HomeMy WebLinkAboutCT 00-02; CALAVERA HILLS II; APPRAISAL REPORT OF MITIGATION PARCEL A; 2001-07-03Cômmethial Real Estate Apfraisaland Conulting
Rasmuson Appraisal Services
14665 Yukon Street
- S I San Diego, California 92129
1 (858) 672-1796 fax (858) 672-3816
email: gary@rasmusonappraisal.com
J uIy 3,2001 File No. 21182
Mr. Don Mitchell
Calavera Hills II, LLC 0
I 2727 Hoover Avenue
National City, California 91950
RE: Mitigation Parcel A I Brian and Gary Robertson Parcel, Carlsbad, California
Dear Mr. Mitchell: -
At your request, I have completed an appraisal setting forth the fair market value and total just
compensation for the proposed partial acquisition from the referenced property. The appraisal report has
1 been prepared to comply with the Uniform Standards of Professional Appraisal Practice (USPAP), the
Code of Ethics and Supplemental Standards of the Appraisal Institute. This appraisal has been prepared
as a complete analysis and is presented as a summary appraisal report prepared under Standards Rule
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2-2(b) of USPAP.
The proposed project consists of the acquisition of a 3.0-acre -mitigation parcel in fee from the subject
property. The remainder parcel for the subject will contain 3.69 acres. The acquisition is to acquire
mitigation land for the Carlsbad Cannon Road and College Boulevard Bridge and Thoroughfare District
i No. 4 construction project;
By virtue of my experience and based upon my investigation, it is my opinion that the total just
compensation for the part to be acquired, including severance damages and benefits, if any, as of March
I 20, 2001 was:
Total Just Compensation for Mitigation Parcel A $242,300
Please refer to the Limiting Conditions section of this report for the specific assumptions, made in this
analysis. Submitted herewith is my report containing the facts and reasoning upon which the above value
is based. It has been a pleasure to be of service to Calavera Hills II, LLC and The City of Carlsbad in this
assignment.
Sincerely,
7
RJ441USO RAISAL SERVICES
Cert7ifiie Ge al Real Estate Appraiser
State of California
OREA Appraiser 1.0. No. AG 002571
Expiration Date 2/4/2004
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Commercial Real Estate Appraisal and Consulting
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ITEM PAGE NO.
I Letter of Transmittal ................................................................................................................
Summary of Conclusions .........................................................................................................I
I INTRODUCTION
Valuation Methodology and Order of Presentation .... ............................................................. 2 Purpose of the Appraisal ........................................................................................................2
I Scope of the Appraisal ............ ................................................................................................2
Definition of Market Value ...... ................................................................................................. 3
Project Description .................................................................................................................. 5
I Larger Parcel .............................................................. . ................................. ............ ................ 8
SITE DESCRIPTION
GeneralLocation Map..............................................................................................................9 I Subject Plat Map ....................................................................................................................10
SiteDescription ........................................................................................................................11
Subject Photos........................................................................................................................15
DEMOGRAPHICS AND MARKET ANALYSIS
CommunityAnalysis ................................................................................................................ 18
I HIGHEST AND BEST USE. ANALYSIS
Highestand Best Use ..............................................................................................................19
I VALUATION ANALYSIS
Valuationof Larger Parcel ......................................................................................................20
Valuationof Part to be Acquired .............................................................................................30
I Valueof Remainder ................................................................................................................32
Summaryof Compensation ....................................................................................................34
Limiting Conditions and Major Assumptions ................................ . .......................................... 35
Certification.............................................................................................................................36
I ADDENDA
Appraiser Qualifications .........................................................................................Addendum A
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Summary of Conclusions
I Property Brian and Gary Robertson Parcel, Carlsbad, California
Assessor Parcel No. 168-040-30
I Project Description Proposed acquisition in fee by Calavera Hills II, LLC and The City of
Carlsbad of a mitigation parcel from the subject property. The mitigation
parcel is part of the College Boulevard and Cannon Road extension I • project.
• Acquisition Summary: •
I . Mitigation Acquisition (fee) • 3.0 acres
Apparent Ownership Brian Robertson and Gary Robertson.
I Purpose To estimate the subject's fair market value and total just compensation
for the part to be acquired.
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I . Estate Valued The fee simple interest
Zoning L-C; Limited Control Zone by the City of Carlsbad
I Larger Parcel Site Size 6.69 acres (before condition); 3.69 acres (after condition)
Date of Value March 20, 2001 • • 0
I Indicated Values Value of Larger Parcel - Before Condition: • $334,500
6.69 Acres @ $50,000/Acre 0
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Compensation Summary:
Part to be Acquired 0 $129,600
Severance Damages $112,650
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0 • Benefits to the Remainder None
Total Estimate of Just Compensation (rounded) $242,300
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Date of Report July 3, 2001
Specific Assumptions None • 0
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I Appraiser Gary L. Rasmuson, MAI
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Valuation Methodology and Order of Presentation
The project creating the requirement for acquisition of real property rights from the subject property is the
construction of the Cannon Road Reach 3 and College Boulevard Reach B from the existing terminus of
College Boulevard southerly through the adjacent Calavera Hills subdivision and the Robertson Ranch
site. The road construction requires acquisition mitigation land from. the subject property and adjacent
ownerships.
The valuation of real estate typically requires an analysis of community demographics, economic
influences, market forces, the physical site and improvement characteristics. After identifying and
analyzing the opportunities and constraints of the subject real estate, the valuation approaches are
applied resulting in a final value estimate. The order of report presentation is as follows:
> Introduction and Definitions
Subject Site Description :
' Area Description, Demographics and Market Analysis
) Highest and Best Use Analysis
' Valuation of Larger Parcel
) Valuation of Part Acquired, Severance Damages, Benefits
> Conclusion of Total Just Compensation
Purpose of the Appraisal
The purpose of the appraisal is to provide an opinion of the fair market value of the larger parcel and total
just compensation for the part to be acquired from the subject property.
