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Property - Deeds/Titles - West Lambert Lane Park - 40 Acres State Land Parcel, Patent #53-100406
' F. ANN RODRIGUEZ.RECORDED BY: GFS RE6RDER fiC)°') DOCKET: 10190 . ' PAO 923 DEPUTY RECORDER V„, 14 , \ j. NO. OF PAGES: 4 SOROV 2000 ROOC ‘,4k1Olp • SEQUENCE - 9519143 414tx fell' 12/14/9Z TOWN OF ORO VALLEY CTF 14:04:00 11000 N LA CANADA MAIL ReCall ORO VALLEY AZ 857 AMOUNT PAID $ 8 CERTIFICATE OF PURCHASE NO. 53-100406 1 9 : STATE LAND DEPARTMENT OF THE STATE OF ARIZONA mu 4 n AA *U4441 QUO 40) OFFICE OF STATE LAND COMMISSIONER '-72Z5ZRAERI) FOO 7-A 7571 I 1, 1 Sale o. 53-1_004 - ---J'-` Parcel 1 0 . Grant 031 42k, WHEREAS,on the 29th day of June A.D.,19 95 TOWN OF ORO VALLEY purchased from the State of Arizona the following described land,to-wit: THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER (SW4SE4) OF SECTION 10, TOWNSHIP 12 SOUTH, RANGE 13 EAST, GILA AND SALT RIVER MERIDIAN, PIMA COUNTY, ARIZONA CONTAINING 40.00 ACRES, MORE OR LESS. Section 10 , in Township 12 South , Range 13 East G. & S. R. M., County of Pima 1 0 1 9 0 823 1 State of Arizona, containing 40.00 acres, more or less, under and subject to the provisions of the laws of the State of Arizona,for the sum of NINE HUNDRED THIRTY FIVE THOUSAND DOLLARS AND NO/100 935,000.00 Dollars($ of which there has been paid to the said State Land Department the sum of SEVENTY FIVE THOUSAND FIVE HUNDRED HUNDRED DOLLARS AND NO/100 Dollars($ 75,500.00 ) leaving a balance due of EIGHT HUNDRED FORTY-ONE THOUSAND FIVE HUNDRED DOLLARS AND NO/100 Dollars ($ 841,500.00 ) AND, WHEREAS,the improvements attached to and upon said land have been appraised at the sum of NONE Dollars($ 0.00 ) of which the said purchaser, not being the former owner of said improvements, has paid to the said State Land Department the sum of NONE Dollars ($ 0.00 ) leaving a balance due of NONE Dollars($ 0.00 AND WHEREAS,the Selling and Administrative fee payable by the said purchaser amounts to the sum of TWENTY TWO THOUSAND, SIX HUNDRED FIFTY DOLLARS AND NO/100 Dollars($ 22,650.00 ) of which there has been paid to the said State Land Department the sum of TWENTY TWO THOUSAND SIX HUNDRED FIFTY DOLLARS AND NO/100 Dollars($ 22,650.00 ) leaving a balance due of NONE Dollars($ 000 NOW, THEREFORE, upon the surrender of this Certificate,full compliance with all the terms and conditions herein contained, payment of all sums remaining due as set forth herein, and compliance with all the provisions of law, the said purchaser, ITS heirs or assigns,will be entitled to have and receive a Patent from the State of Arizona to the land hereinbefore described. 1 09 0} 8 2 14 - 2 t CONDITIONS The purchaser agrees to pay all taxes,water assessments or charges which may be assessed against said land, or the water right thereto; that any right to the use of water appurtenant to or existing upon the lands shall be so maintained by him as to prevent the forfeiture or abandonment of said right;that all taxes levied against the land and all construction and maintenance charges in connection with any United States reclamation project, from and subject to which the lands shall receive water, will be promptly paid, and all other acts will be performed to insure the acquisition and maintenance of said rights and the use of said water; provided, that if the successful irrigation of any such lands susceptible of irrigation from works constructed or controlled by the United States government should not be dependent upon said irrigation works, it shall not be necessary to acquire and maintain such water rights thereon. The purchaser agrees that he will permit no loss or cause any waste in,to, or upon said land. The purchaser, if not in default as to any payments specified herein, and who has kept and performed all the conditions imposed by law and this Certificate of Purchase, may, only with the written consent of the State Land Commissioner, assign his right, title and interest under this Certificate. The purchaser of improvements upon said lands, from the owner of said improvements, when not fully paid for by the purchaser shall, at all times, during the life of this Certificate of Purchase, keep the insurable improvements adequately insured for the benefit of the State of Arizona, as required by Section Sixty, Chapter Five, Second Special Session of the Second Legislature of the State of Arizona, and commonly designated as the Public Land Code of the State of Arizona. The policies covering said insurance shall be deposited with the State Land Commissioner. This Certificate of Purchase is issued subject to any and all reservations, easements, or rights-of-way heretofore legally obtained and now in full force and effect. The State of Arizona, by and through its Land Department reserves all Gas, Oil, Metals and Mineral rights, as provided by law. This instrument is executed subject to all conditions, requirements and provisions of the Public Land Code of the State of Arizona, passed at the Second Special Session of the Second Legislature of the State of Arizona. Additional conditions of sale, if any, are as attached. Time is an essential element in the premises, and the purchaser agrees, in accepting this Certificate, to make the payments as specified herein, failing in which this Certificate of Purchase will be subject to forfeiture as provided by law. Said payments of principal and interest shall be made at the time and in the amounts specified on attached EXHIBIT , to wit: The first installment, in the sum of $92 , 183 . 36 (Installment 1) includes both principal and interest at the rate of 9 . 000 percent and will be due and payable on the 29th day of June, 1996. Subsequent yearly installments in the sum of $92 , 183 . 36 (Installment 2 through 4) includes both principal and interest at the rate of 9 . 000 percent and will be due and payable, as follows, to wit: On the 29th day of June each and every year from and including the year A.D. , 1997, to and including the year A.D. , 1999. The final installment, in the sum of $835, 244 . 69 (Installment 5) includes both principal and interest at the rate of 9 . 000 percent and will be due and payable on the 29th day of June A.D. 2000. YEAR DATE DUE PAYMENT INTEREST PRINCIPLE BALANCE 1 06/29/1996 92 , 183 . 36 75, 735. 00 16, 448 . 36 825, 051. 64 2 06/29/1997 92 , 183 . 36 74 , 254 . 65 17, 928 . 71 807 , 122 . 93 3 06/29/1998 92, 183 . 36 72 , 641. 06 19, 542 . 30 787 , 580. 63 4 06/29/1999 92 , 183 . 36 70, 882 . 26 21, 301. 10 766, 279 . 53 5 05/29/2000 835, 244 . 69 68, 965. 16 766, 279 . 53 0. 00 1 0 1 9 0 8 2 5 3 IN WITNESS WHEREOF, the said purchaser herein, has affixed Kathryn E. Cuvelier, Town signature at the Clerk city of Town of Oro Valley , State of Arizona on the 22nd day of November , A.D., 19 95 . Y(../c4,4,44.12,,(Sign here) -C- ( -C. 1.42-01 Purchaser. ` Town of Oro Valley 11,000 N. La Canada Drive P.O. Address Pima Oro Valley Arizona County City and the State Land Commissioner has affixed his signature at Phoenix,State of Arizona,on the r day of ,A.D.,19 J t' State Land Commissioner. zd BY Deputy State Land Commissioner. INSTRUCTIONS The statutes provide that all installments must be paid in advance and the Purchaser, accordingly, is hereby notified to make said payments on or before the dates as specified in this document. Payments should be by draft, check or money order favor State Land Department. Currency or specie should not be remitted except by registered mail. Payments must be accompanied by duplicate tax receipts or other statement by the collecting agency as evidence that all taxes are paid to date. NOTE Should the Purchaser desire to assign this Certificate and his rights thereunder he must do so upon the approved assignment and assumption forms which will be furnished upon request. Assignments made upon other than the forms furnished by the Commissioner will not be considered, nor will any assignment be recognized without the consent and approval of the State Land Commissioner. When transmitting assignment papers, this Certificate should be sent to the Commissioner in order that his consent may be noted thereon. 1 0 9 0 8 2 6 4 WestLand Resources, inc. Engineering and Environmental Consultants July 26, 2001 Ms. Ainsley Reeder Parks and Recreation Administrator TOWN OF ORO VALLEY 680 West Calle Concordia Oro Valley,Arizona 85737 RE: CACTUS FERRUGINOUS PYGMY-OWL SURVEY AT THE 40-ACRE WEST LAMBERT LANE PARK SITE,SPRING 2001 WESTLAND JOB NO.206.27 Dear Ms. Reeder: At your request, WestLand Resources, Inc. (WestLand) conducted three complete surveys for cactus ferruginous pygmy-owl (CFPO) during the Spring 2001 survey season at your approximately 40-acre West Lambert Lane Park property located 1/4-mile west of the northwest corner of West Lambert Lane and La.CanadaBoulevard in Oro Valley, Pima County' (Figure 1). The surveys were completed under U.S. Fish & Wildlife Service (USFWS) Permit No. TE-834782-2 using protocols adopted in 2000 by the USFWS.No CFPO were detected during these surveys and your property is not within designated Critical Habitat for the CFPO(64 FR 37419).A summary of the current survey status of your property is provided below followed by a more detailed discussion of survey methods and field observations. gogeiggiummingsignosmaligfrq§pAnyISvmmoungEBEINIENIIMIIMO • 2001 CFPO survey completed according to USFWS protocol. • No CFPO detected in 2001. • One year of a two-year consecutive survey recommendation for CFPO completed by WestLand Resources,Inc.at property according to USFWS protocol. In general, surveys followed the field procedures outlined in the accepted protocols. The maximum distance between call stations is 400 meters (one-quarter mile), but is reduced to 150 meters (500 feet) in areas with high background noise. At each call station, a 2-minute initial listening period is followed by at least 10 minutes of 30-second CFPO vocalization broadcasts followed by 90-second listening periods. The final broadcast is followed by a 3-minute listening period. The total time spent at each station is at least 15 minutes. Survey periods are restricted to one hour before to two hours after sunrise and one hour before to one hour after sunset, except during full moons. USFWS recommends three CFPO surveys in each of two consecutive years be completed with no CFPO detections before vegetation clearing commences for most projects. In most cases these surveys must be completed between January 1' and June 30t'', with at least one survey completed between February 15th and April 15th and at least 15 days between each survey. Survey results are valid through the end of the calendar year in which the second season of survey is completed. If vegetation clearing is not completed 1-12S,R13E,Section 10,SW%of SE'/a WVACKO\ADMIN\PygmyOw1Survey\Reports\Spring 2001\206.27 W.Lambert Ln Park Site CFPO report.doc 2343 E. Broadway Blvd., Suite 202 Tucson, AZ 85719 520.206.9585 Fax 520.206.9518 Ms. Ainsley Reeder July 26,2001 Page 2 in that time frame and suitable habitat is still present on January 1St, USFWS recommends that three additional surveys be completed during the following survey season(January through June)before further land clearing of suitable habitat occurs(USFWS Private Landowner Guidance,March 2000). The three surveys were conducted according to accepted protocol on April 2 and 8; April 25; and May 24, 2001. No CFPO were detected during the survey efforts. Four calling stations provided complete coverage of the area during each survey. Weather conditions during the survey sessions were within the range considered acceptable by USFWS for CFPO survey. The survey area is relatively level with elevations ranging from approximately 2,560 to 2,600 feet above mean sea level. The property consists of shallow rolling hills and arroyos with good density and diversity of shrub species. The property occurs within the Arizona upland subdivision of the Sonoran desertscrub biotic community (Brown and Lowe, 19802). Dominant vegetation consists of foothill palo verde (Cercidium microphyllum) and blue palo verde (C. floridum). Also, there are high concentrations of velvet mesquite (Prosopis velutina) in drainages. Other native vegetation on the property includes, but is not restricted to whitethorn acacia (Acacia constricta), catclaw acacia (A. greggii), desert hackberry (Celtis spinosa), Mexican crucillo (Condalia warnockii), triangle-leaf bursage (Ambrosia deltoidea), brittlebush (Encelia farinosa), burroweed (Isocoma tenuisecta), creosotebush (Larrea tridentata), and desert zinnia(Zinnia acerosa).Also noted on the property were several species of cacti including saguaro (Carnegiea gigantea), fishhook barrel (Ferocactus wisilizenii), several types of prickly pear and cholla (Opuntia sp.), pincushion(Mammillaria sp.), and hedgehog cactus(Echinocereus fasciculatus). There are some clustered distributions of mature saguaro with cavities present on the property, but although several species of cacti are present,they appear to constitute a percentage of the vegetation density. Additional survey information was recorded on CFPO survey field forms submitted to USFWS per survey permit requirements. We appreciate the opportunity to complete this survey on your behalf. If you have any questions or we can be of additional assistance,please contact Jim Tress or me at(520)206-9585. Sincerely, WestLand Resources,Inc. it .Scott art Project Manager ALB:be Enclosure: Figure 1.Project Location Map 2 Brown,D.E.and C.I-I.Lowe. 1980. Biotic communities of the southwest. Companion map to Brown,D.E.(ed.). 1994. Biotic Communities: Southwestern United States and Northwestern Mexico. University of Utah Press,Salt Lake City. \\YACKO\ADMIN\PygmyOwlSurvey\Reports\Spring 2001\206.27 W.Lambert Ln Park Site CFPO report.doc TUCSON METROPOLITAN AREA It �•.. • t• S r 1 i 3 ' t ff i 3 I wF �Vr S S S S 5 .--.., {)7 it9 ? s f ARIZONA _ f d-- ) ',..--- , , .4 . \Lill; ! , f = i - ; ' i• ' #,..... -i .:,.....:7...N:` , ,.....„ f ki 1 `� i ;3 i '� 'f • j i! i: i '� s t i . 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R< gx' 3 '� M �' 13 r 2 ::',,,,.;',..'.,..,.5 � &� tomf 1 c;( 1 .0, . is ! -`l � a. �•� �z: • � , y :-.* ::,;;I:,'Z'':,.er,re,,,,-...#;:,,e.,i',/,7k1s,Y7.;-.;,...i.w.---7*,.:,-.., 1 c- -i, , T.., ..,,( ', . ...,1: ,X N . is �. .".*Wit.:' f5:; f a 3=ty, �,' �,, 1 O --�. i / a ! % ° ,4;:a to,•,•!i£.n►" J ( .. N t: ri� �',s:y �� 'ry `•;,�;sr St.' a`*.#t�" ..// —,...,..,-4-' ��, T , �'.... 1; <.`"7.:.i iJ r ter-.v. g1µ !% •.,l� , j :1 f 7t �'• f? �-,' .--7-1::',.':',.,:..,,' . c rs.,� try• ,;.7,. �•,.�.�- ./..). x I N N Legend T12S,R13E,Sec.10,SW 1/4 of SE 1/4 Pima County,Arizona, 0 750' 1500' ® Call Station Ruelas Canyon 1:24000 USGS Quadrangle N i Q TOWN OF ORO VALLEY o Approximate Scale 1"=1500' { West Lambert Lane Park-40 Acre Westland Resources Inc. Figure Spring 2001 Cactus Ferruginous Pygmy-Owl Survey Engineering and Environmental Consultants 2343 E. Broadway Blvd. Sults 202 1 Vicinity Map Tucson, Az 85719 (520)208-9585 . a WestLand Resources, inc. Engineering and Environmental Consultants May 13, 2002 Ms. Ainsley Reeder Parks and Recreation Administrator TOWN OF ORO VALLEY 680 W. Calle Concordia Oro Valley,Arizona 85737 RE: CACTUS FERRUGINOUS PYGMY-OWL SURVEY AT THE 40-ACRE WEST LAMBERT LANE PARK SITE,SPRING 2002 WESTLAND JOB NO.206.35 A 343 Dear Ms. Reeder: At your request, WestLand Resources, Inc. (WestLand) conducted three complete surveys for cactus ferruginous pygmy-owl (CFPO) during the Spring 2002 survey season at your approximately 40-acre West Lambert Lane Park property located '/4-mile west of the northwest corner of West Lambert Lane and La Canada Boulevard in Oro Valley, Pima County' (Figure 1). The surveys were completed under U.S. Fish & Wildlife Service (USFWS) Permit No. TE-834782 using protocols adopted in 2000 by the USFWS. No CFPO were detected during these surveys and your property. A summary of the current survey status of your property is provided below followed by a more detailed discussion of survey methods and field observations. CFPO SURVEY SUMMARY • 2001 and 2002 CFPO surveys completed according to USFWS protocol. • No CFPO detected in 2001 or 2002. • West Lambert Lane Park is in compliance with the USFWS recommended two-year consecutive survey for CFPO through December 31,2002. • Your valid surveys expire on January 1, 2003. If vegetation clearing is not completed before then, USFWS recommends that three additional/surveys be completed between January and June 2003 before further vegetation clearing occurs.- In ccurs.In general, surveys followed the field procedures outlined in the accepted protocols. The maximum distance between call stations is 400 meters (one-quarter mile), but is reduced to 150 meters (500 feet) in areas with high background noise. At each call station,a 2-minute initial listening period is followed by at least 10 minutes of 30-second CFPO vocalization broadcasts followed by 90-second listening periods. The final broadcast is followed by a 3-minute listening period. The total time spent at each station is at least 15 minutes. If background noise is high, stations are placed at 500-foot intervals and time spent at the station is extended to at least 20 minutes. Survey periods are restricted to one hour before to two hours after sunrise and one hour before to one hour after sunset,except during full moons. T12S,R13E.Section 10,SW'/4 of SE'/4 QM'ygniyOw1Survey\Reports\Spring 2002\206.35 W.Lambert Ln Park Site CFPO report.doc 2343 E. Broadway Blvd., Suite 202 . Tucson, AZ 85719 520.206.9585 Fax 520.206.9518 • Ms. Ainsley Reeder May 13, 2002 Page 2 USFWS recommends three CFPO surveys in each of two consecutive years be completed with no CFPO detections before vegetation clearing commences for most projects. In most cases these surveys must be completed between January 1st and June 30th, with at least one survey completed between February 15th and April 15t'' and at least 15 days between each survey. Survey results are valid through the end of the calendar year in which the second season of survey is completed. If vegetation clearing is not completed in that time frame and suitable habitat is still present on January 1st, USFWS recommends that three additional surveys be completed during the following survey season (January through June) before further land clearing of suitable habitat occurs(USFWS Private Landowner Guidance, March 2000). The three surveys were conducted according to accepted protocol on February 7, March 5, and March 21, 2002. No CFPO were detected during the survey efforts. Four calling stations provided complete coverage of the area during each survey. Weather conditions during the survey sessions were within the range considered acceptable by USFWS for CFPO survey. Property and vegetation descriptions are found in the CFPO report prepared by WestLand for this property in the previous season. Additional survey information was recorded on CFPO survey field forms submitted to USFWS per survey permit requirements. We appreciate the opportunity to complete this survey on your behalf. If you have any questions or we can be of additional assistance, please contact Jim Tress or me at(520)206-9585. Sincerely, WestLand Resources, Inc. e Scott Hart Project Manager • SH:be Enclosure: Figure 1. Project Location Map Q:\Pygmy(hvlSurvey\Reports\Springy 2002\206 35 W.Lambert Ln Park Site CFPO report doe SON poLIT A N AREA - TUC METROPOLITA '..-\\.., 1 - ',---, wir mh., ivA/01 isRiii IIhip, Illitc.41142 if I Muligliskr a AL liamitilirsky le ARIZONA 1 111 . 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F.- UCSON T3ZP7 SCkt 5.i.19S E.GRANT RD,#100 1,7 t, riali gag fa al—rr N A.2 501€ TUCSON AZ 85712 . (602)885-5551 2E:3-0333 kEL.4)263-1163 FAX IV BRIEFER (602)722-5313 FAX REAL. ST/TE k.L'PPii-,V3E RS & CONE:ULI ArTF; tiott(J Prrn*r M ArICI4E4A J.brietef,MAi ,1PrtleSS Eirarik-::, MA; r Fsertc-,MAI.SRA CalNyn M.Wilirneng APPRAISAL REPORT OF THAT dh APPROXIMATE 40.00 GRoss/37.79 NET ACRE VACANT PARCEL LOCATED ON THE NORTH SIDE OF LAMBERT LANE, WEST OF ITS INTERSECTION WITH LA CANADA DRIVE PIMA COUNTY, ARIZONA • • (.1'4 PREPARED FOR: • '• EDWARD C. JONES CJ < CHIEF APPRAISER F., 7 STATE LAND DEPARTMENT C:) cif) APPLICATION NUMBER: N/A „ < • REQUEST NUMBER: 94-295 • 1.7!"-siga. Ank, trot*. Cr) Um' B < Y: C2) •ris ANDREW J. BRIEFER, MAI '114' WALTER D. ARMER Iii As OF • MAY 26, 1994 OUR FILE NUMBER: 3025-941 • ,Irrt:_ TUCSON Y a 5995 E GRANT RL 1100 �. :� r �.t• ,��;-«.,�� �� �� � � TUCSON. AZ 85712 PtiCrEt;:X,AZ 85016 ( U2(263-0333 (602)885 5551 es: (632;263-1183 FAX KLEINMAN ' BRIEFER (602)722-5313 FAX REAL ESTATE APPRAISERS CONS ..-:ANTS Ne,i 0.Kleinman,Mkt Ariorew J.Briefer,MAI James S.Braaiey,MA! Jonrs F.Rene,MAI,SHA •Catnryn M.Wsitrneng June 10, 1994 Our File No. 3025-941 Mr. Edward C. Jones Chief Appraiser State Land Department 1616 West Adams Phoenix, Arizona 85007 RE: Appraisal of that approximate 40.00 gross/37.79 net acre vacant parcel located on the north side of Lambert Lane, west of its intersection with La Canada Drive, Pima County, Arizona. Application Number: N/A Request Number: 94-295 Dear Mr. Jones: In accordance with your request we have appraised the above referenced property. The purpose of this appraisal is to estimate the market value of the subject property on both a cash and terms basis. The function of this report is for asset management. The ownership and legal description of this property are set forth in the following report. This particular report details those pertinent physical and non-physical factors relevant to the subject property. Information about the region in which the property is located, the subject neighborhood, Phy sical conditions of the site, highest and best use, and valuation methods and techniques are discussed in detail in this report. This appraisal report conforms to the guidelines of State Contract A2-0052 and the Uniform Standards of Professional Appraisal Practice as set forth by the Appraisal Foundation and the Appraisal Institute. This report is being prepared for Mr. Edward C. Jones, Chief Appraiser, State Land Department. This report or any portion thereof is for the exclusive use of the client for the above stated purpose and function, and is not intended to be used, given, sold, transferred, or relied upon by any other persons than the client without the prior, express written permission of the author, as set forth within the limiting conditions found on Page ii of this report. Our File No. 3025-941 Page 2 June 10, 1994 Based upon the data and discussions contained within the following report, it is our opinion that the estimated market value, as of May 25, 1994, is as follows: ESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY.................................................................... $755,000 The estimated market value noted above is based on a marketing time of not more than 12 months. Further, our analysis of current market conditions indicates that the parcel is in demand for immediate or near term development. Based on this conclusion, the market value estimate noted above based on a cash sale, or a terms sale (10% down, with the balance carried at 7% interest for 20 years with a 5 year call), is equivalent. It is noted that the current market for properties such as the subject is dynamic, and, given current trends, it is possible that the value of the subject property will increase in the future. ' Therefore, it is important to understand that the above stated indication of market value is as of the date of this appraisal, May 26, 1994 and reflects the value of the property based on market data as of this date. Your attention is invited to the data and discussions contained in this report and to the exhibits, which are pertinent. We hereby certify that Andrew J. Briefer, MAI and Walter D. Armer III have inspected the subjectproperty, that our fee was not contingent upon the value estimate contained herein, and J P the we have no interest, present or prospective, in the property appraised. Furthermore, we certify that to the best of our knowledge and belief, all state rents and opinions contained in this report are correct, subject to the assumptions, limiting conditions, and certifa.,atioL which a are made part of this report. fs i Respectfully submitted, / / \,_ Z7Z ANDREW J. BRIEFER, MAI State of/Arizona Certified General 40 Real Estate Appraiser, Certificate #30078 W •. ARMER III Appraiser KLEINMAN N BRIEFER TABLE OF CONTENTS PAGE TABLE OF CONTENTS UNDERLYING ASSUMPTIONS AND CONDITIONS ii EXECUTIVE SUMMARY vi SECTION I SCOPE OF THE APPRAISAL I-1 PURPOSE&FUNCTION I-3 PROPERTY RIGHTS APPRAISED I-3 PROPERTY IDENTIFICATION I-3 DEFINITION OF MARKET VALUE 1-4 OWNERSHIP HISTORY 1-4 DATE OF VALUE I-4 SECTION II TUCSON METROPOLITAN OVERVIEW II-1 SECTION III NEIGHBORHOOD DATA III-1 SECTION IV SITE DESCRIPTION IV-1 - Zoning IV-4 -Real Estate Taxes IV-6 - Exhibits (Aerial, Plat, Zoning, Flood Maps&Photos) IV-7 SECTION V HIGHEST AND BEST USE V-1 SECTION VI SALES COMPARISON APPROACH/LAND VALUATION VI-i -Tabulation of Comparables VI-2 - Maps of Comparables VI-3 -Sales Data Sheets VI-4-12 - Valuation Analysis VI-13 - Market Data Conclusion VI-20 SECTION VII ESTIMATED MARKETING PERIOD VII-1 APPRAISERS' CERTIFICATION VII-2 APPRAISERS' QUALIFICATIONS VII-4 ADDENDUM - Correspondence(KBA - Client) -SR Zoning Code(Pima County) and Comprehensive Plan Data KLEINMAN N BRIEFER 3025-941 ASSUMPTIONS AND LIMITATIONS OF THIS APPRAISAL Any special assumptions other than those listed below are set forth within the"Special Assumptions" portion of this appraisal. This appraisal is for no purpose other than property valuation, and the appraisers are neither qualified nor attempting to go beyond that narrow scope.The reader should be aware that there are also inherent limitations to the accuracy of the information and analysis contained in this appraisal.Before making any decision based on the information and analysis contained in this report, it is critically important to read this • entire section to understand these limitations. This appraisal is not a survey. It is assumed that the utilization of the land and improvements is within the boundaries of the property lines of the property described and that there is no encroachment or trespass unless noted within the report. No survey of the property has been made by the appraiser and no responsibility is assumed in connection with such matters. Any maps,plats or drawings reproduced and included in this report are intended only for the purpose of showing spatial relationships.The reliability of the information contained on any such map or drawing is assumed by the appraiser and cannot be guaranteed to be correct. A surveyor should be consulted if there is any concern on boundaries,setbacks,encroachments or other survey matter. This appraisal is not a legal opinion. No responsibility is assumed for matters of a legal nature that affect title to the property nor is an opinion of title rendered. The title is assumed to be good and marketable. The value estimate is given without regard to any questions of title, boundaries, encumbrances or encroachments. We are not usually provided an abstract of the property being appraised and, in any event, we neither made a detailed examination of it nor do we give any legal opinion concerning it. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. A comprehensive examination of laws and regulations affecting the subject property was not performed for this appraisal. It is assumed that all applicable zoning and use regulations and restrictions have been complied with,unless a nonconformity has been stated, defined and considered in the appraisal report. Information and analysis shown in this report concerning these items is based only on a rudimentary investigation. Any significant question should be addressed to local zoning or land use officials and/or an attorney. It is assumed that all required licenses, consents or 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. Appropriate government officials and/or an attorney should be consulted if an interested party has any questions or concerns on these items since we have not made a comprehensive examination of laws and regulations affecting the subject property. This appraisal is not an engineering or property inspection report. This appraisal should not be considered a report on the physical items that are a part of this property. Although the appraisal may contain information about the physical items being appraised (including their adequacy and/or condition), it should be clearly understood that this information is only to be used as a general guide for property valuation and not as a complete or detailed physical report.The appraisers are not construction, engineering, environmental or legal experts, and any statement given on these matters in this report should be considered preliminary in nature. The observed condition of the foundation, roof, exterior walls, interior walls, floors,heating system,plumbing, insulation, electrical service and all mechanicals and construction is based on a casual inspection only and no detailed inspection was made. For instance, we are not experts on heating systems and no attempt was made to inspect the interior of the furnace.The structures were not checked for building code violations, and it is assumed that all buildings meet applicable building codes unless so stated in the report. Some items such as conditions behind walls, above ceilings, behind locked doors or under the ground are not exposed to casual view and therefore were not inspected. The existence of insulation, if any is mentioned,was found by conversation with others and/or circumstantial evidence.Since it is not exposed to view,the accuracy of any statements about insulation cannot be guaranteed. KLEINMAN if BRIEFER 3025-941 ii ASSUMPTIONS AND LIMITING CONDITIONS(continued) It is assumed that there are no hidden or unapparent conditions of the property, sub-soil or structures that would render it more or less valuable. No responsibility is assumed for such conditions or for the engineering that may be required to discover such factors. Since no engineering or percolation tests were made, no liability is assumed for soil conditions. Sub-surface rights (mineral and oil) were not considered in making this appraisal. Wells and septic systems, if any, are assumed to be in good working condition and of sufficient size and capacity for the stated highest and best use. We are not environmental experts,and we do not have the expertise necessary to determine the existence of environmental hazards such as the presence of urea-formaldehyde foam insulation, toxic waste, asbestos or hazardous building materials, or any other environmental hazards on the subject or surrounding properties. If we know of any problems of this nature which we believe would create a significant problem,they are disclosed in this report. Nondisclosure should not be taken as an indication that such a problem does not exist,however. An expert in the field should be consulted if any interested party has questions on environmental factors. No chemical or scientific tests were performed by the appraiser on the subject property, and it is assumed that the air, water, ground and general environment associated with the property present no physical or health hazard of any kind unless otherwise noted in the report. It is further assumed that the lot does not contain any type of dump site and that there arc no underground tanks (or any underground source) leaking toxic or hazardous chemicals into the groundwater or the environment unless otherwise noted in the report. The age of any improvements to the subject property mentioned in this report should be considered a rough estimate. We are not sufficiently skilled in the construction trades to be able to reliably estimate the age of improvements by observation.We therefore rely on circumstantial evidence which may come into our possession (such as dates on architectural plans) or conversations with those who might be somewhat familiar with the history of the property such as property owners,on-site personnel or others. Parties interested in knowing the exact age of improvements on the land should contact us to ascertain the source of our data and then make a decision as to whether they wish to pursue additional investigation. Because no detailed inspection was made and because such knowledge goes beyond the scope of this appraisal, any observed condition or other comments given in this appraisal report should not be taken as a guarantee that a problem does not exist. Specifically, no guarantee is made as to the adequacy or condition of the foundation, roof, exterior walls, interior walls, floors, heating system, air conditioning system, plumbing, electrical service, insulation or any other detailed construction matters. If any interested party is concerned about the existence, condition or adequacy of any particular item,we would strongly suggest that a construction expert be hired for a detailed investigation. This appraisal is made under conditions of uncertainty with limited data. As can be seen from limitations presented above, this appraisal has been performed with a limited amount of data. Data limitations result from a lack of certain areas of expertise by the appraiser(that go beyond the scope of the ordinary knowledge of an appraiser), the inability of the appraiser to view certain portions of the property,the inherent limitations of relying upon information provided by others,etc. There is also an economic constraint, however. The appraisal budget (and the fee for this appraisal) did not contain unlimited funds for investigation. We have spent our time and effort in the investigative stage of this appraisal in those areas we deem most effective, but inevitably there is a significant possibility that we do not possess all information relevant to the subject property. Before relying on any statement made in this appraisal report, interested parties should contact us for the exact extent of our data collection on any point which they believe to be important to their decision making.This will enable such interested parties to determine whether they believe the extent of our data gathering process was adequate for their needs. Information (including projections of income and expenses) provided by local sources, such as government agencies, financial institutions, accountants, attorneys and others is assumed to be true, correct and reliable. No responsibility for the accuracy of such information is assumed by the appraiser. The comparable sales data relied upon in the appraisal are believed to be from reliable sources.Though all the comparables were examined, it was not possible to inspect them all in detail.The value conclusions are subject to the accuracy of said data. KLEINMAN a BRIEFER 3025-941 iii ASSUMPTIONS AND LIMITING CONDITIONS(continued) Engineering analyses of the subject property were neither provided for use nor made as a part of this appraisal contract. Any representation as to the suitability of the property for uses suggested in this analysis is therefore based only on a rudimentary investigation by the appraiser and the value conclusions are subject to said limitations. All values shown in the appraisal report are projections based on our analysis as of the date of the appraisal.These values may not be valid in other time periods or as conditions change. We take no responsibility for events, conditions or circumstances affecting the property's market value that take place subsequent to either the date of value contained in this report or the date of our field inspection, whichever occurs first. Since projected mathematical models and other projections are based on estimates and assumptions which are inherently subject to uncertainty and variation depending upon evolving events,we do not represent them as results that will actually be achieved. This appraisal is an estimate of value based on an analysis of information known to us as the time the appraisal was made. We do not assume any responsibility for incorrect analysis because of incorrect or incomplete information. If new information of significance comes to light, the value given in this report is subject to change without notice. Opinions and estimates expressed herein represent our best judgment but should not be construed as advice or recommendation to act. Any actions taken by you,the client,or any others should be based on your own judgment,and the decision process should consider many factors other than just the value estimate and information given in this report. Appraisal report limitations Appraisal reports are technical documents addressed to the specific technical needs of clients. Casual readers should understand that this report does not contain all of the information we have concerning the subject property or the real estate market.While no factors we believe to be significant but unknown to the client have been knowingly withheld, it is always possible that we have information of significance which may be important to others but which, without limited acquaintance of the property and our limited expertise, does not seem to be important to us. Appraisal reports made for lenders are technical documents specifically made to lender requirements. Casual readers are cautioned about their limitations and cautioned against possible misinterpretation of the information contained in these reports. The liability of Kleinman Briefer&Associates, its employees and/or agents is limited only to the Client who paid the fee and to the amount of the fee actually received by the firm.Further,there is no accountability,obligation or liability to any third party. The appraiser should be contacted with any questions before this report is relied on for decision making. This appraisal was prepared at the request of and for the exclusive use of the client to whom the appraisal is addressed. No third party shall have any right to use or rely upon this appraisal for any purpose. There are no requirements,by reason of this appraisal,to give testimony or appear in court or any pretrial conference or appearance required by subpoena with reference to the property in question,unless sufficient notice is given to allow adequate preparation and additional fees are paid by the client at our regular rates for such appearances and the preparation necessitated thereby. This report is made for the information and/or guidance of the client and possession of this report, or a copy thereof, does not carry with it a right of publication. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without the written consent of the appraiser. It is suggested that those who possess this appraisal report should not give copies to others. Certainly legal advice should be obtained on potential liability issues before this is done. Anyone who gives out an incomplete or altered copy of the appraisal report (including all attachments) does so at their own risk and assumes complete liability for any harm caused by giving out an incomplete or altered copy. Neither the appraiser nor this company assumes any liability for harm caused by reliance upon an incomplete or altered copy of the appraisal KLEINMAN N BRIEFER 3025-941 iv ASSUMPTIONS AND LIMITING CONDITIONS(continued) report given out by others. Anyone with a question on whether their copy of an appraisal report is incomplete or altered should contact our office. Values and conclusions for various components of the subject parcels as contained within this report are valid only when making a summation;they are not to be used independently for any purpose and must be considered invalid if so used.The allocation of the total value in this report between land and improvements applies only under the reported highest and best use of the property.The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. In the case of limited partnerships, syndication offerings or stock offerings in real estate, Client agrees that in case of a lawsuit(brought by lender, partner or part owner in any form of ownership, tenant or any other party), any and all awards or settlements of any type in such suit, regardless of the outcome, the Client and all parties will completely hold harmless this firm, its employees and/or agents in any such action. Americans with Disabilities Act(ADA) The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have 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 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 we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. Arizona-specific considerations Special consideration must be given to properties located in Arizona with respect to seismicity/subsidence. Seismic activity in Central Arizona is rare but does occasionally occur. A more common geotechnical manifestation has been the development of subsidence cones caused by pumping of groundwater.A geologist should be consulted if there is any concern regarding these matters. Due to the historic nature of the American Southwest,properties within Arizona may be subject to archaeological ramifications in regard to Native American remains(specifically the ancient Hohokam and Anasazi settlements). Should a report rendered by a competent archeologist specifically identify' significant archeology,and quantify the cost of data recovery,we reserve the right to alter the valuation estimate. Virtually all land in Arizona is affected by pending or potential litigation by various Indian tribes claiming superior water rights for their reservations. The amounts claimed and the effects on other water users are largely undetermined, but the claims could result in some curtailment of water usage or ground water pumping on private land. The state's new Ground Water Management Act may also restrict future ground water pumping in various parts of the state. Given this uncertainty, neither the appraiser(s) nor his representative(s) can make warranties concerning rights to or adequacy of the water supply with respect to the premises, although the sale of premises include such water rights as are appurtenant thereto. KLEINMAN 111 BRIEFER 3025-941 v SUMMARY OF SALIENT FACTS AND CONCLUSIONS APPRAISAL PREPARED FOR: Mr. Edward C. Jones, Chief Appraiser, State of Arizona PURPOSE OF APPRAISAL: Estimate the fee simple market value of the subject 14 property. FUNCTION OF APPRAISAL: Asset management, related to disposition of the property DATE OF VALUATION: May 26, 1994 OWNERSHIP: As of the date of valuation, title to the subject property was vested in the name of the State of Arizona. gir PROPERTY IDENTIFICATION: The subject property is situated on the north side of Lambert Lane, approximately 1,320 feet ('A mile) west of its intersection with La Canada Drive, in the northwest portion of the Tucson metropolitan area. Legally, the property is described as the Southwest Quarter of the Southeast Quarter of Section 10, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, less the Lambert Lane Right of Way. The parcel is further identified by the Pima County Assessor's Office as Tax Parcel Number 224-24-014A. SriiE SIZE: The subject site contains approximately 40 gross acres land area. The net site size, according to the Pima County Assessor's records is 37.79 acres which would reflect the •v: Lambert Lane right of way. SrrE CONDITION: The site is currently vacant and unimproved. According to the client, there has been no engineering or platting work performed for the property. EN IRON IENTAL CONDITIONS: Physical inspection revealed no readily visible signs of environmental contamination. As we were not provided with an environmental assessment on the property, it is an assumption of this report that the property is free from any type of adverse environmental conditions. ZONING: The subject site is under the jurisdiction of Pima County Zoning Ordinance and is zoned SR, allowing for low density residential uses. This is typically used as a holding classification pending a more intensive use. According to the Pima County Comprehensive Plan, the subject is KLEINMAN a BRIEFER 3025-941 vi designated for Medium Intensity Urban. According to the Comprehensive Plan, the purpose of this classification is "to designate areas for a mix of medium density housing types and other compatible uses." The plan designates a density of up to 10 residences per acre (RAc) and also allows for a variety of other related uses such as golf course, resort, and alternative transitional uses. TAX DATA: As noted above, the ownership of the subject is the State of Arizona. Due to the property`s ownership by the State, it is not liable for real estate taxes. However, the parcel is assessed by the County, with a full cash value of $604,640, equal to approximately $15,116 per gross acre ($16,000 per net acre) is well below the estimated market value herein and considered reasonable. HIGHEST AND BEST USE: The highest and best use of the subject site, as if vacant, is for low density residential development with a low density of approximately one RAc. Based on the maximum density, approximately 40 residential units could potentially be developed on the site. SALES COMPARISON APPROACH: The comparables utilized in this approach reflect the most recent market data available with which to estimate the value of the subject. The indicated overall value from the Sales Comparison Approach was $755,000, equal to about $20,000 per net acre. FINAL ESTIMATED MARI=VALUE: $755,000; or approximately: $20,000 per net acre; $18,875 per gross acre TERMS VALUE: Our analysis of current market conditions indicates that the parcel is in demand for near term development. Based on this conclusion, the market value estimate noted above based on a cash sale, or a terms sale (10% down, with the balance carried at 7% interest for 20 years with a 5 year • - call), is equivalent. ESTIMATED w MARKETING TIME: Based upon the comparables used within this report, coupled with our analysis of the broader market, it is • considered reasonably probable that the subject property could be marketed within a 6 to 12 month time period, if placed on the market at the date of valuation. KLEINMAN f BRIEFER 3025-941 vii • • • • • • • • • • Y ` , < , • - • i .. • • • • • • • I te •+ Y • • • • • • • • .. : .f-!•'. '• � ,' i t - + .r • ^ • ° '- , ,.. v , +-1•s -. ;i4�•• r '.°�. .:7"•.: , , 7r i ^ .1 r .1. f- •neM i1.•7'44,,,,'!')'�' •• ,< f ••-.•11. .1r .•' ••r' ,A•f ,*°• i ,:S••,(I .:.N.. '.t.,, -T•. •( •r ''•�•:. '•� t rI. , < • . *• A wf ' _� -�., ! . . ••i• ...1'1,"'"'' -.....1.; .w%: •1-M1 7rr'... , 'S' !♦,.'' •'l<. '_>••. _ • wt,;•' L`.•�• `�� , •r_:r �. :mt'�i! ./m, 'k•,•.I•r.tt i' ♦- , r • \ _•.• •< •„ • � .r » ..►y•f•i: sI' r• .(• 'T w f - _ ,,.r ._ �i,'ir •'f -i �• •'fr �° i^ ••t- Ir -_r• "! • -s-*. .)• . ` r ,•;,••i,;:may,•. 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't =r• - •' r•°`'•rT•,•r:. yti.r �,J.i�--". -•:Y\, „+•.: wt. _{ ••«... {••� 7^ti'•.•__ �•.,l.L.. .fir.• �,?• •... i.... •,, 'Y. _ f'..r • t ti.��' -a.. _ _ _ ..-T.�7,' !J t..• .w-„ _r` r - i. n. _ .i.. • •. • • • • >' • • • • • • • • W 'r • - may ., r . .{ _ . . - . • •.. H •4. • ' ,•i� • ' ' ASSESSOR'S PLAT MAP o --- s.+a sr tl'I am.. t. r lijolt1 .a�w► .ru mot, L .-.4a L.z•..,,.N is ..was -'' i ''.:.-- ' •, �� • .. . . Ctillii". vi I-(:: • :.0, ,. 41 f ' . . V ; le i ,:...... . ... q, • • t. . . , vs 4, . . .-, I. --: A . .. - i „D , . _ , . ._. . . ,•...... ..., .. ., . , - I ' , . ,_ ... . . . .. :A/ .. , . .. .. . . . - - v. ca, ..... g - - • , ..;' , ----i ' . . . t. i -•, •.,. - .. — ' &'• ' 1:' • . • SWAN 80 . ,. 2• - . ., ., .,4, . vv—: 4,..', ..•"1": , ., . , rte b a "' $� �`" "n" • • =1°16Th . ,. . %.1.3'1.0 • ".: p I .,:-,.,......_,._: ihie .- :.r_ ,.. , . IP:: '-.1,.._ • „. i '''- . 4/1 • '.'' - • 1. . ' L - I ,, ``" [ 'I ' ;��,,, .,• "' -•-- ''liti • . - . '"3:: I -; -.: —.4 , . i ault -F . ^v�wr .- `,1 t �`/'_j / t• r •" w ." 80 • ..r.. 7 ! :' %' fid/ i�' .. *� V ' 2 - a - '- ria' • - v.• ... ++�' r >a �a.» v, aa+. .1-- �s as Y .1.3 ..i.. __ . .1... 1. _,:. .•,sari- • 4,, ••,,, ,• .1 ,,,,,, ,..... 1,11„- . . . .1;Li_ e _ r7aL -W<> t <�... Kms.:,. �* CANADA HI .� , .o -. ,• a VILLAGE .19 • r. 42/86 M�cP. . 4.ggi ,. ... ., ..., .,. , ., .‘ i1t1� dLlZ11til.1,1111,11,1 11tlrl/It I,. _..t.. j t,.