Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My Public Portal
About
T18NR3ES10_GolfCourse_LandTrade_DDLands
RECORD OF URVEY situate in SW4 of the NW4 of Section l , 77 18 N., R. 3 E., 8. M. City of McCall, Valley County, Id for Ci r.% JF A/J r rA l f f.) LAND A-4 /15, /O Book , Page of Records of Survey. Instrument No. Filed and recorded at the request of Kerr Surveying at o'clock m., day of ,/99 I, Joel W Droulard, a Registered Land Surveyor, do hereby certify that this plat was prepared from notes taken during an actual survey made by me in October, 1991, and that it correctly represents the points, courses and distances as recorded in said field notes. q��, f -t yq 5357 -4� RECORD OF UR VE Y () Record data • Set r x 30" rebar 0 Found e rebar ° Found z rebar ® Found cap Scale : l" = 100' Bearings based on State Plane Grid Kerr Surveying October, 1991 1 ZZ ce_� /f4a; e D V 1.Q.^ S We 1 a 10, a( JOLAec.. s N situate in SW4 of the NW4 of Section / City of McCall, Valley for C I T Y C F i! CLUBHOUSE N IJ0o5530 e ) 02,30„E 186 35, 0' '005 N S J ' 3°"W) J°02 3p„w /0066, (p Gi po 0 V � o ►, T. l8 N., R. 3 E., B. 4 County, Id D ? D LAND c 1\ /*gal D L�n.S�-c e L C' cM " LA'L' Cam. sf \ej0 cx_ civik-A bL -ate A $ a N TIMBFRLOST B K. 1, P620 Tar C41, - OF PLATS S 343 (S?S° /? W �o� J N0°0840'E� • _ • g o ° • Lo co co zz (N9°21.E N 9°28'E �°�� 30.05' ,308.31 1.899 oc. exc.roads S 18048, R /33 9' Wo o ct --0 N /00 55,30„E ) N "°°2130" °'2'3p„ E /86.35, CC 127.50 5 6° 27' E k. /.070 cc. I1�c 276.48 1279.66' --- W N c U) 0 co N N 1.90/ oc. CLEMENTS ~ � Al AL (Ni S Cr 08 4d' W 1 SO°01.40W 1 FA/R4/AY T/MBERL OST V/ 1329.66' 4 / EA( // 8K 8 N 0° 08' 4d' E ROAD co 40 0) /8/ /q 'Z4 00„ 14, [ 90/ cc. (N1 13.35' 6 ,, F,4/R4/4Y r/MBERLOST V/ -o _cn cr FJ1 a, Fq/q//4Y N EAGLE OR // v Co W 0 =� O O O N rnO Mq) _ N /06 co ,� rn O. m c. z 9_0(') 6540 2 1.1 1 ,S 3° 00 v rn N 0 'co • Q) a ▪ In . 07' Cam' W .06 BK B PG. /,9 OF PL q TS Li) Co N 0° 08' 40' DIVOT LANE N co r<i c0 71.95 0.288 GC • M N (0 co 0 M O Z 'arc S 89°47' 23° E 10.51 CLEMENTS S 0° 08' 40" W 50°01'40"W 'PA1RCf L AL 1329.66 ROA J \ '0 • • 5 10 15 20 25 2 3 4 6 7 8 9 (5 N <O~r')'<f3: -or')::5 r')-o ~ <o&;' t-II00 «<{o-INc: <{'-"..JO~OX ..... --<{ 12W~~--1LL. . z ...: ;i ~:JU)(J o UJ U 13 ~(J~~o20 ..... 0z . gj<{UJ , 14 «>-80-~ Et:~N<{-olL. c: x &;' o 00 t-<ON ~ O~ 16a:z 0I0-17 18 19 21 22 23 24 26 WARRANTY DEED FOR VALUE RECEIVED, Don C. Medley and Myrna Medlay, hus band and wife and Dick Medley and Janice Medley, husband and wife, doing business as D & D Lands and D & D Development, an Idaho Partnership, the Grantors, do hereby grant, bargain, sell and convey unto the City of McCall, an Idaho Municipal Corporation, the Grantee, whose mailing address is Post Office Box 1065, McCall, Idaho 83638, the following described premises, in Valley County, Idaho, to-wit: A tract of land in the W~NW~ of Section 10, T. 18 North, Range 3 East, Boise Meridian, in Valley County, Idaho, more par ticularly described as follows: Commencing at the one-quarter corner common to sections 9 and 10, Township 18 North, Range 3 East, Boise Meridian, Valley County, Idaho, being the Real Point of Beginning: Thence East along the Southerly boundary line of the SW~NW~ of 10.5 feet; Thence North, Thence South, Thence South, Thence South, Thence North, Thence North, Thence North, Thence North, Thence North, Thence South, Thence South, Thence South, Thence North, to a point and 10; Thence South, said Section 10, a distance of 00° 89° 10° 71° 10° 85° 49° 09° 75° 25° 73° 18° 89° on 00° 01' 56' 55' 43' 55' 16' 53' 21' 45' 40" East, 1279.66 10" East, 608.67 30" West, 100.86 East, 120.55 feet 30" East, 186.35 West, West, East, West, 10' West, 30' East, 41' West, 242 feet to 107.00 feet 30.05 feet 311,40 feet 30.35 feet 131.10 feet 133.19 feet feet to a point; feet to a point; feet to a point; to a point; feet to a point; a point; to a point; to a point; to a point; to a point; to a point; to a point; 56' 10" West, 200 feet, more or less the Section line common to Sections 9 01' 40" West, 1329.66 feet, more or less to the Real Point of Beginning. Containing 1.899 acres, more or less excluding Fairway Drive and Ready Lane. Bearings based on the plat of Timberlost VI. SUBJECT TO Fairway Drive and Ready Lane official plat of Timberlost V., as recorded under Instrument No. 100075, Records of Idaho. as shown April 9, Valley County, on the 1979 AND 2 3 4 5 6 7 8 18 19 20 21 22 23 24 25 26 warranty Deed Page 2. Two parcels of land being a portion of Timberlost VI as shown on the official Plat thereof on file in the office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats, more particularly described as follows: Commencing at a ~" rebar marking the Southwest corner Lot 14, Timberlost VI as shown on the Official Plat thereof on file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats, the real point of beginning; Thence South 89° 53' 00" East, 163.82 feet along the Southerly boundary of said Lot 14, thence South, 3° 00' 00" East, 71.95 feet to the extended Northerly right of way of Wooley Way, thence North, 89° 47' 23" West, 186.46 feet along said right of way to a 5/8" rebar, thence North, 14° 47' 00" East, 73.96 feet to the point of beginning, containing 0.288 acres, more or less. Also commencing at a ~" rebar marking the Southwest corner of Lot 33, Timberlost VI as shown on the Official Plat thereof on file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats, the real point of beginning; Thence North, 89° 47' 23" West, 91.28 feet along the extended Northerly right of way of Wooley Way, thence North, 3° 00' 00" West, 65.40 feet, thence South, 71° 34' 00" East, 99.89 feet to a 5/8" rebar marking the Northwest corner of said Lot 33, thence South, 0° 07' 00" West, 34.06 feet to the point of beginning, containing 0.106 acres, more or less. Bearings based on the plat of Timberlost VI. AND A 12.00 foot wide easement and right of way for golf players, golf carts and golf course maintenance purposes, situate in a portion of Timberlost VI as shown on the Offi cial Plat thereof on file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19, of Plats, lying 6.00 feet on each side of the following described line: Commencing at a ~" rebar marking the Southeast corner of Lot 14, Timberlost VI as shown on the Official Plat thereof on 9 to 2 3 4 s 6 7 8 9 18 19 20 21 22 23 24 25 26 Warranty Deed Page 3. file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats; Thence, North, 89° 53' 00" West, 11.52 feet along the Southerly boundary of said Lot 14; thence, South, 3° 00' 00" East, 17.66 feet along the westerly right of way of Eagle Drive to the real Point of beginning; Thence, North, 48° 00' 00" East, 53.98 feet to the Easterly right of way of Eagle Drive, the point of ending. Bearings based on the plat of Timberlost VI. To have and to hold the said premises, with their appurtenances unto the said Grantee, its successors and assigns forever. And the said Grantors do hereby covenant to and with the said Grantee, that they are the owners in fee simple of said premises; That the said premises are free from all incumbrances except taxes for the year 1992, which are not yet due and paya ble and that they will warrant and defend the same from all law ful claims whatsoever. 'S . ~~r ~d' Dated thl _'_" '_'_" ay Ddn C. Medley' 7 I d N -=,,-/)11...&'--4'2-G~'IMyrn Medley~ ~ LO<lr-{' #1. -4 ; By: 'bOllC. Mealey, i her Attorney in fact I ) 2 3 4 S 6 7 8 9 (5 N <Xl~ 103 ~~ :'S <")-0<Xl,..... 11~ .... 00 c:{4:o-IN Q:; 4:'-' .Jo~ax 12 warranty Deed Page 4. State of Idaho, ) (ss. County of Valley. ) On this c.!'7 r , day of May, 1992, before me, the undersigned, a Notary Public in and for said State, personally appeared Don C. Medley, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he County of Valley. ) On this zS&l day of May, 1992, before me, the undersigned, a Notary Public in and for said State, personally appeared Don C. Medley, known to me to be the person whose name is subscribed to the within instrument, as attorney in fact of Myrna Medley, Dick Medley and Janice Medley, and acknowledged to me that he subscribed the names of Myrna Medley, Dick Medley and Janice Medley thereto as principal, and his own name as attorney in fact. IN WITNESS WHEREOF, I have hereunto my hand and affixed my official Seal the day an~ar s certificate first above written. ./ I .,,// ,'; /1" '7" .4d , //!c:{;>'~'.{ Notary PuB ic for Idaho Residing at McCall, Idaho My Commission expires 04/22/97 executed the same. have hereunto set my hand and day and year t)rrs ove written. . ~7, ,,/ /-. I·itt!t1:.h; -,! . /~ . >Jt( ~6tary Puolic for Idaho Residing at Mc Call, Idaho. My Commission expires 04/22/97 (ss. Wu:j~--:~(/)(/)--' I-.z~<i. ~ Ow(/) ()u ~g~~8z Z . N4:W N c:{>-8Q.~~WN4: Z X""" 11.Q:; <Xl o 00 .... CON .... . '-' 4: Ow a.z ~ Cl. 13 14 IS 16 17 18 19 20 21 22 23 24 2S 26 Citp of McCall OFFICE OF THE CLERK BOX 1065 MCCALL. IDAHO 83638 November 16, 1991 Mr. Don Medley P.O. Box 772 McCall, Idaho 83638 Dear Don, Attached is a copy of Ordinance 596. This ordinance sets a hearing for December 12 at 7:30 p.m. on the proposed land trade. I thought you might want to attend. Sincerely, 6?£! Arthur J. Schmidt, City Administrator WARRANTY PEED For value received, the City of McCall, an Idaho municipal corporation, Grantor, grants, bargains, sells, and conveys to Don C. Medley and Dick Medley, d/b/a D & D Land, of McCall, Idaho, Grantees, the following described real property: That certain parcel of land, a portion of Lot 1, Block 5, Timberlost Subdivision V, as shown on the official plat thereof on file in the office of the Recorder of Valley County, Idaho, in Book 7 of Plats, at Page 20, more particularly described as follows: Commencing at the northwest corner of such Lot 1; thence S. 89° 49' 10" E. a distance of 225.38 feet along the northerly boundary of such Lot 1 to the real point of beginning; Thence S. 89° 49' 10" E. a distance of 160.54 feet to the northeast corner of such Lot 1; thence S. 34° 33' 00" W. a distance of 274.34 feet along the easterly boundary of such Lot 1; thence S. 20° 24' 00" W. a distance of 387.25 feet to the southerly boundary of such Lot 1; thence N. 89° 49' 10" W. a distance of 96.84 feet to the southwest corner of such Lot 1; thence N. 0° 08' 40" W. a distance of 313.35 feet along the west boundary of such Lot 1; thence S. 76° 00' 00" E. a distance of 95.83 feet; thence N. 24° 00' 00" E. a distance of 327.24 to the point of beginning; containing 1.901 acres, more or less; such bearings being based on State Plane Grid Azimuth; located in Valley County, Idaho; Subject to easements, reservations and exceptions of record. And the Grantor covenants that it is the owner in fee simple of the described real estate, and that it is free of all encumbrances not above-described, and that it will warrant and defend the same from all lawful claims whatsoever. DATED: March 13, 1992 CITY OF McCALL Attest: bY:~ Laurance Mayor , . State of Idaho ss. On this , in the year 1992, before me, , notary public, personally appeared Laurance A. Smith, Jr. known or identified to me to be the Mayor of the City of McCall that executed the said instrument, and acknowledged to me that such City of McCall executed the same. Not expires: ... 2 3 4 5 6 7 8 9 (5 N <o'il 10<'?'<13 <i<'? :'S <'?<i ~ <Or-.. II>-00 c:t<1:o-INC:: w <1:'-' ...JO!:::Ox-,::::>-<1: 12 W~~=:ILL • Z 0--: <1: 1-::::>(1)0o w u 13 ~O~:?:O o -' 0Z Z . N<1: w N 14 c:t>-8CL~ ~WN<1:Z xr-.. LlC:: <0 IS o 00 >-tON >-. '-' <1: Ow 16CLZ 0ICL 17 18 19 20 21 22 23 24 25 26 WARRANTY DEED FOR VALUE RECEIVED, Don C. Medley and Myrna Medlay, hus band and wife and Dick Medley and Janice Medley, husband and wife, doing business as D & D Lands and D & D Development, an Idaho Partnership, the Grantors, do hereby grant, bargain, sell and convey unto the City of McCall, an Idaho Municipal Corporation, the Grantee, whose mailing address is Post Office Box 1065, McCall, Idaho 83638, the following described premises, ln Valley County, Idaho, to-wit: A tract of land in the W~NW~ of Section 10, T. 18 North, Range 3 East, Boise Meridian, in Valley County, Idaho, more par ticularly described as follows: Commencing at the one-quarter corner common to Sections 9 and 10, Township 18 North, Range 3 East, Boise Meridian, Valley County, Idaho, being the Real Point of Beginning: Thence East along the Southerly boundary line of the SW~NW~ of 10.5 feet; Thence North, Thence South, Thence South, Thence South, Thence North, Thence North, Thence North, Thence North, Thence North, Thence South, Thence South, Thence South, Thence North, to a point and 10; Thence South, said Section 10, a distance of 00° 89° 10° 71° 10° 85° 49° 09° 75° 25° 73° 18° 89° on 00° 01' 40" East, 1279.66 56' 10" East, 608.67 55' 30" West, 100.86 43' East, 120.55 feet 55' 30" East, 186.35 16' West, 53' West, 21' East, 45' West, 10' West, 30' East, 41' West, 242 feet to 107.00 feet 30.05 feet 311,40 feet 30.35 feet 131.10 133.19 56' 10" West, 200 the Section line feet feet feet to a point; feet to a point; feet to a point; to a point; feet to a point; a point; to a point; to a point; to a point; to a point; to a point; to a point; feet, more or less common to sections 9 01' 40" West, 1329.66 feet, more or less to the Real Point of Beginning. Containing 1.899 acres, more or less excluding Fairway Drive and Ready Lane. Bearings based on the plat of Timberlost VI. SUBJECT TO Fairway Drive and Ready Lane official plat of Timberlost V., as recorded under Instrument No. 100075, Records of Idaho. as shown April 9, Valley County, on the 1979 AND · , 2 3 4 5 6 7 8 9 18 19 20 21 22 23 24 25 26 Warranty Deed Page 2. Two parcels of land being a portion of Tirnberlost VI as shown on the official Plat thereof on file in the office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats, more particularly described as follows: Commencing at a ~" rebar marking the Southwest corner Lot 14, Tirnberlost VI as shown on the Official Plat thereof on file in the Office of the Recorder of Valley County, Idaho, 1n Book 8, Page 19 of Plats, the real point of beginning; Thence South 89° 53' 00" East, 163.82 feet along the Southerly boundary of said Lot 14, thence South, 3° 00' 00" East, 71.95 feet to the extended Northerly right of way of Wooley Way, thence North, 89° 47' 23" West, 186.46 feet along said right of way to a 5/8" rebar, thence North, 14° 47' 00" East, 73.96 feet to the point of beginning, containing 0.288 acres, more or less. Also commencing at a ~" rebar marking the Southwest corner of Lot 33, Tirnberlost VI as shown on the Official Plat thereof on file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats, the real point of beginning; Thence North, 89° 47' 23" West, 91.28 feet along the extended Northerly right of way of Wooley Way, thence North, 3° 00' 00" West, 65.40 feet, thence South, 71° 34' 00" East, 99.89 feet to a 5/8" rebar marking the Northwest corner of said Lot 33, thence South, 0° 07' 00" West, 34.06 feet to the point of beginning, containing 0.106 acres, more or less. Bearings based on the plat of Timberlost VI. AND A 12.00 foot wide easement and right of way for golf players, golf carts and golf course maintenance purposes, situate in a portion of Timberlost VI as shown on the Offi cial Plat thereof on file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19, of Plats, lying 6.00 feet on each side of the following described line: Commencing at a ~" rebar marking the Southeast corner of Lot 14, Timberlost VI as shown on the Official Plat thereof on ",.. • (5N co'il<-)'<T3: -0<-):::s <-)-0 ~ co CO' t-00««o-IN c:. «'-'..JO~o~--' ::> W~U)~u. . z ,..:.' <1. ~::>U)Uo UJ u ~U~~O o --' 0Z z .« UJ NN «>80-;;1;I:t:~N«-0 11. c:. x CO'o 00 t-CON t-. '-' « OUJ o-z 0I0 2 3 4 5 6 7 8 9 10 II 12 13 14 IS 16 17 18 19 20 21 22 23 24 25 26 warranty Deed Page 3. file in the Office of the Recorder of Valley County, Idaho, in Book 8, Page 19 of Plats; Thence, North, 89° 53' 00" West, 11.52 feet along the Southerly boundary of said Lot 14; thence, South, 3° 00' 00" East, 17.66 feet along the westerly right of way of Eagle Drive to the real Point of beginning; Thence, North, 48° 00' 00" East, 53.98 feet to the Easterly right of way of Eagle Drive, the point of ending. Bearings based on the plat of Timberlost VI. To have and to hold the said premises, with their appurtenances unto the said Grantee, its successors and assigns forever. And the said Grantors do hereby covenant to and with the said Grantee, that they are the owners in fee simple of said premises; That the said premises are free from all incumbrances except taxes for the year 1992, which are not yet due and paya ble and that they will warrant and defend the same from all law ful claims whatsoever. . ,I Dated this ''j :~ day of May, 1992. D~. Medley' Janice MedleY .. ........ ., 2 3 4 5 6 7 8 9 18 19 20 21 22 23 24 25 26 warranty Deed State of Idaho, County of Valley. On this undersigned, a appeared Don C. is subscribed that he executed the same. have hereunto set my hand andday a ::?:::~~ritten. ~ pu ~ic for Idaho Residing at Mc Call, Idaho. My Commission expires 04/22/97 ) (ss. ) On this 7~-day of May, 1992, before me, the undersigned, a Notary Public in and for said State, personally appeared Don C. Medley, known to me to be the person whose name is subscribed to the within instrument, as attorney in fact of Myrna Medley, Dick Medley and Janice Medley, and acknowledged to me that he subscribed the names of Myrna Medley, Dick Medley and Janice Medley thereto as principal, and his own name as attorney in fact. IN WITNESS WHEREOF, I have hereunto my hand and affixed my official Seal the day 's certificate first above written. , 1~lth Notary PuB ic for Idaho Residing at McCall, Idaho My Commission expires 04/22/97 "7 ~ day of May, 1992, before me, the Notary Public in and for said State, personally Medley, known to me to be the person whose name to the within instrument, and acknowledged to me Page 4. ) (ss. ) County of Valley. " , r ' ~ . - ~ " ' : " ' , . . - I L � - < = " " 0 ~ , . . m f : ~ < _ . " - l r ' 0 p ~ ~ = � I ' - - r ~ ( D - < � - < , r - - . J : : 0 r r 1 0 c : : , , ~ . , - < . r r 1 0 0 ; : 0 0 0 0 ~ { C O - . J C D U " 0 ) ~ ~ « . • REAL ESTATE CONSULTING GROUP , .f 1tiAL ESTATE ApPRAISERS • INVESTMENT ADVISORS • CO~~-~ .• ru JT~ TOM MCKEVIT ,vIAl TREY KNlF" • MAl JACK COCHR/ ' , SRA BRADFOr. KNIPE j . July 3, 1991 Bud Schmidt, City Administrator City of McCall P. O. Box 1065 McCall, Idaho 83638 Re: Golf Course Exchange Dear Mr. Schmidt: Enclosed please fmd my appraisal of the parcels identified for the golf course exchange which is being contemplated between the City of McCall and D and D Lands. It is my understanding that the parcels identified within my appraisal as Parcels 1,2, and 3 are the parcels involved in the land exchanged. Parcel # 4 is owned by the city, but is not included in the exchange. While I have attempted to value these parcels under assumptions relative to their theoretical condition prior to any development which now may be present (as the parties to the . exchange requested), the practical reality is that the remnant parcels are of nominal value, and the low end of the value range for Parcels 1 and 2 is a more prudent value from which to base an exchange. What hasn't been considered in my analysis of these parcels, is the benefit gained by either property owner as a result of this exchange. Obviously, the city will acquire land that they have improved with a road to access the golf course's new club house and parking lot The parcel (parcel # 1) to be acquired by the city is necessary for the continued operation of the golf course and accompanying facilities. Parcel # 2 provides continuity between the golf course and land held in private ownership within Timberlost VI Subdivision. It is my understanding that in the tentative agreement to exchange for Parcels 1 and 2 (and various other remnants) , D and D Lands is to receive a portion of Parcel # 3. Various parcelization plans have been considered, but generally, the parties agreed that the city would retain approximately one (1) acre of the parcel near the northwest corner of Clements Road and Reedy Lane. D and D Lands owns land adjoining Parcel # 3, which is located on the golf course and is zoned for multi-family residential development Acquiring the eastern portion of Parcel # 3 (which slopes down to the land owned by D and D from a ridge area near the center of the parcel), would provide a natural buffer which would enhance the success of a condominium development on the land owned by D and D. By acquiring this portion of Parcel # 3, D and D Lands can limit development directly adjoining them to the west. 3000 NORTH LAKEHARBOR LANE' SUITE 200 • BOISE. IDAHO 83703 • TELEPHONE (208)853-2020 • FAX (208)853-2028 II • .-------~ --------------'--------------CE1{TIFICATE-OFAPPRA1SXL---- I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this appraisal report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. 5. The appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. 6. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the American Institute of Real Estate Appraisers. Additionally, the appraisal report is made in conformity with the Uniform Standards of Professional Appraisal Practices. 7. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 8. I have made a personal inspection of the property that is the subject of this report. 9. No one provided significant professional assistance to the person signing this report. 10. The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAIs who meet the minimum standard requirements of this progfam are awarded periodic education certification. As of the date of this report, I, Trey Knipe, have completed the requirements under the continuing education program of the Appraisal Institute. Based upon a physical inspection of each of the parcels, the analyses undertaken, and subject to the assumptions and limiting conditions set forth in the report following, it is my concluded opinion as of May 29, 1991, the Market Value of the parcel under appraisement inII Fee Simple Title was: Parcel # 1 $148,000 to $170,500 Parcel # 2 $51,500 to $69,000 Parcel # 3 $234,000 Parcel # 4 $116,000 I I REAL ESTATE CONSULTING GROUP, INC. • v GOU" COURSE EXCHANGE PARCELS LANe roo, C r A!'CNlle .... CONDO AI'C A TIMBERLOST VI SUBDIVISION _-"--ZS..-MI ""_ G2 _ _ _ .al . ______ _ _0 " : '" ___ _ _ " " ' .. REAL ESTATE CONSULTING GROUP, INC. REAL EsTATE ApPRAISERS' INVESTMENT ADVISORS' CONSULTANTS GOLF COURSE ADVISORY COMMITTEE MINUTES September 10, 1991 Attending: Dave Engen, Chairman Bud Schmidt DeEtte McCarty Charles Denham Craig Collins Dan Hormaechea Ted Whiteman 1) D & D Land Trade Dan Hormaechea reviewed a letter fron Bill Killen (copy attached) written at the request of members of the golf course foundation rendering the opinion on the appraisal relative to the D & D land trade. Hormaechea stated that the foundation contacted Killen and Kerrick for a legal point of view and thats the extent of thei r L '00 1 v ,r:e ~.t . Easements were in question as to whether or not the Cl~y is trading for land it currently has an easement for access through. After lengthy discussion Ted Whiteman inquired as to whether the city would benefit --'from the trade, is it in the city's best intrest? Dave ~ get, a l o n g the some lines , asked "Can the city use the land s Fz ' fitj ~ D & D, how c ~c h land does the city need for everf 0'" arking and cart storage?" Dave Engen produced drawlngs or the parcel in questin with a 200' X 215' rectangular portion and asked if the c'ommi tte thought this was adequate for city use. At this time the floor was open to motions. Ted Whi ternan moved tha ~the committee go on record objecting to the fac ~ ..nat t e appraLsa' .. -! _ adequately consider easements in its appraised value 01 each parcel and further recommends that the city, during the process of trade, retain adequate land for cart storage and overflow parking no less than 1.5 acres. DeEtte McCarty seconded and the motion carried. Dan Hormaechea moved to have boundaries of the 1.5 acre plot defined as soon as possible. Ted Whiteman seconded and the motion carried. 2) The meeting with Mayor Allen was discussed briefly. Ted Whiteman produced his letter for committee approval. The committee agreed the letter was a positive step toward defining committee role in golf operations. Craig Collins moved that one statement be amended and the letter be sent. DeEtte McCarty seconded and the motion carried. 3) Spring Mountain Ranch Ted Whiteman moved that before city council approves layout and design of the Spring Mountain Ranch 9 holes, the committee would like to meet with developers to review the plans. Craig Collins seconded and the motion carried unanimously. 4) Cart Storage Design and Construction After much discussion about building design, cost and where money is to come from, Dan Hormaechea moved to ask Tom Haynes to produce a new drawing with spaces reduced from 10'X 12' to 8'X 11' to save area, also to decide on type of building. Ted Whiteman seconded and the motion carried. The committee needs feedback from private cart owners as to the type of building they desire. 5) Capital Improvements Bud Schmidt will provide forms for committee to re-prioritize capital improvements in October. 6) Winter Use of Clubhouse The city would like to see the clubhouse remain available through the winter carnival to host Christmas parties and other social gatherings. The committee recomended that Jim Mann come up with a proposal for restaurant to host or cater these events. 7) Mission Statement Bud Scnmidt reported that the City council had recomended that the committee review Mission statement and have a work session to recomend amendments. The committee suggested that a council member or two sit in on this work session to bring all points of view into one room for discussion on the direction of committee. Dan Hormaechea moved that the committee is operating under Mission statement as of 1987, if there are any changes to this statement, it should be brought to the committee's attention. Craig Collins seconded and the motion carried. The meeting adjourned at 9:50 p.m. 1.1( . ':2.~£/a/~ Dave Engen Law Offices of KILLEN & KERRICK, P .A. 200 East Park St. P.O. Box A.O. McCall, Idaho 83638 William M. Killen Telephone: (208) 634-7118 Carl B. Kerrick FAX (208) 634-5880 Septembe~ 6, 1991 TO: McCall Golf Course Foundation c/o Dan Ho~meachea, Secretary P. O. Box 187 McCall, Idaho 83638 FROM: William M. Killen ~ RE: Review of Real Estate Consulting Group Appraisal - McCall Golf Course Parcels (Report Date of July 2. 1991 ) ATTN: Sam Alacano. Chairman Backacound: In response to your request I have reviewed the subjec~-uppraisal in order to assess its validity and c~edibi-i1ty from a legal perspective. My understanding is that the Foundation has received a request from the Chairman of the City/s Golf Course Advisory Committee seeking their input on the document and they in turn elected to seek this legal opinion_ : Summarv: My overall assessment is that the appraisal used, the analysis employed, and the conclusions rendered are reasonable and appropriate in light of the assumptions relied upon. However, certain of the assumptions themselves, appear to be at variance with the actual facts and circumstances and their legal consequences. As a result it is bel ieved that the value estimates for certain of the parcels treated, No. 1 and 2 in particular are substantially flawed: that their appraised values are materially over stated as a ~esult. Opinion: Parcel I: The appraisal is based, in part. on the assumption that the parcel is subject only to a cart path access easement which is allegedly subject to being re-routed over the parcel to aJ low for further development <p. 46 -Utilites and Easements). A review of the subject easement and its language (Val ley County Recorder/s Instrument No. 87480. executed in 1974) does not support McCall Golf Course Foundation Page 2 September 6, 2991 this limited characterization. The express grant references "an easement for access between fairways Nos. 6, 7 and 8 of the golf course ..." [presently holes 11, 12 and 13 respectivelyl. This language, coupled with the actual use both prior and subsequent to the grant indlcates foot traffic, cart traffic, vehicular traffic, and utillty lines crossing the subject parcel in at least two well-defined corridors. Meandering along and within the irregular northerly boundary of the parcel 1s the pathway used for foot and cart traffic essentially 1 inking the 7th tee to the green and the 8th tee beyond. This corridor also carries a water line for the course which pre-existed the 1974 grant. A second branch of this pathway runs southward from a point roughly midway between the No.7 tee and green linking up with the 6th green. This segment was substantially wider, providing vehicular access for course maintenance equipment and vehicles between fairways 6 and 7, as well as an additional water line running southerly to the 6th fairway. It is clear from the observations made in the Appraisal Analysis that no consideration was given to those routes save t~-a limited extent, namely, the portion of the cart path me~dering along the 7th fairway, because of its presumed moveable nature. In realty easement grants such as involved here, while moveable initially, namely, prior to their actual development, essentially "ripen" into fixed easements once physical ly~stablished upon the land. In addition to the foregoing uses, all of which pre-dated the 1974 grant, Payette Lakes Water and Sewer District holds a record easement traversing from the 6th fairway alongside the above referenced South branch of the cart path/roadway northward across the 7th fairway. This was granted by the City in 1980. Finally in early 1990 City water, power and sewer lines were laid beneath the roadway, subsequently paved, which bisects the parcel from West to East providing access to the new club house. Given the character and extent of the uses crossing the subject parcel prior to the 1974 grant, together with the language of the grant. a reasonable construction of that grant is that it author.ized access across the parcel for all purpose usual and incidental to the operation and maintenance of the portion of the golf course referenced as wei I at play itself. To characterize the easement as being only a cart path easement is highly questionable. Further, in light of the fixed nature of these uses, the appraiser~s conclusion that the site is developable as either IS condominium units or 5 residential lots is McCal I Golf Course Foundation Page 3 September 6, 2991 suspect. Even if one assumes the 1990 improvements crossing the parcel are not wIthin the scope of the 1974 grant, all prior crossings whether cart path, roadway or utIlity lines are either clearly wIthin the grant or have matured prescriptively. Their precise location and character are not moveable as a matter of right and thus materially impact the conclusions reached as to use, potential and consequent value. A further error of material consequence to the appraIsal Is the mistaken assumptIon as to zoning. Parcel I Is not Residential B, but Is rather Urban Agricultural and Recreation (Zone F). This is the Zoning ClassIfication that encompasses the golf course proper; Residential B generally applies to homesites abuttIng the course in Tlmberlost I through VI; a review of the City Zoning Maps indIcates the subject parcel is classified as a contiguous part of the course for zoning purpose and is coded accordingly. At most, Zone F may be developed at one residential unit per acre (F-3), at worst one per ten acres (F-l); unless otherwise designated land in Zone F is treated as F-l~the author was unable to identify any specIal The analysis of Parcel 2 suffers from similar defects though designatIon beyond F for the subject parcel. Further, multI-unIt residences are not permitted uses In thIs zone. Parcel 2: --. to a much lesser degree. It too is Included withIn the scope of the 1974 grant, and the actual uses pre-dated the grant. consisting of a surface pathway used as both a cart/foot path and as a vehicular roadway; it too carries underground water lines linking the golf holes involved. As before these crossing are and have been in place for a number of years, predating the 1974 grant and, as such, are not moveable as a matter of right. As poInted out by the appraIsal analysIs thIs easement corridor virtually bisects the parcel East to West. Their analysis rests on the belief that it can be developed into two (2) single family residences of around 10,000 square feet each (Appraisal at p. 70). While the analysis elects to dIsregard both the cart path and Eagle Drive (Appraisal at p. 64) (which partitions the property into eastern and western portIons), both these features existed as of the appraisal date and radically limit the development potential of the parcel especially when coupled with the applicable set back requirements, in reality at most one buildable lot would be available on the westerly portion. McCall Golf Course Foundation Page 4 September 6, 2991 Further, while the appraisal treats the property as being Residential Zone B, its actual zoning classification would appear to have been Zone F at the relevant date (May 29, 1991). The actual zoning classification is somewhat unclear since no color coding appears on the City Zoning Map and it appears as unplatted property on the Timberlost VI Subdlvision plat. Since that platting did not alter its character for zoning purposes it presumably remains Urban Agricultural and Recreation (Zone F-l), thus burdening it in the like fashion as parcel I, insofar as development potential. . Parcels 3 & 4: These parcels, while also crossed historically by roadways, are the parcels owned in fee by the City; as such the historical use of these roadways by the City or its employees and invitees is of no present consequence for valuation purposes. It is correctly treated as Residential B for zoning and development purposes. As such from a legal standpoint the appraisal assumptions used to determine values are appropriate. --, INFORMA TION AND DAT A The information a nd data supplied to the appraiser by others, and which ha ve been considered in the valuation, are from sources believed to be reliable, but no further responsibility is ass umed for its accuracy. USE OF APPRAISAL The appraisal report may not be used f or any p urpose e xcept s ubstantiation of the value estimated without written permission from the appraiser. All valuations in the repo rt are applicable only under the stated program of highest and best use and are not n ecessarily applicable u nder other programs of use. The valuation of a comp onent pa rt of the pro perty is applicable on ly as a part of the whole property . No separation may be made of any of the various v aluation components without invalidating the results which would be derived by such a separatio n. Possession of this report or any copy thereo f does not carry with it the right of publication , n or may it be u sed for other than its in tended use; the physical rep ort (s) remain the property of the appraiser for the use of the client, the fee bei ng for the analytical services on ly. On e (or more) of the sign atories of this appraisal report is a Member (or Ca ndidate) of the A merican Institute of Real Estate Appraisers of the National Association of Realtors . The Bylaws an d Regulations of the In stitute require each member and Candidate to con trol the use and distribution of each appraisal report signed by such Member of Candidate. Therefore, except as hereinafter prov ided, the party fo r whom this appraisal report was prepared may distribu te copies of this appraisal report, in its en tirety, to such third parties as may be selected by the party for whom this appraisal report was prepared; however, selected portio ns of this appraisal report shall no t be given to third parties without the prio r written consent of the sign atories of this appraisal report. Fu rther, n either all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media, public relation s media, news media, sales media or other media for public communication s without the prior written con sent of the signato ries of this appraisal report. This appr aisal report was obtained from Trey Knip e, MAI, and consists of "trade secrets and commercial or fina ncial informati on" which is privileged and confidential and exempted fr om disclos ure under 5 U.S.C . 