Intended Use of Appraisal
The intended use of this appraisal is for acquisition negotiation purposes by my client. It was prepared for
the exclusive use of Calavera Hills II, LLC and The City of Carlsbad and may not be used or relied upon
by any other party. Any party who uses or relies upon any information in this report,, without the
preparer's written consent, does so at his own risk.
Scope of the Appraisal
I . This appraisal has been prepared as a complete appraisal and is presented in a summary appraisal
report format under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice
(USPAP). In preparing this appraisal, I personally inspected the subject property, the comparable market
data and interviewed brokers and investors active in this market. The following summarizes the extent of
I ,analysis performed for this report: .• .
> Property inspection by appraiser • .
I Market data gathered using published sources including Comps.com, First American Real Estate
Data, TURI Commercial Services, Daily Transcript
>. Market data verified with buyer, seller or participating broker and visually inspected by appraiser
I > Report written based on a summary report format with a complete analysis
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Date of Value
March 20, 2001 - Date of Inspection :
Marketing/Exposure Time
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The estimated marketing and exposure period for this property is approximately six months to one year
according to my analysis of the market data upon which this valuation is based.
Definition of Fair Market Value
Fair market value is defined as the highest price on the date of valuation that would be agreed to by .a
seller, being willing to sell but under no particular or urgent necessity for so doing, nor obligated to sell,
and a buyer, being ready, willing and able to buy but under no particular necessity for so doing, each
dealing with the other with full knowledge of all the uses and purposes for which the property is
reasonably adaptable and available.
The fair market value of property taken for which there is no relevant market is its value on the date of
valuation as determined by any method of valuation that is just and equitable.
Source: Section 1263.32 Code of Civil Procedure, State of California
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Severance Damage Definition
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The damage, if any, caused to the remainder by either or both of the following:
The severance of the remainder from the part taken. 0
The construction and use of the project for which the property is taken in the manner proposed
by the plaintiff whether or not the damage is caused by a portion of the project located on the
part taken.
Source: Section 1263.420 of Code of Civil Pràcedure, State of California
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Benefits-to the Remainder Definition
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Benefits to the remainder are defined as that benefit caused by the construction and use of the project in
the manner proposed, whether or not it is generated from a portion of the project located on the land
taken. 0 0
Source: Section 1263.430 of Code of Civil Procedure, State of California
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Project Location Map
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I Project Description
Proposed Project
The subject project consists of the acquisition of a 3.0-acre mitigation parcel from the subject roperty.
The City of Carlsbad is proposing the extension of College Boulevard and Cannon Road through the
adjacent ownerships west of the subject property. As part of this rOad improvement project, the developer..
of Calavéra Hills and The City of Carlsbad are required to acquire sensitive habitat mitigation land from
I the subject property to offset the.impact on existing sensitive habitat from the road construction project.
The extension of College Boulevard and Cannon Road will be along the general location shown in the
I Carlsbad General Plan circulation element. The project is known as the Carlsbad Bridge and
Thoroughfare District No. 4 and Detention Basins. The construction of these improvements is required as
part of the development of the Calavera Hills II master planned area to the north of the subject College
Boulevard will be extended from its existing terminus in the Calavera Hills project to the north, southeast
I . through the Robertson Ranch property, temporarily terminating at the northeast corner of this parcel
where it will intersect with Cannon Road. Cannon Road is to be extended from El Camino Real
northeasterly and temporarily terminating at the intersection with College Boulevard. The extension of
I . College Boulevard is known as College Boulevard Reach B and C. The extension of Cannon Road is
known as Cannon Road Reach 3.
. Although the future plans according to the Carlsbad General Plan is to extend College Boulevard
I . southeasterly to intersect with El Camino Real, only Reach B and P will be completed as part of this
project. Likewise Cannon Road is planned to be extended northeasterly into the City of Oceanside
boundary, bUt will only be completed through Reach 3 as part of this project. The construction of the
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.detention basins by the City of Carlsbad are to control flooding impacts within the Calâvera Creek and the
Little Encinas Creek watersheds. .
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The mitigation land acquisition will be located in two areas within the neighboring Robertson Ranch parcel
I .to the west and one parcel from the subject property. The first area is in the island portion located
between the future Cannon Road right-of-way and the easterly boundary of the Robertson Ranch,
property.. The second area is located near the northeast property corner of the Robertson Ranch,
adjacent to the south boundary of the subject property. This acquisition is part of a larger mitigation parcel
I that includes the 3.0 acres to be acquired from the subject's eastern half.
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ALAVERA HILtSY.... .. .•., . . MASTERPLAN-. .: .
BOUNDARY,. .
VILLAGE T VfLLAGEP
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& F VI: L4 u PRESERVE
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VILLAGE. C.. . ',,' . . ..........
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CA PROPERTIES / ROADWAY LINKS TO BE
- FUNDED BY B&TD#4
Figure 1 - Carlsbad Bridge and Thoroughfare District No. 4 Project Location Map
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Proposed Subject Acquisition Property
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Figure 2 - Project Map
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1 Subject Assessor Plat Map .•
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Site Analysis
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Property Identification
The subject property has the street address of 4656 El Camino Real, Carlsbad, California.
