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HomeMy WebLinkAboutORDINANCE 1558-1993~~~~ ~~~l!/ Su ggested bY: Administration CITY OF KENAI ORDIN7~,NCa gp~ 3558.93 AN O~TNANCE OF THE COUNCIL OF THE CI KMC 22.05.040 (c) and (d) TO CLARIFY L TY OF KENAI ,AMEND SALE OF THEIR LEASED ESSEES RIGHT Tp NEGp-x+IA ING AFTER LEASING LAND, AT NOT LESS T TE THE THE LAND FOR A TWO y HAN THE FAIR MARKET VALUE, • EAR PERIOD. WHEREAS, ordinance requiring that a lessee of Ian 6 amended period of two years or com le ds must haveither0le~ 040 (c) b development schedule before ted development in confo aced for a at fair market value he has a right to negotiatem$ty with a and purchase WHERF,~q-S, it appears KMC 22.05.040 d . intent of Ordinance No. ii34-86 a) was not amended to refle nd ct the ~EREA-5. it is in the best interest o the above-mentioned ambi f the City of Ke gusty. nai to clarf fy NOW, THEREFORE, BE IT ORDAINED gy THE ALASKA, that KMC 22 , 05.040 (c) and d COiTNCIL OF THE CITY OF K -1 ( ) be amended as follows : ENAI ~ ~;~,'~~ 22.05.04 0 (c) If the tract of ~`°~. Droposed to be sold is lea sed land land (airport or otherwise) EVELOPMENT SCHEDULE]. the lessee ma ~~ THE LEASE S the sale of said land at not less th y' at his re ETS FORTH A current lessee obtains this right to ~ the fair market value~tiate has leased the land for the two_ ea egotiate a sale onl The the sale or the lessee has to the sat period immediate) y after he completed development as detailed in the y preceding isfaction of the City Manager, has been incorporated into the lea development schedule APPLIES TO AIRPORT LANDS LEASED AFT se agreement which ER ,~E 1 ((PHIS CONDITION 22.05.040 d • 1986)1. leased land, () If the tract of Iand then the tractO of S1andSED LAND WITHOUT SUBST Sea to be sold is not competitive sealed bids may only be sold b ArTZ'IAL IMPRO~ENTS 1 competitive auction or 8ealedthe tract is to utcry auction or by manner in which the land is tc id sale ~ put up for such newspaper of • notice of sale and the two successivee we al circulatf on w3.thin thehall be City onceueach week n a siae; such notices shallt alsss than 30 da s for andces within the City at leas ~ posed in at rle$st o the date of such other notice ma t 30 days prior to the dates c fP~lic considered advisable Y be given bM such other means as ma le, contain: by the City anager, Such noti y be ae must (1) the legal description of the la (2) a brief physical description ofnd, (3) the area and general location ofthe land, the land, - , ... ~ , (4) the ntinfmum acceptable offer for the land (which shall be ~, its appraised fair market. value), . (5) the ter~ts under ~-hich the land will be said, (6) ~ any limitations an :,the sale of said land, (7) the time and pia~~i stet for the auction or b3,d ,opex:ing, (8j the amount of deposit to be submitted with each,bic~_in ` ,order to cover the City!s expenses suoh as survey, appraisal.,.~`arid reviews, (9) .any other mr:ttera concerning• the sale of which the C3.t~ Manager believes the public snou~,d be informed. PASSED HY :THE COUNCiL OF THE CITY OF KENAI, ALASKA, this ~ 4th day of August, 1993. JOHN J. W LLIAMS, MAYOR LJ ATTEST: Caro L. Freas, C ty C erk ~7/9/93jkh Introduced: July 21, 1993 Adopted: August 4, 1993 Effective: September 4, 1993 • .; ;i; ~ ~. 1 ' t. } ~F ~' F. . ~ti i~. ,. ~,~~ ,. ~';l: ~~ ~!~' .r .~ -a r. f~ ~.\ .. `i i' , -'"rte +'t' __. .~s..v...... _ .Yc_,.~_...Y ...~. ..___.. __ , . ._..._~~.. ,_ .. , ~.,. ..... ... .....x_.. , ....., ..x.... .,. ~ .., , 1781-1891 CITY 4F KENAI Z10 fIDAl.