552 (B) (4). Please notify Mr . Knipe of any request for reprod uction of this document or a ny part there of . SKETCHES AND MAPS The sketches included in th e report are o nly for the purpose of aiding th e r eader in visualizing the property and are not based on sur veys. Sizes and dimensio ns not shown should no t be sca led from the sketches. CO URT TESTIMON Y T estimony or atten dance in co urt by reason of the appraisal, with refere nce to the property in question, shall not be required unless arrangements have previo usly been made. An y such appearance an d/or preparation for testimo ny will necessitate additional compensation than that which has been received for this appraisal report . Unless expressly provided for at some future time, the findings contained herein are limited to uses ou tlined in the "Pu rpose of the Appraisal" section of the report. ECON OMICS The v alues ascribed in this report are based on the present purchasing power of the dollar and on the present eco nomy. The value estimation herein is subject to an all cash purchase con sistent with the definition of market value utilized in the report and does no t reflect special or favorable financing in today's market unless specifically stated. The estimated market value is subject to chan ge with market changes over time; value is highly related to ex posure, time, promotion al effort, terms, mo tivation , an d conditio ns surrounding the offering. The value estimate con siders the productivity and relative attractiveness of the pro perty physically and econ omically in the marketplace. In cases of appraisals in volv ing the capitalizatio n of income benefits, the estimate of market value or investment value or v alue in use is a reflection of such benefits and the appraiser's in terpretation of income an d yields an d other factors deriv ed from general and specific client and market info rmatio n. Such estimates are as of the date of the estimate of value; they are thu s subject to change, as the market and value are naturally dynamic. The "estimate of market value" in the appraisal report is not based in whole or in part u pon the race, color or natural origin of the present owners or occupants of the properties in the vicinity of the property appraised. The appraisal report a nd val ue estimate are subject to change if the physical or legal entity or financing are different tha n that envisioned in this report . ENVIRO NMEN TAL REQUIREMENTS The values ascribed herein are based on the property meeti ng any Environmental Protection A gen cy (E.P.A.) requireme nts based on the Clean Air Act of 1970, a nd on the en viron mental quality of the State in which the pr operty is located. Unless otherwise stated in this report, the existen ce of hazardous material, which may or may not be presen t on the pro perty, was n ot observed by the appraiser. The appraiser has no kno wledge of the ex istence of such material on or in the property. The appraiser, ho wever, is n ot qualified to detect such su bstan ces. The prese nce of s ubstances s uch as asbestos, urea fo rmaldehyde foam insu lation, PCBs, or other p ote ntially hazardous materials may affect the value of the property. The value estimate is predicated on the expressed assu mption that there is no such material on or in the property that would cause a loss in value. No respon sibility is assumed for an y such con ditions, or f or any expertise or engineerin g kn owledge requ ired to discover them. The client is urged to retain an expert is this field, if desired. INCO ME PROPER TY A PPR AISA LS Respon sible ownership and competen t management are assumed. Data submitted to the appraiser regarding income an d expen ses is assumed to be accurate unless otherwise stated. This appraisal reflects a value based upon mar ket considerations. It is no t represented that the opinion as to v alue would allow for the replacement of the property in kind if it were destroyed. TREY K NIPE, M AI QU ALIFICATIONS AND EXPE RIENCE PROFESSIONAL EXPERIENCE Real Estate C onsulting Group, Inc. Boise, Idaho, 10-89 to Present. A Principal of a re gional real estate counseling firm specializi ng in valuati on and in vestment analyses. Federal Home Lo an B ank Sa n Francisco, San Francisco, California, 1987 - 1989 . D istrict Appraiser covering the States of California, Arizona, and Nevada . Property Counselors of Alaska, Inc ., Anchorage, Alaska, 1984 - 1986. Partner of an appraisal, consulting, and investment a nalyses firm . Appraisals and consultations of all types of real pro perty. Specialized in litigation valuation and buyer acquisiti on represe ntations. A ppraisal Company of Alaska, Anchorage, Alaska, 1982 - 1983. Senior commercial appraiser and project coordinator on large contract fee assignments coveri ng the State of Alaska. Robison Realty, Inc., Boise, Idah o, 1978 - 1981. Associate Broker and Vice President of Operation s. Inv olved in management, pr operty buy/sell negotiations, and investment analyses. Mountain States Appraisal & Consulti ng, Inc., Boise, Idah o, 1976 - 1978. Associate appraiser respon sible for residen tial and small income property analyses. R obison Realty, Inc., Boise, Idaho, 1974 - 1975 . Salesman of tract residential housi ng. EDUCATION Master of Business Administration, Pacific Wester n University Major: Real Estate Bachelor of Science Degree, Pacific Western University Major: Real Estate Boise State U niversity University of Idaho REAL ESTATE COURSES American Institute of Rea l Estate Appra isers Co urse V III, Sin gle Family R esiden tial A ppraisal; Basic V aluation Procedures; Capitalization Theory and Techniques Parts I, II and III; Case Studies in R eal Estate Valuatio n; Valuation Analysis an d Report Writin g; Standards of Professional Practice; Litigation Valuation; Easement Valuation . Boise State Univ ersity/Pa cific Western University Fun damen tals of Real Estate; Real Estate Law; Appraisal of Real Estate; Real Estate Investment and Tax ation; Real Estate Dev elopment; R eal Estate Marketing; Real Estate Fin an ce; Technical / Theoretical Foun dation s of Real Estate; A nalysis of Real Pro perty Appraisa l Systems; Technical Applications and Theory of Co mmercia l Property Man agement; Lan d U se Econo mics; Ex changes. Masters Project: R eal Estate A ppraisal Concepts. Farm and Land In stitu te Agriculture an d Urban Land Brokerage; Subdivision Developmen t; Federal Tax es and Real Estate; Ex chan gin g Farms, Ran ches and Rural Properties; Land Return A nalysis. Miscellan eou s Cou rses an d Seminars R anch Appraisal Schoo l, American Society of Farm Managers and Rural Appraisers; An alyses and Valuation of Lea sed Fee an d Leasehold Interests, A. I.R. E.A.; Co mputer A pplication s In co me An alysis, A.I. R.E.A.; R -41B Seminar, A .I.R.E.A.; Easement Valuation , International Right of Way Asso ciation; R -41C Seminar, A.I.R.E.A.; Real Estate Lending, Federal H ome Loan Bank System; Competitive Equ ality Bank Act, Federal H ome Loan Bank System. TREY KNIPE, MAI QUALIFIC ATIO NS A ND EXPE' I NCE (CONTINUED) PROFESSIONAL DESIGNATIONS/MEMBERSHIPS MAI Member of the American I nstitut e of Real Estate Appraisers (Member # 6860 4-84) Currently Certified through September, 1993 RM R esidential Member of the America n Institute of Real Estate Appraisers (Member # 1208 11-78) GRI Graduate of the Real Estate Institute Member, Internatio nal Right of Way Association Member, Professio nal Standards Pa nel, American Instit ute of Real Estate Appraisers Real Estate Broker: Alaska and Idah o BUSINESS ACCOMPLISHMENTS Licen sed rea l estate bro ker since 1976, inv olved in property negotiations in the States of Idah o, Oregon, Ne vada, a nd A laska. Primary br okerage activity has be en for buyer representations. Property types in clude: Mobile ho me parks, apartment buildings, shoppi ng ce nters, office buildin gs, and large land purchases. Have appraised or reviewed appraisals on a variety of unique properties i ncluding: M ulti -million dollar office buildings, apartmen t projects, and shopping centers; destination resorts with pla nned commun ities and golf courses; hotels/motels; fish processing plants; an island inholding; timeshare RV parks; railroad right -o f way valuation; air space easements; historical easeme nts; right-of-way takings; special u se properties; highest and best use studies; depreciation studies; and construction feasibility completion an alyses. Employed with the Federal Home Lo an Bank of San Francisco as a District Appraiser f or two and on e-half years. This ex perience allowed an opportun ity to critically analyze and evaluate le nding abuses, fraud and misman agement in the savin gs and loan indu stry. Co ntributed toward the betterment of appraisal profession by strengthen in g appraisal standards. Personally i nstrumental in saving the FSLIC millions of dollars in lost insurance funds on potentially bad and misman aged real estate pro jects. Through critical an alysis of lo an files and appraisal reviews, have identified millio ns of dollars in over -valued real estate and initiated corrective action plans . Experience included the evalu ation of savin gs an d loan managemen t on disposition strategies, real estate in vestments and develo pmen t, lending/appraisal policie s and procedu res, and constructio n len din g practices. COURT EXPERIENCE Qualified as an Expert witness in D istrict Cou rt, States of Idaho and A laska. Qualified as an Expert witness in Superior Court in the State of A laska. Have received letters of accommodation from the A laska A tto rney G enerals Office and the Sta te of Alaska Department of Transportation fo r co urtroo m testimony and related appraisal work. PUBLICATIONS Article: V alu ing The Probability of Rezon in g Publication s: The Appraisal Jou rnal, A pril 1988 Right of Way, April 1989 reliance on phosphates for agricultural fertilizer since 1979, and recent ba ns by som e states affecting the use of phosphat es due to growing envir onmental concern . Food Processing: C omprising the largest part of Id aho's manufacturing sector, fo od processing has been one of the st ate's most consistent employers. Growth has bee n stro ng due to America's increasi ng reliance on con venie nce and fast f• t•'. Overall, gr owth sh ould con tinue, as the U. S. Commerce Departme nt has projected that by 1993, 60% of all hou seholds will consist of one or two persons, and tw o-thirds of women will be in the labor fo rce. Fu rther, the food pro cessing industry has geared prod uction to take adva ntage of the growing popularity of microwave ovens . In 1988, Japan was the largest importer of U.S . froz en foods, and of their imports, 40% were p otato products . Empl oyment in this sector is predicted to grow through 1992 at up to 2% annually. Federal, State and Local Government: Growth in this sector. ' be "dampened by au sterity mea sures aimed at balancing the federal deficit" .8 Temporary growth will be requ ired fo r the 1990 Census, but those gain s will be erased in 1991, while o ver the l ong- term, gro wth will occu r with an expansion of Moun tain Home Air F orce Base. Gro wth in Idaho's eco nomy an d population should fuel a stronger growth of state and local government. State educatio n is forecast to grow at 2.5% in 1989, 2.3% in 1990, 1.7% in 1991, an d 1.6% in 1992. N on -education emplo yment is forecast at 2.9% in 1989, 3.3% in 1990, 1.6% in 1991, and .9% in 1992. Minin: This secto r is is healthier than it has been in years, having pro duced in 1988 the mo st go ld since 1941. Employmen t in metal min ing grew by 34% in 1988, an d o ther mining grew at 17% during that year, fueled by the re -opening or expansion of several mines. The Forecast projected 1989 growth at 11.6%, 2. 9% in 1990, 1% in 1991, and 2% in 1992. T his projection is tempered by the fact that employment in this sector is dependent upon the success of ex ploration activities. Construction: At the time of the prin ting of the Janu ary 1990 editio n of the Jdaho Economic Forecast, complete data for 1989 were n ot available. However, acco rding to this sou rce, 1989 wa s a record year fo r the co nstruction industry. At a 9% increase o ver con struction values for the prev iou s year, 1989 con struction was lead by the residen tial sector (unlike 1988). New residential construction permits for the first 10 months of 1989 8Idaho Econ omic Fo recast, p. 14. REAL ESTATE CONSULTING G ROU P, INC. IDAHO STATE DATA • AD DENDA H were 30.2 % above the previous year, and total residential co nstr uction was up 43.7 % d uring the same period. For multi -family dwellings during the first te n m onths of 1989, building a ctivity had doubled (both number of peiuuts and total value). Boise and C oeur d'Alene accoun ted for 71% of this activity. Non-residential acti vity was down 27% for the same period, but this, accordi ng to the Forecast, repr esented a r eturn to normal levels of activity follo win g rec ord commercial construction in 1988. Employm ent growth is projected to grow by 5.1% in 1990, 2. 2% in 1991, and a decline of less tha n 1% is expected in 1992 . As suppo rted by Idaho D epartment of Labor statistics, 1989 employme nt in this sector surpassed 16,000 for the first time since 1981. Serv ices: This sector ha s in creased from 16% of total empl oyment in 1973 to 21 % in 1988, an d thus the Serv ice sector con tinues to increase in import ance in the Idaho econ omy. Gro wth in services is a ttribu table to in creases in real p urchasing p ower and the i ncrease of women in the work force, among o ther factors. The Fore cast predicts empl oyment growth of 6% in 1989, 4.8% in 1990, 3.1% in 1991 an d 1.9% in 1992 . Trade: This is the largest non-agricultural secto r ou tside of manufacturing, and is heavily dependent u pon in creases in con su mer pu rchasing power. It is also the sector most influenced by tourism, and it can be expected to reap gains from the upcomi ng Idaho Centennia l Celebration. Aside fro m helping local businesses in the short run, a long-term impact will be realis ed as a result of the Cen ten nial v ia pu blicity for the state's to urism industry. T he Forecast predicted 1989 would see this sector's best increase since 1978, with a 7% in crease in employment, followed by a 2.7% increase in 1990, .9% in 1991, and 1.4 in 1992. REAL ESTATE CONSU LTING GROUP, INC. IDAHO STA TE DATA • ADDENDA I F,. nr,. 9! p : ANI PO t City of McCall TEL No . 2Ci8-F:34-3078 Thomas W Kerr PLS KERR SURVEYING PO B ox 853 McCall, Idaho Ma rch 15, 1990 Jun. 6,91 9:55 P .02 Joel W D roulard PLS REEDY LANE AND FAIRWAY DRIVE DESCRIPTION TIMBERLOST V A 50. 00 foot w ide road being a portion R eedy Lan e and Fairway Drive in Timbe rlos t V, as shown on th e official plat thereof on file in the Office of the Reco rder of Valley County, Idaho, in Plat Book 7, on Page 20, more particularly described as follows: Commencing at- a 1/2" rebar marking the northwest corner of Lot 1, Block 5, on the souther ly right-of-way line of Reedy Lan e, in Timber lost V, as s hown on the official plat the reof on file in the Office of the Reco rder of Valley County, Idaho, in Plat. Book 7, on Page 20, the REAL POINT OF BEGINNING: Thence, N. 00 01' 40" E. , 50.00 fee t to the northerly right- of-way line of Reedy Lane, thence , S. 890 56' 10" E., 189. 50 feet along sa id northerly r ight-of-way to the wes terly right-of-way line of Fairway Drive r thence, N. 180 41' E., 168.24 fee talo ng sa id we ster ly right-o f-wa y to the s outher ly bounda ry of Lot 10, Block 4, Timberlost V, a 1/2" re bar , thenc e, S. 750 45' E., 50.15 feet to the ea sterly right-of- wa y line of Fairwa y Drive on the southe rly boundary of Lo t 12, Bloc k 3, Timberlo st V, a 1/2" r ebar, thence, S. 180 41' W., 208.03 feet along said easterly right-of-way to the southerly right-of-way of Reedy Lane, being on the n ortherly line of said Lot 1, Blo ck 5, a l/2" re bar , thence , N.' 890 56' 10" W., 225.38 feet to the Point of Be ginn ing, c ontaining 0.454 acre, m or e or less. Bearings based on the plat of timberlost V. f) 05. 06. 91 09:53 AM P City of McCall TEL No.208-634-3038 Jun . 6,91 9:56 P .03 211 --CORPORATION WARRANTY DEED (Optional) Recorded Microfilmed I nde xed 0 Pri nted and fur ¢nip by S n ns-York Compa ny . noise Platted Deed Card Compared ❑ Key r anched ❑ Master File ❑ Abstracted To Treasurer MOT WWRC AOOY ¢ TMfW LI MB 0 ❑ WARRANTY EED (CORPORATE FORM) 7MB �•RLOST. CO NDOMINIUMS V ASSOCIATION, INC. orga nized arirdexistmg under the laws ot the State of Idaho, with its p rincipal office at McCall of County of Va ll ey State of Id aho, hereby CONVE YS or GRA NTS and WARRANTS TO the CITY OF M cCAL'L, a municipal corp oratio n of the St ate of Idaho',. P. 0. Bo x 1065, Mc Call, Idah o 83638, grantor, of ONE DOLLAR a nd oth er valuable con sideration, the following described tract(s) of land in V alley State of Idaho: See Exhibit "A" her eto attach ed and by this referenc e made a par t her eo f as if f ully set f orth at length he rein, for a descr iption of the pr emises conv eyed her ein. Location of above described property House No. gr antee for the su ni of 1410.: 04//taC County, Street The officers who sign this deed hereby certify that this deed and the transfer represented thereby was duly a uthorized un der'a resolution drily adopted by the board of directors of the grantor at a lawful meet- ing du ly held an d attended by a quorum. In witness whereof, the grantor has caused its corporate name an d seal to be hereu nto affixed by its duly a uthorized officers this day of ' M ar ch • A. D. 19 90 TIMBERLOST CONDOMINIUMS V ASSOQIATI N, IN C. �tCO ?tr (e/ C -f (coR Pon nt r ¢ tAL ) State of Idaho . County of Valle y 1 SS. or h0 ,P9 7 '" "- day of March A. D.19 9° persona lly appeared before me LAURENCE A. SM ITH and DON MEDLEY ' who being by me duly sworn did sa y, ea ch for himself, that he, the said Laure nce A. Smith is the resident, an l he the said Don Me 1�e py o£,' nt hsrOs%c c'o h Ja min/ darts /f'SSD r l ✓AL�, i co rporation, an d that the within an d foregoing instrumen t was signed . in behalf of said corpora % n by authority of a resolution of Rs boa rd of directors an d said A era, -e , ea A 5 i,: th On the , a corporation SECROETARY is the secretary and 1{),0n Mc,c)/aV each duly acknowledged to me that said corporation executed the same and that the seal affixed is' the seal of said corporation. (N ota ry, arn i. ) My residence is My commission expires MAIL DEED TO: i MAIL TAX NOTICE TO: /4020 44 if 3l Si /3,54 7 195 11 /2,553 CONDO A REA 1. 821 oc ® 14086 /1,665 WOO L EY C7 10.160 1320 5 A 552 "NEW" CLUB HOUSE P ort,n9 COI FAIRWAY AVENU E 10,i56 TIMBER L OS T VI SUBDIVISION 0 25 50 100 150 200 (is 5,660 /2, 2/6 0 11,327 CONDO AREA 1 .46J oc. 8 01 7 '58 12 A3 11 .3 45 2,2 15 P 4Z 16,245 10,665 77,6' "NEW" RIVING RANGE MOUNTAIN LAKES REALTY GOLF COURSE LOTS - TIMBERLOST VI ESTATES Lot No. 1 SOLD Lo t No . 2 $41,900.00 Lo t No. 3 41,900.00 Lot No. 4 41,900.00 Lot No. 5 44,900.00 Lot No. 6 . 44,900.00 Lot No. 7 44,900. 00 Lot No 8 SOLD Lot No. 9 47,900.00 Lo t No. 10 SOLD Lo t No. 11 SOLD Lo t No. 12 47,900.00. Lot No. 13 39,900.00 Lot No. 14 42,900. 00 Lot No. 15 SOLD Lot No. 16 SOLD Lot No. 17 SOLD Lot No. 18 42,900.00 Lo t No . 19 42,900.00 Lo t No . 20 SOLD Lo t No. 21 SOLD Lot No. 22 42,900.00 Lot No . 23 SOLD. Lo t No. 24 44,900.00 Lot No. 25 SOLD Lot No. 26 SOLD Lot No . 27 44,900.00 Lot No. 28 44,900. 00 Lot No. 29 44,900.00 Lot No . 30 SOLD L ot No. 31 SOLD L ot N o. 32 SOLD Lot No . 33 SOLD L ot No. 34 SOLD Lot No. 35 SOLD Lot No. 36 SOLD Lot No. 37 $44,900 .00 Lot No. 38 44,900 .00 Lot No. 39 44,900 .00 Lot No. 40 44,900 .00 Lot No. 41 44,900.00 Lo t No. 42 44,900.00 Lot No. 43 SOLD Lot No. 44 29,900.00 Lo t No . 45 27,900.00 Lot No . 46 27,900 .00 Lot No. 47 29,900.00 Lot No . 48 SOLD Lot No. 49 SOLD Lot No. 50 27,900. 00 Lo t No. 51 395,000.00 Lo t No . 52 295,000. 00 Price s subject to change witho ut notice. P. O. BO X 1739 - McC ALL, IDAHO 83638 - (208)634-2728- FAX # 634-3748 FRANK T. ELA ATTORNEY AND COUNSELOR AT L AW 203 E. LAKE ST., SUITE 9 P. O. B OX AP McCALL IDAHO 83638 PHONE (208) 634-22 00 FAX (2 08) 634-2201 January 22, 1991 R eal Estate Consulting Group 3000 North Lakeharbor Lane Boise, Idaho R e: Proposed Land Trade between City of McCall and Timberlost VI Estate s. G entlemen: It is proposed that a land trade be entered into between the City of McCall and Timberlost VI Estates Subdivision in the City of McCall, Valley County, Idaho. I am enclosing a copy of the Timberlost VI Subdivision with the areas proposed to be traded highlighted. The Pink and Yello w areas are now owned by the developers of Timberlost VI and the Blue area is owned by the City of McCall. T he trade would be 2.853 acres of Timberlost VI property for 2.072 acre s of McCall City property. You will note that a roadway, golf cart path, practice green and parking lot of the golf course are located on the property to be traded to the City of McCall. The other properties are subjec t to eas ements in fa vo r of the City to be used in connection with the golf co urs e. By the provisions of the Idaho Code, thes e two area s must be appraised. I would appreciate your es timate or bid for the apprais al of these properties. Parcel Number 1, c ont aining 2.365 Acres, more or less, including roadwa ys, marked in Pink: A tract of land in the WZNW; of Section Range 3 Ea st, Boi se Meridian, in Valley County, ticularly described as follows: 10, T. 18 North, Idaho, more par - Co mmencing at the one -quarter corner common to Section s 9 and 10, Town ship 18 North, Range 3 East, Boi se Meridian, V alley County, Idaho, being the Real Point of Beginning: Thence East along the SW ;NW ; of said Se 10. 5 feet; Thence N orth, 00° 01' Thence South, 89° 56' Thence South, 10° 55' Thence South , 71° 43' Thence North, 10° 55' Thence N orth, 85° 16' Thence North, 49° 53' Thence N orth, 09° 21' Thenc e N orth, 75° 45' Thence South, 25° 10' Thence South, 73° 30' The nce South, 18° 41° Thence North, 89° 56' to a point on the and 10; Thence South, 00° 01' les s to the R ea l Southerly boundary line of the ction 10, a distance of 40" East, 1279 .66 10" East, 608.67 30" We st, 100.86 East, 120.55 feet 30" East, 186.35 West, 242 feet to West, 107.00. feet East, 30.05 feet W est, 311,49 feet West, 30.35 feet Eas t, 131.10 feet W es t, 133.19 feet 10" West, 200 fee Section line common to Sections 9 feet to a point; feet to a point; feet to a point; to a point; feet to a point; a point; to a point; to a point; to a p oint; to a point; to a p oint; to a point; t, more or le ss 40" Wes t, 1329.66 feet, more or Point of Beginning. SUBJ ECT TO Fairwa y Drive and R eedy Lane as shown official plat of Timberlos t V., as recorded April under Ins trument No. 100075, R ecords of Valley Idaho. on the 9, 1979 County, Pa rcel Number 2, conta ining 0.488 a cres , more or less, marked in Yellow: A tract of land in the Range 3 Eas t, Boise partucularly described SW ;NW ; of Section 19, Township 18 North, M eridian, in Valley C ounty, Idaho more as follows: Co mmencing at the o ne -quarter corner co mmon to 9 and 10, Township 18 North, Range 3 East, Meridian, Valley County, Idaho; Thence East along the Southerly boundary line SW ;NW; of said Sectio n 10, 705. 01 fee t to The nc e North, 30.00 feet to the R ea l Po in t of Sections Boise of the a point; Beginning; Thence continue North, 34.26 feet to a point; Thence North, 71° 41' We st, 121 .00 feet to a point, Thence West, 201.70 feet to a point; Thence South, 14 ° 40' West, 74.73 feet to a point; Thence East, 335.49 feet to the Real Point of Beginning. Parcel Number 3, containing 2.072 acres, m ore or le ss, marked in Blue. A parcel of land being a portion of Lot 1, Block 5, Timberlost V, City of McCall, Valley County, Idaho, as shown on the official plat thereof on file in the office of the Recorder of Valley County, Idaho, in Book 7, Pag e 20 of Plats, more particularly de scribed as follows: Commencing at the northwe st corner of Lot 1, Block 5, Timberlost V, City of McCall, Valley County, Idaho, as shown on the official plat th ereof on file in the office of the R ecorder of Valley County, Idaho, in Book 7, Page 20 of Plats; thence, S. 89 ° 49' 10" E., 215.00 feet a long the northerly boundary of said Lot 1 to the REAL POINT OF B EGINNING: T hence, continuing S. 89° 49' 10" E., 170.92 feet to the no rth eas t corner of said Lot 1, thence, S. 34° 33' 00" W ., 274.34 feet along the easterly boundary of said Lot 1, thence, S. 20° 24' 00" W. , 387.25 feet to the southerly boundary of said Lot 1, thence, N. 89° 49' 10" W., 96. 84 feet to th e south wes t corner of said Lot 1, thence, N. 0° 08' 41" E., 159.83 feet al ong the west boundary of said Lot 1, thence, N. 20° 24' 00" E. , 267.96 feet, thence, N. 34° 33' 00" E., 216.32 feet to the Point of Beginning, conta ining 2.072 acres, more or less . Bearings based on State Plane Grid Azimuth. The Trade would be 2.853 acres of Medley property for 2.072 acres of City of M cCa ll pro perty. CH APTER 6 ZONE "B" MED IU M DEN SITY R ESIDENTIAL SEC TION: 3-6-1: Purposes - 3-6-2: Permitted Uses 3-6-3: Special Uses - 3- 6-4: Conditions of Use 3-6-5: D evelopment Standards for Residen tia l Structures and Lots 3-6-6: Application of Density and Development Standards 3-64 : PU RP OSES: In furtherance of the provisions of section 3-2-1 (Zon ing Ordin ance): (A) To establish: standards gov erning the dev elopment, construction, an d u se of housin g and compatible uses in areas of McCall which alrea dy, con tain, or are suitable for, moderately intensive residential use. (B) To preserve the environmental quality of areas which attract more intensive residential use. (C) To prov ide opportunity for all groups of person s to obtain adequate housin g within each area - of the City suitable for residential use in relation to other land -uses an d consistent with the preserv ation of natural, - scenic a nd historical resources.. (D) To encourage a variety of housing types, sizes and den sities n ecessary to meet the needs of all e conomic grou ps. 3-6-2: PERMITTED USES: The following u ses an d their accessory uses shall be permitted prov ided they are deemed appropriate in each particular application by the Plann ing and Zoning Commission: (A) Single family and multi -family dwelling units at den- sities of no more than eight (8) dwelling un its per acre. (B) All limited commercial uses permitted in Section 3-5-2-B (Low Density R esidential District). (C) Accessory u ses located on the same premises as per- mitted uses, such as private garages and the use of lan d for domestic agricultural purposes defined in Section 311-1. 'Definitions). :3-6-3: SPECIAL USES: The following uses and their ac- ce ssory uses may he permitted in acco rdance with Section 3- 22-4. (Permits and Applications): (C) Public and private parks not for overn• ight use, a nd hiking, biking, ridi ng, andskiing trails and easements. (D) Mobile home subdi visio ns (E) Public or private commu nity uses,such aschurches, clubs, commu nity centers, -museums, hospitals and care centers, libraries and p ublic -services a nd facilities, which satisfy the requirements set forth in Section 3-20-2 (Gener al Requirements) (F) Professional offices built in reside ntial style . (G) Residential storage units, for the purpose, of storing personal or family household items. (H) Other uses deemed appropriate by the Com mission . 3-6-4: CONDITIONS OF USE: All uses within this district shall conform to the :provisio ns specified in Chapter 20, (Supplemen tary Regulations) (A) All Special Uses permitted in Section 3-5-3 (Low Density Residential District) (B) Plan ned UnitDevelopment , 3-6-5: DEVELOPMENT STANDARDS FO R RESIDENTIAL STRUCTUR ES AND LOTS: (A) Su bject to the more flexible allowable de nsities of this District, sin gle family and multifamily dwdllings shall meet •• the development - standards specified in Section 3-5-5 (Low Density Residential). 3-6-6: AP PLICATION OF DEN SITY AND DEVELOPMENT STANDAR DS: Calculation of Permissiable D en sitie s, and the submissio n of plot plan s where subdivision a pproval is• n ot sought shall be as set forth in Section 3-5-6 (Low Den sity Residential) except that the density requ irements in the Medium Density Residential D istrict shall not exceed eight (8) dwelling units per acre . C HAPTER I8 COMPRE HENSI VE PLAN SECTION: 3-18-1: P urpose 3-18-2: Adoptio n of Plan 3-18 -3` Providing for C ertified .Copies 3-184: «Designating Area of City Impact; Adopting M ap Identifying the Area. 3-18-1: PURPOSE: To adopt a general comprehensive plan for the City of McCall, p ursuant to the provisions of Chapter 65; Title 67, Idaho Code. 3-18-2: A DOPTION OF PLAN: The general plan for McCall, Valley Cotinty, Idaho, dated February, 1974, pr ep ar ed by ED AW,•Inc. , and Steven, Thompson and Runyan, Inc .; as amen ded and approved by resolution of the Planning and -Zoning Commission of the City of McCall, on ,July 18,;1975, after public hearing thereon, and as further amended by the • Mayoi an d Council of the City of McCall, at a Public hearing Ju ne 7, 1976, is hereby adopted as the general comprehensive plan of the City of M cCall, Idaho, and by reference thereto made a part hereof as if fully set forth at length herein. 3-18-3: PROVIDING FOR CER TIFIED COPIES: Not leis than three (3) copies of the plan described in Section 3-18-2 hereof duly certified by the City Clerk are on file for use and examination by the public in the Office of the City Clerk. 3-181: DESIGNATING AREA OF CITY -IMPACT; ADOPTING MAP IDEN TIFY ING THE AREA:`zidentifyi ng, :describing and adopting the geographical area of City Im- pact. The geographical area in Valley. County, Idaho, hereby adopted as the Area of City Impact for the City'' of 1VIcCall, Idaho, to -wit:' Beginn ing at the Southwest corner of Section 19, Twp. 18 N :, R. 3 E., B. M. ; thence East 3. 25 miles to the Southeast c orn er . of the. SW' SW I/a of Section 22, Twp: 18 N i; R.3 E., .B.M;; • then ce North 0.5, miles to the Farm to Market'R oad; thence East 0.5miles; thence North 0. 5 miles to the N orth :line of Section 22, Twp. 18 N ., R. 3 E., B. M. thence Northeasterly along Timber Ridge approx imately 11,060 feet to a point which lies 2,100 feet East of the N orthwest corner of Section 11, Twp. 18 N. , R. 3 E., B. M. ; thence ' Northeasterly alon g Timber Ridge to a point on Lick Creek R oad 2,000 feet West of the Section line in Section 2, Twp. 18 N. , R. 3 E. , B.M.; then ee E ast a long Lick Creek Road to the E ast side of Section 2, Twp. 18 N., R. 3 E. , B. M. ; thence North approximately 61/2 miles to the N ortheast corner of Section 2, Twp. 19 N ., R 3 B.M. thence west 2 miles to the Northwest corner of Section 3,. Twp. 19 N., R 3 E. , B. M. ; thence south 3 miles to the Sou the ast corner of Section 16, Twp..19 N., R 3 E ., B. M.; thence West 1 mile to the Southwe st corn er of Section 16, Twp. 19 N. , R 3 E. , B.M. ; thence South 1 mile to the Southwest corner of Section 21, Twp. 19 N., R 3 E ., B. M. ; thence West to the Adams -Valley county line; thence Southwesterly ap- prox imately 5 miles along- the A dams -Valley County line to the South line of Section 12, Twp. 18 N. , R 2 E ., B. M. thence East to the Sou the ast corner of Section 12,.Twp. 18 N. , R 2 E L, B. M.; thence Sou th 2 miles to the poin t of beginning. Area of City Impact Map: The map marked Ex hibit "A" entitled "McCall Area of City Impact" is by this reference made a part hereof, which map shows the area of City Im- pact hereinabove described. Copies of said map are on file for u se a nd examin ation by the public in the office of the City Clerk. PAGE B -4 —THE STAR -NEWS —THURSDA Y, JULY 26,` 1979 Chapter 5 C HAPTER 5 Z ONE "A"' LOW DENSITY RESI DENTIAL SECTION: 3.5-1: Purposes 3-5-2:. Permitted Uses 3-5-3: Special U ses 3-5-4: Con ditions of Use 3-5-5: Development Standards for Residential Struct ures a nd Lots 3.5. 6:Applica tion of, Density an d Development St andards 3. 5-1: - PURPOSES: In furthe ran ce of the provisi ons of / section 3-2-1, (Zoning Ordin ance ): (A ) To establish standards governing the development, construction and use of housing and the reside ntial en- vironment in urbanized or partially urbanized areas of the City of McCall. (B) To prov ide a nd protect residential lands for conv en tional single-family hou sing a nd other uses beneficial to urban • ' residential dev elopment: • (C) To prov ide opportunity for all groups of persons to obtain adequate housing within each a rea of the City suitable for residential use in relation to other land uses and consistent with -the preserv ation of natural, scen ic a nd historical resources. :(D) To encourage. a v ariety of hou sing types, sizes and den sities n ecessa ry to meet the needs of all economic groups. 3' -5-2:' PERM Irui.D U SES: The following uses, shall be permitted prov ided as •they are de emed a ppropriate in each particular application by the Plann ing Commission: LA) Single family and multifamily dwelling un its at no more ' -than four ' dwelling units per acre. 4'.(B)' Compatible limited commercial uses, such as hi' ...se occupations prov ided that su ch u ses meet the approval of the Commission . ' - (C) Outbuildings, shed for tools, fuel and accessories to an d ,used in connection with a residence building. 3-53:;: SPECIAL U SE S: The following uses an d their ac - A • .1 c Ssory uses are perm itted in accordance, with Section 3-224 (Special. Use Permits) ' 'b ('Ar.Pl aa need Unit Development :•. (B) 'Public an d priva te; parks: not for o vern ight use; and liking, •biking, ridin g an d skiing trails and ea se men ts. (C) Pu blic or priv ate community u ses, such as chu rches. Cliibs,`community centers, Museums, libraries, hospital a nd "•'ca re centers, public se rvices and facilities, which satisfy the ;'.` requirem ents set forth in Section 3-20-2 (Ge ne ral ,:R equirements). (D) Guest and boarding houses, but not. hotels a nd motels. (E) Neighborhood co nvenience stores. ( F) Mobile Home s ubdivisions. (G) Other uses deemed appropriate by the commissio n. 3-5-4: CON DITIONS OF USE: All uses within this distri ct shall co nfo rm to the provisio ns specified in Chapter 20, (Supplementary Regulations) 3-5-5: DE VELOPME NT ST ANDA RDS FOR RESIDENTIAL STRUCTU RES A ND LOTS: (A) Single family dwelli ngs: The followi ng c rite ria sh all apply where an appli cant seeks approval for single family dw ellings: ings: 1. LOT A REA • a. Th e minimum average lot area shall be 10,000 squ are feet; , b. No lot shall be less th an 7,500 square feet . 2. LOT WIDTH: a. Minimum lot fro ntage width shall be si xty (60) feet; e xcept as provided in 2b. - b. The pole section of a flag lot shall not be less th an tw enty (20) feet in width. 3. LOT LE NGT H: a. The a verage length of any lot shall not be greater th an three times the average width; b. The ma ximum length of the p ole portion of-a';flag lot shall be 150 fe et, 4. SETBACK REQUI REMENTS: a. No portion of a building sh all be closer than t we nty:;;. (20) feet to the right of way li ne of a'public thro ughfare,lo all ow for planting strips, sidewalks, trails•or easements: '46- b. No porti on of a building shall be closer to aside'er r ear property li ne than fi ve feet or o ne-h alf th e total heightrof She highest building wall from the ground, level"nearest the property li ne, which e ver is the greater. 5. MAXIMUM B UIL DIN G HEIGHT The maximum height of all buildings shall be thirty-fi ve (35) feet . 6. MI NIMUM DISTA NCE BETWE EN BUILDINGS a. The mi nimum dista nce between detached dwelling units on separate lots shall be ten (10) feet where buildi ng s are side to sid e, thirty (30) feet where buildings are re ar to n ear, and twenty (20) feet in all othe rcases. ' ` b. .No mo re tha n on e dwelling unit per lot shall be per- - milted/4, 7. ACC ESS, DRIVEW AYS AN D OFF,ST REET PARKI NG: a. No residential buildi ng m ay be co nstructed on $ parcel that is in e xcess off three h undred (300) feet of. tra veling distance fr om ' vehic ular access adequ at e for fire pr otection vehicles, refuse collection vehicles, 'moving va ns, or :other' standard service vehicl es. b. No cul-de-sac streets will be permitted .. c. No driveway shall be wider than forty percent of the lot fron tage on a public thoroughfare e xcept on the pole sectio n of flag lots.' d. Driveway connections to public streets shall conform a to standards of design a nd construction'established by the City. (see Section 3-16-5, S ubdivision Regulations) e. It is encouraged that an adequate area for the storage'• of snow be provided for in situations where snow removal and sto rage may pose a problem to traffic circulation and street maintenance. 8. STRE ETS -- 1 a. 'All pr opo se d public streets shall conform. to th e . stan da rds specified -.in Section' 165;' (Subdivisio n Regulations. ) o "u • b., The right-of-way width for' private stre ets shall be equ ivalent to City stan dards for public streets as specified in Se ctio n 3-16-5, (Subdivision Re gulations.) ' 444 c. In the eyent that private streets are requested fo r dedication as pu blic streets, such streets must meet the co nstruction sta nda rds specified in Section 3-16-5, (Sub - 'div ision Regulations), prior to dedication: 9. FENCES, WA LLS OR OB STRU CTIONS: a. Fences, walls, or obstruction s built on the front property line shall n ot ex ceed four (4) feet in height. ' b. Fences, walls, or obstructions built on the side andor. rea r property lines shall n ot ex ceed six (6) feet in height. 3-5.6: APP LICATION OF DENSITY AND DEVELO PMEN T' ST ANDARD S: (A) Calculation of Per missible D en sities:'. 1. The area to be calculated for permissible density' shall' consist of all land owned or con trolled by the applica nt;; : designated in the permit a pplication as the land developmen t for which the permit is sought. 2- A separate calcu lation shall be made for the lan ds in_'' such area s that are con tained in differently zoned `districts: where the application is made for more than two dwelling' units and the land a rea designa ted in the permit applica tion comes within more than one zon ed district. 3. The number of permissible dwellin g units shall include' dwelling units previo usly author ized, or constructed, within the area so design ated in the application; 4. Permissible density in the Low Density Residential D istrict sha ll not exceed four (4)dwe lling un its per acre (B) Plot Plans Where Subdiv ision Approval"Not Sou ght Where a permit. is sought for 'residen tial development. ;, containing fewer dwelling units thanare permissible on lot or parcel in the residential density'district in which the kit; or parcel is located, a nd no s ubdivision approv al'ls the applican t shall submit a plot plan which shall show futu re loca tion of other structures on the lot or parcel, can be done in a manner tha t -Will conform to the standards esta blished in this Ordinance. Such plot plan shall be filed by the P lann in g Commission in such a manger that it will be available in the future to the Commission and to any sub- sequent purchaser from the applicant to determine the fu ture permissible development on such lot or parcel. Bevis from the origin al plot plan may be permitted provided tha the de viation is as acceptable as the original plan. UNDERLYING ASSUMPTIONS AND L TING CO NDITIO NS Following are standard Underlyi ng Assumptio ns and Limiting Co nditions pertai ning to the appraisals pr od uced by REAL ESTATE CONSULTING GROUP, INC. S ome of the clauses contained herein may not be relevant to a given appraisal problem, such as in the case of a Letter of Opinion, or other form of Limited Appraisal. However, their inclusion in this docu ment does not diminish the relevance of other assumptio ns and co nditions set forth herein. A ll statemen ts of fact in the appraisal rep ort which are used as the basis of the appraiser's an alyses, opinions and conclusions will be true a nd correct to the best of REAL ESTATE CONSULTING GROUP, INC. 