1998-11-05 Concrete equipment companyLAW OFFICES
JOHNE. SAMSON
P.O. BOX 627
1650 WASHINGTON ST.
BLAIR, NEBRASKA 68008
ATTORNEY AT LAW
October 14, 1998
Neil Smith, President
Concrete Equipment Company, Inc.
237 N. 13` Street
Blair, NE 68008
Dear Neil:
C (0) m r , Y
(402) 426 -3600
Fax No. 4264848
As you are aware, I am the attorney for the City of Blair. In that regard, I am submitting to
you the Agreement for Sale of Real Estate pertaining to vacated 14` Street.
The City is in the process of notifying the public on its right of remonstrance. In
approximately 30 days, we will have the authority to complete the transaction. In the meantime,
please review the Agreement and, if it meets with your approval, sign the same and return it to me.
Per our telephone conversation, I have ordered title insurance for you. We should have this
within about a week, and I will transmit the same to you upon receipt.
If you have any questions in the meantime, please do not hesitate to contact me. Thank you.
ON
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Enclosure
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AGREEMENT FOR SALE OF REAL ESTATE
THIS AGREEMENT made this day of October, 1998, by and between the City of
Blair, Nebraska, a Municipal Corporation, hereinafter referred to as "Seller ", and Concrete
Equipment Company, Inc., a Nebraska Corporation, hereinafter referred to as "Buyer ".
WITNESSETH:
Seller agrees to sell and convey to the Buyer by Quit Claim Deed, free and clear of all
encumbrances except easements and restrictions of record, the following described real estate. to -wit:
THAT PORTION OF FOURTEENTH STREET LYING BETWEEN BLOCK 23 AND
BLOCK 24 AND LYING SOUTH OF THE SOUTHERLY RIGHT OF WAY LINE OF
STATE STREET IN THE CITY OF BLAIR, WASHINGTON COUNTY, NEBRASKA,
the said Buyer agrees to purchase said property on the following terms and conditions, to -wit:
The purchase price therefor is agreed to be the sum of $6,720.00, which shall be paid in cash
at the time of closing. Closing of the transaction shall be on or before forty-five (45) days following
passage of an ordinance by the City of Blair approving the sale herein.
It is understood and agreed by and between the parties hereto that Buyer shall receive
possession of the premises upon closing.
The City of Blair hereby specifically reserves an easement over and across said right of way
for any storm sewer or any other utilities on said real estate. The Buyer shall have the right to move
and reconstruct said storm sewer or other utilities to any location on said real estate provided same
is at the Buyer's sole expense and pursuant to the Seller's specifications.
The Seller shall not be responsible for payment of any real estate taxes assessed against the
premises. The Buyer shall be responsible for and shall pay any and all taxes assessed against the
premises including but not limited to any assessments made for any year or partial year during which
the City owned the premises, but which are levied as a result of this transaction.
The Seller shall not have any obligation or liability to provide a survey of the premises.
In the event the Buyer requests, Seller shall provide to the Buyer a title insurance
commitment to said premises showing fee simple title in Seller, subject to any easements and
restrictions of record, for conveyance to said Buyer. The cost of such title insurance shall be paid
solely by the Buyer.
The Seller specifically makes no warranties or representations as to the condition of the
premises nor their usability as may be intended by the Buyer. The Buyer is purchasing the premises
"as is ". The Buyer has made an inspection of the property and is familiar with the condition thereof
and is not relying upon any representations made with reference thereto by the Seller except those
set forth herein.
This Agreement shall be subject to the filing of any remonstrance pursuant to Nebraska
Statutes against the sale of this property by Blair wherein such remonstrance would be deemed to
be valid and which would prohibit, pursuant to the statutes of the State of Nebraska, the conveyance
of the property by the City of Blair. In the event of such remonstrance, the purchase price shall be
returned to the Buyer. Under no other circumstance shall the Buyer be entitled to a refund of the
purchase price.
This Agreement shall be binding upon and inure to the benefit of the parties hereto, their
assigns and successors in interest.
CITY OF BLAIR, NEBRASKA
M .
MICHAEL A. MINES, MAYOR
ATTEST:
BRENDA R. TAYLOR, CITY CLERK
CONCRETE EQUIPMENT COMPANY,
INC., a Nebraska Corporation,
M .
Neil Smith, President
STATE OF NEBRASKA )
) :ss:
WASHINGTON COUNTY )
On this day of October, 1998, before me, the undersigned a Notary Public, duly
commissioned and qualified for in said county, personally came Michael A. Mines, Mayor of the
City of Blair, Nebraska, Seller, to me known to be the identical person whose name is affixed to the
foregoing agreement and acknowledged the execution thereof to be his voluntary act and deed.
WITNESS my hand and Notarial Seal the day and year last above written.
NOTARY PUBLIC
STATE OF NEBRASKA )
) :ss:
WASHINGTON COUNTY )
On this day of , 1998, before me, the undersigned a Notary
Public, duly commissioned and qualified for in said county, personally came Neil Smith, duly
authorized officer of Concrete Equipment Company, Inc., a Nebraska corporation, Buyer, to me
known to be the identical person whose name is affixed to the foregoing agreement and
acknowledged the execution thereof to be his /her voluntary act and deed.
WITNESS my hand and Notarial Seal the day and year last above written.
NOTARY PUBLIC
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City Clerk
218 S. 16' Street
Blair, NE 68008
REF: Sealed Proposal 14'' Street
Concrete Equipment Company, Inc. offers to purchase real estate lying between
Block 23 & 24 and lying South of the southerly right of way of State Street in the
City of Blair for $3,000.00.
