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RES NO 06-06-2023 CITY OF VAN BUREN,ARKANSAS RESOLUTION NO.6-0(p-2023 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 PROPERTIES FOR THE CITY OF VAN BUREN. WHEREAS, the City has determined that it is necessary to acquire,for the public good and benefit, certain real property located within the Van Buren city limits; and WHEREAS, upon the City's best information,the appraised value of said property is listed below. Property Address Lesal Description Appraised Value Purchase Price 30t'Circle&Kibler Road Eastside Commercial Park $232,074.98 $225,000.00 Lots 5,6,&7 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 estimated closing costs as listed in Exhibit «A„ 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 the same. IN WITNESS WHEREOF,the City of Van Buren,Arkansas,by its City Council,did pass, approve,and adopt,by a vote of and D against,the foregoing Resolution at its regular meeting held on the 26'of June 2023 G�erk Tr�� s� e City of Van Buren Jo P.31ur st ah ATTESTE � vrryCounty 77T"m .Pt�ac� A Shawnna Re of 's Ja City Clerk/Treasurer City Attorney ti �'�./.'�✓vim-.....�.�.."" wS `'lam t�1�� , , ILj , Ir rikt kI1fIIIdIS��S ............ ............................................... ....................... ............. 41 j 7, 'EA-Atef,, I............ -q,A %-Mtn, pht ah 077140, , 1 1 Y. CNISIthict , h. Hue",f- 1 _51 MAn 11.41 InAl 12V . 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Ono 0-i rftA .29.PT A". m-WN11 own f 1 1, W "YoM nz A - INJ T is Q or of Mut .... ........... ......................................... .......................................................................................... ...................... 4" Real-Estate I esthnL nv mt.and. Con4struction :December t t 'H-,ft,JdsePh -urst,.-Mayor, ;..,- Cif.. V , ' ..' Bbiren. of -an.-* 10 0 3 B r o,a'd w''a'y-"' 'B "R urer �7 a n 265 ial -'Lots'f-thf6bgh side:- -omm-6rc H u r n' he sale epartmLin we 01�a J resp-on-s'-e t6.,:atdfiVe'r day;. ecern-erp' 2'022.With:City:d' f headsi '".leased t��6fferrt 'O"'b'f-$69'5�-obo.bo....-.Basi�d-o'h,.ec6nt qppraisbI,ddt-a�we feel • <fhils:'•Js"a'-h i-r,-Vil Lfatlb mjhe erbffsa`l e-p,dcLdb6.sn not s'u*p p o ft--eba 1:bkati�.c6 M*;m Is'S'lbrfs*. ifthe,bqek'Wighos,to use a real, '6�sibqa i.any c ni'missions w i-, '"'All be: it-fh`eir,(jxp-ense;- P. '0 -�L161 -NheidW. ithjV8ter'.n sew ::n6te-t ihe �,4i:ffflj�.,deve,op a d"": er ta�psgvajlable_cindj�'�';place at each lot. OG&E _.ako-availa each-lot.-- -Ele:q.teic.and* T&Tt6-16�. I h 6-n-6/i nt e r n t-'a"r6i 'aAy" qfLre."s-tian,9.0 t 'd 'S - _5,d,_fuft64`jffohna ion,pt6q�e., 0.n6thiesilate to contact u§,,: �0.ild -i� e rn�L grj Best-Regards„ Q s�urb., •Easts�i&.-Cqrn er.cja,l.;,Ra rk-.P.lat 1:20 -.30th roet an W ';A ei� R 95 ... !J. " Q 13 1 874 APPRAISAL REPORT OF VACANT COMM ERCIAL/INDUSTRIAL LOTS 30th Circle, North 30th Street, & Kibler Road, Van Buren Crawford County, AR, 72956 As of April 13, 2023 mew RN-W 6 10 Prepared For: Mayor Joe Hurst City of Van Buren 1003 Broadway Van Buren, AR, 72956 Prepared By: Burris Appraisal Company, Inc. Angela Kimble, SRA, AR-3710 Certified General Appraiser File: CityofVBEastsideLots @ Burris Appraisal Company, Inc. 2023 BURRIS APPRAISAL COMPANY, INC. 410 Lexington Avenue 479-782-7788 4"-31h. Fort Smith,AR,72901 angela@burdsappco.com Burris Anoraisat Co.Incwww.burrisappco.com April 14,2023 Mayor Joe Hurst City of Van Buren 1003 Broadway Van Buren,AR 72956 Re: Appraisal Report, Real Estate Appraisal Vacant Commercial/Industrial Lots 30th Circle, North 30th Street,&Kibler Road,Van Buren, Crawford County,AR,72956 File Name:CityofVBEastsideLots Dear Mayor Hurst: At your request, I have prepared an appraisal for the above referenced property,which may be briefly described as follows: Lots 1-7,Eastside Commercial Park,an Addition to the City of Van Buren, Crawford County,Arkansas Please reference page 10 of this report for important information regarding the scope of research and analysis for this appraisal,including property identification,inspection,highest and best use analysis and valuation methodology. I certify that I have no present or contemplated future interest in the property beyond this estimate of value.The appraiser has not performed any prior services regarding the subject within the previous three years of the agreement to perform appraisal services. Your attention is directed to the Limiting Conditions and Assumptions section of this report(page 8).Acceptance of this report constitutes an agreement with these conditions and assumptions. In particular,I note the following: gy ,pothe,ficat Conditions There are no hypothetical conditions for this appraisal. Extrao-rdtnarva a There are no Extraordinary Assumptions for this appraisal. Mayor Joe Hurst City of Van Buren April 14,2023 Burris Appraisal ca.,IncPage 2 Based on the appraisal described in the accompanying report,subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions(if any),I have made the following value conclusion(s): y6lue Conclusions Premise Interest Appraised Effective Date Value Conclusion Current As Is Market Value Fee Simple 4/13/2023 $670,000 Respectfully submitted, Burris Appraisal Company, Inc. 2u� Angel Kimble, SRA ` Certified General Appraiser 479-782-7788 angela@burrisappco.com CG AR-3710 Expires 6/30/2023 1 The assignment is to estimate market value of the fee simple interest in the subject tract,which is based on the premise of a market transaction to a single buyer on the effective date.The subject tract is platted into seven lots which are part of a larger subdivision.However,this valuation does not consider the tract as seven individual lots being hypothetically absorbed individually over time and no discounting is involved.The tract as constituted for purposes of this valuation is a de facto assemblage of land, treated as a single entity. TABLE OF CONTENTS Summary of Important Facts and Conclusions...............................................................................................................5 Limiting Conditions and Assumptions.............................................................................................................................8 Scopeof Work.............................................................................................................................................................. 10 MarketArea Analysis.................................................................................................................................................... 13 Area Description and Boundaries............................................................................................................................ 14 Market Area and Property Characteristics...............................................................................................................15 LocationMap........................................................................................................................................................... 17 PropertyDescription..................................................................................................................................................... 18 Zoning...........................................................................................................................................................................30 Assessmentand Taxes................................................................................................................................................32 Highestand Best Use...................................................................................................................................................33 ValuationMethodology.................................................................................................................................................37 Sales Comparison Approach—Land Valuation............................................................................................................39 LandComparables...................................................................................................................................................40 LandComparables Map...........................................................................................................................................46 AnalysisGrid............................................................................................................................................................46 Comparable Land Sale Adjustments.......................................................................................................................48 Sales Comparison Approach Conclusion—Land Valuation.....................................................................................50 FinalReconciliation......................................................................................................................................................51 ValueIndications.....................................................................................................................................................51 ValueConclusion.....................................................................................................................................................51 Addenda.......................................................................................................................................................................53 Appraiser's Qualifications........................................................................................................................................54 Letterof Engagement..............................................................................................................................................57 Glossary...................................................................................................................................................................61 .yam._ Vacant Commercial/Industrial Lots—300,Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS ,Property Identification Property Name Vacant Commercial/Industrial Lots Property Major Type Land Address 30th Circle, North 30th Street, & Kibler Road City Van Buren County Crawford State AR Zip 72956 Tax ID 700-02357-[002-008] Legal Description Pt SW/4, SW/4 Section 20, T9N, R31W, Crawford Co., AR Owner Young &Young Development Co. LLC Site Characteristics Land SF 289,030 Acres 6.64 Topography Generally le\,el at—425'abo\,ee mean sea level Zoning C-2;1-2 RepoifDates Report Date 4/14/2023 Inspection Date 4/13/2023 As/s Date of Value 4/13/2023 co intended Use and N O N Intended Use To assist the client with a purchase decision CU a Intended Users o Client, City of Van Buren U m L Q Q Q L L M� W O Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Tax summary Taxing Authority Crawford County Tax Year(s) 2022 Total Tax Rate 51.90 Assessment Year(s) 2022 Rool Estate w a Tax ID Land Improvements Other Total Assessment Tax Rate Taxes 700-02357-[002-008] $16,990 $0 $0 $16,990 51.90 $882 Transaction Type Listing Pending Contract Closed Sale Price $0 Date 3/18/2022 Days on Market N/A Book/Page or Reference Doc. PRDoc#2022002979 Owner at time of Transaction Truett Thomas Grantor Truett Thomas Grantee Young&Young Detelopment Co.,LLC Property Rights Fee Simple Financing WA Conditions of Sate Unknown Legal Description Pt SW/4,SW/4 Section 20,T9N,R31W, Crawford Co.,AR Verification Source Deed Comments No current or recent listing of the subject To the appraisers knowledge, no sales The above deed conveys a 166 x 740' was discovered through the local MLS.No contract exists pertaining to the subject.strip of land to the subject tract's current listing sign was observed on the property.However, an offer to sell letter was owner. It is unclear if this land is part of To the appraisers knowledge, the subject provided by the client, which offers the the subject tract or adjacent to it. No is not publicly listed for sale. subject tract at$685,000. sales price attached.The deed may hate been filed to clear title.The appraiser is not a title expert and is merely reported 1publicly recorded data. • • E$est