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HomeMy WebLinkAboutRestricted Appraisal Report of Ellingsworth Commons Park Property • _____ii ik— Mills, Biggs, Haire& Reisert, Inc. Real FSlate. Business. and F.quipntent Appraisals Restricted Appraisal Report of Ellingsworth Commons Park Property Middle Road Jeffersonville, Indiana 47130 . .,..... \ -,-.N ; ems ' ... kilik-- , „,,, . 4., .4,,::1 .,-..„•. ....-.... .„4. ,�. � �` ,��� J ,`mil .., A0Y, ,,,-). 1 74 N ` s; ,., _ir, IhiliNN ,... •• .�2 P . l/1� •. 41 _ 5O, I phi►1.411N;, Prepared For: Effective Date of Appraisal: Mr. Scott Koukola "As Is' Market Value Premier Homes August 16, 2024 108 Bowling Ln Clarksville, IN 47129 Local Location Map 10EMENTVILLE Y,_ j I Subject-Ellingsworth (ominous Park J JV1° : oar o e c: Utica i. y o v� ki Veterans pkw'I �d'f s Y Q` <7 j. a a ,, Q�,- e a a vp° E m �y� P Gravz J �=O\'J c � 4 t. Glenview Oak Park WOODSIDE Regional Area Location Map Bennettsville Springville Charlesto n Staright Speed State P rk �- Goshen ottsvllle Seilersburg 2 CY Q Subject-Ellingsworth Commons Park St Marys CEMEN-VILLE V'la' n Prospect t :rare s f loyds Knobs - ... , -' .... .... _. ' Springhurst Pei•• Clarksville `• TV 2� Y _ Indian Hills Keeneland Q V P^,P'.AND w J Q ti ".....-""" Lyndon Z Louisville "RESCENT'MILL-^Y bpi_ LAR Y sue. St Matthews M ddletown 41 OLD LO t VI LE f urs bo Lane 31W © MIKES PO-Nr Views of the subject property • View alon• Parkland Drive q y L • Mills, Biggs, Haire& Reisert, Inc. Heal and Iquipmeni IfOre,.el. September 25, 2024 Mr. Scott Koukola Premier Homes 108 Bowling Ln Clarksville, IN 47129 Re: Ellingsworth Commons Park Property Middle Road Jeffersonville, Indiana 47130 File#1600-55-24 Dear Mr. Koukola: Based on our scope of work as discussed with the client in our letter of engagement, we have inspected the above-referenced property on August 16, 2024, and carefully examined those factors that we considered pertinent in arriving at the valuation of the"as is"fee simple interest in the subject property. In this restricted report, some of the scope of work are copied below. The appraisal will result in the "market value" of the "as is" value of the subject property. Market value, as defined and adopted by the FIRREA XI regulations, is as follows: MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller each acting prudently and knowledgeably,and assuming that the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: t. Buyer and seller are typically motivated. 2. Buyer and seller are well informed or well advised, and are acting in what they consider their own best interests: 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms offinancial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. The highest and best use of the property is for residential development use and the valuation is based on this premise. Charles R.Mills,Jr.,MAI,SRA,Al-GRS,ASA••James K.Biggs•Charles E.Haire(1950-2016)*Terry G.Reisert,GAA 415 East Court Avenue,Jeffersonville,IN 47130.812-282-9222.812-284-5700•fax:812-282-9233 101 North Seventh Street•Louisville,KY•502-561-3497.812-282-9233•website:www.mbhr.net Mr.Scott Koukola,Premier Homes RE:Ellingsworth Commons Park Property,Middle Road,Jeffersonville,IN Date: September 25,2024 Page 2 This Restricted Report has been prepared to comply with the appraisal requirements of the 2024 Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation;Title XI of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA); as well as requirements set forth by the Comptroller of the Currency(OCC) Standards of 12 CFR part 34. This Restricted Report is a recapitulation of the data,analyses and conclusions. Supporting documentation is retained in the work file. The intended use of this assignment is to estimate the market value of the real estate for donation purposes. As will be discussed in the Scope of Work section of the report the Sales Comparison Approach is considered necessary to produce a credible value conclusion and are utilized in this assignment. The Income Capitalization Approach and the Cost Approach are not considered applicable due to the age of the improvements The value conclusion is made subject to the following special limiting conditions: 1. A survey was provided to the appraiser and the site size was estimated based on this survey. A copy of the survey is included in the addenda of this report. Considering all the pertinent factors that affect value,the estimated "as is"valuation of the fee simple interest in the subject property as of August 16,2024, is as follows: * * * TWO MILLION FOUR HUNDRED FIFTY FORTY THOUSAND DOLLARS * * * $2,450,000 The values presented within are subject to the assumptions and limiting conditions included in the following appraisal report. Respectfully submitted, Charles R. Mills,Jr. MAI, SRA, AI-GRS, ASA William R. Corby Indiana Certified General Appraiser#CG69201105 Indiana Certified Residential Appraiser#CR60300535 Ellingsworth Commons Park Property, Middle Road,Jeffersonville,IN 47130 Page 6 CERTIFICATION This signed Certification is for the Restricted Appraisal Report for the Ellingsworth Commons Park Property located along Middle Road Drive in Jeffersonville, Indiana. The undersigned do hereby certify that to the best of our knowledge and belief: 1. The statements of facts contained in this report are true and correct. 