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Home My WebLink AboutHOLLINGSWORTH APPRAISAL COMPANY APPRAISAL REPORT DEANS BRIDGE ROAD I I :12 I!.:2P7 t7 ~ HOLLINGSWORTH ApPRAISAL COMPANY I I I I REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 (706) 828-6500 . FAX (706) 828-0175 whollingsworth@bellsouth.net APPRAISAL REPORT I I I I Land Exchange Between Portions of Property Located at 3050 Deans Bridge Road Tax Map 097-1-117-00-0 and 3044 Deans Bridge Road Tax Map 097-1-083-00-0 Richmond County - Augusta, Georgia Effective Date of Opinion: November 6, 2009 Report Date: November 10, 2009 I I Prepared For: I I I I I I I Mr. Fred Russell City Administrator Municipal Building 530 Greene Street Augusta, Georgia 30901 Prepared By: Hollingsworth Appraisal Company 935 Jones Street Augusta, Georgia 30901 E-Mail: whollingsworth@bellsouth.net WILLIAM E. HOLLINGSWORTH, JR. MAl GA LiCENSE #CG943 SC LiCENSE #CG879 WILLIAM E. HOLLINGSWORTH III GA LiCENSE #CG3288 SC LiCENSE #CG3938 CHARLES E. WHATLEY GA LiCENSE #CG3318 SC LiCENSE #CG2524 I I I I I I I I I I I I I I I I I I I 2 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 (706) 828-6500 . FAX (706) 828-0175 whollingsworth@bellsouth.net November 10, 2009 Mr. Fred Russell City Administrator Municipal Building 530 Greene Street Augusta, GA 30901 Dear Mr. Russell: In accordance with the request ofMr. Wayne Brown and Mr. Jeff Barrett, I have made an appraisal of a portion of property located at 3050 and 3044 Deans Bridge Road in Richmond County - Augusta, Georgia. These tracts are located on the South side of Deans Bridge Road and are identified on Tax Maps 097-1-117-00-0 and 097-1-083-00-0 respectively. The purpose of this appraisal is to establish a separate value for these 2 portions of land to be exchanged between the 2 different property owners. After inspecting this property and making an analysis of all factors pertinent to the estimate of value, I am of the opinion that the present market value of the fee simple interest, as of November 6, 2009, is as follows: Tract A-I - .05 acre: FIVE THOUSAND DOLLARS ($5,000) Tract B-1 - .06 acre: SIXTY-NINE HUNDRED DOLLARS ($6,900) Value estimated in this report assumes that this property has no contamination and is free from any environmental hazards. It must be emphasized that I am not qualified to determine these matters and therefore any interested party should make their own determination. It is my opinion that this appraisal report conforms to the Uniform Standards of Professional Appraisal Practices (USP AP) as promulgated by the Appraisal Foundation and is in compliance with FIRREA guidelines when made a part of my original report. WILLIAM E. HOLLINGSWORTH, JR. MAl GA LiCENSE #CG943 SC LiCENSE #CG879 WILLIAM E. HOLLINGSWORTH III GA LiCENSE #CG3288 SC LiCENSE #CG3938 CHARLES E. WHATLEY GA LiCENSE #CG3318 SC LiCENSE #CG2524 I I I I I I I I I I I I I I I I I I I 3 I also certify that I have no financial interest, either present or contemplated, in the opinion of value placed on this property. It was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. Respectfully submitted, j}/#~ William E. Hollingsworth, MAl Georgia License No. 943 South Carolina License No. CG879 WEH/jmj HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I View of Subject Property I Tract B-1 I I I I I I I I View of Subject Property I Tract A-I I HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I 4 I I I I I I I I I View of Deans Bridge Road from Dover Street I I I I I I View of Improvements Located on Property at 3044 Deans Bridge Road I I I HOLLINGSWORTH ApPRAISAL COMPANY I REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 5 I I I I I I I I I I I I I I I I I I I 6 CONTINGENT AND LIMITING CONDITIONS 1. Disclosure of the Contents ofthis appraisal report is governed by the By-Laws and Regulations of the Appraisal Institute. 2. Neither all or any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected), or any reference to the American Institute of Real Estate Appraisers shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication without the prior written consent and the approval of the appraiser. 3. Although information obtained from others is believed to be reliable, it is not guaranteed. 4. I have made no survey of the property and assume no responsibility for its accuracy. 5. The appraisers are not qualified to determine the existence of hazardous materials, which may, or may not be present, nor measure the loss of property value resulting from the presence of hazardous material in the subject. 6. I am not required to give testimony or attendance in court by reason of this appraisal, with reference to the property in question, unless arrangements have been previously made. 7. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 8. I assume no responsibility for matters legal in character nor do I render any opinion as to title, which is assumed to be good. All existing liens and encumbrances have been disregarded and the property is appraised as though free and clear under responsible ownership and competent management. 9. To the best of my knowledge, there are no prior liens, deed restrictions, or title defects on this property. However, it must be emphasized that I am not an attorney and I am not qualified to research such matters. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 7 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the present market value of the property, as of November 6,2009. In estimating this value it has been necessary to make a careful, physical inspection, examination, study and analysis of the property. The real estate appraised is that of ownership in fee simple and the property is appraised without an existing mortgage loan. INTENDED USE & CLIENT The intended use of this appraisal is to assist you in establishing a market value for the property. My client is City of Augusta. DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby; a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and each acting in what he considers his own best interest; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE APPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 8 SCOPE OF THE APPRAISAL It is the intent of this report to be a summary appraisal of the stated interest in the subject real estate with certain portions done in summary fashion. It is the appraiser's belief that the report meets all of the requirements of the Uniform Standards of Professional Appraisal Practice (USP AP) as promulgated by the Appraisal Foundation and the regulations of the Appraisal Board of the State of Georgia. All reasonable efforts were made to collect, confirm, and report data available from the Augusta market area, which would assist in the preparation of this report. The appraiser subscribes to a reporting service, which provides deed data for all recorded sales in Columbia and Richmond counties in Georgia and Aiken County, South Carolina and the principal urban counties in the local metropolitan area. A five year summary of property sales in these counties is maintained and consulted on each appraisal. In addition, tax office sales data are routinely inspected and consultations held on a continuing basis with local brokers in the commercial real estate market. Data selected as germane to this appraisal assignment are further investigated, confirmed by a party to the transaction if possible, presented and discussed in the report. Other market area data, trends and conditions from background information for the interpretation of the data employed is in the appraisal. A formal title search has not been made by the appraiser. This property was last inspected by me within the last week. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I Georgia Economic Outlook: October 2009 October 05. 2009 . I . I itS th~ area as it has Augusta's economy is supported by a whole host of stable industries. including health care. education and state goveml11ent In addition. nearby govemment facilities. including the Savannah River Site nuclear facilitv and Fort Gordon, prO"oide a great deal of stability to the regions emplO)ll1ent income base, Govemment. education and healthcare emplO)ll1ent accot.U1t for 34 percent of total emplO)111ent in Augusta. The Savilllllah River Site is slated for $1,6 billion in stimulus money for decommissioning and cleanup. TIle stimulus will create or save 3.000 jobs ,....hich are mostly temporary. and most will last through 2010. Southem Company has also begun site work for an e::-""}JansiOll at the Plant Vogtle nuclear plant, which could ultimately add two new nuclear power plant reactors. TIle project is a $14 billion investment and is el>;pected to create thousands of construction jobs over the next seven to 10 years. Single-family housing penuits dipped sharply at the onset of the recession but have tumed up ill recent months. Sales and llew construction may be benefitting from the $8,000 ta" credit for first-time home buyers. Steady population gains and increased economic development are e:\-pected to support modest emplO)111ent and income growth over the next few years. Companies, such as ADP, Site!. and American Tire. have established. or e:\"jJanded facilities in Augusta in recent years. helping broaden the region's employment base. Augusta MSA Population Growth tn toousana:s. I I I I I . I I IS I I I I 00 ~ ~ U M 00 ~ ~ % n 00 02 ~ ~ 00 I I 10'*;, 'z~) -4% 9 WELLS FARGO SEClJ"RITIES, LLC ECONOl\UCS GROUP Augusta MSA Nonfarm Employment J'Mtlf'lUt MvviOQ A.VBfaOQi- $% .Ii... 10% lD% s... 6% 1io"ll> ,,~, ." Z'i{:, I... 0% 0.. l~i ..... :Hi4ooth Annual R.t,,: AIJQ 4F ~J'nl:% "6'\\:, ^'^^^"~Y~I)('Ov"f''(ear P~I(i{nt Chill1t!;.m: All'9 lit' "1.!j.'*'1 -tfou~ht)-Id' YtfYI' PQfc"rrt Chil'l9.;i:; AIJ.9~ .3_~"4 .8% " 92 ~ H . 00 02 ~ ~ .8... os Augusta MSA Unemployment Rate Sa,uQitillHy Mju5ted 10% 9'K, UnQrnplQym~nt Rat": AUf,! @' Q.;l% .~" ll-MonUt MO'l'I1tQ A\iIi'f'aI;IQ: !\U9 @ 8,4% 9% 15 a'ti $% li~\\ I~\ } ~/ \\.......r......... / 5", II v:"'~. .... ..\ ... ..tI: 4"'U \>/ .' 1% 6% 1% &'K. 5% 4% :I't4 ~ U ~ % M 00 M ~ a 3'Y!J oa Augusta MSA Housing Permits Tf"<Dwsanc5 at Permits, $easonail'Y AdJUstec Mnual !il:ate li.Mon1tt Mov. 1tvg.; .'U9@: 1,613 12-Mcmth Mo't'. AVQ.: 1.09 i} 100 -SinglE---Famny: "U9 ,:@ 1,716 ~ M % % 00 ~ ~ M ~ Sourc.e: U.S. Department of Commerce, U.S. J.)epar1ment of Lilbor and Wells Fargo Securities, LLC 13 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE APPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I I Forty Stron2est U.S. Metro Economies Augusta-Richmond County, GA-SC Overall rank: 23 Augusta, about 150 miles east of Atlanta, is a hub for military, manufacturing, and medicine. The city's educational institutions include Augusta State University, Augusta Technical College, Georgia Military College at Augusta, and the Medical College of Georgia. Employment in the Augusta metro peaked in the second quarter of last year. Gross metropolitan product in the second quarter was down just 2.9% from the peak in the second quarter of last year. Home prices grew 2.5% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 10.2%, up 3.9 points from a year earlier. (Please see below for the various criteria used by the Brookings Institution to determine the overall ranking.) Job growth (since peak) rank: 55 Gross Metro Product (since peak) rank: 55 Unemployment change (year over year) rank: 54 Home price change (year over year) rank: 19 I I I I I I I I I I I I I I I I I I I AUGUSTA GEORGIA DEVELOPMENT AUTHORIlY OF RICHMOND COUNlY SUITE 560, 1450 GREENE STREET. H ISTORle ENTERPRISE MILL AUGUSTA. GA 30901 706-821-1321 \,\:'W\,v.AUGUSTAEDA,CO,\\ FOR ADDITIONAL INFORMATION: Walter C. Sprouse, Jr., CEcD, CCE 706-821-1321 706-284-5610 wsprouse@AugustaEDAcom AUGUSTA RANKS IN TOP g% OF EMPLOYMENT GROWTH IN USA: TOP 200/0 IN USA IN RECESSION RECOVERY The Augusta MSA is one of only 79 nationwide communities showing progress from the nationwide recession, according to the latest "Adversity Index" from Moody's Economy and MSNBC, The Adversity Index measures the economic health of 392 metro areas and all 50 states. The information was released today by the Development Authority of Richmond County, Additionally. Augusta's "Employment Growth Rank" is one of the best in the nation, standing at #36 out of 392 metro areas in the United States, according to Moody's and MSNBC, (more) I I I I I I I I I I I I I I I I I I I Each month, the Adversity Index uses data on employment, industrial production, housing starts and home prices to label each state or metro area as expanding, at risk of recession, in recession or recovering, According to the latest Moody's and MSNBC Adversity Index, only 30 of the 151 metro areas of the twelve southern United States..,including four metro areas in the State of Georgia, including Augusta,. .showed recovery from the recession, "This is the first month in 2009 when any metro area has moved from recession into the 