parcel impact notes - dot.state.oh.us€¦ · along with the land taken from parcel 21wdv, there is...

Rev. 01-2012

Parcel Impact Notes

This document is meant to be an aid for scoping and is absolutely not to be interpreted as steering or directing an appraiser to an opinion that is not the appraiser’s. However, appraisers must comply with applicable appraiser standards, including USPAP as appropriate, and ODOT’s policies and procedures regarding appraisals

Project C/R/S DEF 66-7.37

PID 25098 Construction Plans 6/13/2008

Parcel 21WL, WDV, T R/W Plans 3/7/2008

Owner/Tenants: Sunrise Hospitality, Inc./Venture Properties, LLC

Take: 21WL: 0.118gross & net acres, 2 light pole bases 21WDV: 0.136gross & net acres, Lowe’s sign, light and pole 21T: 0.089gross & net acres, to construct new drive

What is in Take? 21WL: 2 light pole bases 21WDV: yard light and pole, asphalt drive 21T: 0.089gross & net acres, to construct new drive

Appraisal Issues / Significant Issues:

Along with the land taken from parcel 21WDV, there is an access property right in favor of parcel 16, Auto Zone store. This access easement with/over parcel 21 to Lowe’s Drive will be extinguished, reducing access points to parcel 16 to one right in, right out drive. Maybe some loss in value in the after situation. Parcel 16 seems to be a “tenant” owner on parcel 21, and should be made an offer too. Please note: other easements exist on parcel 21 which will not be extinguished.

The valuation (appraisal) problem is: Simplistic Complex Recommended Appraisal Format:

RE 25-17 Summary R/W Appraisal Report to include the following approaches to value: Cost Approach N Sales Comparison Approach Y Income Capitalization Approach N

Review Appraiser Signature / Date Typed Name

Pointy Pencil, Review Appraiser / 1/1/2008

Approved by Signature / Date Typed Name

I. Need it Yesterday, Agency Representative /1/1/2008

Appraiser Acknowledgement

I have reviewed the right of way plans and other pertinent parts of the construction plans, have driven by the subject, have reviewed these Parcel Impact Notes and I have independently performed my own appraisal problem analysis. I am in agreement regarding the valuation (appraisal) problem, the determination of the complexity of this problem, and I agree that the recommended format is appropriate for use during the acquisition phase of this project.

Signature / Date Typed Name

Mr. Pre-Approved Appraiser, MAI, ASA, SRA, CCIM or agency staff appraiser / 1/1/2008

of 2

The RE 95 C/R/S DEF-66-7.37

REV. JAN 2007 Parcel 21

PID 25098

The purpose of the RE 95 is to identify improvements in the take area, to classify these improvements as real property or personal property and to identify who owns these improvements. Improvements classified as real property are valued in the appraisal process and ODOT will purchase these improvements. Items classified as personal property are moved in the relocation process.

Address of Property 1835 N. Clinton St. Defiance, Ohio 43512

Name of Person Occupying the Property

Vacant Land Only, (Access Easement over a small portion, in favor of Autozone, Inc., Parcel 16)

Fee Owner’s Name: Sunrise Hospitality, Inc.

Brief Description of Property Type: Commercial Use parcel, vacant at time of appraisall

Description of Improvements in Take Area: Classification

(Real or Personal Property)

Ownership (Fee/Tenant)

1. Asphalt access/egress drive Reall Fee

2. Concrete Curb Reall Fee

3. 2, Light concrete bases Reall Fee

4. Grass lawn/sod Reall Fee

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of 2

The RE 95 C/R/S DEF-66-7.37

REV. JAN 2007 Parcel 21

PID 25098

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Attach an Addendum if more space is needed for inventory.

The parties signing this form understand that all items classified as real property must be present on the property when ODOT takes possession. The amount paid to the owner will be reduced by the value of any items that are not present on the property when ODOT takes possession.

Fee Owner: Signature

Name Printed: Ramesh Patel(Sunrise Hospitslity, Inc)

Date: 8/2008

Tenant/Occupant: Signature:

Name Printed: Venture / Autozone, Inc.

Date: 8/2008

Agent for ODOT: Signature:

Name Printed: Realty Specialist Manager

Date: 8/2008

Comment area (if needed):

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RE 25·17 Rev. 2-2008

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ProjeCt, 6EF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

1. ODOT - SUMMARY RIGHT OF WAY APPRAISAL REPORT

IDENTIFICATION OF SUBJECT PROPERTY:

IDENTIFICATION OF PROJECTIP ARCEL:

PREPARED FOR:

PREPARED BY:

DATE OF VALUE:

1835 N. Clinton Street Defiance, Ohio 43512

DEF 66-7.37 PARCEL 21 (PID) 25098 (SJN) 415240 (FPN) E060082

The Ohio Depru.tment of TranspOitation Real Estate Administration, NOithwest Region Office David E. Seasly, P.S., Regional Projects Manager 241 Stanford Parkway Findlay, Ohio 45840

8-19-2008

RECEIVED NOV t 7 2008

. OHIO DEPl Uf rRANSPORTATION ','NORTHWEST REGION

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) Project DEF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

RE 25·1 Rev 10-2006 ESTIMATED DIFFERENCE IN BEFORE AND AFTER VALUE

I Land Land hnllrovcmcnls Structures Total

Value Before the Taking:

I $1,246,050 $38,000 $0 $1,284,050

Value of the Res idue: $ 1, 147,000 $30,000 $0 $ 1,177,000

I Ditlerence: $99,050 $8,000 $0 $107,050

I ALLOCATION OF HIE DIFFERENCE BETWEEN THE DEFORE AND AHEil VALUATIONS

Par. No. Area Description

21 WL 0.11 8 acre Coml1lcrciallnnd@ $390,OOO/ncrc, sa)' 545,999

~ 2 1 WDV 0.136 acre Commercial land @ S390,OOO/acrc, say S53,051 -'

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599,050

OJ "'u

ffi~ :2 ~ ° 2 1 WL 2-light pole bases@$600(MVSs. 52, p.2) less 50% depreciation $600 '" ~'" 21 WDV Yard ligh t/pole 0 11 concrete base @ $3,800 (MVS s. 66, p.5) less 50% dep. 5 1,900

~~ 21IVDV Approx. 4,000 SF asphalt paved drive@$2.7S/SF(MVSs. 66, p.l ) less 50% dep. $5,500 -,0

$8,000

'" ;;! :0 t; :0

t: '"

- ", OJ .... <:)-

~~ 0'"

ALLOCATED DIFFERENCE IN THE BEFORE AND AFTER VALUATIONS TOTAL $107,050

'" Compensable Items 1101 included in diOercncc between before and aOer value

~ 2 1T 0.089 ac commercial land @ S390,OOO/acrcx 10% x ).0 years, say 53,500

° ~ 1== $3,500

APPRAISER'S ESTIMATE OF TOTAL "AMOUNT DUE OWNER" TOTAL $110,550

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) Project: DEF 66-7.37 Parcel: 21, Sunshine Hospitality, Inc.

RE 25-6 COUNTY DEF Rev. 02/2008 ROUTE 66

SECTION 7.37

PARCEU 2 I

PIO # 25098

STATE JOB # 415240

CERTIFICATE OF APPRAISER FEDERAL PROJECT # E060082

I hereby certify:

That on August 29, 2008 (dale(s» I personally made a field inspection of the property herein appraised, and thai I have afTordc( ,property owner/designated representative. the opportunity to accompany me at the time of ins peel ion. (If

inspection accompaniment is not made, slale rcnson) did meet and discliss the subject property and went over the R/W plans; however, he did not wish to accompany the appra iser during the inspection. Permission to inspect the property was granted by the owner. I have also, on 0812512008 and 08/2612008 (date)(s), personally made a field inspection of the comparable sales relied upon in making said appraisal. The subject and the comparable sales relied upon in making said appraisal were as represented by the photographs contained in said appraisal.

That to the best of my knowlcdge and belicfthe statemcnts contained in the appra isal here in above set forth are true, and the information upon which the opinions expressed herein are based is correct; subject to the limiting conditions herein set forth.

That I understand that such appraisal may be lIsed in connection with the aCCJuisition of right of way for a highway to be constnlctcd by the State of Ohio with the assistance of Federal-aid highway funds or other Federal Funds.

That such appraisal has been made ill conformity with the appropriate Stnte laws, regulations, and policics and procedures npplicab le to appraisn l of right of way for such purposes; and that to the bcst of my knowledge no portion of the value assigned to stich property consists of itcms which arc non-compensable under the establi shed law of said State.

That neither my employment nor my compensation for making this appraisal and report are in any way contingent upon the values reported herein.

That I have no direct or indircct present or contemplated future personal interest in such property or in any bcnefit from the acquisition of such property appraised.

That I, in determining the compensation for the property, have disregarded any decrease or increase in the fair market value of the real property that occurred prior to the date of valuation caused by the public improvement for which such property is aCCJuired, or by the likelihood that the property would be acquired for such improvemcnt, other than that due to physical deterioration within the reasonable control of the owner.

That I hnve not revealed the findings and results of such appraisal to anyone other that the proper onicials of the Ohio Department of Transportation or ofticials orthe Federal Highway Administration, or until I am required to do so by due process of law, or until I am released from thi s ob ligation by having publicly testified as to sllch findings.

That my opinion of the fair markct value of the property being acquired, including temporaries, as of August 19,2008

is $110,550 bascd upon my indepcndent appraisal and the exercise of my professional judgement.

08/28/2008 Date Signed

Signature

Typed Name

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) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality. Inc.

4. TABLE OF CONTENTS

Page 5. PART I -INTRODUCTION 6

6. Execut ive Summary . .. ... ... ...... ... ... ......... ... ... . .. ... ... . .. .... .. .. . ...... ... ... .. . ......... 7 7. Special Assumptions or Conditions ........... .... ................. .... ... .. ... ... ................. .. .... ... .. ... .. 10 8. General Assumptions and Limiting Cond it ions.. ................... ...... .. ......... ..... .................. II 9. Cel1ification of Appraiser .............................................................. .... .......... ... ... .... ......... 13

10. Photographs of the Subject Property................................... ................... .......... .... ... ... ..... 15 I I . Declaration of Reporting Option ...................... .............................. .. .. ... .... .............. ....... 23 12. Client and Intended Users............ .................................................. .. .. ...... .... ... .... ... ......... 23 13. Intended Use of the Appraisal............ ..... .... ... ..................... .... ... ... .... ... .... .. ....... .............. 23 14. Identity of the Real Estate Involved .... ... ........ ......................... ............... ........ .. ......... ...... 23 15. Real Property Interest Being Appraised... ... .............. ..................... .. ....... ........................ 23 16. Purpose of the Appraisal.... .... .... .. .... ............. ... ....... ........................ ................................ 23 17. Definition of Market Value............................................................................................. 24 18. Dates of the Appraisal. Report and Value Est imate....................................................... . 24 19. Appraisal Problem and Scope of Work.................... ....................................................... 25 20. Exposure Time. . . ... ... ..................................... ............................................................... 26 21. Right of Accompaniment ................................. ... .. ....... .... ... ..................................... ....... 26

22. PART 2 - FACTUAL DATA BEFORE THE TAKING 27 23 . Identification of the Larger Parcel-Before the Taking......... ... .... .................................... 28 24 . Legal Description-Before the Taking .............. ..... .. ..... ... ................................................ 28 25. Area. City and Neighborhood Analysis ............. ............................................................. 29 26. Sale History of the Subject Property... .. .......................................................................... 32 27. Use of the Real Estate as of Date of Val ue and Use Reflected in Appraisal.. ... .. .......... .. 32 28. Site Plan Sketch Reflecting Property-Before the Taking .. .. .............................. ...... .... .. .. 33 29. Site Description-Before the Taking .. .. .. .. .... ...... .. .. .. .. .. .. .. .. .. .............................. .............. 34 30. Bu ilding/Floor Plan Sketch-Before the Taking............ .. .......... .............. ......................... 35 31. Bu ilding Descript ion-Before the Taking.................................... .. ................................... 35 32. Legal and Political Constraints-Before the Taking......................................................... 36 33. Highest and Best Use-Before the Taking........ .............. .. .............. .. ................................ 37

34. PART 3 - VALUATION BEFORE THE TAKING 39 35. Estimate of Land Value-Before the Taking .... ................................................................ 40 36. Cost Approach-Before the Taking ............ .. .. .................................................................. 63 37. Sales Comparison Approach-Before the Taking............................................................. 66 38. iJlcome Approach-Before the Taking .................................................. .. ......................... 67 39. Correlation and Value Conclusion-Before the Taking.................................................... 69

40. PART 4 - ANALYSIS OF THE TAKE 70 4 1. Part ial Take [ ] Total Take [ ] .... .. .. .............................. .. ............................................... 71 42. Description of the Taking ............................... ......... .. .................. .. ........ .. .. ..................... 71 43. Effect of the Taking on the Residue Property .............. .... ........ .. .......... ........................... 72 44. Sketch of Property Detailing the Take Area .. .. .......................... .. ...... .. .................. .. ....... 73

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') Project: DEI' 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

4. TABLE OF CONTENTS (colllilllfed)

45. PART 5 - FACTUAL DATA AFTER THE TAKE 46. Appraisal of the Residue ... .. .. .. ....... .. ... .... .............. ,""""""'" " "", .,"""""""""""""""'" 47, Propelty Rights Appraised-Residue Property ..... ,."""""""""" ....... """""""" .",, ... ,.,,,., 48, Identification of the Residue Larger Parcel .......... ,.".,., ... ,. , .... " .. ........ ,.", .. """ .. ",, .. .. " .. , 49, Site Plan Illustrating Residue Property " .. .. .. .... ,." .. "",.", ... , .... "",.,.,.", .,""""" .. "",, .. ,, .,,

50, Site Description of the Residue"" "" " """""" """."""""" """""""""""""" " """""""" 51, Building/Floor Plan Sketch of the Residue .... " .. " ... "", ."".", ." ." .... " .. ,,""""",, .. ,,""""" 52, Building Description of the Residue .. " .. " .. .. .... """".",, ... ,.,,'''''''''' '''''''''''' ''' '' '''',.,,'''''''' 53 , Legal and Political Constraints of the Residue ..... "",.,., .......... ,., .. """" """",, .. ,, ...... ,," " 54, Assessment and Taxes of the Residue .... ............... " .... ", ...... , ......... " ."""""" ........ .... ,, , .. 55 , Highest and Best Use of the Residue " .... .... .... .. """""""""""""" .... """"" ",, .... ,,"",, .. ..

