Ordinance 076-18Davton Legal Blank, Inc.
Ordinance No.
76-18
RECORD OF ORDINANCES
Form No. 30043
Passed , 20
AN ORDINANCE ACCEPTING THE UPDATED
ESTIMATED AVERAGE PER ACRE VALUE OF LAND
FOR PARK FEES IN LIEU OF LAND DEDICATION.
WHEREAS, Section 152.086(C)(6) of the Dublin Codified Ordinances requires that an
estimated average value of land per acre shall be established by Council based on the
recommendations of qualified land appraiser; and
WHEREAS, the estimated price per acre value provides a base for the payment of the
park fee in lieu of a land dedication; and
WHEREAS, the Horner Appraisal Group, Inc. has completed their update of raw land
transactions within the Dublin area and is recommending an average suggested price
per acre of $65,000 for 2019 and 2020.
NOW,T EREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of
Ohio, of the elected members concurring, that:
Section 1. The report of the Horner Appraisal Group, Inc. is hereby accepted,
estimating the 2019-2020 per acre value for raw land at $65,000 within the City of
Dublin, Ohio for use pursuant to provisions of Chapter 53, Section 152.086(C)(6) of
the Dublin Codified Ordinances.
Section 2. This estimated value per acre shall be retained for a period of two (2)
years commencing with the efF,getive date of this Ordinance.
Section 3. This ordin e shall be effective on January 1, 2019.
Pas this lCif y of�Jv� L���Y , 2018.
Mfiyor — Pre.9iding Z5fficer
TTEST:
Clerk of Council
IGryof Dublin
Office of the City Manager
5200 Emerald Parkway • Dublin, 01-143017-1090
Phone; 614,410,4400 o Fax; 614,410.4490
To: Members of Dublin City Council;
From; Dana L McDaniel, City Manage A,
r
Date: November 13, 2018
Initiated By: Matt Earman, Director of Parks & Recreation
Re: Ordinance 76-18 - Parkland Fees — 2019 and 2020
Background
I M1
At the November 5, 2018 Council meeting, staff recommended approval of Ordinance 76-18 -
Parkland Fees — 2019 and 2020, referencing Section 162.086, Part C of the Subdivision Regulations
for the City of Dublin, which stipulates that an estimated average value of land per acre shall be
established every two years by resolution of Council based upon the recommendation of a qualified
land appraiser retained by the City to research recent real estate transactions and provide Council
with a suggested price per acre for raw land within the city, (Attached)
This value is to be used by the City when it is determined that money in lieu of land for parkland
donation is in the best interest of the City for residential developments for the period of 2019 - 2020.
The suggested raw land value from the report is $65,000 per acre,
During Council's discussion of the recommended fee, concern was expressed that the raw land value
does not necessarily represent other types of land values throughout the City and that the appraisal
should include multiple criteria on which the estimate is based, However, the basis of the analysis
pertains to vacant, large tracts of land that have a Highest and Best Use of a Single Family
development, and the Ordinance does not speak to the appraisal being comprised of any other types
of use nor potentially higher values of land that could be a result of site improvements, location,
zoning requirements, etc,
Recommendation
Staff has reviewed the appraisal document and found it to be conducted consistent with the
stipulations noted in Section 152,086, Part C of the Subdivision Regulations. Therefore, staff
recommends adoption of Ordinance 76-18, changing the raw sand value for 2019 and 2020 to
$65,000, Passing this Ordinance now ensures that the increased land valuation applies to any new
application,
However, due to concerns raised at the November 5 Council meeting regarding the methodology
and criteria by which the appraisal is conducted, or the application thereof, staff also recommends
that Council refer a formal review of the Regulations to the Community Development Committee of
Council to consider amending the language and ensure it reflects the City's best interest, This review
can be conducted during the first quarter of 2019, so that any new amendments could be put in
place as quickly as possible,
10tvofDu6lin
Office of the City Manager
5200 Emerald Parkways Dublin, OH 43017-1090
Phone; 614,4104400 1 Fax; 614,410,4490
To: Members of Dublin City Council
From: Dana I... McDaniel, City Mana
Date: October 29, 2018
Initiated By: Matt Earman, Director of Parks & Recreation
Re: Ordinance 76-18 Parkland Fees — 2019 and 2020
Background
Attached is the City of Dublin Parkland Fee report from Horner Appraisal Group, Inc, that details the
recommended parkland fee for the years 2019 and 2020, The establishment of this fee is detailed
under Section 152,086, Part C of the Subdivision Regulations for the City of Dublin, which stipulates
that;
"Estimate average value of land per acre shall be estimated every two years by
resolution of Council based upon the recommendation of a qualified land appraiser
retained by the village to research recent real estate transactions and provide Council
with a suggested price per acre for raw land within the City."
The suggested raw land value found in this report is $65,000 per acre, The established value for
2017-2018 was $60,000 per acre and from 2013.2016, it was $45,000 per acre, This value, once
approved, will be used by the City when it is determined that payment in lieu of land for parkland
donation is in the best interest of the City. The summary of the reasons for the land values is in the
attached correspondence, A complete copy of the appraisal report is available for review in the
Council planning room.
Recommendation
Staff has reviewed the appraisal document and found it to be complete and in order and is
recommending adoption of Ordinance 76-18 at the second reading/public hearing on November 19,
2018, changing the raw land value for 2019 and 2020 to $65,000 per acre,
City of Dublin Parkland Fee
Suggested Average Unit Price/AC
Single -Family Residential Development Land
Park Fees in Lieu of Land Donation
Two -Year Period (2019 — 2020)
Prepared For:
Mr. Matt Earman
Director of Parks & Recreation
City of Dublin
6555 Shier Rings Road
Dublin, Ohio 43016
As Of.
October 1, 2018
Prepared By:
James R. Horner, MAI
Samuel R. Horner, MAI
Horner Appraisal Group, Inc.
22 East Gay Street, Suite 300
Columbars, Ohio 43215
HORNER APPRAISAL GROUP, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
22 EAST GAY STREET, SUITE 300
COLUMBUS, OHIO 43215
TEL. 614/246-8383 1 FAX 614/246-8384
JAMES R. HORNER, MAI SAMUEL R. HORNER, MAI
JAMES®HORNERAPPRAISAL.COM SAMOHORNERAPPRAISAL.COM
October 5, 2018
Mr. Matt Earman
Director of Parks & Recreation
City of Dublin
6555 Shier Rings Road
Dublin, Ohio 43016
Re: Single -Family Development Land Study
Suggested Unit Price/AC of Raw Development Land
Park Fees in Lieu of Land Dedication
Time Period: 2018 and 2019
Dear Mr. Earman:
At your request, we have completed a market investigation and analysis for the purpose of
providing an Average Suggested Price per Acre for Raw Residential Development Land that is to be
applicable for the two year time period (2019-2020). This estimate recognizes the current and
anticipated future economic conditions and their effect on the overall average unit price/demand for
single-family development land within the Dublin Submarket. The Intended Use of the suggested unit
value is to establish the basis for the payment by a developer of the park fee in lieu of a land
dedication, as specified in City Ordinance 152.086 Part C of the Subdivision Regulations, at the time
of the plat approval.
