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Home My WebLink About760521.tiff ROBERT J. MITCHELL. M.A.I., S.R.A. Ileum AMERICAN 'Henn or SUITE 202 - 724 EIGHTH STREET TELEPHONE Roof. ESTATE APPRAISERS GREELEY, COLORADO 80631 (303) 352-1114 April 7, 1976 Ms . Marianne LeClair Acquisition/Relocation Officer Department of Urban Renewal 1307 - 4th Avenue Greeley, Colorado 80631 Dear Ms. LeClair: Pursuant to our agreement dated January 12 , 1976, I have assembled this Basic Data report which includes important background material for appraisals of 17 parcels in the Burger-Fry's Subdivision, City of Greeley and Weld County, Colorado. These parcels are situated on the south side of 5th Street just east of the Cache La Poudre River along the eastern edge of the City of Greeley. Twenty-two lots are involved. Field data for this project has been gathered during the period January 24 to March 26, 1976. Reports for this appraisal project will be delivered in several volumes as follows: Volume I - Basic Data Report Volume II - Appraisals of the Tobar, Ruiz and Erebia parcels Other Volumes, concerning other parcels , will be delivered as requested. This volume includes no direct evaluations or individual appraisals. It therefore includes no certification of values. These certifications will be included with the appraisal of each individual ownership or with the separate volumes. Respectfully submitted, oerceAl. 5/S. Robert J. Mitchell, M. A. I. 760521 TABLE OF CONTEN TS Title Page Letter of Transmittal Table of Contents Page Purpose of the Appraisal 1 Abstract of Properties 2 Map of Subject Subdivision 3 Area Data 4 Neighborhood Data 4 General Market Analysis 5 Highest and Best Use Analysis 6 Zoning - General 7 Map of Subdivision showing Flood Districts 8 Market Analysis - Subject Project 9 Table of Comparable Sales - Improved Properties 11 Table of Comparable Sales - Land Only 12 Cost Approach 13 Income Approach 13 Contingent and Limiting Conditions 14 Qualifications of the Appraiser 15 G' I Addenda Exhibit Aerial Photograph A i Excerpt from Weld County Zoning Map B Excerpts from Weld County and Greeley Zoning Ordinances C thru C-4 Descriptions of Comparable Sales D Comparable Sales Map E M PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the Market Value of the properties as herein described as of March 26, 1976. Market Value is defined as: "The highest price estimated in terms of money which a property will bring if exposed for sale in the open _ market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used and neither the buyer nor seller acting under compulsion. " The legal descriptions of the parcels are found in the separate sections for each individual property. Property rights appraised are the fee simple estate or title. Values are as of March 26 , 1976. - 1 - ABSTRACT OF PROPERTIES - SUBJECT PROJECT Owner Legal Description (Burger-Fry's Subdivision) Block One Latin American Concilio Lots, 1 , 2 & 3 (S. 30' thereof) Virginia Perez Lot 1 (E . 20' exc. S. 30') Harold and Betty Law Lots 1 , 2 & 3 (exc. S. 30' & E. 20' of Lot 1) Goldie Smith & Delbert Pearson Lot 4 Bobby G. Pearson Lot 5 Frank C. & Markos Tobar Lots 6, 7 & 8 Concepcion Mendoza Lots 9 and 10 Block Two Albert & Grace Quintana Lot 1 Theodore Lee Burnhardt & Lots 2 & 3 John W. Kramer Lloyd Whitledge & Larry Stevens Lot 4 John Laws Lot S Barbara Flores & Cynthia Mary Flores Lot 6 Raymond R. & Isabel Ruiz Lots 7 & 8 Adolph & Nettie Schafer Lot 9 John and Ana Erebia Lot 10 Joe Maldonado Lot 11 Anon C . & Agapito Barrera, Jr. Lot 12 - 2 - . li-)4\11 . ,8///PSe - C,e.)-s s�a�i�isi_ \ . . . A ... 5 zd 7-A=-4--.8-7 - ,� 50.o so.o eta Sa-o 50.0 v . - to NI 'q . .% : y 3ti eti� � A o p ,A km h Q1 c. 634318 e /.,.r b �y QCte //S- 1co.o m P M ' . - C- /f0 06 .4 or 7 ‘ % 25 t \,l P"��2,6j--- L4Lv /75.0 /car 4-6 Q - 4 o 8 a t L& l! C C' /60.0 43-9.et- (1 Tp = L oT 9 t % L7 • N6 's /z5.o *ea.?, �a LOr/O % ; is a ea,.a 78.5c. - L _ A 7s.o 47:n Viz 14/O1 _ 6 re �T/r��J" z0 5,5- - 3 - AREA DATA Little will be said about the general area. It is assumed the readers of this report are generally familiar with the City of Greeley and Weld County, Colorado. The Greeley community has enjoyed a steady growth of population and _ real estate development and expansion since World War II. During recent months , while much of the nation has suffered recessionary economic trends and while certain communities within the State of Colorado have experienced a slow real estate economy, Greeley real estate has generally held steady or continued a slight appreciation. Perhaps the rate of appreciation is limited to the rate of inflation. Some segments of the real estate economy have been depressed to a _ 4 minor degree during the last one and one half years. This would include some downtown or central business core real estate as well as some of the larger outlying apartment complexes. Land development and major residential sub- - division activity has slowed considerably during the past six to eighteen months but sales of existing properties and listings have remained quite steady. Although Greeley is basically an economic center for agricultural enter- prises , it enjoys growth due to industries other than those related to agriculture. Educational institutions are a major consideration of the basic economy as well as influences from the Kodak plant 10 miles to the northwest and other smaller satellite industries. NEIGHBORHOOD DATA Subject neighborhood is characterized by medium to low quality industrial and residential developments with the exception of a large new farm implement _ dealership at the southwest corner of 5th Street at U. S. Highway #85 Bypass . The northern portion of the neighborhood is mostly open river bottom (flood plain) land containing a few small farm units and the Cache La Poudre River channel. The Burger-Fry's Subdivision is located along the east bank of the Cache La Poudre River and adjacent to the south side of Fifth Street which provides good paved access via paved city and county streets. Fifth Street terminates at U. S. Highway 85 Bypass about one block east of the subject properties, but is a through street for several miles to the west. Eighth Avenue which is old or business route U. S. #85 is five blocks west of the subject properties and the Union Pacific Railroad tracks are four blocks west. - 4 - The subjects are zoned either I-Industrial by Weld County or M-3, Heavy Manufacturing District, by the City of Greeley. More specific details of this zoning are found in the Addenda of this report. In the past several years there has been a significant amount of indus- trial development activity along U. S. Highway #85 Bypass on the eastern edge of Greeley. This development was generally taking place in established industrial parks and on land annexed to the city at an earlier date with M-1 or M-3 zoning. _ Currently most of the land zoned for industrial use within the city limits, not previously improved, is being developed or plans are formulated for some type of development and use. The activity and pressure for more land for this use is principally in the eastern portion of the city. However,it is obvious that further growth will now have to take place to the north and south of recent de- velopment. Industrial uses will tend to stay in this eastern area due to the location of the main railroad lines and federal highways . Undoubtedly the pressure for more industrial land will cause rezoning and conversion of other _ land in this general neighborhood. This potential is further motivated by the reasonable accessibility of sewer and water. GENERAL MARKET ANALYSIS The current real estate market in the Greeley area is strong, mostly influenced by the general nationwide movement to the eastern slope of the Rocky Mountains, as well as several industries which are strong employers and continually expanding. The Monfort Packing Company, with its modern meat packing plant and two enormous feed lots , employs over 1,500 workers . The State Farm Insurance Company, with its Mountain States Regional Office in Greeley, employs several hundred persons. Central Industries, a manufac- _ turer of mobile homes , has been steadily increasing its production and employ- ees, resulting in over 100 workers . Although Itel Business Machines closed its plant just west of Greeley, the facility has been taken over by Aims Junior College to expand its new campus. The largest firm to recently commit itself to the Greeley area is Kodak. The new plant under construction and partially in production in the Windsor neighborhood approximately 10 miles northwest of Greeley, employs over 2,900 persons and since the announcement of their plans to locate in Weld County in June of 1968, they have nearly completed two major expansions to their original plans. A third is about to be launched. - 5 - It is obvious that real estate in and around Greeley is part of, and in some ways the center of, a very active real estate market. Speculative in- vestors are a major part of the market causing escalating prices. Values reflect factors such as view, accessibility, water rights, availability of utilities, and surroundings. HIGHEST AND BEST USE ANALYSIS Highest and Best Use is that use which, at the time of appraisal, is the most profitable likely use of a property. It may also be defined as that available use and program of future utilization which produces the highest present land value. The theory of Highest and Best Use is predicated on consistent use. r' Property in transition to another use must not be valued on the basis of one use for land and another for improvements. The improvements must add to the _ value of the land in order to have value attributed to them. A building may have several years of remaining life and yet not contribute to the land value which has a higher use, except as an interim use while the land itself is in transition. Further, the improvements may represent a burden to the land value to the extent of the cost of their removal. When the transition to Highest and Best Use is deferred, the element of interim use should be considered. Improve- - ments would be judged on the basis of a temporary enhancement of land value as measured by comparable market data . As previously noted in the neighborhood data, there is a trend within the eastern portion of the city toward more industrial uses . The Burger-Fry's Subdivision lies within the pattern of this industrial growth and, if vacant, the subdivision as an assemblage, has sufficient size, shape, accessibility, topography and availability of utilities to accomodate a number of industrial users. One limiting factor would be the absence of sanitary sewer facilities east of the Poudre River. City water might be extended to that portion of the subject area that lies within the city limits , but the county portion would probably be supplied by the North Weld Water District at substantially higher rates. In addition to the physical and economic capabilities of the subject project area to support some industrial type useage, the existing zoning regu- lations, for both county and city portions of the subdivision, further enhance _ pF' the industrial potential. The Burger-Fry's Subdivision contains a total of 22 lots . Six of these 1 (Lots 10-12, Block 2 and Lots 8-10, Block 1) are within the Greeley city limits . Thirteen of the lots are improved with fair to poor quality residential dwellings. - 6 - A few others have delapidated sheds, corrals, or old outbuildings located on them. In order for the land to be developed for industrial use it would be necessary to clear off all of the existing improvements . Therefore, it is ap- - propriate to examine the current interim use of the project area as low income individual residential sites, even though this use is inconsistent with present zoning regulations and prevailing trends . Another underlying potential for the vacant sites within the project is the possibility of moving an older house onto the site, thereby creating one of the most inexpensive residential units possible in today's economy. The individual parcels will be examined and analyzed separately to determine the Highest and Best Use by ownerships. Some analysis will be made to show comparative value of the improved properties as a residence and then as a potential industrial site. An attempt will also be made to show interim contributory value of improvements , if this is the case. In general, Highest and Best Use of the vacant sites is their industrial potential. The improved parcels generally reflect low income housing use. ZONING - GENERAL Zoning within this subdivision is complicated by the fact that the southern portion is within the city and zoned M-3, Heavy Manufacturing _ District while the northern portion is zoned I, Industrial District within the county. Uses permitted, within these districts, are shown as excerpts from the city and county zoning ordinances or codes , as Exhibit C in the Addenda of this report. _ The zoning situation is further complicated by the flooding potentials from the adjoining Cache La Poudre River. On the following page is a map of the subdivision showing approximate boundaries of a flood "channel district" and a flood "valley district" as is interpreted from the existing City of Greeley zoning code. It is obvious that within both the city and county, limitations and restric- tions as to the use and development of the subject area would exist - however, _ it is anticipated some type of industrial usage could be accomplished which would result in a Highest and Best Usage consistent with the previous section of this report. - 7 - — f • H • • _ - 1 . . F. • .• ,PLr,P��,e - ,C,ers 5//�.?:>/ :i • • 0 T// T� 7 Approximate boundary of — / "flood galley" district. -'-'n - .t..-:,•;, o :i.q..p.0 w p l GO o Soo 50.0 •� _ Approximate �. center line t.N 0 `tea itN' of river �� a h a •O 3 y oo y O9 \` a ,v • . -SA- % 1.z.�v 4a o sat r. ' ` \ v Z4- c dJ -� a p- �, `4 OT 7 \ a z -may Coto \ .c s �`1 / \� we.0 47.7.6-c _ \ Z, Approximate boundary �C LOOT 8 a \ t eyrL a I R`1/soo \I ._ of "flood channel" �\� • •� N district. �D = �QT 9 ' \ : ,C7 . : - L a``l/o I.. =`I a 4 : .edp.a '7B s4. •-• \ .- City/County Boundary I -• -_ 2\i/ 1 a slyc " A G4 /4 3, '4 410 • - s - . It is further noted that the City of Greeley and designated areas have u g been approved to qualify for the National Flood Insurance program as adminis- tered by the Federal Insurance Administration of the U. S. Department of Housing and Urban Development. Subject project (the Burger-Fry's Subdivision) is within the "Intermediate Regional Flood" area as designated by the U. S. Army Corps of Engineers' 1974 report. MARKET ANALYSIS - SUBJECT PROJECT As can be noted on the tabulation of comparable sales which follows , the 14 sales of improved properties utilized as aides in evaluating the subject improved properties on a comparison basis , took place during the approxi- - mately five-year span of time from early 1971 until practically a current date of April 1 , 1976. Without adjusting for time, the unit sales price - per square II foot of dwelling area - that is, the total sales price divided by the square foot- - age of the dwelling, resulted in a bracket from $1 .92 to $12. 75 per square foot. The arithmetic mean is $6 .92 and the median, $6 . 93 per square foot. This is a very rough tool as it does not tend to reflect oversized lots or an imbalance ! of land to improvements. After allocating the total sales price between land and improvements, the unit prices are a slightly better tool. The prices for improvements only - that is , the contributory or depreciated value of the existing improvements as indicated by the sales price, is represented by a bracket ranging from $0. 96 _ to $10. 74 per square foot with the arithmetic mean for the 14 sales at $4.66 I and the median at $4. 29 per square foot. As a result of the allocations, the "land only" unit sales price, fits within the bracket of $0. 09 to $0. 35 per square foot with an arithmetic mean of $0.22 and a median of $0.20 per square foot. These figures are valuable in suggesting the brackets within which the values should fall for subject properties with total sales prices ranging from $1 ,500 to $9,500. In the separate, or individual, parcel sections of the fol- lowing reports, the sales which are considered the most similar to the indivi- dual properties will be analyzed more closely and specific adjustments made to arrive at a final indication of value. The study of this market data as well as other real estate transactions taking place in the Greeley neighborhood during the past several years , de- finitely proves that real estate values have been rising. It is this appraiser's - 9 - P o inion that value of low income properties , such as those represented by the — subjects and these 14 sales, have been appreciating at a slightly greater rate I than higher priced residences. Industrial lands appreciated at a high rate during the past five years also. The vacant industrial land appreciated most rapidly from approximately 1970 to 1974 and has leveled off to a slightly lower rate during the past two years. The six lettered sales are included as evidence of the prices being paid for industrial land similar to the subject parcels - as though improved. Actual- ly most of these sales involved poor houses which were - or will be, removed so that the land can be put to other uses . The prices ranged from $0. 11 to $0.48 per square foot. The arithmetic mean is $0.27 and the median $0. 26 per square foot. Fairly good industrial sites, in the modern industrial parks in the eastern portions of Greeley, have recently been selling for unit prices usually within the brackets of $0. 30 to $0. 