1997-07-31 Negus13 Was sale between relatives? (If Yes, check appropriate box)
® YES NO ® Spouse ® Parents and Child ® Family Corporation or Partnership
® 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 5 Was mortgage assumed? If Yes, state amount and interest rate.
value? ® YES NO $ %
16 Does this conveyance divide a current parcel of land? 117 Was sale through areal estate agent? (if Yes, name of agent)
YES ®NO I [:I YES NO
1S Address of Property
19 Name and Address of Person to Whom Tax Statement Should be Sent
('M -, . -.
20 Legal Description
.... ." 2'.'
21 If agricultural, list total number of acres
$
22 Total purchase price, including any liabilities assumed .................... ............................... 22
23 Was nonreal property included in purchase? D YES D NO (if Yes, enter amount and attach itemized list) .. .
$
24 Adjusted purchase pri ce paid for real estate (line 22 minus tine 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 Grantee or Authorized Representative Telephone Number
sign
here Signature of Grantee or Authorized Representative Title Date
REGISTER OF DEEDS' USE ONLY
FOR NDR USE 6N
26 Date Deed Recorded G�
Mo. G' Day Yr.
27 Value of S amp or Exempt Number
28 Deed Book
Deed Page
30
Nebraska Department of Revenue Form No. 2 -146$7 Rev. 9.94
Supersedes 2 -146 -67 Rev. 11.92
NEBRASKA DEPARTMENT OF REVENUE — White Copy
Authorized by Sections 76- 214, 77 -1327, R.R.S. 1943
COUNTY ASSESSOR — Canary and Pink Copies GRANTEE — Goldenrod Copy
#.
LAW OFFICES
JOHN E. SAMSON
P.O. BOX 627
1555 WASHINGTON
BLAIR, NEBRASKA 68008
ATTORNEY AT LAW
August 13, 1997
City of Blair
218 S. 16 Street
Blair, NE. 68008
ATTENTION: Alice Diedrichsen
Dear Alice:
Enclosed please find the following:
r ;
(402) 426 -2636
Fax No. 426 -2777
ORIGINAL WARRANTY DEED, Calvin Negus and wife to the City of Blair, with
copy of transfer statement attached.
Please call should you have any questions.
'\e truly yours,
J HN E. SAMSON
JES /bo
encl.
ai ' ASK
ORIGINAL WARRANTY DEED, Calvin Negus and wife to the City of Blair, with
copy of transfer statement attached.
Please call should you have any questions.
'\e truly yours,
J HN E. SAMSON
JES /bo
encl.
EXHIBIT "A
Part of Tax Lot 42 lying in the sw)a SA and part of Tax Lot 72
lying in the SEh SWh all lying in Section 1, Township 18 North,
Range 11 East of the 6th P.M_, Washington County, Nebraska and more
particularly described as follows:
From the northwest corner of the swh SW: of Section I Township 18
North, Range it East; thence S 89 0 56'10 "E (Assumed Bearing) along
the north line of said SA SWh a distance of 991.38 feet to the
northwest corner of Tax Lot 42 in said Section 1, said point being
a point of curvature and the Point of Beginning; thence along a
274.77 foot radius curve to the right an arc distance of 159.70
feet to a point of tangency; thence S 56 0 38'02 "E a distance of
214.10 feet to a point of curvature; thence along a 1522.09 foot
radius curve to the right an arc distance of 133.90 feet to the
northern most corner of Lot 49 in Ridgevlew Estates to the City of
Blair, Nebraska as said subdivision is surveyed, platted and
recorded in the Washington County Courthouse; thence S 38 °25'46 "W
along the westerly line of Lot 49 a distance of 169.93 feet to a
