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Home My WebLink AboutCT 83-19; CALAVERA HILLS VILLAGE T; APRRAISAL REPORT; 1987-02-02167 I . APPRAISAL REPORT I S FOR I S S VERNON ASSET MANAGEMENT . OF I : CALAVERA HILLS S COLLEGE BLVD. DRAINAGES EASEMENT S I 1••• H . 'S S 1 • S S DATE OF VALUATION I • S JANUARY 30, 1987 I . / DATE OF REPORT S . . FEBRUARY 2, 1987 • •5 5 I S 5555 S •• BY S LEE C. JOHNSON COMPANY S • • 8321 LEMON AVENUE 55 S LA MESA, CALIFORNIA 92041 • 5 (619) 462-4350 • I: S • 55 I •. 55 ' 5 5 5 I I I I I I I I I I I I I I I I I I LEE C. JOHNSON COMPANY I I ., LEE C. JOHNSON COMPANY 8321 Lemon Avenue La Mesa, California 92041.5287 LEE C. JOHNSON, MAI, SRPA - (619) 4624350 ROBERT J. PFUMUN, SR/WA RANDY A. TACO KENNETH A. KEAGY JEFFREY C. JOHNSON JOEL S. JOHNSON File No. 87111 ESTELLE GEHRINGER KEITH 0. WRIGHT February 2, 1987 Vernon Asset Management I 1205 Prospect Street, Suite 500 La Jolla, CA 92037 Attn: Mike Rodgers I RE: College Boulevard Drainage Easements U Dear Mr. Rodgers: Pursuant to your request, we have made an appraisal of three drainage easements, as more particularly described in the enclosed report. We have made a careful inspection of the property and have I .gathered and analyzed considerable data and information having a bearing on its value. Our findings are submitted in the report herewith. Additional information upon which these findings are based will be retained in our files and is I available as needed. It is our opinion that the just compensation of the I properties, subject to the assumptions as set forth within the body of this report, is as of January 30, 1987. Chows Development Inc ..........Parcel 1 .......$ 750.00 I Sully-Miller Contracting Co .... Parcels 1 & 2..$1,900.00 We hereby certify that we have no interest in the property I appraised, present or prospective, and that our opinions are in no way contingent upon the basis of employment. We further certify that to the best of our knowledge and belief the I .statements and opinions contained in this appraisal are correct, subject to the limiting conditions expressed herein, and that this appraisal has been made in conformity with the Rules of Professional Ethics and Standards of Practice of the I American Institute of Real Estate Appraisers. Respectfully submitted, I /Robeir ' . 4r'rimlin I RJP/rc REAL ESTATE APPRAISERS AND CONSULTANTS I P I Table of Contents Location Map ii Letter of Transmittal ...................................iii Introduction........................................... I-i KeyMap .............................................. 1-2 ConstructionMap....................................1-4 AerialPhotograph .................................... 1-6 Valuation..............................................11-1 Market Data Map 1 ...................................11-4 Market Data Map 2 ...................................11-6 Market Data Table -----------------------------------11-7 ChowsDevelopment ......................................III SullyMiller ...........................................IV LEE C. JO1-SON COMPANY PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the fair market value of the herein described and identified properties, subject to the assumptions and contingent conditions as set forth in this report. DEFINITION OF VALUE SOUGHT The term "market value" as used herein is defined as: The fair market value of the property taken is 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 obliged 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. 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: I 1. buyer and seller are typically motivated; 2. both parties are well informed and well advised, and I ' each acting in what they consider their own best interest; I 3. a reasonable time is allowed for exposure in the open market; I 4. payment is made' in cash or its equivalent; financing, if any, is on terms generally available in the community at the specified date and typical' for I the property type in its locale; and the price represents a normal consideration for the I property sold, unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. I California Code of Civil Procedure, Title 7, Eminent Domain Law; Chapter 9, Compensation; Article 4; Paragraph 1263.320. I LEE C. JOHNSON COMPANY I I I I I I U I I LIMITING CONDITIONS AND ASSUMPTIONS In the preparation of this report certain basic assumptions have been relied upon. There are also certain limiting conditions which circumscribe the scope of this report. It is assumed that information and data, including maps and engineering estimates, furnished by our client and others are substantially correct. That no guarantee is made as to the correctness of estimates or opinions furnished by others and which have been used in making this appraisal. That no liabilities be assumed on account of inaccuracies in such estimates or opinions. Title of the property appraised is assumed to be marketable and free of all liens and encumbrances including easements, rights-of-way, restrictions and reservations of record which could adversely affect its value. I That no liability is assumed on account of matters of a legal nature affecting this property, such as title defects, liens, encroachments, overlapping boundaries, et cetera. 