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HomeMy Public PortalAbout1997.07.07 Land Appraisal Reportt>I Borrower N/A Property Address !,11 City Legal Description G Sale Price $ Actual Real Estate Lender/Client Occupant Location Built Up Growth Rate Property Values Demand/Supply Marketing Time Present Land Use Harper Appraisal Service LAND APPRAISAL REPORT File No. M970622 Census Tract N/A Map Reference McCall See Comment Addendum McCall County Valley state ID zip Code 83638 See Comment Addendum N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised 1 X j Fee Leasehold De Minimis PUD Taxes $ N/A (yr) Loan Charges to be paid by seller $ N/A Other Sales Concessions N/A Northwest Mountain Mission, Inc. Address Box 862 McCall, Idaho 83638 Vacant Appraiser Carol Lungren Instructions to Appraiser N/A Urban Over 75% Fully Dev. ul Rapid Increasing Shortage 77 Under 3 Mos, 20 %1 Family 5 %2-4 Family 25 %Industrial)20 % Vacant hange In Present Land Use Not Likely 1 Likely(") X X LI X X Suburban 25% to 75% Steady Stable In Balance D 4-6 Mos. ° Apts 00 (•) From Residential Tenant Predominate Occupancy X Owner litzSingle Family Price Range $ 80 to $ .Single Family Age 60 yrs to 1 yrs. Predominant Age 20 yrs 0._ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): See Comment Addendum 5 % Condo X Rural Under 25% Slow Declining Oversupply Over 6 Mos. 25 % Commercial Taking Place (") To Road access 5 % Vacant 250 Predominant Value $ 150 Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Adequacy of Utilities Property of Compatibility Protection from Detrimental Conditions Police and Fire Protection General Apprerance of Properties Appeal to Market Good Avg. Fair Poor X LI X X X X X X X X X IX Dimensions See Site Map for Area Calculation Zoning Classification Residential -B Highest and best use Public Other (Describe) Elec. LGas :k Water TL San. Sewer X Present use )Other (specify) OFF SITE IMPROVEMENTS Street Access l X 1 Public Private Surface X X X I Underground Elect. & Tel. Maintenance 1 1 Storm Sewer F-7 Gravel Lx1 Public Topo Size Shape Private View Drainage Curb/Gutter Street Lights 3 acres Sq. Ft. or Acres Present Improvements X do Corner Lot do not conform to zoning regulations Level to sloping E To W Larger than aveage Irregular Mountains &Trees Adequate Is the property located In a HUD Identified Special Flood Hazard Area? X Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions): None Noted No Yes The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes .a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. A. SUBJECT PROPERTY Address See Comment Addendum McCaII .............................................. $ N/A Proximity to Subject Sales Price Price Data Source Date of Sale and Time Adjustment Location SiteNiew Site Size Zoning Insp/Engineer DESCRIPTION N/A Avg Avg+/Mts & River 3 ac Residential COMPARABLE NO 1 1125 Meadows Road McCall 2.25 Miles NE <<:< $ 70,000 $ MLS/Realtor DESCRIPTION +(-1$ Adiustment 6/96 Avg - Avg/ Mts & Meadov 3.54 ac Residential Sales or Financing N/A Trade Concessions NetAdj.(Total) »' ' X 1 Plus Indicated Value Net= 35% of Subject >> Gross= 350/ Comments on Market Data SEECOMENTADDENDUM: IMinusI $ COMPARABLE NO 2 Industrial Loop McCall 1 Mile West $ 75,000 Assessors rec/Owner +(-)$ DESCRIPTION 9/96 +10,500 Avg - +14,000 Avg- / Mts & Valley 3 ac Industrial Owner carry +24,500 X IPlus Net= 20% Minus $ +94,500 Gross= 60% +11,300 +19,000 -15,000 COMPARABLE NO 3 NW Corner Deinhard &Thula McCall 1/4 Mile East $ 210,000 Files /City Records DESCRIPTION Adi+( )$ ustment 4/97 Avg+ Avg / Mts & Bldg 1.9 ac +31,500 Commercial -42,000 -42,000. Cash $ +15,3001 Plus X j Minus Net= -25% $ +90,300 Gross= 55% $ -52,500 $ +157,50 Comments and Conditions of Appraisal: Lack of rental data makes the income approach unreliable. Report and effective dates are the same. Final Reconciliation: The Sales Comparison Approach is considered the most reliable indicator of value. All of the comparables are f►i weighted in the final opinion, with the most probable value some where near the midpoint of the range. A I ESTIMATE THE MARKET LUF�AS D' NED, :UBJECT PROPERTY AS OF July 7 19 97 to be $ 115,000 Appraiser(s) ��jj', Review Appraiser (if applicable) �ir��7,Ron Harper Caro Lu n X Did Did Not Physically Inspect Property MacAppraiser" Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. M A EXTRA SALES 4-5-6 ADDENDUM File No. M970622 Borrower N/A Property Address See Comment Addendum City McCall County Valley Lender/Client Northwest Mountain Mission, Inc. Address State ID Zip Code 83638 Box 862 McCall, Idaho 83638 The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. Address 43 Proximity to Subject Sales Price Price Data Source T. Date of Sale and Time Adjustment Location A SiteNiew Site Size Zoning SUBJECT PROPERTY See Comment Addendum McCall Sales or Financing Concessions Net Adj.(Total) I :Y Indicated Value of Subject Comments on Market Data $ N/A Insp/Engineer DESCRIPTION N/A Avg Avg+/Mts & River 3 ac Residential N/A COMPARABLE NO.4 14234 Adams Circle McCall 3 Miles SE 87,500 DESCRIPTION 6/96 Avg- Avq+/Mts & Creek 1.14 ac Residential Cash +(-)S AdiuStment +13,100 +17,500 X I Plus (Minus $ 30,600 Net= 35% rocs= 35% ` $ 118,100 COMPARABLE NO.5 $ COMPARABLE NO.6 DESCRIPTION Adjustment DESCRIPTION Plus 1 J Minus $ 0Plus Net= 0% Gross= 0% ' $ MacAppraiser"' Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. Net= 0% 0 Gross= 0% Minus $ +(-)S Adiustment COMMENT ADDENDUM File No. M970622 Borrower N/A Property Address See Comment Addendum City McCall County Valley State ID Zip Code 83638 Lender/Client Address PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the subject described in this report. HIGHEST AND BEST USE ANALYSES: Definition of Highest and Best Use Highest and best use may be defined