Sincerely, ,
Neil C. Smit
President
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QUALITY 11 PERFORMANCE M SERVICE
P A N 1 X E A
4® 237 N. 13TH STREET M P.O. BOX 430 M BLAIR, NE 68008 ® ® o
NTIONGED (402) 426 -4181 OFFICE FAX (402) 426 -4180 ENGINEERING FAX (402) 426 -4190
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assDCiariDN E -MAIL: sales @con- e- co.com N WEBSITE: www.con- e- co.com
City Clerk
218 S. 16 Street
Blair, NE 68008
REF: Sealed Proposal 14' Street
Concrete Equipment Company, Inc. offers to purchase real estate lying between
Block 23 & 24 and lying South of the southerly right of way of State Street in the
City of Blair for $3,000.00.
Sincerely,
Neil C. Smi
President
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QUALITY 0 PERFORMANCE E SERVICE
P L A N !A I X E N
®s 237 N. 13TH STREET E P.O. BOX 430 M BLAIR, NE 68008
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B M 61 /XED (� 402 426 -4181 � � OFFICE FAX 402 426 -4180 � � ENGINEERING FAX 402 426 -4190
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ISOC E -MAIL: sales @con- e- co.com III WEBSITE:www,con- e- co.com BUREAU civisioa
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NOTICE 6 ` V
Notice is hereby given that the City of Blair is offering for the sale the real estate
described as that portion of Fourteenth Street lying between Block 23 and Block 24 and
lying South of the Southerly right of way line of State Street in the City of Blair,
Washington County, Nebraska. All proposals may be subject to further negotiation and
the City with or without cause may reject proposals. Sealed proposals should be filed
with the City Clerk, 218 S. 16th Street, Blair, Nebraska, 68008, on or before 2:00 o'clock
P.M. on Monday, August 31, 1998. All sales approved by the City shall be pursuant to
the terms and conditions of an agreement on file with the City Clerk and available for
public inspection during regular business hours. For additional information, please
contact Rodney Storm, City Administrator, 218 South 16th Street, Blair, Nebraska 68008,
426 -4191.
���20.1 N
— ter
Neil Smith
Concrete Equipment Company
237 N. 13 Street
P.O. Box 430
Blair, NE 68008
RE: Sale of vacated 14 Street
Dear Mr. Smith,
Enclosed please find a copy of the notice which will be published in the
newspaper on Thursday, August 13, 1998 regarding the sale of land your firm was
interested in purchasing.
Sealed bids will be excepted on this property until August 31, 1998.
If you have any questions feel free to contact either Rodney Storm or myself.
Thank you.
Sincerely,
b
Brenda Taylor
June 23, 1998
Mr. Rod Storm
City Administrator
218 S 16
Blair, NE 68008
Dear Rod:
CON -E -CO has recently purchased a property at the intersection of 14 and State Street
in the City of Blair. It is located on the west side of 14 Street and the south side of State
Street. CON -E -CO already owns the property on the east side of 14 Street and the south
side of State Street.
CON -E -CO would like to enter into negotiations with the City of Blair to purchase 14
Street south of State Street to the property already owned by CON -E -CO.
I am available to represent CON -E -CO in the appropriate discussion for the abandonment
and purchase of this property.
Sincerely,
d
Neil Smith
President
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QUALITY E PERFORMANCE N SERVICE
P L A N M I% E R
0o 0 237 N. 13TH STREET M P.O. BOX 430 E BLAIR, NE 68008
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To: Rod Storm
RE: Vacant Lots
I have made an investigation and appraisal of the fee simple interest in the real property known as:
located at:
and submit our findings in this report.
The purpose of the appraisal is to express an opinion as of September 9, 1998, 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.
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.
I 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. I have not investigated the title to or any liabilities against the property
appraised.
Respectfully submitted,
Russ Nelsen
Nelsen Appraisal Services, Inc.
THE APPRAISER CERTIFIES AND AGREES THAT;
The appraiser has no personal or contemplated future interest in the property
appraised; and neither the employment to make the appraisal, nor the
compensation for it, is contingent upon the appraised value of the property.
2. The appraiser has no personal interest or bias with respect to the subject matter
of the appraisal report or the participants to the sale. The "Estimate of Market
Value" in the appraisal report is not based in whole or in part upon the race,
color, or national origin of the prospective owners or occupants of the properties
in the vicinity of the property appraised.
3. The appraiser has personally inspected the property, both inside and out, and has
had an exterior inspection of all comparable properties listed in the report. To
the best of the appraisers knowledge and belief, all statements and information in
this report are true and correct, and the appraiser has not withheld any significant
information.
4. All contingent and limiting conditions are contained herein (imposed by the terms
of the assignment or by the undersigned affecting the analysis, opinions, and
conclusions contained in the report.)
5. This appraisal report has been made in conformity with and is subject to the
requirements of the Code of Professional Ethics and Standards of Professional
Conduct of the Appraiser Organizations with which the appraiser is affiliated and
satisfies Federal Regulation 323.4 set forth by the FDIC regarding the 14 points
required by this regulation.
6. All conclusions and opinions concerning the real estate that are set forth in the
appraisal report were prepared by the appraiser- whose signature appears on the
appraisal report, unless indicated as "Review Appraiser ". No change of any item
in the appraisal report shall be made by anyone other than the appraiser, and the
appraiser shall have no responsibility for any such change.
gs _A a
Property Tract 1 - Parcel A
66 2 - Parcel B
G 3 - Parcel C
64 4 - Parcel B & C
Location State Street, Blair, NE
Client City of Blair
Date of Appraisal September 9, 1995
Property Rights Fee Simple
Area of Site Tract 1 - Parcel A/6,400 sf
66 2 - Parcel B/12,000 sf
G 3 - Parcel C/8,000 sf
C6 4 - Parcel B & C/20,000 sf
Zoning Manufacturing /Light Industrial
Estimate of Value Tract 1 - Parcel A/$14,000
L 2 - Parcel B/$22,500
G 3 - Parcel C/$15,600
46 4 - Parcel B & C/$33,000
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The effective date of this appraisal is September 9, 1998.
