HomeMy Public PortalAbout2017-05 St. Mary's Blight StudyPROPERTY ADVISORS
BINght Study Report
Forrnur St. Marys Hospital
11X1 SL Mary's Medical Plaza
Jefferson Cid, Cale County, Mi55471,11ri G5101
i e t pal: April 11, 21016
FOR:
F&F Development LLC
c/o W. Dr, FPt#'S..JO, CRA
900 W. 48th Place, Suite gO0
lams City., MO G4112
Valbridge Property Advisors 1
Shaner Appraisals, Inc.
10990 Quivira Road, Suite 100
Overland Park, Kansas 66210
(913) 451-1451 phone
(913) 529-4121 fax
valbridge. com
Vatridge Job No:
KS01-1 G -0141-0c
aea, Valbridge
PROPERTY ADVISORS
April 11, 2016
F&F Development, LLC
c/o Mr. Evan Fitts, JD, CHA
900 W. 48th Place, Suite 900
Kansas City, MO 64112
RE: Blight Study Report
Former St. Mary's Hospital
100 St. Mary's Medical Plaza
Jefferson City, Cole County, Missouri 65101
Dear Mr. Fitts:
10990 Quivira Road, Suite 100
Overland Park, Kansas 66210
(913) 451.1451 phone
(913) 529.4121 fax
valbridge.com
In accordance with your request, I have prepared a blight study report of the above -referenced property.
This report sets forth the pertinent data gathered, the techniques employed, and the reasoning leading to
my opinions.
The property is known as the Former St. Mary's Hospital, located at 100 St. Mary's Medical Plaza in Jefferson
City, Cole County, Missouri 65101. The Study Area contains the original St. Mary's Hospital that was
constructed in 1905, as well as five additions, which were constructed in 1932, 1964, 1988, 1995 and 2000.
The total area of the hospital building is 235,323 square feet. The Study Area also contains a three story
medical office building that was constructed in 1985 and contains 38,045 square feet. Located around these
buildings are thee parking garages that were constructed in 1964, 1985 and 1995. There are also two parcels
to the south of Missouri Boulevard that provide additional support parking. In total, the Study Area contains
over 800 parking spaces. The total area of the three sites that comprise the Study Area is 9.800 acres, or
426,888 gross square feet.
F&F Development, LLC is the client in this assignment and is the sole intended user of the report. The
intended use is for potential redevelopment purposes. The value opinions reported herein are subject to
the definitions, assumptions and limiting conditions, and certification contained in this report.
PROPERTY ADVISORS
III
Valbridge
Mr. Evan F. Fitts
F&F Development, LLC
April 11, 2016
Page 2
Based on the analysis contained in the following report, my conclusions involving the Study Area property
are summarized as follows:
Conclusion -Chapter 67/99
As determined in the following study, it is my opinion that the Study Area represents a "blighted area" as is
defined the "Community Improvement District Act", Section 67.1401 to 67.1571 and the Missouri "Real
Property Tax Increment Allocation Redevelopment Act" Sections 99.800 to 99.865. Primary blighting factors
include:
Chapter 67/99 Blight Factors
Yes
No
Defective or Inadequate Street Layout
X
X
Unsanitay or Unsafe Conditions a
X
,
Deterioration of Site Improvements
X
Improper Subdivision or Obsolete Platting
X
Conditions which Endanger Life or Property by Fire and Other Causes
X
As a result of the factors above, the Study Area suffers from three of the four blight conditions.
Chapter 67/99 Blight Conditions
Yes
No
Hindrance to Housing Accommodations
X
Economic Liability
X
,
Social Liability
X
Menace to Public Health, Safety, Morals or Welfare
X
As a result of the defective and inadequate street layout, unsanitary or unsafe conditions, deterioration of
site improvement and conditions which endanger life or property by fire or other causes, the Study Area
has become an economic liability, social liability as well as a menace to public health, safety, morals and
welfare.
This letter of transmittal is not considered valid if separated from this report, and must be accompanied by
all sections of this report as outlined in the Table of Contents, in order for the value opinions set forth above
to be valid.
Respectfully submitted,
Valbridge Property Advisors 1 Shaner Appraisals, Inc.
CLA4A4,7 1414,7
Andrew Baker, MAI
Senior Appraiser
Missouri License #2013E030999
4110 PROPERTY ADVISORS
Valbridge
Table of Contents
FORMER ST. MARY'S HOSPITAL
TABLE OF CONTENTS
Cover Page
Letter of Trnsmitto|
Table ofContents ..........~...~..MJ.1._ ---i
Summary of Salient Facts
Aerial and Front Views
LocationMap ..~..~.........~....~~....�~.....~.~~. -_._ iv
Introduction 1
City & Neighborhood Analysis 3
Site Description 7
Improvements Description 29
Blight Analysis -Chapter 67/99 52
General Assumptions & Limiting Conditions 69
Addenda 70
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc Page
0 PROPERTY ADVISORS
Valbridge
FORMER ST. MARY'S HOSPITAL
SUMMARY OF SALIENT FACTS
Summary of Salient Facts
Property Name:
Address:
Assessor's Parcel Number:
Zoning:
Total Site Size:
Existing Improvements
Property Type:
Gross Building Area (Former Hospital):
Gross Building Area (Medical Office)
Parking Spaces
Year Built
Condition:
Date of Inspection:
Date of Report Preparation:
Former St. Mary's Hospital
100 St. Mary's Medical Plaza
Jefferson City, Cole, Missouri, 65101
11 -03 -07 -0002 -005 -002,11 -03 -07 -0002 -004 -028,11 -03-
07 -0002-004-028.001,11-03-07-0002-004-026,11-03-07-
0002-004-024
C-2, Commercial
9.800 gross acres (426,888 gross square feet)
Former Hospital and Medical Office.
235,323
38,045
800
1905 to 2000
Fair
March 16, 2016
April 11, 2016
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page li
0 PROPERTY ADVISORS
Valbridge
Aerial and Front Views
AERIAL VIEW
FORMER ST. MARY'S HOSPITAL
AERIAL AND FRONT VIEWS
FRONT VIEW
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc.
Page iii
Valbride
PROPERTY ADVI R5
Location Map
FORMER ST. MARY'S HOSPITAL
LOCATION MAP
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page iv
PROPERTY ADVISORS
0
Valbridge
Introduction
Client and Other Intended Users of the Blight Study
The client and intended user in this assignment is F&F Development, LLC.
FORMER ST. MARY'S HOSPITAL
INTRODUCTION
Intended Use of the Blight Study
The intended use of this report is to assist in determining if the Study Area is blighted for potential
redevelopment purposes. I understand that this report may be submitted by the F&F Development, LLC to
a governmental entity or agency for the purpose of making a blight determination.
Identification of the Property
Address: 100 St. Mary's Medical Plaza
Jefferson City, Missouri 65101
Parcel Numbers: 11 -03 -07 -0002 -005 -002,11 -03 -07 -0002 -004 -028,11 -03 -07 -0002-
004-028.001,11-03-07-0002-004-026,11-03-07-0002-004-024
Owner: F&F Development, LLC
Legal Description
A copy of the legal description is contained in the addenda of this report.
Type and Definition of Value
Definition -Chapter 67
The Missouri "Community Improvement District Act", Section 67.1401 to 67.1571 defines a blighted area as
"An area which:
A. By reason of the predominance of defective or inadequate street layout, unsanitary or unsafe
conditions, deterioration of site improvements, improper subdivision or obsolete platting, or the
existence of conditions which endanger life or property by fire and other causes, or any combination
of such factors, retards the provision of housing accommodations or constitutes an economic or
social liability or a menace to the public health, safety, morals, or welfare in its present condition
and use; or
B. Has been declared blighted or found to be a blighted area pursuant to Missouri Law including, but
not limited to chapter 353, sections 99.800 to 99.865, or section 99.300 to 99.715."
Definition -Chapter 99
The Missouri "Real Property Tax Increment Allocation Redevelopment Act" Sections 99.800 to 99.865 defines
a blighted area as a "An area which, by reason of the predominance of defective or inadequate street layout,
unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete
platting, or the existence of conditions which endanger life or property by fire and other causes, or any
combination of such factors, retards the provision of housing accommodations or constitutes an economic
or social liability or a menace to the public health, safety, morals, or welfare in its present condition and
use.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 1
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
INTRODUCTION
Before undertaking the analysis, it is important to clarify the definition as it applies to this report. According
to state law, it is not necessary for every condition to be present in order to declare the Study Area blighted.
In fact, an area can be declared blighted if only one condition is present. Also, the conditions do not need
to be present in each parcel, but must be found in the Study Area as a whole.
I have completed a blight analysis of the property according the Chapter 67 and Chapter 99 definition. To
the best of our knowledge, the Study Area property has not previously been declared blighted. In addition
to the above definition, I have also considered several court cases which provide insight on the
consideration of blight. The following are references to Missouri Supreme Court Cases.
• Parking Systems, Inc. v. Kansas City Downtown Redevelopment Corporation, 518 S.W.2d 11, 15
(Mo.1974). The courts determined that it is not necessary for an area to be what commonly would be
• Crestwood Commons Redevelopment Corporation v. 66 Drive -In, Inc., 812 S.W. 2d 903, 910 (MO.
App. E.D.1991). The courts determined that an otherwise viable use of a property may be considered
blighted if it is an economic underutilization of the property.
• State ex. Rel Atkinson v, Planned Industrial Expansion Authority, 517 S.W.2d 36 at 46 (Mo. banc
1975). The courts determined that blight may also be
promote a higher level of economic activity, increa
• Maryland Plaza Redevelopment Corporation v. Greenberg, 594 S.W.2d 284, 288 (MO.App.E.D 1979)
The courts determined that it is not necessary for every property within an area designated as blighted
to conform to the blight definition. A preponderance of blight conditions is adequate to designate an
area for redevelopment.
Date of Report
The date of this report is April 11, 2016, which is the same as the date of the letter of transmittal.
Date of Inspection
Andrew Baker, MAI conducted an interior and exterior inspection of the property on March 16, 2016. I was
accompanied by Curtis Neuenswander, the manager of the property and a representative of the owners.
Competency
No additional work was necessary to meet the competency provision. I have completed numerous blight
analyses on properties for local municipalities in Kansas and Missouri. These blight studies have utilized
various definitions of blight under Missouri Statutes (R.S. Mo. 67, 99, and 353) and Kansas Statutes (K.S.A
Chapter 12). The reader is directed to the appraiser qualifications for further substantiation.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 2
PROPERTY ADVISORS
0
Valbridge
City & Neighborhood Analysis
FORMER ST. MARY'S HOSPITAL
CITY AND NEIGHBORHOOD ANALYSIS
The Study Area is located in the City of Jefferson, Cole County, Missouri. Jefferson City is located in the
central area of the State of Missouri and is about 30 miles to the south of Columbia, Missouri. The Study
Area is located in Downtown Jefferson City, with includes the Missouri State Capital. The following analysis
focuses on the social, economic, government, and environmental forces that form the elements of supply
and demand and subsequently affect local real estate values.
Market Area Overview
According to Market Analysis for Real Estate, published by the Appraisal Institute, the trade/market area is
delineated by physical, political, and socioeconomic boundaries or by the time -distance relationship
represented by travel times to and from common destinations. A market area is an area in which alternative,
similar properties effectively compete with the Study Area in the minds of probable, potential users. For the
poses of this report, the neighborhood boundaries are best described as the city limits of Jefferson City, as
outlined in red in the map below.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc.
Page 3
PROPERTY ADVISORS
•
Valbridge
FORMER ST. MARY'S HOSPITAL
CITY AND NEIGHBORHOOD ANALYSIS
Neighborhood Land Use
Land use in the Jefferson City includes mostly single family, industrial, and commercial land. Significant land
use characteristics in the immediate area are summarized in the following table.
Predominant Age of Improvements
50+ years
Predominant Quality and Condition
Fair to Average
Approximate Percent Developed
Residential
Retail
Office
Industrial
Vacant
90%
65%
15%
5%
5%
10%
Life C cle Sta •e
_
Second -stability
Average
Infrastructure/Planning
Predominant Direction of Growth
Western portion of the city
Major Developments
In April 2015 it was announced that Continental Commercial Products, a company that makes plastic trash
cans and other cleaning products, would move its manufacturing operations from Bridgeton, Missouri
(located in the St. Louis area) to Jefferson City. The company has leased 534,000 square feet of
manufacturing space that it recently occupied. The relocation will create 200 jobs in the local area.
In January 2015, the Special Olympics selected a site in southern Jefferson City for a planned "Training for
Life Campus". This project would construct a 44,000 square foot building on a 15 acre site to be the home
for 30 or more training camps per year. The estimated costs of this project are $12.5 million and it is
anticipated to generate $1 million in tourism revenue annually as well as 1,700 to 1,950 hotel room stays
each year. Construction of the project would begin after the organization raises enough money in a capital
campaign, which is hoped to be concluded by the end of the year.
New St. Mary's Hospital
In November 2014, the new St. Mary's Hospital opened at Highway 179 and Mission Drive. The new hospital
has a total cost of $218 million and contains 158 all -private rooms and 375,000 square feet of space. Plans
for the new hospital began in 2004 when the land was purchased by an entity related to St. Mary's. The
project was officially announced in 2009 and ground broke on the project in 2012. The new hospital
replaced the Study Area, which was originally constructed in 1905, with five additions in 1932, 1964, 1988,
1995 and 2000.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc Page 4
PROPERTY ADVISORS
•
Valbridge
FORMER ST. MARY'S HOSPITAL
CITY AND NEIGHBORHOOD ANALYSIS
Demographic Analysis
The following demographic information was obtained from the 2000 U.S. Census, 2010 U.S. Census, and
Site to do Business (STDB) forecasts for 2015 and 2020. I have included the data from the area within a
five-minute drive of the Study Area, which includes much of the downtown area, as well as Jefferson City.
Population
Jefferson City has a current population of 43,511. Since 2010, the population has been growing at a rate of
0.20%. The population in the local area has been slowly growing at a similar rate over the past five years
and this is expected to continue into the foreseeable future.
Population
Jefferson City
5 Minute Drive
2010 Census
13,772
43,079
2015 Estimate
13,881
43,511
2020 Projection
14,002
43,983
% Change 2010-2015
0.15%
0.20%
% Chan. a 2015-2020
0.17%
0.22%
Educational Attainment
The following table shows the educational attainment for the population over the age of 25. Jefferson City
has 35.4% of people with a Bachelor's degree and 12.8% of people with an Advanced degree.
Education
High School Diploma (%)
Bachelor's Degree (%)
Advanced Degree (%)
15 Minute Drive
91.0%
31.3%
10.7%
Jefferson City
91.8%
35.4%
12.8%
Housing
STDB projects that 53.3% of the housing units in Jefferson City are owner occupied, 38.2% are renter
occupied, and 8.4% are vacant. Median home values are $155,389, which is higher than the area within a
five minute drive.
Total Housing Units 2015
Owner Occupied %
Renter Occupied %
Vacant (%)
Median Home Value 2015
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc.
5 Minute Drive
7,322
40.0%
49.2%
10.8%
$118,812
Jefferson Cit
19,185
53.3%
38.2%
8.4%
$155,389
Page 5
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
CITY AND NEIGHBORHOOD ANALYSIS
Household Income
STDB projects median household income to be $49,766 in Jefferson City, which is higher than the household
income levels of the area within a five minute drive.
Median Household Income
2015 Estimate
2020 Projection
5 Minute Drive
$33,613
$39,038
Jefferson City
$49,766
$57,331
% Change 2015-2020
3.22% 3.04%
Major Employers
Jefferson City is the state capital of the State of Missouri. By far the largest employer in Jefferson City is the
State of Missouri. Jefferson City also contains two major hospital employers which are the Capital Region
Medical Center and St. Mary's Hospital. SSM Health, which is the parent company of St. Mary's Hospital,
formerly occupied the Study Area is the fifth largest employer in the area with 1,070 employees. Primary
employers are related to government and health care and are considered to be stable.
Companies with over 1,000 employees
State of Missouri
14,208
Jefferson City Public Schools
ri,666
1 Scholastic, Inc. I
1,4001
Capital Region Medical Center
I 1,398
SSM Health - St. Mary's Hospital
1,070
Source: Jefferson City Chamber of Commerce
Conclusions
Based on the analysis of the preceding factors, the neighborhood appears to be in the second stage of its
life cycle, a period of stability. Recent growth has been primarily limited to single-family development
located on the west end of the city. Given the history of the neighborhood, it is my opinion that the short
term outlook is good, with slow growth expected in the near term.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 6
•Valbridge
PROPERTY ADVISORS
Site Description
FORMER ST. MARY'S HOSPITAL
SITE DESCRIPTION
The following description is based on the property inspection, assessor records, and information provided
by the owner.
