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Home My WebLink About740653.tiff STATE OF C LOPADO COIIN-FY OF WELD JAB. Filed with the C.rk of 1h uJ Of County Gomm;ssiondly AUG 21 1314 CO'Iry TY CLERK AND R(CORDC, By Appraisal of CITY OF GREELEY PARKING LOT .. At the Northeast Corner of Tenth Street & Tenth Avenue Greeley, Colorado PO For The City of Greeley Greeley, Colorado Date of Value: March 1 , 1974 _ By Robert J. Mitchell, M.A.I. , S.R.P.A. 8th and 8th Building - Suite 202 724 Eighth Street Greeley, Colorado 740653 ROBERT J. MITCHELL. M.A.I., S.IZA. Yana A.taa.aur Twmavea o. SUITE 202 - 724 EIGHTH STREET TELEPHONIC Eaw1. SWAM Mawsua GREELEY, COLORADO 80081 18081 8884114 March 9, 1974 -- Mr. Sam Sasaki Planning Director City of Greeley Greeley, Colorado 80631 Dear Mr. Sasaki: Pursuant to your request by letter dated January 25, 1974, I have - appraised the parking lot considered to be owned by the City of Greeley as a result of a lease and option, and known as the Court House lot. This property is legally described at a later page of this report. This appraisal is an estimate of the Market Value as of March 1 , 1974, and is of the unencumbered fee simple title. It does not consider the improvements on the site, which are nominal. I have inspected the property and have attempted to consider all of the factors affecting the value thereof and submit, herewith, three copies of the report which describes the methods used and which shows an analysis of the data and the reasoning involved in arriving at my conclusions. As a result of all of these considerations, value of the subject pro- perty, as of March 1 , 1974, is estimated to be: ONE HUNDRED SEVENTY-ONE THOUSAND AND NO/100 DOLLARS ($171 ,000.00) Respectfully submitted, 6&-y. YEA Robert J. Mitchell, M.A.I., S.R.P.A. TABLE OF CONTENTS Title Page Letter of Transmittal Table of Contents Page Summary of Salient Facts 1 Purpose of the Appraisal 2 Legal Description 2 Area Data 2 Downtown Business Area Analysis 3 _ Neighborhood Data 5 Description of the Subject Property 6 Assessed Valuation and Taxes 6 Zoning 7 Highest and Best Use 7 Site Evaluation 8 Income Approach 13 Correlation 14 _ Contingent and Limiting Conditions 15 Certification 16 Qualifications of the Appraiser 17 is Addenda Exhibit Comparable Sales Tabulation A thru A-3 Comparable Sales Map B 1 Photographs ik 13 _ b Ij • SUMMARY OF SALIENT FACTS Property Location: In the southwest portion of the Central Business _ District or in the southwest part of the block between 9th and 10th Avenues and 9th and 10th Streets. Improvements; Asphalt paved parking area with 59 painted angle parking stalls, one bicycle parking rack, and two �- 4 foot wide concrete walks plus concrete curb, gutter and sidewalk along 10th Street and 10th Avenue. Zoning: B-1 , Business District. Lot Size: 100 feet along 10th Street by 190 feet in depth along 10th Avenue. Total Site Area: 19,000 square feet. Date of Value; March 1 , 1974. Unit Value: $9.00 per square foot. Final Value Estimate; $171 ,000.00. • - 1 - • PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate Market Value, as of March 1 , 1974, of the subject property. Market Value is defined as: "The highest price estimated in terms of money which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used, and neither the buyer nor seller acting under compulsion." Property Rights Appraised - the unencumbered fee simple title. LEGAL DESCRIPTION Lots 17 and 18, Block 65 , City of Greeley, Weld County, Colorado. AREA DATA (Little will be said about the general area. It is considered the parties for whom this appraisal is prepared are well informed as to the general loca- tion and significant features of this part of the country.) The property is situated in Greeley, Colorado, the county seat of Weld County. It is located 52 miles north of Denver, the capital city of Colorado, and 51 miles south of Cheyenne, the capital of Wyoming. Other principal nearby cities are Fort Collins, approximately 30 miles northwest of Greeley, and Fort Morgan 50 miles east. Greeley's elevation is approximately 4,700 feet above sea level. Census _ reports show Greeley with a population of 20,354 in 1950, 26,314 in 1960, and 38,902 in 1970. Current population is estimated to be 53,000. The residential and commercial growth has been primarily in westerly and southerly directions with considerable light industrial growth along the eastern edge of the city. - 2 - Greeley is basically an economic center for agricultural enterprises, but is enjoying considerable growth due to industries other than those related to agriculture. The location of a major Eastman Kodak plant near Windsor, Colo- rado, 15 miles northwest of Greeley, has contributed to both population and