1997-03-05 Cooperman Property® YES ❑ NO ® Spouse ® Parents and Child ® Family Corporation or Partnership
n Grandparents and Grandchild ® Brothers and Sisters ® Aunt or Uncle to Niece or Nephew ❑ Other
14 If the real estate was transferred for nominal consideration, what is the current market 15 Was mortgage assumed? If Yes, state amount and interest rate.
value? ❑ YES ❑ NO $ %
16 Does this conveyance divide a current parcel of land? 17 Was sale through a real estate agent? (if Yes, name of agent)
❑ YES []NO DYES ❑ NO
16 Address of Property 19 Name and Address of Person to Whom Tax Statement Should be Sent
20 Legal Description
21 If agricultural, list total number of acres
$ I
22 Total purchase price, including any liabilities assumed .................... ............................... 22
$
23 Was nonreal property included in purchase? ❑ YES ❑ NO (if Yes, enter amount and attach itemized list) ... 23
24 Adjusted purchase price paid for real estate line 22 minus line 23 .......... ............................... 24
Under penalties of law, I declare that I have examined this statement and that it is, to the best of my knowledge and belief, true and
correct, and that I am duly authorized to sign this statement.
Print or Type Name of Gfantee or Telephone Number Aultlorized Representative P
gn
here r
Signature of Gf I
antes or Authorized Representative Title Date
REGISTER OF DEEDS' USE ONLY
FOR MDR USE ONIL
Date Deed Recorded
Mo. Day Yr.
27 Value of Stamp or Exempt Number
$
Street or Other Mailing Address
Deed Page
30
Street or Other Mailing Address
City
State
Zi Cod.
Cit State Zip Code
Telephone Number
Telephone Number
(B) Property Type
(1) Single Family
(4) Ind.stri;
(6) Recreational (8) Mineral Interests- (9) State Assessed (1) Mobile Home
(2)EI Unimproved (2) 7 Multi-Femily
(5) Agricultural
Pro ducing ■ r
M Mineral Interests- (1 o)
Nonproducing
8 Type of Deed
® ■ Sh eriff
E] Execut •
Mineral Cemetery
■ ■^` ter{ _.�� TJ ""� �.'� ?y� a��> -'�^" tt
[I cluit ciajm E Conservator
Partition
Trust Othe
VIA
10 Type of Transfer
E] Sale [I Auction [I Gift
Exchange
Foreclosure El Satisfaction of Contract Life Estate Other (explain)
11 Own rship Transferred in Full (if No, explain division)
as real estate purcn=a for samg Me'? Affwa'T
YES NO
E] YES NO
® YES ❑ NO ® Spouse ® Parents and Child ® Family Corporation or Partnership
n Grandparents and Grandchild ® Brothers and Sisters ® Aunt or Uncle to Niece or Nephew ❑ Other
14 If the real estate was transferred for nominal consideration, what is the current market 15 Was mortgage assumed? If Yes, state amount and interest rate.
value? ❑ YES ❑ NO $ %
16 Does this conveyance divide a current parcel of land? 17 Was sale through a real estate agent? (if Yes, name of agent)
❑ YES []NO DYES ❑ NO
16 Address of Property 19 Name and Address of Person to Whom Tax Statement Should be Sent
20 Legal Description
21 If agricultural, list total number of acres
$ I
22 Total purchase price, including any liabilities assumed .................... ............................... 22
$
23 Was nonreal property included in purchase? ❑ YES ❑ NO (if Yes, enter amount and attach itemized list) ... 23
24 Adjusted purchase price paid for real estate line 22 minus line 23 .......... ............................... 24
Under penalties of law, I declare that I have examined this statement and that it is, to the best of my knowledge and belief, true and
correct, and that I am duly authorized to sign this statement.
Print or Type Name of Gfantee or Telephone Number Aultlorized Representative P
gn
here r
Signature of Gf I
antes or Authorized Representative Title Date
REGISTER OF DEEDS' USE ONLY
FOR MDR USE ONIL
Date Deed Recorded
Mo. Day Yr.
27 Value of Stamp or Exempt Number
$
28 Deed Book
Deed Page
30
Nebraska Department of Revenue Form No. 2 -146 -67 Rev. 9.94
Supersedes 2 -146 -67 Rev. 11.92
NEBRASKA DEPARTMENT OF REVENUE —White Copy COUNTY ASSESSOR — Canary and Pink Copies
Authorized by Sections 76- 214, 77 -1327, R.R.S. 1943
GRANTEE — Goldenrod Copy
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That I, MERRIAM COOPERMAN, a resident of Douglas County,
Nebraska, appoint, constitute, and designate my spouse, HAROLD
COOPERMAN, of Omaha, Nebraska, who is referred to in this
instrument as the "Agent ", as my true and lawful agent and
attorney -in -fact, with full power of substitution, in my name and
on my behalf (1) to execute, deliver, and otherwise give legal
effect to any document or instrument for any lawful purpose, (2)
to convey, transfer, and encumber real and personal property, or
any interest therein, wherever located in Nebraska or elsewhere,
and (3) to make any decision, take any action, and do any other
thing, without restriction or limitation, which I might do in
person, including but not limited to the acts set forth in Section
30 -2821 of the Nebraska Trustees' Powers Act, which statutory
section, as it may be amended from time to time, is incorporated
in this instrument by this reference.
