HomeMy WebLinkAbout730842.tiff •• .
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RESOLUTION
RE: AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS,
WELD COUNTY, COLORADO, TO SIGN PURCHASE AGREE-
MENT (JOINTLY WITH THE CITY OF GREELEY) WITH
RAYMOND PETERSON AND PAULINE J. PETERSON FOR
THE PURCHASE OF REAL ESTATE IN WELD COUNTY,
COLORADO.
WHEREAS, the County of Weld, State of Colorado, and the City
of Greeley, Colorado, are joint owners of the Weld County Municipal
Airport as tenants in common, and
WHEREAS, the Board of County Commissioners, Weld County,
Colorado, has determined that certain real estate is needed near the
Weld County Municipal Airport for airport expansion purposes, and
WHEREAS, the City of Greeley, Colorado, has also determined
that such certain real estate is needed for the expansion of the Weld
County Municipal Airport, and
WHEREAS, the Board of County Commissioners, in behalf of
Weld County, Colorado, has determined the terms and conditions upon
which the Board of County Commissioners shall purchase said premises,
per joint agreement with the City of Greeley and Raymond Peterson and
Pauline J. Peterson, copy attached hereto and made a part hereof by
reference, and
WHEREAS, the Board believes it to be in the best interest of
Weld County to purchase said premises on the basis recited therein.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County
Commissioners, Weld County, Colorado, that said agreement with
Raymond Peterson and Pauline J. Peterson, providing for the purchase
by Weld County, Colorado, and the City of Greeley, Colorado, jointly,
copy of which is attached hereto and made a part hereof by reference be,
and it hereby is approved.
BE IT FURTHER RESOLVED, that the Board be, and it hereby is
authorized to execute the agreement as submitted and to make the same
effective forthwith.
The above and foregoing resolution was, on motion duly made and
seconed, adopted by the following vote on the 11th day of April, A. D. ,
1973.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
i
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/I / �e-rl rl�i
ATTEST:
Y k anstaClerk of theCtoard
at",„ ,i Deputy County Clerk
APP DASTOF
Co ity A torney p 00f
730842
.
AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE
TO: RAYMOND PETERSON, OWNER.
The undersigned hereby agrees to purchase the following-described
real estate located in Weld County, Colorado, to-wit:
The Northeast Quarter of the Southeast Quarter (NE4SE4 );
the Southeast Quarter of the Northeast Quarter (SE4 NE4 );
the West Half of the; Northeast Quarter of the Northeast
Quarter (W1NE4NE4 ); the East Half of the West Half of the
Northeast Quarter (EZWZNE4 ), excepting therefrom a parcel
of land containing 5. 28 acres, described in Deed recorded
in Book 292, at page 394 of the records of the County Clerk
and Recorder of Weld County, Colorado, to-wit: Beginning
at the Southwest corner of the EZWINE4 ; thence by true
bearings (variation 14° 30' East) East 164. 5 feet; thence
North 0° 35' West 716 feet; thence North 1 ° 35' West 688
feet; thence North 11 * 50' West 543. 6 feet to the west line
of the EzWZNE4 ; thence South along the West line of the
EIWZNE4 1937. 5 feet to the place of beginning;
And also that part of the West Half of the West Half of the
Northeast Quarter (WzW1NE4 ) described as follows:
Beginning at a point on the East line of the WzWZNE4 30
feet South of the Northeast corner thereof; thence South
along said East line 5651 feet; thence North 12° 35' West
580 feet; thence East 130 feet to the place of beginning,
containing . 78 acres exclusive of ditches, all in Section
Three (3), Township Five (5) North, Range Sixty-five (65)
West of the Sixth Principal Meridian, containing in all
135. 5 acres, more or less. Together with pumping plant,
motors and all equipment appurtenances and appliances
therewith, 12 shares of the capital stock of The New Cache
la Poudre Irrigating Company, 16 shares of the capital
stock of the Cache La Poudre Reservoir Company, and 12
shares of the capital stock of the Pleasant Valley Extension
Ditch Company and any and all other water and water rights
appurtenant to or used in connection with said land.
The total purchase price to be paid for said property shall be the sum of
One Hundred Twenty Thousand Dollars ($120, 000. 00) payable in either of the
following manners at the choice of Owner:
(a) $120, 000. 00 in cash at time of closing on or before May 1, 1973. In
the event Owner exercises this option for payment, then Purchasers shall be
entitled to 1973 crop income and shall be obligated to pay all the usual landlord
expenses incident to the production of said 1973 crop.
OR
(b) $120, 000. 00 in cash at time of closing on or before July 1 ,
1973. In the event Owner exercises this option for payment, Owner shall be
entitled to 1973 crop income and shall be obligated to pay all the usual landlord
expenses connected therewith, including 1973 real estate taxes.
It is mutually understood and agreed between the Owner and Purchasers
that the following conditions are the basis upon which this agreement is made
and accepted:
1. That title will be transferred by Warranty Deed, free and clear of
all liens and encumbrances, and an abstract furnished to date showing merchantable
title in the Owner, subject to reservations of the United States Patent; Existing
Rights-of-way for roads, ditches; and recorded reservations of oil and mineral
rights; recorded clear-zone easement; West Greeley Soil Conservation District
and Northern Colorado Water Conservancy District; an outstanding oil and gas
lease of record; and lease to present tenant, Reuben Croissant, which expires
December 31, 1973.
2. In the event there shall be any defect in the title which renders the
same unmerchantable, the Owner at Owner's expense, agrees to perfect the
same, and in such event the Owner, after receipt of written notice of said
claimed title defect, shall have a reasonable additional time in which to render
such title merchantable.
3. Possession of the property shall be delivered to Purchasers at time
of closing, subject to outstanding lease in favor of Reuben Croissant, tenant.
4. Time of payment is an essential part of this agreement and in the
case of failure to make any of the payments or perform any of the covenants
herein, it is understood and agreed that the money deposited herewith shall be
forfeited and retained by the undersigned Owner, or the Owner may, at his •
election, enforce specific performance of the terms of this agreement.
5. It is mutually agreed and understood that all the covenants and
agreements herein contained shall extend to and be obligatory upon the heirs,
executors, administrators, and assigns of the respective parties.
6. The transfer to be completed in the office of Thomas A. Richardson,
Attorney at Law, 909 Eleventh Avenue, Greeley, Colorado.
7. It is further agreed that in the event Purchasers offer for sale that
portion of said real estate upon which the improvements are Iodated, the present
tenant, Reuben Croissant, shall be entitled to have the right of first refusal
concerning said land and improvements.
C t OF GREE EY ase) BOARD OF COUNTY COMMISSIONERS
OF WELD COUNTY, COLORADO,
y: Purchaser
Mayor
e etc'
Attest:. '�E1 ' /Z�-�- d1/ ` / �
y I (.-tC ( (i 'J L"CU/L _lc
Cit erk
4.,,c,/217/7—(1/4---;
ity ager
4A-A County, torney
City Attar ey /
1241 n, �_/ � � "(Z.
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✓ Raymond Peterson, Owner
l<r2..-.w. 4.