The date of inspection is September 9, 1998.
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.
The property rights appraised are the fee simple title to the land and improvements which
comprise the subject property.
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.
11 1 - 32 1 3 11
11
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.
The definition of the highest and best use, as defined in the first edition of Deal Estate
Appraisal Terminology, published in 1975, by the American Institute of Deal Estate Appraisers and
the society of Deal 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 commercial development.
All of the parcels are zoned manufacturing and light industrial. All normally expected
utilities are available to the parcels, including water, sewer, power, and natural gas.
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. Confomnity 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.
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.
Legal: See attached.
Location: The subject lots are located between 14 and 15 on State Street.
Improvements: None
%
Parcel A - This is a rectangular shaped tract of unimproved land. It is located at the south end of
14' street near the north side of Blair. It is presently part of le street. It is 80' x 80' or 6,400
square feet. Most of the lot is concrete and presently used for a driveway to Concrete Equipment
Company.
Parcel B - This is a rectangular shaped tract of unimproved land adjacent to the north side of State
Street between 14P and 15'` street. Part of the tract is abandoned rail road right of way and part is
unimproved city lots. It is 100' 120' or 12,000 square feet.
Parcel C - This is a rectangular shaped tract of unimproved land adjacent to the north side of State
Street between le and 15 street. This tract is abandoned railroad right of way. It is 80' x 100' or
8,000 square feet.
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 nuns 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.
Fanning and related industries are the main enterprises in the county. Areas that are not
conducive to fanning 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.
3
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.
INCOME ®AC
One approach considered in the valuation of properties is the income approach. This
approach involves the relationship of anticipated cash flow to value. As a result, this approach is
applicable to income producing properties such as farms and ranches. The income approach is
utilized routinely in the appraisal of these properties.
The income approach involves the conversion of anticipated future benefits into value. The
income approach measures the quality, quantity and durability of an income stream. The most
important economic principle is the principle of anticipation. The principle of anticipation states
that value is created by the anticipation of future benefits. Other principles to be considered are:
CHANGE
SUBSTITUTION
INCREASING /DECREASING RETURNS
EXTERNALITIES
HIGHEST AND BEST USE
Logic indicates that an informed purchaser will not pay more for a property than the cost of
obtaining a return of the same amount on another property having the same risk and amenities.
The method most commonly applied to rural properties is the direct capitalization approach.
This procedure is "straight forward" in that you divide the anticipated net income by the appropriate
capitalization rate to obtain an indication of value. The challenge to this approach is developing a
realistic anticipation of income based on market data and obtaining a rate which is supported by the
market. Direct capitalization assumes that the anticipated income will continue in perpetuity.
Over the years, a fairly standard routine has developed for application of the Income
Capitalization Approach to rural properties. The steps are as follows:
1. Develop a model as to the typical operation in the area
2. Project the gross income for the property being analyzed
3. Project expenses for the property being analyzed
4. Develop an income stream for each property based on the model
5. Develop an indication of the capitalization rate
6. Use appropriate technique to estimate value
VIM M,111 i,;
I
Once an income model has been developed for an area, it should be applied consistently to
all properties being analyzed. This analysis should provide a range in income based on differences
in the size and quality of the tracts. In direct capitalization, these income streams are divided by the
sale price to obtain an indication of the rate of return being accepted by a typical buyer.
Mill
Once we have derived the appropriate capitalization rate from the market, and developed a
typical income stream for the subject property, it is a relatively simple calculation to estimate the
value of the subject property. At this point, we divide the anticipated income from the subject
property by the market derived capitalization rate to obtain our value estimate.
Because the subject parcels are not income producing properties the income approach to
value is not applicable and will not be developed.
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 Ding 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 acre in applying the Sales Comparison
Approach to the subject property in the appraisal.
There were few "land only" sales found with similar amenities in Blair that are felt to
applicable to the subject. 'The following were used to develop land values for the subject.
Instrument: Warranty Deed
Location: Adjacent to Parcel B
Legal Description: Lots 21 -25, Block 17, City of Blair
Date of Sale: February, 1995
Grantor: Hahn
Grantee: Christopherson
Zoning: RMH
Land Size: 120' x 100' (12,000 so
Sale Price: $34,000 (less $12,000 = $22,000)
Price per SF: $2.33/sf (effective as if vacant = $1.83/sf
Financing: Cash equvilant
Confirmed by: Court House, 1 Buyer
Remarks: This sale is very comparable to the subject parcels in most regards, but the sale did
include an old house that the buyer considered to have a value of $12,000.
Mg s"'plong
Instrument:
Warranty Deed
Location:
Same block as parcel C
Legal Description: Lot 28, Block 16, City of Blair
Date of Sale:
August, 1994
Grantor:
Tyson Inc.
Grantee:
Mathiesen Grain
Zoning:
ML
Land Size:
2,400 sf
Sale Price:
$3,000
Price per SF:
$1.25 /sf
Financing: Cash
Confirmed by: Court House
Remarks: This is a sale nearly adjacent to the subject and comparable in most regards.
SALE NUMBER 3
Instrument: Warranty Deed
Location: 1r & State Street
Legal Description: Lots 18, 19, 20, Block 15, City of Blair
Date of Sale: July, 1998
Grantor: Kuhr
Grantee: Hoffscheider
Zoning: ML
Land Size: 2,400 sf
Sale Price: $16,000 (less $5,000 = $5,000)
Price per SF: $6.66/sf (effective as if vacant $3.33)
Financing: Cash Equivalent
Confirmed by: Court House
Remarks: This is a recent sale of similar used land. Location is considered equal.