Without in any way limiting the authority of the Agent set
forth in the preceding paragraph, I authorize and empower the Agent
(1) to transfer, assign, convey, and deliver all or any right,
title, and interest of mine in and to any real or personal
property, in trust, to FIRSTIER BANK, N.A., OMAHA, as Trustee under
the Trust Agreement dated September 26, 1989, between me, as
Grantor, and FIRSTIER BANK, N.A., OMAHA, as Trustee, to be held
and administered by such Trustee in accordance with the provisions
of such Trust Agreement and (2) for the purpose of accomplishing
the foregoing, to enter any safe deposit box to which I have access
and which contains any property of mine and to remove and deliver
to such Trustee any of the contents of such safe deposit box which
belong to me.
Without in any way limiting the authority of the Agent set
forth in the preceding paragraphs, I authorize and empower the
Agent (1) to contract and otherwise arrange for my entry into,
maintenance at, and release from any hospital, out - patient clinic,
convalescent center, nursing home, or other health care facility
and (2) to authorize and approve or disapprove any proposed medical
treatment for me if I am, in the opinion of my treating physician,
incompetent or incapable of acting for myself in such matter.
This power of attorney shall become effective immediately,
shall not be affected by my subsequent disability or incapacity,
and shall continue to be effective during the period of any such
disability or incapacity, it being my intention that all authority
conferred upon the Agent in this instrument shall be exercisable
by the Agent notwithstanding my subsequent disability or
incapacity.
i
In the event my spouse shall fail or cease to serve as the
Agent under this power of attorney, then I appoint, constitute, and
designate my daughter, FRANCES A. JURO, and my son -in -law,
RICHARD JURO, both of Omaha, Nebraska, to jointly serve instead in
such capacity with all of the powers and authorities granted in
this power of attorney to my spouse. All persons dealing with
FRANCES A. JURO and RICHARD JURO as the Agent may rely without
further investigation upon the written statement of both FRANCES A.
JURO and RICHARD JURO as to whether my spouse has failed to serve
or to continue to serve as the Agent under this power of attorney.
In the event of the resignation, death, or legal incapacity of
either FRANCES A. JURO or RICHARD JURO,' then the other of such
persons shall serve or continue to serve alone as the Agent under
this power of attorney. All persons dealing with either FRANCES A.
JURO or_ RIC�LA_RD �?LTR0 individually as the Agent may rely without
further investigation upon the written statement of FRANCES A. JURO
or RICHARD JURO as to whether the other of such persons has
resigned, died, or been adjudged legally incapacitated.
I am fully aware of the broad authority which I am granting
to the Agent in this power of attorney and express my full
confidence in the Agent.
To avoid the necessity of my executing a burdensome number of
original copies of this power of attorney, I specifically direct
that all parties affected by and acting upon the provisions of this
power of attorney may rely upon a photostatic or other copy of this
instrument showing my signature so as to facilitate the use of this
power of attorney and the consummation of transactions authorized
in this power of attorney.
.This power of attorney shall be governed by and shall have
the effect provided in the Nebraska Uniform Durable Power of
Attorney Act.
I reserve the right to revoke or terminate this power of
attorney at any time, but no third party without actual knowledge
of the revocation or termination of this poorer of attorney shall
have any liability for acting in good faith in reliance upon this
power of attorney even if this power of attorney has been revoked
or terminated before such action occurs.
IN WITNESS WHEREOF, I have executed this power of attorney
this day of September, 1989.
Merriam Cooperman
LAW OFFICES
ABRAHAMS, KASLOW & CASSMAN
8712 WEST DODGE ROAD
SUITE 300
OMAHA, NEBRASKA 68114 -3419
TELEPHONE 402- 392 -1250
TELECOPIER 402-392 -0816
MEMBER
COMMERCIAL LAW AFFILLATES
May 2, 1994
Mr. Harold Cooperman
No Frills Supermarkets, Inc.
1867 North 81st Street
Omaha, Nebraska 68114
Dear Harold:
FREDERICK S. CASSMAN
HOWARD J. KASLOW
FRANK F. POSPISHIL
RONALD K. PARSONAGE
WILLIAM H. COATES
JOHN W. HERDZINA
HARVEY B. COOPER
RANDALL C. HANSON
R. CRAIG FRY
TIMOTHY M. KENNY
TERRENCE P. MAHER
TERESA A. BEAUFAIT
ERIC H. LINDQUIST
SANDRA L. MAASS
THOMAS J. MALICKI
AARON D. WEINER
TODD A. RICHARDSON
MICHAEL D. McCLELLAN
TAMARA GREUNKE BREHMER
OF COUNSEL
MILTON R. ABRAHAMS
BEN E. KASLOW
1907 -1993
In 1989 I prepared a Power of Attorney from Merriam to you.