56, PART 6 - VALUATION OF THE RESIDUE 57, Estimate of Land Value-After the Taking"""" .. " .. ,., ....... " ...... , ..................... .. .. .. .......... , 58, Cost Approach-After the Taking" " ,""""" "" """"", .. ,", ., .. , ........ , .. ,' ,.,""" ""',.,.,",. ,""'" 59, Sales Comparison Approach-After Ihe Taking .......... """ .. " .. ....... " ...... ,, ...... ...... ...... , ... . , 60, Income Capitalization Approach-After the Taking"""" " "" .. ", ...... " .... """",, .......... ,, .. .. 61 , Correlation and Value Conclusion-After the Taking " " """" ,,, .... , ... ,.,,"""""",, ...... ,,,, .. ,

62. PART 7 - ACQUISITION ANALYSIS "''''''''' '' " ...... ...... .. , .. " .. ,.,. """ ." .. .. .. .. .. ,, '''''''''''''''' 63, Summary oflhe Before and After Values"""" .. " ...... , ... ,., .. , ..... , ..... , ........... "".", .. ,.,,'" .. , 64 , Allocalion oflhe Difference between the Before and After Values .......... , ........ "" ........ 65, Compensable Items Not included in Ihe Difference

Belween Ihe Before & After Analyses ", .............. ,,""""""", ...... .. ..... ,,"""""", ... .......... .. 66, The Amounl Due Owner""" " ".,." """"""" ."" " "" " "" ", ,., " .' .... ,"""" ', ', ,', " """ ," "" " ", .

67. PART 8 - ADDENDA AND EXHIBITS Exhibit I - Legal Descriplion" " .""""""""""""" .. , .................... .. . "."""" " ........ ,, .. " " "" ,, .. Exhibil2 - Zouiug """"",."""""""""""""""""" .................. "."',.,,',,',.,, .. ,, ...... ''''' ' '''''''''''' Exhibil 3 - Cost sheels." " ",.""", .. "."" "." " "" """"""" """ ,., ,,, .. ,., ",.,., , .. ," """, .,' ,,'" Exhibit 4 - Parcel Impact Notes ... , .. , ... "" .. , ... .. .. ,, " " " """"", ........ ,., ........ .. .. ,., ....... , ....... " .... , Exhibil5 - Accompaniment LeUer." ................ " " " "" " """ "., ." .. " .. " .. ,"", .. " .,' , ... , ... , ..... ,' , .. . Exhibil 6 - RE 95 form .. , ... """",., .... ",., .... " ."" " .. .. ,," " " " ",, ....... ,, ....... ,," , .. "",, .... , ............ '. Exhibit 7 - Qualificalions of Appraisers"" """" .. "" .............. ", ."".""', .. " ' " .. " ... " .. ",,.,,",.,, ' Exhibil 8 - Appraiser Discloslll'e Slalemenls """" .. " .......... ,.""""""" "",.,,"" ' .. ,, .. ,," " "" ,, ..

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74 75 75 75 76 77 79 79 79 79 80

82 83

105 106 107 108

109 110 110

113 113

114 115 137 145 148 149 150 151 154

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I , ·OUI 'Al!lll}JdsOH OSpunS 'Il :laoJUd L£'L-99.'lila :);)dfOJd

) ) Project: DEF 66·7.37 Parcel : 21 , Sunrise Hospitality. Inc.

6, Exccutive Summary

Location:

Property Type:

Land Areas:

The subject property is located on the east side ofN. Clinton Street (SR 66), adjacent south of the US 24 eastbound ramp. The parcel is located in Defiance City, Defiance County, Ohio.

County parcel number is 1-06-0013-000-100.

Commercial

Larger Pal'cel Befol'e the Take: The larger parcel is 3.195 gross and net acres, no P.R-O. (Public Road Occupied). There are 400.82 non-contiguous feet (180.11' and 220.71 ') along the east RlW line of N. Clinton Street (SR 66). Current access is via two entrances from N. Clinton Street (SR 66). One of the two entrances is solely for AutoZone, the other being the main access drive, which serves Lowe's, Walgreen's, and AutoZone.

Part Acquired:

Parcel No, Arca to be Acquired Rh!hts Acquired 21 WL Gross take 0.118 acre Warranty Deed with

P.R.O in take 0.000 acre Limitation of Access Net take 0.1 18 acre

21 WDV Gross take 0.136 acre Warranty Deed P.R.O in take 0.000 acre Net take 0.136 acre

21 T Gross take 0.089 acre Temporary easement for P.R.O in take 0.000 acre drive re-construction Net take 0.089 acre

16PRWV Gross take 0.108 acre Extinguish ingress/egress P.R.O in take 0.000 acre rights across parcel 21 up Net take 0.108 acre to Lowe's drive

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Larger Parcel Aftel' the Take:

Impact of the Take on the Residue:

Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality, inc.

The residue larger parcel will include 243.34 non-contiguous feet (198.34' and 45.00') of physical road frontage along N. Clinton Street (SR 66), with the legal frontage reduced to 45.00 feet, which is located at the existing drive that affords access to Walgreen's, Lowes, AutoZone, and the subject. However, the AutoZone entrance from the access drive will be gone. The existing access easement to the subject across the west side of the Walgreen's Pharmacy propelty will remain. Please note that the new limited access designation removes legal access rights; however, due to the elevation of N. Clinton Street (SR 66) above the site, there was no physical access in the before.

The larger parcel before the take was 3.195 net acres; the larger parcel after the take will include 2.941 acres.

The larger parcel was irregular in shape before the take; it will be irregular in shape after the take.

The 21 WL taking reduces the site size by approximately 3.7% net acres. After the take, there will be 198.34' of physical frontage at this taking; however, there will be no legal access for this 198.34' due to the new limited access designation. As stated above, there was no physical access in the before for this segment of the roadway frontage due to the elevation of N. Clinton Street (SR 66) above the site and there will be no legal access in the after. Site improvements to be taken are two light pole bases.

The 21 WDV taking reduces the site size by approximately 4.2% net acres. After the take, approximately 175.71' of frontage along N. Clinton Street will be lost in the take. Access to AutoZone from N. Clinton Street will still be allowed although it will

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) Project: DEF 66·7 .37 Parcel: 21, Sunrise Hospitality, Inc.

be only for northbound traffic due to the construction of a median. Also the access to AutoZone from the north that ties into the ingress and egress easement shared by Lowe's and Walgreen 's will no longer be available. Site improvements to be taken are approximately 4000 SF of asphalt-paved drive plus a yard lightlpole on concrete base.

The 16 PR WV taking is to extinguish ingress/egress rights for AutoZone across parcel 21 up to Lowe's drive, which is owned by Sunrise Hospitality, Inc. The taking does not adversely affect the residue.

The 21 T taking is a temporary easement area of .089 acre on the east side of N. Clinton Street, at the driveway accessing the subject parcel along with Lowes and Walgreen' s. It is adjacent to the west of the 21 WDV take. It is to be used for drive reconstruction, as a temporary right-of-way only. The effective area reverts to the owner after construction without encumbrances located upon it. The taking does not adversely affect the residue.

Identification of Plans Valuation Was Based On:

The client provided right-of-way plans (DEF 66-7.37) completed 06/13/2008 with revisions to the subject parcel dated 7116/2008. The latest revision to the summary page was dated 7/16/200 8.

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) Project: DEI' 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

7. Special Assumptions 0.' Conditions

The appraisal of the subject propelty is subject to the following special limiting conditions:

Extraordinary Assumptions Extraordinary assumptions are deflned as:

"An assumption directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property such as market conditions or trends; or about the integrity of data used in the analysis."

This appraisal is not subject to any Extraordinary Assumptions.

Hypothetical Conditions: Hypothetical conditions are defined as:

"That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal or economic characteristics of the subject property or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis."

This appraisal is not subject to any Hypothetical Conditions:

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) Project DEF 66-7 .37 Parcel: 21, Sunrise Hospitality. Inc.

8. Genet'al Assumptions and Limiting Conditions

• The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership.

• The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal repo11 whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.

• The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements are made. A fee of $125 per hour is paid for such appearances and trail preparation made necessary.

• The appraiser has estimated the value of the land at its highest and best use.

• The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be tme and correct. The appraiser does not assume responsibility for the accuracy of such items that were fiJrnished by other parties.

• The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.

• The use of this report is limited to the intended use stated in this repo11. Any other use is prohibited.

• The appraiser has noted in the appraisal report any adverse conditions (such as: needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject prope11y or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the prope11y.

• The appraiser must provide his or her prior written consent before the client specified in the appraisal report can distribute the appraisal report (including conclusions about the

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) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality, Inc.

property value, the appraiser's identity and professional designations, and references to any professional appraisal organization or the firm with which the appraiser is associated) to anyone other than the intended users; professional appraisal organizations; and state or federally approved financial institution; or a depattment, agency, or instrumentality of the United States or a state or District of Columbia; except the clients max distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public tlu'ough advertising, public relations, news, sales, or other media.

• This summary appraisal repOli includes a sununary of information regarding the data, reasoning, and analyses used to develop an opinion of value as required by Uniform Standards of Professional Appraisal Practice.

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) Project: DEI' 66-7 .37 Parcel: 21, Sunrise Hospitality, Inc.

9. Certification

• I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct.

• I stated in the appraisal rep01i only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this report.

• I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the paliicipants in the transaction. I did not base, either partially or completely, my analysis andlor the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the owners or occupants of the subject propeliy or of the owners or occupants of the properties in the vicinity of the subject propeliy.

• I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property.

• I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attaim11ent of a specific result, or the occurrence of a subsequent event in order to receive my compensation andlor employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation or a specific valuation.

• I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were approved and published by the Appraisal Standards Board of the Appraisal Foundation and that were in place as of the effective date of the appraisal. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of the market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of the report unless I have otherwise stated in the reconciliation section.

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Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

• I have personally inspected the exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions on the subject site, or on any site within the inm1ediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions of the marketability of the subject propelty.

• has provided significant assistance to the person signing this repOit including the research and verification of sale data. I have personally performed and completed appraisal procedures developed in this report. In arriving at the analyses, conclusions, and opinions concerning real estate contained in this appraisal report, I consulted with no one.

• I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual (s) and disclosed the specific tasks performed by them herein. I have not authorized anyone to make changes to any item in the repOlt; therefore, if an unauthorized change is made to the appraisal report, I wi II take no responsibility for it.

• In accordance with the competency provision in the Uniform Standards of Professional Appraisal Practice, and certify that my education, experience, and knowledge are sufficient to appraise the type of property being appraised, and that no appraiser has provided significant professional assistance to me in inspecting the subject property and in the completion of the analysis except as herein noted.

• Neither I, nor any member of my inunediate family, have made any contributions to any political campaign, or campaign conm1ittees, or any employees of the State of Ohio, within the past 2 years, which resulted in the award of this assignment.

Certified General Appraiser State of Ohio Certificate #

Certified General Appraiser State of Ohio Certificate il

August 28, 2008 Date Signed

August 19,2008 Effective Date

August 19,2008 Inspection Date

14

Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality, Inc.

10, Photographs of the Subject Property

Pictures wel'e tal,en by: Date Pictures were Taken: August 19,2008

Lal'ger parcel taken fl'om SR 66 facing east

Larger parcel facing southwest

15

) Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality, Inc.

Lal-ger pal-cel facing lIol'thwest

Largel' parcel facing northwest

16


Larger pal-cel facing northeast

Lal-gcI' parcel, nOl'th propel'ty line facing west

17

) Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality, Inc.

Larger parcel facing west

Larger parcel facing west

18

) ) Project: DEF 66-7.37 Parcel: 2 1, Sunrise Hospitality, Inc.

Larger parcel, east property line facing north

Easement al-ea along east pl-operty line facing north

19

) Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitali ty, Tnc.

Access easement from SR 66 facing east

Street view of SR 66 facing south

20

) ) Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality, Inc.

St.-eet view of SR 66 facing north

,.

WL ta\{e area facing north

21

) ) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

Access easement across Walgreen's property for parcel 21 facing north

/ .I

AutoZone access easement take al"ea facing south

22

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11. Declaration of Reporting Option

This is a SunU11ary Appraisal, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the Unifonn Standards of Professional Appraisal Practice for a Sununary Appraisal Report.

12. Identify the Client and any Use.-s

The client is the Ohio Department of Transp0l1ation (ODOT). The users of the appraisal may include ODOT, the propelty owner, the Ohio Attorney General's Office, and a comt of law; and the report is public record.

13. State the Intended Use of the Appraisal

The appraisal, if approved by the ODOT, may be used as a basis to establish the fair market value of the part taken and damages, if any, to the part not taken. It may be given to the property owner during the negotiation process and it may be used as evidence in an appropriation case.

14. Identity of the Real Estate Involved in the Appraisal

The subject property is a parcel located on the east side of N. Clinton Street (SR 66), adjacent south of the US 24 ramp. The parcel is located in Defiance City, Defiance County, Ohio.

Owner: Sumise Hospitality Inc. Parcel #\06-0013-000-100 Legal Description: see addenda Defiance City, Defiance County, OH (per auditor records)

The subject property is vacant commercial land with only site improvements consisting of: the asphalt paved access drive to Lowe' s, the paved access drive to AutoZone from the Lowe's drive, a yard light/pole on concrete base at the AutoZone entrance from SR 66, the paving and some curbing at the east end of the site behind Walgreen's, and two light pole bases along the subject's west property line.

15. State the real property intel'cst being appraised

The real property interest being appraised is the fee simple interest in the whole property before the taking and the fee simple interest of the residue property after the taking.

16. State the PUI'pose of the appraisal

The purpose of the appraisal is to estimate compensation to the property owner for the part taken and damages, if any, to the part not taken due to the State's proposed highway project. To

23

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estimate compensation, the appraiser shall estimate the value of the whole propelty before the taking and then estimate the value of the residue property after the taking. The difference between the before and after value shall be allocated into the part taken and damages, if any, to the part not taken. Compensation is the total of the difference between the before and after values and any temporary takings.

17. Definition of Market Value

The definition of fair market value utilized by the Ohio Department of TranspOltation is based on the Ohio Jury instruction and is:

You will award to the property owner(s) the amount of money you determine to be the fair market value of the propelty taken. Fair market value is the amount of money, which could be obtained on the market at a voluntary sale of the propelty. It is the amount a purchaser who is willing, but not required to buy, would pay and that a seller who is willing, but not required to sell, would accept, when both are fully aware and informed of all the circumstances involving the value and use of the propelty. You should consider every element that a buyer would consider before making a purchase. You should take into consideration the location, surrounding area, quality and general conditions of the premises, the improvements thereon and every thing that adds or detracts from the value of the property.

The market value estimated in this appraisal has also considered Rule C (2) of Section 5501 :2-5-06 of the Ohio Administrative Code (same as 49 CFR 24.l03 (6), Influence of the Project on Just Compensation, which is:

To the extent permitted by applicable law, the appraiser shall disregard any decrease or increase in fair market value of the real property caused by the project for which the property is to be acquired, or by the likelihood that the propelty would be acquired for the project, other than that due to physical deterioration within reasonable control of the owner.

18. Dates of the Appraisal

Date of the Report (Date Siglled): August 28, 2008

Date of the Value Estimate ("As of" Dale): August 19, 2008

24

) ) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality, Inc.

19. Summal"ize the App.-aisal P.·oblem and Scope of WOl'k

The appraisal problem consists of estimating the market value of the larger parcel before the taking and estimating the market value of the residue parcel after the taking to determine compensation due the owner for property taken and also if there have been any damages to the residue as a result of the taking so that just compensation can be paid to the owner.

