RES NO 12-03-2015 CITY OF VAN BUREN,ARKANSAS
RESOLUTION NO.1 X 3-2015
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS,A RESOLUTION TO BE ENTITLED:
A RESOLUTION AUTHORIZING THE MAYOR TO PURCHASE
CERTAIN REAL PROPERTY NECESSARY FOR THE
EXPANSION OF A PEDESTRIAN PARK, AND FOR OTHER
PURPOSES.
WHEREAS, the City has determined that it desires to acquire, for the public good and benefit, certain
real property located within the Van Buren city limits,to expand the existing Pedestrian
Park; and
WHEREAS, upon the City's best, information, knowledge, and belief the appraised value and the fair
market value of said property is as listed below. The City, wishes to offer in good faith to
purchase said property for the amount listed below plus the closing costs.
Property Address Legal Description Appraised Value Purchase Price
12 Fayetteville Road Part of Lots 1-4 $15,000.00 $20,000.00
of Block 1, Drennen Addition,
Van Buren,Arkansas.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN
BUREN,ARKANSAS,THAT:
SECTION 1: The City Council hereby authorizes the Mayor to purchase the afore described real
property for the amount listed above plus the closing costs utilizing Park Bond Funds.
SECTION 2: The Mayor is authorized and directed to execute such documents and instruments as may
be necessary to proceed with and finalize the purchase of said property, and the City
Clerk is hereby authorized and directed to attest same.
IN WITNESS WHEREOF,the City of Van Buren, rkansas, by its City Council,did pass,
approve, and adopt,by a vote of 6 for and 0 against,t - fore:oing Resolution at its regular meeting
held on the 21st of December 2015.
Robert D. Fre-
Mayor
ATTESTED: P 'OVE'',1k/ O' ► :
C6OULad2/.
Barbie Curtis Candice A. Settle
City Clerk/Treasurer City Attorney
File No. 4-15-021
SUMMARY APPRAISAL REPORT OF
THE PROPERTY LOCATED AT
12 Fayetteville Road
Van Buren,AR 72956-4330
as of
February 6,2015
for
City of Van Buren
1003 Broadway
Van Buren,AR
72956
by
Wayne Muncy Appraisal Service
Wayne Muncy,CCIM,IFA
P.O.Box 5272
Fort Smith,AR 72913
Appraisal Report
LAND APPRAISAL REPORT File No.4-15-021
Owner International Association Fire Fighters L4078 Census Tract 203.01 nap Reference
Property Address 12 Fayetteville Road
p' Ott Van Buren County Crawford State AR z p Code 72956-4330
a!Legal Description Part of Lots 1-4 Drennen Addition (Parcel#:700-02043-000-C)
VSale Price $N/A
IL Date of Sale N/A Property Rights Appraised I X I Fee I I Leasehold! I De Mflrimis PLA
Z., Actual Real Estate Taxes $187 (yr.)
p, Address City of Van Buren 1003 Broadway,Van Buren,AR,72956
Occupant Land&a commercial building Appraiser Wayne Muncy,CC IM,IFA Instructions to Appraiser
Intended User. City of Van Buren Arkansas Intended Use:
I�Estimate market value for possible acquisition.
X Urban
Location ` I Suburban I%� Good�Av�g.� Fair Poor
Butt Up I.X]Over 75% n 25%to 75% I Under 25% Employmed Stability u
Growth Rate I I Fully Dew. I I Rapid IXI Steely I Slow Convenience to Enplo inert I X
Property Values [ j Increasing I X I Stade I Declining Convenience to Shopping I X
Demand/Supply I I Shortage I X I In Balance I Over Supply Convenience to Schools
Marketing e I Under 3 Mos. I X 14-6 Mos. I Over 6 Mos. I X u
MaTim
Adequacy of Public Transportation 'X
0 Present Land Use 50 %I Family I %2-0 Fan I %Apts. _%Condo 43 %Commercial Recreational Facilities IX n
0'. 100 N/A %Industrial 5 %Vacant
§ Change in Present Lad Use Adequacy of pati es I X
X Not Likely I-I Likely r) I Taking Place(`) Property Gxrpatibility I X
cci_.._ (`)From To Protection torn Detrimental Conditions I I I X
co PredaOmer rinant Occupancy I X I Oer I Tersest 5 %Vacant Police and Fire Protection u I X
2 Single Fancily Rice Rage $20 to$ 150 Predonirant Value$
50-100 General Appearance of Properties I}{
Single Family Age New Yrs.to 70 yrs. Pnedoninat Age 30 yrs. Appeal to Market I X
CorreMs including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, noise) The subject neighborhood could be
described as a 5 mile radius around the subject property. The subject property has average access to schools,shopping and places of worship. The
subject property is located on the east side of Fayetteville Road just north of Main Street.
