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Home My WebLink About700325.tiff RESOLUTION RE: AUTHORIZING THE BOARD OF COUNTY COMMISSIONERS, WELD COUNTY, COLORADO, TO SIGN PURCHASE AGREEMENT WITH ROBERT M. GILBERT AND FRANCES D. GILBERT FOR THE PUR- CHASE OF REAL ESTATE IN GREELEY, WELD COUNTY, COLO- RADO. WHEREAS, the Board of County Commissioners, Weld County, Colo- rado, has considered condemning certain real estate adjacent to the Weld County Courthouse, Greeley, Colorado, being the property of Robert M. Gilbert and Frances D. Gilbert, and WHEREAS, the Board of County Commissioners, in behalf of Weld County, Colorado, and Robert M. Gilbert and Frances D. Gilbert have de- termined the terms and conditions upon which the Board of County Commis- sioners shall purchase those certain premises formerly known as the Sterling Block and the Kinney Building, for Weld County, Colorado, per Agreement of April 8, 1970, copy attached hereto and made a part hereof by reference, and WHEREAS, the Board believes it to be in the best interests of Weld County to purchase said premises on the basis recited therein, and WHEREAS, the Board finds no necessity for bringing a condemnation action to acquire said property. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS, WELD COUNTY, COLORADO, that said Agreement with Robert M. Gilbert and Frances D. Gilbert, providing for the purchase by Weld County, Colorado, 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 se- conded, adopted by the following vote on the 8th day of April, 1970. AYES: /7. 1,S 77-77/ ATTEST:: • ; '" ARD OF COUNTY GO1VIMrI SSIONERS WELD COUNTY, COLORADO CX77711,2 e lerkbe Body -, e ai APPROVED AS TO FORM: Coufity Attorney Pi` s 700325 LCD AGREEMENT �� THIS AGREEMENT, made in duplicate this day of April, A. D. 1970, between ROBERT M. GILBERT and FRANCES D. GILBERT, here- inafter referred to as Vendors, and THE COUNTY OF WELD, A MUNICIPAL CORPORATION, AT WELD COUNTY, STATE OF COLORADO, hereinafter re- ferred to as Purchaser, WITNESSETH THAT: WHEREAS, Vendors and Purchaser have orally determined the terms and conditions upon which the Purchaser shall purchase, and the Vendors shall sell, those certain premises of Vendors formerly known as THE STERLING BLOCK and THE KINNEY BUILDING, upon terms and conditions mutually agree- able to said Vendors and Purchaser and WHEREAS, the parties desire to evidence their said oral agreement in writing, NOW, THEREFORE, for and in consideration of the premises, the sums of money to be paid under the terms and conditions of this Agreement, and the mutual promises, covenants and conditions herein contained, IT IS MUTUALLY UNDERSTOOD AND AGREED, by and between the Vendors and Purchaser hereto as follows: 1. The Vendors agree to sell and convey unto the Purchaser, and the Purchaser agrees to buy and purchase of and from the Vendors for the total purchase price of $340, 000. 00 cash upon the terms and conditions hereinafter set forth, the following described premises and property situate in the County of Weld, State of Colorado, to-wit: All of Lots Twenty-three (23) and Twenty-four (24); all of Lot Twenty-two (22) except the west ten (10) feet of the north sixty-two (62) feet thereof; the east six (6) feet of the south one-hundred twenty-eight (128) feet of Lot Twenty- one (21); all in Block Sixty-five (65), City of Greeley, Weld County, Colorado, according to the recorded map or plat thereof. 2. The Vendors shall, on April /jam , 1970, deliver to Purchaser the possession and use of all land which is the subject of this Agreement. 3. The Vendors agree to make, execute, acknowledge and deliver a good and sufficient Warranty Deed, conveying said land and premises to the Purchaser free and clear of all liens and encumbrances, subject to 1970 taxes, which shall be adjusted pro rata to the date of delivery of deed. 4. An abstract of title to said property, certified to date at Vendors' expense, shall be furnished to the Purchaser, on or before April jJ , 1970. Title to be merchantable in the Vendors. If any defect be discovered in said ,title, Purchaser shall give Vendors notice of said title defect, and Vendors shall have a reasonable time in which to correct said defect. 5. Time is of the essence hereof, and in the event the Purchaser fails, refuses or neglects to make said payment described hereinabove, then and in that event, the Vendors shall have the right to declare this Agreement forfeited and determined. In case the Vendors declare this Agreement for- feited and determined, Vendors shall give the Purchaser thirty (30) days notice in writing of any default of the Purchaser, as aforesaid, and unless said Pur- chaser shall remedy any such default within the said thirty-day period, then after the termination of said thirty-day period, the Purchaser shall lose and be barred from claiming any right, title or interest to said premises, and the Purchaser shall immediately surrender up and deliver said premises to the Vendors, or in the alternative, the Vendors may elect to enforce specific per- formance by Purchaser by suit at law or otherwise as the Vendors determine. 6. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the day and year first written above. WELD COUNTY, A MUNICIPAL CORPORATION, AT WELD COUNTY, STATE OF COLORADO. ATTEST: .�� aZtief (.11v7- Czpuntygetck and Recorder j Deputy County Clerk l � _ ' APPROVED: ,,�� ?? C` � .E�-P PURCHASER hty AttornPIP e c_717-/' � Ro et M. Gilbert r 'nI.e4 Frances D. Gilbert VENDORS -2- Receptic_. °sr" — 3MEIR, Recorder. 1 — / KNOW ALL MEN BY THESE PRESENTS, That --- ROBERT M. GILBERT and FRANCES D. GILBERT --- of the County of Weld , and State of Colorado, C� for the consideration of other valuable considerations and Ten and no/l00 Dollars, in hand paid, hereby sell and convey to --- THE COUNTY OF WELD, A MUNICIPAL CORPORAT?ON _ Weld of the y , and State of Colorado, c_ the following real property, situate in the County of Weld `-N and State of Colorado, to-wit: The East 6 feet of the South 128 feet of Lot Twenty-one (21); Lots Twenty-two (22), Twenty-three (23) and Twenty-four (24); all in Block Sixty-five (65), City of Greeley, Weld County, Colorado, o according to the recorded map or plat thereof. 0 LZ with all its appurtenances, and warrant the title to the same, subject to any exceptions, conditions, restrictions and reservations of record; also subject to 1970 taxes payable in 1971. Signed and delivered this /.2:7 -‘2(- day of April , A 1970. In the presence of :-Lk .47/J t7 (SEAL) (Rert M�Gilbert) 112,/-11 �/ / (SEAL) i-e ,/Cv . 