2. The reported analyses, opinions,and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. We have performed no appraisal services regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. Our analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. 9. William R.Corby has made a personal exterior only inspection of the property that is the subject of this report.Charles R.Mills,Jr., MAI, SRA,AI-GRS,ASA made an exterior inspection only. 10. No one provided significant real property appraisal assistance to the person signing this certification. 11. The reported analysis,opinions,and conclusions were developed,and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics&Standards of Professional Appraisal Practice of the Appraisal Institute. 12. The use of this appraisal report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 13. As of the date of this report,Charles R.Mills,Jr.MAI,SRA,AI-GRS has completed the continuing education program for Designated Members. 14. As of the date of this report, Charles R. Mills, Jr., ASA has completed the continuing education program for the American Society of Appraisers Charles R. Mills,Jr., MAI, SRA, AI-GRS, ASA William Russell Corby Indiana Certified General Appraiser IN Certified Residential Appraiser CG69201105 CR60300535 Mills,Biggs,Haire& Reisert,Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville, IN 47130 Page 7 ASSUMPTIONS AND LIMITING CONDITIONS The accompanying is a Restricted Appraisal Report for the Ellingsworth Commons Park Property located along Middle Road Drive in Jeffersonville, Indiana. The assumptions and limiting conditions that affect the analyses, opinions, and conclusions are: 1. No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. No responsibility is assumed for matters legal or engineering in nature unless otherwise noted. Information provided by the client is assumed to be accurate. 3. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 4. The accompanying appraisal report is to be used as a whole and no part to be taken as a fraction thereof. 5. Responsible ownership and competent property management are assumed. 6. The information obtained by others is believed to be reliable,but no warranty is given for its accuracy. 7. Any distribution of the valuation of this appraisal report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal or report and are invalid if so used 8. The acreage indicated in the legal description is solely for the purpose of identifying the said tracts and should not be construed as insuring the quantity of land. 9. It is assumed that there are no hidden or unapparent conditions of property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them. 10. It is assumed that the property is in full compliance with all applicable federal, state, and local environmental regulations and laws unless the lack of compliance stated, described, and considered in the appraisal report. 11. It is assumed that the property conforms to all applicable zoning and use regulations and restrictions unless nonconformity has been identified, described and considered in the appraisal report. 12. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. Mills, Biggs, Haire & Reisert, Inc. Ellingsworth Commons Park Property,Middle Road,Jeffersonville,IN 47130 Page 8 13. It is assumed that the use of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. No responsibility is taken for unrecorded covenants or restrictions that may affect the value of the property. 14. Unless otherwise stated in this report,the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, and other potentially hazardous materials may affect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them.The client is urged to retain an expert in this field,if desired. 15. We, by reason of the appraisal, are not required to give further consultation or testimony or to be in attendance in court with reference to the property in question unless arrangements have been previously made. 16. Neither all nor any part of the contents of this report(especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising,public relations,news,sales,or other media without prior written consent and approval of Governmental Appraisal Services, Inc. (MBHR). 