'recovery' category, indicating that the economy grew from six months earlier," said Bill Dedmon. an investigative reporter with MSNBC. Out of 392 metro areas in the nation, 79 are in recovery. according to the August data on jobs, manufacturing and housing. The Employment Growth rankings indicate the strength of the overall economy, and Augusta ranked in the top percentiles. Moody's and MSNBC gave Augusta high marks for job creation and the lack of major layoffs in specific industries, Augusta had the third highest ranking out of fourteen MSAs in the State of Georgia, after Columbus and Warner-Robins, # # # # (See ran kings on Page Three) I I I I I I I I I I I I I I I I I I I Here are the metro areas in the twelve southern states where the Adversitv Index shows a recovery beGinninG in AUGust: . Alabama (2 out of 12 metro areas in recovery): Huntsville; Mobile. . Arkansas (3 out of 8): Fayetteville-Springdale-Rogers; Hot Springs; Little Rock-North Little Rock. . Flori Georgia (4 ~)Ut of 15): Augusta-Richmond Coun Columbus: Savannah; . Kentucky (1 out of 9): Elizabethtovm, . Louisiana (2 out of 8): Baton Rouge; New Orleans-Metairie-Kenner. . Mississippi (2 out of 5): Jackson; Pascagoula. . North Carolina (3 out of 15): Goldsboro; Greenville; Winston-Salem. . South Carolina (2 out of 10): Columbia; Myrtle Beach-Conway-North Myrtle Beach, . Tennessee (1 out of 10): Cleveland. . Texas (7 out of 26): Austin-Round Rock; Brownsville-Harlingen; Dallas- Piano-Irving; EI Paso; Lubbock; McAllen-Edinburg-Pharr; San Antonio, . Virginia (3 out of 11): Charlottesville; Harrisonburg; Virginia Beach- Norfolk-Newport News. Here are the "Emolovment Growth Ranks in the United States" (1 =Best, 392=WorstJ. showinG on Iv the TOP FIVE of the fourteen Geor,qia MSAs, in alohabetical order: Augusta 36 Columbus 4 Hinesville 53 Savannah 98 Warner Robins 24 I I I I I I I I I I I I I I I I I I I 10 MARKET AREA ANALYSIS Subject neighborhood is located in Southern Richmond County, and Deans Bridge Road (U S Highway 1) is a major North! South highway for South Augusta, leading from downtown Augusta across the Bobby Jones Expressway to the South. Deans Bridge Road in this area is 90% developed with neighborhood businesses, churches and restaurants. The largest influence in the area is the Fort Gordon Military Base, which is located West of subject property on Deans Bridge Road. The base survived the military base closings and realignments, and is scheduled to receive additional troops and military personnel as its mission has been expanded. This is expected to have a positive influence for all of Augusta, and especially the South Augusta area neighborhood. In summary, values and demand have remained stable but have not shown any stable increases over the past several years. There are no known influences that will substantially affect the property over the foreseeable future. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 11 HISTORY OF THE PROPERTY Subject property located at 3050 Deans Bridge Road, in which subject Tract A-I is currently located, was purchased by the City of Augusta on January 23, 2006 for $59,900. Subject property located at 3044 Deans Bridge Road, in which subject Tract B- 1 is currently located, has been under the same ownership of The Villa, Inc. for at least the past 5 years. TAXES The subject property is identified on the following tax maps and is appraised for tax purposes as follows: Tax Map Land Improvements Total 097-1-117-00-0 $ 60,984 53,874 $114,858 097-1-083-00-0 $ 99,316 348,645 $447,961 Note: The tax values above represent the whole land and improvements of the parcels indicated. ZONING The subject property identified as Tract B on the Plat for Augusta-Richmond County Commission by Toole Surveying Company, Inc. dated November 2, 2009 is zoned B-2; however, the portion to be taken out identified as Tract A-Ion the same Plat is currently zoned B-1. The subject property identified as Tract A on the Plat is zoned B-2, as well as the portion to be taken out identified as Tract B-1 on the same Plat. The major difference in these two zonings is that B-2 allows for the sale of alcohol, which is considered to be a more valuable zoning. FLOOD PLAIN This property IS identified on FloodScape Flood Hazards Map Number 13245C0120F dated September 25,2009 and is not located in a flood hazard area. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I' ~STDB(!).' N LI N E:com <-U. FLOODSOURCE FLOODSCAPEn.4 PROPERTY ADDRESS: Lat: 33.427791, Lon: -82.047549 I I ^ North I I I I I I I I I Effective Date September 25, 2009 I Flood Legend . High flood risk Gill Moderate flood risk Gill Low flood risk I I ,. I I I Powered by FloodSource ~ "' 877.77.FLOOD www.f1oodsource.com ~. .</~llka.rohM#,&'''''''''''_' This report makes no representations or warranties concerning its content, accuracy or completeness. I STDBonline.com 469.574.1234 I @ 1999-2009 SourceProse Corporation. All rights reserved. Protected by U.S. Patent Numbers 6631326, 6678615, 6842698, and 7038681. I I j q .', - t , I I I I I I I I I I I I I I I I I (j) L C =r r (l) -< ~~ N :0 I 0 N 0 ....... 0 <D ~ I Ii d '" ~ ~ t:J t>-1 ~ .. ....... c::: <: ~ C) Ci) C/J C) tJ:J ::a ~ h...., " t:J " c;j ~ ~ '1:tc t:r:J ....... h...., M..) b % .. ~ '" :;; ~ ~ '" 'c\ ~, (\ 'f\ ,\ "J\l ' j "y'\.i ,/i\ N. \l ':::o,:} , fi.... .-;l', j ~ <j ~ ;~ ~ .' <:> IL ~~~ b t>, u:J b "'~ I :.; 'P EXiST1NG BUiLDiNG D "99';'[ ;1(0<_ <Jo;; so.'J z _15 "'ul f"..., ~~ '" ~~ ~~ SJ:,.' Co' ~ Z " -"" ~ :;;1 ~'" 1~ \?'r= g~ bz '" ~ ,.../' C-J M3N ~i '" ~~ ~,., ~-..j r.. -< , -<\ ..~ WN yl '~1 J<--1 \71\ a ;:" ('j 'd 11\0 J,;:, SMEEr TrTlE SUBDIVISION PLAT FOR RICHMOND COUNTY, GEORGIA ~ g ~~"U ~ 0 ~. g ~ ~ ~ ~ ~ -l PRoJtcr n n.E ~~NG TAX MAP ...22.::~F5CrL$ 83 &:.J1L__,._",._..""._,_.~_,,___~~_.",,_ AUGUSTA-RICHMOND COUNTY COMMISSION z d z 0 '" '" > =l ~ ~Prepored 8}'-- ~ ~ ~ @)To?o!~ s~~{};fr!:~~4~~~IJ!li~!!:!d~mlnc. 11/02/09 REV. NO DATE ~~'" <>"" ~~.fSt~>f~ ~i~ ~ ~ "1- -:;;, '" ^~ ""V> ~~ (' ~\.