HomeMy WebLinkAbout18 Sale of Vacant Land Agenda ItemFe
#
Closed Session
To: Board of Directors
From: Peter Holzmeister
Date: January 13, 2006
Subject: CLOSED SESSION - sale of vacant land
Why this matter is before the Board: This matter involves initiation of the sale
of District owned land to members of the public. These decisions should be
made by the Board.
History: The History of these parcels was discussed during an earlier agenda
item so I won't repeat it here.
New information: Attached are appraisals for the surplus parcels.
Recommendation: I recommend that the Board:
1. Set an offering price for each of the parcels
2. Decide whether to retain an agent to assist us in selling the parcels or
have District staff perform that task.
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OHNSON-PERKINS & ASSOCIATES, INC.
REAL ESFATE APPRAISERS CONSULTANTS
A COMPLETE SUMMARY APPRAISAL
OF A
VACANT PARCEL OF LAND
LOCATED ON THE
EAST SIDE OF SOMERSET DRIVE,
500± FEET NORTH OF
MARSHAM STREET,
GLENSHIRE, NEVADA COUNTY,
CALIFORNIA
OWNED BY
AND
APPRAISED FOR
THE
TRUCKEE DONNER PUBLIC UTILITY
DISTRICT
FOR THE PURPOSE OF
ESTIMATING MARKET VALUE
AS OF
NOV EMBER 18, 2005
Reno 0 Lake Tahoe
L05-117B
.................... ..............
IOHNSON—PERKINS & ASSOCIATES,
A INC.
R L A L Es F A T F A P P P A I S R S
1- 1 AV rY
M IM Offill: 205 I I,A, nue,Sum I a R,no,NeVL'111 1 Y9502 w F,I ep I wn, (775) 322-11 ii
Lak, L )Iiwc: PO Box 11430 a Zephyr Co,e,Nevada 89448 a lc]Qpljonc (77i) 5M-4787
FAX: \1.)m Office (775) 372-11 i(I 0 L Ike T1 h,w Office (775) 588,8295
E-Inml.)parenoC"Johmonlv,hr,,.com a Jp-rtL1111,1("
Cynthia Joh nsnn,sit.`, Rmwj R Oaks
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Principal Aj,pr,,,,,r I_morru,
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November 30, 2005
Ms. Kathleen Neus
Support Services Manager
Truckee Donner Public Utility District
11570 Donner Pass Road
Post Office Box 309
Truckee, California 96160
RE: An Appraisal of a Vacant Parcel of Land, Located on the East Side of Somerset Drive,
500± feet North of Marsham Street, Glenshire, Nevada County, California
Dear Ms. Neus:
This is a complete summary appraisal of a vacant parcel of land located on the cast
side of Somerset Drive, 500± feet north of Marsham Street, Glenshire, Town of Truckee,
California. The property can be identified by Nevada County Assessor's Parcel Number 40-
120-28. The property is under the ownership of the Truckee Donner Public Utility District.
The following report sets forth pertinent data, statistics and other information
considered necessary to establish the current Market Value of the subject property. The
subject property will be completely described in the following report.
The date of valuation of this report is November 18, 2005. The purpose of the
appraisal is to estimate the Market Value of the subject property. The function of this
appraisal is to assist in establishing the value of the subject property. Any other use of this
appraisal requires the prior written authorization of this appraisal firm. The intended users
of this appraisal include the owners of the subject property and their representatives. The
date of completion of this report is November 30, 2005.
This appraisal report has been prepared in conformance with the current Standards
of Professional Appraisal Practice as adopted by the Appraisal Standards Board of the
—Appraisal Foundation.
_ JOHNSON-PERKINS & ASSOCIATES, INC.
REAL ESTATE APPRAISERS & CONSUL TA14TS L
i
Page 2
These appraisers attest that we have the knowledge and experience necessary to
complete this assignment and that we have appraised similar type properties many times
before. No one other than the undersigned prepared the analyses and Market Value
conclusions contained in this report.
After careful consideration of the available data, and upon thorough personal
inspection of the subject property and the comparable properties analyzed, it is these
appraisers' opinion that the Market Value of the subject property, as of November 18, 2005,
is:
TWENTY-FIVE THOUSAND DOLLARS
($25,000)
It has been a pleasure serving you in this assignment. Please contact us with any
questions.