's knowledge and belief. REAL ESTAT E CONSULTING GROU P, INC. shall have no responsibility for legal matters; questio ns of s urvey; opinion of title; soil or su bsoil con dition s; en gineering; technical matters; or hazardous waste su bstances such as asbestos, radon gas, toxic wastes, or any other s ubsta nces which might present a health haz ard. REAL ESTATE CONSU LTING GRO UP, INC. does not have e xpertise to advise in any of the foregoing matters and can offer no guarantees regarding them. The appraisal will simply assume, un less otherwise stated in the report, that no pr oblems exist in any of the areas men tion ed, and is not valid or to be relied upo n if that assumption is incorrect. By this notice, all person s an d firms reviewing, u tilizin g or relying on this report in an y manner bind themselves to accept these assu mptions and limiting conditions. Do not use this report if you do no t so accept. These con dition s are a part of the appraisal report . They a re a preface to any certification , definition , fact or analysis, and are inten ded to establish as a matter of reco rd that the appraiser's function is to provide a prese nt market va lu e indication fo r the su bject property based u pon the appraiser's observatio ns as to the subject property and real estate market. This appraisal report is an economic study to estimate value as defined in it. It is not an en gineering, co nstructio n, legal or architectural stu dy nor survey and expertise in these areas, among others, is not implied. The certification of this appraisal report is subject to the following assumptions and limiting conditions: LIMIT OF LIABI LITY The liability of REAL ESTATE CONS ULTING GROUP, INC. a nd affiliated independent con tractors is limited to the client only and to the fee actually received by the appraiser. Further there is no accountability, obligation, or liability to a ny third party . If this report is placed in the hands of anyo ne other than the clie nt, the client shall make such third party aware of all limiting conditi ons and ass umptio ns of the assignment and related discussions. The appraiser is in no way resp onsible for any costs incurred to discover or correct any deficiencies of any type present in the property; physically, fi nancially, and/or legally. In the case of limited partnerships or syndication offerings or st ock offerings in real estate, client agrees in the case of lawsuit (brought by lender, partner or part owner in any form of own ership, ten an t, or any other party), any and all awards, settleme nts of a ny type in such suit, regardless of ou tcome, that client will hold appraiser completely harmless in an y such action . IDENTIFICATIO N OF T HE PROPERTY An y legal description (s) sho wn herein are presumed to be correct, but have not bee n con firmed by a survey. The appraiser assu mes no respon sibility for such a s ur vey, or for en croachmen ts or overlappin g that might be revealed thereby. The appraiser ren ders no opin ion of a legal n atu re, su ch as to the ownership of the pro perty or condition of title. The appraiser assumes the title to the property to be marketable, that the property is an unen cumbered fee, and that the property does not exist in v iolation of an y applicable codes, ordinan ces, statutes or an y other go vernmen tal regulations. APPR AISAL D ATA AN D A NA LYSES SUBMIT 1'ED The analysis and statements con tain ed in the appraisal are statements of opinion only, and not n ece ssarily the on ly indication of value or an alysis that might be obtain ed on the su bject property. Appraisal opinion s by qualified appraisers differ. No warran ty or guarantee, express or implied, is made by the appraiser indicating that his opinion represents the on ly opinion of dollar v alu e which might be obtained by the client on the date of valuation. The appraiser, by rendering his appraisal report, is n ot offeri ng legal advise or conclusions of law. The client is advised that legal matters concer ning the pr operty may have a direct bearing on the value of the property. If such legal matters are different than those assumed by the appraiser and set forth herein, the appraiser's val ue co ncl usion may be inva lid. Client is advised to retai n legal cou nsel to advise client regarding the effect, if any, of the assumptions, legal or otherwise, made by the appraiser a nd set forth in these contingen t and limiting co nditio ns. UNA PPA RENT COND ITIONS The appraiser a ssu mes that there are no hidde n or u nappare nt conditions of the property, su bso il or structures which would re nder it more or less valuable than otherwise compara ble prope rty. The appraiser assumes no resp onsibility for such conditio ns, or for en gineering which might be required to discover such things. The appraiser assumes no responsibility fo r adverse drainage co nditions. Only visu al surface in spection of the property appraised has been made by the appraiser, u nless o therwise instructed by the clien t. The appraiser ass umes no liability for damages or losses sustain ed by the client for laten t or n on -apparent defects existing on, below, or abov e the property which may not readily be ascertainable by a visual s urface inspection. N othin g in this report should be deemed a certification or guarantee as to the structural an d/o r mechan ical (electrical, heating, air conditioning, and plumbing) sou ndness of the buildin g(s) an d the mechanical systems that relate to the functions and operation s of the su bject property. Rather, this appraisal assumes function s and operation s are satisfacto ry, con sistent with the age and con dition of the subject building(s) and associated mechan ica l systems, un less specifically stated in the report. This report does no t preclu de or limit any party of interest from obta ining, at its own expense, architectural, engineering or contractor in spections report, certification s, assurances and/or gu arantees, which might serve the purposes of techn ically ascertaining the structural and/o r mechanical soundn ess of the subject property. A ll su ch reports received shall be made available to the appraiser. File No. 91-248 CONDOMI NIUM LAN D SALE #32 ADDRESS / LOCATION: LEGA L D ESCR IPTION: ZONING : ACCESS: INSTRUMENT: R ECORDIN G NO./.DATE: SAL E DATE: PARCEL DIMENSION S: PAR CEL SIZE: TOTA L CON SIDERATION: UN IT PRICE: TER MS: GRANTOR : GRANTEE: USE AT SALE: PRESENT USE: HIGHEST & BEST USE: IMPROV EMENT SIZE/VALUE: UTILITIES: A SSESSMENTS: EASEMENT S / R ESTRICTIONS: V ERIFIED BY / DA TE / WITH: PR OPE RTY DESCRIPTION: Ca ndlew ood C ond ominiums . Davis Ave nue acr oss fr om McC all Golf Course in McCall, I D. Metes & Bo unds P.U .D. Good off paved Da vis Ave nue W.D . N/A 10/89 Irregular, L-shaped 2.22 acres, 96,703 SF $156,000 $6,1 l l; $70,270/acre Lot release basis Bob Dun can H omco In c. V acant Land V acant Land Condomin ium Develo pment N/A A ll available Non e Typical TK / 7-90 / Hal Sager, Broker Proposed 26 unit condominium develo pment project to be joint ventured be tween buyer & seller. Howev er, price establish said to represent both parties opinion of fair market value. P.U.D . allo wed for more units than typically develo pable on this size parcel. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EX CHANGE PA RCE LS • FILE NO. 91-248 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING S°P°P°G'°I°A°L°T°I°E°S P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 IDAHO ST ATE DAT A1 G EO GRAPHY & GEOLOGY The state of Idaho lies entirely to the west of the Continental Divide . The northern part of the state has a lower average elevati on than have the central and southern p ortio ns, wher e nu merous mountain ranges form bathers to the free flow of air masses . The lowest elevation is 738 feet abo ve sea le vel at the conflue nce of the Clearwater and Snake Riv ers. The highest point is the peak of Moun t Borah, at 12,655 feet, a part of the L ost River Range, near the larger Bitterro ot Range which forms much of the I•' . o / Montana border. Figure 1 shows Idaho's location in the Northwestern United States. CLIMAT E Idaho is the 13th largest state in the un ion , with a great distance from its norther n to its sou thern border (thus, it has a broad range of latitudes); much of th e state has rugged topography; and its western border is 300 miles from the Pacific Oce an. These factors have the effect of cau sing a large variety of climates across the state. Idaho's weather is heavily influ en ced by the prevailing easterly winds which carry marin e air from the Pacific. This influence is most no ticeable in the winter months, as evidenced by greater clo udiness, pre cipitation, and warmer mean temperatures than are co mmon in areas of the mid-conti nent of similar latitude and altitude. The marine air has a much greater influence in the norther n part of the state, as coastal weather patterns are carried thro ugh the Columbia River G orge, accou nting for greater amounts of precipitation in that part of the state. In contrast, Eastern Idaho is characterized by a greater ran ge between winter and summer temperatures, and also somewhat of a reversal of the wetter win ter / dryer su mmer pattern of We stern and No rthern Idaho . Thu s, maximu m precipitation generally o ccurs in the winte r mo nths in Northern an d Western Idaho, while in the eastern plain s, maximum precipitatio n generally occu rs in the lInformation for this and the Ada County and Boise City Data section, to follow, was compiled from v arious sources, including: "Ada County H ome Sales Set R ecord U pon R ecord in 1989", The Idaho Sta tesman, February 13, 1990; "Idaho's Home Sales Go Thro ugh the Roof", The Idaho Statesman , February 8, 1990; "Expert: Idaho Can Handle 30% Growth Ov er 20 Years", The Idaho Statesman , pp. 1, 2C; Idaho's Econ omy, College of Bu sin ess, Bo ise State Univ ersity, Win ter 1990; Idaho Economic Forecast, Office of the Govern or, Division of Financial Manage men t, Vol. XII, No. 1, Jan uary 1990; Idaho Outlook, New's of Idaho's Economy and Budget, State of Idaho D ivision of Financial Management, V olume X, No. 8, February 1990; Idaho Employment, Idaho Department of Employment, Volume 2, No. 1, January 1990; Idaho Outlook, News of Idaho's Economy an d Budget, State of Idaho, D ivision of Financial Man agemen t, Vo lu me X, No. 7, Janu ary 1990; "Boise, Idaho Area Decision Resources For Ex pansion and Profit", Bo ise A rea Economic Development Council (BA ED C). REAL ESTATE C ONSULTING G ROUP, INC. IDAHO STA TE DATA • ADDENDA A REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 1970 1975 1980 1985 1990*2010** *Estimated **Projected Figure 2 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING SOP °E°C°I°A°L°I °I °E°S P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 su mmer m onths. Temperatures depend largely on the influence of both altitud e and latitude, with th e highest range of extremes prese nt in the high valleys, and th e semi -arid plains of the Sn ak e River Valley. Extended periods of high or low temperature extrem es (lasting m ore than a week) are rare, a nd weather patterns acr oss the state change at r ath er frequent intervals . Idaho has no hurricane activity, and a very low incidence of t ornado and hail damage as co mpared to nation al averages. In the northern part of the state, there is sunshi ne about 30% of the time du rin g the winter, as opposed to about 80 % of the time in the s ummer m onths . Southern Idaho ex periences sunshine about 40 % of the time d uring the wi nter mo nths, and the percen tage appro aches 90% during the summer. Overall, av erage annual sunshine is abou t 50% of the year in N orthern Idaho, and 70% of the year in S outhern Idaho. Growin g seasons vary greatly, ran ging from 200 days a ye ar in the Lewiston are a, and 150 days in the Boise and surrounding r iver valleys, to a= 4• wing season f or the Pocatell o / Idaho Falls area of 125 days annu ally. So me areas of the state, such as the high valleys, have no mon ths without frost. DEMOGRAP HICS The current popu lation of the State of Idaho is approx imately 1,011,000 as estimated durin g the first part of 1990. This represents an increase of appro ximately 42% fr om 20 years ago (1970 = 713,015). According to projections by the U.S. Census Bureau, Idah o can ex pect a similar in crease during the ne xt 20 yea rs, or 300, I ne w residents by the year 2010 (1,339,000 estimated). Roughly four -fifths of this ex pected in crease will be accoun ted for by a higher number of births than deaths, and the remain in g on e- , or 62,000 people, will relocate to Idaho from outside the state. Figures 2 & 3 summariz e I.. o's popu lation trends. II Schools aro und the state are expe rie ncing growth in the number of students of approximately 2,000 per year. REAL ESTATE & CONSTRUCTION A In 1989, statewide construction va lu e increased 10% , to $635.7 millio n. During 1988, also a good year for construction, the volume of construction activity was driven by commercial projects. But during 1989, residential co nstruction a ccou nted for 49% of the con struction activity (compared to 36% in 1988). Single family re side nces we re up 24.7%, REAL ESTA TE CONSU LTING GR OUP, INC. IDAHO STATE DATA • ADDE NDA B EAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENr ADVISORS • COMMERCIAL BROKERS 25,000 20,000= 15,000 10,000 5,000= 0=- -5,000 -10,000 -15,000 A f � ' °� - •iii" .. ....... :.... . �itt z „.. .,.. ... .: . Aio: fir J. ^�� ... ,...i.„..,. Agsz.....:...:.,:. 040,14.11- AA , Ay- . ;,........,::: ::....:..-:::-..:5:1-7.i:.:... :....:.......1.?.:......,::.i......:::.:-!:.!.i,....... .::::::,-.. r 441,.... At. Aj el c.. ......,.... ... .,....., ' -.5rorr, .. : i i.dir. A .i/%-Azozo .......... i. ow i , , 4 A rr,r,„ 4vr - 1 %I�.. P vr / 41110, 4 r iv" Al rz .°°17 rff I" ' P rfOr )-0-",0. A, ,,, // ritlittbifir - e --- �/'m/ .. I I I I I I t 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990* Figure 3 Graphics created for Real Estate Consulting Group by. DESKTOP PUBLISHING sop °E°C°I°A°I.oT oE°s P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 while construction of m ulti -family units increased by 176.4%. (See Figure 4). The average value of a n ew home incr eased to $90,300, up 12% from the pr evio us y ear. Forty-eight percent of the residential co nstruction to ok place in Ada C ounty (46.2% of the total con structio n value), and sig nificant activity also took place in Ko otenai, Ca ny on, Bonn eville an d Blaine Counties. T he strength in residential constr uction is e xpected to contin ue, as i ndicated by a f ourf old increase in the number of new residential building permits issued in B oise during Jan uary 1990, compared to the previous year. Commerc ial a ctiv ity around the state is expected to be strong during 1990 as well, with construction of two hotel projects slated to begin in Boise (Embassy S uites H otel, $18.6 million; The Cou rtyard by Marriott, $8 million). Norther n Is • o's Coeur d'Alene Res ort is in the midst of a major expan sion, and a new Shilo Inn is also als o b ei ng c onstructed in that reso rt community. As men tion ed in the Ada County and Boise City section, Idah o Power has annou nced plans to begin the first of sev eral office projects in Boise, and several other downtown renovation projects are in the works. Other major projects are a nticipated in the in du strial secto r. Nu -West recently announced the inv estmen t of up to $45 million in a new s ulfuric acid/co generation facility at its Soda Springs-Conda complex. U niversal Frozen Foods in Twin Falls is undergoing a major expansion, Ceratile is open ing a plant in Pocatello , and Ore -Ida will be ren ovating the former Kraft facility in Pocatello f or its Weight Watchers plant. The high technology sector is a major factor in construction . While Micron has la rgely completed its most recent expansion phase, Hewlett- Packard will build a $32.1 million facility and occupy a new $35 million bu ilding at the Boise R esearch Center. Both Zilog ($50 million in Nampa) an d Gou ld Semico nducto rs ($10 million in Pocatello) are investing in modern ization and new pro du ction equipment. The co nclusion to be drawn is that I may experien ce a third record year of construction in 1990. Boise city plan ners estimate con struction projects exceedin g $275• million , compared to $235 million in 1989 and $249 millio n in 1988.2 Another by-pro du ct of the third year of econ omic growth for the state was Idaho 's impressive 19.4% increase in homes sales for 1989, which was the seven th greatest increase in the n ation, representing 15,400 homes sold during the year. (See Figu re 5) 2ldaho Outlook„ February 1990, p. 1. REAL ESTATE CONSU LTING GROUP, INC. IDAHO STATE DATA • ADDENDA C Graphics created for Real Estate Consulting Group by: DESKTOP ,PUBLISHING S °p °E °C °I °A °g, °T °I °E °S P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853.2028 ECONOMY & INDUSTRY The State of Idaho is undergoing an ec onomic recovery which h as been accelerating for three years. According the Idaho Economic F orecast, January 1990, published by the St ate D ivision of Financial Ma nagement: seasonally adjusted nonagricultural employment grew at a 4.7% annu al rate during the first quarter of 1989, which was virtually the same p ace as th e the pre vious period. However, no nagricu ltural empl oyment accelerated to a 6% annual gr owth rate in th e secon d quarter of 1989. Much of the employment gains during the first half of the year resu lted from the stron g performance of the nonman ufacturing sector . Given its stro ng start and barring an y un foreseen obstacles, Idaho nonagricultural employment is expected to grow by 4. 9% in 1989. This would make it the stro ngest year-to-year employment growth Idaho has experienced since 1978.. . T he same sou rce predicts an econo mic slowdown begi nning in 1990, when o verall econ omic gro wth is anticipated to be 3.1%, followed by 1 .6% in 1991, a nd 1 .3% in 1992. This slowdo wn is e xpected to mirror that projected for the U .S. ec onomy, though the Forecast predicts Ida ho's econ omy will be relatively stronger tha n the natio nal econ omy, because the Idaho econo my is no t largely dependent upon' such sect ors as automobile a nd related industries, which are amon g the hardest hit in slower economic times. Employment: For the third qu arter of 1989, Idaho's total work fo rce numbered nearly 449,000, up .3% from the previous year.3 Of this n umber, it is estimated that between 26,000 and 71,000 people were employed in Agricultural fields (the ran ge reflects a difference in definition , the more liberal ostensibly represen tin g n on -paid family member's contributions to the family farm operation ; specifically, No n -Agricultural employment is measured by the nu mber of positio ns (the number of paychecks per category), while agricultural jobs are measu red by the n umber of people do in g farm -related jobs, who may or may n ot hold o ther jo bs as well. Thus, the two figures have no direct relationship.) A gricultural e mplo yment, as estimated by the Idaho Departmen t of Employment, wa s 25,850 in Decembe r of 1989. By their definition of this sector, the nu mber reflects "O perators and U npaid Family Wo rkers", as well as "Hired Wo rkers", bo th year-rou nd and temporary. T he latter nu mber can be ex pected to increase substa ntially du rin g crop gro wing an d harvesting seasons, so it can be expected that the December figu res po rtray the lower e nd of the ran ge. 3Jdaho' s Economy, p. 15. REAL ESTATE C ONSULTING GROU P, INC. IDAHO STATE DATA • AD DE NDA D REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS States Ranked by Increase in Home Sales 1989 35% 30% 25%- 20% —_ 15%= 10% — 5%— 0% Ohio Washington Idaho Louisiana Alaska Wisconsin U.S. Vermont S. Dakota Nevada Utah • . • . . •... ••••• ••.. •..•• • •. • • • •• • • •••• ••••• •••• • • • • • •••• . •.• •••.... • • • • • • •. • ••••• • • • • ••••• • • • • • •• • • • • • • • • • • • • • • • • • • . II • • • • • . • • • • • • • Figure 5 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING S°P°E°C°I°A°L7°I°E P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 Following are seaso nally adjust ed lab or f orce tot als, as of January 1990:4 Civilian Labor Force Unemployment Percent of Labor Force Unempl oyed T otal Employment 484,500 21,600 4.5 462,900 Figu res are more accurate for 1989 average Non -Agricultural industries in the state, which are illustrated in Figure 6. Leadi ng this categ ory is the Trades sector, with a total employment of 94,300, State and Local Government, with 78,100 jobs, foll owed closely by the Services sector, with 76,300 jobs, and Ma nufacturing, with 60,600 p ositi ons . Tota l av erage N on -A gricultural Wage and Salary Empl oyment for 1989 was estimated at 367,400, up 5. 8% from the 1988 average. Three out of ev ery f our of the estimated 20, new No n-Ag jobs created in Idaho durin g 1989 were in the service -prod ucing sector, as oppose d to the goods -producing sector. 111 Of the major N on -A gricultural sectors of the Idaho economy, all showed p ositive growth in 1989, with the exception of Finance, Insurance and Re al Estate. The Transp ortatio n, Commun ication and Public U tilities sector, as well as the Gov ernment sector showed m odest gains, while Manu factu ring, Mining, Trade and Service s showed increases of at least 5 %. Co nstructio n was the sector with the strongest showing, at a rate of growth surpassing 10%, its largest increase since 1977. Within Manufacturing, 1989 growth was led by the Fabricated Structure Metal Products, the Machin ery, and the Electron ics & Electrical Equipmen t an d Supplies categories, the latter topping 22% growth for the year. Three of every 4 jo bs created in the Manu facturin g sector were in the "high tech" or "electron ics" area, showing a 53% increase since 1987, mostly due to hiring by Hewlett-Packard and Micron Technolo gy. (See Figu re 7) 4ldaho Employment, p. 2. RE AL ESTATE CONSULTING G ROUP, INC. ID AHO STATE DA TA • ADD END A E REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • INVESTMENT ADVISORS • COMMERCIAL BROKERS Federal Govt. 2.8% Federal Govt. 3.5% State & L ocal Govt. 17.7% Services 20.8% Idaho Manuf. 17.5% Trade 25.7% Constr. 4.4% Fin., Insur. & R.E. 5.3% Trans. Comm., and U'til. 5.2% State & Local Govt. 13.6% Services 25.1% Manuf. 17.5% Trade 23.7% United States Constr. 4.8% Fin., Insur. & R.E. 6.3% Trans. Comm., and U'til. 5.2% Figure 6 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING S°P°E°C°I°A°L,°T°I°E°a P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 Idaho State REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS factate ries Mining Other N on -durables Chemicals Paper, Printing & Publishing AMMO MO MMOMM OMOMU MMi IMMUUMMIMOM UMMOOM MOL Immemammummumem ommom IUMMIIMISUMONIUMOO MMOU US MO MMUMWOMOM MOISM OMOSONL IMMOO MOOMOM OMMOOM MOMMO S i. .... U•.u ..... .0.... ..f <uv. uu..Mu...uO.u.n t, iu.u....u.u ...uuuu. :a y.u..uuv.. .v...0 iimmmosimmo mpum ,., .� /♦:ir,iir, Lumber & Wood Products Stone, Clay, Glass etc. Food Processing `' k ��= ' trical & Non Electn'cal Machinery Other Durables Figure 7 Graphics created for Real Estate C onsulting Group by: PESKTOP PUBLIS HING S°P °E°C°I°A°L°T !°E °.� P .O . Box 274 • Boise, ID 83701 (208) 853.2020 • Fa x 853-2028 REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS daho State, 1987 - 1989 -10% 0% 10% 20% 30% 40% 50% 60% Manufacturing (All) Lumber & Wood Products Stone, Clay, Glass & Concrete Products Fab. Structure Metal Products Machinery, Except Electrical Electronics & Elec. Equip & Supplies Other Durables Food & Kindred Products Paper & Allied Products Printing, Publishing & Allied Products Chemicals & Allied Products Other Non -durables Mining Construction Trans, Comm., & P.U. Transportation Communication Elec., Gas & Sanitary Svcs. Trade (All) Wholesale Trade Retail Trade Bldg. Materials, Hrdwr., Grdn, Supplies Etc. General Merch. tore Food Stores Auto Dealers Gas & Service Eating & Drinking Est. Finance, Ins. & RE All) Bankin Services & Misc. (All) Hotel & Lodging Personal Services Business Services Amuse. & Rec. Svcs. Health Svcs Hospitals Engineering / Management Services Government (All) Federal Govt State Government incl. education Local Government (incl. education 1 1 1 1 1(:;J.1111 1 1111 1 111 1 1 1 1 11 1 1 1 34-N 1 I '�♦ u _ . . . 11C•:•x:• Li :► +1... v. 4 ...Sid _.. . N. Ca:::S: % Change from 1987 0 % Change from 1988 Figure 8 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING S°P°E'°C°I °A°Ll'°I °E°S P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 In the Trade sector, the strongest growth rates were in th e Buildi ng Mat erials, H ardwa re, Garden Supplies, Etc. category, and the G ener al Merchandise Stores categ ory, e ach su rpassing 10%. The greatest gr owth in the Service sect or was in the Business Services category, with o ver 10% growth, fueled by dema nd for computer services (programming and so ftware). A co mplete summary of statewide employment gr owth rat es by category is presen ted in Figure 8. Unemployment Rate: The seasonally adjusted rate of unemployme nt f or the State of Idaho fell to 4. 5% in D ecember of 1989, dow n four -tenths of a percent from the pre vi ous month, an d seven -ten ths of a percent lower than that of December 1988. Idaho's Decemb er 1989 rate of un employment was eight -tenths of a perce nt bel ow the nati onal rate, which has been holding steady at 5.3 percent sin ce Ju ne. For all of 1989, I. o's annual unemployment rate was 5.1 percen t, as compared to 5.8% in 1988, and 5 .3% nationally. Personal In come: Both per capita inco me and average annual wages have bee n lagging behin d n atio nal averages, an d as indicated in Figu re 9, the gap has been wide ning every year during the past decade. Nonetheless, the Idaho Econ omic Forecast (January 1990) predicts that Idaho non -farm person al income will gro w 9.9% in 1989, and 7.7% in 1990 -- rates greater than the nation al counterparts; but the n ational in crease in personal inc ome is predicted to on ce again su rpass that of the state by 1992. Real, or inflation -adjusted non- farm personal inco me is expected to be 5.2% fo r 1989, 3.4% for 1990, 2.1% in 1991, and 2% in 1992. As reported in Idaho Outlook (September 1989), I+ . o ranked 44th in the nation in per capita in come at $12,665. A ccordin g to a wage survey conducted by the Idaho D epartment of Employmen t, 22.17% of all Idaho jobs pay le ss than $5.00 per hour; 47.9% paid between $5.00 and $9.99; and $29.9% paid $10.00 or above hou rly. T he complete range is illustrated in Figure 10. Since this data were gathered on a volun tary basis (surveys of employers), rather than obtained through objective mean s (such as IRS records), some degree of o ver -repo rting can be expected. In 1989, person al in come in Idaho gre w 10%, and there was a 4.9% increase in Non - Agricultural emplo yment. Acco rding to a University of Idaho estimate, the state agricu ltura l sector posted a record o utput at $2. 9 million. In the comin g mo nths, a tighten in g of the state's labor market is predicted. Thou gh the statewide u nemployment rate is 4.5%, man y cou nties have rate s under 4%. REAL ESTATE CONSU LTING GROUP, INC. IDAHO STATE DATA • ADDENDA F REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS Idaho & U.S. Per Capita Income and Average Wage, 1980 - 1990 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 ® Idaho Per Capita Income Q US Per Capita Income • nrki:C.:•i:A i. h+i\viijjf<ti::Xv.1'S:k\4: ...,::w.y:rii•'\•:;;?•i ..•. rmv v..a•.i;;•5::;4Y.i•:;;v�. i::4:4'•:yr II . . . . . . . . . $0 $5,000 $10,000 $15,000 $20,000 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 $ Idaho Average Annual Wage 0 US Average Annual Wage --t . ni;:i 14i:4wi4:p;:ti;:{;i�$:JY•:%l:iiHijikti%i:•N is%:?•.`::i:•:%%:%:% �i:i`vi:::: $0 $5,000 $10,000$15,000$20,000 $25,000$30,000 Figure 9 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING S°P°E°C°I°A°L°Tof°EO� P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Far 853-2028 Entry-level jobs may become particularly difficult to fill . Similarly, workforce training will bec ome a m ore import ant issue. Twenty-fi ve percent of the positi ons at Micron Technol ogy req uired a post -high school degree in 1988, but by the year 2000 that proportion is estimated to become 75% . These labor force issues relate to the rapid growth urban Idah o has been experi encing and they can be addressed with inno vations in child care, j ob shari ng, educ ation a nd trai ni ng. The fact that Idaho should have to confront growth iss ues at all is a refreshing change.5 IDAHO'S ECONOMIC OUTLOOK6 Lumbe r and Wood Products: The Office of th e Governor, Division of Fi nancial Management has predicted stren gth in this se ctor of the Idaho economy due to a rec overy of the U. S. housin g industry -- both in housing starts and home sales — during 1990. Additio nally, the Fo recast notes that this sector of the economy has b een undergoing some re structuring sin ce 1982, which should "help it weather housing industry dow nturns better than it has in the past"? This source predicted that the highest employment growth would occu r in 1989 (4.3%), with a modest in crease in 1990, then slight decre ases in the next tw o yea rs. Electrical and Non -Electrical Machinery: T his section of the econ omy is expected to slow in in 1990, following 3 years of dou ble digit growth, though the rat e of growth is projected to in crease at a rate greater than the na tio nal average fo r like industries . Curre ntly, Hewlett-Packard is undergoin g a $32.1 million e xpansion of its Bo ise site, and has anno unced plan s to hire 200-300 n ew employee s through mid 1991. Micron Technology recently announced a lucrative expansion of its product line, which will include production of IBM's new 4megabyte DRAM chips, the fastest of their class. Overall, the Fo recast pro jected a 13.1% employmen t growth in 1989, 4.1% in 1990, 2.8% in 1991, and 3. 4% in 1992. Chemicals and Allied Products: Domin ated by the phosphate indu stry, this segment is tied to the demand fo r a gricultural chemica ls, and • wth in this secto r has been projected at .5% in 1989, with a decline of 1.4% in 1990, fo llowed by gains of 3.6% in 1991, an d 3.9% in 1992. Long-term pro spects fo r this secto r of the I• ., o economy a re not as go od, du e to an e xpected decline in U.S. market share of the world's supply of fertilizer, a decreasing U 5Idaho Outlook, January 1990. 6T hough released in Jan uary, 1990, the Forecast had to rely on estimates for 1989 growth, as data for the en tire year was not yet a vailable. Thus, 1989 estimates are based on actual data for Q1, Q2, and Q3, and estimates and / or projections of activity for portion s of Q4, 1989. 7Idaho Economic Fo re a , p. 13. REAL ESTATE CONSU LTIN G GROUP, INC. IDAHO STAT E DATA • ADD ENDA G REAL ESTATE CONSULTING GROUP REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS Based on Responses of Surveyed Companies $3 $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 $15 $16 $17 $18 $19$20+ Figure 10 Graphics created for Real Estate Consulting Group by: DESKTOP PUBLISHING S°P°E°C°I°A °L °I °E ''S P.O. Box 274 • Boise, ID 83701 (208) 853-2020 • Fax 853-2028 File No. 91-248 CO NDOMINIUM LA ' SALE #31 ADDR ESS / LOCATION: LEGAL DESCRIPTI ON: ZONING: ACCESS: INSTRUMENT: R ECORDING N O./.DATE: SALE DATE: PA RCEL DIMEN SIONS: PAR CEL SIZE: TO TAL CON SIDERATION: U NIT PR ICE: TERMS: GRA NTOR: G RANTEE: USE AT SA LE: PRESENT USE : HIGHEST & BEST U SE: IMPROVEMEN T SIZE/VA LUE: UTILITIES: A SSESSMENTS: EASEMENTS / RESTR ICTIONS: VER IFIED BY / DA TE / WITH: PROPE RTY DESCRIPT ION: Aspen Village Condominiums in McCall, ID Sites Q & L B -Medium Density Residential Through Project; off Davis Ave nue W.D. N/ A 2/90 Unknown Unknown Q-$45,000 L-$56,000 Q-$5,625/U NIT L-$9,333/UNTT Cash Ro ger Anderso n Chuck Jones/Modern Roofing U ndeveloped condomi nium Parcels within an existing Project Co ndo development in progress Condominium development N /A All av ailable. None Typical TK /7/90/ Hal Sager, Broker Two sites within Aspen Village Condominium Project . Site L approved for six un its on Golf Course, indicates a higher unit value of $9,333/u nit. Site Q is approved for eight u nits an d is not on golf course an d in dicates a unit v alu e of $5,625/u nit. Golf Course u nits indicate a premium of 66% o ver non -golf course un its. Purchaser has optioned fiv e other condomin ium parcels within A spen V illage from the seller. The o ptional parcels are listed as follows: Gro up H 8 units @ $64,000 = $8,000/unit Grou p J 12 un its @ $96,000 = $8,000/unit Group R 12 un its @ $72,000 = $6,000/unit Group N 6 u nits @ $90,000 = $15,000/unit On golf course facing fairway. G roup P 6 u nits @ $108,000 = $18,000/unit On golf cou rse fron ting #8 green . REAL ESTATE CONSULTIN G GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No . 91-248 COMPARABLE G OLF CO SE L OT SALE #9 A DDRESS / LOCATIO N: East side of Eagle Drive, McCall, 1W LEGAL DESCRIPTION: Lot 26, Timberlost VI ZONING: ACCESS: Residential - A Good off pa ved road access INSTRUMENT : W.D. R ECORDING NO. /DA TE: N/A SALE D ATE : 9-3-90; Pending scheduled to cl ose 6-15-91 PA RCEL DIMENSIONS: Irregular PA RCEL SIZE: .375 Acres/16,335 sf TOTA L CONSIDERATION: $41,500 UNIT PRICE: $2.54/sf TERMS: $15,500 cash down payment balance at 10% interest over 10 years, 3 year call. GRAN TOR : GR AN TEE: D&D Land George H agermen U SE AT SA LE : Vacant Site PR ESENT USE : Vacan t Site HIGHEST & BEST U SE: Residential D evelopment IMPR OV EMENT SIZE /V ALUE: N/A UTILITIES: All available to site ASSESSMENTS: Non e EASEMEN TS / RESTRICTIONS: Typical of Subdivision VERIFIED BY / D ATE / WITH: TK/5-91/Hal Sager, Realtor PROPERTY D ESCR IPTION: Level lot fronting on the fairway of the eighth hole. Parcel is heavily wooded and slopes toward a ditch alon g the south side of the lo t. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPARABLE GOLF COU RSE L OT SALE #10 ADDRE SS / LOCATI ON: LEG AL DESCRIPTION: ZONING: ACCESS: INSTR UMENT: R ECORD ING N O./DA TE: SA LE DAT E: PARCEL DIMENSIONS: PA RCEL SIZE : TOTAL CONSIDER ATION: UNIT PRICE: TERMS: GRANT OR: GRAN TEE : USE AT SALE : PRESENT U SE: HIGHEST & BEST USE: IMPROVEMENT SIZE/V ALUE: UTILITIES: ASSESSMENTS: EASEMENT S / RESTR ICTIONS: V ERIFIED BY / D ATE / WITH: PROPERTY DESCRIPTION: East side of Eagle Drive, McCall, ID Lot 30, Timb erlost VI Residential - A Good off paved r oad access W.D. N/A 10-6-90; closed 11-14-90 Irregu lar .251 Acres/10,936 sf $39,900 $3. 65/sf Cash D&DLand Michael Lambert Vacan t Site Vacan t Site Residential D evelopment N /A All available to site None T ypical of Subdivision TK/5-91/Hal Sager, Realtor Sloping parcel which is level at the street grade with Eagle Drive but slopes upward to the fairway of the eighth hole. Lot is marginally woo de d. REAL ESTATE CONSU LTING GROUP, INC. G OLF COURSE EXCHANG E PARCELS • F ILE NO. 91-248 File N o. 91-248 C OMPARABLE GOLF C OURSE LOT S ALE #11 ADD RESS / LOCATIO N: LE GAL D ESCRIPTION: ZONING: A CCESS: IN STRU MENT: R ECOR DING NO./D ATE: SALE DATE: PARCEL DIMEN SIONS: PA RCEL SIZE : TO TA L CON SIDER ATION : U NIT PR ICE: TERMS: GRAN TO R: G RANTEE: USE AT SALE : PRE SENT U SE: HIGH EST & BEST USE: IMPROV EMEN T SIZE/V ALUE: East side of Eagle Dri ve, McCall, ID Lot 31, Timberlost VI Residential - A Good off paved road access W.D. N/A 5-21-91; closed 5-31-91 Irregular - Rectangular . 249 A cres/10,846 sf $39,900 $3.68/sf $9,975 cash down payment with balance @ 11% interest o ver 3 ann ual payments. D &D Land David Hill Vacant Site V acant Site Residential D ev elopmen t N/A UTILITIES: All av ailable to site ASSESSMEN TS: None EA SEMENTS / RESTRICTION S: Typical of Su bdiv isio n VERIFIED BY / DATE / WIT H: PROPERTY DESCR IPTION : TK/5-91/Hal Sager, Realtor Slo ping lot which is at street grade with Eagle Drive. Parcel slopes up to go lf co urse on the 8th hole. Lot is marginally wooded. RE AL ESTATE CONSULTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPA RABLE GOLF COURSE LOT SALE #12 ADDR ESS / LOCATION: LE GAL DESCRIPTION: ZO NING: A CCESS: IN STR UMEN T: RECORDING N O./DA TE: SA LE DATE: PAR CEL DIMENSIONS: PARCEL SIZE: TOTAL CON SIDERATION : UN IT PRICE: TER MS: GRAN TOR: GRAN TEE: USE AT SALE: PR ESENT USE: HIGHEST & BEST USE : IMPR OVEMEN T SIZ E/VALUE: East side of Eagle Drive, McCall, ID Lot 32, Timberlost VI Medi um Density Residential - B Good off p aved road access W.D. N /A 9-29-90; scheduled for cl osing on 7-1-91 Irregular - Triangular shape .404 A cres/17,598 sf $44,900 $2. 55/sf Cash at closin g D& DLan d RI Elam Vacant Site Vacant Site Residential Development N/A UTILITIES: All available to site A SSESSMENTS: N one EA SEMEN TS / RESTRICTIONS: Typical of Subdivision VERIFIED BY / D ATE / WITH: PRO PERTY DESCRIPTIO N: TK/5-91/Hal Sager, Realtor Parce l slope s up to the eighth fairway from Eagle Drive. Large site comparatively, but triangular shape reduces u seability. Lot is on grade with Eagel D riv e. Lot is heav ily wooded. View of green after develo pment of improvement. REAL ESTATE CONSULTING GROU P, INC. GOLF COU RSE EXCHANGE PARCE LS • FILE NO. 91-248 File No . 91-248 C OMP ARABLE G OLF COURSE LOT SAL E #13 ADDRE SS / LOCATIO N: LE GA L DESCR IPTION: ZONIN G: ACCESS: INST RUMENT: R ECOR DIN G NO ./DATE: SALE DATE: PA RCEL DIMEN SIONS: PA RCEL SIZE: TOTA L CONSIDERAT ION: UNIT PRICE: TERMS: GR AN TOR: GRAN TEE: USE AT SALE: PRE SENT U SE: HIGHEST & BEST USE : IMPROVE MENT SIZE /VA LU E: NW c or ner of W ooley Way and Par Lane, McCall, ID Lot 33, Timberlost VI Medi um Density Residential - B Average off paved road access W.D. N/A 7-24-90; closed 8-25-90 Irregu lar .435 Acres/18,949 sf $44,900 $2.37/sf $11,400 cash down payment; balance @ 10% interest over 15 years with a call in 2.5 years. D &D Lan d A rthu r West V acant Site Vacant Site Residential Development N/A U TILITIES: A ll av ailable to site ASSESSMENTS: None EASEMENTS / REST RICTIO NS: Typical of Subdiv ision VERIFIED BY / D ATE / WITH: PROPERTY DESCR IPTION: TK/5-91/Hal Sager, Realtor This lot is curren tly on the market av ailable for sale at $62,500. If sold at this level, the price increase will represen t approximately 28% in on e year sin ce it was purchased at the $44,900 lev el. Parcel is substa ntially belo w grade with Wo oley, but is at grade with Par Lane. Lot is marginally woo ded. REAL ESTATE CON SULTING GROUP, INC. GOLF COU RSE EXCHANGE PARCELS • FILE No. 91-248 File N o. 91-248 COMPA RABLE GOLF COURSE LOT SALE #14 A DDRESS / LOCATIO N: LEG AL DESCRIPTION: ZONING: ACCESS: INSTRU MENT: R ECORDING NO. /DATE: SALE DATE: PARCEL D IME NSIO NS: PARCEL SIZE: TOTAL CONSIDERA TION: UNIT PRICE: TERMS: GR ANT OR : GRANTEE: U SE AT SALE: PRESENT USE: HIGH EST & BEST USE: IMPRO VEMENT SIZE/VA LUE: West side of Par Lane, McCall, ID Lot 34, Timberlost VI Medium Density Residential - B Av erage off paved road access W.D. N/A 9-10-90; closed 9-17-90 71± x 145± .217 A cres/9,453sf $39,900 $4.22/sf $19,900 cash down payment; balance @ 10% i nterest over 10 years with a call in 5 years. D &DLand Hal Sager and Jan e Vo lk Vacan t Site Vacant Site Reside ntial D evelopment N/A UTILITIES: All available to site ASSESSMENTS: N on e EASEMENTS / R ESTRICTIONS: Typical of Subdivision VERIFIED BY / DATE / WITH: PROPERTY DE SCRIPTION : TK/5-91/Hal Sa ger, Realtor Level to sloping parcel at grade with Par Lane at grade with Par Lane. Parcel looks out on to the green of the 8th hole . REAL ESTATE CONSULTING G ROU P, INC. GOLF COURSE EX CHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPARABLE GOLF COU RSE LOT SALE #15 A DDR ESS / LOCATION: LEGA L DESCRIPTION: ZON IN G: ACCESS: IN STR UMENT: R ECORD IN G NO. /DATE: SALE D ATE: PA RCEL D IMENSIONS: PA RCEL SIZE : TOTAL CONSID ERA TION : U NIT PR ICE: TERMS: GRAN TOR : GR ANTEE : USE AT SALE : PRESEN T U SE: HIGHEST & BEST USE: IMPROVEMENT SIZE/VALUE : West side of Par Lane, McCall, ID L ot 35, Timberlost VI Medium Density Residential - B Good off paved road access W.D. N/A 6-1-90; closed 8-8-90 70 x 145 .233 A cres/10,150 sf $40,000 $3. 94/sf Cash D &DLand Richard Wildma n V acan t Site Residential Development Residential Dev elopment N/A U TILITIE S: All available to site A SSESSMEN TS: N one EA SEMENTS / RESTR ICTIO NS: Typical of Subdivisio n V ERIFIED BY / DATE / WIT H: PRO PERTY D ESCR IPTION : TK/5-91/Hal Sager, Realtor Parcel is abov e grade with Par Lane an d looks down on to the 8th fairway offering good v iew of the golf course. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPA RABLE GOLF COURSE LOT S ALE #16 ADD RESS / LOCATION: LEGAL DE SCRIPTION: ZONING: A CCESS: IN STRU MENT: R ECORDING NO./D ATE: SA LE DATE: PARCEL DIMENSION S: PA RCEL SIZE: TOTA L CONSID ERA TION : UNIT PRICE : TERMS: GRA NTO R: GRA NTEE : USE AT SALE: PR ESEN T U SE: HIGHEST & BEST USE: IMPR OV EMEN T SIZE/VALUE: West side of Par Lane, McCall, ID L ot 36, Timberlost VI Medium De nsity Residential G ood off paved road access W.D. N/A 7-14-90; closed 9-4-90 68 x 145 .266 A cres/9,860 sf $40,900 $4.15/sf Cash D&D Land John Day V acant Site Vacant Site Residential Dev elopment N/A UTILITIE S: All av ailable to site A SSESSMENTS: None EASEME NTS / RESTRICTIO NS: Typical of Su bdivision VER IFIED BY / D ATE / WIT H: TK /5-91/Hal Sager, Realtor PRO PERTY DESCRIPTIO N: Sloping lot above grade with Par Lan e. Looking down on go lf course along the 8th fairway. REAL ESTATE CONSULTING GROU P, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPA RABLE GOLF CO URSE LOT SALE #17 ADD RESS / LOCATI ON: LEGAL DESCR IPTION: ZONING : A CCESS: INST RUME NT: RE COR DING NO. /DA TE: SALE DA TE: PA RCEL DIMEN SIONS: PAR CEL SIZE: TOTA L CONSIDERATION : UNIT PRICE: TER MS: GRA NTOR : GRANTEE: USE AT SA LE: PR ESENT USE: H IGH EST & BEST USE: IMPROVEMEN T SIZE/VA LUE: West sid e of Birdie B oule vard, McCall, ID Lot 43, Timberlost VI Medium Density Residential - Good off paved r oad access W.D. N/A 7-14-90; closed 9-4-90 Irregular .288 A cres/12,545 sf $42,900 $3.42/sf $21,450 cash do wn , balance @ 10% interest for five years D &D Land Esther Voorhees Vacant Site Vacan t Site Residential D evelopment N/A UTILITIES: All available to site ASSESSMENTS: N one EASEMENTS / R EST RICTIONS: Typical of Su bdivisio n V ERIFIED BY / DATE / WITH: PR OPERTY DESCR IPTION : TK/5-91/Hal Sager, R ealtor Level parcel at grade with Birdie Boulevard. Marginally wo oded and fronts the fairway of the e ighth ho le. REA L ESTATE CONSU LTING GROU P, INC. GOLF COU RSE EXCHANGE PARCELS • FILE NO. 91-248 File N o. 91-248 COMPARABLE GOLF CO URSE LO T SALE #18 ADD RESS / LOCATIO N: LE GA L D ESCR IPTION: ZONING : ACCESS: IN STR UMEN T: RECORDIN G N O./DATE : SALE DATE: PAR CEL DIMENSIONS: PA RCEL SIZE: TOTAL CONSIDERATION: UNIT PR ICE : TERMS: GR ANTOR: G RANTEE : U SE AT SA LE: PR ESENT USE: HIG HEST & BEST USE : IMPR OVE MENT SIZE/V ALU E: West side of Par Lane, McCall, ID Lot 48, Timberlost VI Medi um De nsity Residential - B Good off paved r oad access W.D. N/A 7-25-90; closed 8-27-90 Irregular .280 Acres/12,197 sf $26,500 $2.17/sf Cash D&D Land Lyle Senfield Vacant Site Vacant Site Residential Development N/A UTILITIES: All available to site A SSESSME NTS: None EA SEMENTS / RESTRICTION S: Typical of Subdivision V ER IFIED BY / DATE / WITH : PRO PER TY DE SCRIPTION : TK/5-91/Hal Sager, R ealtor Margin ally woo ded lot slightly below street grade with Wooley Road at the co rn er of Par Lane. Lo t is reaso nably level. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPAR ABLE GOLF COU RSE L OT SALE #19 A DDRESS / LOCATI ON: LEGAL DE SCRIPTION: ZONING: A CCESS: IN STRUMEN T: RECORDING NO ./DA TE: SALE DATE: PARCEL DIMEN SION S: PARCEL SIZE: TOTAL CON SIDERATION: UNIT PR ICE: TERMS: GRA NTOR: GRANTEE: USE AT SA LE : PRESENT U SE : HIGH EST & BEST USE: IMPROV EMENT SIZE/V ALUE: East side of Par La ne, McCall, ID Lot 49, Timberlost VI Medium De nsity Reside nti al - B Good off paved road access W.D. N/A 11-90; Pending Irregular . 279 Acres/12,153 sf $27,900 $2.30/sf Cash at closing D &DLan d Mo untain Lakes Realty V acant Site Residen tial Developmen t Residen tial D evelopment N /A UTILITIES: All available to site ASSESSMENTS: No ne EASEMENTS / R ESTRICTION S: Typical of Su bdivision VERIFIED BY / DATE / WITH: PROPE RTY DESCRIPTION: TK/5-91/Hal Sager, Realtor This is a JV between Mountain Lakes Realty and D & D Land. Parcel is being developed with a single family residence, and lot will be paid off when the house is sold. Price of lot is typical of n on -golf course lots which have sold and are available on the marke t for sale, therefore, this is con sidered an arms -length sale. Lot is level but has few if any trees. Lot is level with Par Lane. REAL ESTATE CONSU LTING G ROUP, INC. G OLF COURSE EXC HANGE PARCE LS • FILE NO. 91-248 File No . 91-248 COMP ARABLE GOLF COURSE LOT SALE #20 ADDRESS / LOCATI ON: LEGAL DESCRIPTIO N: ZONING: ACCESS: INSTRU MENT: R ECORD ING NO. /DATE: SALE DATE: PA RCE L D IMENSIONS: PAR CEL SIZE: TOTAL CONSIDERATION: UNIT PR ICE: TERMS: GRA NTOR : GRA NTEE : U SE AT SALE: PRESEN T USE: HIG HEST & BEST U SE: IMPROVE MENT SIZE/VA LUE: E ast side of Fairway Drive, McC all, L ot 2, Block 1 Timberl ost V Medi um Density Residential - B Good off paved road access W.D. N/A 3-89 75 x 154 .265 Acres/11,550 sf $11,000 $0. 95/sf Cash Cliff Lee Jerry Burn V acan t Site V acan t Site Residential Develo pment N/A UTILITIES: All available to site A SSESSMENTS: None EASEMENTS / R ESTRICTIONS: Typical of Su bdivision VER IFIED BY / DA TE / WITH: PROPER TY DESCRIPTION : TK/5-91/Hal Sager, Realtor Parcel was reso ld to Robert H amlin on 3-90 for a reported price of $25,000 indicating an increase of 127% over a 12 month period. The price per square foot indicator from the resale of this lo t is $2. 17/sf. The lo t fronts on the fair way of the twelfth hole. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EX CHANGE PARCELS • F ILE NO. 91-248 File No . 91-248 COMPA RABLE GOLF C OURSE LOT SALE #21 ADDRESS / LOC ATIO N: LEGA L D ESCRIPTI ON: ZONING: A CCESS: IN STRUMEN T: R ECORDING NO./DATE: SALE D ATE: PAR CEL DIMENSIO NS: PAR CEL SIZE: TOTAL CONSIDERATIO N: UNIT PR ICE: TERMS: GR ANTOR: GRANTEE: USE AT SA LE: PRESENT USE : HIGHEST & BEST USE: IMPROVEMENT SIZE /V ALU E: UTILITIES: ASSESSMENTS: EA SEMENT S / RESTRICTIO NS: VERIFIED BY / DATE / WITH: PROPERTY DESCRIPTION: South side of Fairway Dri ve, McCall, ID L ot 8, Bl ock 3, Timberlost V Medium Density Residential - B Go od off paved r oad access W.D. N/A 8-17-89; closed 7-3-90 80± x 220± .392 A cres/17,096 sf $33,000 $1.93/sf Cash Not available Bryce Peterson (Homco, Inc.) V acant Site Vacant Site Residential Development N/A A ll available to site None Typical of Subdivision TK/5-91/Hal Sager, Realtor Parcel was resold to Chris Colen on 8-14-90 and closed 10- 5-90 fo r $41,500 cash, indicating a 25.76% in crease over one year. The price per square fo ot indicator from the resale of this lot is $2. 43/sf. This lot is deeper and larger than the typical lot in Timberlost V I. The lots slo pes down toward the fairway of the sev en th hole and is heavily wooded. RE AL ESTATE CONSU LTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 File No . 91-248 COMP ARABLE GOLF COU RSE LOT SALE #22 A DDRESS / LOCATIO N: LEGAL DESCR IPTION: ZON ING : A CCESS: INSTRUMENT: RE CO RDING NO ./D AT E: SALE DATE : PARCEL DIMEN SION S: PARCEL SIZE: TOTAL CONSIDERA TION: UNIT PRICE : TERMS: GR ANTOR : GR ANTEE : USE AT SA LE : PR ESENT USE: HIG HEST & BEST U SE: IMPROV EME NT SIZE/VALUE: North side of Fairway Drive, McCall, ID Lot 8, Block 4, Timberlost V Medium Density Residential - B Good off paved road access W.D. N/A 6-90 75± x 125± . 215 Acres/9,344 sf $32,500 $3. 48/sf $8,125 cash down with balance at 11-3/4% i nterest over 10 years with a five year call. G ary Blaylo ck Jack Bolton Vacant Site Vacant Site Residential Develo pment N /A UTILITIES: A ll available to site ASSESSMEN TS: N one EASEME NTS / R ESTRICTION S: Typical of Su bdivision VER IFIED BY / DATE / WITH: PROPERTY D ESCRIPTION : TK /5-91/Assessors Records Lev el lot above grade with the fairway of the eleventh hole. Lot is heavily wooded and offers good privacy and appeal. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EX CHANGE PARCELS • FILE NO. 91-248 File No . 91-248 CO NDOMINI UM LA ND SALE #30 ADDR ESS / LOCATION: LEG AL DESCRIPT ION: ZONING: ACCESS: IN STRU MENT: R ECO RDIN G NO./.DATE: SALE DATE: PARCEL DIMENSIO NS: PAR CEL SIZE: TO TAL CONSIDERA TION : U NIT PRICE: TER MS: GRA NTOR: GRANTEE: USE AT SALE: PRESEN T USE: HIG HEST & BEST U SE: IMPROV EMENT SIZE/VALUE: UTILITIES: A SSESSMENTS: EASEMENTS / R ESTRICTIONS: VER IFIED BY/DATE /WITH: PROPERTY DESCRIPTION : Greenbriar Condominiums in McC all, ID Metes & Bounds (o n file) B -Medium Density Residential Good, off Lick Creek Road W.D. N/A 4/90 230' x 150' 34,500 SF $127,500 $14,062/Unit* $100,981/acre Cash with short term note (6 mos.) Smit/Gin grich Batt & Company Improved with 8 condominium Foundations Condo D evelopment Develop with Con domin iums * Foundatio ns v alued at $15,000 All available. N one Typical TK / 7-90 / Hal Sager, Broker 230 feet of frontage on Golf Course. Land improved with eight (8) foundations for condominium project, the seco nd phase of Greenbriar Condominiums. Bu yers valued foun dation s at $15,000, in dicating a per un it valu e of approx . $14,000 fo r the land, or $3. 26/sf. The property is cu rrently (5-25-91) for sale for $180,000; ho wever the realtor stated that the seller would likely take something in the range. REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 HI GHEST AND BEST USE In comm on appraisal practic e, th e concept of highest a nd best use represe nts the premise upon which a value estimate is based: The highest and best use of a specific parcel of land does not depend on s ubjective an alysis by the property owner, the developer, or the appraiser; rather, highest and be st use is shaped by the competiti ve forces within the m arket where the property is located. Therefore, the a nalysis and interpretatio n of highest and best use is an eco nomic stu dy of market forces focused on the subject property .Market f orces also shape market value. The general data that are collected a nd a nalyzed to estimate pro perty valu e are also used by the appraiser to form ulate an opinion of the property's highest and best use as of the appr aisal date. In all valuation assignme nts, value estimates are based on use. The highest and best use of pr operty to be appraised provides the foun dation for a thorough investigation of the competiti ve positions of market participants. Con sequently, highest and best use ca n be described as the foun dation on which market value rests.16 The determin ation of highest an d best use is the result of the appraiser's judgment a nd analytical skill. The reader is cautioned, however, that highest andbest use of a property is not necessa rily its mo st likely u se. Furthermore, the use determined from an alysis represents an opinion, not a lways a "fact" to be found. Highest and best use can be defined as: That reaso nable and probable u se that will support the highest present value as of the effective date of the appraisal. Alternatively, that use, fro m amo ng reasonably probable and legal alternative uses, found to be physically possible, appropriately su ppo rted, financially feasible, and which results in the highest present lan d value.17 The definition immediately abov e applies specifically to the highest an d best use of undeveloped lan d. It is to be recognized that in cases where a site has existing improv ements on it, the highest an d best use may very well be determin ed to be different fro m the existing use. The existin g use will continue, however, unless and un til land value in its highest an d best use exceeds the total value of the property in its existing use. In practical applicatio n, the determination of highest an d best use of a property is analyzed, both as v acan t, and as cu rrently improved, su bject to the following four criteria: 16The Appraisal of Real Estate, Eighth Edition, A merican In stitute of R eal Estate A ppraisers, 1983, p. 270. 17The Appraisal of Real Estate, p. 214. REAL ESTATE CONSU LTING GROUP, INC. • 93 GOLF COURSE EXCHAN GE PARCELS "The highest and best use must be 1) physically possible, 2) legally permissible, 3) financially feasible, a nd 4) maximally productive."18 1. Physically Possible: Considers what uses are p ossible or are prohibited for physical reasons. Elements such as size, shape, assemblage, soil, top ography, gradi ng, and availability of utility h ook-ups are considerati ons in this realm. 2. Legally Permissible: Considers what uses are possible in terms of such consideratio ns as laws, co des, env ironmental reg ulations, long teim leases, deed restrictions, and the possibility of changes in zoning. 3. Financially Feasible: Con siders, among uses that meet the first two criteria, which uses are likely to produ ce an in come or return greater than the amo unt needed to satisfy o perating expenses, financial o bligations, a nd capital amortization. All uses that are expected to provide a positive return are regarded as financially feasible. 4. Maximally Pro ductive: Considers which use, among the feasible uses, will pr od uce the highest net return or the highest present worth.19 The n umber of property u ses are usually limited by the market to a few logical choices . Each of those choices is then analyzed according to the above criteria, considered in sequence. Only when a possible use meets a lower lev el criterion sho uld considerati on progress to the next lev el. Follo wing is my opinio n of the Highest and Best Use of Parcel # 4. HIG HEST AN D BEST USE, AS V ACAN T The subject parcel is slightly less than (1) one acre in size, and while it has gently to steeply sloping topography, a drainage ditch traverses the parcel and will likely require re- routing or tiling in order to fully dev elop the parcel. It is an ex pressed assu mption of this appraisal that the physical characteristics of the parcel relativ e to site drainage do not limit developmen t of the site to its theoretical Highest an d Best Use. Otherwise, the parcel's shape and size do no t appear to be limitin g to the development of the parcel to its theoretical Highest and Best Use. 18The Appraisal of Real Estate, p. 274. 19The A ppraisal of Real Esta te, pp. 274-276. REAL ESTATE CONSU LTING GROUP, INC. • 94 GOLF COURSE EX CHANGE PARCELS The subject parcel is within the Medium Density Residential Zoning District B within the City Limits of McCall. As discussed in the Zoning Section of the rep ort, the average minimum lot size in this zo ning classificati on is the same as the A District, or 10,000 square feet. Since the subject parcel is substantially larger than this mi nimum, it may reasonably be expected that the parcel will be developed to a higher density tha n other parcels which are un der this minimum withi n this zoning classificatio n. Based on the size of Parcel # 4, a de nsity of appro ximately 7 units is possible within the B Zoning D istrict. Co nsidering the potential for a two le vel desig n, a foot print of a building is physically possible fo r development on the parcel adjoining the golf course of sufficient size to house approx imately 7 u nits. The excess site area not required for the b uildi ng f oot print could be utilized for required parking a nd additional site amenities, s uch as a tennis court and swimming poo l. Considering su ch, the parcel appears capable of devel opme nt to a poten tial level achieving site maximization under the legal limitations of its desig nated zoning classification . Based on the parcel's size, zoning, an d its lo cation in a recreational setting overlooking the McCall Municipal G olf Course, high density residen tial use of the site is c onsidered one of the possible uses of the parcel as of appraisal date. D emand for this type property has recen tly been in creasin g from the o bvious over -supply of just a few years ago. Howe ver, ba sed on my recent ana lysis of this market, available su pply (land) is still believed to exceed existin g deman d levels as of appraisal date. Con dominium lot sales with golf course frontage an alyzed in this analysis ranged in price from approximately $9,300 to $18,000 per dev elo pable un it. Based on a value of $15,000 per unit, and con side ring tha t the subject parcel cou ld be dev elo ped with appro ximately 7 un its, develops an indication of the parce l's value under the stated plan fo r Highest a nd Best U se of $105,000. Considerin g the lack of effective demand at the current time, a marketing period from one to two years for a con do miniu m site mu st not be overlooked in the analysis of the subject parcel's Highest and Best Use. If the more optimistic one year marketing time were u tilized, the present valu e of the parcel as a con domin ium site would be appro ximately $94,500, at an 11% discoun t rate; a two year marketing time indicates a v alue of appro ximately $85,000. The two year marketing time period is certainly the more reasonable estimate to rely upon in dev eloping this opinion, and the practical reality is that it could be lon ger. RE AL E STATE CONSULTING GROUP, INC. • 95 GOLF COURSE EXCHANGE PARCELS Another p ossible use of the parcel is for further s ubdivisio n into single family reside ntial building sites. Single family residential lot development would result in approximately 3 l ots dev elopable within the parcel . Based on the sale of comparable golf course fronting l ots within Timberlost VI, the a verage lot value might reasonably be expected to be about $45,000, or about $135,000. Even with developers profit and a reasonable marketi ng period for the sin gle family residential lots, high density use of the parcel appears to be the least feasible, of the two uses contemplated, as of appraisal date . Therefore, considering the above factors and conditi ons, it is my opinion that the Highest and Best U se of the parcel as of appraisal date is for the developme nt of three (3) single family residential lots. REAL ESTATE CONSULTING GROUP, IN C. • 96 GOLF COUR SE EXCHANGE PARCELS PA RCEL VALUATION Not all of the c omparable sales presented have been directly compared to the subject site in develo ping an opini on of this parcel's market val ue. Howe ver, where applicable, all ha ve co ntributed in the development of reas onable adj ustments and estimates, which in turn have been fa ctored into the analysis prese nted. Comparable Sale #'s 10, 11, 16, and 17, were considered to be the best direct c omparison to the s ubject parcel in developi ng a gross retail lot value, of all the sales considered in the a nalysis . These sales develop the followi ng time adjusted squ are foot valu e indications, before making a ny additio nal adjustments which are required for vario us differences in property feat ures between the subject and the comparables. Sale # 10 Sale # 11 Sale # 16 Sale # 17 $3.92/SF $4.12/SF $4.59/SF $3.78/SF The above time -adjusted golf co urse lot sales range in value from a low of $3 .68 per square foot to a high of $4. 59, with a general trendin g near $4.00 per sq uare foot. All of the four sales presen ted sold in 1990, except o ne which so ld at the beginning of 1991, indicating an active market for golf course fron ting recreational sites. T he upper end of the square foo t value range is represente d by a golf course l ot of aro und 9,800 square feet in size, havin g reasonably level topography, and frontage near a golf green . The lower en d of the square foot value range is represented by a normal fairway golf course lot of typical size an d sloping topography; however, this value level in dication is supported by the two other sales presen ted which are con sidered to be typical golf course fron ting lots. The three lots within the subject parcel are reason ably level to gen tly slopin g and have good prox imity to the club hou se. The three lots will average abou t 12,000 square feet each, an d will have su fficien t depth to provide an adequate setback for goo d priv acy and appeal. From the adjusted sale v alu es indicated by the comparables presented, it is believed that the subject lots will approach the level of the general tren d indicated by these sales, or $4.00 per squ are fo ot. Based on a total parcel size of 36,250 square feet, this develo ps a gross retail value for the parcel of approximately $145,000. REAL ESTATE CONSULTING GROUP, INC. • 97 G OLF COURSE EXCHANGE PARCELS Of course this value indicati on is based upo n retail lot values for the three potential lots developable within the subject parcel, which are not yet developed . Theref ore, c onsideration must be given to the developme nt costs which are required to develop these lots and achieve the retail lot values disc ussed herein. Due to the simplicity of s ubdividing the subject parcel int o three lots, developme nt c osts should not be con sidered a significa nt e xpe nse of developi ng the parcel to its Highest and Best Use. Soft costs, in cluding developers profit are estimated at appro ximately 20% of the gross retail va lue. This wo uld indic ate a raw land value of approximately $116,000, or $3.20 per squ are foot. This square foot val ue is below the level presently being achie ved by lots fronting on the go lf course, but some disco unting is e xpected for an un-subdivided parcel, as we have seen in the an alysis of the sales presented . Also, the drai nage ditch thr ough the parcel would su ggest the possibility of increased development costs, resulting in a lower square foot value achievable. Based on the foregoing discussion an d analysis, it's my opinion that the subject parcel would likely be developed with single family residential golf course lots, and the most that any developer wou ld pay for such a parcel would be the sum of the retail lot values achievable, less all developmen t costs (including pro fit and in centive) necessary to achieve the poten tial retail lot values at the estimated level. This dev elops the followi ng Fee Simple estimate of market value for the subject Parcel # 4 as of May 29, 1991: 36,250 Squ are Feet x $3.20/SF = $116,925 ON E HUNDR ED SIXTEEN THOU SA 6 D OLLAR S ***$116,000*** REAL ESTATE CONSULTING GROUP, IN C. • 98 GOLF COURSE EXCHANGE PARCELS DENDA REAL ESTATE CONSULTING GROUP, INC. • 99 GOLF COURSE EXCHANGE PARCE LS Fil e No. 91-248 COMPARABLE GOLF CO URSE LOT S ALE # 1 ADDR ESS / LOCATION: LEGAL DESCRIPTION: ZO NING : ACCESS: IN STRU MENT: RECORDING NO. /DA TE: SALE D ATE: PARCE L DIMENSION S: PAR CEL SIZE: TOTAL CONSIDER ATION : UNIT PR ICE: TERMS: GRAN TOR : GRANT EE: USE AT SALE: PRESENT U SE: HIGH EST & BEST U SE: IMPR OV EMEN T SIZE/V ALUE: NE c orner of W ooley Way and Divot Lane in McCall, ID L ot 1, Timberlost VI Medi um Density Residential - Average off paved road access W.D. N/A 9-1-90; closed 9-27-90 75 x 192.86 (less corner) .328 A C/14,288 sf $40,000 $2.80/sf $27,500 down balance @ 10% with 10 yr amt - 3 yr. call D &D Land Ju dith Leister V acant Site Vacant Site Residen tial Deve lopment N/A UTILITIES: All available to site ASSESSMENTS: No ne EASEMENTS / RESTRICTION S: Typical of Su bdivision V ERIFIED BY / DAT E / WITH: TK/5-91/Hal Sager, Realto r PROPERTY DESCR IPTION: Level parcel belo w grade with su rrou nding streets. Parcel fronts golf course on the nin th tee bo x. RE AL ESTATE CONSULTING GROUP, INC. GOLF COU RSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 C OMPARABLE GOLF C OURSE LOT SALE #2 AD DR ESS / LOCATION: LEGAL D ESCRIPTION: ZON IN G: A CCESS: IN STR UMENT: RECOR DING NO./DATE: SALE DAT E: PARCEL D IMEN SIONS: PAR CEL SIZE: TOTA L CO NSIDERA TION: UNIT PRICE : TERMS: GRANTOR : GR AN TEE: USE AT SALE : PR ESENT U SE: H IGHEST & BEST U SE: IMPRO VE ME NT SIZE/VALU E: East side of Divot Lane, McCall, ID Lot 8, Timberl ost VI Medi um Density Residential - B Average off paved r oad access W.D. N /A 9-10-90; Closed 9-17-90 70 x 136± .241 Acres/10,498 sf $39,900 $3.80/sf $19,900 down payment; Balance @ 10% Interest with 10 yr. A mt; 5 yr. call. D &D Land H al Sager and Jane V olk V acant Site Vacan t Site Residential D evelopment N/A UTIL ITIES: All available to site ASSESSME NTS: None EASEMENTS / RESTR ICTION S: Typical of Subdivision VERIFIED BY / DA TE / WITH: TK/5-91/H al Sager, Realtor PROPER TY DESCRIPTION: Lev el parcel slightly below grade with Divot Lan e. Parcel fronts golf course on the fairway of the ninth hole. REAL E STATE CONSULTING GROUP, INC. GOLF COU RSE EXCHANGE PARCE LS • F ILE NO. 91-248 File No. 91-248 C OMPARABLE GOLF C OURSE LOT S ALE #3 AD DRESS / LOCATION: LEGA L DESCRIPTION: ZONING : ACCESS: INSTRUMEN T: RECOR DIN G NO ./DA TE: SA LE DA TE: PAR CEL DIMENSIONS: PA RCEL SIZE: TOT AL CONSIDERATION: UNIT PRICE: TER MS: GRAN TOR: GR AN TEE: U SE AT SA LE: PRESENT USE: HIGHEST 8z BEST U SE: IMPROV EMENT SIZE/VALUE: East side of Divot La ne, McCall, ID L ot 11, Timberlost VI Medi um Density Residential - Average off pa ved r oad access W.D. N/A 6-4-90; closed 9-13-90 73± x 138.5± .230 A cre s/10,019 sf $39,900 $3.98/sf Cash D& DLand Marty Smith Vacant Site V acant Site Residential Development N /A UTILITIES: All available to site ASSESSMEN TS: None EASEMEN TS / RESTRICTIONS: Typical of Su bdivision V ER IFIE D BY / DA TE / WITH : PROPERTY D ESCRIP TION: TK/5-91/Hal Sager, R ealtor Sloping parcel marginally below grade with Div ot Lane an d sloping to go lf cou rse. Parcel fronts go lf cou rse on the fairway of the ninth hole. REAL ESTATE CONSU LTING GROUP, INC. GOLF COU RSE EX CHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMP ARABLE GOLF C OU RSE LOT S ALE #4 AD DRESS / LOCATI ON: LEGAL DESCR IPTION: ZONING: A CCESS: IN STRUMEN T: R ECORDIN G NO ./DA TE: SALE DA TE: PA RCEL DIMENSIO NS: PAR CEL SIZE: TOTA L CON SID ERATION: UNIT PRICE: TER MS: GRANTO R: GR AN TEE: USE AT SA LE: PRESEN T USE : HIGHEST & BEST USE: IMPROVEMENT SIZE/VALUE: West side of Eagle Drive, McCall, ID L ots 15 a nd 16, Timberlost VI Reside ntial - A Good off paved road access W.D. N/A 8-9-90; closed 6-1-91 150± x 157± .523 A cres/22,782 sf (Total of both lots) $36,000 each lot, $72,000 total $3.16/sf Cash D&DLan d Ken June Vacant Site V acant Site Residential D evelopmen t N /A UTILITIES: All av ailable to site A SSESSMENTS: No ne EASEMEN TS / RESTR ICTION S: Typical of Subdiv ision V ERIFIED BY / DATE / WITH: TK/5-91/Hal Sager, Realtor PRO PER TY D ESCRIPTION: Bu yer pu rchased two lots simultan eously for construction of one residen ce. Lots are lev el and near grade with Eagle D rive, but lots are slightly below grade with the fairway of the nin th hole. REAL ESTATE CONSULTING GROU P, INC. GOLF COU RSE EXCHANGE PAR CELS • FIL E NO. 91-248 File N o. 91-248 COMPARABLE GOLF COURSE LOT SALE #5 ADDRESS / LOCATION: LEGAL DESCRIPTION: ZONING : A CCESS: IN STR UMENT: R ECORDIN G NO ./DA TE: SALE D ATE: PA RCEL DIMENSIONS: PAR CEL SIZE: TOTAL CON SIDE RATION: UN IT PRICE: TE RMS: GRA NTO R: G RANTEE: USE AT SALE : PRESENT USE: HIGHEST & BEST USE: IMPROVEMENT SIZE/VALUE: West side of Eagle Driv e, McCall, ID L ot 20, Timberlost VI Reside ntial - A Good off paved r oad access W.D. N/A 2-2-91; closed 2-27-91 78± x 135± .233 A cres/10,149 sf $39,000 $3. 84/sf Cash D &DLand Kenn eth Dunn Vacant Site R esiden tial R esiden tial Dev elopment N/A U TILITIES: All av ailable to site ASSESSMENTS: No ne EA SEMENTS / R ESTR ICTIONS: Typical of Su bdivision V ERIFIED BY / DA TE / WITH: PRO PERTY D ESCR IPTION: TK /5-91/Hal Sager, Realtor Level parcel. Fro nting go lf course on the fairway of the n inth hole. Lo t is wooded and offers good priv acy an d appeal. REAL ESTATE CONSULTIN G GROUP, INC. GOLF COURSE EX CHANGE PARCELS • FILE NO. 91-248 File No. 91-248 C OMPARABLE GOLF CO A DDR ESS / LOCATION: LEGAL DESCRIPTION: ZO NING: A CCESS: INSTRUMENT: R ECORD ING NO./DATE: SALE DATE: PAR CEL DIMENSION S: PARCEL SIZE: TOTA L CO NSIDERA TION: UNIT PRICE : TERMS: GRA NTOR: GRANTEE: USE AT SALE: PRESEN T USE: HIGHEST & BEST U SE: IMPROVEMENT SIZE/VALUE: SE LOT SALE #6 West side of Eagle Drive, McCall, ID Lot 21, Timberlost VI Residential - A Good off paved r oad access W.D. N/A 12-17-90; closed 6-1-91 Irregular rectangular .246 Acres/10,716 sf $39,900 $3.72/sf Cash at closing D &D Land Jim Clarke Vacant Site Vacant Site Residential D evelopment N /A UTILITIES: All available to site A SSESSMENTS: None EASEMENTS / R ESTR ICTIONS: Typical of Subdivision V ERIFIED BY / DATE / WITH: PR OPE RTY DESCRIPTION: TK /5-91/Hal Sager, Realtor Level parcels. Fro nting golf cou rse on the fairway of the ninth hole. Lot is wooded and offers good priv acy an d appeal. RE AL ESTATE CONSULTING GROUP, INC. GOLF COU RSE EX CHANGE PARCELS • FILE NO. 91-248 File N o. 91-248 COMPARAB LE GOLF CO "SE LOT SA LE #7 AD DR ESS / LOCATI ON: West side of Eagle Drive, McCall, ID LEG AL DESCR IPTION: Lot 23, Timberlost VI ZONING: A CCESS: Residential - A Good off paved road access INSTRUMEN T: W.D. RECO RDING NO./DATE: N /A SALE DA TE: 11-23-90; closed 1-18-91 PAR CE L DIMENSIONS: Irregular rectangle PAR CEL SIZE: .201 Acres/8,756 sf TOTAL CON SIDERATION: $42,900 U NIT PR ICE: $4. 90/sf TERMS: Cash G RANTOR: GRA NTEE: D&DLand Gary Simmons USE AT SALE : V acant Site PRESENT U SE: V acant Site HIG HEST & BEST U SE: Residential Development IMPROVE MENT SIZE/VALUE: N /A U TILITIES: All available to site ASSESSMENTS: Non e EASEMEN TS / R ESTRICTIONS: Typical of Su bdivision VERIFIED BY / DATE / WITH: TK /5-91/Hal Sa ger, Realtor PRO PE RTY DESCRIPTION: Level lot. Parcel fro nts go lf course of ninth fa irway. Lot is woo ded, offers goo d appeal. REAL ESTATE CONSULTING GROUP, INC. GOLF COU RSE EXCHANGE PARCELS • FILE NO. 91-248 File No. 91-248 COMPARABLE G OLF COURSE LOT SALE #8 A DDRESS / LOCATION: West side of Eagle Drive, McCall, ID LEGAL D ESCRIPTION: ZON IN G: A CCESS: Lot 25, Timberlost VI Residential - A G ood off paved road access INSTRUMEN T: W.D. R ECORDING N O./DATE : N/A SALE D ATE: 7-11-90; closed 8-9-90 PAR CEL D IMENSIONS: Irregu lar PARCE L SIZE: . 277 Acres/12,066 sf TOTAL CONSIDER ATION: $44,900 U NIT PRICE: $3.72/sf TER MS: $14,900 cash down payment balance of $30,000 @ 10% interest with 3 annual payments. GRAN TOR : D & D Land GRA NTEE: Max Collett USE AT SALE: Vacan t Site PRESEN T USE: Residence u nder co nstructio n HIGHEST & BEST U SE: Residential D evelopmen t IMPROV EMENT SIZE/VALUE: N/A UT ILITIES: All av ailable to site A SSESSMENTS: None EASEMEN TS / RESTRICTIO NS: Typical of Su bdivision V ER IFIED BY / DA TE / WITH: TK/5-91/Hal Sager, Realtor PR OPER TY DESCRIPTION : Lev el parcel which is woo ded and fron ts on the green of the ninth hole. REAL ESTA TE CONSULTING GROU P, INC. GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248 0 '9/1> L A NE 10,0/9 /0 ,542 157 54 12. €32 13,547 17,547 '921/ (4) 11,531 192 00 (I) 12,635 8 12.535 '5?! 14, 466 94 CON DO AR EA 1.621 oc // r" FAIRWAY 'I Gesso e. 4155 9,932 10, 716 10,160 13,0 5 9,796 11217 ti 9,057 0 X28 _- 9,390 14e 30 '® 1d,9 5 Pi /1,605 cp P� TIM tERL OS T VI SUB DIVISION /7,615 G`14n 32 57 5 44 66 /2,0 56 t�l Lot 9,+: e; I I /1 11 II T er '_�_�� 7- i -id --7:: ) "NEW" l CLUB HOUSE );,.1 ' ./6,33 ,5 // /0,954 FAIRWAY Z' OOL E Y AVON UF 12,216 12,156 CONDO AREA $ 1. 489 ac. ' 05 I, 13,241 16,249 12 .527 9,495 'NEW" RIVING RANGE 14,23 0 9,291 11,735 0100 119/_ 10,463 r .111 Flat Map 0 25 SO 100 150 408 PARCEL # 4 SITE DESCRIPTION CONFIGURATION AND SIZE As may be noted on the facing plat map, the subject Parcel # 4 is denoted as being north of, and adjoining Lot 52, Timberlost VI Subdivision. Parcel # 4 is a rectangular -shaped parcel which has no frontage on a public right-of-way, but has theoretical access through land owned by the city, as it fronts the McCall Municipal Golf Course. Subject Parcel # 4 fronts the golf course along the tee box of the 10th golf hole at its west property boundary, which extends a distance of approximately 200 feet; the south boundary of the parcel extends a distance of 171 feet; the east boundary is approximately 212 feet in length; and the north boundary faces the green of the 18th hole of the golf course and extends a distance of approximately 179 feet. As described, the land area within Parcel # 4 contains approximately 0.832 acres, or 36,250 square feet. TOPOGRAPHICAL CHARACTERISTICS Based upon a physical inspection, the subject parcel is near grade with the 10th hole of the McCall Municipal Golf Course, but slopes toward the central portion of the parcel where a drain ditch provides site drainage. It is an expressed assumption of this appraisal that site drainage problems will not preclude development of the site to its Highest and Best Use. The parcel has a light to heavy tree cover throughout the site area and offers average to good privacy potential and appeal. Soils conditions appear to be typical of the immediate area, comprised of a sandy/gravelly soil, with several large rocks noted on the parcel, as well as in the general vicinity. While no developmental restrictions due to soils conditions are known to exist, no soils tests have been provided to Real Estate Consulting Group, Inc. regarding the subject, or any other property(s) in the area. REAL ESTATE CONSULTING GROUP, INC. ® 87 GOLF COURSE EXCHANGE PARCELS UTILITIES AND EASEMENTS From my investigations, the subject parcel has public electricity, sewer, water and telephone service available within the immediate vicinity. A Preliminary Title Report on the subject parcel has not been provided to Real Estate Consulting Group, Inc., however, no known easements are believed to exist which would adversely impact the development of the parcel to its potential Highest and Best Use. Additionally, it is typically the desire of utility companies to allow for the greatest possible flexibility when initiating feeder distribution lines so that no developmental restrictions result. This possible limitation is noted, and should be verified if of further concern. ACCESS AND VIEW The subject parcel adjoins common ownership, the McCall Municipal Golf Course, which connects with Davis Avenue via Reedy Lane to provide year around access to downtown McCall, and the Interstate Highway System. Stated road access is publicly maintained by the City of McCall. While developed road access is not direct to the subject parcel, access through the golf course is currently available to the parcel via paved cart paths. As indicated, the subject parcel adjoins the eastern boundary of the fairway of the 10th hole and the 18th golf green of the McCall Municipal Golf Course. Therefore, the parcel does offer a golf course view which should find good appeal and marketability in the marketplace. REAL ESTATE CONSULTING GROUP, INC. ° 88 GOLF COURSE EXCHANGE PARCELS DESCRIPTION OF IMPROVEMENTS The parcel is unimproved as of the date of this analysis. REAL ESTATE CONSULTING GROUP, INC. ® 89 GOLF COURSE EXCHANGE PARCELS TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991 View of 10th fairway looking south. Subject Parcel # 4 is adjoining the fairway at the tree line for approximately 200 feet. TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991 View of the north end of the subject parcel # 4 looking east along paved cart path. Note: North end of the parcel is buffered by cart path leading to the golf course driving range. REAL ESTATE CONSULTING GROUP, INC. • 90 GOLF COURSE EXCHANGE PARCELS T Kri N BY TK SUBJEC? PHOTOGRAPH; PARCRL it4 MAY 299 1L99' View from the 10th fairway looking north at subject parcel. TAKEN 1i Y TK SUBJECT PHOTOGI':APH; PARCEL, # 4 MAY 29,199' View from cart path to golf course driving range looking southwest through center of parcel. Note: Drainage ditch through parcel. REAL ESTATE CONSULTING GROUP, INC. © 91 GOLF COURSE EXCHANGE PARCELS TA -KEN BY UK SUB:EcT PHOTOGRAPH; PARCEL # , MAX 2991991 View through central portion of parcel looking south. Note drain ditch. TAKEN l'.'} Y° 7K SUBJECT PHOT G APH; PARCEL 4 MAY 299 1991 View looking north from the south property line of parcel near the fairway of the 10th hole° EAL ESTATE CONSULTING GROUP, INC. 92 GOLF COURSE EXCHANGE PARCELS HIG HEST AN D BEST USE In common appraisal practice, the c oncept of highest and best use represents the premise upon which a value estimate is based: The highest and best use of a specific parcel of land does not depend on subjective analysis by the pr operty owner, the devel oper, or the appraiser; r ather, high est and best use is shaped by the competitive forces withi n the market where the property is located. Therefore, the analysis and i nt erpretation of highest and best use is an econo mic study of market forces focused on the subject property . Market forces also shape market value. The general data that are c ollected and analyzed to estimate property value are also used by the appraiser to form ulate an o pinio n of the property's highest and best use as of the appraisal date. In all val uation assignments, value estimates are based on use . The highest and best use of property to be appraised provides the foundatio n for a thorough investigation of the competitive positions of market participants. Conseque ntly, highest and best use can be described as the foundation on which market value rests.12 The determination of highest and best u se is the result of the appraiser's judgme nt a nd analytical skill. The reader is cau tioned, however, that highest and best use of a pr operty is n ot n ecessarily its most likely u se. Furthermore, the use determined from analysis represents an o pinio n, not always a "fact" to be found. Highest an d best use can be defin ed as: T hat re asonable and probable use that will support the highest present value as of the effective date of the appraisal. A ltern ativ ely, that use, from among reaso nably probable and legal alternative uses, fo und to be physically possible, appro priately supported, financially feasible, and which resu lts in the highest present land value. 13 The defin ition immediately abov e applies specifically to the highest and best use of u ndeveloped lan d. It is to be recognized that in cases where a site has ex istin g improvements on it, the highest and best u se may very well be determined to be different from the existing u se. The ex isting u se will con tinue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existin g use. 12The Appraisal of Real Estate, Eighth Edition, American Institute of Real Estate A ppraisers, 1983, p. 270. 13The Appraisal of Real Estate, p. 214. REAL ESTATE CONSULTING GROUP, INC. • 81 GOLF COURSE EXCHANGE PARCELS In practical application, the det erminati on of highest and best use of a property is analyzed, both as vaca nt, a nd as c urrently improved, subject to the f ollowing four criteria: "The highest a nd best use m ust be 1) physically p ossible, 2) legally permissible, 3) financially feasible, and 4) ma ximally pr oductive." 14 1. Physically Possible: Considers what uses are p ossible or are prohibited for physical reasons. Elements such as size, shape, assemblage, soil, topography, gradi ng, and availability of utility hook- ups are consider atio ns in this realm . 2. Legally Permissible: Considers what uses are p ossible in tel of such considerations as laws, codes, environmental regulatio ns, long term leases, deed rest rictions, a nd the possibility of changes in zoning. 3. Fin ancially Feasible: Con siders, among uses that meet the first two criteria, which uses are likely to produ ce an income or return greater tha n the amo unt needed to satisfy operatin g ex penses, fin ancial obligations, and capital amortization. All uses that are expected to provide a positive return are regarded as financially feasible. 4. Max imally Productive: Considers which use, amon g the feasible uses, will produce the highest net return or the highest present worth. 15 The number of property uses are usually limited by the market to a few logical ch oices . Each of those choices is then analyzed according to the above criteria, considered in seq uence. Only when a possible use meets a lower level criterion should con sideration progress to the next level. Fo llowing is my opinion of the Highest an d Best U se of Parcel # 3. HIG HEST AND BEST USE, AS V ACANT The subject parcel is approximately three acres in size, and while it has gently to steeply sloping topography along and parallelin g its eastern property boun da ry, the physical characteristics of the parcel do not appear to be limitin g to the develo pmen t of the site to its theoretical Highest an d Best U se . The parcel provides fo r an adequate buildin g area in the northwestern portion of the parcel, which is reasonably level to allow for site maximization under the stated plan of Highest and Best U se Some leveling of the parcel, or movemen t of 14The Appraisal of Real Estate, p. 274. 