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HomeMy Public PortalAboutOrdinance 2488a ~r ORDINANCE NO. 2488 AN ORDINANCE AMENDING VILLAGE ORDINANCE N0.778, CHAPTER 7, ARTICLE 11, PAGE 4 SECTION B-2 INCREASING THE LAND VALUE NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF PLAINFIELD, WILL AND KENDALL COUNTIES, ILLINOIS AS FOLLOWS: I. That Ordinance No. 778, Chapter 7, Article 11, Page 4, Section B-2 is hereby amended to require a land value of $135,000 far Plainfield Community Consolidated School District 202. That all ordinances or parts thereof in conflict herewith are hereby amended. This Ordinance shall be in full force and effect from and after its passage and approval as required by law. This Ordinance shall be numbered as Ordinance No. 2488 PASSED THIS 20th DAY OF June , 2005. AYES: Manning, Racich, Dement, Fay. NAYS: 0 ABSENT: Collins APPROVED THIS 20th DAY OF June, 2005. A1~TEST: - ... _._ n ~ r V GE CLER 6~ COMPLETE RESTRICTED USE APPRAISAL REPORT OF SALES OF FULLY IMPROVED RESIDENTIAL SITES LOCATED IN PLAINFIELD, WHEATLAND, LOCKPORT AND DUPAGE TOWNSHIPS WITHIN PLAINFIELD COMMUNITY CONSOLH)ATED SCHOOL DISTRICT 202 UNINCORPORATED WILL COUNTY, ILLINOIS For MS. DIANE C. COOPER Assistant Superintendent Business & Operations PLAINFIELD COMMUNITY CONSOLIDATED SCHOOL DISTRICT 202 15732 HOWARD STREET PLAINFIELD, ILLINOIS 60544 As of APRIL, 2005 By WILLIAM H. MET7, & .ASSOCIATES, INC. l 5020 SOUTH CICERO AVENUE OAK FOREST, ILLINOIS 60452 1. R William H. Metz & Associates, Inc. Real Estate Appraisers ~ Consyiltu~~ts Mnt William H. Metz, MA.i. S1ZA 15020 S. CICERO AVENUE OAK FOREST, ILLINOIS 60452 (708) 535-1313 FAX (70$) 535-1316 April 1$, 2005 Ms. Diane C. Cooper Assistant Superintendent Business & Operations Plainfield Community Consolidated School District 202 15732 Howard Street Plainfield, Illinois bOS44 Re: Complete Restricted Use Analysis of sales of fully improved residential sites located in Plainfield, Wheatland, Lockport and DuPage Townships Within Plainfield Community Consolidated School District 202 Unincorporated Will County, Illinois Dear Ms. Cooper: In accordance with your request, the appraiser has provided an analysis of sales for residential sites located in Plainfield, Wheatland, Lockport and DuPage Townships, within the Plainfield Community Consolidated School District 202, Unincorporated Will County, Illinois. The purpose of the analysis is to estimate the value of an improved one-acre residential site in the Townships for calculation of the Will County Contribution Ordinance. As defined by the Will County School Site Contribution Ordinance, an improved acre parcel is defined as: "... an acre of land that is fine graded and made ready for construction with utilities, sewer, water and streets, including enclosed drainage and curb and gutter, brought along the entire street frontage of the land. "' 1 Will County School Site Contribution Clydinanee Enacted: July 18, 1973 Amended: September 11, 1973 Effective Date: September 19, 1973 Revised: May 25, 1993 Amended: January 16, 1997 Ms. Diane G Cooper, Assistant Superintendent April 18, 2005 Business & Operations page 2 Plainfield Community Consolidated School District 202 This analysis also takes into consideration that the price per acre should be based upon a site area suitable far a school site. The price per acre as shown in this analysis is based on a site area that would be suitable for construction of a school. It is your appraiser's opinion that, depending on the type of school facility constructed, a minimum site size between seven and 13 acres would be required. The price per acre, as shown in this appraisal report, takes this discounting of a larger site into consideration. If the value per acre was limited to one single acre, the value would be higher than that indicated in this report. This interpretation of the Will County School Site Contribution ordinance was provided by Cynthia L. Guzman, Assistant State's Attorney for James W. Glasgow, Will County State's Attorney, an April 16, 1997. A copy of this interpretation is found in the Addenda of this report. This is a Complete