I am enclosing with this letter two copies of that Power of
Attorney.
Since this power of attorney gives you full authority to act
on behalf of Merriam, you should be able to use that authority
whenever Merriam 'needs to sign something so as to spare her the
difficulty of doing so.
Whenever you need to sign something on behalf of Merriam, you
should sign as follows:
MERRIAM COO
By:
Harold Coop ernt �Ca , L fer
of Attorney
If anyone wishes to see a copy of the Power of attorney, you
can furnish a copy to them. Normally, that will not be required.
If you have any questions con erni g the enclosures or their
use, please do not hesitate to ca 'l me.
V ry truly yours,
Howard J. Kaslow
For the Firm
HJK:clm
Enclosure
HJK \44699.
AGREEMENT FOR THE SALE OF REAL ESTATE
This agreement made this 4_th day of March =., 1997, by
and between the Harold Cooperman and Merriam Cooperman, hus-
band and wife, hereinafter referred to as "Sellers," and the City
of Blair, Nebraska, a Municipal Corporation, , hereinafter re-
ferred to as "Buyer."
WITNESSETH:
Sellers agree to sell and convey to the Buyer by warranty
deed, free and clear of all encumbrances except easements and
restrictions of record, the following described real estate, to
wit:
Beginning at a point on the South line of Tax Lot 80 in Section
12, Township 18 North, Range 11 East, said point being 120.00
feet East of the Southwest corner of Tax Lot 80; thence Easterly
along the South line of Tax Lot 80 to the Southwest corner there-
of; thence Northerly along the west line of Tax Lot 80 a distance
of 24.00 feet; thence Southeasterly to the point of beginning,
lying in the NW1 /4 SE1 /4 of Section 12, Township 18 North, Range
11 East of the 6th P.M., Washington County, Nebraska, and con-
taining 0.033 acres more or less.
and said Buyer agrees to purchase said property on the following
terms and conditions, to -wit:
The purchase price therefore is agreed to be the sum of
$4,500.00 which said sum shall be payable in cash upon closing
of the transaction which shall be on or before March 1, 1997.
It is understood and agreed by and between the parties
hereto that Buyer shall receive possession of the premises upon
closing.
The Seller shall pay the 1996 and all prior real estate
taxes levied against the property.
The Buyer shall be responsible for and shall pay for any
surveying expenses.
This agreement executed the date first aforesaid shall be
binding upon the assigns and successors of all parties hereto.
Harold Coouer n
CITY OF BLAIR, NEBRASKA
ATTEST:
B
M CHAEL A. MINES, MAYOR
ALICE I. DIEDRICHSEN, CITY CLERK
STATE OF NEBRASKA
) :ss:
WASHING COUNTY )
On this day of 1997, before me, the under-
signed a Notary Public, duly commissioned and qualified for in
said county, personally came Harold Cooperman and Merriam
Cooperman Sellers, to me known to be the identical person whose
ame is affixed to the foregoing agreement and acknowledged the
execution thereof to be his /her /their voluntary act and deed.
WITNESS my hand and Notarial Seal the day and year last
above written.
MY COMMISSION EXPIRES:
STATE OF NEBRASKA )
:ss:
WASHINGTON COUNTY )
GENERAL NOTARY-State of Nebraska
STEVEN I MOSKOVITS
RAY Comm, Ezp, Oct 9,1999
On this 4th day of .March_ ,, 1997, before me, the under-
signed a Notary Public, duly commissioned and qualified for in
said county, personally came Michael A. Mines, Mayor of the City
of Blair, Nebraska, Buyer, to me known to be the identical person
whose name is affixed to the foregoing agreement and acknowl-
edged the execution thereof to be his voluntary act and deed.
WITNESS my hand and Notarial S4 Ail the day and year last
above written.
�e_' Z_z
NOTARY PUBLIC
MY COMMISSION EXPIRES:sf:
NOTARY PUBLI
W 11111 NOTARY •;�reor Nebras6a
A CB k NICK RS�N
Comm. Exp, June 20, 20u0
LAW OFFICES
ABRAHAMS, KASLOW & CASSMAN
8712 WEST DODGE ROAD
SUITE 300
OMAHA, NEBRASKA 68114-3419
TELEPHONE 402- 392 -1250
TELECOPIER 402- 392 -0816
MEMBER
COMMERCIAL LAW AFFILLATES
May 2, 1994
Mr. Harold Cooperman
No Frills Supermarkets, Inc.