--., .,..1-r ..."7 //4' ,`. rJ •,• Fmoi= •` • 1 .0 - .. �.. ... 1 . . ht:S 55 ,,h . ., . • . _ ,., 12 •. . 2 3 `_ .. . - CoNQuI.�T1LOS r :'. STATE LAND 157 •- WUNrXT • - _ .r w•y a •.. s " '�` :'�. - _ ~ 1 . 'y•.i •` « r• ' • - .1 W.54.f1♦y► aLriiT. 1t Ifr 3? `�'•Af' :ed.-%- - .• !i.ii•iiiit,I Fiitnrit�I/,Il/1,/,fr . ,'. • •`, 'F 2 MI 7 t•�/�•• •1�fIM`-1.S ,� .. • ,' tl •r PROJECT:• • • CLIENT: -. _:•.CHAT ,+40 ACRE.VACANT PARCEL.LOCATED,�ON - - - STATE�LAND[:DEPARTMENT. • .• THE NORTH SIDE OF LAMBERT LANE, WEST-OF LA • CANADA DRIVE, TUCSON • �.. .. =• _ . _ • .•• i• i PINACOUNTY 'ARIZONA . , • ''''s - KEINMAN BRIEFER.&.ASSOCIATES -. TG :. • SCOPE OF THE APPRAISAL The firm of Kleinman Briefer and Associates has been asked by Mr. Edward C. Jones, Chief Appraiser of the State Land Department to estimate the market value of that approximate 40.00 gross/37.79 net acre vacant parcel of land located on the north side of Lambert Lane, approximately 'A mile west of its intersection with La Canada Drive, Pima County, Arizona. The subject property is currently zoned for a low density residential uses and is designated for P P Medium Density Urban uses by the Pima County Comprehensive Plan. Although designated for a medium density use, the likelihood of rezoning the parcel through Pima County is limited and could take an indefinite number of years. According to Mr. David Guyer, a planner with Pima County, given current political conditions, new development on the northwest side will be highly scrutinized (and in many cases delayed) by both the planning and zoning commission g y and the Pima County Board of Supervisors. This political atmosphere has arisen from a perceived inadequacy in public infrastructure and the public's dissatisfaction with current development trends in the area. Supervisor Ed Moore recently proposed a 100% moratorium on any new rezoning and/or platting activity (in excess) in the County's jurisdiction within the subject neighborhood. Although this moratorium was proposed, it has been partially withdrawn yet the prospects for politically motivated scrutiny remain and will make any future rezonings in the area very difficult until which time public infrastructure (roads, utilities, and schools) is improved to a level suitable to the citizens in the area. Additionally, builder/developer fees are currently being discussed and could further hamper future development in the area. As an alternative to rezoning the property while under the jurisdiction of Pima County, we have considered annexation of the property into the Town of Oro Valley, and have interviewed several representatives of the Town of Oro Valley. According to Ms. Linda Frew, a planner with the Town of Oro Valley, the subject property is in Annexation Area 3. This area is not a priority h for annexation by the Town of Oro Valley and carries with it a time frame of at least five years. However, there is the potential that the subject could be annexed sooner if the property owner were to solicit the Town of Oro Valley rather than waiting for Oro Valley to initiate that annexation process. Under such a scenario, Ms. Cathy Cuvilier of the Oro Valley Clerk's Office suggested that an annexation of the property could be accomplished within 3 to 6 months. Ms. Frew indicated that the subject property falls within the designation of low density residential, and that the property would most likely be approved for an approximate density of one RAC. Following annexation, Ms. Frew suggested a period of 6 to 12 months for formal rezoning to final density. Overall, the immediate development potential for the subject property is dubious for any intensity greater than that which is allowed under the current SR zoning classification (one residence per +3.3 acres). The greatest potential for immediate development of a more intensive use would include the annexation into the Town of Oro Valley, with a potential density of one RAC which could occur within approximately 12 to 18 months. The alternative would consist of waiting out the current political storm which is overshadowing Pima County KLEINMAN N BRIEFER 3025-941 I - 1 tannin and zoning decisions which could last indefinitely. Based on the current rezoning planning trends, a maximum density of 1 to 2 RAC could likely be achieved if the property remains in Pima County, and it may be several years before even this could be accomplished. Based on the foregoing discussions, it would appear that any immediate development of the property would need to occur under the jurisdiction of Oro Valley, following annexation. Alternatively, longer term (2 to 5 year) investment might ultimately return a higher approved density potential, albeit minimal. In order to evaluate the subject property, relevant data has been gathered and analyzed. Data gathered for appraisals are of twotypes: general and property specific. General data include pp information on social, economic, governmental, and environmental trends and conditions affecting the subject property. Each of these items has an impact on property value and the study of these forces enables the appraiser to identify the underlying causes of change in property values and what future market expectations might be. Property specific information includes data about the subject site, tax information, and zoning classifications. The valuation method utilized in this report consists of the Sales Comparison Approach. The Sales Comparison Approach is an application of the principle of substitution which affirms that when aro ert be replaced, its value tends to be set by the cost of acquisition of an P P y can equally desirable property that can be acquired without undue delay or cost. The Sales PP Comparison Com arApproach implies that the most probable selling price of the subject property is P indicated by the selling prices of other similar properties. As the subject is vacant land, the Cost and Income Approaches to value were not considered to be applicable. Given the strong demand (both present and perspective) for new residential product in the area, the highest and best use of the subject is thought to be for residential development with an approximate density of one RAC, through the annexation of the parcel into Oro Valley. Based on this scenario, development could commence within approximately 12 to 18 months. The conclusion set forth in the Sales Comparison Approach provided a reliable indication of value for the e t subJ' property. At the request of the client, we have estimated both the cash and terms value of the property. After estimating the final "as is" value, the time that would be considered necessary in order to market the property will be described along with how that estimate was arrived at. The following report will set forth the pertinent information and analysis as to how the final value estimate was determined. KLEINMAN N BRIEFER 3025-941 I -2 Purpose and Function The purpose of this appraisal is to estimate the "as is" market value of the subject property. The function of this report is for asset management relating to the disposition of the property. Property Rights Appraised Property rights are ownership interests in real estate and have value. It is important to know what property right(s) or estate(s) are involved in the appraisal because the estate identifies the rights being valued. Estates may be classified in a number of ways, the most common of which are defined below: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power, and taxation. Leased Fee Estate - An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others; usually consists of the right to receive rent and the right to repossession at the termination of the lease. Leasehold Estate - The right to use and occupy real estate for a stated term and under certain conditions; conveyed by a lease. Leasehold Improvements - Improvements or additions to leased property that have been made by the lessee.' As noted, the subject property is comprised of a vacant parcel, with no lease either in place or pending. Furthermore, properties such as the subject are not typically evaluated based upon their income producing capabilities. Therefore, the interest appraised reflects that interest arising from fee simple ownership. Property Identification The subject site is situated on the north side of Lambert Lane, approximately 1,320 feet ('/ mile) west of its intersection with La Canada Drive, and falls under the municipal authority of Pima County, Arizona. The site is further identified by the Pima County Assessor's Office by Tax Parcel Number 224-24-014A. The property is legally identified as the Southwest Quarter of the Southeast Quarter of Section 10, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, less the Lambert Lane Right of Way. 1 The Appraisal of Real Estate,Tenth Edition, pages 122 through 123 KLEINMAN N BRIEFER 3025-941 I - 3 Definition of Market Value Market value means 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 P prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition in the consummation of a sale as of a specified date and the passing } of title from seller to buyer under conditions whereby: it (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 sales concessions granted by anyone associated with the sale2 Ownership History The subject property is under the ownership of the State of Arizona. • • Discussions with Mr. Edward C. Jones, the chief appraiser for the state revealed that the subject property is not formally listed for sale and that there have been no written offers submitted on the property. Mr. Jones did indicate that while there have been no formal offers made, there have been a number of general inquiries on the property. Or- Date of Valuation The date of the valuation is May 26, 1994, the date of our initial inspection of the subject property. 111. gia 2 Uniform Standards of Professional Appraisal Practice (USPAP). KLEINMAN N BRIEFER 3025-941 I -4 ter► • crr • • ridIl.n� • • y!! '4 .....r.......a.:,o.a.••.ar• .r....TM .•r ..rte.- A w.w..r..'v�...c....�w..�.w�.r+tw�r« cou.n 2 .. ,'' `, ..E*4, • 7wrw.w►��.�w n.v•�` Y Mj ( 11 I ... lMAA 3'�• '•� s'+ ' .- mor • _ . • . 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ARIZONA AND METROPOLITAN TUCSON OVERVIEW This section provides an overview of pertinent information regarding the state of Arizona and the Tucson Metropolitan Area. Social, economic, political, and environmental forces at the state and metropolitan levels influence property values. Therefore, a discussion of Arizona and Metro Tucson area trends is a relevant component in a comprehensive narrative appraisal report. Arizona Arizona ranks sixth in the nation in terms of land size, with a land area of 113,417 square miles and 347 square miles of water consisting primarily of man-made lakes. Located in the southwestern region of the United States, Arizona is bordered by the states of California to the west, Nevada and Utah to the north, Colorado to the northeast, and New Mexico to the east. According to the latest census, 3,687,000 people called Arizona home in 1990. This figure represents a 34.7% increase from the 2,737,000 ten years earlier. The Economic and Business Research Program at the University of Arizona estimates the current population in the state at 3,958,400 persons and, further, projects it to grow to 4,195,000 by mid-year 1995 and 4,786,000 by the year 2000. The state can be divided into three distinct areas geographically, each with its own distinct topography and climate: the high plateau area, the mountainous area, and the low desert valley area. The northeast corner of the state is a high plateau where the weather tends to be cold and dry. Most of this area, which includes the communities of Tuba City, Kayenta, Chinle, and Window Rock, is encompassed by the boundaries of the Navajo Nation, the largest Native American reservation in the United States. The mountainous region extends diagonally across the state from northwest to southeast. Kingman, Williams, Flagstaff, Sedona, Prescott, Payson, Holbrook, Show Low, Pinetop, Lakeside, and Springerville are some of the towns or cities located in this region of the state. Flagstaff is the most populated city of this region, with -- a total of 43,635 persons, according to the 1990 U. S. Census. Flagstaff is the seat of Coconino County as well as the home of Northern Arizona University, one of three major universities in the state. The mountainous area of the state is popular for recreation; cool summertime temperatures and winter skiing opportunities attract visitors to this area year round. The remaining half of the state, located south of the mountainous region, consists of desert 411 valleys divided by low desert mountain ranges. This region contains most of the state's population, most likely due to its warm climate. The western boundary of the state is the Colorado River, along which Bullhead City, Lake Havasu City, Parker, and Yuma are located. To the east lie the state's two largest population centers, where, as outlined below, 76% of the state's population reside. • KLEINMAN •BRIEFER STATE f-----__ ---:.,.-_-_17____ - c44,7,-...-- -i-;;;.--,:.--------\-- _,___,_.__ _r______._ __1 __ . Kos 111% C I Z I =r w py Chink 1 1 i c 0 C •..`..,e -, M U 11 A E 0 N i N n •,,c,...hCi.h Syne. w........• L_. C.......6., blit ps \ w 1 • .� LIr A P A C II E : . . CC I ti I Cory / 410 ' m 1.11Acien , z imp f .1 4 : ._. . _ ..... _________.f, 1 .Cordes icr- ' iT .• a.,pe�cC Qiacic Ca ---ti Paso.. ' ;/--la wiz - F,ntl• ( "`m` 'C3 lL.- Cay,r . i 'V�i eV"' 'CI'S*Carctrec Q..+Rsat • Salomt . Q ' ''� Jt A R8 i I ; �_ r C 0 P :A (` L. k. gra :'IP--7, S.n,Gry F.. / i t a...:..' •i. ! cd -- c�a.t 'PHOENI \--1- /" : I 12 �--- _ I.,. .. -- _ t Sooet;6;,t r-- - ____.\ - '•,J" I vo ' ..] • /.:� .. 1,‘,.., ClunQlar fa S"per`a M San Cartio. .� I MO �-- - �, .. c. tet— lailli' 0 _�-- �� �.... Rare / 1 C" I` W r.�..o,... --.1 p i : C R A \{ A M C " : L -__ s^•''. / �-• v i Caa C,�anbc C�+o6d w.n4cir..n \ `' ` Z 1 • y U M AL el ) I 1 ` ID•-.....„, ~° Ann,. CJuJw V Oro tom. I , San -. QTUCSON , wsam .,Sync... p C Q . • So.....z..c.o., i ' •tc". 1 M A -\ G•ean ARIZONA s� 19C C H i S e MO \, j Q 42, z • �e PO t--i 4 �o .00 S A ` T A 41 1J •o C , U Z S••om 44 Bi boc - -,_ J__ Al _ - .'_•-.2.*__.___ °=" ----i-- KLEINMAN 1►BRIEFER ARIZONA'S POPULATION 1993 All Other nruu 24% d11111IIIIIIIIIII /yAlli Metro Phoenix / 5876 Mcuo'Ihcson 18% Source: Economic and Business Research Program, College of Business, University of Arizona, August 1993 Metro Tucson, with 18% of the state's population, is the second largest population and employment center in Arizona. A detailed look at this thriving metropolitan area follows. Metropolitan Tucson The purpose of this section of the report is to provide an overview of the pertinent information regarding the Metropolitan Tucson area (including the city of Tucson, town of Oro Valley, town of Marano, and the surrounding developed areas). This analysis will discuss the forces that affect the value of real property. This analysis will examine how these factors influence Tucson real estate values and, in turn, the subject property. General Tucson Information Arizona is located in the southwestern area of the United States within the Sunbelt Region. Tucson is located approximately 120 miles southeast of Phoenix in south-central Arizona and approximately 65 miles north of the international border with Mexico. Tucson is the second largest metropolitan area in Arizona. This geographical location has contributed to Tucson's recognition as an international trade center serving both Southern Arizona and Northern Mexico markets. This strategic location will become more important as the recently signed North American Free Trade Agreement (NAFTA) legislation with Mexico and Canada goes into effect. Most economists believe this legislation will create favorable economic opportunities on both sides of the border. The metropolitan Tucson area includes approximately 350 square miles of land area. The city limits of Tucson contain approximately 148 square miles. Tucson lies at an elevation of approximately 2,400 feet above sea level in a lower desert valley surrounded by five mountain ranges, which are natural barriers to further development. These mountain ranges include the Santa Catalina Mountains to the north, the Rincon Mountains to the east, the Santa Rita Mountains to the south, the Tortolita Mountains to the northwest and the Tucson Mountains to KLEINMAN if BRIEFER II - 4 the west. The mountain ranges surrounding the city are located within the Coronado National Forest, the Saguaro National Monument East and West, and the Tucson Mountain Park. Additional protected lands in the area include Davis Monthan Air Force Base, the San Xavier Indian Reservation and the Papago Indian Reservation. Tucson enjoys an average o of more than 313 days of sunshine per year, more than almost any � other city in the United States. Tucson has a mild and sunny winter period (October through April) which is largely responsible for its strong tourist and winter visitor population. During the balance of the year (May through September), daily temperatures typically range over 90 degrees, with about 40 days reaching highs over 100 degrees. Tucson is one of the fastest growing metropolitan areas in the United States. The city serves as the county seat for Pima County. The occupation history of the area dates back to the Hohokam Indians which occupied the area between 700 AD. and 1400 AD. Tucson is reported to be the longest continuously occupied valley in the United States. Due to its desert location, water has always been a vital natural resource in Tucson. Historically, Pima County and Tucson have been solely dependent upon ground water for their water supply. Current annual consumption is roughly three to five times greater than annual recharge. To counter this depletion in the water table, the city has taken an active role in implementing water conservation and reuse programs. In addition, large non-residential water users such as golf courses are being required to use effluent water for their needs. To supplement the ground water supplies, an extensive aqueduct and reservoir system—the Central Arizona Project (CAP)--was completed to Tucson in October 1992. CAP water now serves many parts of the metropolitan Tucson area, with the remaining areas still served by groundwater supplies (many of these areas are scheduled to receive CAP water within the next two years). This new and important source of water will augment Southern Arizona's water supply sufficiently to meet projected future growth. While water requirements will always be a concern in a desert environment, Tucson has been able to keep water rates competitive with other southwestern cities. Tucson uses substantially less water per capita than Phoenix due to long-term water conservation programs and the popularity of desert type residential landscaping throughout Tucson. Transportation Tucson is provided with excellent access for private and commercial travel by several state and federal roadways. U.S. Interstate-10 is Tucson's primary highway connecting Tucson to Phoenix in the north, Los Angeles, California, to the west and El Paso, Texas, to the east, and then continuing eastward to Florida. Interstate-10 connects within Interstate-8 between Tucson and Phoenix providing access to San Diego, California. Interstate-19, the primary highway providing access to Mexico from the Tucson metropolitan area, branches from Interstate-10 in the central section of Tucson. i KLEINMAN t BRIEFER II - 5 4 To meet the needs for motorists and to decrease travel times within the area, the city of Tucson and Pima County have implemented a network of traffic corridors, the majority of which have been completed. These corridor roadways have improved accessibility and relieved traffic congestion through the central, southern and eastern portions of the city. In addition, construction has begun on the Aviation Corridor which will allow easier access from Tucson's east and southeast areas to the downtown area. 411 One of Tucson's most important transportation assets is the Tucson International Airport (T.I.A.), which is located in the south-central section of the city. The Tucson International Airport is largely responsible for Tcson's continued growth as a tourist and convention center. Presently, about fifteen major airlines serve T.I.A., which handles about 900 arrivals and departures weekly. To accommodate projected future demand for additional passengers into the next century, the Tucson Airport Authority spent $53 million prior to 1989 for extensive remodeling and expansion work at T.I.A. Additional planned projects at the airport include a parking garage and runway improvements. Passenger traffic has seen a minor reduction with the departure of two major carriers in 1992-93. The beginning of service to Tucson by Morris Air which was recently acquired by Southwest Airlines greatly improved direct service to many cities in California and the Southwest. The improved airline service to Tucson should result in its dependence upon Sky Harbor as a feeder city. Given the prior limitations to direct access to and from Tucson, Tucson's economic development has been negatively impacted in the past. Hopefully, with the new direct routes which have been provided to Tucson by Southwest and other airlines, any negative impact of inadequate service to the area will be eliminated. Rail service for Tucson is provided by the Santa Fe-Southern Pacific Railroad for freight service and AMTRAK for passenger service. The railroad route generally parallels Interstate- 10 from New Mexico through to Phoenix. Two day rail service is provided to San Diego, Houston, and Los Angeles. A number of bus companies serve Tucson's public transit needs. Greyhound and Gray Line Tours provide the city with interstate passenger service. Inner-city bus service is provided by Sun Tran, which is run by the city of Tucson. The Sun Tran bus system services the majority • of the city of Tucson, covering all of the major streets including the central business district, The University of Arizona and the major shopping centers. Population As Tucson's population continues to grow, the city limits are constantly expanding to keep pace with the demand for additional services. Tucson has grown from a population of 45,454 and an area of 9.5 square miles in 1950 to a population of about 424,180 and an area of approximately 150 square miles in 1992. Future growth of the city was made more difficult by changes in legislation which now require 50+% of residents and assessed valuation to favor annexation. As a result, the expansion of the city both in terms of physical area and population will be less than what has occurred over the past 40 years. Future growth of the metropolitan KLEINMAN BRIEFER II - 6 it Tucson area will continue with about 50% of new population occurring in the northwestern area of the community. This is due to the desirable location, view amenities and availability of vacant land in the northwest area. The tabulation on the following page shows the projected population growth of Pima County. Since the 'Meson metropolitan area accounts for 96% of the population in the southwest, this table is considered to provide a good indication of the historic, current and projected population for the Tucson area. Population Estimates and 54-Year Projections (Based on July 1, 1992 data) Annual Oro South Unincorp.Pima Pima Percent Year Marans Valley Tucson Tucson Count)/ County Change 1990 2,195 6,750 5,164 409,2.37 245,154 668,500 . 1991 2,520 7,745 5,305 415,788 251,522 682,880 2.15 1992 2,683 9,024 5,452 424,180 258,911 700,250 2.54 1993 3,148 10,330 5,521 428,000 270,210 717,209 2.42 1994 3,813 11,520 5,594 431,852 281,468 734,247 2.38 1995 4,708 12,670 5,666 435,738 292,529 751,311 2.32 1996 5,903 13,936 5,737 439,660 303,129 768,365 2.27 1997 7,468 15,330 5,807 443,617 313,169 785,391 2.22 1998 9,363 16,710 5,876 447,609 322,831 802,389 2.16 1999 11,818 18,220 5,945 451,638 331,730 819,351 2.11 2000 14,753 19,680 6,014 455,703 340,124 836,274 2.07 2001 17,738 20,665 6,086 459,576 349,061 853,12.6 2.02 2002 20,723 21,700 6,158 463,483 357,867 869,931 1.97 2003 23,708 22,780 6,230 467,422 366,559 886,699 1.93 2004 26,693 2.3,920 6,302 471,396 375,161 903,472 1.89 2005 29,2.28 25,130 6,376 474,225 385,321 920,280 1.86 2010 46,103 30,560 6,782 491,057 431,428 1,005,930 1.86 2015 62,353 37,180 7,221 505,966 484,210 1,096,930 1.81 2020 76,578 43,100 7,500 520,034 546,851 1,194,063 1.77 2025 88,703 47,590 _ 7,500 533,166 616,811 1,293,770 1.67 2030 99,353 50,015 7,500 545,270 689,635 1,391,773 1.51 2035 109,053 52,565 7,500 556,263 760,608 1,485,989 1.35 .,. 2040 117,928 55,250 7,500 564,657 832,342 1,577,677 1.23 SOURCE: Pima Association of Governments, April 6, 1993 According to data reported by the Pima Association of Governments, the estimated population for Pima County is 717,209 for 1993. As shown in the table above, the population is anticipated to grow at a slow but steady rate throughout the next 50 years. KLEINMAN Ar BRIEFER II - 7 Population Demographics According to the publication Neighborhood Market Profile, published in 1992 by TRW-REDI, the median age in Tucson is 33.8 years. This median age is similar to that of the nation as a whole. In 1990, the median age in the United States was about 30 years. About 24% of the population of Tucson is retired. Retirees represent one of the area's fastest growing population segments, with Arizona ranking fourth in 1988 among the 50 states for population growth in the "over 65" category. Tucson's mild winter climate fostered its reputation as a retirement haven. Planned communities including Green Valley, Sun City Vistoso and Saddlebrooke cater to an active retirement lifestyle. An abundance of sunshine and golf courses has also encouraged many visitors to establish residences in Tucson. Economy The Tucson economy has generally echoed the population growth that has occurred over the past 20 years. Like other Sunbelt cities, Tucson's economy benefits from the relocation of businesses and people from other sections of the country. Corporations relocating to Tucson are attracted by its climate, quality of living, working conditions and right-to-work laws. According to the Division of Economic and Business Research at The University of Arizona, disposable income for Pima County residents has increased 8.2% between 1988 and 1991 and is projected to continue growing at a slightly lower rate through 1994. The current annual per job wage for the area in 1991 (the last year such figures were compiled) was about $22,000 which compares to approximately $22,200 per job for the state of Arizona and $24,575 per job for the United States as a whole. It is generally recognized that the cost of living in this community is less than the national average; thus, the lower per job income is somewhat offset. Based on the information supplied by the Arizona Department of Economic Security (DES), the following graphs identify the major employment sectors and their respective number of employees in Pima County as of November 1993. It should be noted that according to the Arizona DES employment growth in Pima County was estimated at about 4,700 jobs in all sectors during 1993. In addition, these graphs reflect how the various sectors within the Tucson economy have performed over the last ten years. Sectors such as service and trade have experienced consistent growth during this time period and have shown respectable increases during the last several years. As Southern Arizona's principal trade center, Tucson attracts significant retail sales from the tourist trade, student and military populations as well as cross border trade from Northern Mexico. In addition, the Free Trade Agreement between the United States and Mexico being enacted is projected to substantially increase trade, which will benefit Tucson's economy. Although the service sector has continued to grow, these jobs are typically lower paying than other types of jobs, thus having less of an overall impact than changes within other segments of the economy. KLEINMAN 11 BRIEFER II - 8 A LOOK AT THE REGION Some industry sectors in the six-county Star 200 region soared while others soured in the decade ending last year. (Source: Arizona Department of Economic Security; Published in the Arizona Daily Star, March 1993.) Both jobs and unemployment grew in '92. 350 - 300 ____ cIi v, 250 . i '70 C N 200 1 I Unemployment , m 0 150 Total Jobs c 100 ' ` 50 0 , 1-7 f � 1f1 i s l 1 Ii 1 , 1 1 CO QOCO CO 00 CO CO 00 CO Q) N Manufacturing, a core segment for the econom y, ended the decade with fewer jobs, while the financial sector leveled out. 40 35 1,. .Ait -�`� N 30 ' g 25 0 0 20 '' Manufacturing i-E 15 • • • O D f-1 n 10 0 • �-- F.l.R.E.� 5 0 + + + f f f 1 co .t co r---, C N a 03 a 00 OD 00 o 0) 0) 0) On rn rn rn rn C) 0) rn Q) r- r- r- .- t-- * Finance, Insurance & Real Estate KLEINMAN 111 BRIEFER II - 9 A LOOK AT THE REGION (continued) Mining slumped, then recovered during the decade, while transportation held steady. __ 14 12 — — -_ - — — .I 10 - - r---_ _____ -, .._- r---. r- • 8 Mining .c 6 _ ❑ T.C.P.U. C4 Zr y• ••: _ • 0 . M •.t' U7 co [-, c0 037 O N CO CO CO CX) CO CO CO 037 037 C3) CD 03) 07 0) C3) C37 037 C37 CD CD * Transportation, Communications, Public Utilities Government showed a steady growth white construction was hard hit by the real estate recession. 90 - ■ 80 , l- 70 .--- st- _al i3 60 c - Government N 50 2 --� Construction 40 c30 . . . 20 i • . o 10 0 - t I t t 1 1 t t t 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 KLEINMAN N BRIEFER II - 10 The data indicates that the manufacturing segment of the economy had a slight rebound in number of jobs during 1993. The continued of a rebound in this segment is projected through 1995 due primarily to two announcements by Hughes Aircraft. During the fall of 1992, Hughes announced the consolidation of all missile development and production (including the newly acquired General Dynamics missile division) in Tucson. This alone is expected to add over 2,000 jobs to the work force during 1993 and 1994. The second announcement in March 1993 was a decision to relocate all engineering work to Tucson, which is also expected to add as many as 2,000 additional jobs. These developments will. make Hughes the largest private employer in Pima County. Despite other smaller program cutbacks that have already been or may be announced, this is expected to increase the total Hughes employment to about 7,000 persons from their current level of about 4,000. These increases are offset to a small degree by the recent announcement of decreases in employment by IBM in Tucson. Manufacturing employment is considered very important in the local economy since these people are generally paid higher wages and bring moneys into the area from other areas. An improvement in Tucson's overall economy is perceived to have occurred recently, primarily due to upswings in residential demand (which will be discussed in detail later within this section) and the modest strengthening discernible within the national economy. The pending stabilization and improvement in the manufacturing segment of the local economy is considered to be an indication of continued strengthening occurring within the total local economy. Another reason Tucson's economy is expected to continue to rebound is the growing high-tech optics business. With over 50 optics-related firms and the Arizona Optical Sciences Center (the largest optics graduate program in the country), Tucson has recently been hailed as "Optics Valley" in a national business publication (Business Week). Collectively, the city's cluster of optical science firms and their suppliers currently employ over 1,000 people, with employment growth anticipated to continue. Another bright spot in the employment picture is the recent addition of the regional or nationwide telephone reservation centers and credit card operations, such as American Airlines and Quantas Airlines reservations, the Sear's parts and service telemarketing center , the American Express credit card center and Chipsoft (sales and technical service). These additions to the local employment base are indicative of the kind of job growth the area can expect to replace some of the jobs lost in the manufacturing sector during the last four years. These businesses consider Tucson's reasonable wage rates and overall development costs as strong incentives to relocating here, and this trend is expected to continue during the next several years. One of the primary employment categories in the Tucson area is the government, with about 66,300 employees as of the end of 1992. During the 1980's, government employment grew very rapidly. Employment for the city of Tucson; Pima County; Tucson Unified, Sunnyside and Amphitheater School Districts; The University of Arizona and other governmental agencies has typically increased at rates substantially in excess of both the population and KL,EINMAN a BRIEFER II - 11 0 employment growth in the area. The growth in the local governmental agencies has contributed to a higher tax burden on the local economy in comparison to other areas in Arizona, especially Phoenix. The current real estate tax rate in Pima County is about 30% to 35% higher than in Maricopa County, resulting in a competitive disadvantage to Pima County for future economic growth. It should also be pointed out that the disparity between Pima County's relatively large unincorporated areas and Maricopa County's virtually complete incorporation within city jurisdictions also contributes to what Pima County officials consider to be an inequitable distribution of state revenues. This is also a contributing factor to Pima County and Tucson's higher real estate tax burden. While there are mixed aspects to the local economy, the Arizona Department of Economic Security estimated Pima County's jobless rate to be a seasonally adjusted 3.9% in November 1993. Although this figure represents an increase from the 17 year low of 3.0% in May 1991, it is still well below the approximate 5.9% being experienced nationally. The recent decrease in unemployment (from about 5.9% during early 1992) reflects a slow strengthening of the local economy. According to the Arizona Daily Star (3/28/93- latest available), the top ten major employers of southern Arizona are as follows: SOUTHERN ARIZONA'S TOP TEN EMPLOYERS March 1993 EMPLOYER FTE JABS* +/- JOBS US ARMY, FORT HUACHUCA (SIERRA VISTA) 11,357 + 227 UNIVERSITY OF ARIZONA 9,848 - 145 STATE OF ARIZONA 8,175 + 231 DAVIS MONTHAN AIR FORCE BASE 6,550 - 642 PIMA COUNTY 6,123 + 352 ..,. TUCSON UNIFIED SCHOOL DISTRICT 6,110 - 642 CITY OF TUCSON 4,583 - 170 HUGHES AIRCRAFT 4,000 - 1,200! CO.MAGMA COPPER 3 s496 - 124 TMC CARE CORP. 3,354 + 788 * - Full Time Equivalent Jobs ! - Does Not Reflect Increases In Employment Which Occurred During 1993. 4 There is continued concern as to the future of the military installations within Southern Arizona. Both Davis Monthan Air Force Base and Ft. Huachuca Army Post have significant economic impacts upon Tucson. Of these two military facilities, Davis-Monthan is the more probable to see potential reductions in employment due to the general decrease in military strength through the country. Recent developments indicate that it is probable that Davis Monthan Air Force Base will experience some type of reduction in employment either in 1995 KLEINMAN I,BRIEFER II - 12 or 1999. Specifics of any reductions at either of this military installations will not be known until at least 1995. Although the Tucson economy has experienced problems during the last few years due to decreases in manufacturing and construction employment, both of these sections have rebounded in 1993 and are projected to be healthy during 1994, while the area continues to add jobs in other sectors. Tucson is anticipated to continue to grow in population due to in- migration, and the local economy is considered to be likely to see continued economic growth over the next several years. The current improvement in Tucson's economy, in addition to lower interest rates and a strengthening national economy, has already improved the residential and retail real estate market. It is expected that the growth of the overall economy will also begin to have positive impact upon other real estate market sectors in the near future. Market Cycles As discussed, the Tucson metropolitan area is projected to continue to grow both in population and employment. The continued growth in the area shall impact each of the different segments of the economy and the real estate market. As is typical of most markets, the Tucson metropolitan area economy is cyclic in nature with regular cycles of growth and contraction. Currently, the local economy is rebounding from the deleterious effects of the most recent recession and the collapse of the savings and loan industry (which left Arizona with no major savings and loans of note). Since 1987, a combination of occurrences caused real estate development in Tucson to come to a near standstill. Some of the most notable occurrences include: the 1986 tax reform act; the stock market crash of 1987; a decrease in population and employment growth from previous levels; an oversupply of improved residential home site lots, apartments, office, industrial buildings; the Financial Institution Reform, Recovery and Enforcement Act of 1989; and the collapse of the savings and loan industry in Arizona. Each of these events contributed to the deleterious state of the real estate market. This over supply resulted in a market where improved commercial properties could be purchased for less than replacement cost. One of the primary factors which contributed to the oversupply of inventory within most of the real estate markets in the Tucson area was the availability of money from savings and loans. During the early 1980's, there was a seemingly endless supply of funds available from financial institutions with which to acquire and develop real estate. The easy availability of financing falsely inflated real estate prices and promoted the development of real estate projects which were not well located, conceived or supported within the market. Construction of most types of real estate improvements including home site lots, office buildings, industrial facilities, lodging facilities and apartment projects greatly exceeded demand during the 1980s. The slow down of employment and population growth in the late 1980s through 1991 decreased absorption in most of the real estate markets. Coupled with the tax law revisions of 1986 and the collapse of the saving and loan industry, which resulted in limited financing KLEINMAN N BRIEFER II - 13 being available, all segments of the real estate market in Tucson were adversely impacted. Without exception, all segments of the real estate market experienced increases in vacancies and decreases in effective rental rates during the period 1988 through 1991. Since 1991 all segments of the market have experienced significant upturns. Vacancies have typically decreased, rental rates have increased, new construction is beginning to occur and all signs indicate that the market has rebounded from the lows which were reached in the late 1980s. The typical time frame of market cycles in the Tucson area have been between 5 to 8 years. Due to the market having rebounded in late 1992-93 it can be anticipated that the current upturn in the market should last until at least two more years. Due to the changes which have occurred in the financial market, it can be anticipated that over building in the market like which occurred during the early 1980s should not reoccur; thus, the depth of the next downturn in the market should not be as deep or as long as it was during the last cycle. RESIDENTIAL {T The metropolitan Tucson residential housing market is segmented into three basic categories: 1) Single Family detached; 2) Single Family attached (townhouselcondominium); and 3) Multi-Family. As pictorially shown on the graph below, all three of the categories are cyclic in nature and are driven by the laws of economics and supply and demand. Third Quarter Residential Permits: 1990-1993 1800 T 54 niall DT ITEC 1600 1400 -- 18 1200 -- -1584 ® Townhomes 1000 - 25 18 E Single Family 800 --- .- 1153 ` $ itMulti-Family 572 784 4 00 209 10 --H 2S 0 �Y�YLJ u If lJ[ji � ♦ • � • .. .... *PdY ovoid* 4.44C 1990 1991 1992 1993 [8061 [812] [1196) [1698] KLEINMAN ►BRIEFER II - 14 Residential Building Permits Puna County' 1962-1993 Single Family Townhouse Multi-Family* % Change & Condominiums From Percent Percent 'Percent Previous Year Number of Total Number of Total Number of Total Total Year 1962 2,597 51.8 _ 2,418, 48.2 5,015. 1963 2,394. 40.7 3,492 59.3 5,886, 17.4 1964 1,849 58.7 , 1,301 41.3 3,150 -46.5 1965 1,232 63.1. 722 36.9 1,954 -38.0 1966 792 64.1 433 35.1. 1,225. :37.3 1967 1,307 82.5 277r 17.5k 1,584 29.3 1968 2,044, 72.5. 775. . 27.5 2,819• 78.0 1969 2,632 58.7 1,849 41.3, 4,481 59.0 1970 3,597 65.5 476, 8.7 1,417 25.8, 5,490 22.5 1971 5,207' 56.0 938 10.1 3,253 35.0, 9,398. 71.2 1972 , 5,894, 54.2 1,092 10.0 3,880 35.7 10,866 15.6 1973 4,587, 52.4 1,741 19.9 2,433 27.81 8,761 -19.4 1974 3,954. 68.7 918 15.9 887 15.4, 5,759 -34.3 1975 2,326 58.9 347 8.8 1,274 32.3, 3.947 -31.5 1976 3,201 58.3. 471 8.6 1,819 33.1 5,491 39.1 1977 , 3,991 50.1 1,076 13.5 2,894 36.4 7,961 45.0 1978 5,351 48.9 1,759 16.1 3,829, 35.0 10,939, 37.4 1979 4,809 42.9 2,489 22.2. 3,924 35.0 11,222 2.6 1980 3,185 45.0 1,104 15.6 2,787 39.4 7,076 -36.9 1981 1,868 39.3 1,023, 21.5 1,8581 39.1 4,749, -32.9 1982 1,833 30.4 515 8.5 3,683 61.1 6,031 27.0 1983 3,398 27.9 876} 7.2 7,910, 64.9 12,184 102.0 1984 3,136 24.9. 1,174 9.3 8,289. 65.8 12,599 3.4 1985 3,431 34.5. 980 9.9 5,525 55.6 9,936 -21.1 1986 3,953, 30.5, 627 4.8, 8,400 64.7 12,980 30.6 1987 3,672 57.1 382 5.9 2,380 37.0 6,434 -50.4 1988 2,841• 56.7 211 4.2 1,958 39.1 5,010 -22.1 1989 2,480 81.8 89, 2.9 464. 15.3. 3,033, -39.5 1990 2,251, 86.8, 92 3.5 251 9.7 2,594 -14.5 1991 2,781, 92.3 53 1.8 178 5.9• 3,012 16.1 1992 4,272_ 94.4 96_ 2.1 1561 3.41 4,524 50.2 .TOTA1J 96,8651 49.4. 18,529_ 9.4. 