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003-01 OrdinanceRECORD OF ORDINANCES 03-01 Ordinance No ................................................................... Passed .................................................................., ....................... ___ YEAR AN ORDINANCE UPDATING THE ESTIMATED AVERAGE PER ACRE VALUE OF LAND FOR PARK FEES IN LIEU OF LAND DEDICATION, AND AMENDING SECTION 152.086(C)(6) 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 recommendation of a qualified land appraiser; WHEREAS, the Continental Appraisal Company has completed their update of raw land transactions within the Dublin area and is recommending an average suggested price per acre in order to establish the base for the payment of the park fee in lieu of a land dedication. NOW, THEREF RE BE IT ORDAINED by the Council of the City of Dublin, State of Ohi of the elected members concurring: Section 1. That the report of the Continental Appraisal Company is hereby accepted, estimating per acre value for raw land at $38,500.00 within the City of Dublin, Ohio for use pursuant to the provisions of Section 152.086(C)(6) of the Dublin Codified Ordinances. Section 2. That this estimated value per acre shall be applicable for a period of two (2) years, commencing with the effective date of this ordinance. Section 3. That this ordinance shall be effective at the earliest date permitted bylaw. Passed this ~~ay of ~~,~u01. ~ C` 1V1'ayor -Presiding ATTEST: Clerk of Council t heresy certify that tomes of ts-~i; ©rdnancelResolution were posted in the Cty of i)~hlsn in accordance wfil~ Sect'son 731.25 of the Ohio Revised Code. -1=i-~~ ~~ [lorl f C~mril. Dubl+n. Qhin ..CITY OF DUBLIN Memo Division of Grounds & Facilities 5800 Shier-Rings Road Dublin, Ohio 43016 Phone: 614-410-4700 Fax: 614-761-6589 To: Mayor Chuck Kranstuber Dublin City Council Members From: Fred Hahn, Director of Grounds & Facilities ~~, Re: Park Land Fees - 2001 & 2002 Date: December 21, 2000 Attached you will find the summary letter from Continental Appraisal Company that details the recommended Park Land fee for the years 2001 & 2002. 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: "Estimated 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 $38,500.00 per acre. This value, once approved, will be used by the City when it is determined that money in lieu of land for park land donation is in the best interest of the City. The current value is $37,500.00. Staff has reviewed the appraisal document and found it to be complete and in order. Con tin en tal Appraisal Com pan xLnr. t:sr~~~r~-: ~~rJwsur.~rnN~rs ~ ~~t~t~xnts~~.il ~l t4 I': ti "f li R fl .A I I ti "I It I~: 1 'L Col~mh~rs Ohio 43?15 INDIVIDUAL MEMBERSHIPS APPRAISAL INSTITUTE AMERICAN SOCIETY OF REAL ESTATE COUNSELORS INTERNATIONAL RIGHT-OF-WAY ASSOCIATION NATIONAL ASSOCIATION OF REALTORS OHIO ASSOCIATION OF REALTORS COLUMBUS BOARD GF REALTORS December 12, 2000 Mr. Fred Hahn Director of Grounds Facilities City of Dublin 5800 Shier Rings Road Dublin, OH 43016 RE: Suggested price per acre of raw land Park fees in lieu of land dedication Time period - 2001 & 2002 Dear Mr. Hahn: ,,,~,, In accord with your request, we have completed an investigation and analysis of the Dublin market, regarding raw development land transactions. These data have been used to establish an average suggested price per acre for raw residential development land that is to be applicable for the two year time period (2001-2002) succeeding the date of this report. The purpose of this suggested unit land value is to establish the base for the payment of the park fee in lieu of a land dedication`. I~I- - I I I I-I- I I ~-I I~I-i_I-i In our review of the City Ordinance, it is our conclusion the base acre value should be premised on the transaction of raw residential development land. The zoning classifications of the market data used in this analysis include R, R-l, R1-B, PLR, and PUD. Properties with these zoning classifications consist of single family residential development land and provide the lowest base unit. The proposed density of development is adjusted for in the formula for the park fee. AFFILIATE OFFICE VALU~1'I'ION NETWORK INC. A NATIONWIDE CONSORTIUM OF APPRAISAL AND CONSULTING FIRMS Based on the conclusions set forth in the following report, it is our recommendation that the average price per acre of raw development land for the succeeding two years (2001- 2002), from the date of this report, be established as: THIltTY EIGHT THOUSAND )EVE HUNDRED (38,500) DOLL,~RS This unit value estimate represents an average unit value of single family residential development land for the City of Dublin, to be used in the calculation for the payment of a park fee in lieu of parkland dedication. It should not be construed as an appraisal of any individual acre located within the City or used for valuation purposes, other than for 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 nor contemplated future interest as it would relate to park land property .and that our 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 submitted, R. Garvin, MAI=CRE Certified General Appraiser #381571 John IV1~Gar~tin Certifie general Appraiser #381572 CITY OF DUBLIN PARK LANDS Suggested Unit Price/Acre of Single Family Residential Development Land In Lieu of Land Donation FOR: Mr. Fred Hahn Director of Grounds & Facilities City of Dublin 5800 Shier Rings Road Dublin, OH 43016 AS OF: December 12, 2000 PREPARED BY: Continental Appraisal Company 50 West Broad Street Columbus, OH 43215 TABLE OF CONTENTS Title Page Letter of Transmittal ,,,~,,, Table of Contents ANALYSIS & CONCLUSIONS ASSIGNMENT AND OBJECTIVE OF THE REPORT .............................................................1 DEFINITION OF MARKET VALUE ........................................................................................2 SCOPE AND METHODOLOGY OF THE ASSIGNMENT ......................................................3 MARKET ANALYSIS ..............................................................................................................8 CORRELATIONS AND CONCLUSIONS ..............................................................................25 APPRAISER DISCLOSURE STATEMENT ...........................................................................27 APPRAISER DISCLOSURE STATEMENT ...........................................................................28 LIMITING CONDITIONS ......................................................................................................29 CERTIFICATION .................................................................................................................... 3 0 ADDENDA Record of Ordinances .................................................................................... A Continental Appraisal Company ASSIGNMENT AND OBJECTIVE OF THE REPORT The objective of the following report is to provide an average unit price per acre estimate for raw development land in the City of Dublin to be effective for the succeeding two years (2001-2002). The intended use of this average price per acre estimate is to calculate the value of the land donation 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 form the basis of this report, are outlined as follows: Item #6 "Estimated 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 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 park land donation and the per unit park fee. A copy of S'eclioll 152.086, Open Space Rer11/il•emerlts, 1/nLl(',1' SI/bdIVIS1011 ~(',f;llla1101"I.S f01' the Crly of Dr/blitt, IS pl'OVILI('.Ll as ail GXhibll 111 thL' Addenda. Dublin Pnrk Land V11ue 1 Continental Appraisal Company ~., ~r,- DEFINITION OF MARKET VALUE For the purpose of this report, market value is defined as follows: MARKET VALUE is 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 is 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 best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States 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. A market value estimate is not estimated for a specific property in this report. The definition of Market Value provides the standard conditions in which the market data used in this analysis transferred. The sales data considered in this analysis represent the negotiated arms length transactions of each property's fee simple estate, in terms equivalent to cash. Dublin Park Land Value 2 Cofrtinental Appraisal Con:parry SCOPE AND METHODOLOGY OF THE ASSIGNMENT The scope of this assignment consists of gathering pertinent market data to be used in developing an average price per acre for residential development land in the City of Dublin, as set forth under Ordinance No. 1109.02(c)(6) (Park Fee). The primary parameters for land sales considered in this analysis include: 1. Transfer of single family raw development land situated in the City of Dublin 2. Transfer of fee simple estate 3. Transfer on a cash equivalent basis 4. Arm's length, market transactions 5. Sales data are located within the corporate limits of the City of Dublin. 