Restricted Use Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(c) of the Uniform Standards of Professional Appraisal Practice for a Complete Restricted Use Appraisal Report. As such, it does not include discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. The Plainfield Consolidated Community School District 202 boundaries are delineated on the School Boundary Map provided by District 202 found in the Addenda of this report. The school district is located in. Plainfield, DuPage, Wheatland, Lockport and Na-au-say Townships. The sales considered were analyzed and compared to a one-acre parcel with all infrastructure improvements completed within these townships. Adjustments were made for size, type and quality of vegetation, amount of infrastructural improvements, and any other special amenities that were located within the individual subdivisions analyzed. In addition to adjusting the various sales to arrive at an opinion of value of an improved residential acre, your appraiser also completed a second valuation method known as a Subdivision Analysis. This method consisted ofan analysis ofsubdivisions within the Plainfield Community Consolidated School District 202. The Subdivision Analysis took into consideration the retail value paid far lots, as well as infrastructure costs, marketing casts, interest expenses, and developers' profit. The value indicated by this method, although given secondary consideration, supports the value as indicated by the sales comparisons. Same of the sales consisted of larger parcels which were located throughout the townships. These sales were analyzed and compared to a site large enough to accommodate a school (between seven and 13 acres). Ms. Diane C. Cooper, Assistant Superintendent April 18, 2005 Business & Operations Page 3 Plainfield Community Consolidated School District 202 In the final analysis, it is your appraiser's opinion that the value per improved residential acre, as stipulated by the Will County School Site Contribution Ordinance, as of April, 2005, is well- supported at $135,000 per improved acre. ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($135,000) I trust this informatian is sufficient for your needs at the present time. Should further information be required, please feel free to contact us. Respectfully submitted, WILLIAM H. METZ & ASSOCIATES, INC. Slaaron Metz-Gohla, ~~ Certified General #15.0001489, expires 9!30/05 Reviewed and approved by: ,. w William H. Metz, , SRA General Certified #153.0000395, expires 9/30/05 SMG:bb CERTIFICATE OF VALUE AND CERTIFICATION It is the appraiser's opinion that the value of an improved residential acre as stipulated by the Will County Site Contribution Ordinance in Unincorporated Plainfield, Wheatland, Lockport and DuPage Townships within Plainfield Community Consolidated School District 202, as of April, 2005 would be well-supported at $135,000 per acre. ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($135,000) I certify that, to the best of my knowledge and belief: The statements of facts contained in this report are true and correct. The appraisal assignment was not based on a requested minimum valuation, a specifrc valuation, or the approval of a loan. This appraisal was performed in accordance with the current regulations of the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 19$9 (FIRRF,A), as well as the Uniform Standards of Professional Appraisal Practice promulgated by the Standards Board of the Appraisal Foundation. 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. 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. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value esti- mate, the attainment of a stipulated result, or the occurrence of a subsequent event. Neither my engagement to make this appraisal (or any future appraisals for this client), nor any compensation therefore, are contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 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 Standards of Professional Appraisal Practice of the Appraisal Institute. 