1 Maps, photos and plats furnished by this appraiser are not based on a survey but are furnished as an aid to I . the reader in visualizing the property. Disclosure of the contents of this appraisal report is governed by the By-Laws and Regulations of the I . American Institute of Real Estate Appraisers of the National Association of Real Estate Boards. Neither all nor any part of the contents of this I report (especially any conclusions as to value, the identity of the appraiser or the firm with which he I is connected, or any reference to the American Institute of Real Estate Appraisers or to the M.A.I. or R.M. designation) shall be disseminated to the public through advertising media, public relations I media, news media, sales media or any other public means of communication without the prior written consent and approval of the Lee C. Johnson Company. I I I I vi LEE C. JOHNSON COMPANY I LI I I I I I CERTIFICATE OF APPRAISAL The undersigned does hereby certify as follows: I I have no interest, present or contemplated, in the real estate that is the subject of this appraisal report and I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. I That the fee for the investigation and the preparation of this report are not in any sense contingent upon the amount of the value herein reported, nor contingent upon anything I other than the delivery of this report. To the best of my knowledge and belief, the statements of I fact contained in this appraisal report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. I The analyses, opinions, and conclusions contained in this report are limited only by the reported assumptions and limiting conditions (imposed by the terms of the assignment or by the undersigned) and are my personal, unbiased I professional analyses, opinions, and conclusions. The analysis, opinions and conclusions were developed, and I this report has been prepared, in accordance with the standards and reporting requirements of the Federal Home Loan Bank Board. I No one other than the undersigned prepared the analyses, conclusions and opinions that are set forth in this I . appraisal report. The real estate which is the subject of this appraisal was value as of January 30, 1987. I Ro8rt J. I I . I I I . vii LEE C. JOHNSON COMPANY I QUALIFICATIONS I ROBERT J. PFLINLIN, SR/WA EDUCATION San Diego State College B.A., Economics, 1952 I Postgraduate study Business Administration, 1955 to 1956 I University of California at Irvine Chancellor's program involving community leaders in planning processes, 1967 I University of California Extension Division San Diego, Los Angeles, and Irvine Various courses in Real Estate I American Institute of Real Estate Appraisers Basic Principles (I), 1961. I Urban Properties (II), 1963 Capitalization (IV) , 1966 Investment Analysis (VI), 1975 I International Right-of-Way Association Principles (101) , 1970; Negotiations (201) , 1973; Management (301) , 1974 I Society of Real Estate Appraisers Mortgage Analysis, 1974 I Income Property Appraising (201) , 1980 PROFESSIONAL International Right-of-Way Association MEMBERSHIPS SR/WA Certificate No. 146-1968 I APPRAISAL . Actively engaged in appraisal of real EXPERIENCE estate since 195.6 I Right-of-Way Agent, Division of Highways State of California, 1956 to 1959 I Property Agent, County of Orange, 1959 to 1969 Director of Real Property I County of San Diego, 1969 to 1978 Responsible for all appraisal, acquisition, surplus property sales, property management, and leasing functions of the County of San Diego, excluding tax I assessment. Managed a staff of 60, including designated appraisers, right-of-way agents, and engineers. I Independent Real Estate Appraiser/Consultant associated with Lee C. Johnson Company 1978 to present I SUPPLEMENTAL. Qualified as Expert Witness INFORMATION Superior Court, State of California Public Utility Commission, State of California Board of Equalization, County of Orange, California I Viii I LEE C. JOHNSON COMPANY I REPRESENTATIVE CLIENTS ATTORNEYS lAsaro and Keagy ~fa ey, Brady and Cerniglia erton, Alien, Mason and Cannon vvies, Barwick and Knowlton Gray, Cary, kres and Frye I Hervey and Wood iggs, Fletcher and Mack Jenkins and Perry 'ènnings, Engstrand and Henrikson nutson, Tobin, Meyer and Shannon Lightner and Castro Lindley, Lazar and Scales Luce, Forward, Hamilton and Scripps McDougal, Meloche, Love and Eckis McInnis, Fitzgerald, Rees Metz and Monaghan Milch, Wolfsheimer, Wagner Mitchell, Ashworth and Keeney Porter and Huffman Seltzer, Caplan, Wilkins and McMahon Wright and L' Estrange I CORPORATIONS essio Leasing Corporation tiantic Richfield Corporation oldwell Banker Management Corporation Continental Title Insurance py Line Corr-oration ubic Corporation - Data Card Corporation astrnan Kodak quitabie Relocation Executrans, Inc. oodmaker, Inc. rossmont Hospital if Oil Company - U.S.A. Homequity, Inc. I BM Corporation nsurance Company of North America International Harvester rivestors Mortgage Insurance Corporation FC Management Corparation Kaiser Hospital Kayo Oil Company Non-Linear Systems Pacific Telephone and Telegraph Prudential Life Insurance Company Relocation Realty Service Corporation Salk Institute San Diego Gas & Electric Company Safeco Title Company Servornation Corporation Shell Oil Company Square Pan Pizza Corporation Standard Oil Company Texaco, Inc. Title Insurance and Trust Company TI Home Transfer Corporation Transamerica Corporation Union Oil Company Westinghouse Corporation I aldwin Company jest Construction Brennan Enterprises troaoor zn Homes hilcote Inc. rogin Construction Company Dunphy Construction Company con Development star Corporation Harry L. Sumner s, Inc. I . I n FiRTijimea q. Kendall International Marsco Development Corporation Mobil Land Corporation Pieri-Debbas Enterprises Progress Development Rancho San Diego Ray L. Huffman Construction, Inc. Roth Construction Corporation Roy B. Collins, Inc. Wolfe Development ix LEE C. JOHNSON COMPANY trans 0-1ty of Brawley City of Carlsbad ity of Chula Vista ity of Del Mar ity of El Cajon City of El Centro Iity of Escondido ity of Imperial Beach City of La Mesa Iity of Lion Grove ity of National City