6. Sales data assembled transferred subsequent to the last update report (May 1998). The market data included in the database had a highest and best use for future single family development, at the time of transfer. Raw development residential land sales have been assembled. Ra~v residential development land is defined as acreage tracts suitable for residential development that have not been influenced by external forces relating to the development process, such as, engineering, platting, or infrastructure improvement. All of the market data has good physical utility for residential development. The primary legal consideration was that the sales used are zoned for low-density residential, no multi-family land sales were included in the data set. Of the market data assembled for this report, the majority of land sales in the Dublin area took place in 1998 and 1999. Only two sales took place in 2000 that met the parameters, previously set fortis, for market data to be considered in this analysis. Considering the established parameters for market data, and that the purpose of this report is to estimate an average unit price per acre applicable for raw development land that is located in the city of Dublin, no adjustments were made to the market data, except for time/market conditions. Of the eight land sales considered in this analysis, seven required some adjustment for time/market conditions. Dublin Park Land Value 3 '~;.: , . •~:. Continental Appraisal Company For purpose of analysis, the City of Dublin was divided into five separate zones, identified as: Northeast, Northwest, Central, Southeast, and Southwest. A map of these zones is presented on the facing page, and a discussion, which relates to each of the sections follows. Northeast The Northeast area is located east of the Scioto River, west of Sawmill Road, and north of I- ~ 270. It includes all of the incorporated area of the City of Dublin within this delineated area. To date, residential development along the Sawmill Road corridor, north of I-270, has been limited to the area east of Sawmill Road in the City of Columbus (Columbus-Worthington and Columbus-Dublin) tax districts. This area has been heavily developed with single family and multi-family residential properties, with supporting neighborhood and community retail commercial, over the years. Properties located west of Sawmill Road, in this area, have generally remained as vacant development land or improved property with an interim use. Historically, this area has been restricted by the availability of sanitary sewer, which has impacted its development potential. As of the date of this report, residential subdivision development in this area remains limited to an existing upscale single family development known as Campden Lakes and a single family subdivision currently being developed, known as Wyandotte Woods. The transfer of the Wyandotte Woods site did not meet the parameters previously set forth and necessary for market data to be considered in this report. In summary, the development trend for the Northeast district has been slow. This trend is anticipated to continue into the foreseeable future. A single sale occurred in this district that met the market data parameters. This property transferred in September 1998, at a unit price of $35,714 per acre. It abuts the south property line of an older, existing single family development. Dublin Park Land Value 4 Continental Appraisal Company Northwest This district is located west of the Scioto River, north and west of I-270, and north of Route 33. This continues to be the largest and most active residential development area within the corporate limits of Dublin. There are two primary areas of residential development in the Northwest area. The first area is located at the northern boundary of the Dublin Corporate area. `~~ This area, Muirfield Village, is bound on the east by Dublin Road, on the west by Avery Road, and extends both north and south of the Delaware County Line. The second and the most active area of residential development in this district is located along Brand Road, west of Avery Road, to the Union County line, and on the eastside of State Route 745, just south of its intersection with Memorial Drive. These areas have utilities available to them or within reasonable proximity for extension. The majority of residential subdivisions in this district are being improved with homes in the $250,000 plus price range. The homes developed in the Northwest area are the highest priced homes, on average, than any of the other four areas identified in this section of the report. An area developed with higher priced homes generally translates into higher land values. The fact that available development land in the Northwest district is becoming scarcer will also contribute to upward pressure on land values. Four sales from this district were included in the data set that met the parameters, as previously set forth. Three of these sales were acquired by the same grantee (M/I Schottenstein Homes). Dominion Homes acquired the fourth sale. All four sales are located in the Brand/Avery Road area. The mean average unit value in this district, as indicated by the data and adjusted for time, is $39,318/acre. This is compared to the indicated weighted-average of $38,880/acre. Central The Central Area of Dublin is bound by the Scioto River on the east, by Hayden Run Road on the south and by I-270 on the west and north. This is an area of more moderate residential growth with most of the current activity taking place in the vicinity of Dublin and Tuttle Roads. Dublin Park Land Value 5 Continental Appraisal Company Utilities are available to service this area. Property uses in this area are predominantly office o, and retail commercial development with some existing residential. The majority of residential land in this area is developed. In the market investigation no suitable sales were found in the Central district. Due to the predominant property use in this district, and lack of market data, it exerted no influence on the average unit value estimate in this analysis. Southeast The Southeast section of Dublin's corporate area is bordered on the west by the Scioto River, on the north by I-270, and on the east by Sawmill Road. The predominant development in the area is commercial, concentrated along the Sawmill Road corridor, extending from I-270 to just south of State Route 161. There has been a limited amount of single family residential development in this sector. No sales were found in the southeast area that were suitable for this analysis. Considering the predominant property use of developed properties and existing zoning classifications of the vacant land in the Southeast area, there is limited potential for future single family development. Therefore, this sector has no influence on the estimated average unit price per acre for residential development land. Southwest The Southwest area is bordered on the north by Route 33 and on the east by I-270. With the development of the Tuttle Road/I-270 interchange and the new Emerald Parkway, this sector has become an active growth area in Dublin. However, the Southwest district was subject to a zoning moratorium from July 6-1998 to January 2000, which did not allow for the rezoning of any property purchased while the moratorium was in effect. This restricted development activity during that period. However, with the moratorium lifted and the supply of available single family development land in the Northwest area shrinking, the Southwest area is anticipated to be the next area of major development i,n the City of Dublin. Three sales from this district were included in the data set. They transferred between July 1998 and September 2000, in a unit value range from $33,583 to $45,928 per acre. The low end of this range consists of a 591-acre tract that is the proposed site for an 1100 lot golf course community. The upper end of the range consists of an 8-acre split out of a larger tract that has Dublin Park Land Value G Cw11i~Je~tt~rl Appraisal Company been developed as asingle-family subdivision. The mean average unit value in this district, as YF R, indicated by the data and adjusted for time, is $39,972/acre. This is compared to the indicated weighted-average of $33,889/acre. Summary: For purpose of analysis, the City of Dublin was divided into five districts. Over the past 8-years, the Northwest area has been the most active for single family development, followed by the Southwest area. This is evidenced by the fact that, of the 28 land sales, which have been assembled over the past 8-years that meet the parameters of this analysis, 61% are located in the Northwest area, and 32% are located in the Southwest area. Therefore, the average unit price per acre, indicated by the data, is weighted toward these most active areas of development. The Central and Southeast districts have limited potential for future residential development, and the Northeast district is anticipated to sustain a slower growth rate compared to the Northwest and Southwest districts. The following table summ;zes the weighted and mean averages of the unit values per acre, by district, indicated by the market data used in this analysis. SUMMARY TABLE -Average Unit Values By District District Acres % Total Ac Wei cited Avg. Mean Avg. Northwest 233 27% $38,880 $39,318 Southwest 618 71 % $33,889 $39,972 Northeast 18 2% $36,679 $36,679 Totnl 869 100% $35, 312 $38, 656 The data su-nmarized in the preceding chart was derived from the following Market Analysis. Dublin Pat•k Land Value 7 R/T-F , ..:*^° '„-~ SHAWNtt Columbus .