Legal Description
The subject larger parcel is defined as follows:
THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY
OF SAN DIEGO, AND IS DESCRIBED AS FOLLOWS:
THAT PORTION OF LOT "D" OF RANCHO AGUA HEDIONDA, IN THE CITY OF CARLSBAD,
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO THE PARTITION MAP
THEREOF NO. 823, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO
COUNTY, NOVEMBER 16, 1896, DESCRIBED AS FOLLOWS:
BEGINNING AT THE MOST SOUTHERLY SOUTHEAST CORNER OF THE LAND SHOWN ON
RECORD OF SURVEY MAP NO. 4610, FILED IN THE OFFICE OF THE COUNTY RECORDER OF
SAN DIEGO COUNTY, MARCH 13,1958; THENCE ALONG THE BOUNDARY OF SAID MAP AS
FOLLOWS:
NORTH 11037'17" EAST 65.21 FEET; NORTH 0701627" EAST, 13537 FEET; NORTH 14°44'17" EAST,
57.17 FEET; NORTH 20°56'47" EAST, 126.00 FEET; NORTH 09°50'02" EAST, 112.77 FEET; NORTH
01018'02" EAST, 150.10 FEET AND SOUTH 89037138" EAST, 265.66 FEET TO A POINT IN THE
SOUTHERLY PROLONGATION OF THE WESTERLY LINE OF LOT "U' OF SAID RANCHO AGUA
HEDIONDA DISTANT THEREON SOUTH 00022'22" WEST, 660.00 FEET FROM THE SOUTHWEST
CORNER OF SAID LOT "L", BEING ALSO AN ANGLE POINT IN THE LAND DESCRIBED UNDER
PARCEL I IN THAT CERTAIN DECREE OF FINAL DISTRIBUTION OF ELSIE M. KELLY AND
VIRGINIA ROBERTSON, IN SUPERIOR COURT OF CALIFORNIA,, CASE NO. 55110, A COPY OF
WHICH RECORDED JUNE 28, 1957 IN BOOK 6641, PAGE 10 OF OFFICIAL RECORDS OF SAN
DIEGO COUNTY; THENCE ALONG THE BOUNDARY OF SAID PARCEL I AS FOLLOWS:
SOUTH 89037'38" EAST, 89.92 FEET; SOUTH 02°1630" EAST, 305.18 FEET AND SOUTH 19°25'30"
EAST, 351.55 FEET TO THE SOUTHERLY LINE OF SAID LOT "D"; THENCE ALONG SAID
SOUTHERLY LINE, NORTH 89022'33" WEST, 597.17 FEET TO THE POINT OF BEGINNING.
Apparent Ownership
The current record owner is Brian K. Robertson and Gary W. Robertson, as tenants in common each as
to an undivided 1/2 interest.
Sales History
According to public records, the property has been under the same ownership since 1976. I am not aware
of any current offering or pending sale of this property.
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Assessor Parcel No 168-040-30
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Assessed Value
Land $47226
Improvements $0
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Total $47,226
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Tax Rate Area 09-162'
Tax Rate 1.06707%:,
I Real Estate Taxes $503.92 ;
Special Assessments $155.24:
Total Taxes and Assessments $659.16
I Site Area
The larger parcel contains a total area of 6 69 acres according to Assessor Records
I Topography, a
The property has a varied terrain, with steeply, sloping hillside on the western half of the property and
I gently sloping to level terrain on the eastern half A topographic map follows this property description
section. It appears that the southern portion of the property has been in agricultural use in conjunction
with the adjacent Robertson Ranch agricultural fields Calavera Creek crosses through the eastern half of
the property. This is in an unmapped section of the FEMA flood map panel
Access
I The property has access from a private road easement, 60-feet in width, located on the southern and
eastern boundary of the adjacent Robertson Ranch property to the south. The road easement also
follows the eastern boundary of the subject property. The road easement is partially paved along the
I southern portion of the Robertson Ranch property after leaving El Camino Real and then turns to a dirt
trail leading to the subject parcel
I Utilities
Public utilities are not directly available to the property at this time A recently installed reclaimed water
and sewer line is located along the eastern property boundary.
Zoning/Community Planning
I The subject is zoned L-C, a Limited Control Zone by the City of Carlsbad. The L-C zone is intended to
provide an interim zone for areas where planning for future land uses has not been completed or plans of
development have not been formalized
I The Carlsbad Community Plan identifies the subject as RLM use, a low to medium density residential use
with an allowed residential density up to four dwelling units per acre A copy of the Carlsbad General Plan
Map showing the subject parcel follows.
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Figure 3 - Carlsbad General Plan Land Use Element
Soils and Vegetation
I 'A soils survey was not provided for this assignment. Most of this property is in a native condition with
brush and scrub cover and some trees. A map showing the various native vegetation for this site as
1 published in the Habitat Management Plan of the City of Carlsbad follows. The property contains coastal
sage and chaparral vegetation (red) and riparian scrub (green). The light blue area is agriculture use.
Figure 4 - Carlsbad Habitat Management Plan Vegetation Exhibit
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The subject falls within proposed Zone 14 of-the Habitat Management Plan (HMP) and is not within an
U existing hardline area. This zone includes the subject and the adjacent Robertson Ranch property. The
HMP has conservation goals and standards which will apply to future development proposals in these
areas. The standards allow at least 25% of the property to be developed while 75% will be conserved. At
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least 67% of the coastal sage scrub shall be preserved. The HMP indicates that the subject contains
critical coastal sage scrub and riparian habitats as well as major stands of chaparral. This area also
supports California gnatcatchers and forms a part of Core Area 3 to the northeast. The HMP conservation
goals for the subject include allowing no net loss of wetlands and conserve through preservation,
restoration or enhancement 67% of coastal sage scrub.
Hazardous Materials '
An environmental assessment was not made available. For purposes of this report, the site is assumed
free of hazardous wastes or soil contamination. Please refer to Limiting Condition and Assumption No. 3
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in this report. :
Flood Zone/Earthquake Hazard •
I The subject property does not appear to be located within the 100-year flood plain 'according to FEMA
I Community Panel Number 768F dated June 1997.
I The proprty is not located within an identified Alquist-Priolo Earthquake Special Studies Zone.
' Surrounding Land Uses 0
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West: Planned open space and single-family residential land use
North: • Undeveloped'acreage and open space
East: Open Space , • " 0
- South: ' Agricultural •
Easements/Encroachments/Restrictions
I ' A preliminary title report prepared by First American Title Insurance Company dated November 16, 2000
- was provided to me for review. The report indicated 12 exceptions to the title. There is a water pipeline
easement granted in 1930 that crosses through the property. A road easement encumbers the eastern 30
I feet of the subject along the eastern property boundary. A recycled water and wastewater easement was
granted to the City of Carlsbad and the Carlsbad Municipal Water District. This easement is located
generally within the existing road easement on the eastern property boundary.