Thomas A. Richardson
Attorney for Owners
Pauline J) Peterson, �Owner
-Z-
faaN
Appraisal Report On
The Dr. Raymond Peterson Farm
Located
Two Miles East of Greeley, Colorado
For
Mr. Ivan (Jack) Shupe, Chairman
Building and Grounds Committee
PLH Weld County Municipal Airport Board
As of
February 10, 1973
By
Michael C . Marion, R. M.
Real Estate Appraiser
WELD CO. CO ' L ilL NHS
CULD.
RE c_ D
FE2, 1 .3 1973
A.M. P.M.
417AP113I11!12111?I314151✓P
r. .�
MICHAEL C. MARION, R. M.
REAL ESTATE APPRAISER
M3) 3561331 1331 8TH AVENUE
GREELEY, COLORADO 80631
February 10, 1973
Mr. Ivan (Jack) Shupe, Chairman
Building and Grounds Committee
Weld County Municipal Airport Board
Greeley, Colorado 80631
Dear Mr. Shupe :
As requested, I have personally examined and appraised
the real property known as :
The Dr. Raymond Peterson Farm
The property is located about two miles east of Greeley --
immediately west of the Weld County Municipal Airport in
Weld County, Colorado.
The legal description appears at a later page in this.
report.
The purpose of the appraisal is to report to you my
opinion of its market value as of February 10 , 1973 .
Based on the examination and study made, I have formed
the opinion that on the date mentioned, the real property
had a market value of:
ONE HUNDRED THIRTY SIX THOUSAND and NO/100 DOLLARS
( $136 , 000 . 00 )
The following .report represents a review of the appraisal
and my analysis of the data along with other materials on which
the estimate of value was predicated.
Respectfully submitted,
Michael C. Marion, R.M.
mes
ii
RESIDENTIAL MEMBER - AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS
REALTOR MEMBER - GREELEY BOARD OF REALTORS, INC., COLORADO & NATIONAL ASSOCIATION OF REAL ESTATE BOARDS
TABLE OF CONTENTS
HEADING PAGE
Title Page i
Letter of Transmittal
Table of Contents
Qualifications of the Appraiser iv
Assumptions and Limiting Conditions v
Map Locating Property 1
Identification of the Property and
Legal Description 2
Purpose of the Appraisal )
Definition of Market Value )
Property Rights Appraised ) 3
Date of Value Estimate )
Assessment and Taxes )
Property Description and
Highest and Best Use 4
Approaches to Value 5-6
Map Locating Subject and Sales 7
Comparable Sales 8-13
Analysis of Sales 14
Comparison of Sales and Subject 15
Discussion of Sales 16
Value Conclusion 17
Certification of Value 18
iii
QUALIFICATIONS OF THE APPRAISER
MICHAEL C. MARION
BUSINESS APPRAISER - Wheeler Realty Company
AFFILIATION . 1331 - 8th Avenue, Greeley, Colorado
EDUCATION . Graduate - B. A. Degree (Journalism)
- University of Denver (1950)
APPRAISAL American Institute of Real Estate Appraisers:
COURSES •
CCourse I - University of Colorado (1968)
Course II - University of Chicago (1969)
Course VIII - University of Colorado (1969)
Society of Real Estate Appraisers:
Course I - Denver Chapter No. 9 (1969)
Seminar - Denver Chapter No. 9 (1970)
APPRAISAL APPRAISER AND ASSISTANT T0:
EXPERIENCE Mr. Thos. M. Welsh, M.A.I./S.R.A. and
Mr. Robert J. Mitchell, M.A.I./S.R.A.
(1962 - 1966)
INDEPENDENT FEE APPRAISER (Since January - 1967)
CLIENTS Numerous Individuals
Several Attorneys
Three Major Banks in Greeley
Other Colorado Banks & Lending Institutions
Several Colorado Communities
Public Service Company of Colorado
Veterans Administration
Rocky Mountain National Park
Mountain Bell
Housing Authority of Kersey and Keenesburg, Colorado
Avco Financial Services
Homequity, Inc.
Weld County Commissioners
RELATED Retail Lumber Yard Manager; Architectural Designer and
EXPERIENCE . Draftsman; Construction Cost Estimator; Supervisor of
Home-Prefabrication Plant; Supervisor of Construction of
many homes and small buildings in the Denver and Greeley
area (1950 - 1962)
REAL ESTATE State of Colorado:
EXPERIENCE •
ELicensed Real Estate Salesman (Since January - 1963)
Licensed Real Estate Broker (Since August - 1968)
ORGANIZATIONS . Member - Greeley Board of Realtors . (President - 1968)
- Colorado Association of Real Estate Boards
- National Association of Real Estate Boards
Residential Member (R. M.) - American Institute of
Real Estate Appraisers
IV
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is subject to the following assumptions
and limiting conditions :
1. The legal descriptions contained herein are approxi-
mate and are included for identification purposes.
2 . The maps, drawings and photographs are included to
assist the reader in visualizing the property.
3. No survey has been made by the appraiser.
4 . The appraiser assumes no responsibility for matters
of a legal character nor does he render any opinion
as to titles.
5 . The information furnished the appraiser by others is
believed to be reliable. However, the appraiser
assumes no responsibility for its accuracy.
6 . Neither all nor any part of the contents of this
report shall be conveyed to the public through
advertising, public relations, news media, sales
or other media, without the written consent and
approval of the appraiser, particularly as to valua-
tion conclusions, the identity of the appraiser or
firm with which he is connected or any reference to
the American Institute of Real Estate Appraisers .
V
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IDENTIFICATION OF THE PROPERTY
The subject property is identified as the Dr . Raymond
Peterson Farm located about 2 miles east of Greeley, about
a half mile north of the Cache La Poudre River and immediately
west of the Weld County Municipal Airport in Weld County,
Colorado.
LEGAL DESCRIPTION
The Northeast Quarter of the Southeast Quarter (N£45E4) ;
the Southeast Quarter of the Northeast Quarter (SE4NE4) ; the
West Half of the Northeast Quarter of the Northeast Quarter
(W'1NEaNE4) ; the East: Half of the West Half of the Northeast
Quarter (E1W4NE4) , excepting therefrom a parcel of land con-
taining 5 . 28 acres , described in Deed recorded in Book 292 ,
at page 394 of the records of the County Clerk and Recorder
of Weld County, Colorado, to-wit: Beginning at Southwest
r corner of the E?WZNEa; thence by true bearings (variation
14°30 ' East) East 164. 5 feet; thence North 0°35 ' West 716
feet; thence North 1°35 ' West 688 feet; thence North 11°50 '
West 543 . 6 feet to the west line of the EzW'1NE4; thence South
along the West line of the E2WzNE4 1937 . 5 feet to the place
of beginning; and that part of the W1O1NEa, described as
follows :
Beginning at a point on the East line of the W1W1/2NE4 30
feet South of the Northeast corner thereof; thence South
along said East line 565 1/2 feet; thence North 12°35 ' West
580 feet; thence East 130 feet to the place of beginning,
containing . 78 acres exclusive of ditches , all in Section
Three (3) , Township Five (5) North, Range Sixty-five (65)
West of the Sixth Principal Meridian, containing in all
135 . 5 acres , more or less . Together with pumping plant,
motors and all equipment appurtenances and appliances there-
with, 12 shares of the capital stock of The New Cache La
2
� Poudre Irrigating Company, 16 shares of the capita
l stock of
the Cache La Poudre Reservoir Company, and 12 shares of the
capital stock of the Pleasant Valley Extension Ditch Company
and any and all other water and water rights appurtenant to
or used in connection with said land . Subject to patent
reservations of record and subject to rights of way existing
or of record .
