RES NO 02-01-2016 i
CITY OF VAN BUREN,ARKANSAS
RESOLUTION NO. c2 - I -2016
BE IT ENACTED BY THE CITY COUNCIL,FOR THE CITY OF VAN BUREN,
ARKANSAS,A RESOLUTION TO BE ENTITLED:
A RESOLUTION TO ACCEPT FROM THE GANT FAMILY
A DONATION OF REAL PROPERTY WITHIN THE CITY
OF VAN BUREN,ARKANSAS.
WHEREAS, the Gant family desires to donate to the City of Van Buren real property located
in the Drennen Addition, provided no unanticipated issues preclude them from the
closing of the property and provided they have assurances from the City Council
that the City will accept the donation; and
WHEREAS, the Gant family is placing no restrictions on the use of said property; and
WHEREAS, the owners have asked to be informed of the City Councils willingness to accept
the property prior to the closing and the City desires to accommodate that request
subject to the property having a clear title.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF VAN BUREN,
ARKANSAS,THAT:.
SECTION 1: The City Council agrees to accept the donation from the Gant family of a house and
vacant lots and the Council expresses gratitude to the family for the donation.
SECTION 2: The acceptance of the property is subject to the issuance of a clear title for the City.
SECTION 3: The Mayor and City Clerk shall be authorized to execute any agreements and other
documents on behalf of the City to include IRS Form 8283,to effectuate the acceptance,to
pay applicable closing costs and upon the request of the donor to make minor adjustments
to the provisions derived from this Resolution so long as the essential purposes of the
Resolution remain unchanged.
IN WITNESS WHEREOF, the City of Van Buren, Arkansas, by its City Council, did
pass, approve, and adopt, by a vote of la for and 0 a.-'1st the foregoing Resolution at its
regular meeting held on the 22nd day of February 2016. I
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ATTESTED: APP .
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Barbie Curtis andice A. Settle
City Clerk/Treasurer City Attorney
APPRAISAL REPORT
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403 S 7th St
Van Buren,AR 72956
PREPARED FOR
Linda Hardwood
AS OF
01/07/2016
PREPARED BY
John DiLonardo Appraisal Services
4720 Rogers Avenue
Fort Smith,AR 72903
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FEE �oaP`John DiLonardo Appraisal Services
4720 Rogers Avenue
Fort Smith,AR 72903
01/11/2016
Linda Hardwood
RE: None
403 S 7th St
Van Buren,AR 72956
File No. 010716
Case No.
Dear Linda Hardwood:
In accordance with your request,I have personally inspected and prepared an appraisal report of the real
property located at:
403 S 7th St,Van Buren,AR 72956
The purpose of this appraisal is to estimate the market value of the property described in the body of this
appraisal report.
Enclosed,please find the appraisal report which describes certain data gathered during our investigation
of the property. The methods of approach and reasoning in the valuation of the various physical and
economic factors of the subject property are contained in this report.
An inspection of the property and a study of pertinent factors,including valuation trends and an analysis of
neighborhood data,led the appraiser to the conclusion that the market value,as of 01/07/2016
is:
$ 28,000
The opinion of value expressed in this report is contingent upon the limiting conditions attached to this
report.
It has been a pleasure to assist you. If I may be of further service to you in the future,please let me know.
Respectfully submitted, ':`0!. liii`i*
i' STATE i
`: CERTIFIED tz
y:RESIDENflAL;� S
Signature: \CR0939r
"•'�'�'�•, 'DILOM0
os
John DiLonardo,IFA
AR Cert.#CR0939,IFA Cert.#16717,0K Cert.#11567CRA
John DiLonardo Appraisal Services
File No. 010716
Case No.
Residential Appraisal Report
The purpose of this appraisal report is to provide the client with an accurate,and adequately supported,opinion of the market value of the subject property.
Property Address 403 S 7th St City Van Buren State AR Zip Code 72956
t Owner GANT,PAUL D&LINDA L Intended User Linda Hardwood County Crawford
Legal Description W/2 11&ALL 12,Block 73,VAN BUREN ORIGINAL
i Assessor's Parcel# 700-00774-000&700-00773-000 Tax Year 2015 R.E.Taxes$ 856.00
it Neighborhood Name None Map Reference See Enclosed Census Tract 0205.02
I' Occupant n Owner I �-Te-n,ant I 'Vacant Special Assessments$ 0 n PUD HOA$ 0 neer year Firer month
g 0 Property Rights Appraised 1H
X 1 Fee Simple n Leasehold n Other(describe)
[mIntended Use Client Decisions.
