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Home My WebLink About990341.tiff RESOLUTION RE: ACCEPT COLORADO DEPARTMENT OF TRANSPORTATION OFFER TO PURCHASE RIGHT-OF-WAY(WITH CHANGES) AND AUTHORIZE CHAIR TO SIGN MEMORANDUM OF AGREEMENT WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board has been presented with an Offer to Purchase Right-of-Way and Memorandum of Agreement concerning said purchase between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Department of Public Works and the Colorado Department of Transportation, with terms and conditions being as stated in said agreement, and WHEREAS, after review, the Board deems it advisable to accept said offer and approve said agreement, a copy of which is attached hereto and incorporated herein by reference, with the following conditions: 1. The property referenced as "Temporary Easement" shall be returned to its present condition by the Colorado Department of Transportation upon completion of the project. 2. A letter to the Department of Public Works from CDOT, dated February 11, 1999, shall be included in the Memorandum of Agreement, either in fact or by attachment. 3. A right-of-way shall be reserved along the north side of the right-of-way being sold for the Poudre River Trail. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Offer to Purchase Right-of-Way and Memorandum of Agreement concerning said purchase between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Department of Public Works, and the Colorado Department of Transportation be, and hereby is, approved, with the abovementioned conditions. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said agreement when amended. 990341 EG0038 '� C' (4 RE: ACCEPT CDOT OFFER TO PURCHASE R-O-W Page 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 24th day of February, A.D., 1999. BOARD OF COUNTY COMMISSIONERS D COUNTY, COLORADO ATTEST: IE 'Dale K. Hall, Chair Weld County Clerk tot : gym= ,%"gOt, , ` a EXCUSED DATE OF SIGNING (AYE) • 3 " ! Barbar J. Kirkmeyer -Terri BY: Deputy Clerk to the Bo N George E. Baxter APP D AS T FORM: EXCUSED DATE OF SIGNING (AYE) M. J... peile un Attorney (I) Glenn Vaad -- 990341 EG0038 10/21/99 09:51 FAX 3531964 WELD COUNTY CLERK & REC -. COWWI SS IONER/COU ®002 • I IY111111 11111111111111111 111111 11111 1111 111 2617665 04/16/1886 03:28P Wald County CO - 1 of 3 R 16.00 D 0.00 JR Strkl Tmdtrsta —IS WARRANTY DEED �O 3./a CSL ICj/ / —1�II ./ 9 I C X / ii THTSDEED,made this I day of !'If�'1L� l rC/� 'i traween WELD COUNTY, A BODY CORPORATE AND (vo tC&FEE I POLITIC OP THE STATE OF COLORADO I' l'. of the a Caumy of WELD and State of Il COLORADO •grantor,and . DEPARTENI OF TRANSPORTATION. STATE OR COLORADO- whose lepiaddiessis 4201 E. ARKANSAS AVENUE I ' DENVER. COLORADO 80222 • -i ofehe CITY AND County of DENVER and State of COLORADO ,grantee . !I WITNESS,that thegrantnr.for and in consideration ofIDe sum or $15,135.00 ' FIFTEEN THOUSAND ONE HUNDRED THIRTY—FIVE ARP RO/100THS-- --DOLLARS. the receipt and sufficiency of whkh is hereby acknowledged.has granted,hmpined,sold and conveyed.and by these presents does gram, bargain.self convey and conhmm unto the grantee,his twits and assigns forever,all the real property,together with improvements.daisy. I, Mutate,tyingasi being in the County of WELD and Simo&Cdaado, ' • ' described at Mows: I; . SEE ATTACHED ERNEIT HA" DATED OCTOBER 6. 1998 FOR; PROJECT NUMBER: NE-IRCR 025-3(109) . PARCEL HUMBER: L PROJECT CODE: 91032 Please return recorded deed to: Right of Way J r. Colorado Dept.of'foam/ported= i 1420 Seeded Street Aso known by street and number at feeeleyr CO 00631 I. assessor's schedule or parcel number: TOGRUFWER with an and singular the hereditament%and appurtenances diatonic belonging,or in Modes entertaining.the nvaamn A aal-resnsions:reminder ad-rmmindns reset Stitt and-pram-thereof;and aE"The estate.dghh Lida Warta dentinal•demand- whneocverol the grantor.either in law or equity,of in and m the above bmp dia ired premises,with the heremenn and appurtenance% ' hi TO HAVE AND TO HOLD the said premises above bargained ad described,with the to thehis heirs and appurtenances.an grantee, ' assigns forever.Thegrantor,for himself,his heirs and personal representatives,don covenant,gram.bargain,and agree to and with the grantee,Ids heirs and assignn,that at the time of the marling and delivery of these presents,he is well seized of the premises above canned,has good,sure,paao,absolute and inddena'Ws estate ofinhaionce,in law,in fee simple,and hes good right.mg power and I; lawful amhong''to growl,bargain.mil and convey the same In manna and roan as aforesaid,and that the same are free end clear from W ,' fanner and other arena basgaia%sek;liens,taxes,ameasirem;encumbrances apd rmtrielions ay/balms Wan or rmrure tomer,eaten , The grantor shall and will WARRANT AND FOREVER DEFEND the above bargainW premises in the quiet and peaceable possession afhic grantee,his heirs and assigns,against all and every talon or Ramat lawfully claiming the whole oraaY pail L The singular number shag Include the plural.the plural the singular,and l of any:. . shag be, . • i! IN WITNESS WHEREOF the r s executed this eked on the dm. for / i � '.. � ` I. eY:- --7---:›fi;�` Ls{lL.fsL s 9 1 er:. �I. WELD COUNTY, A BODY CORPORATE AND POLITIC a J- OF THE 7YASE OP COLORADO _ ,. .. • _i..` STATE OF COLORADO '%/Ofp/iL '� i. County of in, ......y w5s�rf".,� • , The foregoing instrument wnacknowkdecd before me this 777/ ,fif/� .'1-P't . /997 . WALL l'iNoWM-V---n I, = t PUBLIC i. Witness mytraa ttQd officta1a $ 1: gg'{�ir"Ds,F., j . !� Mvcammissaq r: very , • Now. I 611s ,IS " fa ! 'Na Denver inert`Cif car- Newry PAR iI . !. liwe,tlaeY[YNraM,,OwawNe+MCn icdI l Dmiqu glaU1W(5,0415 No 932A eene-94. *ARMNTy DEED rNrrwnaneateWx5 &mfad NNW'S..043 case Sc,,Dms Co 10101—POI)191,2500—m-% 10/21/99 08:51 FAX 3531964 WELD COUNTY CLERK & REC + COMMISSIONER/COU M9003 MIDIS "A' PROJECT NUMBER: NH-IRCX 025-3(109) PARCEL NUMBER: 1 PROJECr CODE: 91032 DATE: 10/6/1998 LE0AL CtscBIPTTOH A tract or parcel of land No. 1 of the Department of Transportation, State of Colorado, Project No. NH-IRCX 025-3(109) containing 0.645 hectares (1.593 acres), more or lees, in the NW 1/4 of Section 2, Township 2 North, Range 68 West, and the SW 1/4 of section 35, Township 3 North, Range 68 West, of the Sixth Principal Meridian, in Weld County, Colorado, said tract or parcel of land being more particularly described as follows: commencing at the NW corner of Section 2; Thence N. 09. 13' 00" E., along the North line of the NW 1/4 of said Section, a distance of 88.591 meters (290.65 feet) to the TRUE POINT OF BEGINNING; 1. Thence S. 0° 011 16" E., a distance of 42.779 meters (140.35 feet); 2. Thence S. 89° 58' 44" W., a distance of 35.000 meters (114.83 feet); 3. Thence S. 0° 01' 16" E., a distance of 73.614 meters (241.51 feet); 4. Thence along the arc of a curve to the right having a radius of 3030,000 meters (9940.93 feet), a distance of 184.811 meters (606.33 feet), (the chord of said arc bears S. 1° 43' 34" W., a distance of 184.782 meters (606.24 feet) ); 5. Thence S. 3° 28. 25" W., a distance of 7.156 meters (23.49 feet); 6. Thence along the arc of a curve to the left having a radius of 2970.000 meters (9744.08 feet), a distance of 165.025 meters (541.42 feet), (the chord of said arc bears S. 1° 52' 54" W., a distance of 165.004 meters (541.35 feet) ), to the existing East Right of Way (R.O.W.) line of Interstate Highway 25 as described at Reception No. 2549309; 7. Thence N. 0° 01' 31" W., along said East R.O.W. line, a distance of 472.524 meters (1550.27 feet), to the North line of the NW 1/4 of sectimL 2:_ 8. Thence N. 89. 13' 00" E., along said North line, a distance of 46.588 meters (152.85 feet), more or less, to the TRUE POINT OF BEGINNING. The above-described portion of Parcel 1 contains 0.524 hectares/5240.1 square meters (1.295 acres/56403 square feet), note or less. Also Commencing at the SW corner of Section 35; Thence N. 89. 13' 00" E., along the South line of the SW 1/4 of Section 35, a distance of 80.591 meters (290,65 feet) to the TRUE POINT OF BEGINNING; C PROMCAe1 WNBeusr4RI tcC 111118 WI 16/111111111181811IN 1111811 Nlu 2687585 04/18/1809 03:28P Weld County CO 2 of 3 R 18.00 0 0.06 J0 Sat Tawkamoto 10/21/99 08:52 FAX 3531964 WELD COUNTY CLERK & REC . COMMISSIONER/COU X004 • • 1. Thence S. 89. 13. 00' W., along said south line, a distance of 46.588 meters (152.85 feet), to the existing East Right of Way (R.O.W.) line of Interstate Highway 25, as described at Reception No. 2549309; 2. Thence N. 0' 01' 31" W., along said East R.O.W. line, a distance of 21.130 meters (69.33 feet), to the North line of that property described at Reception No. 2261418 and Reception No. 2261419 of the Records of the Clerk and Recorder in weld County; 3. Thence N. 77' 42' 53" E., along said North line, a distance of 47.673 meters (156.41 feet); 4. Thence S. 0° 01' 16" E., to the South line of the SW 1/4 of Section 35, a distance of 30.637 meters (100.52 feet), more or less, to the TRUE POINT OP BEGINNING. The above-described portion of Parcel 1 contains 0.121 hectares/1205.0 square meters (0.298 acres/12979 square feet), more or less. • The above-described Parcel 1 contains 0.645 hectares/6445.9 square meters (1.593 acres/69302 square feet), more or less. Basis of Bearings: All bearings are based on a line connecting the NW corner of Section 2, T. 2 N., R. 60 W., 6th P.M. (3 1/2" aluminum cap stamped P.L.S. 10740) and the North 1/4 corner of Section 2, (3 1/2" aluminum cap stamped P.L.V. 10740)- as bearinq-N-. Sr 13, 00" e. to R:.. and v� Yom C of •. nratlo Depart=- of,Transporfitro. Myron Du b3TycraoiRhaxf ,W5 1420 2nd. Bcea e .,. C0:' .631 ' w1' LAND • 111111111 11111 111111111101111111 111111m 1 2817545-04/10/4000-03421,0 0 Noldol-Ca.nto.C IA metwocm montooNJWAR(DGc • COLORADO DEPARTMENT OF TRANSPORTATION Project# MEMORANDUM OF AGREEMENT NH-IRCX 025-3(109) Location SH 7 to SH 66 Parcel# 1, TE-1 Project code(SAS') County State Highway# 91032 Weld 25 This agreement made on(date) is between the State of Colorado for the use and benefit of the Colorado department of Transportation (GRANTEE) for the purchase of the parcel(s) listed above from the Owner(s) Weld County (GRANTOR). Just compensation was determined by appraisal(s)prepared in accordance with Colorado state laws and regulations.The amount of moneyand/orcompensation listed below isfull considerationforthe following land,easements,improvements,and damages of any kind. Land (described in attached exhibits) 1. 593 s4/}t-/acres $ 15,135.00 Permanent and Slope Easements (described in attached exhibits) N/A sq. ft./acres $ -0- Temporary Easements (described in attached exhibits) 5.397 ateft./acres $ 5,130.00 Improvements N/A $ -0- Damages N/A $ -0- Gross total $ 20,265.00 Less credit $ -0- Net total $ 20,265.00 Otherconditions: 1. The execution of this agreement constitutes and grants unto the CDOT, its agents and contractors temporary easement for the purpose of construction of channel regrading and bridge construction and shall commence no sooner than ten days after the grantor receives writtennotice of the Department's intention to occupy the temporary easement The temporary easement shall terminate at the conclusion of the construction and . in any event. no later than 30 davg : fter completion of the construction 7 Prior to construction. CDOT shall identify and fence the protected trees referred to in the General Construction Notes and.'in. the letter to Don Somer, dated February 11 , 1911); authored y Jeff Manual , GDQT R gton IV Environmental specialist 3 Ilpon completion of construction: CDOT shall 'perform slope modification for stabilization_ seeding and mulching of the disturbed areas in TE-1. 4. The License Contract between CDOT and Weld County al.lowinq a trail for non-motorized (SEE ADDENDUM"A': attached hereto and a part of this Agreement) The GRANTOR and GRANTEE agree that: •with the exception of any Relocation Agreement(CDOT Form#591)there we no promises,terms,conditions,or obligations other then those listed on this agreement. -this contract is binding on both the GRANTOR and GRANTEE and their heirs,devisees,executors,administrators,legal representatives,successors,assigns,and designees,but only after approval by one of the following on behalf of the Division:Staff Right of Way Manager,Staff Right of Way Supervisor,Region Transportation Director,Region Preconstruction Engineer,Region Right of Way Supervisor or their superiors as indicated below. •the compensation shown on this agreement is for the fee simple estate of the parcels described and damages of any kind. The GRANTOR: -will at the dosing pay all taxes(including prorated taxes for the current yew)and special assessments for the current year. •has entered into this agreement only because the GRANTEE has the power of eminent domain and requires the property for public purposes. •will execute and deliver to GRANTEE those documents indicated below. The GRANTEE: -will be entitled to specific performance of this agreement upon tender of the agreed consideration. -will be held harmless from any claims against the property or to any interest in the property,except for any benefits due under relocation law, -will make payment after receiving an acceptable deed from the GRANTOR, -will take possession of the parcel(s)when it tenders payment to the GRANTOR unless other arragements are made that follow Title Ill of the Uniform Relocation Assistance and Real Property Acquisition Act of 1970,as amended. -will prepare the following documents: ❑ Utility Easement W) General Warranty Deed ❑ w/Min. Resv. ❑ Permanent Easement ❑ Access Deed ❑ Slope Easement ❑ Full Release(s) Book/Page di Temporary Easement ❑ Partial Release(s) Book/Page ❑ Other(specify) • Title Company to prepare documents except Order warrant$ 20.265.on payableto: Security Title Co. as escrow agent tor Weld County Orderwarrant$ payable to: Right of Way agent G torsignatur Attach form W-9 Dale K. Hall (02/24/99') Gra r(ifapplicable Chair, Weld County Board of Commissioners Division approval(Right of Way Supervisor) Grantor(if applicable) White-Stall ROW/Green-Property owner/Canary Region ROW/Pink-Region Preconstrudion Engineer/Projed Manager CDOT Form 1784 8/97 Goldenrod-Region Construction Engineer/Resident Engineer OCT 21 '99 U9-4SiM R4 SOUTH PROJ DEVELOP SECTION 2.2/2 ADDENDUM "A" to the Other Conditions section of the Colorado Department of Transportation