Respectfully submitted,
f
Stephen R. Johnson; M , SREA
California Certified General Appraiser
License#AG00703�
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L� Barnett
California Certified General Appraiser
License #AG025038
Reno■Lake Tahoe
L05-117B
_ TOHNSON-PERKINS & ASSOCIATES, INC.
J R E A L E 4 L A T E A PPR A ISE R S 6 CONS I; L a [
SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS
i
Property P nY Location The east side of Somerset Drive, SOOt
feet north of Marsham Street, Truckee,
California
Property Address 10449 Somerset Drive
Assessor's Parcel Number 40-120-28
Legal Description A portion of Lot A and Lot 178,
Glenshire Unit No. 2, Nevada County,
California.
i
Owner of Record Truckee Donner Public Utility District
Total Land Area .199t acres (8,668t square feet)
Zoning PF
i
Flood Zone Zone C
Highest and Best Use Assemblage with an Adjacent Parcel j
Interest Appraised Fee Simple
Type of Appraisal Complete Summary
Effective Date of Valuation November 18, 2005
Date of Completion of Appraisal November 30, 2005
® FINAL MARKET VALUE CONCLUSION $25 000
Reno■Like Tahoe
L05-il7B 1
OHNSON-PERKINS & ASSOCIATES, INC.
R E :A L E S TAT E A P r R A ; 'c R S
-- 4 c? Nci: LT 1STS
PURPOSE OF THE APPRAISAL
This appraisal was prepared for the purpose of estimating the Market Value of the i
subject property, as of a current date.
FUNCTION OF APPRAISAL
The function of this appraisal report is for use by the property owners and their
representatives to facilitate a sale of the property to the owners of the property immediately to
the north. Any other use of this appraisal requires the prior written authorization of this
appraisal firm.
14 INTENDED USERS OF APPRAISAL
The owners of the subject property and their representatives are the intended users of
this appraisal. i
SCOPE OF APPRAISAL
This is a complete summary appraisal which has been prepared in conformance with
the requirements of the Uniform Standards of Professional Appraisal Practice as promulgated
by the Appraisal Standards Board of the Appraisal Foundation.
Preparation of this appraisal included the following:
Identification and analysis of area and neighborhood data;
■ Inspection and analysis of the subject property;
0 Description and analysis of the subject property and the subject's larger parcel;
■ Completion of a Highest and Best Use Analysis;
■ Research and analysis of comparable residential land sales;
• Completion of a Market Approach analysis addressing the subject's larger parcel;
• Completion of an analysis of the Market Value of the subject property, as part of
the larger parcel;
Completion of an analysis of the Market Value of the subject property;
• Preparation of a complete summary appraisal report.
Reno■Lake Tihoe
L05-117B n
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TOHNSON-PERKINS & ASSOCIATES, INC.
RCAL ESTATE APPRAIIE
"MARKET VALUE" DEFINED
"`Market Value' means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised, and acting in what they
consider their own best interests;
(3) a reasonable time is allowed for exposure in the open market; f
(4) payment is made in terms of cash in U.S. dollars or in terms of financial j
arrangements comparable thereto; and
(5) the price represents the normal consideration for the property sold, unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale."
(SOURCE: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C-
Appraisals, 34.42 Definitions Ill.)
DATE OF VALUATION
This appraisal addresses the Market Value of the subject property, as of November 18,
2005. (((
PROPERTY RIGHTS APPRAISED
The estimates of value set forth in this appraisal reflects these appraisers' opinion as to
the Market Value of the fee simple interest in the subject property, subject to typical I
encumbrances such as mortgages, easements and zoning ordinances.
TYPE OF REPORT
This is a CompleteSummary
ary appraisal report as defined in the Uniform Standards of
Professional Appraisal Practice under Standard 2(b).
Reno■Like Tahoe I
TOHNSON-PERKINS & ASSOCIATES, INC.
2e es a ; E ,arrk , i eR
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DATES OF INSPECTION
I
The subject property and the neighborhood in which it is situated were inspected by j
these appraisers on August 25, 2005, and on November 18, 2005.
