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HomeMy WebLinkAboutProperty - Acquisitions - 902 971.17 Acres to Amphitheater School District (Parking Lot at Copper Creek School) s> .y d• P 'u TOWN OF ORO VALLEY 11000 N. LA CANADA DRIVE ORO VALLEY, ARIZONA 85737 Administrative Offices(520)297-2591 Fax(520)297-0428 ENDED July 24, 1997 Pima County Recorder 115 N. Church Tucson, AZ 85701 Please record the enclosed document Resolution (R)97-31 and return to the Town of Oro Valley, ATTN: Town Clerk, 11,000 N. La Canada Drive, Oro Valley, AZ 85737. Thank you. Sincerely, a A.gqvf.._/ Kathryn E. Cuvelier, CMC Town Clerk enclosures - (R)97-31 Resolution and Purchase Agreement - Amphitheater School District RESOLUTION NO. (R) 97-31 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA, AUTHORIZING AND APPROVING THE EXECUTION OF A PURCHASE AGREEMENT BETWEEN THE TOWN OF ORO VALLEY AND AMPHITHEATER PUBLIC SCHOOL DISTRICT. WHEREAS, the Town of Oro Valley has the responsibility of caring for the welfare of its citizens; and WHEREAS, it has been determined that it is in the best interests of the Town and its citizens to sell a parcel of property approximately 1 .17 acres in size to the Amphitiheater Public School District for its use to expand the parking at Copper Creek Elementary School, located within the boundaries of the Town of Oro Valley; and WHEREAS, the approval of this purchase agreement will further this goal, and is hereby determined to be in furtherance of the public health, safety and welfare of the citizens of the Town; NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND TOWN COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA AS FOLLOWS: 1 . That the attached Purchase Agreement is hereby approved. 2. That the Mayor of the Town of Oro Valley and all necessary administrative officials and employees are hereby directed and authorized to take all necessary steps related to the execution of said agreement. PASSED AND ADOPTED by the Mayor and Town Council of the Town of Oro Valley, Arizona this 4th day of June , 1997. TOWN OF ORO VALLEY, ARIZONA Cheryl Skals y, Mayor ATTEST: 1 Kathryn J. Cuvelier, Town Clerk APPROVED AS TO FOR /1/ Tobin Sidles, Town Attorney PURCHASE AGREEMENT This agreement is made by and between the Town of Oro Valley ("Town") and Amphitheater Unified School District No. 10 of Pima County, Arizona ("District"). 1. Procerty and Purchase Price. The "Town" agrees ees to sell 1.17 acres described as a parcel of land located in the Southeast quarter, of Section 2, Township 12 South, Range 1 East, of the Gila and Salt River Meridian, Pima County, Arizona, an further described as: found half inch pin, at the Northwest corner of said Commencing at a as shown on the plat of Copper Creek II, as recorded Southeast quarter in Book 40 of Maps and Plats at Page 50, record of Pima County. Thence N89° 45 '00" E, alongthe midsection line as defined by said plat, a distance of 100.00 feet to the POINT OF BEGINNING; thence N89° 45'00" E along the midsection line, a distance of 330.00 feet; thence 500° 15 00 E, 155.00 feet; thence 5.89° 45'00" W 330.00 feet; thence N 00° 15 '00" W, 155.00 feet to the POINT OF BEGINNING. The "District" will pay $34,000.00 for the property, as established by a certified appraisal. 1 2. Environmental Concerns. "Town" represents and warrants that, to the best of the "Town's" knowledge,eT no pollutants, contaminants, toxic or hazardous substances, wastes or materials have been stored, used or are located on the property. However, the District is accepting the property in an "as-is" condition. 3. Tax Exemot Status. The parties acknowledgeproperty that this is owned by the "Town" as part of $5,125,000 Town of Oro Valley, Arizona Certificates of Participation, Series 1996 and that the firm of Gust, Rosenfeld was consulted to confirm the tax exempt status of the bonds will remain with this sale. 4. Closing Costs. Expenses incidental to the transfer of title, including any necessary title reports, recordingfees, etc. shall be paid by the buyer. 5. Future Use Theg arties agree, that when the "Town" improves the balance of the P Town owned ro erty south of the Copper Creek school, the "district" „ P P will allow the Town to use the Copper Creek parking lots during off- school hours. 6. Town Regulations The "District" agrees that, as much as possible, the "District will conform to the Town's buffer and lighting requirements for this piece of property. 