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HomeMy WebLinkAbout#2950- Deed; WARRANTY DEED Parcel “A” Beginning At SE Corner Of Lot 166 Then W Along S Line Of Lot 166 For 122’ Then NE To A Point On The North Line Of Lot 166 And 69’ W Of The NE Corner Of Lot 166 (Part 2)2950 W arrantY From: Civil City Mot South oration To: Town Tower Description: Parcel "A" Beginning At SE Corner Of Lot 166 Then W Along S Line Of Lot 166 For 122' Then NE To A Point On oW The North Line Of Lot 166 And 69 Of The NE Corner Of Lot 16 E Line Of Then NE To A P To gnTheCorner Of Lot Lot 167 And 5 8 167 Then S Along The E Line Of Lot For G6' To SE Corner Of Lot 166 To 166 For 5304 Sq Feet Point Of Beginning Total. « " All Of The N 1/7 Of Lot 158 Parcel B i Except A Triangular Tract Begnning At Along E NE Conner Of Lot 158 Then S Line Of Lot 158 For 33 To SE Corner W TO N Line � Of N '/2 Of Lot 159 Then N Of Of Lot 159 And 28' W Of NN Line A Lot 158 For 43 ' Then E Alonge Beginning; Distance Of 29' To point Of B g Beginning E Also A Contiguous Parcel 11en corner 0 f Lot 157 For 50� W Of SE SW Co And 28 AlonW To S Line Oaid Lot ot 5l 5Then W Corner Of or 137' To S The S Line Of Lot 157 F t Of tan Corner Of Lot 157 And The Porn To ;;inning Containing 778E SQ Feet - LEGAL DEPARTMENT INTEROFFICE MEMORANDUM TO: HEDY ROBINSON DATE: January 16, 1997 ECONOMIC DEVELOPMENT FROM: ANNE E. BRUNE ASSISTANT CITY ATTORNEY RE: 313 AND 317 E. BROADWAY Attached please find appraisals on the above -referenced Properties which were performed by Douglas L. Carpenter. We had originally requested that the properties be appraised jointly by Carpenter and Don Fewell. Mr. Fewell failed to participate in the appraisal. Since we need a joint appraisal in order to proceed with the sale of these lots, I would appreciate it if you could perform a review appraisal. If you have any questions or need additional information, please do not hesitate to contact me. cc: Marco Mariani Jon Hunt Angie Jacob C:\DOCS\5memo APPRAISAL REVIEW ADDRESS: 313 Broadway South Bend, IN LEGAL DESCRIPTION: Lot 329 W & K Broadway OWNER: Board of Public Works TYPE OF PROPERTY: Vacant Land APPRAISER: Douglas Carpenter DATE: December 20, 1996 REVIEW APPRAISER: Hedy L. Robinson DATE: January 22, 1996 In accordance with your request, I have reviewed the appraisal completed for the above captioned property. The appraisal contained all necessary data properly applied and presented to support the appraiser's indicated fair market value for the subject property. Neighborhood Data The subject property is located in the Sample -Ewing Development Area. This area was once the site of single family residential housing occupied to a great extent by employees of the Studebaker Complex a few blocks to the west. This area has deteriorated over the last thirty years to point where the majority of the houses have been torn down, leaving about 75% of the neighborhood vacant and the balance improved with old deteriorated dwellings. Most residents are low income, unemployed, or under employed. Convenience to employment is average with considerable industrial activity to the west of the neighborhood. Public transportation is available along Fellows, Michigan and Sample Street. In 1993 The Sample -Ewing Development Area plan was approved, recommending massive public investment in the Southeast neighborhood. The plan involves, among other activities, the clearance of about twenty-eight (28) city blocks for development, investment in public work projects and other capital improvements. Public improvements include the construction of a four - lane boulevard (Elder Parkway), installing new pavement, curbs approaches and street trees. Construction of the St. Joseph County Juvenile Justice Center, costing approximately $15 million will be completed and opened in June of 1997; the construction of a new regional campus for IVYTECH will break ground around May of 1997; completion of the new facility for Family and Children Center/Boys and Girls Club is nearing completion, a fifty four (54) unit rental housing complex was completed in June of 1996, and is fully occupied. The South Bend Hertiage Foundation in partnership with the city has saved five homes in the area. This program involves moving and/or renovating homes. Site Data The site which is the subject of this appraisal review is vacant land having 39.62' of frontage on Broadway Street and is 153' deep. This area totals some 6,058.81 SF. The site is basically