I ' Client Linda Hardwood Address
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? n Yes I X I No
Report data source(s)used,offerings price(s),and date(s). No listing for the subject property was noted within the last 12 months.
I ❑did H did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not
f,H performed. Not a sales transaction.
10
,ix;Contract Price$ Date of Contract Is the property seller the owner of public record? n Yes I I No Data Source(s)
1 Z Is there any financial assistance(loan charges,sale concessions,gift or downpayment assistance,etc.)to be paid by any party on behalf of the purchaser'? ❑Yes n No
r
v If Yes,report the total dollar amount and describe the items to be paid. Not a sales transaction.
t _
t Note:Race and the racial composition of the neighborhood are not appraisal factors.
! I- `Neighborhoodcharactensbcs .: . One'-UnitHousinc�Trends One-Unit Housing`` Present Land Use% ,;
Location X Urban Suburban_Rural Property Values_Increasing X Stable Declining PRICE AGE One-Unit 100% _
in Built-Up X Over75% 25-75% Under25% Demand/Supply_Shortage X In Balance OverSupply $(000) (yrs) 2-4 Unit
oo Growth Rapid X Stable Slow Marketing Time Under3mths X 3-6mths Over6mths 50 Low 20 Multi-Family %
•ce Neighborhood Boundaries The boundaries are Highway 64 to the north,1-540 to the east,Arkansas River to 125 High 100 Commercial %
i m the west and Scott St to the south. 75 Pred. 65 Other %
(I Neighborhood Description The city of Van Buren is located on the Arkansas River..Access to desired supporting facilities such as local schools and
Wshopping can be found within three miles of the subject property.The neighborhood of the subject is composed of pre war homes similar to the
tZ subject in terms of age,design and appeal.Homes are maintained with no unfavorable condition noted.
i
" Market Conditions(including support for the above conclusions) The trend for property values in this neighborhood have been stable.Current 3 month median
marketing time is under six months per 1004MC.Median list price to sales price ratio is 97%per 1004MC.1004MC indicates a slight decline in c
property values for the current 3 month period however,it is seasonal.Current mortgage interest rates are still low(5%)according to Bankrate.com.
j. Dimensions 160x155 Area 24,800 sf Shape Rectangluar View N;Res;
I SpecificZoning Classification R3SF Zoning Descri tion Residential-3 Single Family
Zoning Compliance 1 X I Legal n Legal Nonconforming(Grandfathered Use) Irl No Zoning n Illegal(describe)
4 Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? [(Yes n No If No,describe. See Attached
analysis on Highest and Best Use.
I Utilities Public Other(describe) Public Other(describe) Off-site Improvements-Type Public Private
I Electricity �X Water �X Street Asphalt FT n
rfq'Gas I X l R Sanitary Sewer I X( R Alley None 11
iFEMA Special Flood Hazard Area n Yes 1X1 No FEMA Flood Zone AE FEMA Map# 05033C0390J FEMA Map Date 12/03/2010
Are the utilities and/or off-site improvements typical for the market area'? n Yes n No If No,describe.
r Am there any adverse site conditions or extemal factors(easements,encroachments,environmental conditions,land uses,etc.)? n Yes I X I No If Yes,describe.
I.
I. Subject site is composed of two lots.Both lots appear to be located in a FEMA identified Flood Hazard.See attached Flood Map.No
survey was provided to the appraiser at the time of inspection.No visual adverse easements or encroachments were noted.There
iwere no adverse environmental conditions or unfavorable land uses noted at the time of Inspection.