7. entire Agreement This is the entire agreement between the parties. No modification g shall be binding unless in writing and signed by both parties. Should litigation arise, the prevailing party is entitled to receive attorneys fees. The9 arties agree that Arizona Law will control in any litigation. p By: Amphitheater School District Signature n Title Michael Bernal, President egAV Amphitheater Governing Board Date 41)\-41, Date: June 4, 1997 Cheryl Skalsky, Mayor Town of Oro Valley APPROVED A RM: ATTEST: ,/ Tobin Sidles, Town AttorneyKathryn Cuvelier, Town Clerk Town of Oro Valley Town of Oro Valley 3 RESOLUTION NO. (R) 97-31 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA, AUTHORIZING AND APPROVING THE EXECUTION OF A PURCHASE AGREEMENT BETWEEN THE TOWN OF ORO VALLEY AND AMPHITHEATER PUBLIC SCHOOL DISTRICT. WHEREAS, the Town of Oro Valley has the responsibility of caring for the welfare of its citizens; and WHEREAS, it has been determined that it is in the best interests of the Town and its citizens to sell a parcel of property approximately 1 .17 acres in size to the Amphitiheater Public School District for its use to expand the parking at Copper Creek Elementary School, located within the boundaries of the Town of Oro Valley; and WHEREAS, the approval of this purchase agreement will further this goal, and is hereby determined to be in furtherance of the public health, safety and welfare of the citizens of the Town; NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND TOWN COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA AS FOLLOWS: 1 . That the attached Purchase Agreement is hereby approved. 2. That the Mayor of the Town of Oro Valley and all necessary administrative officials and employees are hereby directed and authorized to take all necessary steps related to the execution of said agreement. PASSED AND ADOPTED by the Mayor and Town Council of the Town of Oro Valley, Arizona this 4th day of June , 1997. TOWN OF ORO VALLEY, ARIZONA Cheryl Skals y, Mayor PURCHASE AGREEMENT This agreement is made by and between the Town of Oro Valley ("Town') and Amphitheater Unified School District No. 10 of Pima County, Arizona ("District"). 1. Procerty and Purchase Price. The Town" agrees to sell 1.17 acres described as a parcel of land located in the Southeastquarter,uarter, of Section 2, Township 12 South, Range 1 East, of the Gila and Salt River Meridian, Pima County, Arizona, an further described as: Commencing at a found halfpin,inch at the Northwest corner of said Southeast quarter as shown on the plat of Copper Creek II, as recorded Plats at Page Book 40 of Maps and 50, record of Pima County. Thence N89° 4500 E, alongthe midsection line as defined by said plat, a distance of 100.00 feet to the POINT OF BEGINNING; thence N89° 4500 E along the midsectionline, a distance of 330.00 feet; thence 500° 15'00" E, 155.00 feet; thence 5.89° 45'00" W 330.00 feet; thence N 00° 1500 W, 155.00 feet to the POINT OF BEGINNING. • J� $34,000.00 for the roperty, as established by a The District will pay P certified appraisal. 1 2. Environmental Concerns. "Town" represents and warrants that, to the best of the "Town's" knowledge, no pollutants, contaminants, toxic or hazardous substances, wastes or materials have been stored, uSed or are located on the property. However, the District is accepting the property in an "as-is' condition. 3. Tax Exempt Status. acknowledgethat this property is owned by the "Town as The parties P P part of $5125,000 Town of OroValley, Arizona Certificates of Participation, Series 1996 and that the firm of Gust, Rosenfeld was consulted to confirm the tax exempt status of the bonds will remain with this sale. 4. Closing Costs. Expenses incidental to the transfer of title, including any necessary title fees, etc. shall be paid by the buyer. reports, recording 2_ 5. Future Use a when the "Town" improves the balance of the The parties agree, that „ rt south of the Copper Creek school, the district Town owned property to use the Copper Creek parking lots during will allow the Town PP off- school hours. 6. Town Regulations that, as much as possible, the "District will The "District" agrees conform to the Town's buffer and lighting requirements for this piece of property. 7. ntire_Agreement agreement between the parties. No modification This is the entire unless in writingand signed by both parties. Should shall be binding . • • the prevailingparty is entitled to receive attorneys litigation arise, fees. The parties agree that Arizona Law will control in any litigation. By: 91,04ida Amphitheater School District Signature n Title Michael Bernal, President Amphitheater Governing Board 17 Date (Pai4 • Date: June 4, 1997 Cheryl Skalsky, Mayor Town of Oro Valley A • •RM: APPROVEDATTEST: Tobin Sidles, Town Attorney Kathryn Cuvelier, Town Clerk Town of Oro Valley Town of Oro Valley 3 ATTEST: Ce,<Azdi - Kathryn '. Cuvelier, Town Clerk APPROVED AS TO FORM: YVOr/ Tobin Sidles, Town Attorney MIL NMI MIER SPIN AMPHITHEATER Public Schools 701 W.Wetmore Rd.