rectangular in shape. The topography of the site is flat and drainage appears to be adequate. The street improvements include concrete sidewalks, curbs & gutters and a paved street. All city and municipal utilities are available to the site including electricity, and natural gas. No easements, private restrictions or other encumbrances having a detrimental affect on the value as noted. Zoning The subject site is zoned `B" Residential. Highest and Best Use The highest and best use is to develop lot for residential use. Cost Approach The Cost Approach bases the value on the costs required to replace or reproduce the subject property, taking depreciation and age into consideration. There are no improvements on the property under appraisal. Therefore, the Cost Approach is not used in this analysis. Income Approach The rationale of this approach is that the value of a property can be estimated by analyzing the potential income stream it is capable of generating and then deducting the typical operating expenses incurred in generating that income stream. This process yields a net operating income. This income is then capitalized to a value estimated using one or more of a variety of methods which properly relate the net operating income of the property to its value. The first step in the Income Capitalization Approach process is to determine the potential income that the property is capable of producing. There is no rental demand for this site. Since this property produces no income, the Income Capitalization Approach does not apply. Sales Comparison Approach The Sales Comparison Approach is the process in which a market value estimate is derived by analyzing the market for similar properties and comparing these properties to the subject property. The sales comparison approach is applicable to all property types for which there is a sufficient number of recent reliable transactions to create a value pattern from the marketplace. This approach has been employed in the analysis of the land value of the subject property. Reconciliation and Final Value Estimate The subject property under appraisal consists of a parcel of vacant land containing approximately 6,059 SF. The property address is 313 E. Broadway Street, South Bend, Indiana. The objective of the appraisal report is to estimate the market value of the subject property as of December 30, 1996. The property rights are appraised as being fee simple. In developing the market value of the subject property, several factors were taken into consideration because of their direct relationship with the marketability of the subject property. Some of these factors are: Neighborhood Analysis, Site Analysis, Zoning and Higher and Best Use. In the Highest and Best Use section of my report, it was stated that the Highest and Best Use for the subject property is residential development. Based on the foregoing analysis, it is my conclusion that the market value of the fee simple title to the subjecl/property located at 313 E. Broadway Street as of the date listed above was: wwonson Appraiser E HUNDRED AND FIFTY DOLLARS.............$950 Date APPRAISAL REVIEW ADDRESS: 317 Broadway South Bend, IN LEGAL DESCRIPTION: Lot 330 W & K Broadway OWNER: Board of Public Works TYPE OF PROPERTY: Vacant Land APPRAISER: Douglas Carpenter DATE: December 20, 1996 REVIEW APPRAISER: Hedy L. Robinson DATE: January 22, 1996 In accordance with your request, I have reviewed the appraisal completed for the above captioned property. The appraisal contained all necessary data properly applied and presented to support the appraiser's indicated fair market value for the subject property. Neighborhood Data The subject property is located in the Sample -Ewing Development Area. This area was once the site of single family residential housing occupied to a great extent by employees of the Studebaker Complex a few blocks to the west. This area has deteriorated over the last thirty years to point where the majority of the houses have been torn down, leaving about 75% of the neighborhood vacant and the balance improved with old deteriorated dwellings. Most residents are low income, unemployed, or under employed. Convenience to employment is average with considerable industrial activity to the west of the neighborhood. Public transportation is available along Fellows, Michigan and Sample Street. In 1993 The Sample -Ewing Development Area plan was approved, recommending massive public investment in the Southeast