Use Highest and Best Use as Vacant Inwstment hold for industrial or commercial development Highest and Best Use as Improved N/A-Vacant As Is Wlue Indications C) CV As Is Market Value Current 04/13/2023 U Interest Appraised Fee Simple C ca Estimated Exposure Time 4-6 months 0 0 U No. of Land Sales 5 ca Mn Land Analysis Value $670,000 n. a. Market Value Conclusion $670,000 L y� co O Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Value Premise As Is Date of Value 4/13/2023 Value Type Market Value Value Perspective Current Interest Appraised Fee Simple Land Analysis $670,000 Value Conclusion: $670,000 CO N O N ti C a C co O_ >_ O U CU L 0- Mn M� W O Vacant Commercial/Industrial Lots—30th Cir.,N.30f St.,&Kibler Rd.,Van Buren,AR 72956 LIMITING CONDITIONS AND ASSUMPTIONS Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client,individual sections shall not be distributed;this report is intended to be used in whole and not in part. No part of this appraisal,its value estimates or the identity of the firm or the appraiser(s)may be communicated to the public through advertising,public relations,media sales,or other media. All files,work papers and documents developed in connection with this assignment are the property of Burris Appraisal Company, Inc.. Information,estimates and opinions are verified where possible,but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property;no other use of these plans is intended or permitted. No hidden or unapparent conditions of the property,subsoil or structure,which would make the property more or less valuable,were discovered by the appraiser(s)or made known to the appraiser(s).No responsibility is assumed for such conditions or engineering necessary to discover them. Unless otherwise stated,this appraisal assumes there is no existence of hazardous materials or conditions,in any form,on or near the subject property. Unless otherwise stated in this report,the existence of hazardous substances,including without limitation asbestos, polychlorinated biphenyl,petroleum leakage,or agricultural chemicals,which may or may not be present on the property,was not called to the attention of the appraiser nor did the appraiser become aware of such during the appraiser's inspection.The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated.The appraiser,however,is not qualified to test for such substances.The presence of such hazardous substances may affect the value of the property.The value opinion developed herein is predicated on the assumption that no such hazardous substances exist on or in the property or in such proximity thereto,which would cause a loss in value.No responsibility is assumed for any such hazardous substances,nor for any expertise or knowledge required to discover them. Unless stated herein,the property is assumed to be outside of areas where flood hazard insurance is mandatory. Maps used by public and private agencies to determine these areas are limited with respect to accuracy. Due diligence has been exercised in interpreting these maps,but no responsibility is assumed for misinterpretation. Good title,free of liens,encumbrances and special assessments is assumed.No responsibility is assumed for matters of a legal nature. co N O Necessary licenses,permits,consents, legislative or administrative authority from any local,state or Federal government or private entity are assumed to be in place or reasonably obtainable. a It is assumed there are no zoning violations,encroachments,easements or other restrictions which would affect the subject property,unless otherwise stated. 0 ca The appraiser(s)are not required to give testimony in Court in connection with this appraisal. If the appraisers are Mn subpoenaed pursuant to a court order,the client agrees to pay the appraiser(s)Burris Appraisal Company, Inc.'s regular per diem rate plus expenses. U) m 0 Vacant Commercial/Industrial Lots—301h Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Appraisals are based on the data available at the time the assignment is completed. Amendments/modifications to appraisals based on new information made available after the appraisal was completed will be made,as soon as reasonably possible,for an additional fee. Americans with Disabilities Act(ADA)of 1990 A civil rights act passed by Congress guaranteeing individuals with disabilities equal opportunity in public accommodations,employment,transportation,government services,and telecommunications.Statutory deadlines become effective on various dates between 1990 and 1997.Burris Appraisal Company, Inc.has not made a determination regarding the subject's ADA compliance or non-compliance.Non-compliance could have a negative impact on value,however this has not been considered or analyzed in this appraisal. CO N O N U C T C CU a E 0 U m w E2 CL a Q 7 CO Q Vacant Commercial/industrial Lots—30th Cir.,N.30f St.,&Kibler Rd.,Van Buren,AR 72956 SCOPE OF WORK According to the Uniform Standards of Professional Appraisal Practice,it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s).Therefore,the appraiser must identify and consider: •the client and intended users; •the intended use of the report; •the type and definition of value; •the effective date of value; •assignment conditions; •typical client expectations;and •typical appraisal work by peers for similar assignments. >aai:aas Problem To estimate the current"As Is" market malue for asset management purposes Intended Use To assist the client with a purchase decision Intended User(s) Client, City of Van Buren Appraisal Report Based on the intended users understanding of the subject's physical, economic and legal characteristics, and the intended use of this appraisal, an appraisal report format was used. This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. c� CV O N U C T O ca M- E O U ca Mn 2 c.. n. Q Mn 00 O 1 Vacant Commercial/Industrial Lots—30Lh Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 .*', .,, .�'a„`•>:K;S.a;'�,rF'a£' e Property Identification The subject has been identified by the legal description and the assessors'parcel numbers. Is this a 'Land Only'appraisal? Yes Inspection A street level inspection of the subject tract has been made, and photographs taken. Zoning A complete analysis of zoning and applicable land use controls, including a review of potential deed restrictions has been made. Market Analysis A complete analysis of market conditions has been made. Highest and Best Use Analysis A complete as vacant and as improved highest and best use analysis for the subject has been made. Physically possible, legally permissible and financially feasible uses were considered, and the maximally productive use was concluded. Information Sources The following description is based on the appraiser's personal inspection, assessment records, property deeds, subdivision plat dated 01/2412011, prepared by Satterfield Land Surveyors, and information provided by the client. •ram ax•, _ '0. e. �,. .�._,.�. .,,r-,�i,'�,!1.,�,:, .' Category Sources Market Data CoStar, U.S. Census Bureau, etc. Subject Ownership& Transaction History Crawford Co. Assessor/Clerk Files Subject Assessment& Tax Data Crawford Co. Assessor/Collector Files Subject Site Data Site Visit, Public Records, Plat, etc. Subject Zoning Data City of Van Buren Sale Comparables Costar, WRV MLS, Appraiser Files N O N U C C C6 Q >_ O U m M Ca a CL m O Vacant Commercial/industrial Lots-301h Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Cost Approach The subject property has no material structural improvements. The cost approach is not applicable to this appraisal project. Sales Comparison Approach Ex The sales comparison approach is applicable to all types of real estate interests when there are sufficient, reliable transactions to indicate value patterns and trends in the market. When data is available, this is the most straight forward and simple way to support a value opinion. Foundational to a sales comparison approach is comparison to 'like kind" sales which, in this case means sales of similar vacant land. The appraiser researched all known and available data sources in an effort to discover recent, relevant sales. Limited, but adequate "sales were discovered, sufficient for development of the sales comparison approach. Income Approach Q The subject property is not considered an income producing property. While vacant land is sometimes leased, land is seldom purchased for the purpose of creating an income stream through the leasing thereof. Land leases are usually an ancillary use of land, often for land that is considered excess land by the owner or an interim use to produce some income from land use that would otherwise not produce any income. In summary, this approach is not applicable and was not developed. ee onditions There are no hypothetical conditions for this appraisal. ExtraordinatyAssumptiont There are no Extraordinary Assumptions for this appraisal. Comments None M N O CV U C a C C6 fl.. E O U is Mn CU n. Mn Q �L M� W O l Vacant Lots-3UmCir..N.3Om��&Kibler Rd,Van Buren,AR72O68 MARKET AREA ANALYSIS Market BoundaT Map fa� �� 0.1 AL IT Al FA ugrry- ark T ran avaca of Piro Map Source:Gougle Maps and Munkjpa(Boundaries Vacant Commercial/Industrial Lots—3P Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Area Description and Boundaries Neighborhood Map zaz E 1 Vdn Buten s � " Dora . Subject Proper[' ? :Yx 171 16 123.'59. 1101, i A united,States, ®. Map Source:Google Maps and Municipal Boundaries Area Description&BouodaTles, Neighborhood. Van Buren Location: Suburban Neighborhood Boundaries A neighborhood or market area is defined as: 1. A group of complimentary land uses; a congruous grouping of inhabitants, buildings, or business enterprises, 2. The area associated with a subject property that contains its direct competition. (The Dictionary of Real Estate Appraisal, 5th Ed.)The subject's neighborhood is defined as that area within the city limits of Van Buren, AR. (see map) M N O N C3 C C Co Q >_ O U L Q. Q MD M� W O Vacant Lots-3OmCk,N.30m��&Kibler Rd,Van Buren,AR72858 Market Area and Property Characteristics Area &Prop�rty Use Characteristics Up stbz on Location El Urban 0Suburban Rural Population [�� F� �� Built Up pu|�oevo|opau ova,7aY6 u��m7aY6 [- Under usY6 Employment Trend E IFx1 El Development Pace F7napm �Uamouv [-�G|mw pwmnno|�nvma�ovo| �� El F-� �-� �� .�� Lnj �� _/ Property Values F-l�c��aing[�l0ab� F-�c�o|��g Ra�i|8abm | Nuoaxu l �_x �� / I Demand/Supply Shortage ��Bo�noo F-�ovorGupp� NowCvnvon��n [-� F�� [-� �_» �� Vacancy Trend | No Data Vacancy Trend | No Data | Change inscunu,nioBase ��L�a� [�'Un|iko� F�ToNnUB�oe Rental �� 21 Is subject in Opportunity Zone? No Land Use Trends -Land Use:Treilds Present Land Use Subject Land Use Land Use Singk+Fanxly 75Y6 N/A-Vacant Retail 2% mmltifarnily 1% Office 1Y6 muuotna| 1Y6 vaoom uo% 100% 10 0a,-4ft Supply/Demand Under /nBal. Over oinole'Fu,mly [-1 E-D' F1 Retail F-| [�� F7 Multifamily mfma Industrial F-1 [�� c� Vacant F- —1� L1 El E Single-Family oBetoU [zMultifamily N Office aludust,7al mmVacant r^ cli Change fn Land Use Likely Land uses in the neighborhood consist ofresidential,multi-family,commercial,industrial,and\racantland. CU Vacant Commercial/Industrial Lots—301h Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Adjacent Property Use Adjacent Proper* Adjacent property uses consist mostly of industrial properties, though some general office space is also noted. Further to the west along Kibler Road a transition to multi-family and single family properties is noted. The nearby Hwy 71 Business/Main Street corridor host predominantly commercial retail and restaurant properties. CoStar market reports indicate returning strength in the Crawford County retail sector following the stress on this segment during the COVID-19 pandemic. Vacancies are down, and have steadily been down over the past year, while rents have risen 3.9% over the past month. The office segment, by contrast, has exhibited steadily increasing vacancy. Rents grew modestly within the past year and no significant new office construction has taken place recently. The multi-family segment is growing, with several new duplex projects slated to come online in the next year and