Based on a review of the City Ordinance, it has been our conclusion that the base acre value
should be premised on the analysis of raw single-family residential development land transactions,
located in the Dublin Submarket. We have determined that the sub -market would be those sales of
occurred within the Dublin School District which includes some incorporated areas within the
Columbus, Hilliard and most importantly Union County.
The majority of lot sales that have taken place within this sub -market are within the area that is
commonly as referred to Jerome Village within Union County.
Listed on the following page is a Summary of Data that has been obtained from Public
Records.
Page 2
Summar —Dublin
Sales Data School District
Franklin
Franklin
Franklin
Union
Union
Union
Sub -Total
County Lot
County Lot
County Lot
County Lot
County Lot
County Lot
Lot Sales
Sales in
Sales in
Sales in
Sales in
Sales in
Sales in
2,5 Yrs
2016
2011
2018
2016
2017
2018
5
41
17
154
116
60
393
e
Average
Average
Average
Average Average
Average Lot
Price in
Price In
Price in
Price in Price in
Price
;2016
2016
2016
2016
2016 2016
2.5 Yrs0
$112,344
$93,782
$101,823
SI19.914 $11S,S30
$109,800
"Thru2tl0 Qtr
As indicated, the Average Lot Sales that have taken place within this sub -market sub -total
approximately $109,800. The typical land contribution is 20% to 22%; hence, improved values
typically are in the range of $499K to $549KC
There has been little land for residential that has been zoned and available for single-family
development within the sub -market within the area of Franklin County, Nearly all the single-family
growth is occurring to the west, within Union County.
We recognize the "surge" and development of the Bridge Street corridor near Olde Dublin
which is focused along the Scioto River and the Riverside (hive frontage; however, this segment of the
market is oriented almost exclusively towards commercial, office and apartment or condominium
development. We have ignored sales of this type of land and have focused exclusively on the single-
family market.
The first step in our investigation is to consider all single-family development land sales that
have occurred since January 2016. A summary of these sales is included within the Addendum,
preceding the sales that we consider to be the most meaningful.
The single-family market within the Dublin sub -market has shown significant growth
appreciation and stability for a number of years. Because of the tax base, excellent school system and
other city services, Dublin would be considered to be tie most desirable city within the Midwest.
As a result of our appraisal and analysis, it is our recommendation that the Average Price per
Acre ofRmv Development Land, as of the Prospective Dates of January 1, 2019 through December
31, 2020, is:
SIXTY-FIVE THOUSAND DOLLARS PER ACRE
($65,0(10)
Page 3
The unit value estimated represents an average unit value for single-family residential
development land for the entire City of Dublin, to be used in the calculation for the payment of a park
fee in lieu of parkland dedication, by the developer. It should not be construed as an appraisal of any
individual acre located within the City or used for valuation purposes, other than the stated purpose of
this Report.
This Report has been prepared in accord with the basic valuation principles and regulations of
the Appraisal Institute and USPAP.
We certify that we have no present or contemplated future interest as it would relate to parkland
properly and that out compensation is not contingent upon the result of this reported average unit value
estimate.
Thank you for the privilege of serving you in this matter.
Respectfully,
es R. Homer, MAI
A Certification #350744
4W
SaMeHorner, MAI
GA Certification #430914
CERTIFICATE OF APPRAISAL
I certify that, to the best of my knowledge and belief,
I. The statements of fact contained in this Report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and
limiting conditions and is my personal unbiased professional analyses, opinions and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this Report and I have
no personal interest or bias with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this Report or to the parties involved
with this assignment.
S. My engagement in this assignment was not contingent upon developing or reporting predetermined
results.
6. 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 opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
7. The reported analyses, opinions and conclusions were developed, and this Report has been
prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of
Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of
Professional Appraisal Practice.
8. The use of this Report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
9. 1 have made a personal inspection of the property that is the subject of this Report.
10. No one provided significant real property appraisal assistance to the persons signing this
certification.
11, As of the date if this Report, I, James R. Homer, have not completed the requirements under the
voluntary continuing education program of the Appraisal Institute for the MAI designation.
Property: Suggested Unit PricelAcreofSingle•FamilyDevelopment
Land in Lieu of Donation — City of Dublin
Suggested Unit Price: $65,0001AC
As Of. January 1, 2019
HORN5R APPRAISAL GROUP, INC.
yJ/�b fl k1 #W October S, 2018
es R, Homer, MAI Date
Certification #380744
CERTIFICATE OFAPPRAISAL
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 is my personal unbiased professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this Report and I have
no personal interest or bias 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 fhis 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 opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
The reported analyses, opinions and conclusions were developed, and this Report has been
prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of
Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of
Professional Appraisal Practice,
g. The use of this Report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
9. 1 have made a personal inspection of the property that is the subject of this Report.
10. No one provided significant real properly appraisal assistance to the persons signing this
certification.
11. As of the date of this report, I have completed the requirements of the continuing education
program ofthe Appraisal Institute,
Property: Suggested Unit Price/Acre of Single -Family Development
Land in Lieu of Donation—City of Dublin
Suggested Unit Price: $6610001AC
As Of: January I, 2019
HORNER APPRAIS L GROUP, INC.
October i 201
Samuel R. Homer, MAI Date
GA Certification 930914
DEFINITION OF MARKET VALUE
Market Value is defined as follows:
"The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably and assuming the price is not affected by undue
stimulus."
Implicit in this definition are the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in
what they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
5. The price represents the normal consideration for the property
sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale.I
DEFINITION OF MARKET VALUE
AS DEFINED IN MOST RECENT EDITION OF USPAP
Market Value: 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 the 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).2
1 Federal Register Part VI, Department of the Treasury, Volume 75, Number 237, pages 77471 and 77472, effective
December 10, 2010; The Dictionary of Real Estate Appraisal, Fifth Edition, pages 122-123, 2010, The Appraisal Institute.
Pursuant to Interagency Appraisal and Evaluation Guidelines.
2 USPAP, 2014-2015 Edition, The Appraisal Standards Board, Page U-3
LIMITING CONDITIONS - PART I
The Certificate of Appraisal and report hereto attached are made expressly subject to the
conditions and stipulations following:
No responsibility is assumed by the appraiser for matters which are legal in nature, nor is any
opinion on the title rendered herewith. This appraisal assumed good title. Any liens or encumbrances
which may now exist have been disregarded and the property has been appraised as though no
delinquencies in the payment of general taxes or special assessments exist, and as though free of
indebtedness.
Possession of this report, or any copy thereof, does not carry with it the right of publication, nor
may the same be used for any purpose by any but the applicant without the previous written consent of
the appraiser or the applicant, and, in any event, only in its entirety.
The appraiser herein, by reason of employment to make this appraisal, agrees to give testimony
and/or attend in court or any other governmental hearing with reference to the property in question,
provided sufficient notice shall be given to him. The client's attorney shall have the right to determine
what is considered sufficient note, subject to approval by the appraiser.