It-I t`.., :t tGeneralDescription .'-',.'''';',.:;'t .Foundation ' ,. ' ExteriorDescriptionria am terialslcondition Interior." 'u,,.Ijnatenaislcon'Jition`
t Units 1�OneI I One with Accessory Unit a Concrete Slab X(Crawl Space Foundation Walls Masonry/Fair Floors Wood/Vinyl/FairI #of Stories 2 I I Full Basement( arta]Basement Exterior Walls Wood/Stucco/Fair Walls Plaster/Fair
in Det. (AIL I S-Det./End Unit Basement Area sq.ft. Roof Surface Composit/Fair Trim/Finish Wood/Fair
j I XIExisting I I Proposed lUnder Const. BasementFinish % Gutters&Downspouts Yes/Yes/Fair Bath Floor Vinyl/Fair
I •Design(Style) 2;Historic ["1 Outside Ent /Exit) ISumpPump Window Type Wood/Fair Bath Wainscot Tile/Fair
f 'Year Built 1900 Evidence of I Infestation Storm Sash/Insulated No/Yes Car Storage I I None
Effective Age(Yrs) 100 El Dampness X Settlement Screens Yes/Fair
I x I Driveway #of Cars 3
I Attic — None HeatingI IFWA I HWBElI 'Radiant Amenities —Woodstove(s)# 0 Driveway Surface Concrete
1i - Drop Stair Stairs -nOtherS ace'Fuel Gas X Firenlace(s)# 2 Fence None X Garage #of Cars 2
F. Floor X Scuttle Cooling Central Air Conditioning X Patio/Deck Sun X Porch Covered X Carport #of Cars 1
gZ'' Finished Heated j["l,Individual I Other Pool None Other None Att. I X IDet. I I Built-in
W Appliances n Refrigerator l5]Range/Oven) )DishwasherlIDisposal I I Microwave! I Washer/Dryer nOther(describe)
w Finished area above grade contains: 8 Rooms 4 Bedrooms 2.00 Bath(s) 3,215 Square Feet of Gross Living Area Above Grade
>"Additional features(special energy efficient items,etc.) No special energy items were noted.Covered front porch,detached carport and detached garage.
0
1.
2; Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). Property has ceiling damage from roof leaks,
{ `cracks in the plaster and un level floors due to settlement.Electrical system not up to code due to knob and tube wiring.Bath
downstairs not functional-no toilet,sink or tub.Exterior has rotten wood.Interior is dated.The home was vacant and the utilities were
.�off.
EAre there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? n Yes I X I No U Yes,describe
( 'Appraisals are no guarantee that the property is free from defects.The appraisal only establishes the value of the property
gt ,:
t Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? I)--fl Yes n No If No,describe The subject
I "property conforms in terms of utility,style,condition,use and construction.
NL-Residential 5/2007 This form may be reproduced unmodified without written permission,however,Bradford Technologies,Inc.must be acknowledged and credited.
Produced by ClickFORMS Software 800-622-8727 Page 1 of 42
John DiLonardo Appraisal Services
File No. 010716
Case No.
Residential Appraisal Report
t There are 9 comparable properties currently offered for sale in the subject neighborhood ranging in price from$ 25,000 to$ 79,000
i There are 3 com arable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 10,000 to$ 52,000
FEATURE I SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Address 403 S 7th St 603 N 14th St 920 N 12th St 625 May Ave
Van Buren,AR 72956 Fort Smith,AR 72901 Fort Smith,AR 72901 Fort Smith,AR 72901
Proximity to Subject 4.79 miles SW 4.57 miles SW 4.60 miles SW
F 'Sale Price $ 'j;$ 29,000 >. :),s:$ 28,000 "�`„ g$ 39,600
r Sale Price/Gross Liv.Area $ 0.00 sq ft. $ 13.65 sq.fL j . $ 8.71 sq.ft.I` ., $ 15.90 sq.ft.tom . >'
I Data Sources) MLS#742651 MLS#708131 MLS#717285
Verification Source(s) " , Housing Hot Line Realty Coldwell Banker Fleming Lau RE Ramona Roberts Realty
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment
r Sale or Financing r :. .'. Conv.Loan Conv.Loan Conv.Loan
Concessions '. + "; None Disclosed None Disclosed None Disclosed
r Date of Sale/Time `' 12/23/2015 06/30/2014 02/23/2015
Location N;Res; N;Res; N;Res; N;Res;
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
j Site 24,800 sf 7,000 sf Sim Va 14,000 sf Sim Va 10,780 sf Sim Va
View N;Res; N;Res; N;Res; N;Res;
Design(Style) 2;Historic 2;Historic 2;Historic 2;Historic
Quality of Construction Average Average Average Average
i Actual Age 116 yrs 131 yrs Sim Va 114 Vrs Sim Va 91 yrs Sim Va
I Condition Fair Average -2,500 Average -2,500 Averae -2,500
Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total BdrmsBaths
Room Count 8 4 2.00 7 3 3.0 -2,000 8 5 3.0 -2,000 7 3 1.1 +500
Gross Living Area 3,215 sq.ft. 2,124 sq.ft. +3,546 3,216 sq.ft. 0 2,490 sq.ft. +2,35€