\ ~~ 'tlO 69; ~ ~ ~ /'/ / /' /' ~/// REIJ1SE ALl. TRACTS I I I I I I I I I I I I I I I I I I I 12 DESCRIPTION OF THE SITE Tract A-I! Portion of Tax Map 097-1-117-00-0 This tract is currently a .05 acre portion of the parcel ofland containing .64 acres located at the corner of Deans Bridge Road and Dover Street. It is to be a land exchange for a portion of the adjoining property located at the corner of Deans Bridge Road and Lyman Street. After the exchange, it will become a part of Tax Map 097-1-083-00-0. It must be noted that the Richmond County Tax Assessor's property records card shows this parcel currently contains .7 acres. For the purposes of this report, the acreage shown on the Plat for Augusta-Richmond County Commission by Toole Surveying Company, Inc. will be used. Tract B-1! Portion of Tax Map 097-1-083-00-0 This tract is currently a .06 acre portion of the parcel of land containing 1.05 acres located at the corner of Deans Bridge Road and Lyman Street. It is to be a land exchange for a portion of the adjoining property located at the corner of Deans Bridge Road and Dover Street. After the exchange, it will become a part of Tax Map 097-1-117-00-0. It must be noted that the Richmond County Tax Assessor's property records card shows this parcel currently contains 1.14 acres. F or the purposes of this report, the acreage shown on the Plat for Augusta-Richmond County Commission by Toole Surveying Company, Inc. will be used. For a more accurate description, reference is made to the Tax Maps and Plat included this report. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I NOL1dl~S30 SlOVW, T1V 3S,^3~ I' I I I I I / / I /" I l!- ~ ~ ~~ ~'b ~~ ~\ ,:>,., 'Gl"~ ~ .., I I I I I I I I I I 3! va 'ON '^3~ 60/Z0/LL l ':JU/06Fj~~;~~7'~~;f~;;~~S ~iOOl @ -'8 p.uodaJd- 'v'1~~03~ 'AlNnOO aNOV'4HOI~ NOISSIII'JII'J08 Al.Nn08 ONOII'JH81~-'v'l.Sn8n'v' ;31111 1::>3rO~d ER ST. DGV VARIES R/W 0$ \...~'\.~1' 'R_1'\1. _ _;-;- 2~';(0iD.) _ _ - - 1'\'31'-4505 ~ I!::... -t- l!- / / ~ <.5 ~b ~.~ 5'1 w' ~% ~i! % ~ LLL :Ii' fa S13J~'Vd 'L L6 dVN XVl !)NlMOHS tlO.:ll'v'ld NOISI^IOSnS :ruu 1331-15 --- ---- r,i.." a- ~r. ,'d"o+ !' I lffi '.,e /" /" ~-,\" .~,_~~6 \~ \..,. ...,\ R'-\~~ -l'/,l \ " I IloQ ..i \ 't; ~~ \ ~\ e..:W?, ~~ '\~ ~c , ~ "' NEW _PROPERTY UNE \. 52.78' !;! :.: . l'/,l 8 ~l'/,l ~~ Iill":o!~ h~ ~~ ~~ l;.) .,...a::: 1I:"'l.... ~~ ~; ~~ t-.;ci ~~~ It:c:i ~~~ S1 75.88' ~ ~'io 0", tore 0- '" z D ,., !)NI01Ine :)NlLSIX3 . l'/,l ;'i~ e..ti e,,""i ~~ !;! :.: o ~ 0 ~. tIl I rIJ;< I:cl g ~~ ;le3 ~ I~ ~-.:r: l' ..~~ (...~ ~ WO~ lilt: .0 ~g~ ~ - ~ s<\:o 1!~~ ?-\~S \;i~ \]~ ?-I 0 E ~ ~ F .. T""" ~ 0:: Ol 0 is e 0 4- ~ 0 0 l- N u ~ w Ii oi Q5 ~ (3 ~ N T""" 0:: Q) il D- >- g I ...J ..c. :;) CJ) J s ~s ~~w gg ~~~g~~~ ~ ~~:'-~~~~ ,:) I ~~ ~~~~ ~ >- 115"'~~:n ~ ~8~~~~ ~ ~ Ol~~~~....- Eoo ~!Z::SB~~ ~~~lfuS tia< d ~ ~ I- I- I I I I I I I I I I I I I I I I I LEGAL DESCRIPTION TRACT "A-1" ALL THAT CERTAIN PIECE, PARCEL OR LOT OF LAND, LYING AND BEING IN THE 89TH GMD, IN THE CITY OF AUGUSTA, RICHMOND COUNTY, GEORGIA, HAVING THE FOLLOWING METES AND BOUNDS, TO WIT: COMMENCING AT THE SOUTHWEST INTERSECTION OF DEANS BRIDGE ROAD (U. S. HIGHWAY # 1) AND LYMAN STREET AT A #5 REBAR FOUND; THENCE SOUTH 56 DEGREES 53 MINUTES 54 SECONDS EAST (S56053'54"E), A DISTANCE OF 187.41 FEET TO A 3/4" OPEN TOP FOUND; THENCE SOUTH 56 DEGREES 25 MINUTES 33 SECONDS WEST (S56025'33"W), A DISTANCE OF 213,31 FEET TO A 1" OPEN TOP FOUND BEING THE POINT OF BEGINNING; THENCE SOUTH 38 DEGREES 10 MINUTES 49 SECONDS WEST (S38010'49"W), A DISTANCE OF 98.50 FEET TO A #4 REBAR SET; THENCE NORTH 52 DEGREES 26 MINUTES 08 SECONDS WEST (N52026'08"W), A DISTANCE OF 47.07 FEET TO A 3/4" CRIMP TOP FOUND; THENCE NORTH 63 DEGREES 36 MINUTES 1 0 SECONDS EAST (N63036'10"E), A DISTANCE OF 109.62 FEET TO A 1" OPEN TOP FOUND BEING THE POINT OF BEGINNING CONTAINING 0,05 ACRES AS SHOWN ON A PLAT FOR AUGUSTA - RICHMOND COUNTY COMMISSION DATED JULY 29, 2009, LAST REVISED 11/02/09, PREPARED BY TOOLE SURVEYING COMPANY, INC, I I" I I I I I I I I I I I I I I I I I LEGAL DESCRIPTION TRACT "B-1" ALL THAT CERTAIN PIECE, PARCEL OR LOT OF LAND, LYING AND BEING IN THE 89TH GMD, IN THE CITY OF AUGUSTA, RICHMOND COUNTY, GEORGIA, HAVING THE FOLLOWING METES AND BOUNDS, TO WIT: COMMENCING AT THE SOUTHEAST INTERSECTION OF DEANS BRIDGE ROAD (U, S. HIGHWAY # 1) AND DOVER STREET AT A 1/2" CRIMP TOP FOUND; THENCE NORTH 62 DEGREES 59 MINUTES 35 SECONDS EAST (N62059'35"E), A DISTANCE OF 124,72 FEET TO A 3/4" CRIMP TOP FOUND; THENCE SOUTH 30 DEGREES 57 MINUTES 05 SECONDS EAST (S3005T05"E), A DISTANCE OF 75.88 TO A #4 REBAR FOUND, SAID POINT BEING THE POINT OF BEGINNING; THENCE SOUTH 30 DEGREES 57 MINUTES 05 SECONDS EAST (S3005T05"E), A DISTANCE OF 52.78 FEET TO A #4 REBAR SET FOUND; THENCE SOUTH 62 DEGREES 59 MINUTES 35 SECONDS WEST (S62059'35"W), A DISTANCE OF 72.87 FEET TO A #4 REBAR SET; THENCE NORTH 52 DEGREES 26 MINUTES 08 SECONDS WEST (N52026'08"W), A DISTANCE OF 20.56 FEET TO A #4 REBAR FOUND; THENCE NORTH 39 DEGREES 24 MINUTES 17 SECONDS EAST (N39024'17"E), A DISTANCE OF 85,19 FEET TO A #4 REBAR FOUND BEING THE POINT OF BEGINNING CONTAINING 0,06 ACRES AS SHOWN ON A PLAT FOR AUGUSTA - RICHMOND COUNTY COMMISSION DATED JULY 29, 2009, LAST REVISED 11/02/09, PREPARED BY TOOLE SURVEYING COMPANY, INC. I I' I I I I I I I I I I I I I I I I I LEGAL DESCRIPTION TAX MAP 097-1-117-00-0 TRACT B AND B-1 OVERALL ALL THAT CERTAIN PIECE, PARCEL OR LOT OF LAND, LYING AND BEING IN THE 89TH GMD, IN THE CITY OF AUGUSTA, RICHMOND COUNTY, GEORGIA, HAVING THE FOLLOWING METES AND BOUNDS, TO WIT: BEGINNING AT THE SOUTHEAST INTERSECTION OF DEANS BRIDGE ROAD (U, S. HIGHWAY # 1) AND DOVER STREET AT A 1/2" CRIMP TOP FOUND, SAID POINT BEING THE POINT OF BEGINNING; THENCE NORTH 62 DEGREES 59 MINUTES 35 SECONDS EAST (N62059'35"E), A DISTANCE OF 124.72 FEET TO A 3/4" CRIMP TOP FOUND; THENCE SOUTH 30 DEGREES 57 MINUTES 05 SECONDS EAST (S30057'05''E), A DISTANCE OF 128.66 FEET TO A #4 REBAR SET; THENCE SOUTH 62 DEGREES 59 MINUTES 35 SECONDS WEST (S62059'35"W), A DISTANCE OF 72,87 FEET TO A #4 REBAR SET; THENCE SOUTH 52 DEGREES 26 MINUTES 08 SECONDS EAST (S52026'08"E), A DISTANCE OF 110.95 FEET TO A #4 REBAR SET; THENCE SOUTH 38 DEGREES 10 MINUTES 49 SECONDS WEST (S38010'49"W), A DISTANCE OF 99.62 FEET TO A 1" OPEN TOP FOUND; THENCE ALONG A CURVE HAVING A RADIUS OF 717.03 FEET AND AN ARC LENGTH OF 231.52 FEET, WITH A CHORD BEARING OF NORTH 37 DEGREES 45 MINUTES 05 SECONDS WEST (N3r45'05"W) AND A CHORD DISTANCE OF 230.51 FEET TO A TO A CONCRETE MONUMENT FOUND; THENCE NORTH 02 DEGREES 43 MINUTES 09 SECONDS EAST (N02043'09"E), A DISTANCE OF 50,53 FEET TO A 1/2" CRIMP TOP FOUND, BEING THE POINT OF BEGINNING CONTAINING 0.70 ACRES AS SHOWN ON A PLAT FOR AUGUSTA - RICHMOND COUNTY COMMISSION DATED JULY 29,2009, LAST REVISED 11/02/09, PREPARED BY TOOLE SURVEYING COMPANY, INC. I. I' I I I I I I I I I I I I I I I I I LEGAL DESCRIPTION TAX MAP 097-1-083-00-0 TRACT A ALL THAT CERTAIN PIECE, PARCEL OR LOT OF