~O KENAI, Af.ABKA X611 TELEPHONE 383.7635 FAX 807-283-3014 MEMORANDUM • • TO: Kenai City Council FROM: Kim Howard, Administrative Assistant DATE: July 8, 1993 R8s Daaais BMaraar/Robert O~Coaaell Land eais At the July 7, 1993 City Council meeting, Ms. Sandra Vozar objected to the sale of Tract A, Kenai Municipal Reserve No. 1 to the above referenced lessees. I would like to assure Council this sale was in line with our normal sale policy. However, Ms. Vozar has brought to our attention an inconsistency in the City Code. As a brief history, the City entered into a 99 year lease with the lessees on March 5, 1985. The lease application was approved by the Planning and Zoning Commission on August 8, 1984 and by the City Council on February 2, 1985. The original construction completion date was September 30, 1985. The Planning and Zoning Commission and Council granted three extensions to the construction completion schedule. In March of 1992, I contacted the lessees and told them they were able to purchase the property under KMC 22.05.040 (c). They opted to proceed with the purchase, at fair market value, as specified in the code. A copy of the appraisal is attached for your information. Also attached, is a map of the area and Borough assessed values. Note the subject property is assessed at $6,400 and sold at $7,700. An example of another sale to a lessee who leased property for two years and had not made substantial improvements, is a lAt to Walter Craycroft in August, 1990, for the property behind his dealership building. It is the City~s policy to tell prospective lessees they may purchase the property after it has been leased for two years. Attached is a copy of Ordinance No. 1134-86. The introductory language in the ordinance clearly indicates the intent of the ordinance to allow leased property, without substantial improvements, to be sold to the lessee. The administration's opinion is the specific language of this ordinance overrides any inconsistency alleged by Ms. Vozar. C7 • 0 A,l,~o,: note. the words "upon substantial improvementshave been made, " were- ` deleted Pr©m I~MQ Z?!. A5.0~0 ~c3 by ~ this ordixiance. It was ~lea~ly . ~ th®. a~tent, end.. hms laean our, pol~.cy, that ,once the property' w-as leased fox two ~year$ the property could be sold to the lessee. When thin cada.rsvie~,on wee.: made, the reference to substantial ~. improv~aei~ti~ .in ~d) -Should also have been .deleted. It is~. the reoomeandat~,on . of the. admin~.etr~tio» that Ordinance i558~ 93 be adopted to olarify the`COde.. under 22.x$.040 tai, the words "where .the lease sets forth a developri~ent schedule" should also be de~.eted.. This would. allow older leases,. some of which do not have a development. schedule attarshed and may have a building on the propesty, to be.eoid to the lessee. /~ Attachments . . .. ... . ,., <... _ „ . , yy 'f ' Suggested by: Administration CITY OF KENAI ORDINANCE N0. 1134-86 AN ORDINANCE OF THE COUNCIL OF THE CITY. OF KENAI, ALASKA,., AMENDING KMC 22.O5.O40(c) BY REQUIRING THAT A LESSEE OF AIRPORT LANDS MUST HAVE EITHER LEASED FOR A PERIOD OF TWO YEARS OR COMPLETES DEVELOPMENT IN CONFORMITY WITH A DEVELOPMENT SCHEDULE BEFORE HE HAS A RIGHT TO NEGOTIATE A PURCHASE AT FAIR MARKET VALUE. WHEREAS, the Federal Aviation Administration (FAA) is concerned that lessees of Airport Lends may be leasing property with the intention of subsequently purchasing the property by negotiation, and thereby avoiding competitive bidding; and, WHEREAS, the City end FAA have agreed that a two-year waiting period will reduce the number of occurrences of such leases; end, WHEREAS, delaying purchases until development is completed or two years have passed is in the best financial interests of the City. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, that KMC 22.O5.04O(c) be amended es foilowe: 22.05.O40(c) If the tract of land (_airport or otherwise) proposed to be sold is leased land where the lease sets fo~rthia develo ment schedule, [UPON WHICH SUBSTANTIAL IMPROVEMENTS HAVE EEN MADE , the lessee may, at his request , negotf ate the Bale of said lend at not less than fair market value. The current lessee obtains this right to negotiate a sale only after he has leased the Iand for the two- ear eriod immedietel ~ receding the ~~ rr~~ rr.