The scope of work completed in developing the value estimates included the following:

• A thorough review of the R/W plans provided by the Ohio Department of Transportation as affecting the subject property,

• A thorough physical inspection of the take areas of the subject property plus an inspection of the subject neighborhood,

• The gathering of information from public (County Auditor'slRecorder's) or private records (Loop-Net) and subsequent exterior inspection of the comparables,

• Utilization of the Marshall Valuation Cost Services to determine the cost of site improvements located within the take areas,

• Made an attempt to verify all comparable sales by contacting a buyer, seller, or knowledgeable third party regarding the transaction data to ensure that the sales were arm's length,

• The appraiser did apply the sales comparison approach, as vacant, to determine the land value of the site,

• Although there are no shuctures, the appraiser did apply the cost approach to determine the value of the site improvements,

• The appraiser did not apply the sales comparison approach to value, as improved, since the subject property is not improved with any structures,

• The appraiser did not apply the income approach to value, since vacant commercial land properties similar to the subject within the subject's market area are not typically purchased for their income producing capability,

20. Exposul'e Time

This appraisal report is based upon an exposure time of six months to one year, assuming typical marketing efforts and market exposure.

Exposure time takes place prior to the appraisal date.

25


21. Right of Accompaniment

Inspection by:

Date of the Inspection: August 19,2008

Identification of the Person Who Accompanied the Appraiser: an owner of the subject property, and

manager, met the appraiser.

They did meet and discuss the subject property and went over the R/W plans; however, did not wish to accompany the appraiser during the inspection. Permission to inspect the property was granted by the owner. See the accompaniment letter in the addendum section.

DesCl'iption of the Relationship to the Ownel' of the Property:

Mr. is an owner of the property. His address is 8135 State Route 108, Wauseon, OH 43567. His phone number is

26


22. PART 2 - FACTUAL DATA BEFORE THE TAKING

27


23. . Identification of the Larger Pat'cel:

The subject parcel meets the requirements of a larger parcel with regards to unity of ownership, use, and contiguity.

Unity of Ownership:

Unity of Highest and Best Use:

Contiguity:

24. Legal Description

Short Legal Description:

Long Legal Descl"iption:

The owner of the parcel is Sunrise Hospitality, Inc. There are no abutting parcels with the same ownership.

The highest and best use of the subject parcel is one use; a commercial use.

The site consists of one irregularly shaped parcel.

Parcel #I06-00 13-000-1 00 Legal Description: SECTION 13 (see addendum) Defiance City, Defiance County, Ohio (per auditor records)

See deed in the addenda section.

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) ) Project: DEF 66·7.37 Parcel : 2 t, Sunrise Hospitality, Inc.

25. A.·ea, City, and Neighbo.-JlOod Analysis

A. A.·ea DescJ"iption

The subject property is located in the northern portion of Defiance, the county seat of Defiance County. The population of Defiance County in 2006 consisted of 39,091 residents per Ohio County Profiles. This represents a 1.0% reduction from 2000. Even with this reduction, the county population has been relatively stable since 1980 with a range of between 39,350 and 39,949. The projected population for Defiance County is: 39,540 for 2010; 39,700 for 2020; and 40,180 for 2030. For comparison, the population of the State of Ohio as of July 1,2006 was 11,478,006, which was an increase of 1.1 % since April 1,2000.

The estimated median household income in Defiance County for 2005 was $47,722 while the two-year average median household income in the State of Ohio for 2005-2006 was $45,776.

The unemployment rate for Defiance County as of2007 was 5.7% while the unemployment rate for the State of Ohio was 5.6% as of July 2007; however as of July 2008 it was 7.2%. The national rate for July 2008 was 5.7%.

In 2007 the civilian labor force numbered 20.800, which was 100 more than 2006. The State of Ohio civilian labor force in 2007 numbered 5,976,500; which was 29,800 more than in 2006.

Between 200 I and 2005, Defiance County lost a total of 318 jobs.

In 2006 out-migration and in-migration in Defiance County were in balance, as was the case in 1996; however, for the years in between, out-migration was greater than in-migration.

The major employers in Defiance County are: General Motors Corp. (Mfg), Johns Manville Corp. (Mfg), Parker HalUlifin Corp. (Mfg), Defiance Metal Products (Mfg), Defiance Precision Products (Mfg), Defiance Regional Medical Center (Service), Defiance Clinic (Service), Defiance City 3d. of Ed (Govt.), Meijer Inc. (Trade), and Sears Holdings/KInart Corp(Trade).

As this list shows, the area employers are predominately manufacturing including the automotive industry. With the declining automotive industry plus manufacturing in general, tillS does not appear to be a good employment mix for the county; however, per May 16 & 17,2007 announcements, General Motors Corporation will invest $61,000,000 in new technology at its Defiance plant to produce aluminum engine blocks. Although there will be no new jobs created, there is almost always job retention per a GM representative. Other 2006 announcements include the following: an operations center office for First Federal Bank of the Midwest, which is proposed to create 33 new jobs; a new bio-diesel fuel manufacturing facility for PEC, Inc., which is proposed to create 6 new jobs; a 130,000 SF warehouse expansion for Keller Logistics, which is proposed to create 4 new jobs; and a high tech wash facility and vehicle maintenance improvement for Advanced Powder Coating, which is proposed to create 2 new jobs.

29

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Project: DEF 66·7.37 Parce l: 21 , Sunrise Hospitality, Inc.

B. City Description

Defiance city is the county seat of Defiance County, Ohio, with an average popUlation of 17,000 residents. It includes a usual mix of residential, commercial and industrial propeliies, and is primarily self-suPPOliing, with commerce within its borders providing employment for most workers.

Defiance has an active downtown commercial area; along with substantial and continuous growth around a regional mall on the city's nOlihside. Other commercial growth is concentrated along East Second Street, a main attery running east/west through the city; while other commercial properties are scattered.

Industrial properties include General Motors Powertrain, just outside city limits, two Manville plants, and a myriad of smaller industries. There is an industrial park on the city's west side; and a newer industrial park with limited parcels on the city's northside.

Rail lines service the city. Several highways traversing the area include Routes 15, 66, 24, 18, and 424, allowing for truck line access.

A public school system, which serves Defiance area, includes 4 elementary schools, a middle school, a junior high school, and a high schooL There are several parochial schools in the city. Defiance College, a 4-year church-affiliated college, is located on the city's northside.

Older residences surround the downtown commercial area, while newer subdivisions are fuliher out.

30

) ) Project: DEF 66-7.37 Parcel : 21, Sunrise Hospitality, Inc.

c. Neighbol·hood Description

The subject neighborhood is situated in the nOith section of the City of Defiance. The subject parcel is located on the east side of N. Clinton Street (SR 66), adjacent south of the US 24 eastbound ramp. N. Clinton Street (SR 66) runs north-south, and is a four-lane paved road.

The location of the subject parcel provides easy access to central Defiance and other nearby villages and cities via US 24 and State Routes 15 and 18. The city of Napoleon is approximately 14 miles northeast (via US 24) and the city of Toledo is approximately 50 miles northeast (via US 24). The city of Bryan is approximately 15 miles northwest (via State Route 15).

The subject parcel ' s location on the north side of Defiance provides convenient access to commercial enterprises. Most of Defiance's newest commercial growth is taking place within the subject neighborhood along N. Clinton Street (SR 66), off US 24.

Industrial development continues in Defiance 's industrial park, on the city's west side.

The subject parcel's immediate market area is a commercial corridor. Recent commercial development within this corridor includes: Menard's, Walgreen 's Tim Horton 's, Applebee's, BW 3' s, and some banks.

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26. Sales History of the Subject P"operty The subject property has not sold within the past five years. This property was included in a sheriff sale on August 7, 2003 along with other property. The property was split after this 2003 transfer, thus, it is no longer valid or relevant.

Please note that the subject propelty is currently listed for sale by Dennis Meyer. The appraiser requested a copy of the listing but Mr. Meyer would not supply it. Per the owner and realtor (Mr. Meyer), the propelty is presently listed at $450,000 per acre. The owner stated that they were offered approximately $800,000 but turned it down. They also indicated that there is presently no sale pending on the property.

27. State the use of the real estate existing as of the date of value and the lise of the real estate reflected in the appraisal

The subject propelty is currently vacant land, although it does contain access drives for Lowe's AutoZone and Walgreen's. The use of the real estate reflected in the appraisal is as vacant cOl1unercial development land.

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28. Site Plan Sketch - Before the Taking Record area: 3.195 acres Total PRO: 0.000 acres Net acreage: 3.195 acres

;:i

Nj

• J

~ J r j ~ -",

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33

) ) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality. Inc.

29. Site DesCl"iption - Befo.·e the Taking Location: The subject site is located on the east side of N.

Accessibility:

Net and gross areas:

Shape and dimensions:

Topog.·aphy:

Flood plain and definition of zone:

Soil chamcteristics:

On-site utilities:

Off-site utilities:

Site improvements:

Clinton Street (SR 66), adjacent south of the US 24 ramp.

The main body of the subject site could be accessed via an access easement across the front (west end) of Walgreen' s and an approximate 53.5' strip of its own site to the rear (east) of Walgreen's, both from the subject owned Lowe's and AutoZone access drive from N. Clinton Avenue (SR 66).

Total site size is 3.195 gross and net acres, no PRO.

The site is irregular in shape. There are approximately 400.81' along the N. Clinton Street (SR 66) RlW, and 436.62' at P/L along US 24 ramp.

Level, although below road grade ofN. Clinton St.

The subject property is not located in a flood hazard area according to FEMA Map Number 390144, Zone C, Panel 00050, Panel Date March 4, 1985, and FIPS Code 39039 in Census Tract 9585.00. Transamerica Flood Insight supplied this info.

It appears that the soil is of satisfactory load-bearing capacity to support any proposed commercial structures.

The available utilities are not connected since the subject site is not currently improved with structures.

The subject has access to public, electricity, telephone, water and sewer, and gas. All public utilities are available at the site.

Asphalt paved access drives, some concrete curbing, 2 light pole bases, and a yard light/pole on concrete base.

34

)

Easements:

Encroacbments:

Restrictions:

) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality, lnc.

Typical utility easements plus several access easements exist. As stated previously, there are access easements to Lowe's, Walgreen's and AutoZone and can be used by anyone. See the addendum for a list of easements.

None known

None known

Zoning & summary explanation of zone: B-3 Highway and General Business

Highest and best use: Conunercial development

Comments: None

300 Building/Floor Plan Sl<etcb - Before tbe Taldng

None, since the subject site is not currently improved with structures.

31. Building Description- BefOioe the Taldng

None, since the subject site is not currently improved with structures.

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320 Legal and Political Constraints - Before the Taking (a) Zoning

Current zoning in Defiance City for the subject property is B-3 Highway and General Business.

Current zoning regulations for subject site:

District Minimum Lot Width Minimum Lot Area Front* Rear Either Sum Side (in feet) Side Yards

B-3 Highway and 100 20,000 SF 40 20 IS 30 General Business

• Except along major thoroughfares where the reqUIrement shall be fifty feet. Note: Any project adjacent to a State Highway must have ODOT approval per Section 1145.04.

Permitted and Accessory Uses for B-3: Retail Business, Personal Services, Business Services, Professional Activities, Offices and Banks, Restaurants, Drive-in Commercial Uses, Automotive Sales and Repair; Building Trades and Services; Transp0l1ation Equipment Sales and Repair, Essential Services, Accessory Uses, and Mortuary.

(b) Does the proputy confolom to zoning code Yes [X] No[]

(c) Land Usc Plan There is no master plan in Defiance County.

(d) Assessment and Taxes Parcel #: 1-06-0013-000-100

Land: $101,760 (assessed) Improvements: $ 0 Total: $101,760 (assessed)

Annual Taxes: $ 4,672.80 Special Assessments: $ 0

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, ') Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality. Inc.

33, Highest and Best Use - Before the Taking (a) Supply Study, Demand Study and Market Analysis

(b)

Research of the local market revealed that the majority of sales are commercial in nature, which is typical for this developing commercial corridor. The recent sales of commercial propet1ies were located along major roadways SR 66 and US Route 24, which is also typical for an area such as that of the subject. All sales along SR 66 in the subject's immediate neighborhood have been commercial in nature. Based on available market data, supply and demand are in balance. Growth is not rapid but steady and an ample but not abundant supply exists,

The same as pl'esent use [ X 1 Is different from present use [

(c) Pl'esent use of the property: Vacant commercial land

(d) Definition of Highest and Best Use: "The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value."

"Fundamentally, the concept of highest and best use applies to land alone because the value of the improvements is considered to be the value they contribute to the land. Land is said to have value, while improvements contribute to the value of the prope11y as a whole. The theoretical emphasis of highest and best use analysis is on the potential uses of the land as though vacant. In practice, though, the contribution of value of the existing improvements and any possible alteration of those improvements must be recognized, so the highest and best use of the property as improved is equally important in developing an opinion of market value of the property."

"In the development of an appraisal, the appraiser must distinguish between highest and best use of the land as though vacant and highest and best use of the prope11y as improved. The appraisal report should clearly identify, explain, and justifY the purpose and conclusion for each type of use and, if a separate conclusion of highest and best use of land as though vacant was not made, explain and justify why it was omitted,"

Source: The Appraisal of Real Estate, 12'h Edition, 2001.

(e) The Highest and Best Use as Vacant: There are typically four criteria, which must be met in the highest and best use analysis:

Legally Permissible Uses Legal restrictions, as they apply to the subject, involve public restrictions of zoning and private restrictions and easements. The subject prope11y is currently zoned B-3, Highway and General Business. This zoning would allow for retail

37

(I)

Project: DEF 66-7.37 Parcel : 21 . Sunrise Hospitality, Inc.

business, personal services, business services, professional activities, offices and banks, and restaurants. Therefore, development of the subject site would be limited to such commercial uses.

Physically Possible Uses The subject site is located on the east side ofN. Clinton Street (SR 66), adjacent south of the US 24 ramp in Defiance City, Defiance County, Ohio. The site is irregular in shape with 400.82 non-contiguous feet (180.11' and 220.71 ') along the east R/W line of N. Clinton Street (SR 66). Land area consists of one parcel that contains a total of 3.195 gross and net acres, no P.R.O. (Public Road Occupied).

The physical aspects of the subject parcel impose no substantial constraint on possible uses. The site is of sufficient area to be conducive to commercial development and, through easements, has adequate ingress and egress. All utilities are available to the site and the topography is level and soil conditions appear adequate for a variety of development types. Based on an analysis of the physical aspects of the subject site there are no known physical factors that would affect the marketability of the land.

Financially Feasible Uses The immediate neighborhood is within a portion of Defiance City, which consists of a commercial corridor. There has been new commercial construction in the subject's immediate neighborhood. Therefore, it is reasonable to believe that development of the subject site with a commercial use would provide a positive net retum to the land and would therefore be economically feasible.

Maximally PI-oductive Uses: Based upon the recent development in the subject's neighborhood plus the zoning a commercial use would be the maximally productive use.

Highest and Best Use: Based upon the analysis of the legally permitted, physically possible, economically feasible and maximally productive uses for the property, it is concluded that the highest and best use of the subject site as ifvacant and available would be for commercial development.