neighborhood. The plan involves, among other activities, the clearance of about twenty-eight (28) city blocks for development, investment in public work projects and other capital improvements. Public improvements include the construction of a four - lane boulevard (Elder Parkway), installing new pavement, curbs approaches and street trees. Construction of the St. Joseph County Juvenile Justice Center, costing approximately $15 million will be completed and opened in June of 1997; the construction of a new regional campus for IVYTECH will break ground around May of 1997; completion of the new facility for Family and Children Center/Boys and Girls Club is nearing completion; a fifty four (54) unit rental housing complex was completed in June of 1996, and is fully occupied. The South Bend Hertiage Foundation in partnership with the city has saved five homes in the area. This program involves moving and/or renovating homes. Site Data The site which is the subject of this appraisal review is vacant land having 39.62' of frontage on Broadway Street and is 153' deep. This area totals some 6,058.81 SF. The site is basically rectangular in shape. The topography of the site is flat and drainage appears to be adequate. The street improvements include concrete sidewalks, curbs & gutters and a paved street. All city and municipal utilities are available to the site including electricity, and natural gas. No easements, private restrictions or other encumbrances having a detrimental affect on the value as noted. Zoning The subject site is zoned "B" Residential. Highest and Best Use The highest and best use is to develop lot for residential use. Cost Approach The Cost Approach bases the value on the costs required to replace or reproduce the subject property, taking depreciation and age into consideration. There are no improvements on the property under appraisal. Therefore, the Cost Approach is not used in this analysis. Income Approach The rationale of this approach is that the value of a property can be estimated by analyzing the potential income stream it is capable of generating and then deducting the typical operating expenses incurred in generating that income stream. This process yields a net operating income. This income is then capitalized to a value estimated using one or more of a variety of methods which properly relate the net operating income of the property to its value. The first step in the Income Capitalization Approach process is to determine the potential income that the property is capable of producing. There is no rental demand for this site. Since this property produces no income, the Income Capitalization Approach does not apply. Sales Comparison Approach The Sales Comparison Approach is the process in which a market value estimate is derived by analyzing the market for similar properties and comparing these properties to the subject property. The sales comparison approach is applicable to all property types for which there is a sufficient number of recent reliable transactions to create a value pattern from the marketplace. This approach has been employed in the analysis of the land value of the subject property, Reconciliation and Final Value Estimate The subject property under appraisal consists of a parcel of vacant land containing approximately 6,059 SF. The property address is 317 E. Broadway Street, South Bend, Indiana. The objective of the appraisal report is to estimate the market value of the subject property as of December 30, 1996. The property rights are appraised as being fee simple. In developing the market value of the subject property, several factors were taken into consideration because of their direct relationship with the marketability of the subject property. Some of these factors are: Neighborhood Analysis, Site Analysis, Zoning and Higher and Best Use. In the Highest and Best Use section of my report, it was stated that the Highest and Best Use for the subject property is residential development. Based on the foregoing analysis, it is my conclusion that the market value of the fee simple title to the subject property located at 317 E Broadway Street as of the date listed above was: DRIED AND FIFTY DOLLARS.............$950 dy obin n ate ._._ __ A--__.