AERIAL MAP
General Data
Street Address:
Assessor's Parcel Number:
100 St. Mary's Medical Plaza, Jefferson City, Missouri 65101
11 -03 -07 -0002 -005 -002,11 -03 -07 -0002 -004 -028,11 -03 -07 -0002-
004-028.001,11-03-07-0002-004-026,11-03-07-0002-004-024
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc.
Page 7
Valbridge
PROPERTY ADVISORS
Physical Characteristics
Site Area:
North Parcel (Hospital)
Southwest Parcel (Parking)
Southeast Parcel (Vacant Site):
Parcel Location:
FORMER ST. MARY'S HOSPITAL
SITE DESCRIPTION
The Study Area contains a total of three separate parcels, the total
area of the three parcels is 426,888 square feet, or 9.80 acres
The North Parcel is located to the north of Missouri Boulevard. It
contains the former hospital, medical office building as well as three
parking garages. It contains a total site are of 7.12 acres, or 310,147
square feet.
The Southwest Parcel is bounded by Missouri Blvd. to the north and
the on/off ramp for northbound Highway 54 to the south and east.
The total area of this site is 1.53 acres, or 66,648 square feet.
This parcel is located to the south of Missouri Blvd. and to the east of
the northbound on/off ramp for Highway 54. This parcel previously
had two commercial buildings that were recently demolished. This
site is bisected by a previous alleyway between the two buildings. The
total area of this parcel is 1.15 acres, or 50,094 square feet. The area
to the east of the alley contains 0.39 acres and the area to the west
of the alley contains 0.76 acres. I have combined these separate
areas because the alley will likely be transferred to the developer for
any future commercial development.
The Study Area is three parcels of land that are generally bounded
by Highway 54/63 to the north, east and west, and Wears Creek to
the south. Missouri Boulevard bisects the three sites and Bolivar
Street runs to the north of the Hospital parcel.
Utilities
Electricity: Ameren Missouri
Gas: Ameren Missouri
Water: Jefferson City, MO
Sewer: Jefferson City, MO
The area has all utilities in the area in order to permit commercial development.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc
Page 8
PROPERTY ADVISORS
0
Valbridge
Flood Zone Data
Flood Map Panel:
Flood Zone:
29051C0133E dated November 2, 2012
X, X (Shaded) AE,
FORMER ST. MARY'S HOSPITAL
SITE DESCRIPTION
The Southeast Parcel is entirely located within floodzone AE (denoted by purple on the map above). This
is defined as "Areas subject to inundation by the 1 -percent -annual -chance flood event determined by
detailed methods. Base Flood Elevations (BFEs) are shown. Mandatory flood insurance purchase
requirements and floodplain management standards apply."
The Southwest Parcel is partially located in floodzone AE. The western portion (denoted in yellow in the
map above) is located in Floodzone X (Shaded). This is defined as an "Area of moderate flood hazard,
usually the area between the limits of the 100 -year and 500 -year floods. " Mandatory flood insurance is
not required within this floodzone.
The North Parcel is primarily located in Flood Zone X, or areas of minimal flooding. However, there is a
portion of the south end of the site that is located in Flood Zone X (shaded).
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 9
0 Valbridge
PROPERTY ADVISORS
Zoning Designation
Zoning Code:
Zoning Jurisdiction:
Permitted Uses
Zoning Comments:
:1
■ C-3
▪ Ci
▪ C -O
■ M-1
• M-2
E M-3
® N-0
• NC
▪ PUD
■ RA -1
■ RA -2
■ RC
• RD
RS -1
❑ RS -2
M RS -3
RR -4
FORMER ST. MARY'S HOSPITAL
SITE DESCRIPTION
C-2, Commercial
City of Jefferson City
A variety of commercial uses, including retail, office and lodging use.
According to the municipal code, the purpose of the C-2 district is "to
accommodate general trades and commercial services not permitted
in central and neighborhood zoning districts located at select nodes,
intersections and highway interchanges to serve the motoring public
and highway users. Buffering, landscaping and open space areas are
required to mitigate impacts of the more intensive land uses and
traffic activities as well as provide adequate access and traffic
improvements."
ZONING MAP
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 10
eValbridge
PROPERTY ADVISORS
FORMER ST. MARY'S HOSPITAL
SITE DESCRIPTION
Topography
The North Parcel sites slopes downward from the north toward the south. The topographic difference is
approximately 30 feet, based upon the review of the US topographic maps. This elevation difference is
considered to be very significant and will present additional costs for a development. The Southeast and
Southwest parcels are each basically level and at grade with fronting streets.
Site Conclusion
The Study Area site is functional for its legally permissible use of a commercial development. The site is
currently zoned C-2, which permits various commercial uses, such as retail, office or lodging use.
Commercial uses are also consistent with the surrounding development in the local area. The Study Area
has the necessary utilities and infrastructure to permit commercial uses of the site.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 71
PROPERTY ADVISORS
0
Valbridge
Improvements Description
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
The following description is based on my property inspection, building plans, assessor records, and
information provided by the owner. The following is my brief description of the Former St. Mary's Hospital,
medical office building and the three surrounding parking garages. The following shows a map of each of
the major buildings in the Study Area.
General Data
Property Type: Hospital and Medical Office
Number of Buildings: Two
Number of Parking Garages Three
Quality: Average
Condition: Fair
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Age of Improvements
The former hospital consists of the original hospital building that was constructed in 1905, as well as five
additions, which were constructed in 1932, 1964, 1988, 1995 and 2000. The Study Area also contains a
three story medical office building that was constructed in 1985. In addition, the Study Area contains three
attached parking garages that were constructed in 1964, 1985 and 1995. At present, each of the structures
located in the Study Area shows significant indications of depreciation. Based upon the age/life method of
depreciation many of the buildings are at or near the end of their useful life.
The following tables shows the age of each of the buildings, based upon information provided to us by the
owner.
Age of Improvements
Ref. Description
1 Original Hospital Building
2 First Hospital Additon
3 Second Hospital Addition
4 Boiler Room and South Parking Garage
5 Medical Office Building and Parking Garage
6 Third Hospital Addition
7 North Parking Garage
8 Fourth Hospital Addition
9 Dining Room Additon
Size Stories Year Built Actual Age
41,490 5 1905 111
22,550 5 1932 84
46,330 5 1964 52
22,136 2 1964 52
38,045 3 1985 31
82,119 4 1988 28
68,400 2 1995 21
27,589 2 1995 21
13,304 2 2000 16
Useful Life (MVS)
50
50
50
45
40
50
45
50
50
The buildings in the Study Area are classified as a Hospital, Parking Garage and Medical Office of average
quality. According to Marshall Valuation Services (MVS), these building types have a useful life of 50, 45
and 40 years, respectively. Useful life is defined as "The period of time over which a structure or a
component of a property may reasonably be expected to perform the function for which it was designed."
Therefore, based upon its age, each of the structures that was constructed before the mid -1980's is
considered to be past the end of its useful life.
195
lltl lil II II III1IiFIII IIIIL
1IJ11111ill II IMI]I III
S. ATVS
FIRSTFLOOR PLAN
ENTER
g4.Hw
S: MAYS
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc.
Page 30
Valbridge
PROPERTY ADVISORS
Hospital Building
Size
Gross Building Area (GBA):
Age / Life
Year Built:
Actual Age:
Typical Building Life (MVS):
Remaining Economic Life:
Exterior
Construction Class:
Foundation:
Frame/Walls:
Exterior Wall Finish:
Windows:
Interior
Floors:
Walls:
Ceiling Finish:
Lighting Fixtures:
Mechanical Systems
Electrical'
Plumbing:
HVAC:
Fire Protection.
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
235,323 square feet
1905, with additions in 1932, 1964, 1988, 1995 and 2000
Varies from 111 years to 16 years
50 years
Would require a major renovation in order to have a functional utility
for hospital use, or any other alternative use.
Class A per Marshall Valuation Service
Rubble Stone in 1905 portion, poured concrete in all other portions
Steel and concrete
Stone in 1905 portion, red brick in other portions.
Single -pane
Varies widely depending on the area of the building. Primarily
includes tile, painted concrete and carpet
Painted drywall
Suspended acoustic tile
Various fluorescent fixtures
Electric service has been turned off in order to reduce maintenance
costs.
Assumed adequate for commercial use.
The property is heated by a boiler system and cooled by a chiller
system. The HVAC system has been turned off in order to reduce
maintenance costs. As discussed later in this report, the boiler and
chiller system is inadequate for hospital use. These systems are
currently in poor condition and would need to be replaced in any
future redevelopment.
Wet sprinkler system has been removed in order to reduce
maintenance costs. Due to the lack of heat in the building, there is a
risk that the sprinkler pipes could burst during freezing
temperatures.
Analysis/Comments on Improvements -Hospital Building
The original Hospital Building was constructed in 1905, and contains five additions, which were constructed
in 1932, 1964, 1988, 1995 and 2000. The total area of the hospital building is 235,323 square feet of gross
building area. The hospital contains a total of five stories, including a partial basement. The basement area
is primarily used for storage and contains the heating systems. The improvements are of a steel frame
construction and were in average condition as of the effective date of the report.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 37
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Entrance to the hospital is located on the north side of the building. The ground floor consists of the
entrance and emergency department area. The south side of this floor contains former surgery rooms. The
east side of this floor was previously used as a cafeteria.
Patient rooms are located on floors 2, 3 and 4 and are located on the west side of the building. Support
executive offices are located on the second floor on the east side of the building. The floor plate areas get
smaller on the upper floors of the hospital. The building plans at the end of this section show the individual
rooms at the hospital.
Medical Office Building
Size
Gross Building Area (GBA):
Total Stories:
Age / Life
Year Built:
Actual Age:
Effective Age:
Remaining Economic Life:
Exterior
Construction Class:
Foundation:
Frame/Walls:
Exterior Wall Finish:
Windows:
Interior
Floors:
Walls:
Ceiling Finish:
Lighting Fixtures:
No. of Restrooms:
Mechanical Systems
Electrical:
Plumbing:
HVAC:
Fire Protection.
38,045 square feet, not including full basement
Three, with a partial basement
1985
31 years
40 years
Property is nearing the end of its useful life for medical office use.
Class C per Marshall Valuation Service
Poured concrete
Masonry
Brick
Single -pane
Carpet in room area and hallways, tile in restroom area, hardwood in
lobby area
Painted drywall
Suspended acoustic tile
Primarily incandescent fixtures
One common area men's and women's restroom
Electric service has been turned off in order to reduce maintenance
costs.
Assumed adequate for commercial use.
The property is heated by a boiler system and cooled by a chiller
system. The HVAC system has been turned off in order to reduce
maintenance costs. As discussed later in this report, the boiler and
chiller system is inadequate for medical office use. These systems are
currently in poor condition and would need to be replaced in any
future redevelopment.
This building previously had a partial west sprinkler system that has
been removed in order to reduce maintenance costs. Due to the lack
of heat in the building, there is a risk that the sprinkler pipes could
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 32
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
burst during freezing temperatures. A wet sprinkler system would
need to be installed in the entire building in order to permit office
use.
Analysis/Comments on Improvements -Medical Office Building
The Medical Office Building was constructed in 1985 and contains 38,045 square feet of gross building area.
The improvements are of masonry construction, and were in fair condition as of the effective date of value.
The Medical Office Building is located directly to the southwest of the Hospital Building. These two building
are connected by a small corridor on the first two floors of the medical office building.
The basement and first floor spaces are accessed by entrance doors on the southwest corner of the building.
This entrance is located in the basement, which is connected to the south parking garage, as well as the
ground floor. Interior office finishes mainly include carpet in room area and hallways, tile in restroom area,
hardwood in lobby area.
There is a common area restroom on each of the floors. These restrooms were recently renovated with new
tile and faucets and are in good condition. There is a 2,500 Ib capacity elevator that services the three floors
and is located in the south of the building. There are also two stairwells located on the north and south
portions of the building.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc Page 33
PROPERTY ADVISORS
0
Valbridge
Parking Garage Buildings
Size
North Parking Garage:
Central Parking Garage:
South Parking Garage:
Year Built
North Parking Garage:
Central Parking Garage:
South Parking Garage:
55,000 square feet, in two stories
38,000 square feet, in one story
28,000 square feet, in one story
1995
1964
1985
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Analysis/Comments on Improvements -Parking Garage Buildings
The Study Area contains three attached parking garages. The North Parking Garage is located to the
northeast of the hospital building and contains a total of two stories and three levels of parking. The total
area of this parking garage is approximately 55,000 square feet.
The Central Parking Garage is located to the southeast of the hospital building and is adjacent to Missouri
Boulevard. This building was constructed in 1964 and contains two story and two levels of parking. The
boiler system for the hospital is located in the basement of this building. The chiller system for the hospital
is located to the west of the Central Parking Garage.
The South Parking garage is located to the southwest of the Medical Office Building. This parking garage
was constructed in 1985 at the same time as the Medical Office Building. It contains one story and two
levels of parking.
In addition, support parking is provided by surface parking lots to the south of the Central Parking Garage
as well as the Southeast and Southwest Parcels. A pedestrian bridge connects the Southwest Parcel and
the North Parcel. This pedestrian bridge is approximately 14 feet tall and traverses Missouri Boulevard. The
total number of parking spaces is approximately 800. The parking ratio is 2.93 spaces per 1,000 square feet
of gross building area.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 34
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Functional Obsolescence
The Hospital Building was originally constructed in 1905, with five additions in 1932, 1964, 1988, 1995 and
2000. The design of the Hospital Building was not considered to be adequate for the health needs of the
region. The Study Area was replaced by the New St. Mary's Hospital, which is located to the east of Highway
179 and Mission Drive. The new hospital is about four miles to the southwest of the Study Area and is
about a 10 minute drive, depending on traffic conditions. The new hospital had a project cost of $218
million and contains 158 all -private rooms and 375,000 square feet of space. Plans for the new hospital
began in 2004 when the land was purchased by the operators of the hospital. The new hospital officially
opened in November 2014.
The following shows the analysis of the features that are considered to display functional obsolescence. My
analysis is primarily based on the design differences between the new hospital and the Study Area. I have
also examined the public statements from hospital officials as to why a new hospital was necessary to meet
the health needs for Jefferson City and the surrounding region.
Hospitals must balance functional, layout and aesthetic issues to simultaneously meet the needs of patients,
guests, staff and the owner. Well-designed properties are considered to be safe for patients and staff, cost-
effective, and maintain their functionality over time. Hospital design must take into account the activities
that will be conducted, as well as the space relationships between these activities. The following chart,
shows the typical space relationships within a modern hospital:
SINEW NO$P WAL RBAIIONSIOPS
soar CARA
H
MAJOII QJNICA& IIILAUONZ IP$
1
Source: (Whole Building Design Guide site: httos://www.wbdg.org/design/hospital.php )
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc
Page 35
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Size
The new hospital contains a total size of approximately 375,000 square feet of gross building area. The
former hospital and medical office buildings at the Study Area have a size of roughly 270,000 square feet.
The new hospital is approximately 40% larger in size. In addition, the new hospital has excess land and
areas that can be added for future phases as demand will increase for health services in the future. The
Study Area is a fully built -out tract and additional space cannot be easily added to the existing design.
Design Characteristics
The new hospital has a number of different major design characteristics that are considered to be superior
to the design at the Study Area.
1. The new hospital contains 158 all -private patients' rooms. The private rooms allow for
more privacy for patients and guests than the shared rooms at the Study Area, which is
imperative for requirements by the Health Insurance Portability and Accountability Act of
1996 (HIPPA). Each room has the same design and layout, which helps the nursing staff
save time and make fewer errors. The modern nursing units have a more compact shape
in an attempt to shorten the distance between the nurse station and the patient's bed.
2. Operating rooms have been designed so as to be more functional and have been spaced
closer together. The storage space for supplies is adjacent to the operating rooms, which
allows for fewer interruptions in patient care. Each operating room has updated scope
equipment and portable x-rays, which allow for immediate results.
3. The imagining and testing services are now located adjacent to the emergency department.
This allows for quicker turnaround for results and fewer false positives.
4. The labor delivery rooms are much larger and more convenient. The rooms have a hotel -
like atmosphere and more amenities. The additional space allows for more comfort for
new mothers as well as for visiting family members and other guests.