15The Appraisal of Real Estate, pp. 274-276. REAL ESTATE CONSULTING GROUP, INC. • 82 GOLF COURSE EXCHANGE PARCELS earth to provide for an enlarged building area a nd i ncr eased view of the golf course, is lik ely in order to achieve greater site appeal . The subject parcel is within the Medi um D ensity Residential Z oni ng District B within the City Limits of McCall. As discussed in the Zoni ng Section of the report, the average minimum lot size in this zo ning classification is the same as the A District, or 10,000 square feet. Since the subject parcel is substantially larger than this minimum, it may reas onably be expected that the parcel will be developed to a higher density than oth er parcels which are unde r this minimum within this zoning classification. Based on the size of Parcel # 3, a density of approximately 24 units is possible within the B Zoning District. Considerin g the pote ntial for a three le vel desig n, a foot print of a building is possible for developmen t on the ridge overlooking the golf course of sufficie nt size to hou se approx imately 24 un its. The excess site area not required for the b uildi ng foot prin t could be u tilized fo r required parking and additional site amenities, s uch as a tennis cou rt and swimming pool. Considering such, the parcel appears capable of development to a potential level achievin g site maximization under the legal limitations of its designated zoning classification. Based on the parcel's size, zo ning, and its location in a recreational s etting overlooking the McCall Mun icipal G olf Cou rse, high density residen tial use of the site is considered one of the possible u ses of the parcel as of appraisal date. D emand for this type pr operty has recently been increasing from the obvious over -su pply of ju st a few years ago. However, based on my recent an alysis of this market, available supply (land) is still believed to e xceed ex isting demand levels as of appraisal date. Ano ther possible u se of the parcel is for further subdivision into single family residential building sites. H owever, due to a large part of the parcel having steeply sloping topography, approximately 40% of the parcel has limited development utility. On the o ther han d, a high density u se of the parcel allo ws for complete u tilization of this area through density transfer, and considerin g that the premium building site on this parcel is lo cated on the ridge o verlookin g the golf co urse, this type use appe ars mo re practica l. Co ndominium lot sales with go lf cou rse frontage analyzed in this analysis ranged in price from approximately $9,300 to $18,000 per developable unit. While the number of u nits developable for each of the sales an alyzed was con siderably less than that con templated for the subject parcel, for the purpose of demonstrating the most feasible use of this parcel, I REAL ESTATE CONSULTING GROUP, INC. • 83 G OLF' COU RSE EXCHANGE PARCELS have conser vatively utilized the middl e of the indic ated price range in order to clearly demonstrate the most feasible use of the parcel . Therefore, utilizing $12,000 per unit, and considering that the s ubject parcel co uld be developed with appro ximately 24 u nits, develops an indication of the parcel's value under the stated plan for Highest and Best Use of $288,000. Considering the lack of effective demand at the curre nt time, a marketi ng period from o ne to two years for a co ndominium site must not be overlooked in the analysis of the subject parcel's Highest an d Best Use. If the more optimistic one year marketing time were utilized, the presen t v alu e of the parcel as a c ondominium site would be approximately $259,500, at an 11% discoun t rate; a two year marketing time indicates a val ue of $234,000. The two year marketin g time period is certainly the more reasonable estimate to rely up on in developing this opin ion, and the practical reality is that it co uld be l onger . Single family residential lot development would result in appro ximately 8 l ots developable within the parcel. Based on the sale of no n -fronti ng golf course lots withi n Timberlo st VI, the average lot value might reason ably be expected to be about $29,000, or about $232,000. Even with a two year marketing period for the parcel used as a con dominium site, the value achievable appears to be greater for high density use. Again, it is n oted that the to pography of the parcel would appear to better support a high de nsity type of development. Therefore, con sidering the above factors and conditions, it is my opinion that the Highest and Best Use of the parcel as of appraisal date, is for multi -family high density residential dev elopment with approximately 24 units. Such use would likely take shape in the form of a con dominium develo pmen t an d wou ld in corporate such site amen ities as a tenn is court and a swimming poo l, typical of other condominium developments in the area which have met with good market acceptance. REAL ESTATE CONSULTING GROUP, INC. • 84 GOLF COURSE EXCHANGE PARCELS P '; CEL VALUATION Not all of the comparable sales prese nted have been directly compared to the subject site in developing an opinion of this parcel's market value. However, where applicable, all have con tribu ted in the development of reasonable adjustments a nd estimates, which in tur n have been factored into the analysis presented. Comparable C ondomini um Sale #'s 30, 31, and 32 were considered to be the best direct comparison to the subject parcel in developing an estimate of value, of all the sales c onsidered in the analysis. These sales develop the fo llowing time adju sted per unit b uildable value indicatio ns, before making any additio nal adjustments which are required for various differences in property features betwee n the subject and the comparables. Sale # 30 $15,890/U nit Sale # 31 $6,000 to $18,000/Unit Sale # 32 $7,140/Unit The above time -adju sted condo minium sales with golf course infl uence, range in value from a lo w of $6,000 per unit developable, to a high of $18,000 per unit. The upper end of the per unit valu e range developed is represented by golf co urse parcels havin g frontage on a fairway or a golf green. The lower end of the per unit value range is represented by a non -fronting golf co urse parcels which have good proximity to the golf cou rse. While the subject parcel does not fron t the golf course, it is situated topographically above the golf course and offers distant views of both the fairway and the golf green of the 11th ho le. While dev elopment alon g the golf cou rse in fron t of this parcel is almost assured, views of the course over these impro vements will still be possible from the su bject parcel. Condomin ium Sale # 30 is located frontin g the golf course near the tee box of the 7th golf hole. The go lf cou rse view o ffered at this location is considered su perior to the go lf course view enjoyed by the subject parcel; howe ver, the subject has excellen t prox imity to the golf course club house, and the # 1 hole of the golf course. Because the subject parcel has a golf cou rse view and good proximity, as discussed, the lack of golf co urse frontage is adjusted at approximately 50% of the rate estimated for this su perior pro perty featu re, or 30%. Adju stin g this sale down ward by 30% indicates a per unit value for the subject parcel from this sale of approx imately $12,250. REAL ESTATE CONSULTING GROUP, INC. • 85 GOLF COU RSE EXCHANGE PARCELS Condomini um Sale # 31 consists of several condominium site sales dem onstrating the fu ll range of value f or g olf c ourse fronting parcels and n on -fronting parc els alike. The parcels within this sale are located fronting the golf course near the 12th fairway and withi n the Aspen Village Cond ominium Project. Interestingly, the upper a nd lower e nd of the depicted valu e range above are represe nted withi n this sale . T he parce ls within this sale which best bracket the val ue of the subject parcel are the parcels kno wn as G roup J @ $8,000/unit a nd Group N @ $15,000/ unit. Group J does not offer a v iew of the golf course, while Group N offers a fairway view . Adjusting these two sales by 30%; up in the case of Group J a nd dow n in the case of Gro up N, indicates a value for the su bject parcel from both sales of approximately $11,500 per unit build able. Condo minium Sale # 32 is located on the opposite side of Davis Aven ue from the golf course, and is considered to have an inferior view of the g olf course as compared to the subject parcel. Addition ally, this parcel is lo cated much further from the club house and # 1 tee of the golf co urse than the subject. A dju sting this sale upward by 30% for i nferi or golf course view and pro ximity indicate s a value of approximately $10,200/unit for th e subject parcel. Considering the fact that D avis A venue is a majo r arterial, it is not surprising that this sale sets the lower limit of value for the subject. Considering the data and analysis presented, the subject parcel should reasonably be anticipated to achiev e a v alu e n ear the $12,000 per u nit buildable level. This develops the followin g Fee Simple estimate of market valu e for subject Parcel # 3 as of May 29, 1991: 24 Units Bu ildable x $12,000/Unit = $288,000 D iscou nted at 11% fo r a two year marketing period develops the following: $288,000 @. 8116 = $233,747 Say - $234,000 TWO HUN DRED THIRTY FOUR THOUSAN D DOLLAR S ***$234,000*** REAL ESTATE CONSU LTING GROUP, INC. • 86 GOLF COURSE EX CHANGE PARCELS topography, the parcel is considered to have sufficient land area and desirable property characteristics which will allow for development to its Highest and Best Use. The parcel is marginally to heavily wooded throughout the site area and offers good privacy potential and appeal. Soils conditions appear to be typical of the immediate area, comprised of a sandy/gravelly soil, with several large rocks noted on the parcel, as well as in the general vicinity. While no developmental restrictions due to soils conditions are known to exist, no soils tests have been provided to Real Estate Consulting Group, Inc. regarding the subject, or any other property(s) in the area. UTILITIES AND EASEMENTS From my investigations, the subject parcel has public electricity, sewer, water and telephone service available to it along Reedy Lane. A Preliminary Title Report on the subject parcel has not been provided to Real Estate Consulting Group, Inc., however, no known easements are believed to exist which would adversely impact the development of the parcel to its potential Highest and Best Use. Additionally, it is typically the desire of utility companies to allow for the greatest possible flexibility when initiating feeder distribution lines so that no developmental restrictions result. This possible limitation is noted, and should be verified if of further concern. ACCESS AND VIEW The subject parcel has developed paved road access via Reedy Lane, which connects with Davis Avenue to provide year around access to downtown McCall, and the Interstate Highway System. Stated road access is publicly maintained by the City of McCall. Clements Road is a gravel surfaced roadway and borders the parcel along its western boundary line. This roadway is not developed past the intersection of Aspen Alley; however, the right-of-way is acquired and is available for future development to Wooley Way. As indicated, the subject parcel overlooks the western boundary of the fairway of the l lth hole and golf green of the McCall Municipal Golf Course. Therefore, while the parcel is not physically located on the golf course, the parcel does offer a potential view of the golf course through development of the site, which would typically find good appeal and marketability in the marketplace. REAL ESTATE CONSULTING GROUP, INC. ®75 GOLF COURSE EXCHANGE PARCELS DESCRIPTION OF IMPROVEMENTS The parcel is unimproved as of the date of this analysis. REAL ESTATE CONSULTING GROUP, INC. ®76 GOLF COURSE EXCHANGE PARCELS TAKEN BY o TK SUBJECT PHOTOGRAPH; PARCEL #3 MAY 29,1991_ View of subject Parcel # 3 looking east from the corner of Reedy Lane and Clements Road. TAKEN $Y: _X SUBJECT PHOTOG 1'� AP I; 'A '' Chi # 3 MAY 29 9911 View of the west side of the subject parcel # 3 looking south along Clements Road. REAL ESTATE CONSULTING GROUP, INC. 0 77 GOLF COURSE EXCHANGE PARCELS TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 3 MAY 29, 1991 View from the corner of Clements Road and Aspen Alley looking south along the west property line of the subject parcel. TAKEN Y: TK SUBJECT PHOTOGAPH; PARCEL # 3 MAY 29, 1991 View of the north end of Parcel # 3 looking south from Reedy Lane. REAL ESTATE CONSULTING GROUP, INC. e 78 GOLF COURSE EXCHANGE PARCELS TAKEN 1 Y: TX SUBJECT PHO?OGRAPi ; PARCEL # 3 MAY 29, iil9j/ 1 View of Parcel # 3 looking southwest from the club house access road and Driven Fairway TAKEN Yo TX SUBJECT PHOTIGRAPH; PARCEL , 3 MAY 299 L99 View of the northeast corner of the parcel looking south from the club house access road° tri • M o 0 7. O ', [p\J ® re) ' 1 t P a CinD 0 O O C Z PI 1 i REEDY Clements Goodwin z SPRUCE ST. Y Qz N 1/16 189.x° AVE— 6 a' ;4 ZLS.38 ' Zoo w cr ao 0 b z S 89° 49' 09" E 385.92' Lot /, B/k. 5, Timber/ost 1Z" Book 7, Page 20 of Plats PARCEL 96.84' N 89° 49109“ W aw�P�/ 6y cw� Rem (•I.• Gr... Me. °CO/YMOM 1M Plat Map REAL ESTATE CONSULTING GROUP, INC. REAL ESTATE APPRAISERS • INVESTMENT ADVISORS • CONSULTANTS PARCEL # 3 SITE DESCRIPTION CONFIGU . TION AND SIZE As may be noted on the facing plat map, the subject Parcel # 3 is defined as all of that parcel legally described as Lot 1, Block 5, Timberlost V Subdivision, which is a triangular - shaped parcel having frontage on two public rights -of -way. While it is not the intent of the parties involved to include the entire parcel, as described above, for consideration in the exchange contemplated, the exact area required for exchange is not specifically known at this time, and thus, requires that a unit value of the whole be established so that a portion of the total can then be separated for exchange purposes. This is considered a reasonable approach because portions of the parcel arbitrarily separated from the whole, should not be expected to have a differing Highest and Best Use, and therefore, a portion of the property split off from the whole at a later point in time can reasonably be expected to take on the unit square foot value of the whole. The parcel, as legally described, has frontage on Reedy Lane along its northern boundary which extends a distance of approximately 385.92 feet from the right-of-way of Clements Road, to the north east corner of the parcel. The western boundary line of the parcel extends a distance from the Reedy Lane right-of-way of 589.83 feet, to a point at the southwest end of the parcel. The southern boundary of the site extends a distance of 96.84 feet. The eastern property boundary jogs twice from the southeast corner of the property to the northeast corner of the property, as may be noted on the facing plat map. As described, the land area within Parcel # 3 will be analyzed to contain approximately 2.970 acres, or 129,373 square feet. TOPOGRAPHICAL CHARACTERISTICS Based upon a physical inspection, the subject parcel is level to sloping near street grade with Reedy Lane and Clements Road, but slopes up to a ridge area paralleling the western boundary line of the parcel where it then slopes steeply to the western property line, which is approximately 20 to 30 feet above grade with the 11th hole of the McCall Municipal Golf Course. While the subject parcel is triangular in shape and has areas of steeply sloping REAL ESTATE CONSULTING GROUP, INC. • 74 GOLF COURSE EXCHANGE PARCELS HIG HEST AN D BEST USE In common appraisal practice, the concept of highest and best use represents the premise upon which a value estimate is based: The highest and best use of a specific parcel of land does not depend on subjective analysis by the property owner, the de veloper, or the appraiser; rather, highest a nd best use is shaped by the competiti ve forces within the market where the property is lo cated. Therefore, the a nalysis and interpretation of highest a nd best use is an econo mic study of market forces focused on the subject property. Market forces also shape market value. The ge neral data that are c ollected a nd an alyzed to estimate property value are also used by the appraiser to f orm ulate an o pinion of the property's highest and best use as of the appraisal date. In all val uation assignments, value estimates are based on use . The highest and best use of pr operty to be appra ised provides the foundation for a thorough investigati on of the _ co mpetitiv e positions of market participants. Conseque ntly, highest and best use can be described as the fou ndation on which market val ue rests.8 The determin ation of highest and best use is the result of the appraiser's j udgment and analytical skill. The reader is cautio ned, however, that highest and best use of a property is n ot necessarily its mo st likely u se. Furthermore, the use determined from analysis represents an opinion, no t always a "fact" to be foun d. Highest and best use can be defined as: That reasonable an d probable u se that will suppo rt the highest present value as of the effective date of the appraisal. Alternatively, that u se, from amon g reasonably probable and legal alternative uses, foun d to be physically possible, appropriately supported, financially feasible, and which results in the highest present land valu e.9 The defin ition immediately above applies specifically to the highest and best u se of undeveloped land. It is to be recognized that in cases where a site has existin g improvements on it, the highest an d best u se may very well be determined to be different from the existing u se. The existin g u se will con tinue, howev er, unless and until land valu e in its highest and best u se ex ceeds the total v alue of the property in its existing use. 8The Appraisal of Real Estate, Eighth Edition, American Institute of Real Estate Appraisers, 1983, p. 270. 9The Appraisal of Real Estate, p. 214. REAL ESTATE CONSU LTING GROUP, INC. • 68 GOLF COU RSE EX CHANGE PARCELS In practical application, the determination of highest and best use of a pr operty is an alyzed, b oth as vacant, and as currently improved, subject to the following f our criteria: "The highest a nd best use must be 1) physically possible, 2) legally permissible, 3) fin ancially feasible, and 4) maximally pr oducti ve." 10 1. Physically Possible: Co nsiders what uses are possible or are prohibited for physical reasons. Elements such as size, shape, assemblage, soil, top ography, grading, and availability of utility hook-ups are considerations in this realm. 2. Legally Permissible: Considers what uses are p ossible in terms of such c onsideratio ns as laws, codes, enviro nmental regulations, l ong term leases, deed restrictions, and the possibility of chan ges in zon ing. 3. Financially Feasible: Considers, among uses that meet the first tw o crit eria, which uses are likely to produce an income or return greater tha n the amou nt needed to satisfy operating ex penses, finan cial obligations, and capital amortization. All uses that are ex pected to provide a positive return are regarded as financially feasible. 4. Maximally Productive: Considers which use, among the feasible uses, will produce the highest n et return or the highest present worth.11 The number of property uses are usually limited by the market to a few logical choices. Each of tho se choices is then analyzed according to the above criteria, con sidered in seq ue nce. Only when a possible u se meets a lower lev el criterion should con sideratio n progress to the ne xt level . Following is my opinion of the Highest and Best U se of Parcel #2. HIGH EST AN D BEST U SE, AS VA CAN T The subject parcel is approx imately one half acre in size an d has an elongated, rectangular shape, with some n arrowing of the parcel at the parcel's east en d. As such, the parcel's physical characteristics are considered to be so mewhat limiting to the potential use of the parcel, of those use s which might be con sidered as of appraisal date. The subject parcel is located within the Mediu m Density Residential Zonin g District B, within the City Limits of McCall. As discussed in the Zon ing Section of the report, the 10The Appraisal of Real Estate, p. 274. 11The Appraisal of Real Estate, pp. 274-276. REAL ESTATE CONSU LTING GROUP, INC. • 69 GOLF COU RSE EXCHANGE PARC ELS average minimum lot size in this zo ni ng classificati on is the same as District A, or 10,000 square feet . Co nsidering such, it w ould appear that the s ubject parcel c ould the or etically only be developed with tw o si ngle family residential l ots withi n this zoning classification, or f our multifamily units, if a higher density use pr oves to be m ore feasible. Howe ver, as discussed above, the configuratio n of the parcel is somewhat limiti ng and may necessarily restrict the improvemen ts orientatio n on the site, which would be more restrictive to a higher density u se. R eason ably considering the parcel's size and narrow c onfig urati on, high density residential use of the site is not one of the uses of the parcel which might reasonably be con sidered as of appraisal date. Additi onally, the feasibility of such a use of the site is qu estionable at this time. While demand for this type property has recently been increasing fro m the obviou s over -supply of ju st a few years ago, available s upply is still believ ed to exceed existing de mand levels as of appraisal date. This is especially so of the more marginal, less desirable sites which are available. Single family residen tial developmen t of the parcel would allow for f urther subdivision of the parcel in to two (2) single family residen tial building sites of arou nd 10,000 sq uare feet each. Con siderin g the n arrowness of the parcel and available access off of Wooley Drive alon g the southern border of the parcel, improv ement sitin g would appear to be much m ore conducive to sin gle family residential development. While a multi -family project could be orien ted to ward Wooley Way, the desirability of bein g located on the golf co urse would be substan tially diminished. Therefo re, co nsidering the above factors and conditions, it is my o pinion that the Highest and Best U se of the parcel as of appraisal date, is for subdivision of the parcel in to two single family residential buildin g sites. REAL ESTATE CONSULTING G ROUP, INC. • 70 GOLF COURSE EXCHANGE PARCE LS PA RCEL VALUATION Not all of the comparable sales presented ha ve been directly compared to the subject parcel in developing an opi nio n of this parcel's market value. H owever, where applicable, all have contributed in the development of reasonable adjustments and estimates, which in turn have been facto red into the analysis presented. Comparable Sale #'s 1, 4, 5, 10, and 13 were con sidered to be the best direct comparison to the s ubject p arcel, of all the sales co nsidered in the an alysis, in developing retail lot values for the two lots which are possible for dev elo pment within the parcel. These sales develop the following time adjusted sq uare foot value indicatio ns, before making any additio nal adjustments which may be req uired for various differences in property features between the subject and the comparables . Sale # 1 $3.02/SF Sale # 4 $3.43/SF Sale # 5 $3.96/SF Sale # 10 $3.92/SF Sale # 13 $2.61/SF The abov e time -adjusted go lf co urse lo t sales range in value from a low of $2.61 per square foo t to a high of $3. 96, with a general trending between $3.50 a nd $4.00 per sq uare foot. All of the five sales presen ted so ld in 1990, except one which sold at the beginning of 1991, in dicating an active market for golf course fronting recreational sites to this poi nt in time. The upper end of the squ are foot value range is represen ted by Sa le #'s 5 and 10 which are woo ded golf course lo ts of 10,000 + square feet in size. Sale # 5 has reasonably level topography and frontage on the fairway of the 11th hole, which is con sidered to be superior to that offere d by either of the two subject lots. Comparable Sale # 10 is a slopin g parcel, but also has generally superior golf course frontage as compared to the su bject. These lots are believed to set the upper end squ are foot v alue limit for the subject parcel, as divided in to two in dividual lots. The lower end of the squ are foot value range is depicted by a larger than normal golf course lot (Sale # 13), which has an irregular shape and low level to sloping to pography. This lot also has fro ntage on the golf green of the 10th hole, similar to the subject parcel, but the sale parce l is considered to have a superior view amenity of the green. Comparable Sale # 13 is a larger lot with low level topography in portion s of the site area. As such, this sale is believed to set the lower limit of squ are foot value for the subject parcel. REAL ESTATE CONSU LTIN G GROUP, INC. • 71 GOLF COU RSE EXCHANGE P ARCE LS The upper middle end of the range is represented by Sale # 4, which is l ocated j ust n orth of the subject parcel and offers a slightly superior golf course view ame nity as that available to the west end of the parcel. This sale included the purchase of two golf course l ots to a single pu rchaser, a nd therefore should be a fair representatio n of the anticipated disco unt which might be expected for the subject parcel. Howe ver, the subject parcel act ually has an in ferior shape as compared with this c omparable, and the east end of the s ubject parcel is an inferior lot as compared with the tw o fro nting lots within the s al e property . Co mparable Sale # 1 is physically located across fr om the west end of the subject parcel and is slightly larger than the average lot anticipated from the subdivision of the s ubject parcel. Addition ally, like the subject parcel, this l ot is substantially below grade with surrounding roadways. Therefo re, Comparable S ale #1 is considered a fair indication f or the square fo ot value an ticipated for the subject parcel. Based on the foregoing discu ssion and analysis, it's my opi nion that the s ubject parcel wou ld likely be developed with two single family residential golf co urse lots which would requ ire a simplified subdiv ision of the parcel. It is possible that a single user would purchase the lot fo r the purpose of having an oversized lot, similar to the planned use of Comparable Sale # 4, bu t such use is less likely to occur because of the subject parcel's elo ngated shape . As such, mo st con sideration in dev eloping an opinion of value for the subject parcel is given to the indication of value represen ted by Comparable Sale #'s 1 and 4, with additio nal support from the other sales presen ted. This develops the following estimate of market value in Fee Simple Title for su bject Parcel # 2, under the con dition s set fo rth abo ve, as of May 29, 1991: 21,257 Square Feet x $3.25/SF = $69,085 Co nsiderin g the practical reality that the parcel is e ncu mbered with a cart path easement which a ffects its market appeal, and that Eagle Drive divides the parcel effectively redu cing its area by approximately 1,898 square feet, a square foot value at the lo w end of the ran ge of the comparables presen ted is believed most applicable under these circumstances. This develo ps the following estimate of market v alu e in Fee Simple Title fo r subject Parcel # 2, unde r the con ditio ns set forth above, as of May 29, 1991: 19,359 Squ are Feet x $2.65/SF = $51,301 Because of the un ique circumstances surrounding this appraisal assignment relative to the contemplated land trade, as has been discussed herein, the value for subject Parcel # 2 is REAL ESTATE CONSULTING GROUP, INC. • 72 GOLF COURSE EXCHANGE PARCELS estimated in a range of value from $51,500 to $69,000 . If this parcel were market ed t oday, consideri ng all relative pr operty features which e xist, the lower end of the value range would be most applicable to th e parcel's m ost likely and achievable value in the marketplace. Without any co nsiderati on to the cart path easement and the existence of Eagle Drive, the upper en d of the value ra nge, as depicted above, is the most reasonable estimate of value for the subject parcel as of the valuati on date. Theref ore, the val ue of Parcel # 2 is most reasonably seen in a range, depe nding on the condition (s) which are c onsidered applicable by the parties to the lan d exchange. REAL ESTATE CONSU LTING GROUP, INC. • 73 GOLF COURSE EXCHANGE PARCE LS UTILITIES AND EASEMENTS From my investigations, today the subject parcel has public electricity, sewer, water and telephone service available to it along Wooley Way and Eagle Drive. While a Preliminary Title Report on the subject parcel has not been provided to Real Estate Consulting Group, Inc., known easements of record include a cart path access in favor of the city. The cart path traverses almost the entire parcel from one end to the other, providing golfers access between the 10th and the 11th holes of the golf course. Additionally, it is typically the desire of utility companies to allow for the greatest possible flexibility when initiating feeder distribution lines so that no developmental restrictions result. This possible limitation is noted, and should be verified if of further concern. At the request of the client, no consideration is given to the location of the existing cart path easement, as it can theoretically be re-routed over the parcel to allow for development of the parcel to its Highest and Best Use. However, from a practical standpoint, a cart path easement through, or fronting a parcel, is less than desirable as compared with those parcels which do not have such an easement. ACCESS AND VIEW The subject parcel has developed road access via Eagle Drive off of Wooley Way, which connects to Davis Avenue providing year around access to downtown McCall and the Interstate Highway System. Stated road access is publicly maintained by the City of McCall. As indicated, the subject parcel borders the golf course along its east and west boundaries offering frontage on the tee box of the 11th hole, and adjoins the green of the 10th hole (albeit substantially below the elevation of the green) of the McCall Municipal Golf Course. However, while the parcel does offer golf course frontage, said frontage is not as desirable as other golf course lots which have superior orientation and topography in relationship to the golf course. Therefore, the subject parcel would not be expected to achieve the price levels of the majority golf course lots analyzed in this analysis. REAL ESTATE CONSULTING GROUP, INC. • 63 GOLF COURSE EXCHANGE PARCELS DESCRIPTION OF IMPROVEMENTS The parcel is unimproved, with the exception of utility extensions and Eagle Drive which bisects the parcel. At the request of the client, the existence of Eagle Drive has not been considered within the scope of this assignment. Therefore, the parcel is being valued as though vacant, prior to the removal of any trees and natural habitat which were removed to allow for the development of the above noted roadway. REAL ESTATE CONSULTING GROUP, INC. • 64 GOLF COURSE EXCHANGE PARCELS TAKEN o T1( SUBJECT PHOTOGRAPH; PARCEL :112 MAY 299 1991 View of subject Parcel # 2 from the tee box of the 11th hole looking east along Wooley Way. TAKEN 3Y TK SUII>UECT PHOTOGRAPH; PARCEL # 2 MAY 299 199 View looking west of the east end of subject parcel # 2 from Wooley way. Note: Eagle Drive bisecting ?arcel # 2 and connecting with Wooley Way. REAL ESTATE CONSULTING GROUP, INC. 0 65 GOLF COURSE EXCHANGE PARCELS AKEN BY `1�K SuirJIEC 1T PHOTOGRAPH; PARCEL # 2 MAY 299 View 1ooldng south toward Eagle Drive over Parcel # 2 from Lot 14. 991 OAKEN 1E1( TK SUBJECT PHOTOGRAPH; PARCEL # 2 MAY 29, 1991 View from Lot 14 over Eagle Drive toward the east end of the subject parcel. Note: Sloping topography up to the 10th green on the left side of photograph. REAL ESTATE CONSULTING GROUP, INC. a 66 GOLF COURSE EXCHANGE PARCELS L A EN B: TK SUB:ECT PHOTOGRAPH; PARCEL 2 MAY 299 1991 View of cart path over Parcel # 2 through the approximate center of the parcel. View taken looking west from Eagle Drive; Wooley Way on left side of photograph. TAKEN Y: TK SUBJECT PHOTOGRAPH; PARCEL # 2 MAY 299 1991 View of areel r 2 looking southwest toward the tee box of the 11th hole. PARCEL # 2 SITE DESCRIPTION CONFIGURATION AND SIZE As may be noted on the facing plat map, subject Parcel # 2 is a rectangular parcel of irregular shape. According to the legal description provided by the client, the parcel contains about 0.488± acres (21,257 ± sf). It is noted that the parcel's legal description includes the right-of-way of Eagle Drive. At the request of the client, this analysis is based on the parcel's size and condition prior to the development of Timberlost VI Subdivision. However, from a practical standpoint, the parcel's size is realistically less than the described area, by the right- of-way of Eagle Drive. The parcel's southern boundary is approximately 335 feet in length along Wooley Way and is widest at its western end (74.73 feet) where it fronts the tee box of the 11th hole. The parcel averages this width (74.73 feet) for most of its length, but narrows at the eastern end of the parcel to about 34 feet in width at its narrowest point. As indicated, the land area within the Parcel # 2 contains approximately 0.488 acres, or 21,257 square feet. Removing the area of Eagle Drive reduces the parcel's area to approximately .444 acres, or 19,359 square feet. TOPOGRAPHICAL CHARACTERISTICS Based upon a physical inspection, the subject parcel is level near grade with the 1 lth tee box, but slopes gently up to the base of the 10th green of the golf course at the parcel's eastern end. As developed, the parcel is substantially below Wooley Way and would require a sloped drive from the parcel to Wooley Way for access, similar to the way in which Eagle Drive was developed. The parcel has a light to medium tree cover, and offers a limited golf course view due to its low lying topography below the 10th green, and its overall site orientation to the golf course fronting the 11th tee box. Soils conditions appear to be typical of the immediate area, comprised of a sandy/gravelly soil, with several large rocks noted on the parcel, or in the general vicinity. While no developmental restrictions due to soils conditions are known to exist, no soils tests have been provided to Real Estate Consulting Group, Inc. regarding the subject, or any other property(s) in the area. REAL ESTATE CONSULTING GROUP, INC. • 62 GOLF COURSE EXCHANGE PARCELS HIGHEST A ND BEST USE In common appraisal practice, the concept of highest and best use represe nts the premise u po n which a value estimate is based: The highest and best use of a specific parcel of la nd d oes not depend on subjective analysis by the property ow ner, 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 interpretati on of highest and best use is an economic study of market forces foc used on the subject pr operty . Market forces also shape market value. The general data that are collected and an alyzed 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 valuati on 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 _ competitiv e po sition s of market participants. Conseq uently, highest and best use can be described as the fou ndation on which market value rests.4 The determination of highest and best use is the result of the appraiser's j udgment a nd analytical skill. The reader is caution ed, however, that highest and best use of a property is not necessarily its most likely u se. Furthermore, the use determined from analysis represents an opinion , no t always a "fact" to be found. Highest and best use can be defin ed as: That reason able and pro bable use that will su pport the highest present value as of the effective date of the appraisal. A ltern atively, that u se, from amon g reasonably probable a nd legal alternative uses, foun d to be physically possible, appropriately supported, financially feasible, and which resu lts in the highest presen t land value.5 The definition immediately above applie s specifically to the highest and best use of u ndeveloped land. It is to be recogn ized that in cases where a site has existin g improvemen ts on it, the highest and best use may v ery well be determin ed to be different from the ex isting use. The existing u se will contin ue, ho wever, unless and until land value in its highest and best use ex ceeds the total valu e of the property in its ex istin g use. 4The Appra isal of Real Estate, Eighth Edition , American Institute of R eal Estate Appraisers, 1983, p. 270. 5The Appraisal of Real Estate, p. 214. REAL ESTATE CONSU LTING G ROU P, INC. • 53 GOLF COURSE EXCHANGE PARCELS In practical applicatio n, the determi natio n of highest and best use of a pr operty is an alyzed, both as vacant, a nd as curre ntly improved, s ubject to the following four criteria: "The highest and best use must be 1) physically possible, 2) legally permissible, 3) finan cially feasible, and 4) maximally pr oductive."6 1. Physically Possible: C onsiders what uses are possible or are pr ohibited for physical reasons. Elements such as size, shape, assemblage, soil, top ography, grading, and av ailability of utility hook-ups are considerations in this realm. 2. Legally Permissible: Considers what uses are possible in terms of such considerations as laws, codes, e nviro nmen tal regulations, long term leases, deed restrictio ns, and the possibility of chan ges in zoning. 3. Financially Feasible: Con siders, amon g uses that meet the first two criteria, which uses are likely to produ ce an in come or return greater tha n the amount needed to satisfy operatin g expenses, financial obligations, and capital amortization. All uses that are ex pected to pro vide a positive return are regarded as financially feasible. 4. Max imally Productive: Considers which u se, among the feasible uses, will produce the highest net return or the highest present worth. 7 The nu mber of property uses are usually limited by the market to a few logical choices. Each of those cho ices is then an alyzed acco rding to the abov e criteria, considered in seque nce . Only when a possible use meets a lower lev el criterion should consideration progress to the next level. Following is my o pinion of the Highest and Best Use of Parcel #1. HIG HEST AND BEST USE, AS VACANT While the subject parcel is appro ximately two acres in size, its irregu lar shape and sloping topography will likely reduce its dev elopability, at least from the po in t -of -view of the ease of site utiliz atio n . As discussed in the Site Description Section preceding, the parcel's shape is in the form of a lazy "Z", thus the configuration of the parcel is believed to offer less than o ptimal utility fo r site maximization. However, it shou ld be recognized that thro ugh den sity tran sfer, some of the awkwardn ess of the parcel's configuration will be minimized, if 6The Appraisal of Real Estate, p. 274. 