Memorandum of Agreement between the Colorado Department of Transportation, CDOT, and Weld County, dated March / , 1999. Item 4, continued: traffic within CDOT's existing right-of-way for State Highway 25 shall be expanded to allow the construction and maintenance of the trail on the northern edge of Parcel 1, running generally in an east-west direction along the south side of the Saint Vrain River. Right of Way Agent Grantor signature Right of Way Supervisor Grantor signature Grantor signature REVIEW OF CDOT'S OFFER TO PURCHASE R.O.W. I have reviewed CDOT's offer to purchase 1.593 acres of property from the Hokestra gravel pit. Also CDOT would like to purchase a temporary easement adjacent to the property. They need this easement to rechannel the St. Vrain Creek. The temporary easement consists of 5.397 acres. Discussions with Greg Nelson indicates there will be no impact to be concerned with in the Counties mining operation other that a question about several trees. The right-of-way to be purchased has been mined my the County and the temporary easement also falls into the area that has been mined. Greg reviewed the locations CDOT is planning construction and the only concern Greg found during the on site review is that the County has several trees that fall in the temporary easement. Of these trees a number of them fall under the 404 permit and they may not be removed per the permit. Greg has left some other trees due to bald eagles using them to roost. Per CDOT plans the trees can not be located to identify them correctly. CDOT should be notified of our concerns with the trees. There are five comparable sales. The sales range in price from a high of$18,125.00 per acre to a low of$5,504.00 per acre. The average is $9,500.00 per acre. The highest sale is directly across WCR 24 1/2 to the south. The other sales comparisons ranged up and down the front range. The highest sale will not be for mining operations only. Long term plans is for development on this property. This may explain why the price per acre was so high. All other sales were for mining operations only. Also something to look at is that CDOT is purchasing property from the County that has already been mined. They will have to fill in this area to be able to utilize it for their right-of-way. Therefore if you look at it in this perspective then CDOT is probably being most generous to the County at their offer of$9,500 per acres. As for the offer for the temporary easement, the County uses the same formula as CDOT's. 5.397 acres @ $9,500/acre x 10% = $5,127. All in all I think the County is getting a fair deal. m:wpfiles\dons\hokpit 990341 STATE OF COLORADO DEPARTMENT OF TRANSPORTATION 1420 2nd sr. ' I OT Greeley, Colorado 80631 r�e�� imanipmasmai (970)353-1232 „P.,R,,,,^r,R,.,,,,,,,,i0, February 11, 1999 Mr. Don Summers PROJECT: NH-IRCX 025-3(109) Weld County Department LOCATION: SH 7 TO SH 66 of Public Works OWNER: WELD COUNTY 933 1 1th Avenue PARCEL: 1, TE-1 Greeley, CO 80631 CODE: 91032 COUNTY: WELD Dear Mr. Summers: In response to your request to investigate the protected trees located in Temporary Easement TE-1 of our Right of Way plans and specified in the Weld County permit for extraction of sand and gravel issued by the United States Army Corp of Engineers, I met with Greg Nelson of your office who specifically identified those protected trees. The engineer for the Project has placed in his General Construction Notes a requirement that I be contacted prior to contruction to field identify the protected trees and have them fenced so no damage to them will occur. This letter shall be attached as an amendment to and part of the Memorandum of Agreement in the acquisition of the Weld County parcels of the above-referenced Project. Thank you. Sincerely, Jeff M nuei Environmental Specialist Region IV Colorado Department of Transportation -ID c T4TE OF COLORADO DEPARTMENT OF TRANSPORTATION i RECEIVED I tOT 1420 2nd St. 1r^1 rrr `2i 1 2 C: 1455 , �® Greeley,Colorado 80631 - ' JAN 0 5 1999 in,--------- (970)353-1232 Rif C1_ER •, WELD COUNTY -DPUBLIC WORKS DEPT TO T` ° December 30, 1998 NOTICE OF INTENT TO ACQUIRE AND OFFER TO PURCHASE CERTIFIED MAIL - RETURN RECEIPT REQUESTED Mr. W. H. Webster, Protem PROJECT: NH-IRCX 025-3(109) Weld County Board of LOCATION: SH 7 TO SH 66 County Commissioners OWNER: WELD COUNTY P.O. Box 758 PARCEL: 1, TE-1 Greeley, CO 80504 CODE: 91032 COUNTY: WELD Dear Mr. Webster: The Colorado Department of Transportation (CDOT) will begin construction of the 1-25 frontage road north of State Highway 119 at Del Camino the Spring of 1999.Construction is scheduled to continue through 1999 and into 2000. CDOT's design for this Project provides for improvements which includes the reconstruction of the bridge and rechanneling of the St Vrain River to its original course. CDOT has determined that it must acquire one Parcel of land and a Temporary Easement Parcel in order to construct and properly locate the aforementioned highway improvements and channeling devices. A review of the public records and the Project design indicates that Weld County has the ownership interest in the property. This letter shall serve as Notice of Intent to Acquire and Offer to Purchase the necessary Parcels. CDOT has authorized me to make an offer for the necessary property interests. Our offer for all interest in the indicated temporary easements is $20,265.00. Enclosed with this letter are the following documents: 1) Offer of Fair Market Value 2) Memorandum of Agreement 3) CDOT Right of Way Plans colored to demonstrate proposed acquisition 4) Request for Taxpayer Identification Form (W-9) 5) Right of Way Information Booklet 6) Copy of the CDOT appraisal page 2 CDOT offer to Weld County All of the documents referenced above constitute and are relative to CDOT's offer to acquire the necessary property interests for the Project. If you have no further questions regarding the Project, you can sign the Memorandum of Agreement and return same in the self-addressed stamped envelope enclosed. Upon receipt of the signed documents, we will forward the package to Denver for processing. Thank you, and should you have any immediate questions, please do not hesitate to contact me at our Greeley office (970)350-2225. Respectfully, Richard V. Barker Region IV Right of Way Agent RVB Enclosures cc: E. Tormohlen/Staff ROW File via Grube STATE OF COLORADO DEPARTMENT OF TRANSPORTATION NH-IRCX 025-3(109) Project no. 4201 astAa ad060ve.-ROW Location SH 7 to SH 66 D03)75 .9011do80zz2 1, TE-1 (303)757-9011 Parcel no. g o Project.e.cod ebe(SMJ, 191Q32 Date OFFER OF FAIR MARKET VALUE Dear Weld County The Colorado Department of Transportation offers you the following amount as fair market value compensation for your property. The amount offered was determined by appraisal in accordance with applicable State laws and requirements. 1. Land and improvements $ 20,265.00 2. Damages $ -0- 3. Less benefits 4. Total $ 20,265.00 We based our determination on the following information: a. Identification of the real property to be acquired: See attached legal description and plans sheets b. Type of interest being acquired: Fee simple acquisition of Parcel 1, Temporary work easement for channel regrading (Parcel TE-1) c. Identification of all improvements, including fixtures to be acquired: N/A d. Identification of real property improvements, including fixtures to be acquired which are not owned by the landowner: N/A ROW agent name Charld�/V. Barker Signature - iS✓TJt f5fr'"'"' WINS-Properly owner COOT FORM ma COLORADO DEPARTMENT OF TRANSPORTATION REAL PROPERTY TO BE ACQUIRED FROM PARCEL NO. 1 Weld County, a body corporate and politic of the State of Colorado FOR PROJECT NO. NH-IRCX 025-3 (109) INTERSTATE HIGHWAY NO. I-25 S.H. 7 TO S.H. 66 PROJECT CODE: 91032 C\PROJECTS\91032EEGALSWAR1 DOC EXHIBIT "A" PROJECT NUMBER: NH-IRCX 025-3 (109) PARCEL NUMBER: 1 PROJECT CODE: 91032 DATE: 10/6/1998 LEGAL DESCRIPTION A tract or parcel of land No. 1 of the Department of Transportation, State of Colorado, Project No. NH-IRCX 025-3 (109) containing 0.645 hectares (1.593 acres) , more or less, in the NW 1/4 of Section 2, Township 2 North, Range 68 West, and the SW 1/4 of Section 35, Township 3 North, Range 68 West, of the Sixth Principal Meridian, in Weld County, Colorado, said tract or parcel of land being more particularly described as follows: Commencing at the NW corner of Section 2; Thence N. 89° 13' 00" E. , along the North line of the NW 1/4 of said Section, a distance of 88.591 meters (290. 65 feet) to the TRUE POINT OF BEGINNING; 1. Thence S. 0° 01' 16" E. , a distance of 42.779 meters (140.35 feet) ; 2. Thence S. 89° 58 ' 44" W. , a distance of 35.000 meters (114.83 feet) ; 3. Thence S. 0° 01' 16" E. , a distance of 73.614 meters (241. 51 feet) ; 4. Thence along the arc of a curve to the right having a radius of 3030. 000 meters (9940.93 feet) , a distance of 184.811 meters (606.33 feet) , (the chord of said arc bears S. 1° 43' 34" W. , a distance of 184.782 meters (606.24 feet) ) ; 5. Thence S. 3° 28' 25" W. , a distance of 7. 156 meters (23.48 feet) ; 6. Thence along the arc of a curve to the left having a radius of 2970. 000 meters (9744. 08 feet) , a distance of 165.025 meters (541.42 feet) , (the chord of said arc bears S. 1° 52 ' 54" W. , a distance of 165.004 meters (541.35 feet) ) , to the existing East Right of Way (R.O.W. ) line of Interstate Highway 25 as described at Reception No. 2549309; 7. Thence N. 0° 01' 31" W. , along said East R.O.W. line, a distance of 472.524 meters (1550.27 feet) , to the North line of the NW 1/4 of Section 2; 8. Thence N. 89° 13' 00" E. , along said North line, a distance of 46. 588 meters (152.85 feet) , more or less, to the TRUE POINT OF BEGINNING. The above-described portion of Parcel 1 contains 0.524 hectares/5240. 1 square meters (1.295 acres/56403 square feet) , more or less. Also Commencing at the SW corner of Section 35; Thence N. 89° 13' 00" E. , along the South line of the SW 1/4 of Section 35, a distance of 88.591 meters (290.65 feet) to the TRUE POINT OF BEGINNING; C\PROJECTS\910321LEGALS1PARI.DOC 1. Thence S. 89° 13' 00" W. , along said South line, a distance of 46.588 meters (152.85 feet) , to the existing East Right of Way (R.O.W. ) line of Interstate Highway 25, as described at Reception No. 2549309; 2. Thence N. 0° 01' 31" W. , along said East R.O.W. line, a distance of 21.130 meters (69.33 feet) , to the North line of that property described at Reception No. 2261418 and Reception No. 2261419 of the Records of the Clerk and Recorder in Weld County; 3. Thence N. 77° 42' 53" E. , along said North line, a distance of 47. 673 meters (156.41 feet) ; 4. Thence S. 0° 01' 16" E. , to the South line of the SW 1/4 of Section 35, a distance of 30. 637 meters (100.52 feet) , more or less, to the TRUE POINT OF BEGINNING. The above-described portion of Parcel 1 contains 0. 121 hectares/1205.8 square meters (0.298 acres/12979 square feet) , more or less. The above-described Parcel 1 contains 0. 645 hectares/6445.9 square meters (1.593 acres/69382 square feet) , more or less. Basis of Bearings: All bearings are based on a line connecting the NW corner of Section 2, T. 2 N. , R. 68 W. , 6th P.M. (3 1/2" aluminum cap stamped P.L.S. 10740) and the North 1/4 corner of Section 2, (3 1/2" aluminum cap stamped P.L.S. 10740) as bearing N. 89° 13' 00" E. and o -Be f. ofthe'Calorado Departmen of Transportation, Myron Duane Hora,-;, PLS #29754, 1420 2nd. --.St. Greeley, CO. 80631 Wi,Region 4,Checked - '. 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F Hi $ s &§ �y 661• I �,,i '' l2, �aQ�?-� Ice 3 i ES CC as za � c�� :. wo 1 -za -o I Co LA 0 F aaom �go�ao� o o c I a v of 0O``'��Mx w �P�r 3T ' =01 d o as )IX=+o°-°� 1 c I Z - v)mEL Cr)cn0 a 0 (.) 1 A m SO No13ai R4 1103/sold Z OS so CO 2661 zoo oz 90 ssos\Mo,\zaoLs\slooro;d\o 03Noi6 �� (94 49 4 `998 Ga.. es REAL PROPERTY APPRAISAL REPORT Complete Summary Appraisal Report Project No.: ..NH-IRCS 025-3(109) Project Code: 91032 Parcel Nos.: 1 and TE-1 North of Del Camino in Southwest Weld County, Colorado Short Appraisal Report Of Land/Site Segment and Affected Improvements to be Acquired For State of Colorado Colorado Department of Transportation Staff Right of Way Branch 4201 East Arkansas Avenue Denver, Colorado 80222 Date of Value: November 6, 1998, 1996 Date of Report: November 6, 1996 By W. West Foster, MAI, CRE Foster Valuation Company LLC Cottonwood Commons Offices 1750 25th Avenue, Suite 303 - Greeley, Colorado 80631 Federal Tax ID# 84-1157920 FOSTER VALUATION COMPANY LLC November 6, 1998 Colorado Department of Transportation Staff Right of Way Branch 4201 East Arkansas Ave., Room 291 Denver, Colorado 80222 RE: PROJECT NO.: NH-IRCX 025-3(109) PROJECT CODE: 91032 PARCEL NOS.: 1 and TE-1 LOCATION: Southwest Quarter of Section 2, Township, 2 North, Range 68 West, and the Southwest Quarter of Section 35, Township 3 North, Range 68 West of the 6's Principal Meridian,Weld County, Colorado OWNER: Weld County Staff Right-of-Way Branch: The attached is my real property appraisal report for the above-referenced property with an effective date of November 6, 1998. The purpose of this appraisal is to provide an opinion of compensation for the reasonable market value of the property actually taken; compensable damages, if any, to the residue; and specific benefits, if any, to the residue. The attached complete appraisal, summary report sets forth my compensation conclusion, along with supporting data and reasoning which forms the basis of my opinion. I understand that this appraisal may be used in connection with the acquisition of a right-of-way for the above-referenced project to be constructed by the Colorado Department of Transportation with the assistance of Federal-aid highway funds. If necessary, this report with supporting data, analyses, conclusions and opinions is to serve as a basis for court testimony in eminent domain proceedings. The reasonable market value estimates and opinion of compensation are subject to certain definitions, assumptions and limiting conditions, and certification of appraiser set forth in the attached appraisal report. Based upon my independent appraisal and exercise of my professional judgment, my opinion of compensation for the acquisition, as of November 6, 1998, is $20,261, as if unaffected by hazardous waste or contamination. Respec y submitted, W. West Foster, MM, CRE CO Certification#CG00001795 W. West Foster, MAI, CRE • Sue