I
DATE OF COMPLETION OF REPORT �
This report was completed on November 30, 2005.
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—f0HNSON-piRKINs & ASSOCIATES, INC.
SEAL EITATE APPRAISFRS & C U N SULT AN T I
A COMPLETE SUMMARY APPRAISAL
OF THE
COMMERCIAL PROPERTY
LOCATED AT THE
NORTHWEST CORNER OF
DONNER PASS ROAD AND
DONNER LAKE ROAD, DONNER LAKE,
TRUCKEE,
NEVADA COUNTY, CALIFORNIA
OWNED BY
AND
APPRAISED FOR
THE
TRUCKEE DONNER PUBLIC UTILITY
DISTRICT
FOR THE PURPOSE OF
ESTIMATING MARKET VALUE
AS OF
NOVEMBER 18, 2005
Reno■Lake Tahoe
L05-117D
JOIINSON- ERKINS & ASSOCI ns, INC.
R F 4 J- E S T 1 T L 1 P P R A 1 h R S ' C 0 N ; u L r A \1 r ;
M"In(7thcc :95 HA,,,n6 Aveml �Mte I a Reno, Ni s i_h 59502• lelephots (7 5) 322-k i55
Lake 9-h Office: PO NI, 11410aI:plm Cobe,Ncl,J]S9448 wTelephon ( 5) )SS-4787
FAX:Maim Office (775) i22-1156 n LA,- Omc.- t775) 5,",o)95
Email:Jpvenota johmonpeikia.an c•iP a ihuelo p,hmnnperkinccom
Sr 1 h n R.J rhos n ctA;,oat c Lccm C.P,tmett
hu Lukim, Me., >uc D:utiel K 0A,
('vnthin)ohm n xzn Sc rr Q.Loftin
GnJv Land F>„cI cv.i Icu K.Sanders
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Gilhe,,G. Wright. Ph.D.,tin:
December 13, 2005
Ms. Kathleen Neus
Support Services Manager
Truckee Donner Public Utility District
11570 Donner Pass Road
Post Office Box 309
Truckee, California 96160
RE: An Appraisal of the Commercial Property Located at the Northwest Corner of Donner
Pass Road and Donner Lake Road, Donner Lake, Truckee, Nevada County, California
Dear Ms. Neus:
This is a complete summary appraisal of the commercial property located at the
northwest corner of Donner Pass Road and Donner Lake Road, Donner Lake, Truckee,
California. The property can be identified by Nevada County Assessor's Parcel Numbers 17-
170-12 and 17-170-45. The property is under the ownership of the Truckee Donner Public
Utility District. The property is improved with a small older commercial building and a
compacted dirt parking area. The building is currently not being utilized.
The following report sets forth pertinent data, statistics and other information
considered necessary to establish the current Market Value of the subject property. The
subject property will be completely described in the following report.
The date of valuation of this report is November 18, 2005. The purpose of the
appraisal is to estimate the Market Value of the subject property. The function of this
appraisal is for use by the property owners to assist in establishing the value of the subject
property for possible sale. Any other use of this appraisal requires the prior written
authorization of this appraisal firm. The intended users of this appraisal include the owners of
the subject property and their representatives. The date of completion of this report is
December 13, 2005.
Rono•Lake Tahoe
JOHNSON PERKINS & ASSOCIATES, INC.
R E A L E 5 T A r E P P R A I S E & S k C 0 N S U L r A N T S
a
Page! ,
This appraisal report has been prepared in conformance with the current Standards of
Professional Appraisal Practice as adopted by the Appraisal Standards Board of the
Appraisal Foundation.
These appraisers attest that we have the knowledge and experience necessary to
complete this assignment and that we have appraised similar type properties many times
before. No one other than the undersigned prepared the analyses and Market Value
conclusions contained in this report. i
After careful consideration of the available data, and upon thorough personal j
inspection of the subject property and the comparable properties analyzed, it is these
appraisers' opinion that the Market Value of the subject property, as of November 18, 2005,
is:
FOUR HUNDRED THOUSAND DOLLARS
($400,000)
It has been a pleasure serving you in this assignment. Please contact us with any
questions.