17. The Americans with Disability Act (ADA) became effective January 26, 1992. The appraiser has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the Act.If so,this fact could have a negative effect upon the value of the property. Since the appraiser had no direct evidence relating to this issue,the appraiser did not consider possible noncompliance with the requirements of ADA in estimating the value of the property Mills,Biggs,Haire & Reisert, Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville, IN 47130 Page 9 REPORT FORMAT As requested, we have prepared a Restricted Appraisal Report as defined by the 2024 Uniform Standards of Professional Appraisal Practice(USPAP). PURPOSE, INTENDED USE AND USER OF THE APPRAISAL It is understood that the purpose and intended use of this report is to estimate the "as is" market value of the fee simple estate for donation purposes.The intended user is Mr.Scott Koukola of Premier Homes and possibly the Internal Revenue Service. Any other user is considered an unintended user. DEFINITION OF MARKET VALUE Market value is defined as: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller each acting prudently and knowledgeably,and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S.dollars or in terms of financial arrangements comparable thereto;and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sale concessions granted by anyone associated with the sale.' DATE OF VALUE ESTIMATE The date of the inspection and the effective date of the"as is"valuation is August 16,2024. The date of the report is September 25,2024. PROPERTY RIGHTS APPRAISED The property rights being appraised are those of the fee simple estate. Fee Simple Estate is defined as: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (Office of the Comptroller of the Currency under 12 CFR,Page 34,Subpart C-Appraisals-34.42 definitions(f). Mills,Biggs,Haire& Reisert, Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville,IN 47130 Page 10 Leased Fee Estate is defined as: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Leasehold Interest is defined as: The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. Subleasehold is defined as The right to occupy and use property that results when the lessee in a prior lease conveys (i.e., subleases)the right of use and occupancy to another,the sublessee; also known as a subleasehold interest.2 There are no personal property, fixtures, or intangible items that are included in the valuation. ESTIMATED MARKETING/EXPOSURE TIME The estimated marketing time for the subject property is based on the most recent comparable sales data. Based on the most recent available data for similar properties in the competing market area,the indicated marketing period is three to twelve months, with most in the range of four to eight months. There are no apparent characteristics related to the subject property that should greatly enhance or limit its marketability.Therefore,the marketing period is estimated to be four to eight months. Similarly,the exposure time for the subject property is estimated to be four to eight months. SCOPE OF WORK Mr. Scott Koukola of Premier Homes has authorized the completion of a restricted appraisal report providing an"as is"market value estimate of the fee simple interest of the subject property. The report includes all pertinent sections in conformance with the requirements of the 2024 Uniform Standards of Professional Appraisal Practice (USPAP) and the federal regulatory requirements as specified by the Board of Governors of the Federal Reserve System. The scope is the type and extent of research and analysis in an assignment(USPAP). The scope of work in this assignment includes the following: • Inspection of property and area • Review of the legal descriptions • Economic analysis of the region • Determine the competitive neighborhood • Study of maps,plats and public records • Analysis of the History of Ownership • Analysis of site and improvements • Analysis of the highest and best use • Determine interest(estate)to estimate value 2Appraisal Institute,The Dictionary of Real Estate Appraisal,Seventh Edition(Chicago,Illinois,2024). Mills,Biggs,Haire& Reisert,Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville,IN 47130 Page 11 • Confirmation and analysis of comparable sales of vacant properties • Analysis and value conclusions by the Sales Comparison Approach • Analysis of value by the Sales Comparison Approach • Reconcile the values by the approaches • Report the value conclusions USPAP dictates to use accepted techniques that produce a credible estimate of value and is not misleading. If an approach or pertinent data is omitted, it should not reduce the reliance or credibility that could cause the value reported to be misleading. A typical appraisal procedure includes the three standard approaches to value; Cost, Sales Comparison and Income Capitalization Approaches. Based on use of appraisal and client's needs,we concluded