80,716_ 41.2 196,11.0 *Multi-family housing units before 1970 include apartments, townhouses, and condominiums. KLEINMAN t BRIEFER II - 15 Residential Building Permits Pima County, 1962-1993 1992 Single 1 Townhouse Multi- Family & Condos Family Total First Quarter 917 31 4 952 Second Quarter 1,033 14 87 1,134 Third Quarter 1,153 18 25 1,196 Fourth Quarter 1,169_ 33_ 40_ 1,242 1993 Single Townhouse Multi- Family & Condos Family Total First Quarter 1,005 28 65 1,098 Second Quarter 1,440 59 338 1,837 Third Quarter 1,580 54 64 1,698 Fourth Quarter Percent Change from Percent Change Previous Year's Total Year-to-date First Quarter 15.3% 15.3% Second Quarter 62.0% 40.7% Third Quarter 42.0% 41.2% Fourth Quarter ,_ Source: Analysis of Pima County, City of Tucson, City of South Tucson, Town of Oro Valley,and Town of Marana building permits by MTLUS,The Roy P.Drachman Institute for Land and Regional Development Studies,University of Arizona. KLEINMAN N BRIEFER II - 16 As previously depicted in the discussion of Population, the city of Tucson and Pima County have enjoyed a fairly constant growth since around the beginning of the 1950's. This growth has been the basis for demand and the economic factors have historically governed the factors of supply. The effect of economics on supply is depicted on the prior graph as the inverse relationship between the Prime Rate and the Number of Building Permits issued. In the early part of the 1970's, overall interest rates were relatively low and the supply (reflected in the number of building permits issued) increased. Subsequently, in 1972 interest rates began to increase and the supply decreased, thus the typical residential market cycle and has a duration of approximately six years. In the beginning of the 1980's there was a perceived lack of available apartment units available in the metropolitan Tucson area, and the "City Fathers" made available low interest financing for the development of apartment complexes, causing a glut of apartment complexes to be developed in a relatively short period of time. This has had relatively negative impact on the overall detached and attached residential developments, primarily due to the high vacancy rates in the larger modern apartment complexes. Accordingly, apartment owners and managers were forced to offer rental rates and rather liberal concessions, previously making it more economically desirable to rent than to own. Towards the end of 1986 and the beginning of 1987, a combination of occurrences caused the residential real estate market in the metropolitan Tucson area, and for that matter the national overall real estate market, to come to an almost stand-still. Some of the most notable occurrences include the 1986 Tax Reform Act; a decrease in the projected population growth of Pima County and the state of Arizona; a significant oversupply of multi-residential units; and, finally, the enactment of the Financial Institution Reform, Recovery and Enforcement Act of 1989, which transcended the collapse of the savings and loan industry in Arizona. The detached residential market was moderately affected by the changes and events mentioned above, but the attached and multi-family markets were devastated. However, the detached residential market began to show a strong recovery in the middle of 1990, which continued through 1992 and boomed in 1993. The attached residential market lost most of its popularity in the middle of the 1980's and combined with the subsequent events has not shown a recovery. Although there have not been a significant number of new units constructed since 1988, the multi-family market, occupancy levels are beginning to reach reasonable levels and owners are being more selective on concessions. The following is a brief discussion of current activity in each of the three segmented categories. Detached Residential: As shown on the preceding tabulation, absorption of new inventory for 1989 and 1990 was fairly stable, with strong increases in 1991 and 1992 and 1993 reflecting the largest number of new houses constructed in the market since 1972. The estimated new houses to be constructed in 1993 is approximately 5,500 unit. Discussions with home builders KLEINMAN N BRIEFER II - 17 and economists indicate that a similar number of new houses are anticipated to be constructed in the market in 1994, with a slight decrease in 1995. The following tabulation is based on information provided by Multiple Listing Service, Inc. RESIDENTIAL DETACHED STATISTICS _ AVERAGE AVERAGE TOTAL UNITS SALES �' NG YEAR SOLD PRICE TIME (Days) 1989 6,965 $102,900 90 to 120 1990 6,349 $103,420 — 60 to 120 1991 6,440 $103,650 30 to 60 1992 7,699 $104,110 0 to 30 1993 8,599 $105,783 0 to 30 As indicated on the table above, comparing 1989 to 1990 overall sales decreased slightly, but the average sales price actually increased by 0.5%. Comparing 1990 to 1991 indicates that overall sales remained fairly stable, but the average sales price increased by $320 or 0.2%. The most significant factor is that the average marketing time actually decreased considerably. The market showed a significant increase for the year of 1992, when total sales increased by 19%, average sales prices increased by 0.4%, and marketing periods decreased significantly. This trend was continued during 1993. It is anticipated that as demand for new housing is projected to continue, demand for existing housing will continue to be strong which should place upward pressure on pricing and maintain typical marketing times at reasonable levels. Reportedly, the supply of deeply discounted housing land in growth areas has been exhausted. Further, there is a small supply of available inventory of finished or in-progress lots. With almost 10,000 new homes constructed in 1992-93, the inventory of existing home site lots has been depleted which has resulted in new home site lot development occurring. This has caused the land market to rebound significantly in 1993 as developers/builders obtain property for future new housing development. We expect 1994 will be a strong period for residential detached units (both new and existing) as lower mortgage interest rates will continue to be the primary factor behind the surging sales rate. The fact that all of the deeply discounted user land has been bought and is being absorbed is a harbinger for the land market in the coming years. In 1994, lot prices and, therefore, land prices, will increase significantly. Additionally, the encouraging financial climate will make buying a home more attractive for buyers. Attached Residential: These units were popular through the 1970's when detached housing prices were high and interest rates were significantly higher. However, the increase in available apartment units in the 1980's and the decreasing detached housing unit prices have been the largest contributing factors to the decline of the attached residential units. Currently, the majority of demand for these types of units is among retirement oriented areas. However, KLEINMAN S BRIEFER II - 18 excluding the retirement sector, the pricing of attached housing experienced decreases over the past several years. The prior graph shows the total number of attached units constructed over the past few years. Analysis of the attached market indicates that only 96 units were permitted during 1992, while 141 units per permitted during the first three quarters of 1994. The increase in permits is primarily due to one casita project at Starr Pass which accounts for 40 of the permits obtained in 1994. The overall permitting activity (excluding Starr Pass) has remaining relatively stable since 1989. Sales of existing attached housing units continues to be stable with the anticipated number of sales of existing units at about 1,200 unit for 1993. The average sales price of attached housing units has also been stable, with pricing at about $77,000 per typical unit. Although attached residential units continue to be out of favor, the market has showed some increase during 1992 and 1993. We expect 1994 will be a slightly better year for attached residential units as lower mortgage interest rates will continue to be the primary factor, along with the significant increases in median detached home prices. Multi-Family Residential: As depicted on the Residential Building Permit 1970 through 1993 graph (pages 15 & 16), approximately 34,000 apartment units were permitted in the thirteen years from 1970 to 1982 - an average of 2,600 units per year. From 1983 to 1986, approximately 30,000 new units were permitted - an average of 7,500 units per year. The resulting trend was a market that was over-built by roughly 10,000 units or approximately 12% of the total inventory in 1987. Due to the over-built market: 1) rental rates were relatively flat with slight, if any, annual increases, and 2) vacancy rates overall were relatively high and owners and managers were giving rather large concessions just to keep the facilities occupied. However, the actual increase in inventory did not actually slow down until the latter part of the 1980's, and since 1989 there have been relatively few projects constructed. Only a total of about 1,050 apartment units have been constructed between 1989 and 1993. Many experts are of the opinion that although the inventory and occupancy levels will be in an acceptable range within the next year; it will take another year for rental rates to reach levels where development of new projects becomes economically feasible. Estimating construction costs for a Class "A" apartment complex at $45/SF, developers would need a minimum net operating income of approximately $5.00/SF to $5.50/SF to achieve unleveraged returns of 11% to 12%, respectively. To achieve the net operating income, rental rates would have to be no less than $9.00/SF annually. According to Marketing Strategies, current rental rates are between $7.00/SF to $8.00/SF. Consequently, rental rates will have to increase at least 10- 15% to reach a level whereby wide spread new construction would be warranted. KLEINMAN ri BRIEFER II - 19 In 1992 and 1993, the Tucson multi-family residential acquisition market was exceptionally strong. The total dollar sales volume of apartment complexes (consisting of 40 or more units) set an all time records of over $100,000 each year, as REO and projects emerging from bankruptcy and loan workouts became available in a market atmosphere of falling vacancy rates, and increasing rental rates. Additionally, a "reality check" indicating new apartment construction is still several years in the future. Discussions with brokers who specialize in apartments indicated a very limited supply of quality projects available. Overall, we believe 1994 -95 will show marked changes in the multi-family residential market. Over the course of the next 18 months we would expect to see the beginning of new units within the market, with the primary emphasis being placed on upper-end units. This will be followed by development of apartment units targeted toward the working class segment of the market. • Summary of Residential Market Based on the analysis above, the overall residential market for 1994 appears to be at its highest level since 1986. Leading the recovery is the detached single family residential market, which with low interest rates we would expect to see continued strong growth. The Attached Single Family residential market will most likely show signs of continued recovery, but until the cost of a detached single family residence significantly increases, we would not expect to see a strong rebound. Finally, the multi-family residential market is showing signs of a strong recovery, with vacancy rates returning to more normal levels and the possibility of increasing rental rate, the market should respond with new development during 1994, increasing in 1995. KLEINMAN t BRIEFER II - 20 COMMERCIAL REAL ESTATE MARKET The commercial segment of the real estate market is comprised of office, retail and lodging uses. The office and retail markets have bottomed out of the most recent development cycle, having turned in an upward position. Office Market The table and graph below show the status of the office segment of the real estate market in the Tucson metropolitan area as of third quarter 1993. During the prior year, the metropolitan Tucson area experienced a net office absorption of about 240,000 square feet. As a result, overall vacancies decreased to 19.1%, the lowest level in the Tucson market in the last nine years. ................................................................................................................................................. IIIIIIIIII-!::P41:11.:PAW4gOlgP70001111111011111" AA \. Number of Complexes 367 Total Square Footage 9,9112527 Owner Occupied Space 2,287,305 Leasable Space 7,624,222 Vacant Leasable Space 1,456,272 Percent Vacant of Leasable Space 19.1% Office Space Inventory: Third Quarter 1993 1.46 Vacant 2.28 ❑ Leased Owner Occupied 6.17\\\ \\s, Total = 9.9 million square feet KLEINMAN N BRIEFER II - 21 During 1982 to 1987, a total of about 3,000,000 square feet of leasable office space was added to the market. The large amount of construction greatly exceeded absorption, resulting in significant increases in vacancy rates. Since 1987 to present, there has been a decrease of about 150,000 SF of leasable office space. Absorption increased during this same period which resulted in the steady decline in vacancy rates from 32.1% to today's 19.1%. The total amount of leasable space has decreased since 1987 due to the conversion of lease products to user properties (including two downtown and one other office buildings acquired by the governmental agencies). Since the Tucson office market is in an over built condition, there was zero new construction of lease space in 1992 and 1993. Office Building Permits Second and Third I uarters 1993 Office Area Address Square Feet Date Permitted Business Northwest 6970 N. Oracle Rd. 10,920 June 1993 Interwest West Central 3730 N. Stone Ave. 17,000 Apr 1993 Credit Union Downtown 343 S. Scott Ave. 11,080 May 1993 Glenwood Conversion Total 39,000 CB Commercial's recently released Commercial Market Trends (February 1993), the office market won't experience any speculative building until existing surplus continues to be absorbed and lease rates "start to double". Lease rates for Class B and A office space average between $12 and $14/SF, respectively. According to Commercial Market Trends, a 15% increase in average rental rates in the market place will occur in the next three to five years (projected at $16/SF at the end of that time period). Projections for the office market indicate that net absorption for 1994 should fall somewhere between 160,000 to 170,000 SF and citywide vacancy rates between 16% to 18%. Additionally, larger contiguous space (over 10,000 SF) will become increasingly difficult to locate. It is also anticipated that build-to-suit facilities will become an important option as remaining "rehab" opportunities are exhausted by owner/users. Retail Market The retail market has shown signs of improvement in 1993, with increases in occupied space resulting in a decline in vacancy compared to 1992. The following tables and graph illustrate the status of the retail segment of Tucson's real estate market. This information has been compiled by the Roy P. Drachman Institute for Land and Regional Studies, University of Arizona. This data was published in the 2nd Quarter 1993 publication tided Metropolitan Tucson Land Use Study, (MTLUS), and represents the most recent data available concerning Tucson's retail market. The overall vacancy rate of Tucson's commercial strip centers was 12.2%, down from the 14.1% posted 12 months prior. Shopping center vacancies are also down from 1992 levels, at a 12.9% vacancy rate compared to 15.3% in the middle of 1992. Part of the reason for these declines in vacancy can be attributed to Smitty's occupying over KLEINMAN t BRIEFER II - ?2 100,000 square feet of vacant space at the northeast corner Speedway and Kolb and American Home Furnishing occupying the vacant 200,000 square foot Galleria on Oracle just north of the Tucson Mall. In total, over 400,000 square feet of vacant retail space was absorbed during the last year. Total Commercial Strip Inventory by Quarter Tucson Urbanized Area Number of % Change Quarter Establishments Total SF in Total SF 2nd, 1983 5,224 12,826,934 3.6% 4th, 1983 5,309 13,051,090 1.7% 2nd, 1984 4,924 12,816,183 -1.8% 4th, 1984 4,575 13,002,597 1.5% 2nd, 1985 4,581 13,174,395 1.3.% 4th, 1985 4,573 13,344,080 1.3% 2nd, 1986 4,679 13,594,748 1.9% 4th, 1986 5,277 13,710,532 0.9% 2nd, 1987 5,179 14,122,325 3.0% 4th, 1987 5,228 14,502,536 2.7% 2nd, 1988 5,310 14,778,033 1.9% 4th, 1988 5,267 14,672,058 -0.7% 2nd, 1989 5,005 14,054,971 -4.2% 4th, 1989 5,014 14,164,612 0.8% 2nd, 1990 5,022 14,212,817 0.3% 4th, 1990 5,024 14,212,761 0.0% 2nd, 1991 5,002 14,136,236 -0.5% 4th, 1991 4,998 14,074,130 -0.4% 2nd, 1992 4,987 14,108,415 0.2% 4th, 1992 5,003 14,104,967 0.0% 2nd, 1993 4,977 14,138,670 0.2% NOTE: Beginning in the fourth quarter 1982, the methodology for determining commercial strip space was slightly modified. Outlying establishments in shopping centers which were previously included in the commercial strip study are now included in the shopping center study. Beginning in the fourth quarter 1986, the total number of establishments includes those structures that are vacant. Beginning in 1989 additional misidentified establishments in the commercial strip study were removed and added to the shopping center study. SOURCE: MTLUS, The Roy P. Drachman Institute for Land and Regional Development Studies, University of Arizona. KLEINMAN if BRIEFER II - 23 Tucson Shopping Center Inventory by Quarter Tu cs o n Urbanized Area # of Number of Total % Change Quarter/Yr Centers Establishments Total SF in Total SF 2nd 1983 102 2,315 12,207,300 4th 1983 104 2,390 12,691,725 4.0% 2nd 1984 105 2,180 12,856,620 1.3% 4th 1984 105 2,092 12,901,780 0.4% 2nd 1985 106 2,134 13,003,780 0.8% 4th 1985 106 2,195 13,222,560 1.7% 2nd 1986 109 2,185 13,506,821 2.1% 4th 1986 119 2,816 13,996,642 3.6% 2nd 1987 120 2,823 14,104,404 0.8% 4th 1987 127 3,132 14,662,608 3.7% . 2nd 1988 139 3,410 14,787,239 1.1% 4th 1988 142 3,447 15,001,332 1.4% 2nd 1989 153 3,691 15,978,157 6.5% 4th 1989 153 3,727 16,067,430 0.6% 40 2nd 1990 154 3,744 16,177,631 0.7% 4th 1990 154 3,748 16,338,994 1.0% 2nd 1991 157 3,763 16,699,162 2.2% 4th 1991 160 3,775 17,258,248 3.3% _.. 2nd 1992 160 3,766 17,262,427 0.0% • 4th 1992 162 3,754 17,442,676 1.0% "_ 2nd 1993 163 3,751 17,574,130 0.8% NOTE: Beginning in the 4th Quarter 1982, only shopping centers with 25,000 square feet or more have •. been surveyed. Beginning in the 4th Quarter 1986, the number of establishments is defined as including vacant as well as occupied units. 4-M SOURCE: MTLUS, The Roy P. Drachman Institute for Land and Regional Development Studies, University of Arizona. M. Commercial Strip/Shopping Center Vacancy 16 -- 14411111 Shopping Center 10 i_ Commercial Strip f 8 i'-_'l 011.1.144, 4 • 2 --- 0 i---•1 1-1--1--1 i 4-4-a--{-4 4 i i 4--+ { 2 4 2 4 2 4 2 4 2 4 2 4 2 4 2 4 2 4 2 4 2 4 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 KLEINMAN I BRIEFER II - 24 40 The previous table and graph illustrate the historic trend of commercial strip and shopping center vacancy rates from 1982 to 1993. Although vacancy rates are still considered relatively high, a downward trend is beginning to develop with increased absorption and limited new non-owner occupied construction in 1993. In total, about 600,000 square feet were added or planned to the retail inventory base in the first half of 1993. Additional retail space permitted since this statistic was compiled at mid year include the Albertson's at Harrison Road and Broadway Boulevard, Mega Foods at 22nd Street and Park Avenue and two Super K-Mart stores at Valencia and Midvale Roads and on Ina Road, west of Thornydale Road. These projects will add more than 500,000 additional square feet of owner occupied retail space to the market, and reflect the continuing trend towards "big box" retail development. As the prior discussion indicates, the retail market has continued its shift toward power centers with large centers offering everything from banking, restaurants, clothing, movie rentals and groceries. Power centers are currently under development within the northwest, southwestern and eastern sections of Tucson. With respect to retail rental rates, lease rates and tenant concessions remained stagnant during 1993. Anchored neighborhood shopping center lease rates ranged between $8.00 and $12.00 per square foot, and unanchored strip center lease rates varied between $5.00 and $10.00 per square foot, with a few high end specialty centers somewhat higher. Retail space in power centers rents for the highest rates, ranging from $13.00 to $16.00 per square foot. It is anticipated that during 1994 lease rates will remain stable until year-end, at which time they are expected to increase slightly. Overall, the retail market should continue to experience improvements during 1994. Over one million square feet of new larger projects will push total inventory space over 32 million square feet. The new retail space will be absorbed, as it reflects predominately owner-user space, with some smaller projects having been preleased. While this new "big box" space is not expected to have an immediate direct effect upon the retail shop space absorption trends in Tucson, it should be noted that increased competition from new grocery chains and the expansion of stores by national retailers will eventually put pressure on smaller shop and anchor tenants in older, unrenovated centers. Rental rates and concessions will remain relatively flat, with rent increases possible by year-end. Overall vacancy rates are expected to continue downward, although the recent scope of new retail development is expected to put pressure on older, marginal retail space. However, with continuing population and employment growth, the retail segment of the market as a whole should see additional modest improvements. LODGING MARKET Rapid development in the hotel/motel market occurred in Tucson between 1982 and 1987, causing an oversupply of first class businessmen's lodging facilities in the metropolitan Tucson area. However, Tucson's emergence as a national destination resort locale has substantially KLEINMAN Q BRIEFER II - 25 boosted tourism in Tucson, and has recently helped the industry begin to recover from the over building that occurred during the mid 1980's. Major conventions are beginning to look at Tucson as a viable alternative to the Scottsdale and Palm Springs resort markets. Since 1982, three major destination resorts have opened for business in the foothills of the Santa Catalina Mountains: the Sheraton El Conquistador, Loew's Ventana Canyon and the Westin La Paloma. The addition of the new destination resort hotels has added a total of about 1,500 luxury resort hotel rooms to the Tucson market, more than 10 times the number of luxury rooms previously available. Each of these resorts are equipped to handle functions of all sizes. In addition to these resorts, Canyon Ranch established itself nationally as a world class health resort. This success is evidenced by a 205% increase in employment in the resort industry over the last five years. Delegates at major conventions located at designated resorts infused over $200 million into the Tucson economy during 1991. Convention activity should increase significantly throughout the decade due to a $23 million expansion of the Tucson Convention Center. The expansion project added 142,000 square feet to the existing complex to nearly triple its size. This increase in convention activity should strengthen the Tucson lodging market significantly. No new lodging is currently under construction, but the city of Tucson is entertaining proposals for the development of a hotel facility adjacent to the Tucson Community Center. No specific plans or timing for this project are known. Two other projects are in the planning stage, a 600 room resort hotel located a few miles west of the downtown area at the Starr Pass Golf course and a Stouffer's resort hotel/golf course with about 300 rooms to be located in the foothills of the Santa Catalina Mountains. According to a report released by the accounting firm of Young Warnick Cunningham, Tucson is attracting more visitors, local hotels are experiencing increasing occupancy levels, and room rates are gradually increasing. 1992 saw occupancy rates of about 67%, which are up substantially from the doldrums experienced during the mid 1980's when occupancy rates were below 60%. Preliminary reports are that occupancy rates for 1993 were in excess of 70%. The long term trends are considered to be positive for the industry due to Tucson's improving economy and attractiveness as a destination resort. Daily room rates have now increased to over $63 per night, up from $55 per night in 1987. The outlook for the lodging industry in the area is for continued gradual improvement in occupancy and rates, with limited development of new facilities (with the exception of the two aforementioned resort properties) during the next several years. The overall lodging market in the Tucson area will most likely continue to improve over the next several years, with limited new business and tourist class development. As the Tucson area continues to grow, it will enjoy an increased ability to attract tourists and conventions, and demand for lodging will continue to increase. This will eventually result in the development of additional business/tourist class facilities in the metropolitan Tucson area. ILLEINMAN #BRIEFER II - 26 INDUSTRIAL MARKET During the period of 1984 to 1987, the metropolitan Tucson area industrial market experienced unprecedented construction, with nearly 6.8 million square feet of industrial space added to the area's inventory, reflecting a 33.5% addition to the existing industrial base. The growth experienced in the industrial market during this period was largely attributed to several factors: 1) rapid population growth and economic expansion throughout Tucson; 2) financing for the development of industrial projects was readily available, allowing developers to secure loans with favorable terms; and 3) new tax laws favoring industrial ownership over alternative investments. This rapid expansion resulted in over building in many segments of the industrial market, with then existing supplies far exceeding the demand. Consequently, rent levels decreased and new development halted in all regions of the metropolitan area. Indeed, as of the date of this appraisal, there is virtually no speculative industrial space under development in the community. Data compiled by Marketing Strategies and presented in their Greater Tucson Survey of Industrial Buildings, August 1993, demonstrate the condition of the market over the recent _past. As shown on the following graph, absorption has been positive in all but two of the last six quarters. Given the lack of new speculative construction, this trend is anticipated to continue into the foreseeable future. METROPOLITAN INDUSTRIAL ABSORPTION 1 500,000 Y / { / 400,000 � . 300,000t=== / 7-5 t 200,000 -/ 100,000 1 2 100,000) T T 1 1 T 1Q 1991 3Q 1991 1Q 1992 3Q 1992 1 Q 1993 3Q 1993 • Coincident to the increase in absorption has been a decline in vacancy rates, currently 14.3% for the region as a whole. The graph on the following page highlights metropolitan vacancy KLEINMAN BRIEFER II - 27 trends for the past eight years. As will be shown, there is a clear downward trend in vacancy levels for the metropolitan area which is considered to. be a reflection of the near standstill in new development of investment grade properties. (It is noted that the vacancies shown below exclude the IBM facility which was partially vacated in the first quarter of 1990.) HIS roRIc VACANCY TRENDS 35.00% r:vs : 11M-44" Rv4.x MO WA 4w* 30.00% •r:r:{{': rr,:':7•'�y', Mra: .1.Y.•'•1r. ti::•:•r:, .. 1 f::�'~ �}}:':}}:• {:•:'•r}'y' •}::••}'•.,:. •..'•• ' :: ;'r{.r.•'.• ::ri:•:y:ti, :J'i:': •�14'{Jr.•• ,�.�.,�;• :.:{;••ti': ;:;:ti':;C S:.} J{• Y�}•}" :r.};;•••fr• mm {: 1 trrr:I•.:• �r:;:ti;%�l :`:tif':•,f• ��{:'Z�•Y J'r:r. .,.; ;:�•:;;l•f• :•:ti;:'''� •. ,'•tt'V' •{; y};.}v,.,. ::•rr.•.r} {:;:;:;{.;, :%:;::,•,;•�;. :r fi:% .:till.;•„rMfg :Kik*Kr ////���It 00 ... %:t. r:; :%<' :%r::•}I.../.V V . ;:}rrti•rC}}L•. l•:•:•::: .:{•i i}:: '• : •};: •.; :r:r:i:i:• gini :;�:;:•: :•1.:•:':r%{%'• r : r•::•i:}:• 1:::%:'ii:. :•'J :;:�::�;%:i�• •:; { l ,.•.,.,.,r.{•.,t '.•frH�,.'. ;rrrr.;}.:;r. {•:C;:'�;: Pail .%:%r r, I'} 111? 'r}i{ }r:}{'� •:r,;{. t.,}.,;,r 1 L, .{r { v..v ;•r •vr'rr.L}. v}''�r, •.};: ,� :;;.r}.;•. }ti•{. ":+y, ,•r• .v;;:{ :�:%:%:•:;;, {t{{'•:•�% %r��:r a:.;:f;:;:•: f'fr/Y.•� .;{:.;�,•;. 20-0°- :•r: ••:: r• :{.; .... •.til• :t ••• • .:. .::}:S' :• 'l•:•:•.;. �f:'1:'• :/It: ;l:•:;.:�•.• •f.; �:;{' ;{: :;..,{X::�:• MN *. r. ri {%{:r:%�r: vr•;;: ..;.•:•::ti;: ;f r ,.rr.;C:Y•. .•}r'.:L. rrr:'<::•:• •/•rJ::4 •r;•r.,. ti l7%' %f'••}• :f:•::r:f. • :•::;r: %:fir,;::•: r• i; r:;r, s. r :r t•.�L• fi• �:• • % L{•.•r::{¢ 'r�:%}: � ::•�:}•}%'•• !}f::••;•} •%'r,';: :.•i;, {'•{.Jr;;: ;,�� r L'•r,.,.. /�, }t:{tib:•:v. •:.•. .�r:•'% :::;� .r :•J!!/. ;.1;.;•.•: r},::;,;. {ti 'r,'r,::.''r:•r: :%i•.•::.%�'r %f:: •.•r... i::::; :r:%:;;:... rr.r.; ;}/ �( .r., if;41 '�%fL•.L• �l:::�••,{: J rti:iti%. .vv. .•r.• r ::{ ••1••' Irl,''•' I f: •'� �r 1 5.00% . :%.•%}:,':;�%:}{:.r}:.:•�ti�..,.,�}``•+:rrr{.�:.'~�•}:ti'r:.: }•;;}�,{.}v{:�{�..•:{Y;j.:.v•{}�r{:::.••�..:ti Lv�{}�•• •'r;�tivM•.v�•rr'.�••::;;$,v'r{}•v{,;l;�..,,i•v•.rr.•:,l•rrti,. r.;<:t1•t•:.'::4ti:•:.�:•.}.r'L.��••...::li.{J•'..:{.}.;ti,: •;:r�•'i.:�r�;•rS.,%','•:•rrw•�r•,ti..:tit;+:�•:•.}{}:.{y•;r1{.0 tiC;•r.' .••::.;rr�•:}rrIr;�r,•r�/rr.S•r/.l•;;.}.r}.{yts.,:;.;.yL�':{{1;%},'r.:. %'fte..e'rr• }:r%r•'r::;;::••:Jti%I;::y:�;,':{':' :�::%.ti;f'}}"C{ti•''.:�••:;::::'�: 'rf:'r:{•';.:{;fr,r.::,:•:;r:''i•:r i.:;•%s•::.:::r}:.•{%,.. �:tv;:;�.r,':,{,.:•;,':r};;r.:..:�••},•}f}f.rr:,. {:frJ1f,...,r.:,.;{r�'._f}.:r:�•'?•rti�,•tvti::. ••rJ,•l 5J.•�/f•Nit WI . �♦Y.l •.�}I�f.rr5t'•,$C}L�,r•.v;{,?�r};�.,'ti••ti•:. i.}i,}..�r•NIA. Nig gee !}fJ}/:+.• r1J;rviS,:Jr.1{i:{f:ll;/i.�rf.if�?ffJsl•r'.� 0::N; :♦A0 % f ' ' 161.1 2.4: L��{�;f} r;: M taC, ;G':Ov ekoi:i Mite J/10.00 5 .x .�•• � ,�r ... ��:�•:•.•:• o0 00 0\ o, g --{ -� cv cv c� 0o 00 00 00 00 00 00 ov o. o• v� The indicated vacancy rate provided by the MSI survey is supported by a comprehensive survey completed by Grubb and Ellis. In the Grubb and Ellis survey (prepared by Steve Cohen), the current industrial vacancy rate is 14.22%. At any rate, the current industrial vacancy is at its lowest level since before the first quarter, 1986. The current decline appears to have gathered momentum starting in 1991. In addition to the existing trends, there are a number of conditions which contribute toward an optimistic outlook for the industrial market in the Tucson area. The Resolution Trust Corporation (RTC) which dissolved all but one of the existing savings and loans in the state of Arizona has disposed of the majority of improved assets including industrial complexes in Pima County. The remaining commercial banks have become more amenable to financing sound improved projects and well conceived proposed developments. Also, the decrease in population growth has been reversed (please refer to the Neighborhood Data section of this report), with an increase in population growth for Pima County as a whole currently at 2.4%. In light of the previous discussion, the overall outlook for the industrial market in the Tucson area is considered to be favorable. It is likely that the recently established upswing in KLEINMAN it BRIEFER II - 28 occupancy levels and rental rates will continue, to a point of warranting some new speculative development within the next 12 to 24 months. This will be especially true of larger (10,000 to 100,000 square foot) single user spaces, in both a multi-tenant and stand alone configuration. As will be discussed later in this analysis, this trend is already beginning to manifest itself in the marketplace. In summary, while rental rates have been increasing gradually, they are not yet at a point �y which would induce wide scale speculative industrial development. However, increased demand for industrial space should continue to create upward pressure on occupancy levels and rental rates. coupled on this, with the availability of vacant land suitable for industrial development within the sub market, the economic outlook for the industrial market appears to be favorable. Furthermore, current market conditions lend themselves to continued strong demand for single user and other large space (10,000 square feet plus) users. LAND MARKET The land market within the Tucson area saw a significant increase during 1993. This was the result of the depletion of improved home site lots within the market and the resurgence of residential demand. During 1993 there have been a significant number of acquisitions of land for residential development. The land acquisitions include parcels situated throughout the community, with large land parcels (+100 acres) being acquired within the north, northeast and northwest sections. The land market continues to be driven by developers users, with only limited acquisitions for speculative development. Due to the projection that residential demand will continue strong in 1994, it can be anticipated that the residential land market will also continue to be active through the year. Commercial land sales within the market continue to be user driven. Only well located parcels which meet the specific needs of individual users will be in demand within the market. With the continue expansion of grocery stores in the market and other big box users, plus continued growth in the number of fast food outlets, the commercial land market in Metro Tucson during 1994 should be similar to that which occurred in 1993. It is noted that there is projected to be no development of speculative office or retail space in the market in 1994 which would enhance user demand for commercial land within the market Real Estate Market Summary At the end of the previous decade, each segment of the area's real estate market was over built. However, at present there is a shortage of many types of properties including home site lots, larger industrial space, detached housing and apartment units, while the strip retail and office building markets remain weak. The market is responding with new construction occurring in the markets which are experiencing shortages. It is anticipated that the strength shown in the real estate market during 1993 will continue during 1994 and into 1995. During this time frame significant new detached housing will be constructed (about 8,000 units over 18 months), over 500,000 SF of new industrial space will be brought on line and a number of KLEINMAN Ar BRIEFER II - 29 new apartment complexes developed. In addition, owner-user retail space should continue to be developed in the market, specifically grocery stores and other big box users. AREA SUMMAR.Y The Tucson real estate market was hard hit from 1986 through 1992, with the recovery starting in 1992. As shown, 1993 has been a banner year in the Tucson market for a number of segments of the economy. The long term outlook for the Tucson area remains positive. . po Live. Population and employment are projected to continue to increase at rates in excess of the nation as a whole, however, at levels which are lower than that experienced duringthe Pe early to mid-1980s. The cyclic nature of the economy reflected in the population, employment . and development segments is considered to be on the growthrtion of the next cycle. P� y The strengthening of the Tucson economy will have asitive impact upon Po p po the subject property. Overall, the Tucson metropolitan area is considered to be in the continuing growth stage of its life cycle. KLEINMAN N BRIEFER II - 30 I NUL.{ { 1SKI: I 1 \ 1 t i w 7 t SIffNIT NMOL.7," / r 371Vh p t0!!O i``: } �!�•� :; „:\ �\+ l ' Et•\ L z l i.:1: t i r ♦ 1� t I' a `' `/.- -is' !',\��,; .,:•i t-' •b` -k r 1...),... ....4„ '� S �r( \ �C C v[ I °•7� ---__ '..---•�---' f� •:,/, t • i• 4,•!�s Y. '�fk. off' + 'r; ' .: i� M •��� tot {��J� rr fl,,• r•i . YI•rr •`• 1 !`J .r_.. 1 ., r\:...' 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Ra .•,Y �.•.r. i-z _ •^• 'fie - �5. - • �.. ,r�. , , ....._,. . / ,_ - . .... , •. . ... �" :y ^as tlx:.:�.:f. t ,'.4. , ., -'t 7:,..-•••.:t.,,,,,:.';',:.%'. ^`F (; 'Z • . r le;.r ._ ,,,- _ .,.,, a w•Y• ") •... - w •. . - , tl f -. e- - • ". .-- t ,/' '♦ ..,.. ._ r • • '---..-,y,. - � .•• .� Vii• .t a' 31._ a � 4 ;.:. ,.•�•.: ▪�.r-.4:,•'.Pia w `%r r - _ 1. <� 5' +j �a • r - .. - '11w•1. _ 1 • � p MJ •t a- _ -i, r , • e•. fl • - e ' , '‘,".• . , ' /3 ! lr. • �-/' - •• a .., l • • • /Me„r. .._ rte._.. _ -� ( .'.N -•�' .-<+.. � .. - - - • 1. r •� - - - jj+••"!.. t••!r' ,----:•—';•-• % it .::''''.'-s--•-`• 'itr _ J _ .. 5, .1' - .---• -r _ , NEIGHBORHOOD DATA The subject property is located approximately 10 miles north of the Central Business District of the City of Tucson. The subject area is considered to be part of Northwest Tucson. The boundaries for the subject neighborhood are identified as Oracle Road on the east, Ina Road to the South, Interstate-10 on the west, and Tangerine Road to the north. These boundaries are considered appropriate due to physical divisions and social characteristics of the area. Demographics Projections by Pima Association of Governments abstracted from the 1990 Census indicate that the subject area is expected to grow at a significantly higher rate than that of the county as a whole. Based on the most recent available census data, the projected growth rate for the subject neighborhood ranges between 5.25% and 9.63% between the years 1990 and 2000. This compares to the growth rate for Pima County as a whole which ranges from 2.07% to 2.62% per year over the same period. The following tables delineate these estimates. Subject Neighborhood C.Tract 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 46.03 6,100 6,159 6,203 6,256 6,311 6,365 6,418 6,471 6,524 6,576 6,628 46.07 7,793 8,041 8,269 8,511 8,754 8,997 9,241 9,484 9,727 9,970 10,212 46.08 5,087 5,171 5,243 5,323 5,404 5,484 5,565 5,645 5,725 5,804 5,883 46.09 7,346 7,477 7,589 7,713 7,839 7,964 8,089 8,213 8,337 8,461 8,584 46.11 14,483 18,623 22,701 26,916 31,141 35,377 39,625 43,882 48,146 52,416 56,692 46.12 6,535 6,650 6,749 6,859 6,969 7,080 7,190 7,300 7,409 7,518 7,627 46.13 2,824 2,879 2,926 2,979 3,031 3,084 3,137 3,189 3,242 3,294 3,346 Total 50,168 55,000 59,680 64,557 69,449 74,351 79,265 84,184 89,110 94,039 98,972 % A 9.63% 8.51% 8.17% 7.58% 7.06% 6.61% 6.21% 5.85% 5.53% 5.25% Pima County 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Total 666,954 684,450 700,250 717,209 734,247 751,311 768,365 785,391 802,389 819,351 836,274 % A 2.62% 2.31% 2.42% 2.38% 2.32% 2.27% 2.22% 2.16% 2.11% 2.07% Again, as shown, the population estimates for the subject area are projected to increase substantially more than those of the overall metropolitan Tucson area (Pima County), which results from the abundance of vacant land and the increasing demand for residential development in the area. Growth in the subject neighborhood since 1980 is primarily the result of the master-planned developments and residential subdivisions situated within the area, including North Ranch, Countryside, Copper Creek, Rancho Vistoso, Canada Hills Country Club and the Villages at La Canada. These projects offer a uniformity and complementary forms of development which typically include amenities such as open space, recreational facilities, and other desirable features. ILLEINMA N a BRIEFER 3025-941 III - 1 Land Uses The subject neighborhood comprises an area of about forty square miles, of which approximately 80% is undeveloped vacant land. As shown on the accompanying map, the majority of the developed portion of the neighborhood is contained within master-planned developments in the area, including Copper Creek, Rancho Vistoso, Canada Hills or larger residential projects such as the Villages at La Canada and Catalina Shadows. Land uses for the subject area currently include primarily residential uses, with few recreational uses. There is currently limited public or commercial development in the subject area. Residential The number of newly permitted residential units (single family, townhouse, and multi-family) in the Tucson metropolitan area is currently at its highest level in over five years. In fact, single family permitting activity which totaled 5,582 units in 1993, was at its highest level since 1972, when 5,894 units were permitted. In order to gain a better understanding of the residential market and its impact on the subject neighborhood, we have consulted the Metropolitan Land Use Study (MTLUS) prepared by the Roy P. Drachman Institute for Land and Regional Development Studies - University of Arizona. According to the Fourth Quarter 1993 MTLUS publication, of the 5,582 residential permits issued in the community during 1993, 44% (2,477) of the permits were issued in the subject neighborhood, making it the single fastest growing area in the community. The following graph demonstrates 1993 permitting activity throughout the community: Liii 8% 1% Sub. .... 11 % 4.. .. 1110 4 .N.N. r,.wr a Jt' 2%/o oit" i h 3•;m . r , t • 44/o J E 6-8 4% •....:.IN N , 11111 ... Li10-13 9% 12% 114 15 The above statistics underscore the rapid population and housing expansion currently taking place in the subject neighborhood. (It is noted that the boundaries are not precise and also KLEINMAN N BRIEFER 3025-941 III - 2 include some outlying developments which are not part of the immediate subject area; however, this is the best available information.) Additionally, given the number of new residential communities either planned or currently under construction, this trend is anticipated to continue well into the foreseeable future. As indicated by the number of active subdivisions within the subject neighborhood, the area is considered to be desirable for residential development. The residential development within the area is targeted towards both the entry-level and the move-up markets. At the present time, the area to the west of Thornydale Road is servicing the entry-level and low end move-up market while the area east of Thornydale and in the vicinity of La Canada is servicing the upper end move-up market. The most notable developments in the western portion of the neighborhood include Countryside and North Ranch, with numerous smaller `infill' subdivisions currently being developed or planned. In the eastern portion of the neighborhood, in immediate vicinity of the subject property, the most notable influence is La Canada Hills Country Club and the surrounding residential development including the Copper Creek project. Over the past decade this area has rapidly developed thanks in part to the strong amenities (Canada Hills Country Club) coupled with very good views of the northwestern slope of the Santa Catalina Mountains. As will be discussed in the Highest and Best Use section later in this report, the supply of improved lots in the subject neighborhood has diminished significantly. This trend is accentuated in the immediate subject area. As of the date of this appraisal, the existing inventory of improved lots in and immediately around the Canada Hills Country Club has diminished to a point that nearly all new development after the next twelve months will take place in subdivisions which are currently being improved, versus infill growth on remaining improved lots. Overall, the subject neighborhood has and will continue to experience extensive residential expansion. This can be attributed to the physical amenities offered by the area coupled with the significant quantity of vacant land available for new development. Furthermore, given the diversity of housing product (i.e. low end, high end, etc.), this trend is anticipated to continue well into the foreseeable future. Public and Private Amenities The subject neighborhood benefits from both existing and planned public and private amenities including public parks, community schools, and private resorts and clubs. Of most substantial impact to the subject property is the Canada Hills Country Club which includes two 18-hole golf courses. These two golf courses are owned by the Sheraton El Conquistador resort and are private membership courses. Within Canada Hills is the clubhouse facility which includes a restaurant, tennis club, swimming pool, racquet ball courts and other facilities. KLEINMAN N BRIEFER 3025-941 III - 3 In the central portion of the neighborhood is the Tucson National Resort and Conference Center. This resort and its country club environs offer 36 holes of golf along with a complete hotel and health club facility. Additionally, the area within the Tucson National Resort also includes high end housing consisting of both single family detached and town home projects. In the western portion of the neighborhood is the Arthur Pack Regional Park, at the southwest corner of Linda Vista Boulevard and Thornydale Road. Currently, Arthur Pack Park is improved with an 18 hole golf course. Expansion of the park facilities is in the planning stages and includes the addition of new playing fields; construction of a new YMCA branch; development of a Pima Community College satellite campus; and the future expansion of golf facilities. According to Mr. Carlo Dipilato, a representative of Pima County Parks and Recreation, the most immediate improvements will include the development of five new multi-purpose athletic fields (softball, baseball, soccer, and football) which will be added within the next 12 months at a cost of approximately $1 million. Mr. Dipilato indicated that the YMCA facility is planned for a 7 acre site and would include a +31,000 square foot facility with swimming pool. This is planned for development within the next five to ten years. The Pima Community College satellite campus will be developed on 35 acres and would include classroom facilities, parking, and athletic fields and could facilitate up to 10,000 students. Development of this facility depends upon public funding success but could occur in the next five to ten years. Several public schools also serve the area (most notably, Desert View High School at Linda Vista Blvd. and Thornydale Road) which provide recreational amenities to the area. Overall, the subject neighborhood is very well established with both public and private recreational facilities. As growth in the area continues, the addition of facilities (both public and private) should continue. Other Land Uses There are limited land uses within the subject neighborhood outside of residential or recreational. There are no existing commercial or office developments in the immediate subject area, with most of the demand for such uses met by the Ina Road corridor at the southern boundary of the neighborhood. The only commercial uses in the neighborhood are situated in the eastern portion of the larger neighborhood. This consists of the recently completed 55,000 square foot Smitty's grocery/shopping facility at the northeast corner of Lambert Lane and La Canada Drive. There are presently no other support shop or pad uses planned for this project. Transportation The neighborhood is considered to have an adequate roadway system at the present time. The major north south roadways include Thornydale Road, La Canada Drive, La Cholla Boulevard KLEINMAN t BRIEFER 3025-941 III -4 and First Avenue. Primary east roadways include Magee/Cortaro Farms Road, Linda Vista Boulevard (the subject's frontage roadway), Lambert Lane, Naranja Drive, and Tangerine Road. At the boundaries of the neighborhood, Ina Road, Oracle Road, and Interstate-10 also provide access. Overall, access within the neighborhood and to other sections of Tucson is considered to be adequate. Summary Overall, the subject neighborhood is considered to be highly desirable for residential development. Housing absorption within the area is targeted and priced toward both the entry-level and move-up portion of the home buying market. Absorption of housing within the area is considered good due to the desirable nature of the area. As the result of the large number of master-planned developments and active builders within the area, the market is considered to be very competitive. Based on historic and current land use trends, the neighborhood should continue to be desirable for residential development. The subject neighborhood is considered to be in the growth stage of its life cycle and the subject property is positively influenced by the surrounding neighborhood. KLEINMAN N BRIEFER 3025-941 III -5 • „. • • • • • : :. .- SECTION IV .t .......- ,-'. , -,.....,,,-..-..--,,-..-.....-.-.....- - • .--- • • • •.. ,. . '- ., •.• „...-...,-:-,...,-,,.:.;...-,,,._„.--.-...-.:::::,.--..-..:•,.:_..,..-:.-,_.,-:•::-.:,..,. ' -'*'-•-•.:.'7,...'-'•:-`,.:„-...,•;,--;,..-..-•••- '�` .••-.•,-',-,-.''.'‘,..--; , •a :••••'• 'x -J _ - ..• -' - > • :•—;:i.,•"-.,••••.-,'.;.-••••--...:-• • -fi+ 'L es `r J♦ -' T.• K- �2 .. •f• • 7. • h ., -_ t- A f ,...•;'7.,-.L ...-,:;_•,:.,:„. _ ,�_, • • ;R. •s_ :, ' J+1e•' •�•.♦f .-•4.:�: •fir.. -,;. se,........,:..,-.-..-,"2.,.,..',-:."...,• w • 4,11'.: ''' ....:-,:,,;.....-::,-.:''.-.:....-..---.....-...._-:...1..--...:-._:.':.-,-;`...--• .,:,:•-,.:,'-,':....'-----•'....-..,,,--' • �. t- 1. _ , {• ''!.- .. _ _ - - �_ � .. _ - • ; t t a r - - 1. - - , ..y •4. '_ ..,y ) - .... A ..-•' ' ' • • , r s cif• 1 . A f. ) _• ,.• • • ASSESSOR'S PLAT MAP • 111 NW a.r+►c ..e�. a+r sr w c twit • r lLLA.1ltJA RJ�Z .wsr +uu P -fe� %Y/. swiss mai. near , 8 . / - e , . .. - , • I 10B . .• v5).6,42. (":1, -3,1 IC . • . e • . ,-.... c. ..... , i .„.............. . . _...........,... , . t . ; .4., ...,..... ,., , f __________ - . • • , . v. . . .4.,. & • s; i' i s1 MAI a . g -:...,- 0 ' „L,. 1 - r,' ‘.Or — 1 • -- 3. ; I ..4°V.-- . . _ imi - „....4;41/4 , . / ,. . - . ... , '. e ir - . - ,,,. .,, _ _ .., - . - . . .- i ' - 4*• 141 : 44'` • . - 't S i �i F f gp a • 59 .7 ���„ i '� 0 1 w \ Ly ' ice•.„,, 7,76 . ge - G .11 111. • AL. ' It s�At - ..�.x +.+n " i v '°°�' CANADA HI , :.... "`gq+' %+ ' w v., A ' w h /„fir i VILLAGE 10 42/86 M&P , • • a ,, , sis ...,. ... i, .4.1 1.I.1 1141 1.121.1.1111.11.11.1-,1 i ,I 1,t.,,ii, Wrk ..."- • gp - --.-. MI -NI Subject `, _ - _ 55 • 2" i • '.!I • CON . -, STATE .•LAND 1.57 an.�,om • �~ V CLUa t--- -2,E" _ 3JY8ur lila f Sts? 41 K '�+tis4s- Mass v cr,:,c • `.:r ., ,, .