~rrr.w. sale or the lessee has to he satisfaction of the i~ty MansaerZ com leted develo ment as detailed in the develo ment schedule which has been incor orated into t e lease a reement this eon ition app ies to A rport Lands leased after June 1, 1986). • . '„ ,,, ,, r 1. ATTESTS . ~ t Whelan,. ty G erk • first Reading: May ?, 1986 Second Reding: Mey 21, 198G Effective Dete: June 21, 1986 ,. . ;. ~t 1 1 i ~l; ~. f? i~.}% tt 1- i t ~ J _ 1 :l ~f ~,. )„~~~ ,.,t. .....n ._ ,., _._ ..,.~_, .. _r_.._ ~ ._.~..~. _ _. • 07-08~1~93 12.10PM .. ' ; ~t t 5 1 1 `i FRAM PLANN~NGIASSESSII TO 82833014 P.01 / ~ ` ,' ` ~ '`,~ ~, .'`• ,~' ~ ~' ,~~~ ~,'' paTQ7 t 06 ~ ~'~ ,'~ ~~• ~ pA70T I I S •• \i , • • • t v ~ • yr Oa70T308 • ~` `, ~ •' '• ` -` 1707114 `, ~~ I~ •'` ~ 2r. ,, / /~ ~I ~; •, 11,, ~ •, ,/ ~,, 04771 t t ,~ 2~ ~ `' •, ~ ,S,~., ., , ,, `~~4,'. c~a7o~aos -, ,- , cS~~ , 708lf0,T '•.~ '`. ,•~ 0~1.' 04707202 .' `~, .' '`.~ •. r ~,, . -;; ~,,~- •,04701203 ~'~ `•,`~~`.:. ,,' ~~~ 04Y07125.' ,' ~ '• `. 04707 t 20 ~ %• ;~', `~ ,- , ,• 4 ,, `, _ ~~ ~ o ~~ , ,. 04T0880S ~ • • ~ ... :. ' r , ~ , 707 t,~ ~ ~ r .• 1 I aQe •, 1 `~ - g 1 ,/ ,.' ; i~•,.; ;' ~ vas TR. A ~ ~~ 'T• '--, ~, .. - St anz, •. l'•' ~ ~ `•~~ ~ YO ,~ ; r~ ' `.r 04708810 X7086 - ' r' S .,, • 8 ; ; ~ ~ ~~• $ oaroea r a ~ 7 ~,~, ~ -•..._~KENA 1 MUN I C l F'A1,,. RESERV 4TOSSo ` ~t .~ `,-•-_. -.. / r ~~,.r- /~1 ~ 1 ! f 1 J f I 1 ~' "~rrri'•~,rr "••~r f I '1'! ~Q 1 t / + ~ ! 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Zlpcode .-.4961._,.__.-_ -- _ Oate Ot Sete ~c..-6rr~~,an Term ~N~A-.__yrs Property Rights AppraiaepV. lee .. __"`.~" __•...... ~._.._ l yr 1 loan cnugea to be wa by seller S ~ ^Loaaehotpw D o„ Mlmml- /~-iU i •---11T1~. other ealai cunceaawnsa . _~N/A.~...~,_.._ Atldreaa __2~.A..F ~-----•.-__..___ _. _ APPruser Janina Priro ,a,n~ ~180-8ta', _...i{~ir-,.~ _~~1~~~ _ - ~.. lnatructWna to Appraiser r J~n ('`.Ci taf•tan- ~~-~1r3~C8~ u~1-18_ _- ------.-- . ~ ~ ~-- ocahon 7~UtWn DSuburDan DRurai 9wtt UP t3rowth Rate DFutry Der ®Over 75M- DRapd Q?5r11• to 75ti, DSw d DUnder YS!• Property Velure Dlncna,rtq y a Stabre ® [Bgbw ^ peummg ormand 3uppty DShorNge ®ln BalanCO DOve- Supply Marketing Time DUnder 3 Mos Pretrnt 4and t/ar ~M• t Faintly ~ !•?•1 F intl . DI.B Mos ®Ovar 6 Moe „ ,• y a ~QO IndufUlal ~p Nearer ~er Apy • ..._ « • Condo ~~•• Comrtiarclal Change in Prestnt Land Use ®Not Likely _ o [)ukety {•I DTaking Place 1'1 1'! from ~ To s1 }i 1?De r. >L._a Predominant Occupancy Owner ®Tenant •'~~ `L~' ~ !e Vacant S,ngle FamiW P-Ice Range S 3O~t OQO ~ to = _ PreOominanl Value 5 ~~ 8ingM faintly Age yra to ` ._...~r.Q..._ _~Q•_yrs Predominant Ago ._.`3Q._,__yrs • Employment staalay 14.,e1 A••1 ^ ® -an ^ P..... D C9nremenCB io Employment ® ~ ^ ^ Conven,enca to Shopping ~ D I"f .J 4 D ConreflienCe to $Ch!>Vy ~ ~ ^ ^ Adegtuacy of Pubhc 6nnaportabon ^ ® D ^ Recreatronat iacHibea ^ ® © ^ Adequacy of Ultldiea D ~ D D Properly compatlbulty ^ ~ ^ ^ ProteChon from Oetnmentar Ctutdihon~ D ® D D Ponce and Erse Protectan ^ ® D ^ Qenetal Appearance of properties D ® D D Appeal t0 Ntarket ^ ® D ^ Comm@nta,nCluding Ihofe faCfWS favorable Or untarO/abto. aNecting marketability (e g puDl,c parka, tchoaa. View n01581 • "" "' --- Dimenswna .64.71 X 14S.86 x~2 r+9 x 7 9 ~d .-- Zoning ctaa+rieabon TgI ~ 4latertsti ~e ui ea.~a.. ~ -- 7667 Sq it 7@i1ON D Corrie- Lot -- - P-esent ImprovemMt~~A Ddo D do not conform to toning ragutatwna tagheat and ben ua ^ Prraeht usr ®Other Ispecityl ~tewaol ~ ~~~~Bllt.p~g~~ Public Ome- tOsscnbet OFf SITE IMPftpyEMENT3 Topo _ T~f to h1 nff ~+j ~+ a+ ~ + •~~~~ ~' Ebc ® St/Nt Access ®PUbkc D Prnraa &te .._~[-A 7 -- t'3as ® _ Surface t;ravtal Shape ,_?w ,y alar `^_ Water Maintenance ®Pubhc DPrivate view [~nA~Ttanssi Rivar t t~rr+lr Tn1p} ~^ ~~r ® DStorm Sewer DCurOiGuttN da,nage At~r••,a:arit: ~sn}o __.. D Underground Elect d Tel 1f~~•~ Swewals -~---' ~•~~ . . L.J DSirNtLtghta IsthepropertytooatedinatiyptdrMlyrdBpacwlROOdIWMdArsat ~tib Dhes Comments thvorabw or unfavorable including any apparent atlvrrte eaaemrr,q. encroachmema