1867 North 81st Street
Omaha, Nebraska 68114
Dear Harold:
FREDERICK S. CASSMAN
HOWARD J. KASLOW
FRANK F. POSPISHIL
RONALD K. PARSONAGE
WILLIAM H. COATES
JOHN W. HEROZINA
HARVEY B. COOPER
RANDALL C. HANSON
R. CRAIG FRY
TIMOTHY M. KENNY
TERRENCE P. MAHER
TERESA A. BEAUFAIT
ERIC H. LINDQUIST
SANDRA L. MAASS
THOMAS J. MALICKI
AARON D. WEINER
TODD A. RICHARDSON
MICHAEL D. McCLELLAN
TAMARA GREUNKE BREHMER
OF COUNSEL
MILTON R. ABRAHAMS
BEN E. KASLOW
1907 -1993
I
In 1989 I prepared a Power of Attorney from Merriam to you.
I am enclosing with this letter two copies of that Power of
Attorney.
Since this power of attorney gives you full authority to act
on behalf of Merriam, you should be able to use that authority
whenever Merriam needs to sign something so as to spare her the
difficulty of doing so.
Whenever you need to sign something on behalf of Merriam, you
should sign as follows:
MERRIAM COOOPERMAN
By: 4 1 i' -Ir k i -
Harold Coopermn7., Power
of Attorney
If anyone wishes to see a copy of the Power of attorney, you
can furnish a copy to them. Normally, that will not be required.
If you have any questions corerni g the enclosure s or their
use, please do not hesitate to ca V ly yours,
Howard J. Kaslow
For the Firm
HJK:clm
Enclosure
HJK \44699.
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That I, MERRIAM COOPERMAN, a resident of Douglas County,
Nebraska, appoint, constitute, and designate my spouse, HAROLD
COOPERMAN, of Omaha, Nebraska, who is referred to in this
instrument as the "Agent ", as my true and lawful agent and
attorney -in -fact, with full power of substitution, in my name and
on my behalf (1) to execute, deliver, and otherwise give legal
effect to any document or instrument for any lawful purpose, (2)
to convey, transfer, and encumber real and personal property, or
any interest therein, wherever located in Nebraska or elsewhere,
and (3) to make any decision, take any action, and do any other
thing, without restriction or limitation, which I might do in
person, including but not limited to the acts set forth in Section
30 -2821 of the Nebraska Trustees' Powers Act, which statutory
section, as it may be amended from time to time, is incorporated
in this instrument by this reference.
Without in any way limiting the authority of the Agent set
forth in the preceding paragraph, I authorize and empower the Agent
(1) to transfer, assign, convey, and deliver all or any right,
title, and interest of mine in and to any real or personal
property, in trust, to FIRSTIER BANK, N.A., OMAHA, as Trustee under
the Trust Agreement dated September 26, 1989, between me, as
Grantor, and FIRSTIER BANK, N.A., OMAHA, as Trustee, to be held
and administered by such Trustee in accordance with the provisions
of such Trust Agreement and (2) for the purpose of accomplishing
the foregoing, to enter any safe deposit box to which I have access
and which contains any property of mine and to remove and deliver
to such Trustee any of the contents of such safe deposit box which
belong to me.
Without in any way limiting the authority of the Agent set
forth in the preceding paragraphs, I authorize and empower the
Agent (1) to contract and otherwise arrange for my entry into,
maintenance at, and release from any hospital, out - patient clinic,
convalescent center, nursing home, or other health care facility
and (2) to authorize and approve or disapprove any proposed medical
treatment for me if I am, in the opinion of my treating physician,
incompetent or incapable of acting for myself in such matter.
This power of attorney shall become effective immediately,
shall not be affected by my subsequent disability or incapacity,
and shall continue to be effective during the period of any such
disability or incapacity, it being my intention that all authority
conferred upon the Agent in this instrument shall be exercisable
by the Agent notwithstanding my subsequent disability or
incapacity.
In the event my spouse shall fail or cease to serve as the
Agent under this power of attorney, then I appoint, constitute, and
designate my daughter, FRANCES A. JURO, and my son -in -law,
RICHARD JURO, both of Omaha, Nebraska, to jointly serve instead in
such capacity with all of the powers and authorities granted in
this power of attorney to my spouse. All persons dealing with
FRANCES A. JURO and RICHARD JURO as the Agent may rely without
further investigation upon the written statement of both FRANCES A.
JURO and RICHARD JURO as to whether my spouse has failed to serve
or to continue to serve as the Agent under this power of attorney.
In the event of the resignation, death, or legal incapacity of
either FRANCES A. JURO or RICHARD JURO,' then the other of such
persons shall serve or continue to serve alone as the Agent under
this power of attorney. All persons dealing with either FRANCES A.
JURO or RICHARD JURO individually as the Agent may rely without
further investigation upon the written statement of FRANCES A. JURO
or RICHARD JURO as to whether the other of such persons has
resigned, died, or been adjudged legally incapacitated.
I am fully aware of the broad authority which I am granting
to the Agent in this power of attorney and express my full
confidence in the Agent. V.