Dimensions 60'x 135'x 149'(Land area taken from tax records) = 3,920+/-sq.ft. 1 I Conn Lot
Zoning Classification Commercial-1 Present improvements u do I I do not conform to zoning regulations
Highest ad best use: I I Present use I X I Other(specify) Commercial development
Public Other(Describe) OFF SITE IMPROVEMENTS Tope Level
Elec. I X I Street Access: I X I Public I 'Private Size Typical for the area
111 Gas U Surface Asphalt Shape Triangular
!_- water IXI Maintenance: I X I Public I 'Private View Average
g
rn Gant.Sewer I X I I I Storm Sewer I X I Curb/Gutter Drainage Average Map#:0500530390J(12/03/2010),Zone:"X"
I I Underground Elect.&Tel. I X I Sidewalk I X I Street Lights Is the property located in a HLA Identified Special Flood Hazard Area? I X I No I I Yes
Coruna As(favorable or unfavorable including any apparent adverse easements,emaoacmerts or other adverse conditions) No adverse conditions observed On the subject site there is
an old beck commercial building containing approximately I,913+-sq.ft that has no roof and's in very poor condition.Due to the old building's poor condition,no contributory value was given to these improvements.It is
estimated that the value for the subject property ism the land.
-The undersigned has recited three recent sales of properties most similar and proximate to subject ad has considered these in the market analysis.The description includes a dollar
adjustment,reflecting market reaction to those karts of significant variation between the subject and corrpaable properties.If a significant item in the comparable property is superior to,or
• rare favorable than,the subject property,a minus(-)adjustment is male,thus reducing the indicated value of subject;if a significant item in the arrpareble is inferior to,or less favorable
than,the subject property,a plus(+)adjustment is made,flus increasing the indicated value of the subject.
For the Market Data Analysis I� See grid below. I I See narrative attachment.
ITEM Subject Property COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Jj
Address 12 Fayetteville Road 1109 Fayetteville Rd 915 Main Street 2919 Alma Highway
Van Buren,AR Van Buren,AR Van Buren,AR Van Buren,AR
Proximity to Subj. 0.93 miles N
10.12 miles E 1.46 miles E
cn Sales Price $ N/A $ 86,000 I $ 166,937 I $ 150,000
J Y;
Pros $ $ 8.23 $ 3.121 $ 3.96
z Data Source Inspection&public records Public records,Bk:2014,Pg:38388 'Public records,Bk:2013,Pg:188 Public records,Bk:2014,Pg:772
Q.' Date of Sale ad DESCRIPTION DESCRIPTION .Adjustment DESCRIP 10N Ar Jelment I DESCRIPTION , Adjuslmenr
F TimeAdjusl"ter't N/A 5/2014 3/2013 19/2014
a
FLocation Average Average Average 'Average
x Site/View Average Average Average Average
CC Site Area 3,920+/-sq.ft. 10,454+-sq.ft. -54,000 53,579+-sq.ft. 37,897+-sq.ft. 135,000
Level,zoned C-1 Level,zoned C-2 I Level,zoned C-1 -155,000 Level,zoned C-2
(No value given to the
old commercial building2 1
Sales or Financing None.(No prior sales None.Prior sale:1012013 (None.No prior sale one.No prior sale ,;.