Improvements have an estimated value of $5,000.
SALE NUMMER 4
Instrument: Warranty Deed
Location: North 16 Street
Legal Description: Part of lots 16, 17, 15, 19, Block 36, City of Blair
Date of Sale: November 1993
Grantor: Arndt
Grantee: Jipp
Zoning: Central Business District
Land Size: 2,400 sf
Sale Price: $10,000
Price per SF: $4.16/sf
Financing: Cash Equivalent
Confirmed by: Court House
Remarks: This is a sale of a vacant lot near the down town business district of Blair. Location
is superior to the subject, and it is a dated sale.
The foregoing sales range in size from a low of 2,400 square feet to a high of 12,000
square feet with a arithmetic mean of 480 square feet. The sales also range in price from a low of
$1.25 per square foot to a high of $4.16 per square foot with a arithmetic mean of $2.64 per square
foot.
In addition to the foregoing sales the following residential lot sales in older areas of Blair
were considered.
Location Size Price Price /sf
1. Lot 11, Block 69 5,400 sf $10,000 $1.19 /sf
2. Lot 7, Block 16 5,400 sf $9,000 $1.07 /sf
(Dexters Addition)
3. Lot 7, Block 16 5,400 sf $9,000 $1.07 /sf
(Dexters Addition)
This sales are dated but are similar in many regards. These additional sales are considered
in the final value.
#
Sale Price
Site Size
price /sf
3ale Date
Time
I Site Size
hnprovemeni
s Location
Adj/Price
1
22,000
12,000
1.83
2 -95
=
+.25
+.25
=
2.33
2
3,000
2,400
1.25
8 -94
=
-.25
+.25
=
1.25
3
8,000
2,400
3.33
7 -98
=
-.25
+.25
=
3.33
4
10,000
2,400
4.16
11 -93
=
-.25
+.25
-2.25
1.91
5
Weighted Average Adjusted Value
Market Approach Value Called
$2.21 /sf
$2.20 /sf
Called $14,000
�f t 81z
i 11 ♦5 Iz !1 gat' `s,' ♦. i s,r _ ♦ 51 f, I; i f ? t' >, ;�.
#
Sale Price
Site Size
Price /sf
3ale Date
Time
Site Size
Improvemeni
s Location
Adj/Price
1
22,000
12,000
1.83
2 -95
=
_
_
=
1,83
2
3,000
2,400
1.25
8 -94
=
-.25
=
=
1.00
3
8,000
2.400
3.33
7 -98
=
-.25
=
=
3.08
4
10,000
2,400
4,16
11 -93
=
-.25
=
-2.25
1.66
5
Weighted Average Adjusted Value
Market Approach Value Called
$1.89/sf
$1.90 /sf
12,000 SF @ $1/90 = $22,800
Called $22,800
#
Sale Price
Site Size
Price /sf
3ale Date
Time
Site Size
Improvemen
Location
Adj/Price
1
22,000
12,000
1.83
2 -95
=
+,15
=
=
1.98
2
3,000
2,400
1.25
8 -94
=
-.20
=
=
1.05
3
8,000
2,400
3.33
7 -98
=
-.20
=
3.13
4
10,000
2,400
4.16
11 -93
=
-.20
=
-2.25
1.71
5
Weighted Average Adjusted Value
$1.97 /sf
Market Approach Value Called = $1.95 /sf
8,000 sf @ $1.95 = $15,600
Called $15,600
#
Sale Price
Site Size
Price /sf
We Date
Time
Site Size
Improvemen
Location
Adj/Price
1
22,000
12,000
1.83
2 -95
=
-.25
=
=
1.58
2
3,000
2,400
1.25
8 -94
=
-50
=
_
.75
3
8,000
2A00
3.33
7 -98
=
-50
=
=
2.83
4
10,000
2,400
4.16
11 -93
=
-50
=
-2.25
1.41
5
Weighted Average Adjusted Value = $1.64 /sf
Market Approach Value Called = $1.65 /sf
20,000 sf @ $1.65 = $33,000
Called $33,000
No sales are ideal but sales 1, 2, and 3 are similar in location. The improvements on sales
#1 and #3 were accounted for before the adjustments were made. Consideration was also given to
the three additional lot sales. Some of the sales are dated but it was not felt necessary to adjust for
time as values have not significantly changed for this type of property over the last few years.
Replacement Cost Approach
Income Approach
Market Approach
$ Not developed
$ Not developed
Tract 1- $14,000
Tract 2 - $22,800
Tract 3 - $15,600
Tract 4 - $33,000
The Cost Approach is not developed for reasons stated.
The Income Approach is not developed for reasons stated.
The Market Approach is the best estimate of value when good data is available and this
information can be reduced to common unite of measurement. In this case, price per square foot
applicable means of comparison. This approach tends to reflect value as actual transactions from the
market place. All of the weight was placed on this approach in determining the final estimate of
value for the subject. (Value assumes marketing time of 120 days.)
Russ Nelsen
Certified Appraiser
Nelsen Appraisal Services, Inc.
.11 ►1.
A. That part of dedicated 14th Street lying South of the South right-of-way
Street and North of the South line of Blocks 23 and 24, original townsite of Blair.
B. Beginning at the Southeast corner of Lot 20, Block 17, original townsite of Blair,
thence North along the East line of Lot 20 to the Northeast corner thereof; thence
West along the North line of Lots 16,17,18,19 and 20 to the East right -of —way of
dedicated 15 Street; thence South along the East right -of -way of 15 Street to
the North right -of -way of State Street; thence East along the North right -of -way of
State Street to the point of beginning.
