HomeMy WebLinkAboutRESOLUTION 1998-07Suggested by: City Administration
City of Kenai
RESOLUTION NO. 98-7
A RESOLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA APPROVING
THE SALE OF THE PROPERTY CONSISTING OF 4,710 SQUARE FEET SITUATED
WITHIN AND ALONG THE EASTERLY BOUNDARY OF EXISTING TRACT 5-B,
HORSESHOE END AT RIVER BEND SUBDIVISION, MORE COMMONLY KNOWN AS
CUNNINGHAM PARK, AT ITS APPRAISED VALUE, TO THE OWNER OF THE
ADJACENT LAND PURSUANT TO KMC 22.05.075.
WHEREAS, the City of Kenai has received a request from the adjacent property owner
to purchase the property identified as 4,710 square feet situated within and along the
easterly boundary of existing Tract 5-B, Horseshoe End at River Bend Subdivision,
more commonly known as Cunningham Park, at its appraised value; and
WHEREAS, Ordinance No. 1773-98 determined the property is not required for a
public purpose and can be sold; and
WHEREAS, the parcel of land is outside the existing Cunningham Park and of such
small size, shape, or location that it could not be put to practical use by any other
party, and in addition thereto, there is no foreseeable need of the land for any future
use by the City; and
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA, that the Council approves the sale of the property consisting of 4,710 square
feet situated within and along the easterly boundary of existing Tract 5-B, Horseshoe
End at River Bend Subdivision, more commonly known as Cunningham Park, at its
appraised value, to the owner of the adjacent land, pursuant to KMC 22.05.075.
pASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 18~ day of
February 1998.
ATTEST:
Carol L. Freas, City Clerk
98) kn
GENERAL SUMMARY APPRAISAL REPORT
Limited Appraisal
RECEIVED
CITY ADMIN. OF KENAI
This is a &unmarv Appraisal Reporr which is in[ended [o comply
requiremems se~ forth under S~andards Rz~le 2-2(b) of fire U'n~ifi~'~t Smmlard. v
Professional Appraisal Practice Jbr a Summa~ Appraisal Report. As
only summa~, discussions of the da~a, reasoning, and analyses fl~ar were
appraisal process ~o develop the appraiser's opinion o.f vah~e.
documentation concen~ing ~he clara, reasoning, and analyxes is retained
appraiser's file. The depth of disc~ssion, contained in fltis ~'epo~7
needs of ~he cliem and for ~he imended use s~ared belo~t.'. The appraixer
responsible.for unaudtorized use of dtis report.
FutThernzore, in accordance wi~h prior agreemem be[ween fl'ze ('liem and [/te appraise~',
~his report is ~tte resulr of a limited appraisal process in ~har cerrain allo~x'able
departures fi'onz specific guidelines of flte Uniform S~andarcls of Professional .4pp~'aixa!
Practice were invoked. The imended user of dzis reporr is warn. ed dta~ ~he reliabilin' q./'
~he value conclusion provided may be impac?ed ~o fl~e degree ~here is deparu~'e ./'i'o~t
specific g~idelines of USPAP.
CLIENT:
Chris Garcia
APPRAISER-
Edwin S. Warfle
G.C.//AA 16
Warfle Appraisals
35021 Kenai Spur Highway
Soldotna. AK 99669
(907) 262-7443
-Our File No. 98-45
SUBJECT.
The subject is identified as 4,710 square feet located in the northeast area (~I: Tract 513.
Horseshoe End At River Bend Subdivision of Tract 5.
Ed Warfle
Real Estate Appraisals
Attachment to Resolution No.
Page 1 of 5
98-7
DATE OF REPORT:
January 16, 1998
APPRAISAL DEVELOPMENT AND REPORTING I'ROCESS-
In preparing this appraisal, the appraiser-
(1) inspected the subject site;
(2) gathered and confirmed information of sales both on the Kenai River and off the
Kenai River of a residential nature; and
(3) although all three approaches to value were considered, only tlae sz~lcs
comparison approach was considered appropriate in the valuation of: vacant land.
Per prior agreement with the client, the appraiser did ~ot ttse tlne i~c'~>=~c (:~' czt~s~
approaches as they were not considered applicable in the valuation ~I: x'acant land. TI~e
appraisal process therefore involved departure fi'om applicable standards.
This Summary Appraisal Report is a brief recapitulation of the
analyses, and conclusions. Supporting documentation is retained in thc appraiser's
DESCRIPTION OF REAL ESTATE APPRAISED-
The subject property consists of 4,710 square feet located in the northeast portion t')t'
Tract B, Horseshoe End At Rivet' Bend Subdivision of Tract 5A located at the south
side of Beaver Loop Road in Kenai. Alaska. It is of an irregular type shape, is level.
has adequate drainage and is serviced by electricity, telephone and natural gas.
HIGHEST AND BEST USE-
The subject is a small parcel contained witlai~ Tract 5B :ts previously dcscribccl. 'l'l~rtz
is no functional use by itself but contains contributory value to either Tract .513
4. As previously noted, it is currently contained i~ Tract 5B. however, is bci~,2
-purchased by the owner of Tract 4 as improvements encroach on the adjac~I:t pr()p.~rty.
Therefore. the subject's highest and best use is to be adjoined with Tract 4 13rescrx, i~g
the integrity of the improvements on Tract 4 and mo,'e specifically, to be utilized l-'oi'
the contributory value for single family residential purposes.
Ed Waffle
Real Estate Appraisals
Attachment to Resolution No. 98-7
Page 3 of 5
NON-RIVER FRONT SALES-
SALE #1 SALE//2 SALF #3
Tax Parcel No.' 049-400-22 049-420-55 049-410-18
Location- Kenai Kenai Ken:ti
Sales Price' $13.800 $13.800 $
Date of Sale: 5-97 4-97 12-96
Price Per Sq. Ft.'
$.3~ $.2a 5.32
Type' Res ident iai Res idc nt iai Rcs iclc i ~t izti
Size- .96 acre 1.35 acre .92 acre:
Indicated value per square foot for non-river fi'ont in the rural Kenai area'
per square toot.
5.32
Both river front and non-river front being given equal weight indicates :~ value per
· .
square foot of $.54 per square foot betbre adjustin,, fi)r size
~ -
$.32 + $.76 = $1.08 divided by 2 - $.54 per square l:oot
Size adjustment of 20% = $.54 - $. 11 = $.43 per squa,'e
$.43 x 4.710 square feet - $2.025
INDICATED VALUE'
'$2,025
Ed Warfle
Real E. state AppraisaLs
Attachment to Resolution N6. 98-7
Page 5 of 5