85 per square foot. These are normally outside the flood plain and with utilities available. Further analysis of the industrial land value of the individual parcels will be presented in the separate appraisals. Sales 7 and 7a suggest an increase of 125% in three years or over 30% per year - however, the increase from $2 ,000 to $4,500 is somewhat mislead- ing and requires adjustments for financing. In the earlier sale, a cash trans- action was important to the seller and in the second or later sale, terms were helpful in attaining the higher price. As a result of this study, and for use in this appraisal project, an annual rate of increase of approximately 10% is considered appropriate. - 10 - a) a N V' to M to 0 CO CO CO 0 N t0 to N r~-t N co V' D) •-I N 0 to N CO N T CO D. V' u' a) .d M N. to M O N. 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CD t. -.-I roCD t, .--I �' .4 ro N w Cl) b' )N, w y E 74 a > (3 a c tnn x 0 W En 0 TS CO x 0 > in C) I. ro rn c E. a v o o E 0 ,s4 a sN. .N-I -.a-I a) a a '�' a) Cl) '00 0 U a) t "-' 0 .--' .7, .-I .-I Z o ro v ro ro o a o x m • U x w con O a) ti• Ili �"' r9 N M V' to t0 N t. CO 0) 0 r-I N M .-I r-I rti r-1 CD C w• -4 a) a. A i a) u y.� ^„� 4 .-1 O) co N N W M .-i M d• . . r-I en aLi 0 Cl 0 0 0 0 CD 4/3- VT 4./} V> <& to ro co Y Y 5 . a0 8 N o 0 0 0 0 0 0 o to 0 0 0 0., O o V) 1. co V) CV •cn a co co .ti .ti N 0 C 0 m -.4 Y m 8 co '~a E w a) o o 0 0 0 0 a ."' Ill M V) VJ in V) O CO c'-I Cil o) i. u) i. i. o m m cn CO rn ' ra. D. N CO -�8 , O .d a) Cil N U C .. O o � x z 0 N E ur a) 0 0 0 0 0 0 O a) 0 0 0 to 0 0 0 CO '""' -.• 0 V) N- CO V) N FCr) M .-I .-a (V ift V> Q> ( 4.13- w 0 V) N U) M M N a) C) n n n n n n jYm� ro H CO " co (D V) 1. in ro a) Y Y . a) a) L. Y' U U U 0 0 -'- N y Ca y ti a 3 co 3 to 0 0 0 o z O O .=. .4 0 s. 0 Y C C ro 0 C7 0 N m ro a) co m 'c a) rI 0 crop z 4 m 0 La w w COST APPROACH The Cost Approach is of little value to the appraisal of most of the subject improvements . It is obvious that most of these buildings are heavily __ depreciated. An estimate of accrued depreciation including physical deteriora- �' tion, functional obsolescence and economic obsolescence is considered highly conjectural. It has been noted by analysis of the sales data that improvements contribute from $0. 96 to $10.74 per square foot for buildings which would cost new somewhere within the range of $10. 00 to $25.00 per square foot. There- fore, considering the average at around $4. 50 per square foot for the depreciated properties and that a cost new would average at least $15 .00 per square foot, it is obvious that many of the properties suffer total depreciation in the amount of 70%. This approach is further complicated by the fact that practically no low income housing of the minimum quality represented by the subject, is being constructed - therefore, little data is available for cost new estimates . Therefore, the Cost Approach is not considered a reliable indicator of value for these properties. � gE INCOME APPROACH Following is a small tabulation showing some of the monthly gross rent multipliers gleaned from the market data. The range is from 23. 1 to 86.4 with a very definite upward progression from the lowest priced property to the high- - est priced sale. The study provides some evidence of rental rates and combined with the appropriate monthly GRM as suggested by this data, this approach adds some strength to the value indications as a result of the comparison of sales. Sale No. Sales Price Monthly Rent Monthly G.R.M. 1 $2 ,500 $ 95. 00 26. 3 4 $1 ,500 $ 65.00 23. 1 9 $6,000 $105.00 57. 1 12 $9,500 $110. 00 86.4 13 $4,000 $ 65. 00 61 . 5 - 13 - CONTINGENT AND LIMITING CONDITIONS This appraisal is subject to the following assumptions and limiting conditions: 1 . The maps and pictures are included with this report to assist the reader in visualizing the property. The legal description contained herein is approximate for identification purposes, no survey has been made by thisappraiser. 2 . I assume no responsibility for matters of a legal character nor do I render any opinion as to the title. 3 . It is assumed that the title is merchantable, the property free and clear of liens and encumbrances, under responsible ownership and competent management. 4 . The information furnished me by others is believed to be reliable, but I assume no responsibility for its accuracy. 5 . This report is to be considered in its entirety, the distribution of value between the land and improvements applies only under the existing program of utilization, it should not be used in conjunction with any other appraisal and is invalid if so used . 6 . Neither all nor any part of the contents of this report shall be con- veyed to thepublic through advertising, g public relations, news, _ sales, or other media, without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected, or any reference to the American Institute of Real Estate Appraisers, or to the M.A.I. designation. - 14 - QUALIFICATIONS OF ROBERT J. MITCHELL Education 'B.S. Degree in Civil Engineering, Colorado State University, 1949 . _ Several Real Estate Certificate Courses, University of Colorado Extension Div. Numerous Appraisal Seminars . Instructor - American Institute of Real Estate Appraisers Rural Properties Appraisal Course III and Grazing Lands and Ranches, Course V; Introduction to Real Estate Appraisal & Advanced Appraisal, Univ. of Colo. Extension Division. Memberships American Institute of Real Estate Appraisers (M.A.I .) , Past President of Colorado Chapter; Member, National Rural Property Examination and Technical Committees. Senior Real Property Appraiser in Society of Real Estate Appraisers (S.R.P.A.) . American Right of Way Association. Greeley Board of Realtors (past president) , Colorado and National Association of Real Estate Boards. American Society of Farm Managers and Rural Appraisers - Colorado and National. Professional Experience Licensed Real Estate Appraiser, State of Nebraska. !Licensed Real Estate Broker, States of Colorado and Nebraska. _ !Nine and one-half years as an Engineer Appraiser for Federal Land Bank of Wichita. 'Since 1958 - Independent Appraiser in general real estate appraisal practice, making appraisals throughout Colorado, as well as portions of Nebraska, New Mexico and Wyoming. Typical Clients Individuals, Attorneys, Banks: First National of Greeley, Greeley _ f Institutions & Corporations National, First National of Denver, !Churches, School Districts Colorado National of Denver, United !Real Estate Developers Bank of Denver, Bank of Tulsa !University of Northern Colorado State Agencies: Colo. , Wyo. , & Nebraska !Mortgage Guaranty Insurance Corp. Dept's. of Hwys. , Colo. Game & Fish _ !Public Service Company Federal Agencies: Veterans Administration, !Great Western United Company General Services Administration, [Mountain States Telephone Company National Bureau of Standards, Forest {{Eastman Kodak Company Service, Army Corps of Engineers, !Panhandle Eastern Pipe Line Company Department of Justice, National Park !Oil Companies (Texaco, Humble, Service, Bureau of Land Management, Conoco) Bureau of Sport Fisheries & Wildlife , !Municipalities: Greeley, Loveland, Internal Revenue Service _ Brush, Fort Collins, and others Qualified as an expert witness in several Federal, State and District Courts. - 15 - I I 49 cl. Fir, 4� QI _., IiiiiiHr- • I •;` - ft ` ...-rte i"I' .= I ,,, ra , _ P .. `a . 4 4■yyfij_� t L LL � e i" 1 v • .Mti • `, f r. M , YE • d iz If . .. ,-,:. iiist, 4,7,11 , Pals- .1/4, 4,ct •,• , '' 14' ; .4.„',.. • _" ' " Aolop. ytlArae. -, t- I- ' An tr, -A ,± -,;,.. ._ tt . '.* P' t , j ray4-4 {� .! 3 1• + ! : a, su:JECT , i i p 4 , r ' �Y - 1 ■ rail. ,,' ' »• , .ur. -r-Fry s Su.av, x tt& r . f Le :i : ii F )� 1 J 10 , R HWI f� ,4 , _ • - , III Y, Downtown Greeley , k1 Business District 4-r?u \ i ; ';Vy11 (i1 T a .3.1. --#.1111!.. ' r r +-r'�t ,! - : "L"..4- " , i ,k.,...,, , . .,... , I , . —;_ ;,- , , it/Lai, 'AErrit I . F. 4-c.:..4 -;0 r „if 1aw. lr ia' IT il A t 71 r1 +. I, 1 lei � .f.. I T n. J .{R'", A. ---_tiy.lit ,r.„ ,r: j I i •,Y'a r r ,i ller4 ' y 1 - i _fPl ' • ram I Exhibit A --04 -r - �\ u Excerpt from Weld Co. Zoning Map k _\ O N. . ? r/A i ii‘j\iry ------------ -----___ ,� S j1 �� a ° O 1 • 011 - O \ ' 011 1 4/ • II ' a ■ 'L-‘ I . 1 , i1 \ a ■ � 11 p ° • ----, S sal l ❑ . ° J . 0 •r'r u. -.• - . — \ 0II i— ❑ '0(. •. . / I /( it- / ' \ -Cr, —Y.( -- I s\_____ --- ; XA I Z-22 11 : o ne; J ' j ° c\ ° (IiS4Z\\ V-209 �rl a \\ • 0�Pi SUBJECT �t Burger Fry's Subdiv.� V-340 `. _ Q a ° MH-285 � • n _ ` M-3 Heavy Mfg. 1 MH-342 + Zone,City J I I i - 111 � �1 a '� 11 ° MS-8 . _ -7 • �. . -. �S—T j ;� ao° / 33 � - 1 ` `G`.o�m%[ aa 0f i- -an on■ _ _ill :: - a fj. . :::::.:. - -.:::: •:::::::::::-:-:•:-:- a r !I : JSun: ici - a , ��I // l# . . -- . ~{':-?:--.. Exhibit B i• II a Excerpt from Official Weld County, Colorado Zoning Resolution USE AND DENSITY SCHEDULES 15 3 . 7 Uses Permitted in the "T" , Transitional District 1 . All uses permitted in the "H " , High Density Residential District as stated therefore ; 2 . Cultivation , storage and sale of crops , vegetables , plants , flowers and nursery stock produced on the premises ; 3 . Medical and dental clinics ; 4 . Membership clubs ; 5 . Motels and hotels ; 6 . Professional offices ; 7 . Tourist homes ; 8 . Undertaking establishments . 3 .8 Uses Permitted in the "B " , Business District 1 . All uses permitted in the "T" , Transitional District as stated therefore ; 2 . Automobile parking areas ; 3 . Banks ; . 4 . Gasoline service stations ; 5 . Offices ; 6 . Personal service shops ; 7 . Places for the conduct of any restricted retail business not of a commercial , industrial of manufacturing nature ; 8 . Places of amusement or recreation ; 9 . Places serving food or beverages ; 10 . Places of assembly ; 11 . Studios ; _ 12 . Theaters . 3 . 9 Uses Permitted in the "C" , Commercial District 1 . All uses permitted in the "B " , Business District as stated therefore ; 2 . Automobile repair shops ; 3 . Bakeries ; 4 . Bottling works ; 5 . Builders ' supply yards , sale of cement and concrete products , and lumber yards ; 6 . Cabinet making and carpenter shops ; 7 . Cleaning and dyeing establishments ; 8 . Dairy processing and distribution plants ; 9 . Frozen food lockers ; 10 . Ice and cold storage plants ; 11 . Laundries ; 12 . Machine shops ; 13 . Manufacture of handicraft products ; 14 . Places for the conduct of any commercial , or wholesale activity - not of an industrial or manufacturing nature ; 15 . Plumbing shops ; 16 . Printing and publishing establishments ; 17 . Roofing shops ; 18 . Storage warehouses ; storage of oil , gasoline and petro- leum products ; Exhibit C USE AND DENSITYY SCHEDULES 16 3 . 9 Uses Permitted in the "C " , Commercial District ( Continued ) _ 19 . Tin shops ; 20 . Upholstery Shops ; 21 . Used car lots ; 22 . Veterinary hospitals . 3 . 10 Uses Permitted in the "I " , Industrial District 1 . All uses permitted in the "C " , Commercial District as stated therefore ; except that all uses specifically listed in the "H " , High Density Residential District and in the "T " , Transitional District shall not be per- mitted in the "I " , Industrial District ; 2 . The following operations shall have the approval of the Board of County Commissioners : a . Any industrial or manufacturing operation ; b . Junk yards and salvage yards ; c . Sanitary land fill and dumping operations ; d . Slaughter houses and packing houses . 3 . 11 Uses Permitted in the "S " , Scientific District 1 . All uses permitted in the "E " , Estate District as stated therefore ; 2 . Any kind of scientific , research , manufacturing , com- pounding , assembling , processing or treatment of prod- ucts or experimental material . . provided the follow- - ing limitations are placed on all such uses : a . All permitted uses shall be operated entirely within an enclosed structure ; b . Dust , fumes , odors , refuse matter , smoke , vapor , noise , lights , and vibration shall be confined to the premises of the lot upon which such use is located , and c . Travel and parking portions of the lot shall be surfaced with asphalt , concrete or equivalent paving . 3 . 12 Uses Permitted in the "C-0 , " Conservation District ( Rev .8/ 12/70) 1 . Cemeteries ; 2 . Cultivation , storage and sale of crops , vegetables , plants , flowers and nursery stock produced on the pre- mises ; and temporary storage in transit of crops not raised on the premises and not for sale on said premises ; 3 . Fairgrounds ; 4 . Grange Halls ; 5 . Gravel pits , quarries and open mining operations sub- ject to approval as to location by the Weld County _ Planning Commission and subject to the special provisions Exhibit C-1 SUPPLEMENTARY REGULATIONS 40 2 . Architectural Features : Cornices , canopies , eaves or similar architectural features may extend into a re - quired yard not more than 2 feet . 3 . Porches: Open , unenclosed , uncovered porches at ground level may extend into a required yard not more than 6 feet . 4 . Fire escapes : Fire escapes may extend into a required yard not more than 6 feet . 5 . Accessory building : Permitted accessory buildings may be located in the rear yard for a principal building . 6 . Reversed corner lots : The side yard along the street side of a reversed corner lot shall be not less than the required front yard for principal buildings along such a side street . 6 .4 Maximum Height of Buildings 1 . Special exceptions : The height limitations of this _ Resolution shall not apply to church spires , belfries , cupolas , penthouses , or domes not used for human oc - cupancy , nor to chimneys , ventilators , skylights , _ water tanks , silos , parapet walls , cornices without windows , antennas , or necessary mechanical appurten - ances usually carried above the roof level . 6 . 5 Special Areas Subject to Flooding For the purpose of the Resolution , there are hereby es - tablished "Flood Plain Areas " as shown on the Zoning Dis - trict maps of Weld County within which the following res - - trictions shall apply : 1 . No dwelling , mobile home , school , church or other place of assembly shall be permitted ; 2 . No storage of materials which could be moved by flood waters shall be permitted unless the materials are secured adequately to prevent their being moved down - stream during periods of flooding ; 3 . No dumping of debris which might be moved downstream during periods of flooding shall be permitted ; and 4 . Accessory buildings or other structures located in areas subject to flooding shall be constructed only after hav- - ing been approved by the Weld County Planning Commission , which shall first be assured that such buildings or other structures will not impede the flow of water during periods of intense flooding . 6 .6 Unit Developments Unit developments may be permitted in all zone districts sub- ject in each instance to being shown on a plan as defined , processed and approved as follows : ( Rev . 10/7/70 ) 1 . A unit development shall be defined as a project which — is controlled by one owner , corporation or agency , or Exhibit C-2 Excerpt from Greeley Zoning Ordinance § 23-21 GREELEY.CODE § 23-23 Sec. 23-23. M3, heavy manufacturing district. (a) Permitted use groups:* (1) Farming • (2) Animals, confined (3) One-family residence (4) Multi-family residence (8) Mobile home park (9) Travel trailer park (10) Community facilities, noncommercial (11) Community facilities, open area (12) Community facilities, semi-public (13) Amusements, commercial (17) Treatment of humans, restrained (18) Personal service establishments (20) Office and financial uses (21) Retail uses, extensive (22) Off-street parking lots (23) Service establishments, public (24) Repair shops (25) Retail establishments, intensive (26) Flammable liquids, storage (27) Light industry (28) Commercial uses (29) Medium industry (30) Heavy industry; and (31) through (41) accessory buildings and uses. •Editor's note—Prefix numbets refer to the listing as set out in § 23-7. Stipp.No.23 343 Exhibit C-3 Excerpt from Greeley Zoning Code Sec. 23-28. Flood control. (a) No structures, excavations, filling or open storage shall be permitted within a flood "channel district" as described in this code. (b) No structure, excavation, filling or open storage shall be permitted within a flood "valley district" as described in the code, unless such action is first approved by the city engineer who shall be assured that each of the following special conditions are being met: (1) The main floor of inhabited buildings shall be located above the water level of the maximum fifty year flood, (2) Basements shall be prohibited. (3) Open storage of materials shall be fenced so as not to permit the materials to float away during periods of flooding. (4) The storage of flammable or hazardous liquids shall be prohibited. (5) All buildings shall be oriented to offer the minimum obstruction to the flow of flood waters. (6) Buildings shall not occupy more than fifty per cent (50%) of the lot area.. (c) The flood channel district of the Cache La Poudre River shall be the area within one hundred feet of the center line of the river. The flood valley district of the Cache La Poudre River shall be an area located more than one hundred feet but less than two hundred feet from the center line of the river. .- (d) The flood valley district of the Union Colony Canal No. 3 for the Greeley Irrigation Company shall be twelve and one-half feet from the center line cn the right (south and west) side and twenty-seven and one-half on the left (north and east) side. Exhibit C-4 r r DESCRIPTION OF COMPARABLE SALES r r ' I r r r r r r r F Exhibit D Sale No. 1 ‘. =yea ,y c r , j� �� r _ 2 e�,i44 Ir 4 1 • p1` , ,� � 'i � ( C. 0 ilk li ,, . S. t ,r ,' !t k r r. __ _- a _ . 