To avoid the necessity of my executing a burdensome number of
original copies of this power of attorney, I specifically direct
that all parties affected by and acting upon the provisions of this
power of attorney may rely upon a photostatic or other copy of this
instrument showing my signature so as to facilitate the use of this
power of attorney and the consummation of transactions authorized
in this power of attorney.
.This power of attorney shall be governed by and shall have
the effect provided in the Nebraska Uniform Durable Power of
Attorney Act.
I reserve the right to revoke or terminate this power of
attorney at any time, but no third party without actual knowledge
of the revocation or termination of this power of attorney shall
have any liability for acting in good faith in reliance upon this
power of attorney even if this power of attorney has been revoked
or terminated before such action occurs.
IN WITNESS WHEREOF, I have executed this power of attorney
this day of September, 1989.
Merriam Cooperman
STATE OF NEBRASKA
SS.
COUNTY OF DOUGLAS )
The foregoing instrument was a kn ledged before me this a6
day of September, 1989, by MERRIAM �(PERMAN.
Notary Public
My commission expires:
A GEN RA1 NOTARY -= of pe=M
M� ExA July 27, 1990
r3
APPRAISAL REPORT
FOR
City of Blair, Nebraska
RE: Part of Tax Lot 80
12 -18 -11
Blair, NEBRASKA
BY
RUSS NELSEN
NELSEN APPRAISAL SERVICES, INC
f
We have made an investigation and appraisal of the fee simple interest in the real property
known as: Tax lot 80, 12 -18 -11
located at: 10th and Grant St., City of Blair, NE
and submit our findings in this report.
The purpose of the appraisal is to express an opinion as of December 26, 1996 of the fair market
value of the real property, assuming it to be vacant and available for sale on the open market.
The function of our appraisal is to estimate market value. The following analysis is a complete
self contained report.
Fair Market Value is defined as the estimated amount at which the property might be expected
to exchange between a willing buyer and a willing seller, neither being under compulsion, each
having reasonable knowledge of all relevant facts, with equity to both.
The land, land improvements, and building have been valued as if offered in the open market
for a reasonable period of time in which to find a buyer. We have assumed the property to be
available for a development to its highest and best use, free and clear of all liens and
encumbrances.
Fee Simple Interest is defined as an absolute fee, free of limitations to any particular class of
heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power, and
taxation.
Our report consists of:
A narrative report containing descriptions of the property appraised, the valuation
techniques used, and a statement of the conclusion of value.
Exhibits consisting of:
Plat, photographs, identifying land description, building
sketch (if applicable), assumptions and limiting conditions,
and certificate of appraiser.
We appraised on the real estate including land, land improvements, buildings, fixed building
service equipment and carpeting. Excluded were furnishings, equipment, inventory and movable
or personal property.
We have not investigated the title to or any liabilities against the property appraised.
Respectfully submitted,
Russ Nelsen
Nelsen Appraisal Services, Inc.
Property Pt. Tax Lot 80, 12 -18 -11
Location 10th and Grant St., City of Blair, NE
Client City of Blair, Nebraska
Date of Appraisal December 26, 1996
Property Rights Fee Simple
Area of Site 1,440 square feet
Improvements None
Zoning Central Business District
Estimate of Value $6,100.00
6
The effective date of this appraisal is December 26, 1996.
The date of inspection is December 20, 1996.
7A
The purpose of this appraisal is to establish an accurate and defensible market value. This
estimate will be of fee simple title of the subject property. This appraisal is of the real property
only.
r r r D R Wd r , r W 11
The property rights appraised are the fee simple title to the land and improvements which
comprise the subject property.
I1 1 I I AWRIZ11 1'
An absolute fee; a fee without limitations to any particular class of heirs or restrictions,
but subject to the limitations of eminent domain, escheat, police power, and taxation. An
inheritable estate.
Source: Byrl N. Boyce, Real Estate Appraisal Terminology - Revised Edition (Ballinger
Publishing Company, Cambridge, Massachusetts, First Printing 1981), p. 102.
The objective of the appraisal is to estimate the market value of the subject property land
and improvements to the land as described in this report.
9
1 101 W 10 1 ITIMNOTALVA , '"
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 they consider their 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.
Source: Byrl N. Boyce, Real Estate Appraisal Terminology - Revised Edition (Ballinger
Publishing Company, Cambridge, Massachusetts, First Printing 1981), pp. 160 -161.
Estimated marketing time for properties like the subject in this area of Washington county
is 60 -190 days. This is based on sales throughout Washington County, Nebraska.
M
Y I - A Y A Y GHEST AND BEST USE
The definition of the highest and best use, as defined in the first edition of Real Estate
Appraisal Terminology, published in 1975, by the American Institute of Real Estate Appraisers
and the society of Real Estate Appraisers, on page 107 is stated as follows:
"That reasonable and probable use that will support the highest and
present value, as defined, as of the effective date of the appraisal.