~~ ~ ~~ ~ ~ _ MILLS ~ b a`~ ~ ~~, aear°r,~ ~. T4 °PS vl t •sarvrrr Pa:y ZOO ~ - E +ECTTU<ea~2 [ r ' = O 1 Ta+fr'RC•r CP ^, Opp S. ',~, k ~ ~ JJhaur, nntls.r fNTR a :: , pr ~ ~riak...- an ~.'I EaaPy;yEw .u o ~ P E.C! , `'~ ~:am V ~,v5`+ ~ ~rj Tc:.ECCP°cP ~ 4 ,~ ~ ~ .~~r-,~ ~: - sP %%EE ''p~~''r~II g anx ;. ` _-77]]ff 111111777777- ttt~~ CONCORDTVNP. FC ~c•c1„~ ° "c``.;,u•: ~` yy,.'u.~" c,.' ~. 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(.~-.-L ~, t ^ E,~ ~~~ .. ,..4~_i\ t~~ a ~ ~ 7 s, ~~l ``~D~_F -L.._?'.1+r' o '~ "." ~~ E~ Jac°°' a 1 1 c G• u• a n =~ F x • t I: 4 ~`,G ai; tr t ~ P C \ T~ ,` •~ C rit J EI ~~ ~ ~.~ C fF__ ~ ~ iy 1' 4 ~ .__ '~~ \ ~2'nt~ EGPOS'Nr 8~~0 ~ - .. J ~=~.i~ nr~~U . ,. c rak :.1=' .,- RU7G5 RD _ . _- _ . a r I ~ \ ~U(t _ ~ ~ 4. ' \\ 3 ~ ~ - -~>, ac '"i.'a}~ a ` ~ st ~-P .~'° Gll -' ~.r `~ _ l u 1 \ ~.` "' "r`r~;_ o r. i~ .a_ 1 I~, S _ __ ~ • 1 ~ ~ TUTLI:E RD - - cro ~ 1s; ~ : ` ~ 4',`~-' rte= ~ r ~ e ^ A'.1LI.1 ~I r - A: r 1 4 °'" Sa; J~-~ ~ Ws-T to E c. r RD --; 1 ~, .. ' st .. - _ ~' k ~... ^J ,~ HAYD`tl RD 5 c G F l~ ~ ~ 1 :. /t- y ~ po - - c- '~{' j ~ T' { J BETREI 1 RD I A A .t.. i rites r5 j^ 1 ~-' 6.5 rr yL 'gyp ~t~ -`~, ') e _ ~ •~'', ~ ~ " f F S° Continental Appraisal Company MARKET ANALYSIS This market analysis consists of two parts; Part I - a comparative analysis and Part II - a simple linear regression analysis. In the comparative analysis, 8 land sales have been assembled, analyzed, and presented. The market data used in the following analysis represents all transactions of development land, which meet the parameters set forth in the Scope and Methodology of the Assignment section of this report that occurred subsequent to May 1998. The location of these land sales is presented on the sales locatio~~ wrap faci~tg this page. This data is summarized on the following facing page, identified as "Market Data Summary Chart", with individual sales summary sheets presented at the end of Part I of this Market Analysis. The simple linear regression section of the market analysis (Part II) includes a review of the August 1994 and May 1998 park lands reports. The market data used in these reports was assembled within the same parameters as the eight most recent land sales used in the comparative analysis. Considering the fact that the purpose of this report is to establish an average unit price, and that the historical and- current market data were assembled under the same parameters, a database dating back approximately 8-years was compiled from which historical average value trends could be established. From this data, a simple linear regression analysis was made, with the single independent variable for the data being date of sale. The projected average price per acre for raw development land in the City of Dublin is estimated from both the comparative analysis method and the simple linear regression analysis ""~"' method. Both methodologies are correlated at the end of this section of the report. This is the basis upon which our recommendation of an average suggested price per acre for raw residential development land to be applicable for the two-year period (2001-2002) is made. Part I - Comparative Analysis: Typically, a comparative analysis would include the assemblage of relevant market data to be used in a direct comparison to the property being appraised. However, considering the fact that this report is i~ot an appraisal of an individual property, and the fact that the purpose of this report is to establish an average unit price per acre applicable for the entire City of Dublin, a true direct comparative analysis has not been made. llubliu Park Land Value 8 MARKET DATA SUMMARY CHART (JUNE 1998 to November 2000) ~. MAP SALE LOCATION ___ __ TAX SALE SIZE SALE PRICE TIME ADJUSTED ADJUSTED NO. ID STREET UAD DIST. DATE ZONING ACRES PRICE PER ACR ADJ. SALE PRICE UNIT PRICE 1 1 Cosgray Rd. SW 274 Sep-00 PLR 581.268 $19,856,768 $33,583 1.000 $19,856,768 $ 33,583 2 1440 Avery SW 274 Apr-99 R1-B 18.230 $ 700,000 $38,388 1.020 $ 714,000 $ 39,166 3 1843 Avery SW 274 Ju198 R1-6 8.166 $ 375,000 $45,928 1.027 $ 385,125 $ 47,168 4 1037 Avery/rand NW 273 Jan-00 PLR 70.537 $ 2,273,900 $ 32,237 1.011 $ 2,296,913 5 1036 AveryBrand NW 273 Jan-00 PLR 15.004 $ 1,049,755 $69,965 1.011 $ 1,061,302 Assemblage -Average Unit Price Per Acre 85.541 $ 3,323,656 $38,856 $ 3,360,215 $ 39, 282 6 1188 AveryBrand NW 273 Feb-99 PLR 30.874 $ 1,130,708 $36,513 1.022 $ 1,155,810 7 2012 AveryBrand NW 273 Aug-98 PLR 15.713 $ 815,300 $ 51,887 1.029 $ 839,270 Assemblage -Average Unit Price Per Acre 46.587 $ 1,946,008 $ 41,771 $ 1,995,080 $ 42, 825 8 2144 AveryBrand NW 273 Sep-98 PUD 31.917 $ 1,242,000 $38,913 1.027 $ 1,275,534 $ 39,964 9 1863 AveryBrand NW 273 Jul-99 R-1 68.714 $ 2,360,565 $34,645 1.016 $ 2,418,923 $ 35,203 10 2096 Riverside Dr. NE 273 Sep-98 R-1 18.200 $ 650,000 $35,714 1.027 $ 667,560 $ 36,679 ACRES %TOTAL TOTAL NORTHWEST AREA: 232.759 27% TOTAL NORTH EAST AREA: 18.200 2% TOTAL SOUTHWEST AREA: 617.663 71% COMBINED TOTAL OF AREAS: 868.622 100°/n WEIGHTED AVERAGE: NORTHWEST AREA $ 38,880 NORTHEAST AREA $ 36,678 SOUTHWEST AREA $ 33,889 COMBINED TOTAL AREA __ _ _ $ 35,312 MEAN AVERAGE: SOUTHWEST AREA $ ~,g72 NORTHEAST AREA $ 36,878 NORTHWEST AREA $ 39,318 COMBINED TOTAL $ 38,656 Sale 1 has a significant impact on the overall weighted average of the data. This wa`s the assemblage of 18 parcles, by Edwards Golf Communities, From 16 separate grantees. The impact of this sale on the overall weighted average is demonstrated by the fact that the total assembled area equals 68% of the combined total area of the market data summarized above. Continental Appraisal Company The only adjustment to the market data is for time/market conditions. Changes in market conditions may result from several economic factors, such as: changes in income tax laws, building/zoning moratoriums, fluctuations in supply and demand, a recession, and fluctuation in mortgage interest rates. Although the adjustment for market conditions is sometimes referred to as a time adjustment, purely time alone is no cause for adjustment. If market conditions have not changed, no adjustment is required to the data even though considerable time may have elapsed. Changes in market conditions are generally measured as a percentage of previous prices. Sales and resales of the same properties provide the best indication of the '"' change in market conditions over time, provided the properties remain unchanged. When data on resales is not available, sales of similar properties in the same market can be used in a paired sales analysis. In order to derive a reliable adjustment for market conditions through a paired sales analysis, several sets of sales must be analyzed. Another method of arriving at an appropriate market conditions adjustment from sales data is a simple linear regression analysis. The reliability of this analysis is affected by the number of market transactions studied. Unlit prices can be graphed over time to indicate the trend in the market. When sufficient market data is available, both the paired sales analysis and the simple linear regression analysis provide reliable market condition adjustments. A review of tl~e market data assembled in this report provided i~isufficient paired sales from wl~icli a reliable adjustment for market condition could be abstracted. However, a simple linear regression analysis has been made which incorporates not only the eight sales summarized in this report, but also the market data used in the previous park lands report, dated August 1994 and May 1998. The chart facing the following page summarizes the market data used in this linear regression analysis from which the adjustment for market conditions was derived. The market data summary chart and graph summarizes the market data that ranges over an approximate 8-year period, and includes 28 sales. The graph indicates an upward trend of the average price per acre for development land in Dublin over the 8-year period, at a rate of llubliu Park Land Value ~ m Q c J Z= Q °' n Z ~ > a 7 m _c WN G7 7 U {.L. Q O ra' n_ IY U VN m IL aci ~~ y a °' ~°'"" Z J '~ 21. i i i" . ir_i 1 ii°~_i_. .~..~ i i ~i i it 11.1 r ~0-/SON ~Itfl 1111 1111 1171 1111 Il fl d` ~ O y w-- ` ` ~I,,i { I l t l ~Ir, I I 1 1 1111 O t t In1 11 i I e111 l l i l IIII w t 1 l_ l0-~ d w o ~ -' a , ~~ °- ~°- c ~ 11t1. } - .111I 1 i ., IIII ~ I1f - oo-~~o Q ~ ~ -Q .~ ~ ~ 11 1. I111: ~ It .11,1 rl l , 1.11 y -~ rl-r ~ ~ 00-yew E ' -~ ~I.III 1711. Ili II11 Illl ltif 6 O 7 ~ l0 l0 o ~ z pull IIII ~~ 1 .1111 Iiil Ilrt ny 66- w ~ ~ o ~ a ~ ~ ~ ° ,1„ • 1111 1 1,1, 111 Iltl 66-4a~ -° ~ ~ g ~ ~ m z ~ - - ~ X ~ ~ ~ - ~ ;7-r r r. , ~ t om-,-r 86-i~f = e ~ ~ ; f- 21.111 IIII li 1 • 1111 ~ Itrl Irll -ue , ~ io -° w a o ~ I 86 f ~ ~ Y o ~ ~ ~I j1. II;1 II f IIII II~~ I,1I ~ ~ ~ ~ w " ~'~ ~ ~ : L6-un~ ~ ~ ~ ~ ~ 1111( 1111 -+-r-r 1111 II,I. Itll t - IIIr - a -~ . ~ o ~ 1 j t ~aa g6 m ~ ca O 11 1 IIII 1(t 1111 Ifll Illi /~ ~ n ~ n' o w ~Ii~1 Irr~ 111 rr11 Ilrr_: 1111 eW 96- .