The Highest and Best Use As Improved The subject site is not improved with any structures; therefore the Highest and Best Use analysis of the improved site is not necessary.

(g) Probability of Re-zoning It is unlikely that the subject site would be re-zoned.

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34. PART 3 - V ALVA TION BEFORE THE TAKING

39


35. Estimate of Land Value - Before the Taking

The basic premise underlying the Sales Comparison Approach to value is that similar propel1ies tend to sell for the same price in the market place. In other words, it is based upon a comparison of prices paid for similar properties in recent times. This approach to value is probably the most easily understood and the most readily applied method utilized by sellers and buyers in the marketplace. Both parties normally familiarize themselves with the local real estate market as they prepare to sell or purchase a property by making a comparison of relative values within the real estate area under consideration.

The individual characteristics inherent in each parcel of real estate necessitate comparison and adjustments to past transactions in order to arrive at an estimate of value for the subject property. Care must be taken when analyzing the available data to make the appropriate adjustments for unusual circumstances surrounding any transaction, to equate the value inherent in different environmental circumstances, and to carefully and accurately reflect the physical and fi.mctional dissimilarities apparent in every improved property.

The reliability of this technique is dependent on the following: the availability of comparable sales data the verification of the sales data the degree of comparability or extent of adjustment necessary for the differences the absence of non-typical conditions affecting the sales price

It should be noted that the Sales Comparison Approach to value is based upon the principle of substitution, which infers that a prudent buyer would not pay more to buy a property than it would cost him/her to buy a comparable substitute property.

A thorough analysis of the subject and comparable market areas has been made in an attempt to gather fi.mctional data involving sales of similar properties. Several sales were found and have been analyzed in depth, as they were considered to be directly comparable to the subject.

When comparing the subject to the comparable sales, a unit of comparison must be utilized. There are several different units of comparison, based on different factors. Investors typically utilize the price per acre when considering this type of prospective investment.

The remainder of this section is devoted to an analysis of recent sales, relating them to the subject by the unit of comparison. Descriptions of these sale properties are found on the following pages, relating them to the subject property.

40

) ) Project: DEF 66-7.37 Parcel : 21, Sunrise Hospitality. Inc.

VACANT LAND - Comparable 1

I County: Defiance

I CityNillagerrownship: Noble Township-Defiance City

-~ocation Address/ Distance to Nearest Intersection:

1829 NOIth Clinton Located at NE corner of North Clinton Street and private drive accessing Lowes.

Legal Desc.-iption/Anditor Pal'cel No: Section 13 Walgreens 1060013000 I 0 I

I GI'antor: Grantee: SUlu'ise Hospitality, Inc. Defiance Oreen LLC

I Date of Transaction: I Sale Amount: -

05/1612005 $925,000

I Financing: Cash

I Priol' Sale: No recent prior sales.

Data By Whom: With Whom: Relationship: Phone #: Date: Verification: Realtor for

Beth Sigg Dennis Meyer transactions (419) 445-3113 0711112008

Motivation of Parties: Conditions of Sale:

Willing buyer and seller Arm's Length

I Date Inspected: Encumbrances (if any):

Typical utilities easements 0711112008 ---

Flood Plain Data: School District:

Zone C, map #39014400050, dated 03/0411985 Northeastern Local School District

Highest and Best Usc: Present Use:

Commercial Use Commercial Use

I Total Area: Gross: Net: .l Unit Value: Gross: Net: 1.55 acres Same $596,774 per acre Same

I Zoning: T~~~ies: B-3 Highway and Oeneral Business Public

I Topography: Volume/Page:

Volume 291IPage 1879 BasIcally level

[ Street Improvements: I ~~Ie No. Conveyance Form No. I 2 lane asphalt 402

Type of Improvements: I Type of Instrument: I None at time of sale. Warrant~ Deed

Other Pertinent InfolRemar"s:

Hotel previously on site was torn down prior to this sale, per realtor. Access is via easements across privately owned access road. Access to lot behind this site is presumably via easement across this site. There is an access easement across this property to allow access to the site to the nOl1h. The Walgreen's pharmacy was constructed after the sale.

41

) ) Project: DEF 66-7.37 Parcel: 21 . SU11rise Hospitality, Inc.

PHOTO: DIRECTION TAKEN: Facing Northeast

42

·OllI ',(1!1'31!dsOH :'ls!JunS '\l :(:};)J13d

L£'l;99 :130 :1::ldfOJd

( (

(oliWii.l!l\ '" 'II

';1Ul ',(mUl!dsOH ~s!Juns 'IZ :1:JOJUd L£'L-99 d30 :parOJd

dVW.LV'Id

{

) ) Project: DEF 66·7 .37 Parcel : 21, Sunrise Hospitality, Inc.

WARRANTY DEED

Instru •• nt 200500003191

PDSlbt

KNOW ALL MEN BY THESE PRESENTS THAT Sunrise Hospitality, Inc., an Ohio cOljloration,

Grantor(s),

for valuable consideration paid, grant(s), with general warranty covenants, to Defiance Green, L.L.C., and Ohio limited liability company,

whose tax mailing address is 2640 Golden Gate Parkway, Suite #1 02, Naples, FL 34105 the following real property:

See Schedule A Attached Hereto

Grantee(s),

Together with all rlgh's, privileges, hereditaments and appurtenances belonging thereto and allY alld all improvements located thereon.

Prior Instrument Reference(s): Volume 264, Page 1072 Permanent Parcel Number: 106-0013-0-001-00 <>I\...r County Engineer Survey Referellce(s): Volume ,Page

Signed this / ~ ""'day of May, 2005. Sunrise HosJlitality. Inc.

By: =R-flllI7e-'~:-i'Gl::::"'_ '-a-te71,-=p'{"e""'si'"'de-lIC"t - - --

BY:'iIitesh G7Patel, Treasur- e-r- -----

STATE OF OHIO, COUNTY OF DEFIANCE: ~ The foregoing instrument was acknowledged before me this / " day of May, 2005 by

, its Presidellt, and by its Treasurer, 011 behalf of Sunrise Hospitality, Inc., and Ohio IiIDited liability company.

Peter D. Short Notary Public-State of Ohio Lifetime Commission

TIlls instrument prepared by PLASSMAN, RUFP, SHORT & HAGANS 302 North Defi.nce Street, P.O. Box 178, Archbold, Ohio 43502-0178

Oft 291 P.ABE 1879

SEAL

45

) ) Project: DEF 66 -7.37 Parcel: 21, Sunrise Hospitality, Inc.

SCHEDULE A

Situated in the City of Defiance. Township of Noble. County of Defiance and State of Ohio. and described as follows:

A parcel of land in the Southwest quarter of the Northwest quarter of Section 13. Town 4 North. Range 4 East. and more particularly described as follows:

Commencing at 1 inch iron pipe at the Southwest comer ofthe Northwest quarter of said seetion; thence South 88 degrees 52 minutes 52 seconds East 12.58 feet to a point on the centerline of State Route 66. said point being Station 377 + 43.24 of Project No. Def. 66, State Highway Department, State Route No. 66. centerline survey; thence North 01 degree 07 minutes 08 seconds East on said survey centerline 656.76 feet to a point, said point being Station 384 + 00.00 of said plan; thence South 88 degrees 52 minutes 52 seconds East 70.00 reet to the intersection of the East right-of-way line of State Route No. 66 and the Southerly Limited Access right-of-way line of the U.S. Route No. 24 By-Pass; thence South 01 degree ()7 minutes 08 seconds West on the East right-of-way line of said State Route No. 66. a distance of 180.10 feet to a set Y. inch iron pipe, for the place of beginning; thence South 88 degrees 52 minutes 52 seconds East 87.00 feet to a set Y. inch iron pipe; thence North 01 degree 07 minutes 08 seconds East 10.84 feet to a set Y. inch iron pipe; thence South 88 degrees 52 minutes 52 seconds East 248.00 fcet to a set Y. inch iron pipe; thence South 01 degree 07 minutes 08 seconds West 205.67 feet to a set Y. inch iron pipe; thence North 88 degrees 52 minutes 52 seconds West 335.00 feet to a set Y. inch iron pipe, said point being on the East right-Of-way line of said Route 66; thence North 01 degree 07 minutes 08 seconds East along said East right-of-way line 194.83 feet to the place or beginning, containing 1.55 acres, more or less.

),RANSft~HtU ~/6.;aa5 THIS CON'lFfANC£HASIIIiEN EXAMINED AND THE ORANTOR HAS COMPIlED WITH SECTION 319.202 OF THE REVISED CODE

FEE s.,(n5'4R EXEMPT

~~,~KR~Dm2;'O~~ Pllnnlng Commission Cleric

.jI200S00003191 S Filed rDr Record in

DEFIANCE COUNTY, OHIO JANE n. TAOSEN 05-16-2005 At 04:05 ••• WTY DEEO 28.00 MARLENE J. GODDWIN.-A~U~DI:::TD:-:::R

.SCJ n~ct~"rr: I"nWI1Y(Hll~ OR Or bk 291 P ••• 1879 - 188')

8291 .. 1880

46

) ) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitaiity,lnc.

VACANT LAND-Comparable two

I Couuty: Defiance

I CityNiliagerrownship: Noble Township

-Location Address/ Distance to Nearest Intersection: 1145 Hotel Within Y. mile of US St. Rt. 24 intersection and within Y. mile of Elliott Road intersection

Legal Description/Auditor Parcel No: Pate Is Add. Replat Phase I Lot 2 PT (2 parcels) 106-00 14-A-002-00; 106-0014-A-003-00

I Grantor: I Grantee: Maumee Trail Investments LLC

Date of Transaction: I Sale Amount: 11120/2003 $475,000

I Prior Sale: --

Financing: Conventional None noted

-. Data Ry Whom: With Whom: Relationship: Phone II: Date: Vel'ification:

Beth Sigg John Hoshock Owner 419-784-9464 06/0712004

Motivation of Pa,·ties: Conditions of Sale: Seller owns adjacent hotels. Buyer constl'llcted restaurant. Arms Length


Typical utilities easements OS/24/2004

Flood Plain Data: School District: 390146 0032B, 08/02/90, Zone X Northeastern Local School District

I Highest and Best Use: Present Usc: Commercial Constructed restalll'ant - "Buffalo Wild Wings"

Total A"ea: Gross: Net: Unit Value: Gross: Net: 1.006acres Same $278,756/acre Same 0.698 acre 1.704 acres

Zoning: Utilities: B-3 Hi-way and General Business Public

I Topography: VolumelPage: Level Volume 269/Page 2815

I Street Improvements: I ~;Ie No. Conveyance Form No. I 2 lane asphalt 932

Type of Imp"ovements: Type orInstrllment: Warranty Deed

None at the time of sale.

Other Pe,'tinent Info/Remarlls: Site fi'onts on State Route 66, Y. mile nOlth of the State Route 24 interchauge and on west side of mad .. No curb cut on State Route 66; accessed from Elliot Road and Hotel Drive.

47

PHOTO:

SKETCH

.. (l

)

1 :'0 0 -1-/-

) Project: DEF 66-7 .37 Parcel: 21, Sunrise Hospitality, Inc.

DIRECTION TAKEN: West

l' tV

• ; 2~""j,------------------~ ? 49+/

SI{ctch not d,'awn to scale

48

617

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) Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality, Inc.

!frrSflRR£I)//.~_M fl· ~ THIS COHYIYANCE HAS BEEN EXI.lIIHED AND THE GIlANTOR HAS COMPlIED Wl TH SECTION 319.202 Of THE REVISlD CODE fEEl J¢..15.ri UEMl'T MIJIU"Hl"tOOoowrN. COUN;;;~,,"'=I"'TO""R

WARRANTY DEED

laltr~' 200300013100

PDSlbt

KNOW ALL MEN BY THESE PRESENTS THAT and wifo. and

01, husband and , husband and wife,

Grantor(s).

for valuable consideration paid, grant(s), with general warranty covenants, to Maumee Trail Inveslnlents, LLC., an Ohio limited liability company,

Gl1lIllee(s).

whose tax mailing eddress is 28611 State Route 281, Defiance, Ohio 43512 '.

the following real property: \

See Schedule A Attacbed Hereto

Prior Instrument Reference(s): Volume , Page Permanent Parcel Number: 106.Q014·A·003·00; 106·0014·A,·002·00 County Engineer Survey Reference{s): Volume , pag,

Signed this ~JS-daY of November, 2003. \ (I) V

~

STATE OF OIllO, COUNTY OF DEFIANCE: , . . ... " "171ft< The foregoing mstnunent was aCknoV(le'dged before me this t:>V . ' day of November,

2003, and A 1: ~S~

(Additionals!gnatures on attached page)

Petcr D. Short . , Notary Public.,';!a!. of Ohio Lifetime Commission

This instrumen1 prepared by PLASSMAN, RUPP. HHNSAL. SHORT &HAOANS 302 North Defiance Stree~ P.O. Box 178. Archbold. Obio 43502-0178

OR269 PAG£2815 .------.~ ... .. .. ..... . . . -- -

50

II

) ) Project: DEF 66-7.37 Parcel: 21. Sunrise Hospitality, Inc.

Signed this ~O · day of November, 2003.

Devchand B. Pa~1

Sha;;;, Patel

STATE OF INDIANA, COVNTY OF ALLEN:

The foregoing instrument was acknowledged before me this g 0 day of Nov ember,

2003, by Devchand B. Patel and Shanta Patel.

SEAL ~2J~~~/~ Notary Pu?li?"State of Indiana 0 ;;l. 0 /1 My comnuss.on expues: r- 3 I

This instrument prepared by PLASSMAN, RUPP, HBNSAL, SHORT &. HAGANS 302 North Defiance Street, P.O. Box 178, Archbold, Ohio 43502-0178

DR 269 .P.AOE28 16

51

) ) Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality, Inc.

SCHEDULE A

Situa.ed in the Ci.y of Defiance, Coun.y of Defiance and Sta.e of Ohio, and know as:

Tra<l\. Lo. Numb.rThre. (3) of the Rc·Plat ofP .. el's Addition, Phase One (I) in .he Ci.y ofDefiance, County of Defiance, and SIa.e of Ohio.

Trac.l. Lo\ Number Two (2), less aDd u.ept the North twen.y.six (26) fee., of the Ro-Pla. ofPa.el·s Addi.ion, Phase One (I) in the City of Defiance, Coun.y or Defiance, and S ••• e orOhio.

Both Trac.s subject, however, .0 the following:

1. Subsisting casements, restrictions and zoning ordinances.

2. Taxes and installments of assessments, if any, for the tax year 2003 and thereafter, which the Gran.ees herein assume and agree .0 pay.

OR 269 PAlE26 I 7

"I 2OOJOOOlilOO

6 Fllod to!' ROCotd In • OUIAHCE COUNTY. OHIO . JAN[". rA06£H

11-20-2OOJ A\ Ol'~7 ••• wry DUD 36.00 OR 01' bk 26? Pa .. :1815 - :1817

52

) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality. Inc.