Concessions within the past 3 years) Sale Price:$83,000 shown shown
Net Adj.(Tctal) I I Plus I X I Minus$ -54,000 I ,Plus I X I Minus $ -155,000 PIplusDO Minus$ -135,000
Indicated Value Gross 62.8% Gross 92.8% Gross 90.0%
or subject Net-62.8% $ 32,000 Net-92.8% $ 11,937 Net-90.0% $ 15,000
Corments on Market Data: The comparable sales offered similar utility and because of the limited land sales along Fayetteville Road the market area
was expanded.The public records showed that the subject property was acquired by the present owners on 6/25/2007. Nothing in the Fort Smith
MLS the subject property showed that the subject has been on the market within the previous 12 months.
Z
FComments and Conditions ofAppraisal: It is assumed that there are no environmental elements that would adversely affect the subject property.An
7.1
exterior inspection of the subject property was made by the appraiser. The appraiser has not appraised the subject property within the past three
(3 years.
z.
0'.
IFinal Reconciliation: The indicated value range appears to be from$11,937 to$32,000. Considering the location,ingress and egress,size,shape,
topography and utility an indicated value of$15,000 was selected as representative of the the market value for the subject property.
I ESTIMATE THE MARKET VALUE,AS DEFINED,OF SUBJECT PROPERTY AS OF February 6 . 2015 to be$15,000
Wayne Muncy Appraisal Service
File No. 4-15-021
This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser may expand the scope of work to include any additional
• research or analysis necessary based on the complexity of this appraisal assignment.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street,
(4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and
conclusions in this appraisal report.
DEFINITION OF MARKET VALUE: The most probable price 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 he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments 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
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic
substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research
involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden
or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, the presence of hazardous wastes,
toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there
are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any
such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
•
1-
P2of4
Wayne Muncy Appraisal Service
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: File No. 4-t5-021
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the subject property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
' I
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
9. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale of the subject property.
10. I have knowledge and experience in appraising this type of property in this market area.
11. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
12. I obtained the information, estimates, and opinions fumished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
13. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during
the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value,
and have reported on the effect of the conditions on the value and marketability of the subject property.
14. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
15. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
16. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
17. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned
on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific
value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a
specific result or occurrence of a specific subsequent event.
18. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on
significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the
preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in 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 item
in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.
19. I identified the client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
20. I am aware that any disclosure or distribution of this appraisal report by me or the client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
21. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
Page 3of4
Wayne Muncy Appraisal Service
File No. 4.15-021
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
•
APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED)
Signature V-1.1r� _ Signature
Name Wayne Muncy,CCIWIFA CV Name
Company Name Wayne Muncy Appraisal Service Company Name
Company Address p.O.Box 5272 Company Address
Fort Smith,AR 72913
Telephone Number Telephone Number
Email Address waynemuncyaa,msn.com Email Address
Date of Signature and Report February 12,2015 Date of Signature
Effective Date of Appraisal February 6,2015 State Certification#
State Certification#CG0147,#10,153CGA or State License#
or State License# State
or Other State# Expiration Date of Certification or License
State AR&OK
Expiration Date of Certification or License 6/2015 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED I I Did not inspect subject property
12 Fayetteville Road I I Did inspect exterior of subject property from street
Van Buren,AR 72956-4330 Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY$ 15,000 Li Did inspect interior and exterior of subject property
CLIENT Date of Inspection
Name Mayor Bob Freeman
Company Name COMPARABLE SALES
P Y City of Van Buren
Company Address 1003 Broadway I I Did not inspect exterior of comparable sales from street
Van Buren,AR 72956 [ I Did inspect exterior of comparable sales from street
Email Address bfreemana,vanburencity.org Date of Inspection
Page of
Wayne Muncy Appraisal Service
File No. 4-15-021
ADDITIONAL COMMIS
Intended User City of Van Buren,Arkansas
Properly Address 12 Fayetteville Road
City Van Buren County Crawford State AR Zip Code 72956-4330
Client City of Van Buren
SCOPE OF THE APPRAISAL
SCOPE OF WORK
The scope of the assignment relates to the extent and manner in which research is conducted, data is
gathered and analysis is applied, all based upon the purpose of the appraisal and its intended use, as
previously outlined.