___ APPRAISAL REPORT OF VACANT LAND LOCATED AT; 317 E. BROADWAY SOUTH BEND, INDIANA 46601 FOR: SOUTH BEND BOARD OF PUBLIC WORKS 13 FLLOR COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 AS OF: DECEMBER 30, 1996 BY: DOUGLAS L. CARPENTER AND ASSOCIATES INC. DOUGLAS L. CARPENTER APPRAISER i Douglas L. Carpenter & Associates inc. LAND APPRAISAL REPORT File No. BROW17 Borrower BOARD OF PUBLIC WORKS consul Tract 29 Property Addri e, 317 A. BROADWAY Map Reference 7800 City spu7w BRM ceuntyST JOSEPH Staia IN Leger De 0PU— LOT 330 W & 7C BROADWAY zIP cod° 46625 s.re Price Date or Sere Loen Term Actuer Aeer Eaters 7exee ! yr°• Properly Right. Apprate oil MFoe ❑ Loeaenald E] Db Z. PUG lyrl Loan charges to be pnld by sailer a Other gates Conc°satonb OF Pi7BLIC WDRKS VA oAdSOSOUTH�c0—P.—CA[�7T BEND iN•DIA API APPr°la°r CARPENTER dress msnucuons to Apgrule°r APPRAISE FOR MARKET VALUE Location W Urban Built-up ❑ Over 75% suburban X❑ 25% to 76% R ura1 ❑ Under 26% Growth Rate ❑ Furly Dev. 1:1Rapid ❑ Steady Property Values ❑ Increasing ❑ Stable Slow M Declining Demand/Supply ❑ Shortage ❑ In Balance 191 Oversupply Marketing Time ❑ Under 3 Mos, ❑ 4-6 Mos. X❑ Over 6 Mos. Present Land Use 50 %1 Fmly % 2-4 Family 5 0 % Apts. % Condo % Commercial % Industrial % Vacant % Change in Present Land Use ❑Not Likely Did Likely (•I n Taking Placef') (,)From RESIDENTIAL ToINSTITUTIONAL Predominant Occupancy ❑ Owner ❑ Tenant % Vacant Single Family Price Range S to S Predominant Value $ Single Family Age yrs. to yrs. Predominant Age yrs Good Avg. Fair Poor Employment Stability El N1 Q El COnvenlGnco to Employment ❑ N1 Convenience to Shopping Convenience to Schools M ❑ Adequacy of Public Transportation ❑ x ❑ ❑ Recreational Facilities ❑ FRI ❑ Adequacy of Utilities ❑ n ❑ Property Compatibility Protection from Detrimental Conditions ❑ Police and Fire Protection El 1Z 11 El General Appearance of Properties y ❑ ❑ Appeal to Market ❑ 51 ❑ ❑ Comments including those factors, favorable or unfavorable, affecting marketebitity (e.g. public parks, schools, view, noise): SUBJECT LOT IS IN A REDEVELOPMENT AREA ^UNDER THESOUTHBEND REDEVELOPMENT COMMISSION. SUBJECT AREA IS OLD AND SEVERAL OF THE IN AVERAGE, BUT MOST IN FA �1'1,.-en'slicns 39.62 X 153 6058.81 Sq. Ft or a?F os corner Lot assihcaGon$-RESIDENTIAL Presont improvements X❑ do ❑ do not conform to zoning regulations Highest and best use ❑ Present use FXJ Other (specify) DEVELOPED RESIr)F_WTTAT,T,V Public Other {Describe) OFF SITE IMPROVEMENTS Topography FLAT Electricity Street Access X❑ Public ❑ Private Size AVERAGE ( Gas X surface PAVEMENT Snaps AVERAGE (q water Fx� Maintenance Public ❑ Private View AVERAGE San Sewer FX1 Q Storm Sower Fx] CurbiGuiter Drainage AVERAGE ❑ Underground Elec. & Tel. E S€dewalk FX1 Street Lights Is the Property located In a HUD Identified Special Flood Hazard Area? X No ❑ yes Comments (favorable or unfavorable including any apparent adverse easemems, encroachments or other adverse conditions): THE APPEARS TO BE NO UNFAVORABLE OR ADVERSE EASEMENTS OR ENCROACM4ENTS OTHER THAN THE NORMAL RIGHT OF WAY AND UTILITY. - 7ne undersigned has recited three recent sales of properties most similar and proximate to subject and has cov,derad these it the market analysis. The description includes a dollar adjustment rerlecting market reaction to those items of significant variation between the subject and comparable properties, It a significant item in the comparable property Is superior to or more favorable than the subject property, a minus f-I adjustment Is made thus reducing the indicated value of subject; if a significant item in the comparable is Inferior to or lass favorable than the subject Property. a plus (+) adjustment Is made thus Increasing the indicated value of the subjoct. ITEM SUBJECT PROPERTY COMPARABLE NO, 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 317 E BROAD— 723 SOUTH BEND 2224 HILLSIDE 1600 WARREN WAY SOUTH BEND AVENUE SO. BEND SO. BEND SO. BEND Proximity to subject 2 MILES NORTH 2 MILES SW 2 MILES SW Sales Price 5 s 1850.00 1500 s 2000 }, Price if �. Data Source ASSESSMENT MLCS' # 127716 MLS# 126070 MLS# 122178 Z' Dare of Sale and DESCRIPTION DESCRIPTION Ad stment DESCRIPTION + Ad'ustment DESCRIPTION Adjustment Q, Time Adjustment 08 28 96 05 22 96 12 20 95 LU Location SINGLE FAMILY MULTI —FM SINGLE FM I SINGLE FM Id LC SuerView FAIR FAIR AVERAGE —750 1AVERAGE —750 a' SIZE 6058.81 SF 10873 —750 3990 +200 1 4800 +100 Sates or Financing Concessions Net Ad. ('total) Plus X Minus 8 —75D D Plus X Minus s —550 Plus %Minus a —650 Indicated value I7Bx& 3t} 3a ', ?da[t 3o i 33? 