or other adverse contlmoMl TM undera,pnrd has reC,t10 three recent aa-ei of properties most amtlar and proximate to tubteet and has considered these m IM market adwstment.nftrcungmarketroactiantotnoaetlemsofsigmtitantvarratwnbetwNnthesubteetandcomparabtepropertaa Mesl rnhcantltemlNntlx~i TM~nptwnmetuersaoa,u• a more tarorable than. the subtect property. • mmua t•) adjustment q made, thus reducing the ,ndicated value of wbtect: d a a gntliunt uem,n therpa~p s y ~~ rnpr eO~ r ~s Nvorabw Than. the subtect properly. a plus t •) adtuttrriant is made thus incrNainp the Ind,ealed value Ot the aubiaet ITffM Subject Property COMPARABLE NO t COMPARABLE NO ? - COMPARABLE NO E Aadraa Tr.A,NJtJNICIpAL Lot 'I, Bl]c. 20 Prin. Lot 2 81k. • 6 ^... Lot ?1, Blk. 16 Pronnx to Su Ia Pnea = Pnca f * t Data Source Dais of Satr an0 Time Adjustment DESCRIPTION OESCRiPT10N 'i';~ DESCRIPTtON ''~' M OESCRIPTiON ~"' • „, ~ , _ Locat n w ~ i i .- &ta• Vafw ra t i t ,_ ) t 1ia._. t .. - ' r Fin rl Satan n + ~2 Q4 g ei o a Concrsswns t ! t t - . . e j Ad n piMus, ®Minwi: DPtua: ®Minus ^~. ®twrli„: t --_ trtdidatw wkly o! set>aact , t .94 I,2~i 2.04 CommMta ini Market Darr ~.-- _ tit EPeA•_ snit ~>~ls.a -' _ ssramtwle ar•n~ _.... Comments and Cond111ons of Appraisal: .._._ ~-- Finat ReCORC,lultuNi •14f(A are}{w,aa.a,a M~.a.wL _~1___ _e, . • _ - . ~ ! lSTIMATS 7F1! MAIIKlT YA~Ni. AS Dti1Nlp. OF al1WECT t+IMPiRYY Ali Ole .--__.. • ApPralaartar Fiav+ew Apjua.Ser ill ,ipplH.ehlut ..,.,~,- ~ • Pr ;, ~ ' FWas , to N2 8(1 ~ t$di Ponrts ants tNbrnyttre. 3tS IARtAttiy Aye. eWw haven, q Qe~Yt Ag I~ r-...7 9. ~ f~ ~770a.-._ -..~.__ ... [, Q,d t>b,t Pr,yait.ntly uisp,rci Ptnpirrty t! . iten- d 1 J tiS(1 I• ITEM AOCrtee Oete of Sue and Time AO)u~tmenf Setif o- •~nsnunp Coneesuone NN At!- ITOtu~ rrtatcatee v~lw o- Subpet Subteet Property COMPAiiA91E NO. COMPARAB~B NOBS .A,1~1IC~AL Lot 5,&' 6, H1k. 7 Lot 7, Blk. 24 CESCAIPTION 5+92 F'~ m p _ x~4p 0 ^ Plug: -f..~-e.s~_.,.. a ~~- a .57 ^`Ptue. ®ti 1.74 ~c 1.19 r ' ~TTACHI~lSI~T RE: Tract A, KENAI MUNICIPAL RESERVE SU$D. NO. 1 NHN Alaska Avenue, Kenai, AK 996].1 Purcha$e Order No. 43.119 File No. K92-061 NEIGHBORHOOD CQ~Tn: . The subject neighborhood includes the Old ,'own area or the Original Townsite of Kenai.. It is south of the~Kenai Spur Highway, west of Cook inlet and north of the Kenai River. It originally developed with ~imgle family homes end commercial use in the late 1950•s $nd 1960's. There sre remains several older single family homes, some properties with historical significance, several multi-family apartment complexes and light commercial uses including com~aercial office, retail apace, etC. There has been a trend away from single family use with conversion of older single family homes to professional office use and commercial use along the Kenai Spur Highway. The trend from residential to multi family, professional office use, etc. have slowed but is expected to continue in the future. . ~ Y ~ :a.~~~r- The subject site is an irregular shaped Avenue, a 30 foot gravel right-of-way intersection with Mission Avenue. The along a steep bluff which drops to the There is public water, sewer gas and E Mission Avenue. 7667 sq. ft. lot fronting on Alaska approximately 100• west from its south edge of the property fronts Kenai River and Cook Inlet beach. electric utilities available along The subject property boundary lines were not evident, so the exact location of the property ie not known. The site is cleared and appears to been have been used for a f i11 dump site. It has a generally level topography to the bluff with some fill mounds with grass cover. The majority of the bluff appears to be grassed and stable, however the appraisers noted some erosion of the bluff along the southwest corner of the sit®. There is a 10 foot wide utility easement along Alaska Avenue and a 20 foot wide easement for an underground storm drain running through the center of the lot from north to south to the base of the bluff. HIGHgBT AIQD B88T II88: .