The appraiser completed the following steps for this assignment:
1. Physically identified and inspected the exterior of the subject property, as well as its surrounding
environs: identified and considered those characteristics that may have a legal, economic or
physical impact on the subject. The appraiser has not appraised the subject property within the
previous three years.
2. Physically inspected the micro and/or macro market environments with respect to physical and
economic factors relevant to the valuation process; expanded this knowledge through interviews
with regional and/or local market participants,available published data and other various resources.
3. Conducted regional and/or local research with respect to applicable tax data,zoning requirements,
if applicable, flood zone status, demographics, income and expense data, and comparable listing,
sale and rental information.
4. Analyzed the data gathered through the use of appropriate and accepted appraisal methodology to
arrive at a probable value indication via each applicable approach to value.
5. Correlated and reconciled the results into a reasonable and defensible value conclusion, as defined
herein.
6. Estimated a reasonable exposure time associated with the value estimate presented.
To develop the opinion of value, the appraiser performed a Summary Appraisal Report as defined
by the Uniform Standards of Professional Appraisal Practice (USPAP). This means that no
departures from Standard 1 were invoked. In this appraisal report, the appraiser used all
appropriate approaches to value. Furthermore,the value conclusion reflects all known information
about the subject,market conditions,and available data.
This appraisal of the subject has been presented in the form of a Summary Appraisal Report,which
is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a)of the
USPAP. That is,this report incorporates a practical explanation of the data,reasoning and analysis
that were used to develop the opinion of value. This report also includes thorough description of
the subject and the market for the property type.
INSTRUCTIONS TO APPRAISER
Function/Use: Determination of market value for possible acquisition.
Wayne Muncy Appraisal Service
File No. 4-15-021
LOCATION MAP
Intended User City of Van Buren,Arkansas
Property Address 12 Fayetteville Road
city Van Buren County Crawford State AR zip Code 72956-4330
Client City of Van Buren _
.ii
I
I
4C3
r•
na
re
C7.
re .55
r,
e 13,
Rena s
Ztor Rd 282
M
Furey
4.4.
to
:1-4';'4
" >1
Rena Rd
.„:, *'-c ."iii;.
;E,": = ` :. ,ire".. � 1,
4 �;
Comp 3 i+ t.1s'c3'
2919 Alma Highway0. 2u
y Van Buren.AR
Comp 1 51150.0 s E
11 FayetteRd 5150.E
Van Buren.AR Y S9
0.93 miles H
S66,O00
2ss
g Cii'==
rrch Gomp 2 Caetery
' ''f '', d' 915 Main Street er
Subject 1 " F" Ni `
an Buren°RR
g 0.12 miles E
12 Fayetteville Road `. : -, S166.937 za
Van Buren,AR 72956-4330 t,40,
Rens -
a 3 'faltrutyi Park Rd 0
a..,,-,
0
n
Sp, tio=e4 Are
C
Z A04
'. t
KeEy Hwy z ;
Fort Smith,
rata
05tH Crays
Crra"rm?tarry -
:, r i Mile$
Grand Ave t,
t rsave.,,,t,,r" C 2015 Microsoft Corporation t 2010 NAVTEQ C3 AND
4s A> --- �,,° ." „.
Wayne Muncy Appraisal Service
File No. 4-15-021
SITE
Intended User City of Van Buren,Arkansas
Property Address 12 Fayetteville Road
city Van Buren County Crawford state AR Zip Code 72956-4330
Client City of Van Buren
!iU+naMsUf
4'YIz3'�=�E,N*bY.f Adobe AeaM,F,:�a'i�. ;3�^.' .+..✓ _. �,�,, � .,,, =,v,5��t�„u w1aY.
.+e ',1 I„y
Mortgage TYPe Fell Resole -._ ...:.....