112, -1 A11 (SEAL) (Frances D. Gilbert) STAT •`$FL OORADO, )ss COU e ../O JZD. ) ,rne_foreihifts:iilstrument was acknowledged before me this j.-Er` day of April by* Rblpeit M. Gilbert and Frances D. Gilbert. ,WITNESS myChand and official seal. A,$y centmis89,4 n expires G atei, it Y ai5Sipn.o�,Hires Feb. 3, 1912 Notary Public. *If by natural person or persons herein insert name or names; if by persons acting in representative or official capacity or as attorney-in-fact, then insert name of personas executor, attorney-in fact or other capacity or description; if by officer of corporation, then insert name of such office or officers, as the president or other officers of such corporation, naming it. -- STATUTORY ACKNOWLEDGMENT, SESSION 1927. WARRANTY DEED -- Statutory Form /17.1`) 4nvestmentCo.- Real Estate • Mortgage loom v . W Im.stm.Ms • Appraisals • Sales 2027 Broadway, P. O. Box 72, Boulder, Colorado 80302 • Phone 442-6854 j. 2 Sz Boulder, Colorado, Eabr uary_Pm —, 1969_.—. J APPRAISAL MADE FOR:_Marsball_S._bnderson Chai n — Board o Wr+1d Caunty Commi Aai oners OWNER. Rabert.41.._Gi be LOCATION:___._.Corner_af 9th Ave. and 10th St., Greeley, Colorado LEGAL DESCRIPTION: Pant .6....a11. Of Rath 1P8 ft.. of_Lot P1 and all of Lots,-22., . 23_ _24,_)31ackSt5s_�ity_9i .realey, Weld Cotmty,_Colorado SIZE OF SITE:___-154.-its y_194ita_______ IMPROVEMENTS: A two story brick building with full basement - all rented. Building is about 48 x 54, 2500 sq. ft. on main floor, second floor and basement. Improvements in good condition. The site is not being used for its highest and best use. The site contains approximately. 29,268 sq. ft. and is located in the center of downtown Greeley, across alley South of the Weld County Courthouse. In comparison with other sales in this area a fair market value for this site and improvements would bet see below APPRAISER'S REPORT BA1l.-__-_--�_- -_--_-A, located at 2027 Broadway, Boulder, Colorado, hereby states: That I have been in the real estate business in Boulder County for _____21_______ years. That I am familiar with real estate values in the vicinity of the above mentioned property. That I have inspected the property above described, and it is my opinion that a fair market value thereof, as of __2abruary__'9, 1969 , is as follows: SITE - - - - - - - $ >34,nnn,nn IMPROVEMENTS - - $ 41000.00 TOTAL $_-275,x°° I further state that I have no interest in the property, nor am I related to the owner, or interested in the results caused by my findings. Signed at Boulder, Colorado on the day and year first above written. far< 22 Appraiser GLENN K. BILLINGS. 01J CHAIRMAN RT. 2. BOX 167, GREELEY, COLO. HAROLD ANDERSON, CHAIRMAN PRO.TEM RT. 1. 3oXrvsrowrv, co1.o. OFFICE OF THE WELD COUNTY ATTORNEY SAMUEL S EP COUNTY ATTORNEY MARSHALL H. ANDERSON, PHONE 13031 352.5132 MEMBERataksicteaust 2412 BTH AVE.. GREELEY, COLD. April 30, 1970 Board of County Commissioners Weld County Courthouse Greeley, Colorado 80631 Gentlemen: The following is a supplemental examination and opinion of six abstracts of title covering the following described property located in Greeley, Weld County, Colorado, to-wit: The East 6 feet of the South 128 feet of Lot Twenty- one (21); Lots Twenty-two (22), Twenty-three (23) and Twenty-four (24); all in Block Sixty-five (65), City of Greeley, Weld County, Colorado, according to the recorded map or plat thereof. From such examination, I find as follows: Fee simple title to the above-described real property is vested in THE COUNTY OF WELD, A MUNICIPAL CORPORATION, STATE OF COLO- RADO, subject to and except the following: 1. Exceptions and reservations as contained in United States Pat- ent recorded April 29, 1876 in Book 20, Page 75, Weld County records. 2. Subject to the intoxicating liquor restrictions and limitations as contained in Union Colony deeds, except that there now exists no right of forfeiture for violation thereof. 3. The property is entitled to the benefits and subject to the bur- dens by reason of its inclusion within the boundaries of the Northern Colo- rado Water Conservancy District. rFr /r,,^2reeleY`j of Board of County Commissioners April 30, 1970 Page Two 4. The property is entitled to the benefits and subject to the burdens by reason of its inclusion within the boundaries of the Greeley General Improvement District No. 1, Greeley, Colorado. 5. Master road and highway plan of the City of Greeley which gives notice to the owners of all property within the City and within a radius of three miles of the City of proposed primary and secondary highways. 6. Abstract does not certify as to the payment of 1969 taxes; however, investigation shows same as having been paid. 1970 taxes have been prorated and that portion on which there would have been a lien has been paid by the previous owners of the property. Inasmuch as this property is now owned by Weld County, same will be excluded hereafter from the Weld County tax rolls. 7. Rights of persons in possession, potential liens by reason of recent improvements to the premises, if any, and unrecorded easements or rights of way, if any, may be ascertained by physical inspection of the property. In my opinion, the title as set out above and subject to the foregoing, is good and merchantable. Very truly your P %re Samuel S. Telep County Attorney SST:bp re\ !� GLENN K. BILLINGS, Vikarommus CHAIRMANpT, 2, BO% 18], GREELEY, COLO. HAROLD W. ANDERSON. CHAIRMAN PRO.TEM RT. I. JOHNSTOWN. COLO. OFFICE OF THE WELD COUNTY ATTORNEY SAMUEL S TELEP MARSHALL H. ANDERSON, COUNTY ATTORNEY MEMBER PHONE 13031 3329132 2412 8TH AVE., GREELEY. COLD. April 14, 1970 Board of County Commissioners Weld County Courthouse Greeley, Colorado 80631 Gentlemen: At your request, I have examined six abstracts of title, covering the following described property located in Greeley, Weld County, Colo- rado, to-wit: The East 6 feet of the South 128 feet of Lot Twenty- one (21); Lots Twenty-two (22), Twenty-three (23) and Twenty-four (24); all in Block Sixty-five (65), City of Greeley, Weld County, Colorado, according to the recorded map or plat thereof. Title to this property is abstracted by the Weld County Abstract and Investment Company of Weld County, Colorado, in six abstracts, and last certified to under Certificate No, 137, 946V, dated April 2, 1970, at 7:45 o'clock A. M. From such examination I find as follows: Fee simple title to the above-described real property is vested in Robert M. Gilbert and Frances D. Gilbert, as joint tenants and not as tenants in common, subject to and except the following: 1, Exceptions and reservations as contained in United States Patent recorded April 29, 1876 in Book 20, Page 75, Weld County re- cords. 