C. Beginning at the Southeast corner of Block 16, original townsite of Blair, thence
North along the East line of Block 16 to the Northeast corner of the South half of
Block 16; thence East to the Northwest corner of the South half of Block 17;
thence South along the West line of Block 17 to the Southwest corner thereof;
thence West along the North right -of -way of State .Street to the point of
beginning.
B -C. Beginning at the Southeast corner of Lot 20, Block 17, original townsite of Blair;
thence North along the East line of Lot 20 to the Northeast corner thereof; thence
West along the North line of Lots 16, 17, 18, 19, and 20 in Block 17 and Westerly
extension thereof to the Northeast corner of Lot 30 in Block 16; thence South
along the East line of Lot 30 to the Southeast corner thereof; thence East along
the North right -of -way of State Street to the point of beginning.
a
Borrower /Client
Property Address
CRY County Stale Zip Code
Lender
Parcel A
A k
r � t
t ON
Parcel B
Form LPICPIX—TOTAL 2000 for Windows' appraisal software by a la mode, ine. —1- 800- ALAMODE
11 f 7 �d 4 i. d r i a
Borrower /Client
Pro a Address
City County State Zip Code
Lender
Parcel C
Street
Form LPICPIX —'TOTAL 2000 for Windows' appraisal software by a la mode, inc. — 1- 800- ALAMODE
I p^
Street
Form LPICPIX —'TOTAL 2000 for Windows' appraisal software by a la mode, inc. — 1- 800- ALAMODE
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APPRAISAL AND REPORT IDENTIFICATION
'f Ilis Appraisal conforms lu unfl of lho following delinitions:
�� l;omplela Appraisal •
Tho act or process of estimating value, or an eslimale of value, puilunnud without InvoiduU the
Uepailue I'rovlslun.
❑ Limited Appraisal
The act or process of estimallup value, or an estimation of value, polfunned under and lesulliud
frun lovoking Ilia Depamlure I'lovlsion.
Alis Ilepolt is ML4 of the fulluwillu types:
❑ Self Cunlained Hepolt
A wmlilen report prepared under Slandards hula 2 -2(A) of a complete or limited appraisal pemlumnled
under Standard 1.
(_q Summary Report
A written repurt prepared under Standards Itule 2 -2(0) of a complete or limited appraisal peilutmed
under Slandamd 1.
❑ lleshicled Report
A written report prepared under Standards Hula 2 -2(C) of a complete or limited appraisal peilouned
under Standard 1.
Collllllent5 On A ppraisal and Report ldeulificlitioll
Note any depadures hum Standards Rules 'I- 'L,1- 3,1 -4, plus any USPAV- meiated Issues w1whing disclosure:
This report Is Inten only Tor use In murl Iendin This re purt Is not Intended fur any oUicr u t °mthcr, the apptalscr or_fbrn
assumes q2 oblin atloJ Ilabllll ur a ccountabilit y lr any tirii�l pally. If ti reirorl Is placed In li lurnds ur an yon e but the cllent,_cllenl
- —
shall rnnice such patty aware ur ail the assum and Ilndtin cultdlllorls ur the nssl lpunent,
110senAppialsal Services, hic. ihiss Nelsen GG 020 276
ruin 101 —' MAL 2UUU fur Wiuduvis• appraisal sullvrare by a la etude, be.— I- aUU- ALA61011C
DEFINITION OF MARKET VALUE: The most probable price which a property should bring In a competitive and open market under all condluans
requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming tlne price Is not affected by undue stimulus. Implicit In Oils
definition Is the consummation of a sale as of a specified date and the passing of tilt from seller M buyer under conditions whereby: (1) buyer and sailor ate
typically motivated; (2) both panties are wag Informed or well advised, and each acting In what lie considers his awn best Interest (3) a reasonable thne Is allowed
for exposure in Die open market; (4) payment is made in terns of cash in U.S. dollars or in leans of financial anangenents comparable thereto; and (5) tlne price
represents Die normal consideration for the property saki unaffected by special or creatve Financing or sales concessions" granted by anyone associated w1b
Die sale.
"Adjushnents to the comparables , must be made for special or creative financing or sales concessions. No adjustrneds are necessary
for those costs which are normally paid by sellers as a result of tradition or law In a market area; these costs are readiy idenfihable
since the seller pays these costs In virtually all sales transactions. Special or creative financing adjusbnents can be made to Die
comparable property by comparisons to financing terms offered by a thbd parry insgthtional lender Olaf Is not already Involved In Die
property or transaction. Any adjusbuent should not be calculated oil a mechanical dollar for dollar cost of Die financing or concession
but Die dollar amount of any adjustment shoukf approximate the market's reaction to Ore financing or concessions based on Die
appraiser's judgement
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's ceibricaeon Ural appears ht lire appraisal report is subject to line following
conditions:
1. The appraiser will not be responsible for matters of a legal nature gnat affect either the propety being appraised or the title to IL The appraiser assumes that
Die title Is good and marketable and, therefore, will not render any opinions about the title. The propety is appraised on file basis of It being under tesponsiblo
ownership.
2. The appraiser has provided a sketch in tlne appraisal report to show approximate dimensions of line Improvements and tlne sketch is Included only to assist
tlne reader of Die report In visualizing the properly and understanding tlne appraiser's deie raination of its size.
3. The appraiser has examined the available flood maps Ural are provided by Die Federal Emergency Management Agency (or other data sources) and has noted
In the appraisal report whether the subject silo is located In an Identified Special Fkrod Ilazard Area. Because Die appraiser is not a surveyor, Ire or she makes
no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the properly In question, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of Die land In the cost approach at Its highest and best use and tie improvements at their conhibutory value. These
separate valuations of the land and Improvements must not be used in conjunction with any other appraisal and are Invalid 11 grey ate so used.