City of San Diego County of Imperial County of San Diego Federal Deposit Insurance Corporation Federal Housing Authority Internal Revenue Service Metrolitan Transit Development Board Otay Municipal Water District State of California United States Navy Unified Port District U.S. Border Patrol U.S. Customs Various California School Districts Veterans Administration I GOVERNMENT AGENCIES LENDING INSTITUTIONS I All Valley Acceptance mikdvance Mortgage etria Life Insurance Company rican Mortgage Express American Valley Bank of America k of Commerce Bank of Coronado 1Pifornia Canadian Bank .ifornia First Bank California Heritage Financial Capital Bank of Carlsbad titizens Western Bank hampion Mortgage Crocker National Bank Iuyamaca Bank aton Financial First Bankers Mortgage Company f irst Commercial Bank irst Federal irst LaMesa Bank First National Bank of Ibrth County Fir eral Mortgage ard Savings Great American Savings and Loan uarantee Mortgage Heartland Savings and Loan Home Federal Savings and Loan Imperial Savings and Loan Investors Mortgage Insurance Company John Burnham and Company La Jolla Bank and Trust Lomas and Nettleton Metro Financial Meraour Mortgage Pacific Coast Savings and Loan Peninsula Bank Peoples Bank Progressive Savings and Loan San Diego Trust and Savings Bank Security Pacific National Bank Security Savings and Loan Source Funding Sumitomo Bank of California Transtate Mortgage Ticor Mortgage Torrey Pine Bank Union Bank United California Mortgage Company Western Interstate West lands Bank World Wide Mortgage I I I X I LEE C. JOHNSON COMPANY LEE C. JOHNSON COMPANY INTRODUCTION The construction of College Boulevard southerly from Lake Boulevard to the boundary between the cities of Oceanside and Carlsbad is a requirement for the development of the property within Carlsbad known as Calavera Hills. The right-of-way required for this section of College Boulevard has been previously conveyed to the public and is available for construction with improvements satisfying public agency requirements. Christensen Associates, design consultants on the project, reviewing design detail with staff of the City of Oceanside, found the desirability of constructing three drainage structures adjacent to the westerly boundary of the previously conveyed right-of-way. The general location of these proposed drainage structures are shown on the enclosed "key map" extracted from engineering plans. These three proposed drainage structures lie within two undeveloped private properties fronting proposed future College Boulevard. The two property owners have been informed of the pending acquisition proposal. This appraisal may facilitate the acquisition process. The proposed development within Carlsbad known generally as Calavera Hills is initiated by its owners and facilitated by Christensen Associates Engineers planners. The ownership represented by Vernon Asset Management seeks to comply with all requirements necessary to process its various maps and proposals through the City of Carlsbad's subdivision requirements. The development of College Boulevard, providing a northerly connecting link, satisfies one of those requirements. The acquisition of the drainage easements will facilitate the proposed construction of College Boulevard. Ordinances of the City of Carlsbad specify at section 20.16.095 a procedure for the acquisition of property interests required for off-site improvements. If the developer provides the city with appraisals and.title reports, the city will assist at the developer's expense in securing the required drainage easements. This appraisal is to satisfy that statutory requirement. 1-3 COLLEGE BOULEVARD cis z %. 0 i 0 ti -I I \\•' -i.. PrelirninaryNOl icr Construction 1J UNDER CONSTRUCTION 9 EXISTING RIGHT OF WAY W PROPOSED DRAINAGE EASEMENTS - - - - - - - - - - - - - - - - - - - I I-s 20.16.095 Off-site imorovements--Acrujsjtjon of oroter- tv interests. Whenever a subdivider is recuired as a con- dition of a tentative map to construct or install off-site imorovements on orooerty which neither the subdivider nor the city owns then not later than sixty days prior to filing the final map for aooroval the subdivider shall orovide the city with sufficient information, reoorzs and data, including but not limited to, an appraisal. and title reoort, to enable the city to commence proceedings pursuant to Title 7 of Part 3 of the Code of Civil Procedure to acuire an interest in the land which will Permit the imProvements to be made, in- cluding proceedings for immediate possession of the orooertv pursuant to Article 3 of said title. The subdivider shall agree pursuant to Section 20.16.060 to complete the imorove- ments at such time as the city has a sufficient interest in the property to permit the construction of the improvements. The subdivider shall bear all costs associated with the cc- uisition of the property interests and the estimated cost thereof shall be secured as provided in Section 20.16.070. (Ord. 9680 §6 (part) , 1983) Construction is currently underway within College Boulevard south of Lake Boulevard. The private development of property lying in the southeast quadrant of Lake Boulevard and College Boulevard (Parcel 2, PM 50493) requires partial construction of College Boulevard. The ultimate width of College Boulevard is shown outlined in orange on the enclosed exhibit. The construction now underway and evidenced in enclosed photographs is outlined in green. The three proposed drainage easements are shaded in blue. There are two private properties abutting the west side of College Boulevard in the vicinity of the proposed construction. This introduction has discussed issues common to both properties. Hereafter, under individual