I Improvements Description
There are no known structures or improvements on this property.
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Subject Photos
PI-olc I - Locking South from Northeast Property Corner
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Photo 2 - Looking North on Private Easement Road on East property boundary
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Subject Topographic Map
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. . Approximate /ll
Subject area of
- - II / ' proposed
-- '4' acquisition
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Calavera Creek - 'N I
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Community Description
I The subject is located within the City of Carlsbad, California. The City of Carlsbad is situated on the
Pacific Ocean approximately 30 miles north of downtown San Diego and 90 miles south of Los Angeles.
Surrounding communities include the cities of Oceanside to the north, Vista and San Marcos to the east,
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and the City of Encinitas to the south. The city contains about 39 square miles and is bounded by the
Pacific Ocean on the west, Highway 78 to the north, Rancho Santa Fe and Melrose Drive to the east, and
Woodley and Olivehain Roads to the south. Carlsbad was incorporated in 1952 and has grown into one
of San Diego County's main commercial, industrial and residential communities with an estimated
I population of about 82,020.
The City can be accessed by both Interstate 5 and State Route 78. Interstate 5 provides north/south
access in the western portion of Carlsbad. Interstate 5 extends northerly from the U.S.A./Mexico boarder
I through San Diego County and into Orange and Los Angeles Counties. Interstate 5 is the primary
freeway providing access to Orange and Los Angeles Counties and has an average daily traffic count of
approximately 161,800 vehicles at the subject's location. State Route 78 provides east/west access in
I the northern portion of the City. Several arterials serve the east/west traffic with Palomar Airport Road
being the primary arterial. El Camino Real is the primary arterial providing north/south access within
Carlsbad. The average daily traffic count on El Camino Real between State Route 78 and La Costa
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Avenue ranges from 19,100 to 44,900 vehicles.
The economic base of Carlsbad is diverse and includes a wide range of retail, industrial, and service
industries. Primary retail employment is provided by numerous shopping centers. Major service
I employers include the La Costa Hotel and Spa, Plaza Camino Real Shopping Center and Nellcor Puritan
Bennet Corporation. The economy has been boosted by the recent development of the Legoland theme
park within the city.
I As of 2000, there were approximately 33,680 total housing units with fifty-one percent comprised of
single-family residences. The projected build-out of the city is estimated at around 55,000 housing units.
The area around Palomar Airport in Carlsbad is zoned for industrial use and offices. Several golf
I equipment manufacturers have built facilities in this area and have beóome a dominant employer base.
Neighborhood Description
The subject property is located in an area northeast of El Camino Real approximately midway between
Highway 78 to the north and Palomar Airport Road to the south. The natural topography is hilly. The
subject and adjacent parcels represent a large portion of the undeveloped land in this community.
McMillin Communities has been developing the master planned Calavera Hills subdivision to the north,
with the newest level of building to reach the western boundary of the subject property. A large mobile
home park is located to the southeast. Agricultural use within the adjacent Robertson Ranch property and
Carlsbad Unified School District acreage to the east is a dominant land use for this undeveloped area.
Overall, the immediate neighborhood is characterized as being developing residential in nature.
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Highest and Best Use Analysis :
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Definition
1 Highest and best use is an estimate of that use which provides the highest net return to the land and fits
within the legal and physical constraints of the property.
I: AslfVacant
I The property contains a total of 6.69 acres and is zoned Limited Control which is a holding zone until
development defines the specific use of the property. The underlying general plan designation is for low
to medium density residential land use. The property is undeveloped land with no structures or known
use. The site has varied terrain, with approximately one-half of the property in moderate to, steep slope
I along the western half and gently sloping terrain with brush and trees in the eastern half. Access to the
property is by a private road easement from El Camino Real, approximately 1/2 mile to the south. Public
utility infrastructure is not in the immediate area and would require extension to develop this property.
I Development of this property would require a rezone to a specific land use designation consistent with the
underlying general plan designation of low to medium residential land use. A vegetation map prepared by
the City of Carlsbad and published in the Habitat Management Plan for Natural Communities in the City of
I Carlsbad indicates that around one-third of the property has coastal sage scrub, one-third is riparian
scrub and one-third agriculture use. The HMP calls for conservation of at least 67 percent of the coastal
sage scrub. No net loss of the riparian habitat will be allowed. It appears that any residential development
possibilities would exist in the southeastern quarter of the property that is shown as under agricultural
use.
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The subject has limited development potential as a separate stand-alone property. It is a small parcel
I with no improved access or utility infrastructure. The property may have development potential if merged
with the adjacent property to the west or the south. The property to the south is under similar family
ownership and therefore a merger of ownership and development plans would appear possible. The
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property has significant sensitive habitat that will limit its development potential. -
Based on this analysis, I conclude that the highest and best use of this property is holding for future
development possibly in conjunction with the Robertson Ranch ownership to the south; or for sale as ' sensitive habitat mitigation land. Due to the limited developable area of the parcel, the use as a habitat
mitigation site is considered more likely. •
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The purpose of this appraisal is to estimate the total just compensation for the proposed mitigation land
acquisition. The estimate of compensation for the proposed mitigation land acquisition will be based on
the underlying land value.
Three methods of estimating market value are typically considered when valuing real estate; the Cost
I Approach, Income Capitalization Approach, and the Sales Comparison Approach. The Cost Approach
and the Income Approach are not considered applicable to the valuation of land only and are not used in
this report. The Sales Comparison Approach reflects the fact that buyers and sellers consider sale prices
for other similar parcels of land within a comparable market area. This is the valuation method used to I value the subject's larger parcel.
After the valuation of the subject's larger parcel land value, an analysis of the value of the part acquired,
I severance damages and benefits to the remainder are presented. This analysis follows.