2. Subject to the intoxicating liquor restrictions and limita- tions as contained in Union Colony deeds, except that there now exists no right of forfeiture for violation thereof. 42°'''0 gross Isio.ti? Board of County Commissioners April 14, 1970 Page Two 3. The property is entitled to the benefits and subject to the burdens by reason of its inclusion within the boundaries of the Northern Colorado Water Conservancy District. 4. The property is entitled to the benefits and subject to the burdens by reason of its inclusion within the boundaries of the Greeley General Improvement District No. 1, Greeley, Colorado. 5. Master road and highway plan of the City of Greeley which gives notice to the owners of all property within the City and within a radius of three miles of the City of proposed primary and secondary highways. 6. Abstract does not certify as to the payment of 1969 taxes; however, investigation shows same as having been paid. 1970 taxes due and payable in 1971 are now a lien. 7. Rights of persons in possession, potential liens by rea- son of recent improvements to the premises, if any, and unrecorded easements or rights of way, if any, may be ascertained by physical inspection of the property. 8. This property is subject to all burdens and is entitled to all benefits under alley-way agreement dated March 30, 1910, and recorded in Book 315, at Page 501 of the Weld County records. It is in effect a mutual conveyance by the then owners of Lots 22, 23 and 24 in said Block for the benefit of said owners and their successors in title, and it runs with the land. Now that the title to all of Lots 22, 23 and 24 vests in the Gilberts (single ownership), all of said rights, benefits and burdens have merged into the common title of said Gil- berts and a conveyance by the Gilberts transfers all of said property unconditionally. In my opinion, the title as set out above and subject to the foregoing, is good and merchantable. Very tru ou , Samuel S. Telep County Attorney SST:bp Appraisal of GIZZEP? PROPERTY Porsee Hurling Hotel Sib. 9th Ave. at loth 8t. Greeley, Colorado far WELD Carer! CcIS IAAIOflU lebreary *0, 1969 by Marisa (Mike) Cribaaottsh. Appraiser all • 30th sires*. Greeley. Colorado Greeley, Colorado Marsh 3, 1969 Weld County Commissioners I 9th Ave. 8: 9th St. Greeley, Colorado Gentlemen: At your request, I have appraised the GILBERT PHOPERTY (former Sterling Hotel Site) in Greeley, Colorado. The legal description appears at a later page in this report. I have carefully inspected said property, con. sidered all factors affecting the value thereof and submit herewith a report ( original & 2 copies) which describes the methods of appraisal used, analysis of data and reasoning involved in deriving at my con- clusion. As a result of the study, it is my opinion that the Market Value of the Subject Prcrerty, as herein described, as as of February 20, 1969, is : Two Hundred Twelve Thousand and No/1O0 Dollars ( $212,000.00 ) Respectfully au mitted, du t°tr 61--( C'fle-t l d ` ion Cvitanovich Appraiser I TABLE or CONTENTS iaading F age TITLE PAGE LETTER OF TRANSMITTAL it TABLE OF CONTENTS iii PURPOSE OF THE APPRAISAL 1 LEGAL DEZiCRTPTICh 2 — 3 5 MAP Oi GREELEY 6 1411.:1asl71EiaQJ3) DA A 7 - 11 PHOTOGRAPHS OF DOWNTOWN, , 12 P ROPEATY LXATION13 Ji:x:i41,4 1:AAi 14 PLOT PL 15 HIGHEST AND i m USE 16 — 17 APPRAISAL APPHOAC£lii'S 18 - 19 MAR UT DATA APrIRQACa ] 20 - 22 COMPARABLE SALES M P 23 COLOR KEY 24 COMPARABLE SALES DATA 25 - 27 .1DJT1;5T1 13T ,:BEET 283 30 - COMPARABLE SALES ADJUSt14 MT SHEET I N,4LYSI i 31 • 33 Colikes:TIJi4 ..t ) CuhCLU IE ' 34 CONTINGENT AND LIMITING CONDITIONS 35 gUA:a.IFICATIOI,) 36 RTIFICATION OF VALUE 37 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the Market Value of the subject property, as herein described, as of February 20, 1969. Definition of Market Value "The highest price estimated in terms of money which a property will bring if exposed for sale on 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 : Fee Simple Title 1 L';GAL DESCRIPTION The •..ast Lix (6) feet of the South One hundred twenty- eight (128) feet of Lot Twenty-one (21), in Block E ixty-five (65) , in the City of Greeley, Weld County, Colorado, accord- ing to the recorded map or plat thereof; also all of Lot Twenty-two (22), in said Block Sixty-five (65) , in the City of Greeley, excepting that part heretofore conveyed to The Sterling Realty Company by deed recorded in Book 325, at page 302, of the Weld County records, and excepting also all trans- fers by the said Sterling Realty Company affecting the alley- way agreement recorded in Book 315, page 501, of said Weld County records, together with all rights appurtenant thereto under or created by said alleyway agreement. The ''.ast Forty (T: 40) feet of the North :.ixty-two (N 62) feet of Lot Twenty-two (22) also described as all that part of Lot Twenty-two (22) beginning at the northeast corner of said Lot `]wen,y-two (2.2), thence running south on the boundary line between said Lot Twenty-two (22) and Lot Twenty-three (23) , a distance of sixty-two (62) feet; thence runninc: westward par- allel to the north boundary line of said Lot Twenty-two (22) a distance of forty (40) feet; thence running north on a line parallel to said boundary line between said Lots Twenty-two (22) and Twenty-three (23), a distance of sixty-two (62) feet to the 2 north boundary line of said Lot Twenty-two (22) ; and thence eastward along the T,orth boundary line of said Lot Twenty- two (22) a distance of forty (b0) feet to the point of be- ginning. Also all of Lots Twenty-three (23) and Twenty-four (24), all in Block Sixty-five (65) in the City of Greeley, 1:eld County, Colorado, accordinL to the recorded map or plat there- of; and together with all of Grantor' s right, title, and in- terest, present or rev.rsionary, in a;;d to, ('.nd subject to the burdens and benefits of the easements vnd rights created under Mist certain alleyway agreement dated March 30, 1910, recorded "pril 2nd, 1910, in Book 315, Page 501, '. old County records. 3 c,e c:r tX3S The Subject Property is assessed by the Weld County Asses or as follows: KIIThEY PROP aTY ---- Land - .: 8,690 Improvements - $ 14.740 Total - ti; 23,1+30 1968 gill Levy 101.99 Taxes 2,389.63 STERLING PROPERTY -• Lend - 34,140 Improvements - L1162.9. Total • 46,040 1966 Mill Levy 101.99 Taxes . 