tabs, there are two separate sections constituting separate appraisals of the easement(s) required from each of these two private ownerships. As a matter of administrative convenience to avoid redundancy, these separate reports are bound in a single cover including a single general discussion. The two ownerships shown of record as Chows Development, Inc. as to one ownership and Sully-Miller Contracting Company as to the other ownership. The 56.49 acre parcel vested in Sully-Miller is zoned RA, except for a very small C2 portion allowing future frontage on College Boulevard. Oceanside's General Plan, which takes precedent over zoning, indicates Community Commercial for most of the subject property. An open space buffer area is shown along the southerly and a portion of the westerly boundary of this parcel. The property enjoys a conditional use permit all"owing mineral extraction. This permit was issued in 1961 and has been periodically renewed. The Chows parcel is entirely C2, with a General Plan designation of Community Commercial. Extracts from City of Oceanside zoning maps and General Plan maps are included. I LEE C. JOHNSON COMPANY I I I I I I I I I I I I I I I I I It Ww" u 1,1I,1. 4j 1' i : • :r:1Vii Li 11JiIt,U1 ? p4 'hi v4, ..e / Ii ;o coo 1-7 I I I I I I I I I I F: I I I , I GENERAL PLAN. MAP.'*.'. .............. - --------- ....... ........... ......... - - L... . ... .... I ::::::::::::; "d __________ ........ . ......... DEL ORO . ... ...... ....... -.... ..•.•. . ..j. . ..... :. HILLS ............. ........ .••• ILHILLS - ... . ...... + ++++++++++++- .... . +++++++-4 ........... -r +++++++.......... . ..... -++++ ++++. :++++ ++++++ ++++++, ........ 3 -++++ ++++++-.+++++++ .,- ++++ ++++++--+++++4............. -++++ ++++++4+++++4... . ++++ +++++++++++:: I I -++++. +++++++.*++++. .... M I 4r++++ ++++++ ++++ ....... . 1%Y.+++++++ .... ++++++ +. .'+++ +++++.. + + + + I I I I I I I I I I I I I I I I I LEE C. JOHNSON COMPANY I Drainage Easements The estate proposed for acquisition is a drainage easement. The exact proposed language accompanies the legal description I .found under individual tabs. Paraphrased, it includes the right to construct, reconstruct, maintain and operate a concrete drop inlet structure. The structures are designed and intended to pick up sheet flow from either the roadway or I adjacent private property and carry the underground storm system to a downstream location. The owners will reserve the fee, including the right to reclaim the area in any future development of the property. The owner may include the area in I landscaping or parking and in computing the allowed density of development. The easements are designed and located per requirements of the City of Oceanside and are the same I requirements that would be imposed were the subject property owners developing their properties including the development of College Boulevard. I I I 7 I I I I I LEE C. JOHNSON COMPANY 1-9 I dO' A_ + U+ I -- / / Ty A— PE, L:2-7/ /NLET I-10 CA TCN _ 10 GW FIfc' 0 -75/ DETAIL NOT TO 9C41E - , Ra/,VD/N& L/ME (5 '9 ///T O/TC 5C7-101/ A -A I5RO' /TCl/ ccNr/&6 7 US 1107- TO SCALE / TO ///L T OPEN/NG NOT ro SCALE LEE C. JOHNSON COMPANY I I I I I F I . V I I V VALUATION 10 I' V. I V V I •Vi• I V .1 I. V I • I LEE C. JOHNSON COMPANY I 11-2 I VALUATION I Our assignment is to estimate the just compensation of the subject properties, as of January 30, 1987. Estimating the market value of property involves a systematic process in which the problem is defined, the work necessary to solve the problem is planned, and the required data is gathered, I classified, analyzed, and interpreted into an estimate of value. The approaches appraisers use in arriving at value I conclusions are commonly classified under three headings -- usually labeled Cost; Income; and Market, or Direct Sales Comparison, analyses. I The Cost Approach is utilized where significant structural improvements have been created consistent with the highest and best use of the site. This follows the principle of contribution, where the improvements add value to the I underlying site. In this approach, the appraiser first estimates the value of the subject site by comparing and l contrasting it with similar site acquisitions within the subject neighborhood. The reproduction cost new of the improvements is determined by comparison with similarly constructed properties, by use of cost estimates from professional cost estimators, or through estimating manuals I published in the real estate industry. Depreciation, or loss in value from any and all causes, is estimated and subtracted I from the reproduction cost new to arrive at the present value of improvements. This depreciated value of the improvements is then added to the estimated value of the site and any site improvements, resulting in an indicated value by the Cost I Approach. The Market, or Direct Sales Comparison, Approach is based on the premise that transactions between independent parties I buying, selling, developing, and utilizing real estate are evidence of value. This valuation method involves the I comparison and contrast of the subject property with similar properties which have sold on or about the date of valuation. These properties are compared and contrasted with the subject with regard to differences or similarities in date of sale, age of improvements, location, physical characteristics, and I conditions influencing the sale. Notable differences in the comparable properties are adjusted to the subject property to I indicate a value range for the property being appraised. When sufficient sales data is available, these adjustments are best determined by the actions of typical buyers and sellers in the marketplace. The