PURPOSE OF THE APPRAISAL
To estimate the market value of the parcels identified
in this report.
DEFINITION OF MARKET VALUE
Market value is defined as being 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. "
PROPERTY RIGHTS APPRAISED
The unencumbered fee simple title to each parcel .
DATE OF VALUE ESTIMATE
The estimate of market value applies as of February 10 ,
1973 .
ASSESSMENT AND TAXES
The Weld County Assessor has assessed the property as
follows :
Land 12 , 380
Improvements 5, 870
18 , 250 x' s 93 . 97 mill levy
(1972) Results in applicable taxes of $1,714 . 95
3 {
PROPERTY DESCRIPTION
The farm is irregular in shape (see attached mad,) and
contains an area of 135 . 5 acres, more or less, according to
the legal description .
According to the County Assessor, the land is classified
as follows :
Irrigated -- AIII 12 acres
Irrigated -- DII 100 acres
Pasture -- EVI 14 acres
Roads 3 acres
129 acres
The discrepancy of 6 . 5 acres is not unusual in assess-
ment practices wherein the 6 . 5 acres could consist of land
for ditches and waste land.
The improvements on the land consist of a large frame
residence (1560 square feet plus full basement) , a second
frame house (704 square feet) , a 20 ' x 36 ' garage, a 14 ' x 30 '
poultry house, a 32 ' x 64 ' spud cellar, a 14 ' x 152 ' concrete
pit silo, 8 miscellaneous sheds containing about 4 , 400 square
feet.
The improvements appear to be in good condition, as they
seem to be receiving better than normal care. As a result,
the improvements contribute more than the normal value ex-
pected on typical farms.
The farm has good water rights -- at least sufficient
water to maintain reasonable productivity -- despite loss
of some water from seepage in the ditch from head gate to
the farm.
HIGHEST AND BEST USE
Highest and best use is defined as that use which is
the most probable and profitable use for the property.
4
.
•
The subject property is a farm but because of its loca-
tion on the west side of the airport -- the highest and best
use of the property is as an extension of the airport faci-
lities -- at least such a use would be more probable and
profitable than its present use as a farm or than some other
anticipated use requiring changes in zoning and/or restrictive
uses .
APPROACHES TO VALUE
There are three customary approaches used in estimating
the value of real estate :
(1) THE COST APPROACH
(2) THE INCOME APPROACH
(3) THE MARKET DATA APPROACH
The COST APPROACH is an appraisal technique in which the
value of a property is derived by estimating the reproduction
r— cost new of the improvements, deducting therefrom the esti-
mated depreciation and then adding the market value of the
land.
The second method of estimating the value of real estate
is to use the INCOME APPROACH to value. This is an appraisal
technique wherein anticipated net income is processed to indi-
cate the capital amount of the investment that produces the
net income. The reliability of this technique is dependent
upon four conditions :
(1) A reasonable estimate of the anticipated annual
net income;
(2) The duration of the annual net income;
(3 ) The capitalization process; and
(4) The method of converting income to capital .
The third method of estimating the value of real estate
is to use the MARKET DATA APPROACH to value , which is also
r called the "Sales Comparison Approach" . In this approach,
5
•
an indication of value is arrived at by comparing the rela-
r
tive utility and desirability of the subject property with
comparable competitive properties sold recently and/or being
offered for sale.
The reliability of this approach is dependent upon:
(a) the degree of comparability of each property
with the property under appraisal ,
(b) the time of the sale,
(c) the verification of the sales date, and
(d) the absence of unusual conditions affecting
the sale.
In order to make comparisons between the comparable
sales and the subject property, the selling price (sale)
is adjusted to the subject property for differences of :
(a) time of sale,
(b) location, and
(c) physical characteristics .
The result of the comparison indicates the value of the
property by the MARKET DATA APPROACH.
The Cost Approach has not been used in this appraisal
because the land is considered to be the principal contri-
butor to value. The improvements are only incidental to
value and enhance value to the extent that some form of
improvements are necessary for certain uses of the land .
The Income Approach has not been relied upon as an indi-
cation of value because the net income produced by the farm
presently nor from the proposed future use will provide an
indisputable indication of value.
The Market Data. Approach is relied upon principally to
give an indication of value. This is because of several
good comparable sales found in the area which would suggest
a reasonable market value for the subject.
6
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Sale Number
Grantor (Seller) John K. Tipton & Robert R. Tiaton_Estate
Grantee (Buyer) Noffsinger Manufacturing Co. , Inc. .___
Reception No. 1604438-9 Date December 29 ' 972
Consideration $ 145 , 000 Doc. Fee $14 . 50
Confirmed by Deed in file Date 2/ 8/ 73
I
Legal Description _SWa of Section 26 , Township 6 North,
Range 65 West, Weld -County, Colorado
i
1
(1 mile north of subject)
tr"
Comments & Property Description:
The property consists of 147 acres of BII Irrigated Land.
The improvements are fair and contributed an estimated
$10 , 000 to the sale price.
The land has excellent water rights including 50 acre-
foot units of Northern Colorado Water Conservancy District;
19 shares of the New Cache la Poudre Irrigating Company;
24 shares of the Cache la Poudre Reservoir Company; 1 pre-
ferred right of the Fossil Creek Reservoir; and a well .
I
I
ALLOCATION OF SALES PRICE
I
LAND $135 , 000 per Acre $918 Improvements $10 , 000
147 acres
II
811-- -- - -
.
-- -- - - - —
i
2
(Sale Number
��I I
Grantor (Seller) William G. Lyster
Grantee (Buyer) Paul and Jean A. Hoshiko
Reception No. 1579522 Date December 2 19 71
Consideration $72, 500 Doc. Fee $ 7 . 25
Confirmed by Paul Hoshiko Date 2/ 8i 73
Legal Description :East i of the Northeast a of Section
35 , Township 6 North, Range 65 West, Weld County, Colorado
(About 1 mile east and ? mile north of subject)
s�
Comments & Property Description:
The sale included 77 acres of BII Irrigated Land and
poor improvements.