secondary industrial-commercial growth over the past five years. It Transportation facilities are excellent. A four-lane limited access high- ' way (U.S. #85) connects Greeley with Denver and Cheyenne. A four-lane bypass of east-west U. S. Highway #34 passes through the city providing access to the Loveland-Fort Collins-Rocky Mountain National Park area west- ward and to Fort Morgan and eastern Colorado. A main line of the Union Pacific �- Railroad passes through the eastern part of Greeley which is a stop on the Amtrak passenger train system., as well as being a major freight terminal. Daily bus service is provided to Denver, Cheyenne, and other neighboring towns. The Greeley Municipal Airport lies two miles east of the city and is primarily used for private planes. Stapleton International Airport at Denver is a one- - hour drive from Greeley and provides service by eight major airlines. Educational facilities are exceptional and significant to both the commu- nity and the area. The University of Northern Colorado, with approximately 10, 000 students, is a major factor in the local economy. Aims College, es- tablished in 1967, is designed and oriented to education in occupational and vocational fields. The enrollment is approximately 3,100 students. There are three high schools, three junior high schools and nine elementary schools in Greeley. _ Health facilities are abundant. Weld County General Hospital, providing a 351 bed capacity, is one of the most modern facilities in the area. In addi- tion, there is an Osteopathic Hospital with 30 beds, and several nursing homes and medical clinics. The past four years have produced an above average growth rate. Greeley is enjoying a strong real estate market which will probably continue in the fore- seeable future. DOWNTOWN BUSINESS AREA ANALYSIS The subject is located within the Central Business District of the City of Greeley. This district may be described as a 20 block area bounded on the north by 6th Street, the east by 7th Avenue, the south by 11th Street, and the west by 11th Avenue. Of the 20 block area, Sk blocks are occupied by public parks, a community building, court house, municipal buildings complex, and residential properties. The remaining 14z blocks are nearly 100% commercially developed - including off-street parking lots. - 3 - Additional commercial development is scattered around the fringe areas of the Central Business District with nearly continuous strip commercial development extending south on 8th Avenue and westerly on 9th Street - two major arterial streets and previous U. S. Highways. Industrial development lies just east of the Central Business District along 7th Avenue and the rail- road. The Central Business District has good accessibility. 8th Avenue (U.S. Highway #85) , and 10th and 11th Avenues are four-lane north-south traffic arteries. Similarly, 9th, 10th, and 13th Streets are major east-west arteries. 8th Street provides direct access to the U. S. Highway #85 Bypass, 6 blocks to the east of the Central Business District. 9th and 10th Streets carry business U. S. Highway #34 traffic through the city. A new U. S. High- way #34 ByPass is completed at 28th Street, 2 miles south of the Central Business District and includes a large interchange at its junction with U. S. Highway #85 . All streets and highways are asphalt or concrete paved and are 100 feet wide with a concrete curb and a 15 foot sidewalk. 9th and 10th Streets - from 7th Avenue west to 23rd Avenue have recently been converted to one-way traffic. 9th Street carries traffic west and 10th 7 Street east. Therefore, traffic in front of, or along the south side of subject, is one-way east. Parking The Central Business District provides about 3,700 parking spaces within the neighborhood. Of these, 28% are metered on-street parking spaces, 15% are in free 2 hour off-street municipal lots, 10% are unrestricted off-street municipal lots, 20% are non-metered on-street parking, and the remaining 27% are private off-street parking, including spaces for customer and employee off- street parking provided by three commercial banks and county offices. The parking is fairly well distributed and is definitely a major contribution to the success of retail trade in the Central Business District. However, a recent study (August, 1973) made by CNC/NHP&Q, Inc. on V the feasibility of a parking garage for the Central Business District shows that a "convenience" of parking is a problem in certain areas. In the area where the greatest retail space exists there is almost no off-street parking. The ratio of retail floor area to parking spaces existing within the problem area is three to ten times greater than the recommendation by the Urban Land Institute. Off-street