- (.111/111/1/11/1/111111/1/111///r. . • - :VIRD V A.1.E1 _ • , • y Y PROJECT: . - . .: CLIENT: _ THAT +40 ACRE VACANT PARCEL:LOCATED ON _:: STATE:LAND DEPARTMENT. i - THE NORTH SIDE OF LAMBERT LANE, WEST OF , . LA CANADA•DRIVE, TUCSON, ,- • PIMA COUNTY, ARIZONA : . : : . = KLEINM'AN BRIEFER& ASSOCIATES_. SI'Z'E DESCRIPTION The subject property is situated in the northwestern portion of the Tucson metropolitan area, within ag rowing residential neighborhood. The following information was obtained from our physical inspection sical ins of the parcel; available public records; and interviews with representatives from applicable utility suppliers and municipal departments. All of the information derived from the above noted sources is believed correct and reliable. Where necessary, supporting documentation and exhibits can be found in the Addendum of this report. LOCATION: The subject site is situated on the north side of Lambert Lane, approximately 1,320 feet ('/a mile) west of its intersection with La Canada Drive, in the northwest portion of the Tucson metropolitan area. SHAPE: The subject parcel is generally square in shape, measuring approximately 1,320 feet by +1,247 feet, east-west/north-south respectively. Refer to the accompanying plat map in the addendum of this section. SITE SIZE: The subject property contains approximately 40 gross acres of land area and 37.79 net acres. The net acreage reflects the influence of the Lambert Lane right of way. TOPOGRAPHY: The topography of the subject property is gently sloping from north to south, dissected by two washes that also run from north to south. At least one of the washes is significant to the point of inclusion within a 100 year flood zone which is addressed below. Given the topography of the site, at least a portion of the parcel is considered unusable and it is likely that any future residential uses will need to incorporate a clustered development approach. FLOOD CONDITION: According to the Federal Emergency Management Agency's Flood Insurance Rate Map Number 040073-1020D, effective September 30, 1992, the majority of the subject site is outside of the 100-year flood zone. However, the largest wash which traverses the site is designated as Zone A, an area of 100-year flooding. Although a portion of the site is within a 100-year flood zone, this is considered typical of similar properties in the area and is typically mitigated through the use of open space in the development process. It is noted that the same flood zone extended north into what is now a developed residential subdivision (Canada Hills Village 10) which successfully mitigated any adverse flooding through channelization measures. KLEINMAN N BRIEFER 3025-941 Iv - 1 SITE CONDITION: The site is currently vacant, with no on or off-site improvements having been made. The parcel is afforded excellent views of surrounding mountain ranges including the Santa Catalina Mountains (and Pusch Ridge) and the Tucson Mountains to the southwest. Additionally, the site benefits from its location adjacent to the Canada Hills Country Club which borders the north boundary of the site. ACCESS & FRONTAGE: Situated on the north side of Lambert Lane, the subject is provided access and frontage along this roadway (approximately 1,320 feet). At the present time, Lambert Lane is a two way, asphalt paved roadways maintained by Pima County. According to the most recent available Traffic Volume survey, prepared by the Pima Association of Governments (PAG), the average two- way, 24 hour, weekday traffic volume, west of the subject is 600 vehicles. However, it is noted that this is a 1991 estimate and no more recent data will be available for the next several months. We have also considered the potential for access from Canada Hills Drive which is situated at the northeast corner of the subject. According to Ms. Linda Frew and Mr. Don Chatfield, planners with the Town of Oro Valley, Canada Hills Drive is a private roadway within the Canada Hills Country Club and any potential access would need to be arranged through Canada Hills Country Club. We attempted to contact Mr. Mark Weinberg with Canada Hills Development (602-742-1171), however, he was out of town and unavailable for comment at the time of our inquiry. Traffic volume along La Canada Drive, a major north-south roadway situated 1/4 mile east of the subject is reported at 11,700 vehicles per day. As this is a 1991 figure, it is likely to be lower than current volumes. Unarms: Water: The subject is within the service area of Canada Hills Water Company. According Mary Kobida, a representative of Canada Hills Water Company, there are three lines which could potentially service the subject property, including: an 8 inch line along Lambert Lane up to the southeast corner of the subject parcel; a 12 inch line running north-south in La Canada Drive approximately 'A mile east of the parcel; and a 12 inch line running east-west in Canada Hills Road adjacent north of the KLEINMAN 1►BRIEFER 3025-941 IV -2 subject. Ms. Kobida indicated that one of these three lines could accommodate development of the subject property. Sewer: Pima County Wastewater Management (PcWM) services the areas sewer needs. According to Evone Suarez, a representative of PCwM, there is a 15 inch main in La Canada Drive (reference PCWM Map Number 217) approximately 1/ mile east of the parcel which could service the site. Although there are also sewer lines servicing the residential subdivisions to the north (Canada Hills Country Club) and to the south (Ranch Feliz) neither of these lines would be sufficient to service the subject. Electric: According to Mr. Nevin Cloutier, the residential subdivisions adjacent north and south of the subject are provided with electricity service by Tucson Electric Power Company which could extend service to the subject. Natural Gas: Natural gas is provided by Southwest Gas. According to a representative of Southwest Gas, there is a natural gas line along the south side of Lambert Lane which extends from La Canada Drive to the west to Rancho Sonora Drive adjacent south of the subject. Telephone: The area is provided telephone service by Mountain Bell/US West Communications. EASEMENTS: We were not provided with a title report or survey which would specify any existing easements on the site. However, our physical inspection of the site did not indicate any visible easements or encroachments. Additionally, the plat map did not indicate any easements over the site. SURROUNDING USES: North: Adjacent north of the site is the Canada Hills Village 10, a subdivision within the Canada Hills Country Club. The Canada Hills Village 10 is a single family development with a density of 3.3 RAC. The larger Canada Hills Country Club is improved with numerous single family subdivisions of varying densities as well as an 18 hole golf course, club house facility, tennis courts, and other amenities. South: Adjacent south of the subject is Lambert Lane. Across Lambert Lane is a combination of vacant land (to the southwest) and a KLEINMAN BRIEFER 3025-941 IV - 3 residential subdivision known as Rancho Feliz. According to Ms. Linda Frew, a planner with the Town of Oro Valley, the density of the Rancho Feliz development is 1.21 RAC (this is in contrast to that indicated on the zoning map exhibit at the end of this section which indicates a density of 1 RAc). East: Adjacent east is a +40 acre vacant parcel currently zoned PAD- 1, a planned unit development. According to Ms. Linda Frew with the Town of Oro Valley, the specific use on this parcel is open and will most likely be commercial on the immediate P � northwest corner of Lambert Lane and La Canada with less intensive uses on the backage areas ranging from multi-family to medium density residential. West Adjacent west of the subject is approximately 160 acres of vacant desert land in a similar physical condition as the subject. NATURAL, CUL RECREATIONAL, OR SCIENTIFIC VALUES: The subject site does not have any known natural, cultural, recreational, or scientific value. However, a discussion with Mr. Don Chatfield, a planner with the Town of Oro Valley indicated that the Town had eyed the subject parcel for potential park development.ment. He indicated that the Town is currently in the d p process of putting together a Parks Plan which will be completed around July, 1994. ARCHAEOLOGICAL: We have not been provided with any report on the archaeological condition of the site. Therefore, it is an assumption of this report that no adverse archaeological conditions are found. If there is concern by the client, it is recommended that Ms. Sharon Urban, Public Archaeologist with the Arizona State Museum, University of Arizona, be contacted to further confirm the archaeological condition of the parcel. ENVIRONMENTAL HAZARDS: Our inspection of the subject site and surrounding uses did not indicate any potential environmental hazards that were readily o observable. We were not provided with an environmental study and cannot report on any potential environmental conditions that are not readily observable. If there is a concern by the client with respect to environmental hazards, a Phase I study should be obtained from a qualified consultant. This valuation assumes that • there are no environmental hazards which would adversely impact the marketability or value of the subject property. • h'LEINMAN BRIEFER 3025-941 IV -4 ZONING: The subject site is under the jurisdiction of Pima County Zoning Ordinance and is zoned SR, a low density residential classification which is typically used as an interim holding designation pending a more intensive future use. Accordingly, the Pima County Comprehensive Plan designates for a medium intensity urban use. According to the Comprehensive Plan, the purpose of this classification is "to designate areas for a mix of medium density housing types and other compatible uses." The plan designates a density of up to 10 residences per acre (RAc) and also allows for a variety of other related uses such as golf course, resort, and alternative transitional uses. Although designated for a medium density use by the Comprehensive Plan, the likelihood of any near term (1 to 2 years) rezoning is limited. According to Mr. David Guyer, a planner with Pima County, given the current political atmosphere, new development on the northwest side will be highly scrutinized by both the planning and zoning commission and the Pima County Board of Supervisors. This heightened scrutiny has arisen from a perceived inadequacy in public infrastructure and the public's dissatisfaction with current development trends in the area. Supervisor Ed Moore recently proposed a 100% moratorium on any new rezoning and platting activity in the subject neighborhood. Although this moratorium was proposed, it has been partially withdrawn yet the prospects for politically motivated scrutiny remain and will make any future rezonings in the area very difficult. Additionally, builder/developer fees are currently being discussed and could further hamper future development in the area. An alternative to rezoning the property while under the jurisdiction of Pima County, we have also interviewed representatives of the Town of Oro Valley. According to Ms. Linda Frew, a planner with the Town of Oro Valley, the subject property is in Annexation Area 3. This area is not a high priority for annexation by the Town of Oro Valley and carries with it a time frame of at least five years. However, there is the potential that the subject could be annexed sooner if the property owner were to solicit the Town of Oro Valley rather than waiting for Oro Valley to initiate that annexation process. Under such a scenario, Ms. Cathy Cuvilier of the Oro Valley Clerk's Office suggested that an annexation of the property could be accomplished within 3 to 6 months. Ms. Frew indicated that the subject property falls within the designation of low density KLEINMAN N BRIEFER 3025-941 IV -5 residential, and that the property would most likely be approved for not more than one RAC. She suggested an additional time period of six to 12 months for rezoning to final density. Overall, the immediate development potential for the subject property is dubious for any intensity greater than that which is allowed under the current SR zoning classification (one residence per three acres). The greatest potential for immediate development of a more intensive use would include the annexation into the Town of Oro Valley, with a potential density of one RAC which could occur within approximately 12 months. The alternative would consist of waiting out the current political storm which is overshadowing Pima County planning and zoning decisions which could last indefinitely. Based on the current rezoning trends, a maximum density of 1 to 2 RAC could be achieved if the property remains in Pima County, and it may be years before even this was accomplished. Based on the foregoing discussions, it would appear that any immediate development of the property would need to occur under the jurisdiction of Oro Valley, following annexation. Alternatively, longer term (2 to 5 year) investment might ultimately return a higher approved density potential, albeit minimal. REAL ESTATE TSS: The subject is identified by Pima County Tax Parcel Number 224-24-014A. Because of the governmental ownership (State of Arizona), the subject property has not been liable for real estate taxes in the past. However, the parcel has been assessed by the Pima County Assessor's Office. According to County records, the 1993 Full Cash Value for the property was in the amount of $604,640, equal to approximately $16,000 per net acre. Based on the valuation herein, the current Full Cash Value is well below the estimated market value and is therefore considered reasonable. As the ownership of the property is transferred to a private entity, the parcel will then be liable for payment of real estate taxes. Based on the assessed valuation, a 16% ratio for vacant land and the 1993 tax rate for the subject area of 13.4800, the estimated taxes for the subject site would be $13,041. There are no assessments for the subject property. CONCLUSION: The subject property is well situated on the north side of Lambert Lane, +V west of its intersection with La Canada Drive. The parcel benefits from its high setting and excellent views of the Catalina Mountains to the southeast. The property also benefits from the its location relative to the Canada Hills Country Club. Alternatively, the parcel is negatively impacted by its lack of KLEINMAN s BRIEFER 3025-941 IV -6 zoning, with potential development being at least one year any from the date of valuation. Finally, the parcel is partially adversely influenced by the undulating topography of the site, yet given the most likely low density of 1 to 2 RAC, this will not likely be a significant limiting factor. • • •_y ,.,y �Rw •- YW. • • • KLEINMAN /BRIEFER 3025-941 IV -7 • ASSESSOR'S PLAT MAP .v..sr—c a..ar►. - ..r. ei.r ; �... �u. / b`ar 41 il . 1 / ; g � riql ii,� 80 iiON 4. 0 � E:)..1.)3 'S.,",�'Q � I e i , rim" 7, , .4k,,,,, .. 1 , ____,_i ii „.,:i„....t.,\L„.,,,f E 4.ri ,..cy s : .",,,_ 4, — - - - 55/j.-.7 - . ". oz"TV // \N224- 24 // ? ftZ' 4,..,.4:,'z'''s i 1 ! , k f,, P k..3„., 41-13.-z-- —,_ , , ..,,Sk-&, 1 ..:____F-mi-e ;F-!--.- , . , . , /(,) ,.... 1 . m. ,$) = - l 1 - k , 80 � :). .): 5A ., 4ir E Z /., 4q , . -- /-1/17\-------- , \ ., ' : ' ______ . ...„ + t' \,_„, .,,, , , / 4r.t;:i7 i.,... . iti, 4, 4 6 st,,, lig r 4, - :. a, ikt• ., i, (.5.9_9 4,, 0., . c.,..,, 0 iii �... a. SS t .+ - • di __ __. it..., . \_ '. / i 5/3 /i t ' . � sr.•� mar '�`n �' ro a. z ..� '°'r' CANADA HI1.Lh . »'" 7, ir I I': VILLAGE 10 42/66 If c!.:1: t • a §g§ 1 £ till11111L1Lt.11 11.L1L11111 1L11/' 1L te1L111 ...._�...�• t . . �i1Q.ZJ k �' 1 1 • I . + 158 k Subject , -� . 55A ¢ 40 x I2 13 13A i 1...417 CONQ STATE LAND ti o UK11LOCr 3Grtf'"6i�£--- LLIC T L2$ 1 s i r. -' INs e*s sv Ir V auo.�7 M tlr Mr Q V c (///////////////////////////////' • z tAii vac art Lwals —11111,3111"— PROTECT: CLIENT: THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA. CAIIADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINMAN BRIEFER & ASSOCIATES 41 ZONING MAP • IL. - —• 1 , . , ... • 41 _— ---1 , 1 • c 1 . . .._ , • , •- .,. PAD-1 \......i , /.-!...4,.... 1 • ,. . / - ,• ,-,-,- - , 1---- 1.'"....... --.......................................... / / . ( ' / I , 1 .--^ ."•-•-•... 0-."...:.' . / • / 1 FT \\ . I/./ PAD-1 /- / ORO VALLEY .,. , . , , H ,\, , , \ , , ,+_ ,. , 7---• -7---' '<t.-41- ---.-.‘ .... / / ',. \., . . /I"__/,/___j, ..„\_.i.. /._,./ , L i ,,,:.,a, / ./ , - I aki -: -•• =-.• 1 ..i... .i via ,.....,..ei.igC_Ar. • 1,ii.. .•a:i.",_i_ . r-\<\;\ ( `r--\ .../i . ' \ I: 4 / \-. ! i . \\\ i =, \\\ )\ \\I .4 t.,....: \\ \ , I \ .., \.--- c.t. ire .44 ,..1,, •:e .. Z._ 1,.^.. ' 4 ck. c..tiV)Ie , ,,• „ \\\ .-„,,N. !p. No ............. 1.1 .. r • . '- vai Of''''' ----.. - .. H.:1.„:,.. (21.-1.‘:Ns'i,..,,..... i • -..../ . 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' _., ,., / -R1-43 '4 -'- -‘ ,. ____°.---- j ;:/..:(.\--\ .., / .----\•<----- ..._ - .1 7" .............-...-- -1 - \" I • as* \ .,....\,-.' 02 - .4•I$4114.4- .., .7.,........2_,--,.. I -.......'-.' .... " , i . et,....' 11,11 - 4., 73...41.•7'1'. i ari • 1,0 1 ......... .. I ..`,...! 1 44i Alf .„ '*St ....-1-••••43, -d .7, i — 410 _HI • • Illai ;;;,,_,....--- 4. ,.. ...,..„. /: i 1--- ..._ i . amt: ..... 1 4,,4.0 11.1. ....\ ... likr. I tr--7'.--• \ \!‘\ 00"Cf' alli 1 11.$2, .. .. . •:, I 1 /...'•/ • ..,:.-1 i ' , . ... •. I . . 1 / i • '`, . '''' IL,•._d,.. , "'I ,,'..*.r:::d-''...••• -'..0-I . R I—1 44 c-- -41111Mik' PROJECT: CLIENT: THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINMAN BRIEFER& ASSOCIATES FLOOD PLAIN MAP • -311 II { i :",1 1 / i{ ) i ,, ., ( \ , it 2 .. , r. 0 • I1 NARANJA ...( ROAD - _._- I CORPORATE LIMITS • ? ' •" 1 v r l '; $Aii3NAI`1000 INSURANCE FROCRAM �� .I'll.!1' ----- ) $1111111 FIR M 0 .„,,„„ ,,,, FLOOD INSURANCE RATE MAP Town of Oro Valley '`��lII' ! AREA NOT INCLUDED Ij' 1'I Iv1,A (•()1,N' 11` iii'++ / ;i;iI�'PI 1,0 ,, 11 \I.(()IZI,>11\I I I)ARI 1`,) • On Li, ti I F+;II 111PANEL 1020 OF 4700 HI,!;011!11. ISE E Mnr u.rVE,rr>ri•my,,S moi♦w,wtF6, • '..'i CORPORATE LIMITS . —--1 : •Subject . is ZONE .�.,. 1 '.' COMMUNITY•PA/4EL NUMBER ZONAE A -` —ZONE ;;i:.:;: 040073 1020 D i _ --• A �1'"is .•-.. LAMBE RT LANE :SI...- ------=-2— — '?' —'_ ;"' MAP REVISED. __ li e �:L LL SEPTEMBER 30.1992 .` f + off. cc I I • ` ' a!ii:191i1H > ZONE X !;;;`'!!,III`Federal F mentency Manastemen t Agency i ONE X j Z i •,,,,, / o • ,...\,:i I • ZONE X ____ ,) f �, 1 ZONE X $.>-• fiA f - - CASCI►.EO,vt• R 1 ( - - 4 fir 1 „ 0,-„,.o .s .L__ 1 6 - s / _ Cw►O PARAMO • C*+v�A V i '. , -44 Note: Not To Scale -101,AIN PROJECT: CLIENT: miff THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINMAN BRIEFER & ASSOCIATES 4P SITE LOCATION MAP . • .. - ...4,, . 0. . * ..,, • ', Vert+- .k":1``t .* si'A '4*.l..4.44r.tit'4,4, 4.74'44:'ter' '. it'h Ot.-• ...4r%.'' 44..-"ii• : --;b -*I" .ak.--.X- b '' -7-- :7. :- ' . .- . 4,,,y,ifer-*,7-.-. • sz,-,, ,_$-.' -c-it -,,,i,,P,,:- iii,,,,, ... , . 1.4,... . .ef ..; ..- . , ,.. , 4,4 .- ,•.).-. , • , t� , ..- 4144. - 4,." --II-.. . L 4- "a' . .' ....' 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' .._ r • ,. � ' �� •.. • � • _ _ f •_'. t .- ,. - .. 1. • • i • ' ' •-•• • • • • .'' , . . .. . . _ - • —- ECTI N . .. . ...- — - • , , - , t ti .• . , , .• Y .,l . i ♦ °'• - ' ter. -; , f .. r ... ►•:1 _ . _,• • r - . .- . • ...... . , .. . . .. . ,. _ - rte.• � zi•:, s- • _ - �' _ b' .*; --..-_,•,• ---,..,-..,..,.,--...-_.--..- .,--.:...7_,-,-,:: ,:. t w r,- -1.-. - ,.:- ., -..--.,.....,:,-:,_,.-• ,-.• --.---- ...--,:.-,..,„:-...,-- - .-. -- -... •• . -.-' ---- . -.. . .-. -- , - .:„. ..,.._:-..,----.- :,...--_. .....,-. .:...-..---,....e..-__...,-,-.-...,;.:,..,..::-..,;-,,,;,,,,,,,,-..!--','',.-:__-_,,:..-,.,.....-.,,.!',.-...-.,.-.,-.,,,_ -... -• _ "..,!.-,....: --_...,, -... . .-, :: . • i - _ : r v;} - lar - t-• . r. _ •, y - . - _ •.- .i r.�•�-.t .... ••Sri.r -,'•.t-•.. - -� - f ,•I _ `1. _ •1:..,'-';'.,•-•-•,:'-:- -� •• 5: ". -Y-^� .� ` .l -� Vii. •�-, � _ - _ .. _ J - ti .' • 1,2...2--.7.-:'.-.'••"'''''-:-'..'...•...::'*-.;--...\‘'...- .;-''''.. ''''.•-,1'...''-'-':'.•;--.•-•.'-•2..* '-''...--•.- .•.'-•• ".2': '.;' ••,.-' .'2 ''-• '..- ' '•... s .-',.- -^' ''--." ..-,."-.•-..-•• • '. -. --' .'''-'. •" •,`- • . ,' : ' • .-• ', . ••. . - • , " . • , i .tom . .•. _ -.. HIGHEST AND BEST USE d as such, reflects an appraiser's opinion Highest and best use is the basic premise of value an , upon u on an analysis of prevailing market occurrences. y and Best Use, as used in the Highestanalysis of the site, as if vacant, is defined as: land or an improved property, which is The reasonable and legal use of vacantt supported, financially feasible, and tha h sically possible, appropriatelyppo physically y among in the highest value. The use, from reasonably probable and legal physically possible, appropriately supported, alternative uses, found to be phy Y ' Bible, and that results in highest land value. financially fea . and best use of the subject property as if definition applies specifically to the highest The PP and best use of the subject site, as if vacant, is to vacant. The purpose of estimating the highest be have value. The use of the subject site found to identifythe uses that causes the site to . financiallyfeasible, and that results in the highest physically possible, appropriately supported, Phy y present land value is considered to be the highest and best use of the subject site, as if vacant. In estimating the highest and best use of land d there are essentially four stages of analysis: ,- � - the uses of the subject that are permitted by 1) Legally permissible use zoning, existing leases and/or deed restrictions; 2) Physically possible use - the uses of the subject that are physically possible; uses of the subject which are possible and 3) Financially feasible use - the J permissible which will produce a net return to the owner of the subject; and - use of the subject site among the feasible 4) Maximally productive use. the . to the subject. The use is uses which produces the highest net return J essentiallythe highest and best use of the subject. The previous stages of highest and best use analysis have been applied to the subject site, as vacant. Legally Permissible . residential use (SR - Suburban Rural) by Pima The subject is currently zoned for a low density J detail in the Site Description section earlier in this report, while County. As was discussed in d intensive future typically designed for interim holding pending more this classification is typ y g development suggested that it will be at least one year beforeany development our analysis s bb by the current SR classification) will homeper three acres (as allowed more intensive than one densitywould be to solicit In fact, be allowed. the fastest way to achieve a more intensive annexation into the Town of Oro Valley followedby their zoning process. According to Ms. . densitywould be around one RAC, generally similar to Linda Frew, the most likely approvable d adjacent south of the subject property. Given current the Rancho Feliz subdivision a j 1 The Appraisal of Real Estate, 10th Edition v - 1 KLEINMAN BRIEFER 3025-941 development trends coupled with the recent public sentiment in the area, any more intensive density is deemed highly unlikely as of the date of valuation. Based on this, while the subject site is currently zoned for a very low density residential use, it is likely that a more intensive density of up to 1.21 RAC could be achieved in the relatively short time frame of six to twelve months. This would be achieved through the annexation of thero ert into the Town of Oro Valley. Given the current political atmosphere in Pima P P Y County, the alternative of seeking re-zoning through the county carries with it an indefinite time frame and essentially no reasonable prediction of what potential density might ultimately be achieved. Physically Possible The next constraint imposed upon the possible use of the subject parcel is predicated by the physical sical characteristics of the site itself (i.e. size, shape, topography, etc.). The subject contains approximately 37.79 net acres of land area and is situated on the north side of Lambert Lane, west of its intersection with La Canada Road. The parcel is situated in the northwestern portion of the Tucson metropolitan area, in a neighborhood which is currently experiencing strong residential growth. The immediate area is approximately 50% built up. Most existing development is situated immediately along La Canada Drive. The parcel is comprised of vacant desert land, with undulating terrain and several small to medium sized drainage channels which would require moderate site work prior to development. Although within a 100 year flood zone, given the relatively low potential density noted above, coupled with a clustered development plan, it is likely that only minimal site work would be required. The other physical characteristics of the site would not limit the development potential of the property. Overall, there appear to be no significant physical features which would prevent the subject parcel from being put to any of the legally permissible residential uses. Additionally, the site could be acquired for medium to long term investment purposes. Financially Feasible/Maximally Productive The uses that were both physically possible and legally permissible include either a residential use of not more than approximately 1.21 RAC or investment. The ensuing analysis will address the feasibility of a residential use for the property: Consisting of approximately 37.79 net acres, the subject property could, assuming the best case rezoning scenario, accommodate up to +45 home sites (at a density of 1.21 RAc). In order to better understand the dynamics of the current residential market, we have performed an analysis of current market conditions to determine the feasibility of residential development. Currently, the Tucson residential market is at its strongest point in recent history, with new housing starts at record levels. As discussed in the Neighborhood Data section earlier in this KLEINMAN N BRIEFER 3025-941 V - report, single family residential permitting activity is at its highest level since 1972, with 5,528 P units being permitted in 1993. Furthermore, as noted, 44% (2,020 units) of the total permitting for Pima County took place in the subject neighborhood. After considering current demand, we have also analyzed current remaining lot inventory of generally projects similar in the neighborhood. The following table highlights our research of competing subdivisions that are currently marketing homes: Remaining Subdivision Date Total Developed Vacant Lot Name Opened Lots Lots Inventory Alta Mira Village May-85 47 45 2 Canada Ridge Jun-93 126 27 99 Casas Adobes Oct-93 56 2 54 Casas Adobes Terrace Nov-93 72 2 70 Catalina Vista At North Ranch I-IV Apr-87 162 132 30 Como Del Sol Nov-80 83 11 72 Copper Creek II Jul-93 102 27 75 Cortaro Estates Oct-92 46 24 22 Country Club Phase I-IV Feb-92 221 160 61 Countryside Heights Nov-91 125 90 35 Countryside Shadows Mar-85 231 229 2 Countryside Terrace Aug-90 133 131 1 Countryside Vista Nov-85 146 129 17 Fairway Heights May-87 51 34 17 Hobby Horse Mar-87 132 132 0 Ironwood Canyon I, II, III Jan-90 341 220 121 Linda Vista Est. (American Const.) Mar-87 127 127 0 Linda Vista Est. (Dominion Homes) Dec-86 107 107 0 Linda Vista Terrace Oct-91 102 95 7 Meadowbrook Jun-85 528 528 0 Mesquite Canyon at North Ranch May-90 65 37 28 Moon Ridge at North Ranch Apr-87 72 63 9 New World Homes (C. Ranch) Oct-93 105 9 96 New World Homes - Linda Vista Estates May-87 103 42 61 Overton Heights III Jan-91 86 82 4 Premier Vista at Linda Vista Oct-87 101 88 13 Pulte Homes at C. Ranch Aug-92 265 102 163 Richmond American at C. Ranch I Apr-93 121 42 79 Richmond American at C. Ranch II Apr-93 118 36 82 Sunnyvale Dec-93 145 3 142 Sunset Point Feb-85 390 365 25 Tierra Brava Estates Jun-93 27 4 23 U.S. Homes at C. Ranch Jun-93 74 20 54 Totals 4,610 3,145 1,465 As shown, there are currently approximately 1,465 remaining vacant lots in the immediate subject area which would compete with the subject property. As discussed previously, the total number ofP ermitted single family residential units in 1993 in the northwest portion of Tucson was 2,020. This is slightly skewed because the number of permitted units includes an area KLEINMAN N BRIEFER 3025-941 V - 3 slightly larger than the immediate subject neighborhood. Nevertheless, assuming that only 1/2 of theP ermitted units were situated in the immediate neighborhood, the remaining supply of available lots falls to less than 18 months based on 1993 absorption. With potentially less than an 18 month supply of available lot inventory in existing improved lots, we have also analyzed planned inventory in the area. According to a survey prepared by Marketing Strategies, as of the fourth quarter 1993, the total planned inventory in the area was 2,966 lots. However, of this, only a small percentage were close to being ready for development or under construction of off-sites. The following table highlights the status of planned inventory for the subject area: Status # of Lots % of Total Ready For Development 347 12% Off-sites Under Construction 115 4% Recorded Platting 1,091 37% Pending Recording/Approval 1,431 48% Total Planned Inventory 2,984 100% As the above table indicates, only a small proportion of the total planned inventory (16% or 462 lots) is ready for development or in the process of being improved with off-sites. Based on this, coupled with the current existing supply of improved lots, it appears that demand will outpace supply within the next 18 to 24 months, unless additional lots are brought on line. This will be intensified given the resistance of Pima County to rezone and/or approve new plattings in the area of their jurisdiction. Additionally, this will have the benefit of increasing the demand for properties in Oro Valley and Marana which will have an easier time attaining rezoning and development approvals. Overall, based on the current level of on-going development coupled with the existing and planned improved lot inventory, it is clear that strong demand exists for single family residential development in the neighborhood. Furthermore, given the aesthetic and physical amenities of the subject property, coupled with the potential for rezoning approval through Oro Valley, it appears that the parcel is well suited for residential development and that any such development would be very well received in the market place. Given the strength of the residential market, an equal or greater land value is supported by a development oriented purchase versus investment. Furthermore, the return of and on the capital investment resulting from a residential/development acquisition is relatively near term thereby eliminating a large portion of the risk associated with a longer term investment. Overall, based on the foregoing analysis, an investment use of the parcel is not considered to reflect a maximally productive use of the property as of the date of valuation. KLEINMAN N BRIEFER 3025-941 V - 4 • •' • • • . • • • • • .• ' • , • r • • • L • • SECTION1 • • _....,... , ...., ...„..', ... u _.. .., ,.. - - - .- - • �: 1.. _.. •-.;': ---,,-;._•.--...,.... ,........-..:, .........• -Y -, .... ...,,..,;•-.-...,-:_-.... .:.- ..,-::_-,:T,.;...,..„--...,......._,:.....- -• „ r -_.•• .......,..,:.;..._-.... :,:.,,......., ...........,...,_.-,---:•,. ..„•.. - :-... ....--..,-.-., ......,.......,......,..4- ..... ... . ...,.......- ......,. , .• ,. . . .. ., , ,._. .. .-I_..-.. ..Y •- - .. 1. ` r • - -. .. .,, - , . , • oaf � t - -- .. �' 'n - - -f.. -1`. � _.�•_ _ - - r • • • f ` - • , w • - t. SALES COh1PARISON APPROACH The Sales Comparison Approach to value considers recent sales of similar comparable properties. This technique is an application of the principle of substitution which affirms that when a property can be replaced, its value tends to be set by the cost of acquisition of an equally desirable substitute property that can be acquired without undue or costly delay. Each of the comparables has been confirmed with at least one party to the transaction and all sales information is believed to be reliable. As discussed in the Highest and Best Use section of this report, the highest and best use of the subject site is for single family development. While the parcel is currently zoned SR, a low density residential classification, given land use trends it is highly probable that the parcel could be rezoned to a density of approximately one RAC. This could be accomplished either through the annexation of the property into the Town of Oro Valley or possibly through Pima County (the municipal entity which currently has jurisdiction over the subject). Based on this density, a total of approximately 40 lots could potentially be developed on the parcel. While theP otential rezoning is high, the market would not view the property as if it were zoned but would most likely consider the parcel as 'un-zoned' with the potential for rezoning. Based on this, we have attempted to gather sales of similarly zoned (i.e. SR) properties which sold based on the potential for rezoning. In several instances, re-zonings have either been approved or are in process. Besides the sales noted above, additional sales were identified from other portions of the metropolitan area (Rita Ranch, Sun City/Rancho Vistoso), given the abundance of similar data in the immediate area, we have included only one sale from outside of the immediate neighborhood. Alternative land sales which were not analyzed are retained in our files and do provide overall broad market support. The primary unit of comparison used in this analysis is the purchase price per net acre. This is in contrast to the sales price per potential lot, which although often referred to in the market, will not provide a reliable indication given the greater levels of inherent risk associated with 'un-zoned' parcels such as the subject. As will be shown, a total of five sales and two current active listings have been gathered and analyzed. Accompanying is a tabulation and map showing the comparables, along with detailed data sheets, plat maps, and aerial photos of each of the comparables. KLEINMAN BRIEFER 3025-941 VI - 1 Sale Sales Site Size Price # Date Name/Location Price Acres* $/Acre 1 Apr-94 Glover Associates Parcel $815,578 36.00 $22,655 S of Tangerine, W of La Cholla 2 Jan-94 Kentucky Life Parcel $1,725,000 97.16 $17,754 N sd of N aran j a, W of La Canada 3 Nov-93 Genesee Company $370,000 17.75 $20,845 W sd of Bear Canyon, S of Prince Rd 4 Sep-93 Pulte Site $1,100,000 25.07 $43,877 NEc of Naranaja& La Canada 5 Apr-93 Pacific International Parcel $1,260,000 57.71 $21,833 NWc of Thornydale and Cortaro Farms 6 Listing L. Vista Ridge(L.Vista, E of Thornydale) $621,000 24.00 $25,875 Linda Vista Rd, E of Thornydale 7 Listing N sd of Cortaro Farms Rd $600,000 19.00 $31,579 East of Thornydale May-94 Subject (N sd. of Lambert, W of La Canada) ---- 37.79 ---- *Net KLEINMAN •BRIEFER 3025-941 VI - 2 1 .,77-,.—_,- L, , \` .111H l It. p �) \ `�� / 1 ii\ \,` /i l l( Ranch()\�!`t,) i ).- GOLDS � \\.^--`��.`,` /pi, / ' I j /// ' } U; CP 3 • \ — � ,1// _ / i .7-77;— _ /. / � .I 1 ,\OS o 4iv RqN 1 — ---- .- / , r/!• 1 _. • z 0 cii oq \S -; 1I / i. /• I ,\ -_I�� '/' ,i r,i ,z_ 1 /�" �. —" I C' � • / MOORE ROAD Y o poi J 4 v - Mt. Lemmon 5 �//% //�//l'\� ..--,1//• • �� .�•—•� \ - � . ` ,.,,� = L1111111e1'11�1Vi1 I / ��� -� z Z �., - - — \1� -f '/////)('%',\I,I�iEvans Mtn — ,, ,Ns�P Q a W Catalina.. I �- �i►� - _ i . ~— Soldier,Camp �- ��, P > ROA() -�� � `�' --.1�q - 1 c 4 7*--StL-re- ---- �� ���'' Nr'�I /f,/ `~ �.‘ \/Mt. 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T 1 •.1 C ..♦ to o,r.t �, KLEINMAN 0 BRIEFER 3025-941 VI - 3 COMPARABLE LAND SALE ONE LOCATION: South of Tangerine Road, West of La Cholla Boulevard, Pima County, Arizona LEGAL DESCRIPTION: A portion of the Southwest 14 of the Northeast 'A of Section 4, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, Pima County, Arizona TAX CODE NUMBER: 224-11-030; 031; and 033 RECORDING INFORMATION: Deed recorded on or about April 4, 1994 in Docket Book 9766 at Pages 376 and 377 in the office of the Pima County Recorder. OWNERSHIP HISTORY: This property has been held by Glover Associates since 1985-1986. SELLER: Glover Associates, et al BAR: Amphitheater School District SALES PRICE: $815,578 TERMS: Cash SITE SIZE: 36 acres PRICE PER ACRE: $22,655 ZONING/PLATTING: This property is currently zoned SR, a low density residential classification by Pima County. This parcel had no pre-platting or rezoning work underway at the time of the sale. COMMENTS: This property is an interior parcel with access presently provided by a dirt roadway. The parcel was purchased by Amphitheater School District for the site of a future school. According to Mr. Neil Kleinman, the seller, this parcel was generally flat and level and did not suffer from any adverse topographical conditions. The utilities (water and sewer were located ±100 to 200 feet from the site and no other offsites had been installed. The property has reasonably good views and there were no adverse physical conditions which would limit the usability of the parcel. The property was marketed for approximately one year. CONFIRMED WITH: Neil 0. Kleinman, seller and Closing Statement BY: Walter Armer DATE: May 1994 4111 KLEINMAN BRIEFER 3025-941 VI-4 . . • .. ...,••••••• ••4• •.-4 474. . .t.:•!....-:,--;:irTixti,it2ij-?4`,•:: ::',112r.'''''....4Z11,t-Mtril. :••.„1,161., ,..-_,,..-t.e-;774,)F r4:eritignta t.-..,.4.,a. .,.v:ik••• .6-4,.!- .A......".L.AK,Trie.-V)r, , , tr...-•;' - •*1,-..d.--141 .... ; , ,,.,,t,..--;,,, f,..,,,. , v .,,,b, 1;frgra, ,,,g, . &a.. es .4.-,-. .,-. .• iangertrie tv,". -. . •,./.'••• r•ealt.3 7;5 7 p .:., ;MIN,.,k.•,,, -*Pr'11.'lb-7- 4.....t irvie J.*' r_-•4, I 7 .10 ..,,... .1,x,,,),,. ,_,.....:c.,,.(!). . .„_. ,....:„. ,. . ...... ,:r .it*T--..,,,,,cC, 5ti citt,,d-)",(vjf.i:' : 44 itcl; :.-........ ,..',...1, kA.:04,TrIt': ..,4.):-.Ft.'". • 'ti,..:LX: ' . -!‘slor. 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II Comp 1 ---t Q? 1 • ..,..,, .. ,-..-; 1 n, •., 15 1 ‘7 '''.? 9 -... . 4i I.7 /- ...r- ZJ:S''L i.';I. , f 1: • --, 13 7 i 1 :0 ..11 ,•••., •••... , -. • e •----Tr-) :. §.,;:',.1 i''c.•7-54''Cr..), ..„,.. ... ,--€ 8 R .• I.!.• 1 . ..... A Sti .„, ,5 e"."'""--,1 ; me.,,--••••.b.W 1 I th 1 ! t ffi • PROJECT: CLIENT: THAT ±40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINMAN BRIEFER& ASSOCIATES COMPARABLE LAND SALE TWO LOCATION: North side of Naranja Drive, West of its intersection with La Canada Drive, Oro Valley, Pima County, Arizona LEGAL DESCRIPTION: A portion of the Southeast '/ of Section 3, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, Pima County, Arizona • TAX CODE NUMBER: 224-07-001 RECORDING INFORMATION: Deed recorded February 18, 1994 in Docket Book 8152 at Page 1501 in the office of the Pima County Recorder. OWNERSHIP HISTORY: According to our research, it the property was acquired by the seller (Kentucky Central Life Insurance Company) on December 23, 1992, 40 via a Deed In Lieu of Foreclosure, recorded in Docket Book 9219 at Page 2010 in the Office of the Pima County Recorder. According to a representative of Kentucky Life, the loan balance at the time of foreclosure was $1,861,500, equal to approximately $19,159 per ,7 acre. 411± SELLER: Kentucky Central Life Insurance Company BAR: Naranja/La Canada LLC 1 vY SALES PRICE: $1,725,000 TERMS: Cash 411, SITE SIZE: 97.16 acres PRICE PER ACRE: $17,754 ZONING/PLATTING: This property is currently zoned R1-144, a residential zoning classification by the Town of Oro Valley. According to Ms. Linda Frew, a planner with the Town of Oro Valley, although currently zoned for low density residential, this property could likely be rezoned to accommodate up to 2 residences per acre. This assessment is based on an analysis of surrounding properties which have either been recently rezoned, or are pending rezoning. Specifically, the property adjacent east (La Canada Hills Number 15) exhibits an overall density of 3.3 RAC; the property adjacent west (Naranja Ranch I) was recently rezoned to R-4 permitting / acre lots (2 RAC); the parcel adjacent north (Copper Ridge Estates) has recently been recommended by the planning and zoning commission for a 2 RAC density (down from the requested 3 RAC); and the parcel adjacent southwest (Canada Ridge) was recently rezoned to permit a 3.3 RAC development. Additionally, Ms. Frew indicated that the parcel adjacent west of Naranja Ranch I, is in the process of being rezoned for a 3 RAC subdivision. COMMENTS: This property is situated on the north side of Naranja Drive, adjacent ID west of the La Canada Hills Country Club and Golf Course. The property is afforded very good mountain views of the Santa Catalina KLEINMAN N BRIEFER 3025-941 VI - 5 COMPARABLE SALE TWO, CONTINUED Mountains, and is located in an area of developing residential uses. The property is outside of a one hundred year flood plain. With regard to utilities, electric, natural gas, sewer, and telephone are each provided at this site. According to a representative of Canada Hills Water Company, water would have to be extended to the site from an area near the intersection of La Canada Road,just east of the parcel. CONFIRMED WITH: Mike Carlier, Selling Broker, Tucson Realty and Trust BY: Walter Armer DATE: January 1994 KLEINMAN N BRIEFER 3025-941 VI -6 ..-41,' .1 - . 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'" 01, 4 • ', . . -:-tt4, ' '.•-...-.• i '-'•A. i , --;--4.-.•:,• si).. :,-,, r, .jfirt. vi:f. , :0.,,r‘ , .,,, ,:>&, r..,,,,,,..,,..„ 4e 1,...s. ,, • .. , , , ;,. ,. ....ty,A..'"•.74.... .. ...,.,•• , 1.. 1.' ..0 i LT'. t.li 1,6i, 1,i,"•..4-Wi; .,:si. i':Ii'...,'.'',..•,'....102.3: . ..'c'- ____. L .,.,,-11-. ., :.• ....it, 4 /it ...—„..-7.--„,-;:"--; • .- Am , tik ' ''' $11PaltrOttal • 1 4r Z.o.. 4 ..-\SESSOFCS 1:).ECORD MAP SECTION 03, Tow-NsIIIP .12 SOUTH, RANGE 13 LAST ,▪:-.:-•:F. :,:' .: : ,, -•-'...:. ::7..: jr......-.-.----------, •, 11 1,1 4 3•tl." 451.3 i '7'7'17 R. ' Cal! C-• G C-, F, --.--2, ,- :3:s--:•,1 ' :.,... Q..... a.t 1 J , ..,.., , ,..-..1 , '1. , - c7,.....,i', -, ..,,, ,,. _ ., ...,. . ....i.. . .t 2, Comp 2 3 it I—. • i ; .,2 :,..L.;,-L,: - 1- c-i. _....,..,,...„ . 1 is--::1/4•* / i ; 1-11, ......._............„ t ..? — --- PROJECT: CLIENT: THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CAINwiADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINNIAN BRIEFER& ASSOCIATES COMPARABLE LAND SALE THREE LOCATION: West side of Bear Canyon, South of Prince Road, in the northeast portion of the Tucson metropolitan area, Pima County, Arizona LEGAL DESCRIPTION: A portion of the Southwest 'A of the Southwest 'A of Section 27, Township 13 South, Range 15 East of the Gila and Salt River Base and Meridian, Pima County, Arizona 411 TAX CODE NUMBER: 214-27-458 and 459 RECORDING INFORMATION: Deed recorded on November 30, 1993 in Docket Book 9678 at Page 4918 in the office of the Pima County Recorder. OWNERSHIP HISTORY: There were no sales of this property within three years of this transaction. SELLER: Bettina 0. Lyons BUYER: The Genesee Company (Mr. David Greenburg) SALES PRICE: $370,000 TERMS: Cash SITE SIZE: 17.75 acres PRICE PER ACRE: $20,845 ZONING/PLATTING: This property is was zoned SR, a low density residential classification by Pima County as of the date of sale. Mr. Greenburg indicated that the property has subsequently been rezoned and platted for 19 single family lots. This reflects a density of 1.07 RAC. COMMENTS: This property is afforded good frontage and visibility along the west side of Bear Canyon Road on Tucson's northeast side. Mr. Greenburg indicated that the parcel is generally flat and level and that at the time of this sale, no improvements had been made to the site. He also indicated that all utilities were essentially to the site line. Finally, he indicated that the housing product will consist of single family homes on lots of just under one acre. The homes will range in size from 2,370 to 3,000 square feet and will range in retail sales price from $225,000 to $275,000. CONFIRMED WITH: David Greenburg, The Genesee Company, buyer B Y: Walter Armer DATE: May 1994 0 hLEINMAN BRIEFER 3025-941 VI - 7 ` ] ;,„:!:,) : • •'•71 ,. .• w -,• t• nI,11 '., �Q ,...,,.,:-4,,-t b , „,,,,,:t.• r,,•:. �J '''' 4;.i,- - '..."......;;':1*.! -04y4-7.•'• 4' :,,,,....t. ,.•,•••..„ •4.. -t,....--:., ..., f, .0!'... '4 . !t.;.. , .... . . !� -w. ',q •.,;•A•ti ' a *ors i. , •t. r 't;1'14:: ''''.7.‘,.;'�` •4•`...,........41'.•...-__ it + " it. .y y{ '"1 a X11, • itit '7— '10044 1”l l i ,•.'••'... . -j'•A►• ♦. 'rai. i .!alp,• -f/ r f_'" '1., ,4,,,y•- I V i{ .-r �; yip. c �t�.-s.R ,K„-. -l�,E T ••••-•--- •y �v�44 s •• .,•iAy ! r ,...ifiliv. • .1r,;°: 411::: .X.,„,,--i ,,,.": .. .,,, --t— - •-•.,,,-.... - .. . ,- \:-' !.N., ,-``_./.(ks__,, ' •• •r,` til 4-., ,m- -..--_,/-....--.•,.-,..- . , ., , . ...:„-*-1,-."—‘4«:', . 7 • ".. ) *--',r. A?t, .,'''''':-jba' e•SI-'4: • -... . •..•c:....:.. - .': . , .,.-, ..., ,,,,r., , . .I.-46.4 ,,..t, -' —--.e ...4.-k- P• 4 • .. . . .,, . ....,.. • . , ... .. 77. ..., . J11, ..i, 1?-717 ,.. d•., #, :,. .t,i,1_74, .'i r. ,,?•i`._4,•,...=..„‘: i i•*141t,.....f.X- '••' ,,...'. .ai:,...,i,4*,;:,...•-•.s vs, . . .,., 4 . ', • -•1 t:V•,-- WO li IP i i4 a 0' • A f .. .i• ?F.!,, y .,r,-•,...,..;•....,•, 4:.....$17);,.....1‘.. y ,`S +.1 r.•'. '♦ ,...,1„.:- • ..ref. ' -_,1111...L:, .14W-ill/IF?'4. '', , . _.---7. 71,-,"-trri"`"2'..-t----i;::::;;-, ,-.11 - , 1' .'..-'1,11r-."..1, VT`C.:iiii r., .. t: • - • ►. .• ,.;r tis, _ .[ 1t ' � .r/R �y / .titin,} *.t�tt . �t`.�• .1_..L w •� ( •'•:►. •"�', "{�-".- � * • 0.°11.1,. r f id ?• -'_1+, ;•.4•_ • , -•, •Ir0. I f.•7t•1 a:• .: COMPARABLE LAND SALE FOUR LOCATION: Northeast corner of Naranja Drive and La Canada Drive, Oro Valley, Pima County, Arizona I, • LEGAL DESCRIPTION: A portion of the Southwest 'A of Section 2, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, Pima County, Arizona; Also known as, Blocks H and I of Copper Creek I, as recorded in Book 38, Page 60 of plats TAX CODE NUMBER: 224-04-178 and 179 RECORDING INFORMATION: Deed recorded on September 30, 1994 in Docket Book 9638 at Page 1075 in the office of the Pima County Recorder. OWNERSHIP HISTORY: Prior to this most recent transfer, this parcel was acquired from • Valley National Bank as an OREO asset in November, 1992. rF According to the real estate broker, Mr. Ben Becker, the price paid at that time was $565,000, equal to approximately $22,537 per acre versus the current sales price of$43,877 per acre. He suggested that the reason for the substantial difference between the acquisition price and the current sales price can be attributed to several factors. First, 41) the earlier sale was distressed in nature as an OREO property. Secondly, at the time of the earlier sale, the property was still being viewed by market participants as a commercial site versus a residential site, with the new owner willing to risk the possibility that this parcel would not be accepted by the marketplace as a residential tract. Finally, the market for well located residential parcels has firmed up 44 considerably over the past year since the earlier sale. Overall, the broker indicated that all of the previous factors contributed to the increased sales price. Further, he maintained that in view of market conditions, both prices were reasonable given the circumstances surrounding each at their respective times of sale. "i SELLER: G &W Partnership (George W. Venteicher) BUYER: Pulte Home Corporation SALES PRICE: $1,100,000 TERMS: Cash SITE SIZE: 25.07 acres NUMBER OF LOTS: 87 (±3.S RAC) PRICE PER ACRE: $43,877 PRICE PER LOT: $12,644 ZONING/PLATTING: This property is currently zoned for commercial and transitional uses, however it is in the process of being re-zoned to permit 87 units. The parcel is a portion of he larger Copper Creek Development and the proposed rezoning is consistent with surrounding subdivisions. me KLEINMAN N BRIEFER 3025-941 VI - 8 Comparable Sale Four, Continued: COMMENTS: This property is situated at the northeast corner of Naranja Drove and La Canada Drive and is surrounded by medium density residential development. This parcel is afforded very good views of the Santa Catalina Mountains and the Canada Del Oro River valley to the east. This property was zoned for a commercial use, however, given the strength of the residential market, the purchaser acquired the property for residential development. According to Mr. Ben Becker of Chapman Lindsay & Associates, the broker involved in this transaction, this property will require some significant site work to bring the residential lots on line. He indicated that the buyer is planning on spending approximately $12,500 per lot in improvement costs. With regard to utilities all (electric, water, natural gas, sewer, and telephone) are installed to the site, with no significant extensions necessary. CONFIRMED WITH: Ben Becker, Listing Broker, Chapman Lindsay &Associates B y: Walter Armer DATE: January 1994 KLEINMAN N BRIEFER 3025-941 VI - 9 '` . • ,!•••.•R ` 4 'rte '•• •t t 4 f '' y !ry x.. �a r 41 ....;1 .„,...,4,7*;:sr.e..f,t.:‘,..4,.. _::11,1.”.. .:.:.. ,, , . ti i ..„. .,..,,,,.., , it...,-,...r.. ---‘v'.42,, „ '''':- - ' I:,c" '1'4'1"c. , ' ,‘,.,ci • ,...f*::, , ,..' 4''• , ,. ' • .,,,.0:4,44-ts,,... .i,...,.....,„4,,.., ,-., 1,I*Glie,.'...,,,,, -.....k, .....,-iin 40,4,,! -, .v , . 4 i.,., i.v• 11..Hial,:**•.,44:, ilk '.t ,'Lt.'•4 4,4!ti.r.....,p, •- ,-yi.;‘, -,..1,.).-. -'J.; *wit Us I,. • .*I‘ ''AV.:4 '4':.`,'"),":1 V:Afi.,.:44:,',V.'s,7 .f '1 1. .. •i '0 1 tr 4.4d 4- .,..:. . .. A - .-44 ' :4 :''ik.,4.0'.;-iifi,arA,. ..$,,,.,..,......,_,z•.,,,. . •.,1 ibis , 4. . • „to, . T i ,. ..• ,,,ex .. . *A- ':4',•::,-,,,,,,4 .4,,,4,-.1,.. .'4:C Ar,,N,44 s c , ,-41 4 •• . ':. • 1. 1 ' **,.,r.,,..:,,,A..i, ..,..: . .....:,,,,,te.,,,,.....1,„,.......,, t.,‘.., ..1L: PP ,,,,,i'...t. a,!A ,,... k.,:...,, ... 4.• * ;' ; ' la: - •1 '• II' I c.it 141-* .1-4V - .�� r�}.��M v.,„,, .'moi " , \,, ,,) , 4 ""4 \�• •,�,, •-,.r•t. i; . At- ' :"'h4,i•/‘•..- 1 . ', 1 ,. ALA- ' k-,.-. .. 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' "...-,, ,....,„:....-4.4., ! 0t : ,...-...,„1:-', '.?...0.,--,.'.',,1 - * ,„„,,- i r. • iri.•., „., . , •16 ,-,, .i. . .... ,,,,,,,,;:,,,,..4 4 4,x,„,,f... ,- “1.,,e'''''"14. 4tlit' •�•I� 4'1' • . { 4.*.'/''.,4 -' ` '� �il� `i' s i teri •• `Y 1.-4 :it , - 4. 44g-,- , ''''-..:- --:. 4,-„v „,,,,,,,..,Z. - ......447- ._ . , it. ,. ii., it4. ,... as t.,> . .., • r... . .-.• „. ,.• , . 1 ti...., 1..... • - . •fr.-•-• — %. • 1 • ♦.pp r 4 •i Vis + ' }••., ti, ` 'K if/ • • f.',`,t, „,, . ., ' • , .. . , . . ., _ii.. . ,,, , , . 441, , 4 1,.:, ...44, .. Pvi. : .4, ,,,...i .1;,4.mib.s.),,,pj• ♦ , ` ,.. , , :?.„ 8,..i., ASSESSOR'S RECORD MAP 4,r I •••, L `''r FINAL PLAT OF COPPER CREEK I 8' ``' � F. ter• ,��i¢ !';.• , 224.04 BLOCKS A—N, COMMON AREA A �� , �." a A 100 -•Tsb, , • DETAIL 4 =' �1' t= a YEAR r/, �.-,� i 4i PRONE •FORMERLY- i ►•,. to',uOPE ` \AREA �, 203'$3 v , i'' t C3a✓T. 1; 1iATbRAI t _z7__<(_ ., ss r41. AREA i 1 / tea/' • ,„.. . ' , // .•~ , ''ISM ''�-- W'• r / P � o+ f: � cel ; .•;',...,..0,v .//4"." /'P' Q'�./ S ,T. SLOCK-I �, //74'/ ��s..s+assorti d, l i,5') ;3 Z' .,; A,, . , ' -' e,GIV ,/ BLOCK-N � � o Comp 4 . r 1");•-sore100 YEAR ' • t•*, , / '''.C...,..„ .-FLOOD PRONE AREA ss o R^i•ocf.(/T!L i Y \ , �' (C ,PpETR/.4,' _ 9. '' 1. �� 112i __ t \....._ u-•.•, r. r .� n r--- .- _����1 `-_\ •,w• sem -.-:-��-- 1400.03'53,4 26,7 4, , n I� LA CANADA DRIVE nr13•s3`. r64r 4. . sEGrtem cfivE UNSUBt)$viDED .-..- • -- _.