•Tucson,AZ 85705•(520)696-5000•FAX(520)696-5064•TDD(520)696-5055 Robert J.Smith,Ed.D. Katie M.Frey,Ph.D. Todd A.Jaeger,J.D. John E.Rose Superintendent Assoc.Superintendent Assoc.to Superintendent Assoc.Superintendent May 22, 1997 BY FACSIMILE AND HAND DELIVERY Mr. Chuck Sweet Town Manager Town of Oro Valley 11000 N. La Canada Dr. Oro Valley, AZ 85737 Re: Acquisition of 1.17 acres adjacent to Copper Creek Elementary School Dear Mr. Sweet: Pursuant to our meeting of May 19, 1997, this will confirm the intent of Amphitheater Public Schools to purchase 1.1'7 acres of vacant land from the town of Oro Valley. The legal description for the property in question is: A parcel of land located in the Southeast quarter, of Section 2, Township 12 South, Range 13 East, of the Gila and Salt River Meridian, Pima County, Arizona, as described as follows: Commencing at a found half inch iron pin at the Northwest corner of said Southeast quarter as shown on the plat of Copper Creek 11, as recorded in Book 40 of Maps and Plats at Page 50, records of Pima County; thence N89°45'00"E, along the midsection line as defined by said plat, a distance of 100.00 ft to the POINT OF BEGINNING; thence N89°45'00"E, along the midsection line, a distance of 300.00 ft.; thence S00°15'00"E, 155.00 ft.; thence S 89°45'O0"W, 330.00 ft.; thence N0O°15'00"W, 155.00 ft to the POINT OF BEGINNING. Containing 1.17 acres more or less. The district intends to pay $34,000 for the property, as established by a certified appraisal. Chuck Sweet Re: Copper Creek; 1.17 Acres Page 2 The district intends to improve the property after purchase by constructing parking facilities for Copper Creek Elementary School. As we also discussed, the district is willing to consider possible joint use of the property in the future when and if the town has need of it. I am in the process of preparing documentation necessary to effect this purchase. As you directed, I will coordinate my efforts with Tobin Sidles, Town Attorney. Please let me know if you have any questions regarding any of the foregoing. We thank the town of Oro Valley for its commitment to improving the quality of educational facilities for students at Copper Creek School. Sincerely, /ad- Di Todd A. Jaeger, J. Associate to Superintendent c: Governing Board Bob Smith Bob Lenihan Steve Hitchman winword/corres/orovaliy.doc RECE;VED MAY 2 0 igg7 GUT 201 N.CENTRAL AVE.,SUITE 3300 ONE S.CHURCH AVE.,SUITE 800 ROOENFELDPL.C. PHOENIX,ARIZONA 85073-3300 TUCSON,ARIZONA 85701-1620 TELEPHONE (602)257-7422 TELEPHONE (520)628-7070 Attorneys Since 1 9 2 1 FACSIMILE (602)254-4878 FACSIMILE (520)624-3849 Reply to the Phoenix Office Scott W. Ruby (602) 257-7432 FAX: (602) 340-1538 May 16, 1997 Mr. Chuck Sweet Town Manager Town of Oro Valley 11000 N. LaCanada Drive Oro Valley, Arizona 85737-7015 Dear Chuck: You have asked for a description of the implications with respect to the tax exemption on the Town's Excise Tax Certificates (the "Bonds") if a portion of the land purchased with the proceeds of the Bonds is sold to the Amphitheater School District for use as a parking lot for the school. Unlike your recent question concerning the sale of bond financed land to the United States Postal Service, sale of the land to the Amphitheater School District has no tax ramifications. The Amphitheater School District is treated as a governmental unit the same as the Town and, therefore, the tax exempt status is not jeopardized. In the United States Post Office example, the federal government is not treated as a governmental unit for purposes of the Internal Revenue Code. Consequently, the Town may sell the real property without an election (because the purchase price is less than $100,000) and without jeopardizing the tax exempt status of the bonds. I would suggest that the Town exercise prudent business discretion in selling the property which typically means that the property should not be sold for less than fair market value. The proceeds of the sale may be used to redeem bonds by giving the money to the bond trustee, or the Town may use the proceeds from the sale of the land for other governmental purposes. If you have any questions or would like to discuss this matter further, please feel free to give me a call. Very truly yours, Scott W. Ruby For the Firm SWR:lec 186486 prr. r1,tin !ITT 1 5 IN _- . . . • • • • AMPHITHEATER 01 W.Wetmore Rd. •Tucson.AZ 85705 •(520) 292-4200• FAX(5=0)690-5099•TDD(520)690-6738 I' rt O 1 t C .5 C h O O 1 S Rt,hard B Wilson.LID Wayne Dc,tts.Ph l). Katie NI.Frey.Ph D. John F.Rose Robert J Smith.LLD. Alfred C.Strachan >unenntenu,nt A,wc.SuncnntenUent Sununntcndcnt .Assoc.SupertntunucntSuperintendent Assoc.to Supenntendent December 2, 1996 Mr. Chuck Sweet Town Manager Town of Oro Valley 11000 N. La Canada Drive Oro Valley, AZ 85737 Dear Chuck: We have spoken in the past about the possibility that Amphitheater School District (the District')istrict would be able to acquire property from the Town of Oro Valley (the Town) for the expansion of parking at Copper Creek Elementary School. You asked that I submit a written p letter of interest to you. Specifically, Amphitheater School District would like to add between 75 and 100 parking spaces at Copper Creek. In order to do so, the District would like to purchase up to two portion of the northern of the property recently purchased by the Town from Citadel Corporation. Prior to tTown's purchase of this property, the District had entered into discussions with representatives from Citadel for purchase of approximately .9 acres. The attached map p indicatesicates the specific area of the parcel that had been under discussion. Approximately 50 p parking