parking is at a premium in the 100% central business core. The subject is situated only 1 to 1 a blocks from that core and of sufficient proximity to be influenced by that demand. - 4 - Trends The Greeley National Bank - Holiday Inn complex, currently under construction in the northern edge of the Central Business District, tends to anchor the core within Block 57 bounded by 8th and 9th Avenues and 8th and 9th Streets. This massive and impressive new project tugs the down- - town business activity northerly while the natural residential growth taking place at the southern and western outskirts of the city pull in those directions. To date, much of the new construction in the west and south edges of the Central Business District has been smaller office buildings. The new regional shopping center is mostly south and a little west of the Central Business Dis- - trict. Two major retail tenants (Joslins and Montgomery Ward) have moved from the southern portion of the Central Business District to the shopping center, leaving sizeable floor space still vacant. Although retail and office vacancies in the Central Business District are nominal, the new space being created at the northern edge - along with several other scattered smaller projects will create some surplus for several years. Much of the vacancy will undoubtedly be in the older, less modern '- facilities. With the predominance of governmental and institutional developments in the immediate neighborhood of the subject, demand for land and building space can be expected to remain strong. - S NEIGHBORHOOD DATA The subject is situated at the northeast corner of 10th Street and 10th Avenue. It is approximately 14 blocks southwest of the 100% downtown business core and just southwest of the Weld County office buildings and court house which occupy the north half of the block. Adjoining both to the north and east of the subject is land owned by Weld County presently utilized for parking. West across 10th Avenue is the First United Methodist Church complex and a small office building north of the church. Diagonally southwest across 10th Street and 10th Avenue intersection is the relatively new United Bank, and beyond it a large Skagg's _ Drug Store and scattered office buildings. Directly south across 10th Street is the Mountain Bell Telephone Company building. To the southeast are several office and retail establishments. The First National Bank complex is one-half block southeast of subject. There is considerable parking area in the vicinity of the subject, about 60% of which is privately owned or con- trolled and heavily used. py4 V1 - 5 - The subject neighborhood is served with all ordinary conveniences, in- _ cluding municipal bus transportation. 10th Street is the major one-way street funneling inbound traffic from outlying residential areas to the west. 10th - Avenue is a major connector to the university area to the south. DESCRIPTION OF THE SUBJECT PROPERTY Site The site is rectangular in shape with 190 feet of frontage along the east side of 10th Avenue, and 100 feet of frontage on the north side of 10th Street. _ A paved 20 foot alley which connects 9th and 10th Avenues runs along the north boundary. The lot dimensions are 100 by 190 feet, containing a total of 19,000 square feet. Topography is practically level with adequate surface drainage to nearby gutters and storm sewers. There is adequate sub-surface drainage for normal building construction. All normal city utilities are available to the site. Accessibility is good from 10th Street and the alley or directly from 10th Avenue with modification of curb and gutter. Improvements The improvements are not considered as a part of the evaluation project. However, for information purposes the property is improved with an asphalt _ paved parking area with 59 painted angle parking stalls (plus a bicycle parking rack) , including two 4 foot wide concrete walks with meter posts running north-south. Along 10th Street and 10th Avenue is concrete curb and gutter with sidewalk. j ASSESSED VALUATION AND TAXES The subject property is not presently assessed. However, in 1973 the assessed value estimated by the Weld County Assessor's Office is shown as $29 ,080. At the 1973 applicable mill levy of 94.14 (which includes the down- town improvement district assessment) the resultant taxes would be $2,737.59 . '! ^ I - 6 - ZONING Subject is zoned by the city as "B-1 " , Business District. Use groups permitted include: Multi-family Residence Group Residence - Travel Trailer Park Community Facilities, Non-Commercial _ Community Facilities, Open Area Community Facilities, Semi-Public Amusements, Commercial _ Treatment of Humans, Unrestrained Treatment of Humans, Restrained Commercial Residences