generally increasing rents, in keeping with the region. The industrial market is showing steady rent growth, similar to the nearby Fort Smith market. Logistics space is driving this trend. However, new construction of industrial properties is near nil. The commercial vacant land segment demonstrates 7 sales over the past 24 months, which equates to a pace of 3.5 sales per year. Mean/median sale prices per acre are$59,003/$59,955. ($1.35/sf&$1.38/sf)Currently there are two pending sales with an average list price of$86,667/ac. ($1.99/sf)Active listings number nine, with a mean/median list price per acre of$176,717/$117,176. ($4.07/sf/$2.69/sf)Pending/active listings indicate a possible 3+/-year supply.However, this no doubt includes some"perpetual' listings. Marketing times average between four and eight months. m N O N U C C CO O. E O U ZE A) n. Q A) �L Mi W O Vacant Lots—3Om��N.30m��&Kibler Rd,Van Buren,AR7285G Vacant Commercial/Industrial Lots—30th Cir.,N.3011,St.,&Kibler Rd.,Van Buren,AR 72956 PROPERTY DESCRIPTION Lots 1-7,Eastside Commercial Park,an Addition to the City of Van Buren,Crawford County,Arkansas Site-summary Parcel ID 700-02357-[002-008] Location 30th Circle, North 30th Street,&Kibler Road,Van Buren,AR 72956 Land Use N/A Vacant Current Use NIA-Vacant Proposed Use Unknown Highest and Best Use Site as Vacant Investment hold for industrial or commercial development Highest and Best Use Site as Improved N/A-Vacant Traffic Count(Tertiary Frontage) 4,900 Legal Description Lots 1-7,Eastside Commercial Park to the City of Van Buren,Crawford County,Arkansas Map Latitude 35.437715 Map Longitude -94.327156 Site Analysis&Comments The subject site,as a whole,is an assemblage of platted lots constituting a commercial/industrial land"tract".Each lot has utility connections.Overall,site appeal is rated as average.cava=mrmAr t A1111Mr01W fA5751DfCOMMMOALPARK Z45T51DECDMMfRa4LPARK - M/CAPA.�GY71Y5WflM{'BJD'.KRlBCQ'7723LT/lJRYDr YANacceM;cRtNR+3�LLENJY.A.¢CM645 6 9$ ! L m.d;};ca•�`" ^'—'SRr; ' ! 4�iii�Ill _ illautdl.•11�1,111 per:=-==_==_ — CES .wuaamnnonrom ..T"— � h 1 0 �td11xl 1�I 1!•I �••� Mn :? M �L M�i co O Vacant Commercial/industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Traffic Count Map srnse� i t„� °''•°ice z`��i�— � ��>�� F I ,' �� " 6;500 r _ r Su6jectP-roperly . � r� r' ( I rI `z a ! ;; _l; !'I� _ I ��t F 982 d j _9;50Q 2-1. + 41 J(i � , „i 30(Jf%) i �FF N� N� 1 ✓' - sr` Source:ADHT Site Size Attributes, Gross Land Area(Sq Ft) 289,030 Gross Land Area(Acres) 6.64 C'M N O N C3 C 5. C Cis sZ E O U m M E2 n. n. Q 00 0 Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Approved or Zoned Zoned Comer Lot Yes Dimensions 441.27'along the north boundary x 740.02'along the west boundary x 438.7'along Kibler Road x 425.46'along North 30th Street x 689.21' alongthe 30th Circle cul-de-sacx 234.99'along North 30th Street Primary Frontage Street Name 30th Circle Secondary Frontage Street Name N 30th St Tertiary Frontage Street Name Kibler Rd Frontage-Primary Street(Feet) 689 Frontage-Secondary Street(Feet) 660 Frontage-Tertiary Street(Feet) 439 View Average Access Good(multiple street frontages) Site Visibility Average Street Lighting None Sidewalks None Curb and Gutter Concrete curbs/gutters are present along 30th Circle and North 30th Street. Landscaping Native grasses Topography Generally level at—425'above mean sea level Shape Irregular;adequate Soil Conditions No soils studies were provided for analysis.Based on a visual observation only,the soil conditions observed at the subject appear to be typical of the region and are assumed adequate to support development. FEMA Map# 05033CO380H FEMA Map Date 3/16/2009 Flood Zone Zone X In Flood Plain is not Flood Zone Comments The subject is outside the 100-yearflood plain.The appraiser is not an expert in this matterand is reporting data from FEMA maps. Site in Earthquake Zone The subject is not in an earthquake zone. Earthquake Zone Comments The subject is not in an earthquake zone. Encumbrance Easement Description Typical easements are assumed to be in place for the maintenance of overhead and underground utilities.Based on a review of the subdivision plat,the appraiser notes the following:1)20'public CO utility easement along the north and west boundary 2)25'public N utility easement along the south boundary and North 30th Cg Street/30th Circle frontage 3)20'public drainage easement at the Lot 6/1-ot 5 boundary 4)15'public drainage easement at the Lot 3/1-ot CO 2 boundary 5)Various bisecting 15'public drainage easements 6)20' public utility and drainage easement at the Lot 1/Lots 2-4 boundary 0 U Environmental Issues There are no known adverse environmental conditions on the N subject site.Please reference Limiting Conditions and Assumptions. CO 0- Wetlands Type None Q Cn m O 1 Vacant Lots—301hCir..N.3OuSL&Kibler Rd,Van Buren,AR7205G Flood Map I lip" St Cird Olf Source:5oogie Maps and Federal Emergency Management Agency UFEMA\ Vacant Commercial/industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Wetlands Map I U.S Fish and Wildlife Service Wetlands National Wetlands Invento If �., �� _,gym-,`�'r��'�� {""",= -�*.�;�, `�• a� ��, subject Properly E x �- 7hH mapb racgenmafrare,enee aNY.The US 13hand W➢dea April 13,2023 Senhetenot sapareOJe farthe ammaryaeceneneeaemtbe DaveBalazhvunan Odama0.1wemndarelateddata tha Wetlands © Freshwater Emergent Wetland ■ lake mmadne—denwwm,walay«metadatarawmonu,e ❑ Estuarine and Madne Dee water au. P ❑ Freshwater Forested/Shrub Wetland ❑ Other Wedanda Mappe—eD Q Estuarine and Marina Welland Freshwater Pond ffj� Rivedne rlwobneemeake Ypfflf iwppoe®Vcauma brne NYAnu,pe: Source:U.S.Department of Fish&Wildlife M CV O N CJ C T C C6 0- E O U m Mn CU L Q Q Q M m O Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Topography Map YMM — r� >n E Subject PropertyRM ^ tr k vM aw O E2H= O. TOMM Me I _ � h IETAfi3P '- b NUy 3 W V.Y`.iUa: "wy p— IBM Source:City of Van Buren GIST+ 'Site.utiliffestAmeniflos, All Utilities to Site? Available CO N Adequacy of Utilities The subject's utilities are typical and adequate for the market area. o CV Public Electricity The site is served by public electricity. C3 Water Supply Type City water Semr Type City sewer Q Natural Gas AOG E 0 Underground Utilities The site is serviced by underground utilities. U Irrigation Water None Rail Access No C° n. n. Q L L M� W O Vacant Commercial/Industrial Lots—30th Cir.,N.30th St,&Kibler Rd.,Van Buren,AR 72956 Parcel Map ' 1IMAZIM,one, Subject Property a� o t 3� +' CO C7 C w m zu Source:City of Van Buren GIS L Q Q Q �L L M� W O Vacant Lots-30mCir..N.3Om0�&Kibler Rd,Van Buren,AR72O58 Source:Google Maps and Municipal Parcel Boundaries Note.-Boundanie.5 are not nepnese tedbobesumxeyaccurate. � Vacant Commercial/industrial Lots—301h Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Subiect Photograph A _tA LotS 2&3 LetS 3&4 30th Circle,Looking viesl storm Drainage along 301ft Mmle Example VIeur CO Co d ca CL E Lot 4 Lots 4&5 CL Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 ij Lot 5 Lot 5 -J Lot a 3otn street LoDkmg East megm6fig C14 C3 C3 5� Lots o a 7 storm wainaue atung 3em circie, E E=Mple VIeW 0 C) FO .CD Ca 0- CL A ED�i Q Vacant Commercial/Industrial Lots—30t Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Typical View-Entire Tract North 30th Street Lnoklnu North m>rr� •� _$ •fin.' North with street OVertlead Lanes Stunning along No Boundary Looking South .ars�--..xFi wi✓. -.'a.�..cc°3.�'.� � �.��`^T"�-2`„,�„- , �'Y, u�a O Lot 1 €€lhter f3oad Looking East a E 0 U m w 2 `o_. n Q M m O Vacant Commercial/Industrial Lots—30f Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 s- Kibler Read LoaKing West , C'M N O N U C C= CO Q E O U Fa D ca Q L M� W O Vacant Lots—3OmQ�N.3UmGL.&Kibler Rd,Van Buren,AR72958 Vacant Commercial/Industrial Lots—Wh Cir.,N.30th St.,.&Kibler Rd.,Van Buren,AR 72956 Zoning Summary, 1 2 Zoning Authority City of Van Buren City of Van Buren Zoning District C-2 1-2 Zoning Code C-2 1-2 Zoning TypelDescription Thoroughfare Commercial District Heavy Industrial District Actual Density of Use NIA Vacant land N/A Vacant land Current Use Legally Conforming N/A-Vacant land N/A-Vacant land Zoning Change Requested No No Zoning Change Likely Possible Possible Zoning DensitylFAR N/A-Vacant land N/A-Vacant land Zoning IntentlSummary Moderate to high traffic commercial corridor Light,moderate,and heavy industrial development development. Permitted Uses Most conceivable commercial uses Most industrial uses and ancillary retail or mobile home use,medical uses Maximum Site Coverage Not stated 0.6 Minimum Lot Area Not stated Not stated Front Set Back Distance 25'from street property line or 50'from center line of 25' from all boundary lines except when 'abutting existing ROW,whichever is greater railroad ROW where siding is used. Side Yard Distance 10' from each property line and 20' from existing 25' from all boundary lines except when abutting buildings.20'from street side property line or 35'from railroad ROW where siding is used. existing ROW,whichever is greater. Back Yard Distance 10' from property line and 20' between adjacent 25' from all boundary lines except when abutting buildings. railroad ROW where siding is used. Maximum Building Height Two stories not to exceed 35' Not stated Zoning Parking Requirements On lot parking for all employees. On lot customer Adequate on lot parking for-all employees and visitors. parking to handle normal anticipated demand.Motels, tourist courts,mobile home parks shall provide one on lot space for each sleeping unit or mobile home space. Zoning Data Source City of Van Buren City of Van Buren co CV O N U C T C co Q. E O U ca ca a Q Q L m O Vacant Commerciallindustrial Lots—30t Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 ASSESSMENT AND TAXES Taxing Authority Crawford County Tax Year(s) 2022 Total Tax Rate 51.90 Assessment Year(s) 2022 le Tax ID Land Improvements Other Total Assessment Tax Rate Taxes 700-02357-[002-008] $16,990 $0 $0 $16,990 51.90 $882 IN Tax ID Per SF GBA Per Acre Total Assessment Equalization Ratio Implied Value 700-02357-[002-008] $0.00 $2,561 $16,990 20.0% $84,950 Assessed Improvements Total Year Land Assessment Assessment Assessment %Improved Taxes %Change 2018 $882 2019 $882 0.0% 2020 $882 0.0% 2021 $882 0.0% 2022 $16,990 $0 $16,990 0.0% $882 0.0% Comments None co N O N U C T C C6 O_ O U m A fl.. a. Q m Q Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 HIGHEST AND BEST USE Highest and best use maybe defined as the reasonably probable and legal use of vacant land or improved property, which is physically possible,appropriately supported,financially feasible,and that results in the highest value. 1. Legally Permissible:What uses are permitted by zoning and other legal restrictions? The subject has dual zoning,with Lots 1-3 and 6-7 are zoned C-2,Thoroughfare Commercial District while Lots 4-5 are zoned 1-2, Heavy Industrial District.Pertinent portions of both zoning ordinances are reprinted below: SECTION 5.C-2 Thoroughfare Commercial District 1.Permitted Uses a. Retail establishments providing goods or services. b.Office,Churches and bank buildings and uses. c.Automotive service,repair and storage provided that wrecked or salvage vehicles are stored inside a building or are enclosed by a solid fence and are not visible to the public from the street or sidewalk. d.Motels,tourist courts.(Ordinance 34-1969&Ordinance 5-1972) e.Hospitals,nursing homes,doctor and dental clinics,etc. f.A conditional use authorization under the Van Buren Permitted and Conditional Use Legend and approved by the Planning Commission 2.Street Yard Requirements a.Front yard:Minimum of 25-feet from all street property lines or 50-feet from center line of existing right-of-way, whichever is greater. b.Side Yard:There shall be a 10 foot minimum setback from each property line and at least 20 feet between adjacent buildings.Minimum of 20-feet from street property line 26 or 35-feet from center line of existing right-of-way, whichever is greater.(Ordinance 6-1974&32-2007) c.Rear Yard:There shall be a 10 foot minimum setback from each property line and at least 20 feet between adjacent buildings.(Ordinance 32-2007). 