Respectfully submitted,
> .
Stephen R Johnson, MAI, SREA t`
California Certified General Appraiser
License #AG007038 i
--Lynn C. Barnett
California Certified General Appraiser
License #AG025038
Reno N Lake Tahoe
L.05-II7D `
JOHNSON-PERKINS & ASSOCIATES, INC.
REAL ESTATE APPRAISERS & CUN SU LT ANTS
SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS
Property Location The northwest corner of Donner Pass
Road and Donner Lake Road, Donner
Lake, Truckee, California
Property Address 15670 Donner Pass Road
Assessor's Parcel Numbers 17-170-12 and 17-170-45
Legal Description Lots 8 and 9, Block A of Donner Village,
and a portion of Lot 3 in the Northwest
quarter of Section 14, Township 17
North, Range 15 East, M.D.M.,Nevada
County, California.
Owner of Record Truckee Donner Public Utility District
Total Land Area .43f acres (18,730f square feet)
Improvements A 384f square foot older wood frame
commercial building and a compacted
dirt parking area
Zoning CG, General Commercial
r Flood Zone Zone C
Highest and Best Use Commercial Development
Interest Appraised Fee Simple
Type of Appraisal Complete Summary
Effective Date of Valuation November 18, 2005
Date of Completion of Appraisal December 13, 2005
FINAL MARKET VALUE CONCLUSION $gS►Q_+QQQ
Reno 0 lake Tahoe
I �
_ JOHNSON PERKINS & ASSOCIATES, INC.
- REAE ESTATE APPFAISERS ih C'ONIULTANTS
PURPOSE OF THE APPRAISAL
This appraisal was prepared for the purpose of estimating the Market Value of the
subject property, as of a current date.
FUNCTION OF APPRAISAL
The function of this appraisal report is for use by the property owners and their
representatives to facilitate a sale of the property. Any other use of this appraisal requires the
prior written authorization of this appraisal firm.
INTENDED USERS OF APPRAISAL
The owners of the subject property and their representatives are the intended users of
this appraisal.
SCOPE OF APPRAISAL
This is a complete summary appraisal which has been prepared in conformance with
the requirements of the Uniform Standards of Professional Appraisal Practice as promulgated
by the Appraisal Standards Board of the Appraisal Foundation.
Preparation of this appraisal included the following;
• Identification and analysis of area and neighborhood data;
Inspection and analysis of the subject property;
■ Completion of a Highest and Best Use Analysis;
• Research and analysis of comparable commercial land sales;
• Completion of a Market Approach analysis addressing the subject property;
I
Preparation of a complete summary appraisal report. i
Reno■Lake Tahoe
L05-117D
_ TOHNSON-PERKINS & ASSOCIATES, INC.
✓HEAL ESTATE APPRAISERS & CONSULTANTS
"MARKET VALUE" DEFINED
"`Market Value' means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised, and acting in what they
consider their own best interests;
(3) a reasonable time is allowed for exposure in the open market;
(4) payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
(5) the price represents the normal consideration for the property sold, unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale."
(SOURCE: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C-
Appraisals, 34.42 Definitions
DATE OF VALUATION
This appraisal addresses the Market Value of the subject property, as of November 18,
2005.
PROPERTY RIGHTS APPRAISED
The estimates of value set forth in this appraisal reflects these appraisers' opinion as to
the Market Value of the fee simple interest in the subject property, subject to typical
encumbrances such as mortgages, easements and zoning ordinances.
TYPE OF REPORT
This is a Complete Summary appraisal report as defined in the Uniform Standards of !
Professional Appraisal Practice under Standard 2(b).
Reno a Lake Tahoe
L05-117D
OR HNSON-PERKNS & ASSOCIATES, INC.JE A L E S T A T E A P P R A I S E R S S �O N F L:L T A N T S
I
DATES OF INSPECTION
The subject property and the neighborhood in which it is situated were inspected by
these appraisers on August 25, 2005, and on November 18, 2005,
DATE OF COMPLETION OF REPORT
This report was completed on December 13, 2005.