Land Value Larger Parcel
The subject's concluded highest and best use is holding for possible future development or sale as
mitigation land due to its significant natural resources including coastal sage scrub. I have considered
sales of land with a similar highest and best use and land use restrictions/possibilities.
I A summary of the comparable sale data and analysis follow.
No. Location/Address • Date Price Size $/Acre Proposed
(Acres) Use
I Precious Hills Road, 1/25/1999 $455,000 28.95 $15,717 Agricultural
Oceanside, CA
2 Mast Boulevard 10/29/1999 $525,000 35 $15,000 Coastal sage
San Diego, CA mitigation
3 Artesia Road 3/8/2000 $1,976,000 95.43 $20,706 Coastal sage
SD County, CA mitigation
4 North of Mission 6/19/1998 $220,000 10.0 $22,000 Riparian
Avenue, habitat
Oceanside, CA preservation
5 North of El Camino 1/7/1998 $400,000 15.0 $26,667 Holding for
Real, • future school
Carlsbad, CA .
site
6 Manchester Avenue, 2/6/2001 $900,000 21.47 $41,918 Riparian
Encinitas, CA habitat
preservation
7 Vandegrift Boulevard, 8/9/2000 $4,174,500 44.99 $92,787 TM approved
Oceanside, CA .
for 104 SFR's
Table I - Comparable Land Sales
Rasmuson Appraisal Services • Page 20
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! Land Sale 2
Location/Address: Noah of Mast Boulevard, east of Sycamore Landfill in the East Elliott
community of the City of San Diego
Assessor Parcel No.: 366080-23 - - -
I Site Data: . .
Land Area 35.00 acres r .
• . - Zoning R-1-40; within MSCP designation .
Site Condition- Raw, undeveloped land .
I. Topography Steeply sloping hillside with native vegetation and rocks; possible coastal sage
habitat; top of hill -
Land Planning None
. Sale Data:
Sale Date /Octobr 29, 1999 Document No. 1999-725227
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Buyer: Poway Unified SchoolDist. Seller: Harry Warren Roy, et al
Sale Price: . • . $525,000 . Unit Price: $15,000 per acre
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Terms: . All cash sale, . ; . Loan Data: N/A . I: ..
Proposed Use: Mitigation land for Weát Hills High School site; negotiated purchase, nothreafof
eminent domain - - I 4,•
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Land Sale 3
Locatiôn/Addréss: South and west of Artesia Road, at Lusardi Creek in San Diego County
Assessor Parcel No.: 269-100-17; 267-142-25
Site Data:
Land Area 95.43 acres
Zoning S87
Site Condition Raw, undeveloped *
Topography Steep hillside and sloping into 100-year floodplain of Lusardi Creek
Land Planning None
Sale Data:•
Sale Date March 8, 2000 Document No. 2000-118263
Buyer: The Nature Conservancy Seller:
*
Santa Fe Views, Ltd.
Sale Price: $1,976,000 Unit Price: $20,706 per acre
Terms: All cash sale Loan Data: N/A
ProposedUse: Purchased for conservation .
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Source: Comps.com
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Land Sale '4 .
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.Location/Address: North side of Mission Avenue, Oceanside
Assessor Parcel No.: 122-130-09; 157-150-57
Site Data: .
Land Area 10.0 acres .' .
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Zoning Agriculture .
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Site Condition Undeveloped ..
Vegetation Riparian habitat
I Topography Level within floodplain and floodway of San Luis Rey River
Sale Data:
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Sale Date 6/19/98 Document No. 1998-375625
Seller:' Zwiestra Family Trust Buyer: City of Oceanside
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Sale Price:
Terms:
$220,000 Unit Price $22,000 per acre
All cash sale than Data: N/A
I ..Improvements: - None
Proposed Use Purchased for conservation and use as an offsite mitigation for future city projects
I Source Public Records Bill Marquis City of Oceanside
Location/Address: S
North side of Mission Avenue, Oceanside
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I Land SaIe5
' Location/Addiess: 318 Saturn Boulevard, San Diego
• Assessor Parcel No.: 621-030-17 to 20; 622-120-18; 622-151-04; 622-152-04; 622-161-02;
I 622-161-04
Site Data:
Land Area 120.58 acres U Zoning FW; City of San Diego; within Coastal Zone
SiteCondition Undeveloped land . I : Topography Generally level site within floodway of Otay River that crosses through property
Land Planning None .
a
I Sale Data:
Sale Date January ?7,2000 Document No. 2000-041206
I, Buyer:
Sale Price:
California Coastal Conserv. Se//Or: Egger & Ghio Co. Inc.
$3,050,000 . Unit Price: $25,294 per acre
Terms: All cash sale Loan Data:'- N/A '.
I, Propoèed Use: Purchased for Lower Otay River Wetlands/Multiple Species Conservation
Program Enhancement; Site has coastal wetlands and riparian habitat and is
within the adopted Otay Valley Regional Park Plan and the MSCP Subarea
Plan.
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Source: Comps.com; Coastal Conservancy Project Summary; US Fish and Wildlife
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I Land Sale 6 :
I Location/Address: East of Manchester Avenue, Encinitas .
Assessor Parcel No.: 259-201-09; 11, 12
.1 Site Data: . . •
Land Area 21.47 acres
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Zoning RRFP
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Site Condition Some corrals, mostly undeveloped .
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Vegetation Riparian .
I Topography . Generally level; within Escondido Creek floodplain and floodway
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SaleData '
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Sale Date 2/6161 Document No: 2001-069238
Seller: . Kirkowicz Trust Buyer: San Elijo LagoonConserv.
Sale Price: $900,000 • . Unit Price: $41,918 per acre
Terms: All cash Loan Data: N/A .
: Improvements: Some horse corrals • .