4 William H. Metz & Associates, Inc. CERTIFICATE OF VALUE AND CERTIFICATION (Continued) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The appraiser completing this appraisal assignment has the knowledge and experience to complete the assignment competently. The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAIs and SRAs who meet the minimum standards of this program are awarded periodic educational certification. As of the date of this report, William H: Meta and Sharon Metz-Gohla have completed these requirements under the continuing education program of the Appraisal Institute. Sharon Metz-Gohla has made a personal inspection of the property that is the subject of this report. No one provided. significant professional assistance to the persons named in this report. WILLIAM H. METZ & ASSOCIATES, INC. Sharon Metz-Gohla, R~ Certified General # 153.0001489, expires 9/30/05 Reviewed and approved by: w William H. Metz, MA , RA General CeniCred # 153.0000395, expires 9/30/05 S William H. Metz & Associates, Inc. SCHOOL BOUNDARY MAP William XI. Metz & Associates, hoc. INTERPRETATION LET"I'ER ~1'~~77 ~r ~~~~~~ s~.~ s Asroz~v~ of ~. court ~.~ Wei ,~~ sit„ Jaw ~ sa~aa s~.~.~z7.a~s FAX vo, a7s~rar.s~os Apryi 1 ~, 19g7 THAN5MlTTIrC V1A FACSIMlL1= A,VD ~FGl1l.aR MAIL I7t. Edward Kama, 5vperirrtanderrt Homer Cnrrmurttty t;nnsatidatCd Schad{ t7is~trice 33C 1 X733 8eil F7oad Lockpcar[, !L 8t34d1 Fe: Wii! Cosmty Sct-aot Sltc Contriautiart grdinarrce Cear Dr, Karns You recTuessted an :ntcrpratatton nt para~ph 1 at Srctinn 'CB121 a'F the WsA Cot-nJcy Scho^! S+te Convlbutiort Dnfrnance to asalst the appraisers used by yhe schaot da'svic°t in arriving at the value of art {mPcov~ ~• it is my understamd'ir~ that questior+s arise, no-r frar're 'the deflnitiare of art improved acre, 6cst from *.he language which ittdcates that the l'~At appraise! shau;d include muitipte~ acre parcels suitable for schaat sites, if a•.raiisb(r. -l "nape the following analysis and InxerpretaTis-n are helpful. ~Fhe enabling stattRG and the cflrlnty ctrrlirlance provide far rlerfic~Liar78 of tared ar cash in :ieu of tend, where 8pgropriate, TFccrefore, tl~e amo~mt' of arty cash corr~butiars mat Fs r~:quired should be subsranaalfy e~civaleret try the value of any (and which co~td be used fet a school site_ {n cxrhet wards. the developc~s avt of pack.?'C contxli~ctdan shpyld ire about tie same whether they are ca[ruil~uting tared or cash. Fvr this reasczrt, .the ardtn~nce ind~ates that the iVtA! ~ppraisat ~shculd mice ir.~ ConsidBra'Clon any rnUltlpie acre parcels (meaning pa*~ceta cxxrssis#ir~g of mar~a t}•rar~ one acres lace-..ed in the achaal di5'triCT that would lie approprtafie for a sthooYl site, whr_sG available. ~iTrs vr;~y the appr~alsat inclcrdts land which could be used for a school errs, whereas sirtgto acre parcels are runt frkely to lie used for a schoo! site, 1 nape this letter asssu your appraisers. F'{ease feet f: ee :.o co~c~'tac:t me ~ t may ~e og further assistance. ~~. cc: F{ichartt Duran f=rnla Tortdli t4ichglets $akeliarfau Very truly yours, .~~uu!>=s w. ~u~s~ow W!1!. CDUKTY 57AT~'S ATrQANEY ICY; Cynthia L. Gwcman AssisCant State's AZtomcY '.wP William H. Metz & Associates, inc. QUALIFICATIONS of SIIARON METZ GOIILA, SRA PROFESSIONAL AFFILIATIONS Appraisal Institute - SRA Designation ILLINOIS STATE CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE #153-0014$9 PKEVIOUSLY HELD ILLINOIS STATE CERTIFIED RESIDENTIAL REAL ESTATE APPRAISER LICENSE # I Sb-000901 APPRAISAL EXPERIENCE Complete Residential and Commercial Appraisals for purposes of mortgage loans, estates and estate planning, condenrnation, foreclosures, fire loss and real estate purposes including sales, listings, and real estate tax protests. Property types appraised include residential, multi-family, commercial, industrial, special purpose, vacant land and subdivisions. EMPLOYMENT 1992 to present: William H. Metz & Associates, Inc., Managing Partner and Real Estate Appraiser. 1984 to 1992: William li._Metz & Associates, lne., Rcal Estate Appraiser. Experience includes residential, commercial, industrial, special purpose, and vacant land appraisals for lending institutions, attorneys, relocation companies, insurance companies and private individuals. 