VACANT LAND - Comparable 3

County: 1 CityNillagerrownship: Defiance Noble Township-Defiance City

- -Location Addressl Distance to Nearest Intersection: 8959 N, US St Rt 66 Located at NE corner of US 66N and Elliott Road

Legal Description/Audito,' Parcel No: North Defiance Menard Sub Final Plat (Asian Grill ButTet, Alltel) Lot 3 (CREATED FROM 106-12-10) 1060012A00300

G\'antor: 1 Grantee: Menard Inc, Frederick Town Conunons LLC

Date of Transaction: I Sale Amount: 03/31/2006 $680,934

--Financing: 1 Prior Sale: Conventional No recent prior sales,

Data By Whom: With Whom: Relationship: Phone#: Date: Verification: Beth Sigg Marv Prochaska V,P, Real (715) 876-2776 0711012008

Estate Menards

Motivation of Parties: 1 Conditions of Sale: Willing buyer and seller Arm's Length

I Date Inspected: , 1_ Encumbrances (if any): 07110/2008 Typical utilities easements

Flood Plain Data: I School District: Zone X, map #39014300500, dated 08/02/1990 No,1heastern Local School District

Highest and Best Use: I Present Use: Commercial Use Commercial Use

I Total Area: Gross: Net: I Unit Value: G,'oss: Net: 1.737 acres Same $392,017 peo'acre Same

I Zoning: B-4

I Utilities: Public

1 Topog,'aphy: I Volume/Page: I Bas,cally level Volume 303/Page 2696

1 Street Improvements: I Sale No, ~;",."" '"m N. ~ 2 lane asphalt 23

Type of Impl'Ovements: I Type ofInst,.,lInent: None at time of sale, Special Warranty Deed

Other Pertinent InfolRemarks: Proposed site for strip mall

53

') ) Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality, Inc.

PHOTO: DIRECTION TAKEN: Facing East

SKETCH:

, 2.,5 rl- i

N

1s,,''''L

.,.~ 0 "~. i?.) ( IS' +/~

Sketch not d,"awn to scale.

54

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'OUI 'A.!1l3l!dSOH :::lSpunS 'Il :IOOJUd L£"L-99.':13.0 :I:J:lfOJd

(

Project: DEF 66-7 .37 Parcel: 21, Sunrise Hospitality, Inc.

VACANT LAND - Compamble 4

110unty: Defiance

I CitylVillagerrownship: Maumee City

Location Address/ Distance to Nearest Intersection: 1430 Dussel Drive Located at NE corner ofDussel Drive and Tollgate Drive

Legal Description/Auditor Parcel No: 226 SE 114 E 112 IRREG PCE NE COR DUS SELL DR & TOLLGATE DR MEAS676.59 FT ON E LINE BY 247.96 FT S LINE / 36-00557

IGrantor: ---

G"antee: Car-Bet Inc. Dussel of Tollgate Properties LLC

1 Date of Transaction: 03/29/2006

1 Sale Amount: $1,180,000

1 Financing: I Prior Sale: -

Cash No recent prior sales. -

Data By Whom: With Wholll: Relationship: Phone #: Date: Verification: Teny Pool County N/A N/A 08/26/2008

records

Motivation of Pa,·ties: 1 Conditions of Sale: Willing buyer and seller Arm's length

1 Date Inspected: Encumbrances (if any): 08/2612008 Typical utilities easements

Flood Plain Data: School District: Not located in a flood hazard area Maumee CSD, PCVSD

-Highest and Best Use: Present Use: Commercial Use Vacant Commercial Land

1 Total Area: -

Gross: Net: Unit Value: Gross: Net: 4.327 acres Same $272,706 per acre Same

1 Zoning: C-2. General Commercial District

1 Utilities: All public

I Topography: I Volume/Page: I Level

Street Imp"ovements : Sale No. Conveyance FOl'm No. 4 lane paved on Dussel Drive 2 lane paved on Tollgate Drive

1 Type ofImprovements: Type ofInstrument: None C. Warranty Deed

, I 1 Other Pertinent Info/Remarks:

Map No.: 43-020-000

56

) Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality. Inc.

PHOTO: DIRECTION TAKEN: Facing NOl-th

-"

SKETCH: SI{ctch not to scale tN

, I 57

) Project DEF 66-7.37 Parcel: 21, Sunrise Hospitality, Inc.

VACANT LAND SALES LOCATION MAP (1 of 2)

IU I

58

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(Z JO Z) dVW NOUV:JO'! s:nvs aNV'! .LNV:JVA

':lUI 'Al!lI3l!dsOH aspullS 'I Z :1~:JJUd L('L-99 !l3a :l:);)fOJd

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~-:,.I""" .• ~ I'" '_101-" I'~

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, "

) ) Projcct: DEF 66·7.37 Pmcel: 21, Sunrise Hospitality, Inc.

Sales Comparison Appl'oach - Land Value Before the Taking

SUBJECT SALE I SALE 2 SALE3 SALE4 ADDRESS 1835 N. Clinton 1829 N. Clinton 1145 Hotel Dr. 8959 N. SR 66 1430 Dussel Dr.

Defiance, OH Defiance, 0 1-1 Defiance, OH Defiance, 01-1 Maumee,OH

SALE PRICE N/A $925,000 $475,000 $680,934 $ 1, 180,000 $596,774 pcr acre $278,756 per acrc $392,017 per acre $272,706 per aerc

DATE OF SALE N/A 5116/2005 11120/2003 3/3112006 3/2912006

TERMS N/A Cash Equivalent Cash Equivalent Cash Equivalent Cash TIME N/A +4.75% +9.5% +2.25% +2.25% ADJUSTMENT ADJUSTED PRICE PER ACRE (after N/A $625, 121 per aerc $305,238 per aere $400,838 per aere $278,842 per acre terms and time ad justment) SITE SIZE (NET) 3.195 aeres 1.55 acres ·10% 1.704 acres -10% 1.737 acres .\0% 4.327 acres + 10% LOCATION

Good Good ·0· Good ·0· Good ·0· Excellent -\0%

ACCESS 68+/-' wi drive 340+1·' on 235+1·' on 500 +1·'

1400+1·' private drive ·10% Hotel Dr. no ·0· frontage on ·10% -10%

easement to Lowe's SR 66 access 2 streets corner

ZONING B·3 Highway B·3 Highway ·0· B·3 Highway ·0· 1l·4 ·0· C·2 ·0·

TOPOGRAPHY Level Level ·0· Level ·0· Level ·0· Level ·0·

UTILITIES All public All public ·0· All public ·0· All public ·0· All public ·0·

2 Existing I Existing -5% None -5% None -5% NOlle -5% OTHER easements easement SHAPE

Irregular Mostly -5% Rectangular -5% Irregular ·0·

Mostly -5% rectangular rectangular

EXPOSURE US 24 exposure US24

·0· None e~surc

+20% None +20% None +20%

ADJUSTM ENTS N/A -30% ·0· -5% ·0· ADJUSTED N/A $437,585 I,el' nCl'e S305,238 pel' aCl'e $380,796 pe,' aCl'e $278,842 pCI' nCl'e SALE PRICE

Analysis of the Land Sales - Before the Taking Four sales were selected for comparison to the subject property. A search was made for simliar commercial sales in the Defiance area, and tlu'ee were found. The search was then expanded to northwest Ohio, and another sale, which brackets the subject site size, was located in an area felt to be comparable to the subject property's area. The other sale is located northeast of the subject in Maumee, which is south of Toledo.

The most common unit of comparison for this property type is price per acre. The unadjusted sale prices ranged from $272,706 per acre to $596,774 per acre,

Comparison Financing

Conditions a/Sale

All sales were cash or cash equivalent. No adjustments were required.

All sales were arm's length transactions. No adjustments were required.

60

Market Conditions

Site size

Location

Access

Zoning

Topography

Utilities

Other

II

) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

Time adjustments were made at 3% per year through the end of 2006 with no adjustment since, due to a downturn in local and national real estate markets. This adjustment was derived from study of the local market indicators along with consideration of the consumer price index.

Site sizes ranged from 1.55 acres to 4.327 acres. Sales one, two and three are smaller in size than the subject and were each adjusted downward 10%, while sale four is larger than the subject and was adjusted upward 10%. The size adjustment is based on the quantity discount theory that the more acres you buy the less you pay per acre.

Sales one, two, and three were considered equivalent to the subject and no adjustments were necessary. Sale four located in Maumee, south of and adjacent to Toledo, a large metropolitan area, is considered an excellent location and received a negative 10% adjustment.

The subject property has physical and legal access from the an approximate 68' drive shared with Walgreen's to Lowe's in addition to an access easement across the front of Walgreen's from the shared drive. Sales one, tluee and four with superior accessibility were each adjusted downward 10%. Sale two with no direct access to SR 66 was considered equivalent to the subject and no adjustment was necessary.

All sales had con1l11ercial or similar zoning. No adjustments were required.

All sales were predominantly level, as was the subject site. No adjustments were required.

All sales had public utilities, as did the subject. No adjustments were required.

A cross easement is a very valuable property right to the property owner who has need of it for access to their property. However, the property owner of the land on which the easement sits that has no need of it for their own access, such as the subject, derives no value from the easement, which could also become a liability due to maintenance issues. Sales two, three, and four have no easements, thus, are considered superior to the subject and each received a downward adjustment of 5%. Sale one has an access easement but, as stated above, the buyer/owner has need of it, therefore, this property is considered superior and it also was adjusted downward 5%.

61

. 1

Shape

Exposllre

Reconciliation of the Sales


Rectangular 01' mostly rectangular sites are more usable and more efficient for development. The subject is irregular. Sale three is irregular and was considered equivalent to the subject. Sales one, two, and four were either rectangular 01' mostly rectangular and were each adjusted downward 5% for being more efficient fo r development.

The subject and sale one had direct exposure to US 24 and no adjustment was necessary. Sales two, three, and four without direct exposure to US 24 were considered to be inferior and were each adjusted upward 20%. It is obvious based on the lower pel' acre selling prices for properties without direct exposure to US 24 that major highway exposure is a desirable asset, thus a nominal 20% adjustment was applied.

The adjusted range of the sales was from $278,842 per acre to $437,585 per acre. The sales selected were the most comparable ofthe limited vacant land sales in the area.

All sales were given weight but most weight was given to sales one and three based upon closest proximity (sale one) and date of sale (sale three).

Therefore:

3.195 total net acres x $390,000 per acre = $1,246,050 $1 ,246,050

Total Land Value - Before the Taking $1,246,050

Allocation of Total Land Value: The portion of the subject site that extends to the south from the Lowe's drive along N. Clinton Street (SR 66) containing 0.108 acre does not contribute value to the fee owner. This is due to the fact that, based on its size, it cannot be improved with structures and, based on its configuration, it offers no benefit to the fee owner. In addition, this area is encumbered

with an access easement, which is only valuable to the parties that use it or are provided access through it. In short, the easement holder is the main beneficiary of this area. However, since the property is being taken and the owner must be compensated for any takes, a nominal $1 was the compensation given.

Allocation: 3.087 acres $1,203,929

0.108 acres $ 1

PI'opel'ty Rights $ 42,120

Total $1,246,050

62


36. Cost Approach - Before the Taking

The cost approach to market value consists of estimating cost new of improvements, less accrued depreciation from all causes, to which the value of site and site improvements are added_ Economists describe the cost approach as the "Theory of Substitution," or that a thing of value ca/UlOt be worth more than its cost of producing new.

The cost approach requires five steps:

I. Estimate underlying land value as if vacant by an analysis of comparable land sales.

2. Estimate replacement cost new of the improvements.

3. Estimate dollar amounts of all forms of depreciation.

4. Deduct the depreciation estimate from the replacement cost to arrive at the depreciated cost of improvements.

5. Add the estimated land value to the depreciated cost of the improvements.

Since land value has already been discussed, the remainder of this section will be devoted to the discussion and analysis of items two through five.

Building Valuation To properly arrive at the value contribution, which the building makes to the overall value of the subject property, the cost new of the building must first be estimated. From this must be deducted an amount which accurately represents all elements of accrued depreciation to arrive at a depreciated value for the subject structure.

63

) Project: DEF 66·7.37 Parcel : 21, Sunrise Hospitality, Inc.

Estimate of Building Cost New:

The estimated cost new of the subject structure can be based on either of the two following premises:

a. Replacement Cost - The estimated cost to construct, at current prices, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout.

b. Reproduction Cost - The estimated cost to construct, at current prices, an exact duplicate, or replica, of the building being appraised, using the same materials construction standards, design, layout, and quality of workmanship, and embodying all of the subject's deficiencies, superadequacies, and obsolescence.

Accrued depreciation may be defined as:

The difference between an improvement's reproduction or replacement costs and its market value as of the date of appraisaL To measure accrued depreciation, an appraiser identifies and measures the loss in value experienced by the subject structure in its present condition and compares this with the value it would have if it were new. Accrued depreciation is sometimes referred to as diminished utility.

The process of estimating accrued depreciation includes an analysis of physical deterioration, functional obsolescence and external obsolescence. The two general categories of physical deterioration and functional obsolescence can both be divided into the sub-categories of curable and incurable. Since external obsolescence is caused by factors outside the subject property, it is generally considered to be beyond the control of the subject owner and therefore incurable.

64

) ) Project: DEF 66·7.37 Parcel : 21, Sunrise Hospitality. Inc.

Comment The cost approach is utilized when there are improvements on the subject site. The subject property is vacant commercial land with the only site improvements being the asphalt paved access drive to Lowe's and Walgreen's, the paved access drive to AutoZone from the Lowe's drive with a yard light/pole on concrete base, some curbing at the east end of the site behind Walgreen's, and two light pole bases along the subject's west property line.

Replacement Costs

Concrete light pole bases, 2 @ $600 each (MYS, sec 51 , p. 2) less 50% dep. =

Yard light/pole on concrete base @ $3,800 (MVS, sec 66, p. 5) less 50% dep. =

Asphalt drive, approximately 25,000 SF @ $2.75/SF (MYS, sec 66, p. 1) less 50% dep. = say

Approximately 200 LF of concrete curbing @ $13.00/LF(MYS,sec66,p. I) less 50% dep. =

Total Depreciated Value of Site Improvements Say

Add Estimated Land via Sales Comparison Approach (3.195 acres net)

INDICATION OF MARKET VALUE BY COST APPROACH

$ 600

$ 1,900

$ 34,000

$ 1,300

$ 37,800 $ 38,000

$1,246,050

$1,284,050

65

. 1

) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality. Inc,

37, Sales Compal'ison Appl'oach - Befol'e the Tal<ing

The basic premise underlying the Sales Comparison Approach to value is that similar properties tend to sell for the same price in the market place, In other words, it is based upon a comparison of prices paid for similar properties in recent times. This approach to value is probably the most easily understood and the most readily applied method utilized by sellers and buyers in the marketplace. Both patties normally familiarize themselves with the local real estate market as they prepare to sell or purchase a property by making a comparison of relative values within the real estate area under consideration.