3.Height Maximum height of a structure shall be two stories and not to exceed 35-feet.(Ordinance 16-2001) 4.On-Lot Parking Space a.On lot parking facilities shall be provided all employees. b.Provisions shall be made for on-lot and customer parking to handle normal anticipated demand. c.Motels,tourist courts,mobile home parks,shall provide one on-lot space for each sleeping unit or mobile home space. co N O 5.Loading and Unloading Loading and unloading facilities shall be provided so as not to block any public way. C3 6.Mobile Home Park Repealed by Ordinance 34-1969 ca 7.Salvage items and open display. 0 a.No permanent open display will be permitted on sidewalks or public right of way. b.There shall be no open display of any salvage items in the first twenty(20)feet of any street right of way. c. No required parking lot area shall be used for storage or display of salvage items. C d.Outdoor storage shall be maintained in a manner that does not collect trash,debris,and vermin. e.Outdoor storage shall be arranged so that it allows for fire department access to the premises.All outdoor storage m shall be approved by the Fire Official. o Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 f.All approved outdoor storage of salvage items shall be screened by a permanent opaque screening fence or wail constructed of standard fencing materials so that it cannot be seen from an adjoining property or street right of way. SECTION 7. 1-2 Heavy Industrial District 1.Permitted Uses a.All uses permitted 1-1 except eating establishments and retail food stores. 1-1 Uses: a. The manufacturing, compounding,processing,packaging or assembling of those products that will require the smaller sized,cleaner and more quite industries and will involve a minimum of noise,dust,odor,or vibrations.27 b. The storage of bulk materials that will not endanger the health,safety and general welfare of the people. c. Retail uses that are accessory to the above operation and other essentially similar uses such as animal hospitals,repair shops,transportation terminals, wholesale outlets, farm machinery sales,lumberyards, restaurants,and service stations. d.Single mobile homes on a lot where it.may be advantageous to the industrial development of the area provided said lot is at least 40 feet by 90 feet. (Ordinance 34-1969) b.The manufacture of heavy,raw products and those operations that are generally objectionable to residential and business uses;including animal and poultry slaughter,foundries,saw mills and.junk yards. c.Hospitals,nursing homes,doctor and dental clinics,etc. d.A conditional use authorization under the Van Buren Permitted and Conditional Use Legend and approved by the Planning Commission 2.Uses Prohibited Any industry,use or activity determined by the State Health Office to be injurious,noxious, offensive or hazardous by reason of the emission or odor,dust,fumes,smoke,noise or vibrations. 3. Residential Use Prohibited.No structure may be constructed or altered for residential use. 4.Other Requirements a.Yard,height,parking and loading and unloading requirements must comply with the provisions of 1-1 paragraphs 4 through 6,inclusive. b.Lot coverage: No structure(s)may cover more than 60 percent of the lot area. 5.Salvage items and open display. a.No permanent open display will be permitted on sidewalks or public right of way. b.There shall be no open display of any salvage items in the first twenty(20)feet of any street right of way. c.No required parking lot area shall be used for storage or display of salvage items. d.Outdoor storage shall be maintained in a manner that does not collect trash,debris,and vermin. e.Outdoor storage shall be arranged so that it allows for fire department access to the premises.All outdoor storage shall be approved by the Fire Official.29 f.All approved outdoor storage of salvage items shall be screened by a co permanent opaque screening fence or wall constructed of standard fencing materials so that it cannot be seen from N an adjoining property or street right of way. c3 a Zoning Summary:The C-2 lots could be developed with most conceivable commercial uses.The 1-2 lots could be a developed with light to heavy industrial improvements,retail uses which are ancillary to an industrial use,single o mobile homes which are ancillary to industrial improvements,or medical uses. It should be noted that a conditional 0 use permit or outright zoning change to bring the site as a whole to consistent zoning if utilized by one entity would ca likely not be unreasonably withheld by the City of Van Buren. Q a. a M �L m O Vacant Commercial/Industrial Lots—30f Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 2. Physically Possible:To what use is the site physically adaptable? See site description for a comprehensive description of the site attributes.The appraiser highlights the following: • Continuous frontage along 30th Circle • 199.44'and 390.30'frontage along North 301h Street • 438.70'frontage along Kibler Road • Generally level topography • 100%cleared Based on the above,any legal use is possible that the site size will accommodate after setbacks,easements,etc.is physically possible. 3. Financially Feasible:Which possible and permissible use will produce any net return to the owner of the site? Financially Feasible Use (Appropriate Use As Improved) Among legally permitted and physically possible uses for the subject property,which are appropriate given the characteristics of the property? N/A-Vacant land Financially Feasible Use (Appropriate Use As If Vacant) Among legally permitted and physically possible uses for the subject property,which are appropriate given the characteristics of the property? As discussed above,the subject's site size would support a variety of improvements. Its location suggests a use not dependent on heavy traffic or premium visibility. Immediately surrounding uses are predominated by industrial improvements,though some general office space is also noted.The appraiser notes the slower pace of new industrial development in recent years within the Crawford County segment and that most recent years commercial development for the Van Buren market has taken place along Highway 59.Additionally,the subject tract was platted into lots in 2011 and has not yet been developed.Thus,it seems that current demand for commercial or industrial development in the immediate area is not present at this time. The client and proposed buyer of the subject tract is a municipality.Thus,it is conceivable that a"municipal campus" CO of varying uses could be sited at the subject location. N U C Considering all factors,an investment hold for future industrial and/or commercial development or some combination thereof is the maximally productive use.Likely user is an investor.Timing could be extended due to lack of currentCU demand. o CO C. M 7 m Q Vacant Commercial/industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 4. Maximally Productive. Among the feasible uses which use will produce the highest net return,(i.e.,the highest present worth)? Highest and Best Use of the Site The highest and best use of the site,as vacant,is an investment hold for industrial or commercial development. Highest and Best Use as Improved The highest and best use of the subject as improved is NIA-Vacant. M N O N U C T C C6 Q E O U m M E2 n. Q m O I Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value.They are: 1. The Cost Approach 2. The Income Approach 3. The Sales Comparison Approach Cost Approach The Cost Approach is summarized as follows: Cost New -Depreciation +Land Value =Value Income Approach The Income Approach converts the anticipated flow of future benefits(income)to a present value estimate through a capitalization and or a discounting process. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics.The values derived from the adjusted comparable sales form a range of value for the subject.By process of correlation and analysis,a final indicated value is derived. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value.Different properties require different means of analysis and lend themselves to one approach over the others. Cl) N O N Ca U C 0 a E 0 U CU m CL Q 0 m O Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Analyses Applied Approachooto'Value Cost Approach 11 The subject property has no material structural improvements.The cost approach is not applicable to this appraisal project. Sales Comparison Approach xQ The sales comparison approach is applicable to all types of real estate interests when there are sufficient, reliable transactions to indicate value patterns and trends in the market. When data is available, this is the most straight forward and simple way to support a value opinion. Foundational to a sales comparison approach is comparison to "like kind" sales which, in this case means sales of similar vacant land. The appraiser researched all known and available data sources in an effort to discover recent, relevant sales. Limited, but adequate sales were discovered, sufficient for development of the sales comparison approach. Income Approach The subject property is not considered an income producing property. While vacant land is sometimes leased, land is seldom purchased for the purpose of creating an income stream through the leasing thereof. Land leases are usually an ancillary use of land, often for land that is considered excess land by the owner or an interim use to produce some income from land use that would otherwise not produce any income. In summary, this approach is not applicable and was not developed. CO N O N U C T C CO it E O U ca M 2 CL n. Q Mn •L M� W O Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 SALES COMPARISON APPROACH-LAND VALUATION The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality,utility,and perceived benefits of ownership. It is based on the principles of supply and demand, balance,substitution and externalities.The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated;comparable sales,contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate,adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. a co N O N U C T C co M- E O U m .52 ca L Q. Q L m O Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Land Comparables Market research reveals limited truly similar sales of acreage tracts from the subject market selling over the past 12 months.Thus,search parameters were expanded to include acreage tract sales from the adjacent rural areas surrounding Van Buren and varying zoning categories.Ultimately, I have selected five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid.All sales have been researched and verified to the extent possible through available data sources. . - Comp Address Date Price Land SF Price Per Land SF City i Subject 30th Circle, North 30th 289,030 Street,&Kibler Road Van Buren 1 Rena Road 12/30/2021 $1,000,000 495,277 $2.02 Van Buren 2 5301 Alma Highway 4/6/2023 $265,000 192,535 $1.38 Van Buren 3 603 ParlNew Street 10/11/2022 $140,000 70,567 $1.98 Van Buren 4 East Pointer Trail 6/21/2022 $185,000 113,256 $1.63 Van Buren 5 1621 12th Court 11/15/2021 $198,500 95,832 $2.07 Van Buren M N O N U C C cc Q E O U m n. Q 00 O Vacant Commercial/Industrial Lots—301h Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 ,.::.:::;�:'..-;.«�•o'=;,yr- �:;:: ® a ROBINSON. t 1 l:• /! • '"n,• ,3��3'�z,'trr"". .i -his ,:.J .,'',.=�;re'�.^�.a�.1�'a;.�'=, ..�.- ,.'s':":d3'..�;`4. •��e13a `.-,'t,`�y;, �';r`w `:��'"> '.�+';="x�';` Address Rena Road Date 12/30/2021 City Van Buren Price $1,000,000 State AR Price per Acre $87,951 Zip 72956 Price per Land SF $2.02 Tax ID 700-09056-001 Financing Not Disclosed Grantor Clyde N& Paulette Booth; Property Rights Fee Simple Frank W. Booth Living Trust Grantee Bruckner Truck Sales, Inc. Conditions of Sale Unknown Legal Description Pt NW/4, NW/4& Pt W/2, Days on Market 176 NW/4, NW/4; all in Section 13,T9N, R32W, Van Buren, Crawford Co., AR Sale Data Source WRV ML#1048052 Sale Verification Source PRDocs #2022000056 F .t r: �m } p " Via¢" ,s t Acres 11.37 Topography Level Land SF 495,277 Zoning C-2 Road Frontage 668.01 Flood Zone Zone X Shape Rectangular Encumbrance or Easement Typical+Access Esmnt for Billboards co Utilities Assume Adequate Environmental Issues None Known N U -Si .. ,.,,-3i-, ,., -.r..:,.e„F x. .