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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 JES /kkt Enclosure cau �f 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 0 G 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 /sbs 0 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 CDNeffff BUREAU iv'isiow 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 /sbs 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 ® e B D YI B M 61 /XED (� 402 426 -4181 � � OFFICE FAX 402 426 -4180 � � ENGINEERING FAX 402 426 -4190 urorur ISOC E -MAIL: sales @con- e- co.com III WEBSITE:www,con- e- co.com BUREAU civisioa VJ S paf 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 /sbs 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 ® ® o RAM MUM (402) 426 -4181 10 OFFICE FAX (402) 426 -4180 0 ENGINEERING FAX (402) 426 -4190 YARUTAO URRRR ASOIAMN E -MAIL: sales @con- e- co.com E WEBSITE:www.con- e- co.com a "uAeau o�v�s�on WWR �� • 00 • . V ACANT • TS ON STATE STR NE . 71 0 South 19 St. Blair, NE 00 s 6� ., .., a b 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 ' X f 3 81p i., g ' +,i s' % s el ".. �' "s !�z at i,I} 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 , • ( • e I 1 : 1 � /• /' ag e I I i itu 1s uol tic uv a._ ou Al"W3 _ ti 1 111 -- • qtr �„1 — � � 15 111( i ' l5 iul' �' ! ✓' � i is Iltl H < AV 111[1 A N a N N 1 1111 v�. 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I'ippcilyAuJLess -, - -- - - Cil C quil l - Lmulci - -: _ ZIp GuIIe_ 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