__ PROJECT: CLIENT: THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINMAN BRIEFER & ASSOCIATES COMPARABLE LAND SALE FIVE LOCATION: Northwest corner of Thornydale Road and Cortaro Farms Road, Pima County, Arizona LEGAL DESCRIPTION: A portion of the East / of the Northeast '4 of Section 30, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, Pima County, Arizona. TAX CODE NUMBER: 225-33-032A; 032B; and 032C RECORDING INFORMATION: Deed recorded on April 16, 1993 in Docket Book 9522 at Page 2416 in the office of the Pima County Recorder. OWNERSHIP HISTORY: The seller, the Resolution Trust Corporation, acquired title to this property through its receivership of Lincoln Savings and Loan Association. There were no market sales of this parcel within three years of this transaction. SELLER: RTC as receiver for Lincoln Savings&Loan Association BUYER: Pacific International SALES PRICE: $1,260,000 TERMS: Cash SITE SIZE: 57.71 acres PRICE PER ACRE: $21,833 ZONING/FLATTING: At the time of this sale, the property was zoned SR, a low density residential classification by Pima County. According to Mr. Terry Clinger, a representative of the buyer, the property was in the process of being rezoned to a density of approximately 4 RAC and had been approved by the Pima County Planning and Zoning Department. However, Mr. Clinger indicated that subsequent to rezoning approval by the Planning and Zoning Department, they withdrew their application due to the political atmosphere which has developed at the Board of Supervisors level. He indicated that they now plan to hold the property for an indefinite period of time until the adverse political conditions blow over. COMMENTS: This property is situated at the northwest corner of Thornydale Road and Cortaro Farms Road. The site is generally flat and level with surrounding roadways and properties but is slightly impacted by a drainage way which cross the site. This parcel is afforded average views of the Santa Catalina Mountains and the Canada Del Oro River valley to the east. All utilities are to this site including electric, water, natural gas, sewer, and telephone are installed to the site, with no significant extensions necessary. CONFIRMED WITH: Mr. Terry Clinger, New World Homes/Pacific International - Buyer BY: Walter Armer DATE: May 1994 KLEINMAN •BRIEFER 3025-941 VI - 10 . . alniainalailliiMIMMIENNONSIMIMMMOMMINiiiiillf UM . . -•OMW• 4„Ne.'.1 re,....,:p.a.,IMICifit"4t.i.C...ifOr.. ......W.t:el' irsc".7..'..4:".., . . 0:: &;....).-.-..,:.:0-' ,44-2-,7:4; :..),i,::„.,:i •- ,, ., -,.....:4,7,;11, 4 i'...,-**,.'1.).«.4` ‘ ./.. ‘,.., 1.,...•4, •••- . , Ir3"ei.::"". '''''- •;:e.....% Sio.4,4.'''., .ilittg , ..VI t' ...L • •1•11‘'‘" •,"- .11,,,k . ‘"0"II4 -'' )It' i'-''''' ' '"i*,,. .a,'1, s`•01* • 41". 4' : 1-'2!'103:. .. • ‘,* , .r6.01014 :v,.'"& il4. ._ .7...1,-12 -- . .i- - i t :'' 'S.C.i r..I.tt . - icii44%. i;t1A it .." t, ., •. ..,,,,,Jp..•, 4, . . ,E., ,i 7 •••- •..,,,, • idCOWIP 5 •-: '7. # 4 ,!:, 14. .1' _ 4. ,, • 1 / ' P e. •., .. 1.? . . .„ ,,,: t. ..... .4„.i ._ .. 4-4 ,. . .I . 44.O' ' '.., , ''• .. ' '.... : • • 4:. t.i!-''', 0.1,1.; ..Al ....:,10' ...MAW it ..i. . .......,_ 14;..,. .• „,.. ,.: 4. e.,.. , , ,•1 ,,,,„ 7,. .. ,.. '_;:?:•:. ..14, -,,,,, 4)4. :4. 3" '' 74..,ji *.• tid'Ar ,i, 7' i'li. . '..•' 0 11;e4 I, . ^ . p.,, - .1,- ..vi ris'repri." ,-*,.:th- . .• i,..., 9.'4. . l''-`,4 ......• .,;‘, .., „ 'Art. .. ', . -'., •,, 44i**. , t 1..,-ii.~4' -1.,,isiLit,j4,_ .. 1,',,•*.,,,.`,...:. „,,:,..r,,. , 7. •'**,:i' ....,..-,' i it-." A I sit... . .,.., , .: . r .e.: ...t.-•&-e et - .#9211,fr. .....- s 4811 ' ,,,,-, ..,.... .--,7,L,-- .. . . ..., . •,.. -„i" * ,I`" r, 2 ...... . ,. 4 1.• .... _J. 1,40(. rriir,..•. -...-)C .• '.j 14?' ' .•41''.• -''l' '" 4:,4•4,,,,,74., , 4 44,-,,, ..'-:y yr,,r,4.44 , * •'• a.-;•;1:7 l'' • - a... ol.r • vr4.400,•::: ",,'.4:. ....'.34. . -;',.....-•' ,.4'''.!'.,..... -...._., ..t:,,,N ., iii -..!• :-.• -.,:-,!'...4 7.'4 .. :* ''' 4.. ' '''''s 1 ,fr... ." -- .. •, - IA.4. • : A',... 4 ' 4 44:40 rvu, ,.., , ... . ., ilt , „ .-„er '1 Itc,'"irslk iirti".'-''4,'••• _, - i .4 ; ""4. ' air ilr' ..j:Lt t---,..., '-'.1..,* t;:i '.' II4/41 re wt.'It47:1';'• I: 4, '4,-#::;:`7,457,,,'"!'ilw s.A...' 4 t : ... . , -,., 40 laTja; ,'•di,•• •• , ' .''.- Al' ,alpft. - 1.‘, , : 1'. 'A'. .1,414,1: . • . . . ,:!...,-*Ait: i d'.',0:i di ..;.- •-'- ..-,,. , 4, dnitft. i !... .047,7_...,...,.. ;;:ek.f..„„ ,22.,..,... .,4„,....4; , • , •f 6.. . 4 , '•...e.,,,.. ,. sgiNIP 4:.1.i ..-7. . 'r -rjiiiiPA.,~katj.{4 tq • f,7 ,• ... ;(43 ,j: . , t IN:,il!.:•-4 a.'. ;41'4 ti z J i c r 0 r: ki•:: , to ./.),•it... •rt.,:ii -- . 6,e... . ;;"0 •,,,,.•,:, .7, „.. iiitrivak.41.„- ,..7. 7,. ,e ....."f, '4. e,' . -, 4:4,,to 1 ri'),i.,%t. 1 •— v A' ' :. .11. A f..: :4 ' yrzti.? ;Z,I.....`'.''4.; V, ..,,..4 „,.:„.,:. i, .. .,...,,, . ;1.411 ,„,:, ,...........:;•ii...n .1.4./... " * ...,,„...'4 .46g a.' .. • . ' . 4 : 14,11. - ..,4fr- ..,L,,.:.‘v.:_:,:r •IR, .. ..• /In go...,,,,-4,-, , ,,..-.14.-.,.1141,rt,x:f: ',•. i.1;.:111••:,.. . ‘ ,...41.-/..T73pit:x•1777.2 ..._..f. •t VI- za •711.*".‘• .•- .i a,,,V4',.-• IP _.,.I. 90,_ , , •• ..,-,411 •,.... •if _.. ' . '. ....,/'- . .,ge• V' ' 't i''.''.7114111.c 4,11.;CVit;rsi.j. : het ',,,,t:' . e.iii 'Ai' ,,.. ...' ,M.. „At ..-.. iiiiii "Ts . - .11--"," a ._„....'. ' . ir,--..,..,1" -: --..r.4.t• % . 4, " ,4, .r"Vip * • .4 7 ,..,/,,lo!...,, .....,,, . .„,. 't11.06fti.tt.34,,e_____Itti .'' ..areklY, ..4 s e a.1...Nituor i "4',•#-. 141:- ....-'-,y,l," I, ":04.aviit..'1...ipir.11,._ 7,'. , .1. '...,,.i ,c..!.,w1,. ASSESSOR'S R!,--,CORD MAP 225-33 -34 -35 SECTION 3 0, TOWNSHIP 12 SOUTH, RANGE 13 EAST . . . -PDPmERly- . 3C3-51 "T•:: -+".•-• . ------ ---1-!-- 7. .". '''.-` -- , -1 ! sa a; 1 -';.,0.-',. i__--' 1 _ • ta.••• —._.1. 0 ..., q., RsL"4IIDGE ti 1=1==e1 ----i_ --,: .. • II..." I, .0. i__.—.. ..---— (.3.,..) .— . . -- --/ ,11' Comp 5 1, 1 0 '1 G .4', e, 97::, . ..1: . . i. . . • - e • ©''i 'i. ...:71,31:7174H ;-3E--.7 ."1-: _-i,...,..i.. _- .... _,,-- + • ' : I.„- ',:.gi" ' e 'ii 441% 6,) 1: — , i •:,i , ...., (.,, . ,..,....... .,/ r-\-1 . i e/ .' ''....."Li. -) 1/, . \ i., 1*-'--7,--„ 1-,/.. I,.., ` ',''.. .,•::,.....WAIL,. :,, .'":1 1 z ). H. ---'. ..7 ,....., - 1 cii2yc---------1i...',..;%.1? -•— ' ' TkE Po teZ ''''''.,, 4, 1,-,174.0 .47,','''' • 1 •--- ,:f1;'..:-. tT ki if ,, frr'°'r, 1 'r. :.' i , DETzi,„ NCa ) , s..A.r..•...., '.•.'t'.........o.Vt•r, _„,,_._ ---,---..',,.....---7.7:-:.'-=•••.•- , 1 : . PROJECT: CLIENT: STATE LAND DEPARTMENT THAT +40 ACR.E VACANT PARCEL LOCATED ON .• ,.. THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, • . PIMA COUNTY, ARIZONA KLEINNIAN BRIEFER & ASSOCIATES . - - COMPARABLE LAND LISTING SIX LOCATION: South side of Linda Vista Road, East of its intersection with Thornydale Road, Pima County, Arizona LEGAL DESCRIPTION: A portion of the Northwest 1,4 of Section 20, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, Pima County, Arizona TAX CODE NUMBER: 225-02-004E RECORDING INFORMATION: Not Applicable, current listing. OWNERSHIP HISTORY: There were no sales of this property within three years of this transaction. SELLER: Not Applicable, current listing. BAR: Not Applicable, current listing. ASKING PRICE: $621,000 TERMS: Cash SITE SIZE: 24 acres PRICE PER ACRE: $25,875 ZONING/PLATTING: According to the listing broker, Mr. Mark Gragg, of Grubb & Ellis Commercial Real Estate, this parcel is currently conditionally zoned TR (transitional, Pima County) and is in the process of being platted for 69 lots. He indicated that this process is going smoothly and he does not anticipate any hold-ups. COMMENTS: This property is situated in an area of rapidly developing single family projects. This project is afforded average views, and all utilities are within 'A mile of this site. The broker indicated that this property has been listed less than one year and he has had strong interest in the property. He also indicated that he feels that this property is reasonably priced and should move within the next several months. CONFIRMED WITH: Mark Gragg, Listing Broker, Grub and Ellis BY: Walter Armer DATE: May 1994 KLEINMAN N BRIEFER 3025-941 VI - 11 . ,.., . ,,, e, ►�, .I � � e ,�. �a- . � ,` • . ,, tL uj_f . . - , - ice' - il ' • h /,ir., v • • • 'lc • • ''''.* ...Air-I - -...v. N., ..,,,.- ... , ,,-:,...7. -: ..- LI. ,-.," **,--A....., - "O.'. , --: if 11'; 9! '; 1.-se',:,..,i 7 4' '). -, ,,. ,,... ,.... •,.,... 71 ,, . - , . f - _ , ' Ilse- i - ./o• r PtVP'. • !` '.'''' : ' 'A''''Xii,A.;' m';"}-1** .4,.."':'-',..`: •, :.• I 4 ,,,'''t .r.,'•%),.....,.-. '.. ii.,'"'‘••-r..., ' . , .0111.1'IA--.:.',„1 .... •,...,,,i. 1',,, ,4,4'4,,,'.-' ,' I' ‘•'':.,•.(e".,t1i,'4.'.41/frt.‘,.41-' , -*, ' Aiii, a. •. f .. .. � � , , .•'i��- •'t,yap; +r. !'N... 1 'li'�1 ;,,,A,,:. r '. . ,,-,t., r rrri"}f •K•#.�• Yy.. 1 t� •M 1 1 j .t `lite-go • r' ♦ i' .. ♦ .. . '.% .a •". 1 •;•r.,1. Y ' '.•. rid ll.,•.. 4• .x', eF`• y, ) * 1 • r .-p) `�'�i-.:- •' le..t1. e r•4 • ` 1'.`41 ri COMPARABLE LAND LISTING SEVEN LOCATION: North side of Cortaro Farms Road, East of Thornydale Road, Pima County, Arizona LEGAL DESCRIPTION: Generally, the West / of the Southeast 'A of the Northwest 'A of Section 29, Township 12 South, Range 13 East of the Gila and Salt River Base and Meridian, Pima County, Arizona TAX CODE NUMIBERS: 225-29-0170 RECORDING INFORMATION: Not Applicable, current listing. OWNERSHIP HISTORY: There were no sales of this property within three years of this transaction. SELLER: Not Applicable, current listing. BUYER: Not Applicable, current listing. ASKING PRICE: $600,000 TERMS: Cash SITE SIZE: 19 acres PRICE PER ACRE: $31,579 ZONING/PLATTING: This parcel is currently zoned SR, a low density rural residential classification by Pima County. However, according to the Area Plan, this property is designated for Medium Density Residential, suggesting a 3 to 4 RAC density. No attempts to rezone the property have been made; however, the broker did indicate that the seller would consider selling the property contingent upon a successful rezoning. COMMENTS: This property is situated approximately 'A mile east of Thornydale Road, and is afforded average to good views of surrounding mountain ranges. All utilities are relatively nearby (±'A mile, at Thornydale Road). The property is slightly impacted by a natural drainage way; however, this should be alleviated by using it as open space in the development. The broker indicated that this parcel has been listed for less than one year and that although no written offers have been made, he has nonetheless, received very good interest. He projected that this will sell within the next 6 to 12 months at or near the current asking price, most likely contingent upon rezoning to a 3 or 4 RAC density. CONFIRMED WITH: Mark Gragg, Listing Broker, Grub and Ellis BY: Walter Armer DATE: May 1994 KLEINMAN 0 BRIEFER 3025-941 VI - 12 - 410046'_„:vrtk''.24,,,,•-twe'4.4.4`. '.'t.;,-.;"'.:-...t,,t---'s,*7 ..**,-,4!/.4C-,'''‘Iv. call.'wit .. , , ,z Net* ,.` }f #;‘"-',.4( tom•eP, ...a� 1 a �. •• - •.".,'. ' 0•1‘:''''.'' 1 4._.-=A !.....„1,-..,.. �4,.a• �e. "iy4�x��i ys,M I"� �� . "•� )Y t♦ • � iI�f 5 f „„ . ,1 „,,„ .,,,,,,,,...„ .„).„,. . t.„.....„. ,_ 44 , tv ....,, „•., ., - , -, ".- it, . , - . • .,,,, .. ,. ... . . .,. • ,... .., . - ., ,,,..., i 4 - -•• /11.`‘..i- ' • j . ♦ ...,‘Z. ' . ''*... A VA.01 OKIA.11:.A' ' , !”.: IN Q.:1.....'.,V b#,71' ..' _ , * -'''i,.,t,.' 1:J44 4'i. i A', ...,ii,,,,,oh.:.i., ,....:• ,, , 43,. 14 . :;.. Come7. , ` ,y..1 .; .. . ., • 4ci $ -1 P..;4•,,'t.,” 'q,+•.':1 s ',4 1is91;f•'+gfi ns4. go 4` 1:71:"....*`'.'.L e •a: `!.'. - ....).A4*:-i' * ::: ''''' ."'*- ...'"- :it '11-:. ..'1,1/),,13'. NO 'CI ;'It.'.A.:'")%cr • +..,' - :, -„,;.„46 ... -_,. aro Farms Rd. - ----.. . ,,-.., _ ,, -.,.' _ .; e j.w •� � `` s''•���' � .1'.•�j�.,Mf. 'e 4 a]fir} ..+ , • !::",--'•.,CPA'," ' .: '--,1,.../NI dS(Malitiiii 4.*it::- ",..\A-,-, -. .4 .1 •'-,i .:' ' • — " ..•, ,,t.- :-„,jAc.,• " ,, '.,..A.,1 1 r e. '-;S.,‘ , • .e.........„%s:•'.-. . ,..44.r. ..f., • i ..‘ • "/nt . ••‘', :, '4.N*4.. • -'1...41*f. 1. _'' '•• • .. _, • 1._+,4.46 7 .. „ .: �{T ` ''�f. , f' .41, . ' ; '4,•'1,.... - /10 'it•. -, , N.,.-..,,. 1,4., . - .....,zuw,i V/ 44,1.rT 1._,Li--.;`,.'...). ... .-, s'$*x_.- 4 P At iallititititt i .4,L,..v'''*.,' --,i . ,.- t r,-..‘ : lb 4. ASSESSOR*S RECORD MAP > 7-'�•2,..,• SECTION 29 , T 12 S, R 13 E DETAIL No.1 --- S.E 1/4, N.W 1/4 -_wM,,• 2,33-48 PO OS O yw T Comp 7 �f s ' 1 1.7 61 t� w, , • 1 t 1.7.f. : 34111' I... 1 1 e �� r)•f• • NS + = MAGES I _ •, SCALE t'•150 • .� 19s&i 0 PROJECT: CLIENT: THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT 0 THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, PIMA COUNTY ARIZONA K.LEINMAN BRIEFER & ASSOCIATES 4 VALUATION ANALYSIS: As shownreviousl , seven comparables have been gathered for use in this analysis. Of the P y comparables,arables, five reflect closed sales, ranging in date of sale from April 1993 through P April 1994, all within 13 months of the date of valuation herein (May 1994). In addition to the five closed sales, two current active listings have also been included. Because these reflect current listings versus closed sales, they will not be analyzed on a point by point basis. Rather, included are to provide the reader with additional support and an overview of the current availability of similar vacant residential parcels in the immediate area. All of thero erties are considered to have similar highest and best uses in that each was P P acquired for near term development of a residential subdivision. Discussions with knowledgeable real estate brokers, buyers and sellers, along with our general observations of the market revealed the following characteristics as important elements to consider: • terms of sale • sale condition, • date of sale, • property rights transferred • site condition • location, • site utility, • site size, and • density potential This examination will address each of the above elements of comparison and the adjustments considered appropriate. Adjustments will first be made for factors which can be specifically defined, for example, a cash equivalency adjustment which is mathematically supported; or, in the case of this analysis, actual dollar adjustments made for site condition. Next, adjustments made through the application of a matched pair analysis or similar technique will be made. A matchedair analysis is a method of deriving specific adjustments by comparing two or more P y comparables which are directly similar in all but one area. For example, the comparison of twoP roperties that were identical in terms of location yet varied significantly in size. The difference in sales price may reflect the impact of the different locations on value, as perceived by marketplace.marke lace. Finally, after making adjustments that can be specifically supported either mathematically or by distinct market data, subjective adjustments will be made. These subjective adjustments, while not definitively supported by specific data, nonetheless are based on overall economic conditions and are considered to best reflect the perceptions of active market participants. In order to make reliable subjective adjustments, we have consulted real estate brokers, buyers, sellers, etc. and have relied on our knowledge of the overall market. Terms of Sale Adjustments for terms of sale have been considered in this analysis. Although the client has requested both a cash equivalent and a terms value, as noted earlier, this analysis will first identify the cash value and then address the impact of potential seller carry back terms. KLEINMAN BRIEFER 3025-941 VI - 13 Our analysis revealed that all of the comparables sold on an all cash basis, with none of the sales including seller carry 1 back financing arrangements. Therefore, no adjustments for terms of sale were warranted. Sale Condition Inherent in the definition of market value is that buyer and seller be typically motivated'. We have analyzed the five comparables with respect to the motivation of both buyer and seller. Often the conditions of sale do impact the final purchase price of the comparable property. An example of this element of comparison is a seller's or buyer's motivation to sell or purchase a particularpiece of property. A seller in a distressed financial situation might be inclined to sell P P aro ert for a price below true market value. Conversely, a purchaser who owns real estate P P Y adjacent to a property that was offered for sale might be willing to pay a higher price than the goingmarket value in order to enhance the property's utility (i.e. for expansion). Our analysis of the comparables indicated that sales all of the sales were arms-length transactions, with no undue pressure on either the seller or the buyer. It is noted that Comparable Sale One reflects the sale of a vacant parcel to Amphitheater School District. Such sales often reflect non typical motivation on behalf of the buyer which can influence the price paid. The seller indicated that although this can occur, he was unaware of any undue pressure. Overall, based on the foregoing analysis, no adjustments for condition of sale were warranted for the comparables. Date of Sale Adjustments for date of sale have also been considered, as market conditions may have changed between the time of the sale of the comparable property and the date of the appraisal. Under such circumstances the price of the comparable property would require an adjustment to reflect current prices. Changes in sale price result from various effects such as inflation, deflation and changes is supply and demand. As discussed in the Neighborhood Data section earlier in this report, the economic turn around of the local community over the past two years has spurred on residential growth in both the larger metropolitan area as well as the immediate subject neighborhood. Due to the near 100% g P absorption of improved residential lots in the community 12 to 18 months ago, demand is now concentrated towards vacant unimproved parcels suitable for new development. In analyzing the comparables, all sold within the past 18 months and therefore, were influenced by the same supply and demand characteristics exhibited by the market as of the date of valuation, May 1994. Based on this, no adjustments were warranted for date of sale. Federal Register, vol. 55, no. 163, August 22, 1990, pages 34228 and 34229; also quoted in the introduction to the Standards of Professional Appraisal Practice of the Appraisal Institute. KLEINMAN N BRIEFER 3025-941 VI - 14 Property Rights Transferred Often times, recorded transactions may reflect the transfer of a partial interest in a property versus a 100% exchange of ownership. Under these circumstances, it is necessary to make an adjustment to reflect the partial transfer. In this analysis, we have analyzed each of the comparables to determine the interest transferred. In all cases, the 100% fee simple interest in the properties was transferred. Thus, no adjustments were warranted. Site Condition While all of the sales used in this analysis exhibit a similar highest and best use (near term single family residential development), they vary in terms of site condition, with the sales b ranging from no zoning or platting to fully zoned. The subject falls at the bottom of this range and is not zoned or platted. Based on discussions with real estate brokers and residential developers (Ben Becker & James Marian with Chapman Lindsay; Mark Gragg with Grubb & Ellis; Emery Chuckley; Jason Wong; Roy Drachman with Drachman Realty; Garth Bacigalupe with Best Real Estate; David Williamson with the Williamson Group; and Dave Grounds with Dorn Builders; and Ted Anderson and Chris Phillips with Realty Technologies) the market recognizes an approximate 30% spread in value between a vacant un-zoned and unplatted parcel and a fully zoned and platted tract ready for development. This spread is comprised of the time expense as well as the hard costs associated with rezoning and platting/engineering. The precise time expense can vary but the most common assumption is that the process will take 18 to 24 months, with the cost calculated at around 15% of the investment per year. The hard costs associated with rezoning and plattingf engineering are more consistent. Typically, for a project of 50 to 250 lots, the rezoning expense generally average $20,000 to $30,000, overall. However, discussions with Mr. Patrick Moore and Ms. Irene Ogata, planners with The Planning Center, a private consulting firm specializing in rezoning representation, indicated that given the current political atmosphere, these costs are currently running in the range of $30,000 to $50,000. Both also indicated that platting and engineering costs have remained relatively stable and are typically in the range of $800 to $1,200 per lot. We have analyzed each of the comparables with respect to the above information and have made adjustments to each in relation to the subject. Based on other discussions with local developers we have used the upper end of the range for rezoning expense ($50,000) which is considered to reflect the adverse rezoning conditions which currently exist. The table on the following page summarizes the condition of each of the comparables and highlights the corresponding adjustments to each. It is noted that in the case of Comparable Four, because the property was already zoned the development lag-time factor reflects the fact Et that it would take approximately 12 months for the subject to come to a similar state. KLEINMAN N BRIEFER 3025-941 VI - 15 Cornp. Condition at Time of Sale Lag-Time @ Total Sale No. Zoned Dev. Plan Platted Off-sites 15%/yr Adjustment 1 No No No No Equal $0 $0 $0 $0 $0 $0 2 No No No No Equal $0 $0 $0 $0 $0 $0 3 No No No No Equal $0 $0 $0 $0 $0 $0 4 Yes No No No 12 months ($50,000) $0 $0 $0 ($165,000) ($215,000) 5 No No No No Equal SO $0 $0 $0 $0 $0 The following table highlights the indicated adjusted sales price of the comparables after considering the above indicated adjustments for site condition: Sale Sales Site Cond. Adjusted Site Size Adjusted Price / Price Adjustments Price Acres S/Acre 1 $815,578 $0 $815,578 36.00 $22,655 2 $1,725,000 $0 $1,725,000 97.16 $17,754 3 $370,000 $0 $370,000 17.75 $20,845 4 $1,100,000 ($215,000) $885,000 25.07 S35,301 5 $1,260,000 $0 $1,260,000 57.71 S21,833 Location Location is a key factor for residentially oriented parcels and is comprised of two components: general location and specific location. Both general and specific location influence the type of residential product that will ultimately be developed on a given parcel. The subject property is situated on the north side of Lambert Lane, '4 mile west of its intersection with La Canada Drive, in the northwestern portion of the Tucson metropolitan area. In terms of general location, all but Comparable Three are similarly located in the northwestern portion of the community, benefiting from similar general amenities. Comparable Three is situated in the northeastern portion of the community off of Bear Canyon Road, north of Tanque Verde Road. Although geographically different from the subject neighborhood, this area is similar in terms of the type and quality of development as well as aesthetics and appeal. A discussion with the purchaser of Sale Three, Mr. David Greenburg, indicated that he is developing the site with single family homes at a density of around 1.21 K.L,EINMAN N BRIEFER 3025-941 VI - 16 RAC and that the housing procuct will consist of 2,370 to 3,000 square foot homes ranging in retailP rice from $225,000 to $275,000 which is directly similar to that which would most likely be developed on the subject. Based on the foregoing information although geographicallydifferent than the subject area, the general location of Comparable Three is considered generally similar to that of the subject and therefore, no adjustment is warranted. In terms of specific location, we have considered each comparables directly surrounding influences. Comparables One, Two, and Four are all situated in immediate proximity to the subject, and to varying degrees, benefit from the same primary influencing factor, namely, the Canada Hills Country Club and surrounding development. Based on this, Comparables One, Two, and Four would not warrant adjustment. Comparable Three which is located off of Bear Canyon Road in the eastern portion of the community does not benefit from a country club or related amenity but does benefit from a more rural setting with surrounding uses being of a lower overall density. Therefore, this comparable is also considered similar in terms of specific location. Conversely, Comparable Five is situated at the northwest corner of Thornydale Road and Cortaro Farms Road. This location is considered to be inferior in comparison to the subject due to the lower quality (and consequently lower value) of immediately surrounding housing product. In contrast to the subject which should support a housing product in excess of $200,000, it is most likely that Comparable Five will support a housing product selling in the range of $150,000 to $175,000. Based on this, an upward adjustment of 12.5% to 25% is suggested, which is correlated to 20%. Overall, in analyzing the general and specific locations of the comparables, only Comparable Five warranted an adjustment for location, with the other comparables deemed generally similar to the subject. Site Utility Adjustments for site utility were also considered in this analysis. Such an adjustment bears in mind physical differences between the subject and the comparables for such items as shape, topography, and the like. As noted in the Site Description section earlier in this report, the subject property is generally square in shape and is comprised of natural desert terrain. There are several small washes which traverse the property; however, these are considered generally typical of properties of this nature. In terms of topography, all but Comparable Three are similar, with small areas within the 100-year flood zone. Although the subject and other comparables are within the flood zone, this is considered relatively minimal and the impact is generally dissipated by the large size of the parcels. Therefore, only a slight adjustment is warranted for Comparable Three. Based on our analysis, a downward adjustment of 5% has been applied to Comparable Three to compensate for its not being impacted by a flood zone. In analyzing the layout and configuration of the comparable sales, all but Comparable One were found to be of generally similar. Comparable One is an interior parcel which is currently accessed by a dirt road. The seller indicated that this had limited impact on the sales price which was also supported by the market data. However, to compensate for its slightly inferior KLEINMAN g BRIEFER 3025-941 VI- 17 we have applieda site utility, slight upward adjustment of 5%. As noted, none of the other P comparables warranted adjustment. Site Size Adjustments for size have also been considered in this analysis. Such an adjustment is based on the market perceptionlarger that parcels will typically sell for less on a 'per unit' basis (in this YP than larger parcels, all else being equal. Justification for this adjustment is case, per acre) g often attnb u tedlarger parcels the notion that inherently carry more risk relative to smaller parcels. a Additionally, size adjustment can also be premised upon the notion that there are J more potential buyers able to afford smaller parcels (with a lower overall sales price) than larger parcels (with a higher overall package price). g As shown previously, the sales in this analysis ranged in size from 17.75 acres to 97.16 acres. The subjectapproximately contains a roximatel 37.79 net acres and is well within the range of the comparables. In considering adjustments for size, we have analyzed the available market data in the form of both the sales used herein as well as other sales throughout the metropolitan area and through hrouh our discussions with active market participants. Comparable Two which contains acres is more than 2i times larger than the subject and would warrant a slight upward 97.16 adjustment. considering a In specific adjustment, a matched pair analysis was considered but P deemed inapplicable due to a paucity of available data. Therefore, we have applied a nominal pp subjective adjustment of 10% which was generally supported through our discussions with � active market participants and our non-specific analysis of the broader market. The other p P comparables which range from 17.75 to 57.71 acres are considered generally similar to the p subject and would not warrant adjustment. Density Potential Anadjustmentdevelopment for develo ment and density potential has also been considered. As noted earlier, it is most likely that the subject could achieve a density of around one RAC. This is in contrast to the comparables which range from approximately one to four RAC in terms of P density potential. Typically,T icall those properties with a higher density potential would command a premium over lower densities. However, this is not always a dramatic differential due to the premium recognized in the market for larger lots. Comparables One, Two, and Three each have a density potential in the range of approximately one to two RAC and are considered sufficiently similar to the subject not to warrant adjustment. Comparables Four and Five have a density potential in the range of three to four RAC and would likelywarrant a downward adjustment. In order to derive an adjustment for this factor, we have attempted to apply a matched pair analysis. However, due to a paucity of data, this was deemed inapplicable, therefore, we have relied on a subjective adjustment. Our discussions with active market participants suggested a downward adjustment of 20% to 30% to account for the higher potential densities likely for Comparables Four and Five. Based on this, we have applied a downward adjustment of 25% to each of these comparables. KLEINMAN N BRIEFER 3025-941 VI - 18 Summary and Conclusion The factors discussed above are considered to influence market price. Adjustments to the sales utilized in this analysis for the various differences result in an indication of comparable y . themarket value range for the subject site. All of the comparable sales utilized in this analysis g vary in a number of ways when compared to the subject property. They have been included in this report because theyare considered to be the best information available to reflect pricing of similar to the subject in the Tucson market area. As noted earlier, we have first land � consideredj . adjustments for characteristics which can be specifically defined either in monetary � or as a percentage of sales price. The following table highlights the specific primary terms p g adjustments considered for each of the comparables. Primary (Specific) Adjustments Sale Price/ Sale Prop. Site Adjusted # Acre Terms Cond. Date Rights Cond. Sub-Total Value 1 $22,655 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% $22,655 2 $17,754 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% $17,754 3 $20,845 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% , $20,845 4 $43,877 0.0% 0.0% 0.0% 0.0% -19.5% -19.55% $35,301 5 $21,833 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% $21,833 i . As shown above, the only primary adjustment was to Comparable Four which was made for site condition, reflecting the fact that this sale was essentially zoned at the time of sale. After consideringthe above adjustments, we next analyzed other factors including location, site utility, site size, and density potential. The following table highlights these adjustments: Pre- Secondary Adjustments Final Sale Adjusted Site Site Density Net Adjusted ## Value Location Utility Size Potential Adjust. Value 1 $22,655 0.0% 5.0% 0.0% 0.0% 5.00% $23,788 2 $17,754 0.0% 0.0% 10.0% 0.0% 10.00% $19,529 3 $20,845 0.0% -5.0% 0.0% 0.0% -5.00% $19,803 4 $35,301 0.0% 0.0% 0.0% -25.0% -25.00% $26,476 5 $21,833 20.0% 0.0% 0.0% -25.0% -5.00% $20,741 KLEINMAN N BRIEFER 3025-941 VI - 19 adjustments, the comparables form a relatively close range in adjusted sales As shown, after P price from $19,529 to $26,476per acre. The upper end of this range is established by Comparables One and Four at $23,788 and $26,476, respectively. In the case of Comparable buyer motivation was reported, a municipal entity. Although no excess One, the buyer was P Y this comparable has, nevertheless, been given less significant weight in final analysis. Comparable Four is also given less significant weight, primarily because this parcel Similarly, wasP urchased for immediate development and did not have to undergo the rigorous rezoning process. in comparables (Two, Three, and Five) have been given primary weight in final The remain g p and form a veryclose range in adjusted sales price from $19,529 to $20,741 per acre analysis land area. This range has been correlated to $20,000 per net acre, equating to a total subject of g value of $755,800, rounded to $755,000. As mentioned earlier in this analysis, as a cross-check, we have considered the overall sales The comparable sales indicated a range in total sales price from $370,000 to price. P $1,725,000. The lower end of this range is established by a smaller 17.75 acre parcel (Comparable Three) upper the u er end is established by a larger parcel (Comparable Two). mainin comparables are generally similar in size and form a range in total sales price The re g p from $815,000 to $1,260,000. The above discussion lends strong support to the estimated market value of the subject at $755,000. Overall, based on the preceding analysis, the market supports a subject value of $755,000, Y equal to approximately per net acre and $18,895 per gross acre. This value is well PP Y $20,000 supported comparable bythe sales and is further upheld by an analysis of the comparable listings. ESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY $755,000 Consideration of Financing Terms As noted earlier in this report, at the request of the client, this analysis will analyze both a terms and a cash value for the subject. The assumptive terms consist of a 10% down payment, with the balance carried bythe seller at 7% annual interest, amortized over 20 years, with a t five year stop. As discussed in the Highest and Best Use section earlier in this report, the highest and best use of the subject is for near term single family development. Because the most probable purchaser of the subject would be acquiring the parcel for near term development, there would be limited, if any, value added bythe availability of seller carry back financing. Any benefit which could be realized by a purchaser in this type of acquisition is short-lived since the land financing would be immediately repaid as development occurred. This was supported byboth our analysis of the market data with all five of the comparable PP sales consisting of all cash transactions, as well as through our discussions with local real KLEINMAN 111 BRIEFER 3025-941 VI -20 • estate brokers and developers. Overall, based on our analysis, there would be no difference between an all cash value estimate and a terms value based on the terms outlined above. KLEINMAN N BRIEFER 3025-941 VI-21 0 • • • • 0F , r , • ttri f.+ • ,• • _ •. ..� .._ `_- •- - _ is � Y - _ .. _.. , , • • ✓�✓q, _'- , a .: _ �: - .,r � '♦ , - � - �, � -..-.. �.y• ,.. � + i. � - • , .. - - lI 1. a:'. • 1 .- ' , _, ...- --..,- r.•. :..,--.... , ..-: -..- . . • _. „l•-.,--_-...,:,. ..., ,-,,--.,._ . ••••.-- .:.:.,:-...,..:-.-_,--i!,-..-:---.: ,:...-,-;.-..„,..:-....,,,•,-./.,--,-,-..,•_,• SECTION --;----.'..--..- -.- ... . - •.. •- • •,•. ••,.,- -...,,„...,,.,....... .,,...,. . ....... .,.,.....,, ... , _ + t _ -,;....-......-.„-.._._-.,-„,..4.- -.,, .-„, ,,,2,...---•,..,:-_'----:-. ..-- ...._.--• -... .„,. ._••-...,„:„.,..,-,,.-_.•:-.,.:--,._,_,:. - -.....„.:.-• • _.,, . . -—, . .- ,, . •. s•-.•-_, ,•_„.,. ,- . :, . , ., -_, • --..7., ,,-,.-, ...,,-.-.,-;,,-ev,,,,,...,-, ,.,...„,._-....---..--.... -...---_._ ‘.! -• ..-• — -,. •4._-_.-,•.-e.,,,,,,..;••••,-,...:• • •-...- :..--. -_ , - - ,.-- . • -,,.--._ ,.,--...',,.,*:,,,,,....,'',:-.,-.,ri-••••, •__:.,,,,,J,,—;•, — , •.,-' , -' • _�:•-� + .(- ..1.�:Y ♦ .. .. t,. ...... -•,,•7 - _ _ , - _ • 1 1+. •#1 r atY•i.J.} *-'*...•-•;•,'-`''',.1'`.- irf)v .i�:•4 _ r _ -_ ,.. • (1 ♦ _ ''''.-2-:•-:'---'''.—'''''''r _ }+' '• _ _ ,.,- as ar Z , -.'„;.•".' . • L. 1 ✓ a yy •p....„-;\•'t+�..,.,,J.I �+.-•4,_i �.... t,�•�"v�- >._ � _ ,�r•C1' 't•Y. t_ %' - ra-, . _•••-•,:_--- • ✓ . -.,.� r ,,-�. ..-.. r ...�.. ,a,•. +:+`4•. a3 ti j ..t. <A.nr.-`;,r A ..Z' cLL✓• l _t .•-_'',*, ? •t 1_l _ •-•I -;'• _• ' . • , • +t . .. r ,►,t,.,..;-.,.,.: 7........- . ''a ?•-'a'7..._..../ w,. "• , ,,.a �\.•+ ~s• .'vs, ,•,h �:% r'-< t' s� r f• ♦ t� a • _ 11.°1,-..- �_• -.c-•Y•.:.�t-: - . �_: �_. , ray�a q �\ _ • .:q • _ ..,. , - • • . a • • -r . • ,*. „qtr � �. _.1.�•'� t.— -�I(,. ,. , _ .fit•. ...y.s> ti. �.t - } _ •'? r 1. Y , - - ,, .. ESTIMATED MARKETING PERI O D t property is a vacant parcel of land, the Sales Comparison Approach to value has As thesub�ec p p y been considered in order to estimate the market value of the subject property. The approach was indicated a subject of the sub'ect P roperty of $2,195,000. This method provided a good indication of value for the subject sites. The estimated marketingtime for the subject is dependent on a number of variables, yet if the priced is at a level set forth in this appraisal, it is reasonable to assume that there would be demand to purchase the property within a marketing period of not more than one year. r Based on our research, the following marketing times was indicated for the comparable sales used in the Sales Comparison Approach earlier in this report: • Sale One Less than one year • Sale Two Less than one year • Sale Three Less than six months • Sale Four Less than one year • Sale Five Less than one year As comparables all of the com arables sold within approximately one year of being placed for sale and activelymarketed. This supports the notion that if competitively priced, strong demand PPo exists for vacant parcels similar to the subject. In addition to analyzing zin the sales outlined above, we discussed the probable marketing time with active marketartici ants including buyers, sellers, and real estate brokers. All of those P P contacted maintained that, given the strength of the market, the subject property would sell within a one year period if competitively priced. Overall, foregoing based on the fore oin analysis, the market supports a marketing time for the subject of six to twelve months. KLEINMAN 0 BRIEFER 3025-941 VII - 1 APPRAISERS' CERTIFICATION WE HEREBY WARRANT AND CERTIFY THAT, TO THE BEST OF OUR KNOWLEDGE AND BELIEF, The statements of fact contained in this appraisal report, which are used as the basis of our analyses, opinions, and conclusions, are true and correct. We have no responsibility for legal matters, opinion questionsof survey, o inion of title, soil or subsoil conditions, engineering, or other technical prepared matters. Anysketches by us and contained in this report are included solely toaid the user of the report in visualizing the property and its location, and are not necessarily to scale. Thereportedanalyses,anal ses, oP inions, and conclusions are limited only by the reported assumptions and limitingconditions, and are our personal, unbiased professional analyses, opinions, and conclusions. We have no presentcontemplated or contem lated future interest in the real estate that is the subject of this appraisalreport re ort and, further, we have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. Our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. Our employment was not conditioned pressure ressure of upon the appraisal producing a specific value or a value within a given range. No any sort was made. This appraisal report has been made in conformity with and is subject to the requirements of PP the Code of Professional Ethics and the Uniform Standards of Professional Appraisal Practice of the Appraisal Institute. As of the date of this report, I, Andrew J. Briefer, MAI, have completed the requirements under the continuing education program of the Appraisal Institute. Andrew J. Briefer has the appropriate knowledge and experience required to complete the assignment competently. P We have made aP ersonal inspection of the property that is the subject of this report. No oneP rovided significant professional assistance istance to the signer of this report unless noted. Further, no one other than the undersigned formed the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report, unless such participation by another party is indicated by the co-signing of this report by such other party. We certify that the use of this report is subject to the requirements•of the Appraisal Institute relating to review by its duly authorized representatives. KLEINMAN N BRIEFER 3025-941 VII -2 APPRAISERS' CERTIFICATIONT (continued) Eachfinding, prediction, assumption, or conclusion contained in this report is our personal opinion and is not an assurance that an event will or will not occur. We assume that there are no conditions that are not apparent relating to the real estate, subsoil conditions, or structures located on the real estate which would affect our analyses, opinions, or conclusions with respect to the real estate. The datag athered in this appraisal process (except data furnished by the client) and the appraisal report itself remain our property. With respect to data provided by the client, we PP shall not violate the confidential nature of the appraiser-client relationship by improperly disclosing anyconfidential information furnished to us. We are, however, authorized by the client to disclose all or any portion of this appraisal report and the related appraisal data to appropriate representatives of the Appraisal Institute, if such disclosure is required, to enable us to comply with the bylaws and regulations of said Institute now or hereafter in effect. Thisappraisal report shall not be quoted or referred to in any report or financial statement of the client or in anydocuments filed with any governmental agency without our prior written consent. Neither all nor any part of the contents of this report (especially the conclusions as to value, the identity of the appraisers, references to the Appraisal Institute, or references to the MAI � desi nation shall be disseminated to the public through advertising media, public designation) relations media, news media, sales media, or other public means of communication without our prior written consent and approval. ESTIMATED MARKET VALUE OFTHE SUBJECT PROPERTY................................................::.................. $755,000 ANDREW`J. BRIEFER, Ito AI State of Arizona Certified General Estate Appraiser, Certificate #3007>3 • \ . ARMS , III Appraiser KLEINMAN N BRIEFER 3025-941 VII -3 QUALIFICATIONS OF ANDREW J. BRIEFER State of Arizona Certified General Real Estate Appraiser, Certificate #30078 State of Nevada Certified General Real Estate Appraiser, Certificate #00925 State of New Mexico Certified General Real Estate Appraiser, Certificate #000793-G PROFESSIONAL EXPERIENCE 1988 - Present Kleinman Briefer & Associates, as Principal Appraiser 1987 - 1988 Campbell & Briefer, Real Estate Appraisers & Consultants as Principal Consultant/Appraiser 1982 - 1986 Greenberg Chin and Associates, Inc., Real Estate Consultants, as Senior Consultant/Appraiser 1980 - 1982 A-1 Appraisal Service of Southern Arizona, Inc., as Residential Staff Appraiser PROFESSIONAL AFFILIATIONS AND MEMBERSHIPS Member, #7809 of the Appraisal Institute (MAI). The Institute conducts a voluntary program of continuing education for its designated members. MAI's who meet the minimum standards of thisP rogram are awarded periodic educational certification. Mr. Briefer received his designation in 1988 and is certified under this program through 1996. Licensed Real Estate Broker, State of Arizona Member of the Tucson Board of Realtors and National Association of Realtors as an Associate Realtor Member of the Young Advisory Council of the Society of Real Estate Appraisers Associate Member of Southern Arizona Home Builders Association (SAHBA) Associate Member of Arizona Mortgage Brokers Association (AMBA) FORMAL EDUCATION Bachelor of Science Degree, Business Administration with double major in Finance and Real Estate, University of Arizona, Tucson, 1982 PROFESSIONAL EDUCATION Instructor of Basic Valuation Principles and Procedures, (AIREA Course 1A-1 and 1A-2) University of Arizona, Department of Finance and Real Estate AIREA Course 1A-1, "Real Estate Appraisal Principles, Methods, and Techniques," Tucson, Arizona - 1981 KLEINMAN /BRIEFER 3025-941 VII - 4 Qualifications of Andrew J. Briefer (continued) AIREA Course 1A-2, "Basic Valuation Principles," Tempe, Arizona - 1982 AIREA Course 1B-1, "Capitalization Theory and Techniques Part 1," Tucson, Arizona -1982 AIREA Course 1B-2, "Capitalization Theory and Techniques Part 2," Tucson, Arizona -1982 AIREA Course 1B-3, "Capitalization Theory and Techniques Part 3," Tucson, Arizona -1982 AIREA Course 2-1, "Case Studies in Real Estate Valuation," Dallas, Texas - 1985 AIREA Course 2-2, "Valuation Analysis and Report Writing," Dallas, Texas - 1985 AIREA Course 2-3, "Standards of Professional Practice," Tucson, Arizona - 1985 "Demonstration Appraisal Report," 1987 "Comprehensive Examination," 1987 Southern Arizona Chapter CCIM, "Looking Back on the 80s and Forward to the 90s," Tucson, Arizona - 1989 American College of Real Estate Ltd., "Contracts Without the Judge," Tucson, Arizona - 1989 Hogan School of Real Estate, "The Real Estate Taxing Process," Tucson, Arizona - 1989 American College of Real Estate Ltd., "Arizona Rules and Regulations," Tucson, Arizona - 1989 AIREA, "Construction and Engineering Awareness," Tucson, Arizona - 1990 Tucson Board of Realtors, "There is a Commercial Real Estate Market!" - Tucson, AZ - 1990 Appraisal Inst. Course RS/GS, Pts. A & B, "Standards of Professional Practice," Tucson, AZ - 1991 MOST RECENT SEMINARS AND COURSES 1993 • Instructor of Real Estate at Hogan School of Real Estate • 2nd Annual Market Forecast Competition by the Tucson Association of Realtors • Critical Real Estate Trends for the '90s, Part I: Profitable Real Estate Development and the Changing City by the University of Arizona Roy P. Drachman Institute • Critical Real Estate Trends for the '90s, Part II: Changing Demand in Residential, Hospitality and Golf Markets by the University of Arizona Roy P. Drachman Institute • Update on Lender Requirements: the Narrative Appraisal Report by the Tucson Chapter of the Appraisal Institute KLEINMAN N BRIEFER 3025-941 VII - 5 Qualifications of Andrew J. Briefer (continued) 1992 Due Diligence ence and the Environmental Checklist by the Tucson Chapter of the Appraisal Institute • UPDATE: Tucson's Master Planned Communities by Southern Arizona CCIM • First Annual Pima County Commercial Real Estate Market Forecast Competition by Southern Arizona CCIM • Nevada Appraisal Law by the Nevada Commission of Appraisers ArizonaExchangeby 1991 • Idea the International Council of Shopping Centers • Practical Applications in Market Analysis by the Tucson Chapter of t1e Appraisal Institute 1990 • The RTC Thrift Asset Disposition Conference by The Banking Law Institute 1989 • Hotel/Motel Valuation by the American Institute of Real Estate Appraisers • 5th Annual Commercial Real Estate Development Seminar by the Southern Arizona CCIM Chapter • The Impact of Hazardous Materials on Real Estate by The Society of Real Estate Appraisers Tucson Chapter #116. 