5. The general aesthetics are considered to be greatly superior at the new hospital when
compared to the dated design at the Study Area. Hospital patients are often fearful,
confused and depressed and these feelings may hamper recovery. The new hospital has
been designed to be as unthreatening, comfortable and stress -free as possible. The
exterior mainly contains windows, which allows for natural light to enter the building. There
is a significant amount of artwork in the interior of the building which is designed to inspire.
Many of the patient rooms overlook a secluded garden area, which can be used by patients
and guests for reflection and prayer.
HVAC System
The primary functions of a hospital HVAC system require high amounts of airflows, pressure relationships
between spaces, and filtration to prevent hospital acquired infections (HAIs). This is different from a typical
building HVAC system, in which comfort is the primary focus. A modern HVAC system can reduce the risk
of infection by removing airborne microorganisms, which is especially important in the surgical suite. The
HVAC requirements and costs for a hospital and higher than any other type of building.
The HVAC system in the hospital is provided by a boiler and chiller system that was constructed in 1964
and is considered to be obsolete when compared to modern hospital design. Other types of equipment
are more widely accepted, including variable refrigerant flow (VRF) systems, air curtains and geothermal
heat pumps. This equipment reduces the transmission of airborne diseases, improves comfort and efficacy
and saves money by reducing energy output.
The current boiler and chiller system at the Study Area represents a super adequacy and would cost a
considerable amount to operate and maintain in any future redevelopment. According to the owner, the
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 36
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
boiler system and chiller system is in poor condition and would need to be replaced in any future
redevelopment.
I of rerr• Si iiikler;-Medical Office Bulk -111v
There is a lack of fire sprinklers in the medical office building. Only a small portion of this building has been
improved with a fire sprinkler system and these fire sprinklers have been removed by the owners in order
to save money on maintenance costs. Fire sprinklers would need to be installed in the entire medical office
building due to current fire codes if this building will be occupied by an office user.
Deferred Maintenance
The Study Area has numerous issues with deferred maintenance. The interior of the building would require
a complete renovation in order to allow for an alternative use, including new floor tile, ceilings and painted
walls. Also, many other components of the improvements would need to be replaced, including the HVAC
system and roof. As discussed throughout this report, there is a significant amount of physical deterioration
in the building and site improvements.
I have reviewed a report that was prepared by AliState Consultants and was dated February 8, 2016. The
report discusses the current condition of the three parking structures as well as the pedestrian bridge that
traverses Missouri Boulevard. The report lists major repairs that are needed at all three of these buildings
that were primarily related to long term moisture exposure. The moisture damage was caused by degraded
coatings and sealing joints caused by a lack of maintenance. The report also states that due to the high
cost, repairs to the Central Parking garage as well as the pedestrian bridge would most likely not be
financially feasible.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 37
0 PROPERTY ADVISORS
Valbridge
Building Plans -Site Plan
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
SITE PLAN
11.
•
411.
3
SI MARYS
#mak ® HEALTH
.. _ . .e ,._. y.__...._. CENTER
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 38
PROPERTY ADVISORS
•
Valbridge
Building Plans -Basement
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
GROUND FLOOR PLAN
100 }1 ...,,.. FM91eml• J99..9—. O9„ - MCP - 00101
nr9u9 rr•u.a9 91S e.. 99' -aOIYr.
S! MARYS
CENTER
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc.
Page 39
Valbridge
PROPERTY ADVISORS
Building Plans -Ground Floor
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
S: MARYS
g
HEAL'H
CENTER
BASEMENT FLOOR PLAN
.W SI, ...,>•..4 d P... - e10101
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 40
OValbridge
PROPERTY ADVISORS
Building Plans -First Floor
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
liiriililriilin riiiiiliTit
FIRST FLOOR PLAN
LI_k Imo,
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 41
PROPERTY ADVISORS
110
Valbridge
Building Plans -Second Floor
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
nr1 0111
1[1.1,
L-41JIL
jithwu
SECOND FLOOR PLAN
.mom .,._.wno...,.p_...o,
0
St MARYS
V
HEALTH
CENTER
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 42
• PROPERTY ADVISORS
Valbridge
Building Plans -Third Floor
una
SI MMRYS
CENTER
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
THIRD FLOOR PLAN
000.0-4
VALBRIDGE PROPERTY ADVISORS Shaner Appraisals, Inc. Page 43
•Valbridge
PROPERTY ADVISORS
Building Plans -Fourth Floor
St MARYS
HEAL'H
CENTER
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
FOURTH FLOOR PLAN
VALBRIDGE PROPERTY ADVISORS Shaver Appraisals, Inc. Page 44
0 PROPERTY ADVISORS
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
West Entrance Area
West Elevation -Hospital building
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 45
Valbridge
PROPERTY ADVISORS
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Northeast Parking Garage
East Elevation -Hospital Building
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc
Page 46
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
South Elevation -Hospital Building
West Elevation -Medical Office Building
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc
Page 47
PROPERTY ADVISORS
0
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Medical Room
Dining Room
VALBRIDGE PROPERTY ADVISORS Shaner Appraisals, Inc.
Page 48
0 PROPERTY ADVISORS
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Storage Room -Ground Floor
Hallway -Ground Floor of Hospital Building
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 49
Valbridge
PROPERTY ADVISORS
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Office Space -Medical Office Building
Hospital Entrance Area
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc.
Page 50
0 PROPERTY ADVISORS
Valbridge
ST. MARY'S HOSPITAL BLIGHT STUDY
IMPROVEMENTS DESCRIPTION
Parking Area -Southwest Parcel
Typical Former Building Area -Southeast Parcel
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 51
PROPERTY ADVISORS
0
Valbridge
Blight Analysis -Chapter 67/99
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Chapter 67/99 Factor #1 -Defective or Inadequate Street Layout
Conditions associated with defective or inadequate street layout include poor vehicular access and/or
internal circulation; substandard driveway definition and parking layout (e.g. lack of curb cuts, awkward
entrance and exit points); offset or irregular intersections; and substandard or nonexistent pedestrian
circulation and lack of signage.
Transportation Routes
Highway 54 runs through Jefferson City in the north/south direction and connects the area to the Lake of
the Ozarks to the south and more rural communities to the north. Highway 63 is located to the north of
Jefferson City and connects the area to Columbia, MO, located about 30 miles to the north. Highway 50
runs through the city in an east/west direction and eventually connects with Kansas City to the west and St.
Louis to the east. Overall, access to the area is considered to be good. The following map shows the areas
within a 5, 10 and 15 -minute drive time of the property.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc.
Page 52
Highway 50
0 PROPERTY ADVISORS
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Frontage Streets
The Study Area is located to the south of the intersection between Highway 54 and Highway 50. The Study
Area has direct frontage along Bolivar Street and Missouri Boulevard. The following table shows information
about the streets that front the Study Area.
F:-aitage Streets
Street Type
Access Points
Highway 51
Bolivar St.
Missouri Blvd.
Street Paving
Lanes
Direction of Traffic
Condition
Curbs
Sidewalk
Traffic Count
Highway
No Direct Access
Asphalt
Six
North/South
Average
None
None
35,626 (MODOT 2013)
Highway
No Direct Access
Asphalt
Six
Northwest/Southeast
Average
None
None
27,280 (MODOT 2013
Frontage Road -Highway
54
Two curb cuts to main
hospital entrance and
medical office entrance
Asphalt
Two
Northeast/Southwest
Average
Yes
South side
Low
Arterial
Five curb cuts to Hospital
parcel. One curb cut for
the Southeast and
Southwest parcels.
Asphalt
Four, plus median lane
East/West
Average
Yes
Both sides
24,124 (CoStar 2005)
Highway 54 looking northwest
Bolivar Street looking east
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 53
eValbridge
PROPERTY ADVISORS
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Missouri Blvd. looking west
Missouri Blvd. looking east
The streets in and around the study area are not designed on a grid system in which the streets run
north/south and east/west. Missouri Boulevard and Bolivar Street will alter directions and this can cause
poor visibility for vehicles that are trying to merge onto the roadways. Also, the twisting roadways can be
confusing to motorists that are unfamiliar with the local area.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 54
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Local Traffic Signals
The following aerial map shows the ingress/egress points, with the Study Area outlined in red.
Of particular note are three streetlights located along Missouri Boulevard that are only approximately 1,200
feet (0.22 miles) apart. These streetlights are located at the Bolivar Street intersection, the Highway 54
egress/ingress point and the Highway 50 intersection. This distance is not considered to be an appropriate
signal spacing according to the Missouri Department of Transportation (MODOT) Engineering Policy Guide,
as shown in the table below.
Alltwig
I' —Major. Fnsawey raek Arm ma r f lio'b: egai mai eam,.'i
Maier, Non.Frsaasy NX mile (Z640 n) —1 m0,26
e (5011.) lies. rat. bels, — -
11% mile (1.320 11.1- 34 mile (21640 fl.) 119es note beim/
' Rural battle weakly signals sweakly Isolated signals rather than signets placed In a progression eking a retie Spats are to be placed at least 5.280 fl apse Mouse el high noel operating speeds
Table 640.6 Mlnlraum GuldNln..
liseml Nam
_.-
Minor
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc
Page 55
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Missouri Boulevard is classified as a Major, Non -Freeway road. It is recommended that these types of roads
have traffic lights that are spaced from 1/2 mile to one mile. Appropriate signal spacing is needed to preserve
efficient traffic flow and progression on urban arterial roadways; for instance, a quarter- or half -mile spacing
allows traffic signals to be effectively interconnected and synchronized. Adequate spacing will also tend to
reduce rear -end collisions and "stop and go" driving that increases congestion, delay and air pollution.
It is also noted that Missouri Boulevard has a significant number of ingress/egress access points around the
study area. This includes a total of five curb cuts on the north side and two curb cuts on the south side of
Missouri Boulevard. The area to the south of Missouri Boulevard is also bisected by the northbound on/off
ramp for Highway 54.
The high traffic volumes and narrow distance between the access points has the potential to cause collisions,
especially when the roadway is wet or is covered in snow or ice. I have received reports from Sgt. Doug
Ruediger with the Jefferson City Police Department. These reports indicate that there have been a total of
52 traffic accidents along Missouri Boulevard in between Highway 50 and Highway 54, including 21
accidents at the Missouri Boulevard/Bolivar Street intersection. At least five of these accidents were reported
to be an injury accident.
In addition to being unsafe, this area of Missouri Boulevard can cause long delays, especially during peak
hours of traffic. These long delays are due, in part, to the high number of curb cuts which restricts traffic
flow in the area. During the afternoon rush hour, the traffic lines can be so long that it is difficult to make
left turns onto Missouri Boulevard.
Chapter 67/99 Factor #2 -Unsanitary or Unsafe Conditions
There are numerous instances within the Study Area exhibiting unsafe or unsanitary conditions. There is
standing water in several areas within the building due to the leaking roof. This has the potential to cause
mold and mildew damage, which is especially likely due to the lack of functioning HVAC system which will
increase the humidity during the summer months. According to the Centers for Disease Control and
Prevention (CDC),"molds can cause nasal stuffiness, throat irritation, coughing or wheezing, eye irritation,
or, in some cases, skin irritation... Immune -compromised people and people with chronic lung illnesses,
such as obstructive lung disease, may get serious infections in their lungs when they are exposed to mold."
In addition, there is a significant amount of trash and debris located throughout the Hospital and Medical
office building. This has the potential to attract pest such as cockroaches and rats. These pests can cause
additional problems for surrounding property owners. On the inspection, I noted several dead cockroaches,
which suggests that the building may currently have an infestation.
There is a defective or inadequate street layout in the area, which is potentially dangerous for motorists and
pedestrians. There were reported to be 52 traffic accidents along Missouri Boulevard adjacent to the Study
Area in 2015. The high number of traffic accidents, including five injury accidents, is concluded to cause ill
health for the community.
As discussed earlier in this report, Southeast and Southwest Parcels, as well as Missouri Boulevard is located
within the 100 -year floodplain. The area located around Wears Creek is susceptible to flash flooding.
According to the Centers for Disease Control, flood waters pose various health risks, including infectious
disease, chemical hazards and injuries. Flash floods can be especially dangerous as people tend to
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 56
0 Valbridge
PROPERTY ADVISORS
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
underestimate the dangers. The U.S. National Weather Service reports that, on average, 127 people die
every year as a result of flash floods in the United States.
Pictures below show unsanitary or unsafe conditions at the Study Area.
Floor stain due to leaking roof is considered to be unsanitary.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 57
ePROPERTY ADVISORS
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Trash and other debris in a medical room. This has.the potential to attract pests such as mice and roaches.
On the inspection, I noted several dead cock roaches, which suggests there may be an infestation.
Chapter 67/99 Factor #3 -Deterioration of Site Improvements
Site improvements are defined as "Improvements on and off a site that make it suitable for its intended use
or development. On-site improvements include grading, landscaping paving and utility hook-ups; off-site
improvements include streets, curbs, sidewalks, drains and connecting utility lines." (Dictionary of Real
Estate Appraisal, 5th Edition).
It is determined that Study Area has deterioration of site improvements and the pictures on the following
pages show the extent. I discussed some of these issues with physical depreciation in the previous section
of this report.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 58
• PROPERTY ADVISORS
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Crumbling curb near the entrance area
Weeds growing in cracks around the asphalt paving.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc.
Page 59
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Deteriorated asphalt, weeds growing in parking area on the Southwest Tract
Deteriorated asphalt on the Southeast Tract
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc.
Page 60
PROPERTY ADVISORS
41,
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Chapter 67/99 Factor #4 -Improper Subdivision of Obsolete Platting
There are specific conditions that can be used to determine the existence of improper subdivision or
obsolete platting. Among these conditions are irregular or faulty lot shape and/or layout, inadequate lot
size, and poor access. Our inspection and review of public records suggests these conditions are present
within the Study Area.
This factor of blight generally applies to urban settings where fractioned interests prohibit coherent
development of modern, functional facilities. Individual parcels throughout the area have a wide variety of
shapes and sizes. The subsequent lot splits were accomplished by a metes and bounds legal description,
without official platting in order to guide development of the larger area.
Also, the Southeast Tract is separated by a small alley that used to run in between the two commercial
buildings. This alley has split the tract into two land areas that measure 0.39 acres and 0.76 acres, which
are considered to be too small for most modern commercial uses. This alley serves no functional purpose
and would most likely be transferred to the owner in order to create a larger and more functional
commercial tract.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc Page 61
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Chapter 67/99 Factor #5 -Existence of Conditions Which Endanger Life or Property
The property is also considered to be a fire risk. There is no sprinkler system in any of the buildings at the
Study Area at present. The owner removed the existing fire sprinkler system in order to minimize the costs
of maintenance. There is no heat system in the buildings and the fire sprinklers have the potential to burst
due to freezing water in the winter months. The lack of functioning fire sprinkler systems in the buildings
will increase fire risk which can endanger life and property.
There have been a total of 52 traffic accidents during 2015 that have been reported along Missouri
Boulevard, according to the Jefferson City Police Department. This had included a total of five injury
accidents. This high number of accidents is due, in part, to the large number of curb cuts located along
Missouri Boulevard which restricts traffic flow and is confusing to motorists.
Blight Factors Conclusion -Chapter 67/99
The predominance of blighting factors within the Study Area is established by the presence of four of the
five blighting factors. The table below provides a review of the blighting factors.
Chapter 67/99 Blight Factors
Defective or Inadequate Street Layout
Unsanitary or Unsafe Conditions X
Deterioration of the Site Improvements X
Improper Subdivision or Obsolete Platting X
Conditions which Endanger Life or Property by Fire and Other Causes X
As all five blighting factors exist within the Study Area, I next examine whether these factors contribute to
the four conditions defined by the statute.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 62
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Chapter 67/99 Condition #1-Hinderance to Housing Accommodations
This condition of the blight definition is intended to deal with the growth and development in the
surrounding neighborhood. The Study area is zoned C-2, General Commercial District by the City of
Jefferson. According to the municipal code, the purpose of the C-2 district is "to accommodate general
trades and commercial services not permitted in central and neighborhood zoning districts located at select
nodes, intersections and highway interchanges to serve the motoring public and highway users. Buffering,
landscaping and open space areas are required to mitigate impacts of the more intensive land uses and
traffic activities as well as provide adequate access and traffic improvements." Residential uses are not
encouraged within this zoning district and therefore this condition is not considered to be applicable.