4,695.62 4 AREA DATA It is assumed that readers of this appraisal report are generally familiar with the area and, therefore, an exhaustive narrative report about the area is omitted. The subject property is located in the "downtown district" of the City of Greeley, whioh is the County 1 seat of Weld County, in the tate of Colorado. Greeley, the hub of a rich agricultural area, has an estimated population of 35,000 people. Contributing to the stability of the community is Colorado State College with an enrollment of about 8,000 students. l'ia jor employ- ere in Greeley are firms such as state Farm Insurance, Mon- fort Packing Plant, Bayly Manufacturing, Dura Business Machines, Farmhand, Central Industries, lioffzinger Manu- facturing and other small plants are located in the In- dustrial Park in Southeast Greeley. A major future im- pact on the community will occur when bastman Kodak be- gins operations in the neighboring town of Windsor -- 10 miles west of Greeley. 5 -:Adl® 58$1 1 - i._, :,'? 3�� 1� 36 . I III OM.�M M I IIIu1n1 l i IIINII Ilii¢� 3o',rrer l•, " ��.��: Z ,Jt —lib- ,- :IIIIEil119:4 ,. 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III III ps■rF,nrrrra'prrrpA•11rr� ,aa ems.. a. , :Or fOUr)rLNTM Y6INL(P �� „ 'BEM rKrrr airaia i111d v ° c o l+ on ® : ANN• ANNA 1 i I . Rear.:VIIrirr'plrrer 'rllco �_.._ ' . . _ ■ f, sr( sr r) Nf • W• N rM Trf ) .IOAO �!V t�'pF a T..� 1Y ems., arnit: er= rd diriii rrrrYir �•�' yt S! L i NF[r(r • DrttaY 11rMr�.NYrr A.m . E-I ..'�_Q 7. .. v :w: j I .'„ 11 I rlA([N rN— - rr p r ° ! a ((NTH r Nrar "7,7",,,-, �'• ®® (�--��{III—�7 a. , ' 5 wr r J .! I e-. rrrrrr � j 'I _ WW REM O_1 1 -- 1 rrrr" I�'IL • a'.. R 4 i a� [ ! MAP o£ GREELEY, COLORADO r -.- • Shaded area represents I id ilk 9 . a Noa �� . DOnINTOWN BUSINESS DISTRICT ��ia. _! !tee ... bm mil® @ Q �G: Er ass gg I!'IE �FZ '.��Pwy-� •" SEVEN r[[NrN p rrrrrr tin ;'R �r G Arline.W =I'M a. DO�� e� i�11.7 I �1 �= S cras Q �$ IH■':�i �� uRwr,ol�n9 °_�' ' •.. @! a�.r: �� Ter N.rrao M ter: FN. r .n.+. Hr ii! -@ ,. •� erg Yl r rr� rum_ as :�l.sala �IfJrf r�rrnern 0' -- sr� .. eMIS r7R taQ' mr,�t a�a Pr" pew,a rlexrrrxrN �x :raw '@ ..1k. yzbl L3 �+ "AMllgl rti k 9�• @ En EA ;;c 2v,t 7 c Me vlk (AKA errs Br @ MULE I ea ®� Ar Jur'Lra9Y6a Non �l 4'rR'."i ©�W _ �. 4NAN�ra'6ea i®� - 4 ! 1Mar nr mar t Kern,. ®.�+'"'area M 'zc air i I .IGHBORH00D DATA The subject property is located near the center of the downtown business district in Greeley, Colorado. The business district is comprised of some 20 blocks +-- bounded on the north by Sixth Street, on the east by Seventh `.venue, on the south by ',1eventh Street and on the west by hleventh Avenue. The center of this area is considered to be the inter- section of 8th Avenue and 8th Street (100% corner) . The center is anchored by a bank on the northwest corner, and three major department stores on each of the remaining; three corners. The largest amount of pedestrian traffic probably occurs at this intersection, whereas the largest amount of vehicular traffic occurs one block south -- at the inter- section of 9th Street az-40 8th Avenue. The single block that has the greatest amount of commercial-retail sales volume is Block 57 --- bounded by 8th Ltree t on the north, 8th Avenue on the east, 9th `street on the south, and 9th Avenue on the west. mores such as J. C. onney, Woolworth's and ['ashion Bar are the major stores in this block which generate a con- siderable amount of foot traffic. There are over a dozen other stores in this block that add a degree of stability to the central business district. 7 The central business district, hAfever, appears to be shifting toward the southwest inside the 20 block area. There are several factors that prevent growth in any other direction: (1) The City, itself, is expanding in a west and southwest direction. Hence„ the greatest traffic volume, entering down- town, comes from the south or west end of the city. (2) Natural boundaries, such as the Cache Lea Poudre river, define the extreme north boundary with a manufacturing zone be- tween the river and the business district. (3) The east is cut-off from expansion by railroad tracks and manufacturing toning. ( .) Expansion to the south is generally along 8th Avenue -- which is considered to be the main business Street in Greeley. Business on either 7th Avenue or 9th Avenue is not recognizable as being busine s streets at this time. (5) The greatest amouznt of new construction, land acqui-► sition and remodeling has occured, in recent years, in the south_ west portion of the business district -- such as the neweld County Bank ( south side of 10th street between 10th and 11th Avenues) , The First National Bank acquired parking land on the north side of llth Street between 9th -nd 10th Lv:- nines, The Telephone Company remodeled their building on the southeast corner of the intersection of 10th .`'treet and 10th avenue, a new Restaurant opened on the northeast corner of the inter- section of 9th Avenue and llth Street. • 8 (6) The buildings in the southwest corner of the business district have better physical appearance and facilities with regard • the particular business activity they are engaged in. A Downtown Improvement "ssociation is presently being or- ganized for the purpose of revitalizing the district. The im- pact of the organization on the downtown can not be measured adequately, at this time, except that downtown businesses are c- earned about the effect a major shopping center will have on downtown if such a shopping center locates outside the business district. The trend appears to be moving in the direction of the sub- ject property as far as the IOO;>u business corner is concerned . However, the movement cannot be identified as being caused by expansion of the "retail department store" t rpe of activity. The trend is more alon the line of professional services want- ing to be near the governmental and financial activity of the Greeley and County area . It should be noted that two major Banks, two °avinE;s and Loan Pirms, the United States Post Office, two Churches and a considerable amount of office space comprise most of the land use in the two blocks south and west of the sub- ject property. Ample parking is available in the area --- street parking end off street parking. Availability of Land in the Area: There are two major unimproved sites available in the down- town district. One is located at the site of the former Camfield 9 Hotel -- at the northeast corner of the intersection of 8th Avenue and Seventh Street. It is a rectangular piece of ground measuring 150 feet along the north side of Seventh Street and 190 feet along the east side of eighth Avenue. The area has 28,500 square feet --- nearly the same size as the subject. The site was acquired in 1963 for less than y:14..O0 per square foot --- 1l0,000.Q0. The second vacant site is one block east of the subject property at the northwest corner of the intersection of 8th 'avenue and 10th Street. This is the former site of a Conoco Service station and is now owned by The First Industrial Bank. The site measures 100 feet along thn north side of 10th Street and 115 feet along the west aide of 8th Avenue. The site was acquired in 1967 for less than y'7.00 per square foot -- 75,000. The area has 11,500 square feet -- less than half the size of the • subject. Another parcel of land being offered for sale in Block 66 having 175 foot frontage on 9th Street between 10th and llth venue. The land area has 33,250 square feet and 1 priced at $3.33 per square foot or c*111,000.00. A 75' x 75' corner in the same block -- the southeast corner of the intersection of 9th Street and 11th Avenue M- is on the market for 42,000.00 or $7.46 per square foot. Another parcel of land in Block 68 having 47, 500 square feet of land area is on the --^rket for per square foot or '"80,500.00. 