-..,ram:=d=='--.,r.-.a ;•:?,<:,.::;�+:=;•,_. rya.,x;, r-r:•�;,, r��{{��j.'.:cs^,iy� No prior transfers noted Within 36 months of the sale date used above. E 0 U Q 00 Vacant Commercial/Industrial Lots—3011,Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 ce a.o a r,a�r (5 C Y t� F F 0 i Address 5301 Alma Highway Date 4/6/2023 City Van Buren Price $265,000 State AR Price per Acre $59,955 Zip 72956 Price per Land SF $1.38 Tax ID 001-03687-001 Financing 100%+financing Grantor H.B. Willis, Inc.. Property Rights Fee Simple Grantee Norris Material&Supply, LLC Conditions of Sale Unknown Legal Description Pt SW/4, NW/4 Section 15, Days on Market 1 T9N, R31 W, Crawford Co., AR Sale Data Source WRV ML#1064272 Sale Verification Source PRDoc#2023002927 Acres 4.42 Topography Level Land SF 192,535 Zoning None;Rural Road Frontage 641.26 Flood Zone Zone X Shape Rectangular Encumbrance or Easement Assume Typical Utilities Assume Adequate Environmental Issues None Known One prior transfer noted within 36 months of the sale date used above: N 0 N 04/06/2021, $0.00, Harold B. Wills to H.B. Willis, Inc., PRDoc#2021003677 c This appears to be an administrative transfer between related parties. ca CL E 0 U m A T CL n. Q 00 O Land B arable 3 _. Pt�1T hlpL LANE, EGS 141v<B URLC< fi l4tlS'(�1' CHART F,S T & ; S CI10Q1 �� LCSLII A DISTRICT cC*09 f P,pKltl�'(£(!1 CME a�Ru 5 0 .t sosie N6ai A'y 1JEiJ Y x [fR RTIGSC LAL i-607 B., r1ARQN R L'tlCE E T T1 TdL[Cst3 TS • 'Q lsC3 GL\LILkL + , "" LC2ABETN t AN aiT}sfTT 1�P el htstTf6rcEjISCtiS 607!$Q 613s - , TT( Idk� h��d t crag)v T+IRGN INVESTMER- 4 N0WLI T I? I101I PTt>�F$R >rS5"A MA THr�ry I'�RKVIC\V) . pj ,.� ROSENf\ ZtiN Y LLQ`" 645A 13 PEI Q\1'JCE OSEN 1Rt "t k j` � ,•601 off• J1BBI1rlL) ^1� Pln Dollar Gelieral 1608 B` `i and R Cu om�1,1CaKrl Qi� DOI*store .1 Ikkk?� ' ah# ' �° '603a� �E'13 WILRINSM- G t KAY LY 'k UllI F. �ILBGR;�I� Par view � ,� ICT IAEL JI)GETTEf D663&000 A xi ��, �ttJpJQL 925 CLltw1�K". 62d t E t Eli IEN btiTTi yr? e2�"►5 .. t le��c 1` +t �m� vY..t7 IITtaV M�o�a2�P �# T 1N. RpDINSQ',4 4n -. ¢ x vrcF.>. Iai iT tl ransaction 1 11� � 11 1• 1 11 . . � . -. Site Comments 0 43 Vacant Commercial/industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Am', 7, x sFE i r, { j S• �, Address East Pointer Trail Date 6/21/2022 City Van Buren Price $185,000 State AR Price per Acre $71,154 Zip 72956 Price per Land SF $1.63 Tax ID 700-07061-102 Financing Unknown Grantor TPC Partners, LLC Property Rights Fee Simple Grantee Jaimin Patel Conditions of Sale Unknown Legal Description Lot 2, The Plaza Addn, Van Days on Market 337 Buren, Crawford Co., AR Sale Data Source WRV ML#1048275 Sale Verification Source PRDoc#2022006767 Acres 2.60 Topography Level Land SF 113,256 Zoning C-2 Road Frontage 148.03+232.08 Flood Zone Zone X Shape L Shaped Encumbrance or Easement Assume Typical Utilities Assume Adequate Environmental Issues None Known No prior transfers within 36 months of the sale date used above. N 0 N U C C CO Q E O U m CL n. Q M m Q Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 "Ix a� .bit 4F Address 1621 12th Court Date 11/15/2021 City Van Buren Price $198,500 State AR Price per Acre $90,227 Zip 72956 Price per Land SF $2.07 Tax ID 700-07061-110 Financing Unknown Grantor TPC Partners, LLC Property Rights Fee Simple Grantee L&B Armstrong Properties, Conditions of Sale Unknown LLC Legal Description Lot 413-1A, Replat of Lot 413-1, Days on Market 121 The Plaza, Van Buren, Crawford Co., AR Sale Data Source WRV ML#1048250 Sale Verification Source PRDoc#2021012803 tN Acres 2.20 Topography Level Land SF 95,832 Zoning R-3 Road Frontage 190.74+ 60 Flood Zone Zone X Shape L Shaped Encumbrance or Easement Assume Typical Utilities Assume Adequate Environmental Issues None Known CO N a, 4CD y. No prior transfers within 36 months of the sale date used above. ca c c a. E 0 U za Mn CU L Q Q Q M L =3 M W O Vacant Commercial/Industrial Lots—30th Cir.,N.3011,St.,&Kibler Rd.,Van Buren,AR 72956 Land Comparables Map }I �]•* X yr "Y' ".rti,,.. C . .p, `�''^a..a-_--+'�� //�� • uren High School Van.BUfen twmu,t at dsmm uau. "€ � H wmu trAE \"4 P'1 iroTE • � ,,-f Planet Fitness' .111 ._.;e".„ "� \♦O }t " ` V •• ~ " "ti..,`., epaRment•�vToio2.:r --•. LeeMeek-< 'aa`:` ✓' �...•�'...X'/ 4t-'`" ea "�' —. ,st �iFortSmitti ;, � % � Iam6sRTau Elements Schoo AL a Legend Address city Distance Subject 30th Circle, North 30th Street, & Kibler Road Van Buren Comp 9 Rena Road Van Buren 2.8311 miles Comp 2 5301 Alma Highway Van Buren 2.4975 miles Comp 3 603 Park\iew Street Van Buren 1.6656 miles Comp 4 East Pointer Trail Van Buren 1.7961 miles Comp 5 1621 12th Court Van Buren 1.8661 miles Analysis Grid N The above sales have been analyzed and compared with the subject property.I have considered adjustments in the N areas of: • Property Rights Sold • Market Trends Q • Financing • Location o • Conditions of Sale • Physical Characteristics On the following page is a sales comparison grid displaying the subject property,the comparables and the a adjustments applied. a U3 L L M� W O Vacant Commercial/Industrial Lots-30th Cir..,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 a t Address 30th Circle,North Rena Road 5301 Alma Highway 603 Parkview Street East Pointer Trail 1621 12th Court 30th Street,& Kibler Road City Van Buren Van Buren Van Buren Van Buren Van Buren Van Buren State AR AR AR AR AR AR Date 4/13/2023 12/30/2021 4/6/2023 10/11/2022 6/21/2022 11/15/2021 Price S1,000,000 $265,000 $140,000 $185,000 $198,500 Land SF 289,030 495,277 192,535 70,567 113,256 95,832 Price Per Acre 2.02 1.38 1.98 1.63 2.07 Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Staple 0.0% Fee s'urple 0.0% Fee Sinple 0.0% Financing Conventional Naoiw m 0.0% 1W%+6=1 M 0.0% Naeistl°sed 0.0% Unknown 0.0% Unknown 0.0% Conditions of Sale Cash Unknown 0.0% Unknown 0.0% Unknown 0.0% Unknown 0.0% Unknown 0.0% Expend.After Sale 0.00 0.00 0.00 0.00 0.00 Adjusted Price/Acre 2.02 1.38 1.98 1.63 2.07 Market Trends Through 41l3/2023 8.0% 0.0% 1.0% 2.0% 9.0% Adjusted Price/Acre 2.18 1.38 2.00 1.67 2.26 Location 2 city streets& City street, Mixed use/hwy City street,no msrd City streets, City street, mixed use/hwy proximate to corridor,11,000 traffic,proximate to proximate to proximate to corridor,4,900 cars primary comm cars,distant from primary comm primary comm primary comm corridor,6,700 cars city center corridor corridor,9,700 cars corridor,9,700 cars %Adjustment 0% 0% 10% 0% 0% Qualitative Similar Similar Inferior Similar Similar $Adjustment 0.00 0.00 0.20 0.00 0.00 Flood Zane Zone X Zone X Zone X Zone X Zone X Zone X %Adjustment 0% 0% 0% 0% 01% Qualitative Similar Similar Similar Similar Similar $Adjustment 0.00 0.00 0.00 0.00 0.00 Topography Generally Level Level Level Level Level Level %Adjustment 0% 0% 0% 0% 0% Qualitative Similar Similar Similar Similar Similar $Adjustment 0.00 0.00 0.00 0.00 0.00 Shape Irregular,adequate Rectangular Rectangular Rectangular L Shaped L Shaped %Adjustment 0% 0% 0% 14% 12% Qualitative Similar Similar Similar Inferior Inferior $Adjustment 0.00 0.00 0.00 0.23 0.27 Encumbrance Or Easement Typical Typical+Access Assume Typical Assume Typical Assume Typical Assume Typical Esmnt for Billboards %Adjustment 10% 0% 0% 0% 0% Qualitative Inferior Similar Similar Similar Similar $Adjustment 0.22 0.00 0.00 0.00 0.00 Percent Cleared 100% 80% 80% 10% 100% 100% Adjustment 5% 5% 25% 0% 0% Qualitative Inferior Inferior Inferior Similar Similar M $Adjustment 0.11 0.07 0.50 0.00 0.00 CVO Land SF 289,030 495,277 192,535 70.567 113,256 95,832 cV %Adjustment 15% 5% -15% -5% -15% Qualitative Larger Smaller Smaller Smaller Smaller - $Adjustment 0.33 -0.07 -0.30 -0.08 -0.34 Utilities Adequate Assume Adequate Assume Adequate Assume Adequate Assume Adequate Assume Adequate Q %Adjustment 0% 0% 0% 0% 0% EO Qualitative Similar Similar Similar Similar Similar U $Adjustment 0.00 0.00 0.00 0.00 0.00 Zoning C-2;I-2 C-2 None;Rural C-2 C-2 R-3 but adj.to C-2 %Adjustment 0% 251% 0% 0% 0% Q Qualitative Similar Inferior Similar Similar Similar Q $Adjustment 0.00 0.34 0.00 0.00 0.00 M 'i t Net Adjustments 30.0% 25.0% 20.0% 9.0% -3.0% m Gross Adjustments 30.0% 35.0% 50.0% 19.0% 27.0% Vacant Commercial/Industrial Lots—30w Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Comparable Land Sale Adjustments Property Rights To the appraiser's knowledge,all sales were market transactions conveying the fee simple interest thereof. No adjustments are necessary. Financin Very few details of financing arrangements were readily available through data sources.All comparables are assumed to have sold under cash or typical purchase money mortgages,which equates to cash to seller,with no unusual or special financing which would favor either the buyer or seller. Conditions of Sale The appraiser discovered no conditions of sale for the closed sales which require adjustment. Economic Trends The appraiser considered an adjustment for market change/time for the period between the dates of sale and the effective date of the report.Measuring a market change can be accomplished in several ways. Comparing prior sale(s)of the None of the comparables had a recent or relevant prior arms-length sale with comparables to the current sale. I which to extract a market change rate. Local Market Indicators Local,regional,and national economic indicators are mixed.Interviews with market participants suggest that land values are generally keeping pace with general inflation rates,i.e.,CPI rates. Conclusion Lacking clear market extracted change rates or trends,the appraiser will make market change adjustments for passage of time based on CPI changes between the date of sale of each comparable and the effective date. Location Based on analysis and comments presented within the sales comparison grid,a location adjustment is made to Comparable#3.The remaining comparables have similar overall location appeal,or off-setting factors equating to a similar appeal,as the subject. Flood Zone No differences requiring adjustment. Topography o No differences requiring adjustment. Shape CU The subject and Comparables#1,#2,and#3 are adequately configured for development.Comparables#4 and#5 are E L shaped,thus with some loss in site utility based on their configuration.After analysis of the percent loss for the L 0 portion of each site,adjustments are made to Comparables#4 and#5. .D Q CL MO m 0 Vacant Commercial/Industrial Lots—Wh Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Encumbrance or Easement Typical utility easements are noted for the subject tract and Comparables#2-#5.Comparable#1 has typical utility easements but is also encumbered by an access easement for maintenance of two billboards facing the interstate highway along the south boundary of this tract.A compensating adjustment is appropriate. Percent Cleared Land market participants for commercialrndustdal/multi-family land typically prefer cleared land based on anticipated higher development costs associated with wooded tracts.Thus,the adjustments to Comparables#1,#2,and#3 which exhibit lesser estimated percent cleared than the subject and remaining comparables. Land SF Assuming a site is functional,larger sites tend to sell for less per unit than smaller sites and vice versa. In the case of this analysis,a review of the in-progress adjusted values,comparing the<3.0 acre tracts to the 3+acre tracts,reveals a clear economy of scale.The extracted factor is utilized in applying moderated(to recognize generally accepted adjustment thresholds)size adjustments to all comparables.Supporting work sheets are retained in the appraiser's work files. Utilities No differences requiring adjustment. zoning An analysis of the in-progress adjusted values supports the premise that commercial/industrial/multi-family investors prefer zoned land to un-zoned land,but does not support an adjustment between the varying zoning categories. Therefore,an adjustment is made Comparable#2 alone. CO N O N U C C C6 Q E O U M E2 n. M_ Q m O � o Vacant Lots-3OmCir..N.30m��&Kibler Rd,Van Buren,AR72856 Sales Comparison Approach Conclusion-Land Valuation $3.00 ----- — --------- fill / ^ , ~ - . ' | $z3o $z�u ' $u�u � $2.07 ! $2.30 | g2.83 � $zJz / _$2.40 _i $1.82 f Unadjusted Price Adjusted Price Li nea r(Adju st ed Price) Compiled by Burris Appraisal Company,Inc. Following adjustments,the comparables indicated prices per land afof1J2to2.83 - Comparable $/Land sf Similar ,u Proximate, Subject $2.30 $2 Low Net u mo Purchased for Land Assemblage All of the value indications have been considered.Based OO analysis and weighting presented above, | have arrived utmy final reconciled per land af value of2.3U. CD r� Low: 1.38 1.72 2596 -` High: 2.87 283 37% '= Average: 1.82 2.19 2196 ca CDL K8ad|mo: 1.98 2.19 1096 E Reconciled Value/Unit Value: 2.30 |undaf ^^ Subject Size: 289.030 Indicated Value: $884.760 CL Reconciled Final Aa}mValue: $670,008 Six Hundred S Thousand Doll Vacant CommerciallIndustrial Lots—301h Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 FINAL RECONCILIATION The process of reconciliation involves the analysis of each approach to value.The quality of data applied,the significance of each approach as it relates to market behavior,and defensibility of each approach are considered and weighed.Finally,each is considered separately and comparatively with each other. Value Indications Summary of Valuos Value Premise As Is Date of Value 4/13/2023 Value Type Market Value Value Perspective Current Interest Appraised Fee Simple Land Analysis $670,000 Value Conclusion: $670,000 Sales Comparison Approach The sales comparison approach is applicable to all types of real estate interests when there are sufficient,reliable transactions to indicate value patterns and trends in the market.When data is available,this is the most straight forward and simple way to support a value opinion. Ideally,in the sales comparison approach the appraiser presents comparable sales of similar or"like kind"properties,makes an analysis thereof and makes adjustments to the sales as needed,ultimately estimating a value of the subject, by comparison.Limited,but adequate sales were located,and this approach was developed and reported. Value Conclusion Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s),as of April 13,2023,subject to the Limiting Conditions and Assumptions of this appraisal. Reconciled Value(s): Premise Interest Appraised Effective Date Value Conclusion Current As Is Market Value Fee Simple 4/13/2023 $670,000 co N O N U C T C C6 O_ E O U zu w `n. n. Q m O Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Certification Statement I certify that,to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses,opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial,and unbiased professional analyses,opinions and conclusions. • I have no present or prospective future interest in the property that is the subject of this report and have no personal interest with respect to the parties involved. • I have no bias with respect to the property that is the subject of this report,or to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal. • My analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the Uniform Standards of Professional Appraisal Practice(USPAP). • No one provided significant real property appraisal assistance to the person(s)signing this certification. • I certify sufficient competence to appraise this property through education and experience,in addition to the internal resources of the appraisal firm. • The appraiser has not performed any prior services regarding the subject within the previous three years of the agreement to perform appraisal services. • The reported analysis,opinions,and conclusions were developed,and this report has been prepared in conformity with the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report,Angela Kimble has completed the continuing education program of the Appraisal Institute • The following personnel inspected the subject property: Pi7piperty linspectionand Relp 00mliilatton Role Name Inspected Extent Date of Inspection Appraiser Angela Kimble, SRA has Street Level 4/13/2023 m � O N � U C Angela Kimble, SRA — a Certified General Appraiser Q 479-782-7788 E 0 angela@burdsappco.com CO CG Cn L AR-3710 CL Expires 6/30/2023 Mn m O Vacant Commercial/Industrial Lots—30f Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 ADDENDA Exposure Time A market value estimate assumes a hypothetical sale on the effective date of the appraisal under all conditions stated above,including specifically that"a reasonable time is allowed for exposure in the open market".Such a time is known as"exposure time"and is defined as: The estimated length of time the property interest being appraised would have been offered on the market priorto the hypothetical consummation of a sale at market value on the effective date of the appraisal.. Exposure time occurs before the"hypothetical sale"at the effective date.Estimating an exposure time requires extraction and analysis of historical marketing times for similar properties and analysis of current market conditions as they might influence an exposure period. The ideal methodology for estimating exposure time is to analyze sales of similar property from the subject market which allows extracting of specific exposure time(days on market)by sale,thereby forming an opinion of an applicable exposure time for the subject property.The appraiser discovered the following: Date Range Category Market #Transactions Marketing Time Range Mean Median 12/20/2020 Land Crawford County, 7 1-971 242 days 121 days To (Commercial, AR <1-32 months 8 months 4 months 12/20/2022 Industrial);1- 20 acres Based on the analysis,exposure time is estimated at 4-6 months. CO N O N U C T C (6 CL O U m Mn E2 0- n Q m Q Vacant Commercial/industrial Lots—301h Cir.,N.30,St.,&Kibler Rd.,Van Buren,AR 72956 Appraiser's Qualifications Burris Appraisal company,Inc. 4101exington Avenue R.O.Box 8127 For[smith,AR 7Z902 4797g2-77sa I wunv.bwrisappco.com anFel.a-@burrisappco.com ANGELA KIMBLE,SR y GENERAL Graduate of Greenwood High School,Greenwood,Arkansas.1994. EDUCAYIQCd Graduate of,:rY.acrsasTech University Russellville,Arkansas.2014. APPRALSAL STATE CERTIFIED GENERAL APPRAISER SPECIFIC Arkansas#CG371D ACHIEVEMENTS Original CR Certification Issued.April 3,2014 CG Upgrade Issued May 10,2021 STATE REGISTERED APPRAISER ,Arkansas#SR371O January 17,2012—April2,2014 Over 2,50D experience hours un der supervision of Don Burris,State Certified General Appraiser(ARCR.10372&OK#1O895CGA) FHA APPROVED 1 As cf April,2D14 MEMBER OFTHE APPRAISAL INSTITUTE Member Since Sepsemb er,2013 Designated Member Since June,20113 APPRAISER SPECIFIC Lunch ILLearn_Commeraatti7erket,&amnrp,&Aplaa�--ttaa-trYsemirrs-10j20Z2-Appni�lInstitute EDUCtAHON Incons-tency:Ies Hiding in Plain S4ht in Your Appmcal-OSf2OZ2-Appra"sm3lnsiitete 2072-2M 7 Hour National USPAP Update Cotvse-03f2022-AppeacaI Ins5',ute Gettin&it Rightfrom the Start:A%Vm1wut Plan for Your Scope of Work-04,2021-Appmis2i In.-%i Ute Rapid Response:MlsketAnalpisinVohWe:Markets-O,!12021-Appra$a Imfrtute Examining Property Rights&Implication in Value,-0912020-Its Salle=/Appr.Lal Insti=e The cost Approach:Unneccsary or Vital to a Healthy practice-UW020-Appmis:3 Instinee N 2020.2021 USPAP Update Course-1212D19-Appr2i:-1 In.-ytute CD Various--Semkmrs-Appraisal hefitute National Conference-9712019 d C General Appraiser Report Writing-0512039-Appracaf Inz—ti ae General Appraiser Income Approach Part Z-0512D19-Apprairrd Insitute: C ca Evakmting Commercial leases-1212019-Apprai=l Insi-aze C1 General Appra'eer Income Approach Part 1-iZ(2013-Apprasal Institute 0p General Appraiser Site Valuation&Curt Approach-0912Di8-Appraisal lnsat=e U ca Vrsriam Seminars-Appraisal Institute Natiamd Corderrnce-071201E N General Appraiser Sales Comparison Approach-0512019-Appr2isal Institute Q CL Q L M� 03 O Vacant Commercial/Industrial Lots—30f Cir.,N.3011,St.,&Kibler Rd.,Van Buren,AR 72956, Ganerai Appraiser MarkecAnOys4s&Highest and 5estUx-02P-OlE-hppc.inal Cnstitvx 2016-2017 USPAP UpdatcCoure-019D1fi-Apprais;d Insffire The FHAAppraisal-012015-U.S.0epa=ro tciHU0-FederaliiouangAdrnim Famdc MaefANSI Update-O512015-She Columhin lnstiarte ]ivanrs Pre;cticc&Ethics-iQP-U14-Appraisal[nstitux 2014-201S National USPAP Update Courme-03,2014-Appnis:7lnzir ste Advanced Residential Report Writing,Parts I&It-0?J201G-Appraisal Institute ' Real Estate Fatance Stat'stic and Yahmtian Modeling-102013-Appni:al lmtk rx Residential Report Writing and Case Studied OS12013-Apprical Institute 2012-2013 Umdorm Standards of Professional Appraisal Prim ice[USPAP)-12/2012-RCI Career Enhancements Residential Saks Comparison&Inccane Approach-101201Z-Apnnisalf zdame Residential Site Valuation&Cast Approach-05/2012-Appraa:a!'Institute Residential Market Analysis and Highest&Hest Use-W 2012-Appraisal Ra.:ute Bmem Appraisal Procedures-032012-Apprafsalin_-;torte ]testes AppraisalPrindples-02,12012-Appraisallnstitute fundamental of Real Proper:/Apprasal-07120W-Arkansas 5=.e Univerty EIVIPLOYMENT BURKS APPRAISAL COMPANY,ING HISTORY 1998—'2003&2006—Present ST PAUL UNrrED METHODIST CHURCH 2004-200S REFERENCES SARA W.STEPHENS,MAI,AI-GRS Richard A-Stephens€c Associates,Inc. 501372 7513 BOB COSTNER Vice President and Managing Officer ofRealty Appraisals,First Bank Corp 479 782-2041 co N O N CU C ca co fl_ E O U m Page 19 Angela kimb le,SRA 0- in. Q 00 O Vacant Commercial/industrial Lots—301h Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Arkansas Appraiser Licensing & Certification Board r x This is to certify that Angela L Kimble Credential # CG-3710 has complied with the requirements of Arkansas code 17-14- 201 et seq.; and is the holder of a valid credential. This card is for identification purposes only. Expiration Date: 6/30/2023 Chairman CY) CV O N U C T C CO Q E O U Fa Mn a. Q L L m O Vacant CommerciallIndustrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Letter of Engagement APPRAISAL ENGAGEMENT LETTER March 31,2023 City of Van Buren Joe Hurst Mayor 1003 Broadway Van Buren,AR 72956 Re: Appraisal Request Dear Mr.Hurst: BURRiS APPRAISAL'CO.,INC.agrees to provide an appraisal of the above-mentioned property according to the following terms.Please refer to the Appraisal Services Agreement and the Terms and Conditions,which are expressly incorporated herein by reference and made a part of this agreement.This Engagement Letter,the Appraisal Services Agreement and the Terms and Conditions shall be collectively referred to as"Agreement." 9. Specifications of the Appraisal. Subject Property: Lots 1-7 Eastside Commercial Park Property Type: Vacant Lots Interest to be Valued: Fee simple interest. Additional Property to be None Valued: Intended Use: To assist the client in establishing the market value of the property for a purchase transaction. Intended User(s): City of Van Buren Joe Hurst Appraiser's identification of the intended user(s)of the appraisal is to determine the type and extent of research,analysis and reporting appropriate for the assignment. It is specifically not an acknowledgement or granting of permission by the Appraiser that such parties will or may rely on the appraisal. Type of Value: "As.is"market value under the Federal Interagency Appraisal and Evaluation Guidelines. N 0 CV Date of Value: Date of Appraiser's inspection,to be determined,will be stated in the report. Appraiser is not responsible for determining whether the date of value requested by Client is appropriate for Clients intended use. a Hypothetical conditions, None anticipated E Special/Extraordinary U assumptions: Co u7 Co APPROL! L y r I L1 Q. Q L m O Vacant Commercial/Industrial Lots—30th Cir.,N.30ih St.,&Kibler Rd.,Van Buren,AR 72956 Anticipated Scope of Work: Appraiser's anticipated scope of work for developing the appraisal will include: 1.A complete interior and exterior inspection of the subject property. 2.Research of appropriate market factors including sales,listings,supply and demand,inventory, market area analysis,and trends. 