Chapter 67/99 Condition #2 -Economic Liability
Economic is defined as "Of, related to, or based on the production, and consumption of goods and services"
(Source: Merriam -Webster Dictionary)
Liability is defined as "One that acts as a disadvantage." (Source: Merriam -Webster Dictionary)
Combining the two definitions above, economic liability can be anything that acts as a disadvantage to the
production, and consumption of goods and services. In order to determine if the Study Area represents an
economic liability, as it is currently vacant and not producing any income or jobs for the local area. The
area can be considered an economic liability due to the low tax revenue and the inability to pay reasonable
taxes.
Tax Analysis
The city and other taxing districts are highly dependent on real property taxes, personal property taxes,
utility taxes and sales taxes generated in its commercial areas. The Study Area is generating substantially
less in taxes in the last several years and its real property tax generation is declining. Without
redevelopment it is expected that the real property tax generation will continue to decline. Clearly the
Study Area is not generating the amount of tax revenues to its potential and thus results in an economic
liability. The following table, courtesy of the Jefferson City News Tribune, shows the breakdown of funding
sources for the Jefferson City municipal government
VALBRIDGE PROPERTY ADVISORS Shaner Appraisals, Inc. Page 63
PROPERTY ADVISORS
4111
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
CITY REVENUES - GENERAL FUND-FY2015
Interest
Contribution Other Income
Donations Operating 0.31%
Fees 0.38% Revenues Other Non -
licenses 0.20% Operating
& Permits Revenue
2.23% Fines & 0.08%
Charges Forfeitures
for 3.36%
Services
8.28%
Inter-
govern-
mental
i
Transfers In
0.08%
Carry Over
Surplus
0.00%
Property
Taxes
17.79%
Sales
& Use
Taxes
33.22%
Inter-
odtrnnrmimial
Taxes
Franchise & 7.22%
Utility Tax Orher Taxes
24.49% 0.41%
Currently, over 50% of the revenue for Jefferson City is obtained through property taxes (17.79%) and sales
and use taxes (33.22%).
Property taxes are based upon an appraisal of the property performed by the Cole County Assessor's Office
with an effective date of January 1. The appraised value is then multiplied by the assessment rate in order
to determine the assessed value. The assessed values are then multiplied by local mill levy, which is
determined by the tax rates as established by taxing authorities such as city councils, school boards and
county commissioners. The following table shows the assessment rates for each of the property types, as
determined by Missouri Law.
Assessment Ratio
Residential: 19%
Commercial: 32%
Agricultural: 12%
Tax statements are typically sent in November and real estate taxes are due in full on December 31. By far
the largest recipients of real estate taxes is the Jefferson City School district.
The assessed values, applicable tax rates and total taxes are shown in the following table:
Real Estate Tax 6natr"• •J:OLE
Ref Parcel k
Description Aprrilsed Value Pei SF Assessed Value Tax Rate Total Taxes Per SF
1 11-03-07-0002-004-028
2 11-03-07-0002-004-028.001
3 11-03-07-0002-005-002
4 11-03-07-0002-004-026
5 11-03-07-0002-004-024
Hospital
Medical Office
Southwest Parking Lot $0
Former West Building $0
Former East Till - AN `Se
$884,000
$2,279,000
$3.76
$59.90
$0
$0
$729.280
$0
$0
$0
$J,1"J,2415i
5.4944%
5.4944%
4.9144%
4.9144%
a']]44-.
5.4944%
$40,070 $1 05
$0 $0
$0 $0
30.2.
Combined, the Hospital Building and the Medical Office property is assessed at a value of approximately
$11.57 per square foot. Hospital properties such as the Study Area are typically exempt for real estate taxes.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc.
Page 64
0Valbridge
PROPERTY ADVISORS
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Therefore, in order to determine if this is an underutilization of the property, I have examined the real estate
taxes at modern office buildings. These buildings have a functional design for office use.
Ref Address Size (SF) Year Built Appraised Value
1 :"'IN Building
919 Wildwood Drive
Jefferson City, Missouri
2 Medical Office Building
3527 W. Truman Blvd.
Jefferson City, MO
3 Office Building
3425 W. Truman Blvd.
Jefferson City, Missouri
19,500 2000 SJ '`-52,ELX
20,000 2004 $2,131,700
21,560 1985 $1,647,000
Appraised Value/SF Taxe' Taxes/SF
$107
$76
$37,480
$28,958
$1.87
$1.34
Average:
SUBJECT:
20,353 1996 $1,810,233 $89 $31,830 $1.57
273,368 1905-2000 $3,163,000 $11.57
$55,612 $0.20
919 Wildwood Drive
1.1PP
lqllpppr-
3425 W. Truman Drive
3527 W. Truman Drive
VALBRIDGE PROPERTY ADVISORS Shaner Appraisals, Inc
Page 65
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
The appraised values for the three office properties analyzed above ranges from $76.39 to $106.59 per
square foot, with an average value of $89.23 per square foot. This compares to the current appraised value
of $11.57 per square foot, which is about 87% less than the office buildings that were recently constructed
and have a functional design.
The property has been vacant for the past year and is generating no sales taxes. Currently, approximately
one third of revenue for Jefferson City is obtained through sales and use taxes (33.22%). Jefferson City is
highly dependent on the generation of sales taxes in major commercial areas such as the Study Area.
The decline of tax revenues is a result of poor street layout, unsanitary or unsafe conditions, the
deterioration of site improvement as well as the fire risk at the Study Area, and thus by these factors the
Study Area is an economic liability.
Chapter 67/99 -Condition #3 Social Liability
Social is defined as "Of, relating to, or concerned with the welfare of human beings as members of society"
(Source: Merriam -Webster Dictionary)
Liability is defined as "One that acts as a disadvantage." (Source: Merriam -Webster Dictionary)
Combining the two definitions above, social liability can be anything that works to the disadvantage of the
welfare of members of a given community or of interaction among such members. On the inspection and
after discussions with the owners, there are several social liabilities that are discussed in greater detail in
other sections of this report. The surrounding street layout is considered be unsafe. In 2015 there were 52
traffic accidents along Missouri Boulevard and the surrounding intersections. The high traffic volumes and
narrow distance between the access points along Missouri Boulevard is considered to be unsafe and
therefore a social liability.
The welfare of the community is substantially based on job opportunities and adequate amenities by various
taxing jurisdictions from its tax revenue sources. The Study Area is currently vacant and this means that the
Study Area is not able to provide job opportunities for members of the community as would be expected
from commercial areas of this nature. Likewise, the lack of tax revenues reduces the ability of taxing districts
to provide educational and other services to its community members.
This concept of a social liability as the underutilization of a property as a basis for blight has been upheld
by the Missouri Supreme Court. The Court has determined that "the concept of urban redevelopment has
gone far beyond 'slum clearance' and the concept of economic underutilization is a valid one." Blight exists
to the extent an area is operating at less than its potential. The community is harmed by the foregone
tangible and intangible benefits resulting from underperformance. The decline of tax revenues is a result
of four blighting factors within the Study Area, and thus by these factors the Study Area is an economic and
social liability.
I believe that the poor street layout, unsanitary or unsafe conditions, the deterioration of site improvements,
as well as the fire risk at the Study Area has contributed to the social liability.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc.
Page 66
PROPERTY ADVISORS
0
Valbridge
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
Chapter 67/99 Condition #4 -Menace to Public Health, Safety, Morals and Welfare
As discussed in the previous section, there have been 52 car accidents along Missouri Boulevard during
2015. These accidents have included at least five injury accidents. This roadway is considered to be very
unsafe and a menace to public health and safety. There is also a leaking roof on the western portion of the
hospital building. This has the potential to cause mold and mildew damage, which is especially likely due
to the lack of functioning HVAC system. There is a significant amount of trash and debris located
throughout the Hospital and Medical office building. This has the potential to attract pest such as
cockroaches and rats. These pests can cause additional problems for surrounding property owners. As
discussed earlier in this report, Southeast and Southwest Parcels, as well as Missouri Boulevard is located
within the 100 -year floodplain. The area located around Wears Creek is susceptible to flash flooding.
According to the Centers for Disease Control, flood waters pose various health risks, including infectious
disease, chemical hazards and injuries.
The Study Area is concluded to be a menace to public health, safety, morals and welfare. I believe that the
inadequate street layout unsanitary or unsafe conditions have contributed to the menace to public health,
safety, morals and welfare.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc Page 67
Valbridge
PROPERTY ADVISORS
Conclusion -Chapter 67/99
FORMER ST. MARY'S HOSPITAL
BLIGHT ANALYSIS -CHAPTER 67/99
All five of the components of the blight definition found in Chapter 67 and Chapter 99 of the Missouri
Revised Statutes are present in the Study Area.
Chapter 67/99 Blight Factors
Yes
No
Defective or Inadequate Street Layout
X
Unsanitary or Unsafe Conditions
X
Deterioration of Site Improvements
X
X
Improper Subdivision or Obsolete Platting
Conditions which Endanger Life or Property by Fire and Other Causes
X
By reason of a predominance of these condition, the Study Area suffers from three of the four blighting
conditions.
IHindrance to Housing Accommodations
Chapter 67/99 Blight Conditions
Yes No
Economic Liability
Social Liability
Menace to Public Health, Safety, Morals and Welfare
X
X
X
X
Based upon our analysis and after conversations with the owners, I conclude that this underutilization of
the property is partially the result of the four blighting factors that have been discussed earlier in the report.
The Study Area, in its present condition and use, constitutes an economic liability, a social liability, as well
as a menace to public health and safety and is therefore concluded to be a blighted area as defined by the
Missouri "Community Improvement District Act", Section 67.1401 to 67.1571 and the Missouri "Real
Property Tax Increment Allocation Redevelopment Act" Sections 99.800 to 99.865. .
Respectfully submitted,
Valbridge Property Advisors 1
qA44,./ Nom✓
Andrew Baker, MAI
Senior Appraiser
Missouri License #2013E030999
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc
Page 68
FORMER ST. MARY'S HOSPITAL
CERTIFICATION
General Assumptions & Limiting Conditions
This blight study is subject to the following limiting conditions:
1. All information in this report has been obtained from reliable sources. We cannot, however, guarantee
or be responsible for the accuracy of information furnished by others.
2. Possession of this report or a copy thereof does not imply the right of publication or use for any purpose
by any other than the addressee, without the written consent of the appraiser. This report was prepared
for the sole and exclusive use of the appraiser's client. No third parties are authorized to rely upon this
report without the express written consent of the appraiser.
3. The appraiser is not required to give testimony or attendance in court by reason of this blight study,
unless prior agreements have been made in writing.
4. Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations, news, sales, or other media, without the written consent and approval of
the author, particularly as to the conclusions, the identity of the consultant or firm with which he is
connected, or any reference to the Appraisal Institute.
5. The appraiser has examined the available flood maps that are provided by the Federal Emergency
Management Agency (or other data) and has noted in the blight study whether the Study Area site is
located in an identified Special Flood Hazard Area. Because the consultant is not a surveyor, he or she
makes no guarantees, express or implied, regarding this determination.
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 69
PROPERTY ADVISORS
0
Valbridge
Addenda
FORMER ST. MARY'S HOSPITAL
ADDENDA
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 70
Valbridge
PROPERTY ADVISORS
Glossary
Definitions are taken from the Dictionary of Real Estate App
Professional Appraisal Practice (USPAP) and Building Owners
Absolute Net Lease
A lease in which the tenant pays all expenses including
structural maintenance, building reserves, and
management; often a Tong -term lease to a credit tenant.
(Dictionary)
Additional Rent
Any amounts due under a lease that is in addition to base
rent. Most common form is operating expense increases.
(Dictionary)
Amortization
The process of retiring a debt or recovering a capital
investment, typically though scheduled, systematic
repayment of the principal; a program of periodic
contributions to a sinking fund or debt retirement fund.
(Dictionary)
As Is Market Value
The estimate of the market value of real property in its
current physical condition, use, and zoning as of the
appraisal date. (Dictionary)
Base (Shell) Building
The existing shell condition of a building prior to the
installation of tenant improvements. This condition varies
from building to building, landlord to landlord, and
generally involves the level of finish above the ceiling
grid. (Dictionary)
Base Rent
The minimum rent stipulated in a lease. (Dictionary)
Base Year
The year on which escalation clauses in a lease are based.
(Dictionary)
Building Common Area
The areas of the building that provide services to building
tenants but which are not included in the rentable area of
any specific tenant. These areas may include, but shall not
be limited to, main and auxiliary lobbies, atrium spaces at
the level of the finished floor, concierge areas or security
desks, conference rooms, lounges or vending areas food
service facilities, health or fitness centers, daycare
facilities, locker or shower facilities, mail rooms, fire
control rooms, fully enclosed courtyards outside the
exterior walls, and building core and service areas such as
fully enclosed mechanical or equipment rooms.
Specifically excluded from building common areas are;
FORMER ST. MARY'S HOSPITAL
ADDENDA
raisal, 5th Edition (Dictionary), the Uniform Standards of
and Managers Association International (BOMA).
floor common areas, parking spaces, portions of loading
docks outside the building line, and major vertical
penetrations. (BOMA)
Building Rentable Area
The sum of all floor rentable areas. Floor rentable area is
the result of subtracting from the gross measured area of
a floor the major vertical penetrations on that same floor.
It is generally fixed for the life of the building and is rarely
affected by changes in corridor size or configuration.
(BOMA)
Certificate of Occupancy (COO)
A statement issued by a local government verifying that
a newly constructed building is in compliance with all
codes and may be occupied.
Common Area (Public) Factor
In a lease, the common area (public) factor is the
multiplier to a tenant's useable space that accounts for
the tenant's proportionate share of the common area
(restrooms, elevator lobby, mechanical rooms, etc.). The
public factor is usually expressed as a percentage and
ranges from a low of 5 percent for a full tenant to as high
as 15 percent or more for a multi -tenant floor.
Subtracting one (1) from the quotient of the rentable area
divided by the useable area yields the load (public) factor.
At times confused with the "loss factor" which is the total
rentable area of the full floor less the useable area divided
by the rentable area. (BOMA)
Common Area Maintenance (CAM)
The expense of operating and maintaining common
areas; may or may not include management charges and
usually does not include capital expenditures on tenant
improvements or other improvements to the property.
CAM can be a line -item expense for a group of items that
can include maintenance of the parking lot and
landscaped areas and sometimes the exterior walls of the
buildings. CAM can refer to all operating expenses.
CAM can refer to the reimbursement by the tenant to the
landlord for all expenses reimbursable under the lease.
Sometimes reimbursements have what is called an
administrative load. An example would be a 15 percent
addition to total operating expenses, which are then
prorated among tenants. The administrative load, also
called an administrative and marketing fee, can be a
substitute for or an addition to a management fee.
(Dictionary)
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc. Page 75
PROPERTY ADVISORS
0
Valbridge
Condominium
A form of ownership in which each owner possesses the
exclusive right to use and occupy an allotted unit plus an
undivided interest in common areas.
A multiunit structure, or a unit within such a structure,
with a condominium form of ownership. (Dictionary)
Conservation Easement
An interest in real property restricting future land use to
preservation, conservation, wildlife habitat, or some
combination of those uses. A conservation easement may
permit farming, timber harvesting, or other uses of a rural
nature to continue, subject to the easement. In some
locations, a conservation easement may be referred to as
a conservation restriction. (Dictionary)
Contributory Value
The change in the value of a property as a whole, whether
positive or negative, resulting from the addition or
deletion of a property component. Also called deprival
value in some countries. (Dictionary)
Debt Coverage Ratio (DCR)
The ratio of net operating income to annual debt service
(DCR = NOI/Im), which measures the relative ability to a
property to meet its debt service out of net operating
income. Also called Debt Service Coverage Ratio (DSCR).
A larger DCR indicates a greater ability for a property to
withstand a downturn in revenue, providing an improved
safety margin for a lender. (Dictionary)
Deed Restriction
A provision written into a deed that limits the use of land.
Deed restrictions usually remain in effect when title
passes to subsequent owners. (Dictionary)
Depreciation
1) In appraising, the loss in a property value from any
cause; the difference between the cost of an
improvement on the effective date of the appraisal and
the market value of the improvement on the same date.
2) In accounting, an allowance made against the loss in
value of an asset for a defined purpose and computed
using a specified method. (Dictionary)
Disposition Value
The most probable price that a specified interest in real
property is likely to bring under the following conditions:
Consummation of a sale within a exposure time
specified by the client;
The property is subjected to market conditions
prevailing as of the date of valuation;
FORMER ST. MARY'S HOSPITAL
ADDENDA
Both the buyer and seller are acting prudently and
knowledgeably;
The seller is under compulsion to sell;
The buyer is typically motivated;
Both parties are acting in what they consider to be
their best interests;
An adequate marketing effort will be made during
the exposure time specified by the client;
Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable thereto;
and
• The price represents the normal consideration for
the property sold, unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale. (Dictionary)
Easement
The right to use another's land for a stated purpose.