•Coon
Property Map
McKc
It �tey $ y
r
ndu St Cede.$r ..... ._
wz T x.r
°+ t .4i;,st RO
735.
A : v
Main St _ Main St
as
• t's
s , p
r.
�� ar sr �� sr
a y
met;” T hj�
•
e, 50 . �.
35 f5�. 'ri 20 d
5
Wayne Muncy Appraisal Service
File No. 4_ _t
• FLOOD MAP
Intended User Ci of Van Buren Arkansas
Property Address 12 Fe etteville Road
City Van Buren county Crawford State
AR Zip Code 72956-4330
Client Ci of Van Buren
ra
4
1 ,:1. a ,retro!ae
e.it ( I oec►au3t
•
it:.
Pab ' l f } I
€,,.,.. (( t yaxe at a %"J I`r+c tloe.s v;' �.
d ,1
a
a
a
ew 5r
i wewam Peen 3+ ! 3 NM
Cafar i
.111
E E
Ell
ii
' I
01111 i.
•_,........
9t lir.
a w at ME
n �_
...irr 77' .. . . .,-- -lovopiiii--------ii------- .
0 ... .
4 ,
11"II.' '-4. , 4
•' ' ,44 nq;.,ag!!:! :'':''/'.',:'"Al'',V1'tZ'&:. ..-:. !I : ,
rir
V
.
tr
. '.,' ;',4 . ' ....,A.,'..::..`::'''!!``.`:`,?`:`.`:..':: '1 l'. '111, 1 • i
y'e E
{
6
\ilk
Flood Zones
Areas inundated by 500-year flooding MI Floodway areas
J Areas outside of the 100-and 500-year flood plains =Floodway areas with velocity hazard
Areas inundated by 100-year flooding Areas of undetermined but possible flood hazards
Areas inundated by 100-year flooding with velocity hazard Areas not mapped on any published FIRM
Flood Zone Determination
Latitude:35.437445 This Report is for the sole benefit of the Customer that ordered and paid for
Longitude: -94.352421 the Report and is based on the property information provided by that
Community Name: Customer.That Customer's use of this Report is subject to the terms agreed
VAN BUREN,CITY OF to by that Customer when accessing this product.No third party is authorized
to use or rely on this Report for any purpose.THE SELLER OF THIS REPORT
Community:050053 MAKES NO REPRESENTATIONS OR WARRANTIES TO ANY PARTY
SERA(Rood Zone): No CONCERNING THE CONTENT,ACCURACY OR COMPLETENESS OF THIS
Within 250 ft.of multiple flood zones:No REPORT,INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS
Zone:X Map 0:05033C0390J FOR A PARTICULAR PURPOSE.The seller of this Report shall not have any
Panel:03901 Panel Date12/03/2010 liability to any third party for any use or misuse of this Report.
FIPS Code:05033 Census Tract 203.01
Wayne Muncy Appraisal Service
E
File No. 4-15-021
PHOTOGRAPH ADDENDUM
Intended User City of Van Buren,Arkansas
Property Address 12 Fayetteville Road
city Van Buren county Crawford state AR zip Code 72956-4330
Client City of Van Buren
4
i '''..:4.i.'", •,•',1%..'%.,,,,,:- ., ','' ' t , '
'n P's '.;4Y
4 c
FRONT VIEW OF
SUBJECT PROPERTY
i �'.
i
wi
\ pi
4v
..„,s,_, _..: ,/.1., ,,,.,.. ,.....is.):_,,••b",),1i/AA2—41,.- ,A ,..,,, ,,,,.,,, ,„,,,,,,,
is
`>
_ ',,,,,,\c.,'":3`i' i REAR VIEW OF
t I"
1 SUBJECT PROPERTY
d
d
Ym4 ;
I.
M
e $,,f,,_,1`,.-
y;D.
SAT.,
t cr.