value range, as indicated by the adjusted I comparable properties, is correlated into a final indicated value for the subject property by this valuation method. I I LEE C. JOHNSON COMPANY I 11-3 The Income Approach is utilized in valuing properties which I have the capability to produce rental income or the equivalent which the appraiser may convert to an indicated value. This is a process by which the anticipated flow of future benefits I (usually expressed in terms of dollars) is discounted to a "present worth" value through the capitalization process. Under this valuation method, a rental survey of similar, I competing space is conducted in order to estimate what the economic gross rental should be for the subject property. From this amount, a deduction is made for vacancies and expenses utilizing, where possible, known costs and the expense history I of the subject. The net operating income, prior to debt recapture, is then converted into a capital sum by selecting I and applying a rate which is believed to represent the proper relationship between the capital, or property, and the net income it produces. This capital sum represents the value, or present worth, of all future expected benefits which a potential investor or user would anticipate receiving by I reason of such a purchase. The value estimates, as indicated by the three analyses, are I then correlated into a final estimate of the property's market value. In the final correlation, the appraiser weighs the relative significance, defensibility, and applicability of I each approach, in view of the quantity and quality of data available and with consideration of the type of property being appraised. 1 As the properties are undeveloped vacant sites, neither the Cost nor Income Approach is appropriate. We will utilize the I Market Data Approach exclusively. Sales of commercially available properties have ranged widely between approximately $2.00 per square foot and $20.00 per I square foot. The upper extreme of the range is indicated by recent sales adjacent to Route 78 with a new access system under construction currently easterly of College Boulevard. Plaza Drive, the frontage road, is under reconstruction with I freeway oriented commercial sites being developed on the north side of Plaza adjacent to the freeway. Atlantic Richfield recently paid $19.65 per square foot for a preferred location. I Checker Auto Parts and Econolube have also acquired sites in the area at $11.47 and $13.80 per square foot respectively. I Just south of the new freeway access, easterly of College, a shopping center anchored by Payless Drug Stores and Lucky Stores has been under development during the past year. I Payless acquired its interior site in December 1985 at $4.53 per raw square foot. On the same date, the adjacent parcel was conveyed to Lucky Stores at $8.01 per raw square foot. The variance in price reflects, in part, the bargaining position I of the retailers. I I AR 3 R41 11çjN rY__• Market Data Map PAR A I -i PAR 15 I \ijl6 AC PAR i sf- 12 PAR'"Kt,jl 10 PAR 2 '1 Al LI • • 7.I3 Ac £PAR I]®.® I 2.14 012 PAR 2 2LL :L- PAR 1.9 3 AC PAR 2 0 1 A ,O PA V .29 I 13 PARA P - 1.02 1• AC N • - 311 AC4,38 /7v PAR2 • I 5.03 AC pol Ln • _ • SHTI I I LEE C. JOHNSON COMPANY I b 1 78 Ar pIAL4o7g 0.99AC 1 PLAZA - ••_7___ Pi~ L37-477 73 I 11-5 The lower limit of the approximate $2.00 - $20.00 range involves a property at the corner of Lake Boulevard and Cannon now under development to serve the Ocean Hills Retirement I Community. The property sold in February 1985 at $2.00 per square foot. Closer to the subject and fronting on College BQulevard just north of Lake Boulevard, are a recently developed nursery school and an animal care center. The nursery school site was I transferred in March 1985 at $6.03 per gross square foot. The adjacent animal care site, which was twice the size, and trarsferred at $5.00 per square foot in September 1985. I The five sales considered most useful will be further discussed. Transaction Nos. 1 through 4 as summarized on the I . accompanying market data table and shown on the accompanying plat, are considered to have the greatest degree of comparability to the Chows parcel, the smaller of the two subject properties containing 3.933 gross acres. On a gross basis, the sales range from $4.53 to $8.01 per square I area foot. The most directly comparable transactions are 1 and 2 at $5.00 and $6.03 per square foot respectively. The subject property will require more development than either Transaction I 1 or 2, requiring a downward adjustment. The passage of time since Transaction Nos. 1 and 2 requires an upward adjustment resulting in an indicated value for the subject of $6.00 per I square foot, in its undeveloped condition. We will utilize $6.00 per square foot of fee in subsequent computations. The larger Sully-Miller ownership is part of a holding of over I . 