(Dictionary)
El FS
Exterior Insulation Finishing System. This is a type of
exterior wall cladding system. Sometimes referred to as
dry -vit.
Effective Date
1) The date at which the analyses, opinions, and advice in
an appraisal, review, or consulting service apply. 2) In a
lease document, the date upon which the lease goes into
effect. (Dictionary)
Effective Rent
The rental rate net of financial concessions such as
periods of no rent during the lease term and above- or
below-market tenant improvements (Tls). (Dictionary)
EPDM
Ethylene Diene Monomer Rubber. A type of synthetic
rubber typically used for roof coverings. (Dictionary)
Escalation Clause
A clause in an agreement that provides for the
adjustment of a price or rent based on some event or
index. e.g., a provision to increase rent if operating
expenses increase; also called an expense recovery clause
or stop clause. (Dictionary)
Estoppel Certificate
A statement of material factors or conditions of which
another person can rely because it cannot be denied at a
later date. In real estate, a buyer of rental property
typically requests estoppel certificates from existing
tenants. Sometimes referred to as an estoppel letter.
(Dictionary)
VALBRIDGE PROPERTY ADVISORS Shaner Appraisals, Inc Page 76
PROPERTY ADVISORS
0
Valbridge
Excess Land
Land that is not needed to serve or support the existing
improvement. The highest and best use of the excess land
may or may not be the same as the highest and best use
of the improved parcel. Excess land may have the
potential to be sold separately and is valued separately.
(Dictionary)
Expense Stop
A clause in a lease that limits the landlord's expense
obligation, which results in the lessee paying any
operating expenses above a stated level or amount.
(Dictionary)
Exposure Time
1) The time a property remains on the market. 2) The
estimated length of time the property interest being
appraised would have been offered on the market prior
to the hypothetical consummation of a sale at market
value on the effective date of the appraisal; a
retrospective estimate based on an analysis of past events
assuming a competitive and open market. (Dictionary)
Extraordinary Assumption
An assumption, directly related to a specific assignment,
which, if found to be false, could alter the appraiser's
opinions or conclusions. Extraordinary assumptions
presume as fact otherwise uncertain information about
physical, legal, or economic characteristics of the subject
property; or about conditions external to the property
such as market conditions or trends; or about the
integrity of data used in an analysis. (Dictionary)
Fair Market Value
The price at which the property should change hands
between a willing buyer and a willing seller, neither being
under any compulsion to buy or sell and both having
reasonable knowledge of relevant facts. [Treas. Reg.
20.2031-1(b); Rev. Rul. 59-60. 1959-1 C.B. 237]
Fee Simple Estate
Absolute ownership unencumbered by any other interest
or estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain,
police power, and escheat. (Dictionary)
Floor Common Area
Areas on a floor such as washrooms, janitorial closets,
electrical rooms, telephone rooms, mechanical rooms,
elevator lobbies, and public corridors which are available
primarily for the use of tenants on that floor. (BOMA)
FORMER ST. MARY'S HOSPITAL
ADDENDA
Full Service (Gross) Lease
A lease in which the landlord receives stipulated rent and
is obligated to pay all of the property's operating and
fixed expenses; also called a full service lease. (Dictionary)
Going Concern Value
• The market value of all the tangible and intangible
assets of an established and operating business with
an indefinite life, as if sold in aggregate; more
accurately termed the market value of the going
concern.
• The value of an operating business enterprise.
Goodwill may be separately measured but is an
integral component of going -concern value when it
exists and is recognizable. (Dictionary)
Gross Building Area
The total constructed area of a building. It is generally not
used for leasing purposes (BOMA)
Gross Measured Area
The total area of a building enclosed by the dominant
portion (the portion of the inside finished surface of the
permanent outer building wall which is 50 percent or
more of the vertical floor -to -ceiling dimension, at the
given point being measured as one moves horizontally
along the wall), excluding parking areas and loading
docks (or portions of the same) outside the building line.
It is generally not used for leasing purposes and is
calculated on a floor by floor basis. (BOMA)
Gross Up Method
A method of calculating variable operating expense in
income-producing properties when Tess than 100 percent
occupancy is assumed. The gross up method
approximates the actual expense of providing services to
the rentable area of a building given a specified rate of
occupancy. (Dictionary)
Ground Lease
A lease that grants the right to use and occupy land.
Improvements made by the ground lessee typically revert
to the ground lessor at the end of the lease term.
(Dictionary)
Ground Rent
The rent paid for the right to use and occupy land
according to the terms of a ground lease; the portion of
the total rent allocated to the underlying land.
(Dictionary)
HVAC
Heating, ventilation, air conditioning. A general term
encompassing any system designed to heat and cool a
building in its entirety.
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 77
PROPERTY ADVISORS
0
Valbridge
Highest & Best Use
The reasonably probable and legal use of vacant land or
an improved property that is physically possible,
appropriately supported, financially feasible, and that
results in the highest value. The four criteria the highest
and best use must meet are 1) legal permissibility, 2)
physical possibility, 3) financial feasibility, and 4)
maximally profitability. Alternatively, the probable use of
land or improved —specific with respect to the user and
timing of the use—that is adequately supported and
results in the highest present value. (Dictionary)
Hypothetical Condition
That which is contrary to what exists but is supposed for
the purpose of analysis. Hypothetical conditions assume
conditions contrary to known facts about physical, legal,
or economic characteristics of the subject property; or
about conditions external to the property, such as market
conditions or trends; or about the integrity of data used
in an analysis. (Dictionary)
Industrial Gross Lease
A lease of industrial property in which the landlord and
tenant share expenses. The landlord receives stipulated
rent and is obligated to pay certain operating expenses,
often structural maintenance, insurance and real estate
taxes as specified in the lease. There are significant
regional and local differences in the use of this term.
(Dictionary)
Insurable Value
A type of value for insurance purposes. (Dictionary)
(Typically this includes replacement cost less basement
excavation, foundation, underground piping and
architects fees).
Investment Value
The value of a property interest to a particular investor or
class of investors based on the investor's specific
requirements. Investment value may be different from
market value because it depends on a set of investment
criteria that are not necessarily typical of the market.
(Dictionary)
Just Compensation
In condemnation, the amount of loss for which a property
owner is compensated when his or her property is taken.
Just compensation should put the owner in as good a
position as he or she would be if the property had not
been taken. (Dictionary)
Leased Fee Interest
A freehold (ownership interest) where the possessory
interest has been granted to another party by creation of
FORMER ST. MARY'S HOSPITAL
ADDENDA
a contractual landlord -tenant relationship (i.e., a lease).
(Dictionary)
Leasehold Interest
The tenant's possessory interest created by a lease.
(Dictionary)
Lessee (Tenant)
One who has the right to occupancy and use of the
property of another for a period of time according to a
lease agreement. (Dictionary)
Lessor (Landlord)
One who conveys the rights of occupancy and use to
others under a lease agreement. (Dictionary)
Liquidation Value
The most probable price that a specified interest in real
property should bring under the following conditions:
Consummation of a sale within a short period.
The property is subjected to market conditions
prevailing as of the date of valuation.
Both the buyer and seller are acting prudently and
knowledgeably.
The seller is under extreme compulsion to sell.
The buyer is typically motivated.
Both parties are acting in what they consider to be
their best interests.
A normal marketing effort is not possible due to the
brief exposure time.
Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable thereto.
The price represents the normal consideration for
the property sold, unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale. (Dictionary)
Loan to Value Ratio (LTV)
The amount of money borrowed in relation to the total
market value of a property. Expressed as a percentage of
the loan amount divided by the property value.
(Dictionary)
Major Vertical Penetrations
Stairs, elevator shafts, flues, pipe shafts, vertical ducts,
and the like, and their enclosing walls. Atria, lightwells and
similar penetrations above the finished floor are included
in this definition. Not included, however, are vertical
penetrations built for the private use of a tenant
occupying office areas on more than one floor. Structural
columns, openings for vertical electric cable or telephone
distribution, and openings for plumbing lines are not
considered to be major vertical penetrations. (BOMA)
VALBRIDGE PROPERTY ADVISORS 1 Shaner Appraisals, Inc Page 78
PROPERTY ADVISORS
41110
Valbridge
Market Rent
The most probable rent that a property should bring in a
competitive and open market reflecting all conditions
and restrictions of the lease agreement including
permitted uses, use restrictions, expense obligations;
term, concessions, renewal and purchase options and
tenant improvements (Tls). (Dictionary)
Market Value
The most probable price which a property should bring
in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably, and assuming the price is
not affected by undue stimulus. Implicit in this definition
is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions
whereby:
a. Buyer and seller are typically motivated;
b. Both parties are well informed or well advised, and
acting in what they consider their own best interests;
c. A reasonable time is allowed for exposure in the
open market;
d. Payment is made in terms of cash in United States
dollars or in terms of financial arrangements
comparable thereto; and
e. The price represents the normal consideration for
the property sold unaffected by special or creative
financing or sales concessions granted by anyone
associated with the sale.
Market Value As If Complete
Market value as if complete means the market value of
the property with all proposed construction, conversion
or rehabilitation hypothetically completed or under other
specified hypothetical conditions as of the date of the
appraisal. With regard to properties wherein anticipated
market conditions indicate that stabilized occupancy is
not likely as of the date of completion, this estimate of
value shall reflect the market value of the property as if
complete and prepared for occupancy by tenants.
Market Value As If Stabilized
Market value as if stabilized means the market value of
the property at a current point and time when all
improvements have been physically constructed and the
property has been leased to its optimum level of long
term occupancy.
Marketing Time
An opinion of the amount of time it might take to sell a
real or personal property interest at the concluded
market value level during the period immediately after
the effective date of the appraisal. Marketing time differs
from exposure time, which is always presumed to precede
FORMER ST. MARY'S HOSPITAL
ADDENDA
the effective date of an appraisal. (Advisory Opinion 7 of
the Standards Board of the Appraisal Foundation and
Statement on Appraisal Standards No. 6, "Reasonable
Exposure Time in Real Property and Personal Property
Market Value Opinions" address the determination of
reasonable exposure and marketing time). (Dictionary)
Master Lease
A lease in which the fee owner leases a part or the entire
property to a single entity (the master lease) in return for
a stipulated rent. The master lessee then leases the
property to multiple tenants. (Dictionary)
Modified Gross Lease
A lease in which the landlord receives stipulated rent and
is obligated to pay some, but not all, of the property's
operating and fixed expenses. Since assignment of
expenses varies among modified gross leases, expense
responsibility must always be specified. In some markets,
a modified gross lease may be called a double net lease,
net net lease, partial net lease, or semi -gross lease.
(Dictionary)
Option
A legal contract, typically purchased for a stated
consideration, that permits but does not require the
holder of the option (known as the optionee) to buy, sell,
or lease real property for a stipulated period of time in
accordance with specified terms; a unilateral right to
exercise a privilege. (Dictionary)
Partial Interest
Divided or undivided rights in real estate that represent
less than the whole (a fractional interest). (Dictionary)
Pass Through
A tenant's portion of operating expenses that may be
composed of common area maintenance (CAM), real
estate taxes, property insurance, and any other expenses
determined in the lease agreement to be paid by the
tenant. (Dictionary)
Prospective Future Value Upon Completion
Market value "upon completion" is a prospective future
value estimate of a property at a point in time when all of
its improvements are fully completed. It assumes all
proposed construction, conversion, or rehabilitation is
hypothetically complete as of a future date when such
effort is projected to occur. The projected completion
date and the value estimate must reflect the market value
of the property in its projected condition, i.e., completely
vacant or partially occupied. The cash flow must reflect
lease -up costs, required tenant improvements and
leasing commissions on all areas not leased and
occupied.
VALBRIDGE PROPERTY ADVISORS l Shaner Appraisals, Inc Page 79
PROPERTY ADVISORS
0
Valbridge
Prospective Future Value Upon Stabilization
Market value "upon stabilization" is a prospective future
value estimate of a property at a point in time when
stabilized occupancy has been achieved. The projected
stabilization date and the value estimate must reflect the
absorption period required to achieve stabilization. In
addition, the cash flows must reflect lease -up costs,
required tenant improvements and leasing commissions
on all unleased areas.
Replacement Cost
The estimated cost to construct, at current prices as of the
effective appraisal date, a substitute for the building
being appraised, using modern materials and current
standards, design, and layout. (Dictionary)
Reproduction Cost
The estimated cost to construct, at current prices as of the
effective date of the appraisal, an exact duplicate or
replica of the building being appraised, using the same
materials, construction standards, design, layout, and
quality of workmanship and embodying all of the
deficiencies, super -adequacies, and obsolescence of the
subject building. (Dictionary)
Retrospective Value Opinion
A value opinion effective as of a specified historical date.
The term does not define a type of value. Instead, it
identifies a value opinion as being effective at some
specific prior date. Value as of a historical date is
frequently sought in connection with property tax
appeals, damage models, lease renegotiation, deficiency
judgments, estate tax, and condemnation. Inclusion of
the type of value with this term is appropriate, e.g.,
"retrospective market value opinion." (Dictionary)
Sandwich Leasehold Estate
The interest held by the original lessee when the property
is subleased to another party; a type of leasehold estate.
(Dictionary)
Sublease
An agreement in which the lessee (i.e., the tenant) leases
part or all of the property to another party and thereby
becomes a lessor. (Dictionary)
FORMER ST. MARY'S HOSPITAL
ADDENDA
Su bordination
A contractual arrangement in which a party with a claim
to certain assets agrees to make his or her claim junior, or
subordinate, to the claims of another party. (Dictionary)
Substantial Completion
Generally used in reference to the construction of tenant
improvements (Tls). The tenant's premises are typically
deemed to be substantially completed when all of the Tls
for the premises have been completed in accordance with
the plans and specifications previously approved by the
tenant. Sometimes used to define the commencement
date of a lease.
Surplus Land
Land that is not currently needed to support the existing
improvement but cannot be separated from the property
and sold off. Surplus land does not have an independent
highest and best use and may or may not contribute
value to the improved parcel. (Dictionary)
Triple Net (Net Net Net) Lease
A lease in which the tenant assumes all expenses (fixed
and variable) of operating a property except that the
landlord is responsible for structural maintenance,
building reserves, and management. Also called NNN,
triple net leases, or fully net lease. (Dictionary)
(The market definition of a triple net leases varies; in some
cases tenants pay for items such as roof repairs, parking
lot repairs, and other similar items.)
Usable Area
The measured area of an office area, store area or
building common area on a floor. The total of all the
usable areas or a floor shall equal floor usable area of that
same floor. The amount of floor usable area can vary over
the life of a building as corridors expand and contract and
as floors are remodeled. (BOMA)
Value -in -Use
The value of a property assuming a specific use, which
may or may not be the property's highest and best use
on the effective date of the appraisal. Value in use may or
may not be equal to market value but is different
conceptually. (Dictionary)
VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 80
Ogi?TlE1.2!
APPRAISER QUALIFICATIONS
Qualifications of Andrew Baker, MAI
General Certified Real Property Appraiser
Valbridge Property Advisors I Shaner Appraisals, Inc.
Independent Valuations for a Variable World
Membership/Affiliations:
Member: Appraisal Institute -MAI designation
State Certifications
State of Kansas
State of Missouri
Education
BA Case Western Reserve
University
Contact Details
913-647-4989
Valbridge Property Advisors
Shaner Appraisals, Inc.
10990 Quivira Road
Suite 100
Overland Park, KS 66210
www.valbridge.com
abaker@valbridge.com
Appraisal Institute and Related Courses:
Basic Appraisal Principles
Basic Appraisal Procedures
Uniform Standards of Professional Appraisal Practice
Real Estate Finance, Statistics and Valuation Modeling
Market Analysis and Highest and Best Use
Sales Comparison Approach
Income Approach Part 1 and 2
Report Writing and Case Studies
Appraisal Review
Apartment Appraisal, Concepts and Applications
Advanced Income Capitalization
Advanced Concepts & Case Studies
Advanced Market Analysis and Highest & Best Use
Experience:
Real Estate Analyst/Certified General Appraiser
ValbridgePropertyAdvisors 1 Shaner Appraisals, Inc. (2012 -Present)
Real Estate Analyst
Integra Realty Resources. (2008-2012)
Appraisal/valuation and consulting assignments have included
many different property types including retail, office, industrial
and multifamily. Assignments also include tax appeal valuations
and rent comparability studies. Assignments have been
concentrated in the Kansas City Metropolitan area.