spaces could have been added in this area. The District would like to expand the amount of land to be purchased in order to increase the number of additional parking spaces Copper Co er Creek Elementary School. If this is acceptable to the Town, the District requests permission to have an architect and engineer evaluate the site to identify the specific area needed toP rovide for the parking expansion at Copper Creek. isunderstandingfrom our previous conversations that the cost of the land to Itmy Amphitheater would likely be based on the cost paid for the land by the Town plus a prorated share of costs associated with that purchase including attorney fees. optimistic that a purchase agreement can be reached in the near future. The District I am Chuck Sweet Page 2 has budget funds for the expansion of parking at Copper Creek and would begin construction design once a purchase agreement for the land has been finalized. In order to avoid major disruption to traffic and school bus flow around Copper Creek ElementarySchool, I am also asking the Town to consider allowing construction access from the south, along Copper Spring Trail. This would allow construction activity to occur while school is in session. Connection between the new and existing parking areas could occur during the school's six-week summer break. ThankY ou for your assistance on this matter. Your ongoing support of cooperative projects between the Town of Oro Valley and Amphitheater School District is much appreciated. youany Please let me know if needadditional information related to these requests. I look forward to hearing from you in the near future. Sincerely, Katie Frey/Ph.D. Associate Superintendent c: Robert Smith, Superintendent Bob Lenihan, Principal. Copper Creek Elementary School LAIsit w-mc.)-?Qtikkh F io,..0 rtioNki c Li---F\ t---(..., 1 it. ..• ni .• . • . . 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' t.t* .4 I , , \ rill (`� .,. • \ , t - . . ..` )) ) , e /11 ;III I • _I ig .***..•.***- ' . . ..• \--?' /, ,/ Vi//,I / / _a' p.k. I- . - ui. /-.7) _ • cri \ \ 2 . , _: . ic \.54.3, ,Jf; pi ,t�1 \.,,,,,,,F,-..--_-_' ��" ice ., ,.� /V.1 r .• i! MEMORANDUM TO: Chuck Sweet, Town Manager • Andrews,David Andre , Finance Director(# DATE: January 21, 1997 SUBJ: Copper Creek Ridge Property The Town purchased the subject property at a cost of $1,219,724 including pro-rated costs of issuance. The following is the cost per acre and cost per square foot as requested: Cost per acre (42.5 acres): $28,700 Cost per square foot (1,851,300 sq. ft.): $0.66 Please bear in mind that the actual market value of the land may vary according to exact location and buildability. Please give me a call should you have any questions. BAKER, PETERSON, BAKER & ASSOCIATES, INC. REAL ESTATE APPRAISERS - CONSULTANTS 2500 N. TUCSON BLVD-SUITE 114 •TUCSON, AZ 85716 (520) 881-1700 • 1-800-204-1700 FAX(520) 325-3108 • Over 20 Years of Service • May 8, 1997 Mr. Steve Hitchman Amphitheater Public Schools 701 West Wetmore Road Tucson, Arizona 85705 RE: A summary appraisal report of a complete appraisal of vacant land (42.52 acres) located on the north side of Naranja Drive, east of Copper Creek Circle, Oro Valley, Pima County, Arizona Owner: Town of Oro Valley Tax Parcel No.: A portion of 224-03-169D Dear Mr. Hitchman: In response to your authorization, I have conducted the required inspection, gathered the necessary data, and made certain analyses that have enabled me to form an opinion of the fair market value of the fee simple interest in the above-named property, both before and after the taking for use as a parking lot for the adjacent school property, together with the market value of damages which may accrue to the remainder property after the taking. This report is intended for use only by the client, Amphitheater Public Schools. Use of this report by others is not intended by the appraiser. This report is intended only for use in providing a basis for acquisition of a portion of the subject property by Amphitheater Public Schools. It is not intended for any other use. I have formed the opinion that, as of April 28, 1997, and subject to the assumptions and limiting conditions set forth herein, the fair market value of the fee simple interest of the part taken and any severance damages is: MARKET VALUE OF PROPERTY TAKEN $34,000 SEVERANCE DAMAGES -0- TOTAL COMPENSATION $34,000 This is a summary appraisal report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report (USPAP). As such, it presents only summary discussions of the data, reasoning, and analyses that were used in I ` • Mr. Steve Hitchman Amphitheater Public Schools i the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated above. The appraiser is not responsible for unauthorized use of this report. Respectfully submitted, William D. Peterson, MM Certified General Real Estate Appraiser Certificate Number 30216 C973709 ii Is 0 TABLE OF CONTENTS s .71 PART I - SUMMARY OF THE APPRAISAL , . . 1 iii::.; N SECTION A - GENERAL INFORMATION . . . . . . . . . . . .. . z •. . . 