1982 io 1984: Count Mutual Insurance, Claims Representative Experience includes the investigation and negotiation of homeowner, automobile and liability claims. 1980 to 1982: Economy fire & Casual, Claims Representative Experience includes investigation, estimate writing and negotiation of homeowner and liability claims; included fire loss and reconstruction estrmatrng. 1978 to 1980: Appraising residential properties for mortgage and relocation purposes; general office work in appraisal office. William H. Metz & Associates, Inc. QUALM: [CATIONS of SHARON METZ GOHLA, SRA (Continued) EDUCATION Thornton Community College -Associate of Arts Degree Southwestern Michigan College Governors State University Various seminars sponsored by the Appraisal Institute, formerly known as the Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers REAL ESTATE APPRAISAL COURSES COMPLETED Appraisal Institute: Course VIII - Residential Appraising 1LV =Basic Income Capitalization -Course 310 ILE -General Applications - Course 320 IL-IV -Appraisal Procedures -Course I20 1L-1-Standards of Professional Practice, Part A (Standards) IL-II -Principles of Appraisal, Part B (Ethics) IL-III -Residential Case Studies National Association of Independent Fee Appraisers (IFA): Course 1.48 -Report Writing-Nan Residential Variaus seminars far the Society of Real Estate Appraisers and Appraisal Institute Homeyuity (relocation company) -seminar for real estate appraisers CONTINUING EDUCATION CLASSES COMPLETED/PASSED Understanding Limited Appraisal-Residential How to use the HP 12 Calculator Appraising along the Information Highway Conditions of the Chicago Real Estate Market USPAP Review Analyzing Market Values cif Residential Real Estate A Day With The Offices of Banks & Real Estate Fair Housing/Fair Lending ICAP - 2001 Illinois Appraiser's Update William H. Metz & Associates, inc. QUALIk ICATI~NS OF WILI.IAlti1 II. iVIETZ, IVIAI, SRt1 Experience 1972 to present: President, William H. Metz & Associates, Inc. - Real Estate Appraisers and Consultants 1957 to 1972: Vice President and Chief Appraiser, South Suburban Federal Savings & Loan Association; appraising residential, multi-family, commercial, industrial, and special-purpose properties In addition to appraising, has been active in the fields of real estate finance, construction, sales and development. Professional- Memberships Appraisal Institute: MAI - Certificate #4558 Residential Member (S1tA) - Certificate #31 Various committees - 1958 to present South/Southwest Association afRealtors: South Suburban Board of Realtors President ~ 1973 and 1974 Board of Directors -various committees Illinois Association of Realtors National Association of Realtors Professional Certification Certified General Real Estate Appraiser (State of Illinois) License No. 153-000395 Certified General Appraiser (State of Indiana) License No_ CG4930084 Licensed Reai Estate Broker, State of 111inois Licensed Real Estate Broker, State of Indiana William H. Metz & Associates, Inc. QUALIFICATIONS OF WILLIAM Ii. METL, MAI, SRA (Continued) Education Graduate Woodrow Wilson College, Chicago, Illinois DePaul University American Institute of Real Estate Appraisers Courses I, Il, IV, VI, VII, Standards of Professional Practice and various seminars and courses offered by the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers_ 'The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAIs and SRAs who meet the minimum standards ofthis program are awarded periodic educational certification.. This appraiser is currently certified under this program. As of the date of this report, William I-I. Metz, MAI, SR~1, has completed the requirements under the continuing education program of the Appraisal Institute. William ~~. Metz & Associates, tnc. 