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y <br />Douglas L. Carpenter & Associates Inc. <br />LAND APPRAISAL REPORT File No, $RO_ D313 <br />Borrower BOARD OF PUBLIC WORKS Census Tract 19 Map Reforonco 7800 <br />Property Address 313 9. BROADWAY <br />city SOUTH BMW CountyST JOSEPH state IN ZIPCoda 46625 <br />Legal Description LOT 329 W & K BROADWAY <br />Sale Price it Data of Sale Loan Term yrs. Properly Rights Appraised R] Fee ❑ Leasehold ❑ De Minimis PUD <br />Actual Real Estate Texas 6 (yr) Loan charges to be pald by seller 9 Other sales concessions <br />LenderlCtient BOARD OF PUBLIC WORKS Address SOUTH BEND INDIANA <br />Occupant VACANT Appraiser CARPENTER Instructions to Appraiser APPRAISE FOR MARKET VALUE <br />'. <br />Location <br />LXJ Urban <br />L Suburban <br />U Rural <br />Good Avg. Fair <br />Poor <br />Built-up <br />❑ Over 75% <br />i`:❑ 25% to 75% <br />❑ Under 25% <br />Employment Stability <br />❑ <br />� <br />❑ <br />❑ <br />Growth Rate ❑ Fully Dev. ❑ Rapid <br />❑ Steady <br />K1 Slow <br />Convenience to Employment <br />❑ <br />❑ <br />El <br />Property values <br />❑ Increasing <br />❑ Stable <br />NI Declining <br />Convenience to Shopping <br />❑ <br />❑ <br />❑ <br />Demand/Supply <br />❑ Shortage <br />❑ in Balance <br />Oversupply <br />Convenience to Schools <br />❑ <br />❑ <br />❑ <br />Marketing Time <br />❑ Under 3 Mos. <br />❑ 4-6 Mos. <br />Over 6 Mos. <br />Adequacy of Public Transportation <br />❑ <br />❑ <br />❑ <br />0; <br />Present land Use 50 <br />%1 Fmly _ % 2.4 Family 50 % Apts. <br />% Condo _ % Commercial <br />Recreational Facilities <br />❑ <br />❑ <br />❑ <br />Industrial % vacant <br />% <br />Adequacy of Utilities <br />❑ <br />R1 <br />❑ <br />❑ <br />Change in Present Land Use <br />❑Not Likely <br />X❑ Lfke[y 1•) <br />RXI Taking Place(') <br />Property Compatibility <br />❑ <br />g <br />❑ <br />❑ <br />❑ <br />Fr <br />om rom RESIDENTIAL ToINSTITUTIONAL <br />Protection from Detrimental Conditions <br />lil <br />El <br />El <br />'? <br />Predominant Occupancy <br />❑Owner <br />❑ Tenant <br />% Vacant <br />Police and Fire Protection <br />❑ <br />❑ <br />❑ <br />Single Family Price Range <br />0 to a <br />Predominant Value 6 <br />Ganorat Appearance of Properties <br />❑ <br />R1 <br />❑ <br />❑ <br />31Si; <br />Single Family Aga <br />yrs, to <br />yrs- Predominant <br />Aga yrs <br />Appeal to Market <br />❑ <br />X❑ <br />❑ <br />❑ <br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. <br />public parks, schools, view, noise): <br />SUBJECT LOT IS IN A REDEVELOPMENT <br />AREA UNDER THE <br />SOUTH BEND REDEVELOPMENT COMISSION. STTBJFC-r <br />AREA Tfi nT.n Awm ezacron�r <br />no .r.r,.e <br />Dimensions 39. 62 X 153 <br />6058. 81 Sq. Ft. or Zes 11 Corner Lot <br />Zoning classificationB—RESIDENTIAL <br />Present improvements X❑ do ❑ do not conform to zoning regulations <br />Highest and best use ❑ Present use <br />X❑ Other (specify) DEVELOPED RESIDENTIALLY <br />Public Other (Describe) <br />OFF SITE IMPROVEMENTS <br />Topooraphy FLAT <br />Electricity X❑ <br />Street Access R❑ Pubtio ❑ Private <br />Slze AVERAGE <br />Gas 0 <br />SurfacePAVE4ENT <br />Shape AVERAGE <br />Water Q <br />Maintenance Q Public (71 Private <br />view AVERAGE <br />San. Sewer <br />F Storm Sewer Q CurhlGuttar <br />Drainage AVERAGE <br />❑ Underground Elec. h Tel. <br />RI Sidewalk it Street Lights <br />Is the Property located In a HUD Identified Special Flood Hazard Area? No ❑ Yes <br />Comments (favorable or unfavorable Including any apparent adverse easements, encroachments or other advarse conditions): THE APPEARS TO BE NO UNFAVORABLE <br />OR ADVERSE EASEMENTS OR <br />ENCROACHMENTS OTHER THAN THF. NnPli vTr±urr nv TaAv <br />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 <br />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 <br />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 <br />property, a plus 1+) adjustment is made thus increasing the Indicated value of the subject. <br />ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 <br />Address 313 E BROAD— 723 SOUTH BEND 12224 HILLSIDE <br />Date of Sale and <br />Time Adjustment <br />Sales or Financing <br />Concessions <br />Indicated Value <br />of Subject <br />0 <br />DESCRIPTION DESCRIPTION +t <br />Adiust-f' <br />ment I D <br />COMPARABLE NO. 3 <br />1600 WARREN <br />12 <br />0 <br />73 —750 3990 +200 4800 +100 <br />Sus X Minus 8 —750 Plus X Minus $ —550 1 1 IPIUS X Minus S —650 <br />Comments on Market Data: THE MAR,ICET SALE COMPARABLES NO . S 2 AND <br />F SOUTH 3 ARE LOCATED IN THE RUM VILLAGE AREA <br />OBEND. THESE PROPERTIES WERE PURCHASED N3Y A Dr`VELOPER TO CONSTRIICT SMALL HOUSES TN <br />ThIIS AREA. NO 1 WAS LOCATED ON SR 23 WHICH MAY CAIISE A NEGATIVE IMPACT ON TH$ LOCATION. <br />C ommentc and contlluona or Appraisal: 5USrTECr IS LOCATED 2N TIIE SA1'ZPT.rE—SWING REDEVELOPMENT <br />D'EVETAPED W=TI'[ A SQVEL7IZ8 AE•TENT20N CENTER AND POT �"`� WFIIC�I IS Tp BECOME <br />-{-kLl!% PROPERTY RELATES TO MO-2 AND THN PUR <br />VALIIE FOR A DEEPER T,OT TITAN NO. 2 COMPARABLE A-S9R OF NO-3 <br />VALUE,P DEFINED, OF SU6JECT PROPERTY AS OF DEC$f?'j$$R 30 1996 to be a 950.00 <br />Ravlow Appraisor iif applicablol <br />Dltl ❑Old Not Phyalcally Inapec[ Property <br />MCS, Richardson, TX 75081 (214) 699-77a3 <br />MCS Form LA2 <br />