The appraiser herein has no present or future contemplated interest in the property appraised.
Employment of James R. Horner and/or Samuel R. Horner to make the appraisal hereto
attached is in no manner contingent upon the value reported.
The values for land and improvements as contained in the written report are constituent parts of
the total value reported, and neither is to be used in making a summation appraisal by combination
with values created by another appraiser. Either is invalidated if so used. The current purchasing power
of the dollar is the basis for the value reported.
Neither all nor any part of the contents of this report, or copy thereof, shall be used for any
purpose by anyone but the client or its assigns without previous written consent of the appraiser and/or
of the client or its assigns; nor shall it be conveyed by any including the client to the public through
advertising, public relations, news, sales or other media, without the written consent and approval of
the author, particularly as to the valuation conclusions, the identity of the appraiser, or a firm with
which he is connected, or any reference to any professional society or institute of any initialed
designations conferred upon the appraiser.
LIMITING CONDITIONS - PART II
The opinion of value contained in this appraisal report is based upon the following
Assumptions and Limiting Conditions:
• The information hu-nished by others is believed to be reliable. No warranty is given for
its accuracy, though.
• No responsibility is assumed for the legal description or for matters including legal or
title considerations. Title to the property is assumed to be good and marketable unless
otherwise stated.
• The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated in the report.
• It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations, laws and license requirements unless otherwise stated in the
report.
• The distribution, if any, of that total valuation in this report between land and
improvements applies only under the stated program of utilization. The separate
valuations for land and improvements must not be used in conjunction with any other
appraisal and are invalid if so used.
• The value opinions, and the costs used, are as of the date of the value opinion.
• All engineering is assumed to be correct. The plot plans and other illustrative material
in this report are included only to assist the reader in visualizing the property.
• The proposed improvements, if any, on or off-site, as well as any repairs required, are
considered, for purposes of the appraisal, to be completed in a good and workmanlike
manner according to information submitted and/or considered by the appraiser.
• Responsible ownership and competent property management are assumed.
• It is assumed that the utilization of the land and improvements is within the boundaries
or property lines of the property described and that there is no encroachment or trespass
unless noted in the report.
• The appraisers are not required to give further consultation, testimony, or be in
attendance in court with reference to the property in question unless arrangements have
been previously made.
• It is assumed that there are no hidden or unapparent conditions of the property, subsoil
or structures that make it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering or environmental studies that may be
required to discover them.
• Unless otherwise stated in this report, the existence of hazardous materials, which may
or may not be present on or in the property, were not observed by the appraisers. The
appraisers have no knowledge of the existence of such materials on or in the property.
The appraisers, however, are not qualified to detect such substances. The presence of
such substances may affect the value of the property. The value opinion is predicated on
the assumption that there is no such material on or in the property that would cause a
loss in value. No responsibility is assumed for any such conditions, or for any expertise
or engineering knowledge required to discover them. The client is urged to retain an
expert in the field, if desired.
• All mechanical components are assumed to be in good, operable condition unless
otherwise noted.
• Our opinion of value does not consider the effect (if any) of possible noncompliance
with the requirements of the ADA.
LIMITING CONDITIONS — PART II — Cont.
• Horner Appraisal Group, Inc. and its employees accept no responsibility for changes in
market conditions or the inability of the client, intended user, or any other party to
achieve desired outcomes.
• Projections or estimates of desired outcomes by the client, intended user, or any other
party may be affected by future events. The client, intended user or any other party
using this report acknowledges and accepts that Horner Appraisal Group, Inc. and its
employees have no liability arising from these events.
• Unless specifically set forth, nothing contained herein shall be construed to represent
any direct or indirect recommendations of Horner Appraisal Group, Inc., its officers or
employees to provide financing (mortgage, equity or other) for the property at the
value(s) stated.
• The client, or its representative(s), agrees to indemnify and hold Horner Appraisal
Group, Inc., its officers and employees, harmless from and against any loss, damages,
claims, and expenses (including costs and reasonable attorney fees) sustained as a result
of negligence or intentional acts or omissions by the client, or its representative(s)
arising from or in any way connected with the use of or purported reliance upon, the
appraisal report or any part of the appraisal report.
• The contents of the appraisal report, and all attachments and information that will be
contained within the report, is proprietary and confidential. The client, or its
representative(s) will not release or provide the report, in any form, in whole or in part,
to any third party, including any borrower, potential borrower, buyer or potential buyer,
without the signing appraiser's express written authorization.
TABLE OF CONTENTS
PREFACE
COVER PAGE
TRANSMITTAL LETTER
CERTIFICATION
DEFINITION OF MARKET VALUE
LIMITING CONDITIONS
REPORT
PURPOSE, INTENDED USE & SCOPE OF ANALYSIS...................................................................... 1
REGIONAL DISCUSSION..................................................................................................................... 2
DUBLIN CITY DISCUSSION - FRANKLIN COUNTY...................................................................... 7
ANALYSIS OF MARKET DATA........................................................................................................ 11
CONCLUSION - MARKET ANALYSIS............................................................................................. 20
ADDENDUM
QUALIFICATIONS OF APPRAISERS
APPRAISER DISCLOSURE STATEMENTS
Analysis & Conclusions
Purpose, Intended Use & Scope of Analysis
The purpose of this analysis is to provide an update of the estimated average prospective unit
price per acre estimate, for raw development land, applicable for property situation in the City of
Dublin. This estimate is to be effective for the Prospective, two year period from the retrospective date
of January 1, 2019 through December 31, 2020 as specified by City Ordinance.
The intended use of this prospective average price per acre estimate is to calculate the value of
the land donations set forth by the park fee, identified in Section 152.086, Part C of the Subdivision
Regulations for the City of Dublin. The relevant requirements of this section of the Code, which forms
the basis of this report, are outlined as follows:
"Estimated Average Land Value of Land per Acre shall be estimated every two years by
resolution of Council based upon the recommendation of a qualified land appraiser
retained by the Village to research real estate transactions and provide council with a
suggested price per acre for raw land within the City. "
A developer has the option of paying a park fee in lieu of land dedication at the time of final
plat approval. The formula used to determine the per unit park fee considers: the site's gross area, the
total number of dwelling units, the calculated required land area dedication and the estimated average
value of land per acre in the City of Dublin. This formula calculates both the value of the required
parkland donation and the per unit park fee. For the reader's convenience, a copy of Section 152.086,
Open Space Requirements, under Subdivision Regulations for the City of Dublin, is provided as an
exhibit in the Addendum.
The scope of this assignment includes a review of the marketing order that a suggested price
per acre for raw land within the City of Dublin can be made. As an update, a review of the data
presented in prior reports was appropriate in order to determine the trend in unit prices for raw
development land, from an historical standpoint. These reports were prepared under the same premise
as this current analysis, including the supporting real estate (land) transactions that were appropriately
considered in these prior analyses. This provides the basis from a historical and current perspective
from which the future two year period may be estimated. Although, this analysis considers the past
market conditions, from which an estimated unit price was estimated for the respective two year
period, the current market trends and anticipated future market trends are given greater weight.