__.~_.. The storm drain easement limits the sites utility and highest and best use. Due to the small size of the lot, it•s narrow width, and location of the easement the highest and best use is ae excess to an adjacent property. • ,.: ~~ •~ ~ _ ,i1 f ',~ c 3 ~ G t ~- ~r li .M.BT nx-m~ ....,..-- i • -: Sales of bluff lots in comparables used to value theCs~ anal T front lot ~nsite of Kenai are limited sale b 'two recent sales of non blufg i ude an older 1983 sale o ~ The Y the owners, One is a bluff lot °ts' and two listin s o f a bluff a non bluff lot. g f lot8 for (resale of C_1~ while the other is C-1 is an older 1983 sale of a 2 of the subject 7.886 sQ•ft. bluff lot the owner indicates there The propert located 1 lot east that the site has a is about 140 lines extend be PProximatel 'useable depth y° t is estff and C-2 is a Y 20.000 sq.ft, of useable imated northwest of the se °f a 9500 sq•ft. to ground. view, and was ~j~t • it has a t located approximatel indicates water urchased for use as a bui=din Kenai Riv®r Y 1 block purchased a utili~d sewer was not to the site g site. and Cook Inlet water and sealer aY easement from the ad ac and the buyer suybsof Renal pproximatel j ant propert eQuently The aPPraisers were u Y 68' from ~rerland Y owners and extended estimated the n+able to confirm the details with a tO the Pro $3,000, additional coats for w the bu ~rtY' ater and sewer between $ 2 p 0 p haanve C-3 is a 1991 d frontin sale of a 9200 s It was g °n Upland Street a q ft• ii regular sha purchased PProximatel pad non amenity lot it was by an adjacent pro rt block northeast of the sub rains vacan ~of°r future Y °wrter• The seller Indic jest. • date. development of swrmae etas th r housing or an RV at C-4•is a current listin PSrk but sq.ft. for sale b g °f two coati terms. The Y °wner• The seller fe askin ~BnitY lots totaling 8640 and Broad S rest rty isslocated at the southeas 9 $20'000 with 20$ down . is wooded, and all utilities a orner °f Peninsula Avenud C-5 is a current liatin re available. e the owner. Theo g of the previous sale were not disclosedwner is asking S9S,000 with~cawner which is for sale b No recent sales w financed terms which highest and ere found of lots various Iots ~iCh ha ' There with a similar easement limit have been historic salsa in t ing the etc. This type of ve limited unlit h® past of of these sales indicat ~g y sells as a due to small si8e, l,~ted value. Considerin disco xCesB to ~ adjacent site. access, and easement a g the sub unt °f aPPt"°x3snatel Analysis 75$ ad ject~s small sire Y 55~ to 75~ of the unit justment is used in theiiaarrar~tar shape. u~own fill After adjustments data analysis. th® subject from ' the five comParables used liiuited use $'94/sq•ft. to $2.04/8 indicate a range in value fo $1.00 ~ a value is concluded toward the i o~iderin r Per sq. ft. or ower end of th subject ~s e range at $1.00/SF % 7667 gF ~ S77Q0 ~R~ .... ... ...f. --.. ( ~.,.. ,. , .t I TI N OF A!lNAISAI.: The undersigned dose hereby certify as followse 1. We inspected the subject on 5-20-92. 2. We have no present or contemplated future interest in the real estate which is the subject matter of this appraisal report. 3. We have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 4. To the best of our knowledge and belief the statements of fact contained in this appraisal report, upon which the analysis, ' opinions and conclusions expressed herein are based, are t~ttb and correct. 5. This appraisal report seta forth all of the Limiting Cond~.tions (imposed by the t®rms of our assignment or by the undersigned affecting the analysis, opinions, and conclusions contained in this report. 6. This appraisal report has been made in conformity with and ie subject to the requirements of the Appraisal Institute. 