point on the westerly line of the SEhSWh of said Section 1; thence
N o0 °18'15 "W along said westerly one quarter one quarter section
line a distance of 33.26 feet to the northeast corner of Tax Lot 64 the north line of sa-id
in said Section 3 W
Tax Lot 64 a distance of 476.37feetto the point of Beginning-
1i LTIi. LTI� ;j:: a I, ai:. t]u
rm_ :Tl.—.n Ll1..1 a. a a(4" LT:. �tk a �•: ti-u' :.T�_ . }�: ! •.. +; at :: t:
EXHIBIT "A"
Part of Tax Lot 42 lying the SW /4 SWI /4 and part of Tax Lot 72 lying in
the SEI /4 SW /4 all lying in Section 1, Township 18 North, Range 11 East of the 6'
Principal Meridian, Washington County, Nebraska and more particularly described
as follows:
From the northwest corner of the SWI /4 SWI /4 of Section 1, Township 18
North, Range 11 East; thence S 89'56'10" E (Assumed Bearing) along the north
line of said SWI /4 SWl /4 a distance of 991.38 feet to the northwest corner of Tax Lot
42 in said Section 1, said point being a point of curvature and the Point Of
Beginning; thence along a 274.77 foot radius curve to the right an arc distance of
159.70 feet to a point of tangency; thence S 56 °38'02" E a distance of 214.10 feet to
a point of curvature; thence along a 1522.09 foot radius curve to the right an arc
distance of 133.90 feet to the northern most corner of Lot 49 in Ridgeview Estates
to the City of Blair, Nebraska as said subdivision is surveyed, platted and recorded
in the Washington County Courthouse; thence S 38 °25'46" W along the westerly
line of said Lot 49 a distance of 169.93 feet to a point on the westerly line of the
SEI /4 SWI /4 of said Section 1; thence N 00'18'15" W along said westerly one quarter
one quarter section line a distance of 33.26 feet to the northeast corner of Tax Lot
64 in said Section 1; thence N 44 °13'36" W along the north line of said Tax Lot 64
a distance of 476.37 feet to the Point Of Beginning and containing 1.07 Acres, more
or less.
9 `w t � i
" —j
ORDINANCE NO. 1811 9 7 JUL 14 PH 1: 56
C.NARLOTTE L. FE T E;jSEH
,^ N NOTON CdUNT'l,,`,
AN ORDINANCE ANNEXING THE REAL ESTATE GENERALLY DESCMEDFAS
PART OF TAX LOT 42 LYING IN THE SW' /4 SW' /4 AND PART OF TAX LOT 72 LYING IN
THE SE/4 SWI /4 ALL LYING IN SECTION 1, TOWNSHIP 18 NORTH, RANGE 11 EAST OF
THE 6 PRINCIPAL MERIDIAN, WASHINGTON COUNTY, NEBRASKA, REPEALING
ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH, AND
PROVIDING WHEN THIS ORDINANCE SHALL BE IN FULL FORCE AND EFFECT.
WHEREAS, the City of Blair is the owner of a 1.07 Acre, more or less, tract of real
estate which is part of Tax Lot 42 lying I n the SIY, SW' and part of Tax Lot 72 lying in the
SEI/4 SWI /4 all lying in Section 1, Township 18 North, Range 11 East of the 6` Principal
Meridian, Washington County, Nebraska, which said 1.07 Acre, more or less, tract is
adjacent and contiguous to the current municipal corporate boundary.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF BLAIR, NEBRASKA:
SECTION 1. That the tract of land described as part of Tax Lot 42 lying in the SWI /4
SWI /4 and part of Tax Lot 72 lying in the SE/4 SWI /4 all lying in Section 1, Township 18 North,
Range 11 East of the 6"' Principal Meridian, Washington County, Nebraska, and more
particularly described as follows: From the northwest corner of the SWI /4 SWI /4 of Section 1.