In summary, this analysis provides an estimate of the average unit price of raw development
land in the City of Dublin, which is applicable for a two year period. The estimate is based on a review
of historical trends, in conjunction with current and anticipated future trends. All market data
considered in this analysis is in complete compliance with the definition of Market Value.
Horner Appraisal Group, Inc.
Regional Discussion
Ohio is 7'a in the nation in total population with approximately 12M people in 16 metropolitan
areas and 29 micropolitan areas. Historically, the state of Ohio's population expanded steadily for
many decades up until 1970 when growth dropped off significantly,
The Metropolitan Statistical Area (MSA) with the greatest population in Ohio is the Greater
Cleveland MSA with approximately 2,88M residents. The Greater Cincinnati MSA is the second
largest with a population of approximately 2.17M, The Metropolitan Statistical Area of Columbus is
the 3r° largest in Ohio; however, it is the fastest growing in the state. The Columbus MSA consists of
(8) counties including Delaware, Fairfield, Franklin, Licking, Madison, Pickaway, Morrow and Union.
Franklin County has continued to grow significantly over the past several years, being the
biggest municipal population gain in Ohio of any city. Cuyahoga County, home of Cleveland on the
other hand, lost approximately 4,000 people between 2013 and 2014. It is anticipated that Franklin
County would surpass Cuyahoga County in approximately 8 years. The Census indicates that
Cuyahoga County has a population of approximately 1.26M people with Franklin County at 1,23M.
Based upon recent growth, it is estimated that the Columbus Metro Area has an approximate
population of IN.
Ohio Metropolitan Statistical Areas
Horner Appraisal Group, Ina
Reeional Discussion — Continued
The entire Columbus MSA has a population of 1,849,795 according to recent census data,
which reflects an increase of approximately 13% over the past decade. This compares very favorably
to the overall increase within the state of Ohio at 1,6%. Franklin County grew by approximately 8,5°%
while Delaware County had the highest growth rate in the state at 569%, followed by Union County at
12,2%. Almost half of the counties in Ohio (43 out of 88) lost population. Columbus is the economic
and population center of the Central Ohio region, being the 141h largest city with an approximate
population of 866K and being the 33`d largest Metro Area in the U.S., as well as the 3'a largest city in
the Midwest behind Cleveland and Cincinnati.
TABLE 2, • OHIO COMBINED STATISTICAL AREA POPULATIONS 1970.2000 CENSUSES, ESTIMATES AND PROJECTIONS
84AII571CA9A8EA
I
CE16U4
PAOJEMeD
moMlmelnd KgQ"41
10110doon1
1970
1910 1
1190 1
9010 1
MIO
9010
9090
E090
I% COLUMBUS-MARON411WCO7HE
Combined
1,811,871
1,477,061
1,011,711
1,490,110
2,071,08
2,010,604
2152,6N
2,478,102
19140 OM4
mako Mn
1,1M710
1,890,01
10,108
1Al2AM
SHWE
1,900741
9,007,171
21T,100
MWNCourcy
42,808
9,840
M020
18,90
174,214
91711
Min
78,101
WeMCaunb
75901
Soon
103.110
129,748
10,100
14y8B4
10548
201,89
Fmkllo Cmoly
079,210
%0,129
88107
1,82,976
1,10,414
1,19,911
1,12&246
INS 114
L81h2c0rq
IMP
12001
12890
146A91
ICO2
91,970
179,81
19971
Midlrr Counly
20,911
93004
37MB
40$18
48,486
15111
40,181
40,110
MOMCaunly
21941
26ABO
17110
SIAM
91,197
Ad09
88,903
8,84
pooWoMIY
1°,071
49Al2
48716
9,771
008
OR
68,197
69.978
umMnzoun'
2$86
20,1%
31%9
on
000
80798
8,68
9.198
Sum Ohio Deeelopm Cut Ageury
A graph produced by the Development Services Agency is provided below, showing the
different segments of the Gross Domestic Product for the state of Ohio. While manufacturing
represents a majority of the state's GOP, the potential exists for broader diversification,
Ohio's Gross Domestic Product by Sector
Government, 11%
OtherSerulces,
9%
Education &
Health 10%
Business Services,
13%
Ag, Minln&
Construction,
_Utilities. 7%
Real Estate, 10% Insurance, 8%
Transportation &
Trade, 16%
HopmerAppraimlGimp, Ina 3
Refionad Diseussion — Continued
Columbus has a generally strong and diverse economy, ranking in the overall top 10 for the
U. S, and the best in Ohio. The jobless rate in Central Ohio is also some of the lowest in the state with
Franklin and Delaware Counties being at 3.8% and 3.4% respectively. Ohio's unemployment rate in
May of 2016 was 4•S%.
Ohio — Unemployment Rate — August 2018
' ^ EEi'
u°Nnporynmt nh�%)
tao r° aa°
a° to
ao
as to
ao
4.° to
4,4
a° to
11
0.° to
211
Unemploymentas
County
of August 201$.WPranklin
J.8%
Fairfield
3.9%
Delaware
3,4%
Licking
3.8%
Madison
3.7%
Union
3.4%
Pickawa y
3.9%
Ohio's unemployment rate of 4.5% is the same as the national average,
Horner Appraisal Grmrp, Inc.
Ohio's unemployment rate of 4.5% is the same as the national average,
Horner Appraisal Grmrp, Inc.
Re,aional Discussion — Continued
Ohio's largest source of employment is within Trade, Transportation and Utilities. Within this
sector is the retail industry, which has a strong presence in Central Ohio. L Brands (formerly known as
Limited Brands and The Limited) is located on the east side of the city and is the parent company for
Victoria's Secret, Bath & Body Works, etc. Tween Brands, Inc. is also based in the area, as well as
Abercrombie & Fitch.
The state's second largest employment sector is in Health and Education, which is well
represented in the Columbus area. Cardinal Health is a healthcare service company headquartered in
Dublin, a suburb within the northwest quadrant of the Columbus area. It is one of the largest
corporations within the U.S. Also, with approximately 100K college students in the Columbus MSA,
there are a large number of people employed by institutions of higher education, including The Ohio
State University, Franklin University, Columbus State University, Capital University, and the
Columbus College of Art & Design.
Government jobs are the third largest source of employment within Ohio, representing 14.2%
of workers. As the state capital and county seat of Franklin County, Columbus is influenced by a large
government presence, which includes county, state and federal employees. The Defense Supply Center
Columbus (DSCC) is one of the three locations of the Defense Logistics Agency and is within the
eastern section of Columbus. The center houses the DLA Land and Maritime as well as the Defense
Finance and Accounting Service, employing a total of approximately 9,000 people.
Included on the following page is pertinent statistical information as prepared by Regionomics,
forecasting growth within the Metropolitan area.
Horner Appraisal Group, Inc.