LAND, LYING AND BEING IN THE 89TH GMD, IN THE CITY OF AUGUSTA, RICHMOND COUNTY, GEORGIA, HAVING THE FOLLOWING METES AND BOUNDS, TO WIT: BEGINNING AT THE SOUTHWEST INTERSECTION OF DEANS BRIDGE ROAD (U. S. HIGHWAY # 1) AND LYMAN STREET AT A #5 REBAR FOUND, BEING THE POINT OF BEGINNING: THENCE SOUTH 56 DEGREES 53 MINUTES 54 SECONDS EAST (S56053'54"E), A DISTANCE OF 187.41 FEET TO A 3/4" OPEN TOP FOUND; THENCE SOUTH 56 DEGREES 25 MINUTES 33 SECONDS WEST (S56025'33"W), A DISTANCE OF 213.31 FEET TO A 1" OPEN TOP FOUND; THENCE SOUTH 63 DEGREES 36 MINUTES 10 SECONDS WEST (S63036'10"W), A DISTANCE OF 109,62 FEET TO A 3/4" CRIMP TOP FOUND; THENCE NORTH 52 DEGREES 26 MINUTES 08 SECONDS WEST (N52026'08"W), A DISTANCE OF 63,88 FEET TO A #4 REBAR SET; THENCE NORTH 62 DEGREES 59 MINUTES 35 SECONDS EAST (N62059'35"E), A DISTANCE OF 72,87 FEET TO A #4 REBAR SET; THENCE NORTH 30 DEGREES 57 MINUTES 05 SECONDS WEST (N30057'05''W), A DISTANCE OF 128,66 FEET TO A 3/4" CRIMP TOP FOUND; THENCE NORTH 63 DEGREES 05 MINUTES 38 SECONDS EAST (N63005'38"E), A DISTANCE OF 191.54 TO A #5 REBAR FOUND FEET BEING THE POINT OF BEGINNING CONTAINING 1.05 ACRES AS SHOWN ON A PLAT FOR AUGUSTA - RICHMOND COUNTY COMMISSION DATED JULY 29,2009, LAST REVISED 11/02/09, PREPARED BY TOOLE SURVEYING COMPANY, INC. I I I I I I I I I I I I I I I I I I I LEGAL DESCRIPTION TAX MAP 097-1-117-00-0 TRACT B ALL THAT CERTAIN PIECE, PARCEL OR LOT OF LAND, LYING AND BEING IN THE 89TH GMD, IN THE CITY OF AUGUSTA, RICHMOND COUNTY, GEORGIA, HAVING THE FOLLOWING METES AND BOUNDS, TO WIT: BEGINNING AT THE SOUTHEAST INTERSECTION OF DEANS BRIDGE ROAD (U. S. HIGHWAY # 1) AND DOVER STREET AT A 1/2" CRIMP TOP FOUND, SAID POINT BEING THE POINT OF BEGINNING; THENCE NORTH 62 DEGREES 59 MINUTES 35 SECONDS EAST (N62059'35"E), A DISTANCE OF 124.72 FEET TO A 3/4" CRIMP TOP FOUND; THENCE SOUTH 30 DEGREES 57 MINUTES 05 SECONDS EAST (S30057'05''E), A DISTANCE OF 75.88 FEET TO A #4 REBAR FOUND; THENCE SOUTH 39 DEGREES 24 MINUTES 17 SECONDS WEST (S39024'17"W), A DISTANCE OF 85.19 FEET TO A #4 REBAR FOUND; THENCE SOUTH 52 DEGREES 26 MINUTES 08 SECONDS EAST (S52026'08"E), A DISTANCE OF 131.51 FEET TO A #4 REBAR SET; THENCE SOUTH 38 DEGREES 10 MINUTES 49 SECONDS WEST (S38010'49"W), A DISTANCE OF 99,62 FEET TO A 1" OPEN TOP FOUND; THENCE ALONG A CURVE HAVING A RADIUS OF 717.03 FEET AND AN ARC LENGTH OF 231.52 FEET, WITH A CHORD BEARING OF NORTH 37 DEGREES 45 MINUTES 05 SECONDS WEST (N37045'05"W) AND A CHORD DISTANCE OF 230.51 FEET TO A TO A CONCRETE MONUMENT FOUND; THENCE NORTH 02 DEGREES 43 MINUTES 09 SECONDS EAST (N02043'09"E), A DISTANCE OF 50.53 FEET TO A 1/2" CRIMP TOP FOUND, BEING THE POINT OF BEGINNING CONTAINING 0.64 ACRES AS SHOWN ON A PLAT FOR AUGUSTA - RICHMOND COUNTY COMMISSION DATED JULY 29, 2009, LAST REVISED 11/02/09, PREPARED BY TOOLE SURVEYING COMPANY, INC. I I I I I I I I I I I I I I I I I I I Print Preview Page 1 of3 Augusta-Richmond County Map Property Report for Parcel Number: 097-1-117-00-0 Inquiry Date: 11/13/2009 Owner Information AUGUSTA Owner Name: Mailing Address_1: Mailing Address_2: Mailing Address_3: City: State: Zip Code: 530 GREENE ST AUGUSTA GA 30901-4480 For Private Use Only Disclaimer: While every effort is made to keep information provided over the internet accurate and up-to-date, Augusta does not certify the authenticity or accuracy of such information. No warranties, express or implied, are provided for the records and/or mapping data herein, or for their use or interpretation by the User. Property Address: Legal Description: Current Value: Land Value: Building Value: Property Information - Values From 2009 3050 DEANS BRIDGE RD Previous Value: 3050 DEANS BRIDGE RD Total Acres: $114,858 Topography: $60,984 Tax District: $53,874 $114,858 0.7 ac Rolling 02 Commission District: Commissioner: Voting Precinct: 6 Joe Jackson 603 Community Information School Board Member: Polling Location: Jack Padgett BURNS MEMORIAL UMC Commercial Improvements data is not available for this property Residential Improvements Structure 1 Year Built: Effective Year Built: Improvement Value: Heated Area: Number of Rooms: Number of Bedrooms: Full Baths: Number of Half-Baths: 1941 1980 $26,196 1068 sq ft 6 3 1 o Occupancy Type: Ceiling Type: Wall Type: Floor Construction Type: Roof Type: Heat Type: Exterior Wall Type: Foundation: One Family Sheetrock Drywall Wood Joist Asphalt/Fiberglass Floor or Wall Furnance Wood Siding Block/Brick http://mapweb.augustaga.gov/augustalprintPreview.aspx?PrintOptData= Augusta- Richmo... 11/13/2009 I I I I I I I I I I I I I I I I I I I Print Preview Page 2 of3 Structure 2 Year Built: 1965 Occupancy Type: Two Family Effective Year Built: 1980 Ceiling Type: Sheetrock Improvement Value: $8,253 Wall Type: Unfinished Heated Area: 800 sq ft Floor Construction Type: Concrete Slab Number of Rooms: 0 Roof Type: AsphalUFiberglass Number of Bedrooms: 2 Heat Type: None Full Baths: 2 Exterior Wall Type: Concrete Block Number of Half-Baths: 0 Foundation: Concrete Structure 3 Year Built: 1965 Occupancy Type: Two Family Effective Year Built: 1980 Ceiling Type: Sheetrock Improvement Value: $7,056 Wall Type: Drywall Heated Area: 680 sq ft Floor Construction Type: Concrete Slab Number of Rooms: 0 Roof Type: AsphalUFiberglass Number of Bedrooms: 2 Heat Type: Baseboard/Electric Full Baths: 1 Exterior Wall Type: Concrete Block Number of Half-Baths: 1 Foundation: Concrete Structure 4 Year Built: 1965 Occupancy Type: Two Family Effective Year Built: 1980 Ceiling Type: Sheetrock Improvement Value: $8,253 Wall Type: Unfinished Heated Area: 800 sq ft Floor Construction Type: Concrete Slab Number of Rooms: 0 Roof Type: AsphalUFiberglass Number of Bedrooms: 2 Heat Type: None Full Baths: 2 Exterior Wall Type: Concrete Block Number of Half-Baths: 0 Foundation: Block/Brick Structure 5 Year Built: 1965 Occupancy Type: One Family Effective Year Built: 1980 Ceiling Type: Sheetrock Improvement Value: $4,116 Wall Type: Unfinished Heated Area: 400 sq ft Floor Construction Type: Concrete Slab Number of Rooms: 0 Roof Type: AsphalUFiberglass Number of Bedrooms: 1 Heat Type: None Full Baths: 1 Exterior Wall Type: Concrete Block Number of Half-Baths: 0 Foundation: Block/Brick Grantee of Sale: Grantor of Sale: Sale Date: Deed Page: Most Recent Sale AUGUSTA VILLA INC THE 8/16/2007 1146320 3380 $0 Plat Page: Sale Price: http://mapweb.augustaga.gov/augustalprintPreview.aspx?PrintOptData= Augusta- Richmo... 