'WILLIAM H. MET7 & ASSOCIATES, INC. PARTIAL LIST OF CLIENTELE I ARCIIDIOCESAN OF CHICAGO SANKS• SAVINGS AND LOANS I st Nationwide Bank A.l. Smith Federal Savings Bank Advance Bank American National Bank American Trust & Savings Bank Bank Calumet Bank One Bank of Homewood Bank of Matteson Builders Bank Chesterfield Federal Savings & Laan GIB. Sank Citibank Cole Taylor Bank Continental Illinois Bank Coyest Banc I]owners Grove National Bank East Side Bank & Trusl Company Fifth/Third Bank Financial Federal Trust & Savings Bank First Bank First Bank and Trust Company of Illinois First Chicago Bank First Cook Community Bank First Natianal Bank of Blue Island First National Bank ol~lllinois Firstar Bank Founders Bank George Washington Savings Bank Grand National Bank Great Lakes Financial Harris Bank Heritage Olympia Bank Interstate Bank of Oak Forest Kankakee Federal Savings Bank LaSalle National Bank Manufacturers Sank Mercantile National Bank Midwest Bank & Trust Company Mutual Bank NAB Bank Old Second National Bank Palos Bank and Trust Pinnacle Bank Prairie Bank & Trust Co. Pullman Bank & Trust Company Republic Bank of Chicago Royal American Bank Savings of America Seaway National Bank. South Holland Trust 8c Savings Standard Bank & Trust Company St_ Paul Federal Suburban Federal Savings & Loan Assoc. BUILDERS AND DEVELOPERS Capital Property Development Continental biomes First Suburban Builders Corp. Floyd M. Phillips & Co. Gierezyk Development, Inc. Hoffman Corporation Inter-Continental Real Estate Kennedy Brothers, Inc. Levitt & Sons McNaughton Builders Polo Builder's, Inc. Rose Construction Simborg Industrial Real Estate U.S. Home William H. Mete & Associates, Inc, WILLIf11vI II. METZ & ASSOCIATES, INC. PARTIAL LIST OI' CLIENTELE: II CI'T'IES AND VILLAGES Honeywell Corporation The Independent Order of Foresters City of Blue Island (Buffalo, NY) City of Chicago Heights Interlake, Inc. City of Harvey J_L_ Prescott Co. Village of Crestwood K-Mart Corporation Village of Dolton McDonald's Corporation Village of Flossmoor McKesson Corporation Village of Glenwood Metlife Capital Village of Hazel Crest The Flintkote Company Village of Homewood T.R.W., Inc. Village of Lansing Unicord Corp.. Village of Lynwood Union Pacific Railroad Village of Matteson United Airlines Village of Midlothian U.S. Steel Corporation Village of Oak Forest Westinghouse Corporation Village of Park Forest Village of Richton Park Village of Sauk Village GOVERNMENT AGENCIES Village of South Holland Village of'I`hornton Federal Aviation Administration Village of University Park Federal Deposit Insurance Corp. federal. Borne Laan Bank Federal National Mortgage Assac_ CORPORATIONS Federal Reserve Bank Forest Preserve District of Caok County 3M Company Illinois Department of Transportation Aetna Life & Casualty Insurance Co. lnternaI Revenue Service Allied Tube & Conduit Corp. Metro Allstate Insurance Co. Metropolitan Water Reclamation District American Steel & Foundry Regional Transportatiart Authority Amoco Oil Company Resolution Trust Corporation Chrysler Realty Carp. U.S. Department of Justice Cities Service Corp. U.S. Environmental I'rotectiozi Agency CNL Group, Inc. [1.5. Postal Service Continental Casualty Co. Eastman Kodak Co. Economy Fire & Casualty E.I. DuPont de Ncmours FMC Corp. Gas City William H. Metz & Associates, Inc. WILI.aIAM II. NiETZ & ASSOCI.~TES, INC. PARTIAL LIST OF CLII;NTELC III HOSPITALS; SOCIAL SERVICE AGENCIES SCIIOOL AND PARK DISTRICTS Aunt Martha's Youth Service Center Christ Hospital & Medical Center Family Service Center Ingalls Memorial Hospital South Suburban Hospital St. James Hospital Country Club I-Iills Park District Homewood-Flossmoor Park District Oak Lawn Park District School District 147 School District 148 School District 149 School District 153 School District 154 MORTGAGE BANKING FIRMS Acumen Mortgage C.M.A. Mortgage, Inc. Citicorp Mortgage Citizens Financial Services First Mortgage Corporation Funding Mortgage Great American Mortgage Services Midwest Express Mortgage Mortgage Linq N13D Mortgage North American Mortgage Old Kent Mortgage Company Worldwide Financial Services VARIOUS ATTORNEYS AND INDIVIDUALS RELOCATION FIRMS Armstrong Relocation Services Associates Relocation Cendant Mobility Commonwealth Relocation Services, Inc. Executive Relocation Prudential Relocation Management Remax International Relocation William H. Metz & Associates, Inc.