32 5 of subjoct` -' 100 - c3rs4 6:3.3''r S 950 o a -;.g ,5 I':> s 1,350 Comments on Markel Data: THE MARKET SALE COMPARABLES NO. S 2 AND 3 ARE LOCATED IN THE RUM VILLAGE AREA OF SOUTH BEND. THESE PROPERTIES WERE PURCHASED BY A DEVELOPER TO CONSTRUCT SMALL HOUSES IN THIS AREA. NO 1 WAS LOCATED ON SR 23 WHICH MAY CAUSE A NEGATIVE IMPACT ON THE LOCATION. I. Comments and Conditions of Appraisal: SUBJECT IS LOCATED NEAR THE: SAMPLE-EWING REDEVELOPMENT AREA WHICH IS TO ZIBECOME DEVELOPED AS A JUVENILE DETENTION CENTER AND POTENTIALLY AN INSTITUTION OF HIGHER 0 LEARNING. THE LOT WILL BECOME INFLUENCED BY THIS DEVELOPMENT. H _d Final Reconciliation: THE SUBJECT IS ON A CORNER WITH AN ALLEY WHICH IS SUPERIOR PARCELS IN THE SUBJECT L, AREA. ZT WOULD APPEAR THE VALUE OF THE PROPERTY RELATES TO NO. 2 AND THE PURCHASER OF NO.3 GAVE HIGHER VALUE FOR A DEEPER LOT THAN NO. 2 COMPARABLE J I ESTIMATE THE MA VALUE, AS DEFINED, (3GSUBJECT PROPERTY AS OF DECEMBER 30 1996 to be b 950.00 ii Appraiser(s) ,{ •t Review Appraiser (if applicable) DOUGLAS L . / PENTER ff XD Did ❑ Did Not Physically Inspect Properly 5167.7 MCS, Richardson, TX 75081 1214) 699.7783 li Form LA2 CT PROPER For n YP2 Douglas l.. Carpumc, r, A— iarut. wc, MCS. $1,1h., duon I x ir,,,,,, J TAS26X RESIDENTIAL PROPERTY SPECIFICATION PAGE: 1 FOR PROPERTY KEY: 18 7013 0500 PRINT DATE: 12/30/1996 CITY OF SOUTH BEND, INDIANA/BOARD P R O P E R T Y I8503 O W N E R S H I P ---------------------------------------- C U R R E N T S T A T U S PROPERTY 1CBY: 28 7013 0500 CITY OF SOUTH BEND, INDIANA/BOARD ---------------------------------------------- 00 - MAINTENANCE ENABLED / EDIT ENABLED SZDNNL- PAGE: 4-13B OF PUBLIC WORKS COUNTY: SPEC LAST CVANGED: 5/04/1994 17:33c34 7)0.kwswlP RM 1308 COUNTY-C.TTY BUILDING ljy ST EDITED: 9/01/1995 9:13:45 CORPORATZON: SOUTH BEND IN 46601 LAST CALCULATED: 9/07/1995 8:49:32 DZSTRZCZ: SECTION & PLAT: P R O P E R T Y A D D R E S S S I T£ C H A R A C T E R I S T I C S PROPERTY CLASS: SOO ---------------------------------------- TOPOGRAPHY PUB UTILITIES STREET/ROAD CONDOMINIUM: NO 317 E BROADWAY ----_----- ------------- SOUTH BEM BEND IN 46601 LEVEL: N WATER: N PAVED: Y ASSESSMENT YEAR: HIGH: Y SEWER: N UNPAVED: N L E G A L D E S C R I P T I O N LAW: N GAS: N PROPOSED: N DATA SOURCE: E ESTIMATE --------------------------------------- ROLLING: N ELECTRIC: N SIDEWALK: Y 1: LOT 330 SWAMPY: N ALL. Y ALLEY: Y DATA COLLECTOR: TL 2: W 6. K COLLECTION DATE: 9/31/1993 3. BROADWAY ADD ST NEIGHBORHOOD LAND IMPROVEMENTS 4: ------------ --- ------------- APPRAISER: 5: IMPROVING: N SEWER/SEPTIC: 0 APPRAISAL DATE: / / 6: STATIC: N DECLINING: N WATER/WELL: 0 BLIGHTED: Y T R A N S F E R O F O W N E R S H I P DAT£/NUMBER OWNER NAME AND ADDRESS ----------- -------------------------------------------------------------------------------------------------------------- 3/22/1993 CITY OF SOUTH BEND, INDIANA/BOARD OF PUBLIC WORKS 618 RM 1308 COUNTY -CITY BUILDING, SOUTH BEND IN 46601 M E M O R A N D U M ---------------------------------------------------------------------------------------------------------------------------------- B/31/1993 1: VACANT LOT 2: DWELLING REMOVED 3: V A L U A T I O N H I S T O R Y TAX ----------- TRUE TAX VALUE ----------- ----------- ASSESSED VALUE ----------- DATE TIME REASON FOR CHANGE ---------- ---------------------------- YEAR LAND IMPROVEMENTS TOTAL LAND IMPROVEMENTS TOTAL ---- ------------ ------------------------ 3/01/1991 99 CONV - TAX SYSTEM 1995 0 0 ------------ 0 ------------------------ 400 0 400 11/12/1993 12:34 9 GENERAL REVALUATION 1995 0 0 0 0 0 0 9/07/1995 8:49 9 GENERAL REVALUATION 1995 100 0 100 30 0 30 TAS26X RESIDENTIAL PROPERTY SPECIFICATION PAGE= 2 FOR PROPERTY KEY: 18 7013 0500 PRINT PATE; 12/30/1996 CITY OF SOUTH BEND, INDIANA/BOARD L A N D D A T A A N D C O M P U T A T I O N S LND SOIL FRONTAGE EFFECT DEPTH ADJUST EXTENDED INFLUENCE TRUE TAX REP TYP I.D. ACRRAOE 60.FEET ACTUAL EPFECT DEPTH FACTR BASE RATE RATE VALVE PACTOR(S) VALUE 001 F 40 1S3 1.01 10.00 10 400 SEWAGE / WATER O -1.00 O SEW/O WT TOTAL TRUE TAX LAND VALVE: l00 S U M M A R Y O F I M P R O V E M E N T S ----------------------------------------------- (NO IMPROVEMENTS FOUND FOR THIS PROPERTY) V.c. Pico qa S 07�A r �1- KFZ .. 09J11 IRE al: Q � g7 Q 14- V 0, 4 Q- ks k3 k3 Q. V h r 4 P 40 q c O h r `C' 9ta pe0 I?o Qi lid "F 'rib O � I aO v- Ta�qz 40 rr n r, a +r re 4d L 04 ff m i P I© 7 13 41.b l APF � eg;�m !