Anne Foster, MAI, SRA • Michael J. Keefe, SRA Real Estate Appraisers &Counselors Cottonwood Commons Offices • 1750 25th Avenue, Suite 204, Greeley, Colorado 80631 Phone (970) 352-1117 • FAX (970) 151 2753 TABLE OF CONTENTS Title Page Letter of Transmittal Table of Contents Executive Summary 1 Certification of W. West Foster 4 Qualifications of W. West Foster 6 Photographs of the Subject Property 7 Assumptions and Limiting Conditions 9 Appraisal Development and Reporting Process 11 Definition of Reasonable Market Value 13 Purpose of the Appraisal 13 Intended Use and Users of the Appraiser 14 Real Property Interest Appraised 14 Effective Date of Appraisal and Value Estimate 14 Identification of Subject Parcel 15 Neighborhood Data Summary 16 Property Description Summary 17 Subject Sales History Summary 18 Highest and Best Use Summary 19 Analysis and Valuation Summary 22 Addendum Right-of-Way Map Project No.: NH-1RCX 025-3(109) Parcel No: 1 EXECUTIVE SUMMARY Project Number: NH IRCX 025-3(109) Project Code: 91032 Parcel Numbers: 1 and it 1 Project Location: Interstate 25 from S.H. 7 to S.H. 66 Property Address or Location: East Frontage Road at St. Vrain Creek, Weld County, Colorado Owner of Record: Weld County Owner Present at Inspection: Owner's representative Property Interest Appraised Fee Simple Estate Effective Appraisal/Value Date: November 6, 1998 Date of Appraisal Report: November 6, 1998 Environmental Concerns: None Larger Parcel Land/Site Area: 219.915 Acres Owner Improvements: None Tenant Improvements: None Fixtures: None On-Premise Sign(s): None Off-Premise Sign(s) None Subject Use History: The use of the site has been for sand and gravel mining, and several more years of operation are planned Owner or Tenant Occupancy: Owner Subject 5 Year Sales History: None Zoning: A (Agricultural), Weld County Highest and Best Use Before Take: Sand and Gravel Mining Highest and Best Use After Take: Same Purpose for Part(s)Taken: Relocating Saint Vrain Bridge Purpose of Easement(s): N/A Purpose/Use of Temporary Easement(s): Construction Damages Considerations: None Restoration Cost(Cost to Cure): None a Benefits Considerations: None CDOT Short Appraisal Report 11/98 Page 1 Project No.: NH-IRCX 025-3(109) Parcel No: 1 - Summary Of Conclusions Larger Parcel Value Before Take Land/Site Value-Larger Parcel Before Take $2,089,193 ' 'A"i:::.:c"' '`( WiaiNS Improvements Contributory Value-Larger Parcel Before Take -0- _ ar¢!a<> ;':: 47 's 3 Larger Parcel Value Before Take $2,089,193 1 Value of Part(s)Taken Land/Site Value of Part(s)Taken:— �*...4::?f<::"s":::ae≥l Parcel No. Area Unit Value Value Total Value '" .>:'r,!t:?>w..a:.t"::s! 1 1.593 Acres $9,500/Acre $15,134 wi.. izF,:f,§,a2 oa?zo```:":4483`axV.:*:,.:>`:r.vn Land/Site Value of Part(s)Taken $15,1340 r% "°�"s`°"<'fs"r ..a;.>.::>c::#..a:5i:J.>ac:2".e.:...a<a::>4x5�:..:4ib > : . ::wii:i vg:r :.. .xH Easement Value of Part(s)Taken: nia Parcel No. Area Unit Value Rate(%) Value im Total Value � ,:: :-`"�:*^.s N/A S¢s`:; >° <" S $ 5gEa'"5 &oe 5 Easement Value of Part(s)Taken -0- '%�i°%�E'a"a '� °'!> .l�az5; `.:9R�U NA'' Owner Improvements Contributory Value of Part(s)Taken: �fi s's.;:>≤ie M a°�s:.st; Imp.No. Description(Type,Size Age,Condition,etc.) Contr.Value Total Value `"'y�`J aC °'"^a — I None . z:"r�.3:^:pa's^z.,;,>ta��.:.�ss�:;; a �$:e3,a.,'��.�%l' '>�ai Total Owner Improvements Contributory Value of Part(s)Taken -0- [ ."ya .g .x,vc?' „�f.:..8.s,�'„y .9K,;;,#r=' : ... . . ma#e;g4y#xe#fr3, OOs<y"sa�r°s'se; Fixtures Value of Part(s)Taken -0- o::'r.•;.e 414:A'':a&`''"° .LO On-Premise Sign(s)Contributory Value of Part(s)Taken -0- x£ :, �syr:., .: ,sx ,':: ' m^ �`> ::::�?:c:::*z>'V`^:.>F.>:%saE;:»s:>`:;ziii:e`. Off-Premise Sign(s)Contributory Value of Part(s)Taken -0- s%^::'_> ;; igg:.: ......:::...�. Improvements Contributory Value of Part(s)Taken -0- Fps`"t,siinvsssm Value of Part(s)Taken $15,134 Residue Value Before Take d Larger Party! Value Before Take $2,089,193 iiligniffiliiileigiiii Less: Value of Part(s)Taken -$15,134 . `g`; y;ly; ( 'ti� Residue Value Before Take $2,074,059 Residue Value After Take Iand/Site Value-Residue After Take $2,074,059 Millinall Improvements Contributory Value-Residue After Take -0- 'i< . '' ` ' ' '≥ Residue Value After Take $2,074,059 Indicated Compensable Damages to Residue After Take -0- Indicated Specific Benefits to Residue After Take -0- CDOT Short Appraisal Report 11/98 Page 2 Project No.: NH-IRCX 025-3(109) Parcel No: 1 Rental Value of Temporary Easement(s) Parcel No. Area Unit Value Rate(%) Term(Mos.) Value YiEiRiiiagiiiiogn TE-1 5.397 Acres $9,500/Acre 10% 12 $5,127 ...._... .;;;asr;M;::;::::§; Rental Value of Temporary Easement(s) $5,127 !Compensation Summary Land/Site Value of Part(s)Taken $15,134 _ Easement Value of Part(s)Taken -0- ,Owner Improvements Contributory Value of Part(s)Taken -0- Tenant Improvements Contributory Value of Part(s)Taken -0- Fixtures Value of Part(s)Taken -0- On-Premise Sign(s)Contributory Value of Part(s)Taken -0- Off-Premise Sign(s)Contributory Value of Part(s)Taken -0- -0- Compensable Damages-Residue After Take '#<<lfiI nriri. a Restoration Cost(Cost to Cure)-Residue After Take -0- Specific Benefits-Residue After Take Net Compensable Damages(and/or Offsetting Specific Benefits)to Residue -0- Rental Value of Temporary Easement(s) $5,127 Compensation Estimate $20,261 CDOT Short Appraisal Report 11/98 Page 3 Project No.: NH-IRCX 025-3(109) Parcel No: 1 CERTIFICATION OF W. WEST FOSTER PROJECT NO.: NH-IRCX 025-3(109) PARCEL NO.: 1 I certify that, to the best of my knowledge and belief,... • I have personally inspected the subject property appraised and I have also made a personal field inspection of the comparable sales relied upon in making my appraisal, examined sales instruments of record, and have confirmed the sales transactions with the buyer and/or seller. The photographs in this appraisal report reasonably represent the subject property and comparable sales relied upon. • The statements contained in the appraisal are true, and the information upon which the opinions expressed in this report are based is correct. The reported analyses, opinions, and conclusions are limited by the reported assumptions and limiting conditions set forth in this appraisal report, and are my personal, unbiased professional analyses, opinions, and conclusions. • I understand that this appraisal may be used in connection with the acquisition of right- - of-way for the referenced project to be constructed by the Colorado Department of Transportation and may involve the assistance of Federal-aid highway funds. • My analyses, opinions, conclusions developed, and this appraisal have been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), appropriate State laws, regulations, and policies and procedures applicable to appraisal of right-of-way. To the best of my knowledge no portion of the value assigned to the property consists of items which are noncompensable under established State law. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. • I have no present or prospective interest in the property that is the subject of this report or in any benefit from the acquisition of the property appraised, and I have no personal interest or bias with respect to the parties involved. • Neither my employment nor my compensation are in any way contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, or the attainment of a stipulated result. The value estimate was reached without collaboration or compulsion. • Any increase or decrease in the reasonable market value (as defined in Colorado Jury Instructions - Civil 3d, 36:3, Jurisdictional Exception to USPAP Standards Rule 1- CDOT Short Appraisal Report 11/98 Page 4 Project No.: NI-I-IRCX 025-3(109) Parcel No: 1 2(b)) of the real property appraised caused by the project for which the property is to be acquired, or by the likelihood that the property would be acquired for the project, other than physical deterioration within the reasonable control of the owner, was disregarded in this appraisal (Colorado Jury Instructions - Civil 3d, 36:3 and 49 CFR 24.103(b), Jurisdictional Exception to USPAP Standards Rule 1-4(O). This jurisdictional exception applies to the reasonable market value of the larger parcel value before take and value of part taken. • I have not revealed the findings and results of this appraisal to anyone other than the proper officials of the Colorado Department of Transportation or officials of the Federal Highway Administration nor will I do so until required by due process of law or by having publicly testified as to the findings. • No one provided significant professional assistance to the person signing this report. • The use of this report is subject to the requirements of the Board of Real Estate Appraisers, State of Colorado, Department of Regulatory Agencies relating to review by its duly authorized representatives. It is also subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, I, W. West Foster, have completed the requirements of the continuing education program of the Board of Real Estate Appraisers, State of Colorado. Also, I have completed the requirements of the continuing education program of the Appraisal Institute. • The Weld County Mining Foreman, Greg Nelson, accompanied me for the inspection of the subject property on November 4, 1998, and the site was inspected again on November 6, 1998. • The date of the appraisal report is November 6, 1998. • The effective date of appraisal and valuation is as of November 6, 1998. • Based upon my independent appraisal and the exercise of my professional judgment, my opinion of compensation for the acquisition, as of November 6, 1998, is $20,261, as if unaffected by hazardous waste or contamination. November 6, 1998 Date W. West Foster, MM, CRE Colorado Certification#CG00001795 CDOT Short Appraisal Report 11/98 Page 5 Project No.: NH-IRCX 025-3(109) Parcel No: 1 QUALIFICATIONS OF W. WEST FOSTER -- Education M.S. Degree in Regional Economics, Colorado State University, 1968. B.S. Degree in General Business, Colorado State University, 1964. Course I-A (Basic Principles, Methods and Techniques); Course 1-B (Capitalization Theory and Techniques); Course II (Urban Properties, Application of Appraisal Theory and Techniques); Course III (Rural Properties); Course IV (Litigation Valuation); Course VI (Real Estate Investment Analysis); Course VII (Industrial Valuation); Course 520(Highest and Best Use and Market Analysis); and Course 550 (Advanced Applications); all given by the American Institute of Real Estate Appraisers or the Appraisal Institute. Management and Leasing of Shopping Centers,by the Institute of Real Estate Management. Advanced Ranch Appraisal, by the American Society of Farm Managers and Rural Appraisers. Seminars: Fair Lending and the Appraiser, Understanding Limited Appraisals & Appraisal Reporting Options, plus numerous additional real estate seminars given by the American Institute of Real Estate Appraisers and later by the Appraisal Institute. Memberships and Designations Appraisal Institute: Designated Member(MM) 1982 to 1986 -National Division of Curriculum 1986 to 1987 - National committee to write The Appraisal of Real Estate,9th Edition 1987 to 1991 -Board of Examiners,General Demonstration Appraisal Reports 1987 to 1994 -Regional Member, Review and Counseling Division 1991 to 1994 -Regional Representative,Region II 1995 - National Vice Chair,Review and Counseling Division 1995 -Vice Chair,Region II and National Board of Directors 1996 to 1997 -Chair,Region II and National Board of Directors 1996 - National Chair,Ethics Administration Division 1997 to 1998 - National Chair,Ethics and Counseling Committee American Society of Real Estate Counselors: Counselor of Real Estate(CRE) 1994 - Vice Chair, Colorado Chapter 1995 -Chair, Colorado Chapter International Right-of-Way Association Greeley Board of Realtors Certified General Real Estate Appraiser: State of Colorado,#CG00001795 Certified General Real Estate Appraiser: State of Wyoming,#169 Professional Experience Foster Valuation Company: Fee Appraiser, April 1981 to present, specializing valuation and counseling with respect to income producing properties. Robert J. Mitchell, MM, & Associates: Fee Appraiser, March 1976 to March 1981, specializing in rural and income property valuation. Licensed Real Estate Broker: State of Colorado. Qualified in District and Federal Courts as an Expert Valuation Witness. CDOT Short Appraisal Report 11/98 Page 6 Project No.: NH-IRCX 025-3(109) Parcel No: 1 _ PHOTOGRAPHS OF THE SUBJECT PROPERTY Taken in November 1998 .- Aerial view looking southeasterly across Interstate 25 toward the Weld County site. CDOT Short Appraisal Report 11/98 Page 7 Project No.: NH-IRCX 025-3(109) Parcel No: 1 M ^^ y$µ F �• � r(� 4 Diu Looking southerly along the western property boundary and the part being taken. A northerly view of the part being taken. CDOT Short Appraisal Report 11/98 Page 8 PART 1 - INTRODUCTION Project No.: NH-IRCX 025-3(109) Parcel No: 1 ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in the appraisal report is subject to the following conditions, and to such other specific and limiting conditions as are set forth by the appraiser in the report: 1. The appraiser performed a complete appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). No departures from Standards Rule 1 were invoked. Refer to the Appraisal Development and Reporting Process section of this report for additional comments on Jurisdictional Exception. 2. This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of USPAP for a Summary Appraisal Report. As such, the report may not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in office files. The information contained in this report is specific to the needs of CDOT and for the intended use and users stated in this report. 3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated in this report. The property is appraised "as if free and clear" of liens and encumbrances, but subject to existing easements, covenants, deed restrictions, and rights-of-way of record. 4. Opinions, estimates, data and statistics furnished by others in the course of studies relating to this report are considered reliable. 5. Any utility lines, water lines, irrigation or drainage facilities and fences disturbed during the course of the project will be properly cared for by the Region during construction, unless otherwise stated in this appraisal report. 6. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. Separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. CDOT Short Appraisal Report 11/98 Page 9 Project No.: NH-IRCX 025-3(109) Parcel No: 1 7. This report is as of the date set out and is not intended to reflect subsequent fluctuations in market conditions, up or down. 8. The legal descriptions, areas and data provided by the Region are assumed to be correct. The sketches and maps in this report are included to assist the reader in visualizing the property and are not necessarily to scale. Various photographs are included for the same purpose. Site plans are not surveys unless prepared by a separate surveyor. 9. It is assumed there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or arranging for engineering studies that may be required to discover them. 10. It is assumed the subject property complies with all applicable zoning and use regulations and restrictions, unless a nonconformity has been stated, defined, and considered in this appraisal report. 11. It is assumed the utilization of land and improvements is within the boundaries or property lines of the property described and there is no encroachment or trespass unless otherwise stated in this report. 12. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, or other environmental conditions, which may or may not be present on the property, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection of the subject property. The appraiser has no knowledge of the existence of such materials or environmental conditions on or in the property unless otherwise stated. The appraiser is not qualified to test for such substances or conditions, nor for any expertise or engineering knowledge required to discover them. The presence of hazardous waste and/or toxic materials or environmental conditions may affect the value of the subject property. The value estimated is predicated on the assumption there is no such condition or contamination on or in the property or in proximity thereto that would cause a loss in value. 13. This appraisal was made under the assumption the acquisition for the proposed public improvement will occur as depicted on CDOT's right-of-way maps for Project No. NH-IRCX 025-3(109), located in the Southwest Quarter of Section 2, Township 2 North, Range 68 West, and Section 35, Township 3 North, Range 68 West of the 6th Principal Meridian, being part of Weld CDOT Short Appraisal Report 11/98 Page 10 Project No.: NH-IRCX 025-3(109) Parcel No: 1 County, Colorado. Specific reliance has been placed on the right-of-way plans designated as sheets 5 through 8, having an original date of October 20, 1998. If any modification is made to the plans, the appraiser reserves the right to revise the appraisal and appraisal report to reflect the change. 14. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications bathers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility. APPRAISAL DEVELOPMENT AND REPORTING PROCESS This Complete Appraisal has been prepared in accordance with the USPAP Standards Rules 1 and 2. Standards Rule 1 has requirements and guidelines concerning the appraisal development, analyses, and process. Standards Rule 2 details requirements for the reporting of the appraisal in a Summary Appraisal Report. This appraisal involves collection of sales information and general and specific data. Appraisal processes for highway acquisition entails a search for recent property sales (and rentals, as applicable) in the neighborhood or area. This may be accomplished by interviewing and learning from landowners about known property sales or rentals, searching county assessor's office records, requesting data from real estate brokers, local appraisers, title companies, or transaction principals and using any other data summary services that may be locally available and appropriate. Impressions of those knowledgeable of the current local market and any information about recent trends that may bear on property values are also solicited. Significant property transactions researched are analyzed for their degree of similarity to the subject property by physically visiting and visually inspecting the properties, viewing and examining recorded transfer of property deeds and documents, and considering construction costs of improvements obtained from either local contractors or other cost publication sources. For properties deemed to be appropriate and reliable indicators of value, verification with either buyer or CDOT Short Appraisal Report 11/98 Page 11 Project No.: NH-IRCX 025-3(109) Parcel No: 1 seller is made to confirm the details of the transaction. Any additional data necessary for estimating the value of land and/or improvements in the acquisition and damages, specific benefits or cost to cure damages to the residue are gathered according to the circumstances of the individual appraisal assignment. Analyses of the data and subsequent reporting in a clear logical manner result in meaningful estimates of reasonable market value, benefits and/or damages (if any), restoration cost or cost-to-cure (if any) and estimate of compensation. Jurisdictional Exception to USPAP Standard 1 The Jurisdictional Exception in USPAP states If any part of these standards rules is contrary to the law or public policy of any jurisdiction, only that part shall be void and of no force or effect in that jurisdiction." A Jurisdictional Exception does not invoke the Departure Provision of USPAP Standards. The jurisdictional definition of "reasonable market value" used in this appraisal is a Jurisdictional Exception to USPAP Standards Rule 1-2(b) and 1-4(f). There are three approaches by which the value of real estate may be estimated: cost, sales comparison, and income capitalization approaches. USPAP Standards Rule 1-4(b) covers the three approaches to value. Jurisdictional Exception as per 49 CFR 24.103(a)(3) states "When sufficient market sales data are available to reliably support the fair market value for the specific appraisal problem encountered, the Agency, at its discretion, may require only the market approach. If more than one approach is utilized, there shall be an analysis and reconciliation of approaches to value that are sufficient to support the appraiser's opinion of value." Where the appraiser determines the sales comparison approach adequately represents the market for the property type being appraised, availability of sales data is adequate, buyers and sellers in the market place primary reliance on this approach, and the appraiser believes this approach is the primary approach considered in the market, the appraisal process may be limited to the sales comparison approach. This Jurisdictional Exception does not invoke the Departure Provision of USPAP Standards Rule 1-4(b). Departure Provision to USPAP Standards Rule 1 This is a complete appraisal because the complete appraisal process was utilized and no departures of USPAP were invoked. CDOT Short Appraisal Report 11/98 Page 12 Project No.: NH-IRCX 025-3(109) Parcel No: 1 DEFINITION OF REASONABLE MARKET VALUE Colorado Jury Instructions (CJI) - Civil 3d, 36:3 contains the jurisdictional definition of reasonable market value as used in Colorado for eminent domain proceedings. The definition of reasonable market value is a Jurisdictional Exception to the Uniform Standards of Professional Appraisal Practice Standards Rule 1-2(b) and 1-4(f). Reasonable market value is defined as follows: "The value you are to determine for the property actually taken is the reasonable market value for such property on (insert valuation date). Reasonable market value' means the fair, actual, cash market value of the property. It is the price the property could have been sold for on the open market under the usual and ordinary circumstances, that is, under those circumstances where the owner was willing to sell and the purchaser was willing to buy, but neither was under an obligation to do so. In determining the market value of the property actually taken, you are not to take into account any increase or decrease in value caused by the proposed public improvement." PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the reasonable market value of the property actually taken; compensable damages, if any, to the residue after take; and specific benefits, if any, to the residue after take. CDOT Short Appraisal Report 11/98 Page 13 Project No.: NH-IRCX 025-3(109) Parcel No: 1 INTENDED USE AND USERS OF THE APPRAISAL The intended use of the appraisal is in connection with the acquisition of right-of-way for the referenced project to be constructed by the Colorado Department of Transportation with the assistance of Federal-aid highway funds. If necessary, this appraisal report with supporting data, analyses, conclusions and opinions is to serve as a basis for court testimony in eminent domain proceedings. Intended users of this appraisal and appraisal report include but are not limited to: the property owner and property owner's attorney; attorneys with the State of Colorado Office of the Attorney General; the CDOT Region, region agents and other representatives; the CDOT Staff Right-Of-Way Branch appraisal unit, appraisal review unit, and other representatives; and the Federal Highway Administration and its representatives. REAL PROPERTY INTEREST APPRAISED The real property interest of the subject larger parcel and the part to be taken has been appraised as fee simple estate (title). Please refer to the Assumptions and Limiting Conditions. EFFECTIVE DATE OF APPRAISAL AND VALUE ESTIMATE The effective date of appraisal, the estimate of reasonable market value of the subject larger parcel, and the estimate of compensation is as of November 6, 1998. The owner's representative, Greg Nelson, accompanied me for the inspection of the subject property on November 4, 1998, and the site was revisited on November 6, 1998. CDOT Short Appraisal Report 11/98 Page 14 PART 2 - FACTUAL DATA Project No.: NH-IRCX 025-3(109) Parcel No: 1 IDENTIFICATION OF SUBJECT PARCEL The property being appraised is a vacant site situated in the east side of the Interstate 25 frontage road about one-half mile north of the Colorado State Highway 119 interchange and is bounded on the north by the St. Vrain Creek. A copy of a plat showing the site is included on the facing page. It is further identified as Weld County Assessor's Parcel Numbers 1313-02-0-00-056, 1313- 02-0-00-060, and 1207-35-0-00-050. The site is a tract of land located in the NW'/a of Section 2, Township 2 North, Range 68 West of the Sixth Principal Meridian, in Weld County, Colorado, said tract or parcel of land being more particularly described as follows: Beginning at the center of said Section 2 and considering the South line of the NW/ of Section 2 to bear North 89°47'45" West will all other bearings relative thereto; Thence North 89°47'45" West, 799.34 feet; Thence North 01°03'46" East, 330.32 feet; Thence South 89°43'25" West, 240.00 feet Thence South 00°58'06" East, 328.34 feet; Thence North 89°47'45" West, 1,540.02 feet along the South line of the NW'A of Section 2 to the East right of way line of Interstate Highway 25, said point being 50 feet East of the West Quarter corner of Section 2; Thence North 00°17'36" East, 2,567.46 feet along said East right of way to a point on the North line of the NW/ of Section 2, said point being 50.01 feet East of the Northwest corner of Section 2, and common with the Southwest corner of Section 35, Township 3 North, Range 68 West; Thence North 00°46'36" West, 51.30 feet along the East right of way of Interstate 25 to the approximate centerline of St. Vrain Creek as indicated by the midpoint on the Frontage Road bridge; Thence North 77°53'36" East, 2,642.52 feet along said approximate creek centerline to a point on the East line of the SWA of said Section 35; Thence South 00°31'47" East, 577.61 feet along said East line to the South Quarter corner of Section 35; CDOT Short Appraisal Report 11/98 Page 15 Project No.: NH-IRCX 025-3(109) Parcel No: 1 Thence South 00°44'42" West, 2,604.70 feet along the East line of the NW1/4 of said Section2 to the Point of Beginning. ALSO The West Half of the Northeast Quarter of Section 2, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and that part of the Southwest Quarter of the Southeast Quarter of Section 35, Township 3 North, Range 68 West of the 6th P.M., Weld county, Colorado, lying South of the Last Chance Ditch. This parcel contains 219.915 acres. There is about one-half mile of frontage on the Interstate 25 East Frontage Road, which forms the west property boundary. Frontage along Weld County Road 241/2, which forms the southern boundary, is approximately three-quarters of a mile, and St. Vrain Creek forms the northern boundary of the western portion of the property. The site is in Weld County and is zoned for agricultural use. Most of the eastern part of the property has been mined and has been reclaimed. The southwestern portion of the site is currently being mined, and plans are in process to move mining operations to the northwestern portion of the property. NEIGHBORHOOD DATA SUMMARY The property being appraised is located in southwestern Weld County, Colorado. approximately 25 miles from Greeley, the county seat. The general area in which the subject is located is commonly known as the Northern Front Range, an area extending from Fort Collins on the north to Denver on the south. The area, which is adjacent to the east side of the Rocky Mountains, is approximately 100 miles wide. Interstate 25, a restricted access freeway constructed in the early to mid-1960s, is the backbone of the Northern Front Range. The subject neighborhood is generally defined as the area bordering the east and west sides of the interstate between the interchanges of Colorado State Highway 60 on the north and State Highway 7 on the south. The subject property is located in the northern part of the neighborhood near the northeast quadrant of CDOT Short Appraisal Report 11/98 Page 16 . . glirl 1 . . ®�9® t atYl - YYImIY. n 1 a 4 a 4 IL- ICIto3 64 ° ar k7O 1 i Y n" \ man , N 62 1 I Je H Me II Il�� ' � i e all (}t , Is I n II /l. el a grill =W� 7 56 --i w r� ma_ u 1 m YI It e a �'� a1 tn: >61 r I 54 ►' M'&\e / R 68W aN a m m � � 1 52 --'ti 1GI L a / I m t a 1 S � I 3 5 7 11 aI J (a » m �""''AI I s. x •H 1 80 1 a 1 \' Y t , � ll7..a�'�le• t a'4 F Y •_ I a y i f 484-'1 /`I �"rr e� i e _ I� _ 1 I 7 ' e 1 > 1 to l �91-� 1 I I I t vinta I n 4L4L 1P n I R H i i I I IS a le 17 IS I a dr e u 17 1 u Ia 44 __ -- , I i u a I a ® Ie a n tdp NW t' ��s n a m n ' a 1 a I Y. I au Fa-1 a n as a m 1 a a n .a4 t frr Or _vain a is a a ' a i n ' a ' Ys 1 / r-- f nor4__ 40 ---t I 1'-- "� J- nor 4__,,, --�---r---�--a JI 1 32 ' 33 34 >b a JI I k JJ Je 1 a a a 1 Ja 1 m , a 9 Jf a a 1 J. 