7The A ppraisal of Real Estate, pp. 274-276. REAL ESTATE CONSU LTING GROUP, INC. • 54 GOLF COURSE EX CHANGE PARCELS not e ntirely eliminated. Nonetheless, the parcel's c onfiguration is considered to be a limiting property ch aracteristic which will likely be recognized in the marketplace, and adj usted accordingly by market participants as comp ared with less restrictive competing parcels available for purchase. The subject parcel is withi n the Medium De nsity Residential Z oning District B within the City Limits of McCall. As discussed in the Zoni ng Secti on of the report, the a verage minimum lot size in this zoning classification is the same as the A District, or 10,000 square feet. Since the subject parcel is subst antially larger than this minimum, it may reasonably be ex pected that the parcel will be developed to a higher de nsity than other parcels which are under this minimum size requirement within this z oning classificati on. H owever, as discussed above, the con figuration of the parcel is a limiting pr operty featur e, a nd this is magnified by the parcel's moderately sloping topography. Based on the size of the parcel, a density of appro ximately 15 units is possible within the B Zo ning D istrict. Considering the poten tial for a three level design, a fo ot print is possible on the west end of the site that would allow fo r a buildi ng of sufficie nt size to house approx imately 15 units. The excess site area not required for the buildi ng f oot print could be utilized fo r required parking, as well, there appears to be enough additional site area at the east end of the parcel to allow fo r a tenn is court. While the configuration of the parcel is certain ly awkward, it is non etheless possible. Considering such, the parcel appears capable of dev elopmen t to a poten tial level achievin g site maximization u nder the legal limitati ons of its design ated zon in g classification. Based on the parcel's size, zon ing, an d its location in a recreational settin g fronting on the McCall Municipal Golf Course, high density residen tial u se of the site is considered one of the po ssible uses of the parcel as of appraisal date. D emand for this type property has recen tly been increasin g from the obvious over -supply of just a few years ago. However, based on my recent ana lysis of this market, av ailable supply (land) is still believed to exceed existing demand levels as of appraisal date. A nother po ssible u se of the parcel is for fu rther subdiv ision in to approx imately five (5) sin gle family residential building sites ranging in size from arou nd 10,000 square feet to about 15,000 squ are feet. Such use of the parcel wou ld requ ire that a small access road be dev eloped alo ng the parcel's sou thern border, in order to provide access to the east end of the parcel. While more lots would theoretically be possible in this size parcel, the parcel's con figuratio n an d access reason ably limit any more lo ts fro m bein g dev elo ped. REAL ESTATE CONSULTIN G GROUP, INC. • 55 GOLF COURSE EXCHANGE PARCELS Based on the sale of g olf course lots in Timberlost VI which have taken place o ver the preceding 12 m onths, the average retail lot value w ould reasonably not exceed $45,000 per lot for the five pote ntially devel opable lots within the s ubject p arcel. After c onsidering the development costs required to de velop these lots, a raw la nd value of approximately $125,000 for the subject parcel is indicated. This value represents an average price per square foot of about $1.50 for the subject parcel, which is substantially lower than the low end of the squ are foot price ra nge achieved for golf course lots within Timberlost VI Subdivision to date, bu t again, the parcel's irregular shape a nd topography reduces the net developable/u seable area within the parcel. Additio nally, considering the parcel's size and developmen tal con siderations, the square f oot price indicati on is within a reas onable range of the other sales analyzed. - Condominium lot sales with golf course frontage analyzed in this analysis ra nged in price from approx imately $9,300 to $18,000 per developable unit. While the subject parcel offers green frontage, its con figuration is limiting for the development of necessary site impro vements required to bring abou t a successful project. Therefore, I ha ve estimated a unit value of approximately 25% less than the value demonstrated for golf c ourse fronti ng parcels with green frontage, or $14,000 per u nit. Considering that the subject parcel could be develo ped with approx imately 15 u nits, an indicatio n of the parcel's value under the stated plan fo r Highest and Best U se would be approx imately $210,000. Considering the lack of effective deman d at the cu rren t time, a marketing period from one to two years for a con dominium site must not be o verlooked in the an alysis of the s ubject parcel's Highest and Best Use. If the mo re optimistic one year marketin g time were utilized, the present value of the parcel as a condominium site would be approximately $189,000, at an 11% discoun t rate; a two year marketing time indicates a valu e of $170,000. The two year ma rketin g time period is certainly the more reason able estimate to rely upon in dev eloping this opin ion , and the practical reality is that it could be longer. Even thou gh con dominium develo pment of the parcel will require a longer marketing time, through density tran sfer, the limited u tility of the parcel due to its awkwa rd configu ration beco mes less impactin g. As a resu lt, the n et value achievable appears greater throu gh this type of developmen t. REAL E STATE CONSULTING GROUP, INC. • 56 GOLF COURSE EXCHANGE PARCELS Therefore, consideri ng the abo ve factors and co nditi ons, it is my opinion that the Highest and Best Use of the parcel as of appraisal date is f or the developme nt of 15 c ondominium units overlooking the 12th green of the McCall Municipal Golf Course. REAL ESTATE CONSU LTING GROUP, INC. • 57 G OLF COURSE EXCHANGE PARCELS P ARCEL VAL UATION N ot all of the c omparable sales presented have been directly c ompared to the subject site in developing an opini on of this parcel's market value. H owever, where applicable, all have co ntributed in the developme nt of reasonable adj ustments a nd estimates, which in turn have been factored into the analysis presented . C omparable C ond omini um Sale #'s 30, 31, and 32 were considered to be the best direct c omparison to the subject parcel in developing an estimate of value, of all the sales considered in the analysis . These sales develop the following time adju sted per unit buildable value i ndications, before making any additio nal adju stments which are requ ired for vari ous differences in property features between the subject and the comparables. Sale # 30 $15,890/Unit Sale # 31 $6,000 to $18,000/Unit Sale # 32 $7,140/Unit The abov e time -adjusted condominium sales with golf course influence, ra nge in val ue from a low of $6,000 per u nit buildable, to a high of $18,000 per unit. The upper en d of the per unit valu e range developed is represented by golf co urse con dominiu m parcels having fron tage on a fairway or a golf green. The lower end of the per unit value range is represented by a non -frontin g golf course parcels which have proximity to the golf co urse. While the su bject parcel fronts the golf course, its configu ration and topography are limiting to its develo pability. Ho wever, from my analysis of the parcel, it would appear that 15 units are physically po ssible for developmen t overlo oking the 12th green of the McCall G olf Course. On site amenities such as a tennis court may be po ssible on this parcel, but will necessarily be located away from the impro vements due to the parcel's awkward con figuration, thu s, some reduction in the parcel's desirability must be recogn ized in the marketplace. Furthermore, while the client has requested that the cart path easement through the parcel be ignored for valuation pu rposes, the practical reality is that su ch an easement further reduces the desirability of the parcel in the marketplace as it obviou sly reduces the privacy and appeal of the parcel. REAL ESTATE CONSULTING GROUP, INC. • 58 GOLF COURSE EXCHANGE PARCELS \ M, m' a Condomini um Sale # 30 is located fronti ng the golf course near the tee box of the 7th golf hole with distant view of the 6th golf green. The golf course view offered at this l ocation is considered slightly inferior to the golf course view e njoyed by the subject parcel; however, as discussed, the subject has an awkward configuratio n which will not only increase its developmen t costs, b ut will als o reduce its marketability. The subject parcel does ha ve ex cellent proximity to the golf co urse club h ouse, and the # 1 hole of the golf course, which are con sidered to be superior attrib utes as compared to this sale . Adjusting the sale property down by 10% for the net difference between the view offered an d the subject's awkward configuration res ults in an indication of the per unit val ue for the subject parcel of approximately $14,500 Condomin ium Sale # 31 consists of several c ondomini um site sales demonstrating the fu ll ran ge of v alu e for golf course fronting parcels a nd non -fro nti ng parcels alike. The parcels within this sale a re located fron ting the golf co urse near the 13th fairway and also within the Aspe n Village Condomin ium Project. Interestingly, the upper and l ower end of the depicted value range set forth by the comparables presented ar e f ully represented within this sale. The individual sale parcels within this comparable which best bracket the value of the subject parcel are the parcel's kn own as Group J @ $8,000/unit and Group P @ $18,000/unit, as the later parcel fro nts on the 13th green of the McCall Go lf Course. Since Group J d oes n ot offer a view of the golf course, it requires an upward adju stment of approximately 65%; howev er, a downward adjustmen t of 25% for su perior parcel con figu ration results in a net upward adju stment of 40% , or a value indication for the su bject parcel fro m G roup J of approximately $13,300/unit. Grou p P, as indicated, fron ts the green of the 13th hole of the McCall Mun icipal G olf Course. Adjusting this compa rable do wn ward by 25% for su perior parcel con figu ration indicates a value fo r the subject parcel of $14,400 per unit buildable. Condominiu m Sale # 32 is located on the opposite side of D avis A venu e from the golf cou rse, an d is considered to have an inferior view of the golf cou rse as compared to the su bject parcel. Additionally, this parcel is located much further form the clubhouse and # 1 tee of the golf co urse than the subject. However, this parcel also has a su perior configuration as compared with the subject parcel and requ ires a downward adjustment of 25% fo r this REAL ESTATE CONSULTING GROU P, INC. • 59 GOLF COURSE EXCHANGE PAR CELS superi ority. Adjusting this sale upward by a net adjustment of 50% for these differe nces, indicates a val ue of appr oximately $14,250/unit for the s ubject parcel. Considering the data and analysis presented, the s ubject parcel should reasonably be anticipated to achieve a value near $14,000 per b uildable unit. This develops the f oll owing Fee Simple estimate of market val ue f or subject Parcel # 1, based on the conditions discu ssed, as of May 29, 1991: 15 Units Buildable x $14,000/Unit = $210,000 Discounted at 11% for a two year marketing peri od develops the followi ng: $210,000 @.8116 = $170,436 Say - $170,500 Considering the practical reality that the parcel is encumbered with a cart path easement which affects its market appeal, and that the land area from the cart path between the 12th and the 13th holes has been in cluded in the total density achievable for the parcel (si nce by itself this ca rt path area would have a n omin al valu e), the value of the parcel wo uld reasonably be so mething less if these two con siderations were factored into the a nalysis . The ca rt path area contain s approximately 4,250 square feet. While this area by itself is insufficient to provide a buildin g unit within the B Zo ning District, combined with s ubject Parcel # 1 it allo ws for an addition al building un it for the two parcels combined. Therefore, its contributo ry value to the who le is the approximate value of one unit buildable, or $14,000 . The cart path easement is seen as a negativ e property feature which would likely impact the v alue of the parcel accordin gly. I have estimated a 5% downward adjustment for the presen ts of a cart path easement through the parcel. This develops the following estimate of market value in Fee Simple Title for subject Parcel # 1, un der the con ditions set forth above, as of May 29, 1991: Value estimate w/o above noted condition s $170,500 Less: Contributory valu e of cart path land area ($ 14,000) Less: A dverse impact of cart path easement ($ 8,500) Value w/ restriction s an d condition s $148,000 Say $148,000 REAL ESTATE CONSULTING GROUP, INC. • 60 G OLF COU RSE EXCHANG E PARCELS Beca use of the u nique circumstances surr ou ndi ng this appraisal assig nme nt relative to the con templated la nd trade, as has been discussed herein, the value for subject Parcel # 1 is estimated in a ra nge of value fr om $148,000 to $170,500 . If this parcel were marketed today, con sidering all relative property feat ures which exist, the lower end of the value range is most applicable to the value achievable by the parcel in the marketplace. Withou t an y co nsideration to the cart path easeme nt, and including the land area of the cart path betwee n the 12th and 13th h oles of the g olf course, under the concept of density transfer, the upper end of the value range, as depicted above, is the m ost reaso nable estimate of value for the su bject parcel as of the val uati on date. Therefore, the value of Parcel # 1 is most reasonably seen in a range, depending on the condition (s) which are considered applicable by the parties to the land ex change. REAL ESTATE CONSULTING GROUP, INC. • 61 GOLF COU RSE EX CHANGE PARCELS p, 34 97. /2 / 0.224 ?3° 33, r 138.51?°•E // / ! 0.230 DO 14463. E •. /0 .253 8 33'00,E ).18, � r '42 32'oo., E 37' 13 8 8 8 U 8 N. 0' N 0 0 ti 0 • O U) 0 N M a M • co • Subje ct 140 .30' S89°47'23"E h N' V. V- 0 73 Sp ��. /134.7.W 6 c• b /2 2 15.04 • N7 0.228 Z 9° 18'0p7 / 146 95,E W CIS • 5°'/ N. 20/ $ 2/ 10.24 6 N 8p 08" w / 1g2.37' /20 0. 233 N 86°00.00, v110.51' A M 132.05' m I. _ 0.225 N 84'00' o.. W 22.71' 117.2o' • N ti / 0 .207 • N 84 008.60. . W g►28 .88 0' / 17 / 0 2/5 N N 84°06' Sp•' w / 142 .38 • O M CV M 0 �° / /5 / 0 .268 J M N 8s °20'24"w _f /'- 165.49'--� • • / /6 / 0. 255 N 84 ° 06' SO., W / 156.86' M O /4 rn l 0.3/7 /i 175.34' N 89° 53'00 201.70' � Easement in st. No. 87 480 538.86_ WOOL E Y W m id co h I 26' N 8 26.36 ' Y co T ti ati /24 o� • N700./87 8 h' O 5, co 8 126.8,42,°- w !V o- /23 • J X W cam. S 89° 53'00" 122.89 O 27 0.222 S 860 00' 00' E 135.12' 281 in 0.247 ro s 86 °00' 00' E 149.12' . m • 29 / m' S :366 '14 (7-1.01 42'600°•• E 15.30' • 30/Sp•h 0. 25/ �' S86°00'0 141.47' O '1 3// ti P $82°32.10 12.8►' 0 13985• 32 0 .404 y 4t 14 61° cb • N 89° 47' 23" W 1209 .07 _ Z 415.78 1309.16' N z • 0 h 41 h X3 3 i�0 .435 228 .70' ti WA Y � 3 co (0 h • .m.ao....,e •Cwrw o,n.•n Pl at Map REAL ESTATE CO NSULTING GRO UP, INC. RE AL ESTATE APPRAISERS • INVESTMENT AD VISORS • CONSULTANTS TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL #1 MAY 29, 1991 View of subject Parcel # 1 looking southwest from the 12th fairway and temporary green. TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 1 MAY 29, 1991 View of the east end of subject parcel where a portion of the club house parking lot is located. Note: 12th green in distant background. REAL ESTATE CONSULTING GROUP, INC. • 49 GOLF COURSE EXCHANGE PARCELS TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL #1 MAY 29, 1991 View from Fairway Drive looking east at the club house access road through center of parcel. TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL #1 MAY 29, 1991 View of the east end of Parcel 1 looking west toward the location of the new putting green. REAL ESTATE CONSULTING GROUP, INC. ® 50 GOLF COURSE EXCHANGE PARCELS TAKEN 1131{' TIC SUL[ ECT PHOTOGRAPH; ]PARC H s@, I MAY 29, 199 View of Fairway Drive looking south toward the club house access road and Reedy Lane. Subject Parcel # 1 on left side of Fairway five. TAKEN TYo 'X SUBJECT PTHO`Z"OGRAPH; ?ARCM. # J MAY 299 1991 View of the west end of Parcel # 1 looking southeast from Fairway Drive. REAL ESTATE CONSULTING GROUP, INC. ® 51 GOLF COURSE EXCHANGE PARCELS TAKEN BY: TK SUB:ECT PHOTOGRAPH; PARCEL . 1 MAY 299 19(9)11 View of cart path looking west toward the 13th tee box from Fairway Drive. Note: Golf course maintenance shop on left side of photograph bordering cart path. AKEN 3Y: TK SUBJECT PHOTOG I': APH; PARCEL °� " MAY 29 '99T1 View of cartpath looking east toward Fairway Drive from the 13th tee box. REAL ESTATE CONSULTING GROUP, INC. 0 52 GOLF COURSE EXCHANGE PARCELS While the parcel is sparsely w ooded today, prior to the development of the new cl ub house access r oad, the parcel was mod erately to heavily wooded . Soils conditi ons appear to be typical of the immediate area, comprised of a sandy/gravelly soil, with se veral large rocks noted on the parcel, as well as in the ge neral vicin ity. While no developmental restrictions due to soils conditio ns are known to e xist, no soils tests have been provided to Real Est ate Consulti ng Gr oup, Inc. regarding the subject, or any other property(s) in the area. UTILITIES A ND EA SEMENTS From my investigations, the subject parcel has p ublic electricity, sewer, water and telephone service available to it along Fairway Dri ve . While a Preliminary Title Report on the subject parcel has not been provided to Real Estate Consultin g Gro up, Inc., kno wn easemen ts of record i ncl ude a cart path access in favor of the city. Additionally, it is typically the desire of utility companies to all ow for the greatest possible flexibility when initiating feeder distribution lines so that no developme ntal restriction s resu lt. This possible limitation is n oted, an d should be verified if of further concern. At the re que st of the client, no co nsideration is given to the existing cart path easement paralleling the 12th golf hole, as it could theo retically be re-rou ted over the parcel to allow for development of the parcel to its Highest an d Best U se. Howev er, from a practical standpoin t, a ca rt path easement through, or fronting a parcel, is less than desirable as compared with those parcels which do not have such an easement. The land area underlying the cart path easement between holes 12 an d 13 will be considered relative to its contribu tion to the larger parcel under the co ncept of density tran sfer, as discusse d above. It sho uld be recognized, ho wever, that practically speakin g, this land area is not developable and really has limited utility in the marketplace. ACCESS AND VIEW The subject parcel has developed paved road access via Fairway Drive an d Reedy Lane, which co nnects with Davis A venue to provide year around access to downtown McCall an d the Interstate Highway System. Stated road access is publicly maintained by the City of McCall. RE AL E STATE C ONSULTING G ROUP, INC. • 46 GOLF COURSE EXCHANGE PARCELS The s ubject parcel borders alo ng its north bou ndary the fairway and g olf green of the 12th hole of the McCall M unicipal Golf Course . Therefore, the parcel offers both a golf course view and direct proximity to the golf green from the west end of the parcel, which would typically find good appeal a nd increased marketability in the marketplace. REAL ESTATE CON SULTING GROU P, INC. • 47 GOLF COURSE EX CHANGE PARCELS DESCRIPTIO N OF I ;4 ' RO VEMENTS The parcel is improved with the access road to the new clubhouse from Fairway Dri ve, as well as portions of the practice putting green and paved parking area for the clubhouse; ho wever, at the request of the clie nt, these improvements have n ot been considered within the scope of this assignme nt. Theref or e, the parcel is being val ued as if vacant, prior to the remo val of any trees and natural habitat which were removed to allow f or the development of the above noted improvements. REAL ESTATE CONSULTING GROU P, INC. • 48 GOLF COURSE EXCHANGE PARCELS PARCEL # 1 SITE DESCRIPTION CONFIGURATION AND SIZE As may be noted on the facing plat map, the subject parcel is an irregularly -shaped parcel forming the shape of a lazy "Z". Because of the parcel's irregular shape, maximum utility would initially appear difficult to achieve. According to the legal description provided by the client, the parcel contains about 2.365± acres (103,019 ± sf). However, this legal description includes the right-of-way of both Reedy Lane and Fairway Drive. Also included in this legal description, is the land area underlying the cart path easement between the 12th and the 13th golf holes of the McCall Municipal Golf Course. Discussions with the City of McCall, together with documentation which they have provided, indicates that the city has been deeded the right-of-way, by the Timberlost V Home Owners Association, of Reedy Lane from Clements Road to Fairway Drive, as well as the right-of-way of Fairway Drive from Reedy Lane to Timberlost V Subdivision. Thus, for purposes of this analysis, the area of this right-of-way has been deducted from the land area set forth in the legal description provided by the client for Parcel # 1. As such, the land area within the public right-of-way of Reedy Lane and Fairway Drive as originally included in the legal description of Parcel 1, has been calculated at approximately 19,819 square feet. This area (19,819 sf) does not include the land area with the cart path easement between golf holes 12 and 13. Thus, the land area underlying this cart path will also be included in the valuation of Parcel # 1, since it was originally a contiguous part of the parcel. After deducting the street right-of-way, as described above, Parcel # 1 will be analyzed to contain approximately 1.910 acres, or 83,200 square feet. TOPOGRAPHICAL CHARACTERISTICS Based upon a physical inspection, the subject parcel is level to sloping, following the contour of the topography of the 12th fairway and green on the McCall Municipal Golf Course. The parcel is reasonably level along the frontage of Fairway Drive at its western boundary, but slopes moderately to a level area at the east end of the parcel. Due to the irregular shape and sloping topography of the parcel, the subject parcel is considered to have some limiting property characteristics. REAL ESTATE CONSULTING GROUP, INC. • 45 GOLF COURSE EXCHANGE PARCELS Followi ng are the specific analyses of each of the parcels u nder appraisement. Each parcel has been analyzed separately fr om this point forward, in order to provide the reader with an in dividualized val uati on and discussion of the property characteristics which are partic ularly relevant to each parcel appraised . 6u. REAL ESTATE CONSU LTING GROUP, INC. • 44 GOLF COURSE EXCHANGE PARCELS 59N 58I! 57N w Gr D R'UND^,CE IJTN . RD. PATETTE LAX COTTAGE SITE "THE GARDEN ORUNDAGE d Tri. RD CE DAR O; Ev"O LL ACRES iC . \o Z5 �. eaEAQ v SUB I— a LAKE ms� j, �•• RC Ocoz7mtrzarr 1o7' : 'co 350 II DONN Y !2 5 co -Oit45 Stoo ns`' Poi nt 6260 ki . 9' t 2. 21 R. REM', ESTAT E CONSULTING GROUP Valley FARMS WITH SALES OF $10,000 & OVER Farms by Size (Acres) Principal Occup atio n of Operator 1982 1987 1982 1987 Under 10 3 4 Farming 41 3 6 10 to 49 2 Other 1 8 1 6 50 to 179 10 14 180 to 499 1 2 8 500 to 999 1 1 1,000 & Over Value of Land & Buildi ngs 1982 1987 9 Avg. Value Per - $952,071 $363,176 Farm 21 1 7 Avg. Value Per $544 $436 Acre MISCELLANEOUS M otor Vehicles Registered 1980 1988 Cars a nd Pickups 6,403 7,979 Other 1,147 490 Per Capita Total Vehicles 1 .35 1.23 Driver's & Ch auffeurs Licens es 1980 1988 4,923 5,669 City Po pulation Changes City 1970 1980 1986 (est.) Casca de 833 945 1,070 Donnelly 114 1 39 21 0 McCall 1,758 2,188 2,670 Idaho Department of Commerce 700 W. State Stre et, Bois e, Idaho 83720 (208) 334-2470 IDC 90-01 10 220 1. 1M Valley VI.. AGRICULTURE SUMM ARY DATA - ALL FA RM S Inventory: Farms, Cro pland, & Livesto ck 1 9 8 2 1 9 8 7 Total Number, All Farms 126 11 3 Total Acres in Farms 1 1 4,1 7. 4 81 ,8 1 9 Avg. Farm Size (acres) 9 0 6 72 4 Total Farms in Crops 8 8 8 0 Total Acres in Crops 19,962 20,639 Cattle and Calves Inv entory 15,284 10,538 Hogs and Pigs Inv entory 1 6 1 5 Farms by Size (A cres) Under 10 4 9 10 to 49 29 19 50 to 179 3 1 3 3 180 to 499 2 4 1 9 500 to 999 1 4 1 2 1,000 & Over 2 4 2 1 Value of Land & Buildings & Products Avg . Value Per Farm $523,950 $327,920 Avg. Value Per Acre $566 $532 Avg . Value Per Farm $50,819 $70,769 of Products Sold Principal Occupation Farming 5 8 6 3 Other 6 8 50 Valley NATURAL RESOURCES LAND OWNERSHIP Federal Land BLM Nat'l Forests Other State Land Endowment Land Fish & Game Parks & Recreation Acres 2,073,032 3,933 2,030,391 38,708 76,677 73,676 1,720 1,281 P ercent Total 88 .3% 0.2% 86.4% 1.6% 3.3% Private Land 197,097 8 .4% County Land 2,180 0.1% Municipal Land 0 0 .0% Total 2,348,986 100.0% LAND USE * Percent Acres Total Urban Land 2 ,10 0 0.1% Agricultural 76,100 3.2% Rangeland 244,100 10.2% Forest 2,014,800 84.2% Water 34,400 1.4% Wetland 11,300 0.5% Barren Land 9,700 0.4% Tundra 500 0.0% Perennial Snow 0 0. 0% Total 2,393,000 100.0% U.S.G. S. land use/cover classification system. The water category and the rounding and estimating of satellite -based data usually results in slightly higher totals for land use. Valley IV. EDUCATION AND SOCIAL INDICATORS Education Funding Level - 1987-88 School District McCall Cascade State Funds /A verage Daily Attendance $1,054.22 $1,298. 85 All Funds /Average Daily Attendance $3,161.76 $3,776. 22 Average M on thly Welfare Roll - 1988 No. of Cases 7 28 Aid to Aged, Blind & Disabled Aid to Dependent Children Crime Number of Offenses 1980 0 Murder Robbery Aggravated Assault Burglary Larceny Motor Vehicle Theft 3 0 2 2 0 23 6 27 159 85 62 178 120 147 20 11 22 1984 1988 0 0 2 Education Lev el * 1970 Four + Years College(%) 1 1 .4 1980 21.1 High School Graduates(%) 57.3 80.3 Median Years Completed 12.2 12.9 * Population ag e 25 or over Perc ent B elow Poverty Families Persons Health Car e 1988 1969 7.9 9.2 Persons Per Physician Number of Hospit als Total Hospital Beds Ambulance/E MS Services 1979 7 .2 9.0 Number 850.0 2 31 7 Other Social Indicat ors - 1987 County Suicide Rate Per 100,000 14.5 13.5 Marriage Rate Per 1,000 State 17.6 11.5 Divorce Rate Per 1,000 8 .7 5.9 Valley LA BOR FORCE A verage Monthly % Unemployed - 1988 Jan. 15.0 May 10.7 Sept. 4 .0 Feb. 16.5 June 5.7 Oct. 4 .7 Mar. 17.0 July 4.7 Nov. 5.6 Apr. 16.6 Aug . 4.2 Dec. 7.7 An nual % Labo r Forc e Unemployed 1978 13.1 1980 13. 7 1984 12. 1 1988 9.1 LOCAL GOVERNMENT REVENUES Trave l & Convention Roo m Tax (2%) Total Sales FY 1983 $1,029,723. 52 FY 1986 $2,168,694. 73 FY 1989 $2,853,913.62 Pro perty Taxes Taxable Market Va lue All Property - 1988 Property Taxes Budgeted - 1988 Property Tax As A % Of Market Value - 1988 Urban 1.2999 Rural 0.8922 Percent Females (16 +) in Lab or Force 1970 41.7 1980 55.4 1988 56.4 Tax Receipts $17,158.25 $38,133.06 $51,760.45 $565,236,934 $5,667,848 After homeowner exemption INCOM E 1980 1983 19$5 1987 Per Capita Income $9,750 $10,501 $10,565 $11,958 Percent of National Average 98.3 86.8 76. 0 77.2 Percent of State Average 113.8 106.2 97.6 1 00. 7 Government Transfer Payments $7,847 $11,142 $12,506 $14,092 (in thousands of dollars) BUSINESS 1980 1982 1984 1986 Total Business Establishments 182 197 251 233 Total Retail Businesses 5 5 70 75 6 5 Valley ECONOMY EM PLOYM ENT- Full & Part Time by Place Of Work To tal Employment 1980 3,085 1983 1985 1987 3,314 3,230 3,456 Employment By Type 1980 1983 1 98 5 1987 Wage & Salary Employment 2,348 2,382 2,277 2,421 Farm Proprietors 117 130 129 119 Non -Farm Proprietors 620 802 824 916 Employment By Indu stry 1 9 8 0 19 8 3 1 985 1 9 8 7 Farm 173 174 168 163 Ag. Serv. , Forest., Fish. & Other 47 4 6 31 38 Manufacturing 195 217 224 211 Mining 14 2 3 10 51 Construction 273 216 201 233 Transport. , Comm., & Pub. Util .'s 1 1 5 134 1 1 5 95 Wholesale Trade 29 5 6 34 30 Retail Trade 623 726 695 702 Finance, Insur., & Real Estate 235 294 322 342 Services 603 656 652 777 Federal Civilian 335 303 273 278 Federal Military 43 2 9 30 36 State & Local Government 400 440 475 500 • Source: U.S. Bureau of Economic Analysis (D) = Not shown to avoid disclosure of confidenti al material (L) = Less than 10 Valley Housing Units Total Mobile Homes or Trailers Overcrowded Units (1.5+ Persons Per Room) Units Lacking Some or All Plumbing Household Co mposition (Household Size by °A)) 1 to 2 Persons 3 to 5 Persons 6 + persons Tenure Owner Occupied Units Renter Occupied Units Vacant Units Value Median Housing Value Median Rent Plumbin g Facilities (Year-round Housing on) Public Sewer Public Water System or Private Company 1970 2,431 82 20 96 47 .2 43 .1 9.7 829 321 407 $1 3,200 $67 1 ,088 1 ,058 Age of Housing Sto ck - Year Stru ctures Built Number Built 1970 to M arch 1980 1 ,222 Number Built 1960 to 1969 491 Number Built 1950 to 1959 3 6 6 Number Built 1940 to 1949 321 Number Built 1939 or Earlier 632 1980 5,107 334 32 134 56.0 40.1 3.9 1 ,458 605 972 $52,100 $163 1 ,775 1,944 New Housin g Units Authorized in Permit Issuing Places Place 1980-1983 1984-1988 Cede 1 2 1 4 Donnelly 1 Mc Call 398 1 02 Valley County Unincorporated Area 407 1 88 * In many cases, permit totals do not represent a complete number for the county. Profiles County Seat: Cascade PEOPLE POPULATION 1970 1980 1988 Tota l 3,609 5,604 6,800 Pop. per sq. mi. 1.0 1.5 1.9 Population Change (%) Percent Rural Percent Urban 1970-1980 55. 3 1980 100 1986 61.3 0 38.7 DEM OGRAPHIC COM PONENT CHANGES 1970-1980 Births 800 Deaths 400 Net Migration 1,500 Percent Migration 41.9 1980 Birth Rate 24.1 Fertility Rate 115.4 1970 Med . Age 30.9 Under 18 Years (%) 35 .7 18 to 64 Years (%) 55.4 65+ Years (%) 8.9 Persons Per Household 3.10 1980-1988 21.5 1980-1988 900 400 600 11.2 1987 10.7 46.5 1980 29 .7 29.3 62.5 8 .2 2.69 1987 31.8 27.2 63.9 8 .9 2 .63 Geographic Mobility: 1980 Percent of Persons 5 years + Living in a Different County in 1975 42.0 Percent of Persons 5 years + Living in a Different State in 1975 24.5 third 7.27 acre tract, into Timberlost VI Subdivisio n which c ontains a t otal of 52 lots. As currently subdivided, the parcels under appraisement within this subdivision do not have a sales history. Par cel #1, also ow ned by D & D Land and within the Timberlost V Subdivision, bord ers Timberl ost VI Subdivisi on to the north a nd has n ot sold within the previous three years . The City of McCall has ow ned their respecti ve parcels for m ore than a three year period. RE AL E STATE CONSULTING G ROU P, INC. • 5 GOLF C OU RSE EXCHANGE PARCELS the linear relationship established by the other sales analyzed within the subdivisi on, bas ed on its larg er size. Therefore, c onsidering the site characteristics of this sale, it is believed to be a good comparison for similar characteristics evidenced by the subject p arcels. COMPARABLE S ALE # 2 Comparable Sale # 2 is a golf course l ot situated on the fairway of the eleventh h ole . The lot is slightly below grade with Div ot La ne, but will not require the devel opment of an access road to Divo t Lane from the lot, similar to what was required for Comparable Sale # 1 above. This lot so ld on September 10, 1990, for $39,900 on terms which were considered equiv alent to cash. The lot size is considered typical of the average lot withi n the Timberl ost VI Subdivision . O ther lots listed for sale with similar site characteristics adjoining this lot to the north an d so uth alon g the eleventh fairway range in price from $44,900 to $47,900; however, the upper en d of the range is represented by lots with superior proximity to the eleven th green. The lower en d of the listed price range represents an approximate price in crease of 12.5% since the sale of this comparable. The square fo ot u nit price indicated by this sale is $3.80, which is at the approximate mid -point of the depicted price range of the squ are foot values from lot sales and corr elates well with the linear relationship established by the other sales analyzed based on its size. COMPARABLE SALE # 3 Comparable Sale # 3 is a go lf co urse lo t also situated on the fairway of the eleventh hole. This lo t is slightly below grade with D ivot Lane and slopes down to ward the golf course. The lot sold on June 4, 1990, fo r $39,900 and was a cash transaction. The lot size is con sidered typical of the av erage lo t within the Timberlost VI Subdivision. Other lots listed for sale with similar site characteristics adjoining this lot to the north and south along the eleventh fairway range in price from $44,900 to $47,900, with the upper end of the ran ge represented by lo ts on either side of this sale which have similar prox imity to the eleven th green. Assu ming sales at the $47,900 level, the listed prices of these adjoin ing lots represent an approxima te 20% price increase sin ce the sale of this comparable. The squ are foot un it price indicated by this sale is $3.98 which is at the approxima te mid- point of the depicted price range of the square foot v alues from lot sales, and correlates well with the linear relation ship established by the other sales analyzed based on its size. REAL ESTATE CONSULTING GROUP, INC. • 29 GOLF COU RSE EXCHANGE PARCELS COMPAR ABL E SA LE # 4 Comparable Sale # 4 is the sale of tw o golf course lots to a single purchaser which are located on the opposite side of the fairway of the eleventh hole from Sales #'s 1, 2, and 3 discu ssed previously. The two lots are near grade with Eagle Drive, b ut are slightly below grade with the golf course fairway. The buyer purchased both lots for the purpose of bu ildin g a single residence. These lots sold on A ugu st 9, 1990, f or $36,000 each a nd the terms of sale were rep ortedly cash. The lot size of each lot is considered within the range of the typical size of the average lot within the Timberlost VI Subdivision. Other lots listed for sale with similar site characteristics adjoin in g these lots to the north and south along the eleve nth fairway are listed for sale at the $42,900 level. A ssu ming a sale at this level, the listed prices represe nt a 19 % price increase sin ce the sale of these lots. Based on this it wo uld appear as if some discount was achieved by purchasing two lots simultaneously. The squ are foot un it price indicated by this sale is $3.16 which is the lower mid -p oint of the depicted price range of the squa re fo ot values fro m lot sales, a nd th us, correlates slightly below the linear relationship established by the o ther sales analyzed based on their size. COMPAR ABLE SA LE # 5 Comparable Sale # 5 is a go lf course lot also situ ated on the fairway of the eleventh hole. The sale parcel is level and near grade with Eagle Drive. The lot is nicely wooded and offers good priv acy and appeal. This lot sold on February 2, 1991, fo r $39,000 and was a cash transaction. The lot size is considered typical of the average lo t within the Timberlo st VI Su bdivision. Other lots listed for sale with similar site characteristics adjoining this lot to the north and south along the elev en th fairway are listed for sale at the $42,900 level. Assumin g sales at the $42,900 level, the listed prices represent a 10% price increase since the sale of this comparable. Ho wever, this sale o nly sold fou r mon ths ago. The squ are foo t unit price indicated by this sale is $3.84 which is at the approximate mid- point of the depicted price range of the square foot values fro m lo t sales, an d co rrelates well with the linear relationship established by the other sales ana lyzed based on its size. REAL ESTATE CONSU LTING GROUP, INC. • 30 GOLF COU RSE EXCHANGE PARCELS COMPARABL E S ALE # 6 Comparable Sale # 6 is a golf course lot located ne xt to Sale # 5 above, and is also situated on the fairway of the eleve nth hole. The sale parcel is level a nd near grade with Eagle Drive. The lot is nicely wooded and offers go od privacy and appeal. This lot sold on December 17, 1990, for $39,900 and was a cash transacti on . The lot size is con sidered typical of the average lot within the Timberlost VI Subdivision. Other lots listed for sale with similar site characteristics adjoini ng this lot to the north and south along the eleven th fairway are listed for sale at the $42,900 level . Assuming sales at the $42,900 level, the listed prices represent a 7.5% price increase si nce the sale of this comparable in D ecember. H owever, this sale only sold five months ago a nd thus i ndicates an an nualized rate of 18% . The squ are foo t unit price in dicated by this sale is $3.72, which is at the appro ximate mid -poin t of the depicted price ran ge of the squ are foot values fr om lot sales, thus it also correlates well with the line ar relatio nship established by the oth er sales a nalyzed based on its size. COMPAR ABLE SALE # 7 Comparable Sale # 7 is a golf course lot lo cated north of Sale # 6 above, and is also situ ated on the fairway of the eleventh hole. The sale parcel is level and near grade with Eagle Driv e. The lo t is nicely wooded and offers goo d privacy and appeal. This lot sold on Nov ember 23, 1990, for $42,900 an d was a cash transactio n. This lot's size is considered to be smaller than the average lot within the Timberlost VI Subdivision, yet still o ffers Similar amenities an d appeal as compared with the o the r lots within the subdivisio n. Ano ther lot of similar size is listed for sale at the $44,900 level, and has similar site characteristics as that of the sale parcel. The listed parcel adjoin s the sale parcel to the n orth along the eleven th fairway; ho wever, this lo t has a slightly superior view of the eleventh green as compared to the sale parcel. Assuming a sale at the $44,900 level, the listed price represents a 5% price increase since the sale of this comparable. However, the sale property only sold six mon ths ago, indicatin g an annualized rate of 10%. The square foot unit price indicated by this sale is $4. 