as, the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The highest and best use of a specific parcel of land is not determined through subjective analysis by the property owner, the developer, or the appraiser: rather, highest and best use is shaped by the competitive forces within the market where the property is located. Therefore, the analysis and interpretation of highest and best use is an economic study of market forces focused on the subject property. Market forces also shape market value. The general data that are collected and analyzed to estimate property value are also used by the appraiser to formulate an opinion of the property's highest and best use as of the appraisal date. In all valuation assignments, value estimates are based on use. The highest and best use of property to be appraised provides the foundation for a thorough investigation of the competitive positions of market participants. Consequently, highest and best use can be described as the foundation of which market value rests. THE APPRAISAL OF REAL ESTATE: 10th Addition, Pg 275-6 Subject located in an area zoned residential and is immediately surrounded on all side by properties so zoned. While the owner is proposing a logical sale to the City of McCall for use as an extension of the realignment of Dienhard Lane, it is not located on a main throughfare at the time of this report and is appraised considering current conditions and market indications. Relying on market data available and observation of commercial and industrial development in the area it is my opinion that the subject is not a likely or necessary location for commercial or industrial development at this time. Therefor the highest and best use of the subject appears to be residential. AREA AND CITY DATA: Valley County is located in the west central mountains of Idaho. It ranks thirty-third in population (pop. 7636) and fifth in area. It is nearly 88% federally owned and almost 56 square miles is water. A large glaciated valley is a primary feature in which the majority of the population resides. The economy of the county is based on tourism, agriculture, mining, the timber industry and recreation. Tourism and recreation are the greatest economic influences in the McCall area. Many of the home owners are from out of the area and use their homes on weekends and during the summer months. The area offers year around recreational opportunities. Brundage Mountain Ski Resort provides both downhill and snow cat skiing. Snowmobiling and cross country skiing trails are nearby. Summer recreation include boating and fishing on the Payette Lakes and there are three golf courses in the area. McCall (pop. 2405) is located approximately 104 miles north of Boise, the state capital of Idaho, along state Hwy 55. The town sits on the southern end of the largest of three Payette Lakes. The MacAppraiser" Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. Page 1 of 3 COMMENT ADDENDUM File No. M970622 Borrower N/A Property Address See Comment Addendum City McCall County Valley State ID Zip Code 83638 Lender/Client Address city is service center for the communities of Donnelly, Lake Fork, New Meadows and the vacation homes located around the perimeter of the lake. NEIGHBORHOOD COMMENTS: The subject is located within the city limits of McCall, south of the central business district. The closest major cross streets to the subject are Mission Street and Dienhard Lane. The general neighborhood boundaries are considered to be south from Payette Lake to include the McCall airport, east to the developed areas along Samson Trail and west to Boydstun Street. The immediate vicinity of the subject property consists of three zoning classes, residential, commercial and industrial. The McCall Airport is located approximately 1/4 mile to the southwest of the subject and south of Dienhard Lane. The Airport industrial area extends south along Mission Street. Businesses along Dienhard Lane are a mix of retail outlets, restaurants and offices. The area to the north is mostly single family residential with some condominiums and apartments. Commercial development along arterial roads is normal within the city which is typical of small towns throughout the area. COMMENTS ON SUBJECT: Subject property consists of a corridor running east and west 80 ft wide and approximately 830 ft long (1.53 ac) and cut and fill slopes totaling 1.47 ac. Total acreage of subject is three acres. The western end of subject intersects with an existing utility right-of-way and the Payette River. Subject's river frontage is approximately 40 ft. North end of subject is approximately 620 ft west of Mission Street and 200 ft north of the existing utility right-of-way. The east end of subject is relatively level and timbered. The west end is also timbered and slopes to the river with the north and south edges of the subject property generally sloping to the center. The subject property running to the river frontage narrows to approximately 15 ft at one point as it intersects with the existing right -a -way. Subject has river access but does not offer a desirable river frontage building site. At the time of this report subject property is a proposed split of, Parcel B, Part of Gov't Lot 5, McCall Acreage, S17 T18N R3E. There is no written legal description or physical address assigned to the subject at this time. Subject is currently owned by Northwest Mountain Mission, they are a tax exempt religious organization and consequently no property taxes are assessed. COMMENTS ON COMPARABLE SALES: The subject location indicates the use of comparable's of mixed uses and zoning classifications. Close proximity to McCall's expanding airport and the industrial complex is anticipated to influence growth trends in the subjects neighborhood at some point in the future. The comparables used are the