41111
PROPERTY ADVISORS
Shaner Appraisals, Inc.
Valbridge
VALBRIDGE PROPERTY ADVISORS 1 SHANER APPRAISALS, INC.
10990 Quivira, Suite 100 Overland Park, Kansas 66210 1 (913) 451-1451
www.valbridcie.com www.shanerappraisals.com
Valbridge Property Advisors 1 Shaner Appraisals, Inc. (VPA 1 SAI) is a full-service real estate valuation and
consulting firm located in Kansas City. Founded in 1978, Shaner Appraisals established a solid reputation
for professional real estate services, and became a founding member of Valbridge Property Advisors in
2013. Consisting of 66 appraisal firms across the U.S., VPA provides independent valuation and advisory
services to local, regional, multi -market, and national clients.
Professional and Accredited
We strongly encourage our associates to obtain professional designations that augment their ability to fill
clients' needs. The firm employs 13 full-time appraisers, including five MAI and one SRA designated
member of the Appraisal Institute, which signifies the highest achievement in real estate appraisal. Our
professionals represent over 100 years of valuation and related experience, and four associates are past
presidents of the Kansas City Chapter of the Appraisal Institute.
Experience
The firm's primary market is Kansas and Missouri, but VPA 1 SAI has also completed assignments
throughout the United States. We are noted for engagements relating to Market Studies, Feasibility
Analyses, Litigation Support, and Valuation Services for all types of property from multi -family residences,
to office buildings and industrial complexes. Members of our staff have given testimony before courts of
law, conferred in Internal Revenue Service matters, and have worked closely with attorneys, accountants,
lenders and investment bankers. Our professionals can assist in arbitration, mediation and settlement
negotiations. VPA 1 SAI also has extensive experience in eminent domain matters and in valuing special
purpose properties such as nursing homes, underground storage facilities, microwave towers, and rock
quarries. All assignments are completed or reviewed by an MAI designated appraiser.
Benefit
Leveraging our expertise and creativity, along with the professional relationships cultivated more than
three decades in the appraisal business, (VPA 1 SAI) provides clients with optimal advantages in real estate
transactions. We know that an educated and experienced staff is only part of developing a successful
project team that results in a top-notch analysis. It also requires a commitment to quality and the ability
to communicate effectively with all relevant parties. Every client has specific needs and we dedicate the
time to understand our clients' expectations and take pride in surpassing them.
Leadership
Laird Goldsborough MAI MRE — Senior Managing Director
Bernie Shaner MAI SRA — Director of Litigation Services
Jason Roos MAI - Director of Industrial Valuation
TJ Hawks MAI - Director of Office Valuation
Daniel Kann MAI — Director of Multifamily Valuation
LIST OF SERVICES VALUATION / COUNSELING PURPOSES
L
Commercial property appraisals
Eminent domain appraisals
Expert witness testimony
Property tax appeals
Market studies
Feasibility studies
Litigation support
Due diligence research
Appraisal review
Partial interest valuation
Conservation easement valuation
Rent studies
PROPERTY TYPES APPRAISED
Financing
Ad valorem tax disputes
Trusts and estates
Condemnation
Investment analysis
Arbitration
Portfolio valuation
Collateral assessment
Right of way acquisition
Financial structuring
Blight studies
General real estate counseling
Office buildings — single/multi-tenant, standard office, medical office, surgery centers
Retail centers — single/multi-tenant, neighborhood, community, regional shopping centers
Industrial buildings — flex, R&D, distribution, manufacturing, underground, self -storage
Land — All types
Multi -family apartment complexes, LIHTC, HUD
Nursing homes
Hotels, motels, extended stay facilities
Single family homes, condominiums, duplexes
Churches
Easement corridors
PARTIAL CLIENT LIST
Government Agencies/Municipalities
Unified Gov. of Wyandotte County/Kansas City, KS
City of Kansas City, MO
City of Leawood
City of Lee's Summit
City of Lenexa
City of Independence
City of Olathe
City of Shawnee
City of Gardner
City of Overland Park
City of Wichita
City of St. Joseph
Eudora School District
Olathe School District
De Soto School District
Blue Valley School District
Gardner School District
General Services Administration (GSA)
Ames, Iowa City Assessor
Shawnee Mission School District
Kansas City, MO School District
Johnson County Airport Commission
Johnson County Appraiser's Office
Johnson County Board of County Commissioners
Johnson County Parks and Recreation Dept.
Johnson County Wastewater District
Kansas Department of Transportation
Kansas Highway Patrol
U.S. Department of Justice
U.S. Postal Service
Missouri Department of Transportation
Federal Aviation Administration
Veterans Affairs
Army Corps of Engineers
U.S. Marshals Service
FannieMae
Dept. of Housing & Urban Development (HUD)
Polk County, Iowa
Cedar Rapids, Iowa City Assessor
Lending Institutions
Bank Midwest, N.A.
Bank of America
Bank of Blue Valley
Blue Ridge Bank & Trust Co.
Berkshire Mortgage Financial
Bridger Commercial Funding
Capitol Federal Savings
Central Bank of Kansas
Grand bridge Real Estate Capital
Great Southern Bank
Heartland Bank
INTRUST Bank
Key Bank Commercial Mortgage
LaSalle BankCentral Bank of the Midwest
Midland Loan Services
Missouri Bank & Trust
MMA Capital Management
Newman Financial Services
North American Savings Bank
NorthMarq Capital, Inc.
Peoples Bank
Gershman Mortgage
Prudential Life Insurance Company
Commerce Bank
Country Club Bank
Credit Suisse
The Alliant Co
First Federal Bank
First Kansas Bank
First Mortgage Investment Corporation
First National Bank of Olathe
GMAC Commercial Mortgage
BMO Harris
Quantum First Capital
Red Mortgage Capital, Inc.
Security Bank of Kansas
Southwest Bank
Q10 1 Triad Capital Advisors, Inc.
UMB Bank
US Bank
Valley View State Bank
Washington Mortgage
Wells Fargo
Thellman Financial Corporation
Arbor Commercial Funding
Bank of Kansas City
Corporations, Developers and Institutional Clients
Allianz Life Insurance Company
Allstate Insurance
St. Luke's Health System
Boy Scouts of America
Burlington Northern
CaIPERS
Cessna Aircraft Company
Cassidy Turley
Copaken Brooks
Excel Corporation
FMC Corporation
GE Capital
Grubb & Ellis
Southern Star Central Gas Pipeline, Inc.
Central Valley Gas Storage Company
Westar Energy
Hallmark Cards
Hunt Midwest
J.A. Peterson Realty Company
Principal Financial Group
Marvin F. Poer and Company
Paradigm Tax Group
Cerner Corporation
Cretcher Heartland
Kansas City Power and Light
Armstrong Teasdale
Husch Blackwell LLP
Craft, Fridkin & Rhyne
Deloitte LLP
Ferree, Bunn, O'Grady & Rundberg
SNR Denton
Lathrop & Gage
McAnany, VanCleave & Phillips, P.A.
CBIZ
Mitchell, Kristl & Lieber, P.C.
Ernst & Young
American States Insurance Company
Property Tax Research Company
Protective Life Insurance Company
Salvation Army
Savage & Browning
Sentinel Real Estate Corporation
Shawnee Mission Medical Center
Shelter Insurance
Jeffrey Smith Company
State Farm Fire and Casualty Insurance
Stern Brothers Valuation Advisors
Stephens & Company, Inc.
Tallgrass Energy Partners
Mediacom
Northern Natural Gas
Terra Venture, Inc.
TRI Capital
Wal-Mart Stores, Inc.
Washington Capital
Weingart Foundation
Yarco Companies, Inc.
YWCA
Zimmer Real Estate Services
Sprint
Accounting and Law Firms
Hubbard, Ruzicka, Kreamer & Kincaid L.C.
Payne & Jones
Orrick & Associates
Polsinelli
PwC
Shook, Hardy & Bacon, L.L.P.
Spencer Fane Britt & Browne LLP
Stinson Morrison Hecker LLP
Wallace, Saunders, Austin, Brown & Enochs
MarksNelson
Schlagel Kinzer LLC
eValbridge
PROPERTY ADVISORS
ADDITIONAL INFORMATION
1
Cole County 1 Information for Parcel 11-03-07-0002-005-002., Tax Year 2015
Cole County
Room 100, Courthouse Annex Building
311 E. High Street
Jefferson City, Missouri 65101
Phone: (573) 634-9124
Page 1 of 1
Online Property Inquiry
Information for Parcel 11-03-07-0002-005-002., Tax Year
2015
Tax Year
12015 V�
Tax Code
JCJEF
Owner Name and Address
S S M REGIONAL HEALTH
SERVICES
2505 MISSION DR
JEFFERSON CITY. MO 65109
Property Information
Alt. Parcel
019119
Land Use
(Class
Exempt
Mailing Name and Address
S S M REGIONAL HEALTH SERVICES
2505 MISSION DR
JEFFERSON CITY, MO 65109
Site Address
MISSOURI BLVD
Total Assessed Value
0
Residential Value
0
Legal Description
PT INLOTS 772, 773, 775, 776 & 777 & PT VACATED 20'
ALLEY
Tax Rate
4.9144
Total Tax
$0.00
Agricultural Value
0
Commercial Value
0
Payments
Tax Billed
50.0
Penalty Billed
50.0
:ost Billed
10.0
Total Billed
$0.0
Amount Paid
$0.0
Total Unpaid
50.0(
Date Paid
_
)ald By
Copyright 0 2009-2015 IIEVNFT Inr Al rights reserved
wEdge version 31
Data updated 2016/03/21
loading
http://colemo.devnetwedge.com/view/RE/1103070002005002
I Want To...
Start a New Search
Go to the Collector
Website
Go to the County
Website
View:
Billing & Collection
Payment History
Legal Description
Name
Slte Addresses
Tax Bill
Taxing Bodies
Print:
Current Page
Full Report
l
3/22/2016
1
Cole County Information for Parcel 11-03-07-0002-004-026., Tax Year 2015 Page 1 of 1
Cole County
Room 100, Courthouse Annex Building
311 E. High Street
Jefferson City, Missouri 65101
Phone: (573) 634-9124
Online,Property Inquiry
Information for Parcel 11-03-07-0002-004-026., Tax Year
2015
Tax Year
Tax Code
JCJEF
Owner Name and
Address
S S M REGIONAL
HEALTH SERVICES
2505 MISSION DR
JEFFERSON CITY, MO
65109
Site Address
511 MISSOURI BLVD
509 MISSOURI BLVD
Property Information
Alt. Parcel Class
019115 Exempt
Land Use
Mailing Name and Address
S S M REGIONAL HEALTH SERVICES
2505 MISSION DR
JEFFERSON CITY, MO 65109
Total Assessed Value
0
Residential Value
0
Legal Description
PT IL 668 & 669; BEG INSTECTION OF W BANK WEARS CREEK & N LINE
OF ELM ST; N ALONG CREEK 200; W 195 (S); S 160.02; SE 90 (S); E 110
(5) POB
Tax Rate Total Tax
4.9144 50.00
Agricultural Value Commercial Value
0 0
Payments
Tax Billed
50.00
Penalty Billed
$0.00
Cost Billed
$0.00
Total Billed
Som0
Amount Pald
50.00
Total Unpaid
t0.0C°
pate Pald
'Paid By
Copyright ® 2009-2015, DEVNE1 Inc. All rights reserved
wEdge version 31
Data updated 2016/03/21
loading
http://colemo.devnetwedge.com/view/RE/1103070002004026
I Want To...
Start a New Search
Go to the Collector
Website
Go to the County
Website
View:
Billing & Collection
Payment History
Legal Description
Name
Site Addresses
Tax Bill
Taxing Bodies
Print:
Current Page
Full Report
YISCHM
3/22/2016
Cole County 1 Information for Parcel 11-03-07-0002-004-024., Tax Year 2015 Page 1 of 1
Cole County
Room 100, Courthouse Annex Building
311 E. High Street
Jefferson City, Missouri 65101
Phone: (573) 634-9124
Online Property Inquiry
Information for Parcel 11-03-07-0002-004-024., Tax Year
2015
Payments
Tax Billed
Property Information
Tax Year
Alt. Parcel
019114
Class
Exempt
12015 vi
Tax Code
JCJEF
Land Use
Owner Name and Address
S S M REGIONAL HEALTH
SERVICES
2505 MISSION DR
JEFFERSON CITY, MO 65109
Mailing Name and Address
S S M REGIONAL HEALTH SERVICES
2505 MISSION DR
JEFFERSON CITY, MO 65109
Site Address
505 MISSOURI BLVD
Total Assessed Value
0
Legal Description
BEG SW COR INLOT 666; SE 41.81; E'LY 99.74; NW 215.19; W'LY
92.66: SE 158.22 POB
Tax Rate 'Total Tax
4.9144 $0.00
Residential Value
0
Agricultural Value Commercial Value
0 I 0
Payments
Tax Billed
$0.0d
Cenalty Billed —
t0.00'
Cost Billed
$0.04
Total Billed
$0.0r
Amount Paid
$0.0(1
Total Unpaid
bate Pald
S0.0C
Pald By
Copyright 0 2009-2015, DEVNET. Inc. All rights reserved
wEdge version 3 1
Data updated 2016/03/21
loading
I Want Tlq...
Start a New Search
Go to the Collector
Website
Go to the County
Website
View:
Billing & Collection
Payment History
Legal Description
Name
Site Addresses
Tax Bill
Taxing Bodies
Print:
Current Page
Full Report
http://colemo.devnetwedge.com/view/RE/1103070002004024 3/22/2016
Information for Parcel 11-03-07-0002-004-028.001, Tax Year
2015
Tax Year
201
Property lnfoi oration
Alt. Parcel
019117
Land Use
Tax Code
JCJEF
/Narrow Uwe old A
MISSOURI BLVD PROFESSIONAL OFFICE
BUILDING PARTNERSHIP
ATTN:ACCOUNIING
2505 MISSION DR
JEFFERSON CITY. MO 65109-9508
Class
Commercial
Mailing Name and Address
MISSOURI BLVD PROFESSIONAL OFFICE
BUILDING PARTNERSHIP
ATTN:ACCOUNrING
2505 MISSION DR
JEFFERSON CITY. MO 65109-9508
Legal Descnptlon�
MISSOURI BLVD PROFESSIONAL BLDG
(BUILDING ON LEASED LAND)
Site Address
200 ST MARYS MEDICAL PLZ
Total Assessed Value
729,280
Residential Value
0
Tax Rate Total Tax
5.4944 340.069.56
Agricultural Value PCommerclal Value
0 _ 729,200
Payment History
FNMA Misr
035
014
013
0
10
Mil atom
rabbi Pail
sm.0d9.58
540.249:541
s4r,9n+.3h
"KO 88.75
10211.0?
540.21'5.42
W. 11G,. 14143,1301e.T1
?Kit,_ £- _ 341.311. IQ 311.0#
Law 1411,747,1 j4l,747.B3
1)43 341 A37.3
141 7(7.31
069 1043, 146.047.44
0014 isa,5T4. • 4366? ate,
fl6 i l ° 1311.064.00.
1
Information for Parcel 11-03-07-0002-004-028., Tax Year
2015
Property Infos matron
air Tear Alt. Parcel Class
2015 ' Commerdal
Tax Code
JCJEF
Owner Name and 1YIIIrrU Nidus Jvld 19�"'
Address 5 5 M REGIONAL HEALTH SERVICES
5 5 14 REGIONAL 2505 MISSION DR
HEALTH JEFFERSON CRY, 140 65109-9508
SERVICES
2505 MISSION
DR
JEFFERSON CITY,
MO 65109-9508
Site Address Legal Description
100 ST MARYS INLOTS 656 TO 663 & PT INLOTS 664, 768, 769, 770 & 771; PT SWNW LYING
MEDICAL PI Z W OF INLOT 771: ALSO PT VACATED HARRISON, MILLER, ELM & ALLEYS.
Total Assessed Tax Rate Total Tax
Value 5.4944 515,542.56
282.880
019116
Land Use
9Italdraal.i Yalur Agricultural Value
0 0
commercial vaiue
282.880
4,�
P
1 L5,54,004
i1S,e3J�.