I i
Water rights include : 8 shares of New Cache la Poudre
Irrigating Company; 16 shares of Cache la Poudre Reservoir
Company; 40 acre-feet of Northern Colorado Water Conservancy
i
District; 1 share of Union Lateral Irrigating Company plus
a well.
it I
ALLOCATION OF SALES PRICE
LAND $ 72, 500 Per Acre $941 Improvements $ -0
77 acres
--- - - -- __ - _ 9_
-- -- -
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3
Sale Number
i
Grantor (Seller) Noffsinger Manufacturing Co. , Inc ._
Grantee (Buyer) Paul Hoshiko and Kenneth R. Vetting
Reception No. 1577692 Date October 28_ 19 71
Consideration $40 , 000 Doc. Fee $ 4 . 00
Confirmed by Paul Hoshiko Date 2/ 8/ 73
Legal Description _NEaSEa, Section 35, Township 6 North,
Range 65 West, Weld County, Colorado
I
(About 1 mile east and i mile north of subject)
ye—
Comments & Property Description:
The property contains 40 irrigated acres, no improve-
ments and only an irrigation well for water. However,
the Grantee owns 80 acres north of this property which
has sufficient water to take care of this property.
I
I
II
i
ALLOCATION OF SALES PRICE
it
LAND $ 40 , 000 Per Acre $1 , 025 Improvements $
39 acres
10111
i
4
�\ Sale Number
I
Grantor (Seller) Grace E . Bessee Estate
Grantee (Buyer) Duane D. and Dorothy Zabka
I
Reception No. 1593644 Date _July 14 1972
Consideration $80 „ 000 Doc. Fee $ 8 . 00
Confirmed by Deed Recitation Date 2 / 8 / 73
Legal Description E1/2 of NWQ of Section 2, Township 5 North,
i
Range 65 North, Weld County, Colorado
(About 1 mile east of the subiect)
0-
Comments & Property Description:
The property consists of 70 acres of Irrigated Land and
the improvements are estimated to contribute about $10 , 000
to the sale price.
I
Water rights consist of :
8 shares New Cache la Poudre Irrigating Co.
16 shares Sand Creek Lateral Co.
2 domestic wells and an irrigation well
�I
I
I
ALLOCATION OF SALES PRICE
LAND $ 70, 000 Per Acre $1, 000 Improvements $ 10 , 000
I
70 acres
11,
j 5
Sale Number
Grantor (Seller) Grace K. and Joseph S. Gatewood
Grantee (Buyer) Noffsinger Manufacturing Co. , Inc .
Reception No . 1558272 Date December 1 1970
Consideration $ 150, 000 Doc. Fee $ 15. 00
Confirmed by Deed Date 2 / 8 / 73
— i
Legal Description NWa and N1 of SW a, Section 1, Township
5 North, Range 65 West, Weld County, Colorado
(About 1 mile east of the subject)
Comments & Property Description:
The property consists of 189 irrigated acres of farm
land, 31 cares of pasture and 20 acres of roads, ditches
and waste. The improvements contributed about $15, 000
to the sale price.
Water rights include:
14 shares of the New Cache la Poudre Irrigating Co.
20 shares of the Cache la Poudre Reservoir Co.
2 shares of the Union Lateral Irrigating Co.
1 preferred right of Fossil Creek Reservoir
ALLOCATION OF SALES PRICE
LAND $ 135, 000 Per Acre $714 Improvements $ 15, 000
189 acres
- 12
I
A
Sale Number
Grantor (Seller) Joe Wagner
Grantee (Buyer)
Reception No. _ Date 19_
Consideration $ 155 , 000 Doc. Fee S
Confirmed by Joe Wagner Date 2 / 8 / 73
Legal Description SWa of Section 36 , Township 6 North,
Range 65 West, Weld County, Colorado
(About 1 mile east of subject)
Comments & Property Description:
This is not a sale. Mr. Wagner claims he has a standing
offer from a ready, willing and able buyer for a price of
$1, 000 per acre . He has refused to sell because his family
wants to continue operating the farm. The improvements con-
tribute about $10, 000 to the price and the water rights are
considered to be as good, if not better, than the average
farm in the area.
I
ALLOCATION OF SALES PRICE
LAND $ 145, 000 Per Acre $942 Improvements $ 10 , 000
154 acres
i
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A total of 34 sales were found in the area . The urgency
of the appraisal assignment prevented an exhaustive investi-
gation of all the sales. As a result, sufficient sales near
the subject (within 3 miles) were found that give a reliable
indication of value .
The comparable sales are contained in this report as
well as an area map showing their location with respect to
the subject. Each of the sales were analyzed and compared
with the subject. One standing offer to buy was also checked
and included with the sales .
The data from 5 comparable sales indicated the overall
per acre (land and improvements) prices paid ranged from
$793 to $1, 142 , which involved a total of 522 acres for a
total price of $487 , 500 or an average of $933 per acre. The
standing offer (Sale A) is at a rate of $1, 006 per acre overall .
The sales were than allocated as to the value of the
improvements and land, which resulted in a per acre price
range (land only) of $714 to $1, 025 including the standing
offer.
The next step was to compare the subject with each of
the sales and compare the sales with each other .
The low side cf the price range involved Sale #5 which
occurred 2 years ago . Since more recent sales were in ex-
cess of $ 900 per acre -- an upward adjustment of 1% per
month (12% per year) is required to bring Sale #5 in line
with other sales.
The high side of the price range involved Sale #3 ,
which price of $1 , 025 did not include water and suggests
that the buyer paid a price higher than the market indicates
because the property bordered an ownership for which he had
previously paid $941 per acre.
The adjustment process is further refined until the best
indication seems to be greater than $900 but less than $950
i
16 ,
per acre (land only) .
The improvements , which are better than any of the sales'
improvements, is estimated to contribute $20, 000 to the total
value of the property.
i
Hence:
126 acres @ $925 = $116 , 550
Add Improvements. 20 , 000
$136 , 550
(say) $136 , 500*
*The legal description recites 135 . 5 total acres in the
parcel @ $1, 000 per acre over = $135, 500 .
VALUE CONCLUSION
The indication of value relied principally on the market
data approach because the cost approach would not produce
satisfactory results and because the income approach could
not be developed satisfactorily in the short time in which to
complete the appraisal . Even though the cost and income
approaches were not used -- the indication of value would
still have been the most satisfactory approach to use .
As a result of the study, it is my opinion that the
market value of the subject property (land and improvements)
as of February 10 , 1973 was:
One Hundred Thirty Six Thousand and No/100 Dollars
( $136 , 000. 00 )
---- --- -- - 17j
I _ _
CERTIFICATE OF APPRAISAL
The undersigned does hereby certify that, except as
otherwise noted in this appraisal report:
1. I have no present or contemplated future interest
in the real estate that is the subject of this
appraisal report.
2 . I have no personal interest or bias with respect
to the subject matter of this appraisal report.
3. To the best of my knowledge and belief the statements
of fact contained in this appraisal report, upon which
the analyses, opinions and conclusions expressed here-
in are based, are true and correct.
4 . This appraisal report sets forth all of the limiting
conditions (imposed by the terms of my assignment or
by the undersigned) affecting the analyses, opinions
and conclusions contained in this report.
z
5. This appraisal report has been made in conformity
with and is subject to the requirements of the Code
of Professional Ethics and Standards of Professional -
Conduct of the American Institute of Real Estate
Appraisers of the National Association of Real
Estate Boards.
6 . No one other than the undersigned prepared the
analyses, conclusions and opinions concerning real
estate that are set forth in this appraisal report.
