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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 ,' , , �, IOCA TICN IIAPS ----- BLAIR, NEBR1:SKA i may / - /_ /-} � 1- I• f : � .L N 2 ca t1 � ,11th • .,._._._ ...., .. 113 AAA I 1 ca�ltry Rohn 1 Psnl sr 4A T - M 4 , t!it! ST 11,151 P�lll AV A v i * IV i �•� Y N 1 V 1p11D• PLAID N v 1st DILAC ST Y.•t1) ST (l i ^ Y' u � 115 !1S Sl Y ''�• y P OI I S 1/111 AV _ ^ tlil ,111 I 9711 5 � / ,_ _ yd 9 .. ...... .r._. ........ , �t�t _ 111 tT 111113, n Q a _. 1111 tl - 11,11 7 ry II sr �_ _ �� In 1 31 I I 1711 AV `_ i - =i r Ifll� ST _ _ 16 $T 131 IITI,1AT U 5 �_ et•• ,•�,.....•� I Y` Q 1 nRf5 p I s u ( 11 T 1 }� t,_� • ( • ' �O .� _ " ._ 111 AV q) N ly 1111 ST _ tt il ® i 13,11 AV y V M w m db- r••+I I ?Tit ST % /• 1 -� ^1111 ST ►__y / -•/ /' _, IOU Sl ; 11 I►1 l -t ; t , ' A _ ._ C IIIY ROAD 311 tri 1 • I , :1f1D Sr 3ymw 1 OAI SE1 ST b sT 2 1 ti i 1 IST ST a y 1 I •� � ct"If y ROAD 318 i I11*USIRIAI 1% On .�• 7�� x /' j .4 14 71 7 'I I , I I 1 I r f I I I . of q /it f 0 -4 I � Z t / / ; /O/ c� , J O cs� it 0 0 'To t // , / / /, //// / / / // / Li 1 /1 -, '7 7 1/7 -1 t7' / 7 1 7' l 7 41 fil I I I /1 /x , fit till jj)\I A /x 1 1 II III JU l ilt It" 0 1 lo/ x 0/ !II Il x A fa /fir Qy/ x -/ ii / J/ YJ' N t if if I S) op 4 1 v 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 - T K HE SLOPE AR rv4 CONTAINS NUMEROUS RIDGES, DEpRE fAND HOLE"- DUE ho I TS PREVIOUS 'USE AS A LANDFILL. 'Y of it- mq /+ I 3 . 1 CONTR 'ACWR SHALL OVEREXCAVATE LOT 19, IF NECEISAI ALLOW f8- OF EMBANKMENT MATERIAL PER SECT70N D— IN 011 of ....... 'V IF= 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 S C A L E: ONE INCH = 100 FEET 0 1/2 REBAR FOUND 0 5/8' REBAR FOUND A 3/4" OPEN—TOP PIPE FOUND 0 5/8" x 24' OPEN—TOP PIPE SET 0 1/2" x 24" REBAR SET 0 COMPUTED POINT (NOT SET) f C111) 1 20 I RADIUS 275.00' ARC L 69,51' CHORD B=N 83 '03'48" W CHORD D=69.32 L ( 4-_ U (1) COREY DPJVE f C111) 1 20 I RADIUS 275.00' ARC L 69,51' CHORD B=N 83 '03'48" W CHORD D=69.32 MINION IN A-111m, 0 � i� C3 Z W t 06, cs MINION IN A-111m, T.L. 50 L E G E N Q S C A L E: ONE INCH - loo FEET 0 1 /2" REBAR FOUND '5 8_ REBAR FOUND 3 4_ OPEN-TOP PIPE FOUND 5/8" x 24" OPEN--TOP PIPE SET 0 1/2" x 24" REBAR SET 0 COMPUTED POINT (NOT SET) 1 L Fl T B C. 0. 41 (AC. 89'41'45'L'IW 24.47' oj C-4 0 0 r z 81 � Cl) (Q i 4� Q a @ g q co Q r t L E ID 9 7 P, U C, -7, 'P Cf,A1%,RLOTTE L tF E� l • o 1 1 4� F p� 6d 03 a) ° i 4 ®�, Cd '� Cd cd � N O Kr v Cd rTj c3 FI ¢` "; t u ' a 41" p $-4 0 � � � V N . 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