111.374.4f
1.L39110.e3
1,5.6f* 5
1 13.515. 1 4
i 3 1 5 0144 1 4
91.5.419..73
31.6.197:.14
�l�f 116305.09?
ae,}}0 • iLE. PO 69
8! T11211
111,e21.113
918,824. 3 3b11?'a. i58
f14d 116 .164,261
os, m. 1L5.274%Gs
111.2474 115347323
39 332 fY5.1.1L09
11-03-07-0002-004-024. 01/01
Owner: F & F DEVELOPMENT L L C
505 MISSOURI BLVD 3/7/2016
Accts: 1081 Class: X Partial: Use: 500 Units: 0
203 Subd: Zoning: NC:
`/: JC School: JC Fire:
Legal: CITY OF JEFFERSON INLOT
BEG SW COR INLOT 666; SE 41.81;
E'LY 99.74; NW 215.19; W'LY 92.66;
SE 158.22 POB
*** Sales Data ***
Mo Yr T Amount S V D
*** Entry Data ***
Mo Day Yr Code Info Inits
7 20 15 0 0 GEK
*** Location Data ***
Topography: 34 Utilities: 1 Road: 15
Drainage: 1 Traffic: 3
*** Note Data ***
BUILDING DEMOLISHED
*** Building Permit Data ***
Number Mo Day Yr Amount Purpose Closed
DEM15-0015 6 10 2015 0 DEMOLITION X
*** Land Data ***
L EFF EFD ActPr CD Pct Value
S Sq Ft
A Acres
8 0.39
Total Acres: 0.39
Gross Code: Gross Value:
Dwelling Data
56ory Height:
Exterior Walls:
Style:
Condo Level:
Condo Type:
Year Built:
Est: Remod:
Main Tot Rooms:
Main Bedrooms:
Main Full Baths:
Main Half Baths:
Addl Fixtures:
Heat:
System:
Phys Cond:
Basement:
Bsmt Min Fin:
Bsmt Liv Area:
* * *
10
Bsmt Bed Rms:
Bsmt Rec Rms:
Bsmt Full Baths:
Bsmt Half Baths:
Bsmt Addl Fixt:
Bsmt Garage:
Bsmt Garage(NA):
Carport Spaces:
Det Gar Spaces:
Att Gar Spaces:
FP Stacks:
FP Openings:
Metal FP:
Grade/CDU:
Cst/Dsn Pct:
Functional:
Economic:
*** OBY Data ***
Type Qty Year Size G C MA Mods RCN %GD RCNLD
Gross Bldg Desc:
Gross Bldg Value:
Miscellaneous Value•
7/24/2015
Base Area: Total Area:
AO
Al
A2
A3
A4
A5
A6
A7
A8
A9
A10
All
Al2
Lwr 1st 2nd 3rd Ovrd Comp
*** Valuation Data ***
MRA Est:
Mkt Est:
CC:
RCN:
Pct Gd: 0.00
RCNLD:
Land: 0
OBY: 0
Tot Cost: 0
960 Val:
960 Rsn: 0
Date: 3/7/16
Rev: CST
Card Breakout **********
Cls Land Bldg Total
11-03-07-0002-004-026. 01/01
Owner: F & F DEVELOPMENT L L C
511 MISSOURI BLVD 3/7/2016
P''-t$l: 1084 Class: X Partial: Use: 500 Units: 0
' 203 Subd: Zoning: NC:
: JC School: JC Fire:
Legal: CITY OF JEFFERSON INLOT
PT IL 668 & 669; BEG INSTECTION OF
W BANK WEARS CREEK & N LINE OF ELM
ST; N ALONG CREEK 200; W 195 (S);
S 160.02; SE 90 (S); E 110 (S) POB
*** Sales Data ***
Mo Yr T Amount S V D
*** Entry Data ***
Mo Day Yr Code Info Inits
7 20 15 0 0 GEK
*** Location Data ***
Topography: 34 Utilities: 1 Road: 15
Drainage: 1 Traffic: 3
*** Note Data ***
BUILDING DEMOLISHED
*** Building Permit Data ***
Number Mo Day Yr Amount Purpose Closed
DEM150016 6 10 2015 0 DEMOLITION X
" ' Land Data ***
L EFF EFD ActPr CD Pct Value
S Sq Ft
A Acres
8 0.76
Total Acres: 0.76
s Code: Gross Value:
*-* Dwelling Data
Story Height:
Exterior Walls:
Style:
Condo Level:
Condo Type:
Year Built:
Est: Remod:
Main Tot Rooms:
Main Bedrooms:
Main Full Baths:
Main Half Baths:
Addl Fixtures:
Heat:
System:
Phys Cond:
Basement:
Bsmt Min Fin:
Bsmt Liv Area:
* * *
20
Bsmt Bed Rms:
Bsmt Rec Rms:
Bsmt Full Baths:
Bsmt Half Baths:
Bsmt Addl Fixt:
Bsmt Garage:
Bsmt Garage(NA):
Carport Spaces:
Det Gar Spaces:
Att Gar Spaces:
FP Stacks:
FP Openings:
Metal FP:
Grade/CDU:
Cst/Dsn Pct:
Functional:
Economic:
*** OBY Data ***
Type Qty Year Size G C MA Mods
Gross Bldg Desc:
Gross Bldg Value:
Miscellaneous Value:
RCN %GD RCNLD
7/24/2015
Base Area: Total Area:
AO
Al
A2
A3
A4
A5
A6
A7
A8
A9
A10
All
Al2
Lwr 1st 2nd 3rd Ovrd Comp
*** Valuation Data ***
MRA Est:
Mkt Est:
CC:
RCN:
Pct Gd: 0.00
RCNLD:
Land: 0
OBY: 0
Tot Cost: 0
960 Val:
960 Rsn: 0
Date: 2/26/16
Rev: CST
********** Card Breakout **********
Cls Land Bldg Total
11-03-07-0002-004-028. 01/01 100 ST MARYS MEDICAL PLZ
Owner: F & F DEVELOPMENT L L C
Arct#: NONE Class: C Partial: R Use: 461 Units: 0
l: 209 Subd: Zoning: NC:
• /: JC School: JC Fire:
Legal: CITY OF JEFFERSON INLOT
INLOTS 656 TO 663 & PT INLOTS 664,
768, 769, 770 & 771; PT SWNW LYING
W OF INLOT 771; ALSO PT VACATED
HARRISON, MILLER, ELM & ALLEYS.
*** Sales Data ***
Mo Yr T Amount S V D
*** Entry Data ***
Mo Day Yr Code Info Inits
6 29 15 4 0 TPB
*** Location Data ***
Topography: 24 Utilities: 1 Road: 15
Drainage: 1 Traffic: 2
*** Note Data ***
2015 BOE TOOK NO CHANGE
*** Building Permit Data
Number Mo Day Yr Amount
PB10-185EP 7 21 2010 203,560
BP10-136EP 6 03 2010 52,900
BP08-358EP 10 06 2008 1,215,920
BP2005-143 4 01 2005 800,000
BP2004-060 2 23 2004 500,000
* * *
*** Land Data ***
L EFF EFD ActPr CD Pct
Purpose
MODIFY FILE ROOM
ER DEPT RENO
RENOVATION
ADDITION
MRI ADDITION
S Sq Ft
A Acres
1 Acres: 6.83
Gross Code: 1 Gross Value: 300,000
*** Dwelling Data
Story Height:
Exterior Walls:
Style:
Condo Level:
Condo Type:
Year Built:
Est: Remod:
Main Tot Rooms:
Main Bedrooms:
Main Full Baths:
Main Half Baths:
Addl Fixtures:
Heat:
System:
Phys Cond:
Basement:
Bsmt Min Fin:
Bsmt Liv Area:
* * *
Value
Bsmt Bed Rms:
Bsmt Rec Rms:
Bsmt Full Baths:
Bsmt Half Baths:
Bsmt Addl Fixt:
Bsmt Garage:
Bsmt Garage(NA):
Carport Spaces:
Det Gar Spaces:
Att Gar Spaces:
FP Stacks:
FP Openings:
Metal FP:
Grade/CDU:
Cst/Dsn Pct:
Functional:
Economic:
*** OBY Data ***
Type Qty Year Size G C MA Mods
Gross Bldg Desc: PRKG GARAGE
Gross Bldg Value: 584,000
Miscellaneous Value:
Closed
X
X
X
X
X
RCN %GD RCNLD
3/7/2016
6/29/2015
Base Area: Total Area:
AO
Al
A2
A3
A4
A5
A6
A7
A8
A9
A10
All
Al2
Lwr 1st 2nd 3rd Ovrd Comp
*** Valuation
MRA Est:
Mkt Est:
CC:
RCN:
Pct Gd:
RCNLD:
Land:
OBY:
Tot Cost:
960 Val:
960 Rsn:
Date:
Rev:
Data
*44
0.00
300,000
584,000
884,000
884,000
0
2/26/16
CST
********** Card Breakout **********
Cls Land Bldg Total
C 300,000 584,000 884,000
11-03-07-0002-004-028.001 01/02
Owner: F & F DEVELOPMENT L L C
200 ST MARYS MEDICAL PLZ 3/7/2016
AcctI: NONE Class: C Partial: R Use: 658 Units: 0
209 Subd: Zoning: NC:
JC School: JC Fire:
Legal: MISSOURI BLVD PROFESSIONAL BLDG
(BUILDING ON LEASED LAND)
*** Sales Data ***
Mo Yr T Amount S V D
*** Entry Data ***
Mo Day Yr Code Info Inits
6 29 15 4 0 TPB
*** Location Data ***
Topography: 1 Utilities: Road: 2
Drainage: 2 Traffic: 1
*** Note Data ***
2015 BOE TOOK NO CHANGE
*** Building Permit Data ***
Number Mo Day Yr Amount Purpose Closed
BP09-387EP 11 24 2009 56,778 ALTERATIONS X
*** Land Data ***
L EFF EFD ActPr CD Pct Value
S
A
Sq Ft
Acres
Total Acres: 0.29
Gross Code: Gross Value:
*** Dwelling Data
Story Height:
"rior Walls:
.e:
Level:
Condo Type:
Year Built:
Est: Remod:
Main Tot Rooms:
Main Bedrooms:
Main Full Baths:
Main Half Baths:
Addl Fixtures:
Heat:
System:
Phys Cond:
Basement:
Bsmt Min Fin:
Bsmt Liv Area:
* * *
Bsmt Bed Rms:
Bsmt Rec Rms:
Bsmt Full Baths:
Bsmt Half Baths:
Bsmt Addl Fixt:
Bsmt Garage:
Bsmt Garage(NA):
Carport Spaces:
Det Gar Spaces:
Att Gar Spaces:
FP Stacks:
FP Openings:
Metal FP:
Grade/CDU:
Cst/Dsn Pct:
Functional:
Economic:
*** OBY Data ***
Type Qty Year Size G C MA Mods
Gross Bldg Desc: MO BLVD PROF BLDG
Gross Bldg Value: 2,279,000
Miscellaneous Value:
RCN %GD RCNLD
6/29/2015
Base Area: Total Area:
AO
Al
A2
A3
A4
A5
A6
A7
A8
A9
A10
All
Al2
Lwr 1st 2nd 3rd Ovrd Comp
*** Valuation Data ***
MRA Est:
Mkt Est:
CC:
RCN:
Pct Gd: 0.00
RCNLD:
Land: 0
OBY: 2,279,000
Tot Cost: 2,279,000
960 Val: 2,279,000
960 Ran: 0
Date: 2/26/16
Rev: CST
********* Card Breakout
Cls Land Bldg Total
C 2,279,000 2,279,000
11-03-07-0002-005-002. 01/01
Owner: F & F DEVELOPMENT L L C
MISSOURI BLVD 3/7/2016
Acct#: N.T. Class: X Partial: Use: 460 Units: 0
�203 Subd: Zoning: NC:
: JC School: JC Fire:
..-gal: CITY OF JEFFERSON INLOT
PT INLOTS 772, 773, 775, 776 &
777 & PT VACATED 20' ALLEY
*** Sales Data ***
Mo Yr T Amount S V D
3 1992 1 40,000 2 3
*** Entry Data ***
Mo Day Yr Code Info Inita
9 5 95 0 2 REV
*** Location Data ***
Topography: 14 Utilities: 1 Road: 15
Drainage: 2 Traffic: 1
*** Note Data ***
*** Building Permit Data
Number Mo Day Yr
***
Amount Purpose Closed
*** Land Data ***
L EFF EFD ActPr CD Pct Value
S Sq Ft
A Acres
8 1.53
Total Acres: 1.53
Gross Code: Gross Value:
*** Dwelling Data
cy Height:
irior Walls:
Condo Level:
Condo Type:
Year Built:
Est: Remod:
Main Tot Rooms:
Main Bedrooms:
Main Full Baths:
Main Half Baths:
Addl Fixtures:
Heat:
System:
Phys Cond:
Basement:
Bemt Min Fin:
Bsmt Liv Area:
* * *
50
Bsmt Bed Rms:
Bsmt Rec Rms:
Bemt Full Baths:
Bsmt Half Baths:
Bsmt Addl Fixt:
Bsmt Garage:
Bsmt Garage(NA):
Carport Spaces:
Det Gar Spaces:
Att Gar Spaces:
FP Stacks:
FP Openings:
Metal FP:
Grade/CDU:
Cst/Dsn Pct:
Functional:
Economic:
*** OBY Data ***
Type Qty Year Size G C MA Mods
Gross Bldg Desc:
Gross Bldg Value:
Miscellaneous Value:
RCN %GD RCNLD
No Picture Available
Base Area: Total Area:
AO
Al
A2
A3
A9
A5
A6
A7
A8
A9
A10
A11
112
Lwr 1st 2nd 3rd Ovrd Comp
*** Valuation Data ***
MRA Est:
Mkt Est:
CC:
RCN:
Pct Gd: 0.00
RCNLD:
Land: 100
OBY: 0
Tot Cost: 100
960 Val: 100
960 Ron: 0
Date: 2/26/16
Rev: CST
********** Card Breakout
Cis Land Bldg Total
X 100 100
State of Missouri
Cole County
Ralph C. Bray Jr, Recorder of Deeds
RECORDED
Book: 660 Page: 577
Receipt #: 294005 Total Fees: $36.00
Reception: 201512341 CS
Pages Recorded: 5
Date Recorded: 12/16/2015 1:06:47 PM
QC
OUITCLAIM DEED
THIS DEED, made and entered into effective as of the 16th day of December, 2015, by
and between SSM REGIONAL HEALTH SERVICES, a Missouri nonprofit corporation
("Grantor"), having an address of 10101 Woodfield Lane, St. Louis, Missouri 63132, and F & F
Development, L.L.C., a Missouri limited liability company ("Grantee"), having an address of
221 Bolivar Street, Suite 400, Jefferson City, Missouri 65101.
WITNESSETH, that Grantor, for and in consideration of the sum of One Dollar ($1.00)
and other valuable considerations paid by the said Grantee, the receipt and adequacy of which
are hereby acknowledged, does by these presents REMISE, RELEASE AND FOREVER QUIT
CLAIM unto Grantee, that certain real estate situated in the County of Cole, State of Missouri,
and more particularly described on Exhibit A attached hereto and made a part hereof by this
reference ("Property"), subject to general taxes for the calendar year 2015 and thereafter,
special taxes becoming a lien after the date of this Deed, and all restrictions, easements, building
lines, conditions, agreements and other matters of record and zoning regulations and laws.
TO HAVE AND TO HOLD, the same, together with all rights and appurtenances to the
same belonging, unto Grantee, and to the successors and assigns of Grantee forever. So that
neither Grantor nor the successors or assigns of Grantor, nor any other person or persons for
Grantor or in Grantor's name or behalf, shall or will hereafter claim or demand any right or title
to the aforesaid Property, or any part thereof, but they and every one of them shall, by these
presents, be excluded and forever barred.
This Deed is being delivered to Grantee pursuant to Section 12(a)(i) of the Real Estate
Sale Contract with an Effective Date of April 9, 2015, as amended, by and between Grantor and
Grantee, which also required the Grantor to deliver to Grantee that certain Special Warranty
Deed of even date herewith and recorded at Book(.Q.DO, Page Sip of the records of the
Recorder of Deeds of Cole County, Missouri. This conveyance and the Property described herein
are subject to the same Use and Operation Restrictions set forth in such Special Warranty Deed.
1571947
IG T RE.PA.GE TSOMICLAIM DEEP
IN WITNESS WHEREOF, this Quitclaim Deed has been executed by Grantor to be
effective as of the date first above written.
STATE OF MISSOURI )
) ss.
COUNTY OF ST. LOUIS )
On this Pi clay , 2015, before me personally appeared William P.
Thompson, being the President of SSM Regional Health Services, a Missouri nonprofit
corporation, known to be the person who executed the foregoing instrument in behalf of said
nonprofit corporation, and he acknowledged to me that he executed the same for the purposes
therein stated.