1988 • URAR Form Preparation by American Institute of Real Estate Appraisers • Litigation Valuation by American Institute of Real Estate Appraisers • Cash Equivalency Seminar by American Institute of Real Estate Appraisers 1987 • Federal Home Loan Bank Board Memorandum R41c by American Institute of Real Estate Appraisers SCOPE OF PRACTICE Appraisal practice is classified into four categories estimating market value for: 1) Private negotiation purposes 2) Mortgage loan 3) Eminent domain 4) Consultation Clientele includesP rivate individuals, corporate organizations, financial institutions, and governmental agencies. Experienced in the appraisal of both residential and commercial properties. Governmental Agencies City of Tucson r Pima County Arizona Department of Transportation KLEINMAN N BRIEFER 3025-941 VII - 6 Qualifications of Andrew J. Briefer (continued) QUALIFIED AND ACCEPTED APPRAISER FOR Financial Institutions AM&G Asset Management ARCS Mortgage, Inc. AccuBanc Mortgage Corp. American Residential Mortgage Corp. Capitol Mortgage Bankers, Inc. Champion Federal Savings & Loan Chemical Residential Mortgage Corp. CitiBank of Arizona Co'dwell Banker Commonwealth Mortgage Co. of America Countrywide Funding Crossland Mortgage Corp. Director's Mortgage Empire of America FDIC Fannie Mae First Interstate Bank of Arizona First Union Mortgage Corp. Ford Consumer Finance Company, Inc. GMAC Mortgage Corp. Great Western Bank Inland Mortgage Corp. Interwest/Arizona Bank Interwest Mortgage Leader Financial, Inc. Lewis Financial Services Liberty Bank r Lincoln Service Corp. Margaretten & Co., Inc. Mellon Financial Services Metmor Financial Inc. National Bank of Arizona North American Norwest Mortgage, Inc. Resolution Trust Corp. Riverside Mortgage Source One Mortgage Services Corp. StanChart Mortgage Co. US Bancorp Mortgage Co. Valley National Bank Valley National Mortgage Waterfield Mortgage Co. Wesav Mortgage Corp. Windtree Mortgage Company KLEINMAN N BRIEFER 3025-941 VII - 7 QUALIFICATIONS OF WALTER D. ARMER, III EXPERIENCE Kleinman/Briefer & Associates - Current Staff Appraiser Swango Consulting & Appraising - 9/90 to 1/93 Staff Appraiser Kleinman/Briefer & Associates - 6/88 to 8/90 Staff Appraiser PROFESSIONAL EDUCATION Successful Completion of Examinations and Courses sponsored by the American Institute of Real Estate Appraisers: "Real Estate Appraisal Valuation", Course 1B, 1990 "Capitalization Theory &Techniques", Course 1B 1, 1990 Successful completion of various seminars, respective to the real estate appraising and investment field. FORMAL EDUCATION Currently pursuing a Bachelor of Science Degree in Regional Planning and Urban Development, University of Arizona. KLEINMAN /BRIEFER 3025-941 VII - 8 ... = • • • • • • • ' •`T a,- r -_ - , .f ,P '� t a� .... 3 - - .. r. Y`r - _. ..t. s •>• {, - ,rte' •i>f , t y, _• ,[',r. r ._ . .... t . ..2 - _ _. .. r ' -I••t' .r • � ;-♦1 -.•...a i.•F'\y" r w'.. . t _a ` .ti-• a~ . .. - 1y �, .3 Vit). r _ +,• •�.•. { ,~- <. ,. �i + - .,,, • M c C r'~ 'r • - - •• - - .. �'-•�' {.tt a . _. , - _ - - ... -' - '• .r ', a. _, + - -+ - - .. , . •. •- _ ••• 1-' ' ••. + • K t '� • • .•�.+..!\.;w J.. '.x,i Grt,,Y if•a' •r.• _ _ 1 • •• - '.`2`� :Ati r •>.• r. - 'h „ ''l . 'r�' • Y 1 �t ti LY• • 1 r •,.-iM-s.' w1 -.._•i►...l.n;...:1''• .:iK. .`y.- t '`. t�- .�w. .. • :JG�• r.�r�. •. r' �y -e. :✓•"...� •.w -/'.J .R••••,.A 1arM.rY�..••.,..Y�.I_... • • -4t-'ti R _ �. .. ( • ,Ml. • ,,t �•.� •, a•'. ..y,...' N1. a•t' - .-•.. .. .5 ,. '^:. ,, s r►•• .9' ,1 .t ,> •1 •na. 0Z4,..;-, .��S r`..;. 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',Z-. 1t."... t.. .<r,..a ail )4..c''a'1P.,5 - _ • l .`.•,s'-• 'Y •ati"► .s• ^ �`Y'.y. ^.� .-�:i'Y"r. i � t.,`�.r r• � s. �.._:-+e4•ry S': !•'!"r:.•11`" x^'1�J i:A'_i` t 4'� �.:"-�• , :d� _\� i ..it' •1 ] _i • •fit .�*' ,., •t,.--a.• _i' .- •:Y' "J - -,,,,, •i '1> • ', • • - ,- -i. r• a ,S. t`. �= a s,< T.• • , • • • ,.. ...lfjir•„x._-_ is, ,,may .,.: • a - _ . L ' �' s: i•'�... •� r � ' 'i - t is • i fir. _ tw+••'l 2•R'' .r _ -...__. -_C, .,��.•jf '., a x i:.'}T•h. ter." '. - .'>' _ V,-._ Y•. _ _ _ •. ' .•..'v-. �,+�'i.. .r .,I f ter^ '7!' t .L r�: - , Y ,�' , - 1•-• _ , • • _ 'ate a:' ?:. l ♦' .`• - ' _ -.♦- is ,r..` _ ". '3 _ 1• fa. 7,...1. , _ .Y r. > • • \y,� .fit r - .. J < _ , - a .. a�... _.i -• , + _ - -- � - - ' • • later •_ - ,� }+ - r .. - f •.. >' t� a • .rr , - r ) ADDENDUM 1) Correspondence/Contract Letter 2) Zoning Ordinance and Related Material KLEIh'MAN N BRIEFER 3025-941 • i1 t( X111.1 - V ncpartnicut 4 - 1616 WEST ADAMS 12! PHOENIX. ARIZONA 85007 N.J. HASSELL FIFE SYM!NGTC�N S?ATS LAND COMMISSIONFP. GOVERNOR May 20 , 1994 Kleinman, Briefer & Associates Andrew J. Briefer, MAI 5995 E. Grant Road Suite 100 Tucson, AZ 85712 RE: APPLICATION NO: N/A REQUEST NO: 94-295 Dear Mr . Briefer: This will confirm your quotation of a firm fixed fee of ...rand serve as your authority orit to appraise approximately 40 gross acres of PP vacant State Trust land located in Pima County, Arizona. The agreed to completion date is 30 days from the date of this letter or June 20 , 1994 . pp Please refer to Application No. N/A and Request No. 94-295 in the appraisal as well as in all correspondence. The appraisal is to conform to State Contract A2-0052 . You are to furnish three copies of a Detail Narrative Report, addressed to Edward C. Jones , Chief Appraiser , State Land Department. We have provided the Detail Legal Description, Location Maps and other pertinent data. If you have any Questions , please feel free to contact me at 542- 1 2660 . Sincerely yours , ,41/7' C Edward C. Jones Chief Appraiser ECJ/mlh C: Richard B . Oxford Director , Operations Division ZONING MAP , \ 1 1__ 1 / Fx . -_ ___________, _ „,__,.• .,•,.. )_ -0 -`; ,:-./i/ \ - - -'-'---.t.--_,1, . - / ,. ii. --.:-.;,:j7 „. -,-- . • n7----- ----' .''': __,---------1, ..,. 1 - t PAD-1 ,.! .. ( ' . / i / ) PAD-1- ',../ / , \\ \V- ORO VALLEY 1 , / ,.,......: _____ / / / A) \ , , ,-,'. / , ..:. '.44 ..,,c /7”//--- • . ---; \ -4-C, .:+1--- / lif •I .41,:: .....• - IleigSgag'11"11:'" ''.. - 4 m =, / ,, \ ___ 1 \ , \ Nx Pi \ 1 ii\\,,,,,,, NN IIIi II-colOicl— P :: • - ' vaeCk. \---- •, , --___ iii Ns mmm1100111. MN iii".:"."ACI" IN•'" - ' -----,- S•P''. , , ItN SR . • ----- , --___ I l' , - . \ K 40.4,, . ., PAD-1 i ® 04. . . . • L.- ,- • ...,4',INNE,;• LES' LAMBERT .......... •arisp ••••• •••••• •••••••• •••••••••••• . tiP - 545,0051 '171 14,,. 1 447 ani 21119111131 111 tic Ir. ....!: ..;•,„- - ' - •- - '‘/ t* I .,1 .1 di ' I 2 „„ fla,_____ P rn• -j, 111=iiii ... . . _ PAD-1 ' - ••-\----;- '... - ! \,-4/ - L...._......,L,_r .. 134,;.::•.....*AtiH.:\'it'? • ,,..-.\s SR ` ' \ R1-43 SR " SW ' I• .1 it:":.1!..s•*,11'i * ,, 550 1 ..'. ..L. :•,\% `''c. . ,i•s•‘ins .. z / ' mos\el. 741 sit :a1166:415:9'. s.s• I ...Isii0.6,a• •t.17 '.77:5,:-Z.,..\'' 4110.77,... .. i .' ii \ ' .0 .. -;# Al. ir .044 a(-4i i..i'c-7;S.:;g.1 ';•,' ,/ . 1 i . 440 442 4. 52 7 3211 ''ip ,_, ▪ ...:,., --• . ,Rri- 1^LeN •.,:7 .. . ,4 r. , ,I.: . • i 4,‘• N *'•1'.11- • • / loi SR z . .73! ,.„,.., ,., a. ...., rov----....j...,„- „ , ...i. \ .,.If 54$ I -R1-43 ' 5, -.-,,Z,..1,.'\ ' •-<._,,,.„-------------' .. /•?, Ilk se T 47 i .. . ..1:.'' - ,-. .-........-.-••- AV. _ , ....2_, .43.,:fe..,.. 542' 0r.2 7.---, •-- ,4 " " .1.'„:!,•:'..\\7 a ..„ 042,...,1, 1.,. .3 .'T. I sr° 1. ---. ------ • • i 'i '4' W 41 3 7 ,.alr ,I t 1----------- SR" slifi En! se•sac .,, jig" . „I n\ " 21111 liWth Ilk.. , *-,T .:r''.."':'' • , . 1 I \- ...!..-/”. ---. , . 0••'' -'.1 .,... =st.--10... 11. R 1-1 44 (1.. - • PROJECT: CLIENT: CLIENT: , THAT +40 ACRE VACANT PARCEL LOCATED ON STATE LAND DEPARTMENT THE NORTH SIDE OF LAMBERT LANE, WEST OF LA CANADA DRIVE, TUCSON, PIMA COUNTY, ARIZONA KLEINMAN BRIEFER & ASSOCIATES I . 15.(W) E. Maximum buildable area: Fifty percent of the lot 18.17.040 Development standards (including all structures). General. F. Building height limitations: 18.17.050 Development standards 1. Maximum height: Thirty-four feet; Accessory buildings. 2. Maximum stories: Two. 18.17.060 Cluster development option. G. Minimum distance between main buildings: Fourteen feet. (Ord. 1985-82 (part), 1985) Prior ordinance history: Ords. 1985-82, 1985-111, 1985-152 and 1985-153. 18.15.050 Development standards— 18.17.010 Purpose. Accessory buildings. A. Suburban ranch is intended as a low density A. Permitted coverage: In accordance with Section zone principally for single-family residences and 18.15.040E. associated conditional uses on large lots. A wide B. Maximum height: Nineteen feet. range of agricultural and ranch uses are permitted. C. Minimum distance requirements: The large minimum lot size requirement of this zone 1. To main building when detached: Eight feet; insures a considerable reservation of open space. 2. To front lot line when detached: Fifteen feet; (Ord. 1986-66 § 1 (part), 1986) 3. To side lot lines: Seven feet; 4. To rear lot line: Two feet. 18.17.020 Permitted uses. D. Accessory buildings shall be detached from the A. Permitted Uses: main building except that they may be attached by 1. All uses as permitted in Section 18.09.020A means of an unenclosed structure that has only one (General Residential and Rural Zoning Provisions); wall not over six feet high, which shall be placed on 2. Temporary mobile home: For one year during only one side of the structure. (Ord. 1985-82 (part), construction of a residence on the same property. 1985) a. Upon application this period may be extended for an additional one hundred eighty days, after the 18.15.060 Cluster development option. property owner provides the zoning inspector with A. This option shall be permitted only for subdi- a valid building permit for the construction of a vided residential lots as allowed in this chapter, and residence on the same property.The zoning inspec- their associated open space, in accordance with tor shall notify adjoining property owners within Section 18.09.040 (General Residential and Rural one hundred feet of the subject property. If a written Zoning Provisions). (Ord. 1985-111 § 1 (part), protest to the issuance of the one hundred eighty 1985: Ord. 1985-82 (part), 1985) day extension is received within fifteen days of the date of mailing of notice, the board of adjustment shall hear the case in accordance with Section Chapter 18.17 18.93.040. If no written protests are received at the end of fifteen days, the zoning inspector shall issue SR SUBURBAN RANCH ZONE* the one hundred eighty day extension. b. The board of adjustment shall hear any re- Sections: quests for additional time extensions in accordance 18.17.010 Purpose. with Section 18.93.040; 18.17.020 Permitted uses. 3. Commercial agricultural uses such as field 18.17.030 Conditional uses. crops, truck gardening, berry or bush crops, tree crops, flower gardening, nurseries, orchards and aviaries; in accordance with Section 18.21.O10A3a (CR-1 Single Residence Zone); (Pima County 1 I-91) 18-46 i (12_ a 4. FarmP roducts stand, provided: e. Sale of lots be only for the subdivision not a. The stand does not exceed two hundred square separated by more than one street or alley, feet in area, f. A manufactured or mobile home shall not be b. The sale of farm products shall be grown or permitted for this use, produced on the premises, g. The zoning inspector may require appropriate c. There be a minimum of twenty feet to any deed restrictions to insure that these conditions are street line, complied with, d. There be a minimum of thirty feet to any other h. On or before the date of expiration of the per- lot line, mit period or any extension the real estate office e. A designated parking area be provided that is shall be removed from the premises, set back a minimum of twenty feet from any proper- i. This structure may continue to be used for the ty line, following purposes: f. A designated driveway, no wider than thirty 1) A water company office servicing that subdi- feet beP rovided, and vision, provided there is no outside storage of mate- g. All driveways and parking areas shall be prop- rial or equipment, erly maintained and approved by the department of 2) An office for a functioning nonprofit home- transportation and flood control district; owners' association, or 5. The raising and marketing of poultry, rabbits 3) Community activities center under the home- and small animals,but no slaughtering of other than owners' association. (Ord. 1991-34 § 1, 1991; Ord. those raised on the premises: In accordance with 1986-125 § 1 (part), 1986; Ord. 1986-66 § 1 (part), Section 18.21.O10A3a (CR-1 Single Residence 1986) Zone); 6. The grazing and raising of livestock, providing 18.17.030 Conditional uses. there is not more than one head of cattle, horse, A. Procedures. In accordance with Chapter 18.97 sheep, goat or other similar animal more than six (Conditional Use Procedures). months of age per ten thousand square feet of lot B. Uses Conditionally Permitted (Type 1 Proce- area; dure). 7. The raising of hogs,in accordance with Section 1. Library: 18.14.020A8 (GR-1 Rural Residential); a. Minimum site area: Ten acres, 8. Temporary real estate office on any subdivision b. Maximum site coverage: Thirty percent, of record, provided: c. All driveways and parking areas shall be prop- a. Any real estate broker licensed in the state of erly maintained and approved by the department of Arizona may apply for a temporary and revocable transportation and flood control district, permit for a real estate office from the zoning in- d. Screening: In accordance with Chapter 18.73 spector, (Landscape, Buffering and Screening Standards), b. Such use shall be terminated at the end of one and year from the date of the issuance of the permit for e. All outdoor lighting shall be arranged to elimi- said office, nate glare towards streets and adjoining properties, c. The zoning inspector may allow additional and shall meet all conditions of the County Light • twelve-month extensions as long as sales activity is Pollution Code (Title 15 of this code); continued and ten percent or more of the lots remain 2. Playground or athletic field: unsold, a. Minimum setback to any property line: One d. It is located on a full size lot and meets all hundred feet, zoning requirements applicable to the lot, b. In accordance with Section 18.17.030B1; 18-47 (Pima County 6-92) 1 8.17.030) a 3. Veterinary hospital: h. Minimum setback from adjacent rural or resi- a. Minimum site: Five acres, dential zone for commercial kennel facilities: One b. Minimum setback from adjacent rural or resi- hundred feet, and dential zone for any structure: One hundred feet, c. Dog runs shall be within enclosed buildings; c. In accordance with Section 18.17.030B1 (sub- 4. Community stable: sections b, c, d and e only). a. Minimum site area: Ten acres, 4. Swimming school: b. Minimum setback from subdivision bound- a. Minimum setback to any property line from aries: Five hundred feet, the edge of the swimming pool: fifty feet, c. No more than one horse be kept for each ten b. No more than twelve students shall be in thousand square feet of land area, attendance at any one time at the swimming school. d. Minimum setbacks for community stable facil- C. Uses Conditionally Permitted (Type II Proce- ides and fencing: One hundred feet, dure). e. All driveways and parking areas shall be main- 1. Commercial riding stable or school: mined with a dust-proof material which will mini- a. Minimum site area: Twenty acres, mize the generation of dust and shall be approved b. Minimum setback for stables, barns, animal by the department of transportation and flood con- sheds or shelters: One hundred feet, trol district, c. All outdoor lighting shall be arranged to elimi- f. No amplifiers or loudspeakers of any kind nate glare towards streets and adjoining properties, shall be installed outside any buildings erected on and shall meet all conditions of the county Light the site, Pollution Code (Title 15), g. All outdoor lighting shall be arranged to elimi- d. Minimum setback from adjacent residential nate glare towards streets and adjoining properties, zones: Six hundred feet, and shall meet all conditions of the county Light e. No more than one horse be kept for each ten Pollution Code (Title 15), thousand square feet of land area, and h. Such permit may be revoked when the non- f. All driveways and parking areas shall be main- profit community organization ceases to function or mined with a dust-proof material which will mini- when the community stable is not properly main- mize the generation of dust and shall be approved tamed, and by the department of transportation and flood con- i. Minimum setback from adjacent residential trol district; zones: Six hundred feet; 2. Club or lodge (private, athletic, sport or recre- 5. Minor resort: In accordance with Section ation): 18.07.030F (General Regulations and Exceptions); a. Minimum site area: Ten acres, 6. College or governmental structure: In accor- b. Minimum building setback: One hundred feet; dance with Section 18.17.030D3; c. All outdoor lighting shall be arranged to elimi- 7. Community service agency: In accordance with nate glare towards streets and adjoining properties, Section 18.17.030D3; and shall meet all conditions of the county Light 8. General aviation airstrip: In accordance with Pollution Code (Title 15), and Chapter 18.57; d. No amplifiers or loud speakers of any kind 9. Ultralight airstrip: In accordance with Chapter shall be installed outside any buildings erected on 18.57. the site; D. Uses Conditionally Permitted (Type III Proce- 3. Commercial kennel: dure): a. Minimum site area: Ten acres, 1. Museum: a. In accordance with Section 18.17.030D3(sub- sections a, b, d, e and f), (Pima County 6-92) 18-48 18.17.030 g b. Minimum natural or revegetated buffer D. Maximum building height: Thirty-four feet. feet from anyproperty E. Maximum lot coverage by structures: Thirty setback: One hundred P P line, and percent. hundred feet; F. Minimum distance between main buildings: c. Notification area: Six 2. 6 Private or parochial schools: Twenty feet. (Ord. 1986-66 § 1 (part), 198 ) a. Minimum site area: Ten acres, b. Maximum site coverage: Thirty percent, 18.17.050 Development standards— c. rds— c. Minimumsetback for playground or athletic Accessory buildings. field: One hundred feet, A. Permitted coverage: Ten percent of the total d. All driveways parking and arkin areas shall be area of the rear and side yards. p maintained with a dust-proof material which will B. Maximum height: Twenty-four feet. generation the of dust and shall be C. Minimum distance requirements: by department the de artment of transportation 1. To main building: Seven feet; and flood control district, 2. To front lot line: One hundred feet; e. Screening:In accordance with Chapter 18.73 3. To side and rear lot lines if building is not Bufferin and Screening Standards), used for poultry or animals: g(Landscape, and a. Not adjacent to street: Ten feet; f. All outdoor lighting tin shall be arranged to b. When adjacent to street: Fifty feet. eliminate glare towards streets and adjoining 4. To side and rear lot lines if building is used properties, and shall meet all conditions of the for poultry or animals: One hundred feet. (Ord. (Title county Light Pollution Code 15); 1993-79 § 1, 1993; Ord. 1986-66 § 1 (part), 1986) 3. Residential substance abuse diagnostic and treatment t facili : 18.17.060 Cluster development option. a. M inimum site: Ten acres, A. Purpose: The purpose of this option is to b. Minimum setback: One hundred feet from provide a wider latitude of design, additional usable open space, and more economical use of any property line, c. Height: One story or eighteen feet, the land. d. Maximumgby lot coverage structures:Seven- B. Refer to Section 18.09.040 (General Residen- ty-five, tial and Rural Zoning Provisions) for the general e. Maximum number ofP atient rooms: Seven- provisions of the cluster development option. 1992-23 (part), 1992. Ord. 1986-215 C. Permitted Uses. All uses as permitted in Sec- ty-five. (Ord. > 1986; Ord. 1986-188 1 (part), 1986; Ord. tion 18.09.020A1 (General Residential and Rural(partj, §1986-125 § 1 (part), 1986; Ord. 1986-66 § 1 Zoning Provisions). (part), 1986) D.Conditional Uses: Community stable,in accor- dance with Section 18.17.030C4. (Ord. 1986-66 § 18.17.040 Development standards—General. 1 (part), 1986) A. Minimum site area: One hundred forty-four thousand square feet. B. Minimum lot area per dwelling unit: One hundred forty-four thousand square feet. C. Minimum setback requirements: 1. Front: Fifty feet; 2. Side: Ten feet each; 3. Side, when adjacent to street: Twenty feet; 4. Rear: Fifty feet. 18-49 (Pima County 12,93) Pima CountyE Comprehensive Plan Land Use intensity Legend d) Zoning Districts: Only the following zoning districts shall be deemed in compliance with the land use plan, except as provided for under Section 18.89.030.A.6 major resort community,Section 18.89.040.A.4 plan policies,or Section 18.90.030.H specific plans: 1)GC Golf Course Zone 2)TH Trailer Homesite Zone 3) CR-2 Single Residence Zone 4)CR-3 Single Residence Zone 5)CR-4 Mixed Dwelling Type Zone 6)CR-5 Multiple Residence Zone 7)TR Transitional Zone 8)CMH-2 County Manufactured And Mobile Home-2 Zone 9) MR Major Resort Zone 10)CPI Campus Park Industrial Zone 6. Medium/High Intensity Urban a) Purpose:To designate areas for a mix of medium to high density housing types and other compatible uses. b) Objective:These areas provide opportunities for a variety of residential housing types, including cluster option developments,single family attached dwellings, and apartment complexes. Special attention should beg iven in site design to assure that uses arc compatible with adjacent lower density residential uses. c) Residential Gross Density:Only land arca zoned and planned for residential use, or natural or cluster open space areas,shall be included in gross density calculations. Natural and cluster open space shall be defined as set forth in Section 18.09.040.B,except that cluster open space shall not include land developed under the GC Golf Course Zone. Residential gross density shall comply with the following: 1) Minimum -(none) 2) Maximum -24 RAC d) Zoning Districts: Only the following zoning districts shall be deemed in compliance with the land use plan, except as provided for under Section 18.89.030.A.6 major resort community, Section 18.89.040.A.4 plan policies,or Section 18.90.030.H specific plans: 1) GC Golf Course Zone 2) CR-1 Single Residence Zone 3) CR-2 Single Residence Zone 4) CR-3 Single Residence Zone 5) CR-4 Mixed-Dwelling Typc Zone 6) CR-5 Multiple Residence Zonc 7)TR Transitional Zone 8) CMH-2 County Manufactured And Mobile Home-2 Zone 9) MR Major Resort Zonc 10) CPI Campus Park Industrial Zonc 3A-S Pima County/ Comprehensive PLw Land Use Intensity Legend 7. Medium Intensity Urban a) Purpose:To designate areas for a mix of medium density housing types and other compatible uses. b) Objective:These areas provide an opportunity for a variety of residential types, including cluster option developments, and single family attached dwellings. Special attention should be given in site design to assure that uses are compatible with adjacent lower density residential uses. c) Residential Gross Density: Only land arca zoned and planned for residential use,or natural or cluster open space areas,shall be included in gross density calculations. Natural and cluster open space shall be defined as set forth in Section 18.09.040.B,except that cluster open space shall not include land developed under the GC Golf Course Zone. Residential gross density shall comply with the following: S 1) Minimum -(none) 2) Maximum - 10 RAC d) Zoning Districts:Only the following zoning districts shall be deemed in compliance with the land use plan, except as provided for under Section 18.89.030.A.6 major resort community,Section 18.89.040.A.4 plan policies,or Section 18.90.030.H specific plans: 1) GC Golf Course Zone 2) CR-1 Single Residence Zone 3) CR-2 Single Residence Zone 4) CR-3 Single Residence Zone 5) CR-4 Mixed-Dwelling Typc Zonc 6) CR-5 Multiple Residence Zone 7) CMH-1 County Manufactured And Mobile Home-1 Zonc 8) MR Major Resort Zonc 9) TR Transitional Zone 8. Low Intensity Urban a) Purpose: To designate areas for low density residential and other compatible uses; to provide in- centives for clustering residential development and providing natural open space; and to provide opportunities for a mix of housing types throughout the region. b) I?esidential Gross Density:Only land arca zoned and planned for residential use, or natural or cluster open space areas, shall be included in gross density calculations. Natural and cluster open space shall be defined as set forth in Section 18.09.040.B, except that cluster open space shall not include land 4W developed under the GC Golf Course Zonc. Projects utilizing any of the cluster options set forth in this section shall comply with the provisions of Section 18.09.040 Cluster Development Option. Residential gross density shall comply with the following: 1) Low Intensity Urban 3.0: (a) Minimum - (none) (b) Maximum - 3.0 RAC.The maximum gross density may be increased in accordance with the following cluster option: - (i) Gross density of 4.0 RAC with 30 percent cluster open space. 2) Low Intensity Urban 1.2: (a) Minimum - (none) (b) Maximum - 1.2 RAC.The maximum gross density may be increased in accodancc with the following;cluster options: 410 3A-9 y b �. t f_. } ` . • vj'J li; l�'y,'.�{.�/"'jt;pt�a Fy Y:: i`Ft A b1 .4'r�yyyyeetiUTn+ . PUBLIC LANDS -. SALE OF STAT] § 3 7-244 Note 5 Title 37 Ch. 2 ' pay delinquentirrigation water assessments lev- Where state legally pays delinquent irrigation ' § 37-246. Sal g ied against state lands within an irrigation dis- assessments against state land, state may be , Q trict was obligated to and could pay the delin- reimbursed for such expenditures under § 45- quent assessments upon demand of district and 1672 (renumbered as § 48-3072) or provision `> A If a purch could be reimbursed at time of sale of such land of§ 37-105. Op.Atty.Gen. No. 57-78. in amounts of the delinquent assessments paid. contracts to sell + Op.Atty.Gen. No. 57-78. 6. Interest product from th State which is being reimbursed,upon sale of Where, in regard to sale of state lands,certifi- department withi state land, for delinquent irrigation district as- cate of purchase recites payment of only the under oath on a sessments paid by state pursuant to contract in statutory amount (5% of the purchase price), regard to such land need not set forth amount land department must collect, in addition to natural product of delinquencies paid and to be refunded to the balance shown due on certificate of purchase, received therefor state in the notice of sale of the land but such the 5% interest in advance for a six month practice would be fair and equitable. Op.Atty. period, as provided in § 37-241, before issuing B. Upon recei Gen. No. 57-78. a patent. Op.Atty.Gen. No. 57-77. tion A, the hold dypa r;Pn,. T A Rights conferred bycertificate of purchase; recording of certifi- interest 7--24 g = the interest accru cate of the principal a shall entitle the purchaser and his heirs, or in payment is suffic A. The certificate of purchase and approved bythe department, the assigns of Ak with accrued int case of an assignment filed with pp � , purchaser, to possession of the lands therein described, to maintain actions ... purchaser as pro the for injuries thereto or to recover possession thereof, unless the certificate has C. The depart: ' a. become void by forfeiture. state land who fa: recorded as deeds of conveyance are recorded. in any statement B. The certificate may be department any ° * scribed in the ce; Historical and Statutory Notes ` to the state, and Source: Rev.Code 1928, § 2993. J`i',- shall be forfeited Laws 1915, 2nd S.S., Ch. 5, § 63. Code 1939, § 11-416. $': D. A person N Notes of Decisions ,t misdemeanor. void under Rev.Code 1928, § 2996 (see, now, T t Amended by Laws Execution of certificate 2 ��� �A Liens 3 § 37-249) for mistake or fraud, mandamus t Patent issuance 1 would lie to compel commissioner to perform s r • . the purely ministerial act of executing certifi- �, �, cates of purchase after they were signed by the i, Source; ce purchasers. Alberts v. McGirk (193 8) 51 Ariz. ::: Laws 11. Patent issuan 943, Ch. 67, 510, 78 P.2d 483. Code 1939, Supp.l� Certificate of purchase gives holder equitable title to land acid upon payment of entile pur- The 1978amendnchase price he is entitled to patent; but, as for 3. Liens misdemeanor''for"npatents on less than whole amount, it was notrn Under Land Code, Laws 1915, 2nd S.S., Ch.mandatory upon state to issue patent upon ap-ndment 5, §§ 59 to 69 (see, now, §§ 37-241 to 37-251)plication either before or after 1971 ame ivin a urchaser from the state property to partial patent statute, § 37-251. State v. g g pri hts that were inheritable and assignable, and Estes Corp. (1976) 27 Ariz.App. 686, 5a8 P.2d g -- ee now § 14-1201), i'' Classification of often 714. Civ.Code 1913, § 5��2, (s Pines, see § 13-5OI ewhich defined any inheritable interest in land as Sentencesof imprisoi2. Execution of certificate real property, the interest of a purchaser of 5had been struck off to ur- state lands under his contract of purchase be- Where state land pfore atent was subject to the lien of docketed chaser and the purchase price paid, the state P , created by Civ.Code 1913, § 3633 land commissioner's discretion was fully exer- judgments r (see, now, § 33-964). Union Oil Co. of Arizona *Water and Arizor cised and exhausted, and, if state land depart- - �catherspoon 1 I A ment did not set aside commissioner's actions v. Norton Morgan Commercial Co. (1922) 23 1 eat , in respect to sale, or if sale was not declared Ariz. 236, 202 P. 1077. 5)' � � 436 F t.t ti tti ':'t� :.'.'1.' � txF L., . a-. t r• :'- �''�. w.• 4. t. J -r Ili h t�. r r� rt, 1� �J'$ -.4, g. Arizona Administrative Code Title 12,Ch.5 Land Department C. The applicant to purchase state land shall deposit an amount of C. No portion,less than all of the lands covered in a Certificate of I. ;�'!:. money sufficient to pay the expense incidental to bringing a Purchase,can be assigned. • -- -,' parcel of land to sale when the Department determines that the Historical Note benefit to be derived from the sale is less than the expense Original rule,Subchapter C,Cl.II(Supp.76-4). Section involved. D. Ana application to purchase state land cannot be withdrawn R 12-5-406 renumbered from Section R 12-5-76(Supp.93 3). PP without the approval of the Commissioner. Historical Note R12-5-407. Requirement for Replacing a Certificate of Pur- Original rule,Subchapter C,Ch.II(Supp.76-4). Section chase R12-5-402 renumbered from Section R12-5-72(Supp.93-3). When a Certificate of Purchase is lost, destroyed or wrongfully withheld from the owner thereof,the State Land Department,may upon the filing of an affidavit of such loss,issue a new Certificate of R12-5-403. Restrictions Subsequent to Filing Application to Purchase to the owner. Purchase No lessee may file any transfer,assignment,mortgage or application Historical Note affecting the lands covered in their application to purchase. Original rule,Subchapter C,Ch.II(Supp.76-4). Section R12-5-407 renumbered from Section R12-5-77(Supp.93-3). Historical Note Original rule,Subchapter C,Ch.II(Supp.76-4). Section R12-5-403 renumbered from Section R12-5-73(Supp.93-3). R12-5-408. Partial Patent A. The owner of a Certificate of Purchase shall use a Department form when filing an Application for Patent on Part of a R12-5-404. Responsibility of the Purchaser Certificate of Purchase,which must be accompanied by: A. The recording of a Certificate of Purchase and/or Patent with the 1. $5:00 filing fee I d 0< - - County Recorder of the County in which the lands are located. 2. A deposit of$350.00,to be applied to the cost of appraisal B. Payment of the taxes, water assessments and other charges of the land and improvements,if any. which may be assessed against the land. 3. A plat of survey(drawing size 17"x 26")by a Registered C. Protection of the lands against any loss or waste to or upon the Civil Engineer,showing the lands covered by the Certifi- lands. cate of Purchase and the lands described in this applica- D. To maintain any right to the use of water appurtenant to the land tion. against forfeiture or abandonment of the right. 4. Original copy of Certificate of Purchase from which this E. File a report with the State Land Commissioner of the sale of partial release to patent is requested. any sand,gravel,stone or other natural product from the land. 5. A document showing Satisfaction or Release of Mortgage c- -- F. Acquire the consent of the Department prior to granting a right- or other encumbrances covering lands to be patented. '`�� of-way the land. on 6. A notarized or other duly authenticated document setting Historical Note forth the name of the person authorized to sign for a Original rule,Subchapter C,Ch.II(Supp.76-4). Section individual,partnership,group,company,corporation,etc. R12-5-404 renumbered from Section R12-5-74(Supp.93-3). B. No consideration will be given applications to patent a part of a Certificate of Purchase which is in default, as to payment of Principal,interest,taxes or any other default. R12-5-405. Evidence of Taxes and Assessments BeingPaid C. If the application or any of its attachments is deficient, the A. Receipt of taxes and/or assessments having been paid,for the Commissioner shall immediately notify the applicant of the current year must accompany the annual payments of principal deficiency and the applicant shall within 20 days, or such and interest for a certificate of purchase. further time as the Commissioner may allow, remedy such B. No extension of time will be granted for the payment of annual deficiency, otherwise the application shall be deemed with- installments of principal on a Certificate of Purchase until drawn. current interest on unpaid principal balance has been paid and D. Upon the e li g of a proper application,the Commissioner shall evidence of taxes and/or assessments having been paid is appraise the parcel to be patented and improvements,if any,and submitted to the Department. upon completion of the appraisal, if the Commissioner finds Historical Note that it is for the best interest of the state to patent said parcel,the Original rule,Subchapter C,Ch.H(Supp.76-4). Section Commissioner shall make an order authorizing the patenting of R12-5-405 renumbered from Section R12-5-75(Supp.93-3). the land and setting forth the appraised value of the land and improvements. If the Commissioner finds that it is not in the R12-5-446. Assignment of a Certificate of Purchase best interest of the state to allow patenting of said parcel, the application shall be rejected by order of the Commissioner. A. The transfer of a Certificate of Purchase will be made only upon E. Orders whether authorizing the patenting of the land or the filing of an "Application to Assign and Assumption of rejecting the application shall be issued by the Commissioner Certificate of Purchase" form which will be supplied by this within 60 days after the completion of the appraisal. Department. F. If the purchaser fails to complete any of the required payments B. An application to assign and assumption of a Certificate of within 60 days or such further time as may be granted in writing Purchase will not be approved: by the Commissioner,the application shall be deemed to have 1. When the annual payments are found to be in arrears. been withdrawn by the applicant. 2. When taxes are found to be in arrears. 3. When the release or satisfaction of a lien or mortgage filed Historical Note with the Department has not been submitted with said Original rule,Subchapter C,Ch.II(Supp.76-4). Emergency application. amendment filed September 26,1990,adopted effective 4. When affidavit of citizenship in the United States and/or September 27, 1990,pursuant to A.R.S.§41-1026,valid for only statement of authorization to do business in the state of 90 days(Supp.90-3). Emergency expired. Section R12-5-408 Arizona has not been submitted with said application. renumbered from Section R12-5-78(Supp.93-3). September 30, 1994 Page 11 Supp.94-3 CERTIFICATE OF PURCHASE ASSIGNMENT APPLICATION FILING INFORMATION Submit Application with $200 filing fee to: ARIZONA STATE LAND DEPARTMENT LAND DISPOSITION DIVISION 1616 WEST ADAMS - PHOENIX, ARIZONA 85007 For assistance contact: . . . . . . . . 542-1704 CERTIFICATE OF PURCHASE: 1. Current original document must be submitted with your application. Assignments are attached to the original C.P. (Certificate of Purchase) and returned to the new C.P. holder. 2. If you have lost your original C.P. document,you need to submit a notarized "Affidavit of Lost C.P." along with the appropriate$50.00 fee. NAMES: The assignor(current C.P.holder's) name(s) must be stated on this application EXACTLY as the name(s) are on the original C.P. (Additional certification and acknowledgement pages may be copied and attached, if required.) ANNUAL PAYMENTS OR DEFAULTS: A C.P.of State lands not in default in annual payments may,with the written consent of the Department,assign the C.P. DO NOT submit your application if your annual payment is not paid. (Department Rule 12-5-76) TAXES: All property taxes must be current. A copy of the paid receipt from the County Treasurer must be submitted with your Application. LIENS: 1. Current Liens on File: All liens filed with the Department require a satisfaction or written consent from the lienholder. This must be submitted with your application or it will be rejected. (A.R.S. §37-255 and A.R.S. § 37-289) 2. Filing a new lien: To file a new lien on the C.P. the lien document should include the C.P. number and the legal description(s) of the C.P.. You must submit a $50.00 filing fee with each new mortgage or lien filed. (A.R.S. §37-108). FORECLOSURE, BANKRUPTCY OR DEED OF TRUST SALE: Submit a copy of the sheriff's deed, trustee's deed or appropriate court order with the completed assignment application. A deed of conveyance or warranty deed cannot be accepted as evidence of a C.P.assignment. All assignments of a C.P. must be submitted on an application provided by the State Land Department and accompanied by the appropriate legal document. (A.R.S. §Title 37) ESTATE, DEATH OR INCOMPETENCE OF A C.P. HOLDER: When a personal representative or administrator is executing the assignment application,you are required to submit a copy of the appropriate legal document or court order. (Example: personal representative paper,affidavit of heirship with death certificate, etc.) DISSOLUTION OF MARRIAGE: Submit a copy of the dissolution court document with your application or call (602) 542-1704 for information. POWER OF ATTORNEY: If you are acting as an Attorney in Fact for the applicant you must submit a copy of your notarized Power of Attorney and a $50.00 additional fee. 7000-03/92 (Rev. 06/94) CP Assign a CHECK LIST To avoid rejection of your application, be sure to include the following: 1-1 Your application fee ($200.00 per C.P.). II 1-I Signature(s) and acknowledgement(s) of assignor(s) and assignee(s). 1-1 I---I Release or written consent of any mortgages or liens of record. (If uncertain as to what liens are of record, please contact the Department.) II C.P. annual installment, if payment is not currently paid. L—I All legal documents or documentation required to complete this assignment transaction. II Original C.P. or completed "Affidavit of Lost Certificate of Purchase" plus $50.00 fee per affidavit. II LJ Copy of the paid receipt from the County Treasurer for current property taxes. 7000-03/92 (Rev. 06/94) Assign RETURN TO: B. ROLODEX # DEPARTMENTAL USE ONLY A. ROLODEX # ARIZONA STATE LAND DEPARTMENT LAND DISPOSITION DIVISION ACCOUNTING SALES SECTION RECOMMENDATION/INITIAL DATE 1616 WEST ADAMS APPROVE PHOENIX, ARIZONA 85007 Filing Fee: $200 Exam: Exam # DENY SUBMIT FILING FEE OF $200* Int Title: REJECT, (24) Partial (25) App Entry: WITHDRAW *Application fees are non-refundable APPLICATION FOR ASSIGNMENT OF CERTIFICATE OF PURCHASE AND ASSUMPTION OF INTEREST Type or print in ink. CERTIFICATE OF PURCHASE NUMBER - 1. COMPLETE QUESTIONS,UESTIONS, SIGN APPLICATION AND ATTACH$200 1` fee. 2. NOTICE: Any assignment assi of interest is not binding to either party or the State Land Department until this application has received the written consent of the STATE LAND COMMISSIONER. APPLICANTS: A. ASSIGNOR NAME(S) B. ASSIGNEE NAME(S) (Also blown as the Seller and current C.P. holder) (Also known as the Buyer and proposed C.P. holder) Mailing Address Mailing Address City State Zip City State Zip Contact Person Phone No. Contact Person Phone No. 2. REQUEST TO ASSIGN INTEREST IN C.P. AND REQUEST TO ASSUME INTEREST OF C.P.: Assignor(s) not being in default of the annual payment and/or the conditions of the C.P., HEREBY MAKE APPLICATION AND REQUEST that the State Land Department authorize and consent to in writing, the assignment of all rights, title, interest and claim in and to C.P. No. AND Assignee(s) HEREBY MAKE APPLICATION AND REQUEST that the State Land Department authorize the transfer and assumption of all rights, title, interest and claim of the land described in this application. 7000-03/92 (Rev. 06/94) CP Assign 1 3. TP&QF ASSIGNMENT REQUESTED: (Check one) II u COMPLETE ASSIG a You are requesting assignment of all of the land in your C.P. UNDIVIDED INTEREST OR PERCENTAGE ASSIGNMENT: You are requesting that all the land in the C.P. be assigned to more than one individual or entity in the undivided interest or percentage. Assignment must total 100% or equal a full interest. following UNDIVIDED INTEREST OR ASSIGNEE(S) PERCENTAGE OF INTEREST 4. ENCUMBRANCES: (This portion is to be completed by assignor.) Mortgage or lien: Are there any mortgages or liens on file with the Department? n n I----1 Yes I---I No must enclose a copyof the satisfaction or release of lien signed by the lienholder. If the lien If YES, you is not aid a written letter from the lienholder consenting to this assignment m be attached to this P s application. NOTICE: Pursuant to A.R.S. §37-255(A),your application cannot be processed without a release of all liens or a written consent from each lienholder. Your a lication will be rejected if submitted without the required documents. For information regarding liens on file, contact: Land Disposition Division, (602) 542-1704. and have all signatures notarized on page 4. Assignor(s) com lete and sign page 3 gn5. P NOTE: Arizona is a community property state. If the assignor(s)of this application is/are married, the assignor(s) and his/her spouse must both sign and have this application notarized, unless the original C.P. was issued with the statement "Sole and Separate Property". • page 5 and have all signatures 6. Assn eels) complete and sign notarized on page 6. NOTE: I you wish to hold title as "sole and separate property" or "joint tenants with right of f survivorship",please indicate in Question No. 1 (Page 1). 7000-03/92 (Rev. 06/94) CP Assign 2 TO BE COMPLETED BY ASSIGNOR(S) AKA SELLERS) CERTIFICATION: Pursuant to A.R.S.'Title 37 and the Rules of the Arizona State Land Department,A.A.C.Title 12,Chapter 5,you must complete pertinent to you and/or the organization you represent and sign the certification or your application will not be processed. the following information 1.Is this application made in the name of: (check one) Individual(s) Husband&Wife Corporation Partnership Ltd.Partnership Estate Trust Ltd. Liability Co. Joint Venture Municipality Political Subdivision Other (specify) 2.INDIVIDUAL(s)OR HUSBAND&WIFE: Complete the following for each applicant: NAME AGE MARITAL STATUS 3.CORPORATION: Complete the following: (A) Do you have authority from the Arizona Corporation Commission to do business in the State of Arizona? Yes No (B) Is the corporation presently in good standing with the Arizona Corporation Commission? Yes No (C) In what state are you incorporated? (D) Is the legal corporate name and Arizona business address the same as stated in this application? Yes No If no,state the Legal Corporate Name: Address: (Street or Box Number) (City) (State) (Zip) 4.LIMITED UABIIITY COMPANY:Complete the following: (A)If an out-of-state limited liability company: Have you filed for a Certificate of Registration with the Arizona Corporation Commission? Yes No. (B) If an Arizona limited liability company: Have you filed Articles of Organization with the Arizona Corporation Commission? Yes No. (C) Are you authorized by the Arizona Corporation Commission to transact business in Arizona? Yes No. 5.PARTNERSHIP OR JOINT VENTURE: Complete the following for each authorized partner or principal in the partnership or joint venture: NAME BUSINESS ADDRESS AGE MARITAL STATUS n n 6.LIMITED PARTNERSHIP: Is this limited partnership on file with the Arizona Secretary of State? U Yes i----1 No Complete the following for the authorized general partner(s) only: GENERAL PARTNER(S) NAME BUSINESS ADDRESS 7.ESTATE: Complete the following and attach a copy of the court or estate document(s): Name of the court appointed administrator or personal representat;ve: List the type and date of issuance of the court or Estate document: (Type of Document) (Date issued) 8.TRUST: (A) Complete the following pursuant to A.R.S. §33-404, for each beneficiary of the Trust: NAME ADDRESS AGE MARITAL STATUS or(B) Identify the Trust document by title,document number,and county where document is recorded: 9.I HEREBY CERTIFY,UNDER PENALTY OF PERJURY,THAT THE INFORMATION AND STATEMENTS CONTAINED HEREIN,TOGETHER WITH ALL EXHIBITS AND ATTACHMENTS ARE TRUE,CORRECT AND COMPLETE AND THAT I/WE HAVE AUTHORITY TO SIGN THIS DOCUMENT. SIGNATURES) (Name of Corporation, Partnership,etc.) Signature of Assignor (Individual) Signature Title Signature of Assignor (Individual) (Signature must be notarized on page 4) 7000-03/92 (Rev. 06/94) CP Assign 3 INDIVIDUAL ACKNOWLEDGEMENT To be used for: ASSIGNOR(S) AKA SELLER(S) STATE OF ARIZONA ) )ss. County of ) da of ,19 ,before me,a Notary Public within and for said On this y County and State,personally appeared to me known to be the person(s)described in and who executed the same as free act and deed. Notary (SEAL) County, Commission expires PARTNERSHIP OR TRUST ACKNOWLEDGEMENT STATE OF ARIZONA ) )ss. County of ) On this day of ,19 ,before me,a Notary Public within and for said County,personally appeared (Name of Partner or Trustee) for (Name of Partnership or Trust) partnership, for and on behalf of the partnership or trust and to me known to be (General or Limited Partnership or Trust) the person(s)described in and who executed the same for the partnership or trust. Notary (SEAL) County, Commission expires L.L.C. OR CORPORATE ACKNOWLEDGEMENT STATE OF ARIZONA ) )ss. County of ) On this day of ,19 ,before me,a Notary Public within and for said County,personally appeared (Name of officer) for (Name of L.L.C.or Corporation) a 1.1.c.or corporation,for and on behalf of the 1.1.c.or corporation and to me known to be the person(s) (Stale incorporated in) described in and who executed the same for the corporation. Notary (SEAL) County, • Commission expires 7000-03/92 (Rev. 06/94) CP Assign 4 TO BE COMPLETED BY ASSIGNEE(S) AKA BUYER(S) CERTIFICATION: Pursuant to A.R.S.Title 37 and the Rules of the Arizona State Land Department,A-A.C.Title 12,Chapter 5,you must complete the following information pertinent to you and/or the organization you represent and sign the certification or your application will not be processed. 