7/14thate 774.2 y _ �M
Michael C. Marion, R. M?
18
c/iJie 12-3
Appraisal of
DR. RAYMOND PETERSON FARM
129.0 Acres
Northeast of Greeley, Colorado
For
Weld County-Municipal Airport Board
Greeley, Colorado
February 12 , 1973
By
Robert J. Mitchell, M.A.I. , S.R.A.
8th and 8th Building - Suite 202
724 Eighth Street
Greeley, Colorado
ROBERT J. MITCHELL. M.A.I., S.R.A.
Moan
AYrr.awr Ie,rrrrorr or SUITE 202 - 724 EIGHTH STREET
Hr Hr Ammonia GREELEY, COLORADO 80031 THLHPHONRan.
�- 18081 862.1114
February 12, 1973
Mr, Robert Anderson, Chairman
Weld County-Municipal Airport Board
Greeley National Bank Building
Greeley, Colorado 80631
Dear Mr. Anderson:
Pursuant to your request by telephone on February 6, 1973, I have
appraised the property reportedly owned by Dr. Raymond Peterson and
situated approximately three miles northeasterly from Greeley, Colorado.
The farm is considered to consist of approximately 129 .0 acres. A
copy of a letter from Attorney Thomas Richardson to Attorney Kenneth Colwell,
dated January 30, 1973, includes the Legal Description of the property to be
appraised and refers to 135.5 acres, more or less, as being the area con-
tained therein. However, there is a discrepancy between that acreage, the
one utilized by the Weld County Assessor's office, and by that shown by
scaling from an aerial photograph. As a result of my investigation I have
considered the 129 .0 acres as being most nearly representative of the true
area. If a later survey should determine the area to be considerably differ-
ent, than I would be obliged to revise my figures accordingly.
Good appraisal practice requires the appraiser to inspect the property
and the improvements with the owner or tenant. I telephoned Attorney
Richardson, who represents the owner of the farm, and requested arrange-
ments be made for such an inspection. However, he requested that the
tenant not be disturbed at this time. I have therefore made my appraisal
_ based on inspections of the property from the adjoining public roads and
observations of aerial photographs. If, at some future date, condemnation
proceedings are anticipated, or if more detailed data is required, please
arrange for me to make a further physical inspection of the property.
_ Due to the short notice and deadline required for the delivery of this
report, as well as the limitations of inspecting the property, I have not in-
cluded the normal photographs.
WELT)
;
_ R r: :--
FEB 1 .3 19731
A,M.
917�8�9i-i :t1112;1/?1$1 1M
Mr. Robert Anderson -- 2 February 12 , 1973
This appraisal is an estimate of the Market Value as of February 12,
1973 of the fee simple title. Market Value is defined at a later page of this
report.
I have carefully inspected the property and have given consideration
to all of the factors affecting the value, thereof, and submit, herewith, two
copies of my report which describes the methods of evaluation used and
shows analysis of the data and the reasoning involved in deriving my con-
clusions.
Therefore, I estimate the Market Value of the Dr. Peterson farm as
herein described, as of February 12, 1973, to be:
ONE HUNDRED THIRTY THOUSAND AND NO/100 DOLLARS
($130,000.00)
Respectfully submitted,
e�i• �
Robert J. Mitchell, M.A.I. , S.R.A.
TABLE OF CONTENTS
Title Page
_ Letter of Transmittal
Table of Contents Page
Identification of Property 1
Type of Property 2
Purpose of Appraisal Z.
Definition of Value 2
Area Data 2
Neighborhood Data 3
Highest and Best Use 3
Zoning 4
Assessed Value and Taxes 5
Description of Subject Property 5
Evaluation 8
Contingent and Limiting Conditions 14
Certification of Value 15
_ Qualifications of the Appraiser 16
i
j r
-- -
IDENTIFICATION OF PROPERTY
The property is legally described as:
The Northeast Quarter of the Southeast Quarter (NEISEI);
the Southeast Quarter of the Northeast Quarter (SEINE*) ;
the West Half of the Northeast Quarter of the Northeast
_ Quarter (WINEINEI); the East Half of the West Half of
the Northeast Quarter (EZWZNEI) , excepting therefrom a
parcel of land containing 5 .28 acres, described in Deed
recorded in Book 292 , at page 394 of the records of the
County Clerk and Recorder of Weld County, Colorado,
to-wit: Beginning at Southwest corner of the EZWZNEI;
thence by true bearings (variation 14°30' East) East 164 .5
feet; thence North 0°35' West 716 feet; thence North
1°35' West 688 feet; thence North 11°50' West 543 .6
feet to the west line of the El-WINEI; thence South along
the West line of the EZWZNEI 1 , 937 .5 feet to the place of
beginning;
and also including that part of the WZWZNEI, described as
follows: Beginning at a point on the East line of the
WZWZNE* 30 feet South of the Northeast corner thereof;
thence South along said East line 565 1/2 feet; thence
North 12°35' West 580 feet; thence East 130 feet to the
place of beginning, containing .78 acre exclusive of
ditches, all in Section Three (3) , Township Five (5) North,
Range Sixty-five (65) West of the Sixth Principal Meridian,
€! containing in all 135 .5 acres, more or less. Together with
pumping plant, motors and all equipment appurtenances and
appliances therewith, 12 shares of the capital stock of The
New Cache La Poudre Irrigating Company, 16 shares of the
S' capital stock of the Cache La Poudre Reservoir Company,
and 12 shares of the capital stock of the Pleasant Valley
Extension Ditch Company and any and all other water and
water rights appurtenant to or used in connection with said
E' land. Subject to patent reservations of record and subject
to rights of way existing or of record.
(The above was provided as representing the correct legal description -
however, further investigation has convinced this appraiser that the total area,
including roads, is more nearly 129.0 acres.)
i
- 1 -
_
TYPE OF PROPERTY
$ A nearly average size, improved, irrigated farm, slightly irregular in
1 shape, situated approximately two miles east of the northeast limits of the
i City of Greeley. The farm is not large enough to be an economical self-
- supporting agricultural unit, and therefore would be classed as a part-time
farm, plus good rural residence .
PURPOSE OF APPRAISAL
The purpose of this appraisal is to estimate the Market Value of the
property as of February 12 , 1973. In estimating this value it has been
necessary to make a physical inspection, examination, study and analysis
of the property. The results are reported in.this appraisal.
The real estate interest appraised is that of ownership in fee simple,
and the property is appraised as if free and clear, and as if without liens
and encumbrances.
DEFINITION OF VALUE
Market Value
As used in this report 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
�I is adapted and for which it is capable of being used.
�I
AREA DATA
In the interests of time, and pursuant to the requestors for this appraisal
report, little will be said about the general area data. It is assumed the readers
for whom this report is prepared are reasonably well informed as to general
physical characteristics of the Greeley area, as well as many of the economic,
E social, and governmental influences.
i
- 2 -
_ _ _ - - - -
--
NEIGHBORHOOD DATA
— The subject property is situated in the neighborhood just east of the
City of Greeley where lands are put to numerous and varying uses. Uses
surrounding or near the subject would include the Weld County-Municipal
Airport, a small hog faun, auto salvage yards, cattle feeding lots, rural
o
residential tracts, and a predominance - especially to the north and east,
E of good irrigated farms. This farming community is locally known as the
Pleasant Valley neighborhood.