Personal Service Establishments Office and Financial Uses Retail Uses, Extensive Off-Street Parking Lots Service Establishments, Public Repair Shops Retail Establishments, Intensive Assessory Buildings and Uses This zoning provides for side and rear yard restrictions only where the "B-1" zoning adjoins a residential zone and is not applicable to subject. Subject and immediate neighborhood conform with the zoning require- - ments and there is no indication of non-conforming use. HIGHEST AND BEST USE The definition of Highest and Best Use is: That use which may reason- ably be expected to produce the greatest net return to land over a given period of time. Physical characteristics of the site, location, trends in the Central Business District, economic conditions, and real estate activity must be considered in estimating the Highest and Best Use. - 7 - • The proximity of institutional and governmental facilities tends to make the immediate neighborhood desirable for multi story office building develop- ment with combinations of retail and commercial space. Such development would be limited by parking availability which would have to be incorporated into the structure. The feasibility of such a project at this time is question- able due to the approximately 50,000 square feet of new office space that will be available within the. near future in the Central Business District. As indicated by the comments and study concerning parking presented earlier in this report, Highest and Best Use of the subject property is indi- cated to be its present use - namely off-street parking. It is obvious that any land in a central business core has some potential as a site for commer- cial-retail-office building improvements. However, in the subject instance, the established surrounding improvements tend to dictate that this land con- - tinue to be utilized for off-street parking as contributory to the other building projects or existing facilities. SITE EVALUATION Exhibit A thru A-3 which appears in the Addenda of this report, lists 81 transactions which have taken place in the Central Business District from the period 1956 to the present, or during the last 18 years. Approximately one- half of these sales have taken place during the last four years or during the 1970's. There may have been other sales - however, this list includes most _ of the transactions where land was the principal consideration. They are the ones considered significant to a study of the market and most comparable and indicative of value for the subject site. This market data and especially the most comparable sales must be analyzed and compared with the subject and adjustments made to indicate proper value. The main adjustments considered in this analysis would be for the differences in size, location, and/or corner influence. It is also normal to consider an adjustment for date of transaction. This is especially interesting in the subject instance due to the fact that the general economic conditions over the past 10 years would be considered to create an upward adjustment for the later or current date. Sales in the subject block generally support this upward adjustment. However, several sales which took _ place approximately 10 to 20 years ago involved much higher land values than many of the more recent sales. Some of the highest land considerations paid in the downtown business district of Greeley were the sale from the First National Bank to the 3 . C. Penney Company at the corner of 8th Street and 9th Avenue in 1956 at a rate of $22 .82 per square foot, and the assemblage and - 8 - sale to the Woolworth Company at the corner of 9th Street and 8th Avenue in 1957 at a rate of $27.82 per square foot. Nevertheless, if for no other reason than the rapidly increasing rate of inflation during recent years, some upward — adjustment for time is justified. The rate varies somewhat, depending on the location of the sale. The current development and activity in the northern portion of the Central Business District requires a greater adjustment in re- lation to property situated in the southern portion where there is limited acti- vity at the moment and, in fact, a couple of significant vacancies. Some upward adjustment is also justified due to the announcement in June, 1968 of the new Eastman Kodak plant to be located in this area - and the subsequent and continuing development of that massive complex. Although this major new industry has not created direct demand for Greeley Central Busi- ness District property, it has produced an optimistic atmosphere which has been I reflected in higher asking prices and a greater reluctance on the part of sellers to reduce prices. Analysis of the fairly recent sale (September, 1972) of the old