Alternatively, that use from among reasonable, probable, and legal
alternative uses, found to be physically possible, appropriately supported,
financially feasible, and which results in highest land value. "
The definition immediately above applies specifically to the highest and best use of land.
It is to be recognized that in cases where a site has existing improvements on it, the highest and
best use may very well be determined to be different from the existing use. The existing use
will continue, however, unless and until land value in its' highest and best use exceeds the total
value of the property in its' existing use.
An analysis of the highest and best use of the subject property requires application of the
principles inherent in the concept of highest and best use, employing a two part methodology.
Initially, the site is analyzed as if vacant. Those probable uses are compared as to their legal,
physical, and economic viability in order to deduce that use which will provide for the highest
land value. Subsequent to the aforementioned analysis, the subject property is then considered,
taking into account existing improvements, and their impact to determine the highest and best
use of the subject property as improved.
The highest and best use for the subject property is commerical development. This
conclusion is based on the total land that is contained in Tax Lot 80.
5
a ll r
Legal: Part of Tax Lot 80, 12- 18 -I1, Blair, Nebraska
The site: The subject site is nearly street level and is partially bordered by 9th street on the
west and Grant Street on the south. 9th Street is concrete paved and Grant Street
is concrete and gravel adjacent to the subject. The proposed taking is triangular
shaped parcel that lies in the southwest coner of Tax Lot 80. It contains 1,400
square feet. The purpose of the acquistion is to enable the streightening out of
Grant Street from 9th street on east.
The part being taken is not a significant part of the tax lot but, it is the most
desirable in terms of location and topography.
Improvements None
COUNTY DATA
Blair is a city of approximately 7000 people and lies in the east part of Washington
County near the Missouri River. It is within 20 miles of north Omaha and a major airport. Blair
is served by four major highways and in addition is within 20 miles of two major Interstate
systems. A new bridge links Nebraska and Iowa along Highway 30. A modern rail system runs
though Blair as well as different spurs. The Missouri River provides for waterway
transportation and shipping Therefore, Blair is a convenient location for commercial based
operations.
Farming and related industries are the main enterprises in the county. Areas that are not
conducive to farming are used for pasture and residential acreage development, especially in the
south on half of the county. Quarrying is important, especially along the river between Blair and
Fort Calhoun.
Washington County is located in east central Nebraska along the Missouri River which
borders the county on the east. Burt County is to the north, Dodge County to the west and
Douglas County is to the south. The county has a land area of approximately 387 square miles
or 247,680 acres. Blair is the county seat which is located along the Missouri River.
0
The Blair area has shown recent strong growth of its residential and commercial market.
Strong expansion of the commercial market has been evident over the past one year. This due
mainly to the proximity to the Cargill Corn Milling Plant and the Omaha metropolitan area.
The subject property is zoned Central Business District.
All normally expected utilities are available to the site including public water, sewer,
power and natural gas.
1 � 1l1 ' : 1► I' ► 11 : 1
Anticipation: Market value is the present worth of all the anticipated future benefits to
be derived from the property. The benefits may be in the form of an income stream or
amenities.
Balance: The principle of balance has dual significance. When applied to an
individual property, maximum market value is reached when the four agents of production --
labor, coordination or management, capital, and land -- attain a state of equilibrium. Balance
works in conjunction with the principles of contribution, increasing and decreasing returns, and
surplus productivity.
When applied to a neighborhood, the principle indicates that market value
is reached when the complementary uses of land attain an equilibrium. When the principle of
balance is applied to a neighborhood, it works in conjunction with the principle of competition.
Change: Market value is never constant because economic, social and government
forces are at work to change the property and its environment. Because change is continuous,
the estimate of market value is valid only on the day it is made. The principle of change works
in conjunction with the principle of anticipation.
7
Competition: This principle states that when profits are being make, competition is created.
This tends to dissipate excess profit, although some may remain and contribute to increased land
value.
Conformity: This principle states maximum market value is reached when a reasonable degree
of economic and social homogeneity is expected in foreseeable future. Conformity works in
conjunction with the principles of progression and regression.
Consistent Use: Property must be valued with a single use for the entire property. It is
improper to value a property on the basis of one use for the land and another use for the
improvements. When a parcel is ready for a higher use, the improvements may still have a long
physical life, but their economic life may have terminated or be negative.
Contribution: The value of an agent of production (or a property component) depends upon
its contribution to the whole. In other words, cost does not necessarily equal value. The
principle of contribution works in conjunction with the principles of balance, increasing the
decreasing returns, and surplus productivity.
Increasing and Decreasing Returns:
This refers to the inter - relationship between cost, price and volume of goods of
services produced. Volume should be increased to the point where marginal cost equals
marginal revenue. At this point maximum return is obtained and competition is reduced.
Substitution: A property's market value tends to be set by the cost of acquiring an equally
desirable and valuable substitute property, assuming that no costly delay is encountered in
making the substitution. This principle serves as the basis of the three approaches to value -cost,
comparative sales and income.