Basement&Finished Osf Osf Osf Osf -
u, Rooms Below Grade
{)t(q Functional Utility Average Average Average Average
(� Heating/Cooling Space FWA/Central -2,500 FWA/Central -2,500 FWA/Central -2,50C
{6Z Energy Efficient Items None None None None
l< Garage/Carport 2 Car Gar.Det. None +2,000 None +2,000 lc D/Garage +1,00C
ip=Porch/Patio/Deck Sun,Porch/Coverec Covered Porch +500 Covered Porch +500 Covered Porch +50C
€N Fireplaces 2 Fireplaces 3 Fireplaces -250 1 Fireplace +250 1 Fireplace +25C
j;a;Extras Carport None +500 None +500 None +50C
O,Net Adjustment(Total) -, +1 X i- $ -704 1 ft[ - $ -3,750 X - $ 106
• Adjusted Sale Price � � Net Ad' 2% Net Ad 13% Net Ad' 0%
W'of Comparables , Gross 48% Adj:37% $ 24,250 Gross Adj:26% $ 39,706
(� Adj: $ 28,296 Gross
i I I X I did I did not research the sale or transfer history of the subject property and comparable sales.If not,explain There was no sale or transfer of the subject
property noted within the last 3 years.Other than the most recent sale,the comparables have not sold or transferred within the last 12 months.
t My research n did n did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
tr
t Data source(s�Sebastian County Assessor Records and MLXchange Multiple Listing Service data.
My research I I did1)7 did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
( Data source(s) Sebastian County Assessor Records and MLXchange Multiple Listing Service data.
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3).
t ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
[ ;Date of Prior Sale/Transfer
9' Price of Prior Sale/Transfer
I Data Source(s) APN700-00774-000 APN14436-0005-00002-00 APN11317-0006-00087-00 APN14436-0005-00002-00
Effective Date of Data Source(s) 12/31/2015 12/31/2015 12/31/2015 12/31/2015
Analysis of prior sale or transfer history of the subject property and comparable sales MLS data is updated daily.Assessor property data was last updated on
I 08/23/2013.There was no sale or transfer of the subject property noted within the last 3 years.Other than the most recent sale,the comparables
j 'have not sold or transferred within the last 12 months.
if
!
I. Summary of Sales Comparison Approach The homes in this analysis have been chosen because they are suitable substitutes for the subject
property.Search Parameters:Sales were selected based upon age of home(75-120yrs),Style(2 Story Historic)),time frame(<24
. months),size of home(2,000sf-3,800sf),and condition(Fair-Average).RECONCILIATION OF VALUE:The unadjusted sales prices
range from$28,000 to$39,600 with a MEAN sales price of$32,200 and a MEDIAN sales price of$29,000.The adjusted sales
prices range from$24,250 to$39,706 with a MEAN sales price of$30,750 and a MEDIAN sales price of$28,296.Therefore,a
value of$28,000 was correlated for subject property. Sales selected were the best available that met the search parameters.No
sales from Van Buren were found therefore,Sales from Fort Smith were used.See explanation of adjustments on page 4 and 5.
r"'Indicated Value by Sales Comparison Approach$ 28,000
11' `Indicated Value by:Sales Comparison Approach$ 28,000 Cost Approach(if developed)$ 14,000 Income Approach(if developed)$
:.r'Most weight consideration given to the Sales Comparison Analysis as it indicates values buyers and sellers are willing to accept in the market place.
Z Cost Approach not applicable due to age of home. Income Approach is not applicable as it requires rental data,expense data and capitalization
F.:factors.Area properties are marketed for use as primary residences,rather than their income producing capability.
Zi
This appraisal is made 0 as is,' ❑subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
V completed,❑subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed,or❑subjectto the
0'following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair.
w'
re Based on a complete visual Inspection of the interior and exterior areas of the subject property,defined scope of work,statement of assumptions and limiting
tt conditions,and appraiser's certification,my(our)opinion of the market value,as defined,of the real property that Is the subject of this report is
t $ 28,000 ,as of 01/07/2016
NL-Residential 5/2007 This form may be reproduced unmodified without written permission,however,Bradford Technologies,Inc.must be acknowledged and credited.
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