3.A complete as vacant and as improved highest and best use analysis.Physically possible, legally permissible,and financially feasible uses were considered,and the maximally productive use will be estimated. Report Option and Format: Commercial land Report Delivery Date: April 19,2023 Appraiser will use Appraiser's best efforts to deliver the appraisal report no later than such date. Appraiser's delivery of the report is contingent on Appraiser's timely receipt of information and documentation from Client and other parties.In the event of a delay beyond that date,Appraiser will inform Client promptly as soon as reasonably practicable. Appraiser's Interest in Appraiser has no knowledge of any current or Subject Property or in Client prospective interest of the Appraiser in the subject or Other Involved Parties: property or in Client or other parties involved in the transaction to which this appraisal relates. PriorServices Regarding Appraiser has not performed any prior services Subject Property(USPAP regarding the subject property within the three-year Disclosure): period immediately preceding the date of this Agreement,as an appraiser or in any other capacity. Special Conditions: None. Appraisal Fee: $2000.00 Payment Terms: Invoiced. Cl) N O N U cc c Q E O i U m Co a a Q L L M� W O Vacant Commercial/industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 2. Property Documentation.Client agrees to provide Appraiser with the documentation required and requested prior to beginning work on the Appraisal.Client agrees to provide the following: General Requirements a) Legal description of the subject property. b) Survey of the subject property,if available. c) Contact name,permission to enter and phone number for property access. d) Copies of any environmental reports prepared on the subject property,if applicable. e) Copies of any deed restrictions,landowner agreements,easementsor development agreements affecting the use of the subject property. f) Copies of any special zoning ordinances or restrictions applicable to the subject property. g) Copies or summaries of any ground leases. Existing Property: a) Detailed information on acquisition including prior ownership,date acquired, price,terms of transaction,and any special conditions of sale.Include closing statement or contract of sale,if available. b) Details of any major capital projects related to the property during the term of Client's ownership. c) Copy of the sales contract if property is under contract for sale. d) If currently or previously leased within 3 years,operating in c o m e a n d expense history for the property for the last three (3) years. e) If leased or partially leased,copies of all leases. f) If leased or partially leased,a rent roll or tenant summary. g) If vacancies are present,current lease list price. h) If for sale,current,listing data. i) If recently completed(within 12 months)a set of building plans and a detailed breakdown of original construction costs for the building, including any recent additions. Proposed or Under Construction Project: a)Set of building plans,including at a minimum,site plan,floor plans,and elevations. b)Detailed estimate of anticipated construction costs. c)Copy of the sales contract if the whole property or a portion thereof(i.e.land)is under contract. d)If pre-leased or partially pre-leased,a copy of all leases,letters of intent or lease memorandum agreements. M N O N U C O Q E O � U U3 2 iz a Q CO O Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 ` 7 3. Client Acceptance 4."t-YA— Signature:aurecooPtejwi 2czaoamcor) Client:City of Van Buren Billing Address(email or person/address to whom invoices should be sent): 1003 Broadway Van Buren,AR 72956 icopple(@-vanburencity.org—479-474-1541 Appraiser: v Name: Angela Kimble Position/Title:Certified General Appraiser/CEO M N O N U C C C6 Q E O ) i U 5 M CU L Q Q Q m O 1 Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Glossary This glossary contains the definitions of common words and phrases,used throughout the appraisal industry,as applied within this document.Please refer to the publications listed in the Works Cited section below for more information. Works Cited: ■ Appraisal Institute. The Appraisal of Real Estate. 15th ed.Chicago:Appraisal Institute,2020.PDF. ■ Appraisal Institute.The Dictionary of Real Estate Appraisal.7th ed.2022.PDF.Revised edition of The dictionary of real estate appraisal,[2015] ■ The Appraisal Foundation. 2020-2022 Uniform Standards of Professional Appraisal Practice (USPAP). Eff. January 1,2020,through December 31,2022,PDF. Band of Investment A technique in which the capitalization rates attributable to components of an investment are weighted and combined to derive a weighted-average rate attributable to the total investment (i.e., debt and equity, land and improvements). (Dictionary,7th Edition) Common Area 1. The total area within a property that is not designed for sale or rental but is available for common use by all owners, tenants,or their invitees,e.g.,parking and its appurtenances,malls,sidewalks,landscaped areas,recreation areas, public toilets,truck and service facilities. 2. In a shopping center,the walkways and areas onto which the stores face and which conduct the flow of customer traffic.(ICSC)(Dictionary,7th Edition) Common Area Maintenance(CAM) 1. The expense of operating and maintaining common areas; may or may not include management charges and usually does not include capital expenditures on tenant improvements or other improvements to the property. 2. [For shopping centers,t]he amount of money charged to tenants for their shares of maintaining a center's common area.The charge that a tenant pays for shared services and facilities such as electricity,security,and maintenance of parking lots. Items charged to common area maintenance may include cleaning services,parking lot sweeping and maintenance,snow removal,security, [amenities,]and upkeep.(ICSC)(Dictionary,6th Edition) Debt Coverage Ratio(DCR) The ratio of net operating income to annual debt service(DCR=NO111",which measures the relative ability of a property to meet its debt service out of net operating income; also called debt service coverage ratio (DSCR). A larger DCR typically indicates a greater ability for a property to withstand a reduction of income,providing an improved safety margin for a lender.(Dictionary,6th Edition) Discount Rate m N A rate of return on capital used to convert future payments or receipts into present value. (Dictionary,7th Edition) N U C Effective Age The age of property that is based on the amount of observed deterioration and obsolescence it has sustained,which may CO be different from its chronological age.(Dictionary,7th Edition) o U Effective Date Mn CO 1. The date on which the appraisal or review opinion applies.(SVP) Q. CL 2. The date to which an appraiser's analyses, opinions, and conclusions apply; also referred to as date of value. a (USPAP,2020-2022 ed.) Mn 3. The date that a lease goes into effect.(Dictionary,7th Edition) CO 0 Vacant Commercial/Industrial Lots—30th Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 Exposure Time 1. The time a property remains on the market. 2. An opinion,based on supporting market data,of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. (USPAP,2020-2022 ed.)(Dictionary,7th Edition) External Obsolescence A type of depreciation;a diminution in value caused by negative external influences and generally incurable on the part of the owner, landlord, or tenant.The external influence may be either temporary or permanent. There are two forms of external obsolescence:economic and locational.(Dictionary,7th Edition) Extraordinary Assumption An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which,if found to be false, could alter the appraiser's opinions or conclusions. Comment: Uncertain information might include physical,legal,or economic characteristics of the subject property,or conditions external to the property,such as market conditions or trends,or about the integrity of data used in an analysis.(USPAP,2020-2022 ed.)(Dictionary,7th Edition) Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation,eminent domain,police power,and escheat.(Dictionary,7th Edition) Functional Obsolescence The impairment of functional capacity of improvements according to market tastes and standards.(Dictionary,7th Edition) Functional Utility The ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards;the efficiency of a building's use in terms of architectural style,design and layout,traffic patterns,and the size and type of rooms.(Dictionary,7th Edition) Gross Building Area(GBA) Total floor area of a building,excluding unenclosed areas, measured from the exterior of the walls of the above-grade area.This includes mezzanines and basements if and when typically included in the region.(Dictionary,7th Edition) Gross Leasable Area(GLA) 1.Total floor area of a building,excluding unenclosed areas,measured from the exterior of the walls of the above grade area.This includes mezzanines and basements if and when typically included in the market area of the type of property involved. 2.Gross leasable area plus all common areas. 3. For residential space, the total area of all floor levels measured from the exterior of the walls and including the N superstructure and substructure basement;typically does not include garage space.(Dictionary,7th Edition) N U Highest and Best Use 1.The reasonably probable use of property that results in the highest value.The four criteria that the highest and best useca must meet are legal permissibility,physical possibility,financial feasibility,and maximum productivity. E 2.The use of an asset that maximizes its potential and that is possible,legally permissible,and financially feasible.The 0 highest and best use may be for continuation of an asset's existing use or for some alternative use.This is determined by Z5 the use that a market participant would have in mind forthe asset when formulating the price that it would be willing to bid. Q (IVS) a 3. [The]highest and most profitable use for which the property is adaptable and needed or likely to be needed in the Mn reasonably near future.(Uniform Appraisal Standards for Federal Land Acquisitions) m 0 Vacant Commerciallindustrial Lots—W,Cir.,N.30th St.,&Kibler Rd.,Van Buren,AR 72956 4.[For fair value determination]The use of a nonfinancial asset by market participants that would maximize the value of the asset or the group of assets and liabilities(for example,a business)within which the asset would be used. (FASB Glossary)The highest and best use of a nonfinancial asset takes into account the use that is physically possible,legally permissible,and financially feasible.(FASB 820-10-35-10B).The highest and best use of a nonfinancial asset establishes the valuation premise used to measure the fair value of the asset, as follows: (a) The highest and best use of a nonfinancial asset might provide maximum value to market participants through its use in combination with other assets as a group(as installed or otherwise configured for use)or in combination with other assets and liabilities(for example,a business).(b)The highest and best use of the asset might provide maximum value to market participants on a standalone basis.(FASB 820-10-35-10E)(Dictionary,7th Edition) Highest and Best Use of Land or a Site as Though Vacant Among all reasonable,alternative uses,the use that yields the highest present land value,after payments are made for labor,capital,and coordination.The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements.(Dictionary,5th Edition) Highest and Best Use of Property as Improved The use that should be made of a property as it exists.An existing improvement should be renovated or retained as is so long as it continues to contribute to the total market value of the property,or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one.(Dictionary,5th Edition) Hypothetical Condition 1.A condition that is presumed to be true when it is known to be false. (SVP) 2.A condition,directly related to a specific assignment,which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.Comment:Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property;or about conditions extemal to the property,such as market conditions or trends;or about the integrity of data used in an analysis.