1.0 The agent, who has the listing, claims that no concrete offers have been received and the land is still available. The indication is that there are over 125,000 square feet of lsnd available in the downtown business district, and within 3 blocks of the subject property. Sales of land in the down- town bgsinees dis ;vict have been fairly inactive during 1968 except for the acquisition of land 5 blocks south of the sub- ject which is unimproved and occurred in August, 1968 (:'chool District #6 to Gordon Ftissler) . Total land area was 106,800 square feet at $1.60 per square foot. The last major acti- vity of sales occurred downtown in 1966 en6 in 1963. It ap- pears that the supply of l+,nd is greater than demand --- hence, values are probably lower now than they wore several years ago. There is ample parking within one block of the subject property and most of it is it:mediately west of the subject and in the same block (city owned property) . More parking is found on the Weld County Bank site and The J'trst National Bank site --- both about a block southwest of the subject. Other large parking areas are concentrated at the site of The Greeley National Bank, at the new City Complex and behind the enver Dry ].epartment store. In addition to off street park- ing is the availability of metered parking on all the streets downtown. The parking problem does not appear to be as acute a ^ it was several years ago. 4 4 •p _ Y ` 'sue r: " r ... I' r 1 .r,a �, s I j4. 0 d' i t ,/i_ bi 1 1 1 l j ra a • ♦t �/ X11 '' y, F ' ' Nt P F + ' kr , ; 1 , J y• _ • lay.. 1: .f ' 1 ‘ r '',t ,,,, , J� U r�k � _ 1 •JJ� ,{ ti U v 4 _ i , iiiii I ' el aiM, , I f ` D • IP { i r fib: i. ,il'K iii .�.I V k w a It ♦ 'ppi� ' _ . .', t { __ , .e. �C a i 4;9, a _ • ' % . { , ' r .. - .. _ - , ° J f" : y' r G l F,ae. a � a rte � ° , f. ��y•♦ � •�S' t�, 4• ♦ r { 3L¢` , k M �A f, .s •:.• 4, �; 1, ' , ' ,t f� • 1 a m _ n l I I II : : J Nf f .e` kit 1 t : • - �"" h - ' C �� •a -- . r, a Y, ',= 'i , �b,vA , alI ppi ' 9 pp V e . il 1i,1/44%tHi '� FiJ . p .kit F.u e a , ;' 'e - t-r; r r may', r rl I �'lam `�; �9 �' � ti l i a ' I s ; I, � f ie {`�4 { l '4 k 1. r 1. ,♦.e I PR WP'::RTY LOCATIO17 The subject property is located in the southeast corner of Block 65, in the City of Greeley. It has 190' frontage along the west side of 9th ,^venue and 156' front- age along the north side of 10th Street. Tt is in the northwest corner of the intersection of 9th Avenue and 10th .treat. It' s historical address hi.s been at the site of the Sterling Hotel - - across the alley south of the County Court House. 13 DESCRIPTION OP THE PROPERTY The site cornprie° n on area of 29,268 square feet -- iterl- ing Site has 21,480 Sq. Ft. and the Kinney Site has 7,788 Seq. ^t. ) . .- Sterling Site is unimproved and the Kinney Site has a building on it which covers a ground area of 4,832 Sq. Ft. The building on the Kinney Site does not represent the highest end beet use of the underlying land, and it is assumed that a prospective purchaser would c 'nsider tearing it down and attrie buts: value to the underlying land only. Assuming thet the building would be tc•rn down -- a des- cription of the improvements is not deemed as pertinent to this appraisal. By the same token, no consideration was riven in determining the income attributed to the building in order to develop or estimate value by the Income Approach. The combined site (Kinney ,; Sterling) is bounded on the north by an alley, b 'ninth Avenue on the east side end by 10th Street on the south side. ? city owned parking lot is adjacent to the west side of the property. The terling site is covered by brick & concrete debris resulting from the wrecking of the old tealing Hotel. It is a level site, but will require other dirt fill depending on its future use. /?11 city utilities are available to the site end n concrete sidewalk borders the rite on the east (9thAvenue) and south (10th Street) . 2he side- walk has been damaged by the heavy equipment used in demolish- ing the hotel. On the following sheet it a plot plan of the subject pre- perty. �.w Ai NORTH Alley 150' 109 140' 7•1 6' I I Pi � z a Sterling Hotel I Site Kinney Bldg. 21,480 Sq. Ft. Site 7,788 Sq. Ft. 56' , loo' 156' Scale: 1" = 32' TENTH STREET Total Area in both sites ---- 29,268 Sq. Ft. *** PLOT PLAN *** 15 HIGHEST AND BEST USE Highest and Best Use may be defined at that use which may reasonably be expected to produce the great— est net return to land over a given period of time. The Subject Property is located within the "B-1" Business District Zoning area which permits use groups such as : MULTI-FAMILY RESIDENCE GROUP RESIDENCE TRAVEL TRAILER PARK COMMUNITY FACILITIES-NON COE• f:7ACIAL COMMUNITY FACILITIES-OPEN AREA COMMUNITY FACILITIES•S'.MI-PUBLIC AMUSEMENT, COMMERCIAL TREATMENT OF HUMANS, UNRESTRAINED TREATM??:NT OF HUMANS, RESTRAINED COMMERCIAL RESIDENCES PERSONAL SERVICE ESTABLISHMYNTS OFFICE AND FINANCIAL USES Ri.TAIL USES, EXTENSIVE OFF«STREET PARKIN; LOTS SERVICE ESTABLISHMENTS, PUBLIC REPAIR SHOPS RETAIL }ESTABLISHMENTS, INTENSIVE More than 75% of the block, in which the Subject Property is located, is used by the County (Courthouse, Sheriff' s offices and jail, County Services building) and by the City (parking lot) . As a result of this high concentration of governmental agencies, it would indicate that a complimentary use to this activity would be the highest and beat use for the Subject Property. Not to be disregarded is the possibility for the site to be used by an intensive retail establishment. However, this type of concentration is located two two or more blocka north and east of the subject property and