8. The appraiser has noted In the appraisal report any adverse conditions (such as, needed repairs, depleclaOon, line presence of hazardous wastes, toxic
substances, etc.) observed during Die Inspection of Die subject property or Olaf he or she became aware of during Die normal research Involved In pedouning
Die appraisal. Unless otherwise stated fn tlne appraisal repots, Die appraiser has no knowledge of any hidden or unappatent conditions of the properly or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make Die propety more or less valdable, and
has assumed that there ate no such conditions and makes no guarantees or wananUes, express or ImpUed, regarding Die condition of Die properly. The
appraiser will not be responsible for any such conditions that do exist or far any engineering or testing gnat might be tequhed to discover wlmther such
condiUons exist. Because the appraiser is not an expert In Die field of environmental hazards, Hie appraisal report must not be considered as an
environmental assessment of tlne property.
7. The appraiser obtained the Information, estimates, and opinions that were expressed in fine appraisal report [join sources Olaf he or she considers to be
reliable and behoves them to be true and correct. The appraiser does not assume responsibility for Die accuracy of such Homs that were famished by other
parties.
8. the appraiser will not disclose tie contents of the appraisal report except as provided for in Die Uniform Standards of Ptofesslonal Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subject to satisfachny cunpleUon, lepais, or
aierations on line assumption Olaf completion of His Improvements will be performed In a workmanlike mauler.
10. The appraiser must provide his or her prior written consent before Die louder /climd specified In tine appralsal report can dishibule. Ilia appralsal report
(including conclusions about tlne properly value, line appraiser's Idenlily and professional designations, and references to any paufessimnal appraisal
Organizations at Die firm with which Die appraiser is associated) to anyone other than the borrower; tlne nmrlgagee or its successors and assigns; Die mortgage
Insurer, consultants; professional appraisal organizations; any stale or federally approved financial Insiihntion; Or any deparhnent, agency, or insbunentalily
of Die United States or any state or Die Dishicl of Columbia; except Ural the lender /chenl may distiibule Via rimpehly description section of line aepml ugly to data
collection or repotting services) without having to obtain tlne appraiser's pilot written consent. The appraiser's written consent and approval must also
be obtained before Die appraisal can be conveyed by anyone to Die public though advertising, public relations, news, sales, or other media.
Further, the appraiser or firm assumes no obli.yati.ori, l.iabiliLy or accounLabiliL5 Lo any
third party. If this report is placed in We hands of anyone but Lhe clietiL, client shall
malte such party aware of all Lhe assumpLious and litnitiriy concliLions of Lhe assiyrmnenL
fteddle Mac Form 439 6-93 Page 1 of 2 Fannie Mae roam 10048 8 -93
Form ACR -- 'TOTAL 2000' appraisal software by a la mode, Inc. -- i- 600- ALAMODE
APPRAISER'S CERTIFICATION: The Appraiser cerlifes and agrees W:
1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property
for consideration In the sales comparison analysis and have made a dollar. adjustment when appropriate to reflect the market reaction to those hems of significant
variation. If a significant hem In a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
Fie adjusted sales pike of the comparable and, 't a significant hem in a comparable property is interior lo, or less favorable than the subject property, I have made
z positive adjustment to increase the adjusted sales price of the comparable.
2. I have taken Into consideration the factots'Ihat have an impact on value in my development of the estimate of market value in the appraisal report I have not
irowingly whhhekd any significant Information from the appraisal report and I believe, to the best of my knowledge, that all statements and Informaion in the
ippralsal report we hue and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent
and limiting conditions specified in this form.
4. 1 have no present or prospective frderest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with
respect to the participants In the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or nKynal origin of ether the prospeclive owners or occupants of the subject property or of the present
owners or occupants of the propertes in the vicinity of the subject property.
5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this
appraisal is contingent on the appraised value of the property.
6. 1 was riot tequired to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,
Ile allMnmerd of a specific iesut, or the occurrence of a subsequent event in order to receive my compensation ancyor employment for performing the appraisal, I
did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.
7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and fimmugaled by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposute in the open market is a condition in the definition of market value
aid the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the
irconciliation section.
8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all ptopedies listed as comparables in the appraisal report.
I further certify that I have noted any apparent or known adverse conditions in the subject Improvements, on the subject she, or on any she within the immediate
vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the exlent that
1 had market evidence to support them. I have also commented about the effect of the adverse conditions on the markelability of the subject property.
9. 1 personally prepared all conclusions and opinions about the real estate that were set faith in the appraisal report. If I relied on significant professional
assistance from any Individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and
disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any Rem in the report; therefore, 9 an unauthorized change is made to titre appraisal report, I will take
no responsibility for h.
SUPERVISORY APPRAISER'S CERTIFICATION: 9 a supervisory appraiser signed the appraisal report, he or she cedhies and agrees that
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser
agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal teporf,
ADDRESS OF PROPERTY APPRAISED: S— "L4P —�1` R/0; e
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature: _ Signature:
Name: Russ Nelsen, cert ap raiser Name:
Dale Signed: / 0 / _ 6. Dale Signed:
State Certification #: CG 920 276 State Celiffalon #:
or State License #: or Slate License #:
State: State:
Expiration Date of Cettificalion or License: 12/31/98 Expiration Date of Certification or License:
❑ Did ❑ Did Not Inspect Property
Freddie Mac Form 439 6 -93 Page 2 of 2 Fannle Mae Form 10046 6.93
Form ACR— `TOTAL 2000 for Windows' appraisal software by a la mode, Inc. —1- 800 - ALAMODE
BUSS NELSEN
RR42 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 heal Estate Broker License #801093
EDUCATION
Darla College, Blair, No Bachelor of Science in Business Administration, 1973.
University of Nebraska at Omaita. Degree in Land Use Economics, 1979.