P
— I I The Cache La Poudre River and its accompanying narrow immediate
bottom land area meanders from west to east just south of the subject. This
_ J, river has its confluence with the South Platte River slightly over two miles
! east of the subject Peterson farm. The principal thoroughfare of the neighbor-
s' hood is asphalt paved east-west State Highway #263 (Eighth Street extended
t easterly) . At the north edge of the farm is the asphalt paved county road
locally referred to as the Bliss Road. Sand Creek, a small shallow inter-
mittent drainage meanders from north to south through the neighborhood and
— 3 through the north and easterly portions of the subject.
All normal conveniences are available, including electricity, natural
gas, school buses, milk and mail routes, telephone and television reception.
I' A rural domestic water line serves the neighborhood, also.
IFarms in this neighborhood are mostly irrigated, are relatively flat and
— I''., easy to operate, and are generally well improved. Many units have ditch
water irrigation supplies supplemented by irrigation wells. A typical farm
+ produces diversified irrigated crops such as sugar beets, corn, alfalfa,
_ p small grain, potatoes, and some other vegetables. A number of farms also
specialize in some sort of livestock production such as cattle feeding, lamb
feeding, hog feeding, or - in some scattered instances, a dairy operation.
— E The neighborhood is highly regarded as an agricultural community throughout
rthe state and the nation.
— lil,
HIGHEST AND BEST USE
II
The subject 129.0 acre farm is a reasonably well improved diversified
— ! irrigated unit. It is fairly typical of the high quality fauns in the Pleasant
Valle although Y area the southern portions of the property include slightly
less than average quality soils and the small creek cutting through the pro-
perty results in slightly less than average topographic features, including
it
—
_ -- --
_. ,_tea_v,a. -- - -
- 3 -
some irregular shaped fields. The Highest and Best Use is its present usage,
namely the production of income through agricultural produce.
The location with proximity to the City of Greeley suggests some poten-
tial for subdivision into smaller rural residential sites. This potential is
a somewhat limited due to availability of domestic water and sewer facilities,
r as well as the legal ramifications imposed by House Bill No. 35 enacted
during 1972 in the legislature in the State of Colorado. This bill forbids
the subdivision of larger parcels of land into less than 35 acre tracts with-
, out filing for a residential subdivision through the county authorities. This
filing must be accompanied with proof of availability of utilities - especially
water and sewer. Although this may not be impossible for the subject pro-
perty, it would undoubtedly be somewhat laborious and expensive.
A new City of Greeley sewer main is located in Bliss Road along the
north edge of the subject - however, it is doubtful the owner of this property
would be allowed to tap into that line in the near future. Also, most of the
subject slopes away from the sewer line and would therefore require a lift
station even if use of the main were available.
Subdivision into three small part-time farms with potential as rural
residential sites is a possibility which slightly enhances the overall larger
acreage.
The existing improvements are adequate and appropriate for either the
existing 129.0 acre farm or a smaller part-time farm..
ZONING
That portion of the subject farm lying within the SZ of Section 3, or
approximately the south 40 acres, is county zoned I-Industrial. The northern
approximately 89 acres is county zoned A-Agriculture.
- 4 -
ASSESSED VALUE AND TAXES
The Assessor for Weld County lists the property under the following
land classifications:
Irrigated cultivated - A III 12 acres
Irrigated cultivated - D II 100 acres
Pasture - B VI 14 acres
Roads - 3 acres
Total - 129 acres
The property is assessed as follows:
Land - $12 , 380
Improvements - $ 5 ,870
Total - $18,250
The applicable mill levy is 93.97 , resulting in current real estate taxes
of $1 ,714.95 .
DESCRIPTION OF SUBJECT PROPERTY
— i
_ There is some discrepancy concerning size. The legal description, as
provided this appraiser from the attorneys for both Dr. Peterson and the Air-
port Board, refers to 135 .5 acres, more or less. Data from the Assessor's
office shows 129 acres, including roads. Some rather rough scaling from an
aerial photograph results in indications of approximately 124 acres. Due to
the fact that the Assessor's figures fall somewhere between the two extremes,
- ( and also because the Assessor's figures will be utilized later in
g the I report as
representing the proper acreages for comparable sales, the acreage utilized
f herein for the subject Peterson farm is considered to be 129 acres.
{{r
k' This total acreage is constituted as follows:
(See following page)
_—
i
- 5 -
Main farmstead - 4.0 acres
Labor house site - 0 .5 acres
s
Irrigated cultivated - 108.5 acres
Pasture - 13 .0 acres
Roads - 3 .0 acres
� I
Total -
129 .0 acres
As can be noted by reference to the aerial photograph in the envelope
_ at the back of this report, the shape is basically two stairstep rectangles.
A paved county road forms the northern perimeter, an abandoned dirt county
road forms the eastern perimeter. At this point the property adjoins the
— existing Weld County-Municipal Airport. The improvements are situated in
the extreme northwest corner of the ownership, except for a labor house in
the northeast corner of the eastern portion of the farm Sand Creek meanders
from near the northwest corner southeasterly to the east central portion of
the farm. Generally the land slopes from north to south, except for a small
W band or strip of land from the improvements southeast along the southwest
side of the creek. There are numerous concrete structures in the irrigation
head ditches.
Soils under the south approximately 40 acres are noted to be a Gilcrest
_ Gravelly Sandy Loam. The north portion of the farm is a Nunn Clay Loam.
The extreme southern portion (approximately 15 acres) slopes more steeply
to the south and results in thinner soils with considerable small gravel near
and at the surface.
Irrigation water rights shown as a part of the Legal Description, are
considered average and normal for the neighborhood. With these normal ditch
holdings, supplemented by the irrigation well, water rights are considered
_ good to excellent. Due to the request by counsel for the landowner that the
tenant not be disturbed, details of the well have not been obtained. The well
is observed and noted as having an eight inch discharge pipe and is assumed
r
to be average for the neighborhood.
The improvements have been noted only in general, due to the request
of the owner that the tenant not be disturbed. General description and remarks
are as follows:
- k
(See following page)
I,
- 6 -
- 9
_ Main House - 1 ,560 square feet, frame construction, concrete block
and mortar foundation, cedar shingle roof, brick and wrought iron covered
front porch, full basement, considered modern and in fairly good condition.
Machine Shed - 1 , 056 square feet, frame and metal, metal roof, fair
condition.
_
¢ i
Pit Silo - 2, 128 square feet, concrete lined partially above grade.
Hen House - 420 square feet, frame construction, fenced yard attached,
fairly good condition.
Spud Cellar - 2 ,048 square feet, frame entryway, dirt cover roof with
log and post supports, fair condition.
_
Barn and Shed - Total area is 1 ,500 square feet. Combination "L" shaped
barn and shed, the barn is frame construction, cedar shingle roof, fair condi-
_
tion. The shed is cinder block with cedar shingle roof.