GRANTOR:
SSM REGIONAL HEALTH SERVICES,
a MiSSOu : noriprOcil COrporotiun
By:
Name:
Title:
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal
in the County and State aforesaid, the day and year first above written.
My term expires: h o,r. I A, ao 11
Notary Pu
l`#i4 FAYE LEE
Notary Public - Notary Sal
State of Missouri, SI tail County
r,gmmirri ; N 13513105
M4 Commission limes' Nov $2.2017
A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7, T44N RI 1 W, IN
THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, BEING PART OF INLOT NUMBERS 664, 665,
AND 666 AND ALSO BEING TRACT 2 OF A SURVEY RECORDED IN BOOK A PAGE 104.
THIS TRACT IS ALSO DESCRIBED AS THE SEVENTH PARAGRAPH DESCRIBED BY COLE
COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO. 76459, DATED
DECEMBER 5, 2012.
BEGINNING AT THE SOUTHWESTERLY CORNER OF INLOT 666, THENCE N47°48'50"W
ALONG THE SOUTHERLY LINE OF INLOT 665 AND 664, A DISTANCE OF 158.22 FEET TO THE
EASTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULVEARD (BUSINESS ROUTE 50); THENCE
ALONG SAID RIGHT-OF-WAY ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 459.91 FEET, A
DISTANCE OF 79.91 FEET, THE CHORD BEING N70°06'00"E 79.81 FEET; THENCE N75°04'40"E 12.75
FEET; THENCE LEAVING SAID LINE S47°30'30"E 215.19 FEET TO THE NORTHWESTERLY BANK OF
WEARS CREEK; THENCE S78°46'20"W ALONG THE NORTHWESTERLY BANK OF WEARS CREEK,
99.74 FEET TO THE SOUTHERLY LINE OF INLOT 666; THENCE N47°48'50"W ALONG SAID LINE, 41.81
FEET TO THE BEGINNING AND CONTAINING 0.39 ACRE.
EXHIBIT A TO QUITCLAIM' DEED
LEGAL DESCRIPTION
TRACT 1
A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7, T44N RI 1W
AND IN THE NORTHEAST QUARTER OF SECTION 12, T44N R12W, IN THE CITY OF JEFFERSON, COLE
COUNTY, MISSOURI, BEING ALL OF INLOT NUMBERS 656 THROUGH 663, 768 THROUGH 770, PART
OF INLOT NUMBER 771, PART OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF
SECTION 12, T44N R 12W, PART OF THE VACATED RIGHT-OF-WAY OF ELM STREET, HARRISON
STREET, MILLER STREET, AND PART OF VACATED ALLEYS, AND THE TRACT DESCRIBED BY A
QUIT CLAIM DEED RECORDED IN BOOK 289, PAGE 695.
THIS TRACT IS ALSO DESCRIBED AS THE FIRST, FIFTH, SIXTH, NINTH AND TENTH
PARAGRAPHS DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL
COMMITMENT FILE NO. 76459, DATED DECEMBER 5, 2012, THE VACATED RIGHT-OF-WAY OF
HARRISON STREET, AND THE TRACT DESCRIBED BY A QUIT CLAIM DEED RECORDED IN BOOK 289
PAGE 695.
BEGINNING AT THE NORTHEASTERLY CORNER OF INLOT NUMBER 669, THENCE ALONG
THE SOUTHERLY RIGHT-OF-WAY LINE OF U.S. HIGHWAY 50 AND 63, N84°37'40"E 52.39 FEET;
THENCE S41°17'00"E 63.14 FEET; THENCE S4°57'30"W 41.51 FEET; THENCE S29°13'00"W 37.62 FEET
TO THE WESTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD (BUSINESS ROUTE 50);
THENCE ALONG SAID LINE, S75°04'40"W 57.76 FEET; THENCE ALONG A CURVE TO THE LEFT,
HAVING A RADIUS OF 539.91 FEET, A DISTANCE OF 325.26 FEET, THE CHORD BEING S57°49'10"W
320.36 FEET; THENCE S40°33'40"W 244.46 FEET; THENCE ALONG A CURVE TO THE RIGHT, HAVING A
RADIUS OF 459.06 FEET, A DISTANCE OF 152.32 FEET, THE CHORD BEING S50°04'00"W 151.62 FEET
TO THE EASTERLY LINE OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 300 PAGE 545,
ALSO BEING THE WESTERLY LINE OF VACATED HARRISON STREET; THENCE N42°10'50"E, ALONG
SAID LINE, 4.33 FEET; THENCE ALONG THE NORTHERLY LINE OF THE TRACT DESCRIBED BY A
DEED RECORDED IN BOOK 300 PAGE 545, S86°46' 10"W 62.80 FEET TO THE EASTERLY RIGHT-OF-
WAY LINE OF BOLIVAR STREET; THENCE ALONG SAID LINE N61°24'20"W 30.00 FEET; THENCE
ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 686.20 FEET, A DISTANCE OF 147.87 FEET,
THE CHORD BEING N8°15'20"W 147.58 FEET; THENCE N 2°04'50"W 203.64 FEET; THENCE ALONG A
CURVE TO THE RIGHT, HAVING A RADIUS OF 351.97 FEET, A DISTANCE OF 181.51 FEET, THE
CHORD BEING N12°41'30"E 179.51 FEET; THENCE N42°10'50"E 441.00 FEET TO THE
NORTHWESTERLY CORNER OF INLOT NUMBER 656; THENCE S47°50'20"E, ALONG THE NORTHERLY
LINE OF INLOT NUMBERS 656, 657, 658, AND 659, A DISTANCE OF 417.50 FEET TO THE BEGINNING
AND CONTAINING 7.47 ACRES.
TRACT 2
A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7, T44N RI 1W, IN
THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, BEING PART OF INLOT NUMBERS 772, 773, 775,
776, AND 777, THE VACATED ALLEY BETWEEN SAID INLOTS, AND PARCEL 2 OF A QUIT CLAIM
DEED RECORDED IN BOOK 336 PAGE 608.
THIS TRACT IS ALSO DESCRIBED AS THE SECOND, THIRD AND FOURTH PARAGRAPHS
DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO.
76459, DATED DECEMBER 5, 2012, AND PARCEL 2 OF A QUIT CLAIM DEED RECORDED IN BOOK 336
PAGE 608.
STARTING AT THE MOST NORTHERLY CORNER OF SAID INLOT 776, THENCE S47°36'30"E,
ALONG THE NORTHEASTERLY LINES OF SAID INLOTS 776 AND 777, A DISTANCE OF 123.58 FEET TO
A POINT ON THE LEFT OR NORTHERLY LINE OF RAMP 4 AS PER PLANS OF JOB NO. 5-U-54-2588 OF
THE MISSOURI STATE HIGHWAY DEPARTMENT, THE POINT OF BEGINNING.
FROM THE POINT OF BEGINNING, THENCE ALONG THE NORTHERLY OR WESTERLY LINE
OF SAID RAMP 4, S47°43'30"W 78.89 FEET TO A POINT 63.00 FEET LEFT OF STATION 6+00; THENCE
S59°45'30"W 51,57 FEET TO A POINT 70.00 FEET LEFT OF STATION 5+33.30; THENCE S59°42'20"W
74.45 FEET TO A POINT 71.33 FEET LEFT OF STATION 4+58.19, ALSO BEING ON THE
SOUTHEWESTERLY LINE OF SAID INLOT 776; THENCE N47°34' 10"W, ALONG THE SOUTHWESTERLY
LINES OF SAID INLOTS 776 AND 775, A DISTANCE OF 139.27 FEET TO A POINT 40.26 FEET LEFT OF
STATION 1+43.65 OF DUNKLIN STREET AS PER PLANS OF JOB NO. 5-U-54-2588 OF THE MISSOURI
STATE HIGHWAY DEPARTMENT; THENCE LEAVING THE SOUTHWESTERLY LINE OF INLOT 775,
N9°15'00"W 46.29 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI
BOULEVARD, AT A POINT 76.00 FEET LEFT OF STATION 15+40; THENCE ALONG SAID LINE
N38°15'00"E 50.32 FEET TO A POINT 54.00 FEET LEFT OF STATION 15+00; THENCE ALONG A CURVE
TO THE LEFT, HAVING A RADIUS OF 553.06 FEET, A DISTANCE OF 205.41 FEET, THE CHORD BEING
N51 ° 12' 10"E 204.23 FEET TO A POINT 54.00 FEET LEFT OF STATION P.C. 13+14.92; THENCE
N40°33'40"E 34.92 FEET TO A POINT 54.00 FEET LEFT OF STATION 12+80; THENCE N65°34'50"E 49.66
FEET TO A POINT 75.00 FEET LEFT OF STATION 12+35; THENCE ALONG THE NORTHERLY OR
WESTERLY LINE OF RAMP 4 AS PER PLANS OF JOB NO. 5-U-54-2588 OF THE MISSOURI STATE
HIGHWAY DEPARTMENT, S65°55' 10"E 50.30 FEET TO A POINT 20.00 FEET LEFT OF STATION 9+50;
THENCE S13°28'50"E 46.29 FEET TO A POINT 25.00 FEET LEFT OF STATION 9+00; THENCE S4°50'50"W
89.43 FEET TO A POINT 40.00 FEET LEFT OF STATION 8+00; THENCE S18°40'00"W 84.88 FEET TO A
POINT 45.00 FEET LEFT OF STATION 7+00; THENCE S47°43'30"W 3.77 FEET TO THE BEGINNING AND
CONTAINING 1.46 ACRES.
TRACT 3 - (IS BOUNDED BY THE WESTERLY BANK OF WEARS CREEK, WHICH IS SUBJECT TO
CHANGE DUE TO NATURAL CAUSES, AND MAY OR MAY NOT REPRESENT THE ACTUAL LOCATION
OF THE LIMIT OF TITLE)
A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7, T44N RI 1 W, IN
THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, BEING PART OF INLOT NUMBERS 668 AND 669
AND BEING THE TRACTS DESCRIBED BY A WARRANTY DEED RECORDED IN BOOK 352 PAGE 777
AND A QUIT CLAIM DEED RECORDED IN BOOK 395 PAGE 238.
PART OF THIS TRACT IS ALSO DESCRIBED AS THE EIGHTH PARAGRAPH DESCRIBED BY
COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO. 76459, DATED
DECEMBER 5, 2012.
BEGINNING AT THE INTERSECTION OF THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI
BOULEVARD (BUSINESS U.S. HIGHWAY 50) AND THE NORTHERLY LINE OF INLOT 668, AT A POINT
BEING S47°48'50"E 42.63 FEET FROM THE NORTHWESTERLY CORNER OF SAID INLOT; THENCE
S47°48'50"E, ALONG THE NORTHERLY LINE OF INLOTS 668 AND 669, A DISTANCE OF 163.37 FEET TO
THE MOST EASTERLY CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 352
PAGE 777, ALSO BEING THE NORTHWESTERLY CORNER OF THE TRACT DESCRIBED BY A DEED
RECORDED IN BOOK 395 PAGE 238; THENCE CONTINUING ALONG THE NORTHERLY LINE OF INLOT
669, S47°48'50"E 25.13 FEET TO THE WESTERLY BANK OF WEARS CREEK; THENCE ALONG THE
WESTERLY BANK OF WEARS CREEK; S79°41'50"W 28.53 FEET; THENCE S69°54'00"W 25.00 FEET;
THENCE S64°44'30"W 20.00 FEET; THENCE S50°03'10"W 20.00 FEET; THENCE S41°59'00"W 40.00 FEET;
THENCE S36°44'50"W 40.00 FEET; THENCE S22°39'30"W 40.00 FEET TO THE NORTHERLY LINE OF
ELM STREET; THENCE N47°38'00"W ALONG SAID LINE; 119.83 FEET TO THE EASTERLY RIGHT-OF-
WAY LINE OF THE MISSOURI BOULEVARD CONNECTION TO U.S. HIGHWAY 54; THENCE ALONG
SAID LINE N21°58'20"W 24.37 FEET; THENCE N16°01'00"W 62.44 FEET TO THE EASTERLY RIGHT-OF-
WAY LINE OF MISSOURI BOULEVARD (BUSINESS ROUTE 50); THENCE ALONG SAID LINE, ON A
CURVE TO THE RIGHT, HAVING A RADIUS OF 459.91 FEET; A DISTANCE OF 160.03 FEET TO THE
BEGINNING, THE CHORD BEING N52°28'30"E 159.22 FEET AND CONTAINING 0.79 ACRE.
TRACT 4 -- (IS BOUNDED BY THE NORTHWESTERLY BANK OF WEARS CREEK, WHICH IS SUBJECT
TO CHANGE DUE TO NATURAL CAUSES, AND MAY OR MAY NOT REPRESENT THE ACTUAL
LOCATION OF THE LIMIT OF TITLE)
ST. MARY'S HEALTH CENTER
07%12.51W EMT,. COLE COLINn
AMV.iaifit .rAim TrT4..e
MI r r
_
_...111
! •
—
447rf:I=1 .1
r
—
-EL
. -
•- -1'7=Atr.5.27241... 4:- _ ,
- ,
I. '•
.2,371-77"
.111
Ira emg••
_ - -
OB7
ST. MARY'S HEALTH CENTER
dEI .F 654M tri Y. MILE c i rJR1
,4r�,11,04—'4 1� AIN M 511i1�
MAL
maws—.
II
1 I• •fI —....-.P". i E W -1
;, .L! ,:n„RISM. , F ix
,i 0 3 w~
TI 1
I 1 . -- i
t
i1/ / 4 f i
• - ;
r
I
VP/11 WI.
ST. MARY'S HEALTH CENTER
JEFFERSON CITY, COLE COUNTY, MISSOURI
ALTA/ACSM LAND TITLE SURVEY
MAY 15, 2013
HMO
7
pr
. • - 14
IDLY WOE
'77 116111ASIZIE
707 ZIA 17.
r3 P.�
-fir' as 3L 41:4`
6e 2,71
�
�
* ' wart ra u:soe^•
arse":as'' EW W.t.L7di1—
. ^^^444yyy
.• •••,."
-PMENilebr
ST MARY'S HEALTH CENTER
JEFFERSON CITY, COLE COUNTY, MISSOURI
ALTA/ACSM LAND TITLE SURVEY
MAY 15, 2013
IMF
••=1"...Tr
11 -In 1 lem•
"114,1
trf
• .4.,r,rr,-.--r.":47- ---•
=nu " 5-•
• asFarzhz.---.=:.•
'812
1/1111PJ
,,,1:74:41-cciigiar, a• LI 71:11, ILS:=1.-"=":1:47.7"Jr.S"..7=1:".: •
117703- •
ViTtitIME
giv,..-mtcLEFrez;Th.3.yz-54gar.Fr
rafp
E4witgam2[4:.
• m. -w4, euq-Tv P;"
Kf.Trir eifitsET-4-4.e rrir.Vg.E.WEIFYKFC
SkTi=laig .71b,_4_,4:22.PArf-t
-r .r=k7 AFL -7.
rawarliz42
r• -• • - - -••
-" :Twavitn."7,4•14-T,, _en
•-•
r"ITraalF-7.iff'-7CS2"E:j3 *air ZreWera" ""a
At MAMA SISE .L!,-.4,4-_= - - -
Wi.27;11.7-"YI:75:f.R.771F2=.:
=
71"="" •••••,
SIVING-1.2 71717.1771:4TarairdiZaWN r
73:7FriFInirdrir==grrripi.=WAT. wr. rrgr =no
itIV:Nr=iiiii,UrATZ
:1-2:÷174.71,1, •-%.":464.-Tri# -"".-IBMT14"611 -
--T-War. •31EZ-7.2.1.44-1.3•117,-.7E-FLSEEE.-"ff-M-5TiiMig."""-1?"
re Lie
F.
•
__.
1
4
Acquisition
EXHIBIT E
DEVELOPMENT SCHEDULE
December 2015
Renovation* Commencing 2017, site clearance and demolition,
and site work
Marketing, leasing/sale, and development of pad
sites will be ongoing commencing in the Summer of
2017
Pursuit of Lincoln Project commenced in December
2015 and a determination as to state financing is
anticipated to be made in the 2017 legislative
session. If state financing is secured, construction
will commence on the Lincoln Project in the
Summer of 2017. Redevelopment of the St. Mary's
Hospital Building and the Medical Office Building
will occur at that time.
If state financing is not secured for the Lincoln
Project, the Developer may commence the
Commercial Project at any time.
Anticipated completion date is late 2018.
* Dates are proposed and approximate
52689347.5