Continuing Education (Broker and Appraisal), Nebraska Heal Estate Commission,
Various N.A.I.F.A., American Institute and S.R.A. serninars, including Uniform Standards of
Professional Appraisal Practices.
EXPERIENCE
1986 - Present Nelsen Appraisal Services, Inc. - President
Appraisal area includes all of Nebraska and western Iowa. Ain presently on I IUD 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, Omalta, 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 - Ornaha, Nebraska
First National Bank - Ornaha, Nebraska
First American Savings Bank - Omaha, Nebraska
First Bank - Blair, Ornaha, Nebraska
Fremont State Dank - Fremont, Nebraska
Fort Calhoun State Bank -Fort Calhoun, Nebraska
Lenders Service, Inc. - Pittsburgh, Pennsylvania
Lincoln Federal Savings Bank - Fremont, Nebraska
Norwest Bank - Ornaha, Nebraska
Omaha National Bank - Onialia, Nebraska
Omaha State Bank - Omalm, Nebraska
Omaha Public Power District - Omaha, Nebraska
Ottawa State Bank - Ottawa Iowa
Packers National Bank - Omaha, Nebraska
State of Nebraska
Union Bank & 1 - rust - Lincoln, Nebraska
Washington County
ATTORNEYS:
Susan Anderson - Omaha, Nebraska
Brown and Brown - Omaha, Nebraska
Gregory Drew - Blair, Nebraska
Tyler Gaines - Omalia, Nebraska
William Gast - Omaha, Nebraska
James Gotschall - Omaha, Nebraska
Robert Hillis - Frernont, Nebraska
Johnson and Mock - Blair, Nebraska
Robert Mullin - Omaha, Nebraska
Wyman Nelson - Blair, Nebraska
John O'I-lartlon - 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
NOTICE
The Mayor and City Council of
their regular meeting on October
Ordinance No. 1863 providing for
described real estate:
the City of Blair, Nebraska, at
13, 1998, passed and approved
the sale of the following
That portion of Fourteenth Street lying between Block 23
and Block 24 and lying South of the Southerly Right of
Way line of State Street in the City of Blair, Washington
County, Nebraska, reserving unto the Grantor an easement
for the construction, repair, and maintenance of all
utilities located in said right of way.
The real estate is being sold to Concrete Equipment Company,
Inc., a Nebraska Corporation, pursuant to the terms and conditions
of an Agreement between Concrete Equipment Company, Inc. and the
City of Blair. The purchase price for the real estate is the sum
of $6,720.00. The specific terms and conditions of the Agreement
are available for public inspection at the office of the City
Clerk of the City of Blair, Nebraska, during regular business
hours. The sale shall be consummated unless, within thirty (30)
days of the passage and publication of such Ordinance, a
remonstrance is filed with the Blair City Clerk against such sale
signed by legal electors equal in number to thirty percent (300)
of the electors of such City voting at the last regular election.
BRENDA R. TAYLOR, CITY CLERK
Please publish October 22, 29, and November 5, 1998, and furnish
one proof of publication.
NSF
�
M
f
ORDINANCE NO. 1563
AN ORDINANCE PROVIDING FOR THE SALE OF A TRACT OF LAND DESCRIBED AS
THAT PORTION OF FOURTEENTH STREET LYING BETWEEN BLOCK 23 AND BLOCK
24 AND LYING SOUTH OF THE SOUTHERLY RIGHT OF WAY LINE OF STATE STREET
IN THE CITY OF BLAIR, WASHINGTON COUNTY, NEBRASKA, PROVIDING FOR THE
TERMS AND CONDITIONS OF SAID SALE, REPEALING ALL ORDINANCES OR PARTS
OF ORDINANCES IN CONFLICT HEREWITH AND PROVIDING WHEN THIS ORDINANCE
SHALL BE IN FULL FORCE AND EFFECT.
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF BLAIR,
NEBRASKA.
SECTION 1. That the City of Blair agrees to transfer and quitclaim unto Concrete
Equipment Company all of the City' s right, title, and interest in and to a tract of real estate described
as that portion of Fourteenth Street lying between Block 23 and Block 24 and lying South of the
Southerly right of way line of State Street in the City of Blair, Washington County, Nebraska,
SECTION 2. The conveyance of the tract of real estate described in Section 1, hereinabove,
shall be pursuant to the terms and conditions of the proposed agreement attached hereto and marked
Exhibit "A"
SECTION 3. That the Mayor and City Clerk of the City of Blair, Nebraska, are hereby
authorized and directed to execute and deliver any and all necessary documents or quitclaim deeds
to effectuate such conveyance of real estate.
SECTION 4. All ordinances or parts of ordinances in conflict herewith are hereby repealed.
SECTION 5. This ordinance shall be in full force and effect from and following the passage
and publication hereof as required by law.
-1-
Passed and approved this 13 day of October, 1998.
CITY OF BLAIR, NEBRASKA
MICHAEL A. MINES, MAYOR
ATTEST:
B NDA R. TAYLO ITY CLERK
(SEAL)
STATE OF NEBRASKA )
)ss
WASHINGTON COUNTY )
BRENDA R. TAYLOR, 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 meting- of the Mayor and City Council of said City held on -the 13th day _
of October, 1998.
BRENDA R. TAYLOR, Y CLERK
-2-
�.
A✓i
THIS AGREEMENT made this s' &, day of October, 1998, by and between the City of
Blair, Nebraska, a Municipal Corporation, hereinafter referred to as "Seller ", and Concrete
Equipment Company, Inc., a Nebraska Corporation, hereinafter referred to as "Buyer ".