®7 k13 J * 8R A YV Y H ° CIS 7 D13 0 2 d � h �. -0 9 � 0 ca _7 P. r � � rn i i r TA926X RESIDENTIAL PROPERTY SPECIFICATION PAGE: I FOR PROPERTY KEY, IB 7011 0500 PRINT DATE: 12/30/1996 CITY OF SOUI`H BEND, INDIANA/BOARD P R O P E R T Y I8503 0 W N E R S H I P C U R R E N T S T A T U S PROPERTY XEY, 18 7013 0500 CITY OF SOUTH BEND, INDIANA/BOARD ------------------------------------------ 00 - MAINTENANCE ENABLED / EDIT ENABLED IILMSLL PAOX, 4-138 OP PUBLIC WORKS Y' SPEC Z,"T CHANGED, 5/04/1994 17,33,34 TbNNBHIP, RM 1308 COUNTY-C17-Y SUILDINO LAST EDITED, 9/01/1995 9,13.45 CORPORATIoK. SOUTH BEND IN 46601 LAST CALCULATED, 9/07/1995 8e49t32 DISTRICT: SECTION i PLAT. P R O P E R T Y A D D R R 9 S B I T E C H A R A C T E A I 9 T I C 8 PROPERTY CSJLSSo 500--------------------------------- ----- TOPOGRAPHY PUB UTILITIES STREET/ROAD COMDO TNIUM: NO 317 E BROADWAY ---_-'---- ------------- ----'------ SOUTH BEND IN 46601 LEVEL: N WATER: N PAVED: Y ASSESSMENT YEAR: HIGH: Y SEWER: N UNPAVED: N L E 0 A L D E S C R I P T I O N LOW: N GAS: N PROPOSED: N DATA SOURCE: E ESTIMATE ------—-------------------------------- ROLLING: N ELECTRIC: N SIDEWALK: Y 1: LOT 330 SWAMPY: N ALL: Y ALLEY: Y DATA COLLECTOR: TL 2: W & K COLLECTION DATE: 8/31/1993 31 BROADWAY ADD ST NEIGHBORHOOD LAND IMPROVEMENTS 41 ------------ APPRAISER: 51 51 IMPROVING: N SEWER/SEPTIC: 0 APPRAISAL DATE: / / 6: STATIC: N DECLINING: N WATER/WELL: 0 BLIGHTED: Y T R A N S F E R O F O H N E R S H I P DATE/NUMBER OWNER NAME AND ADDRESS --------------------------------------------------------------------------------------'------------- 3/22/1993 CITY OF SOUTH BEND, INDIANA/BOARD OF PUBLIC WORKS 61B RM 130B COUNTY —CITY BUILDING, SOUTH BEND IN 46601 M E M O R A N D U M --------------------------------------------------------------------------------------------- 8/31/1993 1: VACANT LOT 21 DWELLING REMOVED 31 V A L U A T I O N H I S T O R Y TAX ----------- TRUE TAX VALUE ----------- ----------- ASSESSED VALUE DATE TIME REASON FOR CHANGE YEAR LAND IMPROVEMENTS TOTAL LAND IMPROVEMENTS TOTAL ------------ ------------ 3/01/199I 99 CONV — TAX SYSTEM 1995 0 0 ------------ 0 ------------ --------- 400 0 400 11/12/1993 12:34 9 GENERAL REVALUATION 1995 0 0 0 0 0 0 9/07/1995 8:49 9 GENERAL REVALUATION 1995 100 0 100 30 0 30 TA826x RESIDENTIAL PROPERTY SPECIFICATION PME: 2 FOR PROPERTY REYe IS 7013 0500 PRINT DATE: 12/30/1996 CITY OF SOUTH BEND, INDIANA/BOARD L A N D D A T A A N D C O M P U T A T I O N 6 LND SOIL FRONTAGE EFFECT DEPTH AD.IUST EXTENDED INFLUENCE TRUE TAX Rip TYP X.P. ACRRAOQ BO. FRtT ACTVAL EFFYCT DEPTH FACTR BASE RATE RATE VALUE FACTOR(B) VALUE ___-------- --- _______ __________ _________ — 001 r 40 253 1.01 10.00 10 400 SEWAGE WATER —1.00 0 HEW/O WT TOTAL TRUE TAX LJ:ND VALUE: 100 S U M M A R Y O F ZMPROVEMBNTS ----------------------------------------------- (NO IMPROVEMENTS FOUM FOR THIS PROPERTY) L APPRAISAL REPORT OF VACANT LAND LOCATED AT; 313 E. BROADWAY SOUTH BEND, INDIANA 46601 FOR: SOUTH BEND BOARD OF PUBLIC WORKS 13 FLLOR COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 AS OF: DECEMBER 30, 1996 BY: DOUGLA-S L- CARPENTER AND ASSOCIATES INC. DOUGI-S L. CARPMfTER APpRAiSER y Douglas L. Carpenter & Associates Inc. LAND APPRAISAL REPORT File No, $RO_ D313 Borrower BOARD OF PUBLIC WORKS Census Tract 19 Map Reforonco 7800 Property Address 313 9. BROADWAY city SOUTH BMW CountyST JOSEPH state IN ZIPCoda 46625 Legal Description LOT 329 W & K BROADWAY Sale Price it Data of Sale Loan Term yrs. Properly Rights Appraised R] Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Texas 6 (yr) Loan charges to be pald by seller 9 Other sales concessions LenderlCtient BOARD OF PUBLIC WORKS Address SOUTH BEND INDIANA Occupant VACANT Appraiser CARPENTER Instructions to Appraiser APPRAISE FOR MARKET VALUE '. Location LXJ Urban L Suburban U Rural Good Avg. Fair Poor Built-up ❑ Over 75% i`:❑ 25% to 75% ❑ Under 25% Employment Stability ❑ � ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ❑ Steady K1 Slow Convenience to Employment ❑ ❑ El Property values ❑ Increasing ❑ Stable NI Declining Convenience to Shopping ❑ ❑ ❑ Demand/Supply ❑ Shortage ❑ in Balance Oversupply Convenience to Schools ❑ ❑ ❑ Marketing Time ❑ Under 3 Mos. ❑ 4-6 Mos. Over 6 Mos. Adequacy of Public Transportation ❑ ❑ ❑ 0; Present land Use 50 %1 Fmly _ % 2.4 Family 50 % Apts. % Condo _ % Commercial Recreational Facilities ❑ ❑ ❑ Industrial % vacant % Adequacy of Utilities ❑ R1 ❑ ❑ Change in Present Land Use ❑Not Likely X❑ Lfke[y 1•) RXI Taking Place(') Property Compatibility ❑ g ❑ ❑ ❑ Fr om rom RESIDENTIAL ToINSTITUTIONAL Protection from Detrimental Conditions lil El El '? Predominant Occupancy ❑Owner ❑ Tenant % Vacant Police and Fire Protection ❑ ❑ ❑ Single Family Price Range 0 to a Predominant Value 6 Ganorat Appearance of Properties ❑ R1 ❑ ❑ 31Si; Single Family Aga yrs, to yrs- Predominant Aga yrs Appeal to Market ❑ X❑ ❑ ❑ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): SUBJECT LOT IS IN A REDEVELOPMENT AREA UNDER THE SOUTH BEND REDEVELOPMENT COMISSION. STTBJFC-r AREA Tfi nT.n Awm ezacron�r no .r.r,.e Dimensions 39. 