11/13/2009 I allSales Page 1 of 1 I Full Sales Report for Parcel: 097-1-117-00-0 Inquiry Date: 11/13/2009 I All Recorded Sales Sale 1 I Grantee of Sale: AUGUSTA Plat Page: 3380 Grantor of Sale: VILLA INC THE Sale Price: $0 Sale Date: 8/16/2007 I Deed Page: 1146320 Sale 2 I Grantee of Sale: AUGUSTA GEORGIA Plat Page: 15Q 181 Grantor of Sale: DOZIER & DUNAGAN PROPERTIES LLC Sale Price: $59,900 Sale Date: 1/23/2006 I Deed Page: 1036 859 Sale 3 I Grantee of Sale: DOZIER & DUNIGAN PROPERTIES LLC Plat Page: 15Q 181 Grantor of Sale: DAY JOHNS Sale Price: $0 Sale Date: 4/14/2003 I Deed Page: 862 1740 I - End of Report - I I I I I I I I I http://mapweb.augustaga.gov/augustal allSales.aspx?Obj ectID=71 090 11/13/2009 I Print Preview I I I I I I I I Property Address: Legal Description: Current Value: Land Value: Building Value: I I I I Commission District: Commissioner: Voting Precinct: I Building Use: Building Built-As: Wall Height: Construction Type: I I Page 1 of 1 Augusta-Richmond County Map Property Report for Parcel Number: 097 -1-083-00-0 Inquiry Date: 11/13/2009 Owner Information VILLA INC THE Owner Name: Mailing Address_1: Mailing Address_2: Mailing Address_3: City: State: Zip Code: 3044 DEANS BRIDGE RD AUGUSTA GA 30906-2970 FQI' pri,,;lt~lJ$~ Qnly: Disclaimer: While every effort is made to keep information provided over the internet accurate and up-to-date, Augusta does not certify the authenticity or accuracy of such information. No warranties, express or implied, are provided for the records and/or mapping data herein, or for their use or interpretation by the User. Property Information - Values From 2009 3044 DEANS BRIDGE RD Previous Value: 3044 DEANS BRIDGE RD Total Acres: $447,961 Topography: $99, 316 Tax District: $348,645 6 Community Information School Board Member: Jack Padgett Joe Jackson 603 Polling Location: $447,961 1 .14 ac Rolling 08 BURNS MEMORIAL UMC Commercial Improvements Structure 1 1965 1985 $8,747 $336,017 Residential Improvements data is not available for this property Grantee of Sale: Grantor of Sale: Sale Date: Deed Page: I I I Restaurant Restaurant 10 Masonry Load Bearing Walls Year Built: Effective Year Built: Value of Extra Features: Building Value: Most Recent Sale VILLA INC THE OZANNE FRED 10/19/1989 320 1544 Plat Page: Sale Price: $528,000 *For Zoning Information, Call Planning and Zoning at 821-1796 http://mapweb.augustaga.gov/augustalprintPreview.aspx?PrintOptData= Augusta- Richmo... 11/13/2009 I allSales Page 1 of 1 I Full Sales Report for Parcel: 097-1-083-00-0 Inquiry Date: 11/13/2009 I All Recorded Sales Sale 1 Grantee of Sale: VILLA INC THE Plat Page: ----- I Grantor of Sale: OZANNEFRED Sale Price: $528,000 Sale Date: 10/19/1989 I Deed Page: 320 1544 Sale 2 I Grantee of Sale: VILLA INC THE Plat Page: 1 Grantor of Sale: OZANNE, FRED Sale Price: $527,500 Sale Date: 10/1/1989 I Deed Page: 320 1544 I - End of Report - I I I I I I I I I I I http://mapweb.augustaga.gov/augustalallSales.aspx?O bj ectID=7165 9 11/1312009 I I I I I I I I I I I I I I I I I I I 13 HIGHEST AND BEST USE The Highest and Best Use of land is considered from two viewpoints. 1. The land with its current improvements. 2. The land as a vacant site. Highest and Best Use is defined in the AlREA, The Appraisal of Real Estate, 8th edition as: "the reasonable and probable use that supports the highest present value, as defined as of the date of the appraisal." For unimproved or vacant land, an alternative definition is appropriate: "The use, from among reasonably probable and equal alternative uses, found to be physically possible, appropriately supported, financially feasible and that results in the highest present land value." The purpose of estimating the Highest and Best Use for the site is to identify the use that causes the land to be valuable. To determine the Highest and Best Use for the site, consideration must be given to these four standards: 1. The use should be physically possible. 2. The use should be legally permissible. 3. The use should be financially feasible. 4. The use should be maximally productive. The subject property identified as Tract B at the corner of Deans Bridge Road and Dover Street, is a vacant parcel owned by the City of Augusta. The intentions are to build a new sub-station on this site. Tract A at the corner of Deans Bridge Road and Lyman Street is occupied by a restaurant known as The Villa Roma Restaurant, which has been a successful business for many years. Both of the 2 parcel portions being appraised are too small to be utilized as stand along property. Therefore, the highest and best use is to combine with the larger adjoining parcels. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 14 V ALUA TION In preparing an estimate of market value of real estate, all possible factors should be considered which might influence the value, and all possible methods should be used in relating these factors to the purpose of the appraisal. The classic appraisal approaches to value are by the cost to reproduce, the capitalization of income produced by the property, and by comparison of market sales. The Cost Approach depends on the principle of substitution, which states that "no man is justified in paying more for a property than the amount by which he can obtain, by purchase of a site and construction of a building without undue delay, a property of equal desirability and utility." The Cost Approach is arrived at by the following steps: 1. Estimate value of land as if vacant and ready for use. 2. Estimate reproduction cost new of improvements at time of appraisal. 3. Estimate accrued depreciation of improvements. 4. The addition of the land value and the depreciated reproduction cost to form a value estimate. The Income (Economic) Approach consists of an evaluation of the income producing potential of the property, the expenses involved in producing this income, and the capitalization of the resulting net income into a present worth value. The Comparison (Market Data) Approach involves searching the Market place for sales of properties comparable to the one being appraised and making comparisons on the basis of terms of sale, condition of the market place at the time of sale, and the degree of comparability to the subject property. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 15 The use of these three approaches should serve to narrow the range within which a value estimate falls. There are times when there is no data, or very poor or invalid data, available for one or more of the approaches. Inadequacies in one approach can be overcome through the use of the other approaches in which valid data exists. It is also true that in any appraisal assignment, the purpose of the appraisal will tend to make one approach more significant than another, even when the three approaches are used. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 16 V ALUA TION OF THE LAND In arriving at an opinion of value for this site, I have compared it with other similar land sales in this area. In comparing with others, adjustments were made for location, site size, road frontage, dates of sale and uses for which the sales were intended. Some helpful sales are shown on the following pages. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 COMP ARABLE LAND SALES 4120 Windsor Spring Road Richmond County - Augusta, Georgia Tax Map 153-0-007-00-0 March 28, 2006 James H Brasher to JHDT Properties, LLC Deed Book 1046, Page 2125 4.33 Acres, or 188,615 SF $249,000 $57,506 $1.32 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 17 I I Sale No.2 I Location: I Date: I Grantee: I Recorded: Site: I Price: I Price Per Acre: I Price Per SF: I I I I I I I I I I 18 2642 Tobacco Road Richmond County - Augusta, Georgia Tax Map 140-0-010-07-0 October 24, 2005 Ella Clarke Nuite to Pui Y Chan Deed Book 1024, Page 1524 1.88 Acres, or 81,892 SF $180,000 $95,744 $2.20 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I Sale No.3 Location: Date: Grantee: Recorded: Site: Price: Price Per Acre: Price Per SF: 19 2428 Tobacco Road Richmond County - Augusta, Georgia Tax Map 154-0-001-05-0 September 14,2006 Madhav P Mainali to Augusta District of the United Methodist Church Deed Book 1078, Page 1706 4.54 Acres, or 197,762 SF $200,000 $44,052 $1.01 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I Sale No.4 Location: Date: Grantee: Recorded: Site: Price: Price Per Acre: Price Per SF: 20 2368-2370 Tobacco Road Richmond County - Augusta, Georgia Tax Maps 154-0-002-08-0 and 154-2-005-00-0 June 16, 2006 Snel Trol, LLC to Ameristor, Inc. Deed Book 1062, Page 455 3.06 Acres, or 133,293 SF; 2 tracts 1.51 acres and 1.55 acres $150,000 $49,019 $1.13 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I Sale No.5 Location: Date: Grantor/Grantee: Recorded: Site: Price: Price Per Acre: Price Per SF: 21 Site for Assisted Living 3550 Windsor Spring Road Northeast of Crosscreek Road Richmond County -Augusta, Georgia Tax Map 131-3-001-00-0 June 28, 2004 Michael Neil Golosky, et al to Independent Living Horizons Eight, Inc. Deed Book 936, Page 1892 Plat Book CI06-A Tract A 4 Acres, or 174,240 SF, with 474.99' frontage on the East side of Windsor Spring Road; sits above road grade of Windsor Spring Road $200,000 $50,000 $1.15 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I Sale No.6 Location: Date: Grantor/Grantee: Recorded: Site: Price: Price Per Acre: Price Per SF: 22 2420 Windsor Spring Road Southeast Corner of Windsor Spring & Winston Way Richmond County - Augusta, Georgia Tax Map 131-0-028-00-0 November 14,2003 Power Control Systems, et al to Richmond County Department of Health Deed Book 900, Page 0571 Plat Book 900, Page 574 Tract A 2.66 acres, or 115,870 SF; 277.70' frontage on the South side of Windsor Spring Road; East of the intersection of Meadowbrook and Windsor Spring Road $200,000 $75,190 $1.73 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 23 COMPARABLE LAND SALES ADJUSTMENT CHART Corner Tract B Frontage/ Comer Adjustments Size Time Location Topography +20 +15 +15 -0- -0- +15 +10 -0- -0- -15 +55 +10 Value Indicated EXPLANATION OF ADJUSTMENTS Size In recognition of smaller parcels bringing a higher price per square foot when all other factors are considered equal, appropriate adjustments were made for size. Time The comparables used occurred from November 2003 to September 2006. This area of South Augusta has shown only small increases in value over this period; therefore, 10 - 15% adjustments were made for the 2003 - 2005 time period. HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 24 Location Location adjustments were made based on my knowledge of values and activity in the areas of each sale. Topography All comparables used were considered similar to subject III topography and required no adjustments. Frontage/Corner Although the subject property is located on a corner and has good frontage, the corner is a minor corner at an entrance to a residential subdivision. Adjustments of 15% were made for the non-corner locations. SUMMARY & FINAL CONCLUSION OF VALUE After making adjustments for all known factors, the sales analyzed range in value from a low of $68,280/acre to a high of $ 112,785/acre and average $86,940/acre. More emphasis is given Sales 1, 2 and 6 because of their size and location. I choose $100,000/acre, or $2.30/SF for Tract B. Allocations of Value to Tracts A-I and B-1 The average value of the tracts as part of the entire parcel is estimated to be $100,000/acre. Tract B-1 is believed to be approximately 15% more valuable than Tract A-I as it is closer to Deans Bridge Road and the corner. It also has a B-2 zoning, whereas Tract A-I has a B-1 zoning. Tract B-1 - .06 acre Tract A-I - .05 acre at $115,000/acre at $100,000/acre $6,900 $5,000 HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 25 CERTIFICATION The undersigned does hereby certify, except as otherwise noted in this appraisal report, that to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. 5. I have made a personal inspection of the property that is the subject of this report. 6. The appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan 7. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 8. No one provided significant professional assistance to the person signing the report. 