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Ia t u t ` at 111min al "., .L '.. mIYI a �1 a I m /I :: a � :. 1 � Jola la n1a � ' a a ' n a ell al / ' a n a ' nl . JY a x a i as1. yY ,y� I 1 Y �� , ,,c Bulb x_ a_ 1 u 1 5 3 ' 5 7 9 11 ,..I18' 15 17 19 21 23 2 27 1 33 35 37 39 41 43 45 471 g Project No.: NH-IRCX 025-3(109) Parcel No: I the Interstate 25 and State Highway 119 interchange. This state highway funnels a significant amount of traffic to this area. The major interchanges are marked on the facing map with blue circles, which designate a county urban development node. County zoning requires the unincorporated areas within the nodes to be developed as a planned unit development (PUD). The small communities in proximity to the interstate have actively been annexing land along the interstate, and a recent battle has formed among some communities over control of the land surrounding the interchanges. As it now stands, Johnstown has annexed land at both the I-25/SH-60 and I-25/SH-56 interchanges. Mead controls the I-25/SH-66 interchange, Frederick has annexed land at the I-25/SH-52 interchange, and Broomfield has annexed land at the I-25/SH-7 interchange. During the early 1980s, plans were finalized to create the St. Vrain Sanitation District. A sewage treatment plant was built about two miles to the northeast of the I-25/SH-119 interchange along the shores of St. Vrain Creek. The treatment plant has a 500,000-gallon per day capacity, which should be adequate for many years. It was designed to accommodate an expansion up to a capacity of 1,500.000 gallons per day with minimal capital expenditure. The system was recently extended south one-half mile east of I-25 to State Highway 52 and more recently along Weld County Road 13 to Saint Vrain Ranch, a residential development in Firestone. Plans are in process to extend the sewer main to the north to serve the Foster Ridge Business Park, which is being developed in the _ southwest quadrant of the Colorado State Highway 66 and Interstate 25. Availability of sewer in this area has and will continue to stimulate growth. The neighborhood is supplied by four water districts on a service area basis. Each of these districts is a member of the Northern Colorado Water Conservancy District (NCWCD) of Loveland. The NCWCD supplies raw water from the Colorado Big Thompson and Windy Gap Projects to member municipalities and districts for domestic and agricultural use. Although supply costs will vary, raw water supplies are generally available to support growth and development within the area. Conversion of agricultural water rights to municipal use will likely continue. The potential of a water district to serve additional customers is related to existing capacity and the costs for providing service. In the near-term, the districts are able to provide a limited number of taps, with certain exceptions, based upon available capacity. As this available capacity is committed, additional service will become increasingly expensive and may require costly system expansions. CDOT Short Appraisal Report 11/98 Page 17 Project No.: NH-IRCX 025-3(109) Parcel No: 1 Current capacity restrictions within the area will be eased, to an extent, by water line construction in progress by the Little Thompson and Central Weld County Districts. Little Thompson will own the 24-inch portion of this line north of State Highway 66 and Central Weld will own the 18-inch portion of the line south of State Highway 66. The latter will form a portion of a loop to the east of I-25, intended to serve the Firestone, Frederick, and Dacono areas, as well as the development around the I-25/SH-119 interchange. The area is within the electrical service area of United Power. The electrical power distribution system is relatively well developed and can accommodate the future growth and development envisioned. Natural gas service in the area is currently provided by KN Energy and Public Service Company, which have adequate capacity to handle the area's growth in demand for the near future. Solid waste collection and disposal services in the area are currently _ provided by two firms, Western Disposal Services and United Waste. Disposal is at licensed facilities, of which the closest is the Laidlaw landfill east of Erie. Solid waste collection and disposal do not provide constraints to future development in the area. The areas surrounding the interchanges have developed predominately with commercial and light-industrial uses. Additional light-industrial uses border certain sections of the interstate between interchanges. The remaining and predominant land use in the area is agricultural. The flood plain areas along St. Vrain Creek and Boulder Creek, which run along a southwest to northeast alignment, contain extensive sand and gravel reserves. These reserves have been extracted in some areas. Unmined areas within the vicinity will likely feature sand and gravel mining operations in the future. The average daily traffic volume (1996) in number of vehicles along I-25 at various interchanges is as follows: Highway 60 44,200 Highway 66 44,400 Highway 119 46,800 Highway 52 51,600 Traffic volumes in the area are expected to grow significantly over the next 25 years. The daily traffic volume along I-25 south of Highway 119 was forecast (I-25/SH-119 Environmental Assessment, CDOT, 1994) to increase from the CDOT Short Appraisal Report 11/98 Page 18 Project No.: NH-IRCX 025-3(109) Parcel No: 1 existing volume to 100,000 vehicles per day by the year 2020. As a result, the environmental assessment recommended the reconstruction of the I-25/SH-119 interchange. Construction of the interchange is currently underway. The 1994 environmental assessment also recommended the widening of 1-25 to six lanes between State Highways 7 and 66 to accommodate imminent traffic growth. The total estimated costs for the interstate improvements from State Highway 7 to State Highway 66 are over $163 million. At the northeast quadrant of the I-25/SH-66 interchange, there has been a significant amount of light-industrial development, mainly in the form of office/warehouse facilities in the Sekich Business Park and Valley/66 Business Park. The parks are annexed into Mead for the most part, and the developers have sold virtually all of the lots. The John Deere dealer (Uniwest) occupies the southeast corner of the interchange. Land is available for future development in the southwest and northwest corners of the interchange. The 113-acre site in the southwest quadrant has been plated as Foster Ridge Business Park and its development is scheduled for early 1999. The State Highway 119 interchange, known as Del Camino, has the most intensified commercial development. The highway-oriented uses are all located along the west side and consist of truck stop/repair facilities, convenience stores, limited-service motels, fast-food restaurants, a mobile home park, and RV and mobile home sales lots. The east side of the interchange is presently unimproved; however, land in the northeast quadrant has been platted into two lots. One lot recently sold for a proposed Phillips 66 convenience store and another recently closed for a Wendy's restaurant. Once the interchange reconstruction is completed, construction is due to commence. Directly north and east is a 54.63- _ acre tract that sold in June 1995 for a proposed, 386-bed, pre-parole detention center. Due to neighborhood opposition, construction of the facility was put to a countywide vote and was defeated. Public water and sewer are available to the site. The southeast quadrant of the State Highway 119 interchange consists of a 296-acre tract known as the Crossroads Del Camino PUD. The PUD zoning was approved in March 1989. Proposed land uses consist of 45 acres of commercial uses along the 1-25 East Frontage Road followed by 89 acres of industrial uses extending to the Godding Hollow Ditch. On the east side of the ditch, 31 acres are proposed for medium density residential use and 75 acres for a mobile home park. This site has just sold to Sun Communities, which is developing the eastern part of the site as a mobile home park and is selling the commercially-zoned western part. CDOT Short Appraisal Report 11/98 Page 19 Project No.: NH-IRCX 025-3(109) Parcel No: 1 Due to the relatively strong growth pressures at the Del Camino interchange and immediate area, Weld County recently revised their I-25 Mixed-Use Development Area Comprehensive Plan (Ordinance No. 191). The revised plan encompasses an area of approximately 12,110 acres, consisting of a strip on each side of 1-25 from Weld County Road (WCR) 20 and extending five miles north to State Highway 66. Boundaries are WCR 1 on the west, WCR 11 on the east, State Highway 66 on the north, and WCR 20 on the south. The intent is to guide and implement planned land use changes in the area, particularly the conversion of rural lands to more intensive urban-type uses. Proposed land uses consist of medium-density, regional commercial uses planned for all quadrants of the State Highway 119 interchange and at the southwest quadrant of I-25/SH-66, and high- - intensity employment centers bordering 1-25. Interior portions consist of mixed- intensity residential uses. A commercial bank has acquired a site in this portion of the neighborhood and is building a full-service location to serve the businesses developing in Southwestern Weld County. Directly south, at the southeast quadrant of 1-25 and County Road 22, is an approximate 75-acre industrial park known as the Del Camino Center. The park is served with public water and sewer and is made up of high quality, R & D facilities. Major occupants include Hauser Chemical, Dovatron International, Gerard's French Bakery, and Specialty Products Company. One of the newer facilities is the Applied Films complex, which is farther south within the development and fronts onto I-25 Frontage Road. A large distribution center is nearing completion south of the Applied Films facility, which will be occupied by TSN, a regional food distributor. Three miles south of State Highway 119, at the southeast quadrant of 1-25 East Frontage Road and County Road 18, is Frederick West Business Park. It is annexed to the Town of Frederick and is served by public water and sewer. A 106,000 square foot building was recently constructed for Metal Sales Manufacturing Corporation on an 18.20-acre site. Other buildings were recently constructed south of the Metal Sales facility for FMC Corporation (formerly Direct Measurement Corporation) and Aerocom Industries. The developers are platting and developing additional lots as dictated by demand. Indian Peaks Industrial Park is located across the interstate from Frederick West Business Park at the northwest quadrant of 1-25 West Frontage Road and County Road 18. This PUD was originally developed in 1989, and there have been ten filings to date. There are a total of 35 lots in the development with sizes ranging from 1.00 to 5.03 acres. Lot sales over the past two years have ranged in price from $0.80 to $1.08 per square foot. The development features primarily CDOT Short Appraisal Report 11/98 Page 20 Project No.: NH-IRCX 025-3(109) Parcel No: 1 small light-industrial buildings, and most of the lots have been improved. Individual septic systems are required. At the I-25/SH-52 interchange, development is limited to a Phillips 66 truck stop and convenience store facility, which is located in the southwest quadrant. Farther west are light industrial uses. The 49.27-acre parcel south of the truck stop is being developed as Glacier Business Park. A 70-acre tract of land located at the southeast quadrant is proposed for a mixed-use development known as Gateway 2000. A 12-inch water line is located adjacent to the property in State Highway 52, and the main sewer line of St. Vrain Sanitation District is located north of the property. The Dacono Factory Outlet Center has been proposed at the northeast quadrant of the I-25/WCR-8 interchange (Town of Erie exit). In June 1994, Oxford Development LLC purchased a 104-acre tract that has since been annexed into Dacono. A sports-oriented outlet mall is proposed with the first phase containing 100,000 square feet (total build-out is 300,000 square feet). Additional proposed uses include a limited service motel, service station, restaurant, and sports fields. Another Outlet Mall was proposed on 125 acres in the northwest quadrant of the I-25/SH-7 interchange. The 1.1 million square foot mall, called The Great Mall of Colorado, was being designed as a super regional, value-oriented mall and was being developed by the Virginia firm of Petrie Dierman Kughn. Reportedly, the mall was expected to feature 200 stores and eight major anchors. The tract has been annexed into Broomfield, but existing water and sewer utilities are five miles south of the site, which has put a damper on the project. In conclusion, Interstate 25 is the major highway providing access to Front Range communities. Due to the significant volume of vehicles that travel on this freeway daily, each interchange along its length is considered prime for commercial and industrial development. Overall, the neighborhood is in a period of strong growth, which has a positive influence on the value of the Weld County property. CDOT Short Appraisal Report 11/98 Page 21 �A ii i f 1, .x r/J y s ' 4 0. �e -,„,E,,,!,�' M1fi t.: \ l�f i W �'�N.iu'ye , r 'ft 13,3 ,er i 1 F� y r..n'c'7 a ' "r✓w. s 4 4, , � , M ,ii, .yam .> Y fp i M1 Pte' .. W W' } �'. -at v w �, , ,,a . S� .. , / # If ,31 to fa y�cyw -)s- �""` .T N 0 $ • $ f P$kiyyM1f` v_�� 'cu�fFf [�.q•ty �rY" f 'A O ! ue"; / if 4 u_4t e s , 'yf• t� I" � JY � ,f. T`� d 1 'i W �S'4 � f t'c1� i �' 'j i+'/ t • V 21s.` : i ) ',mi.. d Ste . ' }{,4 ll i iik t- eir i of,,,.�� n f 5pd �, fi i'f fit W�. It' i4i k. 1 4 qy 1tt 141191,1it 4 s i i . '1' 1f K .....'4,04.• ,44:4.ita y �#p a ri !� i �, p. y qt d!S'��r1'� }''. .•-4,.."...41..,11. 4„W . '01'4 i p' I •9A s • }i 41 i't R 'f�.. 1 —.1 32 t" - f 5X ,5143.0'1 e:;N ' x �.cs ' PM t !� yy to Sn' x F I,. l s x Nit � 11 5 ! YJ ir .4,,,,...: i M1 r ..