G
— Machine Shed - 480 square feet, frame, cedar shingle roof, fair condi-
tion.
Shop and Garage - 720 square feet, older, frame construction, cedar
shingle roof, fair condition.
- 8
Labor House - 704 square feet, frame construction, electricity only,
cedar shingle roof, fair to poor condition.
P
Other small sheds and fair set of small corrals, including two or three
pens.
It is assumed the main improvements are served with domestic water
from the North Weld Water District System.
The farm has good location and accessibility. The improvements are
— situated three-quarter's of a mile east, one mile north, and 1 .6 mile east
from the intersection of Eighth Street and Eighth Avenue in downtown Greeley.
i
_
- 7 _
•
- EVALUATION
S
The normal three approaches to value include the Cost Approach, the
Income Approach, and the Market Approach. The Income Approach for farm
land normally considers agricultural productivity less typical landlord costs,
such as taxes, insurance, water assessments, building upkeep and manage-
ment - the resultant net income from share crop arrangements is capitalized
into an indication of value. Experience dictates that farms in the general
area within a few miles of Greeley produce agricultural income or return on
investment in the neighborhood of one to two percent, based on Market Value
as more significantly suggested by the comparable sales.
Due to the insignificant amount of livestock grazing from the small
area of pasture and the normal production of the irrigated crop land, the
agricultural productivity from subject is of minor consequence as an indi-
_
cator of value. Rental of the improvements and some supplemental income
from the labor house would still not reflect a reasonable return on invest-
- ment as compared to the amenities of ownership and anticipated apprecia-
tion which a typical purchaser would anticipate for this type property. The
income would consist of about $7 , 500 per annum from a landlord's share of
— the crop, and possibly $3 ,000 per annum or $250 per month from building I
rental. Annual expenses of approximately $4,000 would leave a net income
_ of about $6,500 per annum. $6,500 capitalized at the relatively low rate of
s
5% would indicate a value of $130 ,000.
�I
— 1 The Cost Approach will be utilized to aid in an evaluation of the house
and outbuildings as its contributory value to the whole. However, the Market
Approach, or comparable sales, will be considered as the best and most re-
liable indicator especially of land value .
t.
On the following page is a tabulation of comparable sales of properties
in the general neighborhood. Special effort was conducted to find sales of
r other small farm properties situated relatively close-in to Greeley. Reference i
to the Comparable Sales Map included as a facing page to the tabulation will
show that most of the sales included in this tabulation have reasonable proxi-
mity but are generally slightly further from the city.
i
l
4
i
- 8 -
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Sales price per acre on the tabulation represents the total sales price
divided by the total area within the farm as designated by the County Assessor.
This usually includes some county road area and, in some cases, includes
waste, ditches, and pasture. In the following remarks those sales having
pasture or waste land will be given further consideration. It should also be
•
noted that the sales price per acre also reflects any improvement value which
may have been contributed by buildings on the property.
3 In addition to the eight sales listed on the tabulation, another eight
• sales were given some consideration and analysis, and considered less
indicative as value indicators. None of the eight listed are more than two
miles in distance from the subject, and although it would be preferable to
have one or two sales west of the subject and nearer Greeley, no such sales
were found.
These sales have been verified, have been inspected, and analysis of
classes of land, improvements, and other value factors has been made. The
value assigned to buildings is the amount they are estimated to have contri-
buted to the overall sales price, which is not necessarily the same as their
physically depreciated reproduction cost new.
An adjustment for date of sale is common, usually necessary, and in
recent years has generally been an upward adjustment. Top quality farm land
northeast of Greeley in the general Pleasant Valley neighborhood and extend-
- E, ing north and northwesterly to the Lucerne and Eaton neighborhoods, has not
appreciated as rapidly as some lands of lesser agricultural quality, but
_ situated in the Greeley-Fort Collins-Denver triangle. However,er in the a, past
few years - in the immediate neighborhood, the influence of Mr. Noffsinger
as an interested and able purchaser, the growth and establishment of new
modern cattle feed lots by Webster and Farrs, plus the city sewage facilities,
has created considerable activity an some d
appreciating
satin inf
luence.
fluence
g
Some adjustment is normally necessary for size in the comparison of
k farm properties. Observed history of farm sales shows the greater the size
or acreage the lower the per unit or per acre price. That is, a 40 acre farm
usually sells for more per acre than a 200 acre farm - all other factors being
equal.
An adjustment for location is given consideration and relates to accessi-
bility, roads, convenience of shipping and marketing terminals, and influences
of proximity to towns or cities.
_ •
An adjustment for water relates to the availability in both quantity and
time of irrigation water supplies. Irrigation wells as supplements to ditch
• water are included in this consideration.
�I
- 10 -
•
An adjustment for soils is primarily considered in the anticipated pro-
ductivity of a farm and is of lesser weight when considering the purpose for
yy which several of the sale properties were purchased.
f Consideration of topography involves the matter of how the land irrigates,
including shapes of fields, as well as slopes, and undulations or rougher areas .
s The sales have been arranged and numbered on the tabulation and map in
_ chronological order as they reportedly were consumated in the market place.
Sale No. 1 was at a rate of $1 ,000 per acre for a slightly larger farm
nearly 21 years ago. Lone Tree Creek makes a large "S" curve in this farm
and created numerous irregular shaped fields. Improvements were minor, the
irrigation well was good. Undoubtedly due to the publicity a new sewage
lagoon site for the City of Greeley had been receiving, and therefore the
purpose for which this purchase was made resulted in figures higher than
_ those which would have prevailed otherwise. This sale would therefore re-
quire a downward adjustment for conditions of sale - however, upward adjust-
ments for location, topography and improvements.
Sale No. 2 , which took place over two years ago at a rate of $625 per
s acre, requires special analysis in order to be compared to the subject. The
improvements are somewhat similar, although contribute slightly less per
1 acre due to the larger acreage. The south portion of the sale property, in-
_ cluding over 40 acres, consists of waste land, dry pasture, gravelly hills
and a large irrigation ditch. This land is allocated at a much lower rate than
good irrigated crop land. On a comparable area of about 200 acres rather than
the total 240 acres, this sale would show a price of $750 per acre. It would
then require upward adjustments for date, size, and location.
Sale No. 3 took place nearly 14 years ago at a rate of $1 , 000 per acre
for unimproved, relatively level good irrigated crop land. It did not include
ditch water but did include a good irrigation well. It would require a down-
ward adjustment for size, but upward adjustments for water, location, and
_
improvements.
Sale No. 4 is considered the best comparable due to its proximity of
location - being situated only one-quarter to one-half mile east of the subject
and fronting on the same road. Also, the sale has proximity to the airport.