~ ~ ~o ami~Yp c1Oi N y E rn ~ W I~I t{II ill IIII .I 11 tlll' S6-~0 ~ U la ~ ~ 01 C ~ ~~~-1• ~ ' S6-~dy U w~~o~~, i 111 1111 r 11 r~~~ I i t 1 I i I ~ ~ c d~ ~ d ,=w- ~~~ z ~i~rl .. IIII 1111 irll 11 ~ Ir1I - a ~6 S ~, '~'3 ~ o o ~ J f • F• • d ~ ~ d! U • `- r6 ~eYy ~ J ~ .1111 i-1-t II t lull 1111 119f 1111 -6n p ~ ~ Y C 3e Ul ~ ~ ~, ~ -~ (I[tl lttl i~ • 1111 1111 till y £6 ~ ~ ~ : ~ ~ r ~ ~ c ~ ~ IIII ~iil ~i1. 1111 1111 IIII -E6-ue~ ~ ~ „ N y C w L I ~ Z6-Inf =~ 3~~~ ~~ ~ ~ ~ O O O O O O O O O O O O O O m rn m w o~ a ~ ~ t r 7' c~ ~ M N L ~ ~ t 69 6 H ~ } E fl F ~ ( N ~ (~ } F - ~ m F - ~ ~ W I~O~'V'Otf~NOI~M O ~ COtA.-1nt~1~h M MOONMO V' MOtt>MOO~00 CID tnMtn~OD dOM I~tn.- V' NOOO (~ Q O O W .- t!7 ll7 e- dp In tl7 ' C' t!~_ OO M O O ~ r- O N I~ 00 0 CO I~ O M Lt7 a~ V' V,~CO(~t( )M000M MMMMMM~MNM (O Nc0 ~O(Od0d0 ~ NMM~ V'NMNM M DO Op'V'tA~~OM ~MMMMV'MM W ~ EA to ~ 69 FA cfl to Efl 69 EA to Ef3 ER t9 V> FE3 FA to 69 <iT 69 Ffl EA Es? 69 to 69 a W W MMMMMM V' V'~ R ~ V'~to~tnM~M M OOMOM~OO JF- O)~rnrn0~61rn~ ~ 6)rnr~rn~rnrn~~ rn rnornornoo0 Q Q N^ ~~ t0 ~~ ani ~ >Z (T66 LLLL~-~~Cn~Q~ Q ani N N n t~6 j v N N N (nOtLQ~-~p~-~ lL N~ N~ N~ a~ IL~In'~(A~Q(n ~nooNOOMOOV mcflMO~noo.-co ~ oo~no~noooao W W ENO OOOr-OO CO (OOI~OOe-00 O tn(~NONOO~-°O Ll7 'cY '7 'crO(OOOOIn t17 Ott7000O0(O O(OO1n000(~ JU N~ONOOO~U) ~ V.--(p0000V CO Ch ~ (pM(vOOtnO(O ~~ apOtC)OOONN V' ~CON~-aOt~rnNl~ M NOapOt(')1~NN0 0 r-~t~Y'NOaON~M N »N'cYC+p~t~OU~ OMNM(OMI~DO d r ~ r- r N .- r ~ .- ~ M .- N ~ EA EA EA EA ER EA Efl fR 69 Efl Efl Efl ER Ffl EA fA 69 b9 b9 ffl 69 69 69 b4 69 Efl ER fA W W OMCO~M ~M1`n MOO t`M ~ ~M.a gNp(OMI~ MO M ~~~~N~ N N~ w ~. O~ M~ O O CO O M N M N~tnO~N~ O V LL7 N IAtoO~aO ~ CO a s- M .-~MN M ~ V ~(ON~(O ~-1~ M VM'aODM(~O~aD e-O XF- MMMMMtnMM~M MMMMMMMM~ ~t MMMMMtt '~t V' ~ ~ N N N N N N N N N N N N N N N N N N N N N N N N N N N N f/) > > > > > > > >> ~> ~ W >>> > U > > > > > > > > >> ~>>>~>> > > > > > > > >>>> W>? O ZZ(nZ(/J ZZ(n Z ZZZZZZtnZl:O (n ZZZZZCA(nlA Z p U W Z ~~ 0 ~~~~ ~ Z Z ~~H ~ Z Z Z Z ~ ~p } ~ ~ '~ m v~~O Z~ ~ mm`n LC LCt~ ~ Q'~ mmmm p ~ QQZQZO- Qw } rwwUQw w }} ' ~wwC~ J ~ Q'Q'-Q'-Q~~~ d d a W »---Id's > U }}}~ W.~~(n ~ 17]CO m ~(~17~Q W QQ~COQ Q W W ~~~~ WQQ~ W W W W > » »»> U }~oda~ X661 ~sn6ny }lodaa gl~~ 1(ey~ >JOda~{ pppZ ~agwa~aa } Z a a 0 L U ~ J ~ 7 Q ~ ~ ~ a o a U Q J f'° ~ Z ~ W Z m ~ O Z m ~ N U a .~ ~ n d a Continental Appraisal Company .106% per month or 1.27% per year. Considering the adjustment for market conditions/time which would be appropriate for the "current data", the portion of the trend line extending from June 1998 to September 2000 is most relevant. This portion of the trend line indicates a slight decrease, in the rate at which the average price per acre for development land appreciated in Dublin over that specific 27-month period, when compared to the total 8-year time period. An adjustment of .10% per month, or 1.19% per year is indicated for market conditions/time. This is the basis for the time adjustment factor used to adjust the "current data" . The sales data used in this analysis consist of transactions of raw residential development land located in the Dublin corporate area, which have a highest and best use for single family residential development. These sales meet the parameters identified in the Scope and Methodology of the Assignment section of this report and transferred between June 1998 and September 2000. For analysis purposes, the data has been classified by section. Historically, the most active section of Dublin for single family development has been the Northwest area. Four of the eight sales considered in this report, identified as "current data", are located in the Northwest section of Dublin. Three of the eight sales were located in the Southwest section of Dublin, with one of these sales (Sale 1) being the most recent transfer of raw acreage development land in the Dublin area. The Northwest section of Dublin, from a residential development standpoint, is maturing. New residential development in the Northwest district continues to be dominated by production builders. The new development currently taking place is currently located in the Avery/Brand Road area. Much of this ground was acquired/assembled more than three years ago. Considering the fact that the Northwest section of Dublin has a limited supply of future potential development land, it is anticipated that the focus of future residential development in the Dublin area may shift to the Southwest section of the city. As of the date of this report there was evidence of increased development activity in this district, both existing and proposed. Dublin Park Land Vatue 10 Corllirrental Appraisal Company '~. - The Southwest section of the City of Dublin is the area west of I-270, south of US 33, north of Tuttle Crossing Boulevard, and east of Houchard Road. This area has experienced the most recent activity regarding transfers of raw acreage single family development land, and comprised approximately 71 % of the total residential development land purchased between June 1998 and September 2000 that met the required criteria for consideration in this .~ analysis. The eight sales used in this analysis, after adjustment for time, provided a unit value range on a price per acre basis from $33,583 to $47,168. This sets the high and low end of the adjusted unit price range for single family residential development land in the City of Dublin. The two sales, which set the extremes of the adjusted unit price range, are affected by factors such as size and location. In this statistical analysis, which is based on the adjusted price per acre for each sale, Sale 1 ($33,583/acre) and Sale 3 ($47,168/acre) have been omitted (shaded area). After these two sales were abstracted from the analysis, the mean and weighted averages for the Northwest area, Southwest area, Northeast area, and Combined active areas were calculated and are presented in the following chart. Map !t Dist. Sate Date Size (Ac) Sale Price SP/Acre Time Adj. Adjusted Sale Price Adj. $/Ac 2 SW A r-99 18.230 $700,000 $38,398 1.020 $714,000 $39,166 __10 - ~_. ...: 3~8~ . .. Total Northwest 232.76 9 049 752 Total Southwest 18.23 $714 000 Total Northeast 18.20 $667 550 Combined Total 269.19 $10 431 30 Weighted Average Dublin Park Land Value 11 Cotttirtental Appraisal Company Mean Average Combined Total $38,388 As indicated in the preceding summary chart, the six sales used in this statistical analysis indicate an overall mean or simple average of $38,388 per acre. The weighted-average for the same eight sales is $38,751 per acre. These averages were calculated from data, which has been adjusted for time/market conditions, as previously discussed in this report. The only sale, which did not require an adjustment for time/market conditions, was Sale 1 that was omitted from the data set because it set the low end of the adjusted price range, due to its excessive size. This factor would have undue downward influence on the average unit price for the Dublin market. Sale 3 was omitted from the data set for similar yet inverse reasons. Another consideration regarding this sale is the fact that the appraiser was unable to verify the initial intent of the buyer when they acquired this property. It was purchased on July 21, 1998. This is approximately two weeks after the zoning moratorium in the Southwest District went into effect. In determining an average unit price per acre estimate for development land in the City of Dublin, to be effective for the years 2001-2002, the Northwest generated the greatest weight. Historically, the Northwest sector has been the area of greatest residential development activity with the Southwest area lagging behind. However, the decline in the availability of suitable residential development land is a factor limiting future development potential. The Southwest district is anticipated to be the area most likely to experience residential growth and development due to the availability of residential development land and improved infrastructure. This current trend is expected to continue into the foreseeable future, and has a weighting affect on the unit price estimate developed in this section of the report. Based on the preceding analysis, and recognizing that the average unit price per acre estimate is a prospective value that is to cover a two year time projection, the appraiser concludes to a Dublin Park Land Value 12 Continental Appraisal Company ..-~ suggested price per acre for raw development land within the City of Dublin, for the subsequent two year period, as required under Section 1109.02 of the Ordinance of the City of Dublin, of: THIItTY EIGHT THOUSAND )E'~VE HUNDRED ($3H,SOO) DOLLARS PER ACRE Dublin Park Land Value 13 Continental f~ppraisal Company MARKET DATA SUMMARY SHEETS Dublin Park Land Value 14 .~ .,~ .