1 Sale Number Est. of John Wilson George Villa November 1, 1974 Grantor Grantee Date Personal Representative's Deed Rec. # 1647842 Instrument Book Page $ 2,500 Mr. Villa Land - 7,000 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lot 5, Block 26, Clayton Park, Greeley, Colorado. LOCATION: r 918-"B" Street - older north Greeley area about 12 blocks northwest of subjects. r IMPROVEMENTS: 27 year old block and stucco dwelling contains about 650 sq. ft.; water, sewer, natural gas and electricity, paved street with curb and gutter, some trees, lawn and fencing; good condition. One bath - modem except heat. r � r COMMENTS: Grantee purchased from estate under somewhat duressed situation; previous owner was elderly and unable to manage property. Currently rented at $95 per mo. with tenant, paying all utilities. Indicates $1 . 75 per sq. ft. annual rent. r Zoned R-3. r ALLOCATION OF SALES PRICE: $ 1 ,500 $ 1 ,000 Improvements Land $2. 31 p.s .f. improvements only; $0. 14 p. s .f. land only. UNIT PRICE: $ 3.85 PER sq. ft. of building area. Sale No. 2 ,,,,h, ,,,,,,,.$4. -, ., , 1' 'I 2 Sole Number Henry E. Mock, et ux Juan J. Mutuberria, et ux December 5, 1974 Grantor Grantee Date Warranty Deed Rec. # 1650045 Instrument Book Page $2 ,500 G. Villa Land - 6,000 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lot 6, Block 31, Clayton Park Subdivision, Greeley, Colorado. LOCATION: 308 N. 9th Avenue - approximately 9 blocks northwest of subjects in older north Greeley area. IMPROVEMENTS: 47 year old, small frame dwelling containing 336 square feet, all city utilities and paved street, some fencing, fair to poor condition. Non-modern. COMMENTS: Property backs up to U. S. Highway P Y 4 Y #85, zoned M-3 at time of purchase, no deed of trust of record. Currently vacant. 2 room minimum quality liveability. ALLOCATION OF SALES PRICE: $ 1 ,500 $ 1,000 Improvements Land $4.46 p. s.f. improvements only; $0. 17 p.s.f. land only. UNIT PRICE: $ 7.44 PER sq. ft. of dwelling area. Sale No. 3 — �{ ., '• y gc" 'IIi may„''"r 4‘: i . .. 3 Sale Number Date of Deed 4-25-74 Dave Hart, et ux Mary Gonzales Contract - 1971 Grantor Grantee Dote Warranty Deed Rec.#1643160 Instrument Book Page $4,000 Hart Land — 4,500 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: The W. 30 ft. of the E. 80 Ft. of Lot 4, Block 1, Billings Subdivision, Greeley, Colorado. LOCATION: r 1305 - 2nd Street - approximately 1 mile northwest of subjects in old north Greeley area. r IMPROVEMENTS: r- 49 year old frame dwelling containing 672 sq. ft. , poor condition, has all city utilities . Bath, living room, two bedrooms. r COMMENTS: Property shows considerable deferred maintenance, zoned M-3; purchased with minimal down payment of $150. Seller carried back mortgage for 8%, $60 per month payments. r ' I r r ALLOCATION OF SALES PRICE: $ 2 ,500 $ 1,500 Improvements Lond $3.72 p.s.f. improvements only; $0.33 p.s.f. land only r I UNIT PRICE: $ 5.95 PER sq. ft. of dwelling area. Sale No. 4 See photos for subject Ruiz _ property 4 Sale Number Clement Burmudez Raymond R. Ruiz, et ux May 14, 1974 Grantor Grantee Dote Warranty Deed Rec. # 1653589 Instrument Book Page $ 1 ,000 ($1 ,500) Mr. Ruiz Land - 8, 125 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lot 8, Block 2 , Burger-Fry's Subdivision, Weld County, Colorado LOCATION: Subject Ruiz property. IMPROVEMENTS: See description of Ruiz improvements - vacant dwelling, House No. 2 containing 480 square feet. COMMENTS: Grantee paid cash plus spending $495 for title and legal services and cleaning. Previously rented at $65 per month with tenant paying all utilities . Indicates $1.77 per square foot annual rent. Sales price adjusted upward to $1,500 for closing costs normally paid by seller. ALLOCATION OF SALES PRICE: $ 750 $ 750 Improvements Land $1 .56 p.s.f. improvements only; $0.09 p. s.f. land only. UNIT PRICE: $ 3. 13 PER sq. ft. of building area. II Sale No. 5 — / ' \?�w '\{w -k CC' , . , % . -: §<. ., \\ . : ` y z . . : } t'&- 4® 44"4 \4raz / » . « sf , `/I . . /y/ / : ? za * § fa :2 ` < \$ . � I/ » � ` M r , Z . A. t Vale, ® g i \ - . . . 5 Sale Number Keith Anderson James Goetzel September 20, 1973 Grantor Grantee Date Warranty Deed Rec. # 1622020 Instrument Book Page $ 3 ,300 Records Land - 2,875 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: The W. 25 ft. of the SEI of Block 122, Greeley , Colorado, except 10 ft. alleyway across north end. LOCATION: 411 - 8th Street - approximately 21 blocks southwest of subjects. r IMPROVEMENTS: 86 yr. old, small frame dwelling containing 400 sq. ft. and full basement about one-half finished, old frame garage 12'x18'; improvements in good condition. 8th Street paved with curb and gutter, all city utilities. 3 rooms plus bath. COMMENTS: Long narrow lot, zoned M-3, fairly well kept neighborhood. Faces busy thoroughfare. r r ' r ALLOCATION OF SALES PRICE: $ 2 ,300 $ 1 ,000 Improvements Land $5. 75 p.s.f. improvements only; $0. 35 p. s.f. land only. UNIT PRICE: $ 8. 25 PER sq. ft. dwelling area. Sale No. 6 sit • 1 ei ti 1 6 Sole Number Merl C. Curtis, et ux Adolph Schafer, et ux May 4, 1973 Grantor Grantee Date Warranty Deed Rec. # 1612620 - Instrument Book Page $ 3,500 Mr. Schafer Land - 6,875 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lot 9, Block 2, Burger-Fry's Subdivision, Weld County, Colorado. LOCATION: Subject subdivision between Ruiz and Erebia parcels . IMPROVEMENTS: 50-60 year old frame dwelling containing 500 sq. ft. in poor to fair condition, stove heat, no water or sewer. COMMENTS: Property is just north of city limits in county industrial zoned portion of subdivision. No curb, gutter or paving. This property partly within the "flood channel" district and the remainder within the "flood valley" district of the Greeley zoning ordinance. f ALLOCATION OF SALES PRICE: $ 2 ,500 $ 1,000 Improvements Land $5.00 p. s .f. improvements only; $0. 15 p. s.f. land only. UNIT PRICE: $ 7. 00 PER sq. ft. of dwelling area. Sale No. 7 sir .--. .1i. ‘13. a ,.; ., ,t,.. Z..0 i, • Nt. ;,:s.. t '' '—' !�'$ , I.- nlltl`• 1* SOY- �s y • ‘ -'•%; i C.4 2 , \ 4114; 4. �::., : j 7 Sale Number Mary Martinez, et ux Edwin P. Haefeli, et ux March 20, 1973 Grantor Grantee Date Warranty Deed Rec. #k 1609530 Instrument Book Page $ 2 ,000 Mrs. Martinez Land - 4, 500 sq. ft. Total Consideration Confirmed By Area r- LEGAL DESCRIPTION: Lot 61 , Espanola Subdivision, Weld County, Colorado. LOCATION: r 112 County Road - similar type subdivision north of city limits. Approximately 22 miles northwest of subjects . r IMPROVEMENTS: Small frame and stucco dwelling containing about 440 square feet; water and sewer, natural gas and electricity in and paved street on east side. Grantor claims property was in fair condition at time of sale. Includes bath, 1 bed- room, living room and kitchen. • COMMENTS: The Espanola Subdivision has historically been occupied by Spanish surnamed residents of low income. Located in the south edge of the Spanish Colony near the river and at the edge of the flood zoning. This sale was consumated for cash to an informed purchaser . r r ALLOCATION OF SALES PRICE: $ 1 ,000 $ 1 ,000 Improvements Land $2 .27 p.s.f. improvements only; $0.22 p.s .f. land only. rUNIT PRICE: $ 4. 55 PER sq. ft. of building area. Sale No. 7a same as Sale No. 7 — 7a Sale Number Edwin P. Haefeli, et ux Fermin Rodriquez April 1 , 1976 Grantor Grantee Date Warranty Deed Rec. # 1685038 Instrument Book Page $ 4,500 Haefeli Land — 4,500 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: See Sale No. 7 LOCATION: ! See Sale No. 7 IMPROVEMENTS: See Sale No. 7 COMMENTS: Considered an arm's-length transaction with $1,000 down, remainder carried back by seller for 5 years at 10%. ALLOCATION OF SALES PRICE: $ 3 ,000 $ 1,500 Improvements Land _ $6. 82 p. s .f. improvements only; $0.33 p. s .f. land only. UNIT PRICE: $ 10.23 PER sq. ft. of dwelling area. Sale No. 8 � , . ©2+ \ ` : ' 2 ' r g2 %� _ % ` 4 / �/ .r%® \ \(�T.:7\ " \ q . ! / \ + i9 ., * y ��.w /� \w\ \ \ '} ; %5 , . : » . , ■t e,, •. ^ « 4 ° ®J \\ k / \. 4'S'S " ' it' 1 , . � @iihz ® a © •- • ,�■ a Will ` 4 I 6 ' t 1 O Y• ' . . ! { ,. « »a ! »» ' <\ /wrç , » - . # ! ., . � . . 8 Sale Number Solomon Eason Conrad Esparza, et ux August 4, 1972 Grantor Grantee Date Warranty Deed Rec. # 1595159 Instrument Book Page $ 2,000 Mrs. Esparza Land - 4,000 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Part of Lots 2 and 3, Block 128, City of Greeley. LOCATION: 316 - 9th Street - older east Greeley area about 4 blocks south of subjects . IMPROVEMENTS: Alder frame dwelling with new siding containing approximately 462 sq. ft. , water, sewer, natural gas and electricity, paved street, few trees , no lawn. COMMENTS: Grantee purchased with $1 ,500 down and conveyed a Deed of Trust to Grantor for $500 at 61% interest. Zoned R-3. Located in mixed low income housing and commercial/industrial neighborhood. ALLOCATION OF SALES PRICE: $ 1 ,500 $ 500 Improvements Land $3.25 p.s.f. improvements only; $0 . 13 p. s.f. land only. UNIT PRICE: $ 4.33 PER sq. ft. of building area. Sale No. 9 i, ;tip `` li ''''Sin. o/c Ii1 , .�f7� e < w tu = '- ' ' ' ‘ - Arit. .- . : .. .t.'.:*:- "?;' i.:41.4 :. ,,,c,:%s.,, -0,,s ff t e i iii . .. .0 t4 L 9 Sale Number Oliver Sonju, et ux Burl D. Stedwell August 22, 1972 Grantor Grantee Date Warranty Deed Rec. * 1596081 Instrument Book Page $ 6,000 Mr. Stedwell Land - 6,750 sq. ft. Total Consideration Confirmed By Area '- LEGAL DESCRIPTION: The S. 30 ft. of the W. 150 ft. of Lot 4 and the N. 15 ft. of the W. 150 ft. of Lot 5, Block 128, Greeley, Colorado. LOCATION: 916 - 4th Avenue - approximately 5 blocks southwest of subject in old east Greeley area. IMPROVEMENTS: r 71 year old frame dwelling containing 588 square feet in fair condition, all city utilities, good yard and trees, old block garage 12' x 22' in poor condition. 3 rooms and bath. • COMMENTS: Purchaser took out conventional loan; cash to sellers. Not rented at time of purchase but currently rented at $105 per month plus utilities . Indicates $2. 14 per square foot annual rent. Zoned R-3. r r i ALLOCATION OF SALES PRICE: $ 4,700 $ 1,300 Improvements Land $7.99 p.s.f. improvements only; $0. 19 p.s.f. land only. UNIT PRICE: $ 10.20 PER sq. ft. of dwelling area. Sale No. 10 tiff` x. + a Q vf.M , R .dta J. K +R t r N io — . r _ 10 Sole Number Greeley Mortgages, Inc. _ Adolph Schafer, et al March 5, 1971 Grantor Grantee Date Warranty Deed Rec. # 1563589 Instrument Book Page $ 2 ,000 Mr. Schafer Land - 9,000 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lots 19 and 20, Braucht's Subdivision of Block 171 , Greeley, Colorado. LOCATION: 1509 - 1st Avenue - small residential area in industrial neighborhood, 12 blocks southeast of subjects . IMPROVEMENTS: 56 year old frame dwelling containing about 1 ,044 square feet, water, sewer and electricity, some trees. Poor condition. Added onto type construction. Included bath, 22 bedrooms , living room and kitchen. COMMENTS: Cash transaction, informed purchaser. Zoned M-3. Physical appearance includes minimum quality construction, patchy finish and incongruous additions . Across street from Great Western Sugar Co. beet piling and scale area. Near large cattle feeding lot. P ALLOCATION OF SALES PRICE: $ 1 ,000 $ 1,000 Improvements Land $0.96 p. s.f. improvements only; $0. 11 p.s.f. land only. UNIT PRICE: $1 .92 PER sq. ft. of building area. Sale No. 11 $4ksitr; O4 Lir ;: t:; , pc. 11 Sale Number Little, et al Hensel Phelps January 19, 1971 Grantor Grantee Date Warranty Deed Rec. # 1560759 Instrument Book Page $ 7 ,000 Agent - Welsh Land - 8, 892 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lot 6 , except the W. 53.2 ft. thereof, Block 20, Greeley, Colorado. LOCATION: 517 - 5th Street - older east Greeley area approximately 22 blocks north- west of subjects . IMPROVEMENTS: r 95 year old 1f story frame swelling containing 1 ,022 square feet of living area; 14'x20' garage. COMMENTS: Improvements in fair condition, some older trees on site; long narrow site. Zoned M-3 . _ ! Adjoins purchaser's existing office and industrial site. Nearly surrounded by industrial development. Actually purchased principally for land - If all land value - $0.79 p. s.f. ALLOCATION OF SALES PRICE: $ 4,000 $ 3,000 Improvements Land $3.91 p.s.f. improvements only; $0.34 p. s.f. land only. UNIT PRICE: $ 6. 86 PER sq. ft. of dwelling area. Sale No. 12 _ 1 rAll 1 1 \�•..�...✓p'acs ° .i 4 's• �;° gt, - • ...� fy. 11 12 Sole Number Miller Clift March 4, 1971 Grantor Grantee Date Warranty Deed Rec. # 1563242 Instrument Book Page $ 9,500 Mr. Clift Land — 5,000 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: The South 66-2/3 ft. of the N. 190 ft. of the E. 75 ft. of Block 117, Greeley, Colorado. LOCATION: 611 - 4th Avenue - older east Greeley area approximately 2 blocks south- west of subjects. IMPROVEMENTS: r 52 year old frame dwelling containing 745 square feet with full, partially finished basement, all city utilities , 18'x22' garage. Improvements in good condition, good yard and trees, fenced. Fully modem. r COMMENTS: Property was rented at time of purchase for $110 per month indicating $1 .77 per sq. ft. annual rent and gross rent multiplier of 7.2 (9 ,500+1 ,320=7.2). Zoned M-3. r r r ALLOCATION OF SALES PRICE: $ 8,000 $ 1,500 Improvements Land $10. 74 p.s .f. improvements only; $0.30 p.s .f. land only. UNIT PRICE: $ 12. 75 PER sq. ft. of dwelling main floor area. Sale No. 13 No Photograph 13 Sale Number Thomas McNamara George Villa May 22, 1971 Grantor Grantee Date Warranty Deed Rec. # 1671223 Instrument Book Page $ 4,000 Mr. Villa Land — 7,000 sq. ft. Total Consideration Confirmed By Area r LEGAL DESCRIPTION: Lot 4, Block 26, Clayton Park, Greeley, Colorado. LOCATION: 916 — "B" Street - older north Greeley area about 12 blocks northwest of subjects . r IMPROVEMENTS: 31 year old frame dwelling contains about 384 sq. ft. , water and sewer, natural gas and electricity, some trees and fencing; good condition. r COMMENTS: Grantee paid cash and reports paying a premium due to location of property near personal residence. Currently renting for $65 per month with tenant paying all utilities. Indicates $2.03 per square foot annual rent. Zoned M-3 at time of purchase. Now R-3 zone. GRM = 5. 13 r r r ALLOCATION OF SALES PRICE: $ 2 ,500 $ 1 ,500 Improvements Land $6.51 p.s.f. improvements only; $0.21 p.s.f. land only. r UNIT PRICE: $ 10.42 PER sq. ft. of building area. 1 Sale A No Photograph A Sale Number Billy D. Pearson, et ux Harold W. Law, et ux May 31 , 1975 Grantor Grantee Date Warranty Deed Rec. # 1657366 Instrument Book Page $ 3,000 Mr. Law Land - 8,938 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lots 1, 2, & 3, except the S. 30 ft. thereof and also except the E. 20 ft. of said Lot 1, Block 1, Burger-Fry's Subdivision, Weld County, Colorado. LOCATION: Northeast corner of subject subdivision adjacent to the south side of 5th Street. r IMPROVEMENTS: None. r r COMMENTS: Cash purchase - Grantee owns large tract to the east, no utilities, zoned I-Industrial by Weld County. r r r ALLOCATION OF SALES PRICE: $ — — $ 3,000 Improvements Land r UNIT PRICE: $ 0.34 PER sq. ft. of land. Sale B No Photograph s Sole Number Anita Gomez Cowan Concrete August 1 , 1975 Grantor Grantee Dote Warranty Deed Rec. # 1666753 Instrument Book Page $ 500 Tom Cowan Land - 4,750 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: The N. 1/2 of Lot 11 , Block 2, Greeley, Weld County, Colorado. LOCATION: 6252 - 4th Street - approximately 4 blocks northwest of subjects. r IMPROVEMENTS: r No Value. r COMMENTS: Cash purchase for assemblage of land, old house demolished, zoned M-3 with sewer and water on site. r ALLOCATION OF SALES PRICE: $ -- $ 500 Improvements Land r UNIT PRICE: $ 0. 11 PER sq. ft. of land. r Sale C { q NI. .1 I iii • • • C Sole Number Fred L. Swanson, et ux Francis C. Compestine,et ux July 18, 1975 Grantor Grantee Date Warranty Deed Rec. # 1666070 Instrument Book Page $ 3,750 Agent - Scott Land - 9,550 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: Lot 5, Littell's Subdivision of Block 144, Greeley, Colorado. LOCATION: 316 - 13th Street - approximately 8 blocks south of subjects in older east Greeley area. IMPROVEMENTS: r No value - not suitable for occupancy - however, included a combination store building and old residence with bath, living room, kitchen and three bedrooms. COMMENTS: Purchased for land; cash transaction, zoned R-3; all city utilities. Fronts on busy thoroughfare in mixed commercial-residential neighborhood. r r r ALLOCATION OF SALES PRICE: $ - - $ 3,750 Improvements Land r UNIT PRICE: $ 0.39 PER sq. ft. of land. Sale D •4 a �s ' ` - L ike 1,.. -0,3 =�i x• ye A �,trt ,k a .., P / ' r" � t i 's,. a :is,. &t��. W � . ' "� qq xw, '7 $ x A1 Illiiii Ata y, " goy'. Ulna .1 . a! i t e ([ : "'ter • . 7 D Sale Number Alice May Clary, et al Johnnie Laws June 6, 1973 Grantor Grantee Date Warranty Deed Rec. # 1614883 Instrument Book Page $ 1 ,800 Mrs. Clary Land - 3,750 sq. ft. Total Consideration Confirmed By Area ✓ LEGAL DESCRIPTION: E. 75 ft. of W. 225 ft. of S. 50 ft. , Block 115, City of Greeley. r LOCATION: ✓ 305 - 6th Street - older east Greeley area one block south of subject. r IMPROVEMENTS: ✓ Deteriorated block and frame dwelling with approximately 640 sq. ft. , had water and electricity. ✓ I ✓ COMMENTS: Purchased for land, building vacant, cash transaction. Zoned M-3 . r r ALLOCATION OF SALES PRICE: $- - $ 1 ,800 Improvements Land UNIT PRICE: $ 0.48 PERsq. ft. of land. r Sale.E = �. : ; - mac ..'