Reno Lake'Nioe
L05-117D w
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JOHNSON-PERKINS & ASSOCIATES, INC.
REAL E S C O T E APPRAISERS & CONSULT \ N T S
A COMPLETE SUMMARY APPRAISAL
OF A
i
VACANT PARCEL OF LAND
LOCATED ON THE
NORTH SIDE OF
RICHARDS BOULEVARD, 1 ,250± FEET
WEST OF DONNER PASS ROAD,
TRUCKEE, NEVADA COUNTY,
CALIFORNIA
OWNED BY
AND
APPRAISED FOR
THE
TRUCKEE DONNER PUBLIC UTILITY
DISTRICT
FOR THE PURPOSE OF
ESTIMATING MARKET VALUE
AS OF
NOVEMBER 18, 2005
Reno■Lake Tahoe
L05-117A
...................
JOHNSON-PERKINS & A,,,ssocuns, INC.
1, E 1 A - L A 11 11 R A 1 S F 1 S & C O V E C L T A \ F S
Nhin Otb,,; 295 Holy A,enue,Suac I a Ken,,,Nev,i,h 895O2 a FIephone 3-12A 155
Ukc hh,,e Office: PC), Box1143"a Z,phvr Cove,Nevada 11944�a Tdcphone (7T 5) iIIII-471,`I7
FAX: Mom Oftw, t775) '2,1150 LAc Tehoe Offilk,Q75) 588-8295
h-Ilmd: 11111,Iwel m 1p i1al..ew
Srej)111n R.JI'I In1I,III,M I!,�61 A !,yen C h,m,lt
Re, � Pei km,,m m, p,,, D,mwl 11.Oaks
C',nvhu jol......,'R T Scott Q.Griffin
Umkl,Lund F,,ef,\1,II K I,,,i K.S,wd,e,
PnIIcq,A Apprm,,,Lnwmua
GdF,rr G. W11-1ht, PIIJI, MAI
November 30, 2005
Ms. Kathleen Neus
Support Services Manager
Truckee Donner Public Utility District
11570 Donner Pass Road
Post Office Box 309
Truckee, California 96160
RE: An Appraisal of a Vacant Residential Parcel of Land, Located on the North Side of
Richards Boulevard, 1,250± feet West of Donner Pass Road, Truckee, Nevada
County, California
Dear Ms. Neus:
This is a complete summary appraisal of a vacant residential parcel of land located on
the north side of Richards Boulevard, 1,250± feet west of Donner Pass Road, Truckee,
California. The property can be identified by Nevada County Assessor's Parcel Number 18-
500-05. The property is under the ownership of the Truckee Donner Public Utility District.
The following report sets forth pertinent data, statistics and other information
considered necessary to establish the current Market Value of the subject property. The
subject property will be completely described in the following report.
The date of valuation of this report is November 18, 2005. The purpose of the
appraisal is to estimate the Market Value of the subject property. The function of this
appraisal is for use by the property owners to assist in establishing the value of the subject
property. Any other use of this appraisal requires the prior written authorization of this
appraisal firm. The intended users of this appraisal include the owners of the subject property
and their representatives. The date of completion of this report is November 30, 2005.
Ret..w L.,],, EAI,,,
. ........... ......... ..
_ JOHNSON PERKINS & ASSOCIATES, INC.
REAL ESTATE APPRAISERS .k CONSULTANTS i
Page 2
This appraisal report has been prepared in conformance with the current Standards of
Professional Appraisal Practice as adopted by the Appraisal Standards Board of the
Appraisal Foundation.
These appraisers attest that we have the knowledge and experience necessary to
complete this assignment and that we have appraised similar type properties many times
before. No one other than the undersigned prepared the analyses and Market Value
conclusions contained in this report.
After careful consideration of the available data, and upon thorough personal
inspection of the subject property and the comparable properties analyzed, it is these
appraisers' opinion that the Market Value of the subject property, assuming the subject
property could be developed with a single family residence, as of November 18, 2005, is:
ONE HUNDRED FIFTY THOUSAND DOLLARS
($150,000)
i
It has been a pleasure serving you in this assignment. Please contact us with any
questions.
1
Respectfully sabttaitted`i
W J.
