # Approval Date: CITY OF FAYETTEVILLE ARKANSAS MEETING OF JULY 20, 2021 TO: Mayor and City Council THRU: Susan Norton, Chief of Staff FROM: Lee Farmer, Recreation Superintendent DATE: July 1, 2021 CITY COUNCIL MEMO SUBJECT: Purchase of .3 acres of land adjacent to the Yvonne Richardson Community Center to be incorporated into the YRCC park area. RECOMMENDATION: Resolution to purchase .3 acres from the Heirs of the Estate of Bobby E. York located on Mountain Street as Lot 27A located north of the Yvonne Richardson Community Center (YRCC) for $75,000 plus an estimated $2,500 for closing costs and approval of budget adjustment. This will increase the size of the YRCC from 1.94 to 2.24 acres BACKGROUND: YRCC is a popular community facility that is limited by the small size of the park property. This purchase of .3 acres will increase the park size from 1.94 to 2.24 acres. Spout Spring Branch runs through the western section of this property. This land does not include the house to the south of the property. See the location map within the Land Sale Agreement. Friends of YRCC Board has approved the purchase of this property on April 7, 2021 at their Special Board Meeting. DISCUSSION: There were several negotiations in the purchase of this property. The City hired Avaluations, LLC to conduct an appraisal of the property. The property was appraised at $68,000 and negotiated to $75,000. BUDGET/STAFF IMPACT: Funding for this project of $77,500 is provided by the Southeast Park Land Dedication Fund. A budget adjustment is requested to recognize this funding. Attachments: 1. Land Sale Agreement 2. Appraisal 3. Budget Adjustment Parks/Park/YRCC/Bond and Land Purchase/Land Purchase/Legistar Mailing Address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 LAND SALE AGREEMENT This Land Sale Agreement is made and entered into by and between the City of Fayetteville, Arkansas, a municipal corporation of the State of Arkansas (hereinafter "City" or "Fayetteville") and Vanessa S. Cook, Datrin Lee Cook, Myneeka Holloway, Theresa Marcelous, Bobby York, Jr. Michael York, Sr. and Jacqueline Walker, as heirs of the Estate of Bobby E. York, deceased (hereinafter "the Sellers"). TERMS AND CONDITIONS PURCHASE Subject to the terms and conditions, mutual promises and covenants of this Agreement, the City of Fayetteville agrees to purchase a parcel of about 0.3 acres (hereinafter "the Property") located on East Mountain Street (Parcel #765-12805-000) by general warranty deed from the Sellers for the amount of SEVENTY FIVE THOUSAND DOLLARS ($75,000.00). This Property of about 0.3 acres is legally described in Exhibit A and is shown in the map attached as Exhibit B. 2. SALE Subject to the terms and conditions, mutual promises and covenants of this Agreement, the Sellers to sell the Property for SEVENTY FIVE THOUSAND DOLLARS ($75,000.00) to be paid to the Sellers by the City on or before the Closing Date. 3. CLOSING DATE AND PLACE Closing shall occur within 90 days following the date this Agreement has been executed by both parties. The Closing shall occur at 113 West Mountain Street, Fayetteville, Arkansas in a room supplied by the City of Fayetteville or at any other place convenient to the parties. The Closing Date may be extended upon the mutual agreement of both parties. 4. DATE OF POSSESSION Possession of the Property shall be delivered to the City of Fayetteville on the Closing Date free of any tenancies or other third party possessory rights. 5. TITLE INSURANCE The Sellers shall order a title commitment on the Property, as soon as practicable following the full execution of this Agreement, through a title insurance company selected by the Sellers and acceptable to the City. If the report on title, binder or commitment discloses any defects in title (other than liens or encumbrances of a definite or ascertainable amount which may be paid at closing), The Sellers shall have thirty (30) days from the date of the City notice of such defects to make a good faith effort to cure such defects and to furnish a report showing the defects cured or removed. If such defects are not cured within thirty (30) days, the City may terminate this agreement or may, at its election, take title subject to any such defects. The cost of the title commitment and the cost of the owner's title policy shall be borne by the Sellers. 6. DEED AND OTHER DOCUMENTS On the Closing date, the Sellers shall convey marketable and insurable title to the premises by general warranty deed, free and clear of all liens, restrictions, and encumbrances except as provided in this Agreement, subject only to current real estate taxes, if any (to be apportioned between the parties) and existing easements. The City and the Sellers shall equally share the cost of a reasonable closing fee imposed by the closing agent employed by parties provided however that the City shall be responsible for any revenue stamps resulting from this transaction and all recordings fees for the deed and other documents that need to be filed. 7. RISK OF LOSS Risk of loss as to the Property shall remain with the Sellers until the Closing date. 8. THE CITY OF FAYETTEVILLE'S DUE DILIGENCE The City may enter upon the Property to conduct any surveying, testing or inspection it deems necessary to ensure the Property will be appropriate and safe for the construction and use for its facilities. If the City discovers any problems that would adversely impact its development and use of the Property for its facilities, the City shall notify the Sellers who shall be granted sixty (60) days to remediate any problem. The Sellers may also terminate this Agreement without penalty rather than remediating any problem or issue discovered by the City. 9. NOTICES Notices required by this Agreement shall be in writing and shall be delivered to: City of Fayetteville ATTN: Mayor's Office 113 W. Mountain Street Fayetteville, AR 72701 10. A UTHORITY Myneeka Holloway 4009 Sapphire Loop Round Rock, TX 78681 Each of the undersigned individuals represent and warrant that they are authorized to enter into this Agreement on behalf of their respective entities or parties and that execution hereof will bind the entities or parties to this Agreement. 