- • E Sale Number John F. Mata Johnnie Laws June 6, 1973 Grantor Grantee Date Warranty Deed Rec. # 1615087 Instrument Book Page $ 1 ,500 Laws Land — 8,750 sq. ft. Total Consideration Confirmed By Area LEGAL DESCRIPTION: The E. 175 ft. of the S. 50 ft. of Block 115, Greeley, Colorado. r LOCATION: r 303 - 6th Street - just west across Cache La Poudre River from subjects. IMPROVEMENTS: r I No Value. COMMENTS: Old house demolished, water and sewer in 6th Street. Zoned M-3. Surrounded on three sides by industrial users. Fair house on lot adjoining to the west. r Cash Transaction. r r ALLOCATION OF SALES PRICE: $ — — $ 1 ,500 Improvements Land r UNIT PRICE: $ 0. 17 PER sq. ft. of land. r Sale £ — F Sale Number Ted Rothe Cowan Concrete May 17, 1971 Grantor Grantee Date Warranty Deed Rec. # 1569402 Instrument Book Page _ $ 2,200 Tom Cowan Land - 19,000 sq. ft. Total Consideration n 'Co firm ed By Area LEGAL DESCRIPTION: Lots 12 and 13, Block 2 , Greeley, Weld County, Colorado. LOCATION: 611-613 - 4th Street. Approximately 4 blocks northwest of subjects. IMPROVEMENTS: No Value. COMMENTS: Cash purchase; grantee has demolished two old houses in order to use land for storage in conjunction with adjacent industrial business. Zoned M-3 with sewer and water to site. ALLOCATION OF SALES PRICE: $ - - $ 2,200 Improvements Land _ tl UNIT PRICE: $0. 12 PER sq. ft. of land. 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I II I r 1-'-f rill. ll:.� 1fY// .�•� •.,. -.7....."......5.-•--......_ '-1• I - 1 _—{�ti--- __— I t 1_21 •lwl ` �£ : I�if t.N y...Ott 0 �• •,• ; l E ,�. _ S Y 1 r iiegoliYI 'I'2i 9L6i 'Llalejhj (t ( ' f . �l'I ` I , _�_ ? I Cpl d ' •Or0�1 " ' i0 t. 3•, l7 7.r' ' '/ 0 '!'. '° •S 9/ �a _ `s 3.. {r I'll1I�-y'II 1�IT'��II uo s n n s �1 labin e r '1 I i i '""' / '`° r I i IPg S r 3- , r \ dew sates aigeiedwoo ' e �� Ac, r� ■E�ce 1W 1 ` 1' i ,I lu� fir. 11 �' /r� T17 ." �! F q �I■■ 1 \II ' •0. £70, CI 1s I i Z ;—- 9Nair ° I . u\I \\ hu I 009 se„/ 37VOS i i a 1s J J� 7., ,aor Toot 0 .001 _ ' 1 -i I. •/ 17.f, ..1, l F ,. Perez Parcel • • Looking south across 5th Street. Power poles k - mark east line of Perez parcel. Shows fill by Law. L - __ . _ � r -- I n I 1 r1 ."I I 4' I . 3 . V . ,Z3/ P.Ase - ,ciPr'5 SUS//i z.4:?-s/ \ \ • 5 zed .Ti=m-t-7 50.0 SO.O Gbc SOO 50.0 NN � n 1\ ., Qa :4 a c. N oo : o % o �'''%‘ O 4510 o i_,.r b \) ` r ..Or .a L¢ o y� L.v'4Cm //S r toro.o �' a /ls.va' r \ \ LOT 7 = 3 L5 • IN GP��L".Y COLo wICS4 /75.o if•1.5. a - ---% \--Q, z Lora a , Z4, • v (1 /g.4.0 B9.tt �0 1C. _ LOT 9 • % 47 • �� .R L ' Ldj/O ' = L6 "00.0 7....54 L - 75.o Glfs- 6 re �T�EL y- �o sus - 11 - LEGAL DESCRIPTION — The East 20 feet of Lot 1 , except the south 30 feet thereof, in Block 1 of Burger-Fry's Subdivision, being a subdivision of a part of Lot Four (4) of the Southeast Quarter of the Northeast Quarter (SEINE+) of Section Five (5), Township Five (5) North, Range Sixty five (65) West of the Sixth Principal Meridian, according to the subdivision of lands by the Union Colony of Colorado, Weld County, Colorado. SITE DESCRIPTION The subject site is basically rectangular in shape, quite long and narrow. The north edge is 20.05 feet along the south side of 5th Street. The lot then extends southerly or has a depth of 70.16 feet and therefore contains approximately 1 ,407 square feet. The fronting street is asphalt paved - however, curb and gutter are dirt. The frontage is approximately 130 feet east of the access street into the Burger-Fry's Subdivision or about 400 feet west of the U. S. Highway #85 Bypass. There is no public water, sewer or natural gas connected to the site. Electricity is available at the rear or east edge of the property. _ There are no buildings on the site - however, interestingly Mr. Harold Law, owner of the adjoining properties to the east and west has recently filled and levelled the subject site. The fill has been at depths estimated to average 2 to 3 feet. This fill has probably raised the grade to above flood plain from the Cache la Poudre River situated about 200 feet to the west. ZONING The property is zoned I, Industrial District by Weld County. Uses per- - mitted in this district are found in excerpts from applicable ordinances in the Addenda of Volume I (Basic Data Report) previously submitted for this appraisal project. - 12 - Robert J.Mitchell ASSESSED VALUE AND TAXES According to the records in the Weld County Assessor's office, subject site is assessed at $30 which would, with the applicable mill levy of 91.07, result in general real estate taxes of $2 . 73. HIGHEST AND BEST USE Highest and Best Use of this vacant site is considered to be its potential for industrial development - however, industrial use would most likely be in _ conjunction with adjoining larger parcels. The very limited width of the subject site would prevent almost all normal usable industrial structures. The site could be used for parking or yard storage. It is most probable this site would reach its Highest and Best Use as potential industrial land when combined with ' adjoining lands. EVALUATION Sales History of Subject In June of 1969 subject was deeded from Frank Lara to Bruno Perez. Fees paid indicated no consideration. On January 11 , 1972 a quit claim deed was filed at Reception No. 16411710 of the County records transferring the property from Bruno Perez to Virginia Perez. This quit claim deed included other property. Other adjoining property was subsequently deeded from Virginia Perez Sandoval Faudoa to other parties. The sales history therefore is not considered pertinent or relative to current value. Market Approach (The Cost and Income Approaches are not applicable to this unimproved parcel.) As can be noted on the tabulation of comparable sales (page 11 of the Basic Data Report, Volume I), the 14 sales of unimproved properties utilized as aides in evaluation of the subject on a comparison basis, took place during the approximately 5-year span of time from early 1971 until practically a cur- rent date of April 1, 1976. - 13 - Robert J.Mitchell After allocating the total sales price between land and improvements, the unit prices are a useable tool. As a result of the allocations , the "land only" unit sales price, fits within the bracket of $0. 09 to $0. 35 per square foot with an arithmetic mean of $0.22 and a median of $0. 20 per square foot. _ The study of this market data as well as other real estate transactions taking place in the Greeley neighborhood during the past several years, de- finitely proves that real estate values have been rising. It is this appraiser's opinion that value of low income properties , such as those represented by the 14 sales, have been appreciating at a slightly greater rate than higher priced residences. Industrial lands appreciated at a high rate during the past five years also. Vacant industrial land appreciated most rapidly from approximately 1970 to 1974 and has leveled off to a slightly lower rate during the past two years. The six lettered sales included at page 12 in the Basic Data Report are evidence of the prices being paid for industrial land similar to the subject. Actually most of these sales involved poor houses which were - or will be, removed so that the land can be put to other uses. The prices ranged from $0. 11 to $0.48 per square foot. The arithmetic mean is $0.27 and the median $0.26 per square foot. Fairly good industrial sites, in the modern industrial parks in the eastern portions of Greeley, have recently been selling for unit prices usually within the brackets of $0. 30 to $0. 85 per square foot. These are normally outside the flood plain and with utilities available . Sale A at $0. 34 per square foot in May, 1975, is one of the best indica- tors due to its location adjoining subject on the west. Adjusting up slightly for date and down for limited usability, subject property is estimated to have a value of $0. 35 per square foot. 1,407 sq. ft. @ $0. 35 p.s.f. = $492 Say - $500 - 14 - Robert J.Mitchell ri Harold Law Parcel _ Looking westerly. Subject just beyond pickup and trailer. Shows new fill and 5th d.- St. at the right. Looking southeasterly across 5th St. Subject • - is white gravel fill I area. + ,' a: ._ : • • r .• Looking easterly across the street in Burger- •. r ` Fry's Subdivision. Shows depth of fill in southwest corner of subject. r Ws- - V.......: • • .81ile .Fie - /C,Pj-5 s sc'/Orsica.-S/ • \ \ - /./ s r Ti�t- .8--T 50.0 50.0 l.z:::o .SRO SO.o T - t-. 1% .1% . o � a n 7 p.• -ne_ 0 kt G598 b / .r b •y Z- S ?X5O w v 10 `t tiro o a .te.vs a G3eoc-e //S T r lP�� eozr \ LOT 7 % 15 ``I �; .75.or /air 4-‘ -" `-1 : GoT 8 a % z � lM c km Agate, _era ) � IS I or 9 ' % L> a �� - = LOT/O1 = La . /0O.O 70.s' L. • 'C = 2 // ' t49i A 7s.0 6191 - aL/2 t % 4/O 1) 6 'reST��7" �o sus - 15 - • LEGAL DESCRIPTION Lots One (1), Two (2) and Three (3), except the South Thirty (30) feet thereof and also except the East Twenty _ (20) feet of said Lot One (1) , Block One (1), Burger-Fry's Subdivision of a part of Lot Four (4) of the Southeast Quarter of the Northeast Quarter (SEINE-), Section Five (5), Township Five (5) North, Range Sixty-five (65) West of the Sixth Principal Meridian, Weld County, Colorado. Site Description The subject site is nearly rectangular but slightly trapezoidal in shape. The north side is 131 . 33 feet along the south side of 5th Street. The west end is 70.67 feet along the east side of the access road into Burger-Fry's Subdivision. The south side is slightly shorter than the north being 116. 83 feet and the east end is 70. 16 feet. The site therefore contains a total of 8,683.40 square feet. These dimensions are the result of a survey conduct- - ed by Miner and Miner Consulting Engineers dated October 24, 1974. 5th Street is an asphalt paved thoroughfare with dirt curb and gutter. The access into the Burger-Fry's Subdivision is a slightly graveled and dirt road. The site has been filled an average of 3 feet in depth. This fill has been applied within the past year. The new fill brings the grade of the subject site to approximately that of fronting 5th Street. Although this site is not within the 100 feet from center line flood plain designation of the Cache la Poudre River, the original grade was low and this fill should eliminate most potential flood hazard. There is no public water, sewer or natural gas connected to the site - however, electricity is available and serves adjoining lands. There are no buildings on the site. ZONING The property is zoned I, Industrial District by Weld County. Uses per- - mitted in this district are found in excerpts from applicable ordinances in the Addenda of Volume I (Basic Data Report) previously submitted for this appraisal project. - 16 - Robert S.Mitchell • - ASSESSED VALUE AND TAXES According to the records of the Weld County Assessor's office, the subject lot is assessed at $30 which would, with the applicable mill levy _ of 91. 07, result in general real estate taxes of $2.73. Actually the Assessor's records continue to show an improvement on this property which is assessed at an additional $30, which was apparently a small one-room shack . However, it is obvious that this improvement has been razed. HIGHEST AND BEST USE Highest and Best Use of this vacant site is considered to be its potential for industrial development. It is barely of adequate size to be utilized by _ itself but also has the potential of being utilized with adjoining lands. The good frontage and corner location add to the usability and potential use. The recent filling also enhances this use potential. EVALUATION Sales History of Subject This property has changed hands several times since 1970. In October of 1970, the ownership transferred from Frank Lara to Bruno Perez. The docu- mentary fee indicated the consideration to be $800. In April, 1972 , it transferred _ from Bruno Perez to Robert and Carmen Rangel. The indicated consideration was $1 ,000. In January, 1973, it transferred from Robert and Carmen Rangel to — Henry Rangel. Again the consideration indicated to be $1,000. On September 12 , 1974, the property was deeded from Henry and Phyllis Rangel to Billy D. and Judy A. Pearson. The state documentary fee indicated the consideration to be $1,700. And, finally on March 31 , 1975, the property was deeded from Billy D. and Judy A. Pearson to Harold W. and Betty J. Law by deed recorded at Reception No. 1657366. This was confirmed with Mr. Law at the considera- tion indicated by the documentary fee of $3,000. Market Approach (The Cost and Income Approaches are not applicable to this unimproved parcel.) - 17 - Robert J Mitchell The first four paragraphs presented under this heading for the Perez parcel provide background data regarding value of this potential industrial land and those comments are again applicable for the subject Law parcel. The sale of subject at $0.34 per square foot slightly over one year ago is, of course, significant to a current evaluation. Subsequently Mr. Law has cleared the property of any trash and filled the site raising the grade an esti- mated average of 3 feet. Mr. Law reported to this appraiser that he had spent $5,800 in the fill project for this property. However, an estimate from a road construction and dirt hauling contractor (Mountain Aggregates , Inc.) states a _ reasonable figure for filling the site an average of 3 feet to be $1 ,500. Adjust- I ing the sale up 10% for date and adding the $1 ,500 for fill, suggests a current total value for the subject site to be $4, 800 or $0.55 per square foot. � I It is further recognized that Mr. Law purchased his 9 acre industrial site in 1974 at an average unit price of about $0. 51 per square foot. This is land situated only 30 feet east of the subject. It does have excellent exposure to the U. S. Highway 85 Bypass as well as frontage along 5th Street. This _ purchase therefore requires upward adjustments for date and size which are offset by minus adjustments for corner influence, assemblage value and front- age exposure to the U. S. Highway #85 Bypass , resulting in an indication of $0. 51 per square foot. In July, 1974, Geisert sold to Siglinger, a 1 acre tract for $13,500 or $0. 31 per square foot located at the east end of 5th Street on the east side of the U. S. Highway 85 Bypass and its east frontage road. Adjusting up for time and size, down slightly for corner influence and up slightly for location further from the main developed areas of Greeley, results in an indication of $0.43 per square foot. Sale D, as shown in the Basic Data report - took place in June, 1973 at _ the rate of $0.48 per square foot. This is a site about half the size of subject located about one block to the southwest on a dead-end low traffic street. It is adjusted up for date and location, down slightly for size and indicates $0. 67 — per square foot. Sale E, located next to Sale D but involving a site about the same size as subject, sold for only $0. 17 per square foot at about the same date. It is adjusted up for date and location and indicates only $0.26 per square foot. These indicators range from $0 . 26 to $0.67 per square foot, have an arithmetic mean of $0.48 and a median of $0. 51 per square foot. The fairly recent purchase of the subject plus adjustments for time and fill, is still - 18 - Robert J.Mitchell considered the best indicator and therefore value of the subject is estimated to be $0. 55 per square foot. 8,683.40 sq. ft. @ $0.55 p.s.f. = $4,776 Say - $4,750 - 19 - Roberti.Mitchell John Laws ParcelArr Looking southwesterly across 5th Street. th ,.., _ - '' r= rte Looking northeasterly across the Cache la Poudre River at the rear of the site. f" s: n _ --iii► • \ \ A i _ I _ So.C 6o , 6b.0 547-0 SO.O I -� N \ tN n N 1 -. Oj' h •A b, -Z... t .72147 v L o 4 r LOT .m00 % 4" a �C41_ //S ruo o a /ts,ado. — 1.or 7 = • .C5 t �.r��L�� c4LO /79.c /09.6- I - p LOT a a = Llo % U • C /SO.O Bg et ?S "l LoT ? . = L7 • (1`i ' /......., �.„, � ' Lorio = = Le i ioo.o 7sssa L '‘b = L // , ; ,[ 9z • A 75.0 61 Ys L/2 . 