1.Is this application made in the name of: (check one) Individual(s) Husband&Wife Corporation Partnership Ltd.Partnership Estate Trust Ltd. Liability Co. Joint Venture Municipality Political Subdivision Other (specify) 2.INDIVIDUAL(s)OR HUSBAND&WIFE: Complete the following for each applicant: NAME AGE MARITAL STATUS 3.CORPORATION: Complete the following: (A) Do you have authority from the Arizona Corporation Commission to do business in the State of Arizona? Yes No (B) Is the corporation presently in good standing with the Arizona Corporation Commission? Yes No (C) In what state are you incorporated? (D) Is the legal corporate name and Arizona business address the same as stated in this application? Yes No If no,state the Legal Corporate Name: Address: (Street or Box Number) (City) (State) (Zip) 4.LIMTTED LIABILITY COMPANY:Complete the following: (A) If an out-of-state limited liability company: Have you filed for a Certificate of Registration with the Arizona Corporation Commission? Yes No. (B) If an Arizona limited liability company: Have you filed Articles of Organization with the Arizona Corporation Commission? Yes No. (C) Are you authorized by the Arizona Corporation Commission to transact business in Arizona? Yes No. 5.PARTNERSHIP OR.JOINT : Complete the following for each authorized partner or principal in the partnership or joint venture: NAME BUSINESS ADDRESS AGE MARITAL STATUS n n 6.LIMITED PARTNERSHIP: Is this limited partnership on file with the Arizona Secretary of State? U Yes U No Complete the following for the authorized general partner(s) only: GENERAL PARTNER(S) NAME BUSINESS ADDRESS 7.ESTATE: Complete the following and attach a copy of the court or estate document(s): Name of the court appointed administrator or personal representative: List the type and date of issuance of the court or Estate document: (Type of Document) (Date issued) 8.TRUST: (A) Complete the following pursuant to A.R.S. §33-404, for each beneficiary of the Trust: NAME ADDRESS AGE MARITAL STATUS or(B) Identify the Trust document by title, document number,and county where document is recorded: 9.I HEREBY CERTIFY,UNDER PENALTY OF PERJURY,THAT THE INFORMATION AND STATEMENTS CONTAINED HEREIN,TOGETHER WITH ALL EXHIBITS AND ATTAGITIVIENTS ARE TRUE,CORRECT AND COMPLETE AND THAT I/WE HAVE AUTHORITY TO SIGN THIS DOCUMENT. SIGNATURES) (Name of Corporation, Partnership, etc.) Signature of Assignee (Individual) Signature Title Signature of Assignee (Individual) (Signature must be notarized on page 6) 7000-03/92 (Rev. 06/94) CP Assign 5 INDIVIDUAL ACKNOWLEDGEMENT To be used for: ASSIGNEE(S) AKA BUYER(S) STATE OF ARIZONA ) )s County of ) On this day of ,19 ,before me,a Notary Public within and for said County and State,personally appeared to me known to be the person(s)described in and who executed the same as free act and deed. (his/herltheir) Notary (SEAL) County, Commission expires PARTNERSHIP OR TRUST ACKNOWLEDGEMENT STATE OF ARIZONA ) )ss. County of ) On this day of ,19 ,before me,a Notary Public within and for said County,personally appeared (Name of Partner or Trustee) for (Name of Partnership or Trust) a partnership, for and on behalf of the partnership or trust and to me known to be (Genera!or Limited Partnership or Trust) the person(s) described in and who executed the same for the partnership or trust. Notary (SEAL) County, Commission expires L.L.C. OR CORPORATE ACKNOWLEDGEMENT STATE OF ARIZONA ) )ss. County of ) On this day of ,19 ,before me,a Notary Public within and for said County,personally appeared (Name of officer) for (Name of L.L.C.or Corporation) a Ll.c.or corporation,for and on behalf of the 1.1.c.or corporation and to me known to be the person(s) (State incorporated in) described in and who executed the same for the corporation. Notary (SEAL) County, Commission expires 7000-03/92 (Rev. 06/94) CP Assign 6 REQUIRED:INFORMATION provided to assist the The followinginformation must be Department in processing your application and returning all documents to the correct individual or firm. RETURN COMPLETED ASSIGNMENT APPLICATION SUBMITTED BY: TRANSACTION TO: (Name of individual and/or firm) (Name of individual or firm) Mailing Address Mailing Address City State Zip City State Zip Phone Contact Person Phone Contact Person 7000-03/92 (Rev. 06/94) CP Assign 7 [SIC LTIC 1TIC. SI( I TIC' i__TIC 1T1C 'TIC I/tIC LTIC TIC LTIC LTIC LTIC t_tIC LTIC LrIC 1/IC LTIC L,;t'IL LFIC 1,:C1(' LIII 1SIC ISI IC IsTV L.:ITIC 1!!'IL t TIC I TII ktoyerslitle Insurancerp o oration NATIONAL HEADQUARTERS RICHMOND,VIRGINIA Policy Number 89-00- 115030 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, insures the insured as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorney's fees and expenses which the Company may become obligated to pay hereunder, sustained or incurred by said insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated herein; 2. Any defect in or lien or encumbrance on such title; 3. Unmarketability of such title; or 4. Any lack of the ordinary right of an abutting owner for access to at least one physically open street or highway if the land, in fact, abuts upon one or more such streets or highways; and in addition, as to an insured lender only: 5. Invalidity of the lien of the insured mortgage upon said estate or interest except to the extent that such invalidity, or claim thereof, arises out of the transaction evidenced by the insured mortgage and is based upon a. usury, or b. any consumer credit protection or truth in lending law; 6. Priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being shown in Schedule B in the order of its priority; or 7. Invalidity of any assignment of the insured mortgage, provided such assignment is shown in Schedule B. IN WITNESS WHEREOF the Company has caused this Policy to be signed and sealed, to be valid when Schedule A is countersigned by an authorized officer or agent of the Company, all in accordance with its By-Laws. Iwyers'IitIe Insurance @rporation By: President Attest: /rZ/Z.45z/L' Secretary. LTIC LTIC; t IC LTIC t TUC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC 1 IC LTIC UK* LTIC Lric 1 TIC LTIC LTIC LIIC l_TIC LUC LTIC L TUC /TIC LTIC Policy 89(Rev. 1-1-88) Litho in U.S.A. LTAA STANDARD COVERAGE POLICY FORM-1974 035-0-089-0006/1 CONDITIONS AND STIPULATIONS . finitien of Terms The coverage of this policy shall continue in force as of Date of Policy, in favor of an insured so long as such insured retains an estate The following terms when used in this policy mean: or interest in the land, or owns an indebtedness secured by a purchase (a) "insured": the insured named in Schedule A, and, subject to any rights money mortgage given by a purchaser from such insured, or so long as such or defense the Company may have against the named insured, those who insured shall have liability by reason of covenants of warranty made by succeed to the interest of such insured by operation of law as distinguished such insured in any transfer or conveyance of such estate or interest; from purchase including, but not limited to, heirs, distributees, devisees, provided, however, this policy shall not continue in force in favor of any survivors, personal representatives, next of kin, or corporate or fiduciary purchaser from such insured of either said estate or interest or the successors. The term "insured" also includes (i) the owner of the indebted- indebtedness secured by a purchase money mortgage given to such insured. ness secured by the insured mortgage and each successor in ownership of such indebtedness (reserving, however, all rights and defenses as to any 3. Defense and Prosecution of Actions—Notice of Claim to be Given by such successor who acquires the indebtedness by operation of law as an Insured Claimant described in The first sentence of this subparagraph (a) that the Company would have had against the successor's transferor), and further includes (a) The Company, at its own cost and without undue delay, shall (ii) any government agency or instrumentality which is an insurer or provide for the defense of an insured in litigation to the extent that guarantor under an insurance contract or guaranty insuring or guaranteeing such litigation involves an alleged defect, lien, encumbrance or other said indebtedness, or any part thereof, whether named as an insured matter insured against by this policy. herein or not, and (iii) the parties designated in paragraph 2(a) of these Conditions and Stipulations. (b) The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in (a) above, (ii) in case knowledge (b) "insured claimant": an insured claiming loss or damage hereunder. shall come to an insured hereunder of any claim of title or interest which is ndverse to the title to the estate or interest or the lien of (c) "insured lender": the owner of an insured mortgage. the insured mortgage, as insured, and which might cause loss or damage (d) "insured mortgage": a mortgage shown in Schedule B, the owner for which the Company may be liable by virtue of this policy, or (iii) of which is named as an insured in Schedule A. if title to the estate or interest or the lien of the insured mortgage, as insured, is rejected as unmarketable. If such prompt notice shall not (e) "knowledge": actual knowledge, not constructive knowledge or be given to the Company, then as to such insured all liability of the notice which may be imputed to an insured by reason of any public Company shall cease and terminate in regard to the matter or matters records. for which such prompt notice is required; provided, however, that failure to notify shall in no case prejudice the rights of any such insured under (f) "land"• the land described, specifically or by reference in Schedule A this policy unless the Company shall be prejudiced by such failure and and improvements affixed thereto which by law constitute real property; then only to the extent of such prejudice. provided, however, the term "land" does not include any area excluded by Paragraph No. 6 of The Exclusions From Coverage of this Policy. (c) The Company shall have the right at its own cost to institute and without undue delay prosecute any action or proceeding or to do (g) "mortgage": mortgage, deed of trust, trust deed, or other security any other act which in its opinion may be necessary or desirable to instrument. establish the title to the estate or interest or the lien of the insured mortgage, as insured; and the Company may take any appropriate ac- (h) "public records": chose records which by law impart constructive tion, whether or not it shall be liable under the terms of this policy, notice of matters relating to the land. and shall not thereby concede liability or waive any provision of this policy. 2. (a) Continuation of Insurance after Acquisition of Title by Insured Lender. (d) Whenever the Company shall have brought any action or inter- posed a defense as required or permitted by the provisions of this policy, If this policy insures the owner of the indebtedness secured by the the Company may pursue any such litigation to final determination by insured mortgage, this policy shall continue in force as of Date of a court of competent jurisdiction and expressly reserve the right, in Policy in favor of such insured who acquires all or any part of the its sole discretion, to appeal from any adverse judgment or order. estate or interest in the land described in Schedule A by foreclosure, trustee's sale, conveyance in lieu of foreclosure, or other legal manner (e) In all cases where this policy permits or requires the Company which discharges the lien of the insured mortgage, and if such insured to prosecute or provide for the defense of any action or proceeding, is a corporation, its transferee of the estate or interest so acquired, the insured hereunder shall secure to the Company the right to so provided the transferee is the parent or wholly owned subsidiary of such prosecute or provide defense in such action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name insured; and in favor of any governmental agency or instrumentality which acquires all or any part of the estate or interest pursuant to a of such insured for such purpose. Whenever requested by the Company, such insured shall give the Company, at the Company's expense, all contract of insurance or guaranty insuring or guaranteeing the indebt- reasonable aid (1) in any such action or proceeding in effecting settlement, edness secured by the insured mortgage. After any such acquisition securing evidence, obtaining witnesses, or prosecuting or defending such the amount of insurance hereunder, exclusive of costs, attorneys' fees action or proceeding, and (2) in any other act which in the opinion of the and expenses which the Company may be obligated to pay, shall not Company may be necessary or desirable to establish the title to the exceed the least of: estate or interest or the lien of the insured mortgage, as insured, including (i) the amount of insurance stated in Schedule A; but not limited to executing corrective or other documents. (ii) the amount of the unpaid principal of the indebtedness plus interest thereon, as determined under paragraph 6(a)(iii) hereof, 4. Proof of Loss or Damage—Limitation of Action expenses of foreclosure and amounts advanced to protect the lien of the insured mortgage and secured by said insured mort- In addition to the notices required under Paragraph 3(b) of these gage at the time of acquisition of such estate or interest in the Conditions and Stipulations, a proof of loss or damage, signed and land; or sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain or determine (iii) the amount paid by any governmental agency or instrumen- the facts giving rise to such loss or damage. Such proof of loss or tality, if such agency or instrumentality is the insured claim- damage shall describe the defect in, or lien or encumbrance on the title, ant, in acquisition of such estate or interest in satisfaction of its or other matter insured against by this policy which constitutes the basis insurance contract or guaranty. of loss or damage, and, when appropriate state the basis of calculating the amount of such loss or damage. (h) Contirsuatixn of insurance after Conveyance of Title . • LTIC LTIC LTICLTIC LTIC.LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Iuyersitle Jnsurance rp oration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA STANDARD COVERAGE POLICY SCHEDULE A AMOUNT: $700,000.00 CASE NUMBER: 501,044 or EFFECTIVE DATE: September 19, 1996 at Fee No 96160036 INSURED 'Dawn of Oro Valley, Arizona, a political subdivision of the State of Arizona 1. THE ESTATE OR INTEREST REFERED TO HEREIN IS AT DATE OF POLICY VESTED IN: 'Ibwn of Oro Valley, Arizona, a political subdivision of the State of Arizona 2. THE ESTATE OR INTEREST IN THE LAND DESCRIBED AND WHICH IS COVERED BY THIS POLICY IS: fee simple 3. THE LAND REFERRED TO IN THIS POLICY IS DESCRIBED AS FOLLOWS: See Exhibit "A" attached hereto and made a part hereof LAWYERS TIS OF ARIZONA, INC. 1 / . ISSUED AT: TUCSON, ARIZONA CO'.TNTERSIGNATURE#TTTytORIZED OFFICER OR AGENT BW:cl SCHEDULE A,PAGE NUMBER 1 OF POLICY 89-00-115030 LTAA Standard Cover.•e Poli Form- 1974 ' -v. 01-01-88 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Form 100 Litho in U.S.A. 035-0-100-0011 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC 1uyers1Jt1e Insurance rp oration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Schedule A EXHIBIT "A" A part of the Northwest Quarter of Section 11, Tcunship 12 South, Range 13 East, Gila and Salt River Base and Meridian, Pima County, Arizona, described as follows: COMMENCING at the Northwest corner of the said Northwest Quarter; THENCE South 00 degrees 01 minutes 41 seconds East along the West line of the said Northwest Quarter a distance of 631.99 feet; THENCE South 89 degrees 56 minutes 10 seconds East 75.00 feet to the POINT OF BEGINNING on a line 75.00 feet East of and parallel with the said West line; INCE North 00 degrees 01 minutes 41 seconds West along the said parallel line a distance of 557.11 feet to a line 75.00 feet South of and parallel with the North line of the said Northwest Quarter; SCE North 89 degrees 52 minutes 57 seconds East along the said parallel line a distance of 560.00 feet; THENCE South 00 degrees 01 minutes 41 seconds East 558.88 feet; THENCE North 89 degrees 56 minutes 10 seconds West 560.00 feet to the POINT OF BEGINNING. CASE NO. 501,044 DT Schedule A Page 2 No.89-00-115030 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Form 100 Litho in U.S.A. 035-0-100-0011 'LTIC LTIC LTIC LT1C LTIC LT1C LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Iuyers]Jt1e Insurance rp oration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULE B THIS POLICY DOES NOT INSURE AGAINST LOSS OR DAMAGE NOR AGAINST, COSTS,ATTORNEY'S FEES, OR EXPENSES,ANY OR ALL OF WHICH ARISE BY REASON OF THOSE MATTERS SHOWN IN PARTS I AND II OF THIS SCHEDULE PART I 1.Taxes or assesments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by public agency which may result in taxes or assessments,or notices of such proceedings,whether or not shown by the records of such agency or by the public records. 2.Any facts, rights,interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making inquiry of persons in possession thereof. 3.Easements,liens or encumbrances,or claims thereof,which are not shown by the public records. 4.Discrepancies,conflicts in boundary lines, shortage in area, encroachments,or any other facts which a correct survey would disclose,and which are not shown by the public records. 5. (a)Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights,claims or title to water,whether or not the matters excepted under (a),(b) or(c) are shown by the public records. 6.Any right,title,interest, estate or easement in land beyond the lines of the area specifically described or referred to in Schedule A, or in abutting streets,roads,avenues,alleys,lanes,ways or waterways,but nothing in the paragraph shall modify or limit the extent to which the ordinary right of an abutting owner for access to a physically open street or highway is insured by this policy. 7.Any law, ordinance or governmental regulation(including but not limited to building and zoning ordinances and those relating to environmental protection) restricting or regulating or prohibiting the occupancy,use or enjoyment of the land, or regulating the character, dimensions or location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was apart, whether or not shown by the public records at Date of Policy, or the effect of any violation of any such law,ordinance or governmental regulation,whether or not shown by the public records at Date of Policy. 8.Rights of eminent domain or governmental rights of police power unless notice of the exercise of such rights appears in the public records. CONTINUED... CASE NO. 501,044 DT SCHEDULE B PART I, PAGE NUMBER 1 OF POLICY 89-00-115030 LTAA Standard Cover.!e Poli Form- 1974 (Rev. 01-01-88) LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Form 100 Litho in U.S.A. 035-0-100-0011 'LTIC LTIC LTICLTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC kwyerslitle Insurance rp oration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULE B-PART I Cont'd. 9.Defects,liens, encumbrances,adverse claims, or other matters (a) created,suffered,assumed or agreed to by the insured claimant; (b) not shown by the public records and not otherwise excluded from coverage but known to the insured claimant either at date of policy or at the date such claimant acquired an estate or interest insured by this policy or acquired the insured mortgage and not disclosed in writing by the insured claimant to the company prior to the date such insured claimant became an insured hereunder; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had been a purchaser or encumbrancer for value without knowledge. 10.The right or claims of title,if any,by the state of Arizona to any portion of the property described in Schedule A by reason of its location in a watercourse which was navigable at Statehood. PART II 1. TAXES for the second half of the year 1996, a lien not yet due and payable. 2. Any action, subsequent to the date hereof, by the Pima County Assessor and Treasurer reassessing, altering and/or increasing the current or any prior years taxes or assessments. 3. All matters as set forth in the Covenants, Conditions and Restrictions in ins t: Recorded in Docket 8092 Page 888 and amended in Docket 8245 at page 50 and amended in Docket 8259 at page 1632 and amended in Docket 8273 at page 2076 and amended in Docket 8356 at page 869 in Docket 8594 at 749 and d page and amended in Docket 9687 at page 2201 NCTE: This exception cents any c t, condition or restriction based on race, color, religion, sex, handicap, familial status or national origin, unless and only to the extent that the restriction is not in violation of state or federal law, or relates to a handicap, but does not discriminate against handicapped people. Continued. . . CASE NO. 501,044 DT SCHEDULE B,PAGE NUMBER 2 OF POLICY 89-00-115030 LTAA Standard Cover. a Poli Form- 1974 ' -v. 01-01-88 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Form 100 Litho in U.S.A. 035-0-100-0011 amassimmisimin LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Iuyers1Jtle Insurance @rporation NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Schedule B Part I Cont'd. 4. All matters as set forth in the Covenants, Conditions and Restrictions in ins t: Recorded in Docket 8092 Page 1002 NOTE: This exception amits any covenant, condition or restriction based on race, color, religion, sex, handicap, familial status or national origin, unless and only to the extent that the restriction is not in violation of state or federal law, or relates to a handicap, but does not discriminate against handicapped people. 5. All matters as set forth in the Covenants, Conditions and Restrictions in inS t: Recorded in Docket 8092 Page 1017 and amended in Docket 8259 at page 1692 and amended in Docket 8273 at page 2069 and mended in Docket 8356 at page 879 NO►I'E: This exception units any covenant, condition or restriction based on race, color, religion, sex, handicap, familial status or national origin, unless and only to the extent that the restriction is not in violation of state or federal law, or relates to a handicap, but does not discriminate against handicapped people. 6. All matters as set forth in the Covenants, Conditions and Restrictions in ins t: Recorded in Docket 8622 Page 1529 NOTE: This exception omits any c t, condition or restriction based on race, color, religion, sex, handicap, familial status or national origin, unless and only to the extent that the restriction is not in violation of state or federal law, or relates to a handicap, but does not discriminate against handicapped people. Continued. . . CASE NO. 501,044 In SCHEDULE B,PAGE NUMBER 2 OF POLICY 89-00-115030 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Form 100 Litho in U.S.A. 035-0-100-0011 LTIC LTIC LTIC. LTIC L[1C LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Iuyers1Jt1e Insurance rp oration NATIONAL HEADQUARTERS RICHMOND, VIRGINIA Schedule B Part I Cont'd. 7. EASEMENT and rights incident thereto, as set forth in instrument: Recorded in Docket: 8622 Page: 1830 Purpose: errant golf balls CASE NO. 501,044 DT SCHEDULE B,PAGE NUMBER 3 OF POLICY 89-00-115030 LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC LTIC Form 100 Litho in U.S.A. 035-0-100-0011 t. , CONDITIONS AND STIPULATIONS--CONTINUED Should such proof of loss or damage fail to state facts sufficient to enable to the extent that such payments reduce the amount of the indebtedness the Company to determine its liability hereunder, insured claimant, at the secured by such mortgage. written request of Company, shall furnish such additional information as Payment in full by any person or voluntary satisfaction or release of may reasonably be necessary to make such determination. the insured mortgage shall terminate all liability of the Company to an No right of action shall accrue to insured claimant until 30 days after insured owner of the indebtedness secured by the insured mortgage, except such proof of loss or damage shall have been furnished. as provided in paragraph 2(a) hereof. Failure to furnish such proof of loss or damage shall terminate any 9. Liability Noncumulative liability of the Company under this policy as to such loss or damage. It is expressly understood that the amount of insurance under this S. Options to Pay or Otherwise Settle Claims and Options to Purchase policy, as to the insured owner of the estate or interest covered by this Indebtedness policy, shall be reduced by any amount the Company may pay under The Company shall have the option to pay or otherwise settle for any policy insuring (a) a mortgage shown or referred to in Schedule B or in the name of an insured claimant any claim insured against, or to hereof which is a lien on the estate or interest covered by this policy, terminate all liability and obligations of the Company hereunder by paying or (b) a mortgage hereafter executed by an insured which is a charge or or tendering payment of the amount of insurance under this policy together lien on the estate or interest described or referred to in Schedule A, and the amount sopaid shall be deemed a payment under this policy. The with any costs, attorneys' fees and expenses incurred up to the time P Y of such payment or tender of payment by the insured claimant and Company shall have the option to apply to the payment of any such authorized by the Company. In case loss or damage is claimed under this mortgage any amount that otherwise would be payable hereunder to the policy by the owner of the indebtedness secured by the insured mortgage, insured owner of the estate or interest covered by this policy and the the Company shall ha ie the further option to purchase such indebtedness amount so paid shall be deemed a payment under this policy to said insured for the amount owing thereon together with all costs, attorneys' fees and owner. expenses which the Company is obligated hereunder to pay. If the Com- The provisions of this paragraph 9 shall not apply to an owner of the pony offers to purchase said indebtedness as herein provided, the owner indebtedness secured by the insured mortgage, unless such insured acquires of such indebtedness shall transfer and assign said indebtedness and the title to said estate or interest in satisfaction of said indebtedness or any mortgage and any collateral securing the same to the Company upon pay- part thereof. ment therefor as herein provided. Upon such offer being made by the Com- 10. Subrogation Upon Payment or Settlement pony, all liability and obligations of the Company hereunder to the owner of the indebtedness secured by said insured mortgage, other than the Whenever the Company shall have paid or settled a claim under this obligation to purchase said indebtedness pursuant to this paragraph, are policy, all right of subrogation shall vest in the Company unaffected by terminated. any act of the insured claimant, except that the owner of the indebtedness 6. Determination and Payment of Loss secured by the insured mortgage may release or substitute the personal liability of any debtor or guarantor, or extend or otherwise modify the (a) The liability of the Company under this policy shall in no case terms of payment, or release a portion of the estate or interest from exceed the least of: the lien of the insured mortgage, or release any collateral security for the (i) the actual loss of the insured claimant; or indebtedness, provided such act occurs prior to receipt by such insured (ii) the amount of insurance stated in Schedule A, or, if applicable,the of notice of any claim of title or interest adverse to the title to the estate amount of insurance as defined in paragraph 2(a) hereof; or or interest or the priority of the lien of the insured mortgage and does (iii) if this policy insures the owner of the indebtedness secured not result in any loss of priority of the lien of the insured mortgage. The by the insured mortgage, and provided said owner is the insured Company shall be subrogated to and be entitled to all rights and remedies claimant, the amount of the unpaid principal of said indebtedness, which such insured claimant would have had against any person or property plus interest thereon, provided such amount shall not include any in respect to such claim had this policy not been issued, and the Company is additional principal indebtedness created subsequent to Date of hereby authorized and empowered to sue, compromise or settle in its name Policy, except as to amounts advanced to protect the lien of the or in the name of the insured to the full extent of the loss sustained by the insured mortgage and secured thereby. Company. If requested by the Company, the insured shall execute any and all documents to evidence the within subrogation. If the payment does not (b) The Company will pay, in addition to any loss insured against by cover the loss of such insured claimant, the Company shall be subrogated to this policy, al! costs imposed upon an insured in litigation carried on by such rights and remedies in the proportion which said payment bears to the the Company for such insured, and all costs, attorneys' fees and expenses amount of said loss, but such subrogation shall be in subordination to an in litigation carried on by such insured with the written authorization insured mortgage. If loss should result from any act of such insured claimant, of the Company. such act shall not void this policy, but the Company, in that event, shall as to (c) When the amount of loss or damage has been definitely fixed in such insured claimant be required to pay only that part of any losses insured accordance with the conditions of this policy, the loss or damage shall against hereunder which shall exceed the amount, if any, lost to the Company be parable within 30 days thereafter. by reason of the impairment of the right of subrogation. 11. Liability Limited to this Policy 7. Limitation of Liability This instrument together with all endorsements and other instruments, No claim shall arise or be maintainable under this policy (a) if the if any, attached hereto by the Company is the entire policy and contract Company, after having received notice of an alleged defect, lien or en- between the insured and the Company. cumbrance insured against hereunder, by litigation or otherwise, removes Any claim of loss or damage, whether or not based on negligence, and such defect, lien or encumbrance or establishes the title, or the lien of the which arises out of the status of the lien of the insured mortgage or of insured mortgage, as insured, within a reasonable time after receipt of such the title to the estate or interest covered hereby, or any action asserting notice; (b) in the event of litigation until there hos been a final determina- such claim, shall be restricted to the provisions and conditions and bon by c: court of competent jurisdiction, and disposition of all appeals stipulations of this policy. therefrom, adverse to the title or to the lien of the insured mortgage, as No amendment of or endorsement to this policy can be made except insured, as provided in paragraph 3 hereof; or (c) for liability voluntarily by writing endorsed hereon or attached hereto signed by either the admitted or assumed by an insured without prior written consent of the President, a Vice President, the Secretary, an Assistant Secretary,or validating Company. officer or authorized signatory of the Company. No payment shall be made without producing this policy for endorse- B.. Reduction of insurance; Termination of Liability ment of such payment unless the policy be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction All payments under this policy, except payment made for costs, at- of the Company. torneys' fees and expenses, shall reduce the amount of the insurance 12. Notices, Where Sent pro tanto; provided, however, if the owner of the indebtedness secured by the insured mortgage is an insured hereunder, then such payments, prior All notices required to be given the Company and any statement in to the acquisition of title to said estate or interest as provided in paragraph writing required to be furnished the Company shall include the number of 2(a) of these Conditions and Stipulations, shall not reduce pro tanto the this policy and shall be addressed to its Corporate Headquarters, 6630 amount of she insurance afforded hereunder as to any such insured, except West Broad St., Richmond, Virginia 23230. Mailing address: P.O. Box 27567, Richmond, Virginia 23261. A WORD OF THANKS... As we make your policy a part of our permanent records, we want to express our appreciation of this evidence of your faith in Lawyers Title Insurance Corporation. There is no recurring premium. This policy provides valuable title protection and we suggest you keep it in a safe place where it will be readily available for future reference. If you have any questions about the protection provided by this policy contact the office that issued your policy or you may write to: Consumer Affairs Department Insurance Crporation Iuyers' tle� P.O. Box 27567 Richmond, Virginia 23261 TOLL FREE NUMBER: 1-800-446-7086 t T1t 1„.11C t�l IC I_Tlt� 1Tlt� t.:Tic tilt Ltic i TIC'. tnt [tic t.T it LIR- lilt tris tilt It tl nth [tit I..I(t 1.1 It. 1.111 1.11c I It' II IC, 1j it Ii IC 1.1IC 1.11C 1.111 t.:Tlt` LIG t,Tit' i;nits UR' I-i'in i l"IC t„CIt tilt I_nit I_I It Ilk LH(' I.II( lilt 1_11(' LH(' 1.1 It t_I It l IR t_i`It' lilt` ult. 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I -.)J1• 1 y 7 qo7- /& t 4 • TOWN OF ORO VALLEY COUNCIL COMMUNICATION MEETING DATE: June 27, 1995 TO: HONORABLE MAYOR & COUNCIL FROM: Chuck Sweet, Town Manager Ken Lawrence, Parks and Recreation Administrator SUBJ: Arizona State Land Department Public Land Auction for property on Lambert Lane. SUMMARY: On Wednesday, June 21, 1995, I contacted Mr. Paul Wichmann with the Arizona State Land Department regarding the upcoming auction of this parcel of land. Specifically, I called to inquire on the requirements for municipalities to bid on this property and the related details involved. Mr. Wichmann indicated municipalities have to bid on the land in the same manner as any private citizen or developer would and under the same guidelines. Mr. Wichmann explained that this auction will be done on an open public bid format. In order to enter and participate in the auction, the participant must possess a Cashier's check in the amount of $98,250 which covers and includes the following: $75,500 10% of the appraised value of the land. $22,650 3% administrative fee $100 Certificate of purchase $98,250 The successful bidder must also pay 10% of the difference between the actual purchase price and the starting asking price ($755,000) within thirty days. In terms of the payment schedule, the purchase amount is usually amortized over a 20 year period at 9% interest annuallywith a balloon payment (balance on principal) due after 5 years. Please note the attachments including the auction notice as well as a proposed amortization schedule from David Andrews, Finance Director, which will provide additional information. RECOMMENDATIONS: The last time this 40 acre parcel of State Land went to public auction earlier this spring, there were no bidders. Inquiries to the Town offices about this parcel and any possible annexation into the Town indicates that there will be bidders for this parcel on June 29th, 1995. The Town of Oro Valley is currently land short when it comes to Town Owned property, for a community of our size. The Town is desperately short of Park lands, and this parcel was identified on the (POST)plan. The ability of the Town to place a down payment on the property, make payments for five years, then pay off the balloon payment with bondroceeds or refinancing, is a viable affordable option. Based upon land prices p in the area, I do not believe the Town will be able to find a (40) acre section at $18,875+ per acre in this particular area of Town any time in the near future. Even if the property • is period fora of time and traded for a more appropriate parcel of land in the future,it would be a good public investment. It is recommended that the Town Council Discuss this agenda item in Executive Session on June 27, 1995, then direct staff to submit an appropriate ro riate bid on June 29, 1995 based upon the majority of that council decision. ATTACHMENTS: 1. Arizona State Land Department Information regarding Public Auction Sale No.#53- 10-0406. 2. Amortization Schedule from David Andrews, Finance Director. SUGGESTED MOTION: I make a motion that the Town Council direct the Town Manager to submit a bid on the 40 acrep arcel of State Land on Lambert Lane, that is due to be auctioned on June 29, 1995. The Town's bid shall not exceed $ Chuck Sweet, Town Manager 7r.teo''` Ken Lawrence Parks and Recreation Administrator % 0 el .'".''''''''''' ' ' ' 4.4Pirell".""*• • \ . i\ Ls RIONA STATE LAND• * . DEPARTMENT 44 - y. PUBLIC AUCTION ,..,, :,. PIMA COUNTY PROPERTIES , Thursday, June 29, 1995 At 233 N. Main, Tucson, The Olcott liouse ... , ' •AUCTION #1 54.45 acres, zoned CR-4 at the SE corner of Camino de 1030 a.m. , Oeste and Linda Vista. ) Minimum bid $2,200,000. . Terms Available. , i lit AUCTION #2 40 acres, zoned SR on Lambert Lane 1/4 mile west of X 11:00 a.m. La Canada. Minimum bid $755,000. Terms available. - . ......----------- n ft-, 5 CCQ-Si ?aka_ (A)TC kilAct ivt\) P ' Fr further information contact ,/ kizona State Land Department Paul Wichmann ' (520) 628-5480 iimgo, . , 731' 0 OP 1 A 61 gee;)12 ALL i e Mil v r.tt Z,, 6 7 9 sp) iiv 4_ vir 4, S 74 . . • JUN 21 '95 03:42PM AZ STATE I 'D DEPT P.2 ARIZONA STATE LAND DEPARTMENT 1616 WEST ADAMS PHOENIX, ARIZONA 85007 CLIC AUCTION SALE NO. 53-100406 Pursuant to Title 37, A.R.S., notice is hereby given that the state of Arizona through its State Land Department (herein called Department), will sell at Public Auction to the highest and best bidder (herein called buyer) at 4 a,m. on Thursday, 1995, at the State Land Department office, 233 N. Main'Ave. (Olcott House), Tucson, Arizona trust lands situated in Pima County, to wit: TOWNSHIP 12 SOUTH, RANGE 13 EAST, O&SRM, PIMA COUNTY, ARIZONA PARCEL: SW SE OP SECTION 10, CONTAINS 40.00 ACRES MORE OR LESS The land has been appraised at $755,000.00 and consists of 40.00 acres, more or less. There are no improvements. The above described lands are sold subject to existing reservations, easements or rights-of-ways. Pursuant to-the provisions of Arizona Revised Statutes 37-231, of the following substances not heretofore retained and reserved by a predecessor in title to the state of Arizona, all oil, gas, other hydrocarbon substances, helium or other substances of a gaseous nature, coal, metals, minerals, fossils, fertilizer of every name and description, together with all uranium, thorium, or any other material which is or may be determined by the laws of the United States, or of this state, or decisions of court, to be peculiarly essential to the production of fissionable materials, whether or not of commercial value, and the exclusive right thereto, on, in, or under the above described lands, shall be and remain and are hereby reserved in and retained by the state of Arizona, together with the right of the state of Arizona, its lessees or permittees to enter upon those lands for the purpose of exploration, development and removal of the above described substances as provided by the rules and regulations of the Department and the laws of Arizona. The Department does not represent or warrant that access exists over non-state lands which intervene respectively between the above parcels and the nearest public roadway. No utilities will be installed by the Department on any of said parcels, and the availability of water for said parcel is unknown. After sale by the Department the foregoing lands become subject to the laws, rules and regulations which regulate the use of private land. The time of sale shall be deemed to be the time of declaration of the highest and best bidder. TERMS OF SALE • (A) At the time of sale the buyer must pay the following in a cashier's check: (1) 10% of the appraised value of the land, which is $75,500.00, (2) Selling and Administrative Expenses fee of 3% of the appraised value of the lands, which is $22,650.00,(3) A Certificate of Purchase fee of $100.00. The total amount due at the time of sale is $98,250.Q0. JUN 21 '95 03:43PM AZ STATE ' 'ND DEPT P.3 PUBLIC AUCTION SALE NO. 53-100406 PAGE 2 (B) Within 30 days after the time of sale the buyer must pay (for Selling and Administrative fee) Expenses3% of the �urchase price of the land sold less the amount paid under (A) (2) above and elect and pay (1) EITHER the full balance of the amount bid for the land and the patent fee, OR (2) the buyer may elect to pay an additional amount which when added to the amount paid under (A) (1) above equals 10% of the amount bid for the land, to be allocated to principal, and agree to pay the balance of the amount bid for the land in yearly installments amortized over a 20 year period together with 9.0% fixed interest. THE TOTAL AMOUNT WILL BE DUE AND PAYABLE AT THE END OF THE Frrnt (5) YEAR FROM THE DATE OF SALE. (C) Within 10 days after the time of sale the successful bidder or bidders shall be required to reimburse the applicant for prepaid estimated advertising fees of$2,500.00. In addition to the estimated $2,500.00 the successful bidder shall be required to pay actual advertising cost over ' and above the estimated amount. (D) In addition to payment made at the time of sale, the successful bidder shall be billed immediately following the sale for the cost of the archaeological survey and the certified survey if applicable. If the successful bidder is the applicant, no payment for the archaeological survey or certified survey is required. (E) In the event no bids are received at the time of auction, the Department will not reimburse the applicant for the cost of the archaeological and certified surveys. BIDDING PROCEDURES: (1) All bidders will be required to show proof of a cashier's check in the amount specified under "Terms of Sale" prior to bidding. (2) The auction will consist of verbal bidding and begin with the total appraisal value. (3) Bidding shall be in a minimum of $20,000.00 increments, thereafter. (4) A bid for less than the appraised value of the land or by a party who has not previously inspected the property will not be considered. The successful bidder must sign an affidavit stating that buyer has inspected the property. (5) The Department may cancel this sale in whole or part at any time prior to the acceptance of a final bid. A protest to this sale must be filed within 30 days after the first day of publication of this announcement and in accordance with Article 4.1 of A.R.S. §37-301. Any objections to the auction proceedings on the day of sale must be received in writing at the State Land Department office, 1616 West Adams, Phoenix, Arizona, 85007, within 30 days after the sale date. JUN 21 '95 03:43PM AZ STATE ' '1D DEPT P.4 PUBLIC AUCTION SALE NO. 53-100406 PAGE 3 Information regarding this sale may be obtained from the Arizona State Land Department, 1616 West Adams, Phoenix, Arizona. In accordance with the Americans with Disabilities Act, individuals with disabilities who require an accommodation to attend or participate in this auction may contact the ADA Coordinator at 542-4634 at least 72 hours before the auction. STATE. ? ' L.AN .—deb ru a 99 5 William P. Foster DEPARTMENT Date (for) M. J'. Hassell State Land Commissioner SAL sumo 53-4106 Z!as R 13C StCT �O .JUN 21 '95 03:44PM AZ STATE ' ^ND DEPT P.5 • • ASSESSOR'S PLAT MAP _ — !L...1604 --•�� • • • • o i 3oN • ionI • �`4.1 • • . „ I. . • . . . , _ . . . c„.. .6. s " . MOM •• .. .. • .. .. . • • • .qii, . . . r . •�.a�li--—- ----�� • ,fill,' •./• . F. - �e • r - • ... .oe �6a — re f, '-24 . 224 .i. ID• 1 ' k ...4.f.:..t1\• '------....: — : . i , ':-- ——";7 1—5,..2,1,--"L s . . 1 . • 4; •'PAN - 47$. 1411, 2 .I I . . • • MA wa- /..•:- • i . Oa!ii;) . ..' . . . • • ' • ' . 44111 ' . •' : 50... . .., 4p. .. . • • . ...• . , , . -I •. . . .. • • • . . ,.. • .„ .,.,.......... .. , . . ..• . . 1 .. itiii .. . . .... ... .. . . ...„ ... • ... . .., . . ,..............•,........ •_ •. i . . r' .. ./ . .. . ... • • ; _ _tr. ,, . . .,. . • • •!. i . •„,• . . .. •. - • • •• . .../..,* • .... • . ! 6 , i . • • GO• I i - .•i . •••• .14' • •• :5 .. . . c..- -.. / . .f .. • MAMA low • .11.• , Ate • ,�.. ' , ♦ RAS aM1i ....-W--. .- '. V .. ,� - ,�,� 1" • ' • •r CANADA HIL. ; ' ': aw.ti � •• • - •• .' t , ' • •'.: • ',• �• VILLAGE .10 , ... :. .1 , • • . th• -L-144A1 i a 4•L ALLU-444•Li.i.1.1.1.4.1.1.1iiii.L444.11 . I twit.. . _.„_ ,gt .. 5. • • ".• 1 '; . • -a -14 . , . ...• . . 6• . • • • . .• • . •••• . It s•• , Subject • .- . ••• • " •,... 0. • ..•• ...,... ••• . ,. •..rs r .-; • • ; • c .0 •„•' ;' . . ', .. ... la ., • %. • '' ,... :.. .. . eil ,'''s'.• : -. ''.• . 1- '-• '.. ..•.::• ....-.i.. . ' ' ' . •.. • • • • .. . WiNtifinalood . .,. • . _.. •,,:: :': '., • _ •: •• '..•'' ., '• •STATE.:•• -.LAND., '-. • •r r canner abs • •.•.• •• ;•:. .' :•r • .. • • :1 , • . .. . .•. •r� : ,• ,•• ,• • • ' • ' �a •'••'• s!W!+•wv a1,— • • •• sr .• • ' • '• • DM1 •* '•. •' ' • • ' '•..'' ', ..• . -.•• • • -.;• • • Il/Il/i///J/sstso stot/J/sJr' • I;'•.• •• , _•••%.'. 1 -1 rl ,• ,•• ••• ;1 ►. • • • '. •. . • • -. • • •'. / • V •= S '_ •'- ', •. • •. ••• •• • • • • • • •• •• ,, • •• , r ••• r. , • • • • • . .7;:•• T•1 -40 ACRE VACANT PARCEL,LOCATED ON. . : ... . •STATE LAND'DEPAR�NT:'L . : •' • . : ;E NORTH SIDE OF LAMBERT LANE WEST OF.' ' - •• ,: :.� •. • .• , 'rte •' '' ' '. •.*,- ,.: ...... ...LA.CARADA.DRIVB :'TUC,SON;..-,... , . ". - • ;. ,PIIvt .COLTrITY,'AluzoNA . ','• '. '. .• ' •'•- .KLEE NMAN BRIEFER'&.ASSOCIATES ''' •• . • • Park and Facilities Site No. Quantity Cost/Facility Total Cost Overton Rd./CDO Wash Park 3a. 40 acres Acquisition costs TBD Equestrian facility/staging area 1 $60,000. $60,000. First Ave./CDO Wash Park 3b. 5 acres Acquisition costs TBD Alternate to 3a. Honey Bee Open Space /Nature Park 4. 60 acres Acquisition costs TBD Operations and Maintenance $45,000./yr. $45,000. Phase II: Copper Creek Neighborhood en Park O Space 5. 30 acres $900,000. $900,000. Park/Open pa Soccer field 1 $150,000. $150,000. Basketball courts 2 $50.000. $100,000. Softball field 1 $200,000. $200,000 Baseball field 1 $250,000. $250,000. Picnic Ramadas 3 $15,000. $45,000. Subtotal $1,645,000. Oro Valley Community Park 6a. 60 acres Acquisition costs TBD Recreation Center/Gymnasium 1 $3,000,000. $3,000,000. Soccer 2 $150,000. $300,000. Baseball 2 $250,000. $500,000. Softball 2 $200,000. $400,000. Playground 1 $40,000. $40,000. aY9 Picnic Ramadas 4 $15,000. $60,000. Subtotal $4,300,000. Community/Regional Park Site 6b. 220 acres Acquisition costs TBD (Alternate to 6a.) Same amenities as 6a. Phase Ill: State Land/Lambert Neighborhood/Open Space 7. 40 acres $1,200,000. $1,200,000. g Soccer 1 $150,000. $150,000. Baseball 1 $250,000. $250,000. Picnic sites 2 $3,000. $6,000. Playground 1 $40,000. $40,000. aYg Subtotal $1,646,000. Tangerine Rd./ Big Wash Staging Area 8. 5 acres Acquisition costs TBD Trails 3 miles $30,000. $30,000. Parking Area 40 vehicles $100,000. $100,000. Subtotal $110,000. Phase I Costs $1,220,000. Phase II Costs $5,945,000. Phase Ill Costs $1 756 000. Total Estimated Costs $8,921,000. Town of Oro Valley Parks, Open Space and Trails Master Plan General Plan Amendment: Open Space/Recreation Element Page 35 Town of Oro Valley State Land Auction 23-Jun-95 Amortization & Cash Flow Schedule BIDDING ASSUMPTIONS Amount Bid $1 , 000 , 000 Down Payment ( 13%) 130 , 000 Amount Fiananced 870 , 000 Annual Principal 43 , 500 AMORTIZATION Interest Principal Remaining Expense Payment Balance Year 0 870 , 000 Year I 78 , 300 43 , 500 826 , 500 Year 2 74 ,385 43 , 500 783 , 000 Year 3 70 , 470 43 ,500 739 , 500 Year 4 66 , 555 43 , 500 696 , 000 Year 5 62 ,640 43 , 500 652 , 500 Totals $352 . 350 $217 , 500 $652 , 500 CASH FLOWS Down Note Sinking Total Payment Payment Fund Cash Year I $130 , 000 $121 ,800 $130 , 500 $382 , 300 Year 2 $117 ,885 $130 , 500 $248 , 385 Year 3 $113 ,970 $130 , 500 $244 , 470 Year 4 $110 , 055 $130 , 500 $240 , 555 Year 5 $106 , 140 $130 , 500 $236 ,640 Totals $130 , 000 $569 ,850 $652 , 500 $1 , 352 ,350 Town of Oro Valley State Land Auction 23-Jun-95 Amortization & Cash Flow Schedule BIDDING ASSUMPTIONS Amount Bid $775 , 000 Down Payment ( 13%) 100 ,750 Amount Fiananced 674 , 250 Annual Principal 33 ,713 AMORTIZATION Interest Principal Remaining Ex-Dense Payment Balance Year 0 674 ,250 Year 1. 60 . 683 33 , 713 640 , 538 Year 2 57 ,648 33 , 713 606 .825 Year 3 54 ,614 33 ,713 573 , 113 Year 4 51 ,580 33 ,713 539 , 400 Year 5 48 , 546 33 ,713 505 ,688 Totals $273 , 071 $168 ,563 $505 ,688 CASH FLOWS Down Note Sinking Total Payment Payment Fund Cash Year 1 $100 ,750 $94 , 395 $101 , 138 $296 .283 Year 2 $91 , 361 $101 , 138 $192 , 498 Year 3 $88 ,327 $101 , 138 $189 , 464 Year 4 $85 , 293 $101 , 138 $186 . 430 Year 5 $82 , 259 $101 , 138 $183 , 396 Totals $100 ,750 $441 ,634 $505 ,688 $1 , 048 , 071 F. ANN RODR I "SUEZ., RECORDER DOCKET: 10415 Rc(c!IjiECORDED E iY:r 'FB•s � � I� PAGE: 637. DEPUTY' RECORDER _‘.R .► NO. OF PAGES: 2 201E ROOE • app .4 SEQUENCE: 96188640 SOROV �$izot4v 11 }05/96 TOWN OF ORO VALLEY PATENT 1q:09:00 11000 N LA CANADA MAIL ORO VALLEY Al• 85737 AMOUNT PAID $ 8.00 (Issuance of following Patent recommended by Arizona State Land Commis e to th' tovernor of Arizona on the �, .s 1g f1' ' Commissioner) �/1 . day ofOCIi( `. 