to estimate a credible value conclusion only the Sales Comparison Approach was deemed necessary and completed. The data used in these approaches,was obtained from buyers, sellers,brokers, leasing agents, property managers,and other parties that may have been involved in the transactions. We assume the information received from these various sources is correct and representative of the actual transaction. The approaches derived value indication,which was then reconciled into a final estimate of value. The Cost Approach and the Income Capitalization Approaches were not considered applicable. The data used in the approaches were obtained from buyers,sellers,brokers,leasing agents, property managers, and other parties that may have been involved in the transactions. We assume the information received from these various sources is correct and representative of the actual transaction. The approaches derived value indications, which were then reconciled into a final estimate of value. In each of the approaches and the final correlation, the reasoning that supports the analyses, opinions and conclusions is described. IDENTIFICATION OF THE PROPERTY The subject property's is the Ellingsworth Commons Park Property, located along Middle Road in Jeffersonville, Indiana and contains 28.816+- acres, according to the survey provided by the client. The subject is identified as part of the following: Parcel Number: 10-42-00-400- 212.000-039 in the Clark County Assesssor's Office and is legally described in Deed Instrument 201721433 in the Clark County Recorder's Office. HISTORY OF OWNERSHIP The property is currently owned by the Ellins Property Development, LLC and has not transferred in the last five years. The property is not currently listed for sale and is not subject to any know purchase agreements or leases,that would encumber the property Mills, Biggs, Haire & Reisert, Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville, IN 47130 Page 12 SITE DESCRIPTION The subject site is located on the north side of Middle Road and the West side of Port Road in the Ellingsworth Commons subdivision and is the Ellingsworth Commons Park property Jeffersonville, Indiana. The site size was based on a survey that was provided to the appraiser by the client. Site Improvements include concrete sidewalks and curbs, two silow and two lakes. The following is a description of the subject site based on the county records and physical inspection. Land Area: Approximately 28.816 acres (+/-) Shape: Irregular Frontage: The site has frontage along Middle Road and Parkland Drive Topography: Primarily level to rolling and above street grade Drainage: Appears adequate Flood Zone: A portion of the subject site is located in the 100- flood plain according to the Federal Emergency Management Agency (FEMA) Flood Insurance Rate Map, Community Panel #18019CO279, dated April 16, 2014. In the addenda is a copy of the flood map panel. Utilities: The site has access to all city utilities, including electricity provided by Duke Energy, water provided by Indiana-American Water Corporation, gas provided by Vectren Energy, and sewers. Street Improvements: Marriott Drive is a two-lane, asphalt-paved road Ingress/egress: Ingress and egress are provided via Middle Road and Parkland Drive Zoning: According to the records of the Clark County Plan&Zoning Office, the subject property is currently under the zoning classification of PD-Planned Development. This district permits most residential uses typical of the area. Based on a review of the zoning district regulations, the subject property appears to be in conformance. Overall, the subject site appears to have average utility for residential development uses typical of the area. There are no apparent adverse factors that would limit the development potential of the site. Mills, Biggs, Haire& Reisert, Inc. Ellingsworth Commons Park Property,Middle Road,Jeffersonville,IN 47130 Page 13 TAX ASSESSMENT AND ANALYSIS According to the Clark County Assessor's Office, the total subject property assessment is $142,100. The 2024 taxes are 3,171+-. The assessment is below market value, which is typical of similar vacant development land assessments and is considered reasonable. MARKET ANALYSIS The subject property's primary market area is defined as the Jeffersonville area, and surrounding areas of Clark and Floyd County's and neighboring counties would provide secondary competition.The properties that would compete directly with the subject property would primarily be similar size properties located within the market area. The demand for similar properties in the market area is stable.Due to the subject's location and frontage,market trends are mostly favorable for the subject. HIGHEST AND BEST USE ANALYSIS Based on our analysis, the highest and best use of the subject property as vacant is for