An appraisal is an estimate of value; it is an opinion of value. Its accuracy depends on
the basic competence and integrity of the appraiser and on the soundness and skill by which the
appraiser processes the data. Its worth is influenced by the availability of pertinent data. The
professional appraiser seeks current facts and the appraiser seeks to be practical. The
appraiser's opinion must be without bias. As with other types of "markets" the real property
appraiser does not make the market, but rather interprets the market.
The three traditional approaches to value, namely the Cost Approach, the Income
Capitalization Approach, and the Sales Comparison Approach, each discussed separately below,
are all comparative approaches in that the basic data comes from direct and indirect comparisons
in the market and the appraiser's judgement which is based on market experience.
The cost approach, the cost to reproduce the property at the date of the appraisal, less
an appropriate allowance for depreciation (physical deterioration, functional obsolescence, and
external obsolescence) is made by market comparisons of cost and depreciation. The cost
approach tends to set the upper limit of value.
In the income capitalization approach, the future operation experience is estimated from
comparable market data. Gross rental schedules, vacancy and collection losses, fixed expenses,
operating expenses, and reserves for replacements are estimated and result in an estimate of
value by a capitalization process.
The capitalization rate (interest rate and recapture rate) is based on demonstrated rates found
in the market. The method and technique of capitalization is determined by the nature of the
property in the market.
In the sales comparison approach, the subject property is compared to sales of similar
properties. The sales are analyzed to bring out similar characteristics to common denominators.
Such common denominators may include number of units, number of rooms, square feet, front
feet, or a gross rent multiplier. Where necessary, adjustments are made to allow for difference
of date of sale, location, size of property, condition of property, and other factors.
E
COST APPROACH
Under the "principle of substitution ", a prudent buyer will not pay more for a property
than it would cost to build another property of equal utility assuming no unreasonable delays.
Various cost indexes applicable are studied and adjusted to local construction costs. These
building costs have been calculated on a square foot basis, and include basic field costs (material
and labor), site grading, excavation, contractor's profit, architect's fees, insurance and interim
financing. Included in the estimated cost of reproduction of the improvements are the structural
components plus all mechanical and electrical systems which are an integral part of the structure.
Where applicable, this includes heating, ventilating, cooling, sprinklers, and security equipment.
Primary reference used was the Marshall Swift Cost Handbook and local contractors were
consulted to arrive at a more precise square foot cost.
Depreciation is a loss from the upper limit of value. It is an effect caused by
deterioration and /or obsolescence. There are five general methods os estimating accrued
depreciation, they are: (1) the capitalized income method, (2) the market method, (3) the
straight -line method (also referred to as the age -life method, (4) the engineering method, and (5)
the breakdown method. The first two are indirect methods while the last three are direct
methods.
The capitalized income method borrows from the Income Capitalization Approach and
the deprecation estimate of the Cost Approach is the by- product. The method implies that the
deterioration and obsolescence reduce the quality, quantity, and projected duration of the net
income and reduce the indication of value by the Income Capitalization Approach and such
indication becomes the basis for the estimate of depreciation in the Cost Approach. This is
appropriately handled by a capitalization process within the Cost Approach or less directly in
the Reconciliation of Value Indications.
The market method is based on consideration of sales prices. Percentages of depreciation
as established in the market place may be applied to reproduction cost. Again this borrowing
from the Sales Comparison Approach may be appropriately handled in the Cost Approach or in
10
the Reconciliation.
The straight -line method estimated the effective age of the improvements, the remaining
economic life, and takes the ratio between the number of years of effective age to the total of
the effective age and remaining economic life.
The engineering method, in effect, applies age -life methods to the individual parts of the
structure. The breakdown method separates the various component parts of depreciation into
(a) physical deterioration (physical deterioration curable, physical deterioration curable but not
yet cured, and physical deterioration incurable), (b) functional obsolescence (curable and
incurable), and (c) external (environmental) obsolescence (usually considered incurable). The
appraiser has considered deprecation of the subject property's improvements by the breakdown
method borrowing from the capitalized income method to measure portions of obsolescence.
Land value of the subject property is estimated by comparison to other similar land sales.
In using the comparison approach, the appraiser estimates the price that the land will bring in
a sale based on similar market transactions. These sales are then analyzed to bring out similar
characteristics to common denominators. Adjustments are then made to allow for differences
in time of sale, size of property, location, topography, zoning, access, etc.
Because there are no improvements on the subject property, the replacement cost
approach will not be developed.
11
Net income is the incentive to the prudent buyer in the market place. This portion of the
appraisal process analyzes the income capitalization approach consists of the two following
elements:
1. The amount of net income per year which may reasonably be expected over a
period of years during which income exceeds expenditures, based on lease
income.
2. The rate and method by which such net income is to be capitalized into a sound
estimate of value.