Weld County Bank building at the southwest corner of 10th Street and 9th Avenue, and only one-half block southeast of subject, tends to support the fact that a somewhat stable market exists in the downtown business area. The property consisted of basically two parcels - a 9,000 square foot parking area in the interior of the block and a 12 ,000 square foot corner parcel improved by a substantial reason- I ably modern two story, full basement bank building with two drive-up windows. The total sales price of $265,000 allocated as follows results in a figure of $8.23 per square foot for land value of the corner parcel. Total sales price - $265,000 Rear parking lot - 9,000 sq. ft. @ $4.00 p.s.f. = $ 36,000 Sales price allocated to front parcel - $229,000 Ground level of building - 6,300 sq. ft. @ $12 .00 p.s.f. = $75, 600 Second floor office building - 6,000 sq. ft. @ $ 7.00 p.s.f. = $42 ,000 Basement - 6,300 sq. ft. @ $ 2.00 p.s.f. = $12 ,600 Total for building - $130,200 Left for corner site - $ 98,800 Or, 12,000 sq. ft. of land @ $8.23 per sq. ft. - 9 - A major portion of the recent downtown sales has been assemblages by the Greeley National Bank for the site of the new bank, offices and retail facility, with accompanying off-street parking. In 1960 to 1967 the Greeley National Bank assembled 9,775 square feet at an average cost of $13.69 per square foot (Sales 44-B thru 44-F) . Actually, this included a very small 575 _ square foot parcel purchased in 1967 , at the relatively high figure of over $26.00 per square foot. These sales would require an upward adjustment for date, downward adjustments for size, and a minus increment for assemblage. They would therefore indicate $10.00 per square foot for subject. Without the one high sale, the remaining assemblage would have been nearly $1 .00 per square foot less, and resulted in an indication of about $9 .00 per square foot for subject. In 1970 and 1971 the Greeley National Bank conducted another assem- blage of 25,872 square feet for $451 ,500 in the southwest portion of Block 44 at an average cost of $17.45 per square foot. Adjusting this figure up slightly - for date and down a greater amount for the location nearer the center of the current activity and for assemblage (Sale 44-K was another inordinately high figure) , would indicate $10.00 per square foot for subject. In another recent sale involving a corner property in the downtown area .- (Sale 37-L) the Greeley National Bank acquired 9 ,500 square feet at the cost of $15 .79 per square foot of land area if no allocation is made for the aging three story masonry building on the property which was torn down. This sale is adjusted up slightly for date and location and down for size and assemblage pressures, and indicates $10.00 per square foot for the subject. Sale 65-D involved nearly the southwest one-fourth of the subject block. The land is less than 150 feet straight east of subject. The sale was at the unit price of $11 .62 per square foot in 1970. It is considered that Weld County paid a slight premium for this property to accomplish some assemblage. Ad- justing down for this condition-of-sale factor and for location nearer the 100% retail core, and up for date, indicates $9.00 to $10 .00 per square foot for subject. Concentrating on the more recent sales - which should be the best indi- cators of value, it is noted that sales in Blocks 24 and 25 , which are north of 6th Street and at the extreme northern edge of the Central Business District, have mostly been in the price range around $3 .00 per square foot. This is also the approximate range of sales within the past two years in Blocks 66 and 67 just west of subject, but at the western edge of the Central Business District. A few isolated sales in this latter area have been nearly $4.50 per square foot. Most of Block 37 was assembled by the Greeley National Bank interests in 1970 at a cost of an average of $3.00 per square foot. At that - 10 - time this area was at the north edge of the Central Business District and in a position in the market similar to that of Blocks 24 and 25 during this more recent past one to one and one-half years. One year ago most of the north half of Block 37 transferred at the rate of $5 .00 per square foot. This is the site for the new Holiday Inn Hotel. It is still at the northern edge of the more developed downtown business district and, when compared to subject, requires rather severe upward adjustments for location and size. The other recent sale in this northern or northeastern neighborhood is Sale 38-B, the old Armory, which was also purchased by the Greeley National Bank interests at a rate of $3.50 per square foot. This is not an especially good indicator due to its inside location and more industrialized type surroundings. One of the better indicators is the recent sale by the City of Greeley to _ the Greeley National Bank of the parking lot in the center portion of the north half of Block 44. The price was agreed upon in May of 1972 at $9.00 per square foot. This site is quite similar to subject in size and is nearer the • .