most recent sales found with any similarity to the subject notwithstanding zoning. The limited number of sales generated in the smaller McCall market area necessitate the use of comparables with a wider range of site size, values and zoning classifications than would normally be preferred. Market data indicates little to no change in commercial sales in general from late 1993 to present. This is due in part to the large number of vacant sites available for development in the market. Sales with highway frontage on state Hwy 55 have shown some increase, 10% is probably close. There appears to be no difference noted for zoning classifications between industrial and commercial uses in this location due to similar property use regardless of zoning. Comparable #1 is located west of Warren Wagon Road approximately 2 miles northwest of the center of the city of McCall. The sales value allowed in the trade MacAppraiserT" Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. Page 2 of 3 COMMENT ADDENDUM File No. M970622 Borrower N/A Property Address See Comment Addendum City McCall County Valley State ID zip Code 83638 Lender/Client Address transaction was varified through the broker. Site is a slightly sloping (west to east) timbered area running in to an open meadow. Its probable that the meadow area could not be used as a building site because of a high water table. Comparable's neighborhood is less developed and further from the population center and services. Market data indicates site location is considered inferior to the subject and it is adjusted at 15%. Comp does not have river access or view, although the subjects river frontage is somewhat limited, it does offer access and a view. An adjustment of 20% is made for comps overall inferior site and view. As a portion of the comparables site is not usable for building, no adjustment is made for the larger size. Comparable #2 is located across the Payette River from the subject in an industrial zoned area. Consideration for comparable's less accessible location and the probability of slower development in that area substantiates an adjustment of 15%. The buyer of this comp owns the property adjacent to the north. That property is improved with shop buildings for a heavy equipment business. The comparable property benches off quickly to a lower, swampy area that was not usable at the time of sale as a building site. The owner is using his own equipment to haul a substantial amount of fill to the area at this time. This factor and the lack of river access or view indicate site is inferior to the subject. There are no paired sales available for comparisons of these features but market data indicates an adjustment of 25% is appropriate. The comparable property zoning is industrial. Because of the income and development potential anticipated, some adjustment is indicated. Location and abundance of sites available for development influence the value of these factors, an adjustment of 20% appears adequate. Comparable #3 is located east of the subject on Dienhard Lane, directly north of the McCall airport. This site was recently purchased by the City of McCall for the purpose of realigning Dienhard Lane.The current location of the road, from Thula Street west to Mission Street does not conform to FAA requirements for Object Free Area of the Approach Zone. The close proximity of this recent sale to the subject and the fact that it was acquired for the same purpose as the subject's proposed sale necessitates its use as a comparable and lends equal weight in the final opinion. This comparables location is more accessible and has highway frontage. It is considered superior to the subject and is adjusted at 20%. Based on market data available an adjustment of 15 % is made for comparables smaller site size. Adjustment for comp commercial zoning is made with the knowledge of building restrictions as a result of the proximity to the airport runway. An adjustment of 20 % is made for the comparables commercial zoning. Comparable #4 is located southeast of the city limits of McCall in the residential subdivision of Lake Fork Estates. Site is a level timbered area with good creek frontage. This comparable is used as an indication of value for aesthetically pleasing building sites with river frontage. Location is adjusted as in comp #1. Comparables site size is smaller than the subject and while there is not enough date available to extract an exact grid considering all features, an adjustment of 20% is indicated . MacAppraiser" Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. Page 3 of 3 DEFINITION OF MARKET VALUE: 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, 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 each acting in what he considers his own best interest; (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. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazard wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 (6-93) MacAppraiser" Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. Fannie Mae Form 1004B (6-93) APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. S. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraiser report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: See Comment Addendum; McCaII, ID 83638 APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: />�/` l�i /%��{ Signature: 120'1 Name: Cro Lun n Name: Ron arper Date Signed: Date Signed: State Certificate n #: State Certification #: or State License #: or State License #: State: State: ID Expiration Date of Certification or License: Expiration Date of Certification or License: 6/30/98 X I Did 1 Did Not Inspect Property CAR -38 Freddie Mac Form 439 6-93 MacAppraiser" Real Estate Appraisal Software by Bradford and Robbins (800) 622-8727. 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