Because the subject property is not an income producing unit, the income capitalization approach
will not be developed.
SALES COMPARISON APPROACH
The procedure of the Sales Comparison Approach arrives at an estimate of value by
compairing the subject property to sales of similar properties. Under the "principle of
substitution ", a prudent person will not pay more to buy or rent property than it will cost them
to buy or rent equally desirable suubsitiute with common denominators. Such common
denominators may include site, square feet, front feet, and acres. The subject property being
appraised is compared and rated with other like properties for which market data is available.
The appraiser assembles the pertinent facts about the comparable property. The major points
of comparison are: (1) time, (2) location, (3) physical characteristics, and (4) economic
characteristics.
A sale of a property that is an exact duplicate of the subject property would be an
important indication of value. In actual practice, no two properties are exactly alike. Therefore,
potentially comparable sales must be assigned some common denominator for comparison with
the subject property. The sales with the greatest degree of comparability are adjusted for the
differences between the subject property. For example, if the comparable property sold two
years ago and prices had gone up 5 %, then the sale price of the comparable would be increased
by 5 % to give the indication of value for the subject. If the com0arable property was in a better
location than the subject and this difference is estimated at 5%, then the sale price of the
12
I : ►11 Y: ► t`► ►l lulu
Instrument: Warranty Deed
Location: 16th and Washington Street
Legal Description: Part of lots 16,17, 18, and 19 Block 36 City of Blair
Date of Sale: November 1993
Grantor: Arndt
Grantee:
Zoning:
Land Size:
Sale Price:
Price per SF:
Financing:
Jipp
Central Business District
2A0 sf
$10,000
$4.16 per sf
Cash
Confirmed by: Court House
Remarks: This site is smaller than the subject but equal in location. It is alwo
somewhat of a dated sale. Adjusted value is $4.50 per sf.
15
Instrument: Warranty Deed
Location: 10th and Washington Street
Legal Description: Lot 4 Block 84, City of Blair
Date of Sale: August 4, 1994
Grantor: Boehnke
Grantee: Casey's
Size of Tract: 6,000 sf
Sale Price: $12,500.00
Price per SF: $2.08 per sf
Zoning: Highway Commerical
Remarks: This sale of Hwy 30 frontage property near the east side fo Blair. It is nearly street
level. It was purchased for the present Casey's General Store. It is a larger site but,
superior in location. Adjusted value is $3.50 per sf.
16
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RUSS NELSEN
RR #2 Box 38
Blair, Nebraska 68008
(4021426-5828 - Home
(402) 426 -8020 - Business
PROFESSIONAL LICENSES
Nebraska Appraiser's License, General Certification #CG 920276
Nebraska Real Estate Broker License #801093
National Association of Real Estate Appraisers - member
EDUCATION
Dana College, Blair, Nebraska. Bachelor of Science in Business Administration, 1973.
University of Nebraska at Omaha. Degree in Land Use Economics, 1979.
Continuing Education (Broker and Appraisal), Nebraska Real Estate Commission.
Various N.A.I.F.A., American Institute and S.R.A. seminars
EXPERIENCE
1986 - Present Nelsen Appraisal Services, Inc. - President
STAFF APPRAISER FOR:
FirsTier Bank - Blair, Nebraska
Omaha Federal Credit Union - Blair, Nebraska
Professional Mortgage Service - Plattsmouth, Nebraska
Washington County Bank - Blair, Nebraska
PARTIAL LIST OF OTHER CLIENTS:
Arlington State Bank - Arlington, Nebraska
American Family Financial Services - Omaha, Nebraska
Bank of Elkhorn - Elkhorn, Nebraska
Bell Federal Credit Union - Omaha, Nebraska
Commercial Federal Savings & Loan - Omaha, Nebraska
Conservative Savings Bank - Ornaha, Nebraska
Enterprise Bank - Omaha, Nebraska
Farm Credit Services - Omaha, Nebraska
First Mortgage Corp - Omaha, Nebraska
First National Bank - Omaha, Nebraska
FirsTier Savings Bank - Omaha, Nebraska
Fremont State Bank - Fremont, Nebraska
Fort Calhoun State Bank -Fort Calhoun, Nebraska
Lenders Service, Inc. - Pittsburgh, Pennsylvania
Norwest Bank - Omaha, Nebraska
Omaha National Bank - Omaha, Nebraska
Omaha Public Power District - Omaha, Nebraska
Onawa State Bank - Onawa, Iowa
Union Bank & Trust - Lincoln, Nebraska
ATTORNEYS:
Susan Anderson - Omaha, Nebraska
Gregory Drew - Blair, Nebraska
William Gast - Omaha, Nebraska
James Gotschall - Omaha, Nebraska
Johnson and Mock - Blair, Nebraska
Wyman Nelson - Blair, Nebraska
John O'l-lanlon - Blair, Nebraska
John Samson - Blair, Nebraska
Patrick Tripp - .Blair, Nebraska
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