1 -- j. Scope 1 Subject Property 1 lv. Land Area 1 � -.• , Defuution, Fair Market Value ,. . . . . . . . . . . . . . . 2 Ownership . . . . , , . . . 3 SECTION B - THE LAND BEFORE TAKING 4 ti= Neighborhood Description . . . 4 j. Site Description 5 , Zoning 6 . General Plan 7 Highest and Best Use, Before 7 ii: Valuation Process 8 Land Value Before Taking . , . . . . . . 8 ,q - SECTION C - THE LAND TAKEN 8 Description 8 0).,. Land Value, Part Taken . . . . . . . . . . . . ... . . . . 8 4 .- SECTION D - VALUATION OF THE REMAINDER PROPERTY, BEFORE . 9 i . _ ^ Valuation of the Remainder Property, Before . . . . . . . . . . . . : . . . . 9 SECTION E - THE REMAINDER LAND, AFTER TAKING 9 Description 9 0 Highest and Best Use, After 9 Land Value after Taking 10 SECTION F - SEVERANCE DAMAGES 10 0 Description 10 Conclusion 10 SECTION G - SUMMARY OF VALUE CONCLUSIONS 11 111 PART II - ASSUMPTIONS AND LIMITING CONDITIONS 12 PART III - CERTIFICATION 16 PART IV - EXHIBITS 18 Exhibit A Zoning Map Exhibit B General Plan Map Exhibit C Flood Plain Map IPExhibit D Subject Map of Property Before Taking Exhibit E Legal Description and Map of Part Taken Exhibit F Map of Remainder Property IIExhibit G Subject Photographs Exhibit H Take Photographs Exhibit I Table of Comparable Land Sales Exhibit J Comparable Land Sales ill PART I - SUMMARY OF THE APPRAISAL SECTION A - GENERAL INFORMATION SCOPE: An appraisal assignment, contracted between Mr. Steve Hitchman for Amphitheater Public Schools and Mr. William D. Peterson, MAI for Baker, Peterson, Baker & Associates, Inc. This appraisal has been ordered by Amphitheater Public Schools in connection with its plans to acquire a portion of the subject property to construct a parking lot for the adjacent school property in Oro Valley, Pima County, Arizona. The assignment includes estimating the fair market value of (1) the subject property before the taking, (2) the part of the property taken, and (3) the remainder property, in order to ascertain the "just compensation" to which the owner may be entitled, both for the part taken, and for any severance damages to the remainder property which may occur. The assignment has been completed in accordance • with the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation and the Code of Ethics and Standards of Professional Practice of the Appraisal Institute. CLIENT: Amphitheater Public Schools APPRAISER: William D. Peterson, MM SUBJECT PROPERTY: The subject property is located on the north side of Naranja Drive, east of Copper Creek Circle, Oro Valley, Arizona. According to the subject's legal description, the property contains a total area of 42.52 acres. The subject property was purchased from the State of Arizona in September, 1994. It was then sold to the Town of Oro Valley. The property does not have a • separate tax code number as of the date of this report. LAND AREA: Before: 42.52 acres Take: (1.17) acres Remainder: 41.35 acres Baker, Peterson, Baker&Associates, Inc. Page 1 ZONING: R-144 (Town of Oro Valley) GENERAL PLAN: Oro Valley General Plan - MDR and P/OS TAX PARCEL NUMBER: A portion of 224-03-0169D REAL ESTATE TAXES: None - exempt DELINQUENT TAXES: Not applicable FULL CASH VALUE: $276,380 (1996; pro rata) The development of full cash values is based on mass appraisal models as set by the State of Arizona. They are for tax assessment purposes only and cannot be equated with market value as utilized in this appraisal. Thus, they serve only as a point of comparison with other properties. INTENDED USE OF REPORT: This report is intended for use only by the client, Amphitheater Public Schools. Use of this report by others is not intended by the appraiser. This report is intended only for use in providing a basis for acquisition of a portion of the subject property by Amphitheater Public Schools. It is not intended for any other use. INTEREST APPRAISED: Fee simple interest in the land before the taking, in the land taken, and in the remainder land after the taking. Fee simple interest includes those rights generally associated with ownership of the property, but subject to the limitations of eminent domain, escheat, police power, and taxation. PURPOSE: To estimate the fair market value of the fee simple interest in the subject property as of the effective date, April 28, 1997. DEFINITION, FAIR MARKET • VALUE: Fair market value, as utilized in this appraisal and as defined in Mandl v. City of Phoenix, 41 Ariz. 351, 18P 2nd 271 (1933), is: Baker, Peterson, Baker&Associates, Inc. Page 2 { "The highest price estimated in terms of money which a property will bring if put for sale in the open market, allowing a reasonable time to find a purchaser who buys with the knowledge of all the uses to which it is adapted and for which it is capable of being used." The terms "fair market value", "market value", and "value", as used in this report, refer to fair market value as described herein. DATE OF VALUATION: April 28, 1997 April 28, 1997 DATE OF INSPECTION: LEGAL DESCRIPTION: The West Half of the West Half of the