The individual characteristics inherent in each parcel of real estate necessitate comparison and adjustments to past transactions in order to arrive at an estimate of value for the subject property. Care must be taken when analyzing the available data to make the appropriate adjustments for unusual circumstances sUl'I'ounding any transaction, to equate the value inherent in different environmental circumstances, and to carefully and accurately reflect the physical and functional dissimilarities apparent in every improved property.

The reliability of this technique is dependent on the following: the availabi lity of comparable sa les data the verification ofthe sales data the degree of comparability or extent of adjustment necessary for the differences the absence of non-typical conditions affecting the sales price

It should be noted that the Sales Comparison Approach to value is based upon the principle of substitution, which infers that a prudent buyer would not pay more to buy a property than it would cost him/her to buy a comparable substitute property.

Note: The sales comparison analysis of the vacant land was presented in the previolls Section 35. A sales comparison approach of the land as improved is not relevant to this report since no primary structure exists on the site and, therefore, is not developed .

66

) ) Project DEF 66·7.37 Parcel : 21, Sunrise Hospitality. lnc.

38. Income Capitalization Approach - Before the Taking

Income capitalization is a method used to convert a single year's estimate of income into a value indicated in the income capitalization approach. An appraiser accomplishes this conversion in one step by either dividing the income estimate by an appropriate income rate or by multiplying the income estimate by an appropriate income factor. The income rates and factors express the relationship of income and value and are derived from market data. It is essential that the market comparable reflect risk, income, expenses, and physical and locational characteristics similar to those of the property being appraised.

In income capitalization, a precise allocation between return of capital is not made because investor assumptions or forecasts concerning the holding period, pattern of income, or changes in the value of the original investment are not simulated in the method. However, a satisfactory rate of return for the investor and the return of the capital invested is implicit in the rates or factors used in income capitalization because they are derived from similar investment properties.

Income capitalization may be based on potential gross income, effective gross income, net operating income, equity income, mortgage income, land income, or building income. Thus, the income rates used in income capitalization include the overall (property) capitalization rate, the mortgage capitalization rate, the equity dividend rate, the land capitalization rate, and the building capitalization rate. The income factors include the potential gross income multiplier (PGIM), the gross rent mUltiplier (ORM), and the effective gross income multiplier (EGIM).

In addition to income capitalization procedures based on direct application of a rate or factor to the income estimate, procedures based on physical, financial, economic, and legal residential techniques may also be used.

67

I

II II I I

, I I

,) ) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

Derivation of Overall Capitalization Rates Although any interest in real estate with an income stream can be valued by direct capitalization, the most common interest appraised is the fee simple estate, or all the property rights in the entire real estate. The income capitalization formula applicable to this type of valuation is:

Value (V) = Net Operating Income (I)

Overall Capitalization Rate (R)

R is the rate of ratios of annual net income to value. The reciprocal of that rate may be used as a multiplier. This rate includes both a return of and on invested capitaL

In ratio models, time is included implicitly, as current, first year or stabilized income is used in the modeL

An appraiser can estimate an overall capitalization rate by using various techniques. The teclmiques the appraiser uses depend on the quantity and qual ity of data. The accepted teclmiques include:

(1) derivation from comparable sales

(2) derivation from effective gross income multipliers

(3) band of investment - mortgages and equity components

(4) band of investment - land and building components

(5) the debt service coverage formula

(6) discounted cash flow analysis

Comment The subject property is commercial vacant land. Such properties in this area are not typically purchased for their income producing capabil ity. Therefore, this approach is not applicable and is not developed.

68

)

39. Con·elation and Value Conclusion - Before the Taking

The following conclusions are noted: Sales Comparison Approach, As Vacant Cost Approach Sales Comparison Approach, As Improved Income Approach

$1,246,050 $1,284,050 N/A N/A


The cost approach is dependent upon accuracy in estimating depreciation from all sources and is most valuable when appraising special purpose properties or properties which have virtually brand new improvements. In this instance, although there are no structures, the cost approach was developed to determine the value of the subject's site improvements.

The sales comparison approach is normally considered a very reliable estimator of value in that it reflects the prices that are currently being paid for properties such as the subject. This approach was reliable for development of land value; however, it is not relied upon for total value since there are no structural improvements on the site.

The reliability of the income capitalization approach is dependent upon the accuracy in estimating the capitalization rate. This approach is relevant when rental data for similar properties is available. Since properties similar to the subject property are not typically purchased for their income producing capability, the income approach is not felt applicable and is not developed.

After careful analysis of the approaches to value, and based on the available data, the estimated market value of the subject, as of August 19,2008, is estimated as follows:

Olle Millioll Two HUlldred Eighty Foul' Thousand Fifty Dollars ($1,284,050)

"Lalld ami Improvemellts -Before the Taking"

Allocation: Land $1,246,050

Land Improvements $ 38,000

Struchn·es $ 0

Total $1,284,050

69

OL

IDlY.L 3:H.L.!IO SISA'IYNY -17 HIY d '017

':)UI ',(l!1Bl!dsOH gSJlunS 'Il :la:)lHd LL'L-99 dgO :pJfOld

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I'

) Project: DEF 66-7.37 Parcel : 21 , Sunrise Hospitality, Inc.

41. Pal·tial Take [X] Total Take [ ]

42. Description of the Taking

21WL is a fee taking in the name of the State of Ohio. It is part ofa project for US 24 & SR 66 interchange modification and SR 66 corridor improvements.

This taking includes 0.118 gTOSS and net acres, no PRO (Public Road Occupied), along the subject property's western propelty line. The taking is irregular in shape; see sketch for dimensions. The site improvements to be taken are two light pole bases.

21 WDV is a fee taking in the name of the State of Ohio. It is part of a project for US 24 & SR 66 interchange modification and SR 66 corridor improvements.

This taking includes 0.136 gross and net acres, no PRO (Public Road Occupied), along the subject property' s western property line at the access drive from N. Clinton Street (SR 66). The taking is almost rectangular in shape; see sketch for dimensions. Site improvements to be taken include approximately 4,000 square feet of asphalt-paved drive plus a yard light/pole on concrete base.

21 T is a temporary easement area of 0.089 acres adjacent to the east of the 21 WDV take and extending approximately 86' along the driveway accessing the subject parcel along with Lowes and Walgreen's. It is rectangular in shape; see sketch for dimensions. It is to be used for driveway reconstruction, as a temporary right-of-way only. The effective area reverts to the owner after construction without encumbrances located upon it. This easement will encumber the subject parcel for 12 months, per right-of-way plans.

16 PRWV is a propelty rights take. The crossing right, which was previously available will no longer be available.

71

) Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality,lnc.

43. Effect of the Taking on the Residue PropeJ'ty

The 21 WL and 21 WDV takings will have no adverse affect on the subject residue. The site size will be reduced by 7.9%. Site improvements in the take areas are as follows:

21 WDV

21 WL

4,000 SF of asphalt driveway Yard light/pole on concrete base

2-light pole bases

The access to the residue will be via the same access drive as in the "before".

The 21 WL taking will limit direct access to N. Clinton Street (SR 66) along the subject's western property line. This limited access will total 198.34 front feet. There was no access drive from the frontage before the take. The access via the existing Lowe's and Walgreen's access drive from N. Clinton Street (SR 66) "before" will be the same as "after". The subject parcel is considered to have the same adequate legal and physical access in the "after" as in the "before".

The 21 WDV taking will remove a drive that runs to the south from the access drive off of the n0l1h client and provides additional access to the AutoZone located on an adjacent parcel; however, this will have no adverse effect on the subject parcel. The loss of this access will not hinder the subject parcel in the after since this drive is not used to access the subject site. In discussion with the propelty owner the access drive to AutoZone (16 PRWV) does not benefit his propelty at all and in the past has been nothing more than a maintenance issue. Access easements are very valuable to the parties that use them or are provided access through them. Based on market data, these easements are very conUTIon and typically equal to land with easement vs. land without easement fee value when there exists a use and a need. The owner indicated that he tried to sell the pOltion of the easement encumbered by the propelty right (16 PR WV) to AutoZone since he had no use for it; however, his attempt was unsuccessful.

The 21 T taking is to allow for driveway reconstruction. This taking is temporary, with the affected areas reverting to the owner after construction without encumbrances located upon it. The taking does not adversely affect the subject property's residue. The property will generally remain the same "after" the take when compared to "before", with no apparent resulting damages. Land improvements will be replaced in kind.

The 16 PR WV taking is a property rights take of the drive area accessing AutoZone, which the owner has no need of and is not considered to have an adverse effect on the subject prope

72

')

44. Sketch of Propcl·ty Detailing the Take Arca 21 WI. 21 WDV 21 T

Record area: 0.118 acres Total PRO: 0.000 acres Net acreage: 0.118 acres

0.136 acres 0.089 acres 0.000 acres 0.000 acres 0.136 acres 0.089 acres

) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality. Inc.

Dimensions are approximate

-~ j <I: '3

:" " -~

73

, I I

45.

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" )

Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality. Inc.

PART 5 - FACTUAL DATA AFTER THE TAKE

74

) ) Project: DEF 66-7.37 Parcel : 21, Sunrise Hospitality, Inc.

46. Appraisal of the Rcsidue

The residue is what is left of the propelty after the taking. The purpose for appraising the residue is to estimate the market value of the fee simple interest of the remaining property based on the presumption the transportation facility has been completed according to construction plans and open to public use in order to estimate damages and special benefits, if any, to the subject propelty. By subtracting the value of the residue from the value of the property before the take, compensation for the taking from the property owner can be estimated. This difference in value is allocated between compensation for the part taken and any diminution in value (damages) to the residue.

47. Property Rights Appraised - Residue Pl'OPCl'ty

The real property being appraised is the fee simple interest of the residue property after the taking.

48. Identification of the Residue Lal'gel' Parcel

The residue property meets the requirements for the larger parcel.

Unity of Ownership:

Unity of Highest and Best Use:

Contiguity:

The owner of the parcel is SUlU'ise Hospitality, Inc, There are no abutting parcels with the same ownership.

The highest and best use of the subject parcel is one use; a commercial use,

The site consists of one irregularly shaped parcel.

75

49. Site Plan Illustrating Rcsiduc Property Record arca: 2.94 1 acres Total PRO: 0,000 acres Net acreage: 2.94 t acres

N

f

) Project: DEF 66-7.37 Parcel: 2 1, Sunrise Hospitality. Inc.

Dimensions nrc approximate

' -

, / / / / / / I I

\

76

)

50. Site Description of the Residue Location:

Accessibility:

Net and gl'oss areas:

Shape and dimensions:

Topogl'aphy:

Flood plain and definition of zone:

Soil characteristics:

On-site utilities:

Off-site utili tics:

Site impl'ovemcnts:

Easements:


The subject site is located on the east side of N. Clinton Street (SR 66), adjacent south of the US 24 ramp.

The main body of the subject site could be accessed via an access easement across the front (west end) of Walgreen's and an approximate 53.5' strip of its own site to the rear (east) of Walgreen 's, both from the subject owned Lowe's access drive from N. Clinton Avenue (SR 66).

Total site size is 2.941 gross and net acres, no PRO.

The site is irregular in shape. There are 243.34' along the N. Clinton Street (SR 66) R!W (J 98.34 of which is limited access), and 397.42' at P/L along US 24 ramp.

Level, although below the road grade of N. Clinton Street (SR 66).

Zone C, map #390144 0005D, dated 03/0411985

It appears that the soil is of satisfactory load-bearing capacity to support any proposed comm'l structures.

The available utilities are not connected since the subject site is not currently improved with structures.

The subject has access to public, electricity, telephone, water and sewer, and gas. All public utilities are avai lable to the site.

Asphalt paved access drive and some concrete curbing

There is an access easement to the subject propelty from the Lowe's drive that traverses the front of the Walgreen' s Pharmacy property. There is an access easement for the Walgreen's Pharmacy from the Lowe's drive across the subject's propelty located to the rear of the Walgreen's Pharmacy property. There is an access easement from N. Clinton Street (SR 66) to the Lowe's property (Lowe's Drive) that is 45' wide and runs from east to west along the subject residue's south boundary.

77

) ) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality. Inc.

Encroachments: None known

Restrictions: None known

Zoning & sunlluary explanation of zone: B-3 Highway and General Business

Highest and best use: Commercial development

Comments: None

, I

78

) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality, Inc,

51. Building/ Flool' Plan Sketch of the Residue None, since the subject site is not currently improved with structures.

52. Building Descl"iption of the Residue None, since the subject site is not currently improved with structures.

53. Legal and Political Const.-aints of the Residue The appraiser is unaware of changes in any legal or political constraints, whether public or private, that will affect the subject after the proposed project. The subject was a legal conforming use before the take and the residue will be a legal conforming use after the take.

54. Assessment and Taxes of the Residue As previously stated on page 35, the subject property is assessed with the resulting taxes, before the take, that are presented as follows:

Parcel #: I06-00 13-000-100 Land: $101,760 (assessed) Improvements: $0 Total: $101,760 (assessed)

Annual Taxes: $4,672.80 Special Assessments: $0

Note: After the take, site area of the subject property will be reduced by approximately 7.9% (net acres). It is assumed that the county auditor will make adjustments as warranted.

79


55. Highest and Best Use of the Residue (a) Research ofthe local market revealed that the majority of sales are commercial in nature,

which is typical for this developing commercial corridor. The recent sales of cOlmnercial properties were located along major roadways SR 66 and US Route 24, which is also typical for an area such as that ofthe subject. All sales along SR 66 in the subject's immediate neighborhood have been conunercial in nature. Based on available market data, supply and demand are in balance. Growth is not rapid but steady and an ample but not abundant supply exists.

(b) The same as pl'esent use [ X 1 Is diffel'ent from present use [ 1

(c) Present use of the property: Vacant Commercial land

(d) Highest and Best Use as Vacant:

There are typically four criteria, which must be met in the highest and best use analysis:

Legally PCI'missible Uses Legal restrictions, as they apply to the subject, involve public restrictions of zoning and private restrictions and easements. The subject property is currently zoned B-3, Highway and General Business. This zoning would allow for retail business, personal services, business services, professional activities, offices and banks, and restaurants. Therefore, development of the subject site would be limited to such commercial uses.

Physically Possible Uses The subject site is located on the east side ofN. Clinton Street (SR 66), adjacent south of the US 24 ramp in Defiance City, Defiance County, Ohio. The site is irregular in shape with approximately 243 .34' (198.34' of which is limited access) along the east RlW line of N. Clinton Street (SR 66). Land area consists of one parcel that contains a total of 2.941 gross and net acres, no P.R.O. (Public Road Occupied).

The physical aspects of the subject parcel impose no substantial constraint on possible uses. The site is of sufficient area to be conducive to conunercial development and, tJu'ough easements, has adequate ingress and egress. All utilities are available to the site and the topography is level and soil conditions appear adequate for a variety of development types. Based on an analysis of the physical aspects of the subject site there are no known physical factors that would affect the marketability of the land.

Financially Feasible Uses The ilmnediate neighborhood is within a pOliion of Defiance City, which consists of a commercial corridor. There has been new conunercial construction in the subject's immediate neighborhood. Therefore, it is reasonable to believe that development of the subject site with a commercial use would provide a positive net return to the land and would therefore be economically feasible.