WITNESSETH:
Seller agrees to sell and convey to the Buyer by Quit Claim Deed, free and clear of all
encumbrances except easements and restrictions of record, the following described real estate, to -wit:
THAT PORTION OF FOURTEENTH STREET LYING BETWEEN BLOCK 23 AND
BLOCK 24 AND LYING SOUTH OF THE SOUTHERLY RIGHT OF WAY LINE OF
STATE STREET IN THE CITY OF BLAIR, WASHINGTON COUNTY, NEBRASKA,
the said Buyer agrees to purchase said property on the following terms and conditions, to -wit:
The purchase price therefor is agreed to be the sum of $6,720.00, which shall be paid in cash
at the time of closing. Closing of the transaction shall be on or before forty-five (45) days following
passage of an ordinance by the City of Blair approving the sale herein.
It is understood and agreed by and between the parties hereto that Buyer shall receive
possession of the premises upon closing.
The City of Blair hereby specifically reserves an easement over and across said right of way
for any storm sewer or any other utilities on said real estate. The Buyer shall have the right to move
and reconstruct said storm sewer or other utilities to any location on said real estate provided same
is at the Buyer's sole expense and pursuant to the Seller's specifications.
The Seller shall not be responsible for payment of any real estate taxes assessed against the
premises. The Buyer shall be responsible for and shall pay any and all taxes assessed against the
premises including but not limited to any assessments made for any year or partial year during which
the City owned the premises, but which are levied as a result of this transaction.
The Seller shall not have any obligation or liability to provide a survey of the premises.
In the event the Buyer requests, Seller shall provide to the Buyer a title insurance
commitment to said premises showing fee simple title in Seller, subject to any easements and
restrictions of record, for conveyance to said Buyer. The cost of such title insurance shall be paid
solely by the Buyer.
The Seller specifically makes no warranties or representations as to the condition of the
premises nor their usability as may be intended by the Buyer. The Buyer is purchasing the premises
"as is ". The Buyer has made an inspection of the property and is familiar with the condition thereof
and is not relying upon any representations made with reference thereto by the Seller except those
set forth herein.
STATE OF NEBRASKA )
) :ss:
WASHINGTON COUNTY )
On this /6 day of 0 Ch °' °�- , 1998, before me, the undersigned a Notary
Public, duly commissioned and qualified for in said county, personally came Neil Smith, duly
authorized officer of Concrete Equipment Company, Inc., a Nebraska corporation, Buyer, to me
known to be the identical person whose name is affixed to the foregoing agreement and
acknowledged the execution thereof to be his/her voluntary act and deed.
WITNESS my hand and Notarial Seal the day and year last above written.
GENERAL NOTARY-State of Nebraska O Y PUB I
lfl JANICE J. WHITEHEAD
My Comm. Exp. July 14, 2000
o f Dist • ■ County Clerk El Sec. State El
,.ourt El Clerk
1. • � • �:
STATE OF NEBRASKA
ss.
Washington County,
.... ...........................Mark .... R.hoades. ............................... being by me
..........
first duly sworn, deposes and says that he is the publisher of THE ENTER-
PRISE, a legal weekly newspaper printed and published at Blair, in Washing-
ton County, Nebr. and of general circulation in said County and State; that said
newspaper has a bona fide circulation of more than 300 copies weekly, in said
County; and, has been published in said County for more than 52 successive
weeks prior to the first publication of the attached notice, that the attached
notice was published in said newspaper for ............1 ............... consecutive
week being the issues of.
Aug .......................... ..... . 199.8.
.................. ............................... 19 ......
................ ............................... . 19 ......
................. ............................... . 19 ......
................ ............................... . 19 ......
f
Publisher's Signahare
Subscribed in my presence and sworn to before me
t hi s . .... l a.......day of ............................. P. Ug.' d.S.t........................ , 19 . 8
GENEEiAL No! r,iiYSlal
PEGGY L. H e of Nebraska
III IPNAR ° tGF.s y �• . %• •....
� My Comm. Exp. Nov. 20, 1998 Notary Public
Printers Fees For Publishing This Notice .... ............................... $ 11.7
Preparation of Affidavit and Billing .............. ..............................$
Notary ................................................... ............................... $
Copy ............................................................. ............................... $
Total ...................$ 11.78
G
e Affldavlts of this Publication have been filed in the office of:
`fhe Mayor ; a
of Bfair, N -bra
on October 13,
ordinance No.
of the following
_ Q Clerk of Dist. Court 0 County Clerk Q Sec. State El
AFFIDAVIT OF PRINTER
STATE OF NEBRASKA
ss.
Washington County,
............................. ar. ...
k Rhoa. d. e. s.... ............................... being by me
.......
first duly sworn, deposes and says that he is the publisher of THE ENTER-
PRISE, a legal weekly newspaper printed and published at Blair, in Washing-
ton County, Nebr. and of general circulation in said County and State; that said
newspaper has a bona fide circulation of more than 300 copies weekly, in said
County; and, has been published in said County for more than 52 successive
weeks prior to the first publication of the attached notice, that the attached
notice was published in said newspaper for .......... ................. consecutive
week being the issues of.
voting at the last regular
Published in the, F
October 22, 2%,ane'
..... Oct ...... 2 ....................... 199.8.
...... O. Ct ........ 9 ....................... 19 98.
..... Nov . .....5 .......................... 19 9.$.
................................................. 19 ......
................................................ ,19
.... ..
f r r
.............. ...............................
Publisher's Signature
Subscribed in my presence and swom to before me
t his ... .... ........ day of ................... Nov........... .............................., 19.
GENERAL NOTt RY•Stale of Pdebras�a
III
PEGGY L WiPP�tAR
,.
My Conm. Exp. Nov. 20, 1998 (/ Notary Public (�
Printers Fees For Publishing This Notice .... ............................... $ 59.4
2
Preparation of Affidavit and Billing .............. ..............................$
Notary ................................................... ............................... $
Copy ............................................................. ............................... $
I Total ...................$ 59.42