residential development use. SALES COMPARISON APPROACH The market value of the subject property is estimated by the Sales Comparison Approach, using recent sales of comparable properties with similar characteristics. The comparable sales utilized are similar in size and other characteristics. Adjustments are made for differences in market condition, location, size, effective age, quality construction, and other features. Based on the analysis, the estimated "as is" valuation of the subject property as of August 16, 2024 is $2,450,000 (Rounded). RECONCILIATION OF VALUE INDICATIONS The value indications of the three approaches used to estimate the market value of the subject property are as follows: "As Is" Cost Approach Not Applicable Sales Comparison Approach $2,450,000 Income Capitalization Approach Not Applicable In conclusion, the market value of the subject property was estimated using the Sales Comparison Approach to value, which is the only applicable to value the subject. Considering all the pertinent factors that affect value, the estimated "as is"valuation of the fee simple interest in the subject property as of August 16,2024, is as follows: * * * TWO MILLION FOUR HUNDRED FIFTY FORTY THOUSAND DOLLARS * * * $2,450,000 Mills,Biggs, Haire& Reisert, Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville, IN 47130 Page 14 ITEM SUBJECT COMPARABLE1 COMPARABLE2 COMPARABLE3 COMPARABLE4 RECORD NUMBER N/A 2111 2350 2239 2019 ADDRESS MIDDLE RD 2718 COOPERS LN 606 OLD SALEM RD 3616.3618UTICASBURGRD HERB LEWIS RD JEFFERSONVILLE,IN JEFFERSONVILLE,IN JEFFERSONVILLE,IN JEFFERSONVILLE,IN JEFFERSONVILLE,IN SALE DATE Aug-22 Feb-24 Sep-22 Dec-21 SALE PRICE $322,000 $650,000 $2,200,000 $982,271 LAND SIZE(ACRES) 28.816 4.030 6.221 26.000 11.370 ZONING PD R3 Ri R2 M3 PRICE PER ACRE $79,901 $104,485 $84,615 $86,391 PROPERTY RIGHTS CONVEYEE FEE SIMPLE FEE SIMPLE FEESIMPLE FEE SIMPLE FEESIMPLE °%AND$ADJUSTMENT 0% $0 0% $0 0% $0 0% $0 CONDITIONS OF SALE TYPICAL TYPICAL TYPICAL TYPICAL TYPICAL °%AND$ADJUSTMENT 0% $0 0% $0 0% $0 0% $0 FINANCING N/A CONV CASH CASH CONV %ANDSADJUSTMENT 0% $0 0% $0 0% $0 0% $0 EXPENDITURES AFTER SALE NONE NONE NONE NONE NONE °%AND SADJUSTMENT 0% $0 0% $0 0% $0 0% $0 TOTAL ADJUSTMENT 0% $0 0% $0 0% $0 0% $0 ADJUSTED PRICE PER ACRE $79,901 $104,485 $84,615 $86,391 MARKET CONDITION September-24 Aug-22 Feb-24 Sep-22 Dec-21 %ANDSADJUSTMENT 7% $5,593 2% $2,090 6% $5,077 8% $6,911 ADJUSTED PRICE PER ACRE $85,494 $106,575 $89,692 $93,302 LOCATION INFERIOR EQUAL EQUAL EQUAL %ANDSADJUSTMENT 15% $12,824 0% $0 0% $0 0% $0 SIZE SUPERIOR SUPERIOR EQUAL EQUAL %AND$ADJUSTMENT -5% -$4,275 -5% -$5,329 0% $0 0% $0 FRONTAGE/ACCESSIBILITY EQUAL EQUAL EQUAL EQUAL %ANDSADJUSTMENT 0% $0 0% $0 0% $0 0% $0 TOPOGRAPHY/UTILITY SUPERIOR SUPERIOR SUPERIOR SUPERIOR %ANDSADJUSTMENT -20% -$17,099 -20% -$21,315 -20% -$17,938 -20% -$18,660 OTHER ADJUSTMENTS INFERIOR INFERIOR INFERIOR INFERIOR °%ANDSADJUSTMENT 10% $8,549 5% $5,329 10% $8,969 10% $9,330 TOTAL NET ADJUSTMENT 0% -$1 -20% -$21,315 -10% -$8,969 -10% -$9,330 ADJUSTED PRICE PER ACRE $85,493 $85,260 $80,723 $83,972 SUBJECT ACREAGE 28.82 MEANS/AC $83,862 ESTIMATE PRICE/ACRE $85,000 MEDIAN VAC $84,616 ESTIMATED MARKET VALUE $2,449,700 $2,450,000 ROUNDED Mills, Biggs, Haire & Reisert, Inc. In ii a> Cbi 10-42-01-400-212.000-039 Ellings Property Development L 4205 MIDDLE ROAD 103,Dairy Farm UTICA RES AREA 1-039/1 1/2 a General Information Ownership Transfer of Ownership Notes Parcel Number Ellings Property Development LLC Date Owner Doc ID Code Book/Page Adj Sale Price V/I 12/712023 GENERAL:24/25 REMOVED ALL 10-42-01-400-212.000-039 2709 Blackiston Mill Road BARNS.SILOS REMAIN.Ea101 Clarksville,IN 47129 12/01/2017 Ellings Property Devel 201721433 SW / $2,019.460 I Local Parcel Number 01/25/2013 Stock Yards Bank 20130159712/15022 GENERAL:REASSESSMENT 23/24. 42-00003-068-0 �C / I NO CHANGE.EB/EW 12/28/2012 Stock Yards Bank 8 Tr 201225801 OC I 11/23/20M Tax ID: Legal 12/12/2012 Stock Yards Bank 8 Tr 201224805 TO / I 10822 GENERAL 23-24 split to pence 142-3- ,.r GI 14 8328 Ac Romain 12/12/2012 Stock Yards Bank 8 Tr 20,224604 TD / Routing Number 11/19/2012 Stock Yards Bank a Tr 29122300.5 TO / I PTA00A22HEARING ON 8-31-2(022,TTHEE 80434o VOTED TO CHANGE THE TOTAL ASSESSED TO CHANGES MADE BY THE ASSESSORS OFFICE Property Class 103 Agricultural AND CHANGED CONDITION ON STRUCTURES. I..I Dairy Farm APPEAL IS NOW SETTLED/CLOSED. Valuation Records(Work In Progress values are not certified values and are subject to change) Year:2024 10/1]I202/GENERAL:22-23 SPLIT TO 42-3.1040 2024 Assessment Year 2024 2023 2023 2022 2022 Location Information WIP Reason For Change Annual-MI Revay134 Annual-Adl Misc Mist CHANGE aGENERAL:REASSESSMENT NO • CHANGEeGBL La County 03/1272024 As Of Date 04/18/2024 02/12/2024 04/06/2023 07/132023 07/12/2023 12/14/2017 GENERAL:SOLD FOR 