- 100% core area. It requires a downward adjustment due to its location in the currently active neighborhood of the Greeley National Bank assemblages and developments, as well as the proposed Holiday Inn. However, it requires a plus adjustment when compared with the subject location which is more directly in the path of the general growth of the city. Subject also has some corner influence . This sale indicates $9 .00 per square foot for subject. The property identified as Sale 64-B has been offered for sale on the open market for at least two years at a price of around $7 .00 per square foot. This is a rather choice corner location in the more intensely developed down- town area and only one-half to one block from the central core. Apparently the size has been a restricting factor and assemblage of adjoining improved properties is expected to be quite expensive. Nevertheless, this sale and offering suggests the southern portion of the Central Business District to have been and to be rather dormant or stable as compared to the northern portion of the area. Summary There are numerous fairly recent sales at both the north and west edges of the downtown district at prices in the $3 .00 to $4.50 per square foot range. However, except for Sales 44-K, 44-L, and the past Weld County Bank build- ing, there has been limited activity or sale of properties in the truly downtown business core area. A part of the restriction or limitations of this area is the governmental ownership of all of Block 65, including the subject portion. Nevertheless, when considering a market for subject or availability of corn- - peting lands with similar value attributes, it is quickly recognized that there is a scarcity of vacant land within the several blocks in the central business - 11 - core, and it can be noted from the market study that properties being assembled, even with older existing buildings rapidly rise into the $10.00 to $15.00 per square foot bracket. The best indicators suggest a value for subject of $9 .00 per square foot. 19,000 sq. ft. @ $9 .0.0 per sq. ft. = $171 ,000 4. • j • - 12 - INCOME APPROACH • Although this particular property would not normally be considered as an investment or income producing property by itself, the following figures indi- cate a conservative rate of return could be realized. Considering the value indicated by the Market Approach, this return would be only 2 .0% to the invest- ment in land . The following figures assume a 6% interest rate which results in a lower indication of value. The land residual technique, straight line capitali- zation method was utilized. Annual Gross Income 60 spaces @ $10 per month x 12 months = $7,200 Less vacancy and credit losses (5%) - $ 360 Effective Gross Income - $6,840 Less Expenses: Real Estate Taxes (including parking improvements - estimated) - $2,737 Insurance - $ 50 Upkeep - $ 50 Management (6%) - 410 Total Expenses - 3 247 Net Income - $3,593 Net Income required for parking lot improve- - ments (estimated cost at $4,000) using 6% interest rate plus 5% recapture rate or11% - 440 Net Income left for land - $3,153 $3,153 capitalized at 6% results in land value indication by this approach of $52,550 Say $52,500 - 13 - pa CORRELATION The Cost Approach has not been utilized in this situation, due to the lack of any extensive improvements. The Income Approach is given little weight, as this would not normally be a prudent investment for income producing purposes. That is, a parking lot in this location would be expected to aid in the income from surrounding buildings where either office rent or retail sales might be increased, due to the availability of the parking. Hypothetical improvements could be assumed and income processed to show potentials of income attributable to land - however, these assumptions would be quite speculative . The Market Approach is therefore the best indicator of value. It is weakened slightly by the lack of recent comparable sales of unimproved sites in the immediate vicinity. However, the final estimate of value is well bracketed by the several sales which have been adjusted for pertinent value factors. Based on all of these considerations, value of the subject site, with- - out improvements, is estimated to be $171 ,000.00. - 14 - • CONTINGENT AND LIMITING CONDITIONS This appraisal is subject to the following assumptions and limiting conditions: 1 . The maps and pictures are included with this report to assist the _ reader in visualizing the property. The legal description contained herein is approximate for identification purposes, no survey has been made by this appraiser. 