Southeast Quarter and the West Half of the Southeast Quarter of the Southwest Quarter of the Southeast Quarter of Section 2, Township 12 South, Range 13 East, Gila and Salt River Meridian, Pima County, Arizona, except 2.48 acres in State of Arizona Patent No. 53- 52608. OWNERSHIP: According to public records, title to the subject property is in the name of The Town of Oro Valley, according to a deed recorded in Docket 10430, at Page 2135, dated November 27, 1996. SALES HISTORY: The subject property was purchased by the current owner in November, 1996 for a reported sale price of $1,219,724 as recorded in Docket 10430, at Page 2135. This was a market transaction and is used in this report (Comparable Sale Five). Prior to this sale, the subject sold in September, 1994, for a reported sale price of $978,500 as recorded in Docket 9977, at Page 1340. This was also a market transaction and is used in this report (Comparable Sale One). No other known sales (except those previously mentioned) of the subject property have occurred within the last three years. No current listings, • options, or agreements of sale of the subject property were discovered in the course of this analysis. Baker, Peterson, Baker c&c Associates, Inc. Page 3 ASSUMPTIONS AND LIMITING CONDITIONS: Standard. See Part II of this report. CERTIFICATION: See Part III. t APPRAISAL DEVELOPMENT AND REPORTING PROCESS: In preparing this appraisal, the appraiser ■ inspected the subject site; ■ gathered information on comparable land sales; and • confirmed and analyzed the data and applied the direct sales comparison approach for the subject property. To develop the opinion of value, the appraiser performed a complete appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. This means that no departures from Standard 1 (of USPAP) were invoked. This summary appraisal report is a brief recapitulation of the appraiser's data, analyses, and conclusions. Supporting documentation is retained in the appraiser's file. SECTION B - THE LAND BEFORE TAKING NEIGHBORHOOD DESCRIPTION: The subject neighborhood is that area located north of Magee Road, south of Pima-Pinal County lines, west of the Coronado National Forest, and east of Thornydale Road. It is approximately eight miles north of Tucson's central business district and approximately four miles east of Interstate 10. A portion of the subject neighborhood is governed by the Town of Oro Valley and the remaining portion is governed by Pima County. The Town of Oro Valley has a current population of approximately 11,600 • residents. The predominate land uses in the neighborhood include single family residences ranging from four residences per acre to one residence per 3.3 acres, planned area developments, limited multi-family residential development, commercial uses, and vacant land. Residential Baker, Peterson, Baker& Associates, Inc. Page 4 f 4 '.a/1 -ztr• prop,. erties located within the subject neighborhood include detached single family dwellings, patio y-, homes, townhouses and condominiums. They are `. ` located throughout the neighborhood, generally in -r:kf : tract, semi-custom and custom home subdivisions. °, Prices range from $85,000 to over $250,000. Most y g '�.. residences in the area are owner-occupied, with approximately three percent tenant occupancy. The commercial portion of the subject neighborhood is s:�r limited at this time. Commercial development exists 4,,, primarily along Oracle Road. The commercial growth in this area is the direct result of the demand caused by residential growth which is expected to increase in the next several years. The office market in the Tucson area continues to be oversupplied, with no new inventory being added over the last 18 months. Industrial development in the neighborhood is limited at this time, with a small pocket of office/warehouse uses along the southeast side of Oracle Road, north of First Avenue. Access to the subject neighborhood from all sections of the Tucson metropolitan area is average. The major roadways 0 , which service the immediate subject area include Oracle Road, La Canada Drive, La Cholla Boulevard, Shannon Road, Thonydale Road, and 1g Tangerine Road. In the long term, the outlook for the neighborhood is strong for single family, commercial and office development, as the population le base in the area increases and the existing oversupply is absorbed. The outlook for industrial development remains fair due to the lack of interstate highway and :• rail frontage. The subject is considered to be best `Y used for future single family development and is considered to be located in an area with future access to the various services of the neighborhood. SITE DESCRIPTION: The site is irregular in shape with approximately 990 II feet of frontage on Naranja Drive (see Exhibit D). The site has a depth of 2,640 feet. Naranja Drive is 11 a two-lane, asphalt-paved road with no curbs, sidewalks or streetlights at the subject site. The site also has frontage on Copper Creek Circle which is a 1111 two-lane, asphalt-paved road