2 11. COUNTERPARTS This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same agreement. 12. FACSIMILE For purposes of executing this Agreement, a scanned or facsimile signature shall be as effective an as actual signature. 13. APPLICABLE LAW This Agreement shall be construed and enforced in accordance with the laws of the State of Arkansas with venue in Washington County, Arkansas. 14. SURVIVAL The representations, warranties, and agreements of the parties contained herein shall survive the closing date. 15. NO WAIVERS The waiver by either party hereto of any condition or the breach of any term, covenant or conditions herein contained shall not be- deemed to be a waiver of any other condition or of any subsequent breach of the same or of any other term, covenant or condition herein contained. 16. TIME OF ESSENCE Time is of the essence in this Agreement. 17. INVALIDITY If for any reason any term or provision of this Agreement shall be declared void and unenforceable by any court of law or equity, it shall only affect such particular term or provision of this Agreement and the balance of this Agreement shall remain in frill force and effect and shall be binding upon the parties hereto. 18. COMPLETE AGREEMENT All understandings and agreements heretofore existing between the parties are merged into this Agreement that alone fully and completely expresses their agreement. This Agreement may be changed only in writing signed by both of the parties hereto and shall apply to and bind the successors and assigns of each of the parties hereto and shall not merge with the deed delivered to the City at closing. 3 IN AGREEMENT WITH ALL OF THE TERMS AND CONDITIONS of this Land Sale Agreement and after being properly authorized by their governing body and co -owners, the parties' representatives sign thS5--namcs below: od ,4 1 �—O-n �w 09 ---j morf Date: _ Datrin Lee Cook Date: Myneeka Holloway Date: _ Theresa Marcelous Date: _ Bobby York, Jr. Date: _ Michael York, Sr. Jacqueline Walker CITY OF F/AYETTMLLE. ARKANSAS Mayor Date: —7— 29 — Z _ Date: ATTEST O %r i M r ►r►�� r`o`l By: V.•• G17 y '•'��g•� Kara Faxton City Clerk -Treasurer _�: `Ti� 1 w `.y . 4/VSAS 9N Co. 5 IN AGREEMENT" WITH ALL OF THE TERMS AND CONDITIONS of this Land Sale Agreement and after being properly authorized by their governing body and co -owners, the parties' representatives sign their names below: SEL Cook Datrin Leeaok'` Xe�'477A Myneeka Theresa Marcelous Bobby York, Jr. Michael V •k, Sr. Ja q line Walker CITY OF FAYETTEVILLE, ARKANSAS -00 Lioneld Jordan, Mayor Date; Date: Date: % Date: Date: Date: Bate;; Date: ATTEST By: Kara Paxton City Clerk -Treasurer 4 IN AGREEMENT WITH ALL 01" TIDE `I'ER.MS AND CONDfrIONS of this Land Sale Agreement and after being properly authorized by their governing body and co -owners, the parties' representatives sign their names below: SELLERS: Vanessa Cook Datri.n Lee Cool Myneeka Holloway Theresa Marcelous Robby York, Jr. Michael York, Sr. Jacqueline Walker CITY OF FAYETTEVILLE, ARKANNSAS By: Lioneld Jordan, Mayor Date: Date: Date: Date: Date: 6,5 Lolao�l Date: Date- Date - ATTEST 0 Mara Paxton City Cleric -Treasurer 4 IN AGREEMENT WITH ALL OF THE TERMS AND CONDITIONS of this Land Sale Agreement and after being properly authorized by their governing body and co -owners, the parties' representatives sign their names below: SELLERS: Date:: Vanessa Cook Date: Datrin Lee Cook - - Date: Myneeka Holloway Date: Theresa Marcelous Date'. Bobby York, Date: Michael York, Sr. Date: Jacqueline Walker CITY OF FAYETTEVILLE, ARKAN'SAS By: ATTEST Lloneld Jordan, Mayor Date: Kara Paxton City Clerk -Treasurer 4 IN AGREEMENT WITH ALL OF THE TERMS AND CONDITIONS of this Land Sale Agreement and after being property authorized by their governing body and co -owners, the parties' representatives sign their names below: SELLERS: Date: Vanessa Cook Date: Datrin Lee Cook Date: Myneeka Holloway Date: Theresa Marcelous Date: Bobby York, Jr. ' JZ 2 / Date: Michael York, Sr. Date: Jacqueline Walker CITY OF FAYETTEVILLE, ARKANSAS By: ATTEST Lioneld Jordan, Mayor Bv: Date: 4 Kara Paxton City Clerk -Treasurer f ILA III�' � yyHfarK � ,�•rt 11y111b I " 1 nf.4 11 l 1141'tiell 1 I nIJIF;R Wr4 11f'rrelr �'1�f'1'f'IIi1fa! '$P, m I )A ,- 11sl� f AIla , PaIr 1li{�fllll'}IISP E� fliF i f I "mc ( lollt id J4ll ds it, .I r Kalil Yatxion ('itr Clerk--1 wjlkm t EXHIBIT "A" PROPERTY DESCRIPTION Lot 27-A in the County Court Plat of the Southwest Quarter (SW'/4) of Section Fifteen (15), in Township Sixteen (16) North, Range Thirty (30) West of the City of Fayetteville, Arkansas, as the said in known and designated upon the recorded Plat of said Addition now on record in the office of the Recorder of Washington County, Arkansas. APPRAISAL OF REAL PROPERTY _ ...7'v -�._ 8?. r°✓'��:!��' �.`.'R.e�NY:a4�i7�$fui ti� �t".„��,.s, yo..,.-��'`" �§8>"'v..� "n-:r..a, xz s":+fie LOCATED AT Mountain St Fayetteville, AR 72701 Lot 27A, County Court Plat FOR City of Fayetteville 115 S. Church Street Fayetteville, AR 72701 OPINION OF VALUE 68,000 AS OF 03/08/2020 BY Aaron Crawley Avaluations, LLC PO Box 2991 Fayetteville, AR 72702-2991 (479) 695-1371 avalue@cox-internet.com Form GA1V LTR - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE LAND APPRAISAL REPORT File No. Citv of Favetteville Borrower City of Fayetteville Census Tract 0113.00 Map Reference 22220 Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Legal Description Lot 27A Coun Court Plat Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Taxes $ 208.62 (yr) Loan charges to be paid by seller $ 0 Other sales concessions None Lender/Client City of Fayetteville Address 115 S. Church Street Fayetteville, AR 72701 Occupant Vacant Appraiser Aaron Crawley Instructions to Appraiser The intended use of this appraisal is to establish a potential offer price for the intended user - City of Fayetteville. Location ❑ Urban ® Suburban ❑ Rural Good Avg. Fair Poor Built Up ® Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ ® ❑ ❑ Growth Rate ❑ Fully Day. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ Property Values ❑ Increasing ® Stable ❑ Declining Convenience to Shopping ❑ ® ❑ ❑ Demand/Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ❑ ® ❑ ❑ Marketing Time ® Under 3 Mos. ❑ 4-6 Mos. ❑ Over 6 Mos. Adequacy of Public Transportation ❑ ® ❑ ❑ Present Land Use 65% 1 Family 5% 2-4 Family 5% Apts. 2% Condo 15% Commercial Recreational Facilities ❑ ® ❑ ❑ %Industrial 3%Vacant 5% Recreational Adequacy of Utilities ❑ ® ❑ ❑ Change in Present Land Use ® Not Likely ❑ Likely (*) ❑ Taking Place (*) Property Compatibility ❑ ® ❑ ❑ (*) From To Protection from Detrimental Conditions ❑ ® ❑ ❑ Predominant Occupancy ® Owner ❑ Tenant 5 % Vacant Police and Fire Protection ❑ ® ❑ ❑ Single Family Price Range $ 50,000 to $ 1,000,000 Predominant Value $ 200,000 General Appearance of Properties ❑ ® ❑ ❑ Single Family Age 0 yrs. to 135 yrs. Predominant Age 40 yrs. Appeal to Market ❑ ® ❑ ❑ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): The subject is located in a residential neighborhood comprised mostly of single family homes of average quality. The subject property is located in dose proximity to employment centers schools and hospitals. The unemployment rate in Northwest Arkansas is lower than state and national averages. Dimensions N/A (size taken from GIS) = 13,410 Sq. Ft. or Acres ❑ Comer Lot Zoning classification RMF-24 Present Improvements ® do ❑ do not conform to zoning regulations Highest and best use ❑ Present use ® Other (specify) Multi -Family Residential Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level to Sloping Elec. ® Street Access ® Public ❑ Private Size Typical for area Gas ® Surface Asphalt Shape Rectangular Water ® Maintenance ® Public ❑Private View Res./ Comm. San. Sewer ® ® Storm Sewer ® Curb/Gutter Drainage Appears adequate ❑ Underground Elect. & Tel. ® Sidewalk ❑ Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? ❑ No ® Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): The subject site is typical in size, shape, and topography for the neighborhood. Spout Spring Branch runs through the western section of the subject property. The City of Fayetteville has adopted the Streamside Protection Ordinance which limits development with a 50' buffer from the top of the bank. Therefore, a portion of the subject land is not develo abl based upon this ordinance. Also, it appears that a neighboring arcel utilizes a portion of the subject site for access to Mountain Street. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address Mountain St 504 W Prairie St 11 N Willow Ave E Rock St Fa etteville Fayette ille, AR 72701 Fayetteville, AR 72701 Fa etteville, AR 72701 Proximity to Subject 0.67 miles W 0.08 miles NE 0.08 miles S Sales Price $ N/A I$ 6.4 $ 7.06 $ 13.27 Price Overall $ $ 290,000 $ 120,000 $ 70,000 Data Source CHR #765-12941-000+ NWA MLS#1101978; DOM 87 NWA ML#1156- 35- DOM 56 Date of Sale and DESCRIPTION DESCRIPTION + — $ Adjust. DESCRIPTION + — $ Adjust. DESCRIPTION + — $ Adjust. Time Adjustment N/A 03/31/2020 04/25/2019 10/06/2020 Location East - Downtown Fay. West - Downtown Fa -1.6 East - Downtown Fa East - Downtown Fa • Site/View Res./ Comm. Res./ Comm. Res./ Comm. Res./ Comm. Site Size 13,410 sf 45,302 sf +0.32 16,988 sf +0.04 5,275 sf -0.08 TO 0 ra h Level -Sloping Level -Gent) Sloping -0.64 Level -Gent) Sloping -0.71 Level -Gent) Sloping -1.33 Public Utilities All public All ublic All public All public Other Streamside Prot+Access Streamside Protection -0.32 Streamside Protection -0.35 None -6.64 Sales or Financing Conventional Conventional Conventional Concessions None Noted None Noted None Noted Net Ad'. Total + $ -2.24 + X $ 1.02 + X — :$ -8.05 Indicated Value of Subject $ 4.16 $ 6.04 $ 5.22 Comments on Market Data: The corn s were adjusted on a per sq. foot basis. Sale #1 is located in a superior location and was adjusted downward in location. Sales #1 & 2 have larger site sizes than the subject and were adjusted upward. Sale #3 has a smaller site size and was adjusted downward. All three sales have superior topography and were adjusted downward. All three sales lacks area within the Streamside protection or area needed for neighboring access. Comments and Conditions of Appraisal: The appraisal was conducted on an "As Is" basis. Personal property items were not included in the valuation. See the attached limiting conditions and supplemental addendum. Final Reconciliation: All three sales are good indicators of value for the subject property. Sales #1 & 3 are the recent sales and were given more might 35%each with Sale #2 given the remaining weight 309Ain estimating the market value of the subject. Therefore, the indicated value of the subject is $5.101 s . foot, for a total of'. 13,410 s . feet x $5.101 s . foot = $68,391; • Rounded to $68 000. I ESTI TE THE ARKET VA -bP111 D, OF SUBJECT PROPERTY AS OF 03/08/2021 to be $ 68,000 WWI `. GF1+c:.,tl 7 Aaron Crawley�' ❑ Did ❑Did Not Physically Inspect Property Appraiser(s) " Review Appraiser If applicable) [Y21<] Avaluations (479) 695-1371 Form LND - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Supplemental Addendum File No. Citv of Favetteville Borrower QtV of Fa etteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville Scope of Work & Intended Users Intended Users - The Intended User of this appraisal and appraisal report are as stated in the report form as follows: "The intended user of this appraisal report is the lender/client". No other intended users have been identified to the Appraiser and none are assumed. Pursuant to USPAP SRl-2.a, this appraisal is developed strictly and solely in accordance with those intended uses communicated to the Appraiser at the time of engagement. Use of this appraisal and appraisal report by other users is not intended by the appraiser. Unless otherwise identified by the Client as being an Intended User, all other third parties are considered to be unintended users, including but not limited to the current owner of the subject property, the borrower in the pending loan transaction, other mortgage lending institutions and other governmental agencies