2,019,460 ON 0 Clark Indiana Cost Mod Valuation Method Indiana Cost Mod Indiana Cost Mod Indiana Cost Mod Indiana Cost Mod Indiana Cost Mod 11-15-17 INVALID AG LAND(lG) V yv'„ Township 1.0000 Equalization Factor 1.0000 1.0000 1.0000 1.0000 1,0000 11I19/2014:REASSESSMENT-SF/BL-NO 11 UTICA TOWNSHIP CHANGE to. Notice Required LK 0 �y District 039(Local 042) $116,700 Land $116,700 S97,200 S97,200 $99,500 $99,500Y 2151 SF/aL- EGENERAL:13-14-BLDGPERMR- JEFF CITY-UTICA TWP-OFW SF/BL-REMOVED DWELLING I'7SO Land Res(1) $0 $0 $0 $0 $0 School Corp 1010 $118,70o Lend Non Rea(2) 5116.700 597,2QQ $97,200 E99,500 $99,500 7l]0/2012 GENERAL:REASSESSMENT-(TK 'r -- GREATER CLARK COUNTY $0 Lend Non Res(3) $0 $0 $0 $0 $g L0)--NOTE SAYS CANT GET TO BECAUSE ITS Sl '� 525,400 Improvement ----- GATED O P $25,400 S44,900 $44,900 $44,600 $47,400 �+ vs� Neighborhood 10105060 $0 Imp Res(1) $0 $0 $0 $0 $0 11/1/2011 GENERAL:11.12-TAX IMPORTS AC 'e.Ga UTICA RES AREA 1-039 SO Imp Non Res(2) SO $0 $0 $0 so CHANGE(lGI litiI Section/Plat $25,400 Im.Non Res 3 $25,400 $44,900 S44,900 $44,600 $47,400 3/25/2011 GENERAL:1-134(10-11)removed L $142,100 Total $142,100 $142,100 $142,100 $144,100 $146,900 •., $0 Total Res(1) $0 $0 $0 $0 $0 Land Computations t,, Location Address(1) $116,700 Total Non Res(2) $116,700 $97,200 $97,200 $99,500 $99,500 Calculated Acreage 63.26 nr 4205 MIDDLE ROAD $25,400 Total Non Res(3) $25,400 $44,900 $44,900 $44,600 $47,400 lActual Frontage 0 �; JEFFERSONVILLE,IN 47130 Land Data(Standard Depth:Res 100',Cl 100' Base Lot:Res 0'X 0',CI 0'X 0') Developer Discount n bJr L, Zoning Land APldstl nc Soll Act SMa Factor Rala Adj. Cot. Intl. Market Cap1 Cep2 Cap3 value Parcel Acre J yp. d ID From- Rate Value % Factor 81 Legal Drain NV 60.00 C. Subdivision 4 A HoD2 0 23.043 0.64 S2,280 $1,459 $33,620 0% 1.0000 000 100.00 000 $33,620 82 Public Roads NV 0.00 L 4 A HcO3 0 2.7 0.51 $2,290 $1,183 $3,140 0% 1.0000 000 100.00 0.00 $3,140 83 UT Towers NV 0.00 i^„.i 4 A HoA 0 5.517 0.89 $2.280 $2.029 $11,194 0% 1.0000 0,00 100.00 0.00 $11,190 9 Homesite 0.00 �I Lot.s 4 A HoB2 0 9.0 0.81 $2.280 $1,847 $16,623 0% 1.0000 0.00 100.00 0.00 $16,620 91/92 Acres 0.00 Ie± L 4 A Ps 0 1.3 0.50 Sz 280 $1,140 $1,482 0% 1.0000 0.00 100.00 0.00 $1,480 Total Acres Farmland 63.26 =� Market Model Farmland Value $116.640 ,.,,,, N/A 4 A Wa 0 9.7 1.15 $2,28n $2,622 $25,433 0% 1.0000 000 100.00 0.00 $25.430 'f. 4 A WeA 0 9.3 0.94 $2,280 $2.143 $19,930 0% 1.0000 000 100.00 0.00 $19.93Q Measured Acreage 63.26 C Characteristics Avg Farmland Value/Acre 1844 Topography Flood Hazard 4 A W1B 0 2.7 0.85 $2,290 $1,938 $5,233 0% 1.0000 0.00 100.00 0.00 $5,230 Value of Farmland $116.650 Rolling 0 Classified Total $0 Public Utilities ERA Farm/Classifed Value $116.700 Water,Electricity Homesite(s)Value $0 J Streets or Roads TIF 91/92 Value $0 L Unpaved El Supp.Page Land Value L Neighborhood Life Cycle Stage CAP 1 Value $0 Static CAP 2 Value $116,700 Printed Sunday,April 21,2024 CAP 3 Value $0 Review Group Data Source N/A Collector Appraiser $116,700 tt Total Value G W Vo on CI 10-42-01-400-212.000-039 Ellings Property Development L 4205 MIDDLE ROAD 103,Dairy Farm UTICA RES AREA 1-039/1 2'2 General Information Plumbing Cost Ladder Occupancy Sib N TF Floor Constr Base Finish Value Totals Description Silo Full Bath Story Height 0 Half Bath 2 Style N/A Kitchen Sinks 3 en Finished Area Water Heaters 4 Make Add Fixtures 1/4 .rr Floor Finish Total 1/2 T E Earth 0 Tile 3/4 []Slab Carpet Accommodations Attic []Sub 8 Joist OUnfinished Bedrooms Bsmt -- []Wood [Other Living Rooms Crawl '.... []Parquet Dining Rooms Slab C Family Rooms Q Wall Finish Total Base Total Rooms Adjustments Row Type Adj. V i. [lPlaster/Drywall �Unf'inished L+ Unfin Int(-) CiJ []Paneling []Other Heat Type Ex Liv Units(*) t. []Fiberboard Ron Room(+) 162 at •K Rooting 2 1 Loft(+) •n []Built-Up E Metal n Asphalt OSIate EITile Fireplace(+) d Ct []Wood Shingle Other No Heating(-) 44 N Exterior Features A/C(+) It Description No bloc(-) ;� P Area Value Plumbing(+/-) s. +� •ar Spec Plumb(*) t� " Specialty Plumbing Elevator(+) !'��ri r_ Description Count Value Sub-Total,One Unit S0 !_ h Sub-Total,1 Units Exterior Features(+) $0 $0wO Garages(+)0 sgft $0 SO aQuality and Design Factor(Grade) LLocation Multiplier 0.88 ti a Replacement Cost S42 328 •ws .1 Summary of Improvements L Story Constr Year EC En Co Bass Adj Norm Remain. Abn DYOr1�0a Hel ht T Grade LCM Size RCN PC Nbhd Mrkt Cap 1 Cap 2 Cap 3 Improv Value g ype Built Year Age nd Rate Rate Dsp Value Obe OM 1:8MO 1 Concrete C 1980 1980 44 F 0.88 20'z 70' $42.328 70% $12,700 0%100% 10000 1.000 0.00 0.00 100.00 $12,700 Z2:Silo2 1 Concrete C 1980 1980 44 F 0.88 20'x 70' $42,328 70% $12,700 0%100% 1,0000 1.000 0.00 0.00 100.00 $12,700 0 E E 0 U ec t 0 3 Ot C Total all pages $25,400 Total this page $25,400 rii na 4, :��Pu1 •� ..04I Lill W o .