Township 18 North, Range 11 East; thence S 89 °56'10" E (Assumed Bearing) along the north
line of said SW/4 SWI /4 a distance of 991.38 feet to the northwest corner of Tax Lot 42 in said
Section 1, said point being a point of curvature and the Point Of Beginning; thence along a
274.77 foot radius curve to the right an arc distance of 159.70 feet to a point of tangency; thence
S 56 °38'02" E a distance of 214.10 feet to a point of curvature; thence along a 1522.09 foot
radius curve to the right an arc distance of 133.90 feet to the northern most corner of Lot 49 in
STATE OF NEBRASKA COUNTY OF WASHINGTON) SS a 4 1 - 7 3
ENTERED IN NUMERICAL I EX AND FILED FOR RECORD
THIS l `4 +h DAY OF A.D.19
q n ^d
AT I O'CLOCK L21,_ M. AN RECORDED IN BOOK
.f ��y d AT PAG� q fro o
, .. ✓ sr
COUNTY CLER
_ DEPUTY
�i
MOW
Ridgeview Estates to the City of Blair, Nebraska as said subdivision is surveyed, platted and
recorded in the Washington County Courthouse; thence S 38°25'46" W along the westerly line of
said Lot 49 a distance of 169.93 feet to a point on the westerly line of the SEi /4 SW' /4 of said
Section l; thence N 00 0 18 1 15" W along said westerly one quarter one quarter section line a
distance of 33.26 feet to the northeast corner of Tax Lot 64 in said Section 1; thence N 44 °13'36"
W along the north line of said Tax Lot 64 a distance of 476.37 feet to the Point Of Beginning and
containing 1.07 Acres, more or less, be and same hereby is annexed to the City of Blair.
Nebraska.
SECTION 2. The limits of the City of Blair, Nebraska, are hereby extended to include
the above described real estate.
SECTION'). All ordinances or parts of ordinances in conflict herewith are hereby
repealed.
SECTION 4. This ordinance shall be in full force and effect from and after its passage,
approval and publication as provided by law.
PASSED AND APPROVED this 8 t h day of July, 1997.
Y
MICHAEL A. MINES, MAYOR
ATTEST:
O F BL
CITY OF
SEAL ®'
Alice I. Diedrichsen °
City C :p FIRST CLASS ®°
-2- P° Ysst
(Seal ° ` °'� °;�;�8 R
oeoo ®•
aaa�eu4e'
STATE OF NEBRASKA )
) :ss:
WASHINGTON COUNTY )
ALICE I. DIEDRICHSEN, hereby certifies that she is the duly appointed, qualified and
acting City Clerk of the City of Blair, Nebraska, and that the above and foregoing Ordinance was
passed and approved at a regular meeting of the Mayor and City Council of said City held on the
8 t h day of July, 1997.
ALICE I. DIEDRICHSEN, CITY CLERK
-3-
e�
m
City of Blair, Nebraska
RE: Part of Tax Lot 42
1 -18 -11
Blair, Nebraska
m
RUSS NELSEN
NELSEN APPRAISAL SERVICES, INC
1906 South St.
Blair, NE 60000
Property Part of Tax Lot 12 -18 -11
Location Northwest Blair, NE
Client City of Blair, NE
Date of Appraisal June 2, 1997
Property Rights Fee Simple
Area of Site 46,609 square feet, 1.07 acres
Zoning Residential RL
Estimate of Value $9,000
I DI 0101 DIN VA
1. I 1 — WWARRMI
The effective date of this appraisal is June 2, 1997.
1 Y 1' 1 ' DIN Y LINII
The date of inspection is June 2, 1997.
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.
� W ;V W D) IN I: M W7,111 W W
The property rights appraised are the fee simple title to the land and improvements which
comprise the subject property.
1 lei 0 0 rel ILVJ I,
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 Aunraisal 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.
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.
101, I ► YIe Y1►lIi
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.
I o f I 1 1 i
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 residential. This conclusion is based on
the total land that is contained in Tax Lot 42.
r r ,, r r ' r I U
Legal: Part of Tax Lot 42, 1- 18 -11, Blair, Nebraska (see attached)
� �►Y.11 1 : :.
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.
The site is irregular in shape and slopes upward to the south. Access is by the end of Joann
Street which is part of Ridgeview Development. Joann Street is proposed but not developed
adjacent to the subject parcel.