with concrete curbs (both sides) and sidewalks on the west side of the street only. The topography ranges from level to 111 rolling foothill terrain and slopes in a southerly Baker, Peterson, Baker&Associates, Inc. Page 5 direction. There is natural vegetation located on the site. Properties bordering the subject property Arinclude Copper Creek Elementary School to the , • r} : north, residential subdivisions to the south, vacant N land (some of it being mined for sand and gravel) to :� the east, and Copper Creek residential subdivision to the west. Utilities available to the subject property include ,T,.., :. electric (Tucson Electric Power Company), C telephone ~`_ � U.S. West Communications), water (Canada Hills z Water Company), and sewer (Pima County Wastewater Management). Any development of the site would require an engineering study to determine the availability and adequacy of utilities. :x. According to FEMA Flood Insurance Rate Map 040073-1040D, dated September 30, 1992, the subject property is not identified as being located in a . Special Flood Hazard Area (see Exhibit C). However, there appear to be several washes r-•.: transversing the site. A hydrology report would be s ' necessary before development could take place. The property is not in a seismic zone. There are no known easements or encumbrances that adversely affect the subject property. IMPROVEMENTS DESCRIPTION: None - vacant land E. ZONING: The subject site is zoned R1-144, according to the Oro Valley Zoning Code (see Exhibit A). This designation permits such uses as single family dwellings, accessory buildings, home occupations, parks, playgrounds, and swimming pools. Specific 1 development requirements include a minimum area of 144,000 square feet, and a minimum lot width of 150 feet. The subject property was annexed into the Town of ii Oro Valley in December, 1994. The zoning was changed to R1-144 at the time of annexation. This is similar to Pima County's SR zoning. The previous owners of the subject attempted to rezone the site to R-4 as part of their plans to develop a 127 lot residential subdivision (3.0 RAC). This rezoning was never completed. • Baker, Peterson, Baker&Associates, Inc. Page 6 i :- GENERAL PLAN: Oro Valley General Plan - MDR and P/OS II The subject property is located within the General Plan of Oro Valley (see Exhibit B). It is identified as ; N Medium Density Residential (MDR). This .t£: designation is where typical single-family detached, townhouse, or patio home development is suitable, ranging from 2.1 to 5.0 dwelling units per acre. o These areas should be located with proximity to . schools, shopping, and employment and will utilize a discontinuous street hierarchy to discourage through traffic. A small portion of the site at the northwest corner is identified as being designated as Parks/Open Space (P/OS). This designation denotes areas that are to be precluded from development except for public recreational facilities or nature preserves. Open space areas should be left in a natural state for scenic purposes due to topographic or drainage constraints or the need to provide buffers between potentially incompatible land uses. HIGHEST AND BEST USE, BEFORE, AS VACANT: The subject property is currently zoned R1-144 by the Town of Oro Valley. The highest and best use of the subject is for development with a single family residential subdivision. This is due to the location in an area with many single family residences and proximity to local neighborhood services. Based on the total land size, a potential use would include development at the allowable density of R1-144 as indicated by the Oro Valley Zoning Code (one house per 3.31 acres). According to the Oro Valley General Plan, the subject property is identified as being located in a Medium Density Residential area and could be developed at a density ranging from 2.1 to 5.0 dwelling units per acre. Based on the General Plan, the most probable use is for a single family residential subdivision at a density of 2.1 to 5.0 RAC. Thus, the maximally productive and highest and best use of the subject property, as vacant, would be for development of a single family residential subdivision. I Baker, Peterson, Baker&Associates, Inc. Page 7 VALUATION PROCESS: In arriving at the fair market value of the subject land, the direct sales comparison approach has been utilized for the subject property. It is based on the theory of substitution: a purchaser will not pay more for one property than the cost of acquiring a similar property. Thus, sales of competitive properties have been compared to the subject property and adjusted for differences. The sales are summarized in Vit ° schedule format. See Exhibit J. LAND VALUE BEFORE TAKING: Five comparable sales were used to indicate a range - of value for the subject property. The price (unadjusted) of the comparable sales ranges from • $23,013 to $29,033 per acre (see Exhibit I). After weighing and adjusting each comparable for differences, the indicated fair market value of the subject property, before