Maximally PI'oductive Uses: Based upon the recent development in the subject's neighborhood plus the zoning a cOll1lllercial use would be the maximally productive use.

80


Highest and Best Use: Based upon the analysis of the legally permitted, physically possible, economically feasible and maximally productive uses for the property, it is concluded that the highest and best use of the subject site as if vacant and available would be for commercial development.

(e) Highest and Best Use As Impl-oved The subject site is not improved with any structures; therefore the Highest and Best Use analysis of the improved site is not necessary.

(I) Probability of Re-zoning It is unlikely that the subject site would be re-zoned.

81

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57. Estimate of Land Value - After the Taking

The residue consists of one parcel, and contains 2.941 acres.

The sales comparison approach, which was utilized previously, is used again to develop an opinion of value for the land "as vacant" in the after situation. Comparable vacant land sales have been selected for comparison to the subject property. Since the take is only 7.9% of the total site size, the same vacant land sales are utilized to develop an opinion of value after the taking that were used to develop an opinion of the vacant land before the taking. There was a lack of more similar, recent sales.

83


VACANT LAND - Compamble 1

I County: Defiance

I CityNiliageffownship: Noble Township-Defiance City

Location Address/ Distance to Nearest Intersection: 1829 North Clinton Located at NE corner of North Clinton Sh·eet and private drive accessing Lowes.

""""Legal Description/Auditor Parcel No: Section 13 Walgreens 1060013000 I 0 I

IT;:or: I Gmntee: Sunrise Hospitality, Inc. Defiance Green LLC

I Date of Transaction: Sale Amount: 05116/2005 $925,000

I Financing: I Prior Sale: Cash No recent pnor sales.

- I: Data By Whom: With Whom: Relationship: Phone #: Date: Verification: Realtor for

Beth Sigg Dennis Meyer transactions (419)445-311 3 07111 /2008

Motivation of Parties: Conditions of Sa le:

Willing buyer and seller Arm's Length


Typical utilities easements 0711 112008

Flood Plain Data: School District:

Zone C, map #390144 0005D, dated 03/0411985 Northeastern Local School Dish·ict

I Highest aud Best Use: Present Use:

Commercial Use COIllmercial Use

Total Area: Gross: Net: Unit Value: Gross: Net: 1.55 acres Same $596,774 per acre Same

I Utilities: --

Zoning: B-3 Highway and General Business Public

I Topography: Volume/Page:

Volume 29 11Page 1879 Bastcally Icvel

Street Impt"Ovements: I ~~Ie No. Conveyance Form No. I 2 lane asphalt 402

I Type of Improvements: None at time of sale.

I Type ofInstrument: Warran~ Deed I

Other Pertinent Info/RemadlS: Hotel previously on site was torn down prior to this sale, pel' realtor. Access is via easements across privately owned access road. Access to lot behind this site is presumably via easement across this site. There is an access easement across this property to allow access to the site to the north. The Walgreen 's pharmacy was constructed after the sale.

84


PHOTO: DIRECTION TAKEN: Facing Northeast

SKETCH (not to scale)

24e'-<-/-

85

98

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WARRANTY DEED

Instrulumt 200500003191

PDSlbt

KNOW ALL MEN BY THESE PRESENTS THAT Sunrise Hospitality, Inc., an Ohio corporation,

Grantor(s),

for valuable consideration paid, grant(s), with general warranty covenants, to Defiance Green. L.L.C., and Ohio limited liability company,

Grantee(s),

whose tax mailing address is 2640 Golden Gate Parkway, Suite #102, Naples, FL 34105 the following real property:


Together with all rights, privileges, hereditaments and appurtenances belonging thereto and allY and all improvements located thereon,

Prior Instrument Referenc.Cs): Volume 264, Page 1072 Permanent Parcel Number: 106-0013-0-001-00 ~f ... 'T County Engineer Survey Referenee(s): Volume , Page

Signed this / /p"'" day of May, 2005.

By: :::-=~~~==3:=::;::----R es . atel, P sident

By: ~L, ~Patel, Treasurer

STATE OF OIDO, COUNTY OF DEFIANCE: 'J <jII. The foregoing instrument was acknowledged before me this / I? day of May, 2005 by

, its President, and by its Treasurer, on behalf of Sunrise Hospitality, Inc., and Ohio limited liability company.

Peter D. Short Notary Public-State of Ohio Lifetime Commission

This instrument prepared by PLASSMAN, RUPP, SHORT & HAGANS 302 North Defiance Street, P.O. Box 178, Archbold, Ohio 43502-0178

Oft 291 RASE 1819

SEAL

87

} ) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitality, Inc.

SCHEDULE A

Situated in thc City of Defiance. Township of Noble, County of Defiance and Slate of Ohio. and described as follows:

A parcel of land in the Southwest quarter of the Northwest quarter of Section 13, Town 4 North, Range 4 Easl. and more particularly described as follows:

Commencing at I inch iron pipe at the Southwest comer of the Northwest quarter of said section; thence South 88 degrees 52 minutes 52 seconds East 12.58 feet to a point on the centerline of Slate Route 66, said point being Station 377 + 43.24 of Project No. Def. 66, State Highway Department. State Route No. 66, centerline survey; thence NOJ1h 0 I degree 07 minutes 08 seconds Easl on said survey centerline 656.76 reet to a point, said point being Slation 384 + 00.00 of said plan; thence South 88 degrees 52 minutes 52 seconds East 70.00 reet 10 the intersection of thc East right-of-way line of State Route No. 66 and the Southerly Limited Access right-of-way line of the U.S. Route No. 24 By-Pass; thence South 01 degree 07 minutes 08 seconds West on the East right-or-way line of said State Route No. 66, a distance of 180.10 reet to a set Y. inch iron pipe, for the place of beginning; thence South 88 degrees 52 minutes 52 seconds East 87.00 feet to a set Y. inch iron pipe; thence North 01 degree 07 minutes 08 seconds East 10.84 feet 10 a set Y. inch iron pipe; thence South 88 degrees 52 minutes 52 seconds East 248.00 rcet to a set Y. inch iron pipe; thence South 01 dcgree 07 minutes 08 seconds Wes1205.67 reet to a set Y. inch iron pipe; thence North 88 degrees 52 minutes 52 seconds West 335.00 feet to a set Yo inch iron pipe, said point bcing on the East right-Or-way line of said Route 66; thence North 01 degree 07 minutes 08 seconds East along said East right-of-way line 194.83 feet to the place of beginning, containing 1.55 acres, more or less.

IRANSft~HtU ~/b,J,1a5 THIS CONVIYANt£liASldfrn EXAMINED AND THE ORANTOR HAS COMPUED WITH SECTION 319.202 OF THE REVISED CODE

FEE $.(n.?:4? EXEMPT MARLENE J. GOODWIN.-A'-U-'-DI-'-TO'-R .~-C' nl='t~'lrr.I"!'!II~Jty(n.II~

By Ci::). .;1 K R~ 08111 2 It (;> los Planning Commission Cleric

0291,.IS80

.v 200500003t 91 ~ Filed for Record in

DEFIANCE COUNTY, OHIO JANE n. TADSEN 05-16-2005 At O':OS ••. UTY DEED 28.00 DR Or bk 291 Pd •• 1879 - 1881)

88

) ) Project: DEF 66-7.37 Parcel: 21, SlInrise Hospitality,lnc.

VACANT LAND-Compal-able two

I County: I CityNiliagerrownship: ,

Defiance Noble Township

Location Address/ Distance to Nearest Intersection: 1145 Hotel Within Yo mile of US St, RI. 24 intersection and within Yo mile of Elliott Road intersection

-Legal Description/Auditor Parcel No: Patels Add, Replat Phase I Lot 2 PT (2 parcels) 106-00 14-A-002-00; 106-0014-A-003-00

I -

G,'antor: I Grantee: Maumee Trail Investments LLC

I Date of Transaction: I Sale Amount: 11/20/2003 $475,000

I Financing: Prior Sale: Conventtonal None noted

Data By Whom: With Whom: Relationship: Phone #: Date: Vel'ification:

Beth Sigg Jolm Hoshock Owner 419-784-9464 06/0712004

Motivation of Parties: Conditions of Sale: Seller owns adjacent hotels. Buyer constructed restaurant. Arms Length

Date Inspected: Encumbrances (if any):

05124/2004 Typical utilities easements

Flood Plain Data : School District: 390146 0032B, 08/02/90, Zone X Northeastern Local School District

-I Highest and Best Use: I Present Use: Commercial Constructed restaurant - "Buffalo Wild Wings"

Total Area: Gross: Net: Unit Value: G,'oss: Net: 1.006acres Same $278,756/acre Same 0,698 acre 1.704 acres

-Zoning: I Utilities: B-3 Hi-way and General Business Public

I I I Topography: Volume/Page: Level Volume 269/Pa~e 2815

I Street Improvements: I ~~Ie No. Conveyance Form No. I 2 lane asphalt 932

Type ofImp"ovements : Type of Instrument: Warranty Deed

None at the time of sale.

Other Pertinent Info/Remarks: Site fl'onts on State Route 66, Yo mile north of the State Route 24 interchange and on west side of road .. No curb cut on State Route 66; accessed fi'om Elliot Road and Hotel Drive.

89

)

PHOTO:

SKETCH: (Sketch not drawn to scale)

i ' (l


DIRECTION TAKEN: West

r tV

90

16

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'OttI 'Al!lul!dsOH aspuns 'Il :\QOJUd L£'L-99 d3Q :1:>JfOJd

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) ) Project DEF 66·7 .37 Parcel: 21 , Sunrise Hospitality, Inc.

l..~rffRRED I/.,u-M ~. rlJ 1~1S COHYEYAI/C[ HAS BEEN flAMIHED /J<D lHE GRAHIOR HAS OOMPUED WllH '[C11ON 319.102 OF lfl£ REVISlD CODE

1m JiM·" DEMPT /UJIt'Nt ! COOOWIN. COVN"'3"'A=I"10""

WARRANTY DEED PDSlbt

KNOW ALL MEN BY THESE PRESENTS THAl and wife, and and

, husband J husband and wife.

Grantor(s),

for valuable cODliideration paid, grant(s), with general warranty covenants, to Mawnee Trail Investments, LLC., an Ohio limited liabillty company,

whose tax mailing sddress is 28611 State Route 281, Defiance, Ohio 43512 , the following real property;

,


Prior Instrument Reference(s); Volwnc , Page Permanent Parcel Number: I06-OO14-A-003-00; I06-0014-A-002-00 County Engineer Survey Reference(s); Volume , Pag,

Signed this ~~daY of November, 2003. \ (J o ~

~

Grantee(s),

STATE OF OHIO, COUNTY OF DEFIANCE; ,.' - i ~fA Tho foregoing ii1strument was acknow.le1lged beforo me this r:::.I./ .' day of November,

2003, by and .. ' \W!;'t:/2~

(Additional signatures on attached page)

Peter D. Short . , Notary Public-!".te of Ohio Lifetime Commission

ThIs irutrument prepared by PLASSMAN, RUPP. HENSAL. SHORT &HAOANS 302 North Defiance Stt .. ~ P.O. Box 178, Archbold. Obio 43l02'()178

OR 269 PAGE2815

92

"

) ) Project; DEF 66·7 .37 Parcel: 21, Sunrise Hospital ity, Inc.

Signed thl. a Q ' day of November, 2003,

-

STATE OF INDIANA. COVNTY OF ALLEN:

The foregoing instrument was acknowledged before me thls .?l 0 dsy of November,

2003, by and

SEAL, .. 4;QWI,4P..! i:1 ~,c., Notary Public-State of Indiana 0 ~ /1 My commission expires: ~ 3 I 0

Thi. iruitrument prepared by PLASSMAN, RUPP, HENSAL, SHORT & HAGANS 302 North Defiance Street, P,O. Box 178, Archbold, Ohio 43502·0178

OR 269 ,P.AOE28 I 6

93

) Project: DEF 66-7.37 Parcel: 21, Sunrise Hospitfl lity. Inc.

SCHEDULE A

Situated in tho City of Defiance, County of Defiance and State afOhio, and know as:

Trl« 1. Lot Number Three (3) of the Addition, Phase One (l) in the City ofDefiance, County of Defiance, and State of Ohio.

Tract 1. Lot Nurnber Two (2),1 ... aud e .. opl tho North twenty-six (26) feet, of the Addition, Phase One (1) in the City of Defiance, County of Deliance, and State of Ohio.

Both Tracts subjec~ however, to the following:

I. Subsisting easements, restrictions and zoning ordinances.

2. Taxes and installments of assessments, if any, for tho tax year 2003 and thereafter. which the Grantee. herein assurne and agree to p.y.

Legal DeSCriptIo A Dved

OllIe ' r 'e ' d$ 8v _~~~"-"''''-Dp.hanCO CI)I,/nlv En file'

"a). M il D O"partment

OR 269 PAlE28 I 7

"I 2OO3OOO1J100

dJ Filed rot" Record I. • O£flNICE COUNry I OHrO . JANE ft. TADSEH

11-20-2003 At 03.47 '0. WTY OEEO 36.00 Oft Or bk 269 Pa .. 2815 - 28t7

94


VACANT LAND - Compa"able 3

I County: Defiance

I CitylVillageffownship: Noble Township-Defiance City

I Location Address/ Distance to Ncarest Intersection: 8959 N, US St Rt 66 Located at NE corner of US 66N and Elliott Road

'l:Cg31 Description/Auditor Parcel No: N0I1h Defiance Menard Sub Final Plat (Asian Grill Buffet, Alltel) Lot 3 (CREATED FROM 106-12-10) I060012A00300

I Grantor: Grantee: Menard [nc, Frederick Town Commons LLC

--I Date of Transaction: Sale Amount: 03/3112006 $680,934

I Financing: I Prior Sale: Conventional No recent pnor sales,

Data By Whom: With Whom: Relationship: Phone #: Date: Verification: Beth Sigg Marv Prochaska V,P, Real (7 15) 876-2776 07/ 10/2008

Estate Menards

Motivation of Parties: I Conditions of Sale: Willing buyer and seller Arm's Length

I Date Inspected: I Encumbrances (if any): 07110/2008 Typical utilities easements

Flood Plain Data: School District: Zone X, map #390143 0050D, dated 08/0211990 N0I1heastern Local School District

Highest and Best Use: I P,'esent Use: Commercial Use Conunercral Use

I Total AI'ea: Gross: Net: I Unit Value: Gross: Net:

1.737 acres Same $392,017 per acre Same

I Zoning: Utilities: B-4 Public

I Topography: Volume/Page: Basically level Volume 303/Page 2696

I Street Improvements: I ~;Ie No. Conveyance Form No. I 2 lane asphalt 236

Type of Improvements: Type of Insto'nment: None at time of sale, Special Warranty Deed

Other Pel'tinent Info/Remarks: Proposed site for strip mall

9S

) Project DEI' 66·7.37 Parcel: 21 , Sunrise Hospitality, Inc.