1 �. e , tettie of cArizuna 4 %%E ST9 ii .n 1-. 1������ .40 �' For 031 Lands PATENT NO. 53-100406-01 0 t , _1 N.--- ''. o SOLD AT PUBLIC AUCTION 'CP0 a� School, Institutional or University) LAND WITH FULL MINERAL RESERVATION *191 __Ye' (Iib) TO ALL UNTO WHOM THESE PRESENTS SHALL COME, GREETING: II7/terra-lc', in accordance with the provisions of law, payment in full has been received by the State of Arizona through its State Land Department for the real property hereinafter described, NOW, KNOW YE, That the State of Arizona in consideration of the premises, and in conformity with law hereby does sell, grant and convey unto TOWN OF ORO VALLEY Pima Arizona of the County of ,State of ,the following described real property situate in the County of Pima ,State of Arizona,to-wit: THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER (SW4SE4) OF SECTION 10, TOWNSHIP 12 SOUTH, RANGE 13 EAST, GILA AND SALT RIVER MERIDIAN, PIMA COUNTY, ARIZONA. containing40.00 acres, more or less, subject to existing reservations, easements, or rights-of-way heretofore legally obtained and now in full force and effect. 637 __,.,.... PURSUANT TO THE PROVISIONS OF ARIZONA REVISED STATUTES 37-231, OF THE FOLLOWING SUBSTANCES NOT HERETOFORE RETAINED AND RESERVED BY A PREDECESSOR IN TITLE TO THE STATE OF ARIZONA, ALL OIL, GAS, OTHER HYDROCARBON SUBSTANCES, HELIUM OR OTHER SUBSTANCES OF A GASEOUS NATURE, COAL, METALS, MINERALS, FOSSILS, FERTILIZERS OF EVERY NAME AND DESCRIPTION, TOGETHER WITH ALL URANIUM, THORIUM OR ANY OTHER MATERIAL WHICH IS OR MAY BE DETERMINED BY THE LAWS OF THE UNITED STATES, OR OF THIS STATE, OR DECISIONS OF COURT, TO BE PECULIARLY ESSENTIAL TO THE PRODUCTION OF FISSIONABLE MATERIALS, WHETHER OR NOT OF COMMERCIAL VALUE, AND THE EXCLUSIVE RIGHT THERETO, ON, IN, OR UNDER THE ABOVE DESCRIBED LANDS, SHALL BE AND REMAIN AND ARE HEREBY RESERVED IN AND RETAINED BY THE STATE OF ARIZONA, TOGETHER WITH THE RIGHT OF THE STATE OF ARIZONA, ITS LESSEES OR PERMITTEES TO ENTER UPON THOSE LANDS FOR THE PURPOSE OF EXPLORATION, DEVELOPMENT AND REMOVAL OF THE ABOVE DESCRIBED SUBSTANCES AS PROVIDED BY THE RULES AND REGULATIONS OF THE STATE LAND DEPARTMENT AND THE LAWS OF ARIZONA; TO HAVE AND TO HOLD said property together with allthe rights, privileges, immunities and appurtenances of its nature thereunto belonging unto said Patentee, successors and assigns forever. Symingtonin Testimony Whereof, I, Fife , Governor of the State of Arizona, have caused these letters to be made patent, and the Great - alta attached. Seal of the State of Arizona to be hereunto c — Given under my hand at the City of Phoenix Arizona this I day f A.D. 19 � ,... -`\ ;�-mac��� .�-�,y -,r /4. � -�- Governor of the State of Arizona "f�� : Attest: 4°F- - Lis •cretary o tate o t e tate o •rizona • t OCT 01 '96 03:35PM AZ. STATE LAND DEPT. P.1 IllIZ>\ tigte ...krtzona g.s..% • `-.. _,,. ,-------4,:, .4:, ,--- thtz a110 p tpñmcuf g cf ...) ';', ,. , • r t6t6 WEST ApA�i$ FIFE SYM1NG T ON PHOENIX,ARIZONA 85007 GOVERNOR P'� LAND D COM,ItSS:QNER • •93!AJOS 1d1939a uannaa 6uisn Jo! noA luetu -a H CI) c� a. �- o -- a�•• X 4�-, ? V L Cl)c -D a) tea) a) a) 2 LV •a) c� — CC — Q t mV DATE i v a) "0 45 (N/ U iL -E. CC U c o c0 1 C Q 8 a) I-- -.-.._ 42(n2 w CC rn > Q 7 PROM o .c ❑ ❑ -cg Q o — •� ` cii _F— :Lien .. zr a)• W a) o a) -v 2 ., o ,a) V a) U a) a) N cna) 0• �,AI RE• Lo, ' is' /119 - ji , , uIi O lCD 4 .�cE til Q co NUMBER 0 3 a , ❑ ❑ ,, �� fi, a,.D .N , 74C), 4-. t i6 73 C9 , ANY WJE S 0, 4, 2 cuel) ',4-1 Z"'. . 4► E o +, o • o m 0a cs o a) -H C4o -6FAX NUMB] 2 .� U) ii • a E Q To , — a, o E E > Q 1-n a) "° L rH 1:3c r a, o� o a N r---I �cci N � -Cua) ("1 O C REMARKS . o , 6 73 a) cc rd a) cd - >- 0 <73 CO < r ... 1.414.44.4141.11141.11 cn cn • p . --� a) a, ocn co 0aa s.48 �; o rn rn EE cc o 3c) 0 -0 U) cn u_ Zoo LU 0 c.) a s0 r-1 �1 4--) cn ----- (/)• • • N . -8 . E-, r--i 0 g xi co Lapis esiena.i at, S3aadv Naf113a inoA sl OCT 01 '96 03:35PM AZ. STATE LAND DEPT. P.2 CERTIFICATE OF PURCHASE NO. _53 !-...,_ STATE LAND DEPARTMENT OF THE STATE OF ARIZONA OFFICE OF STATE LAND COMMISSIONER Sale N o. 53400406 : •► Parcel Grant 031 T+ Ir BVH ER EAS,on the 29th day of June A.D.,19 95 TOWN OF ORO VALLEY • purchased from the State of Arizona the following described land,to-wit: THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER (SW4SE4) OF SECTION 10, TOWNSHIP 12 SOUTH, RANGE 13 EAST, GILA AND SALT RIVER MERIDIAN, PIMA COUNTY, ARIZONA CONTAINING 40.00 ACRES, MORE OR LESS. Section 10 ,In Township 12 South ,Range 13 East, Q. & S. R. M,, County of Pima 1 OCT 01 '96 03:35PM AZ. STATE LAND DEPT. P.3 State of Arizona,containing 40.00 acres, more or less,under and subject to the provisions of the laws of the State of Arizona,fOr the sum of NINAUNDRED THIRTY HIRTY FIYE THOUSAND DOLLARS AND N01100 Dollars(5 935,000.00 of which there has been paid to the said State Land Department the sum of SEVENTY FIVE THOUSAND FIVE HUNDRED HUNDRED DOLLARS AND NO/100 Dollars($ 75,500.00 ) leaving a balance due of EIGHT HUNDRED FORTY.ONE THOUSAND FIVE HUNDRED DOLLARS AND NO/100 Dollars{a 841,500.00 '* } AND, WHEREAS,the Improvements attached to and upon said land have been appraised� pp sed at the sum of NONE Dollars(5 0.00 ) of which the said purchaser, not being the former owner of said Improvements, haspaid to theState Land the sum of said a d Department NONE Dollars(5 0.00 ) leaving a balance due of NONE Dollars($ 0.00 AND WHEREAS,the Selling and Administrative fee payable by the said purchaser amounts to the sum of TWENTY TWO THOUSAND, SIX HUNDRED FIFTY DOLLARS AND NO/I00 Doig . 650 , $ 2200 t ) of which there has been paid to the said State Land Department the sum of TWENTY TWO THOUSAND SIX HUNDRED FIFTY DOLLARS AND NO/100 Dollars(5 22,650.00 ) leaving a balance due of NONE Dollars($ 0.00 NOW,THEREFORE, upon the surrender of this Certificate,full compliance with all contained, payment of all suns remaining � the terms conditions s and rond�t�ons herein due asset forth herein, and compliance with all the provisions of law,the said purchaser, ITS heirs or assigns,will be entitled to have and receive a Patent from the State the land hereinbefore described. of Arizona to 2 OCT 01 '96 03:35PM AZ. STATE LAND DEPT. P.4 CONDITIONS The purchaser agrees to pay all taxes,water assessments or charges which may be assessed against bald land,or the water right thereto; that any right to the use of water appurtenant to or existing upon the lands shall be so maintained by him as to prevent the forfeiture or abandonment of said right;that all taxes levied against the land and all construction and maintenance charges in connection with any United States reclamation project,from and subject to which the lands shall receive water,will be promptly paid, and all other acts will be performed to insure the acquisition and maintenance of said rights and the use of said;water; provided, that if the successful irrigation of any such lands susceptible of irrigation from works constructed or controlled by the United States government should not be dependent upon said irrigation works, it shall not be necessary to acquire and maintain such water rights thereon. The purchaser agrees,that he will permit no loss or cause any waste in,to,or upon said land. The purchaser, if not in default as to any payments specified herein, and who has kept and performed all the conditions imposed by law and this Certificate of Purchase, may, only with the written consent of the State Land Commissioner, assign his right,title and Interest under this Certificate. The purchaser of improvements upon said lands,from the owner of said Improvements,when not fully paid for by the purchaser shall, at all times, during the life of this Certificate of Purchase, keep the insurable improvements adequately insured for the benefit of the State of Arizona, as required by Section Sixty, Chapter Five, Second Special Session of the Second Legislature of the'State of Arizona, and commonly designated as the Public Land Code of the State of Arizona. The policies covering said insurance shall be deposited with the State Land Commissioner. This Certificate of Purchase is issued subject to any and all reservations, easements, or rights-of-way heretofore legally obtained and now In full force and effect. The State of Arizona, by and through its Land Department reserves all Gas, Oil, Metals and Mineral rights, as provided by law. This instrument is executed subject to all conditions, requirements and provisions of the Public Land Code of the State of Arizona,passed at the Second Special Session of the Second Legislature of the State of Arizona. Additional conditions of sale,if any,are as attached. Time is an essential element in the premises, and the purchaser agrees, In accepting this Certificate, to make the payments as specified herein, falling In which this Certificate of Purchase will be subject to forfeiture as provided by law. Said payments of principal and interest shall be made at the time and in the amounts specified on attached EXHIBIT , to wit: The first installment, in the sum or $92,183 . 36 (Installment 1) includes both principal and interest at the rate of 9. 000 percent and will be due and payable on the 29th day of June, 1996. Subsequent yearly installments in the sum of $92, 183 .36 (Installment 2 through 4) includes both principal and interest at the rate of 9.000 percent and will be due anda able as p Y , follows, to wit: On the 29th day of June each and everyear from and includingthe y year A.D. , 1997, to and including the year A.D. , 1999. The final installment, in the sum of $835, 244.69 (Installment 5) includes both principal and interest at the rate of 9.000 percent and will be due and payable on the 29th day of June A.D. 2000. Ma WATZLINE PAYMENT MARKT ARK Magi= LANG I 1 06/29/1996, 92,183 .36 75,735.00 16,448.36 825 051.64 2 06/29/1997 92, 183 . 36 74,254. 65 17,928.71 807, 122. 93 3 06/29/1998 92, 183.36 72, 641.06 19, 542.30l 4 06 29 1999. 787,580. 63 / / 92, 183.36 70,882.26 21,301. 10 766 279.53 5 05/29/2000' 835,244 . 69 68, 965. 16 766,279.53 0. 00 3 OCT 01 '96 03:36PM AZ. STATE LAND DEPT. P.5 1 Cuvelier,WITNESS WHEREOF, the said purchaser herein, has affixed E. Town sin he � signature re at the erk city of o o IYe , State of .:.'' Arizona ..�.. on the • day of .NovemberA.D., 95 ... �..... , 19 6‘ • ce (Sign here) . �.�' . . e,ieedie ) A.C.4 5, Purohoser. Town of Oro Valley P.O. Address 1,000 N. La Canada Drive • Oro Valle Arizona county State-� -- and the State Land Commissioner has affixed his signature at Phoenix,State of Arizona,on the Y of AD 19 alp, y • + Stale Land Comtenir. irl e LAM By • CEt EDeputy 5tids Land Commissioner, SEAL INSTRUCTIONS The statutes provide than all Installments must beaid In advance � and the Purchaser, accordingly, is hereby notified to make said payments on or before the dates as specified in this document. Payments should be by:draft, check or money order favor State Land d Department. Currency or specie should not be except by registered mail. Payments must be accqmpanied by duplicate tax receipts or other that all taxes are paid to date. statement by the collecting agency as evidence NOTE Should the Purchaser desire to assign this Certificate and his rights thereunder assignment and assumption formswhich g e sunder he must do so upon the approved p hich will be furnished upon request. Assignments made upon other than the furnished by the Commissioner will not be considered, nor will anyP forms approval of the State Land Commissioner. assignment be recognized without the consent and When transmitting assignment papers, this Certificate should be sent toh Commissioner In order that his consent may be noted thereon. t e 4 JUL-26-1995 13:52 AZ LAND DEPT. 602 542 2590 P.02/02 ---- -�------ ro�------------.------- 538$ fund 031 06-30-1995 P� 1 --1004aG town of oro valleyvalley1.o#108 --- _-- ___ __ Compounding period. . . : Annual Nominal annual rate. . : 9.000 ' Effective annual rate: 9.000 % Periodic rate - 9.0000 % Equivalent daily rate: 0.02466 % CASH FLOW DATA __ _ Event Date Amount # Period End-date 1 Loan 06-29-95 841,500.00 1 yrn 2 Payment 06-29-96 92,183.36 4 Annual 06-29-99 3 Payment 06-29-00 835,244.69 1 AMORTIZATION SCHEDULE - Normal amortization Balance Date Payment Interest Principal 841,500.00 Loan 06-29-1995 1995 totals 0.00 0.00 0.00 2 1 06291996 9 183.36 75,735.00 16,448.36 825,051.64 , 1996 totals 92,183.36 75,735.00 16,448.36 2 06-29-1997 92 183.36 74,254.65 17,928.71 807,122.93 197 totals 92,183.36 74,254.65 17,928.71 3 06-29-1998 92 183.36 72,641.06 19,542.30 787,580.63 1998 totals 92,183.36 72,641.06 19,542.30 4 06-29-1999 92 183.36 70,882.26 21,301.10 766,279.53 1999 totals 92,183.36 70,882.26 21,301.10 5 06-29-2000 835 244.69 68,965.16 766,279.53 0.00 , 2000 totals 835,244.69 68,965.16 766,279.53 Grand totals 1,203,978,13 362,478.13 841,500.00 TOTAL P.02 QO O a 4' yam= TOWN OF ORO VALLEY 7 ` 11000 N. LA CANADA DRIVE ORO VALLEY, ARIZONA 85737 9,, ', Administrative Offices(520)297-2591 Fax(520)297-0428 pV' -(JN D ED 4' September 19, 1996 Peggy Brocato Arizona State Land Department 1616 W. Adams Phoenix, Arizona 85007 Dear Ms. Brocato: On September 18, 1996, the Town Council approved the payoff of the Arizona State Land, Certificate of Purchase No. 53-100406. Pursuant to our discussions I have enclosed the following documents required for the payoff: original certificate of purchase, certification form, and letter of proof of taxes paid. $842,443.64 will be wired on Friday morning, September 20, 1996 per your instructions: Bank of America Home Office Branch 101 N. 1st Avenue Phoenix, Arizona Attention: Moreen Kaler 594-2029 State Servicing Acct #001-000-985 ABA #122101706 If you have any questions, please give me a call at 520-297-2591 . Sincerely, /at/a( aras4A-.4,- David Andrews, Finance Director Copy: Chuck Sweet, Town Manager Tobin Sidles, Town Attorney ^�_1 ,,x..'`\ia "' ,, \ \ ; or�=,� 40.4i4016%,0) cArizona C. , k ' 0; . i Z , tatsLIxn V ," % ,..14,00,/,, **not" 1616 WEST ADAMS PHOENIX,ARIZONA 85007 M.J.HASSELL FIFE SYMINGTON STATE LAND COMMISSIONER GOVERNOR STATE OF ARIZONA ) ) ss. COUNTY OF PIMA ) I, C H L, , being first duly sworn upon my oath de and say: That I am the same person that was declared to be the highest and best bidder of Arizona State Land Department Public Auction Sale No. 53-100406 held at the State Land Department, Tucson, Arizona and that I have personally inspected the land which relates to that Sale No. 53-100406. Dated -� C ' ti_ t , 1995 II (J(.,, ,..) ,J c.-4/- ( ) C )/it- / Purchaser r , .2-./ z- BY: -,-' .� � ` . Subscribed and sworn to before me, the undersigned, by , \ , \--: `may 1 Y�' '� ., '3 c�+N ,��� W.w• on this the 4th day of May, 1995 My Commission expires: -[ 'f' `.' SANDRA R.JACO8S c Notary Public-Skis of Arty ,l 1 �'�tw, Th4j7..: LIRICOPACOUP(IY Itary Public SEP 10 '96 04:14PM AZ. STATE LAND DEPT. P•Z SLD Reference No. CERTLFICATJJON: Pursuant to A.R.S.Tint • 37 and the Rule of the Arizona State Land Dcpartmont,A.A.C.Title 32, Chaptr:r 5,you maxi crr:..pkr tfic following informar:ior4 pertinc nt to you anchor the organization you represent and sign the certification or your a Uca:ion will not he nn _ n 1.Is this application made In the r:ame of: (check one) Individual(s) Husband& Wife Corporation Partnership Ltd,Partnership Estate Trust Ltd. Liabil. iry Co. Joint Venture X Municipality Political Subdivision Other(s ci ) 2.IMIUAL(s)OR HUSBAND&WIFE: Complete the following for each applicant: NAME AGE MARITAL STATUS r - - 3.CORPORATION: Complete the f !lowing: CA) Do you have authority from a Arizona Corporation Commission to do business in the State of Arizona? Yes (B)Is the corporation presently i good standing with the Arizona Corporation Commission? Yes o . --Na . (C) In what state are you incorpgrated? _ _ _ —••N CD) is the legal corporate name and Arizona business address the same asas ted in this application?, If no,suite the sl Co Yes_Nd.,�. �8 rpor�to Name: Adders: (Stree:or Sox Number) (City) (State) ( � P) 4.LIMITED U.A13111TY COMPANY: Complete the following: (A)If an out-of.'state limited liability company;}cave you filed for a Certificate of Registration with Yes No. the Arizona Corporation Corrim�i ssion? (B)If an Arizona limited liability company: Have you filed Articles of Organization Ye� No. 8 with the Arizona Corporation Commission? (C)Are you authorized by the Arizona Corporation Commission to transact business in Arizona? Yes No. S.PARTNERSHIP OR JOINT a • • Complete the following for each authorized partner or principal Inthe partnership or joint venture:NAME BUSINESS ADDRESS AGE MARITAL STATUS 6.LIMITED PARTNERSIIIP: Is this I4imited Partnership on file with the Arizona Secretaryofr-1 Complete the following for the uta ' ed Acral o net onl State? Yes LJ No GENERA!.PARTNER(S) NAMEy BUSINESS ADtaREss 7.ESTATE; Complete the following and a rich a co 2 of the court or Name of the court appointed admin)stracor or personal estate document(s): List the type and date of issuance of the court or Estate . _ to=e docurnenc: 8.7Ri15`I'; (A) complete the following pursuant to A.R.S. §33.404 for (Type of Document) (Date issued) NAME EaChhtfv of the Trust: ADDRESS AGE MARITAL STATUS Or(B) Identify the Trust document by titfe, time t number and d co�un�y where document is recorded: 9.I HIEtI:DY CERTIPY,iNDI:Et PENALTY OP I��I�JUt';y,THAT T}��IYI�OItM �.��AND AZ.I,� �1'I70N AND STA CONTAINED I� 77IuE,CORRECT-AND CAMP AND THAT I/WE HAVE '7'OC E'I7 WITH ALLAVI7IOItI'TY Zt'?SIGN THIS SIGNATURES) Town of Oro Valley 9/20/96 (Name of Corporation, Partnership,etc.) Date Signa.ure of Applican- (Individ t Finance Director _ Date ign 8 tv rc_.. /m4 :224u2,2Title�-- Signature of Applicant (Individual) Date Certification - 07/93(Rev. 06/94) 3 0 - • • • t , • 'i � is .. .'r 1.1 s - ,. :� •:r 'r. - - .. i- _ .. J - -... .. .. •+ • , •1r,.•'>t ~asi"''.,- 4 '. . '. ., �. - �' i .2.......::-,..:',-7--,. ' ..,r .,.e .,.t . '�• . •.4:, h.r \ ' '�� ,•• _ e • _ . .lam}i, _ .., t-.rs• t .'y }•.'•:'-' 'R, .,. .. '� � � � - �- -''''.•' •.. _.. -. -- : ,a,r' • •.-.: .._:-..‘ SECTION III - - ' .. . Ra .•,Y �.•.r. i-z _ •^• 'fie - �5. - • �.. ,r�. , , ....._,. . / ,_ - . .... , •. . ... �" :y ^as tlx:.:�.:f. t ,'.4. , ., -'t 7:,..-•••.:t.,,,,,:.';',:.%'. ^`F (; 'Z • . r le;.r ._ ,,,- _ .,.,, a w•Y• ") •... - w •. . - , tl f -. e- - • ". .-- t ,/' '♦ ..,.. ._ r • • '---..-,y,. - � .•• .� Vii• .t a' 31._ a � 4 ;.:. ,.•�•.: ▪�.r-.4:,•'.Pia w `%r r - _ 1. <� 5' +j �a • r - .. - '11w•1. _ 1 • � p MJ •t a- _ -i, r , • e•. fl • - e ' , '‘,".• . , ' /3 ! lr. • �-/' - •• a .., l • • • /Me„r. .._ rte._.. _ -� ( .'.N -•�' .-<+.. � .. - - - • 1. r •� - - - jj+••"!.. t••!r' ,----:•—';•-• % it .::''''.'-s--•-`• 'itr _ J _ .. 5, .1' - .---• -r _ , ASSESSOR'S PLAT MAP • 111 NW a.r+►c ..e�. a+r sr w c twit • r lLLA.1ltJA RJ�Z .wsr +uu P -fe� %Y/. swiss mai. near , 8 . / - e , . .. - , • I 10B . .• v5).6,42. (":1, -3,1 IC . • . e • . ,-.... c. ..... , i .„.............. . . _...........,... , . t . ; .4., ...,..... ,., , f __________ - . • • , . v. . . .4.,. & • s; i' i s1 MAI a . g -:...,- 0 ' „L,. 1 - r,' ‘.Or — 1 • -- 3. ; I ..4°V.-- . . _ imi - „....4;41/4 , . / ,. . - . ... , '. e ir - . - ,,,. .,, _ _ .., - . - . . .- i ' - 4*• 141 : 44'` • . - 't S i �i F f gp a • 59 .7 ���„ i '� 0 1 w \ Ly ' ice•.„,, 7,76 . ge - G .11 111. • AL. ' It s�At - ..�.x +.+n " i v '°°�' CANADA HI , :.... "`gq+' %+ ' w v., A ' w h /„fir i VILLAGE 10 42/86 M&P , • • a ,, , sis ...,. ... i, .4.1 1.I.1 1141 1.121.1.1111.11.11.1-,1 i ,I 1,t.,,ii, Wrk ..."- • gp - --.-. MI -NI Subject `, _ - _ 55 • 2" i • '.!I • CON . -, STATE .•LAND 1.57 an.�,om • �~ V CLUa t--- -2,E" _ 3JY8ur lila f Sts? 41 K '�+tis4s- Mass v cr,:,c • `.:r ., ,, .- (.111/111/1/11/1/111111/1/111///r. . • - :VIRD V A.1.E1 _ • , • y Y PROJECT: . - . .: CLIENT: _ THAT +40 ACRE VACANT PARCEL:LOCATED ON _:: STATE:LAND DEPARTMENT. i - THE NORTH SIDE OF LAMBERT LANE, WEST OF , . LA CANADA•DRIVE, TUCSON, ,- • PIMA COUNTY, ARIZONA : . : : . = KLEINM'AN BRIEFER& ASSOCIATES_. Po_EY q� O j TOWN OF ORO VALLEY 11000 N. LA CANADA DRIVE ORO VALLEY, ARIZONA 85737 Administrative Offices(520)297-2591 Fax(520)297-0428 P0UN DEC-)41 Q September 20, 1996 Peggy Brocato Arizona State Land Department 1616 West Adams Phoenix, Arizona 85007 RE: Payoff— Certificate of Purchase No. 53-100406 Dear Ms. Brocato: AsY ou are aware, the Town of Oro Valley intends to pay off the balance of the note for the referencedP urchase. The Arizona State Land Department requires "proof of taxes paid current" before the transaction can be concluded. The purpose of this letter is to certify that the Town of Oro Valley is a municipal corporation of the State of Arizona and is exempt from property and income taxation. Thank you for your assistance. Please give me a call at (520) 297-2591 should you have any questions. Sincerely, t:Z aate4-44-- David L. Andrews Finance Director DLA:nf c: Chuck Sweet, Town Manager Tobin Sidles, Town Attorney -c LAND SALES RECEIPT \c\e‘S ') \VW SALES NO: 53-100406 DATE: May 4, 1995 TOWNSHIP: 12 South RANGE: 13 East SECTION: 10 COUNTY: Pima ACRES: 40.00 GRANT: 031 APPRAISED VALUE OF LAND $755,000.00 BID PRICE $ CaS ,O00 .03 10% of the Appraised Value of the Land $ 75,500.00 S&A Fee 3% of Appraised Value of the Land $ 22,650.00 Certificate of Purchase Fee $ 100.00 AMOUNT REQUIRED AT TIME OF SALE When there are NO Improvements $ 98,250.00 Buyer IS the Owner of Improvements Buyer IS NOT the Owner of Improvements AMOUNT REQUIRED AT TIME OF SALE TO PAY IN FULL (INCLUDES C.P. FEE & PATENT FEE) When There Are NO Improvements $777,850.00 Buyer IS the Owner of Improvements Buyer IS NOT the Owner of Improvements CHECK TOTAL RECEIVED $ , RECEIVED OF kstvii, okC)x-0\149,,(,,A ADDRESS \\DM I" • BY: ) . ARIZCIt, TATE LAND DEPARTMENT SEP 10 '96 04:14PM AZ. STATE LAND DEPT. P.2 SLD Reference No. CERTIFICATION: pursuant to A.R.S. --- .— -._ TItle37 and the Ftulc�of�e Arizona State Land Department, 2, Chaptcr 5,you mlilCL rtszp_misis the following information pe tincmt to you and/or the organization you represent and sign the certification orur application Yo ni' will not he n 1.Is this application made In the Mame of: (check one) Individual(s) Husband & Wife Corporation Partnership Ltd.Partnership Estate Trust Ltd. Liability Co. Joint Venture Municipality Political Subdivision Other(specify) 2.1 IVI`DUAL(s)OR HUSBAND&WIFE: Complete the following for each applicant: NAME AGE MARITAL STATUS 3.CORPORATION: Complete the f Mowing: (A) Do you have authority from he Arizona Corporation Commission to do business in the State or Arizona? (B) Is the corporation presently i good standing with the Arizona Corporation Co 1 Yes.._No . (C) In what state are you incorpc rated? mm ss�on? Yes No_. (D) Is the legal corporate name and Arizona business address the same asas ted in this application?, Nc� . If no,state the Legal Co Corporate Name: ALJ iii Ci'S: � �^ (Street or Box Number) �. '`''' --- (C ty) (State)e) (Zip) 4.LIKETED IXADII11Y COMPANY: Complete the following: (A)If an out•of�atate limited liability company:Have you filed for a Certificate of Reis Ye No. Registration with the Arizona Corporation Commission? (B) If an Arizona limited liability company: Have you filed Articles of Or aniration . Yet No. $ with the Arizona Corporation Commission? (C) Are you authorized by the Aritona Corporation Commission to transact business in Arizona? Yes No. S.PARTNERSHIP OR JQ1'I'V; -eft: Complete the following for each authorized partner or principal In the partnership or joint venture: BUSINESS ADDRESS AGE MARITAL STATUS 6. PARTNERSHIP: Is this I mired Partnership on file with the Arizona Secretaryn Complete the following of State? Yes �--� No for the ut o ' ed erslp ner only: GENERAL PARTNER(S) NAME BUSINESS ADDRESS 7.ESTATE; Complete the following and atach a cosy of the court or estate Name of the court appointed administrator orrepresentative:rsonal document(s): List the type and date of issuance of the court or Estate document:_ 8.7RU'S`I'; (A) Complete the following pursuant to A.R.S. 33.40 (Type of Document) (Date Issued) NAME 4, for each benrtfc�i of the Trust: ADDRESS AGE MARITAL STATUS or(B) Identify the Trust document by title,glume csnumber and coup where —,r document is recorded: •I HEREBY CER'I'IPY,UNDER PLTi/\L'r'Y OF PERJURY,'THAT THE I7YI�OI2MA'i70 �-�f'I'S AND wTT1� N AND STA CONTAINED���TOGETHER WITHALLTRS+GOIutEcr AND COMPLETE AND THAT I,/WE HAVE AUTHORITY TY]SIGN 7'i-a$ SiGNATU E(S) (Name of Corporation, Partnership, etc.) --- `—" —^ bate Signature of Applicant (Individual) Date S;gn 8 to re Title Signature of Applicant (Individual) bate Certification - O7/93(ReV. 06/94) SEP 10 '96 04:14PM AZ. STATE LAND DEPT. P•2 SLD Reference No. CERTLFICATON. Pursuant to AILS. tic .._ 't� 37 and the Rulm of the Arizona State Land Department,A.A.C.Tick 12, Chapter 5,you mos ns2Apicisthe following information pertincnt to you and/or the organization you represent and sign the certalimdon or your application will be_p . 1.Is this application made In the name of: (check one) Individual(s) Husband& Wife Corporation Partne:ship Ltd, Partnership Estate Trust Ltd.Liability b liry Co. Joint Venture Municipality Political Subdivision Other(specify) 2.I UAL(s)Oft HUSBAND&WIFE: Complete the following for each applicant: NAME AGE MARITAL STATUS 111.0 3.CORPORATION: Complete the fpliowing: CA) Do you have authority from a Arizona Corporation Commission to do business in the State of Arizona? (B)Is the corporation presently l good standing with the Arizona Corporation Commission? Yom—No . (C) In what state are you incotpcgrated? m on. YesNo�. CD) Is the legal corporate name and Arizona business address the some as stated in this application?. If no, state the Legal Corporate Name: _No (Street or Box Number) Cary) Stat C t) (Zip) 4.LIMITED U.A13ILITY COMPANY: Complete the following: (A)If an out-of.state limited liability company;Have you filed for a Certificate of Re istration with Yes �.�No. g h the Arizona Corporation Commis:ion? (B)If an Arizona limited liability company: Have you filed Articles of Or ani ationCommission? Yes No. 8 with the Arizona Corporation Ci (C)Are you authorized by the Aritona Corporation Commission to transact business in Arizona? Yes No. 5.PARTNERSHIP OR JOINT VCN URJ: Complete the following for each authorizedpartner or NAME principal In the partnership or joint venture: BUSINESSS ADDRESS AGE MARITAL STATUS 6. PARTNERSHIP: Is this Imited Partnership on file with the Arizona Secretaryofr-1 Complete the following Shite? � Yes � No for the ut o ' ed oralnor only: GENERAL PARTNER(S) NAME BUSINESS ADDRESS 7.ESTATE; Complete the following end acath a co of the court or estate document(s): Name of the court appointed administrator List the type end date of issuance or the courtr personal representative: _ or Estate document: —� - 8.TRUST: (A) Complete the following pursuant to A.R.S. 33-40 (Type of Document) (Date issued) NAME � Q, for each,ber►ef c�r_v of the Trust: ADDRESS AGE MARITAL STATUS or(B) Identify the Trust document by title gcumeat number and coon where .--1 _.�Y document is recorded: 9.I HEREBY C.ER'TEPY,IlHIDER.PENALTY OF PY;RJURY,THAT THE I3YI17ItM EXHIBITS AND AZ'I'J� �1'I70N AND S'Y`A OONZ'AII�T� ,TOGETHER wI.I'fi ALLrS TRUE,CORRECT AND COMPUrrE AND THAT I/WE HAVE AUTHOi U'TY TO SIGN THIS SIGNATURE(S) (Name of Corporation, Partnership, cc� (Indjvjd. . Date S'sgna.ure of Applicant - uai) Date S;gn s iv rye Signature of Applicant (Individual) Date Certification - 07/93(Rev. 06/94) 2 4• a TOWN OF ORO VALLEY COUNCIL COMMUNICATION MEETING DATE: June 27, 1995 TO: HONORABLE MAYOR & COUNCIL FROM: Chuck Sweet, Town Manager Ken Lawrence, Parks and Recreation Administrator SUBJ: Arizona State Land Department Public Land Auction for property on Lambert Lane. SUMMARY: On Wednesday, June 21, 1995, I contacted Mr. Paul Wichmann with the Arizona State Land Department regarding the upcoming auction of this parcel of land. Specifically, I called to inquire on the requirements for municipalities to bid on this property and the related details involved. Mr. Wichmann indicated municipalities have to bid on the land in the same manner as any private citizen or developer would and under the same guidelines. Mr. Wichmann explained that this auction will be done on an open public bid format. In order to enter and participate in the auction, the participant must possess a Cashier's check in the amount of $98,250 which covers and includes the following: $75,500 10% of the appraised value of the land. $22,650 3% administrative fee $100 Certificate of purchase $98,250 The successful bidder must also pay 10% of the difference between the actual purchase price and the starting asking price ($755,000) within thirty days. In terms of the payment schedule, the purchase amount is usually amortized over a 20 year period at 9% interest annually with a balloon payment (balance on principal) due after 5 years. Please note the attachments including the auction notice as well as a proposed amortization schedule from David Andrews, Finance Director, which will provide additional information. RECOMMENDATIONS: The last time this 40 acre parcel of State Land went to public auction earlier this spring, there were no bidders. Inquiries to the Town offices about this parcel and any possible annexation into the Town indicates that there will be bidders for this parcel on June 29th, 1995. The Town of Oro Valley is currently land short when it comes to Town Owned property, for a community of our size. The Town is desperately short of Park lands, and this parcel was identified on the (POST)plan. The ability of the Town to place a down payment on the property, make payments for five years, then pay off the balloon payment with bond proceeds or refinancing, is a viable affordable option. Based upon land prices in the area, I do not believe the Town will be able to find a (40) acre section at $18,875+ per acre in this particular area of Town any time in the near future. Even if the property is held for a period of time and traded for a more appropriate parcel of land in the future, it would be a good public investment. It is recommended that the Town Council Discuss this agenda item in Executive Session on June 27, 1995, then direct staff to submit an appropriate bid on June 29, 1995 based upon the majority of that council decision. ATTACHMENTS: 1. Arizona State Land Department Information regarding Public Auction Sale No.#53- 10-0406. 2. Amortization Schedule from David Andrews, Finance Director. Q)��� SUGGESTED MOTION: i0%- Aryl I make a motion that the Town Council direct the Town Manager to submit a bid on the 40 acre parcel of State Land on Lambert Lane, that is due to be auctioned on June 29, 1995. The Town's bid shall not exceed $ \s(\jet )\-°\rvIrip MejtiC Chuck Sweet, Town Manager Ken Lawrence Parks and Recreation Administrator ..-4'viermPelossogrek- ♦ f c 4T— ,. , STATELI ' ARIZONA ,, ,4 DEPARTMENT ... .4 w. ., •r J r 4 :. PUBLIC AUCTION , , :-'�� PIMA COUNfl' PROPERTIES ; j ,. -. , K. , . , � Thursday, June 1995 29, . '.At 233 N. Main, Tucson, The OlcOtt House -, acres, zoned CR-4 at 54.45 �Ncorner of Camino de f CTIthe SE �,V> 10.30 a.m• Oeste and Li nda V is a. Minimum bid $2,200,000. Terms Available. � AUCTION #2 40 acres zoned d SR on Lambert Lane 1/4 mile west es t of 11:00 a.m. La Canada. Minimum bid \\ w.N \ $755,000. Terms available. C ,e..,.,, ,„4 N,aS s information contact k pc5e: , - Par further ./ Land Department i;scu,sLtA)--,c[dv\c,,,,,) Arizona State .,?; / Paul Wichmann 520) 628-5480 ftilig.' 1 ///:1) n6 .. . , 7c,r, 6212'-') 4 qdvrt.) 11(4,/,- L ley • JUN 21 '95 03:42PM AZ STATE LAND DEPT P.2 ARIZONA STATE LAND DEPARTMENT 1616 WEST ADAMS PHOENIX, ARIZONA 85007 PUBLIC AUCTION SALE NO. 53-100406 Pursuant to Title 37, A.R.S., notice is hereby given that the state of Arizona through its State Land Department (herein called Department), will sell at Public Auction to the highest and best bidder (herein called buyer) at 4a.m. on Thursday, 1995, at the State Land Department office, 233 N. Main'Ave. (Olcott House), Tucson, Arizona trust lands situated in Pima County, to wit: 11:daaw, 2°I TOWNSHIP 12 SOUTH, RANGE 13 EAST, C&SRM, PIMA COUNTY, ARIZONA PARCEL: SW SE OF SECTION 10, CONTAINS 40.00 ACRES MORE OR LESS The land has been appraised at $755,000.00 and consists of 40.00 acres, more or less. There are no improvements. The above described lands are sold subject to existing reservations, easements or rights-of-ways. Pursuant to the provisions of Arizona Revised Statutes 37-231, of the following substances not heretofore retained and reserved by a predecessor in title to the state of Arizona, all oil, gas, other hydrocarbon substances, helium or other substances of a gaseous nature, coal, metals, minerals, fossils, fertilizer of every name and description, together with all uranium, thorium, or any other material which is or may be determined by the laws of the United States, or of this state, or decisions of court, to be peculiarly essential to the production of fissionable materials, whether or not of commercial value, and the exclusive right thereto, on, in, or under the above described lands, shall be and remain and are hereby reserved in and retained by the state of Arizona, together with the right of the state of Arizona, its lessees or permittees to enter upon those lands for the purpose of exploration, development and removal of the above described substances as provided by the rules and regulations of the Department and the laws of Arizona. The Department does not represent or warrant that access exists over non-state lands which intervene respectively between the above parcels and the nearest public roadway. No utilities will be installed by the Department on any of said parcels, and the availability of water for said parcel is unknown. After sale by the Department the foregoing lands become subject to the laws, rules and regulations which regulate the use of private land. The time of sale shall be deemed to be the time of declaration of the highest and best bidder. TERMS OF SALE • (A) At the tune of sale the buyer must pay the following in a cashier's check: (1) 10% of the appraised value of the land, which is $75,500.00, (2) Selling and Administrative Expenses fee of 3% of the appraised value of the lands, which is $22,650.00,(3) A Certificate of Purchase fee of $100.00. The total amount due at the time of sale is $98,250.00. JUN 21 '95 03:43PM AZ STATE LAND DEPT P.3 PUBLIC AUCTION SALE NO. 53-100406 PAGE 2 (B) Within 30 days after the time of sale the buyer must pay (for Selling and Administrative Expenses fee) 3% of the purchase price of the land sold less the amount paid under (A) (2) above and elect and pay (1) EITHER the full balance of the amount bid for the land and the patent fee, OR (2) the buyer may elect to pay an additional amount which when added to the amount paid under (A) (1) above equals 10% of the amount bid for the land, to be allocated to principal, and agree to pay the balance of the amount bid for the land in yearly installments amortized over a 20 year period together with 9,0% fixed interest. THE TOTAL AMOUNT WILL BE DUE AND PAYABLE AT THE END OF THE FI'F`TH (5) YEAR FROM THE DATE OF SALE. (C) Within 10 days after the time of sale the successful bidder or bidders shall be required to reimburse the applicant for prepaid estimated advertising fees of $2,500.00. In addition to the estimated $2,500.00 the successful bidder shall be required to pay actual advertising cost over and above the estimated amount. (D) In addition to payment made at the time of sale, the successful bidder shall be billed immediately following the sale for the cost of the archaeological survey and the certified survey if applicable. If the successful bidder is the applicant, no payment for the archaeological survey or certified survey is required. (B) In the event no bids are received at the time of auction, the Department will not reimburse the applicant for the cost of the archaeological and certified surveys. • BIDDING PROCEDURES: (1) All bidders will be required to show proof of a cashier's check in the amount specified under "Terms of Sale" prior to bidding. (2) The auction will consist of verbal bidding and begin with the total appraisal value. (3) Bidding shall be in a minimum of $20,000.00 increments, thereafter. (4) A bid for less than the appraised value of the land or by a party who has not previously inspected the property will not be considered. The successful bidder must sign an affidavit stating that buyer has inspected the property. (5) The Department may cancel this sale in whole or part at any time prior to the acceptance of a final bid. A protest to this sale must be filed within 30 days after the first day of publication of this announcement and in accordance with Article 4.1 of A.R.S. §37-301. Any objections to the auction proceedings on the day of sale must be received in writing at the State Land Department office, 1616 West Adams, Phoenix, Arizona, 85007, within 30 days after the sale date, . JUN 21 '95 03:43PM AZ STATE LAND DEPT P.4 PUBLIC AUCTION SALE NO. 53-100406 PAGE 3 Information regarding this sale may be obtained from the Arizona State Land Department, 1616 West Adams, Phoenix, Arizona. In accordance with the Americans with Disabilities Act, individuals with disabilities who require an accommodation to attend or participate in this auction may contact the ADA Coordinator at 542-4634 at least 72 hours before the auction. STATE ? LAM 995 William P. Foster DEPART M ENT Date (for) M. I. Hassell SEAL State Land Commissioner sui.Ecr 63.03406 T las N i3C Stcrol 30 .JUM 21 "95 83:44PM AZ STATE LAND DEPT p,5 . . . . .°,`' ' ' ASSESSOR'S PLAT MA,P . . ' . . , " ' . ��� • . i 4V .1, 4 x 8 . . • . tgp4i1.17,1 tp.... . . - . . i • lap . . e i . . . . „ %. • i lit- • . , • • . . , , - . : . • • •% • • i• I • ''' 0 i • WO • • • . , ... . • . OOP itts• 224.241 .1, • .s 44 . . ' i• •• 1 ' •. • • . . . ° J. ,••••—........„; ' • . a. ..... .. ..-- . ▪ .. 3 , . 1 - Er, . . . =1; 111nrThi ... 4;) ......... . . • . • . • • win i.. : • . • .. . . e .. •• .. • it : . • . 4.was I. . . • i .........•• • . I ••. • 1 . */ ..• 9 a , .. ., . ' .... .• ...Y.,. .2 • . . • . •. . ' . • . ii . ;:•• . 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' . •. .... . � ~~^=��"~� �.. .., ` , . .. � � .`. �`.. . ~,. . . . /�' . , ` . .. . '' . . . . ` .^` '. ....` ' ' ' . .' .. . . . .. . .�`.' . . . ^. . ' ` � . . . ^ .. .. . . ON ~ ~ . ' . . , . . . °,~=T ^ ` • STATE�~�:�,~`^,�~°m=° ^� .' . - . .^ .` . .. �� ^ .� . . . � ��.�[�� ���� ��. . .' ^ ^ �/~ �`.�...` ~ .. . ' . . . .. . �• ` — ' ' ' ' \ / ' •' ^'' ' ''' ` � " ^' ~ ^ ' �� . . ` ' . • . . . • ` . . . '. `� /. . ..7.LA v.A^�x�DA.^�mI"r,' /^'�=ry ` . .' ' ./ . • � ' '• ' .� ~ � . ' . . • . ''� • ����. �. `� , ���%���,���%�����` '.' ` ' ''. .. ' ' ' .'' �� .^��m��%�l�� '' . '. .... . •�^:..��,. � . �.. �'/ .�./. .. . . . . . � .. ' ,` • • ..` . � . '.• . ... • .� •�'•.^� '`. � •:..'4 �../��. .' .�...•. •— '. • . . . A . - Park and Facilities Site No. Quantity Cost/Facility Total Cost Overton Rd./CDO Wash Park 3a. 40 acres Acquisition costs TBD Equestrian facility/staging area 1 $60,000. $60,000. First Ave./CDO Wash Park 3b. 5 acres Acquisition costs TBD Alternate to 3a. Honey Bee Open Space /Nature Park 4. 60 acres Acquisition costs TBD Operations and Maintenance $45,000./yr. $45,000. Phase II: Copper Creek Neighborhood en Park O Space 5. 30 acres $900,000. $900,000. Park/Open pa Soccer field 1 $150,000. $150,000. Basketball courts 2 $50,000. $100,000. Softball field 1 $200,000. $200,000. Baseball field 1 $250,000. $250,000. Picnic Ramadas 3 $15,000. $45,000. Subtotal $1,645,000. Oro Valley Community Park 6a. 60 acres Acquisition costs TBD Recreation Center/Gymnasium 1 $3,000,000. $3,000,000. 000. Soccer 2 $150,000. $300, Baseball 2 $250,000. $500,000. Softball 2 $200,000. $400,000. Playground 1 $40,000. $40,000. aY9 Picnic Ramadas 4 $15,000. $60,000. Subtotal $4,300,000. Community/Regional Park Site No. 220 acres Acquisition costs TBD (Alternate to 6a.) Same amenities as 6a. Phase III: State Land/Lambert Neighborhood/Open Space 7. 40 acres $1,200,000. $1,200,000. Soccer 1 $150,000. $150,000. Baseball 1 $250,000. $250,000. Picnic sites 2 $3,000. $6,000. Playground 1 $40,000. $40,000. aY9 Subtotal $1,646,000. Tangerine Rd./ BigWash Staging Area 8. 5 acres Acquisition costs TBD Trails 3 miles $30,000. $30,000. Parking Area 40 vehicles $100,000. $100,000. Subtotal $110,000. Phase I Costs $1,220,000. Phase ll Costs $5,945,000., , Phase Ill Costs $1 756 000. Total Estimated Costs $8,921,000. Town of Oro Valley Parks, Open Space and Trails Master Plan General Plan Amendment: Open Space/Recreation Element Page 35 Town of Oro Valley state Land Auction 93-Jun-Q5 Amortization & Cash Flow Schedule BIDDING ASSUMPTIONS (PP) Amount Bid $1 . 000 , 000 ) Down Payment ( 13%) 130 , 000 Amount Fiananced 870 , 000 Annual Principal 43 , 500 AMORTIZATION Interest Principal Remaining Expense Payment Balance Year 0 ---- ---- 870 , 000 Year 1 78 , 300 43 , 500 826 , 500 Year 2 74 , 385 43 , 500 783 , 000 Year 3 70 , 470 43 , 500 739 , 500 Year 4 66 , 555 43 , 500 696 , 000 Year 5 62 , 640 43 , 500 652 , 500 Totals $352 . 350 $217 , 500 $652 , 500 CASH FLOWS Down Note Sinking Total Payment Payment Fund Cash Year 1 $130 . 000 $121 . 800 $130 , 500 $382 , 300 Year 2 ---- $117 . 885 $130 , 500 $248 , 385 Year 3 ---- $113 , 970 $130 , 500 $244 , 470 Year 4 ---- $110 , 055 $130 , 500 $240 , 555 Year 5 ---- $106 , 140 $130 , 500 $236 ,640 Totals $130 , 000 $569 , 850 $652 , 500 $1 , 352 . 350 `own of Oro Valley ,tate Land Auction 23-Jun-95 Amortization & Cash Flow Schedule 0 tt \'Zti Z ' )7 b rr 7 V BIDDING ASSUMPTIONS /fl) ) *)9/ 112 _ V- Amount Bid $775 , 000 a S' Down Payment ( 13%) 100 ,750 1 I ) Amount F i ananced 674 , 250 Annual Principal 33 , 713 AMORTIZATION Interest Principal Remaining Expense Payment Balance .T Year 0 ---- ---- 674 . 250 Year 1 60 . 683 33 , 713 640 . 538 Year 2 57 .648 33 , 713 606 . 825 Year 3 54 .614 33 . 713 573 . 113 "ear 4 51 , 580 33 , 713 539 . 499 Year 5 48 . 546 33 , 713 595 , 688 Totals $273 , 071 $168 . 563 $505 , 688 CASH FLOWS Down Note Sinking Total Payment Payment Fund Cash Year 1 $100 , 750 $94 , 395 $101 , 138 $296 . 283 Year 2 ---- $91 . 361 $191 . 138 $192 , 498 Year 3 ---- $88 . 327 $101 , 138 $189 , 464 Year 4 ---- $85 , 293 $101 , 138 $186 , 439 Year 5 ---- $82 . 259 $101 , 138 $183 , 396 Totals $100 .750 $441 , 634 $505 , 688 $1 , 048 . 071 N � ter, 7 TOWN OF ORO VALLEY t 11000 N. LA CANADA DRIVE E a ORO VALLEY ARIZONA 85737 43Administrative Offices(520)297-2591 Fax(520)297-0428 °vN D ED 19 September 19, 1996 Peggy Brocato Arizona State Land Department 1616 W. Adams Phoenix, Arizona 85007 Dear Ms. Brocato: On September 18, 1996, the Town Council approved the payoff of the Arizona State Land, Certificate of Purchase No. 53-100406. Pursuant to our discussions I have enclosed the following documents required for the payoff: original certificate of purchase, certification form, and letter of proof of taxes paid. $842,443.64 will be wired on Friday morning, September 20, 1996 per your instructions: Bank of America Home Office Branch 101 N. 1st Avenue Phoenix, Arizona Attention: Moreen Kaler 594-2029 State Servicing Acct #001-000-985 ABA #122101706 If you have any questions, please give me a call at 520-297-2591 . Sincerely, David Andrews, Finance Director Copy: Chuck Sweet, Town Manager Tobin Sidles, Town Attorney Q `. . 010,\IF.1% rtuntt \V .....,0, .., , , .;. ''',." / t,t.'ll",7740,.,,,....:., txtr Lan i rxx t ,4,,/ 1616 WEST ADAMS rL PHOENIX,ARIZONA 85007 M.J.HASSELL FIFE SYMINGTON STATE LAND COMMISSIONER GOVERNOR STATE OF ARIZONA ) ) ss. COUNTY OF PIMA ) I, .f. CIJ/'" �- -�- , being first duly sworn upon my oath de and say: That I am the same person that was declared to be the highest and best bidder of Arizona State Land Department Public Auction Sale No. 53-100406 held at the State Land Department, Tucson, Arizona and that I have personally inspected the land which relates to that Sale No. 53-100406. Dated -7(` ,v fr' 1995 IOtc1J C...4t- 0 r c V . . Purchaser 6 / 'j, .-� ,r /. BY: -, -;:yam > Subscribed and sworn to before me, the undersigned, by ..-- '\,_ v., l--\\ s.`I t/,\4i J v1 -. on this the 4th day of May, 1995 My Commission expires: r- � •• �• -- iii 1 1 `' SANDRA R.JACOBS iitiF. ,..-. Noisy Pubaic-$ o�Arima ,, C-- {, " k) ; MARICOPA COUNTY 1 tart' Public P.2 SEP 10 '96 04:14PM AZ. STATE LAND DEPT. SLD Reference No. CERTLFICA1I[ON. Pursuant to A.R.S.'Title 37 and the Rules of the Arizona State Land Dcpartznent,AA.C.Tick 2, Chaptcar 5,youusr rtspcs the following information pertinent to you and/or the organi jtionu and sign the represent t g octti!io3 cion or your appt3ra s idn will nor be_pmermpt 1.Is this application made In the Mame of: (check one) Individual(s) �Husband& Wife Corporation Partnership Ltd,partnership Estate Trust Ltd. Liability Co. Joint Venture X Municipality PolitIeal Subdivision Other(specify) 2.INDIVIDUAL(s)OR HUSBAND&WIFE: Complete the following for each applicant: NAME PP AGE MARITAL STATUS 3.CDRPOMTION: Complete the f Ilowing: CA) Do you have authority from a Arizona Corporation Commission to do business in (B) Is the corporation pres�tJy i�good standing with the Arizona Corporation the State or Arizona? Yes No . (C)In what stare are you incorpgrated? rporanon Commission? YesNo_. CD) Is the legal corporate name and Arizona business address the same as stated in If no,state the al Co this application? Yes No . • � Corporate Name; ?Street or Box Number) --� (City) {Since} (Zip) 4.LIMITED LIAM:11'1Y COMPANY: Complete the following: (A)If an out-of.atate limited liability company:Have you filed for a Cercifiear YesNo. a of Regi�tr$tion with the Arizona Corporation Commission? (B)If an Arizona limited liability company: Have you filed Articles of Or ani Yea .��No. $ xanaR with the Arizona Corporation Commission? (C)Are you authorized by the Arizona Corporation Commission to transact business in Arizona? Yes No. 5.PAIt7NERSIIIP OR JOm' ri Complete the followingfor each authorized NAME partner or principal In the partnership or joint venture: BUSINESS ADDRESS AGE MARITAL STATUS 6.L tIT D PARTNERSHIP; Is this I invited Partnership on file with the Ariz n Complete the followingf one Secretary of State? U Yes No or the az o ' ed ersl u nee only: GENERAL PARTNER(S) NAME BUSINESS ADDRESS 7.PSTATE; Complete the following and amich a_s$22y of the court r Name of the court appointed administrator or personal o estate document(s): List the type and date of issuance of the court or repre�entotivc: Estate document:_ 8.TRUST: {A) Complete the foUowin (Type of Document) (Date issued) NAME $pursuant to A.R.S. §33.404, for each�Ftciary of the Trust: ADDRESS AGE MARITAL STATICS or(B) identify the Trust document by title curvet .,.� num er and cow where document is recorded: •I HEREBY C:$RTIPy,UNDER PENALTY OF ri��{x,THAT THE ���AND A�,� rYI•'OI2MA'I70N AND STAOpI+Ti'AII�T���,'>�G��WI'I'fi ARS TRUE,CaOI u c r AND COMP : AND THAT I/WE HAVE AUT O ALL TO SIGN T'l~D$ S1GNATUR (S) Town of Oro Valley 9/20/96 mime a Corporation, Partnership,etc.) Signature of Applicant (Individual) �'te Finance Director Date Signature Title Signature of Applicant (Individua) - Certification - 07/93gate Rev. 06/94) 3 2 0 n tkPA., TOWN OF ORO VALLEY 11000 N. LA CANADA DRIVE .wy,y ORO VALLEY, ARIZONA 85737 Administrative Offices(520)297-2591 Fax(520)297-0428 91 D` pc) UN D ED September 20, 1996 Peggy Brocato Arizona State Land Department 1616 West Adams Phoenix, Arizona 85007 RE: Payoff— Certificate of Purchase No. 53-100406 Dear Ms. Brocato: As you are aware, the Town of Oro Valley intends to pay off the balance of the note for the referenced purchase. The Arizona State Land Department requires "proof of taxes paid current" before the transaction can be concluded. The purpose of this letter is to certify that the Town of Oro Valley is a municipal corporation of the State of Arizona and is exempt from property and income taxation. Thank you for your assistance. Please give me a call at (520) 297-2591 should you have any questions. Sincerely, David L. Andrews Finance Director DLA:nf c: Chuck Sweet, Town Manager Tobin Sidles, Town Attorney