200 acres, operated as a mineral extraction site. The boundaries of the site, including the subject area, serve as a buffer between this heavy industrial usage and surrounding I properties. The ownership has no developed frontage on College and is currently being operated under Conditional Use Permits granted by two cities. The potential commercial development of the College Boulevard frontage is thus years away. We have I included comparable Transaction No. 5 as indicated on the accompanying market data summary and plat as one indicator of I commercial sites with more distant development potential. When conveyed at $2.00 per square foot in 1985, the site was in a relatively remote area. Development is now surrounding the area and Lake Boulevard is being extended southeasterly. This I site is therefore now under development as a shopping center to serve the nearby retirement community of Ocean Hills. Considering Transaction No. 5 in conjuction with the previous 4 sales, we estimate the contributory value of the I Sully-Miller property adjacent to College Boulevard at $3.00 per square foot. We will utilize this unit rate per foot of fee in later estimating the easement value. I I LEE C. JOHNSON COMPANY I 11-7 Market Data Table Map Gross Area Net Area No. A.P. No. Date Price Size s/S.F. Size s/S.F. 1 168-012-31 9/17/85 $ 433,000 86,640° $5.00 61,000 $ 7.10 2 168-012-30 3/29/85 $ 267,000 44,257 ° $6.03 36,900 $ 779* I 3 168-012-02 12/18/86 $ 380,000 83,940 $4.53 83,940 $ 9.50** I : A 168-012-03 12/18/86 $1,325,000 165,440 $8.01 165,440 $13.00** 5 169-010-64 2/26/85 $1,200,000 601,100 $2.00 488400 $ 2.46*** I . * Including approximately $20,000 for site development. ** Including approximately $5.00/s.f. for site development. I Development by buyer. 1 I I I L I I . I .. °. .1 •, I I , LEE C. JOHNSON COMPANY I 11-8 Easements are frequently valued at a percentage of fee value. An underground pipe line with little probability of future disturbance of the surface, may be valued for a fairly nominal 10% to 25%, while a road easement including the right to construct overhead light standards, utility poles and underground conduits, is often valued at 100% of value. In estimating an appropriate percentage in valuing the subject easements, your appraiser has considered that they are a requirement of the City of Oceanside in developing College Boulevard. The properties will be unable to obtain their commercial potential including access and exposure to College Boulevard, except by conveying the easements and installing drainage facilities. Based on these consideration, your appraiser concludes at 50% of fee value as the impact on the fair market value of the site by imposing the proposed drainage easement. Damages and Special Benefits A partial acquisition under the power of eminent domain requires consideration of damages to the remaining property. The design, location, and size of easements are as prescribed by the City of Oceanside as a prerequisite for the development of College Boulevard. Development of the subject's properties to highest and best use, requires development of College Boulevard. As highest and best use can only be.achieved by conveying the easements, your appraiser concludes that there is no damage. The development of College Boulevard frontage, adjacent to the subjects, may result in a special benefit. There is however, at this time, no assurance when College Boulevard will be developed and at whose expense. There is a prospect that College Boulevard may be extended southerly to serve the Calavera Hills area, at no expense to the owners of the subject's properties. In the absence of an offsetting damage item, your appraiser has not considered the issue of special benefits further. Just Compensation P In a public agency partial acquisition, just compensation is based on a formula resulting from a series of computations involving benefits, damages, value part taken, the value of I the larger parcel before the acquisition and after. In the subject instances, just compensation is equal to the value of the part being acquired with benefits and damages having no net effect. The parcels being acquired are exceeding small I portions of the larger parcels, comprising factual interest less than 1% of the larger parcels. Computations regarding the larger parcels are therefore retained in our work files. I I LEE C. JOHNSON COMPANY I I I I I I I I I I I I LEE C JOHNSON COMPANY I I I I I I I 1 I I I I I I I I 1 1 I I I I I I I I I CROWS I I I I I I I I I 111-3 Parcel Summary Sheet RECORD OWNER Chows Development Inc. Chen Yung - Chiu et al. 2842 Cuzadero Drive, Carlsbad 92008 OWNER CONTACT Chi-Shine Tao c/o Bay View Inn 4610 De Soto Street, San Diego 92109 483-9800 483-0404 PROPERTY ADDRESS Not developed. College Boulevard west side of Lake Boulevard, Oceanside. LEGAL DESCRIPTION Parcel 1, Parcel Map 5049 SIZE 3.933 acres or 171,320 square feet. ZONING City of Oceanside, C2 GENERAL PLAN Community Commercial TAX INFORMATION Parcel 168-011-06 Land 1986 $714,000 Improvements $0 Tax $7,711.76 DRAINAGE EASEMENT Parcel 1 - Rectangular 15' width, 16' length or 240 square feet. VALUATION 240 s.f. x $3/s.f. = $720 Rounded to...........$750 DATE OF VALUATION January 30, 1987 P - 1• - - — — • -.--- - .a•. .. ... . View west across existing -' -'-: College Boulevard Ib•. - a I . .-: ,j- .,_. - ... ., •v pi ;_;.. .. s''- .•.' _.•,..._,.. -.. - . -. •.. . .:. ..— "jC-i • - .......• . _fw , ,. ,". .. .-.• • — - --.: •- .'? - i - — -r • • •• . ___ 4 • I " '. 4 • - ••••_ _, - • -.--. . . Ia - '. ---- IN ' 0-0 1 p .- . \, • ,..., r'P "tc' '.' f.r; View west at E.S. 22 & 20 Li New interium inlet in center of ultimate College Boulevard. Engineering Station 22 & 20. I I I LEE C. JOHNSON COMPANY I 111-5 PROPERTY DESCRIPTION The property lying immediately west of the intersection of College Boulevard with Lake Boulevard is owned by Chows Development, Inc. This vacant site has extended frontage on College Boulevard (114.3.5 1 ) with an average depth of 1501 . The depth at the north end is 131.56' with a gradual tapering south. It is a vacant commercial site available for development and currently on the market with an asking price of $2,100,000 or $12.26 per square foot gross. College Boulevard frontage is partially developed along the northerly portion of this property. Further widening will be required including installation of curbs and gutters. Along the southerly portion of the property, College Boulevard has not been developed. Currently, the east half of the street opposite the