62 X 153 6058. 81 Sq. Ft. or Zes 11 Corner Lot Zoning classificationB—RESIDENTIAL Present improvements X❑ do ❑ do not conform to zoning regulations Highest and best use ❑ Present use X❑ Other (specify) DEVELOPED RESIDENTIALLY Public Other (Describe) OFF SITE IMPROVEMENTS Topooraphy FLAT Electricity X❑ Street Access R❑ Pubtio ❑ Private Slze AVERAGE Gas 0 SurfacePAVE4ENT Shape AVERAGE Water Q Maintenance Q Public (71 Private view AVERAGE San. Sewer F Storm Sewer Q CurhlGuttar Drainage AVERAGE ❑ Underground Elec. h Tel. RI Sidewalk it Street Lights Is the Property located In a HUD Identified Special Flood Hazard Area? No ❑ Yes Comments (favorable or unfavorable Including any apparent adverse easements, encroachments or other advarse conditions): THE APPEARS TO BE NO UNFAVORABLE OR ADVERSE EASEMENTS OR ENCROACHMENTS OTHER THAN THF. NnPli vTr±urr nv TaAv The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description Includes a dollar adjustment reftecting market reaction to those Items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (-) adjustment Is made thus reducing the Indicated value Of subject; if a significant item In the comparable Is inferior to or less favorable then the subject property, a plus 1+) adjustment is made thus increasing the Indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 Address 313 E BROAD— 723 SOUTH BEND 12224 HILLSIDE Date of Sale and Time Adjustment Sales or Financing Concessions Indicated Value of Subject 0 DESCRIPTION DESCRIPTION +t Adiust-f' ment I D COMPARABLE NO. 3 1600 WARREN 12 0 73 —750 3990 +200 4800 +100 Sus X Minus 8 —750 Plus X Minus $ —550 1 1 IPIUS X Minus S —650 Comments on Market Data: THE MAR,ICET SALE COMPARABLES NO . S 2 AND F SOUTH 3 ARE LOCATED IN THE RUM VILLAGE AREA OBEND. THESE PROPERTIES WERE PURCHASED N3Y A Dr`VELOPER TO CONSTRIICT SMALL HOUSES TN ThIIS AREA. NO 1 WAS LOCATED ON SR 23 WHICH MAY CAIISE A NEGATIVE IMPACT ON TH$ LOCATION. C ommentc and contlluona or Appraisal: 5USrTECr IS LOCATED 2N TIIE SA1'ZPT.rE—SWING REDEVELOPMENT D'EVETAPED W=TI'[ A SQVEL7IZ8 AE•TENT20N CENTER AND POT �"`� WFIIC�I IS Tp BECOME -{-kLl!% PROPERTY RELATES TO MO-2 AND THN PUR VALIIE FOR A DEEPER T,OT TITAN NO. 2 COMPARABLE A-S9R OF NO-3 VALUE,P DEFINED, OF SU6JECT PROPERTY AS OF DEC$f?'j$$R 30 1996 to be a 950.00 Ravlow Appraisor iif applicablol Dltl ❑Old Not Phyalcally Inapec[ Property MCS, Richardson, TX 75081 (214) 699-77a3 MCS Form LA2 - es _ r J� ;_w4i ;. t . � S lr w ' {{�. •.• ,' It - �� �/r ` LIN :r -Ao 41 t .fir: �� ' R W ` A •? 4 ` 1 � ' �' `• lot ` RESIDENTIAL PROPERTY SPECIFICATION T)%.S26X FOR PROPERTY KEY: 18 7013 0499 + CITY OF SOUTH BENDr INDIANA/BOARD I6502 PROPERTY - --" - PROPERTY KEYY: 18 7011 0499 SIDWELL PAGE: 8-13B COUNTY: TOWNSHIP: CORPORATION: DISTRICT: SECTION & PLAT: PROPERTY CLASS: 500 CONDOMINIUM: NO ASSESSFIENT YEAR DATA SOURCE: E ESTIMATE DATA COLLECTOR: TL COLLECTION DATE: 8/31/1993 APPRAISER: APPRAISAL DATE: O W N E R S H I P CITY OF SOUTH BEND, INDIANA/BOARD OF PUBLIC WORKS RM 1308 COUNTY -CITY BUILDING IN 46601 SOUTH BEND P R O P E R T Y A D D R E S S ---------------------------------------- 313 E BROADWAY IN 46601 SOUTH BEND L E G A L D E S C R I P T 1 0 N --------------------------------------- 1: LOT 329 2. W fi K BROADWAY 3: 4: 5: 6: T R X N S F E R O F O W N E R S H I P DATE/NUMBER OWNER NAME AND ADDRESS------- PAGE: 1 PRINT DATE: 12/30/1996 C U R R E N T S T A T U S - DO - MAINTENANCE ENABLED / EDIT ENABLED SPEC LAST CHANGED: 5/04/1994 17:33:34 LAST EDITED: 9/Ol/1995 9:13:36 LAST CALCULATED: 9/07/1995 8:49:26 C H A R A C T E R I S T I C S S I T E PUB UTILITIES STREET/ROAD TOPOGRAPHY ---------- ------------- WATER: N PAVED: Y LEVEL: N SEWER: N UNPAVED: N HIGH: Y nnG; N PROPOSED: N LOW: N ELECTRIC: N SIDEWALK: Y ROLLING: N ALL: Y ALLEY: Y SWAMPY: N NEIGHBORHOOD LAND IMPROVEMENTS IMPROVING: N SEWER/SEPTIC° 0 STATIC: N WATER/WELL: 0 DECLINING: N BLIGHTED: Y 3/22/1993 CITY OF SOUTH BEND INDIANA/BOARD OF PUBLIC WORKS SOUTH BEND IN 