1 L/oi 6 - -/ �T��T �o s,s - 51 - J. Laws Residence Sketch of Floor Plan Closet Storage Bedroom Kitchen Bath Dining Room Closet 48' Living Room Bedroom -o- Closet 20' - 52 - LEGAL DESCRIPTION I Lot Five (5), Block Two (2) , Burger-Fry's Subdivision, being a subdivision of a part of Lot Four (4) of the Southeast Quarter of the Northeast Quarter (SEINE+) of Section Five (5), Township Five (5) North, Range Sixty five (65) West of the Sixth Principal Meridian, according to the subdivision of lands by the Union Colony of Colo- rado, Weld County, Colorado. SITE DESCRIPTION The subject site is a triangle with the north line fronting on the south side of 5th Street being 50 feet in width. Depth or the east line is 100 feet. It therefore contains 2,500 square feet. Fifth Street is a partially improved public thoroughfare with paved driving surface and dirt and gravel curbs and gutters or ditches. The site has been filled to grade of the fronting street. Topography is practically level and probably has slow surface drainage. Soils are light brown; fine sandy loam. No water, sewer or natural gas is connected to the site. Electricity is available from Home Light and Power Co. via over- head lines . A metal quonset type building developed as a residence occupies most of the northern portion of the site. Electricity has served the property and is available from Home Light and Power Co. There are no other utility hookups. DESCRIPTION OF IMPROVEMENTS Dwelling 960 square feet. This unique design facility is a common corrugated metal half circle walls and roof quonset hut building setting on cinderblock foundation with exterior painted but in fair to poor condition. The interior has been devel- oped as a residence including living room, dining room, kitchen, two bedrooms and a 3/4 bath plus two closets in one bedroom and one closet in the other bed- - room. Interior floors are plywood. Interior wall and ceiling finish is painted masonite with batts or strips covering the seams. Windows are steel sash, several panes of which are broken. There is a metalbestos flue to serve the space heater centrally located in the building. Undoubtedly the kitchen range - 53 - Robert J.Mitchell and space heater have been served by propane gas although no tank is on the property at this time. The bath includes a metal shower stall, stool and wall hung wash basin. All are in poor condition. The kitchen includes a small counter space area and cupboards with a fairly modern sink. The building has most recently been utilized for industrial storage and is in very poor condition although generally remains stable and capable of being rejuvenated to serve as a low quality residence. There are no other significant site improvements except the site has been filled to about two feet above the adjoining property grade to the east. There is a short row of tie retaining wall along the east edge of the property to hold the fill on the subject land. This fill results in a fairly level grade between fronting 5th Street and the subject site. ZONING Lot 5 (the subject property) is zoned I, Industrial District by Weld County. Uses permitted in this district are found in excerpts from applicable ordinances in the Addenda of Volume I (Basic Data Report) previously submitted for this appraisal project. All of Lot 5 is within the flood "channel district" as inter- preted by the City code, however, even though the river borders the property on the west, the filling of approximately 2 feet to 3 feet may qualify the land for limited industrial use. ASSESSED VALUE AND TAXES According to the records in the Weld County Assessor's office, the subject Lot 5 is assessed at $30 for land and $330 for improvements for a total of $360. The applicable mill levy of 91.07 results in general real estate taxes of $30.05. HIGHEST AND BEST USE Present use - as low income housing, with potential for limited indus- trial development. - 54 - Robert J.Mitchell EVALUATION Sales History of Subject Not a factor. Mr. Laws reports he has owned the property for over 20 years. The owner filled the land and moved the quonset hut onto the site. Market Approach On the following page is the comparative grid adjusting the three most comparable sales to an indication of value of the Laws parcel. This includes one lot and the main building. The total site area is 2,500 square feet. The dwelling is 960 square feet consisting of five rooms and a 3/4 bath. The three resultant indicators provide rather wide brackets ranging from $5,300 to $7,500 for the property. Sale No. 11 requires some heavy adjust- - ments and is therefore a weaker comparable although it is on 5th Street. Sale No. 6 is in the Burger-Fry's Subdivision but requires some rather large adjust- ments and the sale took place three years ago. Sale No. 7a is one of the better comparables due to its recent date and and general similarity including a semi-modern facility. It is located in the Spanish Colony. Nevertheless, it is the best comparable and the final value indication, by the Market Approach, is considered to be $6,500. The other checks of the value reported are reasonable as compared with the general unit sales price of the 13 improved sales. These figures are based on a Highest and Best Use of low income housing. Improvements only: $5,750 : 960 sq. ft. = $6.00 p.s.f. Land only: $ 750 : 2,500 sq. ft. = $0. 30 p.s .f. Total: $6,500 : 960 sq. ft. = $6. 77 p.s.f. - of building area The unit land value is very near the average and median for the sales studied. The unit price can be expected to be slightly above average due to _ the below average size of the site - however, the location - fronting on 5th Street, is above average. The unit value of improvements only at $6.00 is above the average - which is reasonable due to the newer semi-modern residence, above average in size. - 55 - Robert J.Mitchell MARKET DATA APPROACH Comparative Grid J. Laws Adiustment Item Sale No. 6 Adj. Sale No. 7a Adj. Sale No. ii Adj. Date of Sale 5/73 +$ 300 4/76 $ = 1/71 +$3500 Age & Condition = Similar = Age offsets condition Construction/Quality Poorer +$1000 Poorer +$1000 Better -$1000 Size - Sq. Ft. 900 = 440 +$1000 1022 = Rms./Bdrms. 4/2 +$ 250 4/2 +$ 250 5/3 = Baths -0- +$ 750 Superior -$ 250 = Bsm't./Finish -0- Site (Zoning) 6875 -$1000 4500 -$ 500 8892 -$1000 Location +$ 500 +$ 500 -$1000 Other -- -- Sale Price $ 3,500 $ 4, 500 $ 7000 Total Adjustments $ +1 ,800 $ 2, 000 $ + 500 Indicated for Subject $ 5,300 $ 6, 500 $ 7 , 500 Value indicated for subject, after weighting of comparable sales $ 6,500 • - 56 - _ The $6.77 per square foot represented by the total price divided by the dwelling area is slightly above average due to the quality of the building. As a result of this study, the value estimated by the market comparisons is estimated to be $6,500. Income Approach Based on the study of rentals and GRMs presented in the Basic Data report, a monthly rent of $90 and a GRM of 70 are chosen as appropriate for this property. $90 x 70 = $6,300 Value as an Industrial Site The total value reported as $6,500 represents a unit value of $2.60 per square foot if the total value were all for land. This is way above the average and median of $0.26 to $0.27 presented by the six "lettered" sales and is not realistic in the industrial land market. Although the site suffers some flood potential, the fill may provide an elevation satisfactory for limited industrial _ use - however, the small size and triangular shape impose additional restric- tions limiting the industrial potential. The land, as an industrial site, has fair frontage. The below average size requires assemblage to be desirable for industrial purposes. Therefore, the total value reported by the comparison approach, as an improved site, is not realistic as an unimproved industrial site. Nevertheless the improvement offers fair low quality housing - above average for the subdivision, and some potential as an industrial building. Correlation It has been previously pointed out in the Basic Data report that a Cost Approach is of little value due to the high degree of accrued depreciation which exists in the improvement involved with this property. The Income Approach is a weak indicator although several of the sale properties are rented and reasonable estimates of the GRM and rent are sub- - stantiated. The Market Approach is the most reliable for this type property and reasonable market data is available to lend reliance to this estimate. As a result of all of these considerations, value of the subject Laws ownership is estimated to be $6,500.00. - 57 - Hobert J.Mitchell Maldonado Parcel • ,y IL- .ft— ...�. i Looking northwesterly at the front portion of the subject parcel. • • - - .¢- � Pp Looking easterly • across the Cache la Poudre River at the ;ry ++ �.,, �� _ rear portion of subject. 4441 r_ . i . _ ,,.... _ , _ • se5Ue�� - ,,ey5 J�z5z>/ /'q \ \ 50.0 Sp.O 6bo 504S7 Ga0.o 15.1, -7 — v �� ;Z � y ay eti � c � r c i 6598 O . T b \, _ Z . t1s�o �` r LOT .a ‘ g‘) L¢ o A�l7�..,� //S W tew.o A /1s.vA� LOT 7 a a LS a \ l.?P��L�r e4Lv . /75.o Arfa A 0 O _ Lora a a z& • u.c.... C .moo Fez Ci _ a N -7; = LoT ? • _ i7 i /zSa sa.n 4. LOTTO % = La a eaoo 7e..54* L • .%. . L // 1 : L9a A 75.0 6193 _ L/.2 a A G/O l 6 -re sT��J" .5a°51.5 I , - 66 - Maldonado Residence Sketch of Floor Plan 294' Unfinished Bedroom Bedroom Cl. 264' Kitchen Living Room/Bedroom I I - I I I I I Covered Porch i I - 67 - LEGAL DESCRIPTION Lot Eleven (11), Block Two (2) , Burger-Fry's Subdivision, being a subdivision of a part of Lot Four (4) of the South- east Quarter of the Northeast Quarter (SEINED of Section Five (5), Township Five (5) North, Range Sixty five (65) West of the Sixth Principal Meridian, according to the subdivision of lands by the Union Colony of Colorado, Weld County, Colorado. SITE DESCRIPTION _ I The site is trapezoidal in shape with the north line being 100 feet, the east line 50.48 feet, the south line 75 feet, and the westerly line 59. 33 feet. It therefore contains approximately 4,417 square feet. There is a public dirt street along the east side and the westerly side borders the Cache la Poudre River. The topography is mostly level except the westerly end which drops abruptly to the river bed near the property line. Soils are a light brown sandy loam. There are'no street improvements and no water, sewer, or natural gas connected to the site. Electricity is available from Home Light and Power Co. via overhead lines. DESCRIPTION OF IMPROVEMENTS Dwelling _ 782 square feet plus open covered front porch. Frame construction with variety of composition shingle and imitation brick roll composition siding. Sill and block foundation, single pitch and flat roll composition roof. Interior in- cludes four rooms - kitchen, living room and two bedrooms . Board floors, thin composition board and mahogany paneled walls and ceiling which are smoke covered and partially broken or loose. Generally in poor condition. Other Small 36 square foot plywood shed is considered movable. Old clothes- line and a frame outhouse with composition shingle siding and roof. North and south perimeters have woven wire fence; some unpainted wood picket fence at the front of the site. JI - 68 - Robert J.Mitchell ZONING The subject property is currently zoned M-3, Heavy Manufacturing District by the City of Greeley. The city limits line is 50 feet north of the north line of the subject property. Uses permitted in this district are found in excerpts from applicable ordinances in the Addenda of Volume I (Basic Data Report) previously submitted for this appraisal project. The westerly 50 feet of the site is within the flood "channel district" as interpreted by the City of Greeley zoning ordi- nances. The next easterly approximately 37Z feet or front portion of the site is within the boundaries of the flood "valley district" as interpreted by the same code. These flood districts would undoubtedly create limitations and heavy restrictions as to change of use and development of the site. ASSESSED VALUE AND TAXES According to the records of the Weld County Assessor's office, the subject lot is assessed at $50 and the improvements at $130, resulting in a total of $180 which would, with the applicable mill levy of 91 .07 , result in general real estate taxes of $16.39 ; HIGHEST AND BEST USE Highest and Best Use of this site is considered to be its present use as low income housing with potential for industrial development recognizing the restrictions that would be imposed due to the flood area adjacent to the Cache la Poudre River. It is most probable this site would reach its Highest and Best Use as potential industrial land when combined with adjoining lands. It, by itself, is small and narrow and would experience difficulties and limitations for development due to the restrictive 50 foot width. EVALUATION Sales History of Subject The sales history of the subject is not considered pertinent to the current evaluation. Mr. Maldonado reported to the appraiser that he inherited this land from his father many years ago. - 69 - • Market Approach On the following page is the comparative grid adjusting the three most comparable sales to an indication of value of the total Maldonado parcel. This includes one lot, the main dwelling and minimal outbuildings. The total site area is 4,417 square feet. The dwelling is 782 square feet consisting of four rooms and no bath. The three resultant indicators provide a very wide bracket ranging from $1 , 600 to $3,000 for the property. Sale No. 4 requires several minor adjust- ments and is a fair comparable. It is in the subject Burger-Fry's Subdivision, I 100 feet north of subject. Sale No. 6 is also in the Burger-Fry's Subdivision 50 feet north, but requires some rather large adjustments and is nearly three years old. Sale No. 7a is one of the better comparables due to its recent date and general similarity although it is semi-modern, includes a bath and is lo- cated in the Spanish Colony. Nevertheless, it is the best comparable and the final value indication, by the Market Approach, is considered to be $2 ,150. The other checks of the value reported are reasonable as compared with the general unit sales price of the 13 improved sales. These figures are based on a Highest and Best Use of low income housing. Improvements only: $1 ,400 i 782 sq. ft. = $1 .79 p.s.f. Land only: $ 750 4,417 sq. ft. = $0.17 p.s.f. Total: $2, 150 782 sq. ft. = $2 .75 p.s.f. - of building , area The unit land value is near the average and median for the sales studied. The unit price can be expected to be slightly below average due to the flood potential of the site. - 70 - Robert J.Mitchell MARKET DATA APPROACH Comparative Grid • Maldonado Adjustment Item Sale No. 4 Adj. Sale No. 6 Adj. Sale No. 7a Adj. Date of Sale 5/74 +$ 300 5/73 +$1000 4/76 = Age & Condition = -$ 300 Superior -$ 500 Construction/Quality Superior -$ 200 Superior -$ 400 Superior -$ 500 Size - Sq. Ft. 480 +$ 300 900 -$ 200 440 +$ 300 Rms./Bdrms. 4/2 = 4/2 = 4/2 -$ 300 Baths = = 1 -$1000 Bsm't./Finish Site (Zoning) 8, 125 -$ 300 6, 875 -$ 300 4,500 = Location Other Well -$ 200 Financing -$ 250 Fence -$ 100 Sale Price $ 1 ,500 $ 3, 500 $ 4,500 Total Adjustments $ + 100 $ - 500 $ -2, 250 Indicated for Subject $ 1 ,600 $ 3, 000 $ 2 ,250 Value indicated for subject, after weighting of comparable sales $ 2 ,150.00 - 71 - The unit value of improvements only at $1 .79 is below the average - — however, this is reasonable due to the very plain minimum quality residence and fair size of the building. The $2 .75 per square foot represented by the total price divided by the dwelling area is below average due to the same reasons. As a result of this study, the value estimated by the market comparisons is estimated to be $2, 150. Income Approach Based on the study of rental and GRMs presented in the Basic Data report, a monthly rent of $70 and a GRM of 30 are chosen as appropriate for this property. $70 x 30 = $2,100 Value As An Industrial Site The total value reported as $2, 150 represents a unit value of $0.49 per square foot if the total value were all for land. This is above the average and median of $0.26.to $0.27 presented by the six "lettered" land sales but is quite realistic in the industrial land market. The site suffers flood potential. All of this site is within the "flood valley" district of the City of Greeley zoning ordi- _ nance regulations. The land as an industrial site has fair frontage and backs up to the river. Therefore, principally due to the relatively small site and enhancement by the residence, the total value reported by the comparison approach, as an improved site, results in a slightly high but realistic value as an unimproved industrial site. Correlation It has been previously pointed out in the Basic Data report that a Cost Approach is of little value due to the high degree of accrued depreciation which exists in the patchy improvements involved with this property. The Income Approach is a weak indicator although several of the sale properties are rented and they provide a basis for reasonable estimates of the GRM and rent. The Market Approach is the most reliable for this type property and reasonable market data is available to lend reliance to this estimate. As a result of all of these considerations, value of the subject Maldonado ownership is estimated to be $2,150. 72 - Robert J.Mitchell Barrera Parcel • Looking westerly --�!' ' across the south end - - of the street in the Burger-Fry's Subdivi- r sion at frontage portion _ of the subject parcel. • .. ' Looking easterly across } the Cache la Poudre ' 71-` River at rear of the y1 • Barrera Parcel. ; n I i • .82/ie.Fie - Aier /8 /g tySV•\ \ . 50.0 50.0 on. Soo 30.0 is 7 4.5090 b • i*o.T b `5 "S..- ya Z't6-.O ‘ H 1/4?G.,e //S Zuo.o " O M nor.ob LOFT 7 _ 45 N.`I GP��L�y Cato /no. 429.!.0 V `�1 c. Lot a N • I& p lF • c: :3 (1 /60.0 - ra 7% 'or 9 e et1 . .Vtk, ' /Zs0 dean dean - c L ' LOj/O % = is a .ov-o 7sss L -- L // N .447 % G 6790 L/2 A6/04i . 6 re ST�L`�7' sus . 1.... - 73 - - Barrera Building Sketch of Floor Plan 23Z' 13' 19?' Meeting Garage 38' Room Covered Carport 8Z' _ I Well 15' Drive-through Doors - 74 - li LEGAL DESCRIPTION Lot Twelve (12), Block Two (2) , Burger-Fry's Subdivision, being a subdivision of a part of Lot Four (4) of the South- east Quarter of the Northeast Quarter (SEINE+) of Section Five (5), Township Five (5) North, Range Sixty five (65) West of the Sixth Principal Meridian, according to the subdivision of lands by the Union Colony of Colorado, - Weld County, Colorado. SITE DESCRIPTION The site is trapezoidal in shape with the north line being 75 feet, the east line 50.48 feet, the south line 50 feet, and the westerly line 59. 