not involved in the mortgage lending process. Specifically, any potential buyers or outside lenders contemplating purchase or mortgage activity on this property are urged to seek a separate opinion of value from a competent and duly licensed/certified appraiser. Any additional requests in this assignment by third parties must be requested in writing and may either be declined or if performed may be subject to additional billing to recover the costs associated with such requests. Intended Use - The Intended Use of this appraisal and appraisal report as stated in the report form is "for the lender/client to evaluate the property that is the subject of this appraisal to establish a potential offer price". No other intended uses have been communicated to the Appraiser and none are assumed. Pursuant to USPAP SR1-2b, this appraisal is developed strictly and solely in accordance with those intended uses communicated to the Appraiser at the time of engagement. Please note that only a primary lending institution can make a decision with respect to a mortgage finance transaction. Non -lenders and secondary market participants do not make these decisions and their uses, if any, have not been communicated to the Appraiser. If a third party to this appraiser -client relationship desires an appraisal for their own uses, they are urged to seek one developed specifically for their uses from a competent and appropriately licensed/certified appraiser. The Appraiser in this assignment cannot accept responsibility for uses not otherwise identified at the time of engagement. Use of this appraisal report for other purposes is therefore not intended by the appraiser. Use: Reading the appraisal report or possessing the report does not constitute use. Relying on the appraisal report to understand how the appraiser developed the opinion of value does not constitute use. Use means relying on the appraisal report to make a decision or to take an action. Although Fannie Mae's report form states the borrower and other 3rd parties "may rely" upon this report, Fannie Mae has declined to identify all of the other intended users or any of the other intended uses for which these parties "may rely" upon the report. The purpose of the Appraiser's clarification of the Intended Users and Intended Use is to establish specific expectations for this work -product in compliance with USPAP, as opposed to the additional undisclosed and/or unknowable expectations as are omitted in the report form. Any criticism of this apparent contradiction should be directed to the weaknesses of the language used in the form, which is considered a vehicle for communicating the results of an appraisal developed and reported by an Appraiser. This report may contain comments, conditions, and/or certifications added by the signing appraiser including, but not limited to, this Supplemental Addendum. These items shall supersede and take precedence over all other language, requirements, or conditions contained in any preprinted and/or third -party forms or documents included in, or incorporated by reference into, the appraisal report. Ownership of Intellectual Property and/or Data — Avaluations, LLC expressly retains all right, title, and interest in all patents, trademarks, trade names, trade secrets, software, data, conclusions, opinions, valuations, or other information included in, arising out of, or in any way related to this appraisal or the provision of appraisal services to the named client and/or Intended User. The report and information supplied by the staff and/or agents of Avaluations, LLC is a culmination of intellectual education, professional experience, personal investigation, and know-how, which shall at all times remain the property of Avaluations, LLC. No person shall be entitled to break down, strip out, mine, or disseminate any component or part of this report, including, but not limited to, any conclusions, valuations, opinions, or other data compilations herein. Notwithstanding, the Intended User as defined above may use this appraisal report and the contents herein for the limited purpose and use identified above. Scope of Work - The appraiser has proposed and the Client has agreed (prior to submission) that the level of development and reporting detailed above is sufficient to address the substantiate criteria of a reasonable Scope of Work within the context of the Intended Users and Intended Use. With the exception of revisions made for the purpose of correction of any errors, the Appraiser does not anticipate further development or reporting requirements for this assignment. Any additional requests from the Client or any third parties may represent a change in the assignment conditions and require the development of a new assignment. With the exception of corrections of any errors or omissions, any additional requests must be made in writing and may be subject to additional billing to recover the costs associated with the additional work. The appraisal is based on the information gathered by the appraiser from public records, other identified sources, complete visual observation of the interior and exterior of the subject property, its neighborhood, and selection of comparable sales within the subject's market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The sources and data are considered reliable. When conflicting Form TADD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Supplemental Addendum File No. Citv of Favetteville Borrower QtV of Fa etteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The subject property was identified to the appraiser by the client providing the property address and the current owner's name. A tax card was pulled for that address via a third party provider. The following approaches to value have been considered in the scope of work decision for the main "Value Opinion": The Direct Comparison (Sales) Approach was performed. At least one of the signees on the Certification are competent in all aspects of this assignment. A Level "A" market analysis was performed which is general and descriptive in nature. Historic data and