2 . I assume no responsibility for matters of a legal character nor do I render any opinion as to the title. 3. It is assumed that the title is merchantable, the property free and clear of liens and encumbrances, under responsible ownership and competent management. 4. The information furnished me by others is believed to be reliable, but I assume no responsibility for its accuracy. 5 . This report is to be considered in its entirety, the distribution of } value between the land and improvements applies only under the • existing program of utilization, it should not be used in conjunction with any other appraisal and is invalid if so used. '- 6. Neither all nor any part of the contents of this report shall be con- veyed to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected, or any reference to the American Institute of Real Estate Appraisers, or to the M.A.I. designation. - 15 - CERTIFICATION I, the undersigned, do hereby certify that I have personally inspected the property and that, according to my knowledge and belief, all statements and information in this report are true and correct subject to the stated con- tingent and limiting conditions contained herein. I further certify that I have no present or contemplated future interests _ in the property appraised. Further, that neither the employment to make the appraisal nor the compensation is contingent in any way upon the amount of value reported. Therefore, I estimate the Market Value of the subject property, as of March 1 , 1974, to be: ONE HUNDRED SEVENTY-ONE THOUSAND AND NO/100 DOLLARS ($171 ,000.00) Robert J. Mitchell, M.A.I. , S.R.P.A. -,.16 - QUALIFICATIONS OF ROBERT J. MITCHELL Education B.S. Degree in Civil Engineering, Colorado State University, 1949 . Several Real Estate Certificate Courses, University of Colorado Extension Division. Numerous Appraisal Seminars. Instructor - American Institute of Real Estate Appraisers Rural Properties Appraisal Course III and Grazing Lands and Ranches, Course V; Introduction to Real Estate Appraisal and Advanced Appraisal, University of Colorado Extension Division. Memberships American Institute of Real Estate Appraisers (M.A.I.) , Past President of Colorado Chapter; Member, National Rural Property Examination and Technical Committees. Senior Real Property Appraiser in Society of Real Estate Appraisers (S.R.P.A.) . American Right of Way Association. Greeley Board of Realtors (past president) , Colorado and National Association of Real Estate Boards. American Society of Farm Managers and Rural Appraisers - Colorado and National. Professional Experience Licensed Real Estate Appraiser, State of Nebraska. Licensed Real Estate Broker, States of Colorado and Nebraska. Nine and one-half years as an Engineer Appraiser for Federal Land Bank of Wichita. 1 Since 1958 - Independent Appraiser in general real estate appraisal practice, making; appraisals throughout Colorado, as well as portions of-Nebraska, New Mexico and Wyoming. Typical Clients Individuals, Attorneys, Banks: First National of Greeley, Greeley Institutions & Corporations National, First National of Denver, , Churches, School Districts Colorado National of Denver, United 'p Real Estate Developers Bank of Denver, Bank of Tulsa University of Northern Colorado State Agencies: Colo. , Wyo. , & Nebraska I Mortgage Guaranty Insurance Corp. Dept's. of Hwys. , Colo. Game & Fish Public Service Company Federal Agencies: Veterans Administration, a Great Western United Company General Services Administration, Mountain States Telephone Company National Bureau of Standards, Forest Eastman Kodak Company Service, Army Corps of Engineers, Panhandle Eastern Pipe Line Company Department of Justice, National Park Oil Companies (Texaco, Humble, Service, Bureau of Land Management, I Conoco) Bureau of Sport Fisheries & Wildlife, Municipalities: Greeley, Loveland, Internal Revenue Service Brush, Fort Collins, and others Qualified as an expert witness in several Federal, State and District Courts. - 17 - m. m o i w O O 1� CO M M H (C O O O c0 M U1 V. 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Shows intersection of 10th lia r G-,..., Avenue and 10th Street, � • �� T IStat. —_ illegitak...._., _ .21-SaLst . ___ i . r"...,;' lb.'"- , yam a '�... #v a' ` Looking northerly at --y subject site and 10th tea, - t Avenue, • � — _-__ „ I, . - c =L -,--47,-...._----- - - ifliar -'. '�' wn _.. Looking easterly across 10th Avenue and across subject site. • j I+� N `f MTye �i �. u.hY„ tt "• t'F�wl u�� i C" , V ] y. A iY v. Hello