Stephen R. Johnson ,MAI, SREA
California Certified4General Appraiser
License#AG007038
ynnrC. Barnett
California Certified General Appraiser
License #AG025038
Reno 0 Lake Tahoe
. . ......... .......... ..
JOHNSON-PERKINS & ASSOCIATES, INC.
REAL ESTATE APPRAISERS CONSlyLTANr 1
SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS
Property Location The north side of Richards Boulevard,
1,250t feet west of Donner Pass Road,
Truckee, California
Property Address 12324 Richards Boulevard
Assessor's Parcel Number 18-500-05
i
Legal Description A portion of the Southeast quarter of the
Northwest quarter of Section 17,
Township 17 North, Range 16 East,
M.D.B.&M., Nevada County, California.
Owner of Record Truckee Donner Public Utility District
Total Land Area 25,265t square feet
Zoning Residential
Flood Zone Zone C
Highest and Best Use Single Family Residential Development
Interest Appraised Fee Simple
Type of Appraisal Complete Summary
Effective Date of Valuation November 18, 2005
Date of Completion of Appraisal November 30, 2005
Special Assumption The subject property could be developed
with a single family residence.
FINAL MARKET VALUE CONCLUSION S1so.Q.QQ
Reno■Lake Tahoe
L05-117A 1
_ JOHNSON-PERKINS & ASSOCIATES, INC.
,IR EA L E ST ATE A P P R A I S E R S 0 SU L T A N T S
i
PURPOSE OF THE APPRAISAL
This appraisal was prepared for the purpose of estimating the Market Value of the
subject property, as of a current date. i
FUNCTION OF APPRAISAL
The function of this appraisal report is for use by the property owners and their
representatives to facilitate a sale of the property. Any other use of this appraisal requires the i
prior written authorization of this appraisal firm.
INTENDED USERS OF APPRAISAL
The owners of the subject property and their representatives are the intended users of
this appraisal.
SCOPE OF APPRAISAL
This is a complete summary appraisal which has been prepared in conformance with
the requirements of the Uniform Standards of Professional Appraisal Practice as promulgated
by the Appraisal Standards Board of the Appraisal Foundation.
Preparation of this appraisal included the following:
■ Identification and analysis of area and neighborhood data;
• Inspection and analysis of the subject property;
■ Completion of a Highest and Best Use Analysis;
■ Research and analysis of comparable residential land sales;
• Completion of a Market Approach analysis addressing the subject property;
■ Preparation of a complete summary appraisal report.
Reno■Lake Tahoe
IA5-117A
_ JOHNSON~PERKINS & ASSOCIATES, INC.
REAL E S ;ATE APPRAISPRS & CONS L T A N T S
"MARKET VALUE" DEFINED
i
"`Market Value' means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised, and acting in what they
consider their own best interests;
(3) a reasonable time is allowed for exposure in the open market;
(4) payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
(5) the price represents the normal consideration for the property sold,unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale."
(SOURCE:Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C-
Appraisals, 34.42 Definitions
DATE OF VALUATION
This appraisal addresses the Market Value of the subject property, as of November 18,
2005.
PROPERTY RIGHTS APPRAISED
The estimates of value set forth in this appraisal reflects these appraisers' opinion as to
the Market Value of the fee simple interest in the subject property, subject to typical
encumbrances such as mortgages, easements and zoning ordinances.
TYPE OF REPORT
This is a Complete Summary appraisal report as defined in the Uniform Standards of
Professional Appraisal Practice under Standard 2(b).
y■� Reno■Lake Tahoe �Af
r
TKINS Si ASSOCIATES, INC.
OHNSON-PER
✓✓ _ f
REAL ESTATE APPRAISERS & CONSILTANTS zf,
DATES OF INSPECTION
s
The subject property and the neighborhood in which it is situated were inspected by
these appraisers on August 25, 2005, and on November 18, 2005.
i
DATE OF COMPLETION OF REPORT
This report was completed on November 30, 2005.
SPECIAL ASSUMPTION
This appraisal has been prepared based upon the special assumption that the subject
property could be developed with a single family residence.
I
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Reno■Lake T-ihoe