-IW IrL)LIfIQW RO•.0LL x ..YtlR nWY•IWYf IMAM,LINGO I•R N..fR,).N',.RJ,x 1••f,rr•.ffY• Mr .....OHM:CM ONA UNY ONU:LALIIIS•. >.•AVM•.IIR.a x ti:ilvl:)USStl JV i13N38N:iNNVIH .�•r.o •••'N.•••*..,x - x.o-. uM..S..�. :I.w 1�r•o l0l ..... ••+t•�• fr..wa.sir. _ Leap.••••� r� MI W PIM .,I•r,rw ..-, .•.r.~2�'.�., • 1.•.-.-w• .ru..w.i.•w OM n IM•.,cOr1 I R.. J,ax y.4 Orin •.R.i.MAW 4•a.... 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N WaY i 1. i• err J. e < (7 j�jy' 7 , A 7 i . ` v'Y#.w j p6 �i � �� a`. 1 ` 3 Bi •s ''.y Q r , _ ° d ;• het• 1 .f. %„'.. •eo`. ' 4' • . 0. N -s'4 A).V •49. W,•t fit` Y > ` t '11'4'/fit t4. , ,t, t \is t 4°1' , r * %.. * AN 10:411C: Qt- c‘„,�,�{", i .4 „ _„,.... , , ie * , 1 ,o ,4.4.1-, .. . 4 t r iir . ‘ - Cif ` h�� ' q "Oil J� •fk 4 , 0 y,, 4, I '�titie ..' MAP DATA MAP LEGEND re Lop T FEMA Special Flood Hazard Area Yes I Areas inundated by 500-year flooding .411 Protected Areas Map Number 18019CO279E n Zone AE I I Areas inundated by 100-year flooding 7 Floodway Map Date April 16.2014 I I Velocity Hazard (,1 Subject Area FIPS 18019 Mills, Biggs, Haire & Reisert, Inc. Ellingsworth Commons Park Property, Middle Road, Jeffersonville, IN 47130 Page 19 QUALIFICATIONS Charles R. Mills,Jr., MAI, SRA, AI-GRS, ASA Mills, Biggs, Haire& Reisert, Inc Louisville Office 415 E. Court Avenue,Jeffersonville,IN 101 N.7th Street,Louisville,Kentucky 40202 812-282-9222,ext.224 Voice(502)561-3497 cmills@mbhr.net Fax(812)282-9233 As of May 23,2024, WEB Page: mbhr.net Experience Over forty-nine years appraising industrial, commercial, residential, and special purpose real estate, six years Ad valorem, and thirty+ years equipment and business valuation during this period State Licenses and Indiana-Certified General Appraiser Certification,#CG69201105,Exp Date:June 30,2024 Certifications Kentucky-Certified General Appraiser Certification,#000663,Exp Date:June 30,2023 West Virginia-General Appraiser Certification#148,Exp Date: September 30,2023 Ohio-General Appraiser Certification#405251.Exp Date:February 18,2023 Indiana-Real Estate Broker,RB 1400729,Exp Date:June 30,2023 Kentucky-Real Estate Broker,187292;Exp Date: March 31,2024 Professional Designation Appraisal Institute, SRA Member, MAI Member and AI-GRS (General Review Specialist), American Society of Appraisers, Dual Designations. Senior Member,(Urban Land&Ad Valorem Tax),National Association of Certified Valuators(NACVA), Practitioner member(Former Member of Institute of Business Appraisers,Inc.) Organizational Membership Appraisal Institute, (Former American Institute of Real Estate Appraisers and & Affiliations Society of Real Estate Appraisers held numerous offices locally and nationally), (National Offices Held), AI Board of Directors-Region 5 1991-1992 & 1993- 1995, Regional Representative to Region V 2000-2004, Region Member, Leadership Development and Nominating Committee,2005,Third Director to the AI Board of Directors-Region 5, 2005, Vice Chair-Region 5, 2006, Chair- Region V, 2007, Immediate Past Chair-Region V, 2008, Vice Chair Chapter/Member Services Committee, Chapter/Member Services Committee, Regional Ethic and Counseling Panel,SRPA/MAI Regional Experience Committee, 2007-2008, AI National Audit Committee, 2009-2011, 2014-2015 & 2017 & 2018,Leadership Development and Training Committee,Third Director to the AI Board of Directors-Region 5, 2012, Vice Chair Region V 2013-2014, Chair- Region V 2015-2016,Vice Chair 2017-18.Immediate Past Chair Region V 2019, National Finance Committee 2020-2021, 2020-2021 Member of the Audit Committee Best Practices Project Team, Regional Elections Policy Project Team (2021-2024) and recipient of 2020 Appraisal Institute International President's Outstanding Service Award. Local Offices Held:Board of Director, 1991, 1996, Vice-President/Program Chairman, 1997, President 1998; 2018 Life Designated Member.Southern Indiana Realtor Association:BOD 1999-2001. Mills, Biggs, Haire& Reisert, Inc. Ellingsworth Commons Park Property, Middle Road,Jeffersonville, IN 47130 Page 20 Education—Formal Bachelor's degree — Indiana University, Attended Bowling Green State University,Ohio University,Pensacola Junior College Education — Real Appraisal Institute courses completed and passed: Estate Appraisal Appraisal Practices, Urban Problems, Investment Analysis, Highest and Best Use Seminar, Computers and Discounted Cash, Flow Seminar, R- 41b Seminar, State Licensing Seminar, State Certification Seminar, Standards of Professional 2003, Real Estate Risk Analysis, Appraising Conservation and Preservation Easements, Market Analysis, FNMAC Seminar, Computer Assisted Income Capitalization, R-41c Seminar, Computer Assisted Sales, Comparison Approach, Standards of Professional Practice A&B,Narrative,Report Writing,Completed and passes Society of Real Estate Appraisers(Prior to Unification):Appraisal Principles, Course