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Proposed Use: Purchased for conservation; The seller had been in litigation and according to the
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deed gifted this parcel to the Conservancy. Property was appraised for $750,000 in
2000. . • ••
I . Source: . Public Records; Representative with San Elijo Lagoon Conservancy
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SALE COMPARABLE SUMMARY & COMPARISON ANALYSIS
lit -'EieentOfCómparIsbfl''*jtwn I Property/Location . Precious Hills Rd Mast Boulevard Artesia Road Mission Avenue City" '4 Oceanside San Diego SD County Oceanside
Sale Date -' 1/25199 - 10/29/99
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3/8/00 6/19/98 PropertyyDescription-- ,f
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Gross Land Area (Acres! '.1 ' 28.95 1 ' '35.00 95.43- 10.00
Zoning A R-140 S87 Agriculture
' Planned Use Agricultural Mitigation Land Mitigation land Riparian habitat
Site Topográphy ,,. :, Gently rolling 1 . Steep sloping . Sloping/Flood plain '. Flood plain I Sales Price r
., I -i $455000 $525000 $1976000 $220000 jPer Acre . . . -- $15,717
-. $15,000 ' $20,706 $22,000
1 -COMPARISON.AMALYSIS:iktt I '
Non-Physical Comparis.,ns:1 'Property Rights . ' . - Similar Similar Similar .' ' Similar Financing . Market , . Market ' Market. Market Conditions of Sale " Similar Similar Similar Similar
Market Conditions : , '-. ,\ Inferior - ' Inferior . Inferior Inferior -
4
. Physical Comparisons:
Location " . .. .' Inferior. ' . lnferior .. -. Similar' Inferior I . Size ' --, •i-.
Zoning/Land Use '- t
Inferior
Similar
' Inferior ''Inferior
Similar '
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Similar
Similar '
Similar I Topography Superior Inferior Similar Inferior' Land Planning ., i-. - -. Similar Similar Similar Similar.
I Overall Net Companson -
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. Manchester Avenue Vandegrift Boulevard'
'l'4t6 fEIemeflt bf- Coparfl.
Property/Location --, . El Camino Real -. Community . .' Carlsbad . - . Encinitas Oceanside . . .--'.,,.. ' , .t - • y. . -4, .
1* ' . .
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Property Descnptuon I
1/7/98 . 2/6/01 - -8/9/00
Gross Land Area (Acres)',, i 1500 21.47 44.99
Zoning, ' .. . ' LC ' - . . RRFP RS Planned Use , .. School site'. * Riparian habitat TM for 104 lots Site Topography Rolling Flood plain Rolling to steep
' Sales Price ,: $400,000 $900,000 $4174500 Per Acre . -. , . . . $26,667 ' ' $41,919 , ., - . . $92,787
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fOMPARlSON-ANALYSlSit J. Non-Physical Comparisons:;-
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Property Rights ' Similar Similar Similar
Finanèing",: -'- - :' '. . ' Market , - Market - Market
I Conditions of Sale
Market Conditions ,, ' ' '- ,
Similar
Inferior, -
Similar
Similar
Similar
- Similar
4 it , - Physical Comparisons:
Location ': . - ) 4f - Similar * . , Similar ' Similar .
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1 'Size .u. . 4 4". Similar . '
Similar
Inferior
Similar
Inferior Zoning/Land Use Superior
c -.. ,Topography
- " Superior •' Inferior .. Similar - Land Planning Similar ' - Similar ' Superior.
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1 Land Value Conclusion - Larger Parcel
The subject larger parcel contains 6.69 gross acres. The topography is varied with steeply sloping terrain
I in the western half and gently sloping to level terrain in the eastern half. Access is by a dirt trail from an
easement along the eastern property boundary. The property has limited development potential due to
significant biological habitat located in the northern two-thirds of the property and the Calavera Creek
crossing through the eastern half. The highest and best use of the property is holding for possible
I .. development of the southern portion of the property in conjunction with the adjacent Robertson Ranch
property to the south and/or sale for mitigation land preservation.
I .The sale data indicates an unadjusted range from $15,717 to 92,787 per acre. Sale 1 is a purchase for
agricultural use by a buyer who has other agricultural land in the area. This sale is considered to set the
lower limit of value for the subject and is overall inferior. Sales 2, 3, 4 and 6 were purchased for habitat
mitigation and preservation purposes. They indicate a value range from $15,000 to $41,918 per acre.
I Sale 6 may be high due to the influence of litigation and was purchased above the appraised value. Sale
5 is an older transaction, but located close to the subject. This parcel was purchased for assemblage of a
future school site by the Carlsbad School District. The land is rolling and partially used for agricultural
I purposes. Due primarily to the older date of sale, this transaction is considered inferior to the subject.
Sale 7 is considered superior to the subject due to existing land planning in place for residential
development. This sale sets the upper limit of the indicated value for the subject.
I .Based on my analysis of the comparable sale data, I have concluded at a fair market value for the subject
larger parcel at and average value of $50,000 per acre. This value reflects the pOssible development
potential of the southern and eastern portion of the property and the habitat value for the balance of the
property. An allocation of value between the fee and encumbered estate has not been presented in this I report. A value summary follows. .
Gross Land Area (acres) Value Per Acre = Value .
I 6.69 x $50,000 $334,500
Indicated Value of Larger Parcel . $334.500.
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I Value of Part Acquired
The value of the part acquired is based on applying the unit values established in the valuation of the
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larger parcel to the part acquired. A summary of the proposed acquisition follows.
Mitigation Land Acquisition
I The proposed acquisition is of a 3.0-acre section of the subject property. The acquisition is the
approximate eastern half of the property and consists primarily of the lower-lying section that is gently
sloping. A 30-foot wide private road easement that is largely unimproved and exists as a dirt trail is
I. located along the entire eastern property boundary. This easement appears to be used by adjacent
undeveloped parcels to the north and east for access. There is also a reclaimed water and sewer
easement within a portion of this road easement.
' The portion acquired will be used for open space and habitat mitigation land as part of the project
mitigation for the impact of the College Avenue and Cannon Road extensions through property to the
south and west. .
I The valuation of the part to be acquired is based on underlying average land value at $50,000 per acre.