selected comparables are analyzed to gauge the economic climate of the subject's market. Extent of Research of the Subject Property The Census Tract information for the subject property was obtained from a third party provider based on the property address via my appraisal software. The flood zone information for the subject property was obtained from a third party provider based on the property address via my appraisal software. The location of the subject property was found by a computer mapping system based on the address of the property that was provided to the appraiser. The subject property's County Tax Assessor's information, via a third party source, was researched for past sales and physical characteristic information. The subject property's zoning was obtained from a zoning map and the accompanying zoning descriptions. This information was provided by the zoning authority. Neither police records nor past issues of newspapers have been researched concerning the subject property's past use for anything that might effect the safety or health of present and future occupants. This includes but is not limited to the by-products of methamphetamine production, infectious disease, or environmental hazards. If available in the normal course of business the appraiser has evaluated any previous sales within the past 3 years prior to the effective date of the appraisal, and current contract, listing, or option of the subject property for its applicability in forming an opinion of current market value and/or marketability. Extent of the Analysis & Associated Research The following analysis and associated research have been performed in conjunction with the main opinion of value: An opinion of the site value was formed by the Direct Comparison Approach. A qualitative analysis considering the land size, date of sale and location were considered. The comparable properties were obtained from the local MLS and/or Tax office. The tax data was supplied by a third party provider. The physical property characteristics, sales price, and date were not verified by any other source. However, the second hand data records were analyzed for errors and inconsistencies. The records with errors and inconsistencies. were not used. Records that showed a large discrepancy from the other data was not used. This appraisal utilizes digitized electronic signatures that prevent the altering of the appraisal report in any manor with the removal of the appraiser's signature. These signatures are secure and irrevocable, binding the appraiser(s) to the accuracy and completeness of the appraisal report. Additional Comments • The comments in this addendum are intended to expand on the information provided on the form appraisal. It is my desire to insure that the client fully understands the appraisal process and methodology as well as the facts pertinent to the valuation of the subject property. The expanded narrative provided in this addendum is an effort to clarify those areas of the report that we have found that cause the most concern to our clients. • No items of personal property are included in the appraised value of the subject. • In the preparation of this appraisal some or all of the photographs may be digitized. In no case have the photos been altered of manipulated in any manner. All photos are accurate representations of the properties. • The Americans with Disabilities Act (ADA) became effective January 26, 1992. This inspection does not represent a specific compliance survey or analysis to determine whether of not the physical aspects of the improvements meet the ADA accessibility guidelines. This inspection in no way suggests ADA compliance. Since compliance expectations can change with each owner's financial ability to cure deficiencies, the value of the subject does not consider possible noncompliance. Opinions or estimates expressed herein represent our best judgment but should not be construed as advice or recommendation to act. The appraiser should be contacted with any questions before this report is relied upon for decision making. This appraisal represents an estimate of value based on an analysis of information known to us at the time the appraisal was completed. We do not assume any responsibility for incorrect analysis because of incorrect or incomplete information, which was provided to the appraiser. If new data or documentation is provided to the appraiser, the value in this report is subject to change based on the significance of this new data. Form TADD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Supplemental Addendum File No. Citv of Favetteville Borrower QtV of Fa etteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville Adverse Environmental Conditions The existence of any Hazardous material, including but not limited to, Urea formaldehyde foam insulation, radon gas, asbestos products, lead based paints or toxic waste contaminant, which may or may not be present in the subject improvements, on the site or in the immediate vicinity of the subject has not been observed by the appraiser. The appraiser has no knowledge of the existence of such hazardous material in or on the property. While the appraiser has made a diligent observation of the subject property and none of these indicators were noted, the only way to insure that this problem is not present is to have the property tested. Highest and Best Use Highest and Best Use is that reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, it is that use, from among legally permissible, physically and reasonably possible uses, found to be economically and financially feasible, and which results in the most profitable of the alternatives. Given the current zoning, location and size of the site, surrounding land uses (recognizing the principle of conformity) and development characteristics of the market area, it is my opinion that the highest and best use of the property "as vacant" is for multi -family residential development. Comments on the Sales Comparison Analysis Since not every subject can be compared to "ideal" comparable sales, the appraiser has chosen what are believed