STREET SCENE OF
r itil 1
' SUBJECT PROPERTY
T3
_.,,,,,,,,,w ,. ri ir '',': ,,,,, iiiiirmillarilil, tr
r E,
61y
a
r
� g
Wayne Muncy Appraisal Service
C
i )' e an L anzas
1003 Broadway • Van Buren, Arkansas 72956
January 26, 2015
Muncy Appraisal Services, Inc.
P.O.Box 5272
Fort Smith,AR 72913
OWNER: International Association of Firefighters
PROPERTY: See attached
Dear Sir:
The City of Van Buren requests that you appraise the above mentioned real estate.
Your appraisal should conform to the following:
1. Your appraisal must conform to the Uniform Standards of Professional Appraisal Practice
(USPAP)adopted by the Appraisal Foundation.
2.You must disclose the extent of your knowledge and experience,as well as the licenses and
certifications you hold,in the appraisal.
3.The appraisal must be based on market value,defined as the most probable price a property would
bring in a competitive and open market under all conditions requisite to a fair sale when both buyer
and seller act prudently and knowledgeably,assuming that price is not affected by other than
customary market factors. Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title when:
1. Buyer and Seller are typically motivated.
2. Both parties are well informed and are acting in what they consider their best interest.
3. A reasonable time is allowed to offer the property on the open market.
4. Payment is made in cash in U.S. Dollars,or by comparable arrangements.
5. The price represents the normal consideration for the property sold,unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.
4.The appraisal must be a written narrative or the use of an appropriate pre-printed form,which
satisfies the informational requirements of this letter.Also,the appraisal must be written so it can be
readily understood by a Third Party not involved in the transaction.
5.The appraisal must include a sales history of the property for three years.
6. If the property is income producing,the appraisal must include information on current revenues,
expenses,and vacancies,if any.
7.The appraisal must include an assessment ( ' ted marketing period for the property.
PROGRESS IS it:;,, r; OUR PROJECT
SaSk 0-
f..
8.The appraisal must assess market trends affecting the value of the property.These trends,for
example,might include increasing or decreasing vacancy rates,use of rent concessions,or redlining
sales prices.
9.The appraisal must analyze and report on deductions and discounts due to proposed construction,
completed properties that are partially leased or leased at other than market rents,or tract
developments with unsold units. •
10. In the appraisal you must certify that the appraisal assignment was not based on a requested
minimum valuation or loan approval.
11.The appraisal must contain all information necessary to enable its reader to understand the
opinion.Reference materials must be readily available and verified.
12.A legal description of the property must be included in the appraisal.This description is in
addition to(and not in lieu of)any other descriptions that might also be required.
B.The appraisal must identify and separately value all personal property,fixtures,or intangible
items which are not real property but are included in the appraisal, if any.
14.The appraisal must follow a reasonable method that addresses direct sales comparisons and
income and cost approaches to market value and reconciles these approaches. If an approach is
considered inappropriate or not applicable it can be omitted with an explanation.
15. If information deemed pertinent to the completion of an appraisal is unavailable,that fact should
be disclosed and explained in the appraisal.
16.The report must include the census tract for the subject property.
17.The report must state if the property is in a flood plain and the map number from which the
information was obtained.
If there are any questions you have regarding this request,please call me immediately. You should
not start the appraisal until all questions regarding the engagement have been answered to your
satisfaction.
The original and one copy along with pictures of this report are to be submitted to the undersigned
together with your bill for services. Your bill should include your Federal Tax It)number.
S ce y,
ayor ..� � .r •,,,�
1
12 Fayetteville St, Van Buren, AR 72956-4330, Crawford County
mpi- /-, t7trot 4., ''.:.;`,4; ,
f . q
*- N/A 1,943 3,920 $35,000
v 9� ,
$" F w Beds Bldg Sq Ft , Lot Sq Ft MLS Sale Price
lip,
2 ' - N/A N/A
Baths Yr Built TypeN/A MLS Sale Date
„,... .,,,4.4:.