«. Lh �A �.`t - � • f w� fP r S i # ,'1,144.44‘.4. } > 4.4 }.4' i ii _._ 4"' i`'bk R' j E Project No.: NH-IRCX 025-3(109) Parcel No: 1 PROPERTY DESCRIPTION SUMMARY The property is situated in the north half of Section 2, Township 2 North, Range 68 West of the tith Principal Meridian in Weld County, Colorado. It is being utilized by Weld County as a sand and gravel operation. Site Description Access - The site lies northeast of the Interstate 25 and Colorado State Highway 119 interchange north of St. Vrain Creek. It is bounded on the west by the Interstate 25 East Frontage Road and on the south by Weld County Road 241/2, and access is available from both roads. Shape and Size - As shown on the facing plat, the tract has a slightly irregular shape. The tract measures about three-quarters of a mile east-west along the southern boundary and about one-half mile north-south along the western boundary. Area of the western portion of the tract was calculated with the use of a computer surveying program to be 169.975 acres. However, there is no metes and bounds legal description for the eastern portion lying south of the last chance ditch. Weld County assessor's records show this area to contain 49.940 acres; and through scaling aerial photos, this appears to be reasonable. As a result, the land area of the larger parcel before the take is estimated to be 219.915 acres. Topography and Drainage - The site slopes gently from the south to the St. Vrain Creek, which forms the northern boundary. Surface drainage appears to be adequate, draining to the St. Vrain Creek. Utilities - Although all normal municipal utilities are not contiguous to the site, they are available in the immediate area. Public Service Company of Colorado and Rocky Mountain natural Gas provide natural gas, United Power supplies electricity; and Little Thompson Water District handles treatment and delivery of domestic water; and St. Vrain Sanitation District provides sewer services throughout the area. U.S. West Communications provides local telephone services, and there are a number of long-distance carriers. Easements - A title policy was not available for review. There are no known easements affecting the site. Inspection of the property did not reveal any that appeared to be detrimental to value. CDOT Short Appraisal Report 11/98 Page 22 Project No.: NH-IRCX 025-3(109) Parcel No: 1 _ Flood Hazard - According to the FEMA Flood Insurance Rate Map, Community Panel Nos. 080266 0850 C and 0855 C, most of the subject property is located within a 100-year flood plain. Hazardous Substances - Mining of sand and gravel has taken place on the property, and heavy lubricants were used on the crushers, conveyors, and so forth. Nevertheless, no evidence was found to indicate that the subject property is currently being impacted by hazardous materials or toxic substances generated, transported, disposed, or used on the subject property or at other nearby properties. Soil Conditions - A geotechnical engineering report has not been prepared for purposes of preparing this appraisal. Description of Improvements There are no building improvements on the subject property. Site Improvements There are no site improvements. Zoning The site is currently zoned A (Agricultural) by Weld County, which is established to maintain and promote agriculture as an essential feature of Weld County. This district is intended to provide areas for the conduct of agricultural activities and activities related to agriculture and agricultural production without the interference of other, incompatible land uses. It is also intended to provide areas for the conduct of Uses by Special Review which have been determined to be more intense or to have a potentially greater impact than Uses Allowed by Right. Mineral resource development is a use by special review, including open pit mining and materials processing. Assessed Value and Taxes The subject parcel is identified as Weld County Assessor's Parcel Numbers 1313-02-0-00-056, 1313-02-0-00-060 and 1207-35-0-00-050. Since Weld County is the owner of the tract, it is not assessed or taxed. CDOT Short Appraisal Report 11/98 Page 23 PART 3 - ANALYSIS AND CONCLUSIONS Project No.: NH-IRCX 025-3(109) Parcel No: 1 SUBJECT SALES HISTORY SUMMARY Weld County purchased the eastern portion of the site from Construction Leasing Investment Company via Warranty Deed recorded November 17, 1980 at Reception Number 2036016. The price reported by Mr. Don Warden, Weld County Administrator, was reported to be $274,820, which was for 105.70 acres. Some of that parcel has since been conveyed to others in exchange for other gravel properties. The larger tract to the west was the most recent acquisition. It was acquired from Siegrist Construction Company via Warranty Deed recorded August 30, 1991 at Reception Number 2261418. The price paid for this tract was reported to be $679,689.70, or $3,998.76 per acre for the 169.975 acres. The property is not being offered for sale, and there have not been any recent transfers of ownership interest that have a bearing on current market value. HIGHEST AND BEST USE SUMMARY Highest and best use is the most profitable and competitive use of a property, Colorado Jury Instructions - Civil 3d, 36:6 views highest and best use as follows: "In determining the market value of the property actually taken (and the damages, if any, and benefits, if any, to the residue) you should consider the use, conditions and surroundings of the property as of the date of valuation. In addition, you should consider the most advantageous use or uses to which the property might reasonably and lawfully be put in the future by persons of ordinary prudence and judgment. Such evidence may be considered, however, only insofar as it assists you in determining the reasonable market value of the property as of the date of valuation (or the damages, if any, or the benefits, if any, to the residue). It may not be considered for the purposes of allowing any speculative damages or values." Four criteria must be met for highest and best use for both vacant land and for improved property. Highest and best use must be physically possible, legally CDOT Short Appraisal Report 11/98 Page 24 Project No.: NH-IRCX 025-3(109) Parcel No: 1 permissible, financially feasible, and maximally productive. Since the subject tract is vacant, it is only necessary to determine the Highest and Best Use as vacant. Physically Possible Uses The site contains nearly 220 acres and is reasonably regular in shape. Therefore, it is of sufficient size to accommodate a number of uses. Although municipal utilities are not in service at the site, electricity, telephone, natural gas, domestic water, and sewer services are nearby and can be brought in at a reasonable cost. Site dimensions allow for efficient land utilization. Access is adequate for some uses, via the Interstate 25 East Frontage Road and by Weld County Road 241/2, the latter of which is a two lane gravel roadway. Proximity to supporting services, such as shopping, schools, houses of worship, and so forth, is not an attribute of this property. The nearest services are in Longmont, approximately seven miles to the west. In addition, about 65 percent of the property is in a 100-year flood hazard area. Nevertheless, numerous uses are possible from a physical standpoint. Legally Permissible Uses My use to which the site might be put must be legally permissible. The site being appraised is zoned A (Agricultural) by Weld County. Uses by right include one single family dwelling unit per legal lot; farming, ranching, and gardening; cultivation, storage, and sale of crops, vegetables, plants, flowers, and nursery stock raised on the premises; cemeteries; oil and gas production facilities; public parks and public recreation facilities; public schools; utility service facilities; asphalt or concrete batch plant used temporarily and exclusively for the completion for a public road improvement project; mobile or manufactured home, subject to additional requirements; and police and fire stations or facilities. Uses by special review in the A District include the following: Mineral resource development facilities including oil and gas storage facilities, oil and gas support and service, open pit mining and materials processing, asphalt and concrete batch plants, coal gassification facilities, and mining or recovery of other mineral deposits located in Weld County. CDOT Short Appraisal Report 11/98 Page 25 Project No.: NH-IRCX 025-3(109) Parcel No: 1 Financially Feasible Uses The principle of conformity holds that maximum value is realized when a reasonable degree of economic homogeneity is present. This also implies a reasonable degree of homogeneity in building types and sizes. Since the subject site is situated near the northeast quadrant of the Interstate 25 and Colorado State Highway 119 interchange, its use must be compatible with other uses in proximity to it. Surrounding uses to the north and east consist of gravel mining operations. The one to the north is nearly mined out and once reclaimed is being planned as a 500 home, gated residential community. The property to the northeast, once owned by Weld County, is a private recreational area focused on fishing and camping around the ponds created by the sand and gravel operations. Barbour Ponds, a similar type of public recreation area, is across Interstate 25 to the west. Del Camino Junction, a proposed light industrial business park is to the southwest of the subject property, between it and the Interstate 25 and Colorado State Highway 119 interchange. It is necessary to examine the financial feasibility of the various physically possible and legally permissible uses. Residential Use - It is likely that some parts of the site could be put to residential use. However, this would come after mining operations were completed. As a result, this does not represent a financially feasible use of the site as of the date of this report. Retail Use - As of the date of this report, retail use is not financially _ feasible. The surrounding properties are not developed to the extent that demand for products or services is present in the immediate area. Light Industrial Use - Although there are no light industrial uses in immediate proximity to the subject property, there is a considerable amount of evidence that there is demand for light industrial space all along the Interstate 25 corridor throughout the neighborhood. The property to the southwest of the subject between it and the Interstate 25 and Colorado State Highway 119 interchange is planned as light industrial business park. The southern portion of the subject site that is out of the flood hazard area would likely be well suited for this type of use. Again, this would come after mining operations were completed. As a result, light industrial use does not represent a financially feasible use of the site as of the date of this report. Sand and Gravel Mining - The subject property was acquired for its mineral content. Mining for sand and gravel is under way. The pit in the south- western part of the site is nearly mined out and is in the process of being CDOT Short Appraisal Report 11/98 Page 26 Project No.: NH-IRCX 025-3(109) Parcel No: 1 reclaimed. The northwestern and eastern parts of the site are yet to be mined. As a result, there are still a considerable amount of reserves that need to be mined. Greg Nelson, the Weld County Mining Foreman, stated that he anticipated that mining operations would continue on parts of the site for another fifteen years. As of the date of this report, sand and gravel mining is a financially feasible use of the site. Maximally Productive Use In conclusion, of the legally permissible uses, continued mining of the site represents the maximally productive use of the site. The sand and gravel mined on the site is being used for county road base, and the demand for this type of road base will continue to be strong. ANALYSIS AND VALUATION SUMMARY Since the site is vacant, only the land will be valued. In order to develop the land value estimate, sales of similar tracts are being analyzed, compared, and adjusted to derive an indication of value. The comparability between two properties involves adjusting each sale with respect to differences in such elements of comparison as property rights conveyed, financing terms, conditions of sale, market conditions (time), location, and physical characteristics. Physical characteristics requiring adjustment for comparability include, but are not limited to, items such as access, topography, size, corner influence, state of development (utilities and streets), zoning, and functional utility. These adjusted sales prices yield an indication of value for the site being appraised. CDOT Short Appraisal Report 11/98 Page 27 tii - tg• t�,Jvanha4Fi'" NJ ' o averlyt)ixon `i s I _... i . far Weill gto ■•_ _ unn nt lea d�Rrver,.=. 28? Welli,[tgt. Sidi _ Stove P L c,4 \ Lad ur 1 t° .. T- `Place ` t ,..'-ad � . eh9on rorher 'Jerre Purcell w,�, m��. lddings PrerccLater Stage eland 51 •tation -'1 a! —. W �, } \ r- l'-ai Box •uir;l -F 2ct Park .t COB S4 � � ult:.. L Col.raj.) ,.to tin' : .'ty - Dra es es ry zs7 - Eaton ��■ Severaltae tGaleton ,t t '` b lellands ea ." Ken. ` 139 1 Jam`.. :ILCB , 1 Lucerne OL! .t5ame- 'Shy C d asonVllle �10 , v l indsor arrners AldenGiII *GI Foal • FNL -'" s' _ idway " Broadvie Park tl le 2s3 t"'" (., 34 Ve error, F art Into in Park Sale 1 / 34 �� ' Cs7) ,.,4 W al ia � �ti r a , end as—■ Su l r , . . - - t' •Koeni• .Vans to `eyKuner 402 ■ Hard :n L o 36 , -a+er •.it Campion 1zs7 Big omPsonRn'er 7-B Salleu1i,,, 1-ur,,;, • in ho d �' z5a eckham 5' se "'i'tz,.� Berts v .- Bu n / ". _ ,2 Walker Noland Walker Ele!tore Wildcat 8o/ 4° l s . HouSion ac as? Highland „I=ad `- r Sale2 'v 7 Lyons Weld County °4 ��clj_ r;,e liens Pan yg Parcel 1 , Gowand w,d c < - Cliff ild . 