to be the best comparable sales available from a thorough and extensive search for comparable sales data in the subject's market. The sales selected for use in the analysis are considered to be the best indicators of value for the subject property. Other sales reviewed would have required excessive adjustments and were not considered to be as reliable as the sales chosen. The Arkansas Realtors Association has come to the conclusion that disclosing seller concessions and financing type "without the express consent from all parties violates numerous laws" (per letter to all members dated 08/13/2009). Therefore, the local MLS systems does not report these items and the realtors have been advised not to disclose this information. As such, no verification could be made for seller concessions and financing type. Unless otherwise indicated, the sales and financing concessions fields are indicated as conventional financing with no concessions noted. Adjustments within the Sales Comparison Analysis are based on the market extraction method, generally employing the matched pair process, and not specifically based on cost figures. Every effort has been made to conform to FHLMC/FNMA Guidelines and in most cases, an even stricter interpretation found common to most investors in the secondary market. Form TADD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE —�unINuviw unu uiiuuiiy vvi IUILIVIw rues uivai This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal assignment, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third parry institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 5. If the appraiser has based his or her appraisal report and valuation conclusion for an appraisal subject to certain conditions, it is assumed that the conditions will be met in a satisfactory manner. Form ACR3 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE !1 .1'[• � mil' UeallicaLlUl15 File# City of Fayetteville APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. 1 performed a complete visual inspection of the subject property. I reported the site characteristics in factual, specific terms. 3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. 5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. 1 selected and used comparable sales that are Iocationally, physically, and functionally the most similar to the subject property. 8. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 9. 1 verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 10. 1 have knowledge and experience in appraising this type of property in this market area. 11. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 12. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 13. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 14. 1 have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 15. 1 stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 16. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 17. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 18. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 19. 1 identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 20. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). Form ACR3 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Wl LIIIIiGLI- - rues uivol 21. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 22. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 23. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. 1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER snerE �' Signature a" Name Aaron Crawley Company Name Avaluations, L .z-;'':�0 Company Address PO Box 2991 Fayetteville, AR 72702-2991 Telephone Number (479) 695-1371 Email Address avalue(a)cox-internet.com Date of Signature and Report 03/10/2021 Effective Date of Appraisal 03/08/2020 State Certification # CG1562 or State License # or Other (describe) State # State AR Expiration Date of Certification or License 06/30/2021 ADDRESS OF PROPERTY APPRAISED Fayetteville, AR 72701 APPRAISED VALUE OF SUBJECT PROPERTY $ 68,000 LENDER/CLIENT Name Holly Jones Company Name City of Fayetteville Company Address 115 S. Church Street Fayetteville, AR 72701 Email Address hiones(a)fayetteville-ar.gov SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ❑ Did not inspect subject property ❑ Did inspect exterior of subject property from street Date of Inspection ❑ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ❑ Did not inspect exterior of comparable sales from street ❑ Did inspect exterior of comparable sales from street Date of Inspection Form ACR3 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Avaluations (479) 695-1371 MULTI -PURPOSE SUPPLEMENTAL ADDENDUM City of Fayetteville Borrower CitV of Fa etteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client CitV of Fayetteville This Multi -Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), the Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve. This Multi -Purpose Supplemental Addendum is for use with any appraisal. Only those sections and statements which have been marked by the appraiser apply to the property being appraised. ® PURPOSE, INTENDED USE & INTENDED USER(S) OF APPRAISAL The purpose of the appraisal is to estimate the market value as defined herein, or ❑ • Intended use of the appraisal report: establish a potential offer price • Intended user(s) of the appraisal report (by name or type): City of Fayetteville O This is a federally related transaction. ® EXTENT OF APPRAISAL PROCESS • The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. O The Reproduction/Replacement Cost is based on: supplemented by the appraiser's knowledge of the local market. O Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. O The subject property is located in an area of primarily owner -occupied single family residences and the Income Approach is not considered to be applicable. For this reason, the Income Approach was not used. O The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or current analysis of prices and market rates for residential properties. O For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. • The cost and income approaches