90, which is at the extreme upper en d of the depicted price range of the square foot valu es fro m lot sales, and thus correlates REAL ESTATE CONSULTING GROU P, INC. • 31 GOLF COURSE EX CHANGE PARCELS outside (above) the linear relationship established by the other sales analyzed based on its size. COMPARABL E SALE # 8 Comparable Sale # 8 is a g olf course lot l ocated adjace nt to the green on the eleventh ho le. The sale parcel is lev el and near grad e with Eagle Drive. The lot is nicely w ooded and offers good privacy and appeal. This lot sold on Ju ly 11, 1990, for $44,900 on terms considered to be equivalent to cash. The lo t size is larger than the average lot within the Timberlost VI S ubdivision and th e lot has fron tage on the eleventh green . There are no other lots listed for sale of similar size and having similar locational characteristics as the that of the sale parcel. However, it is of interest to note that Sale # 9, discussed below, is of similar size to this parcel, but does n ot have fron tage on a golf green. These two sales ( Sale #'s 8 a nd 9) i ndicate an i ncrease in the squ are foo t lot price of approximately 45% fo r lots with frontage on a golf green . The squ are foot unit price indicated by this sale is $3.72, which is at the approximate mid -point of the depicted price range of the square foot values from lot sales, b ut considering its larger size, the sale correlates outside (above) the linear relationship established by the other sales analyzed. COMPARABLE SA LE # 9 Co mparable Sale # 9 is a golf course lot located on the tenth fairway, on the opposite side of Eagle D rive from Sale #8, discussed above. The sale parcel is lev el an d near grade with Eagle Drive. The lot is nicely wooded and offers go od privacy and appeal. This lot so ld on September 3, 1990, fo r $41,500 on terms con sidered to be equivalent to cash. The lot size of the sale parcel is larger than the average lot within the Timberlost VI Subdivisio n. The lot has fron tage on the ten th fairway and is lo cated adjacent to the new clu b house an d parking area. An other lo t (Lo t # 41) which is of similar size and cu rrently listed for sale fo r $44,900 is also located on the tenth fairway. This price difference represents an increase of approximately 8% since the date when the sale parcel was pu rchased, or an annu alized rate of 12%. REAL ESTATE CONSU LTING G ROUP, INC. • 32 GOLF COURSE EX CHANGE PARCE LS The sq uare f oot unit price indicated by this sale is $2 .54, which is at the lower e nd of the depicted price range of the sq uare foot values from lot sales, but considering its larger size, the sale correlates well with the linear relationship established by the other sales a nalyzed. CO MPARABLE SALE # 10 Co mparable Sale # 10 is a golf co urse lot located on the fairway of the tenth h ole . The sale parcel is slo ping and while near street grade with Eagle Drive, slopes down fr om the fairway of the ten th hole. The lot is marginally wooded and offers a verage privacy and appeal. This lot sold on October 6, 1990, for $39,900 a nd was a cash transaction. The lot size is co nsidered typical of the av erage lot within the Timberlost VI S ubdivisio n. Other l ots listed for sa le with similar site characteristics adjoining this lot to the north along the tenth fairway are listed for sale at the $44,900 lev el. Assuming sales at this le vel, the listed prices represent a 12.5% price increase since the sale of this comparable. The square foot unit price indicated by this sale is $3.65, which is at the approximate mid -point of the depicted price range of the square foot valu es from lot sales, and correlates well with the linear relatio nship established by the o ther sales analyzed based on its size. CO MPAR ABLE SALE # 11 Comparable Sale # 11 is a golf cou rse lot also located on the fairway of the tenth h ole. The sale parcel is sloping, and while near street grade with Eagle Drive, slopes down fr om the fairway of the ten th ho le. The lot is marginally woo ded and o ffers average privacy and appeal. T his lo t sold on May 21, 1991, for $39,900 and was on terms considered to be cash equivalen t. The lo t size is considered typical of the average lot within the Timberlost VI Su bdivision. Other lots listed for sale adjoinin g this lo t to the north along the ten th fairway are listed fo r sale at the $44,900 le vel; however, these lots have superior topographical featu res, su ggestin g a discou nt of appro ximately 10% to 12% for a sloping lot. The square foot unit price indicated by this sale is $3.68, which is at the approximate mid -poin t of the depicted price range of the square foot valu es from lot sales, and correlates well with the linear relatio nship established by the other sales analyzed based on its size. R EAL ESTATE CONSU LTING GROU P, INC. • 33 GOLF COU RSE EXCHANGE PARCELS COMPA RABLE SALE # 12 Comparable Sale # 12 is a golf course l ot located on east side of Eagle Dri ve on the fairway of the tenth hole a nd offers a partial or distant view of the tenth green, depe nding on development of the site . The sale parcel slopes upward to th e fairway fr om grade with Eagle D rive and will require some development co nsiderations in its de vel opment to its Highest and Best U se. The lot is w ooded but is triangular in shape, thus offering less utility comparatively. This lot sold on September 29, 1990, for $44,900 based on a cash sale. The lot size of the sale parcel is larger than the average lot within the Timberl ost VI S ubdivisio n. The l ot has fron tage on the ten th fairway bu t also offers a view of the te nth green. Another lot (Lot # 41) which is of similar size and cu rrently listed for sale for $4/1,900, is also located on the te nth fairway, bu t it does not have a view of a golf green . Co nsidering the sale parcels red uced u tility an d slopin g to pography, the listed price of a comparably sized lot available f or sale (considering its escalated price level) suggests that the sale price of this l ot reflects its reduced u tility and slo ping topography. The square fo ot unit price indicated by this sale is $2.55, which is at the l ower end of the depicted price ran ge of the squ are foot values from lot sales, but again, co nsidering its larger size, reduced utility and sloping topography, the sale co rrelates well with the li near relationship established by the other sales analyzed. COMPARABLE SA LE # 13 Comparable Sale # 13 is a golf co urse lo t located on west side of Par Lan e overlooking the tenth green. The sale parcel slopes downward from grade with Par Lane and is actually below grade with the fairway. Some fill may be require in order to fully utilize the lot to its maximum potential. The lot is marginally wooded and is irregular in shape, thus it offers less utility as compared with other more rectangu lar golf co urse lots. This lot sold on July 24, 1990, for $44,900 on terms co nsidered to be equiv alen t to cash. The lot size of this parcel is larger than the average lot within the Timberlost VI Su bdivision. The lot is currently available for sale for $62,500, which represents an in crease of 28% sin ce it origin ally sold; however, there have been no offers to pu rchase at this lev el as of the date of appraisal. REAL ESTATE CONSU LTING GROU P, INC. • 34 G OLF COURSE EXCHANGE PARCELS The sq uare foot unit price indicated by this sale is $2 .37, which is at the l ower end of the depicted price range of the square foot val ues from l ot sales, but again, considering its larger size, reduced utility and topography which is partially bel ow grade, the sale correlates well with the linear relationship established by the other sales analyzed. COMPARABLE SALE # 14 Comparable Sale # 14 is a golf co urse lot l ocated on west side of Par Lane overl ooking the tenth green. The sale parcel is level to sloping from near road grade with Par Lane, and offers an excellent view of the tenth gree n. This lo t sold on August 10, 1990, for $39,900 on terms considered to be -equivale nt to cash. The lot size of this parcel is typical of the average lot within the Timberlost VI Subdivision. . Comparing this lot with with the adjoi ning lot to the so uth (L ot # 33), indicates that larger lots (lots that are twice as large) sell for approximately 40% less. Of course, some con sideration must be given to the fact that Lot # 33 is below grade with the fairway and may reasonably requ ire some fill. The square foot un it price indicate d by this sale is $4.22, which is at the appr oximate mid -point of the depicted price range of the square fo ot values from lot sales, and correlates well with the linear relationship established by the other sales analyzed based on its size . COMPAR ABLE SALE # 15 Co mparable Sale # 15 is a golf cou rse lo t located on west side of Par Lane overlooking the fairway of the tenth hole. The sale parcel is sloping and is abo ve road grade with Par Lane. This lot sold on June 1, 1990, for $40,000 based on a cash sale. The lot size of this parcel is typical of the average lo t within the Timberlost VI Su bdivision . Other lots listed for sale with similar site characteristics adjoin in g this lot to the nor th along the ten th fairway are listed fo r sale at the $44,900 lev el. Assuming sales at the $44,900 lev el, the listed prices represent a 12.25% price increase sin ce the sale date of this co mparable. The square fo ot unit price indicated by this sale is $3. 94, which is at the approximate mid -point of the depicted price ran ge of the square foot valu es fro m lot sales, an d correlates well with the linear relatio nship e stablished by the other sales an alyzed based on its size. REAL ESTATE CONSULTING G ROUP, INC. • 35 GOLF COU RSE EXCHANGE PARCELS COMPARABLE S ALE # 16 Comparable Sale # 16 is a golf co urse lot located on west side of Par Lane overlooking the fa irway of the tenth hole. The sale parcel is sloping and is ab ove road grade with Par Lane. This lot sold on July 14, 1990, for $40,900 based on a cash sale. The lot size of this parcel is typical of the average l ot within the Timb erlost VI Subdivision. Other l ots listed f or sale with similar site characteristics adjoini ng this lot to the north along the tenth fairway are listed for sale at the $44,900 level. Assuming sales at the $'1'1,900 level, the listed prices fro m these listed lots represent about a 10% price increase since the sale date of this comparable. T he square foot un it price indicated by this sale is $4.15, which is at the approximate mid -po int of the depicted price range of the square foot values from lot sales, a nd correlates well with the linear relation ship established by the other sales analyzed based on its size. COMPA RA BLE SA LE # 17 Comparable Sale # 17 is a golf course lot located on west side of Birdie Boulevard fronting the fairway of the tenth ho le. The sale parcel is lev el and near grade with Birdie Boulevard. T he site is marginally wooded and offers average appeal. T his lot so ld on July 14, 1990, for $42,900 based on terms con sidered equivalent to cash. T he lot size of this parcel is larger than the average lot within the Timberlost VI Subdivisio n. Other lo ts listed fo r sale with similar site characteristics an d size that are adjoinin g this lot to the south along the tenth fairway are listed for sale at the $44,900 level. A ssumin g sales at this level, the listed prices represent about a 5% price increase sin ce the sale date of this comparable. The square foo t unit price indicated by this sale is $3.42, which is at the lower mid -point of the depicted price range of the square foo t valu es from lo t sales, and thus correlates well with the linear relationship established by the other sales analyzed based on its size. COMPAR ABLE SALE #1S 18 AN D 19 Co mparable Sale #'s 18 and 19 are located off the golf course, on the east side of Par Lan e, o ppo site lots which have golf course frontage. The sale parcels are lev el and n ear REAL ESTATE CONSULTING GROUP, INC. • 36 GOLF COURSE EXCHANGE PARCELS grade with P ar Lane . Both sites are marginally wooded and offer only fair appeal as compared with lots fronti ng the golf course. Sale # 18 sold on J uly 25, 1990, for $26,500 based on a cash sale. Sale 19 sold in N ovember of 1990 f or $27,900, and the sale is pending as of the date of this appraisal . The lot sizes of these parcels are larger than the average lot withi n the Timberlost VI Subdi vision. O ther lots listed for sale with similar site characteristics a nd size that are adj oining these lots are listed for sale in the range of $27,900 to $29,900. Assumi ng s ales at the $27,900 level, the listed prices represen t about a 5% price increase since the sale date of Comparable # 18 . Comparin g the squ are foot price indicat ors from these two lots with the sq uare f oot prices developed from golf cou rse lots of similar size, indicates about a 60% increase for golf co urse fronting lots. The square fo ot unit price indicated by Sale # 18 is $2.17, while Sale #19 indicates $2 .30 per square fo ot. As in dicated, these sales are below the depicted price ra nge of square foot values from lot sales which fron t on the golf course, but are substantially above the square foot prices of lo ts lo cated away from the golf course which do not have any golf course in fluen ce. COMPARABLE SALE # 20 Comparable Sale # 20 is a golf course lo t lo cated on east side of Fairway Drive fro nting the fairway of the fourteenth hole. This golf course lot is located within Timberlot V a nd is the sale of a golf course fronting lot in the secondary ma rket. The sale parcel is level and near grade with Fairway D rive. The site is sparsely wooded an d offers average appeal. This lo t sold in Marc h of 1989 for $11,000, and then so ld again in March of 1990 for $25,000, representing an increase o ver this twelve month perio d of 127%. This increase is in part du e to an appreciatin g market over this time period, but also was prior to the sales within Timbe rlost VI, which helped to bo ost prices fo r go lf course lo ts above levels previou sly achieved prior to this time. The lot size of this parcel is larger than the av erage lot within the Timberlost VI Subdivision. The square foo t un it price indicated by the most recent sale is $2. 17, which is well below the depicted price range of the squ are foot values from lo t sales occu rrin g in Timberlost V I, an d therefo re does not correlate with the linear relationship established by these other sales based on its size. REAL ESTATE CONSULTING GROUP, IN C. • 37 GOLF COU RSE EXCHANGE PARCE LS COMP AR ABLE SALE # 21 Comparable Sale # 21 is a g olf course l ot l ocated on south side of Fairway Drive fronting the fairway of the ninth hole. This golf c ourse l ot is located within Timberlot V a nd is the sale of a golf course lot in the secondary market. The sale parcel is slopi ng away from Fairway Drive toward the fairway of the ninth hole. The site is heavily wooded and offers good appeal. This lot sold on August 17, 1989, for $33,000, and the n sold agai n on August 14, 1990, for $41,500, represen tin g an increase over this twelve month period of 25.76%. This increase is in part due to the lo t values being achieved for Timberlost VI, but als o reflects an appreciating marke t over the period of the sale re -sale . The lo t size of this parcel is larger than the average lot within the Timberlost VI Subdivision; however, the square foot un it price indicated by the most recent sale is $2.43, which is clearly supported by the depicted price range of the sq uare f oot val ues from lot sales occurring in Timberlost VI. Based on its size, this sale correlates well with the linear relationship established by these other sa les. COMPARA BLE SALE # 22 Co mparable Sale # 22 is a golf cou rse lot located on north side of Fairway Dri ve fronti ng the fairway of the thirteenth hole. This golf co urse lot is located within Timberlot V Su bdivision and is the sale of a golf course lot in the seco ndary market. The sale parcel is level at grade with Fairway Drive, but is above the fairway of the thirteenth hole. The site is heav ily wooded and offers goo d priv acy and appeal. This lot sold in Ju ne of 1990 for $32,500, on terms con sidered equiv alent to cash. The lot size of this parcel is typical with the average lo t within the Timberlo st VI Subdiv ision and the square foot unit price indicated by this sale is $3. 48, which is slightly lower than the depicted price range of the square foot values from lot sales o ccurring in Timberlost V I. Thus, based on its size, this sale correlates below the linear relation ship established by these other sales. REAL ESTATE CONSULTING G ROUP, INC. • 38 GOLF COUR SE EXCHANGE PARCE LS CONDO 1 ,,IUM LAND S ALES COMPARABL E LA ND SALE # 30 Comparable Sale # 30 is a co ndomi ni um land sale and is located with frontage on the tee box of the seventh hole of the McCall Golf Co urse adjoi ning the Greenbriar Condomi niums. The G reenbriar Condomini ums are an upper e nd condominium project a nd could reaso nably be expected to positiv ely impact the sale price of c omparably utilized land adjoining this project. The site was improved with eight f ou ndati ons valued at $14,000 by the purchas er of the site. Therefore, the abstracted value of the land at the time it s old in April of 1990 was $112,500. However, approv als were all in place and the pr oject was ready to build at the time of purchase, which may have potentially e nhanced the pric e paid. This sale reflects a per unit builda ble price of approx imately $14,000/ unit, or a square foot price of $3.26 . The parcel is currently back on the market available for sale for $180,000; h owever, the Realtor stated that the seller wou ld likely en tertain an offer in the ra nge of $160,000. COMPARABL E SA LE # 31 Comparable Sale # 31 is the February 1990 cash sale of two separate sites located withi n the Aspen Village Condominium project. The two sites so ld to the same purchaser who has bu ilt condominium units consistent with the style and size of the other u nits within the project. The pro ject has amenities in cludin g a club hou se with indoor po ol, and three o utside tenn is courts. Site L, within this comparable, is appro ved for six un its an d is located on the golf course. This site sold fo r $56,000, or $9,333 per u nit. Site Q sold for $45,000, an d is approved for eight un its, or $5,625 per unit. The two land sales in dicate a 66% premiu m, or su periority for units which front on the golf course, as opposed to those that do not front the golf cou rse. As can be seen, this compara ble supports the fu ll range of values fo r non -go lf co urse parcels, golf course parcels without an y proximity to a green, and go lf cou rse parcels with green frontage. The pu rchaser option ed five o ther condominium parcels from the seller at prices ranging from $6,000 per unit to $18,000 unit, with the upper en d of the ran ge representin g a parcel with frontage on the thirteenth green of the golf cou rse. As in dicated from the sales data presen ted, it may be seen that non -golf cou rse parcels sell for about 66% REAL ESTATE CONSULTING GROU P, INC. • 39 GOLF COU RSE EXCHANGE PARCELS less than parc els with golf c ourse fr ontage; however, the optioned parcels demo nstrate a premium of about 87.5% for golf c ourse vers us non -golf c ourse fro ntage. Considering some of the other relationships dem onstrated by these optioned p arcel's (Parcels H and J, as compared with Parcel P), indicates a val ue premium of 125% for parcels with green frontage as compared with those with out any golf course fro ntage at all; and a premium ranging from 20% to 93% f or golf course frontage as compared with the more desira ble green fron tage (Parcels L and N, as compared with Parcel P). Howe ver, Parcel L, which represents the 93% relationship with Parcel P, is further from the green than Parcel N, but it also so ld o ver on e year ago. Eve n after adjusting this sale upward by 20% for the passage of time, indicates a value difference of about 60 % for the lack of green fro ntage. As su ch, this comparable demonstrates a premium f or parcels with green fr ontage ranging from 20% to 60% above parcels with go lf course frontage only, which brackets the 45% indication developed from the lot sales analyzed within Timberlost VI for the premi um of havi ng green fro ntage. COMPARA BLE SALE # 32 Comparable Sale # 32 is the September 1989 sale of a medium density zo ned site located on the west side of D avis Street, across the street fro m the McCall Golf Course. The site co ntain s 96,703 square feet and sold for $156,000 cash, or $6,000 per unit. Although the grantor and grantee agreed to joint venture the co nstructio n of the condominium units, the unit price set for the lan d was con sidered to be "arms length" and at market levels by the parties to the transaction. The project is approved for a 26 unit condominiu m project, as a result of a PUD allowin g for a higher den sity than o therwise possible. The squ are fo ot price indication fro m this sale is $1.61, which is lo wer than the other con domin ium sales analyzed, bu t con siderin g its lack of golf course frontage and its size, the develo ped indicator is believed to be a fair indicatio n to be u tilized in the analysis of the subject parce l of similar Highest and Best Use. From the above discussion and analysis, the follo wing adju stments will be presen ted for developin g a value indication for the su bject parcel's. REAL E STATE CONSULTING GROU P, INC. • 40 GOLF COURSE EXCHANGE PARCELS ANAL YSIS OF ADJ USTMENTS Because of the inhere nt subjectivity i nv ol ved in making adj ustm ents, a bracketing technique will be u tilized where possible, in order to elimi nate the need f or making m ore adj ustments than are necessary to arrive at a reasonable estimate of value. FINAN CING TERMS Implicit in the defin ition of market value is the co nditio n that payment is made in cash or its equivalen t. The equiv alent of cash is attai ned whe n the seller provides fi nanci ng that is on terms gen erally available in the community at a specified date, a nd typical for the property in its locale. Approximately half of sales analyzed were transacted on a cash basis. Where the terms of sale can be verified and are believed to influence the price paid, a cash eq uivalency is performed. Of the sales analyzed, all were considered to be transacted on terms equivalent to cash, and therefore did not require a cash equivalen cy adjustment . CONDITIONS OF SALE When the con ditions of a sale are not typical, the sales price is often higher or lower than that of a n ormal "arms length" transaction. Based on my analysis of the comparables an d the discussions made previously concerning each sale, all of the transactio ns, with the exception of Sale #4, were believed to be normal and do no t require adjustments relative to conditions of sale. Sale # 4 appeared to reflect a discou nt for the simultan eous purchase of two lots by the same purchaser. Based on other data presented, it appeared that a discount of approx imately 10% was achieved by the purchaser of Sale # 4 for the bulk purchase of two lots. MARKET CO ND ITIONS (TIME) A time adjustment is warranted when the market is appreciating, or value is in creasing over the time period when the sales transactions utilized in the analysis were occurring. The reason for making a time adjustmen t is so that sales which hav e taken place in the past may be viewed on a current an d consisten t basis with sales which are occurrin g to day. In other words, older sales may be brou ght fo rward, or adjusted u pward, in order that they may reflect REAL ESTATE CONSULTING GROUP , INC. • 41 GOLF COURSE EX CHANGE PARCELS current values as of a certain date; in this case, the date of appraisal, May 29, 1991 . Once a comparable's sale price has been brought forward to a c urrent date, various differe nces may then be more readily discernable, quantified, and compared to th e various parcel's under appraisement for an indication of each parcel's current market value. The sales analyzed in the c ourse of this and other analyses in the McCall market, de vel op appreciation rates from a low of 8 %, to a high of well over 100% per year over the various time periods represen ted. H owe ver, the upper end rate levels i ndicated are considered to be un sustainable over any extended time peri od. In fact, the market may experie nce some decline in the futu re as a result of these abnormal escalatio ns in value. Nonetheless, it is the appraiser's respon sibility to reflect the market over the time period of the sales presented for analysis. The data presented is believed to fairly represe nt an acc urate portrayal of the markets upward escalation over the time period of the sale dates of the sales presented in this analysis. Differences between dates of sale of the comparables utilized in the analysis and the date of appraisal have been calculated based on a 365 day year. All sales utilized in the analysis have been time adjusted to the date of appraisal. As indicated, the McCall ma rket has recently (1988-89 forward) seen appreciation rates from sale/re-sales at le ve ls typically above market norms, as evidenced by Sale #'s 20 and 21, as well as o ther sale/resales analyzed, to gether with the price escalations indicated for lots cu rrently for sale within Timberlost V I. The appreciation rates reflected in the sale/resales considered are over the same perio d of time of the comparable sales presented for analysis . Lake fron t lot sales, and lots sales influenced by the lake in the McCall market which have been analyz ed on previo us assignmen ts, indicate appreciatio n levels near 25%, further su pporting the upward escalatio n of values in this market o ver the last couple of years. Based on the golf course lot sales analyzed within this analyses, it is my o pinio n that an appreciation rate of be twe en 8% and 25% is su ppo rtable. Ho wever, most of the data a nalyzed appeared to center arou nd 12% to 15% per year. In my opin ion , a rate of 12% is most applicable for the golf course lots which have sold o ver the past 12 months within the Timberlost VI Su bdivision. Therefore, I have estimated a rate to be applied to the lot sales analyzed at the 12% level through the date of appraisal. This rate should be rea sonably con sistent with the price level increases seen fo r the majority of the lots available for sale within the Timberlost VI Su bdiv ision, since bein g introduced on the market in mid 1990. REAL ESTATE CONSULTING GROUP, INC. • 42 GOLF COURSE EX CHANGE PARCELS PHYSICAL C HA RACTERISTICS (SIZE, TOP OG RAPHY, UTILITIES, GOLF COURSE F RON TA GE, ETC .) Due to the inherent differe nces in the physical characteristics betwee n the various parcel's under appraisement, various comparables have been selected in an attempt to quantify these differences. The various sales data presented has provided a unique opportu nity to abstract differences betwe en the sales an alyzed, with the intent of ide ntifying the values attributable to differing property characteristics, which may the n be abstracted and applied in the a nalysis of this data so that consistent value concl usions may be developed for the subject parcel's. The size adjustmen t is based on Sale #'s 13 a nd 14 which b oth sold in the mid to later part of 1990. Sale # 13 sold for $2.37 per square foot a nd c ontains approximately 18,949 sq uare feet of land area, while Sale # 14 sold for $4.22 per square f oot a nd contai ns approximately 9,453 square feet. Sale # 13 is almost exactly twice as big as Sale # 14 a nd sold for approximately 40% less. Therefo re, while a size adju stment is usually less consistent because of the variety of difference s in size between parcels, it wou ld appear that the price of a golf c ourse lot will declin e approx imately 40% when the size differen tial is at least two times as large. As discu ssed in the analysis of Sale # 11, sloping topography, which typically increases dev elopmen t co sts of a parcel, would appear to decrease valu e by approximately 10% to 12 %. This is demonstrated by comparing Lo t # 31, which recently sold fo r $3.68 per sq uare foot, with the asking prices of other lots along the eighth fairway which do n ot have sloping topography. This was fu rther supported by Sale #16, which is located across the fairway from Sale # 11 . Utility ex ten sion s which may be required are based on the cost of exten ding the various utility to the edge of the lot, or parcel. Such costs vary from $50 to $100 per lineal foot depen ding on a variety of factors. As discussed in the analysis of Sale #'s 8, 9, and 31, a premium ex ists for golf cou rse lots facing a golf green as compared with lo ts fronting the golf course. This premium appears to be appro ximately 45%, but may be found to exist in a a range between 20% and 60% dependin g on v aryin g distances and proximities to golf co urse green s. A lso , the difference of golf course frontage to n on -golf course frontage, as evidenced by comparin g Sale #'s 17 and 18, is about a 60% premium. Sale # 31 supports a premiu m above this level; however, 60% is believed to be the most reasonable adjustment dev eloped for this premium from the data analyzed. REAL ESTATE CONSULTING GROU P, INC. • 43 GOLF COURSE EX CHANGE PARCELS attributable to the property appraised is divided by the Capitalization Rate, or pr ocessed by a Discounted Cash Flow a nalysis, to gi ve an i ndication of value. The Market Data Approach (or the Direct Sales Comparison Approach) in vol ves a comparison of the subject pr operty with properties of a similar use, design, and utility that have sold in the recent past. Adjustments, if required, are made to the comparable for differences to in dicate a value of the subject property. Normally, these three approaches will each develop a slightly different i ndicatio n of valu e. A final value estimate is derived by carefully weighing the various facts c onsidered in each appro ach and co rrelating the value indications . If an y of the three approaches were determined to be inapplicable to the property u nder appraiseme nt, an explanation for the reasoning of s uch non -applicability would be included preceding that portion of the report. Sin ce the required valuation of each of the subject parcels' is directed solely to the land, only the Direct Sales C omparison Approach is required. SCOPE OF THE ASSIGN MENT The an alysis of the subject parcels involved the follo wing: •An in depth physical in spection of each parcel was made, incl uding the determin ation of size and dimen sions of each parcel, each parcel's locatio nal attributes within the marketpla ce and proximity to demand generators, surr ounding neighborhoo d characteristics, access and expo sure, go vern mental influences, easemen ts, as well as photographs of each parcel. •D efin ition and ev aluation of market area characteristics, includin g interv iews with representatives of the following organizations: Valley County A ssessors Office Valley County Plannin g and Zoning Office City of McCall Plann ing and Zon ing Office Variou s Area R ealtors, Lands Specialists, and Appraisers •After co llecting the above data, a conclusion of each parce l's Highest and Best U se was estimated. This analysis included the potential market positioning of each parcel with demand characteristics in the marketplace. REAL ESTATE CONSU LTING G ROUP, INC. • 21 GOLF COURSE EXCHANGE PARCELS " T h e a n a l y s e s o f t h e s u b j e c t p a r c e l s a r e r e a s o n a b l y s t r a i g h t f o r w a r d s o t h a t o n l y t h e M a r k e t D a t a A p p r o a c h t o v a l u e w a s u t i l i z e d i n d e v e l o p i n g a n o p i n i o n o f v a l u e f o r e a c h p a r c e l i n t h e s e c t i o n s t o f o l l o w . H o w e v e r , w h e r e a p p l i c a b l e , a s i m p l i f i e d s u b d i v i s i o n a n a l y s e s w a s u t i l i z e d t o t e s t t h e v a l u e s e s t i m a t e d . T h e m a r k e t i n v e s t i g a t i o n s h a v e i n c l u d e d d i s c u s s i o n s w i t h G r a n t o r s / G r a n t e e s , r e a l e s t a t e a g e n t s , a p p r a i s e r s , a n d o t h e r k n o w l e d g e a b l e s o u r c e s i n t h e m a r k e t p l a c e . E S T I M A T I O N O F S I T E V A L U E T h e b a s i c p r i n c i p l e s o f s i t e v a l u a t i o n a r e t h e s a m e i n a n y t y p e o f p r o p e r t y a p p r a i s a l . I n a p p l y i n g t h e s e p r i n c i p l e s , t h e t a s k i s t o m a k e s u r e o f t h e i r a p p l i c a b i l i t y t o t h e p r o p e r t y a p p r a i s e d . I t i s n e c e s s a r y i n c e r t a i n t y p e s o f a p p r a i s a l s t o s e p a r a t e t h e s i t e v a l u e f r o m t h e i m p r o v e m e n t s f o r r e a s o n s s u c h a s : t a x d e p r e c i a t i o n p u r p o s e s , p r o p e r t y t a x a s s e s s m e n t s , n e c e s s a r y a p p l i c a t i o n s o f I n c o m e A p p r o a c h t e c h n i q u e s , u s e i n c o n d e m n a t i o n t e s t i m o n y , e s t i m a t i n g b u i l d i n g v a l u e o n l y f r o m t h e m a r k e t r e m a i n d e r v a l u e w h e r e b u i l d i n g s a r e d e s t r o y e d b y f i r e , m o r t g a g e l o a n r e q u i r e m e n t s , e t c . T h e l a n d v a l u e w i l l b e e s t i m a t e d b a s e d u p o n i t s H i g h e s t a n d B e s t U s e a s v a c a n t a n d a v a i l a b l e f o r d e v e l o p m e n t . T h e r e a r e b a s i c a l l y f i v e d i f f e r e n t m e t h o d s o f e s t i m a t i n g s i t e v a l u e r e c o g n i z e d b y p r o f e s s i o n a l a p p r a i s a l o r g a n i z a t i o n s . O f t h e s e , t h e S a l e s C o m p a r i s o n o r M a r k e t D a t a A p p r o a c h i s c o n s i d e r e d m o r e a p p r o p r i a t e f o r t h e s u b j e c t p a r c e l s . S A L E S C O M P A R I S O N A P P R O A C H I n t h i s a p p r o a c h , s a l e s o f c o m p a r a b l e s i t e s i n t h e a r e a a r e i n v e s t i g a t e d , a n a l y z e d , c o m p a r e d a n d a d j u s t e d t o d e r i v e a n i n d i c a t i o n o f v a l u e f o r t h e s u b j e c t s i t e s ' b a s e d o n t h e l o c a l a c c e p t e d u n i t o f c o m p a r i s o n . I n t h i s c a s e , t h e u n i t s o f c o m p a r i s o n a r e t h e p r i c e p e r f r o n t f o o t , p r i c e p e r s q u a r e f o o t , a n d a p r i c e p e r l o t b a s i s o f a n a l y s i s . T h e r e a r e n u m e r o u s e l e m e n t s o f c o m p a r i s o n w h i c h i n f l u e n c e v a l u e , t h e m o s t i m p o r t a n t b e i n g : 1 . F i n a n c i n g t e r m s . 2 . C o n d i t i o n s o f t h e t r a n s a c t i o n . 3 . C h a n g e s i n m a r k e t c o n d i t i o n s ( t i m e ) . 4 . P h y s i c a l c h a r a c t e r i s t i c s i n c l u d i n g z o n i n g , l o c a t i o n , a c c e s s i b i l i t y , s i z e , s h a p e , u t i l i t y a v a i l a b i l i t y , e t c . R E A L E S T A T E C O N S U L T I N G G R O U P , I N C . " 2 2 G O L F C O U R S E E X C H A N G E P A R C E L S On the pages that f ollow is a Summary of the Comparable Land Sales utilized in the analyses, along with a disc ussion of each of the sales presented. The i ndivid ual a nalysis a nd conclusion of value for each of the s ubject parcels will follow this section. Each parcel is set forth in it's own tabulated sectio n which i ncludes a disc ussion of the parcel's characteristics, photographs of the parcel, discussion of the Highest and Best Use, the valuation analysis, and the fin al estimate of value . Information sheets on the individual la nd sales may be fou nd in the Adde nda of this report. REAL ESTATE CONSULTING GROUP, INC. • 23 GOLF COU RSE EXCHANGE PARCELS TIMBERL OS T VI SUBDIV IS ION 0 ZS SO 1 00 410 ZOO "NEW" RIVING RANGE SUMMARY OF COMPARABLE LOT SALES SALES LOCA TION PRICE SALE DATE TERMS PRICE / SF GOLF COURSE LOTS 1. NEC Wo oley & $40,000 9-1-90 Terms $2 .80 Divot Lane 2. East side of $39,900 9-10-90 Terms $3.80 Divo t Lane 3. East side of $39,900 6-4-90 Cash $3.98 Divot Lane 4. West side of $36,000 (ea) 8-9-90 Cash $3.16 Eagle drive 5. West side of $39,000 2-2-91 Cash $3.84 Eagle Drive 6. West side of $39,900 12-17-90 Cash $3.72 Eagle D rive 7. West side of $42,900 11-23-90 Cash $4.90 Eagle Driv e 8. West side of $44,900 7-11-90 Terms $3 .72 Eagle Drive 9. East side of $41,500 9-30-90 Terms $2 .54 Eagle Drive SIZE TIME ADJUSTED PRICE / SF 14,288 SF $3.02/SF 10,498 SF $4.09/SF 10,019 SF $4 .42/SF 22,278 SF (total) $3.43/SF 10,149 SF $3 .96/SF 10,716 SF $3.93/SF 8,756 SF $5.15/SF 12,066 SF $4.11/SF 16,335 SF $2.74/SF REAL ESTATE CONSULTING GROUP, INC . GOLF COURSE EXCHA NGE PARCELS • FILE # ®91-248 CONDO. A REA /,OZ/ eV "NEW" RIVING RANGE TIMBERL OST VI SUBDI VISION 0 ZS SO I CO I SO POO SUMMARY OF COMPARABLE LOT SALES SALES LOCATION PRICE SALE DA TE TERMS PRICE / SF GOLF COURSE LOTS SIZE TIME ADJUSTE D PRICE / SF 10. East side of $39,900 10-6-90 Cash $3.65 10,936 SF $3.92/SF Eagle Driv e 11. East side of $39,900 5-21-91 Terms $3 .68 10,846 SF $4 .12/SF Eagle Drive 12. East side of $44,900 9-29-90 Cash $2 .55 17,598 SF $2.75/SF Eagle Driv e 13. N WC Wooley $44,900 7-24-90 Terms $2.37 18,949 SF $2.61/SF & Par Lane 14. West side of $39,900 9-10-90 Terms $4.22 9,453 SF $4 .58/SF Par Lane 15. NWC Wooley $44,900 6-1-90 Cash $3 .94 10,150 SF $4.41/SF & Par Lane 16. West side of $40,900 7-14-90 Cash $4.15 9,860 SF $4.59/SF Par Lane 17. West side of $42,900 7-14-90 Terms $3.42 12,545 SF $3.78/SF Birdie Blv d. REAL ESTATE CO NSULTI NG GROUP, I NC. GOLF COURSE EXCHANGE PARCELS • FILE # ®91-248 TIMBERL OS T VI SUB DIVISION 0 Y? 10 KV 450 X0 N "NEW" RIVING RANGE SUMMARY OF COMPARABLE LOT S ALES SALES LOCATION PRICE SALE DATE TERMS PRICE / SF GOLF COURSE LOTS SIZE TIME ADJUSTED PRICE / SF 18. West side of $26,500 7-25-90 Cash $2.17 12,197 SF $2.39/SF Par Lane 19. East side of $27,900 11-90 Cash $2.30 12,153 SF $2.44/SF Par Lane 20. East side of $11,000 3-89 Cash $0.95 11,550 SF Fairway Dr. $25,000 3-90 $2.17 $2.47/SF 21. Sou th side of $33,000 8-17-89 Cash $1 .93 17,096 SF Fairway Dr. $41,500 8-14-90 $2 .43 $2.66/SF 22. North side of $32,500 6-90 Terms $3.48 9,344 SF $3 .92/SF Fairway D r. REAL ESTATE CONSULTING GROUP, INC . GOLF COURSE EXCHA NGE PARCELS ® FILE # ®91-248 I Pu blic Beach V 6W' R PICN IC PO/NT School P ar Boat Ram• Da vis Bee ch WAMDA AV rit\ II Boat Ramp? Boat Ra Ponderosa State Park AVOUARTERS STRAW8E RRT E VERGREEN EHP MENK CIRRCLE LICK EPEE TI MBER POI NT OF ROCKS 1PAY1Ls T71 '1Lwi LAKE (Ea st Arm) PILGRIM COVE " s SY J � Art Rotr� City 4 r r' sHINGTcN t r 0 M \ /3 -4 /2 // /o \Il) LITTLE PAYETTE LAKE 8 SUMMARY OF COMPARABLE LAND SALES SALES SALE TIME ADJUSTED # LOCATION PRICE DATE TERMS PRICE / UNIT SIZE PRICE / UNIT COMPARABLE CONDOMINIUM LAND SALES 30. GREENBRIAR $127,500 4-90 Cash $14,062 34,500 SF $15,890 7th Tee Box 31. ASPEN VILLAGE $531,000 * 2-90 Cash $5,625 to Varies $$6,000 to 13TH FAIRWAY $18,000 $18,000 32. CANDLEWOOD $156,000 10-89 Terms $6,000 96,703 SF $7,140 No direct golf course frontage * Total aquisition cost for seven parcels REAL ESTATE CONSULTING GROUP, INC. GOLF COURSE EXCHANGE PARCELS • FILE # .91-248 DISCUSSIO N OF CO " A'' BLE S } ES In arrivi ng at a conclusion of val ue for the various parcels und er appraisement, I ha ve analyz ed compar able land/l ot s ales offering similar amenities to that of the subject parcels. Nu mero us other sales have also been considered, along with the sales presented, in arriving at an opinion of value. Howe ver, the presented sales were believed to be the most recent and best available for comparison and analysis in formulati ng an opi nio n of the market value of each of the subject parcels. While purchasers typically buy lots on a lot value basis, rather than on a square foot basis, there also appears to be good tre ndi ng established from the golf course lot sales analyzed, suggestin g square foot values are also reliable units of c omparison . A li near analysis based of the square fo ot prices established from the sales, depicts a straight line with minor deviation an d few aberrations. This will be discussed further in the correlatio n of the data to fo llow. Followin g is a brief discussion of each of the presented sales prior to formulati ng an opin ion of v alue for each of the subject parcels. More detailed information concerning each sale may be found by referrin g to the adden da, where individual data sheets for each comparable a re presented. GOLF COU RSE LOT SALES CO MPARABLE SALE # 1 Comparable Sale # 1 is a golf course lot which is situated on the tee box of the eleventh hole. The lot is below grade with Wooley Way and Divo t Lane, and will require development of an access road to Divot Lane from the lot. This lo t so ld on September 9, 1990, for $40,000 on teiins which were considered e quivalent to ca sh. This particular lot is larger than the average lo t within the Timberlost VI Su bdivision and it has poor access to a developed roadway. Other lots listed for sale with similar site characteristics adjoin in g this lot to the north along the eleven th fairway range in price fro m $41,900 to $44,900; however, the upper end of the range is represen ted by lots with su perio r site characteristics. The squ are foot un it price indicated by this sale is $2.80, which is at the lower en d of the depicted price ran ge of the squ are fo ot valu es from lot sales, but the sale correlates well with REAL ESTATE CONSU LTING GROUP, INC. • 28 GOLF COURSE EXCHANGE PARCELS CONDITIONS FOR THE APPRAISAL REPORT PURPOSE OF T HE APPR AISAL The purpose of this apprais al rep ort is to estimat e the Mark et Val ue of the Fee Simple Esta te for the various, legally described parcel's under analysis, and to clearly communicate the data an d reasoning leadi ng to the formulati on of the val ue estimates for each parcel . FUNCTION OF THE APP RAISAL It is the u nderstanding of REAL ESTATE CONSULTING GRO UP, INC . that the fu nction of this appraisal report will be to assist the city of McCall and D & D Lands in establishing current estimatio n(s) of valu e (in Fee Simple) for four separate parcels of land l ocated on, or near the McCall G olf Co urse, in McCall, Idaho. It shou ld not be in terpreted, ho wever, that the fu ncti on of the report, regardless of any in ten ded use or fun ction, impacts the estimation of market val ue, as defi ned herein, or the o bjectivity of the appraiser. D EFINITION OF MAR KET VA LUE Fo r pu rposes of this report, the definition of Market Valu e will be that utilized by the State of Idaho Ju dicial System. After discussion s with the State of Idaho Attorney General's Office and with other public secto r legal co unsel, the applicable, pertin ent definition is: Market Value of property is [the] price it will bring when o ffered for sale by one who desires but is not obligated to sell, an d is bo ught by on e who is n ot obligated to pu rchase property".1 Throu gh vario us private and public inquiries, I hav e not foun d a more recent state ju dicial interpretation; however, it is in terestin g to note that through the many years of defining market valu e, the relied upon con cept has changed very little, with only slight elaboration apparent. lIdaho Farm D ev elopment Co. v. Brackett, 36 Idaho 748, 213 P696 (1923). REAL E STA TE C ONSULTING GROU P, INC. • 2 GOLF COURSE EX CHANGE PARCELS 0 .1.5 • • b • ! ,r '5,547 17.541 ,v100 42,535 11 EJ 12.555 ,V1.0 1 4.466 9 g1• C 0100 A REA 1.5 21 cc FA IRWAY r/ Gr ee n V asa • Z380 ,4 1, JQ 04 ad +u`a ea CZ V CZ 1 7,615 • M147 4 .19 FAIRWAY n a" WOOL ( r AV EN UE 1) 12 , 527 12, rya teQ G OAIoo ARE A 15 .24Z RI\ RAN 1T 11/: _,4-7 .1L OE T L� T S U2DI "Y I.S IO N 0_ y - cam, C; a Gam. bsc C> ff' -'-T 1C7 REAL STATE' LONSULTING GROUP, INC REAL ESTATE APPRAISERS 0 INVESTMENT ADVISORS ° CONSULTANTS For e xample, Market Value is defined by the Uniform Standards of Professional A ppraisal Practice as: The most probable price which a property should bring in a competitive and open market under all conditions req uisite to a fair sale, the buyer and seller each acting prudently a nd kn owledgeably, a nd ass uming the price is not affected by undue stimulus. Implicit in this defin ition is the cons ummatio n of a sale as of a specified date and the passing of title from seller to buyer under co nditions whereby: 1. bu yer and seller are typically motivated; 2. bo th parties are well informed or well advised, a nd acting in what they co nsider the ir best in terests; 3. a reasonable time is allowed for expos ure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of fi na ncial arrangements comparable thereto; and 5. the price represents the n ormal consideratio n f or the property sold u naffected by special or creativ e financin g or sales concessions granted by anyone associated with the sale. Substitution of another cu rrency for United States dollars in the fo urth conditio n is appropriate in countries or in reports addressed to clients from other co untries.2 This defin ition is su bstan tially the same defin ition as that used by the America n Institute of Real Estate A ppraisers in the 1984 edition of The Dictio nary of Real Estate Appr aisal, with the ex ception of the "all cash" requ iremen t. IDENTIFICA TION OF THE PROPERTY (S) As previo usly noted, this appraisal repo rt will an alyz e four separate, legally defined parcels located on , or near the McCall Golf Course, in McCall, Idaho. As this report con tinues, each parcel will be addressed and analyzed separately. Therefo re, at this time, only a brief description is put forth for the individual parcel's appraised. A co mplete legal description for each parcel appraised is provided in the addenda of the report. Parcel # 1 - 1.910 Acres Parcel # 2 - 0.488 Acres Parcel # 3 - 2.970 A cres Parcel # 4 - 0. 