The site is adjacent part of the Ridgeview Development where many lots are development
where many lots are developed with above average homes. The subject site is mostly treed and
would require site costs to develop. As the lot rises above Joann Street, it enjoys a panoramic view
of the Missouri River Valley.
The lot contains 1.07 acres or 46,609 square feet. There are no improvements on the
subject.
The subject is located in a developing area of Blair within easy walking distance of all
schools. The area is well accepted by residential buyers and no major adverse influences are noted
in the area.
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.
1 I 1 1 1
The subject property is zoned residential low density. The proposed improvement does
conform to present zoning guidelines.
All normally expected utilities are available to the site including public water, sewer, power
and natural gas.
! 1` I ' ' L I'` 1 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.
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.
VALUATTON PROCESS
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 judgment 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.
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 of 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 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.
1► 31 D W. I " IT - 1 7.1 IN 6 0
Net income is the incentive to the prudent buyer in the market place. This portion of the
appraisal process analyzes the income expectancy and converts this expected stream of income into
an indication of value. 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
comparing the subject property to sales of similar properties. Under the "principle of
substitution ", a prudent person will not pay more to buy or rent a property than it
will cost them to buy or rent an equally desirable substitute with common denominators. Such
common denominators may include a 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 comparable property was in a better
location than the subject and this difference is estimated at 5 %, then the sale price of the
comparable would be decrease by 5 % to give the indication of value for the subject. The
adjustments for different physical and economic characteristics are handled in the same manner.
Adjustments may be by percentages or by amounts or both.
Often, it is advisable to include additional sales that may not be ideal but do show upper
and lower limits of value and do demonstrate a thorough study of the market. For some types
of properties, sales many years old are of value and, in some instances, sales many miles distant
can be significant. Closely comparable properties are sought first, but less comparable examples
can build a pattern where the probable market price of the subject property may fit. The
appropriate common denominator is considered to be the value per square foot in applying the
Sales Comparison Approach to the subject property in the appraisal.
Few ideal sales are available but the most similar were used to achieve a factor to
estimate value by this approach.
SALE NUMBER 1
Location: Adjacent to Highway 75, north side of Blair
Date of Sale: November 1995
Legal: Block 3 and PT of Block 4 Neffs Addition
Grantor: Matzen
Grantee: Blair Affordable Housing
Consideration: $80,000
Financing: Cash Equivalent
Verified: Court House
Total Area: 99,500 sf (2.28acres)
Price /Acre: $35,088 /acre
Highest and Best Use: residential
Zoning: Residential
Remarks: This sale is a larger tract than the subject but superior in location and access being
adjacent to a major highway.
SALE NUMIBER 2
Location:
Part of subject
Date of Sale:
March, 1994
Legal:
TL 47, 59, PT TL 60 (12- 18 -11)
Grantor:
Flynn Field Farm
Grantee:
Ridgeview Estates
Consideration:
$150,000
Financing:
Cash Equivalent
Verified:
Court House
Total Area:
28.68 acres
Price /Acre:
$5,230 /acre
Highest and Best Use: Residential
Zoning:
Residential
Remarks:
This subject is part of this larger tract that sold three years ago.
SALE NUMBER 3
Location:
South Highway 30, Blair
Date of Sale:
October 1995
Legal:
TL 136 14 -18 -11
Grantor:
Paulson
Grantee:
McDonald
Consideration:
$100,000
Financing:
Cash
Verified:
Court House
Total Area:
5.71 acres
Price/Acre:
$17, 513 /acre
Highest and Best Use: Highway Commercial
Zoning: Highway Commercial
Remarks: This sale is on the south side of Blair and has good highway access. It does however
need extensive site preparation to make all of it usable.