PHOTO: DIRECTION TAKEN: Facing East

SKETCH: (Sl{etch not drawn to scale)

i tv

180'+-/-

.,... . • p J I\S' 1/_

96

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£.£'£,·99 ... .130 :P~fOJd

(


VACANT LAND - Compal'able 4

I COllnty: Defiance

I CityNillagerrownship: Maumee City

Location Addressl Distance to Nearest Intersection: 1430 Dussel Drive Located at NE corner of Dussel Drive and Tollgate Drive

Legal Description/Auditor Parcel No: 226 SE 114 E 1/2 lRREG PCE NE COR DUS SELL DR & TOLLGATE DR MEAS676.59 FT ON E LINE BY 247.96 FT S LINE 136-00557

I Grantor: Grantee: Car-Bet Inc. Dussel of Tollgate Properties LLC

Date of Transaction:

I Sale Amonnt:

03/2912006 $1,180,000

I Financing: . I Prior Sale:

Cash No recent prior sales.

Data By Whom: With Whom: Relationship: Phone #: Date: Verification: Teny Pool County NIA NIA 08/2612008

records

Motivation of Parties: I Conditions of Sale: Willing buyer and seller Arm's length

I Date Inspected: Encumbrances (if any): 08/26/2008 Typical utilities easements

Flood Plain Data: School District: Not located in a flood hazard area Mallmee CSD, PCVSD

-Highest and Best Use: Present Use: Commercial Use Vacant Commercial Land

I Total Arca: , -Gross: Net: Unit Vallie: Gross: Net:

4.327 acres Same $272,706 per acre Same

I Zoning: Utilities: C-2, General Commercial District All public

I Topography: Level

I VolumelPage: I Street Improvements: Sale No. Conveyance Form No. 4 lane paved on Dussel Drive 2 lane paved on Tollgate Drive

I Type of Improvements: None

I Type of Instrument: C. Warranty Deed I I Other Pertinent InfolRemadls:

Map No.: 43-020-000

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') ) Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality, Inc.

ACANT LAND SALES LOCATION MAP (1 of 2)

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J ) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospitality, Inc.

LAND SALES LOCATION MAP (2 of .' ,'- ' , . "" W",,' I.. 'I I I . _. .. .., .. ._-_.- , i . ~,

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101

) ) Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality, Inc.

Sales Comparison Approach - Land Value After the Taking

SUBJECT SALE I SALE 2 SALE 3 SALE 4 ADDRESS 1835 N. Clinton 1829 N. Clinton I 145 Hotel Dr. 8959N. SR66 1430 Dussel Dr.

Defiance, OH Defiance, OH Defiance, OH Defiance, OH Mallmee,OH

SALE PRICE N/A $925,000 $475,000 $680,934 $ 1,1 80,000

$596,774 per acre $278,756 per acre $392,0 I 7 per acre $272,706 per acre

DATE OF SALE N/A 5/16/2005 11120/2003 3/31/2006 3/29/2006

TERMS N/A Cash Equivalent Cash Equivalent Cash Equivalent Cash TIME

N/A +4.75% +7.75% +2.25% +2.25% ADJUSTMENT ADJUSTED PRICE PER ACRE (afier

N/A $625,1 21 pcr acre $300,359 per acre $400,838 per acre $278,842 per acre terms and time adiustment) SITE SIZE (NET) 2.941 acres 1.55 acres -1 0% 1.704 acres -10% 1.737 acres -1 0% 4.327 acres +10% LOCATION

Good Good -0- Good -0- Good -0- Excellent - 10%

ACCESS 68+1-' w/drive 340+1-' on 235+/-' on 500 +/-'

1400+/-' private drive -10% Hotel Dr. no -0- frontage on -10% -1 0%

easement to Lawe's SR 66 aCcess 2 streets

corner

ZONING B-3 Highway B-3 Highway -0- B-3 Highway -0- B-4 -0- C-2 -0-

TOPOGRAPHY Level Level -0- Level -0- Level -0- Level -0-

UTILITIES All pub lic All public -0- All public -0- All public -0- All publ ic -0-

1 Exist ing 1 Existing -0- None -0- None -0- None -0-

OTHER casement easement SHAPE Slightly Mostly -5% Rectangular -5% Slightly -0- Mostly -5%

Irregular rectangular Irregular rectangu lar

EXPOSURE US 24 exposure US 24

-0- None +20% None +20% None +20% exposure ADJUSTMENTS N/A -25% +5% -0- + 5% ADJUSTED

N/A $468,841 per acre $315,377 I)CI' acl'c $400,838 pel' nCl'e $292,784 pCI' nCl'e SALE PRICE

102

) ) Project: DEF 66 ·7.37 Parcel: 21, Sunrise Hospitality, Inc.

Analysis of the Land Sales - After the Taking Four sales were selected for comparison to the subject property. A search was made for simliar conunercial sales in the Defiance area, and three were found. The search was then expanded to northwest Ohio, and another sale, which brackets the subject site size, was located in an area felt to be comparable to the subject propeliy's area. The other sale is located northeast of the subject in Maumee, which is south of Toledo.

The most conunon unit of comparison for this property type is price per acre. The unadjusted sale prices ranged from $272,706 per acre to $596,774 per acre.

Comparison Financing

Conditions a/Sale

Market Conditions

Site size

Location

Access

Zoning

All sales were cash or cash equivalent. No adjustments were required.

All sales were arm's length transactions. No adjustments were required.

Time adjustments were made at 3% per year tlU'ough the end of 2006 with no adjustment since, due to a downturn in local and national real estate markets. This adjustment was derived from study of the local market indicators along with consideration of the consumer price index.

Site sizes ranged from 1.55 acres to 4.327 acres. Sales one, two and tlU'ee are smaller in size than the subject and were each adjusted downward 10%, while sale four is larger than the subject and was adjusted upward 10%. The size adjustment is based on the quantity discount theory that the more acres you buy the less you pay per acre.

Sales one, two, and three were considered equivalent to the subject and no adjustments were necessary. Sale four located in Maumee, south of and adjacent to Toledo, a large metropolitan area, is considered an excellent location and received a negative 10% adjustment.

The subject property has physical and legal access from the an approximate 68' drive shared with Walgreen's to Lowe's in addition to an access easement across the front of Walgreen's from the shared drive. Sales one, tlu'ee and four with superior accessibility were each adjusted downward 10%. Sale two with no direct access to SR 66 was considered equivalent to the subject and no adjustment was necessary.

All sales had conunercial or similar zoning. No adjustments were required.

103

I I I

Utilities

Other

Topography

Shape

Reconciliation of the Sales

) Project: DEF 66-7.37 Parcel: 21, Slllirise I Iospitality. Inc.

All sales had public utilities, as did the subject. No adjustments were req u ired.

The subject and sale one have cross easements but the easements are owned by the buyer/owner, thus are considered equivalent to the sales with no easement and required no adjustment.

All sales were predominantly level, as was the subject site. No adjustments were required.

Rectangular or mostly rectangular sites are more usable and more efficient for development. The subject is slightly irregular as is sale three, thus no adjustment was necessary. Sales one, two, and four were either rectangular or mostly rectangular and were each adjusted downward 5% for being more efficient for development. The less irregular shape of the subject in the after reflects the loss of the long and narrow access drive to AutoZone.

The adjusted range of the sales was from $292,784 per acre to $468,841 per acre. The sales selected were the most comparable of the limited vacant land sales in the area.

All sales were given weight but most weight was given to sales one and three based upon closest proximity (sale one) and date of sale (sale three) .

Therefore:

2.941 net acres x $390,000 per acre = $1,146,990 Rounded = $1,147,000

Land Value - After the Taking

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) Project: DEF 66·7.37 Parcel: 21, Sunrise Hospital ity, Inc.

58, Cost Approach - After the Taking

Comment The cost approach is utilized when there are improvements on the subject site. The subject property is vacant commercial land with the only site improvements being the asphalt paved access drive to Lowe's and some curbing at the east end ofthe site behind Walgreen's .

Replacement Costs

Asphalt drive, approximately 21,000 SF @ $2.75/SF (MVS, sec 66, p. I) less 50% dep. = say

Approximately 200 LF of concrete curbing @ $13.00/LF(MVS, sec 66, p. 1) less 50% dep. =

Total Depl'eciated Value of Site Impl'ovemellts Say

Add Estimated Land via Sales Comparison Approach (2.941 acres net), say

INDICATION OF MARKET VALUE BY COST APPROACH

$ 29,000

$ 1,300

$ 30,300 $ 30,000

$1,147,000

$1,177,000

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) ) Project: DEI' 66-7.37 Parcel: 21, Sunrise Hospitality,lnc.

59. Sales Compal·ison Appl"Oach - Aftel· the Taking

Note: The sales comparison analysis of the vacant land was presented in the previous Section 57. A sales comparison approach of the land as improved is not relevant to this report, and therefore is not developed.

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60. Income Capitalization Approach - After the Taking

Comment The subject property is commercial vacant land. Such properties in this area are not typically purchased for their income producing capability. Therefore, this approach is not applicable and is not developed.

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)

61. Correlation and Value Conclusion - After the Tal<ing

The following conclusions are noted: Sales Comparison Approach, As Vacant Cost Approach Sales Comparison Approach, As Improved Income Approach

$1,147,000 $1,177,000 N/A N/A

) Project: DEF 66-7.37 Parcel : 21, Sunrise Hospitality, Inc.

The cost approach is dependent upon accuracy in estimating depreciation from all sources and is most valuable when appraising special purpose prope11ies or prope11ies which have virtually brand new improvements. In this instance, although there are no struchlres, the cost approach was developed to determine the value of the subject's site improvements.

The sales comparison approach is normally considered a very reliable estimator of value in that it reflects the prices that are currently being paid for prope11ies such as the subject. This approach was reliable for development of land value; however, it is not relied upon for total value since there are no structural improvements on the site.

The reliability of the income capitalization approach is dependent upon the accuracy in estimating the capitalization rate. This approach is relevant when rental data for similar properties is available. Since properties similar to the subject property are not typically purchased for their income producing capability, the income approach is not felt applicable and is not developed.

After careful analysis of the approaches to value, and based on the available data, the estimated market value of the subject, as of August 19,2008, is estimated as follows:

Dne Million Dne Hllndred Sevellty Seven Thol/sand Dollars ($1,177,000)

"Land and 1mprovements -After the Taking"

Allocation: Land $1,147,000

Land Improvements $ 30,000

Structul'cs $ 0

Total $1,177,000

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63, Summary of the Before and After Values (Uncured)

Value of the Property Befol'e the Taking: (-) Valuc of the Residue (Uncured) After the Taking:

The Diffel'ence Between thc Bcfol'e & Aftel' (Uncured):

Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality, Inc.

$1,284,050 $1,177,000

$107,050

The portion of the subject site that extends to the south from the Lowe' s drive along N. Clinton Street (SR 66) containing 0.108 acre does not contribute value to the fee owner. This is due to the fact that, based on its size, it cannot be improved with structures and, based on its configuration, it offers no benefit to the fee owner. In addition, this area is encumbered with an access easement, which is only valuable to the parties that use it or are provided access through it. In short, the easement holder is the main beneficiary of this area.

64, Allocation of the Difference between the Before and Aftel' Values

A, Compensation for the Pal't Taken

Land

21 WL 0.118 acres @$390,000peracre = say 21 WDV 0.028 acres @ $390,000 per acre = say 21 WDV 0.108 16 PRWV property rights = Total Estimated Value of Land Taken

(+) Land Improvements

21 WL 2-light pole bases @ $600 (MVS s. 52, p.2) less 50% dep.

21WDV Yard light/pole on concrete base @ $3,800 (MVS s. 66, p.5) less 50% dep.

21 WDV Approx. 4,000 SF asphalt paved drive @ $2.75/SF (MVS s. 66, p.l) less 50% dep.

Total Estimated Value of Site Improvcments Taken

(+) Structlll'es

None considered

Total Estimated Value of the Structures Taken

Total Compcnsation fOl' the Part Tal,en

$45,999 $10,930 $ I $42,120 $99,050

$ 600

$ 1,900

$ 5,500

$ 8,000

$ 0

$107,050

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) Project: DEF 66-7 .37 Parcel: 21, Sunrise Hospilaiily,lnc.

B, ComJlcnsation fOl'Damages

(-) Diffel'cnce Between Befol'e & Aftu (Uncnred) ComJlensation fOl' the Part Taken Damages (Uncured)

I . Damages-Curable

(a) Cost to Cure:

$107,050 $107,050

$ °

The Value of the Residue As Cured NIA (-) The Value ofthe Residue As Uncured

The Value of the Cure NIA (The Cure is Feasible (if Value of Cure Exceeds the Cost to Cure)

(-)

The Cost to Cure

The Cost to Cure Improvements Cured. But Allocated For in the Taking The Net Cost to Cure a.k.a. Damages - Curable

Value of the ProJlerty Bcfore the Taldng: (-) Value of the Residue (cured) Aftcr the Taking:

The Diffuence Between the Before and After (cured)

2, Damages-Incurable

ANALYSIS J

(-)

(-)

(-)

Value of the Whole Property Before the Take

Value ofthe Residue (as cured) After the Taking

Difference Between the Before and After

Allocation of Value to the Part Taken

The Net Cost to Cure

Damages Not Curable

NIA

NIA NIA NIA

III

. 1

I

)

ANALYSIS 2

(-)

(-)

(-)



Relllainder as a Part of the Whole

Residue Value as Cured

Total Damages after the Cure


Damages Not Curable

ANALYSIS 3

(-)

(-)

(-)

(-)



The Remainder as a Part of the Whole

Residue Value Uncured

Total Dalllages if Uncured

The Value ofthe Cure

Total Damages after the Cure


Dalllages Not Curable

Project: DEF 66-7.37 Parcel: 21 , Sunrise Hospitality, Inc .

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

C. Summation of the Allocation Between the Before and Aftet'

(+) (+)

Allocation to the Part Taken: Allocation to Damages-Curable Allocation to Damages-Incurable

Total

$107,050 $ 0 $ 0

$107,050

112

) ) Project: DEF 66·7.37 Parcel: 21 , Sunrise Hospitality,lnc.

65. Compensable Items Not Included in the Differencc Between the Befol'c and After Analyses

Tempol'al'Y Construction Easement The temporary construction easement, referenced as 21 T, contains 0.089 acres and is for drive construction. The duration of this temporary easement is for 12 months and will be paid based upon a 10% rate of return per year, which is typical for ground leases and competitive investment opportunities. Compensation for the temporary easement is based upon the price per acre value of the residue, $390,000. The temporary take does not adversely affect the residue property .

Parcel 21 T: 0.089 acres of commercial land @ $390,000 per acre x 10% x 1.0 years = (Say) $3 ,500

66. The Amount Due Ownel'

A.

Allocation of the Amount Due the Owner

"Part Taken" Land Site Improvements Structures

$99,050 $ 8,000 $ 0

Total fOl' the "Pal't Taken"

B. "Damages" Damages (Curable) Damages (Incurable)

Total Damages

"Difference"

$107,050

C. (+) Temporary Construction Eascment(s)

Total Compensation (Tile Amol/llt DI/e OWller)

$ 3,500

$110,550

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parcel impact notes - dot.state.oh.us€¦ · along with the land taken from parcel 21wdv, there is...

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