~ ContirTental Appraisal Company LArm SALE No. Sale ID# Quadrant: 1 1 SW Location: ES of Cosgray Rd, Between Shier Rings Rd and Rings Rd. Grantor: Multiple (16) Grantors Grantee: Edwards Golf Communities Date of Sale: September 29, 2000 Deed Reference: Multiple Sale Price: $19,856,768 Financing: Cash to seller Size: 591.268 Acres Topography: Generally level Utilities: Public Available Shape: Irregular Zoning: PLR Residential Unit Price: $33,583/acre (average assembled unit price) Comments: It will surround a proposed public golf course. This is the largest and most recent development proposed for the Southwest district. The reported unit price is an average for the total assemblage, consisting of 18 separate parcels of varying sizes. Dublin Park Land Value I Continental Appraisal Company LAlvn SALE No. 2 Sale ID# 1440 Quadrant: SW '"~'" Location: Grantor: Grantee: Date of Sale: Deed Reference: Sale Price: Financing: Size: Topography: Utilities: Shape: Zoning: Unit Price: Comments: WS Avery Road, just north of Rings Road. UBALDO MONACO, Trustee 18 Acre Avery Road LP April 16, 1999 199904160095376 $700,000 Cash to seller 18.230 Acres Level Public Irregular See plat below R1-B $38,398 Acre This property was purchased while the zoning moratorium was in effect in the Southwest district. As of the date of transfer, this property was zoned for single family residential development. As of the date of inspection it remained unimproved residential development land. Dublin Park Land Value 16 Continental Appraisal Company '~::.. iw,. wa=:,~- LAtvn SALE No. Sale ID!# Quadrant: 3 1843 SW Location: WS Avery Rd, between Ireland Pl and Dan Sherri Ave. Grantor: M/I Schottenstein Homes Grantee: Stonehenge Company Date of Sale: July 21, 1998 Deed Reference: 199807210182017 Sale Price: $375,000 Financing: Cash to Seller Size: 8.165 Topography: Generally level Utilities: All public Shape: Ell shape, see plat map below. Zoning: R 1-B Unit Price: $45,928/Acre Comments: This property was purchased approximately 15 days after the zoning moratorium went into effect, in the Southwest district. It was zoned for single family development at the time of purchase and subsequently has been developed with single family homes. ~ O o ~' ti O ~ `~ 0 ~., , - 27~ QQ 2~. 0 oA o` 0000 9 ° _ u rn ~ 0p0~08o 7.87 a . a , 16.12 , O O ~-- ~' O C]32 ~ ~ ~ 0274 000011 174 000046 00000 g `~~ ~ 300 274 X ~ 000115 4 1063.6(s 7 8 9 10 1 1 1 N ~~ ~ moo '~, ~ o ~ o~° _ ~,~ o -- 17 7 4 ~ ~ 027 ~pJ _°A pJ Ov OJ OV OA ~ OO ~ ~ OC ~ 10~ 11 .4 ~~ 0274 00 ~ --- - 2 z Dublin Park Land Value 17 Continental Appraisal Comparry LAlvn SALE No. 4 / 5 Sale ID/# 1037 / 1036 Quadrant: NW Location: SW Quadrant of Brand Road and Avery Road. Grantor: Walter L. Starkey /Columbus Builders Supply Trust Grantee: M/I Schottenstein Homes Date of Sale: January 21, 2000 Deed Reference: 200001210014696 / 200001210014695 Sale Price: $3,323,655 ($1,049,755 / $2,273,900) Financing: Cash to seller Size: 85.54 acres (15.004 ac / 70.537ac) Topography: Level Utilities: All public Shape: Irregular (2 separate tracts) See plat map Zoning: PLR Unit Price: $38,855/Acre Comments: M/I Homes has assembled a large development tract in the immediate vicinity of this sale. This sale is a part of this overall assemblage and consists of two separate transfers on the same date, from two separate grantors. The Grantee is currently developing the 15.004-acre tract with single family homes and is holding the 70.537-acre tract for future single family development. Approximately 56.304 acres of the 70.537-acre tract is located in Jerome Twp of Union County. m ,.y N -_ 1~ Z ` e~ - 1 ~.UIP,LOru OT 8 y N ~ ` ~ . p,~~NC'~OC GREENSWAY LOOP n ~ ~ 9 , C,q y ~~ o ~o { CASTLEFOP.SES 2 ; O !- - CAMDEN ROW RD ~ ~ ..~N sale 4 ~ ~ ~t~P~ qm k~S~~~MgR \ { MONP _.OVG~ ~~ ,AYE .:- P ~~ ~ ~~S T , ,. f ~- R Pv: j sale ~ ~ z91- ~ ~ \Q~ c o .iy 5~:.:. 7 ~z ~~_ ~~ Q }. ,~ m ..~ ~, Q .; s? ~ a Y ~~FR ~ - C~ J HAWI r, ;m ~. O Dublin Park Land Value 18 Continental Appraisal Company LAND SALE No. 6 / 7 Sale ID# 1188 / 2012 Quadrant: NW Location: SS of Brand Rd, approximately 0.5 mile west of Avery Road. Grantor: Walter Starkey Grantee: M/I Schottenstein Homes Date of Sale: February 12, 1999 /August 28, 1998 Deed Reference: 199902120037274/1998082801219536 Sale Price: $1,946,008 ($1,130,708/$815,300) Financing: Cash to Seller Size: 46.587 Acres (30.874/15.713 acres net usable) Topography: Generally level Utilities: All Public Shape: Irregular. See plat map below Zoning: PLR Unit Price: $41,771 /acre net usable Comments: This is an assemblage of two parcels that were owned by the same grantor assembled by the grantee approximately 6 months apart. This assemblage became apart of a much larger development tract assembled by the grantee, in the immediate area. \, Dublin Park Land Value 19 Cotztinental Appraisal Company LAND SALE NO. 8 Sale IDl1 2144 Quadrant: NW Location: Grantor: Grantee: Date of Sale: Deed Reference: Sale Price: Financing: Size: Topography: Utilities: Shape: Zoning: Unit Price: Comments: NWC of Avery Rd and Brand Rd. Avery Road Associates Dominion Homes September 15, 1998 199809150234553 $1,242,000 Cash to Seller 36.917 Acres (31.917 acres net usable) Generally level All Public Irregular. See plat map below PUD $38,913/acre net usable This site has been improved with a single family subdivision known as Shannon Glenn. It is located in as area of continued single family development, within the City of Dublin. Approximately 5 acres located at the corner of Brand and Avery Roads, and along the Avery Rd frontage is not developable due to topography and set back requirements. ~~ _ t ~ ~`~~r .~ Dublin Park Land Value 20 Continental Appraisal Company LAND SALE NO. 9 Sale ID# 1863 Quadrant: NW Location: NW Quadrant of Brand Rd and Avery Road Grantor: Shawnee Hills Land Company Grantee: M/I Schottenstein Homes Date of Sale: July 22, 1999 Deed Reference: 199907220186350 Sale Price: $2,380,595.00 Financing: Cash to seller Size: 68.714 Acres Topography: Level Utilities: All public Shape: EI1 Shape with frontage on both Brand Road and Avery Road Zoning: R-1 Unit Price: $34,645/Acre Comments: This ell shape parcel has frontage on both Brand Road and Avery Rd, and borders the north and west sides of existing single family subdivisions. The north portion of this site, which has Avery Road frontage, abuts the Shannon Glenn subdivision (sale 10) and was improved with infrastructure as of the date of inspection. The west portion of this site, with Brand Rd frontage, was unimproved. Dublin Park Land Value 21 rz ~. ~,..~. _. _ ..~ ~._.~. Conlinc,~nlalAppraisa! Company Lasm SALE No. 10 Sale IDlI 2098 Quadrant: NE Location: E S Riverside Drive, between Hard Road and Tonti Drive. Grantor: College Properties/Ohio Grantee: Carol L. Finkes Date of Sale: September 15, 1999 Deed Reference: 199909150234050 Sale Price: $650,000 (per listing broker) Financing: Cash to Seller Size: 18.2 acres Topography: Gentle roll with some ravine Utilities: All public Shape: Rectangular Zoning: R-1 Residential Unit Price: $35,714/acre Comments: However, the broker reported that it had no va lue to the buyer. The sale price represents land value only. _v,.__ . t ~~ . •v t a s a t 73 p0 t ~ 1 S= ~, ~070fl738 0273 l t 009011 '~ `fl`' 0090 [?+~~p9 0 I3 "'fL'0'9 _G0902 t 0 '0 t .t 16 C~::;,t ~ ~i ~ ~1~7 ^ r ~ ~ ~y4 W ^ coq V ~C007 ';_,. ~ t :e t ~~Q7 ~ ~ "t I~,' g`' R 008370 ; .t 1 }t 35 ?i~:3?r:~. :::<:lti:i ~ 0038128 °~U~~~ ~ 070388 . r GY73 0~<~t tat _ ~, ~ . ~~ : 7 J 196 ~ ::s:::::: ~~S9o : , ~ ~ t . F_ ..:: ~ ,, ~ {2 008592 ~ ~ " ' ti y ~ ~ ~ €-.: .. 073 0084 03 _ ~, : ar3- 008591 ~ 3 + - ~ . 7i99 J ~1' ,_ - ~ rv~i ^~ ~73 t , , .. +1 . ~ 008133 ° '1 X00 i'~ ~ 1 t (_ ^ 0 r t • Y 3 4 7} ~ ~ X G t -~ 00060: p0~p ,y~ --~ `? ---;r~~ ~ t >i ~' :a ¢ -- ~ t, cQ 73 - F q 00089 y~ _ J ~~ i 22 Dublin Park Laud Value Cotrlinental Appraisal Company Part II -Simple Linear Regression Analysis: This section of the market analysis analyzes the historical and current market data trends, and projects these trends into the future. The market data summarized in the chart on the facing page dates back approximately 8 years and includes all of the residential land sales used in the August 1994, May 1998, and Current park lands reports prepared for the City of Dublin. This market data provided a historical overview whereby average value trends could be established. The historical trends are what have been forecast for the next two years, and are represented by the trend line on the graph facing this page. As indicated in the regression analysis made in Part 1 of this Market Analysis, to derive an adjustment for market conditions, tiie trend line indicates an upward trend of the average price per acre for development land in Dublin. The weighted-average has been .106%/month or 1.27 % over the entire study period, with the overall average rate of appreciation from June 1998 to September 2000 at .099%/month or 1.19%/year. Comparing this section of the trend line to the section ranging from February 1993 to June 1998, a slight decrease in the ti rate of appreciation is indicated. From February 1993 to June 1998, the average rate of appreciation was .13%/month or 1.56%/year. The more recent decline in the rate of appreciation is not attributed to a downward shift in the market, rather, it is attributed to the zoning moratorium (July 1998 to January 2000) and the recent assemblage of the 591 acre ,~,,, tract (sale 1) in the Southwest district. Comparing the historical (1993 - 1998) appreciation rate with the current (1998-2000) results in a continued upward trend in the annual appreciation rate. However, while appreciation has continued, it has been at a decreased rate. The quantity and quality of available market data and the disbursement of this market data over the period of time being analyzed directly affect the reliability of this analysis. Of the sales that comprise the "current data", 50% (4) were located in the Northwest district, 38% (3) were located in the Southwest district and 12% (1) was located in the Northeast district. Considering the average unit values per district, it is noted that the disbursement of this data °~.