the taking, is estimated at $29,000 per acre, times 42.52 acres ($29,000 x 42.52) equaling $1,233,080, rounded to $1,233,100. SECTION C - THE LAND TAKEN DESCRIPTION: The property being sought by Amphitheater Public Schools includes a rectangular parcel of land located along the north property line of the subject site, being 330 feet long and 155 feet deep (see Exhibit E). The parcel being taken contains 1.17 acres according to a survey drawn by SJV & Associates, dated February 13, 1997. The parcel is being sought for a parking lot for the adjacent Copper Creek Elementary School. The value of the part taken on a fee simple basis is based on the "part of the whole" theory; therefore, the value per acre applicable to the land before the taking is applicable to the land taken. A legal description of this area can be found in Exhibit E. LAND VALUE, PART TAKEN: The land taken will be taken in fee with all rights transferring to Amphitheater Public Schools. Following is an estimate of the market value of the land taken: Baker, Peterson, Baker&Associates, Inc. Page 8 1.17 acres x $29,000P er acre = $33,930 Rounded to: $34,000 • IMPROVEMENTS TAKEN: None - trees and bushes in area of take are native .I desert vegetation and are part of the land. TOTAL LAND TAKEN: Estimated value of land taken: $34,000 • SECTION D - VALUATION OF THE REMAINDER PROPERTY, BEFORE VALUATION OF THE REMAINDER PROPERTY, BEFORE: The market value of the remainder property before the taking is the difference between the value of the entire property before the taking less the value of the part taken. This step reflects the value of the remainder property without recognizing any increase or decrease in value as the result of any special benefits or severance damages. Value of Land Before Taking: $1,233,100 Value of Land Taken: (34,000) Value of Remainder Land Before: $1,199,100 SECTION E - THE REMAINDER LAND, AFTER TAKING DESCRIPTION: After the taking, the remainder land will consist of an . • irregular shaped parcel, diminished in size by the land taken (1.17 acres). Thus, the remainder land will be 41.35 acres in size (see Exhibit F). The site will continue to have access from Naranja Drive and Copper Creek Circle. The size and shape of the remaining land is similar to that which existed before the taking, lacking only the land taken. The land maintains the same developability. HIGHEST AND BEST USE, AFTER, AS VACANT: After the taking, the subject has a highest and best use that is the same as in the before condition. That use is for development of a single family residential subdivision. The taking does not affect the overall developability of the site. This use is considered to be the most feasible use based on the location, zoning, Oro Valley General Plan, and the surrounding development in the neighborhood. Baker, Peterson, Baker&Associates, Inc. Page LAND VALUE AFTER TAKING: The remainder land is being appraised using the same comparable sales, the same adjustments, and the same value conclusion used to value the property in the before condition. After the taking, the shape of the parcel remains irregular and the site size is reduced • " to 41.35 acres. The highest and best use of the property is considered to be the same as in the before I condition. Based on the similar highest and best use, the same comparable sales are utilized for the estimate of land value after the taking. The sales indicate a value of $29,000 per acre for the land. Therefore, the estimated fair market value of the property after the taking is estimated as follows: 41.35 acres x $29,000 per acre = $1,199,150 Rounded to: $1,199,100 M-- SECTION F- SEVERANCE DAMAGES DESCRIPTION: Severance damages are a loss in value tot e remainder property not taken which arises as the result of a partial taking or construction of public improvements which have a negative impact on the remaining property. Severance damages are typically estimated by deducting the value of the remainder property after the taking from the value of the remainder property before the taking. CONCLUSION: The market value of the land, before the taking is $1,233,100. The fair market value of the land sought of $34,000 is deducted from the market value of $1,233,100 to arrive at the fair market value of the remainder, before, of $1,199,100. The fair market value of the remainder, after, is estimated at $1,199,100. Therefore, there are no severance damages reflected to the subject property. • Value of Remainder Property, Before: $1,199,100 Value of Remainder Property, After: (1,199,100) Severance Damages: -0- A Baker, Peterson, Baker&Associates, Inc. Page 10 SECTION G - SUMMARY OF VALUE CONCLUSIONS Fair Market Value of Land, Before Taking $1,233,100 Fair Market Value of Land Sought $34,000 Fair Market Value of Remainder Land, Before $1,199,100 Fair Market Value of Remainder Land, After $1,199,100 Severance Damages -0- TOTAL COMPENSATION: Fair Market Value of Parcel Sought $34,000 Severance Damages -0- TOTAL COMPENSATION $34,000 n Baker& Associates Inc. Page 11 Baker, Peterson ,