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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