Owner Information
Owner Name: International Association Tax Billing Zip: 72957
Tax Billing Address: Po Box 1133 Tax Billing Zip+4: 1133
Tax Billing City&State: Van Buren,AR
Location Information
School District: 421 Carrier Route: C004
School District Name: Van Buren City Township Range Sect: 9-32-24
Taxing District: Van Buren City Topography: High
Subdivision: Drennen Block: 1
Census Tract: 205.02
Tax Information
Tax ID: 700-02043-000-C Tax Area: 421
Alt APN: 23661 Tax Appraisal Area: 421
%Improved: 48%
Legal Description: PT 1-4
Assessment &Tax
Assessment Year 2014 2013 2012
Assessed Value-Total $3,830 $3,830 $5,610
Assessed Value-Land $2,000 $2,000 $3,000
Assessed Value-Improved $1,830 $1,830 $2,610
YOY Assessed Change($) $0 -$1,780
YOY Assessed Change(%) 0% -31.73%
Total Tax Tax Year Change($) Change(%)
$269 2011
$274 2012 $6 2.09%
$187 2013 -$87 -31.73%
Characteristics
State Use: Commercial Improved Building Type: Warehouse
Lot Area: 3,920 # of Buildings: 1
Lot Acres: 0.09 Flooring Material: Concrete
Building Sq Ft: 1,943 Foundation: Concrete
Exterior: Brick Veneer Roof Material: Tar&Gravel
Approx.Year Built: MLS: 1950
Features
Feature Type
Canopy
Overhead Doors
Listing Information
Courtesy of Wayne Muncy, Fort Smith Board of Realtors,Inc
The data within this report is compiled by CoreLogic from public and private sources.If desired,the accuracy of the data contained herein can be property Detail
independently vented by the recipient of this report with the applicable county or municipality.
Generated on 02/11/2015
Page 1 of 2
MLS Listing Number: 9393956 Closing Date: 06/25/2007
MLS Status: Sold Closing Price: $35,000
MLS Status Change Date: 06/25/2007 MLS List. Agent Name: F4187-Jim Simmons
MLS Listing Date: 07/10/2006 MLS List. Broker Name: JIMMY BELL REAL ESTATE
Current Listing Price: $60,000 MLS Selling Agent Name: Jim Simmons
Original Listing Price: $60,000 MLS Selling Broker Name: JIMMY BELL REAL ESTATE
Pending Date: 06/21/2007
Last Market Sale &Sales History
Recording Date: 06/26/2007 Seller: Yerby Amanda &Gauge
Settle Date: 06/25/2007 Document Number: 8143
Sale Price: $35,000 Deed Type: Warranty Deed
Owner Name: International Association Price Per Square Feet: $18.01
Recording Date 06/26/2007 06/23/1988
Sale/Settlement Date 06/25/2007
Sale Price $35,000
Buyer Name International Assn Of Fire Fighte Pursley Lloyd
Seller Name Yerby Amanda&Gauge Owner Record
Document Number 8143 12438
Document Type Warranty Deed Deed (Reg)
Mortgage History
Mortgage Date 07/20/2012 06/26/2007
Mortgage Amount $22,166 $25,000
Mortgage Lender Arvest Bk Arvest Bk
Mortgage Code Conventional Conventional
Mortgage Type Refi Resale
Property Map
Poplar St Z'
CC
n t)
t 2, --
•>
ate-+ Cedar St Cedar St
I 0)
�^ z
I anklin 5t LL I
___ 135'� _. ..� c
LINK
e 60 149' #
.
Main St Main St
2r
°fest
f
� � too 5` , .
`. �r ,..g.0. `�` Asn; .5'
o e4
T >t f * .
25 ysr.ls 17,, �Qp dards
1� moi 1 J
Bing S 201514 crrv3oft Corpranor,g 2015%loft b birog 4 2015 d crtsoft Corpo4n C 2015 floba
*Lot Dimensions are Estimated
Courtesy of Wayne Muncy,Fort Smith Board of Realtors,Inc
The data within this report is compiled by Corelogic from public and private sources.If desired,the accuracy of the data contained herein can be property Detail
independently verified by the recipient of this report with the applicable county or municipality.
Generated on 02/11/2015
Page 2 of 2