are not applicable due to the subject being vacant land. ® FEMA FLOOD HAZARD DATA ® Flood mapisattached O Subject property is not located in a FEMA Special Flood Hazard Area. • Subject property is located in a FEMA Special Flood Hazard Area. Zone I FEMA Map/Panel # I Map Date Name of Community X & AE 05143CO22OF 5/16/2008 1 Fayetteville O The community does not participate in the National Flood Insurance Program. • The community does participate in the National Flood Insurance Program. It is covered by a regular program. O It is covered by an emergency program. Analysis/Comments: ® CURRENT SALES CONTRACT The subject property is currently not under contract. O The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section. O The contract and/or escrow instructions were reviewed. The following summarizes the contract: Contract Date Amendment Date Contract Price Seller Owner of Record Cook; Cook; Hollowa ; Marcelous; O The contract indicated that personal property was not included in the sale. O The contract indicated that personal property was included. it consisted of Estimated contributory value is $ O Personal property was not included in the final value estimate. O Personal property was included in the final value estimate. O The contract indicated no financing concessions or other incentives. O The contract indicated the following concessions or incentives: O If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, so that the final value conclusion is in compliance with the Market Value defined herein. Analysis/Comments: Page 1 of 3 Form MPA4 - "TOTAL" appraisal software by a la mode, Inc.-1-800-ALAMODE ® MARKET OVERVIEW Include an explanation of current market conditions and trends. • 0-3 months is considered a reasonable exposure time for the subject property at a value range of $ 65,000 to $ 75,000 Analysis/Comments: • 0-3 months is estimated to be the marketing time for the subject property. Analysis/Comments: O Marketing Factors: ® SUBJECT PROPERTY OFFERING INFORMATION According to Northwest Arkansas Regional MLS the subject property: has not been offered for sale in the past: ❑ 30 days ® 1 year ❑ 3 years. O is currently offered for sale for $ O was offered for sale within the past: ❑ 30 days ❑ 1 year ❑ 3 years for $ O Offering information was considered in the final reconciliation of value. O Offering information was not considered in the final reconciliation of value. O Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. Analysis/Comments: ® SALE/TRANSFER HISTORY & ANALYSIS OF SUBJECT PROPERTY According to the following data source(s): Washington County Courthouse Records the subject property: • Has not transferred ❑ in the past one year. ® in the past three years. ❑ in the past five years. O Has transferred ❑ in the past one year. ❑ in the past three years. ❑ in the past five years. O All prior sales or transfers occurring in the past 3 years prior to the Effective Date of Appraisal are listed below. IDate of Sale/Transfer I Price of Sale/Transfer ISeller IBuver IData Source(s) I Effective Date of Data Sources I Sale/Transfer History Analysis/Comments: ® SALE/TRANSFER HISTORY & ANALYSIS OF COMPARABLE SALES all prior sales or transfers occurring in the past 1 year prior to the most recent date of sale or transfer are listed below. PRIOR SALE/TRANSFER # 1 COMPARABLE # 1 COMPARABLE # 2 COMPARABLE # 3 Date of Sale or Transfer Price of Sale or Transfer Seller Buyer Data Source(s) Effective Date of Data Source(s) PRIOR SALE/TRANSFER # COMPARABLE # COMPARABLE # COMPARABLE # Date of Sale or Transfer Price of Sale or Transfer Seller Buyer Data Source(s) Effective Date of Data Source(s) Comparables Sale/Transfer History Analysis/Comments: None of the comparable sales have sold or transferred within the past year prior to the recent transactions indicated on the sales grid. Page 2 of 3 Form MPA4 - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE ® ADDITIONAL CERTIFICATIONS The Appraiser certifies and agrees that: (1) The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (" USPAP"). (2) Their compensation is not contingent upon the reporting of 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. (3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. ® ENVIRONMENTAL LIMITING CONDITIONS The appraiser's opinion of value is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the properly that would negatively affect its value. ® HIGHEST & BEST USE ANALYSIS Analysis/Comments: As Vacant: Multi -Family Residential O As Improved: ® EFFECTIVE DATE OF APPRAISAL (if not current, see comments). This appraisal report reflects the following value: ® Current ❑ Retrospective ❑ Prospective Effective Date of the Appraisal: 03/08/2021 Comments on the Effective Date ❑ ADDITIONAL COMMENTS ® APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION sTR'E CEP - Appraiser's Signature eot� Inspection Date 03/08/2021 Signed Date 03/10/2021 Appraiser's Name Aaron Crawley " .. Phone # (479) 695-1371 State AR ❑ License or ® Certification # CG1562 Exp. 06/30/2021 Tax ID # 71-0858258 ❑ Appraiser is certified underthe following CE prograni ❑ CO-SIGNING APPRAISER'S CERTIFICATION O The co-signing appraiser has personally inspected the subject property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser. O The co-signing appraiser has not personally inspected the interior of the subject property and: O has not inspected the exterior of the subject property and all comparable sales listed in the report. O has inspected the exterior of the subject property and all comparable sales listed in the report. O The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility far the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by the co-signing appraiser. O The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal. ❑ CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co -Signing Appraiser's Signature Inspection Date Signed Date Co -Signing Appraiser's Name Phone # state _ ❑ License or ❑ Certification # Exp. Tax ID # ❑ Co -Signing Appraiser is certified under the following CE program(s): Page 3 of 3 Form MPA4 - "TOTAL" appraisal software by a la mode, Inc.