Re¢ionni Discussion — Continued
RegiGi)uiw(,,s ColumbusForecast1018
Columbus Forecast; Growth Continues to Exceed the US, Average
The Ceunbs MSA has erri ased mother thin -weal
anmh Ih raulhoe the sapamiort This will amino In
2018 with {mwth of 18%0 a 19,400 nn new Obs.
Empl%ane5tsMudamsleal1.1 heft
As cinen0yes0mated, M&A elements un2Nn
20171emus%w 15% hill annals. The entries is
pmlimssine and will hestalinm ixstobe
real in Minh
employmammay Nobeen usual inimatediii
sNassemtohaaebeen siireful musertmal
ihwse ended im eloymenl heals arc adjusted help
U.S. em%le ymut all t impeded to s low 9mm 1.S%
in 2017mamuM 14% in 2018 mtheisa lecatei
morescloi hranplrymem
One Ob lamnh emwmed toady 0.9%in 2017.
C romp was drallM darn by wesnem in mi
ranspolmdan, boom all ehxssi and
laeemmen[
Tsai Cabal MSA employment
1,10
90
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2018RalioN(JiCaiamtN Ali faremn
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7.016
0911
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18,94800
LIO%MO
190
1.8%
CoNruOaoaMmniry
69%
35%
2.9%
40,2(%
41,500
11400
3.4%
Rhnufadwi
0516
0.6%
0.6%
72400
749W
300
05%
Vaholagliti
6.816
29%
1.0%
451100
ell
300
0.7%
Omilinuis
07%
110361
0.%6
103,900
167,30
40D
04%
Transmittal and udfft
29%
(0194
1.6%
56,700
59,300
2,601
47%
int matim
1,911
DA
(17161
17200
17X
IOD
0.4%
Fmciilars"K
1311
21%
28,31
R4,400
06,800
2440D
16%
PronslaulaMbuinessserafra
14%
0.8%
2.916
104,800
189,200
4,40)
14%
Aseeionalandted.seNm
10%
IN
3.0%
65200
67A
2,000
38,%
Mamgementoleomlenim
14%
06%
171
37,400
343OD
90D
14%
Admissu0p4nandweal
2336
03%
3.1%
111
837M
1,600
194
E4ustmnaMM1eilOsmims
17%
21%
12%
759,700
161,600
215M
1%
PnraseduotOnalseMru
1018
4.1%
14%
210
9P,DDI
200
18,%
HnlNnrc W sasnlsmias
1.f%
19%
21%
1360900
139,600
5,700
20%
le%urcandbwsphani
13%
19%
1.896
1060900
100,200
1,200
11%
Orharimas
2.1%1
02%
13%
40A
39900
13M
(09%)
0wfrflui
2.1%4%
05%1
OS%
1740,177,900
3,700
11%
.lasmt
fam'rsn
0.
OR
I 06%
14,01
14SWJ
100
IN
Ssrelauermnnl1
29%
1 (19%)
1 0.1%
1 75,001
77ROOl
1,600
1 14%
loollawnshy
1 1.7%
1 (0l%)
1 0.6%
1 SAMI
16,1001
1,700
1 10%
Regio namts Nino a 2017 MSA treasuring In ease. Dlp'un i lost ad Coal mended u the amml haled.
Horner Appioisof Group, Inc
Re,-ional Discussion — Continued
Columbus is the headquarters of (5) insurance companies, including Nationwide, Motorist,
Grange, Safe Auto and State Auto. Nationwide Insurance's main offices are in a large multi -building
complex that dominates the northern end of the Downtown District. The Downtown District of
Columbus is also experiencing heavy investment and redevelopment. From the end of 2012 to the end
of 2013, over $286M worth of investments were completed with an additional $262M under
construction, including nearly 800 housing units. Growth is expected to continue as an estimated
$234M are proposed for future development.
Columbus is also a primary financial hub that includes the Huntington National Bank
headquarters. Bank One had been headquartered in Columbus until 1998, but in 2004 it was acquired
by Chase and moved to Chicago. It still has a major presence with the large mortgage servicing unit
within the Polaris neighborhood. Other large regional banks include PNC, Key Bank and Fifth -Third.
Battelle Memorial Institute, the largest private research and development foundation in the
world, is headquartered in Columbus. The scientific and medical research organizations of Chemical
Abstracts and Abbott Laboratories/Ross Products both have large facilities in the area. There are
several technology companies with a base in Columbus and American Electric Power has its
headquarters in the CBD. The suburb of Dublin is also developing a high-tech office and research area
known as the West Innovation District near the interchange of US 33/SR 161 and Post Road.
The Central Ohio area is also experiencing a rush of new industrial development, with over 2 million
square feet of industrial space planned for construction within the near future. Columbus's location is a
primary reason for these developments, being within a 10 -hour truck drive of 47% of the U.S. population, a
larger percentage than any other city in the country. Many of these industrial developments are within the
area of the Rickenbacker Airport, a primarily cargo airport in southern Franklin County. Amazon has built
four data centers in Pataskala, New Albany, Dublin and Hilliard. At the present time, Columbus is in the
"running" for Amazon's second headquarters in the U.S. (20 cities currently vying).
Overall, the Columbus Metropolitan Area is considered to be one of the most stable and
economically viable regions within the U.S. These economic conditions have been considered with respect
to the values setforth herein.
Dublin City Discussion — Franklin County
The Dublin School District extends outside of the actual Corporation Limits of the city of
Dublin, including avast new area within adjacent Union County / Jerome Township.
The boundary map of the district and the Corporation Limits of Dublin are shown on an Exhibit
found on the following page.
Horner Appraisal Group, Inc. 7
Dublin City Discussion —Franklin County — Continued
aux,
�Klk
vgman
dmmna
Ciaaoumm
MW aN Sawn NOd
City of Dublin &
ICRIPJDublinDublin City School District ( aplWns a
NMMNQ012
Homer Appoaai Group, Inc.
Dublin City Discussion — Franklin County — Continued
Dublin has a population of approximately 45K and is the headquarters for a number of major
companies including Wendy's, Ashland Oil, OCLC and Cardinal Health. Cardinal Health is one of the
largest companies, by revenue, within the state of Ohio. It continues to expand.
The "Downtown" District of Dublin is experiencing significant growth and redevelopment
known as the Bridge Street District. This major new development includes mixed-use properties (retail
/ office / apartments), as well as public improvements, including a pedestrian bridge over the Scioto
River, a public parking garage, parks, the Dublin brand of the Columbus Metropolitan Library, etc. It
is one of the most important new developing areas within the Midwest.
There are (4) primary areas of commercial development within the northwest quadrant of the
region, including the Sawmill Road corridor. Nearly all of the land along Sawmill Road is fully
developed. There is a predominance of automobile -related uses within the neighborhood, some of
which are included on the following page.
• Germain Ford at the intersection of Sawmill and Billingsley Roads.
• Germain Lexus of Columbus on the south side of Dublin -Granville Road (SR 161) just west of the intersection of
Sawmill Road.
• Byers Northwest Mazda/Subaru on the south side of Billingsley Road to the east of Sawmill Road and abutting 1-
270.