it if; doubtful that a large retail store would attempt to divert the downtown shoppers to the subject's location without help from neighboring stores of near equal ehoppin;; facilities. Office and Financial use also deserves considera- tion as the possible highest and best use. There is a concentration of office space in the area also but the demand for office space is not particularly acute at this time. There is a marked trend that the finan- cial seat of the County is shifting to the subject's area. This is caused by two ,Lnka in the area having ample facilties for bankin:-; and parking. "fro Eavinge and Loan Institutions are nearby and so are the only two brokoraL a houses. By contrast, there are only two retail store outlets near by (Joalin' s & Gambles) . Needless to say, the county government is finely entrenched in the subject property's block. Therefore, the Highest and rseist Use of the .ubject Property is estimated to be that use which will be come* plir entary to the governmental and financial uses in the area. It is particularly significant to note that govern- mental and financial interests generally aotoire land at higher prices than Market Value indicates, primarily because of the requirement to satisfy "need" rather than an "economic use." 1i APPRAISAL APPROACHES In estimating the value of real estate, three approaches to value are normally needs ( 1) Cost Approach (2) Income Approach (3) Market Data Approach The Cost Approach is applicable when the property is improved eee that is, when a building is on thu land, An estimate is made of what it would cost to reproduce the building new and then the build1w- iv depreciated to estimate its present value to !:rich is added t'io value of the underlying land. Stance the Subject iAroporty is cozr- eidered as being unimproved (no value given to existing '�irney Bldg. ), the Cost Approach is not applicable in this appraisal report. The Income Approach is en a7praisal te, --leue in wh, oh t - anticipated net ircoeo is proce:3ce to indicate the capital amount of the investment which pr,., c the net incoss. When a highest avid best use can be adequately supported, a hypotettea] Lulldin,, is pieced on the land and an income stream is a veloped an ' analysed. However, because the highest and best use of to rmbject Property is of a speculative nature, the income Apz -'-'ooh does not seem to be a practical method of estimating the value of the Subject T'rope►rty. The Market Data Approach appears to be the r,ost reliable appraisal technique to use. In this ap! roach, the market value estinsate is predicated upon prices pu...d in actual transactions involving similar recently sold properties.. The reliability of this technique is c!ependent .*u on,, (a) the degree of compsmhilit?+ of each property with the property uni er appraisal, (b) the tine of the sale, (a) the vrriflostion chi" the sale data, and (d) the absence: of unusual conditions affectiru- the sale. 19 MARKET DATA APPROACH Although the Market Data Approach is essential in almost every appraisal of the value of real property and has wide application as a method of estimating value, there are factors which do or can limit its usefulness. In the case of this appraisal, the factor of a: enities, being intangible qualities, are difficult to compare. Likewise„ there are many motivation* which lead to the transfer of real property at figures unrelated to the property's market value. The income tax situation of either seller or buyer may be reflected in the sales price. Owners sometimes sell who could not wait for an "informed buyer" and accept a price not indicative of the property's market value. Hy the same token, owners sometime sell property for prices that are not indicative of the property' s market value because the corner is not al. "informed seller". The basic assumption in this appraisal is that both buyer and seller are fully informed as to the property and state of the market for this type of proper• ty and neither will act under abnormal pressure. It is further assumed that the buyer and seller are termed as being.° represent +tive of the typical buyers and sellers rather than buyers willing to pay a premium for owner• ship and a seller recognising the willingness the buyer displays. On the following three pages are listed the 40 sales cCl that were considered to be comparable to the subject property. These sales were investigated and appear to be sufficient in amber to give basis for estimating the value of the subject property. Sales prices are reflected on a sq. ft. price basis in order to have a cf`'1.mor dono $n.sttor ! II estimating the value of the !Uh jest property' s square meta Ye value. The 40 sales are identified on the Comparable Sales Ata Sheet anr9 on the Comparable Sales Eap by number and color. A "color key" tarot is included to show the various price ranges that the sales fall into. It is significant to note that the Sales Map revelle a "trend" in activity in the direction of the subject property :'rem the 100; downtown easiness c eTner. The intensity of the trend can rtot i.e mc.asure0 accurately at this time except that the area near the subject is attracting financial interests p smarily and th© area will anchor downtown and significantly affect the 100(ii). car.. nor. Reference is hf=rewith made to the Comparable .ales Map and the "color key". All sales colored in yellow fall in the price rano o :. 9.31. to ";26.09 per square foot. There were 9 sales in this category. All sales colored in ewn..^^ fall in the price range of X7.00 to 8.14.0 per square foot. There were 4 sales in this cats.' gory. All sales colored in clue fall in the price range of .5.OO to '6.50 per square foot. There were 9 sales in this category. All sales colored in pink fell in the _ _J 21. price range of 3.©7 to A..7l per square foot. There were 13 sales in. this cat,gory. All sales cel ored in gre'.7.1 fall in the price range of x1.60 to x`2.11.6 per square foot. There were 5 sales in this category. Each of these sales has been analysed and compared with the subject. The results of the comparison is shown an the Comparable Sales Adjustment Sheet. ,,ach i 1e Price is adjusted and compared with the subject property as tot Date of Sale Location Land size (sq. ft. ) Corner influence Use (present or intended) Following tbl procedure, a tabulation is made of the sales that requires the least amount of adjustment to provide a basis for estimating the sq. ft. price applicable to the subject property. Then by a process of elimination, a square foot price that is most indica- tive of the subject' s value is estimated. Averaging sales prices with land areas are avoided because too many factors influence value. However, it should be noted that the Weld County Bank assembled its land holding at a cost of about 04.60 per square foot over a 3 year period whereas ,^ First National bank t;' assembled its land holding at a cost of about x:,7.50 per square foot over a 13 year period. 