> affected the trend line. Additionally, both the quantity (8 sales) and the quality of the sales Dublin Park Land Value 23 Continental Appraisal Company were given consideration. Both of these factors also affected the indicated trend line. The zoning moratorium and the fact that the most recent sale was the assemblage of a larger than typical development site had a downward affect on the time line and the projection of the overall average price per acre. The lack of land sales in the southwest quadrant is not indicative of a developing trend. Rather, it is a result of governmental restriction on new development from July 1998 to January 2000. With the zoning moratorium lifted and the anticipated continued strong housing market, the Southwest district is expected to have a greater influence on residential development activity, within the corporate limits of Dublin, into the foreseeable future. The Northwest district is expected to remain a steady growth area and experience expansion into the adjacent Union County. While the Northeast district is not expected to provide much influence on the housing market in the near future. Considering these factors, the assembled market data provides a good indication of the average unit value for residential development land for the City of Dublin. This simple linear regression analysis included 28 sales dating back over an 8-year period. The weight of this data is toward the Northwest quadrant, considering the fact that it was the largest and most active residential area over this 8-year period. This development trend has a direct impact on the forecasted trend line. Based on this simple linear regression analysis, the projected average price per acre estimate to cover the identified two-year period is between: THIRTY SEVEN THOUSAND ($38,000) DOLLARS PER ACRE AND THIRTY EIGHT THOUSAND ($39,000) DOLLARS PER ACRE Dublin Park Land Value 24 ..._ ~. Coritirietrtal Appraisal Company CORRELATION AND CONCLUSIONS The preceding Market Analysis included both a comparative analysis and a simple linear regression analysis. The comparative analysis presented raw acreage transactions, which were located in the Northwest, Southwest and Northeast areas of the City of Dublin, and covered a time period from June 1998 to September 2000. The only adjustment to the data was for time/market conditions. This adjustment was derived from a linear regression analysis of the historic data. From this adjusted data, a statistical analysis was made on the adjusted price per acre for each sale. The mean or simple average of the date is $38,388 per acre. The weighted- average for the same group of data, which adjusts for parcel size, is $38,751 per acre. This range excluded the sales data the set the upper and lower limits of the range, thus, representative of the average/typical property in Dublin developed as a single-family subdivision. The simple linear regression analysis forecasts a trend line for an average price per acre of residential development land in the City of Dublin through the year 2002. Over the relevant two year time period, the indicated average price per acre is in the range of $38,000 to $39,000 per acre with the projection line crossing $38,500 per acre in mid 2001, in this linear time projection. In determining the average unit price per acre, consideration was given to the fact that there is a development shift to increased activity in the Southwest sector, which may become the area that experiences the greatest residential development activity, in the City of Dublin, in the near future. The shift in the price of new housing developments has also moderated. The luxury Muirfield developments are no longer the dominant force of the market. While the adjusted data, based on the mean and the weighted average indicates $38,388 to $38,751 per acre. This is based on the historic data adjusted for time to the current date. The regression analysis, based on past historical price patterns, indicates a unit value range of $38,000 to $39,000 per acre. Based on our investigation, we would conclude that the greatest Dublin Park Land Value 25 Continental Appraisal Company weight should be to the future projection and that the average price per acre for raw development land for the succeeding two years from the date of this report (2001 - 2002) be established as $38,500 per acre. The indicated adjusted average unit values range in the comparative analysis supports this. T~mrrY Eic~-rr TxousaivD FrvE Hurm~n ($38,500) DoLL~s PEU Acs Dublin Park Land Value 2G .~~,, Continental Appraisal Company APPRAISER DISCLOSURE STATEMENT In compliance with Ohio Revised Code Section 4763.12 (C) 1. Name of Appraiser: 2. Class of Certification/Licensure: John M. Garvin )( Certified General Licensed Residential Temporary X General Licensed Certification/Licensure Number: 381572 3. Scope: X 4. Service Provided By: X 5. Signature of person preparing and reporting the appraisal: is within the scope of my Certification or License. Is not within the scope of my Certification or License Disinterested & Unbiased Third Party Interested & Biased Third Party Interested Third party on Contingent Fee Basis This form must be included in conjunction with all appraisal assignments or specialized services performed by astate-certified orstate-licensed real estate appraiser. Dublin Park Land Value 27 Continental Appraisal Company APPRAISER DISCLOSURE STATEMENT In compliance with Ohio Revised Code Section 4763.12 (C) 1. Name of Appraiser: 2. Class of Certification/Licensure John R. Garvin )( Certified General Licensed Residential Temporary X General Licensed Certification/Licensure Number: 381571 3. Scope: _ X 4. Service Provided By: X 5. Signature of person preparing ' and reporting the appraisal: \- is within the scope of my Certification or License. Is not within the scope of my Certification or License Disinterested & Unbiased Third Party Interested & Biased Third Party Interested Third party on Contingent Fee Basis This form must be included in conjunction with all appraisal assignments or specialized services performed by astate-certified or state-licensed real estate appraiser. Dublin Park Land Value 28 Continental Appraisal Company LIMITLNG CONDITIONS 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 that 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 delinquency in the payment of general taxes or special assessments exists, and as though free of indebtedness unless otherwise noted. Information, estimates, and opinions contained in this report were obtained from sources considered reliable and believed to be true and correct; however, no responsibility for accuracy can be assumed by the appraiser. No single item of information was completely relied upon to the exclusion of the other information and all data was analyzed within the framework of judgment, knowledge and experience of the real estate appraiser. The property is appraised as though under responsible ownership and competent management. The physical condition of the improvements described herein was based on visual inspection. No liability is assumed for the soundness of members, equipment or soil conditions, since no engineering tests were made. The improvement is considered to be within the lot lines and, except as herein noted, is in accordance with local zoning and building ordinances. Any plots, diagrams, and drawings found herein are to facilitate and aid the reader in picturing the subject property and are not meant to be used as references in matters of survey. Unless otherwise stated in this report, the existence of hazardous substances or other environmental conditions were not called to the attention of nor did the appraiser become aware of such conditions during the appraiser's inspection. This includes, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, industrial chemicals, or other materials, which have or may be deemed to be hazardous or toxic by EPA. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser is not qualified to test for such substances or conditions. If the presence of or proximity to hazardous substances or materials or environmental conditions may affect the value of the property, the value estimate is predicated upon the assumption that no such condition exists on or in the property or in proximity thereto that would cause a loss in value. No responsibility is assumed for an}' such conditions, or for any expertise or engineering knotivledge required to discover them. The appraiser shall not be required to give testimony or appear in court by reason of this appraisal with reference to the property herein described, t-nless prior arrangements have been made. The values for land and improvements as contained in the within report are constituent parts of the total value report, 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. Neither all nor any part of the contents of this report, relating to value, the identity of the appraiser or Continental Appraisal, or reference to the Appraisal Institute, the MAI or SRA designations, may be conveyed to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, nor may the same be used for any purpose by any but the applicant without the previously written consent of the appraiser, and in any event, only in its entirety. Dublin Pa-•k Land Value 29 Coratirrerttal Appraisal Company CERTIFICATION The undersigned hereby certify that, except as otherwise noted in the appraisal report: { 1 } 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 lim-t-ng conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. {3 } We have no present or prospective interest in the property that is the subject of this report and we have no personal interest or bias with respect to the parties involved. {4} Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the cl-ent, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. {5} Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conform-ty w-th the 1) the Uniform Standards of Professional Practice as promulgated by the Appraisal Stibcomm-ttee of the Federal Financial Institutions Examination Council and the Appraisal Foundation; and 2) the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute, and is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. {6} A personal inspection of the property vas made by the undersigned appraisers. {7} No one provided significant professional assistance to the persons signing this report. {8} The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAI's and SRA's who meet the minimum standards of this program are awarded periodic educational certification. The undersigned designated appraisers are currently cert-fied under this program. {9} We do not authorize out-of-context quoting from or partial reprints of this appraisal report. { 10} We certify that this appraisal assignment was not based on a requested minimum valuation or specification valuation for approval of a loan. The estimate of value as shown elsewhere in this report for: PROPERTY: J AT: SUGGESTED UNIT PRICE/AC: AS OF: 1 ~') /I D eral Apprfais~r--~ ificate N 381572 Suggested Unit Price/Acre of Single Family Development Land in Lieu of Donation City of Dublin $38,500/Acre December 12 Dublin Park Land Value 30 General Appraiser Certificate No. 381571 Continental Appraisal Company QUALIFICATIONS ~- , City of Dublin Park Lands Continental Appraisal Comparry APPRAISAL QUALIFICATIONS OF JOHN R. GARVIN Education: Graduate of Ohio State University, 1959, with a Bachelor of Science Degree in Commerce and Business Administration, and a Major in Real Estate. Professional Education: Subsequent educational courses include the Society of Real Estate Appraisers Residential Appraisal Course; Case Study Courses I and VI, presented by the American Institute of Real Estate Appraisers; Educare Courses, and numerous appraisal and investment analysis seminars. Professional Designations: MAI -- Member of the Appraisal Institute CRE -- Member American Society of Real Estate Counselors SR/WA -- International Right-of-Way Association (Senior Member #1893). Certification: State of Ohio, Certified Real Estate Appraiser, General Appraiser Classification, Certificate No. 381571. Offices in Organizations: PRESIDENT -- Valuation Network, Inc. 1988-1989 NATIONAL VICE PRESIDENT --Great Lakes~Region, AIREA, 1985-1986 """""" CHAIRMAN --Great Lakes Regional Committee, 1985-86 MEMBER -- National Education Committee, 1983-84 ++ CHAIRMAN -- Comprehensive Exam Committee, 1981-82 MEMBER -- Governing Council, AIREA, 1979-81 PRESIDENT -- Ohio Chapter AIREA, 1980-81 VICE PRESIDENT -- Ohio Chapter AIREA, 1978-80 SECRETARY -- Ohio Chapter AIREA, 1977 TREASURER --Ohio Chapter AIREA, 1976 VICE GOVERNOR -- District 22, Society of Real Estate Appraisers, 1975-77 PRESIDENT -- Columbus Chapter Society of Real Estate Appraisers, 1976 VICE PRESIDENT -- Columbus Chapter Society of Real Estate Appraisers, 1975 TREASURER -- Columbus Chapter Society of Real Estate Appraisers, 1974 SECRETARY -- Columbus Chapter Society of Real Estate Appraisers, 1973 PRESIDENT -- Buckeye Chapter #13, International Right-of-Way Association, 1975 VICE PRESIDENT --Buckeye Chapter #13, Internat'I Right-of-Way Association, 1972-74 ~~ SECRETARY -- Buckeye Chapter #13, International Right-of--Way Association, 1971 City of Dublin Park Lands Continental Appraisal Company Public Boards: PAST MEMBER -Ohio Appraisal Certification Board, Ohio Department of Commerce -Division of Real Estate. Professional Memberships 8~ Licenses: REALTOR-Columbus Board of Realtors.; Licensed Real Estate Broker, State of Ohio. Ohio Association of Realtors. National Association of Realtors. MEMBER -Valuation Network, Inc. MEMBER -Institute of Property Taxation Court Testimony: Qualified as an expert valuation witness before the Public Utilities Commission of Ohio, in the Common Pleas Court, in the Federal District Court, Federal Bankruptcy Courts, Local Boards of Tax Revision, the State Board of Tax Appeals, the Courts of record in several states, and the special Federal Court in Washington, D.C. Experience: Engaged in appraisal work since 1953. First employed by Arthur E. Daley, MAI, Columbus, Ohio as an appraisal assistant and appraiser. In 1961, assisted Robert L. Free, MAI in the appraisal of the Ohio Penitentiary and the Wilkins Air Force Depot. Subsequent to that time, have been a partner in and am now sole owner and President of Continental Appraisal Company. Also owner and President of First Continental Realty, Inc., a brokerage firm specializing in investment and development property; J&S Builders, Inc. abuilding/development company for a 48-unit condominium complex completed in 1988; and Silver Horn Development, a development company fora 100,000+ SF (Phase I) retail shopping center. Appraisal and consulting experience covers a wide range of property types and consulting assignments. Experience includes single family residential; large apartment projects, both existing and proposed; high-rise apartment and office buildings; commercial and industrial buildings, including office buildings; downtown properties; shopping centers; and many special purpose properties. In 1955, completed a historical research for a retrospective Indian Lands appraisal in Northern Ohio. From 1975-1982, served as a Valuation Consultant, Panel Member, and Appraiser to the United States Railway Association in the valuation of the Bankrupt Estates conveyed to ConRail. Was responsible for all valuation methodology testimony. Currently serving as a valuation, investment, and development consultant to large land owners, investors, trustees, pension funds, corporations, and private `individuals. Clients: United States Railway Association; State of Ohio; Cities of Columbus, Dublin, Upper Arlington, Grove City, and Lorain; Ohio State University; Central State University; Ohio Transportation Authority; Public Utility Companies; Fiduciary Trusts and Trustees; Banks, Public Corporations; Private Law Firms; and private individuals. City of Dublin Park Lands Continental f~ppraisal company APPRAISAL QUALIFICATIONS OF JOHN M. GARVIN Vice president of Continental Appraisal Company. Work scope includes real estate appraisal and consulting services for lending institutions and private clients throughout the Columbus Metropolitan Area and the State of Ohio. Education: Graduate of Otterbein College, 1984 with a Bachelor of Arts Degree in Life Science, and a concentration in Environmental Science and Geology. Educational courses offered by The Appraisal Institute, which include: (1A-1) Real Estate Appraisal Principles; (1A-2) Real Estate Appraisal Procedures; (1 B-1 & 1 b-2) Capitalization Theory & Techniques; (8-2) Residential Valuation; (2-3) Standards of Professional Practice; (2-1) Case Studies; (530) Report Writing. Additional educational courses include: Various courses, seminars and workshops on Economics, Real Estate Valuation, and Building Construction. Professional Association: Associate Member -Appraisal Institute Licensed Real Estate Sales Agent, State of Ohio Certification: State of Ohio, Certified Real Estate Appraiser, General Appraiser Classification, Certification No. 381572 Expert ,,,,,~„ Testimony: Qualified as an expert valuation witness before the State Board of Tax Appeals and the Franklin County Board of Revision. Experience: Engaged in appraisal work since 1979. First employed by Continental Appraisal Company as a research assistant in the valuation of the bankrupt estates conveyed to ConRail. Fee appraiser since mid 1984. Valuation experience covers a wide range of property types including single family residential; multi-family residential; vacant land (residential, commercial, industrial, and special purpose); downtown properties; commercial properties (office /medical office buildings, grocery stores, discount department stores; motels, auto dealerships, and service stations); industrial properties (Warehouses / Manufacturing); special purpose properties (recreational park land, abandoned quarry land, a railroad depot, railroad right-of-way and rail yards), Additionally, experienced in appropriation/condemnation valuation. Continental Appraisal Company ADDENDA City of Dublin Park Lands ~• Dayton Legel Blank Co- . ~-- RECORD OF ORDINANCES Form No. 30033 Ordinance No._____.11.Q-9.4.