The area that overlaps with the private road easement is valued at 10 percent of the total fee value. The
area not encumbered with an existing easement is valued at 100 percent of the fee value. A map showing
• the proposed area of acquisition and the calculation of total compensation for the part acquired follows.
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0' 25' 100'
50' 200
SCALE: 1 = 100'
.LbF2
MAP Na____
[-S 893774 E—"
14272'
LOTD
MAP W 823
[JAY CONSULTANTS
FOR CONStRUCTION
DATA TABLE.'
DELTA/BEARING
/ 589'3714E
RADIUS
F122.8-9~' -
- (N89J625W) T S0F75'2E [ - 304.47'
(N 01 V7'57'W J04.82'____
4 S/875'JBE - 3496r
(Nj8792rW)
5 N89257'W -- 226.69'
6 N /874'ofN - /41.96' r N0622'19W - 235.42' T N 07V1'58_W - 26C49
P0/NT
A'
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PARf.Z A ARM- 134570 SC1fl = XX AC
4S111 TA^TS—
cts,
31/04
t:1: 00 Fax:
M/1704 11 14
owr Carisubod, CA 760-931-8690 PACE
92008
APPLICANT: EXHIBIT "B" SHT. 2 OF 3 SHT.
C41AIfR.4 HILLS II, tiC JAPPROVED BY:
2727 HO0R AVENUE _ M4k7ML C/7) C4 92950 CEORCE 0234Y LLOYD B. .vaas air A.P.N.
P/f. (619)336-3735 R.C.& 32014 EXI'I2/3 1104 &C.E 238B9 LXP. 12/3//OF
5-l*- 2 p..
Rasmuson Appraisal Services' • ' Page 31
Mitigation Area Acquisition (Fee)
!y2 Area (SF) % Fee $/Acre Value
Road Easement Overlap 19,625 10% 50,000 $2,253
Fee Area 0 110,945 100% 50,000 $127,347
Total Compensation - Mitigation Acquisition 130,570 SF $129,600
Value of Remainder - Before Condition
The value of the remainder parcel in the before condition is essentially a mathematical calculation and not
a valuation analysis. The value of the part acquired is deducted from the value of the larger parcel in the
before condition. The result is the value of the remainder before consideration of severance damages or
benefits to the remainder due to the taking. A summary follows.
Value of Larger Parcel - Before Condition: $334,500
Value of Part Taken: $129,600
Value of Remainder Parcel - Before Condition 0 $204,900
Value of Remainder - After Condition
The next step is to estimate the market value of the remainder parcel in the after condition, after the
taking of the mitigation parcel acquisition. In the after condition, the parcel will consist of a 3.69-acre
parcel of undeveloped land. The parcel will not have direct access to a road and will not have legal
access since the portion with access to the private road easement was acquired in fee. The remainder
parcel will consist primarily of steeply sloping terrain and coastal sage habitat. Little if any developable
land will remain.
The value of this remainder parcel will be primarily due to its biological value from the coastal sage. Sales
2, 3, 4 and 6 are considered most similar to the subject in this regard. Although Sale 2 does have legal
access, there is no physically improved access to this property, similar to the subject. Sales 4 and 6 also
do not have any physically improved access. These sales all sold for their habitat preservation value due
to the existence of sensitive habitat. They indicate a value range from $15,000 to $41,918 per acre. Most
coastal sage mitigation purchases in San Diego have been found in the range of $20,000 to $25,000 per
acre.
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Based on this analysis, I conclude that the fair market value for the remainder parcel is $25,000 per acre.
A summary of the valuation of the remainder parcel follows.
Rasmuson Appraisal Services 0 Page 32
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Approximate Rema
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Parcel''
areaof proposed
____________ • _____________
mitigation parcel
acquisition
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4 ____________
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Gross Land Area (acres) Value Per Acre Value
3.69 x ... $25,000 . $92,250tit 1 .. . . . . •., ..
IIndicated Value of Remainder Parcel $92 250
I Severance Damage Estimate
Severance damages are measured as the diminution iri value to the renainrer parcel after the taking and..
acquisition in the manner proposed The subject property larger partel ccntained a total area of 6.69
acres before the project. The total aôquisition,of fee rights from this peis 3.0 acres. The acquisition
will be located along the eastern half of the property and will leave the irenhder parcel without improved
or legal access. Also,1 the remainder parcel will have limited if any devElop rient potential and has been
- valued based on its habitat preservation value. The market value & the remainder parcel has been: I
j- valued at $25,000 per acre. The value of the remainder parcel in tb before condition was based on
- $50,000 per acre This difference indicates severance damages to the ernander parcel by approximately
$25 000 per acre These damages are not considered curable
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Benefits to the Remainder
Benefits to the remainder are measured as the ,increase in value tc7tthe remainder parcel in the after
- - L condition, due to the proposed project. Benefits can be used to offset severance damages found to
- impactthe remainder parcel but cannot offset compensation for thrB Dart acquired. . No benefits are
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applicable to this property due to the acquisition in the manner proposed
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I Summary of Just Compensation
Just Compensation Summary - Mitigation Acquisition
I Value of Larger Parcel - Before Condition
6.69 Acres @ $ 50,000 per acre = . $334,500
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Value of Part Acquired
• Mitigation Parcel Acquisition
U . 0.45 Acres @ $ 50,000 per acre x 10% $2,253
2.55 Acres @ $ 50,000 per acre x 100% $127.347
I Total Value of Part Acquired $129,600
Value of Remainder - Before Condition (rounded) • • $204,900
I Value of Remainder - After Condition •
3.69 Acres @ $ 25,000 per acre = $92,250
Severance Damages • , : $112,650
Benefits to the Remainder •' $0
U Net Severance Damages (Severance - Benefits) $112,650
I Total Just Compensation . • : • $242,250
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. ;••. r $242.300
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Limiting Conditions and Major Assumptions
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This appraisal is made expressly subject to the following conditions and stipulations:
General Limiting Conditions and Assumptions:
No responsibility is assumed for matters which are legal in nature, nor is any opinion on the title
rendered herewith. This appraisal assumes good title, responsible ownership and competent
management. The property has been appraised as though free of indebtedness..