7. No one other than the undersigned prepared the analysis, conclusions, and opinions concerning real estate that are set forth in this appraisal report. B. The real property which is the subject of this appraisal report, was valued as of May 20, 1992. File No. K92-061 _,~ CEI+~BRlIL ASSUl~TIONS AI~p LIMITING C~ITIONS ~` 1 Re rod ti • p uc on of this report for distribution to other than associates of the client, financial institutions, or to attorneys on condemnation cases is prohibited without permission of the author. Distribution, for instance, to promote a sale of the property may be restricted to protect certain information of a confidential nature. 2. Disclosure of the contents of this report is further governed by:`the regulations of the Appraisal Institute. Neither all, nor any part of the contents of this report shall be disseminated to the public though any public m®an8 of communication withouf prior written consent of the author. 3. Thie report bears an effective date of appraisal and is based on data known, or reasonably construed to have been available at the time, and events since that date may have changed the subjects value. 4. The property is appraised as if free and clear unless otherwise noted, with no responsibility assumed for title and legal matters. 5. All information supplied or found through available records and sources is assumed correct unless otherwise noted. If errors are found, the right is reserved to modify the conclusions. 6. The data and conclusions embodied in this appraisal are part of the whole valuation. Any part of this appraisal may or may not stand alone, is not to be used out of context, and constitutes only part of the evidence upon which a value judgement of the whole is based. 7. The appraisal does not imply the right to court testimony on the part of the appraiser without mutually satisfactory arrangements. 8 . Market value is defined as "The most probable price in tests of stoney which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus " . The majority of land is sold on terms . Typical terms in the market may include a 10 to 20$ down payment with the balance at 9 to 12$ interest for 10 years. Market time for land generally exceeds 6 to 12 months. 9. That no engineering survey has been made by the appraiser. Except as specifically stated, data relative to size and area were taken fro~a sources considered reliable, and no encroachment of real property improvements is assumed to exist. • :,, t; 1.4. That maps, plats and exhibits included. herein are for illustration only, as an aid in visualising matterat discussed within the report. They should not be construed as surveys or relied upon for any other purpose. 11. That no opinion is expressed as to the value of subsurface oil, gas or mineral rights and that the property is not subject to suxfaae entry for the exploration or re~aoval of such materials except if expressly stated. 12. That no detailed soil studies covering .,the subject property were available to the appraiser. Therefore, premise as to soil gnalitiee employed in this report are not conclusive, but have been considered consistent with inforn-ation available to the appraiser. 13. That, since earthquakes are conmaon in the area, no responsibility is assumed due to their possible effect on individual properties. 14. si comf utinq values, the figures have been rounded off to the nearest qni scant amount. 15. This appraisal is made in accordance with the standards of practice of the Appraisal Institute. 16. In this appraisal assignment, the existence of potentially hasardous material and/or the existence of toxic waste, which may or may not be present on the property, was nQt observed by me: nor do I have any knowledge of the existence of such materials on or in the pro rt . The appraiser, however, is not qualified to detect such substa~ncea. The existence of potentially hasardous waste material may have an affect on the value of the property. The client is urged to retain an expert in this field, if desired. • ,.. ~.,.Y.f ;_~ ,, y .U I. .r ~e'ir< ~"~-' ~.~:~n~ r'{ iii ~~1 --~yy~i ~Li!