___ Passed------- ~---------------------------------------•--19 AN ORDINANCE TO ESTABLISH THE ESTIMATED AVERAGE PER ACRE VALIIE OF LAND FOR PARR FEES IN LIEU OF LAND DEDICATION AS REQIIIRED PURSIIANT TO SECTION 1109.02(C), AND TO AMEND SAID SECTION ,~;.; WHEREAS, Section 1109.02 of the City of Dublin Codified Ordinances requires that an estimated average value of land per acre shall be established every two years by Council based on the recommendation of a qualified land appraiser; WHEREAS, the Continental Appraisal Company has made a study and is recommending an updated average per acre value of raw land within the City of Dublin, Ohio; NOW, THEREFORE, BE IT OR~IAINED by the Council of the City of Dublin, State of Ohio, ~_ of the elected members concurring: Section 1. That the estimated per acre value for raw land within the City of Dublin, Ohio for use pursuant to the provisions of Section 1109.02(c)(6) of the Dublin Codified Ordinance is established at (Thirty Seven Thousand and No/100) $37,000 Dollars, as determined by the Continental Appraisal Company whose report is hereby accepted. Section 2. That said estimated value per acre shall be applicable for a period of two (2) years commencing with the - effective date of this Ordinance. ~' Section 3. That Section 1109(c) is hereby amended to comply with the provisions of this Ordinance. ,~.-.. Section 4. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law. Passed this / ~j~l, day of L~e~ en~.~ er 1994 . riAY - PR SID NG OFFICER ATTEST: ,.,.~ CLERK OF COUNCIL Subdivision Regulations Section 152.072 § 152.072 MAINTENANCE OF CENTER ISLANDS. Whenever possible, a note shall be placed on the final plat requiring that the homeowners' association of the subdivision shall maintain any unpaved, landscaped center islands of cul-de-sac streets in accordance with standards as promulgated by the Municipal Engineer. _ ('80 Code, § 1107.08) (Ord. 76-93, passed 10-4-93) ~~ FINAL FLAT § 152.085 FILING OF THE FINAL PLAT. (A) This section is not applicable to PUD zoned areas. (B) Upon completion of all improvements or posting of appropriate bonds as required by the subdivision regulations, the subdivider shall file the final plat at least ten working days before the Planning and Zoning Commission meeting. The final plat of any portion of a larger subdivision, the preliminary plat of which has been approved by the Commission, may be submitted for approval. Completion of improvements, or the giving of security therefor, need only cover that portion of the plat for which final approval is requested. ('80 Code, § 1109.01) (Ord. 27-74, passed 5-6-74) § 152.086 OPEN SPACE REQUIREMENTS. (A) Land dedication. The basic land dedication requirement shall be that 2% of the total gross site area, plus .03 acres per dwelling unit proposed, shall be set aside as open space except that in no case shall ... the open space requirement exceed 25% of total gross. site area. Such area shall constitute ground suitable for public parks and playground facilities as reviewed and approved by the Planning and Zoning Commission, upon the recommendation of the Parks and Recreation Committee and the Forestry Commission. (B) Provisions of private recreation facilities. If the resulting land dedication is determined to be of insufficient size or inappropriately located, or if public ownership and operation of such recreational azeas is not feasible, the municipality may request that an applicant~plan for the provision of privately financed and owned recreational facilities. Such private pazk areas shall be not less than 65% of the land area otherwise required under division (A) above, provided that such park areas shall be privately developed for recreational uses. The applicant shall be required to indicate: (1) The proposed size and location of the pazk area. (2) The proposed recreational facilities and site improvements to be made. 99 .~ Section 152.086 Dublin -Land Usage (3) A schedule indicating how actual construction of the proposed park and improvements are ~` to be phased in relationship to overall project phasing. (4) How both ownership and maintenance of such park areas is to be undertaken. (C) Parkfee. Should both previous options be deemed inappropriate or infeasible, the municipality may request an applicant to pay a park fee in lieu of land dedication. The per unit fee will be collected at the time final plat approval is requested and shall be based on the total number of units contained within ^^" the final plat as determined by using the following formula: (1) Total site gross acreage (2) Required land donation: (1) x .02 (3) Total number of dwelling units (4) Required land donation: (3) x .03 (5) Total land donation: (2) + (4) (6) 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 retauied by the village to research recent real estate transactions and provide Council with a suggested price per acre for raw land within the city. (7) Value of land donation: (6) x (5) (8) Per unit park fee: (7) divided by (3) ""~° (D) Residential dwelling units which are not constructed as part of a planned unit development or subdivision. In those instances where residential dwelling units are constructed not as a part of a; +~.--~ subdivision or planned unit development, each such residential dwelling unit shall pay such fee as determined by the park fee formula in division (C) hereof, except that in no event shall such calculated fee exceed $500 per each residential dwelling unit, regardless of total acreage involved. (E) Use offee. All fees shall be used solely for the acquisition ofrecreational facility sites, open space and/or parkland. None of the fees collected pursuant to this section may be used for any other purpose including but not limited to development, mauitenance and operation of such publicly owned recreational sites and facilities. (F) Deposit offees. All fee money collected under this section shall be placed in a separate fund to be entitled Recreation Fee Fund. 100 Subdivision Regulations Section 152.087 (G) Prohibition. (1) No certificate of zoning compliance for the construction of a residence shall be issued unless and until the fee provided for in this section is paid. (2) No person, firm or corporation shall receive or be entitled to receive the certificate of zoning compliance for the construction of a residence structure unless and until the fee provided for in this section is paid on each such certificate of zoning compliance issued. „~ (3) Nothing contained in this section shall relieve or be interpreted as relieving any person, firm or corporation from complying with all other ordinances, laws, rules, regulations of the municipality or of any other governmental agency where they aze now in force or hereafter enacted, regulating and governing the issuance of building permits for the construction of residence structures in the municipality. (I-~ E,,ffective period. The fee imposed by this section shall be levied, collected and paid concurrently with all certificate of zoning compliance applications for residential property on and after June 4, 1981. ('80 Code, § 1109.02) (Ord. 22-81, passed 5-4-81; Am. Ord. 36-86, passed 6-2-86; Am. Ord. 82-92, passed 6-1-92) § 152.087 LAND DEDICATION FOR MUNICIPALITY'S PORTION OF RECREATIONAL FACILITIES. (A) Land dedication. In addition to the land dedicated for parks and playground facilities under § 152.086, for a residential subdivision, planned unit development or a subdivision containing residential living units, an amount of land equal to .025 acres per residential or dwelling unit proposed, shall be dedicated as a site for the purpose set forth in division (B) above, except that in no case shall the site exceed „~.~. 25% of the total gross site area r~ (B) Use of land. The municipality shall use property acquired hereunder for parks, playgrounds, gymnasiums, swimming pools, indoor recreation centers, or other public purposes. Such property may be used in connection with a school building or school premises operated by the Board of Education of the Dublin Local School District, and will be dedicated on a case by case basis. Nothing in this section shall prevent any such parks and recreational facilities from being jointly acquired, operated and maintained by the municipality and the Board of Education of the Dublin Local Schools, if both parties so agree. (C) Facility site fee. If the resulting land dedication for a recreation site is determined to be of insufficient size, inappropriately located, or for any other reason the municipality determines it does not need such land, the applicant shall pay a recreation site fee in lieu of a land dedication under this section. The fee shall be used for the purpose set forth in division (D) below. 101