The factual data utilized in this analysis has been obtained from sources deemed to be reliable;
however, no responsibility is assumed for its accuracy.
Unless otherwise stated in this report, the existence of hazardous material, which may or may not be
present on the property, was not observed by the appraisers. The appraisers have no knowledge of
the existence of such materials on or in the property. The appraisers, however, are not qualified to
detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam
insulation, or other potentially hazardous materials may affect the value of the property. The value
estimate is predicated on the assumption that there is no such material on or in the property that
would cause a loss in value.
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Except as noted, this appraisal assumes the land to be free of adverse soil conditions which would.
prohibit development of the property to its highest and best use.
This appraisal is of surface rights only, and no analysis has been made of the value of subsurface
rights if any.
Disclosure of the contents of this appraisal report is governed by the By-Laws and Regulations of the
Appraisal Institute.
Neither all nor any part of the contents of this report (especially any conclusions as to value, the
identity of the appraisers or this appraisal firm, or any reference to the Appraisal Institute or to its
designations) shall be disseminated to the general public by the use of advertising media, public
relations media, news media, sales media or other media for public communications without the prior
written consent of the signatory of this appraisal report. Possession of this report or a copy thereof,
does not carry with it the right of publication. It may not be used for any purpose by any person
other than the party to whom it is addressed without the written consent of the appraiser, and in any
event only with the proper written qualification and only in its entirety. .
This appraisal has been prepared as a complete summary appraisal report prepared under
Standards Rule 2-2(b) of USPAP.
Specific Limiting Conditions' and Major Assumptions:
This valuation is based on right-of-way drawings, plans and area calculations provided by my client
and O'Day Engineering.. . ..
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Certification
I certify that, to the best of my knowledge and belief,
the statements of fact contained in this report are true and correct
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and
conclusions.
I have no present or prospective interest in the property that is the subject of this report, and no
personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
my engagement in this assignment was not contingent upon developing or reporting predetermined
results.
my compensation for completing this assignment is not contingent upon the development or reporting
of a predetermined value or direction in value that favors the cause of the client, the amount of the
value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly
related to the intended use of this appraisal.
my 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 Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal
Practice.
the use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representatives.
as of the date of thi§ report, Gary L. Rasmuson, MAI has completed the requirements of the
continuing education program of the Appraisal Institute.
I have made a personal inspection, of the property that is the subject of this report.
no one provided significant professional assistance to the person signing this report other than
Wendy Rasmuson, a State Certified General Appraiser who assisted in the data verification and
report writing aspects of this report.
ry L. uson, AlM
• • Date: July 3, 2001
Certifie General Real Estate Appraiser
State of California • •
OREA Appraiser I.D. No. AG002571 • •
Expiration Date: 2/412004 • ' , • •
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Mr. Rasmuson has been actively appraising real estate since 1977 as an independentfee
appraiser. Rasmuson Appraisal Consultants was established in 1984 and has valued over 1,000
properties to date. Specialties include the valuation for litigation purposes including easement and
right-of-way appraisals, appraisal of motels/hotels, apartments, office buildings, industrial
properties and all types of vacant land.
General appraisal experience includes valuation of residential subdivisions, industrial
subdivisions, single-family residences, mobile home parks, estate valuations, partial interest
valuation and retail commercial properties. Appraisal assignments have been performed primarily
in San Diego County but have included within communities in Southern California and Arizona
Business
President - Rasmuson Appraisal Consultants
14665 Yukon Street, San Diego CA 92129
Phone: (858) 672-1796
Fax (858) 672-3816
Email gary@rasmusonappraisal.com
Selected List of Clients
Arco Fidelity Federal Bank
Bank of America Great Western Bank
California Bank and Trust Grossmont Bank
Caltrans • McMillan Communities
Centre City Development Corporation Imperial Bank
City of Chula Vista . La Jolla Bank and Trust
City of Poway Midas Realty Corporation
City of San Diego Office of Thrift Supervision
City of Oceanside • Port of San Diego
City of Vista - Southern Pacific Bank
County of San Diego • • San Diego City Schools
Comerica Bank San Diego Gas & Electric Company
Daley & Heft Union Bank of California
Higgs, Fletcher & Mack U.S. Navy
John Burnham Company Wells Fargo Bank
Memberships
Appraisal Institute - MAI Designation (No. 6926); SRA Designation
Past National Director - 1994; San Diego Chapter President— 1984 (SREA)
• Director - 1987-89; 1994-1997; Regional Representative -1991-1997; Treasurer - 1990;
California Legislative Committee: 1992
> State of California - California General Real Estate Appraiser
License No. AG002571; Expires February 4, 2004
> International Right of Way Association - Member
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S Qualifications of GaryL. Rasmuson, MAI : Continued
Education
Bachelor of Science, Business Administration; Economics Major
University of North Dakota - 1977
Successful completion of the following courses sponsored by Appraisal Institute
I Basic Appraisal Principles (1-A) Business Valuation - SREA
The Appraisal of Partial Acquisitions Standards of Professional Practice
Capitalization Theory and Techniques (1-13) Case Studies in Real Estate Valuation
I Valuation Analysis and Report Writing Litigation Valuation
Seminars (Partial List):
U . Litigation Seminar Analysis of Problem Properties
Apartment Seminar Capitalization Update Seminar
Appraisal Regulation Seminar Fair Housing Seminar
Subdivision Analysis Seminar Hotel/Motel Valuation Seminar
U Qualifications
I Qualified Expert Witness Federal Bankruptcy Court
> Qualified Expert Witness California Superior Court
> Appointed Special Master to Superior Court
> Course Instructor - Appraisal Institute Course Capitalization Theory & Techniques 310 and
Capitalization Theory & Techniques 510
Received Distinguished Service Award - 1991 San Diego Chapter of the Appraisal Institute
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