• Tobin Buick/GMC on the south side of Billingsley Road east of Sawmill Road and abutting 1-270.
• Infiniti of Ohio within the southwest quadrant of 1-270 and Sawmill Road.
• Germain Honda Northwest on west side of Sawmill Road north of Dublin -Granville Road (SR 161).
• Germain Cadillac on the west side of Sawmill Road between Dublin -Granville Road (SR 161) and 1-270.
• Immke pre -owned dealership within the southeast quadrant of 1-270 and Sawmill Road.
• Tansky's Toyota at the southeast quadrant of Sawmill Road and Dublin -Granville Road (SR 161).
• "MAG" dealership facilities within the northeast quadrant of Avery Road and US 33/SR 161 (Perimeter Drive) selling
Ferrari, Jaguar, Land Rover, Lotus, Mazarati, Mini, Porsche, Range Rover, Rolls Royce, Saab, Volkswagen, BMW
and Audi.
• Crown Jeep Eagle and Crown Mercedes on Perimeter Loop Road near the MAG facilities.
• CarMax Superstore on the north side of Farmers Drive within the southeast quadrant of 1-270 and Sawmill Road.
• Dennis Hyundai dealership on the south side of Billingsley Road adjacent to the Tire Kingdom Store.
• Acura Dealership at the northwest corner of Dale Drive and Dublin -Granville Road (SR 161).
• Bob Boyd Lincoln on Billingsley Road.
Another exciting aspect of the area is the interchange of US 33 / SR 161 and Post Road. This
interchange has been under planning for a considerable period of time but is in the process of being
constructed and is the location of the Ohio University Medical facility. Additionally, Amazon has
constructed a large data call center on 68 AC at the southeast corner of SR 161 and Houchard Road.
The northeast and northwest quadrants of the interchange of US 33 / SR 161 and Avery Road
are developed with retail outlets which are oriented primarily towards local businesses, including the
residents of nearby Muirfield and Tartan Fields. These retail centers, restaurants, banking facilities, etc.
are also influenced by their proximity to Dublin Methodist Hospital and other healthcare facilities
along Perimeter Drive/Post Road. The development underway by NRI known as Jerome Village
merges with the Tartan Fields area and extends west into Union County towards SR 42.
Horner Appraisal Group, Inc. 9
Dublin City Discussion — Franklin County — Continued
Jerome Village consists of over 1,556 AC, including approximately 250 AC of wetland and
educational areas. It is included within the Dublin School District boundary.
The interchange of US 33 / SR 161 and Avery Road, which extends north and becomes
Muirfield Parkway includes many healthcare oriented businesses including the Dublin Methodist
Hospital, an approximate 325K SF primary commercial facility. Subsidiaries of other major local
hospitals are also represented within this area, including Nationwide Children's Hospital, Mount
Carmel, Grant, etc.
Tuttle Crossing Mall is a regional mall within the southeast quadrant of the interchange of
Tuttle Crossing Boulevard and I-270. It is anchored by Macy's, JCPenney's, Sears, etc. Along the
Tuttle Crossing Boulevard thoroughfare are primary commercial properties including restaurants, retail
petroleum outlets, primary freestanding retail buildings, etc.
Tuttle Crossing Mall is within the city of Columbus and is bordered on the east by Frantz Road.
The area to the north of Tuttle Crossing Mall is primarily within the city of Dublin; although, the
northeast quadrant of this interchange is also within the city of Columbus and includes several large
office complexes occupied by primary tenants such as Sterling Commerce, Qwest, etc. This area also
includes a large apartment complex known as Britton Woods which straddles the Dublin/Columbus
corporate line. Emerald Parkway as it extends south from Tuttle Crossing becomes Britton Parkway as
it progresses to Hilliard and it continues north from Tuttle Crossing Boulevard and extends over I-270
continuing to Riverside Drive (SR 257).
Because of the "strong" growth characteristics with regards to major white collar employment
centers within Dublin, there is a strong demand for moderate to upper income housing. We have
previously provided a summary of the recent lot sales that have taken place within the Dublin School
District. It is anticipated that based upon plans and opportunities afforded by the city of Dublin,
including the extension of Tuttle Crossing Boulevard which will open up land referred to as the
Innovation District, strong demand will continue for this segment of the market within the foreseeable
future.
The value of residential acreage within this area compares favorably to the area surrounding the
New Albany district within the northeast quadrant of Franklin County. The sales that have been
included herein are considered to be representative of the value of residential acreage which would be
developed with single family lots, having retail value at or near $11 OK.
Horner Appraisal Group, Inc. 10
Conclusion — Dublin City Discussion — Franklin County
In the opinion of the Appraisers, the city of Dublin and its surrounding area is the most
dynamic environ within the state of Ohio and perhaps the Midwest. It includes significant major
employers (i.e. several Fortune 500 Companies a fiscal base that provides for excellent city services
such as recreational, police, etc.), well designed and convenient retail outlets, etc.
The city of Dublin continues to expand to the northwest into adjacent Delaware and Union Counties.
Jerome Village, Glacier Ridge, Tartan West, and several other moderate to upper-income
single-family subdivisions represent the primary growth areas within the Greater Columbus area. A
brief discussion of the subject's neighborhood is provided in the following section.
Analysis of Market Data
As discussed previously, there have been very few sales of single-family development land
within the City of Dublin. As an alternate, we have given consideration to sales within the Powell and
New Albany areas. Some of the sales that are considered to be relevant have been included on the
following pages and indicate per acre prices ranging from $41K/AC to approximately $65K/AC. The
sales at the lower range have an inferior locational attributes as compared to the subject.
The strong demand for residential home sites within the Dublin School District sub -market area
as compared to the supply of available tracts would render the upper range to be applicable.
We also recognize that the prior study for this Parkland Analysis indicated a contribution of
$60K/AC. The single-family market within this region has continued to improve over the past 5 to 6
years and as such, an upward adjustment is warranted. Adjusting $60K/AC upward 10% indicates a
current value at $65K/AC.
The reader's attention is invited to the sales which are included on the following pages as
further support for this estimate.
Horner Appraisal Group, Inc. 11
DEVELOPMENT LAND SALE A
LOCATION:
Ulry Road, southeast corner of Warner Road,
Blandon Township, OH 43081
GRANTOR:
McCorkle Soaring Eagles LLC
GRANTEE:
Pulte Homes of Ohio
SALE DATE:
03127(2017
LAND SIZE:
24.98 AC
SALE PRICE:
$1,6151400
INDICATION:
$64,6681AC
CONFIGURATION:
Rectangular
TOPOGRAPHY:
Level
UTILITIES:
All Available
ZONING:
PUD6 (Planned Unit District)
HIGHEST &BHT USE:
Residential Development
CIRCUMSTANCES:
Arm's -Length
TERMS & CONDITIONS:
Cash to Seller
VERIFICATION:
Agent of Grantee
COMMENTS:
This property is located just north of the New Albany bypass and across from the Little Turtle
Golf Course and adjacent to existing single-family subdivisions. The site has a rectangular
configuration and is zoning for (6) units per acre.