R-2, URAR Analysis, Single Family Inspection Procedures, Income Properties, Instructor Clinic (1986 & 1987), Standards of Professional Practice C (2001), Hazardous Material Consideration Completed and Passed International Association of Assessing Officers and American Society of Appraisers: Appraisal Principles, ME201 Principles of Valuation Machinery & Equipment, ME202 Machinery & Equipment Valuation Methodology, AI, ASFMRA, ASA & Land Trust Alliance: Valuation of Conservation Easements Certificate Program 6 Methods, Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book) Fundamentals of separating Real Property, Personal Property and Intangible Business Assets. Review Theory-General. The Valuation of Commercial Real Estate, Core Logic of computer application Cost Approach. Completed Advance Market Analysis and Highest and Best Use March 2021. Teaching Experience Instructor: Society of Real Estate Appraisers Courses 101, 201 & 202, American Institute of Real Estate Appraisers,Course 110, 1990-1995, Indiana Vocational College (1998-2008), Indiana University Southeast (1988-1990), Real Estate Appraisal Principles. Jefferson Community College Capitalization Theory. Court Testimony Qualified expert witness in Federal Courts and courts in Kentucky, Ohio, Indiana, Delaware,California,and West Virginia. Real Estate River Ridge Commerce Center,City of Jeffersonville,Your Community Bank, Machinery & BB & T, L&N Federal Credit Union, PNC Bank, Clark County Equipment & Commissioners, Louisville-Jefferson County Air Board, Clark County Air Business Valuation Board, Internal Revenue Service, Federal Housing Authority, Veterans Appraisal Clients Administration (Indiana), General Service Administration, Proctor and (partial list) Gamble, Fifth-Third Bank, Peoples Bank of Ohio, US Bank, FDIC, CSX Transportation, PBI Bank, Republic Bank & Trust, Jackson County Bank, Indiana Department of Transportation,Justice Department of the United States of America. Mills, Biggs, Haire& Reisert, Inc. 900 Marriott Drive, Clarksville, IN 47129 Page 21 . `"..,c. Indiana Professional Licensing Agency a s Real Estate Appraiser Licensure Board Sl . +; P:h 402 W Washington Street.W072 Indianapolis,IN 46204 f7•'II. f ter Certified General Appraiser License N..meer Expire Date CG69201105 06/30/2026 Charles Ray Mills, Jr. Eric J. Holcomb Lindsay M. Hyer Governor Executive Director State of Indiana Indiana Professional Licensing Agency Indiana Professional Licensing Agency 402 W.Washington Street,W072 Indianapolis,IN 46204 Certified General Appraiser License Number Expire Date CG69201105 06/30/2026 Charles Ray Mills,Jr. Sgnw Mills, Biggs, Haire & Reisert, Inc. 900 Marriott Drive, Clarksville, IN 47129 Page 22 Professional Qualifications William R. Corby Mills, Biggs, Haire& Reisert, Inc. 415 E.Court Avenue,Jasper,IN 47456 812-282-9222,ext.223 rcorby@mbhr.net Experience Over 20 years of full-time real estate appraisal experience, including residential,commercial, industrial,and special purpose properties State Licenses and Indiana— Certified Residential Appraiser, #CR60300535, Expiration Certifications Date:June 30,2024 Indiana—Real Estate Broker,#RB 19000573 Education—Formal Bachelor of Arts Degree, Bellarmine University, 1993; Business Administration Major Education — Real Estate Appraisal Institute courses completed and passed: Appraisal • Principles of Appraising • Uniform of Professional Standards • Rural and Farm Appraising • Site and Site Improvements • Basic Income Capitalization • Indiana Rules and Case Studies • Business Practices and Ethics • Reviewing Residential Properties • Residential Case Studies II • Mold, Pollution,and the Appraiser • REO and Foreclosures • Appraising and Analyzing Retail Shopping Centers for Mortgage Underwriting • Appraising and Analyzing Office Buildings for Mortgage Underwriting Appraisal Clients (partial New Hope Services,Inc.,First Federal Savings Bank,Town&County list) Bank & Trust Co. , JP Morgan, Marengo State Bank, PNC Bank, Republic Bank & Trust, Regions, Mid Southern Savings Bank, FSB Company,Your Community Bank,City of Jasper,Town of Clarksville, and Indiana Department of Transportation. Mills,Biggs,Haire& Reisert,Inc. 900 Marriott Drive, Clarksville, IN 47129 Page 23 4"6-r-tea. Indiana Professional Licensing Agency d 7;. _Y -T,; Real Estate Appraiser Licensure Board yt % .V! >` 402 W.Washington Street.W072 4. Indianapolis,IN 46204 tsia Certified Residential Appraiser License Number Expire Date CR60300535 06/30/2026 William R. Corby Eric J. Holcomb Lindsay M. Hyer Governor Executive Director State of Indiana Indiana Professional Licensing Agency Indiana Professional Licensing Agency 402 W.Washington Street,W072 Indianapolis,IN 46204 Certified Residential Appraiser License Number Expire Date CR60300535 06/30/2026 William R.Corby egn.nn Mills, Biggs, Haire & Reisert, Inc.