-1-800-ALAMODE Subject Photo Page Borrower City of Fayetteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender Client City of Fayetteville Subject Site Mountain St Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location East - Downtown Fay. View Res./ Comm. Site Quality Age Subject Site Subject Street Form PIC3x5.SR -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Subject Photo Page Borrower City of Fayetteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville Subject Site Mountain St Sales Price N/A Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location East - Downtown Fay. View Res./ Comm. Site Quality Age Subject Site Subject Site Form PIC3x5.SR -"TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE • R BARKER. B,� KER, BOBBY: �t U .: • . B[]E3B1': BARKFR• �R l R. BAR1iER. JERCrME; iFR(rN7f; LOVE. SHERRY a' - IFRONtI.; ,R r Lt.r�'Lo S�♦[G t+RY f LOVf-. SHERRY R ountain N %NI S` N: OOI)f F� GK. _�LRl\ ti l JAMES �' MISSIONARY LWTIST FA) FTT I VIi 1 , i el V _ BLACKBURN. W STJAMES FI_VA MISSIONARY BAPTIST t37 -•` r� Flood Map Borrower CitV of Fa etteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville Inter■ Iood Uyalamade Wuar,.dsr - a IN u ® r but- LA _ c x Washington £aurlty Hlslnrlcal Society � Washington f nrckeon 3l C n1 C r!h s Prepared for AvaltWimans (47D) 595-1371 Mountain St Fayetteville, AR 72701 s P Lafey2tle $� E uoruyrlttr $T � Y � i o. rSurulrr.a W rJU y Ou CtU e �';ululy yr "4 a' I: 5�jrina{ j 1Spnhg ST L Z E 7doadvw •il � = x - Ecesom S: E Cron, •il FayonevlilR I Square Gardens Water 8 SEW.Lrr Y E Ruck st w 7� tV tr $,WM $ `..4ulT .SauHr Si eerrlsr feel; G Clubbaus Fitness i• MlSOQUuyah Gardens of r2Ilns1 V + A K a W S:IY SY �iIRS' qC N IF is • I ! 3, Jr i3lvd c c M,L1t Ir 8i € s Jefferson Park 9 '�urtrv.�� e� r - Map dat_ MAP DATA MAP LEGt34D P�Lvel d by'CVPLJo ; FEMA Spec -Jai Flood Hazard Area No Areas inundated by -50G-yearflooding ® Pratrcted Areas Map Number. MUCO220F Zone: X Areas inundated by IOD-year flooding ® Fioodway Map Date: may 16.2008 ❑ Velud.ty Hazard Subject Area FIPS 05143 Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Location Map Borrower CitV of Fa etteville Property Address Mountain St City Fa etteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville a la made, Inc: W ILRWW,m St x , tallwin Sl J—v:' x EAblhmr9r ' E Uuridgy5t VAMedical Center E S W I•WrPi Sl .c g'^ p �Lr E clakwuod St g - r` „fir JAM WNdrtq St z Narihwest l7 l W Hughes Sr f NoriltE Nanh sl w ad�,t„ St E, Lakeado TJr W enrF � � G a E 0nx;er s p EJa cn CIF s CMZ W fagro St 7 2 m y. l7W Crehutn 5: = _ mum St z W Clrvrlatxl S[ 7� W11SON PARK S E E ProtPnt St E Fttospeit St r R a � c d {� � �r2aJsccra $t E'ReiwcSa $t z y • a _ r` a a W ldulSl; St _ E 'a v v a WASHFNGTOWWILLOW c z x Y.3 W ua St+ K `- Gun{rr St x si s a ' sl W Mvle S[ a m E h1aple Sr .5 E Mapre St �S4 Q i� A z V 2 a wwDyett.s. EIarayrrrre5% Elat-.yrt{e51 5OVTHWEST ,= z W'Watw sT SECtUOYAH z Woic6sun 5r Woi icon St COMPARABLE No.2 6 Eht ssoo"Wry • 3 11 N Willow Ave 4 a,08 miles NE r.' 3 a DICKSON ` w v E Spring St F.spring 5t e STREET z E a E Q a Z, z FCent" 5t COMPARABLE No. 1 W Muuhtun Sr — MOUNT SE4UOYAH SOUTI 504 W Prairie St �rJ16� Confrderata Efmdoerc or 0.57 miles W yCetne;'ery Dr TOWN MOUNTAIN5O C E 5t r � E�arkSs H e SUBJECT � q W-C �'r W5wth it .i w Mountain St F C ��`' n; a' S J4rchi+xa W alh5r COMPARABLE li alh 5t o No. 3 Cen; st •Cs 0, f p8 , DES S W ratnrhn Luther lNng Blvd cr w rph o } U t 7th'A E liiints�.lJu ttA F L] v rNariorwr N CP.RietC[y S a W llfrr St 1EFFERSONfWALKER w r'' E ttrh St E Nantuc"Pr ❑r t Swat Pr Walker Park E 121h St a � SW[Sh St a E13ur 5[ ?' k 13th AJ n n s per. 2� C Ella Sr 1 ` 16 - W 15th Sr l w E 15[n: St '^ E Eprnt Rd l't' Wakker S+ th`% Pch • r�S� q N � L L7 WtAta 5pr'n9gE. cl Bing, r=r .ts:.:,:�.�r�'s C- yy,. n r°wn.0 a .n W 54th Si *410sr so Juo[ racy. 2La m �2021•TnmT—A'2bil aM—t Cerpor .gu'r;oar.-S!•ee¢IAao T �114 Form MARLOC - "TOTAL" appraisal software by a la mode, inc.-1-800-ALAMODE Appraiser License Borrower CitV of Fa etteville Property Address Mountain St City Fayetteville County Washington State AR Zip Code 72701 Lender/Client City of Fayetteville SAS LICENSING ` APPRAISER & 0l`F� r s CERTIFICATION BOARD This is to certify that �., Aaron Crawley License M CG 1562 has complied with the requirements of Arkansas Code Section §17-14-201 et seq,; and is the holder of a valid certificate. This card is for identification purposes only. 6/30/2021 - aw ^ . rr, Expiration Date Chairman STATE OF ARKANSAS V. • G� APPRAISER LICENSING & CERTIFICATION BOARD Attest That ARROW fD. CAR WLET On this date was certified as a STATE CERTIFIED GENERAL APPRAISER The A&- — Appra ser Licensing and Certiffcatsun Board h—by affirms thal this Cerdfirale ig lFmv l in —QW4:,,r with all than yvi—nt• of Aria rnsas Cnde Annotated S.Ifiwx § 17-14-Tot el seq., and subsequently ado&d'nulrs and R %Watwas" and short o-Wn in foot when pnxperly Suppo,1vd by a runml pod,*t Idenllfiu don wvd. T EBSfj4 ART 13, 2002 CG1562 Cate Issued Crniftcare Number Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc.- 1 -800-ALAMODE City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar) Budget Year Division Adjustment Number /Org2 PARKS 8� RECREATION (520) 2021 Requestor: Alan Bearden BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: Request to recognize southeast Park Land Dedication (PLD) funds of $77,500 to be used for the purchase of .3 acres of land for the Yvonne Richardson Community Center (YRCC) for a purchase price of $75,000, plus an estimated $2,500 for additional related closing costs & fees. COUNCIL DATE: LEGISTAR FILE ID#: 7/20/2021 2021-0508 Hal y 31ac� 7/1/2021 1:22 PM Budget Director Date TYPE: JOURNAL #: I GLDATE: RESOLUTION/ORDINANCE CHKD/POSTED: TOTAL 77,500 77,500 v.20210601 Increase / (Decrease) Proiect.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 2250.520.9256-4419.03 - 77,500 21013 1 RE Greenspace Fees - SE 2250.520.9256-5805.00 77,500 - 21013 1 EX Land -Acquisition H:\Budget Adjustments\2021_Budget\City Council\07-20-2021\2021-0508 BA YRCC Land PurchaseAsm 1 of 1