SALE NUMBER 4
Location: Southeast edge of Blair
Date of Sale: October, 1996
Legal: Lot 27, Block 7, Oak Park I Addition
Grantor: Kelly Ryan
Grantee: Maine
Consideration:
$12,000
Financing:
Cash
Verified:
Court House
Total Area:
.4 acres
Price /Acre:
$30,000 /acre
Highest and Best Use: Residential
Zoning:
Zoning
Remarks:
This sale is most like the subject except it required little site preparation to build
upon.
1' I 1: 1 1 1'•''•
No similar sales are available. The foregoing comparable larger tracts on three sides of
Blair with better access and locational appeal. These sales all have a higher sales price per acre
because of the location and functional appeal. These sales represent the upper end of value for
undeveloped land in Blair. These values are closely in line with residential lots that have city
services including: paved street, water, sewer, and natural gas.
The subject is similar to acreage lots out side of Blair that have no utilities in place. These
one half to three acre lots sell in a price range of $8,000 /acre for three acre lots to $25,000 /acre for
one half acre lots.
If the subject site were ready for residential development, the market approach indicates a
value of $25,000 per acre called. Estimates for site preparation and road are $16,000 - $20,000,
called at $18,000. Therefore the subject value is called as follows:
Subject 1.07 acres @a $25,000 /acre = $26,750
Less site preparation cost $18,000
$8,750
Subject Value Called - $9,000
Replacement Cost Approach $ Not developed
Income Approach
Market Approach
$ Not developed
The replacement cost approach and income approaches are not applicable for this type of
property for reasons stated.
The market approach has the advantage of actual sales. Even though ideal sales are not
available, this approach is the reliable as these sales can be reduced to a common unit such as price
per square foot. This approach is typically the most reliable for this kind of property and all weight
was placed on this approach.
Placing most weight on acreage sales near or within the city limits of Blair, less estimated
site preparation cost; I estimate the value of the subject tract as of June 2, 1997 to be :
Nine Thousand Dollars
($
Russ Nelsen
Certified Appraiser
Nelsen Appraisal Services, Inc.
f ,' , , �,
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AU 7R�ES FhOM llf� SLOPE AREA OF LOT 196
y 1 2. TING CONrOURS
1 1 2. IN THE SLOPE AREA OF LOT 19 DO
ACCUR4TELY1REFi.9CT THE EXISTNG TERRAIN. EXIS77MG 71
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K HE SLOPE AR rv4 CONTAINS NUMEROUS RIDGES, DEpRE
fAND HOLE"- DUE ho I TS PREVIOUS 'USE AS A LANDFILL.
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of it- mq /+ I 3 . 1 CONTR 'ACWR SHALL OVEREXCAVATE LOT 19, IF NECEISAI
ALLOW f8- OF EMBANKMENT MATERIAL PER SECT70N D—
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97 -002
s •
Part of Tax Lot 42 lying in the SW% SW% and part of Tax Lot 72 lying in
the SE %< SW% all lying in Section 1, Township 18 North, Range 11 East of the 6th
Principal Meridian, Washington County, Nebraska and more particularly
described as follows:
From the northwest corner of the SW% SW% of Section 1, Township 18
North, Range 11 East; thence S 89 0 56'10" E (Assumed Bearing) along the
north line of said SW% SW% a distance of 991.38 feet to the northwest comer of
Tax Lot 42 in said Section 1, said point being a point of curvature and the Point Of
Beginning; thence along a 274.77 foot radius curve to the right an arc distance
of 159.70 feet to a point of tangency; thence S 56 °38'02" E a distance of
214.10 feet to a point of curvature; thence along a 1522.09 foot radius curve to
the right an arc distance of 133.90 feet to the northern most corner of Lot 49 in
Ridgeview Estates to the City of Blair, Nebraska as said subdivision is surveyed,
platted and recorded in the Washington County Courthouse; thence
S 38 °25'46" W along the westerly line of said Lot 49 a distance of 169.93 feet to
a point on the westerly line of the SE% SW% of said Section 1; thence
N 00 °18'15" W along said westerly one quarter one quarter section line a
distance of 33.26 feet to the northeast corner of Tax Lot 64 in said Section 1;
thence N 44 0 13'36" W along the north line of said Tax Lot 64 a distance of
476.37 feet to the Point Of Beginning and containing 1.07 Acres, more or less.