I1
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RornerAppraiaalGroup, Inc.
12
DEVELOPMENT LAND SALE B
LOCATION:
Wells Road, west of Jerome Road,
Jerome Township, OH 43017
GRANTOR:
John Riepenhoff Trust
GRANTEE:
Jerome Village Company LLC
SALE DATE,
0211312018
LAND SIZE:
32.297 AC
SALE PRICE:
$2,0911457
INDICATICK
$64,7571AC
CONFIGURATION:
Nearly Rectangular
TOPOGRAPHY:
Level
UTILITIES:
All Available
ZONING:
RU (Residential)
HIGHEST & BEST USE:
Residential Development
CIRCUMSTANCES
Arm's -Lena
TERMS & CONDITIONS:
Cash to Seller
VERIFICATION:
Agent of Grantee
COMMENTS:
This sale represents land that continues to be assembled by the Grantee for single-family
development, It is nearly rectangular in shape and has no unusual topographical or physical limitafions,
How Appraisal Group, Inc
DEVELOPMENT LAND SALE C
LOCATION:
Mitchell DeWitt Road, west of Industrial,
Jerome Township, OH 43064
GRANTOR:
Maryanne C. Hildebrand
GRANTEE:
Homewood Corp,
SALE DATE:
09110(2015
LAND SIZE:
16,36 AC
SALE PRICE:
$682,000
INDICATION:
S41$WAC
CONFIGURATION:
Irregular
TOPOGRAPHY:
Level
UTILITIES:
All Available
ZONING:
Ul
HIGHEST & BEST USE:
Residential Development
CIRCUMSTANCES
Arm's -Length
TERMS & CONDITIONS:
Cash to Seller
VERIFICATION:
Public Records
This tract was purchased as pan of assemblage with the adjacent tract. It is situated within an
area that is improved with moderate income single-family homes,
HornuAppraisal Group, Inc.
DEVELOPMENT LAND SALE D
LOCATION:
Industrial Parkway, northwest comer ofMitchell•DeWitt
Road,3erome Township, OH 43064
GRANTOR:
Mission Investment Fund of the
Evangelical Lutheran Church of America
GRANTEE:
Homewood Corp.
SALE DATE,
OSII 2015
LAND SIZE:
16.321 AC
SALE PRICE:
$112,500
INDICATION:
$43,6551AC
CONFIGURATION,
Irregular
TOPOGRAPHY:
Level
UTILITIES:
All Available
ZONING:
Bit
HIGHEST &BEST USE:
Residential Development
CIRCUMSTANCES:
Arm's -Length
TERMS & CONDITIONS:
Cash to Seller
VERIFICATION:
Public Records
COMMENTS:
This tract was purchased as part of assemblage with the adjacent tract. It is situated within an
area that is improved with moderate income single-family homes.
Hower Appraisal Gimp, Ina
DEVELOPMENT LAND SALE E
LOCATION:
Three B's & K Road, north of US 36,
Berkshire Township, OH 43015
GRANTOR:
Brookdoc Investments LLC
GRANTEE:
Schottenstein Homes LLC
SALE DATE:
0212812018
LAND SIZE:
35.175 AC
SALE PRICE:
$2,0471500
INDICATION:
$58,2091AC
CONFIGURATION:
Irregular
TOPOGRAPHY:
Level
UTILITIES:
All Available
ZONING:
A1/PCD
HIGHEST & BEST USE:
Residential Development
CIRCUMSTANCES:
Arm's -Length
TERMS & CONDITIONS:
Grantor
VERIFICATION:
Pat Kelly of Grantee
COMMENTS:
This sale includes (5) separate tracts which were purchased for single-family development, The
site is situated to the north of US 361 SR 37 and west of 1.71 to the east of Alum Creek Reservoir,
HornerAppraieal Gimp, Inc.
DEVELOPMENT LAND SALE F
LOCATION:
Steitz Road, north of Rutherford Road, Powell, OH 43065
GRANTOR:
Timothy K, Shelly
GRANTEE:
Pulte Hames of Ohio
SALE DATE:
03012018
LAND SIZE:
32,264 AC
SALE PRICE:
$10693,021
INDICATION:
$52,4741AC
CONFIGURATION:
Irregular
TOPOGRAPHY:
Level
UTILITIES:
All Available
ZONING:
FRIIPRD
HIGHEST &BEST USE:
Residential Development
CIRCUMSTANCES:
Arm's -Length
TERMS & CONDITIONS:
Cash to Seller
VERIFICATION:
Agent of Grantee
[K1AUluleiW
This property was purchased for the extension of an existing single-family subdivision within
the Powell area,
HonerAppmul Groap, Inc.
DEVELOPMENT LAND SALE G
LOCATION:
East side of Sawmill Parkway, South of Hyatts Road (SR 123),
Liberty Township, Delaware County, OH
GRANTOR:
Dominion Homes Inc.
GRANTEE:
Pulte Homes of Ohio LLC
LAND SIZE:
26,959 AC
SALE PRICE:
$4520,737
SALE DATE,
611212014
INDICATION:
$56,4091AC
CIRCUMSTANCES:
Arm's Length
ZONING:
PRD—Planned Residential District— Liberty Township
UTILITIES:
All Available within Area
TOPOGRAPHY:
Generally level
HIGHEST & BEST USE:
Residential Development
COMMENTS:
This property is irregular in shape and is situated on the east side of Sawmill Road between
Hyatts Road to the north and Home Road to the south. The site has adequate frontage and is just north
of Liberty Tree Elementary School and Olemangy Hyatts Middle School, Further to the south is
Olentangy Liberty High School. Furlher to the north is an electric substation. This property also sold
on December 4, 2013 from Golf Village North LLC to Dominions Homes Inc. for $1,735,500 or
$64,3761AC,
Horner Appraisal Group, Ina
DEVELOPMENT LAND SALE H
LOCATION:
North Side of Hyatts Road, West of US 23, Liberty Township,
Delaware County
GRANTOR:
Greif Packaging, LLC
GRANTEE:
OFMD, Ltd,
LAND SIZE:
23.227AC
SALE PRICE:
$1,3935680
SALE DATE;
1012312014
INDICATION:
$60,0031AC
CIRCUMSTANCES:
Arm's Length
ZONING:
FR—Farm Residence — LibenyTowmhip
UTILITIES:
All Available
TOPOGRAPHY:
Generally Level
HIGHEST & BEST USE:
Residential Development
VERIFIED BY:
Public Records Only
COMMENTS:
At the time of sale, this site was improved with a 1,528 SF single-family home.
Horner Appi alsal Group, Inc.
Conclusion —Market Analysis
After giving consideration as set forth herein, it is our opinion that the Market Value of the
typical residential acreage within the Dublin School District would range from $60K/AC to $65K/AC.
Dublin is one of the most economically viable communities within the Midwest. With its high quality
city services, medical facilities, employment centers, etc., there is reason for optimism. We have
therefore correlated at the upper range of $65K/AC.