22 /00 L7' H -,00 t 0'' ..I.. I. ,�I, ',Sal •• col L{0L, I .I, IA 1So' ,c1t ' ,1 u,,, , „ /00 ,, ,00 O •y",. .. .. , J.. -- —, f50,,, p ^ L 4 'i ' / ' 8 a I al ;an 8 III IF 36�. i •.; I et OTT 51 3 aI 8 9 ` 'I° l I t IH , m0 .,�� ., ,00' . ,..I •., HALL T �...l"�.� L.. .I �, SEVENTH c ,36 as 0 zw �' ?s T, COMMUNITY . LINCOLN 7 ' � ;.,.x.,71 ,1'(. '--� 9 L LI , ,o2 It: CENTER PARK ' 1 EIGHTH �. / 26 18 1 I'I' Si,.s04: L/NCOL N 4w°� , ,. ,, 1 r 41 qti v � 9' NIA W ST,2 =T $ � I I. ... JLki 0, flLL""°rn - t1\T O(/R It10US W liL ar ';:t =. 1 5 ti 111 o ak 8 ;7 al /7� f IJ \. 4. I! t— ,00 0 ., ,..00 io s0• •I" ,c.7t + 0'., SUBJECT _ 00 0 , „ ,• ,. , ,. 0 , v E 71-S T R11 ET 23 13 17„33 .5 TE,. ,'H �r 35 N. ., , I ,6J 19' �,I�,,. 22• ,.• _ 4) , , ,. ., ,. ., ., ,. . ,o,, _. .. % ." "0 —fseT r 4 a , � '•34 a a 1/' 81 4 8 / II 1 37 5 1 g- ? L. ( a I/ �- 6 ' • '1 11,',�j' ? 9 R �' q m /d 9 ,, ,O - o r ` .. ., ., 31 Se 0c0 it�W 1 6 516�3a 15 �'3'E-1.o 292s ' c N7"N 06 /06 q A / 4 a / I 4 ! 0. B a s 1- 1 - ui._ 1 r. :, 9 ccr„ • a 8 s a s 5 I aI a 5 8 5 1 ' 8 9 8-I5I \,, /00 .• r. ,00 ,00 ,00 ,y0 I, ,JO .. I . T�,0 ` /00 I .. � ,.�,JO f0 • „ ,. .• TWELFTH • 1," STR <O 0 t 400 4 206 - ,00 ,• 00 ` I �� t �� COMPARABLE SALES MAP 4 --91-4f 6 j • T DOWNTOWN GREELEY — 3 14 a --`'3 4 7.s 7 ,n,gr'; { I 2.0 0 700 200 SOI.. '.I' 10 _9 200 400 (00 ,• '00 THIRTEENTH a STREET 0.0 4 0 /00 200 400 400 100 ;o 000 ,, „ ,00 ro• ,• .• 2 '/ 2 / a / i 2 2 / .0 I ` I z I 103 - it Meeker 3 4 ` 3 4 ,, .3 4 4 5 a 8 h Museum ,10 0 200 200 200 200 200 too /00 „ , .00' /00 •• .• I FOURTEENTH 40 ,vo } 4 6.� _ G cc 9 ,,, ,,v, 3, :4oe ,., b e.8 ., 6 - •� '�, e _ o MEEK R v�i = r . ti _CI -61 , — a SCHOOL /v< �' , �� 0 t --��-0., 400 r�� — 7 COLOR "KEY" TO COMPARABLE SALES MAP -C1 Sale Sale Price Sale Sale Price No. Date per S.F. No. Date per S.F. [[[Yivo+ ' " 7, :elt`=` 36 11/67 $26.09 1 1956 $ 9.65 ktA.nt tiv Vnti ;xU Y 'x., , , r4t, f 9 9/60 15.43 26 2/65 9.56 8 9/60 15.35 27 6/66 9.31 w ;�i.f; : ` 7 8/60 12.56 i i';% 44 '." 12 11/61 12.84 ! ' 25 3/64 10.67 d d��t ti � �t�1 1 re4 v.st,.. 31 7/66 $ 7.21 14 7/62 $ 8.40 r‘ 34 12/66 7.00 I4t4� /'<'t (. "`INI'Vegi,¢ n,rF 28 7/66 $ 5.79 19 10/63 $ 6.50 O , 18 11/62 5.78 35 1/67 .. 6;52 , , 33 12/66 5.56 32 8/66 6/32 ?, t 29 7/66 5.26 30 7/66 5.26 ' 38 7/67 5.00 10 a r 17 10/60 9/62 $ 33.87 5 2/59 $ 4.74 Z fj. 37 1/67 4.55 ic f 1 f Q� ) ,.; 3 4/57 3.62 24 9/63 4.43 7� 1'�,f y1fi : 20 6/63 3.50 2 1956 4.06 k t i , S� al3 21 7/63 3.30 22 5/63 4.00 l,,,,,;, ' fig ' 16 5/62 3.20 i 15 5/62 3.07 w t„a;, �rT.,.4'',„ 23 6/63 3.07 11 2/61 $ 1.98 39 12/67 $ 2.46 40 8/68 1.60 13 4/62 2.42 6 9/60 2.40 1. --9 • 2 4 • • 1 a) {! .. W V1 .O N - a 0 VD V1 C\ N- 00 a N 0 O 0 00 N .O F1. .O 0 � N N. a Vl Cl 8 00 O. by 0d P . C. 8 en C` 3 N N-+11 U ti Cl —4 N N 00 C'1 Cl C1 • l -I •rl 4* r+ W F, H O 0 a) W U) a) -rl 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 fa-, 0 0 0 0 0 0 o 0 o • 0 0 0 0 0 0 0 0 O O Vl O O O 0 O C1 Vl 0 O O O V\ +n 0 N Vl 0 N V\ 0 0 N 0 .-i Cl V1 0 ‘O h N N V\ N MD CM ,-0 0 0.- V) Vl O. 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H N W N CO 2 C4 X H d U) U) W H 2 U) [W.� U) V) U) C4 00 d a+ .y-1 2 zz �HW7 IYc. O E" 0 'x d d Q i-.1 O Q _O HO CO ccIZ � N N N N N N N N N N C1 C1 C1 C1 C1 U) 29 _ U +) C •.i O ° a °) 111 CO 4 H CC • • N. \o vi C \ o +3 CO + w fn 21 C • p • H C W U) • N 'I\ 0 v\ 0 O • +3 •-1 •�O + I +• + + • N O O O O v] 1 N + + H O cn Q O O O H I I OO I + � I • U cnj m Q) V) 0 to 0 "� U) N N •ti C^ 1 q W (n + 1' + + O cn 1-11 Q F N O NOM o f=] 0 0 + I + + + nd : m v0t p • 3 + I 1 1 U • Ca i �O 'O -3 N 0.. Q• + N U) • i 0 G] b C P Fi F H H N H +• W H H H y CC z .14 •-• C'J 3 c7 fx Ea OU W N ug H g o 14 0 U CO CO X U) N • 3�l` COMPARABLE SALES ADJUSTMENT SHEET ANALYSIS Of the 40 Sales that were used and adjusted to indicate the estimated square foot price for the subject property, the sales that required the least amount of adjustment in order are: Sale Price % Indication No. GRANTOR GRANTEE Sq. Ft. Adjusted Sq. Ft. Price for Subject 4 STERLING Gilbert $ 7.21 0 $ 7.21 fl, 31 DAVIS 1st N. Bank 7.02 + 5, . 7.36 II 32 GILBERT 1st N. Bank 6.32 + 5 6.64- 34 MADDOX Weld Inv. 7.00 + 5 . 7.35' �1I 14 LEWIN G.G.G. 8.40 -10 . 7.56 9 1 DAVIS 1st N. Bank 9.65 ' -15 8.20 ' 35 CONOCO 1st Indus. 6.52 +15 . 7.50 { 12 WELLINGTON Gilbert 12.84 -20 10.27- 26 HATCH Nelson 9.56 -20 7.65 ' ___/- -/ 27 KRESS Monroe 9.31 -20 , 7.45 18 FARR G.G.G. 5.78 +25 . 7.23 .19 SALVATION Weld Inv. 6.50 +25 8.13. 33 CONNOR 1st N. Bank 5.56 +25 ' . 6.95 25 SWARTZ Levy 10.67 -25 8.00• 5 BLISS City 4.74 '+30 6.16 ' 28 PHELPS lot N. Bank 5.79 +30 • 7.43 29 DAVIS 1st N. Bank 5.26 +30 6.84 - • 30 DAVIS 1st N. Bank 5.26 +30 6.84 • . 31 The foregoing 18 sales indicate a sq. ft. price range applicable in estimating the value of the Subject Property to be from a low of $6.16 (#5) to a high of $10.27 (#12). By a process of elimination, the following develops: Sale #19, was adjusted downward 20% but does not take into account the improvements on the property at time of purchase. It is assumed that the improvements were considered to contribute some value -- hence, the value of the underlying land was lower than the sq. ft. pnice indi- cates. The next high sale was #1 at $8.20 per sq. ft. It required an adjustment of 15% downward. However, the sale took place nearly 13 years ago and the sale, therefore, required an adjustment that might be in error. The next high sale was #19 at $8.13 per sq. ft. The adjustment was 25% upward --- again the adjustment was severe. The same is true of the next high sale -- #25 at $8.00 per sq. ft. -- which required an adjustment downward of 25%. The indication thus far is that the value of the Subject Property is estimated to be less than $8.00 per sq. ft. but greater than the low sale of $6.16 (#5) which required an adjustment upward of 30%. The next low sale of $6.64 per sq. ft. (#32) required a minimal amount of adjustment -- up 5%. This process of eliminating 6 of the 18 sales applicable in esti- mating the value of the Subject Property indicates a range of $6.84 to $7.65. These are sales #29 & #30 through sale #26. These sales, however, required adjustments upward of 30% (#29 & #30) and 20% down- ward (#26). Therefore, any sales lower than $6.84 or higher than $7.65 per sq. ft. are eliminated. The sales that remain as applicable in estimating the value of the subject property are: Amount of Adjustment High Sale # 14 --- $7.56 - 10% # 35 --- 7.50 + 15% # 27 --- 7.45 - 20% # 28 --- 7.43 + 30% # 31 --- 7.36 + 5% # 34 --- 7.35 + 5% # 18 --- 7.23 + 25% # 4 --- 7.21 0% # 33 --- 6.95 + 25% The sale that required the least amount of adjustment is #4 which was the purchase price of the property in 1959. The next two sales which required adjustments of only 5% were sales #31 & #34. The range established is a low of $7.21 to a high of $7.36. The two highs reflect that the prices paid were high because they were requirements of completing a land assemblage program. Since they occured in a location that is estimated to be not as good as the subject property it is estimated that the difference in location is offset by the requirements of completing the land assemblage program. The price paid for the subject property (Sale #4) of $7.21 should be slightly higher in order to compensate for the 10 year period since the sale (which was high at the time) and the shift of interest in land values near the subject property. In consideration of the analysis --- it is estimated that the value of the Subject Property on a sq. ft. basis is $7.25.,,' Land area of 29,268 sq. ft. times $7.25 per sq. ft. equals: $212,193.00 ' rounded to $212,000.00 I 33 CORRELATION AND C.., CLUSION Only the Market a to Approach was used in esti- mating the Market Value of the Subject Property be- cause the assumption was made that the improvements on the land do not represent the Highest and Best Use of the land. Therefore, neither the Cost Approach or Income Approach were applicable in estimating value. As a result of the Market Data Approach, data and information assembled, the Market Value of the Subject Property is estimated to be, as of February 20, 19691 2 12,000.00 3k CONTINGENT AND LIMITING CONDITIONS This appraisal is subject to the following assump- tions and limiting conditions: 1. The maps, drawings and photographs are included with this report to assist the reader in visualizing the property. The 1 gal 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 manacemer.t. 1 . The information furnished me by others is believed to 1 be reliable, but I assume nc responsibility for its accuracy. 5. This report is to ,._, considered in its entirety, the distribution of value between land and improvements applies only under the existing program bf utilization, • it should not be used in conjunction with any other appraisal and is invalid if so used. 6. Neither all nor any pert of the contents of this report 1 shall be conveyed to the public through advertising, public rel..— ons, news, sales or other media, without the written consent and approval of the author, parti- cularly as to valuation conclusions, the identity of the appraiser or firm with which he is associated. 35 QUALIFICATIONS OP MAR ION CVITA!roVICH A?PRIS R 1950 Graduate of 'University of Denver, I:criver, Colorado. B.A. Degree in Journalism Minor Degree in Economies et Geography Completed Appraisal Course I - American lnotitute of Ravi. '..ataa a Appraisers - Boulder, Colo. Completed Appraisal Course T r• University of Colo, xtens ion •",ervioe. Since fail of 1962 have assisted Thos. . Welsh, M.A.I./S.R.A. on numerous appraisal assign. ment,s for: .t t t orne;rs and Individuals !'everal Colorado Communities Public e►rvice Company or Colorado everal :anke and Mortgage instit:xtions Veterans Administration anazed retail lum i'. r yrrd operations 12 foryear, Built and/or pervi se d the construction of mare than 200 homes and buildings Licensed Real ?, State Salesman, State of Colorado since January, 1963 • Licensed "teal :.state : alesman. roker, Mtate of "olored o since August, 1968 Director, V:ecre+tart'—Treasurer and ''resident (1968) Uree1cev of Realtors Member of the Colorado and National Association of — Realneut.., 3G CERT 'ICATIo'T QT' VALtF; I, the Undersigned, do hereby certify that I have personally inspected the property, which is the Subject of this appraisal, and that, according to my knowledge and belief, all statements arx information in this ree port are true and correct, subject to the stated tontine gent limiting conditions contained herein. I further oerti^ that I have no pe, eent or eonten. plated future interest in the property appraised; further the t neither the e iployn nt to make the appraisal, nor the compensation, is contingent upon the amount of value reported. P ftor consideration of all the foregoinc, I have formed an opinion of Market Value of. the .abject Property, as of February 20, 1969 to bet Two Hundred Twelve Thousand and Ho/100 llolla� s ( 212,000.00 ) Respectfully su itted,, Tette,effe#100/elfe4 rion Cvitanovioh Appraiser 3 7 nada R � ,y *site „ t, '`; Real Estate • Mortgage Loans -- , ,.y„ • In,estments • Appraisals • Sales 2027 Broadway, P. O. Box 72, Boulder, Colorado 80302 • Phone 412-6854 . Qi Al'1H<, Boulder, Colorado, ___kabryssat__S , 1969_ APPRAISAL MADE FOR:_lisneball_#-_Andtraca.__ sinmuk - l ontd_ t eld_Coiaty-_C91assioners OWNER lober_t_jt_6fitlhsit LOCATION. Ceraer__nt_.9th_Araa__a _10th_Bt.,__Siras2sr+_Dol-onfn LEGAL DESCRIPTION:___.6oat__6__ft.__atiettth__].2$5:t�_st_kg__21_aat!_ial__at_laots_22a 2,',F_$ S,_A7.4nk__65a--city--oi-_i elers--k�llsl_conty.--Col9.tsr�9t► SIZE OF SITE. 15k__ft.__by l9c__fts IMPROVEMENTS: A two story brick building with full basement -, all rented. Building is about 48 z 54, 2500 sq. ft. on maim floor. second floor and basement. Iaprovesents in good condition. The site is not bring used for its highest and best use. The sits contains approximately 29,268 sq. ft. and is located in the center of downtown Greeley. across alley South of the weld County Courthouse. In comparison with other sales in this area a fair market value for this site and improvements would be: see below APPRAISER'S REPORT Es__LAAILU. , located at 2027 Broadway, Boulder, Colorado,. hereby states: That I have been in the real estate business in Boulder County for i_ years. That I am familiar with real estate values in the vicinity of the above mentioned Froperty. That I have inspected the property above described, and it is my opinion that a fair market value thereof, as of Y_abruary_19•_1969. , is as follows: SITE - - - - - - - $--29440004,00----------- IMPROVEMENTS - - $ 4 raX).4S? TOTAL ----------- I further state that I have no interest in the property, nor am I related to tie owner, or interested in the results caused by my findings. Signed at Boulder, Colorado on the day and year first above written. Appraiser Hello