}~Hi ' VgW FROM IlV~tIOR OF' S~1I~7k~CT PRQPERt7f IQ(xCIl~ IJf~RZH. a VTE~1 OF RQAD ACX~S5 FRQK MISSION AVE. IAOICIlVG NORTFI. 4_:,. C7 The vtulare~,gnrd D~tB A. S~~lRt~tER ut~td 1to8FRT D.. 0 # QCtt~Tg~ . ~hmrmi»altex called ~Rl3) , whore ~ addr~aq,~ it P. O.. Sox 126a Ranai, ~acslca D9dli !or good and va~,uebie r~onside~cabion xac~ipt o~ which is hereby aQkriawlsdged, do herdby ~s~anvey to the CzT~t op KBNAI, itr rt~coerrors and assns ~boreine~tier oa11Qd G~tANTgB ~ whore addrdsr is Z10 lidaigv AvA., Renate, Alaska 996,3,, an ras~rnt t'or mmintenartae and operat~.oa, ao~tstrnat~.oe, repA,~,x, ate aoaers, ioa~,ud ng ingres! and egress of an underground *~or~t seare~: line through and under' situatsd iu the 7!'h3•sd Rooo ding f atria, T~hi di Judi rral , ppropsxty . Stair oP Alarka, to-.wit • dial Diotr f ot, A t~ loot seatfan on eaoh side and parallel to the oenterline o! the underggrroux:d stox~r sewer lime locutted on Tract A, Kenai Munfaipal Rererve Subdivision No. i aooordir~g to P~.at No. 8592 • This easement is given to the GRANTEh with right o! ingrate and egres$ lrom the pzemisaai for the purposes herein granted. The raid GRAHTCt1t io to lolly vas a~rtd en o said !or the pwrpose~~r bezein j y premises exrre-pt the said GRA~1TpR +~baii nat~aotnstruet~o~said~iRkNT~ and provided any house, mtruoturas or obstruotioria one ar over ~ id »ea~aent ~csntsd herein. rR. orwa ~A oa ~-ro+kto ~uw ~~, w,~r ~» STATE OF A~I,d1SRA ~ THIRD JL1D=C=AL DISTRf CT j rr • • This certifier that .on the day of 1992, helots ate, the underrigned, a notary ~,io in Alaska, personall a and or the State o! known to me to bey tnpapeared DEN~1I8 A. 81~A~1~, to die knots and F.as~erit and. acknowledgrdz~o~n4 mat ~~R in..the lor~agoing and voluntarily !os the user and doted the teats lreGlY. purposer therein mer~tion,•a...,, WI1'I~tP88 my hand and official seal the doy and y ''`r .... ~ ••..~ aartiliaate lust above written. ~s~~!' [~ • • ,. . • • •~. Or ••~ f i comt~isriori axp,;'3~"1',~!r~'~,,, pageiol2 f... -:~ ~ -•~ ., . .~. _ , . ;.. -. :.:.., ,::. n. ~ - F.. .:~: ,, .. •_ .. , ~ ~ ,. ;~ .. !~ ~ .. • ._ STATE C1F ~1I+ASl~A ~ '1'~IIRD ,7Ut~ICI1i1L DIET~ICT = ~~ • This carti~eias then on the m~, t1a;~ ~ d~r~ of nndere~ignec~, a Hota ~ ~ - 199, ba~er~s ~-laok~, plraoi~ali a x`Y ~.c in a r tka ~ttats~ Q~ Y ppsar~d ItQBE~ : ~. b ~ C41~NFI~r, ~o a~ kna~ .tq. ~ tha . P+~'ere-n na~Rd as ~l~tR in the !or ai ~et~k»owiwedgdd to as that he ayt~scuted thy. ~e Yaa~e~~ •at~c~.:, volun~a~~.ly tar .the ~t~tea and pnrpoe~as tkarsin meant a reedy ~ 'a1 `':.r:w #~ t~~ ary hand and ~ offiaial at 1 thl~ dd and ~ ~~~• ~ ~"" ~ ~ r a®rtifias~te lfrst above writt+~n. Y ~ ~ ~~~~» ~ r ~•~ ~N ~, ~~ .. ~ ..~ ~ w. ~ •'~ j, X D~LIC ar ~1~ •; ao~isaior ~ucpirea:. ~• .~-.,. page 2 of a ~• antra r~ 0 AI ~~10 . ~H~tNtt ~~ ' ~1pt~ .. ... - ~ ~~ . P., ~ ~ w rw Lt'. _, . ;.. ~ ~ .~ T, i Mir S.w ~ w a rt Sr M ~1,. r ,!~' 1' w .M 1Kr ~ "~ ~ ~ . ~ e .e~ y4 r 4 K sF { ~ - t ~ ', ... . . .. ' ~ .. 1"_ ~ 1 . i• ~.~... ~ w...~ s. • ~' , a ~+i .~~. ~~~ •a•_~ .~ . ~t . . ~ ~, 1 09e3$ CITY OF' KEtVRY 907._.-283 3014 ~' r M ~f ~sj r ,. W . w ~ Y =_r~ V}~ M • d ~.`~ 1~~*tM~ 0 O t t ~ O ~. +r .1~ J~f' p `~~ a~~~~ .~ i,' • • ~4~' •.r ~~ .~ ~ ~. • i Y~ ~~ O ~ O ~, W ~~ A «~:tf1S~ aw~x r ~dp~~tua .,~ ~ '~f ) W ~ • ~ W ~ ~ M 0 S Y ~ O~ w d• YI~1 Y a ~ fit +?~ ' .~ - ap ~ ,at•s ~ ~ / aw a a, ~ ,~,~ ~~ r.i\ ~... / Oil ~ ~~ Q ~ i. / O ~. s~ ~ O } ' i • aN tW ~ ~ r 4J I z~ t ,r1 ` • _ w. • M } ~ W ~ ~ ~ ~ y Y y ~ w ~ 4 :s ~ ~~ ~~ ~ :: 4 ~ ~ rs ~ ~ ~~ ~ i U // rt a7 •r, { ~ ~ ' orb, \ W r ~ ~ M r a; ;. ,: ~ - - :i:,- . <: ~:~~- - it - ~ t[ 4 5 1i~ ~; ~/, . ~ '~ t, ~ '': ~.~ _., ~ ~ f ., ~.~ ,~ L t~ • ' ~ ~~ ~G X47 ~~.~~ ~ P f, '~~ `~ ,t •h\ dye 0 a~~ rr v~y ~ 'v1 r a~ , ~~ ~•. ~/ ~ '. S ~ ,• ,-~ ~~, • ~~ ~ 4 w ~ N ~ •~*~ .. , ® •'' ~- ~ ~_` \' • ,~~ t ~' ~~~ %'"1 !