46601 RM 1308 COUNTY -CITY BUILDING, 617 -- M E M 0 k A N D U M ----------- 8/31/1993 1: VACANT LOT 2: DWELLING REMOVED ------ ____ ASSESSED VALUE ----- S TOTAL TRUE TAX VAL LAND IMPROVEMENT HI STORY TAX -----" IMPROVEMENTS TOTAL -------- V A L U A' I O N REASON FOR CHANGE �p� LAND ------------ --- _-'--_- 230 0 230 DATE TIME _____--- ----------- D 0 ----- ---- ---- TAX SYSTEM 1995 0 0 0 3D 3/01/1992 : 99 CONV - REVALUATION 1995 0 0 30 100 11/12/1993 12:34 9 G��, REVALUATION 1995 100 9/07/1995 8:49 9 GENERAL TAS26X4 RESIDENTIAL PROPERTY SPECIFICATION PAGE. 2 FOR PROPERTY KEY: 18 7013 0499 PRINT BATE: 12/30/1996 CITY OF SOUTH BEND, INDIANA/BOARD L A N D D A T A A N D C O M P U T A T I O N S LND SOIL FRONTAGE EFFECT DEPTH ADJUST EXTENDED INFLUENCE TRUE TAX REF TYP I.D. ACREAGE SQ.FEET ACIVAL EFFECT DEPTH FACTR BASE RATE RATE VALUE FACTOR(S) VALUE --- --- ------------- ------ ---------------------- ------------------------------------------------------------ 001 F 40 53 0.58 10.00 6 240 SEWAGE / WATER 0 -1.00 0 SEW/0 WT TOTAL TRUE TAX LAND VALUE: 100 S U M M A R Y O F I M P R O V E M E N T S ----------------------------------------------- (NO IMPROVEMENTS FOUND FOR THIS PROPERTY) ,ls dit Voc Ito n °0 0. C.1 !� I o -01a0 oalB o _ r 0 va/a 18 - 7 � h OP .02/7 �z p a 41.4 17 Go 18r 0 o p �c S d a,2 � :m n 0 � .a A E — 7 4 ' M I ® 00 � .v�9 ao , �� ,o e9 n a- o- CQ ao 0 0 0 ham ^ t6 910 99.a T , �I � 41 19A ?i m -06107 3� CIO 7 C 13 M` 40 P cr, Q P Pn D U y O O � m n,O ° 'Z C8-7 43 M BR A )WAY C 13 _ 7 nV Q.o oo od p A -o 1 7 x _ o � ,' !9 6 ,. v M TAS26X RESIDENTIAL PROPERTY SPECIFICATION PAGE, I FOR PROPERTY KEY: 18 7013 0499 PRINT DATE: 12/20/1996 CITY OF SOUTH BEND, INDIANA/BOARD P R O P E R T Y 16502 O W N E R S H I P C U R R E N T S T A T U S ------------ -------------- CITY OF SOUTH BEND, INDIANA/BOARD 00 - MAINTENANCE ENABLED / EDIT ENABLED PROPERTY KEY: 18 7013 0499 SIDWELL PAGE: E-13B OF PUBLIC WORKS SPEC LAST CHANGED: 5/04/I994 17:33:34 COUNTY. RM 1308 COUNTY -CITY BUILDING LAST EDITED, 9/01/1335 9;13136 TOWNSHIP, SOUTH BEND IN 46601 LAST CALCULATED: 9/07/1995 8:49126 CORPORATION: DISTRICT: SECTION 4 PLAT: P R O P E R T Y A D D R E S S S I T E C H A R A C T E R I S T I C S TOPOGRAPHY PUB UTILITIES STREET/ROAD PROPERTY CLASSs 500------------------`--------------------- CONDOMINIUM: NO 313 E BROADWAY ---------- ------------- ----------- SOUTH BEND IN 46601 LEVEL! N WATER: N PAVED: Y HIGH: Y SEWER: N UNPAVED: N ASSESSMENT YEAR. L E G A L D E S C R I P T I O N LOW: N GAS: N PROPOSED: N DATA SOURCE: E ESTIMATE --------------------------------------- ROLLING: N ELECTRIC: N SIDEWALK: Y 1: LOT 329 SWAMPY, N ALL: Y ALLEY: Y DATA COLLBCCOR, TL 2, W & K BROADWAY COLLECTION DATE, 8/31/1993 3: NEIGHBORHOOD LAND IMPROVEMENTS 4: --------- - - ----------------- APPRAISER: 5: IMPROVING: N SEWER/SEPTIC: 0 APPRAISAL DATE: / / 6: STATIC: N DECLINING: N WATER/WELL: 0 BLIGHTED: Y T R A N S F E R O F O W N E R S H I P DATE/NUMBER OWNER NAME AND ADDRESS ----------- -------------------------------------------------------------------------------------------------------------- 3/27/1993 CITY OF SOUTH BEND, INDIANA/BOARD OF PUBLIC WORKS 617 RM 130S COUNTY -CITY BUILDING, SOUTH BEND IN 46601 M E M O R A N D U M ----------- -----'----------------------------------------------------------------------------------------------------------------- 8/31/1993 1: VACANT LOT 2: DWELLING REMOVED 3: V A L U A I O N H I S T O R Y TAX ----------- TRUE TAX VALUE ----------- ----------- ASSESSED VALUE ----------- DATE TIME REASON FOR CHANGE YEAR LAND IMPROVEMENTS TOTAL LAND IMPROVEMENTS ------------ ------------ ------------ TOTAL ---------- ---------------------------- ---- ------------------------ ---------'--- 3/01/1992 99 CONV - TAX SYSTEM 1995 0 0 0 230 0 230 11/12/1993 12:34 9 GENERAL REVALUATION 1995 0 0 0 0 0 0 9/07/1995 8:49 9 GENERAL REVALUATION 1995 100 0 100 30 0 30 t Pi TAS16X RESIDENTIAL PROPERTY SPECIFICATION PAGEt 2 FOR PROPERTY KEYa 19 7013 0499 PRINT DATE, 1-2/30/1996 CITY OF SOUT11 BEND, INDIANA/BOARD L A N D D A T A A N D C 0 M P U T A T I 0 N 9 LND SOIL FRONTAGE EFFECT DEPTH ADJUST EXTENDED INFLUENCE TRUE TAX REF TYP I.D. ACREA173C S4.PBBT ACTUAL EFFECT DEPTH FACTR BASE RATE RATE VALUE FACTOR(S) VALUE 001 F 40 53 0.59 10.00 6 240 SEWAGE / WATER 0 —I.00 0 SEW/0 WT TOTAL TRUE TAX LAND VALUE: 100 S U M M A R. Y O F I M P R O V B M B N T S ----------------------------------------------- (NO IMPROVEMENTS FOUND FOR THIS PROPERTY)