Borrower /Client City of Blair
Property
City County
Lender
State Zip Code
In developing a real estate appraisal, an appraiser must consider, analyze and disclose:
(1) Any current agreement of sale, option or listing of the property being
appraised.
(II) Any prior sales of the subject property being appraised that occurred within the
following time periods:
(A) one (1) year for 1-4 family residential property, and
(B) three years for all other property types.
The appraiser has attempted to obtain specific information on the subject property with the
following findings:
x The subject property has had no change of ownership during the past one (1) year.
_The subject property is currently under contract. Details of the pending purchase are
summarized below.
_The subject property is currently offered for sale, listing price is $
_The subject property has been sold during the past (1) year. Details of previous sale are
listed below.
_The subject property is proposed construction and is not currently being offered.
A previous sales history of the property could not be obtained in the normal course of
business.
Grantor /Owner of Record Ridgeview Partnershin, Inc
Grantee /Purchaser N/A
Contract Price /Sale Price $ N/A
Date of Contract/Sale N/A
Comments:
RUSS NELSEN
RR #2 Box 38
Blair, Nebraska 68008
(402) 426 -5828 - Home
(402) 426 -8020 - Business
PROFESSIONAL LICENSES
Nebraska Appraiser's License, General Certification #CG 920276
Iowa Appraiser's License, General Certification #5066422249
Nebraska Real Estate Broker License #801093
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, including Uniform Standards of
Professional Appraisal Practices.
EXPERIENCE
1986 - Present Nelsen Appraisal Services, Inc. - President
Appraisal area includes all of Nebraska and western Iowa. Am presently on HUD panel for Washington, Burt, Thurston,
and Cuming Counties.
Qualified as expert and furnished testimony in County and District Court.
STAFF APPRAISER FOR:
First Bank - Blair, Omaha, 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 - Omaha, Nebraska
C & W Railroad - Chicago, Illinois
Douglas County Bank & Trust - Omaha, Nebraska
Enterprise Bank - Omaha, Nebraska
Farm Credit Services - Omaha, Nebraska
First Mortgage Corp - Omaha, Nebraska
First National Bank - Omaha, Nebraska
First American Savings Bank - Omaha, Nebraska
First Bank - Blair, Omaha, Nebraska
Fremont State Bank - Fremont, Nebraska
Fort Calhoun State Bank -Fort Calhoun, Nebraska
Lenders Service, Inc. - Pittsburgh, Pennsylvania
Lincoln Federal Savings Bank - Fremont, Nebraska
Norwest Bank - Omaha, Nebraska
Omaha National Bank - Omaha, Nebraska
Omaha State Bank - Omaha, Nebraska
Omaha Public Power District - Omaha, Nebraska
Onawa State Bank - Onawa Iowa
Packers National Bank - Omaha, Nebraska
State of Nebraska
Union Bank & Trust - Lincoln, Nebraska
Washington County
ATTORNEYS:
Susan Anderson - Omaha, Nebraska
Brown and Brown - Omaha, Nebraska
Gregory Drew - Blair, Nebraska
Tyler Gaines - Omaha, Nebraska
William Gast - Omaha, Nebraska
James Gotschall - Omaha, Nebraska
Robert Hillis - Fremont, Nebraska
Johnson and Mock - Blair, Nebraska
Robert Mullin - Omaha, Nebraska
Wyman Nelson - Blair, Nebraska
John O'Hanion - Blair, Nebraska
John Samson - Blair, Nebraska
Jon Sedlacek - Blair, Nebraska
Patrick Tripp - Omaha, Nebraska
STATES APPRAISED IN
Alabama, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Minnesota, Mississippi, Missouri, Nebraska
11, 50
L EG E N Q
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