subject is being developed by the ownership in the southeast quadrant of College Boulevard and Lake Boulevard. The west half immediately abutting this property will remain undeveloped in the near term. The responsibility for developing the west half of College Boulevard adjacent to the southerly portion of this property will depend upon timing. The developers of this property may be required to widen and improve the street or it may occur if owners further south extend College to serve their properties. An extract of plans in the introductory section was prepared to the requirements of the City of Oceanside which is the jurisdiction governing this property. Development in accordance with these plans will be required to whomsoever ultimately improves this portion of College Boulevard. The proposed drainage easement shown on Parcel 1 is to accommodate a catch basin to carry water into a stornidrain lying within the center of College Boulevard. The installation of this permanent facility requires a rectangular area 15' wide and 16' in length or 240 square feet. I 1 I I Li I I LEE C. JOHNSON COMPANY U I I I I I I I I I I / 9/ 7t --2r. tp I / / I ZZ / I ,. ..'-.. f: ! C Cg)): K N' N : A ,.,L I•- .. • " ::- r 111-6 fri 1: r o h 1.- k-,-- • ç •.a — I— IE I I I I I I I I 1 I I • -• '-U_.•,• , ;; • -• C o... 0 Cb -, - -<1 \\ I ti (55°53'f3"E) LZ I II a \\ \\ 1i -7- ll Z- E6jEND () INDICATES /?ECO/?0 114/?IAA/CE PEA' 414P 715/ 4,VO PARCEL 44410 5049 LEE C. JOHNSON COMPANY I I I I I I I I I I I I I I I I I I LEE C. JOHNSON COMPANY 111-8 Chen Yung-Chiu, et al, Cedric E. Sanders, Vernon Savings & Loan and the Dondi hereby GRANT(S) to Group and their successors in interest, the permanent Easement and Right-of-Way to construct, reconstruct, maintain, operate,. and repair storm drains including any or all appurtenances thereto, together with the right of ingress and egress, over, under, along and thelollowing described real property in the City of Oceanside across all of County of San Diego , State of California: A STRIP OF LAND 15 FEET WIDE IN A PORTION OF PARCEL 1 OF PARCEL MAP NO. 5049 RECORDED -IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON AUGUST 27, 1976, IN THE CITY OF OCEANSIDE, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, THE CENTERLINE OF SAID STRIP BEING DESCRIBED AS FOLLOWS: PARCEL I BEGINNING AT THE MOST SOUTHERLY CORNER OF SAID PARCEL MAP NO. 5049; THENCE ALONG THE SOUTHWESTERLY BOUNDARY LINE OF SAID PARCEL MAP NO. 5049, N33°221 20"W, 214.23 FEET (N33°231 20"W, 214.18 FEET PER SAID PARCEL MAP) TO A POINT ON THE WESTERLY LINE OF COLLEGE BOULEVARD, 104 FEET WIDE, SAID POINT BEING ON THE ARC OF A CURVE CONCAVE EASTERLY AND HAVING A RADIUS OF 552 FEET, A RADIAL LINE TO SAID POINT BEARS S85°54 1 0311W (S85°531 13"W PER PARCEL MAP NO. 5049); THENCE NORTHERLY, ALONG SAID WESTERLY LINE OF COLLEGE BOULEVARD, ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 8°291 4711 , 81.86 FEET; THENCE CONTINUING ALONG THE WESTERLY LINE OF COLLEGE BOULEVARD, N4 0231 50"E (N4 022 1 50"E PER PARCEL MAP NO. 5049), 70.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE N85 0 36 1 10"W, 16.00 FEET TO A POINT OF TERMINUS. - I I I I F I I I I I I I I I I I I I /5 16042' 1 11 * PP is iQ2 fASE T7 syuGr No. R-41 aa 2246' c$ / PCL iNO, 2 7I p 11iN 0, S9 49 ~Jle - c ) ~J nv p \\\\ " 3348' 'I ?_ 1/672' L 68.2' - 70.00' 383.03' TYPE' G"c 70.00' I, 2 4/0.37' 355/0' II C-2-IN j8°5.O0" - 3O6.4 0-9 p-3c13°oo'/r_[35G9 4'.92 2 O 7 3-9 3740 /38. 8 17 ' 1 0-J?N385900W ?84.35 0-3. 1 . I c S (v) TYPE 'P' CATCH 8A5/N71 P&I I(A/ c /4/JS LEE C. JOHNSON COMPANY LEE C. JOHNSON COMPANY 8321 Lemon Avenue La Mesa, California 92041-5287 (619) 462-4350 LEE C. JOHNSON. MAJ. SRPA ROBERT J. PFLIMLIN. SR/WA RANDY A. TAGG KENNETH A. KEAGY JEFFREY C. JOHNSON JOEl. S. JOHNSON ESTELLE GEHRINGER KEITH 0. WRIGHT January 26, 1987 Chows Development, Inc. do Chi-Shine Tao Bay View Inn 4610 De Soto Street San Diego, CA 92109 Reference: College Boulevard Construction Dear Mr. Tao: This is a continuation of your discussion with Charles W.. Christensen Associates and/or Vernon Asset Management regarding development of College Boulevard southerly of Lake Boulevard. We have been requested to appraise the drainage easements on your property immediately adjacent to College Boulevard and required in the construction of College Boulevard. Enclosed is a copy of a plat prepared by Christensen Associates. This letter confirms our telephone conversation of January 26 with your office seeking any information which you believe should be considered by us in the course of our appraisal. This is, also to request permission to walk the property and to meet you or your representative at the site should you feel it to be worthwhile. Respectfully submitted, by mlin RJP/bnh I I REAL ESTATE APPRAISERS AND CONSULTANTS LEE C. JOHNSO N COMPANY LEE C. JOHNSON COMPANY IV-3 Parcel Summary Sheet RECORD OWNER Sully Miller Contracting Co. 3000 E. South Street, Long Beach 90805 OWNER CONTACT Southcoast Asphalt 3701 Haymar Drive, Carlsbad 92008 Mr. Dan Hickether, Vice President 757-2010 PROPERTY ADDRESS Not developed. College Boulevard west side 300' south of Plaza Drive access developed from west through Southcoast Asphalt ownership. PARTIAL LEGAL Portion Lot D, Rancho Agua Hedionda SIZE 56.49 acres plus adjacent parcels. ZONING City of Oceanside, PA & C2 with C.U.P. for mineral extraction. GENERAL PLAN Community Commercial TAX INFORMATION Parcel: 168-011-06 Land 1986 $203,355 Improvements $0 Tax $2,196.38 DRAINAGE EASEMENTS Parcel 1 - Rectangular 15' width, 16' length equals 547.5 square feet. Parcel 2 - Rectangular 15' width, 46.25' length equals 693.75 square feet for a total of 1,241.25 square feet. VALUATION 1,241.25 s.f. x $1.50/s.f. = $1,861.88 Rounded to...................