~ i~~ ~;. /~ ~ ~ • ~ i '~. i ~/ ,~ -1 ~ , ,1 ~ ~ I /fA • r+ ' ~ '~ ~ a ' ~ , w. ~~ ~ ~ w /~~ ~ M iv ;, 'e 4, ~ ~ a .os ~ w~ .. ~; 'i :« •i ~ r~ ' q ~ •yNVS 'd ~ -- ~ q y® ' '0•- ~~ ~ ~ t ~ ~ b f 2 ~ Q /Il i C Jj ~ Z ~ ~ ~ ~~ a 1 ~ ~ ~ a ~ a .~. ~ ~~ ~ r ~ ~fi~~ ~` • ~ a K1 -... ~ i } ~~ f ~ Q~ a X11 ~-~ I~, ~~ ~ s 1 1 ~~ ti ~~ ! 11 ', ' ~ ~) N ~ ` ri ( ~ ' i ~ i' ~ ,! '~. .. ~,'~ " '~' ~/r' ~~• ~o ~,,/ ~~ ~ /// //~ i t ~~~ ,- .t IFICATIONS OF APPRAISAR - JOHN F . CItIST,3,,'~1„_„_~TO, ~ROFESSTONAL OUALIP'ICATIONS= Candidate Member -Appraisal Institute - #R86-0936 Licensed Residential Real Estate Appraiser, State of Alaska - ~A,A5,5 HUD-FHA Approved Appraiser - #2022 ~nuc,~I„ ox: University of New Hampshire, Bachelor of Science - Forest Resourcee~i979 Various Real Estate sales related courses including: Prelicense, l,ietin 6 Sales, Financing, etc. q PPitAISAL COURSES: Real Estate Appraisal Principles (Exam #lA-1/8-1) 8/85 Basic Valuation Procedures (Exam #lA-2) g/85 Residential Valuation (Exam #8-2) 3/87 Standard$ of Professional Practice (Exam SPP) 10/67 APPRAISAL S$MINAR_S: Western Resources Institute - Uniform Energy Rating System, 11/B5 AMBA/SREA/AIREA - 1 to 4 Family Appraisals for AHFC, FNMA, & FHA, 5/B6 SREA - Uniform Residential Appraisal Report, 2/87 SREA - R41C & the Residential Appraiser, 3/87 HUD -Uniform Residential Appraisal Report Industry Meeting - 4/87 NMA - Anchorage Underwriting Seminar, 8/89 - Physical & Environmental Concerns in Housing, 9/B9 ppraisal Institute - General & Residential State Certification Review Se~ainar, 4 / 91 PROFESSIONAL REAL ESTATE EBP$RIENCE= March 1984 - Present October 1981 to March 1984 - Frykholm & Schaafsma Appraisal Independent Fee Appraiser - ERA/Property World, Inc. Real Estate Sales TYPICAL CLIED1TELg s Alaska Housing Finance Corp. Alaska State Bank Alaska USA Fed. Credit Union Alaska Valuation/Fanaers Home Admin. City of Kenai City of Soldotna Continental Bank & Trust Fannie Mae Fed.Deposit Insurance Corp. (FDIC) First Alaskan Mortgage & Escrow First Federal Bank of Alaska First Interstate Bank of Alaska st National Bank of Anchorage ontier Alaska State Credit Union FSLIC Goldome Realty Homequity Relocation Co. HUD-FHA Key Bank of Alaska MGIC National Bank of Alaska Northland Mortgage Co. Ninilchik Native Association Phillips Petroleum Co. Record Data Relocation Travelers Relocation Texaco Union Oil Company Various Individuals & Businesses FRYKH4LM & SCHAAFSMA APPRAISAi. 4 {. A 0 BEi'BRIEMC$: A September 1991 to Present October 1987 to July 1990 Fr~-khalm & , Schaafsma App~caieal Appraiser Trainee October 1985 to October 1957 January 1980 to April 1983 SOIICA'1'IONs Sahatuenbuxg ~'lexadun Copp. Operations ~ Manager ~- Mariufaaturinq Track lI Mark®ting, =n~~ Licsent~ed Motor Vehiole & Heavy E~iPment 8alesiaan, Bookkeeper Salt Creek Mining Co. Purchasing Agent, Coal Mine Mesa State College, Grand Junction, Colorado 2 years study with emphasis on accounting, economics and business law. 1983-1985 various professional business seminars inaludinq: in Search of Excellence {1990), Stress Management for Professionals 1989), Purchasing Management, Effective Negotiation, Ef~ective Communication {1980-1982) Real Estate Related Course,: 11/91 Real Estate Case Law and Contrasts 2/92 Alaska Thermal Standards SeYninar TYPICAL CLIB~NTSyg: Farmers Home Administration National Bank of Alaska First National Hank of Alaska Frontier Alaska State Credit Union R®y Hank of Alaska Northland Mortgage Co. Various Individuals • 1 FRY~NOLM ~c SCHA-AFSA[A ~ APP~iA~$A1i . ., . . ,.. .. .: .. _ . „ .. - - - {~ ,~ ~.: ~. ~ J O~ ` • .-~a d • ~ ~~ ,, b ' % ~ o~ ~ .~ :, , + ' .` ~~` ~ , ~ ~ Y ~r ;~ ~ ~ ._. V ,•• , ~ ~~~ ~~~ `~ y~y ~` t 1 ail ,,=- y "r s N ~' ~. I (~ ~ ~y .~, ~, o •~~ I • ,, r j .. Ms ., w i 1~.1 _ ~ ~ ~ ~ • ~ '1i 1 a ~~. . ~ ~ ' . • 1 r ~ ~ ., _ ~ ~ ~~ • ~ ~1 ~ ~ • ~ ~ ~ '~ ~ ~ ~~ ~ w -- -' ~® i .t ~ ~ ., ~ ~, ~ f ~~` - o~, ;;.rs- ,; .~ 1i' +~ ~ v ~ 11 ,~ a - ~ ,t ., qq~ iM w a to d ~~ i ~ ~ y~ s .., _.. -- ~.. ~. '• ~ Y i ~ _~ ... ~'~ ` ,. ~ ~ti f • • • •} ~ y ~" ~~~ f (! y1