33 feet. It therefore contains approximately 3,155 square feet. There is a public dirt street along the east side and the westerly side borders the Cache la Poudre River. The topography is mostly level except the westerly end which drops abruptly to the river bed near the property line. Soils are a light brown sandy loam. There are no street improvements and no water, sewer, or natural gas connected to the site. Electricity is provided by Home Light and Power Co. via overhead lines . DESCRIPTION OF IMPROVEMENTS Main Building 1 ,228 square feet, frame construction with rolled composition siding material. Roll composition roof over solid 1" sheathing. Wood sill foundation. This building actually is used as a combination recreational room or meeting room and garage. Formerly used as a church. The south room is roughly fin- - fished, has 1 " board flooring, light weight sheet rock walls and ceilings. Two plain light sockets. The large open northern room is utilized as a garage and/or repair area. It has one-third concrete floor, one-third wood and one- third dirt. The east end is a newer, unfinished 5 foot extension with side _ hinged plywood, drive-through doors. Although currently utilized mostly as a garage, storage and repair area, the building offers protection from the ele- ments or living areas nearly equal to many of the improvements used for residences in this neighborhood. A 12' x 12' covered 3-sided carport with wood floor and concrete apron is located at the front of the south meeting room. Generally poor condition. - 75 - Robert J.Mitchell Other 24 square foot frame storage shed in poor condition. Patchy windbreak or privacy type fence constructed of vertical posts, cross bars and scrap corrugated metal roofing material. The site is covered with scrap construction materials . ZONING The subject property is currently zoned M-3, Heavy Manufacturing District by the City of Greeley. The city limits line is 100 feet north of the north line of the subject property. Uses permitted in this district are found in excerpts from applicable ordinances in the Addenda of Volume I (Basic Data Report) previously submitted for this appraisal project. The westerly 50 feet of the site is within the flood "channel district" as interpreted by the City of Greeley zoning ordinances. The next easterly approximately 12-1/2 feet or front portion of the site is within the boundaries of the flood "valley district" as interpreted by the same code. These flood districts would undoubtedly create limitations and heavy restrictions as to change of use and development of the site. ASSESSED VALUE AND TAXES According to the records of the Weld County Assessor's office, the subject lot is assessed at $450 and the improvements at $130 resulting in a ! total of $580 which would, with the applicable mill levy of 91.07, result in general real estate taxes of $52.82. _ HIGHEST AND BEST USE Highest and Best Use of this site is considered to be its present use as low income housing and light industrial with potential for industrial development I recognizing the restrictions that would be imposed due to the flood area adja- - cent to the Cache la Poudre River. It is most probable this site would reach its Highest and Best Use as potential industrial land when combined with adjoining lands. It, by itself, is small and shallow and would experience difficulties for II ! development due to the restrictive 50 foot width. - 76 - Robert J.Mitchell EVALUATION — I Sales History of Subject The sales history of the subject is not considered pertinent to the current evaluation. Agapito Barrera (father) deeded the property to Arron C. and Agapito, Jr. (brothers) on April 7, 1975, recorded at Reception No. 1657546. No documentary fee attached. Market Approach On the following page is the comparative grid adjusting the three most comparable sales to an indication of value of the total Barrera parcel. This includes one lot, the main building and a small shed. The total site area is 3,155 square feet. The building is 1 ,228 square feet consisting of two rooms and no bath. Refer to this section of the report for the Mendoza property for details of the Arnold to Pearson sale. The three resultant indicators provide a very wide bracket ranging from $1, 100 to $3,150 for the property. Sale No. 4 requires several adjustments and is a weak comparable although it is in the subject Burger-Fry's Subdivision. Sale No. 6 is also in the Burger-Fry's Subdivision but requires some rather large adjustments and is nearly three years old. The Pearson purchase is one of the better comparables due to its recent date and general similarity. It is the best comparable which when weighted upward by Sale No. 6 gives the final value indication, by the Market Approach, to be $2,400. The other checks of the value reported are reasonable as compared with the general unit sales price of the 13 improved sales . These figures are based on a Highest and Best Use of low income housing. Improvements only: $1 ,850 _ 1 ,228 sq. ft. = $1.51 p.s.f. Land only: $ 550 : 3,155 sq. ft. = $0.17 p.s.f. Total: $2,440 : 1 ,228 sq. ft. = $1.95 p.s.f. - of building area The unit land value is just below the average and median for the sales t studied. The unit price can be expected to be slightly below average due to the flood potential and the limited size of the site. - 77 - Robert J.Mitchell MARKET DATA APPROACH — Comparative Grid — Barrera Arnold to — Bobby Pearson Adjustment Item_ Sale No. 4 Adj. Sale No. 6 Adj. Sale No. -- Adj. Date of Sale 5/74 +$ 300 5/73 +$1000 3/75 +$ 200 — Age & Condition Sim. = Sim. = Sim. = Construction/Quality Sim. = Super. -$ 600 Sim. = - Size - Sq. Ft. 480 +$ 500 900 +$ 250 480 +$ 500 — Rms./Bdrms. 4/2 -$ 200 4/2 = 4/2 -$ 100 — Baths None = None = None = Bsm't./Finish None = None = None = — Site (Zoning) size 8,125 -$1000 6,875 -$ 700 5,778 -$ 500 — zone Super. -$ 100 Super. -$ 100 Super. -$ 100 Location Sim. = Sim. = Sim. = — Other Well Inf. +$ 100 Super. -$ 200 Super. -$ 200 Corrals & sheds Sim. = Sim. = Sim. = Sale Price $ 1,500 $ 3,500 $ 2,000 Total Adjustments $ - 400 $ - 350 $ - 200 — Indicated for Subject $ 1 ,100 $ 3,150 $ 1,800 — Value indicated for subject, after weighting of comparable sales $ 2 ,400 - 78 - The unit value of improvements only at $1.51 is below the average - however, this is reasonable due to the very plain minimum quality and above average size of the building. The $1 .95 per square foot represented by the total price divided by the _ building area is slightly below average due to the minimum quality and size of the building. As a result of this study, the value estimated by the market comparisons is estimated to be $2,400. Income Approach _ Based on the study of rental and GRMs presented in the Basic Data report, a monthly rent of $70 and a GRM of 30 are chosen as appropriate for this property. $70 x 30 = $2,100 Value as an Industrial Site The total value reported as $2,400 represents a unit value of $0. 76 per square foot if the total value were all for land. This is above the average and median of $0.26 to $0.27 presented by the six "lettered" land sales. The site suffers flood potential. Most of this site is within the "flood channel" district of the City of Greeley zoning ordinance regulations. The land as an industrial site has fair frontage and backs up to the river. Therefore, the total value reported by the comparison approach, as an improved site, results in a high value as an unimproved industrial site due to the small size and contribu- - Hon of the improvement. Correlation It has been previously pointed out in the Basic Data report that a Cost Approach is of little value due to the high degree of accrued depreciation which exists in the improvements involved with this property. The Income Approach is a weak indicator although several of the sale properties are rented and they provide a basis for reasonable estimates of the GRM and rent. The Market Approach is the most reliable for this type property and 1 reasonable market data is available to lend reliance tothis estimate. As a result of all of these considerations, value of the subject Barrera ownership is estimated to be $2,400. - 79 - Robert J.Mitchell Appraisal of Tobar, Ruiz, and Erebia Parcels Burger and Fry's Subdivision Weld County, Colorado VOLUME II for Greeley Urban Renewal Authority Greeley, Colorado March 26, 1976 By Robert J. Mitchell, M. A. I. 8th and 8th Building, Suite 315 724 Eighth Street Greeley, Colorado ROBERT J. MITCHELL. M.A.I., S.R.A. A11emcAn Inman or SUITE 202 - 724 EIGHTH STREET TELEPHONE Asst. Earns Aeenw,ecu GREELEY. COLORADO 80631 (303) 352-1114 April 7, 1976 Ms . Marianne LeClair Acquisition/Relocation Officer Department of Urban Renewal 1307 - 4th Avenue Greeley, Colorado 80631 Dear Ms. LeClair: Pursuant to our agreement dated January 12 , 1976, I have appraised the Tobar, Ruiz and Erebia parcels located in the Burger-Fry's Subdivision, City of Greeley and Weld County, Colorado. These parcels are situated just south of 5th Street and just east of the Cache La Poudre River along the eastern edge of the City of Greeley. Legal descriptions of the properties are included in the later individual sections of this report dealing with the separate parcels. ^. This report dealing with the evaluation of these three parcels is designated as Volume II of the total appraisal project. Volume I, also trans- _ mitted herewith and at this time, is a Basic Data report setting out many of the items pertinent to the subsequent evaluation of the numerous separate parcels. The appraisal of these three parcels is contingent upon the data presented in that Basic Data report. These appraisals are an estimate of the Market Value of these particular parcels as of March 26, 1976, of the fee simple property. Market Value is defined in the Basic Data report. This report summarizes the results of the market study and effects of the surrounding neighborhood on the value of these properties and indicates the methods and analysis of valuation employed. I inspected the properties with the owners on January 24, 1976. I have attempted to consider all the factors affecting the value thereof and submit herewith three copies of my report. As a result of all of these considerations, value of the subject parcels, as of March 26, 1976, is estimated to be: Tobar $4, 500 Ruiz $8,750 Erebia $2,250 Respectfully submitted, 4(441 Robert Mitchell, M. A. I. • _ TABLE OF CONTENTS Volume II Title Page Letter of Transmittal _ Table of Contents Page Certification of Value 1 Tobar Ownership Photographs Map of Subdivision 2 Sketch of Floor Plan 3 Legal Description 4 Site Description 4 Description of Improvements 4 _ Zoning 5 Assessed Value and Taxes 5 Highest and Best Use 5 _ 44 Evaluation 6 Ruiz Ownership Photographs Map of Subdivision 10 Sketch of Floor Plan - House No. 1 11 Sketch of Floor Plan - House No. 2 12 Legal Description 13 { Site Description 13 _ Description of Improvements 13 Zoning 15 Assessed Value and Taxes 15 11 Highest and Best Use 15 Evaluation 16 Erebia Ownership Photographs Map of Subdivision 22 Sketch of Floor Plan 23 TABLE OF CONTENTS • (Continued) • • Page Legal Description 24 Site Description 24 Description of Improvements 24 Zoning 25 Assessed Value and Taxes 25 Evaluation 26 • • • • 1 • • • • • • • CERTIFICATION OF VALUE I, the undersigned do hereby certify that I have personally inspected the properties which are the subject of this appraisal and that, according to _ my knowledge and belief, all statements and information in this report are true and correct, subject to the stated assumptions and limiting conditions contained herein. I further certify that I have no present or contemplated future interest in the properties appraised, further that neither the employment to make the appraisal, nor the compensation, is contingent in any way upon the amount of value reported. This narrative appraisal has been made in accordance with the Rules of Professional Ethics of the American Institute of Real Estate Appraisers. After consideration of all of the foregoing, I have formed an opinion _ that Market Value of the fee simple interest in the subject properties, as of March 26, 1976, is: Tobar $4,500 Ruiz $8,750 Erebia $2,250 O Robert kRchell, M. A. I. - 1 - ROBERT J. MITCHELL, M.A.I., S.R.A. 1faMaaa SUITE 202 - 724 EIGHTH STREET AMERICAN IMerrrors or TELEPHONE Rns. Esrars APP2AISEY GREELEY, COLORADO 80631 (sos) 352.1114 June 15, 1976 Ms. Marianne LeClair Acquisition/Relocation Officer Department of Urban Renewal 718 - 15th Street Greeley, Colorado 80631 Dear Ms. LeClair: Pursuant to our agreement dated January 12 , 1976 and your subsequent letter dated April 12, 1976, I have appraised the Bernhardt/Kramer, Flores and Smith/Pearson parcels located in the Burger-Fry's Subdivision, City of Greeley and Weld County, Colorado. These parcels are situated just south of 5th Street and just east of the Cache la Poudre River along the eastern edge of the City of Greeley. Legal descriptions of the properties are included in the later individual sections of this report dealing with the separate parcels. This report dealing with the evaluation of these three parcels is designated as Volume III of the total appraisal project. Volume I, previously transmitted is a Basic Data report setting out many of the items pertinent to the subsequent evaluation of the numerous separate parcels. The appraisal of these three parcels is contingent upon the data presented in that Basic Data report. These appraisals are an estimate of the Market Value of these particular parcels as of May 27, 1976 , of the fee simple property. Market Value is defined in the Basic Data report. This report summarizes the results of the market study and effects of the surrounding neighborhood on the value of these properties and indicates the methods and analysis of valuation employed. Also included with this volume as an added visual aid to the description of the properties which are the subject of these appraisals and their surroundings, are two aerial photographs. These photos are presented in the report prior to the individual tract appraisals. I inspected the properties with the owners on May 27, 1976. I have attempted to consider all the factors affecting the value thereof and submit herewith three copies of my report. Ms. Marianne LeClair - 2 - June 15, 1976 As a result of all of these considerations, value of the subject parcels, as of May 27, 1976, is estimated to be: Bernhardt/Kramer $6 ,000 Flores $2 ,450 Smith/Pearson $6,500 Respectfully submitted, tet4vti• .� Robert J. Mitchell, M. A. I. I "'"n z. ; : r,1i. 4�' �, fr ' S dy� a ..„...4,4,:44.,,...,u,. 4yy " i `i"" 'r.w � T w r^* tT. .. i - w. t ;.% V iI _ f -. s 1 1 it~� • , r S k 4 • ' '. I WI; , • By7,4-,1•-• �M i. • .,1'I f -� • • �. H IK :.°' Fin 0 Ca h. • •`` 1' , ' .. 1 �.,Yr - 7l .�+ , Sys•yy� _ 4 I r!y ,P . �,i a r f1 I s'le 1" P ;41 % - i . 1, `� , S, `pys , d y r 4r f y t 7.:I. 1 ` ; i '' ,IEr 't" r -VJ y{�TTT .: 't4;17-•slt �� y.lir �t / n» « _• �� » 1. 4•,•.4, ,•u� 0,, i, ' r 1 MPl �y. ,' F" _i 1 t' t"+AY y' t�y b, 1 � s. t YY 4 1?€ ' y t 31'°-yypf •,� yy�� r �' •l i f fix. . F... ₹a • t�� d• Pt * ms's r ¢'t .1• 1 P4` r,iv .V vN Y I ,4,,..y �• Of Pi n • . " 'f '- ' �t!', fl • • Imo. 5 } . 1, iza 4 'r ;4,4' I I 1 /51 i 1 : 11\ .i • r , . , . . t I ; \ .1 -• • • i . hIt/I $ , ;It t • I , • •f f[, pi, f� � , II Fy 1. ''� Ii a i r f:; I° J "° o Mf T 4 j., a) s w ip t : ;e. rt c. 1 b1 N _ t ' y ■ • ,. fi` ` ` d i J to j.t" i. f ►" , 1 $ ! d f IL I f f 4 i ! lit. 4 4hy, I ' ' ii ' �� g ` • ' ' y ff1 i I CERTIFICATION OF VALUE I, the undersigned, do hereby certify that I have personally inspected the properties which are the subject of this appraisal and that, according to my knowledge and belief, all statements and information in this report are true and correct, subject to the stated assumptions and limiting conditions contained herein. I further certify that I have no present or contemplated future interest in the properties appraised, further that neither the employment to make the appraisal, nor the compensation, is contingent in any way upon the amount of value reported. This narrative appraisal has been made in accordance with the Rules of Professional Ethics of the American Institute of Real Estate Appraisers. After consideration of all of the foregoing, I have formed an opinion that Market Value of the fee simple interest in the subject properties, as of May 27, 1976, is: - Bernhardt/Kramer $6,000 _ Flores $2,450 Smith/Pearson $ ,mith Pearson 6 500 fP . /. , — Robert J. Mitchell, M. A. I. Appraisal of 11 Parcels Burger and Fry's Subdivision Weld County, Colorado VOLUME IV for Greeley Urban Renewal Authority Greeley, Colorado July 27, 1976 — By Robert J. Mitchell, M. A. I. 8th and 8th Building, Suite 315 724 Eighth Street Greeley, Colorado ROBERT J. MITCHELL, M.A.I., S.R.A. Avss,cws Iwsmu a or SUITE 202 - 724 EIGHTH STREET TELEPHONE lbw. Haws Arcawneaa GREELEY, COLORADO 80631 MOW 852-1114 September 1 , 1976 Ms. Marianne LeClair Acquisition/Relocation Officer Department of Urban Renewal 718 Fifteenth Street Greeley, Colorado 80631 Dear Ms. LeClair: Pursuant to our agreement dated January 12 , 1976 and your subsequent letter dated June 21 , 1976, I have appraised the remaining eleven parcels located in the Burger-Fry's Subdivision, City of Greeley and Weld County, _ Colorado. These parcels are situated just south of 5th Street and just east of the Cache la Poudre River along the eastern edge of the City of Greeley. Legal descriptions of the properties are included in the later individual sections of this report dealing with the separate parcels. This report dealing with the evaluation of these eleven parcels is designated as Volume IV of the total appraisal project. Volume I, previously transmitted is a Basic Data report setting out many of the items pertinent to _ the subsequent evaluation of the numerous separate parcels. The appraisal of these eleven parcels is contingent upon the data presented in that Basic Data report. These appraisals are an estimate of the Market Value of these parti- cular parcels as of July 27, 1976, of the fee simple property. Market Value is defined in the Basic Data report. That report summarizes the results of the market study and effects of the surrounding neighborhood on the value of these properties and indicates the methods and analysis of valuation employed. I inspected the properties with the owners during the period July 23 to August 29 , 1976. I have attempted to consider all the factors affecting the value thereof and submit herewith three copies of my report. Ms. Marianne LeClair - 2 - September 1 , 1976 As a result of all of these considerations, value of the subject parcels, as of July 27 , 1976, is estimated to be: Latin American Council of Churches $2 ,000 Perez $ 500 H. Law $4,750 B. Pearson $2 ,700 Mendoza $2 ,800 Quintana $2 ,700 Whitledge/Stevens $2,500 J. Laws $6, 500 Schafer $4,600 Maldonado $2 , 150 Barrera $2,400 Respectfully submitted, �A Robert J. Mitchell, M. A. I. TABLE OF CONTENTS Title Page Letter of Transmittal Table of Contents Page Certification of Value 1 Latin American Council of Churches Parcel Photograph Map of Subdivision 2 Survey of Lots 1 , 2 and 3, Block 1 3 Floor Plan 4 Legal Description 5 Site Description 5 Description of Improvements 5 ! Zoning 6 Assessed Value and Taxes 6 Highest and Best Use 6 Evaluation 7 Perez Parcel Photograph Map of Subdivision 11 Legal Description 12 Site Description 12 Zoning 12 _ Assessed Value and Taxes 13 Highest and Best Use 13 Evaluation 13 Harold Law Parcel Photographs Map of Subdivision 15 Legal Description 16 Site Description 16 Zoning 16 Assessed Value and Taxes 17 Highest and Best Use 17 Evaluation 17 Robert J,Mitchell Page Pearson Parcel Photographs Map of Subdivision 20 Floor Plan 21 I Legal Description 22 Site Description 22 9 Description of Improvements 22 Zoning 23 Assessed Value and Taxes 24 Highest and Best Use 24 _ Evaluation 24 Mendoza Parcel Photographs Map of Subdivision 27 — Floor Plan 28 Legal Description 29 Site Description 29 I Description of Improvements 29 Zoning 31 Assessed Value and Taxes 31 Highest and Best Use 31 _ Evaluation 32 Quintana Parcel Photograph Map of Subdivision 36 Floor Plan $9 Legal Description 38 Site Description 38 Description of Improvements 38 Zoning 39 Assessed Value and Taxes 39 Highest and Best Use 89 _ y Evaluation 40 Whitledge- Stevens Parcel Photographs Map of Subdivision 43 Floor Plan 44 Legal Description 45 (Continued on following page) Robert J.Mitchell Whitledqe-Stevens Parcel (continued) Page 1, Site Description 45 Description of Improvements 45 I Zoning 46 Assessed Value and Taxes 46 Highest and Best Use 46 Evaluation 46 John Laws Parcel Photographs _ Map of Subdivision 51 Floor Plan 52 Legal Description 53 Site Description 53 Description of Improvements 53 Zoning 54 — Assessed Value and Taxes 54 Highest and Best Use 54 Evaluation - 55 Schafer Parcel Photographs _ Map of Subdivision 58 Floor Plan 59 Legal Description 60 Site Description 60 Description of Improvements 60 Zoning 61 Assessed Value and Taxes 61 Highest and Best Use 61 _ Evaluation 62 Maldonado Parcel ' Photographs $' Map of Subdivision 66 Floor Plan 67 Legal Description 68 Site Description 68 Description of Improvements 68 (Continued on following page) Robert J.Mitchell Maldonado Parcel (continued) Page Zoning 69 Assessed Value and Taxes 69 Highest and Best Use 69 Evaluation 69 Barrera Parcel Photographs — Map of Subdivision 73 Floor Plan 74 _ Legal Description 75 Site Description 75 Description of Improvements 75 Zoning 76 Assessed Value and Taxes 76 Highest and Best Use 76 Evaluation 77 — Robert J.Mitchell CERTIFICATION OF VALUE I, the undersigned, do hereby certify that I have personally inspected the properties which are the subject of this appraisal and that, according to _ my knowledge and belief, all statements and information in this report are true and correct, subject to the stated assumptions and limiting conditions contained herein. I further certify that I have no present or contemplated future interest in the properties appraised, further that neither the employment to make the appraisal, nor the compensation, is contingent in any way upon the amount of value reported. This narrative appraisal has been made in accordance with the Rules of Professional Ethics of the American Institute of Real Estate Appraisers . After consideration of all of the foregoing, I have formed an opinion that Market Value of the fee simple interest in the subject properties, as of July 27 , 1976, is: Latin American Council of Churches $2 ,000 Perez $ 500 H. Law $4,750 B. Pearson $2 ,700 Mendoza $2 ,800 Quintana $2 ,700 Whitledge/Stevens $2, 500 J. Laws $6,500 Schafer $4,600 Maldonado $2 ,150 Barrera $2 ,400 leobert J LSMe , A, i . 1 - Robert J.Mitchell r r Latin American r Council of Churches Parcel r- F: } =- ? < Looking southeasterly � f'� l- at the frontage of r . the parcel. Se" . - iIllIi II • I r 7 r r • • .. E 311 STREET EXTENDED •.;i•j ( ir-1�• • r _ - C a' { a- !n pff . L . S BIo13'II••M. .c• T N OJ 3?7910 '��- 0.9! - _-' •• 131 /! '� - _- e _ - - - -- - _ 1 •� • S.69°5829(. /3/33.` _ zoDs• .•. • 1 30 i s� . . . . _ a I • _ L 1 , 1 v 4,, I 3a - 1- p - •- . . 0 • 1 .. I N• �.c �> ti } 1 N 8683.44 Sp. Ft. . I . N T I . of I ! 11�UV -- I •i 1 O . wIo _ 1! 1 1 °l 1 1- i/- 1 - • ' L • -4:_•_• 1' .. . _ _—.:.. -- °y', _, I • 1 r O. 1 I w _. '• ..c- c I is • 1 3O \\ /30.66 Colt 1 1 C 1\ • I .— I I _ I Scl No 3.30 Reto, ./Cop Nc 9644(TYPJ s . i ; I JL ' 'Q _r _ 1f 1 r9`' 1 _ �J . j'. a. 1� Survey of Lots 1 , 2 & 3 1 , ? 1 � = ''=— 1 Perez to Perez 1/11/72 Perez to Church 7/23/74 Rangel to Pearson 9/12/74 0 40 e0 > ; i �+ Pearson to H. Law 9/12/74 — --- — t' J 1 •c . , 1 - SCALE . i"r 40 c _ 1 { WELD COUNTY COLORADO _ 1 . . . -. - L • J t - - • . • '4-- ! - - � ' tJ r•_- - _ s _ _ ter' --,H i `�' J - YINC11 • .. YIME11 -/1DW 4 ��,� � D'a-• b D.1. On,�? T� BILL PEQRSC • 1 lY{L'/ CONS ULTIN4 ENLiA EEM 5, INCOR PLF LI[D i- - i + ' - _ 1 GREELEY. CDLCR•DD .: h.c..16j. KRA *Do'.• X_.110 If, GCE(LEY. COL CPL + .• • . T r za - 3 1 . ,8L/.e. . )e - ,c er5 SUa.0/i z • \ \ - L s Ti� - T 50.0 50.0 6D.O Sao .SO.O to c"\ G588 b / .r b ..) t Zzgo v z o 4 4. - r%II��!l7G� //C taro.o m o /1s.o0 1' L or 1 s = L5 . N Geect-c2,a7, Coza /75.o ,O9p .. Lora a . Ze.( O U cC. - /SO.O 641.et- .- 71% = L or 9 " = 41 4 ii aster ear" %IV = 20710 1 = La iov.LP 7a.s' - L • '‘. = L // t ; L9 7s.o G7 I L/21 1 LAO1 . 6 a S4e 'c-7 �o .=ts - 2 - Latin American Concilio Sketch of Floor Plan 15.25' Store Room 36' Meeting Room - 4 - LEGAL DESCRIPTION The South 30 feet of Lots One (1) , Two (2), and Three (3), Block One (1) , Burger-Fry's Subdivision, being a subdivi- sion of a part of Lot Four (4) of the Southeast Quarter of the Northeast Quarter (SEINEI) of Section Five (5), Township Five (5) North, Range Sixty-five (65) West of the Sixth — Principal Meridian, according to the subdivision of lands by the Union Colony of Colorado, Weld County, Colorado. SITE DESCRIPTION _ The subject site is nearly rectangular in shape. It is considered to have 30.29 feet of frontage along the east side of the north-south street in the Burger- Fry's Subdivision, 136. 88 feet along the north line, 30.07 feet at the back line, and 130.66 feet along the south line. It therefore contains 4,013 square feet. It is situated 70 feet south of Fifth Street. The site is at about street level with the fronting street. However, the adjoining properties to the north and east have been filled and their grade raised two to three feet. Topography is practically level and probably surface drainage is very slow. Soils are a light brown fine sandy loam containing some small gravel. No water, sewer or natural gas is connected to the site. Electricity is from Home Light and Power Company via overhead lines . The site is enclosed by a variety of fencing along its perimeter. This includes snow fence, woven wire, scrappy boards and some broken picket type. A plain, low quality building utilized for church and storage purposes is situated in the northwest portion of the site. There is an outhouse and small storage shed at the rear. DESCRIPTION OF IMPROVEMENTS Church This building is 15 feet 3 inches by 36 feet, or contains 549 square feet. It is basically of frame construction - however, the exterior walls are a mixture of masonite siding, cinder block, frame tongue and grooved board and tar paper. The roof has solid one inch board sheathing covered with rolled composition roofing material. The foundation is partially concrete and partially cinder I block. The front half of the building has a concrete slab floor. The rear por- tion has tongue and grooved board flooring. - 5 - Robert J.Mitchell • The north wall was remodeled fairly recently due to the discovery by survey that the then existing building extended over the north property line onto adjoining land. The interior is roughly finished thin sheet rock or painted cinder block with similar thin wall board ceiling. There are one or two single bulb ceiling mounted light fixtures and two windows . Heating is by a free standing propane fired space heater. The rear 12 feet of the building is un- finished storage area. Basically the building is two rooms - the front church congregational meeting room and the back storage room. The building is in fair to poor physical condition. Outbuildings The small frame shed is movable and not considered to contribute to the overall property value. The small frame and board outhouse is of average con- struction. There is a shallow dug well - however, without equipment (pump or motor), I and not being utilized. The water would undoubtedly be unfit for human con- sumption. ZONING This property is zoned I, Industrial District by Weld County. Uses per- - mitted in this district are found in excerpts from applicable ordinances in the Addenda of Volume I (Basic Data Report) previously submitted for this appraisal I project. ASSESSED VALUE AND TAXES According to the records in the Weld County Assessor's office, the sub- ject site and improvements are assessed at $30 for the land and $210 for im- provements for a total of $240. The most recent applicable mill levy is 91 .07, which results in general real estate taxes of $18.21 . HIGHEST AND BEST USE The present use as a meeting place for a Protestant Latin American church is unique. However, appropriate and possibly utilizing the site to its highest and best use. Nevertheless, the plain building might also offer low income 6, - Robert J.Mitchell housing of equal quality to several other occupied residences in this subdivi- sion. There is also the real possibility and probability that the land has po- tential for industrial development. This is primarily due to industrial use of adjoining land to both the east and north and in much of the neighborhood. The zoning is Industrial. The owner of the adjoining land has expressed a desire to own the subject parcel. As industrial land it would undoubtedly require some filling to insure against flooding from the Cache la Poudre River located only 260 feet to the west and to allow additional types of construction on the site. EVALUATION Sales History of Subject A deed dated July 23, 1974 and recorded at Reception No. 1644923 trans- ferred this property from Virginia Perez Sandoval Faudoa to the Latin American Council of Christian Churches. The documentary fee attached indicates the price to have been $1 ,000. However, Agapito Barrera, minister of the con- gregation, stated the price to be $1,600. Since that purchase the north wall has been removed, shortened one foot, remodeled, and a new roof has been applied. Market Approach On the following page is the comparative grid adjusting the three most comparable sales to an indication of value of the Council of Churches parcel. This includes one lot, the main building and the sheds. The total site area is 4,013 square feet. The building is 549 square feet consisting of two rooms and no bath. The three resultant indicators provide a fairly close bracket ranging from _ I $1 ,800 to $2,200 for the property. Sale No. 4 requires minor adjustments and and is a good comparable located in the subject Burger-Fry's Subdivision. Sale No. 6 is also in the Burger-Fry's Subdivision but requires some rather large ad- justments and the sale took place three years ago. Sale No. 7a is one of the better comparables due to its recent date and general similarity although it is semi-modern, includes a bath and is located in the Spanish Colony. The final value indication, by the Market Approach, is considered to be $2 ,000. The other checks of the value reported are reasonable as compared with the general unit sales price of the 13 improved sales. These figures are based on a Highest and Best Use of low income housing. - 7 - Robert J.Mitchell _ MARKET DATA APPROACH Comparative Grid Church Adjustment Item Sale No. 4 Adj . Sale No. 6 Adj. Sale No. 7a Adj . Date of Sale 5/74 +400 5/73 +1000 4/76 = — Age & Condition Inf. +500 = Super. - 500 Construction/Quality Sim. = Superior - 300 Super. - 500 Size - Sq. Ft. 480 +100 900 -1500 440 + 100 Rms./Bdrms. 4/2 -300 4/3 - 500 4/2 - 500 Baths none = none = 1 -1000 Bsm't./Finish • none = none = none = Site (Zoning) 8,125 -800 6,875 - 500 4,500 = Location flood +400 flood + 500 Sim = Other Financing - 250 Sale Price $ 1 ,500 $ 3,500 $ 4,500 Total Adjustments $ + 300 $-1 ,300 $ -2 ,650 Indicated for Subject $ 1 ,800 $ 2,200 $ 1 ,850 Value indicated for subject, after weighting of comparable sales $ 2,000 - 8 - Improvements Only: $1 ,000 _ 549 sq. ft. = $1. 82 p.s.f. Land Only: $1 ,000 _ 4,013 sq. ft. = $0.25 p.s.f. Total: $2,000 _ 549 sq. ft. = $3.64 p.s.f. - of living area The unit land value is near the average and median for the sales studied. The unit price can be expected to be slightly above average due to no flood zoning restricting the site. The unit value of improvements only at $1.82 is considerably below the average - however, this is reasonable due to the simple structure. The $3.64 per square foot represented by the total price divided by the building area is also below average due to the plain construction. As a result of this study, the value estimated by the market comparisons is estimated to be $2,000. Income Approach Based on the study of rental and GRMs presented in the Basic Data report, a monthly rent of $70 and a GRM of 30 are chosen as appropriate for this property. - 70 x 30 = $2 ,100 Value as an Industrial Site The total value reported as $2,000 represents a unit land only value of $0. 50 per square foot if the total value were all for land. This is above the average and median of $0.26 to $0.27 presented by the six "lettered" land sales but is realistic in the industrial land market. The site is outside the flood zoning. The land as an industrial site has limited frontage but principally backs up to new good industrial development and is joined on the north by land im- proved and intended for industrial use. Therefore, the total value reported by the comparison approach, as an improved site does result in a high but realistic value as an unimproved industrial site. Correlation _ It has been previously pointed out in the Basic Data report that a Cost Approach is of little value due to the high degree of accrued depreciation which exists in the improvements involved with this property. This is especially true regarding all of the sheds and fences. 9 - Robert 7.Mitchell - I The Income Approach is a weak indicator although several of the sale properties are rented and they provide a basis for reasonable estimates of the GRM and rent. The Market Approach is the most reliable for this type property and reasonable market data is available to lend reliance to this estimate. The fairly recent sale of the subject at the most probable figure of $1,000 is noted. Some upward adjustment for date is necessary for the ensuing 2 year period. An additional plus recognizes the new roof. Actually the remodeling of the north wall, necessary as a result of the survey, did not add any value to the property. Although these plus adjustments are in the magnitude of 100% in or- der to reach the value reported, the general market data is considered to justify such a figure. As a result of all of these considerations, value of the subject Latin American Council of Churches ownership is estimated to be $2 ,000.00. • - 10 - Robert 7.Mitchell _ � �— MICHAEL C. MARION REAL ESTATE APPRAISER 303) 356-1331 P.O. BOX 519 1331 8TH AVENUE GREELEY,COLORADO 80631 March 26, 1976 Mr. Joseph I. Garcia Director Department of Urban Renewal 1307 - 4th Avenue Greeley, Colorado 80631 Dear Mr. Garcia: Enclosed herewith are appraisal reports on the following properties: LOT BLOCK SUBDIVISION OWNERS 6 1 Burger-Fry TOBAR, Frank C. & Markos 7 1 N n N N N 8 1 n n n n n 7 2 " " RUIZ, Raymond R. & Isabel C. 8 2 n n n n n 9 2 " " SCHAFER, Adolph & Nettie 10 2 " EREBIA, John & Anna Respectfully submitted, • Michael C. Marion, MAI/SRPA Receipt of above reports acknowledg 3/26/76 MAI (Member,Appraisal Institute) —American Institute of Real Estate Appraisers SRPA (Senior Real Property Appraiser) —Society of Real Estate Appraisers Member — Greeley Board of Realtors, Inc.,Colorado & National Association of Realtors • MICHAEL C. MARION REAL ESTATE APPRAISER 403) 356-1331 P.O. BOX 519 1331 8TH AVENUE GREELEY,COLORADO 80631 March 31, 1976 Mr. Joseph I. Garcia Director Department of Urban Renewal 1307 - 4th Avenue Greeley, Colorado 80631 Dear Mr. Garcia: Enclosed herewith are appraisal reports on the following properties: LOT BLOCK SUBDIVISION OWNERS 1 1 Burger-Fry PEREZ, Virginia 1-2-3 1 LAW, Harold & Betty 1-2-3 1 iv LATIN AMERICAN CONCILIO 4 1 SMITH, Goldie M. & PEARSON, Delbert L. 5 1 " " PEARSON, Bobby G. 9 1 " " MENDOZA, Concepcion 10 1 " " MENDOZA, Concepcion 1 • 2 " " QUINTANA, Albert & Grace 2 2 " " BURNHARDT, Theo. L. & KRAMER, John W. 3 2 " BURNHARDT, Theo. L. & KRAMER, JOHN W. 4 2 " , " WHITLEDGE, Lloyd & STEVENS, Larry 5 2 " " LAWS, John 6 2 It et FLORES, Barbara & Cynthia 11 2 " MALDONADO, Joe 12 2 " " BARRERA, Arron & Agapito Respectfully submitted, t.a etze e. lylet yeast Michael C. Marion, MAI/SRPA Receipt of above reports acknowledged: 3/31/76 MAI (Member,Appraisal Institute) —American Institute of Real Estate Appraisers SRPA (Senior Real Property Appraiser) —Society of Real Estate Appraisers Member — Greeley Board of Realtors, Inc., Colorado& National Association of Realtors A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 UI in 0 0 o in o o Ut to 0 0 0 Ul 0 L 0 0 0 0 0 ri N n o In U1 n n to n N 0 0 CO In O r•1 0 0% 0 to 141 F' .4 HI C N N .4 HI N HI N .