9. As of the date of this report, William E. Hollingsworth has not completed the requirements of the continuing education program of the Appraisal Institute. ~k~~ William E. Hollingsworth, MAl HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I III. IV. I I I I 26 QUALIFICATIONS OF THE APPRAISER WILLIAM E. HOLLINGSWORTH, JR. MAl I. PROFESSIONAL AFFILIATIONS AND ACTIVITIES MAl Designation - 1974 (American Institute of Real Estate Appraisers) SRP A Designation - 1972 (Society of Real Estate Appraisers) CRE Designation - 1986 (American Society of Real Estate Counselors) Certified - State of Georgia No. 000943 Certified - State of South Carolina No. C000879 President- Augusta Board of Realtors, 1966 Realtor of the Year 1971 Vice President, GA Assoc. of Real Estate Boards - 1972 II. EXPERIENCE Forty-five years experience in real estate sales and mortgage loans; previously Executive Vice President of Blanchard & Calhoun Real Estate Company in charge of residential sales and active in site selection and all types of real estate development; presently President of Hollingsworth Appraisal Company; forty years experience appraising all types of income properties, manufacturing, industrial plants and commercial GENERAL EDUCATION Graduate of Mercer University AB Degree - 1955 Economics Major PROFESSIONAL EDUCATION AIREA Course I AIREA Course II AIREA Course VIII AIREA Course I-B Seminars: Business Valuation and Financial Statements Feasibility Study and Market Analysis 1984 - Real Estate Investment Analysis Income Property Valuation Discounted Cash Flow Analysis Professional Practice & Income Property Valuation Eminent Domain & Tax Reform Bill R-41C and Subdivision Analysis Highest and Best Use Analysis Discounted Cash Flow Analysis Applied Sales Comparison Approach Evaluation of Industrial Property Tax Laws and Capitalization Rates Valuation Litigation Mock Trial Standards of Professional Practice Update Rates, Ratios and Reasonableness HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I 27 I I I I I I I Discounted Cash Flow Analysis Appraisers Legal Liability Alternative Use Field Analysis Ethics and Counseling Training Panel Seminar Income Property of Valuation for the 1990's Financial Calculators Standards of Professional Practice, Part A and B Discounted Cash Flow Analysis Real Estate Risk Analysis Appraisal Regulations of the Federal Bank Understanding Limited Appraisals and Appraisal Reporting Options - General Regulatory Environment: How have the rules changed Hotel/Motel Valuation High Tech Appraiser The Appraiser as Expert Witness Highest and Best Use Applications Income Capitalization Introduction to Environmental Considerations for the Appraiser Standards of Professional Appraisal Practice, Part C Income & Cost ApproachesN aluations of Partial Interest Uniform Standards of Professional Appraisal Practice Analyzing Operating Expenses I I I I Georgia Real Estate Commission and Appraisers Board Recorded Education: I I I I I I I 7 Hr Income Forecasting Revenue 2006 The National USPAP Subdivision Valuation: Course 400: National USPAP 7 Hr Guide to Course National USPAP Course Limited & The of Work Decision Commercial Lease Clauses Standards of Professional Part C # 430 Standards & Ethics Income & Cost Valuation of Partial Interests Standards of Professional Part C # 430 Real Estate Risk Discounted Cash Flow Standards of Professional Part B Standards of Professional Practice - 410 Out-of-State Course HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA. GEORGIA 30901 I I I I I V. CLIENTS FOR WHOM I HAVE DONE APPRAISAL WORK A. BANKS: Wachovia Corporation - Atlanta, Augusta, Charlotte Bank of America - Atlanta, Augusta, Charlotte Regions Bank Savannah River Banking Company First Citizens Bank - Columbia Georgia Bank & Trust Company Augusta First Bank Florida National Bank of Atlanta North Carolina National Bank Security Federal I I B. INSURANCE COMPANIES: Metropolitan Life Insurance Company Life of Georgia First of Georgia Cherokee Insurance Company U. S. Life Bankers Life & Casualty Life of Virginia I I I I I I I I I I I I C. GOVERNMENT AGENCIES: FDIC SBA, Washington, DC United States Postal Service Department of Transportation Department of Urban Redevelopment Counties of Richmond, Columbia, McDuffie, Jefferson, Burke, Aiken and Edgefield Department of Natural Resources Richmond County Board of Tax Assessors Richmond County Board of Education City Council of Augusta Augusta Ports Authority Housing Authority of Augusta Federal Aviation Commission United States Internal Revenue Justice Department Department of Energy HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 28 I I I I I I I I I I I I I 29 D. CORPORATIONS: General Motors Corporation, Detroit American Motors Corporation, Detroit Ford Motors Corporation, Detroit Georgia Power Company, Atlanta Bell South E.!. Dupont IBM Corporation Proctor & Gamble Manufacturing Company Olin-Matheson Chemical Company Georgia Pacific Corporation Continental Forest Industries The Kendall Company Dymo Products Company Kimberly-Clark Corporation Martin-Marietta Aggregates International Petroleum & Supply International Paper Company Humana, Inc. Western Pacific Financial Corporation Seaboard-Coastline Railroad Merry Companies Most Major Oil Companies E. INSTITUTIONS: University of Georgia Board of Regents Georgia Southern University Augusta State University Medical College of Georgia All major churches in the Augusta area I I I I I I HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901 I I I I I I I I I I I I I I I I I I I 30 MAJOR APPRAISAL PROJECTS: Savannah Morning News - Savannah, GA 240,000 SF new office and production facility ThermoKing Manufacturing Company - Wrens, GA 345,000 SF manufacturing facility Woodside Plantation - SilverbluffRoad, Aiken County, SC 1,551 acre subdivision with two golf courses, clubhouse and office park Augusta Country Club - 655 Milledge Road, Augusta, GA 55,725 SF clubhouse and golf course Radisson Hotel- Two Tenth Street, Augusta, GA II story, 234 guest rooms, swimming pool and restaurant on the Savannah River National Science Museum Center - 7th Street and Savannah River Augusta, GA 121,600 SF, museum and office center Number 1 Tenth Street - Augusta, GA Class A office building on the Savannah River Clearwater Finishing Plant - Highway 1, Clearwater, SC 716,500 SF manufacturing space on 64 acres of land Columbia Nitrogen - Augusta, GA 85,000 SF manufacturing facility on 405 acres of land Aiken County Government Complex (Old Aiken County Hospital) 66,843 SF office complex Wachovia Bank Building - 699 Broad Street, Augusta, GA 196,962 SF, 17 story office building with penthouse restaurant and 7 story attached parking garage University Hospital Professional Building - 818 St. Sebastian 121,210 SF four story office building with 8,31 OSF MRI unit addition Partridge Inn - 211 0 Walton Way 5 story hotel and restaurant with penthouse, 86,973 SF and 200-space parking deck Statesboro Mall- Statesboro, GA 279,893 SF Mall, Western Auto and Sea Island Bank out buildings, on 20 acres Atrium Office Building - Wheeler Road, Augusta, GA 54,740 SF professional office building HOLLINGSWORTH ApPRAISAL COMPANY REAL ESTATE ApPRAISERS AND CONSULTANTS 935 JONES STREET AUGUSTA, GEORGIA 30901