832 A cres 2 Uniform Standards of Professional Appraisal Practice, The Appraisal Foun dation, 1990 (as of 9-28-90). REAL ESTATE CON SULTING GROUP, INC. • 3 GOLF COURSE EX CHANGE PARCELS OSTENSIBLE OWNE R Based upon my discussi ons with Mr. Bud Schmidt, City Administrator of McCall, and Don Medley, of D & D La nd, ow nership of the various parcels under appraisement is in the name of: City of McCall OR D &DLa nd PROPER TY RIGH TS APPRAISED Since the purpose of the assignment is to establish an estimate of val ue f or e xcha nge of the respective parcels, it is necessary to address the rights of the unencumbered Fee Simple Estate. Fee Simple Estate is defined as: "Absolu te own ership un encu mbered by an y other interest or estate; subject only to the limitations of emin ent domain , escheat, police power, a nd taxatio n".3 DATE OF APPRA ISAL The date that this v alue estimate applies is May 29, 1991, with the physical inspection of the parcel conducted on that and su bsequ en t dates. This date is importan t because it sets the critical po in t in time from which the appraiser ex amin es the market and thus establishes the context for the v alue estimate. Real estate markets are in herently cyclical in nature, and other socioeconomic factors are con stan tly in a state of flux. Any valuatio n upo n which future investment decisions are to be predicated mu st be un derstood in light of the prev ailing econo mic con ditions at the time of the valuation, and adju stmen ts fo r changes in those condition s mu st be made accordingly. OWNERSHIP HISTORY It is my u nderstanding that the land a rea from which several of the subject parcel was subdivided, now un der the o wnership of D & D Land, was pu rchased in 1990 as two separate tracts of 5. 56 and 5.76 acres. Both parcels were su bsequently subdivided, together with a 3 The Dictionary of Real Estate A ppraisal Terminology, American Institute of Real Estate Appraisers of the National A ssociation of Realtors, 1984, p. 180. REAL ESTATE CONSULTING GROU P, INC. • 4 GOLF COURSE EXCHANGE PARCELS The foll owing narrative appraisal report sets forth the identification of each parcel, pertinent facts ab out the i nvestigations and analyses, and the reasoning leadi ng to the c onclusions set fo rth. I trust you will find the i nformatio n co ntained in the report releva nt to your decisions rega rding each of the parcel's appraised. Sho uld yo u have any questi ons regardi ng this report, or if I may be of f urther service to you on this or f ut ure pr ojects, please co ntact me at your earliest convenience . Sincerely, REAL ESTATE CONSULTING GROUP, I NC. REAL ESTATE CONSULTIN G GROUP The preceding profile of Valley Cou nty provides a good foundation and overview from which to narrow the foc us towards the City of McC all and the subject parcels. McCall is located appr oximately 108 miles north of B oise, the State Capitol, and is the majo r bu siness center in Valley C ounty, offering a wide range of services available . The City of McCall is situated on the south sh ore of the glacially foi coed Payette Lake, and is the largest commu nity in Valley C ounty with a p opulation of 2,670 f ull time reside nces, e scalating to nearly 10,000 during the s ummer mo nths. This alpine community offers a wide variety of multi -seasonal recreational opportunities for full time reside nces, a nd vacati oners alike. McCall has an elev ation of 5,021 feet above sea level a nd e xperie nces temperatures ranging from 80° -90° in the su mmer months, to below 0° in the coldest winter months. Winter sn ow fall averages 60 inches in town to almost a 100 inch base at the Br undage Moun tain Ski area approx imately five miles no rth of McC all's city ce nter . Electrical service is provided by Idaho Po wer Company; Continental Teleph one Company pro vides telephone serv ice; and n atural gas is supplied a nd distributed to local residences by Cal Gas. The City of McCall pro vides both water and sewer service to local residences within the city limits. Water is su pplied from Payette Lake with a 3 mil GPD capacity; 2.5 mil GPD peak load, and pro vides an in fin ite water supply. Storm and sanit ary sewer are serviced by a sediment type treatmen t plant providin g a 2 mil GPD capacity . State Highway 55 ro utes through McCall conn ecting with State Highway 95 in New Meadows, 11 miles north, and prov ides pav ed year-roun d access to the area. The McCall Municipal Airport is a 6,100' paved an d lighted/VA SI run way, with jet capabilities. Presently, scheduled daily service (other than charter) from Bo ise is not av ailable. McCall has on e elementary school (K-6) and one high school (9-12). The jun ior high schoo l (7-8) is located in D onnelly, so me 11 miles south of McCall. Eighty-nine percent (89%) of the McCall -Donnelly School District is state and federally owned land, while only eleven percent (11% ) is in private own ership. All of the schoo ls in the McCall -Don nelly Scho ol District are accredited with the State of Idaho, and the high school is also accredited with the No rthwest A ccreditatio n A ssociation. McCall is on ce again v ibran t and experiencing relativ ely strong growth, as compared with just a few years ago when the local economy was stagnate. McCall's econo my was REAL ESTATE CONSULTING GROUP, INC. • 10 GOLF COURSE EX CHANGE P ARCELS particularly sluggish in the e arly to mid 1980's when interest rates were high, creating a nonexistent secondary ho using market, a nd leaving local businesses struggling for survival. Over the last two decades McCall has seen a cyclical real estate market, but the foreseeable future appears to warrant increased optimism. Bo ise is also e xperiencing gr owth and development substantially ab ove le vels experien ced a few years earlier. This is notable because McCall's econ omy has typically paralleled the expansion and c ontraction of B oise's econ omy. Additionally, much of McCall's tourist population lives in the Boise Valley. Many valley reside nt's have second homes in McCall, and this trend is e xpected to c ontinue expanding into the foreseeable future. On e reason why this trend will likely increase in i nte nsity is because of the pressure on o ther recreational areas, su ch as Sun Valley, which have become high priced comparative ly, a nd now less affordable to the average pr ofessional livi ng in Idaho . Also, much of the current expansion and growth in the Boise market is the r esult of professi onals bein g transferred in from o ther areas, bringin g with them incomes a nd equiti es sufficient to purchase homes in the secondary housing market, such as that which is available in the McCall market. With the median price of ho using at just under $75,000 in McCall, as compared with over $350,000-$650,000 in Sun Valley/Ketchum areas of Blaine County, McCall offers substantially more purchasin g power for the dollar invested. From all accounts, McCall's recreational ma rket, offerin g bo th diversity an d beauty, appears poised for a period of increasin g market appreciation. The service and trade in dustries together form the largest sector of the employment base in the commun ity; however, the U. S. Forest Service is the largest single employer, positively affecting the area's economy as it also main tains a large fire fighting base in McCall during the su mmer fire season. McCall is the headqu arters of the Payette National Forest, which contains the Idaho Primitiv e A rea. Althou gh the timber industry has typically been the econo mic mainstay o ver the years, today, tou rism is the primary in dustry in McCall. People from all ov er the United States strea m into McCall fo r year aroun d recreation, taking advantage of the vast lakes, rivers, and mountain s. In the win ter, Brundage Mo untain Ski area provides some of the best powder skiin g in the West. Recen t a nd planned expansion of the lodging and recreational facilitie s in the area will fu rther propel the local econ omy and make the area that much mo re available and accommodating to the growth which is an ticipated. Seasonal flu ctu ation s still effect the REAL ESTATE CONSULTING GROU P, INC. • 11 GOLF COURSE EXCHANGE PARCELS economy, but now have less impact as growth and de velopme nt seemingly continue througho ut the entire year. As new and established businesses begin to flourish and pr osper in this period of growth, McCall's economy over the near term is likely to represent the boom side of a supply/deman d curve. K nowledgeable market participants will recognize this phase of the development life cycle and invest acc ordi ngly . Gu arded optimism is the watch word as McCall's economy begins to blossom into the 1990's . REAL ESTATE CONSULTING GROUP, INC. • 12 GOLF COURSE EXCHANGE PAR CEL S ' ^" �.. ....' �"�.:"....�.. �.- 't."'.ti. ...':ti`. :, ^.w'4 :. •cti`. �-^. �"v.'`.i. :k'� ::�a. :. .. :�`�` ;.� `Z:;J .:�. � ��wC�:::�Yi :r�. �:'�..'� a�' ��. a�r' �C.'`FL�1L.�i:�'v*+. d S N. 13 Qr J Q4 OR s1 6,4 4\ cl` CeN T R im ROAD 1- W W CL 1- F C fk T 1 ORE NrnzOOD ST. 61 FERRICY000 ST. LAKE SIDE 17 RIO VISTA na. Y! Q &l / ``r_��1 � `� Art Rc en s ,yam- :. _ _:._City Park L Agz ©71'o©o] P ST. 17 T E. LAKE e I McCAIL AIRPORT D avis Beach (Pt I / JI C`� R Ric/^A\ 71 // eo a r .' Cc ( RI o r 1970 FLY RN L H. ,, TRAM SE R1RY [Vptlia REER( IPW MK FA t. 'D = s11.1 LI vER O LF PONDEROSA STATE P ARK COLO RADO ST . W J V 15 CRAHN LANE 15 c 0 O O 21 1 22 o, >- MI NI 1 e 1 0 J T 1 t1 CIRCL E 0 U S TA TE CoAs ULTI NG GR 0 UP, INC, REAL ESTATE APPR AISERS ° INVESTMENT AD VISORS ° CONSULTANTS NEIGHBORHOOD ANALYSIS A property is a fixed a nd integral part of its neighborhood, a nd as such, cannot be treated as an entity separate from its envir onme nt . Thus, the value of real property is not intrinsic, but flo ws into the prope rty from the environing forces and shares the future with the neighborhood in which it is located. The economic life of a neighborho od is in turn determined by the physical characteristics of the land, and the types of impr ovements located within it. In order f or a pr operty to achieve maximu m economic value in a neighborhood, the improvements m ust be desig ned such that they co mplement the existing or tra nsitory nat ure of that neighborhood, and appeal to the users which they were designed to serve . Simply stated, m axim um economic v alue is achieved when a property is improved in such a way that both its appearance and its utility are function ally homo geneous in relatio n to the character of the surr ounding neighb orho od. THE NEIGHBORHOOD DEFIN ED The subject parcels are lo cated on or near the McCall 18 Hole Municipal G olf Course, less than on e (1) air mile northeast of the Central Bu siness District of McCall. As might be expected, the influence of the golf course itself is the single greatest geographic feature impacting the subject parcels within the neighborhood. However, general neighborhood boun daries are defin ed as Davis A ven ue along the neighborhoo d's western bo undary; Lick Creek R oad to the no rth; Wooley Av enu e to the south; and to the east, undevel oped lands border the golf course where the proposed third n ine holes fo r the city cou rse are pr op osed. This proposed develo pment will be discussed in greater detail following. CHAR ACTER ISTICS OF THE NEIG ° ORHOOD Existing developmen t within the vicinity of the subject parcels consists primarily of single family residen tial developmen t in the fo rm of secon dary recreation al housin g; however, primary residen ces are noted, which is becomin g more prevalent in the en tire McCall market area. A dditionally, higher density residential housin g u nits in the form of con domin iu ms are no ted on the periphery of the golf course, and this trend is continu ing as new development occurs. As su ch, a wide var iety of home designs, sizes, and quality exist throu ghout the variou s developments within the n eighborhood, which appears typical of this recreational market in general. The neighborhood as defined con tains a mix ture of single family residential hou sin g un its ranging in price from arou nd the $20,000 lev el for older REAL ESTATE CONSULTING G ROUP, INC. • 13 GOLF COU RSE EX CHANGE PARCELS homes off th e g olf c ourse, to over $250,000 for new h omes being developed on the g olf course. Co ndominiums in the defi ned neighborh ood range in price fr om ar ound $50,000 to over $200,000. As discussed previously, the pop ulati on in McCall shifts dramatically upward in the su mmer months, as recr eational use inte nsifies. Howe ver, of interest to note, recent new construction trends around the lake a nd the g olf co urse indicate that substa ntial new improvements are being de vel oped all owing for year around use, as well as an increasing number of individu als building homes as their primary residences . Do wntown McCall has recently seen an infl ux of new ownership and businesses (as a result of bank foreclosu res in the mid 1980's) th at appear to have rejuvenated the d owntown area. N ew money is bein g in vested, which is creating (at least the appearance of) prosperity in this resort community. The landmark Hotel McCall w as renovated ab out three years ago an d is no w caterin g to a bed and breakfast type clientele. The Yacht Club has agai n u ndergon e substan tial renov ation, and is making a new start with new te na nts and new businesses. The McCall Mall and Lake Stre et Plaza are u nder new ow nership, as is Medley sports. Controlling interest of the common sto ck in the widely acclaimed Shore L odge, with 110 rooms, was gaine d by Dou glas F. Manchester last year, who subst antially remodeled that facility this past winter. Brun dage Mo un tain, located approx imately five miles northwest of McCall, developed a new chair lift in the summer of 1990, brin gin g their total to three chair lifts and a poma lift; cat skiin g o ff the mou ntain was also introdu ced this past ski season. There are plans for a n ew lodge at the top of the mountain, which may be ready fo r the 1991-92 ski season . Addition al chair lifts are plann ed for the mountain, all of which will further promote winter tou rist travel in McCall, and help to reduce the seasonal fluctuatio ns experienced by the community in the past. A large destination resort development kno wn as ValBois, which recen tly received approval after a lengthy environ mental review and pu blic comment, is to be lo cated near Don nelly, Idaho , some 15 miles south of McCa ll. This pro posed developmen t will reportedly cost in excess of $100 million to develop, an d is to include an en tire v illage with su ch additional amenities as: sev en ski lifts an d a gondola, an 18 ho le golf cou rse, 17 tennis courts, equestrian and ice skatin g facilities, as well as a 250 slip boat marina on Cascade R eservoir. The effect a development this size will hav e on the eco nomy of McCall, an d V alley County as a whole is difficu lt to pro ject, bu t would likely bo lster the lo cal economy REAL ESTATE CONSULTING GROU P, INC. • 14 GOLF COU RSE EXCHANGE PARCELS bey ond levels ever experienced. S ome of the curre nt enthusiasm fou nd in the market m ust be attributed to the possibility of the this devel opment becoming a reality. Lake front residential property in McCall, comparatively speaking, has always sold at a premium. This desirable real estate has jumped from $1,500 a front f oot, within the last four years, to a around $3,000 per fro nt foot, and as stated by local real estate brokers, "will trend towards $3,500 to 4,000 per front foot this summer, if any can be found for purchase". CONCLUSIONS In su mmary, Payette Lake and the surrounding natio nal forests have numero us recreational opportun ities appealing to Idah o residences, t ourists, and a growing number of ou t-o f-state buyers entering the state from all over th e cou nt ry . The s ubject n eighb orhood offers residences the recreation of the golf course, co upled with g ood pro ximity to the lake and other recreational oppo rtun ities in the vicinity. While demand for lake front property has been at an all time high for the past couple of years, golf co urse lots have also seen good demand and substan tial price level increases over this same period. Appreciatio n rates seen in this market o ver the recent past have ran ged from 10% to over 100%, but realistically, appreciation rates are not expected to co ntinue at these upper end levels. In fact, the market may experience a levelin g o ff period, or ev en some declines in the near term after initial deman d serges have been satisfied emerging fro m a so ft market. While modest appreciatio n is more likely over the n ext couple of years, much depen ds on the national economy. The local economy has been vibran t, with growth an d dev elopment approaching record levels in 1990; much the same is an ticipated for 1991. Supply/demand factors keenly observ ed by market participants may eliminate o verbuilding, as experien ced in the late 70's and early 80's. While the effects of a soften ing national eco nomy have begun to surface in Idaho and can no t be entirely o verlooked, con tinued deman d fo r recreational property and appreciatio n may reasonably be anticipated, barrin g an un foreseen lengthy national recession. RE AL ESTATE CONSU LTING GROUP, INC. • 15 GOLF COURSE EX CHANGE PARCELS REAL ESTATE TAXES °° ASSESS NTS Valley Cou nty is divided int o 46 ta x code areas a nd exhibits a variety of mill levy rates; ho wever, the subject parcels are located in Code Area 03 and all residential pr operties h ave the same mill levy in this c ode a rea. The mill levy f or 1990 for this area of the co unty, which was set in October of 1990, was .012853 . The mill levy for 1991 will not be set until October of this year. Sin ce the majority of the subject parcels were subdivided in 1990, no assessments or taxin g histories hav e been established for the parcels. The city ow ned parcel's are not taxed, therefo re no further discussion will be prese nted concerni ng real estate taxes. REAL ESTATE C ONSULTING GROU P, INC. • 16 GOLF COURSE EXCHANGE PARCELS Z ONING As discussed in the report preceding, the parcels under analysis are l ocated in close pro ximity to the McCall Golf Course, near reside ntial neighborhoods offering c ompatibl e homogen eous uses to that c ontemplated f or the subject parcels. While in some cases the residential improvements on the vari ous l ots througho ut these neighborhoods may vary dramatically in size, style, a nd quality, little difference in use is noted thr ougho ut the neighborhoo d area. Higher density residential uses, typically in the form of condomi niums, are also no ted, an d are considered to be equally compatible to the generally established neighborhood trends. D iscussions with the Plann ing and Zoni ng office in McCall indicate the s ubject parcel's are located within the City Limits of McCall and have either a l ow de nsity reside ntial development zon ing classificatio n consistent with "Zone A", or a medi um density residential zone classification con sistent with " Zone B" , as may be noted fr om the Zo ning Ordinance of the City of McCall. The general purpo se of Zone "A" is to: (A) establish standards governing the develo pment, con struction and use of housing and the residen tial environment in u rbanized or partially urbanized areas of the City of McCall; (B) prov ide and protect residentia l lan ds for con ventio nal single-family housing and other uses beneficial to urban residen tial development; (C) pro vide an opportun ity for all gro ups of persons to obtain adequate hou sin g within each area of the city suitable for residential use in relation to other land uses and consisten t with the preservation of natu ral, scen ic and historical resou rces; (D ) encourage a v ariety of housing types, sizes and densities necessary to meet the n eeds of all econ omic grou ps. The permitted uses in Zone A in clu de (A ) sin gle-family and multifamily dwellin g units of no more than fou r (4) dwellin g units per acre; (B) compatible limited commercial uses, such as home o ccupations provided that such uses meet the approval of the commission ; and (C) ou tbu ildings, sheds for tools, fuel and accessory to and used in con nection with a residence bu ilding. REAL ESTATE CONSU LTING G ROUP, INC. • 17 GOLF COURSE EXCHANGE PARCELS The reader is referred to the City of McCall Zo ning Ordinance f or a specific breakdown of all the uses possible in this district . However, items within th e Ordinance of particular interest to this analysis are discussed f oll owing . In the "A" Zone, the mi nimum average l ot area shall be 10,000 square feet; no lot shall be less than 7,500 square feet. Mi nimum lot width shall not be less th an 60 feet; e xcept a flag lot, which shall n ot be less than 20 feet wide at the pole secti on of the lot. The average length of any lo t shall not be greater than three times the average width. Permitted density shall not ex ceed fou r (4) dwelling u nits per acre. Additi onally, no building will e xceed 35 feet in height. On -site parking areas and setbacks will conf orm to the sp ace requireme nts and the standards set forth by the O rdinance. The general pu rpose of Zone "B" is to: (A) establish stan dards govern ing the developme nt, construction and use of h ousi ng an d compatible uses in areas of McCall which already contai n, or are suitable for moderately inten sive residential u se; (B) preserve the env iron mental quality of areas which attract m ore intensive residential use; (C) provide opportunity for all groups of persons to obtain adequate housi ng within each area of the City suitable for residen tial u se in relation to other land uses and consisten t with the preservation of natural, scenic and historical resources; (D) en cou rage a variety of ho using types, sizes an d densities n ecessary to meet the n eeds of all econo mic groups. The permitted u ses in Zo ne B in clude (A) single-family and mu ltifamily dwellin g units of no mo re than eight (8) dwelling units per acre; (B) all limited commercial u ses permitted in Section 3-5-2-B (Low D ensity R esidential D istrict); and (C) A ccessory uses located on the same premises as permitted uses, such as private garages an d the u se of lan d for domestic agricultural purposes defin ed in Section 3-4-1, (Definitions). The reader is referred to the City of McCall Zon ing Ordinance for a specific breakdown of a ll the uses possible in this district. However, items within the Ordinan ce of particular in terest to this analysis are discussed fo llowing. REAL ESTATE CONSU LTING G ROU P, INC. • 18 GOLF COURSE EXCHANGE PARCELS In the "B" Zone, the minimum average l ot area shall be 10,000 square feet; no lot shall be less than 7,500 sq uare feet. Minimum lot width shall not be less than 60 feet; except a flag lot, which shall not be less tha n 20 feet wide at the p ole section of the lot. The average length of any lot shall not be greater tha n three times the average width. Permitted density shall not exceed eight (8) dwelling units per acre . Additionally, no building will exceed 35 feet in height. On -site parking areas and setbacks will co nfoi in to the space req uirements and the standards set fo rth by the Ordinance. Finally, development of the parcels to their respective Highest and Best Use p otentials will be govern ed by these legal limitations, as disc ussed in this sectio n. REAL ESTATE CONSULTING GROU P, INC. • 19 G OLF COURSE EXCHANGE PARCELS THE APPRAISAL P ROCESS R eal property appraisal is the systematic acquisition, classificati on, a nalysis and presentation of data toward the g oal of arrivi ng at a q ualified estimate of the value of a subject property. The first step is defini ng the appraisal pr oblem, e.g., identifying the real estate, the e ffe ctive date of the value estimate, the pr operty rights being appraised, a nd the type of value sought. Once this has been accomplished, the appraiser researches and analyzes the facto rs that affect the market value of the subject property. Am ong other consideration s, these in clude Area and Neighborhood Analyses, Site and Impr ovement Analysis, an d Highest and Best Use Analysis. With the exception of the Highest and Best Use analysis of each site, these factors have b een the focus of the report up to this point. In the remaining section s of the repo rt, I will set forth my opinio n of market value for each cottage site discussed in this repo rt. Typically, val uatio n is based on the applicati on of any or all of the three main appro aches to estimating a property's value . The three basic approaches n ormally used are known as the C ost Appr oach, Income Ca pitaliza tion Approa ch, an d the Sales Compariso n or Market Dat a Approach. All are market -oriented in the sense that critical data is extracted from the market; howe ver, the rationale for each approach is distinct. These three appro aches provide data from the market through differen t sou rces when all are available, as explain ed below. The Co st Approach in vo lves the valu ation of the site by co mparin g it to other sites in the area that have so ld in the recent past, and, if required, making adju stments for differences . To the indicated site v alue is added the estimated cost to Reproduce or Replace the improvements less any loss of value (depreciation) that may have o ccurred, if the improvemen ts are existing, an d/or co nsidering a loss in value due to Ex tern al (econo mic) factors whether the improv ements are ex isting or proposed. The Income A ppro ach is a process of estimating potential market income generation abilities of a property an d developin g the Net Income into an indication of value. This is accomplished by analyzing cu rren t market rental activity (or the su bject leases, if at market) and processin g the Gross Income to a Net Income position. Nex t, analysis of the relationship of Net In co me from similar properties to their selling prices, or pruden t investo r criteria, in the market are investigated to establish an appropriate Capitalizatio n Rate. (The relationship between Net In co me and selling price is called a Capitalization Rate.) The Net In come REAL ESTATE CONSULTING GROUP, INC. • 20 G OLF COU RSE EXCHANGE PARCELS MA RKET VAL UE APPRAISAL OF FOU R S EPARAT E PARC ELS LOC ATE D ON , OR NEAR THE MCCALL GOLF COURSE MCCALL, I DAH O FOR CITY OF MCCA LL BUD SCHMID T A ND DON A ND DICK MED LEY MCCA LL, IDAHO VAL UATION DATE: MAY 29, 1991 FILE # 91-248 BY TREY KN IPE, MA I REAL ESTATE CONSU LTING GROUP, INC. 3000 N ORTH LAK EH ARBOR LAN E SUITE 200 BOISE, IDAH O 83703 EAL Es ATECONSULTING GROUP., /, \7C REAL EST ATE APPRAISE RAISLJ 5 e.NV S THEN AD VISORS CONSULTANTS To m McKLvirr , MAI TREY KNIPL , M AI JACK COCHRAiN , SR A BRADF ORD KNIPL July 2, 1991 Mr. Bud Schmidt, City Administrator of McCall Don and Dick Medley, D and D Lands P. 0. Box 1065 McCall, Idaho 83638 R e: A narrativ e appraisal report on four separate parcels located on or near the McCall Golf Course in McCall, Idaho. (Golf Course Exchange Parcels) Gen tlemen: In accordan ce with your request fo r an appraisal on the above -referenced parcels, I have conducted market inv estigations, gathered pertinent data, and performed certain analyses necessary for the completion of the appraisal process. The analysis in this appraisal con sists of four separate parcels located on, or near, the McCall Golf Course, in McCall, Idaho. Additionally, the analysis in cludes a 10 foot by 1,250 foot strip of land alon g the right-of-way of Clements Road (exten ded). While this narrow strip of land may be viewed as a part of the land area from which it was originally subdivided (under these circumstan ce it cou ld theo retically have a contributory value of approximately $24,000 to the larger parcel), from a practical standpoint, its value is nominal as it is currently subdivided. While this appraisal will be utilized as the basis for establishing the valu e of the respective parcels appraised for the purpose of effecting a lan d exchan ge between the parties referenced herein, it should be clearly understo od by the reader of this repo rt that the valu e estimates remain un affected u nder the definition of Market Value utilized, regardless of the intended use or fu nctio n of the appraisal. Altho ugh a ran ge of v alue has been estimated for two of the parcels, the range in dicated in each case is ba sed on differing assumption s as discussed in the analysis of those specific parcels. Individual legal descriptions for each parcel are set forth followin g in the report. Based upon a physical inspection of each parcel, the analyses un dertaken , and subject to the assu mptions and limitin g conditions set forth in the report followin g, it is my concluded opinion as of May 29, 1991, the estimated Market Value of each parcel in Fee Simple Title was: Parcel # 1 $148,000 to $170,500 Parcel # 2 $51,500 to $69,000 Parcel # 3 $234,000 Parcel # 4 $116,000 3000 NORTH LA KGHARGOR LA Ns SLITE 200 m Boise- ., IDA HO 83703"FL . ,a>i.c»: 1208)8 i ={)70 o FAx (208185;-20_8 ,EM I,, S7HOuVJ 3DN6'H.JXH HS? 1103 4709 Al • ' ONI `J1102I0 DNIJ7l1SNOJ 31V183. 7613g suonEnpggna sciasreiddy su ourpu oJ upnu I pu t suoudtunssy 8u r4i. rapun mid antsu atgaadu ioj aau uuipip 2utuoz uopdunsaQ rE8a'r siori asmo3 RIoJ uo tstntpgng IA tsorraquILL jo (few paaQ X2ueueA uo pdt.rnsau anuU XEm.rrud puu auul iCpaa21 EIEQ awEIS Kepi saicaredtuo3 arts pug/ 66 dal�I� aay L8 saint' Z£8'0 - V Pared 17L san d OL6Z - £ Pond Z9 sa.rny 8810 - Z Pond CV sand Or6'I - I Pond It s3uauAsnfpy Jo srsiCreuy 8Z sappg p uny argcredumoj jo uorss nnsTQ SZ dew uotwooq sareg £Z saIES purl aigmdmoj jo £reucuz ng ZZ goEoiddy uosuldtuoj sales ZZ anrEA ails JO uopEuipsH IZ luatauftss y arp jo adooS OZ SSOOOM resrerddy aril LT 2u?uoZ 91 sivatussassy on SZ XBI awisg Tua-a S r suots nrnuoD £I po otp ogg2ra N am jo snpsuaiotrEto £ r pampa poog1ogq taN ata £ r sts&rE uy po otpogg29N g amok' k1unoO JCaIIE A t, £ioistH drgsnump - ppsn eddy jo are a p pasreiddy sigj Suadord 17 numO aigtsua;sO £ (s)kuadord alp jo uopuouguoPI Z =TEA 1a3puw JO uopI UJa J Z rust-mid y alp jo uopnund Z lust -gidd y am jo as odmd Z uodaa rusreiddy alp ioj s uoptp uo3 r nlOdali 'IVSW&Idd TA 10E.IisCr/ A rEstEidd y JO ONOIJruOJ nt STILTQUIOD Jo arqu j 'Iw.LLI. NISN v H.L 30 2IT.t_T 3'I 3OVd 2IHAOD SINIHINIO3 3O r'Iav CERTIFICATE OF APP RAISAL I certify that, to the b est of my knowledge and belief: 1. The statements of fact co ntained in this appraisal report are true and c orrect. 2. The reported analyses, opinions, and co ncl usions are limited only by the reported assumptions and limiti ng conditions and are my pers onal, unbiased pr ofessional analyses, opinions, and conclusio ns. 3. I have no present or prospective interest in the property that is the subject of this repo rt, and I hav e no pers onal interest or bias with respect to the parties inv olved . 4. My co mpensation is not conti ngent on an action or event resulting from the analyses, opinions, or conclusion s in, or the use of, this report . 5. T he a ppraisal assignment was not based upo n a req uested minim um valuation, a specific valuatio n, or the approval of a loan. 6. My analyses, opinions, and co nclusions were developed, and this rep ort has bee n prepared, in con fo rmity with the requirements of the C ode of Pr ofessional Ethics and the Stan dards of Professional Practice of the American Institute of Real Estate A ppraisers. Addition ally, the appraisal report is made in conformity with the U niform Sta ndards of Professional Appraisal Practices. 7. The use of this repo rt is subject to the requirements of the Appraisal Instit ute relating to review by its duly au tho rized represen tatives. 8. I have made a personal inspectio n of the property that is the subject of this report . 9. No o ne provided significant professional assistan ce to the person signing this report . 10. The Appraisal In stitu te conducts a vo luntary program of continu ing education f or its designated members. MA Is who meet the minimum standard requirements of this program are awarded perio dic edu cation certification . As of the date of this report, I, Trey K nipe, have completed the requiremen ts under the continuing edu cation program of the A ppraisal In stitute. Based u pon a physical inspectio n of each of the parcels, the analyses u ndertake n, and su bject to the assumptio ns and limiting con ditions set forth in the repo rt following, it is my conclu ded o pinion as of May 29, 1991, the Market Value of the parcel un der appraisemen t in Fee Simple Title was: Parcel # 1 $148,000 to $170,500 Parcel # 2 $51,500 to $69,000 Parcel # 3 $234,000 Parcel # 4 $116,000 Trey Knipe, MAI REAL ESTATE CONSULTING G ROU P, INC. • v GOLF COURSE EXCHANGE PARCE LS ABST RACT PRO PERTY T YPE: NAME: LOCA TION: LEGAL DESCRIPTION: OSTE NSIBLE OWNER: SITE SIZ E / CONFIG URATION: ZONING: IMPR OV EMENT S: HIG HEST A ND BEST U SE: RIGHT S A PPRAISED: DATE OF APPRAISAL: SUMMARY OF VALUE ESTIMATES: FOUR SEPARATE PARCELS OF LAND GOLF COURSE EXCH ANGE PARCELS MCC ALL GOLF COU RSE, IN MCCALL, IDAHO AS CON TAINED WITHIN THE ADDEN DA. CIT Y OF MCCALL / DON AN D DICK MEDEL Y PA RCEL # 1 1 .910 ACRES PA RCEL # 2 - 0.488 ACRES P AR CEL # 3 - 2 .970 A CRES PARCEL # 4 - 0.832 ACRES LOW DENSIT Y RESIDENTIAL -A HIGH DENSIT Y RESI DE NTIAL -B N/A RESIDENTIAL DEVELOPM ENT FEE SIMPLE ESTA TE MAY 29, 1991 PARCEL 1 - 1. 910 ACRES PARCEL 2 - 0.488 ACRE PARCE L 3 - 2.970 A CR ES PARCE L 4 - 0.832 ACR E $148,000 TO $170,500 $51,000 TO $69,000 $234,000 $116,000 • REAL ESTATE CONSU LTING GROUP, INC. • vi GOLF COURSE EX CHANGE PARCELS A PPR AISA L PORT RE AL E STATE CONSULTING GROUP, INC. • 1 GOLF COURSE EXCHANGE PARCELS 414,500 E 1 0 1 28.i x x 25.0 0 0 o co 0 26.1 X 0 24.9 X • i • 0' I85,000 / DRIVING ( RANGE TEE it t cr Q W cc Q • 0 O 3 000 'b IV x rn 0 �O n N _ - 0 co 0 009 —I r •, to co xit X • 'N • I • • • • DELIVERY i • .. A... •••• .. •. 0 0 M v 18 5, 000 -�- Z Water 8" Sewer Inv.: 5041 !" s —p 0 0 to 0 0 0 0 m 0 ll HI 1 X 33.1 (0 0 I v w = 40' 400 E CLUBHOUS for the Y OF M I C A LL K E R SURVE NG BOX 53 MICA L, ID . 836 8 -"634- 2686 JAN. 7, 1990 RE v S eci 504 0 // /4/ '7o IDAHI SHEET 1 of T 416 - -+ 184, 200 0 0 avAr . _A M c'I£ X 1 I'6£ r! k f ca I f • • I 1 a of 0 I I • • • • • • • • • • /t roil r • / / X / / L'8£ // �-- X 7. 46C N338J Op 9 ON / / / 9"e£X Z'6£ 0 0 m / / / / I / I 6'9£ X 'GC X 42.6 184, 5 00 400 184,200 0 0 0 x / 50 41.3 39.2 No . 6 DP GREEN 39 .2 X / / / p, 0 / y0 41.2 38.7 1 RECORD OF URVEY situate in SW4 of the NW4 of Section l , 77 18 N., R. 3 E., 8. M. City of McCall, Valley County, Id for Ci r.% JF A/J r rA l f f.) LAND A-4 /15, /O Book , Page of Records of Survey. Instrument No. Filed and recorded at the request of Kerr Surveying at o'clock m., day of ,/99 I, Joel W Droulard, a Registered Land Surveyor, do hereby certify that this plat was prepared from notes taken during an actual survey made by me in October, 1991, and that it correctly represents the points, courses and distances as recorded in said field notes. q��, f -t yq 5357 -4� RECORD OF UR VE Y () Record data • Set r x 30" rebar 0 Found e rebar ° Found z rebar ® Found cap Scale : l" = 100' Bearings based on State Plane Grid Kerr Surveying October, 1991 1 ZZ ce_� /f4a; e D V 1.Q.^ S We 1 a 10, a( JOLAec.. s N situate in SW4 of the NW4 of Section / City of McCall, Valley for C I T Y C F i! CLUBHOUSE N IJ0o5530 e ) 02,30„E 186 35, 0' '005 N S J ' 3°"W) J°02 3p„w /0066, (p Gi po 0 V � o ►, T. l8 N., R. 3 E., B. 4 County, Id D ? D LAND RECORD OF SURVEY situate in SW4 of the NW4 of Section /0, T. 18 N., R 3 E., B. M. City of McColl, Volley County, ld. for CITY CF i/JCCAI D ? D _AND 4y /O EAGLE DR Book , Page of Records of Survey. Instrument No. Filed and recorded at the request of Kerr Surveying of o'clock M., this day of ,I99_ /,Joe/ W. Droulard, a Registered Land Surveyor, do hereby certify that this p/at was prepared from notes taken during an actual survey mode by me in October, /991, and that it correctly represents the points, courses and distances as recorded in said field notes. epz eo_ 1)4 () Record data • Seta x 30" rebor • Found a rebar o Found z rebor Found cap Scale l" _ /00' Bearings based on State Plane Grid Kerr Surveying October, 1991 f- 1 zz e Ati-0:00 b va A \f-fd b1 cM ✓ a^ Cam. N N 3 8 0 u) U) z N cci RECORD OF 5U' situate in SW4 of the NW4 of Section 10,T City of Mc Call, Valley !Cot. for CITY OP M D D AN. CLUBHOUSE /Qo 55' 3p„ E ) N 11° 02'30"E 186 35' S 10055' 3p„ w SIto023p"� 100.86' N N N O' N (0 GJ M o ' 27.50 S 6) L7' E ��' �� c 1 L C v / 2 ! , 4 - t e _ D e L C �� c I A " c t _ A ' e C a m . \ Q � G L c c ; T I M B F R L O S T B K . 4 , P A 2 0 T a r c i t y O F P L A T S - l c r e a l �� N 0 � 0 8 4 0 ' E S 2 o o 3 S s . : ? o S S / > ��o w C V C r N _ g o o " t O c o c o z z ( N 9 � 2 1 ' E N 9 � 2 8 ' E c g a ��o o \ �� h � 1 . 8 9 9 o c . e x c . r o a d s 1 3 0 8 . 3 1 ( s I 8 o 4 4 1 W S 1 8 � 4 8 4 0 6 , / 3 3 / 9 , 0 . 2 ) c o c o - 0 N 1 0 � 5 5 ' 3 0 E ) N 0 � 0 2 ' 3 0 " 1 8 6 3 5 ' 1 . 0 7 0 o c . 1 2 7 . 5 0 6 � 2 7 ' E I 1 �� 2 7 6 . 4 8 1 2 7 9 . 6 6 ' - - - W N w m 0 c o N N 1 . 9 0 / o c . C L E M E N T S n 1 S 0 � 0 8 ' 4 d ' W 1 5 0 � 0 1 . 4 0 W 1 ' p A ' C P l _ A L F , q / R / , / , 4 K T / M B E - R L O S T V / Q 7 1 3 2 9 . 6 6 ' E A ( / / B K B N 0 � 0 8 ' 4 d ' E R O A D cLEMENTs cS 1 n) S O° 08' 40" W ( 50° 01'40"W ) Fq/R4,4Y T/M8E_RLOS T V/ 1329.66 Fq/R14/4Y /O EAGLE OR . // E a, 0 -03 _C M otn w o "O u DI O in A rt N 8A 8 PG /,9 OF F'L.4TS ROAD Lc) CO 07' 0d' W .06' z m 21.11 \,53°0000"E N LAN E 4°4? 0 O d - N (.0 Q1 O %fa S 89°47' 23" E 10 .5' Co '04••