-I %D N U1 el r•1 el N U) O NM I I O 0 o IQ O I o 0 0 O O O O 0 0 0 0 0 0 O U1 t 0 O O In O n O O O U1 Ut N 0 O 11 N O 0 0 O o U1 N 0 I I NHS n n .4 I NO in en en V� n 0 O .i V• CO 01 H O O .-I en .-I .i .4 .4 N e .-I eV rd in III cc UT N H Z 04 H H H O E CO O CO N N E O O O O O U1 O O O O O O O O O O O O O O O OI U1 a. In Z U1 N In U1 O N U1 O O In O O O O U1 O O U1 O O O In W I G r41 .-1 N In CO m n COn n n t+1D ID In V1 1 U1 en m O 1D V' in Ul a .4 .i .i .i .i a 1.1 1 N •-i a 0 a +) 3 3 N QI y C qqs. M A C l 1.4 U) N h 107 I7 W O IXco [�r+ p 0 N N 01 01 O W O X X X b 1 1 al X •NI FE ~,� �. V al 0 M T £ e e a a 8. Z a o1 Y O a a a a 01 •.oi " .7 rl a a a C a i -.-I sZ ). 0 U 0 0ai 0))04 w ,G0) C �0 M V V P. .aC C) C O •..4 a Uill H • .0i .0 ,� 1 pC CC E E N .0 G C O C h {HH Z H -i-I Z bo CD ICt 0 It O O •S ISy� O a O > H U' w w" W E a W ay y h sro • O • • . ggc0 N W I'7 to {Yi Ki W Q Z ... DM s3� r: r1 p�o pO cIO C� C8 N 0 1~7 m a a w1 o E CL Q a y C4 H F H £ £ OI CO CO 3 .7 Cw a s U) W - .4 .4 HI .4 .4 .4 el .i .4 HNNNNNNNNNNNN rrrC O O a a .••I N N X el .i a a E O w w w {} U1 1D n CO 0% 0 ./ N el V' 111 40 n CO 0% O .i N ♦J o O O .I HI ri .I X X X a a a IMichael C. Marion y'ttk. f1 1 L� A•-X •4 'C,,,1/441:4 '» +• 1 e { t N , S a�aJ e - f I d 1 if f 1 ¶ . iat �j= i Ib s n t • 1� v O } I +) r O o r- �<, O C 4:„ le ko ,c, C ro rd 4rt, ,,„, . . ''. O N N r;T _ . ' N C .G CO $» H la O O N •F Ya Ill ro MI ro 0 I e I r i z El Ya 3 +) -.i al AAA C N ro it 5 0 00 O N N I 4 0 Id . 0O wa a a, EH E Z r U _ H F) O N ip P [0 Co a . ! a � 41 1 I . _ _4� } a Q 6 t WH >, g » f "., - C7 O W O ,, 'A w a a Ya Ya a t I � f 'A F3-1 C) ro v 5 5 > y i+ II' ,; a al m v • 1 1 cn I 1 » � ro ro v rn ro ''*r C Ya c Y1 ro m F C C C -P UI Yi N N ro A •O Ya III - } ' C •.-1 Y.4 Ya .H 3 O -.4 .rl .C N H Y1 .* U s 0 0 c ro H g o o YA rd rd Of M w 3 a v, [z 44 m W Z PI if An el v h m ',ADP o .= Oi ' t,, h »v . • LAND VALUATION The Burger-Fry Subdivision, which is the subject of this report, contains about 117, 694 sq. ft. (2.7 acres) of land. The area is divided into 22 lots involving 17 separate ownerships. The average size lot is about 5, 350 sq. ft. 13 lots are below the subdivision average and the other 9 lots are above the subdivision average. The lots are nearly completely void of any utilities except for electricity. Instances where water is found are confined to shallow wells (about 20 feet deep) and the water is used for livestock. It is believed that this well water is not fit for humans -- the water is probably contaminated by the Cache la Poudre River, which forms the west boundary of the subdivision. 16 lots are located in Weld County and are zoned "I" Industrial. The other 6 lots are within the city limits of Greeley and are zoned "M-3" heavy-manufacturing. Although the present uses of the individual lots are not violating any of the aforementioned zoning restrictions, it is apparent that the lack of utilities suggests uses other than residential uses. The subdivision also lacks good streets and the usual accompany- ing concrete curb-gutter and sidewalks. Land zoned for business purposes usually commands the highest price per sq. ft. in the Greeley area. Residential zoned land is next in order and followed by industrial-manu- facturing zoned land. Land commanding the least proportionate value are various types of agriculturally zoned land. Since agricultural land having subdivision potential border- ing the city of Greeley cannot be purchased for less than $4000 per acre (over 9 per sq. ft. ) , it is reasonable to conclude that the subject' s value per sq. ft. is greater because of its higher zoning classification if for no other reason. Since the subject subdivision is not conducive for residen- tial purposes, it must be concluded that the subject's value is less than the price being paid for marginal residential land and less valuable than land zoned industrial and/or manufacturing which is being used for residential purposes or other purposes because of the availability of utilities. Based on this premise, 18 sales of land zoned manufacturing, industrial and county commercial were investigated. These sales are presented herewith, are analyzed and compared with the sub- ject. The study thereof results in a conclusion that the land area in the Burger-Fry Subdivision approximates 14' per sq. ft. ----about $6,100 per acre. ( Michael C. Marion MICHAEL C MARION PROPERTY TYPE Vacant Land M-3 Zone SALE DATE 1 / 11 / 71 SALE PRICE S 800 SELLER BENAVIDEZ, Joseph R. & Harry M. PRICEALLOCATION BUYER PHELPS Const, Co. LAND S ROD ADDRESS 400 Block 5th Ave. BLOCS S -0- LEGAL Lot 1, Block 20, Except North 155.3' Thereof, Greeley Rec. # 1560188 Confirmed by RYE Agent _.and Size 34'9" x 100' = 3475 S/F _Shape - Rectangular _Topog - Level _ Water, m_Yes (PHOTO) _Sewer - Yes Street - Gravel Buyer owns adjacent land $800 / 3475 = 23 per S/F ///.�� FLIP OVER FOR MORE DATA 0 MICHAEL C. MARION PROPERTY TYPE Vacant Land M-3 Zone SALE DATE 27 /7l SALE PRICES 1,250 SELLER BELL, Charles & Melva Jo PRICE ALLOCATION BUYER PHELPS Const. Co. LAND $ 1,250 ADDRESS 400 Block 5th Ave. BLOCS S -O- LEGAL North 155'3" of Lot 1, Block 20, Greeley Rec. # 1568630 Confirmed by - RYE Agent _Land._SiZe10.Q'x_155'3" = 15,.)25__S/r _Shape _Rectangle _Topog - Level Water - Yes (PHOTO) Sewer - Yes Street - Gravel • Buyer owns adjacent land $1,250 / 15,525 = 8.14 FLIP OVER FOR MORE DATA MICHAEL C MARION PROPERTY TYPE__Varant Lavin M-A 7nne SALE DATE_7/ 71 SALE PRICE S 1,200 SELLER_ S_QLI$. raRGISco & .Tovita PRICE ALLOCATION BUYER SALAZAR, Irineo & Rosa S. LAND S 1,200 ADDRESS 101 - 6th Avenue BLDGS S -0- LEGAL Lot 7 & 8, Block 20, Clayton Park Sub'd Rec. #1571092 Confirmed by - Buyer Land Size 107' x'140' = 14,980 S/F _Shape - Rectangle Topog - Level Water - Yes (PHOTO) _Sewer - Yes Street - Gravel $1,200 / 14,980 = 80 S/F _ FLIP OVER FOR MORE DATA © '� MICHAEL C. MARION PROPERTY TYPE_ Land M-3 Zone SALE DATE SALE PRICES 75.000 SELLER_STRONG Fanos. Inc. PRICE ALLOCATION BUYER WHEELER Realty Company & PLATTE Valley Tnv LAND S 75 000 ADDRESS 5th St_ F U.S R5 BLDGS S -0- LEGAL Parrel #1 . SF,6 NF%r Son 5, TSN, RFISW & R1k r-n-p-p Rec. #1617291 Confirmed by - Buyer _Land. Size - 7-5_Acres 3264_1(10_51F _Shape - Irregular T poq - Level (PHOTO) Water - None Sewer - None Same land was later sold to John C. Hirsch Street - Highway Paved (Agent for Harold Law) on 5/13/74 for Frontage - 991 Ft. Hi hway._ $100,000. 9 Location__ . __ -_50% City 50% Cty_ $100,000 / 326,700 S/F = 30.64 S/F $75,_0001_326,700_S/F s 23C • FLIP OVER FOR MORE DATA \Y , MICHAEL C MARION PROPERTY TYPE_ Vacant Land M-3 Zone SALE DATE 11/ 2 / 73 SALE PRICE$ 10,000 SELLER A. J. GOLD Estate PRICE ALLOCATION )' BUYER Kenneth L. HOEHN LAND S 10,QQ0 ADDRESS 3rd St. at 6th Avenue BLOCS S -0- LEGAL Lot 3, Block 172 & No. 140' Lots 4 & 5._Blork 172 Offer to buy Land Size 49,050 S/F Confirmed by - Agent for Buyer Shape - Rectangular_ ' Topog - Level _ (PHOTO) Water - Yes I Sewer - Yes Street - Gravel I $10,000 / 49,050 = 20.4C FLIP OVER FOR MORE DATAO MICHAEL C. MARION ! PROPERTY TYPE Vacant Land M-3 Zone SALE DATE_5/13 174 SALE PRICES '$100,000 SELLER WHEELER REALTY COMPANY PRICE ALLOCATION BUYER LAW, Harold LAND S 100,000 IADDRESS 5th St. & U.S. 85 BLOCS -0- S II LEGAL Parcel #1, SEA NE/ Sec. 5, T5N, R65W & Blk C-D-E-F Confirmed by - Seller Land Size - 7.5 Acres 326,700 S/F Shape - Irregular Topog - Level , (PHOTO) Water - None Sewer - None Street - Highway__Paverl I /'•, Frontage - 991 FY Highway Location - 50% City 50$ Cty ___ $100,000 / 326,700 S/F = 30.6C FLIP OVER FOP MOPE DATA O MICHAEL C MARION PROPERTY TYPE Industrial Land SALE DATE 5/ 30 74 SALE PRICE S 45,000 SELLER VENTURE Properties, Inc. PRICE ALLOCATION BUYER E.B.I. Corp. (ECONOMY Lbr.) LAND S 45,000 ADDRESS 500 Block 26th St. Rd. SLOGS $ -0- LEGAL Lot 8, Arlington Gardens _Oonfirmed_by__Agent/Seller _Land. Size:_5,346 Acres 232,872 S/F Shape: Rectangular Topog: Level (PHOTO) Water: None _Sewer: Slone Gas: In Street Street: Gravel Use: Lumber Storage $45,000 / 232,872 = 19.3t S/F //.�\ FLIP OVER FOR MORE DATA \ / I MICHAEL C. MARION PROPERTY TYPE Vacant Land M-3 Zone SALE DATE 6/ 28 / 74 SALE PRICES 9,000 SELLER GREELEY URBAN RENEWAL Authority PRICE ALLOCATION BUYER COWAN Concrete Products LAND S ADDRESS BLDGS $ LEGAL Lot 1 - 4, 7 - 10 & Vacated Alley, Block 19, Clayton Park Rec. # 1639766 _Confirmed_by_$eller _Land_Size _Iincluding�lley) _160' x 393' = 52,880_S/F _Shape -_Rectangular _' opog - toilet (PHOTO) Water - yes Sewer - yes Street - Gravel Buyer owns_ adjacent land _ $9 000 / 62,880 = 14._3t S/F FLIP OVER FOR MORE DATA S V j MICHAEL C MARION PROPERTY TYPE Industrial Land SALE DATE 7.1/ 74 SALE PRICES 11,500 SELLER CHAMBER OF COMMERCE PRICE ALLOCATION '^ BUYER CENTRAL HOMES LAND $ 11,500 ADDRESS 2200 Block 1st Ave. BLOCS S -0- LEGAL Lots 6 & 7, Block 5, Greeley Industrial Park _Rep. # 1640854 _Con f i ran@ct by=Buye r _Land_Bize 290' x 197' = 115.304 S/1' Shape - Rectangle Topog - Level Water - Yes (PHOTO) _Sewer - Yes Street - Paved Buyers exercised Qption $11 .500 / 115,304 S/F = 100 S/F I FLIP OVER FOR MORE DATA Q J MICHAEL C. MARION PROPERTY TYPE County Commercial SALE DATE 11/2 74 SALE PRICES 17,250 SELLER REEVES, Harry L. & Marjorie PRICE ALLOCATION BUYER ZIMMERMAN, Alfred E. & Rosetta LAND $ 17,250 ADDRESS 500 Block East 18th St. BLDGS S -0- LEGAL Part of Lot 3 & 4 of NE1 of SW1 of Sec. 4, T5N, R65W, Weld County I _Rec. #1649671 Confirmed by - Buyer Land__size 447,62'_x_312' 139,657 S/F Shape - Rectangular Topog - Level (PHOTO) Water - Well Sewer• - Septic Street - Paved $17,250 / 139,657 S/F = 12.40 S/F FLIP OVER FOR MERE DATA Q MICHAEL C MARION PROPERTY TYPE_vacant Land M-3 Zone SALE DATE12'_S/_4_ SALE PRICES 1100 SELLER GRFFT.FV TIRRAN RFNFWAT. Authority PRICE ALLOCATION BUYER PHFLPS Const. Co. LAND S 16,100 ADDRESS BLDGS $ LEGAL LD_ts 1 thru 4. Block 1, Greeley Rec. # 1649647 Confirmed by Seller Land Size 420 x 190 = 79,800* __ *Includes 20 x 190 alley _Shape - Rectangle Toppg - Level (PHOTO) Water - yes Sewer - yes Street - Gravel Buyer owns adjacent land. $16,100 / 79,800 = 20.2C S/F _ FLIP OVER FOR MORE DATA -Q MICHAEL C. MARION qq PROPERTY TYPE County Commercial SALE DATE?/l9 75 SALE PRICES 8`25 SELLER PITTS, Robert E. & Betty J. PRICE AL LOCATION BUYER GREELEY NEAT CO. LAND S 8,625 ADDRESS 625 East 8th St. BLDGS S -O- , LEGAL Lot B - Part of Lot 3 & 4 of NE4 of SW4 of Sec. 4. T5N. R65W. Weld Cntnry Rec. # 1654924 _Confirmed by - Geller & Buyer Land Size 1.6 acres 69,696 S/F Shape - Rectangular Topog - Level Water - - Well (PHOTO) Sewer - Septic Street - Paved r _$8,_625 / 69,696=12.4__5/F FLIP OVER FOR MORE DATA �Z MICHAEL C MARION PROPERTY TYPE Industrial Land SALE DATE 3' 21 /?�,,... SALE PRICES 1.000 sELLER____BERM 1DE.Z. John, Nanr_y ac MaZP1 PRICE ALLOCATION ! BUYER TOBAR, Frank C & Markos LAND S 11000 ADDRESS SLOGS S -0- LEGAL Lots 7 & 8. Block 1 Burger-Fry We1ci County,__Co, _Rec_i__L165F_483 Confirmed by Tobar Land Size 101'x88' - 8901 S/F Shape - Trapezoid _Topoq - Level _Water - No (PHOTO) Sewer - No Street - Dirt (Gravel) Buyer owns Lot 6 ($1200) 81000 / 8901 = 11.20 per S/F FLIP OVER FOR MORE DATA MICHAEL C MARION PROPERTY TYPE Industrial Land _SALE DATE 41 4 / 75 SALE PRICE S 3.000 SELLER PEARSON, POLLY D. & JUDY A. PRICE ALLOCATION BUYER LAW, Harold & Betty LAND S ADDRESS 200 Block on 5th Street BLOCS S LEGAL Lots 1, 2 & 3 (Except the S 30' & E 20' of Lot 1) Burger Fry - Weld County Rec. # 1657366 —Confirmed by Bobby_ Pearson 3/10/66 Land Size 70.5x126_.8 = 8938 S/F _Shape - Trapezoid __Topo1 - Below St. Grade Wate.c - No (PHOTO) Sewer - No Street - 5th St_ Paved Buyer owns adjacent land $3000 / 8938 = 33.60 per 5/F -- — — --.--_ _ - - DATA �� MICHAEL C MARION PROPERTY TYPE Vacant Land M-3 Zone SALE DATE 4/ 15/ 75 SALE PRICES 13,310 ' SELLER GREELEY URBAN RENEWAL Authority PRICE ALLOCATION BUYER COWAN Concrete Products LAND S ADDRESS 100 Block 6th Ave. SLOGS S LEGAL Lots 1 - 8, Block 20, Clayton Park __Rec_,_#_1658120 _.Confirmed_by_seller _ Land_Size 2.536 acres 110,470.5 S/F _Shape - Rectangular _Topoq - Level _water - yes (PHOTO) Sewer - yes Street - Gravel _Buyer owns_adiacent land. $13,310 / 1101 470.5 = 12' S/F FLIP OVER FOH MORE DATA MICHAEL C. MARION ( PROPERTY TYPE Vacant Land M-3 Zone SALE DATE 5/31 75 SALE PRICES 6,000 SELLER CARBAJAL, GILBERT & LUCY PRICE ALLOCATION BUYER MITCHELL Floor & Wall Covering LAND $ ADDRESS 900 Block on 3rd Street BLDGS $ I LEGAL— (Lathy) Part of Lot 1 Block it f Greglev Rec. # 1657115 Confirmed by Mitche11 __Land—Size 71'x100' & 5O'x1la' 13000 S/F Shape - Rectangular Topog - Level (PHOTO) Water - Yes _Sewer - Yea Street - Paved Buyer owns adjacent land $6000/13000 = 46.2C per S/F FLIP OVER FOR MOPE DATA MICHAEL C MARION PROPERTY TYPE Vacant Land M-3 Toned SALE DATE 9 / 29 / 75 SALE PRICE S 3,500 SELLER WINOCO, INC. PRICE ALLOCATIO': /T BUYER BIGBEE, Jerry • LAND s 3,500 ADDRESS 400 Block 9th Street BLDGS S -0- LEGAL Lots 19 & 20, Block 123, City of Greeley_ _Reg. # 1671059 _Conf irmed__by__Winograd __Land Size 50 x 115 = 5,750 S/F _ Shape - Rectangular - Level Water - yes (PHOTO) Sewer - yes _Street - Paved Buyer buys sites for homes. He moves in and resells. $3500 / 5750 = 60.9C per S/F FLIP OVER FOR MORE DATA 17 ` J MICHAEL C. MARION ' PROPERTY TYPE Vacant Land SALE DATE A__.//15 C7_5_ SALE PRICE 5 40.000 SELLER ALIREZ, Joe L. & Josephine PRICE ALLOCATION BUYER 7 LAND 5.39.non ADDRESS 400 Block No. 6th Avenue BLOCS S 1 .000 LEGAL Part of Lot 198 & Part of SE1z of SW4 Sec. 32. T6N, R64W Property for sale by: Avery Realty Co. (Ms. Betty Hartman) Denver, Co. _(429_3591) i Land Size - Approx. 14 acres part _in & part out of City. Shape -rrre�urar (PHOTO) ..opog - Level .Water - None _Sewer - Available to part_ No offers received. $39,000 / 14 ac. = $2,785 per acre $2,785 / 43,560 S/F = 6.3C per S//F— FLIP OVER FOR "."DRE DATA , J 13/414 o vC CV +-I C tl _ _ V . .131 roi H o C as ro sil C) • ro • 0 -P •r. -.i -n _ .i N -Hs C -In ..i QQ ro _ _ 4I1 ro - >1 .--1 RS 01 ro U) V Ul 'Y N al .i O 0 + w -.I l .i 0 0 C , m C a .i al 44 00 U N N W 03 to w 0 N N 0 W O tH .°N kV �.C4 H -.Ci H E 0 H H Cl) H H H _ - .C H ?, a an w p1 >' >' xi >' u7 >i c 0 w H 0 O W E 0 0 0 0 0 0 W 0 w 0 H 4 w 01 w CAN Ca g o C g a U) El a�n i ?�+ > > a) > T.0 a+ V > w > 02 - F' 0 .,g 04 > 4 It > H > 03 > _ It a UI 14 0 X CD x 0 a 0 P' O CO 14 0 W 0 'C co 3 >i x Z _ z m N 3 N 3 Z >4 Z • (En Npi • 0 0 U c e H 4•1 YYi }roi 4.3 � - C - ro - aU = y0 'al N a H @ H H a F w g w W Z M M M M en M M M M M M a o I I I I I I I I I I I N N X XZ X ZEHEHOEUHHZ XEH W O (c� \ V' t0 el en VI NT!'V' NO NIT M N M W W en O 00 V' ON O N .i M N t0 O t0 CO Fi a N O O N N M •4 .--I '-I .i N rd H M HI V' t0 O a a In hi to to O O O O N O V' n OW .-I W 0 O ,O 0 . 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HN tn ./ C t0 t"- O O H H H H H Q H H H H (OZ Nn-, ki. 4 a a v lZm co H N a a GO 0 eel ei ta N . ••••( 7 U u - 8 U 0 U 4 cn O N O • OH• el 00 .1 3 l N au, n Ort 0 Cl) aH H W N re N l+) .O-1 N to co c j u s. M U C W a a 44 M Gl a) Cl) Y b y b W CC W Up Q el f.l 1/40 CO 01 W Q a t(1 MO n w w a+ u M H M a m 0 U R N H N • h 0+ tn WW 0 �. bi \( k U N r r urn of n 'Cr 01 n U to O1 .-1 1(1 .0 .i C 1/40 N .C M 0001 Orl VI O1 V' O fr1O M NO1010N .l01 W a N N re el .-I el r-1 O re N el el k. law O el O I-1 N re re CO E It O to W R In T m ° 2 ir, 2 0 N wN el el N CO WI rN re e el 1 01 CO N ro l•1 Al N rl dr 10 n M H el N . ."l .a r-1 re in CO ets ,C ro ro y M H b0 ro tn rl -a C H GG CD C b al el re N en Cr N 10 n O) 01 O rl a a! el N Nf V' u1 10 r g H .i N a SUBJECT PARCEL LAND AREAS % % BELOW % ABOVE LOT BLOCK S/F OF TOTAL AVERAGE AVERAGE So. 30' of L1, 2 & 3 1 3,977 3.45 25.7 E 20' of Lot 1 1,136 .01 78.7 1, 2 & 3 Exc. So. 30' & E 20' Lot 1 8,866 7.55 65.7 4 6,214 5.35 16 5 5,697 4.85 6.4 6 5,180 4.45 3 7 4,674 4.05 12.6 8 4,155 3.55 22.3 9 3,627 3.15 32.2 10 3,118 2.65 41.7 (39.06) 1 2 5,648 4.85 6 2 5,000 4.25 6.5 3 5,000 4.25 6.5 4 5,000 4.25 6.5 5 2,500 2.15 53.0 6 10,565 9.05 97 7 9,322 8.05 76 8 8,079 6.95 51 9 6,885 5.86 28.7 10 5,593 4.86 4.5 11 4,351 3.76 18.6 12 3,107 2.66 42 ,r (60.94) TOTAL (117,694) (100.00) (13) (9) Michael C. Marion r\ SUBJECT PARCEL LAND VALUES VALUE VALUE LOT BLOCK S/F PER S/F (ROUNDED) So. 30' of L1, 2 & 3 1 3,977 .14 $ 550 E 20' of Lot 1 1,136 a150 1, 2 & 3 Exc So. 30' & E 20' Lot 1 8,866 a1,250 4 6,214 n850 5 5,697 a800 6 5,180 725 7 4,674 n 650 8 4,155 " 600 9 3,627 a500 10 3,118 450 r 1 2 5,648 .14 800 2 5,000 " 700 3 5,000 " 700 4 5,000 " 700 5 2,500 " 350 6 10,565 " 1,500 7 9,322 " 1,300 8 8,079 n 1,150 9 6,885 " 1,000 10 5,593 " 800 11 4,351 " 600 12 3,107 " 450 TOTAL (117,694) ($16,500) I } Michael C. Marion NOTICE Pursuant to Title I of the Housing and Community Development Act, a request is being made by The Board of County Commissioners, Weld County, Colorado, 1516 Hospital Road, Greeley, Colorado, for funds for a City-County Urban Renewal Project in Burger-Fry Subdivision. An Environmental Review Record has been made in this matter and no significant effects on the environment were found. Findings revealed that approximately 29 people will be relocated and the negative effect on human and physical environment is insignificant. Said Review Record may be examined and copied in the Office of the Board of County Commissioners, 1516 Hospital Road, Greeley, Colorado. No further review will be made prior to the release of the funds. Comments may be submitted to the Board of County Commissioners until October 3rd, 1975 . THE BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO BY: S . LEE SHEHEE, JR. COUNTY CLERK AND RECORDER AND CLERK TO THE BOARD BY: JEANNE LOU HEIMBUCK, DEPUTY DATED: September 10, 1975 PUBLISHED: SEPTEMBER 12 , 1975 in the Greeley Journal // / Hello