As a result of our appraisal and analysis, it is our recommendation that the Average Price per
Acre of Row Development Land, as of the Prospective Dates of January 1, 2019 through December
31, 2020, is:
SIXTY-FIVE THOUSAND DOLLARS PER ACRE
($65,000)
Horner Appraisal Group, Inc. 20
ADDENDUM
Qualifications of the Appraiser/Consultant
James R. Horner, MAI
Present Status
President of Horner Appraisal Group, Inc.; an independent real estate appraising and
consulting firm, specializing in investment properties.
Business Address
22 East Gay Street
Suite 300
Columbus, Ohio 43215
Degrees
Phone Numbers
Office
(614) 246-8383
Fax
(614) 246-8384
Cell
(614) 284-8888
E -Mail
James@HornerAppraisal.com
Bachelor of Arts, The Ohio State University, 1969
Professional Memberships
Appraisal Institute: MAI #5762
Formal Real Estate Education
Appraisal Institute
1. Attendance at numerous seminars and lectures dealing with new
techniques in real estate, real estate appraisal, finance, etc.
2. Formerly on the faculty of Otterbein College.
3. The appraiser is certified as a General Appraiser (GA) within the State
of Ohio (See copy of certificate following qualifications).
Real Estate Appraisal Experience
Mr. Horner is engaged full-time in the real estate appraisal profession. From 1968 to January
of 1971, he was under the training and supervision of Anthony F. Mollica, MAI. From 1971 to
October of 1977, Mr. Horner was employed by and served as Vice President of Associated
Consultants and Appraisers, Inc., Columbus, Ohio. In October of 1977, Mr. Horner formed his own
firm. Since 1971, the appraiser has made numerous appraisal reports, including feasibility studies
for apartment and condominium projects, office buildings, single-family residences and commercial
properties. The purpose of the appraisal reports has been for condemnation, mortgage and for
individual buying and selling. The Horner Appraisal Group has had the opportunity of appraising
for many Federal, State and Local Agencies, including, but not limited to, the Federal Aviation
Administration, US Department of the Interior and Agriculture, The Ohio Department of
Transportation, The Ohio Department of Natural Resources, COTA and many City Agencies
throughout the State of Ohio.
I
4
.4
APPRAISER DISCLOSURE
STATEMENT
In compliance with Ohio Revised Code Section 4763.12'
1. Name of Appraises James R, Homer MAI
2, Class of CertificationlL wmore:
X Certified General
Certified Residential
_Licensed Residential
_Temporary _,.General ,_Licensed
CertificationlLiCcosureNamber: GACdfiaalian#380744
3. Scope: This report Xis within the scope ofmyCerdficationlLicense
is not within the scope of my Car6fioationlLicense.
4. Service Provided By: X disinterested& unbiased ihirdparty
Interested & biased third parry
Interested third party on contingent fee basis
5. Sigaatmeofpersonprypadnj/andreportkg
THIS FORM MUST BE INCLUDED IN CONJUNCTION WITH ALL APPRAISAL
ASSIGNMENTS OR SPECIALIZED SERVICES PERFORMED BY A STATE -CERTIFIED
OR STAT&LICENSED REAL ESTATE APPRAISER,
State of Ohio
Deparbout of Comoro
Division of Real &fate
Appraiser Section
Cleveland, Ohio
(216) 7873100
Quali�cati®ns ®f the Appraise�/C'®nsultcant
Samuel R. Horner, MAI
Present ,status
Vice President of Horner Appraisal Group, Inc., an. independent real estate appraising and
consulting firm, specializing in investment properties.
Business Address
22 East Gay Street
Suite 300
Columbus, Ohio 43215
Phone lumbers
Office
(614) 246-8383
Fax
(614) 246-8384
Cell
(614) 284-8000
E -Mail
Sam@HornerAppraisal.com
B.S., Business Administration, Colorado State University, 1993
Emphasis: Real Estate/Finance
Pro essional Memberships
Appraisal Institute: MAI
Formal Real Estate Education
® Real Estate Principals
® Real Estate Finance
® Real Estate Law
® Real Estate Appraisal
Real Estate Licenses
Ohio Certified General Appraiser, #430914
Ohio Sales Associate License, issued 6-17-97
Real Estate Appraisal Experience
For approximately two years, Mr. Horner was employed with D.F. Davis Real Estate, Inc., in
San Diego, California. During this period, Mr. Horner worked on a myriad of investment properties.
In 1996, Mr. Horner became Vice President of the Homer Appraisal Group, Inc.
ZI
I
APPRAISER DISCLOSURE
STATEMENT
hrwmpp ancewithOhioRevisedCodeSeetioa4763.12(C)
L Name of Appraiser; Samuel R. How MAI
2. Class of Ceriificaflan L censure:
X^CmtiedGomel
CuHcdWdmtinl
_licensed Residential
_Temporary `General _Licensed
CardficaionLicensaeNmber GACertifioation930914
3, Scope: Tbisreport X iawithin the scope ofmyCerificaionLicense,
isnot within the npeofmyCetdficet on License.
4. Service Pic idedBy,._disinterested&onbioseddirdparty
interested & biased third party
interested tlird party on contingent fee basis
5• Signatme of person prep an eappraisal:
THIS FORM MUST BEINCLUDED IN CONIUNCHON WITH ALL APPRAISAL
ASSIGNMENTS OR SPEt"iAi,T9.Ril SERVICES PERFORMED BY STATSCERTM
OR STATHICENSED REAL ESTATE APPRAISER,
State of Ohio
Department of Commerce
Division of Real Estate
Appraiser Section
Cleveland, oma
(216) 787.3100
STATEOP01110
DIVISION OPPRRAL EFI'ATE
AND PRONISSR)NALLICENSING
S1'A1EOF01110
DIVISION OFREAL ESTATE
AND PROFESSIONALLICENSING
AN APPRNIIR LUMMOeRTIPICAIe
his bion Isola undsORC ChWtf 4763 is
Samuol Rowel Homer
NAME:JameS R Horner
22 E Gay SI Ste 300
X�01310141
WOMIM MGOa0M0
Cdumbua.OH 432151113
3EA
1K IMC Oawal Rol EoIn1R Appm ier
GMENt b1NE OA1f:OPwa7011
Jame R Homer
ErrNAnaxoAlEmdIMIB
Horner Applaud Group, Ina
uaPwolrtwnmroldaatl
22 E Gay St She 300
Columbus, OH 432164113
STATEOP01110
DIVISION OPPRRAL EFI'ATE
AND PRONISSR)NALLICENSING
ANAIPRAREA UCENSFILERIVICAIE
NA lwn Ory No ORO CNPW 47M to:
NAME Samuel Robert Honer
LUTRIWMHR:0004391I
LC UWI: Ce iNl13mmd Red ERIale Appralner
Samuol Rowel Homer
CAeRERIamWE PORM017
WRAI'09 DATE 1NO9011
22 E Gay SI Ste 300
u3PAOWEaAN IM19all
Cdumbua.OH 432151113