(USPAP, 2020-2022 ed.) (Dictionary,7th Edition) Lease Types Absolute Net Lease-A lease in which the tenant pays all expenses including structural maintenance,building reserves, and management;often a long-term lease to a credit tenant. Gross Lease-A lease in which the landlord receives stipulated rent and is obligated to pay all of the property's operating and fixed expenses;also called full-service lease. Modified Gross Lease-A lease in which the landlord receives stipulated rent and is obligated to pay some,but not all,of the property's operating and fixed expenses.Since assignment of expenses varies among modified gross leases,expense responsibility must always be specified.In some markets,a modified gross lease may be called a double net lease,net net lease,partial net lease,or semi-gross lease. (Dictionary,7th Edition) CO Leased Fee Interest N The ownership interest held by the lessor includes the right to receive the contract rent specified in the lease plus the c5 reversionary right when the lease expires.(Dictionary,7th Edition) CU — C c Market Area The geographic region from which a majority of demand comes and in which the majority of competition is located. c� Depending on the market,a market area may be further subdivided into components such as primary,secondary,and Zu tertiary market areas,or the competitive market area may be distinguished from the general market area.(Dictionary,7th a Edition) C Market Rent m 0 Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 The most probable rent that a property should bring in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the rent is not affected by undue stimulus.Implicit in this definition is the execution market support of a lease as of a specified date under conditions whereby •Lessee and lessor are typically motivated; •Both parties are well informed or well advised,and acting in what they consider their best interests; •Payment is made in terms of cash or in terms of financial arrangements comparable thereto;and •The rent reflects specified terms and conditions typically found in that market,such as permitted uses,use restrictions, expense obligations,duration,concessions,rental adjustments and revaluations,renewal and purchase options,frequency of payments(annual, monthly,etc.),and tenant improvements(Tls).(Dictionary,7th Edition) Market Value A type of value that is the major focus of most real property appraisal assignments.Both economic and legal definitions of market value have been developed and refined,such as the following. 1. The most widely accepted components of market value are incorporated in the following definition:The most probable price,as of a specified date,in cash,or in terms equivalent to cash,or in other precisely revealed terms,for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale,with the buyer and seller each acting prudently,knowledgeably,and for self-interest,and assuming that neither is under undue duress. 2. Market value is described, not defined, in the Uniform Standards of Professional Appraisal Practice (USPAP) as follows:A type of value,stated as an opinion,that presumes the transfer of a property(i.e.,a right of ownership or a bundle of such rights),as of a certain date,under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.Comment:Forming an opinion of market value is the purpose of many real property appraisal assignments,particularly when the client's intended use includes more than one intended user.The conditions included in market value definitions establish market perspectives for development of the opinion.These conditions may vary from definition to definition but generally fall into three categories: 1. the relationship,knowledge,and motivation of the parties(i.e.,seller and buyer); 2. the terms of sale(e.g.,cash,cash equivalent,or other terms);and 3. the conditions of sale(e.g.,exposure in a competitive market for a reasonable time prior to sale). Appraisers are cautioned to identify the exact definition of market value, and its authority, applicable in each appraisal completed for the purpose of market value. (USPAP,2020-2022 ed.) USPAP also requires that certain items be included in every appraisal report.Among these items,the following are directly related to the definition of market value: Identification of the specific property rights to be appraised. Statement of the effective date of the value opinion. • Specification as to whether cash,terms equivalent to cash,or other precisely described financing terms are assumed as the basis of the appraisal. If the appraisal is conditioned upon financing or other terms,specification as to whether the financing or terms are at, o below, or above market interest rates and/or contain unusual conditions or incentives.The terms of above-or below- " - market interest rates and/or other special incentives must be clearly set forth;their contribution to,or negative influence on, value must be described and estimated; and the market data supporting the opinion of value must be described and explained. 0- 3.The following definition of market value is used by agencies that regulate federally insured financial institutions in the El United States:The most probable price that a property should bring in a competitive and open market under all conditions CO requisite to a fair sale,the buyer and seller each acting prudently and knowledgeably, and assuming the price is not Ln L affected by undue stimulus.Implicit in this definition Q is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised,and acting in what they consider their best interests; o Vacant Commercial/Industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S.dollars or in terms of financial arrangements comparable thereto;and 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. (12 C.F.R.Part 34.42(g);55 Federal Register34696,August 24,1990,as amended at 57 Federal Registerl 2202,April 9, 1992;59 Federal Register29499,June 7, 1994) 4. The International Valuation Standards Council defines market value for the purpose of international standards as follows:The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction,after proper marketing and where the parties had each acted knowledgeably,prudently and without compulsion.(IVS) 5.The Uniform Standards for Federal Land Acquisitions defines market value as follows:Market value is the amount in cash,or on terms reasonably equivalent to cash,for which in all probability the property would have sold on the effective date of the appraisal,after a reasonable exposure time on the open competitive market,from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer,with neither acting under any compulsion to buy or sell,giving due consideration to all available economic uses of the property at the time of the appraisal. (Uniform Appraisal Standards for Federal Land Acquisitions)(Dictionary,7th Edition) Marketing Time An opinion of the amount of time to sell a property interest at the concluded market value or at a benchmark price during the period immediately after the effective date of an appraisal.Marketing time differs from exposure time,which precedes the effective date of an appraisal.(Advisory Opinion 7 and Advisory Opinion 35 of the Appraisal Standards Board of The Appraisal Foundation address the determination of reasonable exposure and marketing time.)(Dictionary,7th Edition) Net Operating Income(NOI or lo) The actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted.Note:This definition mirrors the convention used in corporate finance and business valuation for EBITDA(earnings before interest,taxes,depreciation,and amortization). (Dictionary,7th Edition) Obsolescence One cause of depreciation;an impairment of desirability and usefulness caused by new inventions,changes in design, improved processes for production,or external factors that make a property less desirable and valuable for a continued use; may be either functional or external.(Dictionary,7th Edition) Parking Ratio A ratio of parking area or parking spaces to an economic or physical unit of comparison.Minimum required parking ratios for various land uses are often stated in zoning ordinances.(Dictionary,7th Edition) co a N Rentable Area For office or retail buildings,the tenant's pro rata portion of the entire office floor,excluding elements of the building that penetrate through the floor to the areas below.The rentable area of a floor is computed by measuring to the inside finished Q surface of the dominant portion of the permanent building walls,excluding any major vertical penetrations of the floor. o Altematively, the amount of space on which the rent is based; calculated according to local practice. (Dictionary, 7th Edition) CLn ° a. Replacement Cost The estimated cost to construct,at current prices as of a specific date,a substitute for a building or other improvements, using modern materials and current standards,design,and layout.(Dictionary,7th Edition) m 0 Vacant Commercial/industrial Lots—30th Cir.,N.301h St.,&Kibler Rd.,Van Buren,AR 72956 Scope of Work 1.The type of data and the extent of research and analyses.(SVP) 2.The type and extent of research and analyses in an appraisal or appraisal review assignment.(USPAP,2020-2022 ed.) (Dictionary,7th Edition) Stabilized Occupancy 1.The occupancy of a property that would be expected at a particular point in time,considering its relative competitive strength and supply and demand conditions at the time,and presuming it is priced at market rent and has had reasonable market exposure.A property is at stabilized occupancy when it is capturing its appropriate share of market demand. 2.An expression of the average or typical occupancy that would be expected for a property over a specified projection period or over its economic life. (Dictionary,7th Edition) Tenant Improvements(Tls) 1. Fixed improvements to the land or structures installed for use by a lessee. 2. The original installation of finished tenant space in a construction project;subject to periodic change for succeeding tenants.(Dictionary,7th Edition) Vacancy and Collection Loss A deduction from potential gross income(PGO made to reflect income reductions due to vacancies,tenant turnover,and nonpayment of rent;also called vacancy and credit loss or vacancy and contingency loss.(Dictionary,7th Edition) co N O N U C C C6 Q. E O U m n. a. Q L M� W O meal Estate X investment and , + '�onst>ruct'®n a a . :April 5,2022 Mr.TimArnotd,Chief City of Van"Buren_Fire Department 110-'Eastside Cominereia.l-,Park;Lots,5,.6,&7 - •T + :� a .J s .. ' y • r . • Y ^ Y !° in response to.our conversation earlier'today,we are pleased to,offer th'e sale of the above•referenced property„fora 3t =, total price of$225;000.00: This-price wasAeveloped by valuing the corner lot(7.)at$2.50/sq.ft'j th6 middlo lot,( 6);at x x t• $2.25/,sq:ft.,and lot 5 at$2.00/sq.ft. Based on,recent appraisal data,we febfthi5�is a fair valuation. The offered'sale , price.does support'real estate commissions. If the buyer wishes to use a real estate-professional,:any commissions%will ` be at.their expense. :t Please note that'these lots are fully developed with i vater`and sewer taps available an_d in place;at each 1 t:`O—S E.° T Electhc,and AT&Ttelephone/iriternet'are also,available to each lot. r Should you^have any questions or need further information;.please do not hesitate to•,contact us. IJ Best Regards, r' ram- .., , ..•,� J. R.Young" • , •T k J • , % 4L tx 120 N: 3bth Street- P.O.B6x'604' _ Y•, Van Buren,AR 72957 r ' _ (479)474-2881 -{ U FAX.(479)4744874 Y a l • +a Rea g"Estate .. Inv4stment and" Construction 666fnbeM,2022 or Van Rd 10'03 Broadway` -N U Re `t8iMde*Cdrpipe*�� a g. laf $,May .1.16..,rdspo6se i,6.9'&ihVee ati6n-6fi :et6niIS"e.r-,.92022.Wi"th City.d6haftrh6ht heads;we dre bjeas�ed to offer the�ale .6f-th*e.a6V6 referenced-'Property,.(6 64:O(res):fqr.a total piiqd cif.56.85,000.00:- Baied on,recent app' isM data,we feel ' 'th S ls-a MirValLi6tion. -The''dffered sale price ddes not support to use a real• upport mmissions. I R. )eg 6ny e6m-ffiiss!b"i` ris will be..at-t emexpense.p SA taps,availa6le.and i)G&E'-- -`-Plegsb-ndiefhatih-e�e-16t n gwit, watera ..�'6Wer �n,plat6at each lot. -Eldctric and-AT&T fel6�16n-*6/jqtornet are so,avagalJle to each lot;, Shpul plbase,d , -Y" pve any -o.not hesltate16 contact qs-.: 066", -Enclosure: Eastslde 6rhmercial 1P.ark Plat -30th,Sfr6et 120,N. -k6b* W6 Ecu'ren =238j: F 'X A, 4874(4�79. 474