$1,900.00 DATE OF VALUATION January 30, 1987 gw ::: - -_:' ••''-' - . Ii - *.. _______ ________ --:'., -• - Undeveloped College Blvd. frontage view south. Hayrrar Dr. access through other parcels. Natural drain at Parcel No. 2 I IV-5 I The Sully-Miller ownership is shown on assessor records as containing 56.49 acres. This parcel abutts other contiguous property vested in South Coast Asphalt. Sully-Miller is I reportedly the parent company of South Coast Asphalt and operates four contiguous assessor parcels containing a reported 211.76 acres as a single holding. The total ownership lies partly within the City of Oceanside and partly within the I City of Carlsbad. Conditional Use Permits have been issued by both cities authorizing the operation of the property as a I access mineral extraction site. The property has a single developed on Haymar Drive, a frontage road to Route 78. The 56.49 acre parcel vested in Sully-Miller lying within I Oceanside enjoys a Conditional Use Permit allowing mineral extraction. This permit was issued in 1961 and has been periodically renewed. The brush covered rolling hillside westerly of College Boulevard, comprising a buffer area. The I aerial photograph accompanying this report shows that mineral extraction has been extended a considerable distance into the property and includes South Coast Asphalt properties further I westerly. 1~ I I I I n I I I I I I I I I I I I I I I I I I LII I I LEE C. JOHNSON COMPANY Li LEGEND IV-7 \ / N 1 : - C) ZZ () - - 4l N rr, 56°34'3O11E 568.06' / \ ii) > I Li) - - TEET C,) 2 I () /'VD/C4 TES f&CO/?O V4R/4iVCE P&? /44P 715/ A1VO PARCEL /4,4P 5049 I I \-- v\\ 3111 \ \ c \ \\ \ \\ ) r •- 5'A. /2/V I I I I I I I I COLLEGE BOULEVARD ° '0 - C—) D.-AAPO- j3 \c - I N -' . _x •\V \- AII dovj • I ( ) \ \\• \ —.. •_r_ . \ 10. 2 \\ 5949 I \ \ \_g Ir \ \ \\ I \ \; \ \ . - •.. - ' --\' /- I H I I I LEE C. JOHNSON COMPANY II II II -JI I I a corporation organized under the laws of the State of California" hereby GRANTS to I Cedric E. Sanders, Vernon Savings & Loan and the Dondi Group and their successors in interest, the permanent Easements and Right-of Ways to construct, reconstruct, maintain, operate, and repair storm drains I the following described real property in the City of Oceanside including any or all County of San Diego , State of California: appurtenances theret together with the right of ingress and egress, over, under, along and across all I of STRIPS OF LAND 15 FEET WIDE IN A PORTION OF LOT "D" OF RANCHO AGUA HEDIONDA, IN THE CITY OF OCEANSIDE, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO PARTITION MAP NO. 823 FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY ON NOVEMBER 16, 1896, THE CENTERLINE OF SAID STRIPS BEING DESCRIBED AS FOLLOWS: I PARCEL BEGINNING AT THE MOST SOUTHERLY CORNER OF PARCEL MAP NO. 5049 I RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON AUGUST 27, 1976; THENCE ALONG THE SOUTHWESTERLY BOUNDARY LINE OF SAID PARCEL MAP NO. 5049, N33°22 120"W, 214.23 FEET (N33°231 201-W, 214.18 I FEET PER SAID PARCEL MAP) TO A POiNT ON THE WESTERLY LINE OF COLLEGE BOULEVARD, 104 FEET WIDE, SAID POINT BEING ON THE ARC OF A CURVE CONCAVE EASTERLY AND HAVING A RADIUS OF 552 FEET, A RADIAL LINE TO I SAID POINT BEARS 585°54 1 0311 W (S85°531 131 W PER PARCEL MAP NO. 5049); THENCE SOUTHERLY, ALONG SAID WESTERLY LINE OF COLLEGE BOULEVARD, ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 40271 4211, .42.98 FEET TO THE TRUE POINT OF BEGINNING; THENCE 581°261 2111 W, 36.50 I FEET TO A POINT OF TERMINUS. I PARCEL 2 BEGINNING AT THE MOST SOUTHERLY CORNER OF PARCEL MAP NO. 5049 RECORDED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY ON 1 AUGUST 27, 1976; THENCE ALONG THE SOUTHWESTERLY BOUNDARY LINE OF SAID PARCEL MAP NO. 5049, N33°221 201-W, 214.23 FEET (N33 °23'2011W, 214.18 FEET PER SAID PARCEL MAP) TO A POINT ON THE WESTERLY LINE OF COLLEGE BOULEVARD, 104 FEET WIDE, SAID POINT BEING ON THE ARC OF A CURVE I CONCAVE EASTERLY AND HAVING A RADIUS OF 552 FEET, A RADIAL LINE TO SAID POINT BEARS 5850541 0311 W (5850531 1311 W PER PARCEL MAP NO. 5049); I , THENCE SOUTHERLY, ALONG SAID ALONG THE ARC OF SAID CURVE, WESTERLY LINE OF COLLEGE THROUGH A CENTRAL ANGLE OF BOULEVARD, 3405310311, 336.08 FEET TO THE TRUE POINT OF BEGINNING; THENCE 551 °01'00"W, 46.25 FEET TO A POINT OF TERMINUS. I I I LEE C. JOHNSON COMPANY I I I 1 LEE C. JOHNSON COMPANY LEE C. JOHNSON. MAJ. SRPA ROBERT J. PaIMLIN, SR/WA RANDY A. TAGO KENNETH A. KEAGY JEFFREY C. JOHNSON JOEl. S. JOHNSON ESTELLE GEHRINGER KEITH 0. WRIGHT 8321 Lemon Avenue La Mesa, California 92041-5287 (619) 462-4350 January 26, 1987 Sully-Miller Contracting Company 3701 Haymar Drive Carlsbad, CA 92008 ATTN: Don Hickethier, V.P. South Coast Asphalt Reference: College Boulevard Construction Dear Mr. Hickethier;. This is a continuation of your discussion with Charles W. Christensen Associates and/or Vernon Asset Management regarding development of College Boulevard southerly of Lake Boulevard. We have been requested to 'appraise, the drainage easements on your property immediately adjacent to College Boulevard and required in the construction of College Boulevard. Enclosed is a copy of a plat prepared by Christensen Associates. I This letter confirms our telephone conversation of January 26 seeking any information which you believe should be considered by us in the course of our appraisal. This is also to request I . permission to walk the property and to meet you or your representative at the site shOuld you feel it to be worthwhile. Respectfully submitted, ZRert -. Pf'limlin RJP/bnh I I I I REAL ESTATE APPRAISERS AND CONSULTANTS LEE C. JOHNSON COMPANY I I I I I I I I I