It consists of 72 acres of mostly good, level, irrigated land with similar
water rights and similar improvements. This sale at $1 ,111 is adjusted down-
ward slightly for size and improvements, and upward slightly for location.
r
_ _
4 d
I' Sale No. 5 involved a 74 acre farm situated two miles east and one-
•
quarter mile north from the subject. Most of the sale was good level irri-
gated crop land, and the improvements were fair. However, rather severe
— adjustments are necessary for conditions of sale. The purchaser needed
the property for assemblage and expansion of an adjoining new large feed
lot. The seller included the Trust Department of a bank, and the purchaser
is a member of the Board of Directors of that bank, and therefore was espe-
cially anxious that the price be above and beyond criticism.
_
Sale No. 6 at nearly $1 , 100 per acre over one year ago, involved a
quite comparable property located two miles directly east of the subject.
— The southern portion of the sale property slopes off to the river bottom in
', a similar manner as the south end of the subject. Upward adjustments are
necessary for location, size, and improvements.
i
Sale No. 7 at a rate of slightly over $900 per acre, a little more than
one year ago, involves an 80 acre farm one mile north and one mile eas
t of
subject. It is mostly good level irrigated land, the improvements were of
— little value including an abandoned house. Upward adjustments would be
necessary for location and improvements, a downward adjustment for size
and overall quality of the land.
_ f
P Sale No. 8 is the most recent sale and was at a rate of $960 per acre,
including fair to poor improvements, similar land - however, not including
creek bottom pasture. The location is only one mile north and one-eighth
mile east.
It should be noted that the comparisons have been primarily for the
1
irrigated portions of the subject. Only Sales No. 's 1 and 2 included land
r' similar to that along Sand Creek as it meanders through the Peterson pro-
perty. The less valuable portions of Sale No. 2 have little to offer for
uses other than pasture or waste. It has been noted under the heading
— , Highest and Best Use that subject could be divided into small 40 acre
rural tracts. In this case the pasture and creek area would not be less
valuable than the better irrigated crop land. This is especially true with
today's trend for ecology, green belts and recognition of wild life habitats,
including trees. Nevertheless, this creek area is considered slightly less
valuable than the better more level irrigated crop land.
i
As a result of this Market Analysis, the overall value of the subject
farm is considered to be $1 ,000 per acre, which includes improvements,
pasture or creek area, and water rights.
129 acres @ $1 ,000 per acre = $129,000
f
E'
�I
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Another breakdown or analysis of the values would be as follows:
$' Farmstead - 4.0 ac . @ $2 ,000 per ac. _ $ 8,000
- j
Labor house site - 0 .5 ac. @ $1 ,000 per ac. _ $ 500
Irrigated cultivated land - 108.5 ac . @ $ 900 per ac. _ $ 97 , 650
Pasture or creek area - 13 .0 ac. @ $ 400 per ac. _ $ 5 ,200
Roads - 3 ,0 ac. @ -- --
Totals - 129.0 ac . $111 , 350
{
Plus contributing value
of improvements - $ 20,000
4
J
Total Value - $131 ,350
v '
t
This Market Analysis has resulted in indications of $129 ,000 and �
$131 , 350 . It is therefore my opinion value of this total property is
$130,000.
i
3'.
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f
2
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f I
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m_ - 13 -
•
CONTINGENT AND LIMITING CONDITIONS
This appraisal is subject to the following assumptions and limiting
conditions:
1 . The maps and pictures are included with this report to assist the
reader in visualizing the property. The legal description contained
herein is approximate for identification purposes, no survey has
been made by 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.
- 14 -
g -- - -
- 9'
CERTIFICATION OF VALUE
I, the undersigned, do hereby certify that I have personally inspected
f the property which is the subject of this appraisal and that according
P P Y J pP i g to my
knowledge and belief, all statements and information in this report are true
and correct, subject to the stated assumptions and limiting conditions con-
_ 3 tained herein.
I further certify that I have no present or contemplated future interest
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.
i
t
This narrative appraisal has been made in accordance with the Rules
of Professional Ethics of the American Institute of Real Estate Appraisers.
i
After consideration of all of the foregoing, I have formed an opinion
that Market Value of the fee simple interest in the subject property, as of
February 12, 1973 , is:
S
ONE HUNDRED THIRTY THOUSAND AND NO/100 DOLLARS
a
($130,000.00)
Rober�Mitchell, M.A,I . , S.R.A.
- 4
•
i'
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6
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_ _______
I
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 Technical Committee and Appraisal
Review Committee.
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 Broker, States of Colorado and Nebraska.
Nine and one-half years as an Engineer Appraiser for Federal Land Bank of Wichita.
Since 1958 - Independent Appraiser in general real estate appraisal practice, making
appraisals throughout Colorado, as well as portions of Nebraska, New Mexico
— and Wyoming.
Typical Clients
Individuals, Attorneys, Banks: First National of Greeley, Greeley
Institutions & Corporations National, First National of Denver,
Churches Colorado National of Denver, United
School Districts Bank of Denver, Bank of Tulsa
Real Estate Developers State Agencies: Colo. , Wyo. , & Nebraska
University of Northern Colorado Departments of Highways, Colo. Game
Mortgage Guaranty Insurance. Corp. & Fish
Public Service Company Federal Agencies: Veterans Administration,
Great Western United Company General Services Administration,
_ Mountain States Telephone Company National Bureau of Standards, Forest
Eastman Kodak Company Service, Army Corps of Engineers,
Oil Companies (Texaco, Humble, Department of Justice, National Park
Conoco) Service, Bureau of Land Management,
Municipalities: Greeley, Loveland, Bureau of Sport Fisheries & Wildlife
Brush, Fort Collins, and others
Qualified as an expert witness in several Federal, State, and District Courts.
- 16 -
AP0005
730842
Large Map Located in Original File
Not Scanned
WELD COUNTY MUNICIPAL
, t t '' a AIRPORT
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rt
�-.-w4�nfw-.n-.+�n_�...�.��.-�..r.�-.-fir_ -rrl.�...J..�..��...♦ F�•Ya.- �_'IT Y.��..�.
P. O. BOX 727 GREELEY, COLORADO 80631
July 13, 1973
Mr. James Koehler, Secretary
Pleasant Valley Extension Ditch Company
Route 1, Box 17
Greeley, Colorado 80631
Dear Mr. Koehler:
Enclosed is an assignment and transfer of twelve shares of capital
stock from Raymond A. Peterson to Weld County and City of Greeley.
Please process the necessary paper work and if you have questions
call me at 353-2212.
Please send annual assessment charge billings to me at P.O. Box 758,
Greeley, Colorado 80631.
Sincerely,
Weld County Municipal Airport Board
.a
Secretary ,
��y � /77�
sir 22 _2 --/_3
II Greeley, Colo., July 1 _19 73
For value received We hereby sell, assign and transfer unto Weld County and City of
Greeley
all our right, title and interest in and to .._twea.X_e___(1Z) shares of the capital stock of
The _._ leaaant._Yalley._.Eactanaloii__Aito1._Company as evidenced by certificate
No of said company. And we hereby authorize and empower the secretary of said
company to cancel said certificate and issue a new certificate or certificates to effectuate this "tier on the books
of the company. /
In presence of i f J� �/�m_ { �'� G �,-.
/ ., ,) (-7`j
PRINTED AMC FOR BALE BY rxt 70a4ume„pilarety GREELEY, COLO.
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