'V• � n� i� m a s knd Golf r..:ot �Longmon.11 ,, Raymond ' _ � tss,` ■ —� 1 lone - ' lam �rm.n�ra nAltona Grange re. l 'oR_- _.. Sale 3 aceful Valley • •Jes-�m r. to'tt: Firestone IgeOfThePine: zs r c PY■ ' y,,. ,Kr: ° :.r der rederick t Lupton i',' sz Johnson' — ,,,,,cteek and r�..mg sz .. . ,.. old Hill g •— I d 53- old ee an • 3s BCre ft., Erie 32 � ) • 72 Wallstreet 1 ■ r Sale 4 Powers i/ Sloan Sugarlo b ntral P •�`a I(�e 287 St V -1" S tc <rer'I` ® skler 9 93 ��I i� ■��' / r 25 Box F. e arlbou and Park �: pa. 1 SVille !gyp • and Pal ° \ Sale 5 71 i Green Valley Grange Hall vn. t t. *Eldora " `\ / 5, (IT Lake ` — " Miramonte "no ry /22 -c/ Ro lms R II=• • 2e Br"' al w, • x ■ �G ■ 3 o oolland rescen•`illage Crescent � �. :. e Bald ,more ° , Twin Spruce• 72. •Pla view I-n0 I X44 •Nugget Gilpin) Wall i �:� ,(,� DEN • . � t asiideawake•, ,,y.48,, „el � a • den 12 38 224 upont Central Ci a a o radaville 7 ■ Mont. to or m 4 $lack Hawk An..a :' � • F`^>, 7 `�Russell bulch se y,�i F ¢ as a ^J ■- • - - Cottonwood .ri zs1 J� -35 D - - e< as ^7 lackEa l '� J Got ��*J!! 40 2 �\�� .rP �+rel ia=i-ro—■'.. `■-�_ iQq r © ill us Pa �', ro�m� �� ss l 2 :�,'�rA/R(�1■ Lf _•. r . 5 LAND SALES MAP - ® : ° orme.'street Atlas USA t, ' t'-:1 I F-' / ,!1 t ��__r�.J:,llure onai ra:. Project No.: NH-IRCX 025-3(109) Parcel No: 1 Sales Data - Larger Parcel Before Take A search throughout the neighborhood was conducted to locate sales of sites with sand and gravel potential, with concentration along the St. Vrain Creek. To value the subject site to its Highest and Best Use, it is preferable to utilize sales that have similar utility. The sales reported present the most comparable transactions in the study area. Following is a tabulation of the sales, which is faced with a map showing the location of the subject and comparables. Land Sale Summary Table - Larger Parcel Before Take. xw.: r<._:xsx:a:yy;,;---- sz.<::.:>::;q:----::,:*i�4 •-J:,`nro.. .,aa:'Jin,".z':w�:a;i..:,w: `:::r. ook.:'G`.,v?b rss::>zs. o.b>.o:. .:;♦.d, •oeb.,,•i:»• f" >5.. ':s » x�k.,o..00m:nrJBiS �$ra... 9".0:`':x. :%e 5_:<' .n»:. ^:�>.,gi:>`r�x :eg. : vs `D. `.'^Wi:..:tk� a 1 e y ..q .�>.q d i3s'si' .R.p.... �8.". 8. 'Ji.....:a`c. oey..q�... 'n5'"k'" HH ,r 6 �:' ..L. pro. �.,�. �6 ,.9.>;.:,ap..< x . .'i..' k."fQi3: a. a zt"$:'$$a: ..x: .. d" , ,.is his �� a. a ,) g s1, $ :�i ':$%fim`:$xs8 'cn,':',. F.5. y . :�o A:GS5:s...vA '•:o � 8� 'E ' i ' F 1 3' °�6 1� ry " s,`�rve,.'eoTist`� ° '!` k^ J %� � b y � t[�e? cJ� di k $�`°.°r°Ps°s s: E, I..t. ° P "o o °8`F°�°j o' :y>h9a`^o�°•� 0 a S.�3 x a'�'�'�( )�Ok� e dux .yf e hSr 2. Kay" C'�J\,,F�45�,yIS °!RS„ am p�i{vn�'.�.,M 1 Robert L and Jennie 01-09-98/ $595,000/ 99.171/ Ag. Site is along the Big Walters/ 98002680 cash $6,000 Larimer Thompson River just west Loveland Ready Mix equivalent Co. of the Weld/Larimer County line. 2 Elvema Burchfield, 07-20-98/ $1,750,000/ 301.500/ Ag. Purchaser is in the sand and Trustee/ 2627004 cash $5,804 Weld Co. gravel business and intends Sand Land,Inc. to mine the site. 3 St.Vrain Land 03-05-97/ $2,900,000/ 160.000/ Ag. The site is being mined for Company/ 2536667 cash $18,125 Weld Co. sand and gravel. It is south Sand Land,Inc. of he subject property across WCR 241. 4 Briggs Aggregate/ 01-16-98/ $1,047,227/ 123.209/ Ag. The purchaser acquired the Camus Colorado,Inc. 2590050 cash $8,500 Weld Co. site for sand and gravel mining. 5 Janice Dersham,et al/ 07/15/98/ $1,500,000/ 144.791/ Ag. The site is contiguous to the Camus Colorado,Inc. 2627268 cash $10,360 Weld Co. previous sale,and the sites are being mined together. e CDOT Short Appraisal Report 11/98 Page 28 Project No.: NH-IRCX 025-3(109) Parcel No: 1 LAND SALE NO. 1 TRANSACTION DATA ----- • _ _ — yg41 VIEW: Aerial view looking eastward d SALE NO: I 1 Photo By:. I W.West Foster IDate LupeoOed: I November 6,1998 Location: North side of Colorado State Highway 402 about two miles east of 1-25 Granter: Robert L.Walters and Jennie L.Walters Grantee: Loveland Ready Mix,Inc. Sale Confirmed With: Robert L.Walters(seller)and Harold Kesler(purchaser) Appraiser Confirming; W.West Foster Date Confirmed: November 9,1998 Date of Sale:: 01/09/98 Sale Deed: Warranty Recordation: Rec.#98002680,Larimer Sefihig Price: $595,000 Unit Price: $6,000/Acre Land Area: 99.171 Acres Adjustment Item S1%Adjustnft Adjustment Description Slrpe: Irregular Rights Conveyed:.. -0- Fee simple Topography: Slight northeasterly slope Flnandag Terms: -0- Cash equivalent Hood Plain: Yes ConditionofSale: -0- Open market transaction Access: Colorado Hwy.402 Projectlufnemce: -0- No project influence Utilities: Electricity available Cash.Equivalent Price: $595,000 Unit Pelee: $6,000/Acre Zoning: Ag.,Weld County Highest/BestUse:.. Sand and gravel mining Use At Time Of Sale: Vacant Comments: The site was acquired to eventually mine,but activity has not commenced The purchase was to ensure that there would be future inventory for his ready mix business. The sellers financed$300,000 of the transaction for 10 years at 8%interest,making annual payments of $44,708.85. The seller stated that the buyer wanted to pay all cash,but he wanted to defer taxes and to receive a better than CD interest rate. CDOT Short Appraisal Report 11/98 Page 29 Project No.: NH-IRCX 025-3(109) Parcel No: 1 LAND SALE NO. 2 I'1tANSACTION DATA VIEW: Aerial view looking westerly. SH 66 is at right. SALE NO: I 2 Photo By: I W.West Foster I Date Impeded: I November 6,1998 Location: South side of Colorado State Highway 66 about four miles east of 1-25 Greater: Elvema Burchfield,Trustee Grantee: Sand Land,Inc. Sale Confirmed Whit: Chris Vans(purchaser) Appraiser Confniav W.West Foster Date Confirmed: November 6,1998 Date of Sale:. 7/20/98 Sale Deed: Wananty Recordation: Rec.#26727004,Weld Selling Price: $1,750,000 Unit Price: $5,804/Acre Land Area: 301.500 Acres Adjustment Item St%Adjnstm't Adjustment Deseription Shape: Nearly square Rights Conveyed: -0- Fee simple Topography: Gradual northwesterly slope Flaeaddag Tenon -0- Cash to seller Flood.Plea: Yes Condition of Sale -0- Open market transaction Access:. Colorado Hwy.66 Project Influence: -0- No project influence Ufa: Electricity available CS.Equivalent Price: $1,750,000 Unit Pelee: $5,804/Acre Zoning:: Ag.,Weld County Highest/Rest Use: Sand and gravel mining Use At Thaw Of Sale: Improved with an older single family dwelling Comments: The site is further down stream than the property being appraised In this area,the rock to fines ratio is lower making the sand and !gravel reserves are not the quality that they are further up stream near the subject tract. CDOT Short Appraisal Report 11/98 Page 30 Project No.: NH-IRCX 025-3(109) Parcel No: 1 LAND SALE NO. 3 TRANSACTION DATA VIEW: Aerial view looking northwesterly SALE NO: I 3 Photo By: I W.West Foster I Date Lanceted: J November 5,1998 London: North side of WCR 24 about'A mile east of the 1-25 and Colorado Hwy.119 interchange Grantor: St.Vrain Land Company Grantee: Sand Land,Inc. Sale Confirmed With: Chris Varra(Purchaser)and Mike Siegrist(seller) Appraiser Confining: W.West Foster Date Confirmed: November 5,1998 Date of Sale: 3/5/97 Sate Deal:. Warranty Recordation: Rec.#2536667,Weld Selling Price:. $2,900,000 Unit Prier $18,125/Acre Land Area: 160.000 Acres Adjustment Item S/%Adjustm't Adjustment Description Square Rights Conveyed: -0- Fee simple Topography: Nearly level Phuncing Terms: -0- Cash to seller Hood Plain: Not in flood plain Condition of Sale: -0- Open market transaction Access: WCR 24 Project Influence: -0- No project influence UIW&s: All available _ Cash Equivalent Price: $2,900,000 Unit PNa $18,125/Acre Toning: Ag,Weld County Highest/Best Vat Sand and gravel mining Use At.Time Of Sale: Vacant Comments: The site was acquired for its sand and gravel potential,and it is currently being mined. It was permitted prior to the sale. However, _ the purchaser is intending to reclaim 100 acres along Weld County Road 24 for commercial and industrial use. As a result,it was necessary to amend the permit to accommodate the change in use after mining was completed. CDOT Short Appraisal Report 11/98 Page 31 Project No.: NH-IRCX 025-3(109) Parcel No: 1 LAND SALE NO. 4 I7tANSACTION DATA VIEW: Aerial view looking northerly SALE NO: I 4 Photo By: I W.West Foster Inane Inspected: I November 7,1998 London: One-half mile south of Wattenberg Grantor Briggs Aggregate and Steve P.LaBriola Grantee: Camus Colorado,Inc. Sale Confirmed With: Steve P.LaBriola(seller)and Mike Refer(purchaser) Appraiser Confirming: W.West Foster Date Confirmed: November 9,1998 Date of Sale: 1/16/98 Sale Deed: Warranty Recordalon: Rec.#2590050,Weld Selling Price: $1,047,277 Unit Peke: $8,500/Acre Land Area: 123.209 Acres Adjustment Item 31%Adjustnt't Adjustment Description Shape Irregular Rights Conveyed: -0- Fee simple Topography: Nearly level tinandug Tones: -0- Cash to seller Mood Plain: Yes Condition of Sale: -0- Open market transaction Access: North from SH 7 Project Influence: -0- No project influence Utfiitka: Electricity available Cash Equlvaleit Price: $1,047,277 Unit Price: $8,500/Acre Zoning Ag,Weld County HigWNBeal Use: Sand and Gravel Mining Use At Than Of Sae Vacant Comments: The sellers acquired the site as an investment about ten years prior to this sale and had no intention of mining it. The purchasers also acquired the adjoining property(see next sale)and are in the process of obtaining the necessary permits. CDOT Short Appraisal Report 11/98 Page 32 Project No.: NH-IRCX 025-3(109) Parcel No: 1 LAND SALE NO. 5 TRANSACTION DATA alb • • .:. VIEW:Aerial view looking northerly SALE NO: I 5 Photo Ry: I V/.West Foster IDate Inspected: I November 7,1998 Location: South of Wattenberg Grantor. Janice C.Dersham and Laura M.Knapp Grantee: Camus Colorado,Inc. Sale Confirmed With: Mike Refer(purchaser) Appraiser Coughs 'g: W.West Foster Late Confirmed: November 9,1998 Date of Sale: 7/15/98 Sale Deed: Warranty 7leeerdatlon:. Rec.#2627268,Weld Sefihtg Price: $1,500,000 Unit Price $10360/Acre Land Areal 144.791 Acres Adjustment Dent St%Adjustm't Adjustment Description Slope: Trapezoidal Rights Conveyed: -0- Fee simple Topography: Nearly level Fig Tenns:. -0- Cash to seller Flood Mahn No Condition of Sale: -0- Open market transaction Access: North from WCR 2 Project Infineoee: -0- No project influence Utliiies: All available Cash Equivalent Price: $1,500,000 Unit Price: $10360/Acre Zoateg: Ag.,Weld County Highest/But Use: Sand and Gravel Mining Use At Time Of Sale: Vacant Comments: This site is contiguous to the previous sale,and the purchasers are in the process of obtaining the necessary pemtits. There is a single- _ family dwelling and some outbuildings the purchaser allocated$250,000 toward. In addition,a nursery is leasing an area to grow trees. Rental income over the next eight years is$120,000,and the present value of the income stream discounted at 10 percent is$80,000. CDOT Short Appraisal Report 11/98 Page 33 Project No.: NI-1-1RCX 025-3(109) Parcel No: 1 Analysis of the Sales - Larger Parcel Before Take The preceding transactions will be adjusted to the Weld County site based on the following elements of comparison. Property Rights Conveyed- Only one of the sales was leased at the time of sale. Sale No. 5 involved a lease to a nursery on the southern part of the property. According to the purchaser, there were eight years remaining on the lease at the time of the transaction; and they bought out the seller's interest in the lease as part of the transaction. Annual lease payments of $15,000 were discounted to present value, but the purchaser indicated that he was not quite sure what discount rate was used. When asked if 10 percent appeared to be reasonable, he indicated that it was likely the rate used; and this rate produces a net present value of approximately $80,000. With respect to the other sales, no adjustments are required for property rights conveyed. Financing Terms - Of the five transactions selected for further analysis, all were conveyed on a cash basis, except for Sale No. 1. The seller financed $300,000 at an interest rate of 8.00 percent. Although this is considered to represent beneficial financing, confirmation with the seller revealed that the buyer wanted to pay all cash; but the seller wanted to defer some of the taxes and also wanted to receive a slightly higher interest rate than a CD rate. This did not affect the price paid, and no beneficial financing adjustment will be employed in the analysis. Conditions of Sale - The selected sales are all arms-length transactions. No unusual conditions requiring adjustment exist. Market Conditions (Date of Sale) - The sales utilized occurred during the period from March 1997 through July 1998. Market conditions for this type of property have remained relatively constant from this period to the date of value. As a result, no date of sale adjustments are being made. Allocated Value of Building Improvements - There are no buildings on the subject property. Sale No. 5 has a fairly nice but older two-story residence, corrals, and outbuildings. The purchaser stated that they allocated $250,000 to the building improvements. Location - This adjustment takes into consideration surroundings and other locational influences. With respect to sand and gravel operations, transportation of materials is a major cost of doing business, and proximity to markets is an CDOT Short Appraisal Report 11/98 Page 34 Project No.: NH-LRCX 025-3(109) Parcel No: 1 important locational consideration. The subject site is near an Interstate 25 interchange and fronts onto the frontage road. Sale No. 1 is located farther off of the interstate; and the location is not quite as desirable, which requires a positive adjustment. Sale No. 3 is situated south of the subject property with frontage on Weld County Road 24, the easterly extension of Colorado State Highway 119. It possesses superior influence with respect to proximity to the Interstate 25 interchange that give the site some commercial influence. As a result of its superior locational characteristics, a downward adjustment is necessary. The other three transactions do not require adjustment when comparing them to the Weld County property. Access - The subject property fronts onto an Interstate 25 frontage road from which it could be accessed. Weld County Road 241/2, a two lane roadway with a gravel surface, forms the entire southern boundary. In order to establish a benchmark for comparison, this type of access is considered to be average. Sale Nos. 1, 4, and 5 are removed from paved roadways and feature slightly inferior accessibility. The entire southern boundary of Sale No. 3 is formed with a paved county road, and the northern boundary is formed with Weld County Road 241/2. Its access is considered to be superior to the subjects requiring a downward adjustment. Sale No. 2 is considered to be similar to the subject for this element of comparison. Topography - The Weld County site has a slight slope toward the St. Vrain Creek. The sales feature very similar topographical characteristics and do not require adjustments. Site Size - Although every effort was made to select comparable sales as similar to the subject site in size as possible, all were different enough in size to the subject's 219.92 acres that they require adjustment. The selected sales range from 99.171 to 301.500 acres. Given sufficient information, a power curve formula can be utilized to determine the size adjustment. The data were not adequate for this type of analysis. Therefore,judgment was employed. State of Permitting - In order to mine sand and gravel in the State of Colorado, it is necessary to obtain the required permits. This can be a lengthy and costly process. The Weld County property is fully permitted. With respect to Sale No. 3, the seller had obtained all of the necessary permitting prior to the transaction. All of the other sales are inferior, requiring positive adjustments. Quality of Reserves - The depth of overburden, the depth of the sand and gravel, and the ratio of rock to fines have a bearing on reserve quality. On most CDOT Short Appraisal Report 11/98 Page 35 , 6h1I� ,l Il stt I� g 9d I IiiI Ian-MI III . '— ,t ,I, ,�II ilibIId14C Ijiifibili l�kiali s "'d;l l; ; � IN Iw�4611�' \INDi II�;iNV�VI°P0i.'ll II *I;'N No '� ) 1p alt,. k i �tlYhr;ur t,s jl p ih4oy P �� I' � r�rdi ll III III II i I 411 Pr+�d IIp SINI yll T/88MdI ��M P�"yy"ay�i5 �� s�i�ayp�ry��p,d dyne,P��ap 9�,8 d S PI�II IIs�M(ia,1OdRII9 7 R$aAteti' , Bi$$aRM 'I I,I!1 Ski I ,u:, 9StI alrc.,la 1 I,dkligii.7fr, 1514 , A,I.85% Sales Price $595,000 $1,750,000 $2,900,000 $1,047,227 $1,500,000 Prop.Ris.Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Comparison Similar Similar Similar Similar Similar Adjustment $0 $0 $0 $0 $0 Adjusted* $595,000 $1,750,000 $2,900,000 $1,047,227 $1.500,000 Financing,Etc. Market Market Market Market Market Market Comparison Similar Similar Similar Similar Similar Adjustment i0 S0 S0 $0 $0 Conditions of Sale Ants-Length Arms-Length Army-Length Arms-Length Anna-Length Ants-Length Comparison Similar Similar Similar Similar Similar Adjustment 0 S0 $p $0 $0 Adjusted"" $595,000 $1,750,000 $2,900,000 $1,047,227 $1,500,000 Date of sale Current Jan-98 Jun-98 Mar-97 Jan-98 Jul-98 Comparison Similar Similar Similar Similar Similar Adjustment $0 E0 E0 f0 $0 Adjusted'" $595,000 $1,150,000 $2,900,000 $1,047,227 $1,500,000 Allocated Value of water $0 $0 $0 $0 $0 $0 Adjuatedtt t $595,000 $1,750,000 $2,900,000 $1,047,227 $1,500,000 Size in Acres 219.915 99.171 301.500 160.000 123.209 144.791 Unit Price Per Acre $6,000 $5,804 $18,125 $8,500 $10,360 Location Average Below Average Average Above Average Average Average Comparison Inferior Similar Superior Similar Similar Adjustment 10.0% 0.0% (15.0%) 0.0% 0.0% Access Average Below Average Above Average Above Average Below Average Below Average _.. Comparison Inferior Similar Superior Inferior Inferior Adjustment 5.0% 0.0% (10.0%) 5.0% 5.0% Topography Slight Slope Slight Slope Relatively Level Slight Slope Slight Slope Slight Slope Comparison Similar Similar Similar Similar Similar — Adjustment 0.0% 0.0% 0.0% 0.0% 0.0% Land Size in Acres 219.915 99.171 301.500 160.000 123.209 144.791 Comparison Smaller Larger Smaller Smaller Smaller Adjustment (10.0%) 5.0% (5.0%) (5.0%) (5.0%) — State of Permitting Fully Permitted Not Permitted Not Permitted Polly Permitted Partially Permitted _ Not Permitted Comparison Inferior Inferior Similar Inferior Inferior -_._.. Adjustment 20.0% 20.0% 0.0% 10.0% 20.0% Quality of Reserves Average Below Average Below Average Above Average Average Average Comparison Inferior Inferior Superior Similar Similar Adjustment 10.0% 15.0% (10.0%) 0.0% 0.0% Net%adjustment to adjusted sale price 35.0% 40.0% (40.0%) 10.0% 20.0% -- Net$adjustment to adjusted sale price $2,100 $2,322 ($7,250) $850 $2,072 Adjusted sale price per acre""" $6,000 $5,804 $18,125 $8,500 $10,360 Final adjusted sale price per acre $8,100 1 $8,126 $10,875 $9,350 $12,432 'Sale price adjusted for property rights conveyed **Sale price adjusted for financing and conditions of sale """Sale price further adjusted for market conditions "•*Sale price further adjusted for allocated value of raw water rights Project No.: NH-IRCX 025-3(109) Parcel No: 1 rivers and streams along the Front Range, the farther down stream from the foothills, the lower the quality of the mineral deposits in terms of the ratio of rock to fines. Sale No. 2 is farther down stream where there is inferior mineral quality, which necessitates a positive adjustment. The depth of overburden on the sale properties is similar to the subject's at approximately three to five feet, so the cost of removing it for mining is similar. The depth of the sand and gravel bears on the quantity that is available for mining per acre. Although Sale No. 3 is almost contiguous to the subject property, the sand and gravel deposits are several feet deeper, which requires a negative adjustment. Summary - Valuation of Larger Parcel Before Take The adjustments discussed can be seen in the sales comparison grid on the facing page. After adjustment, the sales formed an indicated value range from $8,100 to $10,875 per acre. Sale Nos. 2 and 3 are both on the St. Vrain Creek and required a similar overall percentage of adjustment. They are considered to be the most reliable indicators of value, developing indicated values of $8,126 and $10,875 per acre, respectively. Weighting Sale Nos. 2 and 3 equally results in an indication of value of $9,500 per acre. This value indication is bracketed and well supported by the analysis of the other three transactions. Therefore, the Market Value of the Weld County site is estimated to be $9,500 per acre, or as follows: 219.915 acres @ $9,500 per acre = $2,089,193 Value of Parts Taken Parcel No. 1 - This is an irregularly shaped strip along the west boundary of the larger parcel. Frontage along the Interstate 25 East Frontage Road is 1550.27 lineal feet, and the depth varies from a point to almost 250 feet. A plat is included in the Addendum showing Parcel No. 1 numbered and shaded. Total area has been calculated to be 1.593 acres. Since the Reasonable Market Value of the larger parcel has previously been estimated to be $9,500 per acre, the value of the Part Being Taken for the highway right-of-way is as follows: 1.593 acres @ $9,500 per acre = $15,134 CDOT Short Appraisal Report 11/98 Page 36 Project No.: NH-IRCX 025-3(109) Parcel No: 1 Temporary Easement TE-1 - The most appropriate measure of just compensation for a temporary easement is the rental value of land within the easement area for the period of occupancy by the condemnor. Land area within this temporary easement has been calculated to be 5.397 acres. Parcel No. TE-1 is shaded and numbered on the plat in the Addendum. The Reasonable Market Value of the larger parcel per square foot, previously estimated at $9,500 per acre, will be the base figure for determining the easement's rental value. Area within the temporary easement is considered to be out of production for one year and will be returned to the property owner upon completion of the project. Typical land leases are written to provide the landowner a 10 percent rate of return. As a result, the value of the part being taken for the temporary easement is as follows: 5.397 acres @ $9,500/acre x 10% = $5,127 Owner Improvements - There are no owner improvements. Valuation of Larger Parcel After The Take The new land area is 218.322 acres. The Highest and Best Use remains unchanged. The area being taken has already been mined, and the taking is not affecting areas to be mined. Therefore, the taking has not affected the residue. Therefore, the Market Value of the Weld County property after the take is estimated to be as follows: 218.322 acres @ $9,500 per acre = $2,074,059 Compensation Summary Since there are not believed to be any damages to the residue, the compensation applies just to the parts taken. The estimates of just compensation are summarized in the following table. CDOT Short Appraisal Report 11/98 Page 37 Project No.: NH-IRCX 025-3(109) Parcel No: 1 I Compensation Summary Land/Site Value of Part(s)Taken $15,134 Easement Value of Part(s)Taken -0- Owner Improvements Contributory Value of Part(s)Taken -0- Tenant Improvements Contributory Value of Part(s)Taken -0- Fixtures Value of Part(s)Taken -0- On-Premise Sign(s)Contributory Value of Part(s)Taken -0- Off-Premise Sign(s)Contributory Value of Part(s)Taken -0- Compensable Damages-Residue After Take -0- maspow — Restoration Cost(Cost to Cure)-Residue After Take -0- :a'<'>;yzMM _:": Specific Benefits-Residue After Take -O_ alitamag Net Compensable Damages(and/or Offsetting Specific Benefits)to Residue -0- Rental Value of Temporary Easement(s) $5,127 Compensation Estimate $20,261 CDOT Short Appraisal Report 11/98 Page 38 PART 4 - EXHIBITS AND ADDENDA $ LrI ` t --E,w �,E I 1 ,,,..„„,,,,,,:,:',:"...,y;� � Lg1 .1.7,1 - v 6 F cE c1 �Nlh oY c '� W '.L' a :n !I g y v d y O O— -. -6 a E.F� E I Io.II dU II FNet` Ih z rn CsD W W . o zIn O i - 6000 te+ W cip GJ] o r 1 rn o U] C/1 O ® U N o ! w o Yyl L.,, Eo q g,. mE O � 61n �`I 0Ao, f s15ti 5 z s8. ,692 12i,, .sLL/ E g= 1 (2 r -.,-7,-&., .� l Zr64B82R' �'[qsy Bas : "� i+soya i" _.... 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' e , bl I O k CCs $ £e zv � �� •-�� F ��.. � 1 w94£'9C'�9Cy 0�, ,[-� r .. z (Situ) 9[BIZ `+`'w a t 1+500- /3,--_,,.---L w Ol___ LM,y_9S H -, �N .-._ l O ''��i�if X888# r � w i _ �,.� e 3 ClePN 3_-_---6:'N�� 9 09f� __ y .n vi e ) N IC') C\3. 1- ✓� :=,., o c_' 1 `" $ 1 ._. . 1 �� Er . � ^i E t 4 rh ✓ v o w n o ce w U rz y4 j t- •,,I; ,> / ,,e.::'. -- ,, �I, r I . $ 0+400 rnM 1.._ v I PT 1+076.599 I�- 'a I j_ w01, e§ '3,.... o E' 1 O -MY a "I O N 4� 1 E.. 1. 9,J 1+300 %.,, 1, Nl 0 a API 7183 l 0',54 c nE E y r'n �.v. p¢ � .-��is •ei I I �c ;'., N ?-I a i o —a---, I I u oua 0 O� j q I` Zi 0= m e 2 I.1 �1 c a " d (� I i o 3I PAL 1 143,180 I I^ o Qr _ ao o. 5 PT 1 1664Po® Q M a..-- o 4 zO crN '-� �1 � �, , O� wa ''j i� o -I-' Z10 cm O II Z II I } I U1' o d. w m . o z�,L �w - I1 .� O cn o x co W U R O°N � f e W W y yI� 0 E O z MX`--0OON I 1100 r d mp c F-I NN cc 0 LO PI 1+0 0000 p "� °� Fil OW"TO O F' »E �zm I x I F. 00 M CJ A.-..e. n IFi O Z -�...- w0. a§. .-''wf W In Z O d +,_ — I '3ryv'�l O n +. - n �^i E; �gvi '—Zw �C I `aSr ) oo Q COO QQ 1 w �. c5a PC 1+003..481_ O 1 7=4 yF q p x �0 Ca!60)w96SZ'6U 0Q j .1.34 601361 40 1100/101d 000c94 L0 0660 100 00 00!0000x\1000\00016\sh°1000\;0 a9 03N015 ®em tl39rv0N NOI1d3J3tl' 3�vd ltl SA3AXOS COLORADO DEPARTMENT OF TRANSPORTATION REAL PROPERTY TO BE ACQUIRED FROM PARCEL NO. 1 Weld County, a body corporate and politic of the State of Colorado FOR PROJECT NO. NH-IRCX 025-3(109) INTERSTATE HIGHWAY NO. I-25 S.H. 7 TO S.H. 66 PROJECT CODE: 91032 C'.WROJECTS\910JN.EGALSWARI DOC EXHIBIT "A" PROJECT NUMBER: NH-IRCX 025-3(109) PARCEL NUMBER: 1 PROJECT CODE: 91032 DATE: 10/6/1998 LEGAL DESCRIPTION A tract or parcel of land No. 1 of the Department of Transportation, State of Colorado, Project No. NH-IRCX 025-3(109) containing 0.645 hectares (1.593 acres) , more or less, in the NW 1/4 of Section 2, Township 2 North, Range 68 West, and the SW 1/4 of Section 35, Township 3 North, Range 68 West, of the Sixth Principal Meridian, in Weld County, Colorado, said tract or parcel of land being more particularly described as follows: — Commencing at the NW corner of Section 2; Thence N. 89° 13' 00" E. , along the North line of the NW 1/4 of said Section, a distance of 88.591 meters (290.65 feet) to the TRUE POINT OF BEGINNING; 1. Thence S. 0° 01' 16" E. , a distance of 42.779 meters (140.35 feet) ; 2. Thence S. 89° 58' 44" W. , a distance of 35.000 meters (114. 83 feet) ; 3. Thence S. 0° 01' 16" E. , a distance of 73.614 meters (241.51 feet) ; 4. Thence along the arc of a curve to the right having a radius of 3030.000 meters (9940.93 feet) , a distance of 184.811 meters (606.33 feet) , (the chord of said arc bears S. 1° 43' 34" W. , a distance of 184.782 meters (606.24 feet) ) ; 5. Thence S. 3° 28' 25" W. , a distance of 7. 156 meters (23.48 feet) ; 6. Thence along the arc of a curve to the left having a radius of 2970.000 meters (9744.08 feet) , a distance of 165.025 meters (541.42 feet) , (the chord of said arc bears S. 1° 52' 54" W. , a distance of 165.004 meters (541.35 feet) ) , to the existing East Right of Way (R.O.W. ) line of Interstate Highway 25 as described at Reception No. 2549309; 7. Thence N. 0° 01' 31" W. , along said East R.O.W. line, a distance of 472.524 meters (1550.27 feet) , to the North line of the NW 1/4 of Section 2; 8. Thence N. 89° 13' 00" E. , along said North line, a distance of 46.588 meters (152.85 feet) , more or less, to the TRUE POINT OF BEGINNING. The above-described portion of Parcel 1 contains 0.524 hectares/5240.1 square meters (1.295 acres/56403 square feet) , more or less. Also Commencing at the SW corner of Section 35; Thence N. 89° 13' 00" E., along the South line of the SW 1/4 of Section 35, a distance of 88.591 meters (290.65 feet) to the TRUE POINT OF BEGINNING; CA PROJECTS ROJECTS1910321LEGALSWAR I.DOC 1. Thence S. 89° 13' 00" W., along said South line, a distance of 46.588 meters (152.85 feet) , to the existing East Right of Way (R.O.W. ) line of Interstate Highway 25, as described at Reception No. 2549309;ine, a e of 2. Thence . 0° 31" W. along o saithed East North linneWoflthat propertycdescribed 21.130 meters (69.33 feet) ,a at Reception No. 2261418 and Reception No. 2261419 of the Records of the Clerk and Recorder in Weld County; 3. Thence N. 77° 42' 53" E. , along said North line, a distance of 47.673 _ meters (156.41 feet) ; e W of ion 4. Thence 01' 16" E. , to the meters (100.521 feet), more horS less,t to the TRUE 35, TRUE POINT OF BEGINNING. The above-described portion of Parcel 1 contains 0.121 hectares/1205.8 square meters (0.298 acres/12979 square feet) , more or less. The above-described Parcel 1 contains 0.645 hectares/6445. 9 square meters (1.593 acres/69382 square feet) , more or less. Basis of Bearings: All bearings are based on a line connecting the NW corner of Section 2, T. 2 N., R. 68 W. , 6th P.M. (3 1/2" aluminum cap stamped P.L.S. 10740) and the North 1/4 corner of Section 2, (3 1/2" aluminum cap stamped P.L.S. 10740) as bearing N. 89° 13' 00" E. and orZ .Be ' >f of t e..Colorado Departmen t of Transportation\. Myron Du e. Horar.PLS #29754: 1420 2nd St. Greeley, CO. 8P631 / hi,Repon 4.Checked By, C 1PROwCTs\91032LLEGALSIPAR I.DOC Hello