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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 I 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 I Commercial Real Estate Appraisal and Consulting I 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 I I I I I Rasmuson Appraisal Services Page ii 1 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. I 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 I . • Compensation Summary: Part to be Acquired 0 $129,600 Severance Damages $112,650 I . 0 • Benefits to the Remainder None Total Estimate of Just Compensation (rounded) $242,300 I Date of Report July 3, 2001 Specific Assumptions None • 0 0 I Appraiser Gary L. Rasmuson, MAI I. •• • 0 I . ••, 0 .1 I ..... 0 0 0• 0 I . ,•, 0 , 0, 0 • • H. I Rasmuson Appraisal Services 0 • Page 1, 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 Rasmuson Appraisal Services • , • . Page 2 Date of Value March 20, 2001 - Date of Inspection : Marketing/Exposure Time 0 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 0 Severance Damage Definition 0 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 0 0 Benefits-to the Remainder Definition 0 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 I Rasmuson Appraisal Services Page 3 I Project Location Map SI S S I /A • S S IA e• / • S - S — w r . • • 55 • - -. /. L Subject SCAta / / I — 1/ d S — - # , S ffl.tnrwtl P mfrr -. 5 5 - I RT&wMtY • S __._.___._____S Ow• Ur / r • CANHCW RD.,•- 5- • a CAll/MO REAL -. S *1 _--_.._. - - -. - • S • a)v a CAM _t_.-----_.re_ • .g flMqt At • S ROJ.DEIFl-1 I / 4RL$&4D QaO4OOWI A — b2001 ODoy Cen,Wtonth. Inc. - Is AMU S •.'.-. '—. - I . I • - S • • •• 5- 5 5 5 5 5 .1 - • 1:. .- S 5 5; • -: • I I I • S • . . • • • S Rasmuson Appraisal Services S Page 4 I F 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 I .detention basins by the City of Carlsbad are to control flooding impacts within the Calâvera Creek and the Little Encinas Creek watersheds. . . .. . / . . 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. I I I I . :. . I Rasmuson Appraisal Services Page 5 ALAVERA HILtSY.... .. .•., . . MASTERPLAN-. .: . BOUNDARY,. . VILLAGE T VfLLAGEP El •• , / CALAVERA . • ..........'. X .• NATURE!.• :••. .. .'.. '..' & F VI: L4 u PRESERVE Ji JVILLAG 1 0 .si•..,. . •. STATE . .. Mitigation OP; -7 CAUFORNIA AULKTCHANG& VILLAGE. C.. . ',,' . . .......... \ • .. . . ....... \ IY LA (Ew VILLAGE B \ DETEN11ON BAD NIFIED UJ ROBERTSON VIZ .c. C1I b çHOLLY SPRINGS LIMITED U. // . • . . QJQ RANCH PARTNERS RANCHO CANTARINI CARLSM ASSOCIATION / 'KELLY RICHARD ,. IaA KELLY AT CA PROPERTIES / ROADWAY LINKS TO BE - FUNDED BY B&TD#4 Figure 1 - Carlsbad Bridge and Thoroughfare District No. 4 Project Location Map Rasmuson Appraisal Services Page 6 Proposed Subject Acquisition Property I ( I - - - - - - I \ / *c22a • - - - -'I RD8JRISON RANCH I i •• • • \c\• / 03 -. '•• - ••• -. \\\ / I Figure 2 - Project Map I U II Rasmuson Appraisal Services Page 7 I : . 1 Subject Assessor Plat Map .• I 168-04 SHTIOF2 I: . 2 26 • 0 . : (/___•'\ (ESHt 2 I I VA lot 1~-AIIAP 823 I I Wfl.Z.l, ,jj. . 0 SHT V S O rD r 35.O7AC -' ' ISTA 30 4 - • • I fl NL.COA&orL. / 04'-" CARLSBAD. UN. / . — _______ 36 CRL 6 / Si-IT 2 LLAGLr ________ 30 iw•' S SHT 3 . '— 040 • • • . U.. '&31 16 45 I • .0 S0 •0 .• 5 100.56 AC S SWCOR.LOTL 1 ____ POP D . S S Subject 46 .1 S "Zou"07k Are. Ir I W7•M'I? 11137 • SHT P1 4LOT R - /-' WI1h • 5 0 • • S LOrb . 5I • •. p .. .. 5 ... • . •• I I 0• 1' . S 5 5 Ràsmuson Appraisal Services S S Page 10 Site Analysis I 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. Rasmuson Appraisal Services Page 11 I I I Ii Assessor Parcel No 168-040-30 I Assessed Value Land $47226 Improvements $0 I Total $47,226 . a 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. I I I Rasmuson Appraisal Services Page 12 - r\ I nk M% 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 Rasmuson Appraisal Services . Page 13 / : 0 ;' H ••• ' : 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 I 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 'I 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 I • • 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. I ' 0 '• 0 ,• 0 '0 •• Rasmuson Appraisal Services 0 Page 14 Subject Photos PI-olc I - Locking South from Northeast Property Corner Ra:siujson Appraisal Services Page 15 • -. 11 tli; : ;] Photo 2 - Looking North on Private Easement Road on East property boundary Rasmuson Appraisal Services Page 16 Subject Topographic Map I I .''--- ----..-, 1.•. I /E4I I / 1• ' . . Approximate /ll Subject area of - - II / ' proposed -- '4' acquisition - '', ____ •. a. . - I '• ,. ' 4' Calavera Creek - 'N I Rasmuson Appraisal Services Page 17 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, I 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 I 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. I Rasmuson Appraisal Services Page 18 p Highest and Best Use Analysis : I 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. - 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 I 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. • I J • • • - •: •. •• • - •••- • • S - • SI 5- 5 I S - S • Rasmuson Appraisal Services Page 19 I 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 '.4.. -. .-- 4; •. .-. . -. .. - 4 ,•'.c. I .4' 4. 4 4 4 . -. 7 '_7' 4, "1 I I - -r 7 . - '._-4 .44' - + 4., - 7 4 .. - 7 - #. 7- . -. _4# .'• • --'I-. . . - Rasmuson Appraisal Services Page 21 I : I ! 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 I - Buyer: Poway Unified SchoolDist. Seller: Harry Warren Roy, et al Sale Price: . • . $525,000 . Unit Price: $15,000 per acre . 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,• - - - Source: - . Comps.com; Powáy Unified School District representative 1- ;H-• . . I -.: i . . •• - .4. Page 24 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 . * Source: Comps.com Il Land Sale '4 . I .Location/Address: North side of Mission Avenue, Oceanside Assessor Parcel No.: 122-130-09; 157-150-57 Site Data: . Land Area 10.0 acres .' . I .. Zoning Agriculture . S Site Condition Undeveloped .. Vegetation Riparian habitat I Topography Level within floodplain and floodway of San Luis Rey River Sale Data: I Sale Date 6/19/98 Document No. 1998-375625 Seller:' Zwiestra Family Trust Buyer: City of Oceanside I 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 r T'T'7tTT4 I ,, LSale IIII . ' ' - L-z--.- I • S - -- ... I Rasmuson Appraisal Services . . . S Page 25 1 I . I. I ' 1' RasrnUsonAppraisaI Services I 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. . Source: Comps.com; Coastal Conservancy Project Summary; US Fish and Wildlife Page 26 J 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 I . Zoning RRFP . * Site Condition Some corrals, mostly undeveloped . 4 Vegetation Riparian . I Topography . Generally level; within Escondido Creek floodplain and floodway I SaleData ' . 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 • . I Proposed Use: Purchased for conservation; The seller had been in litigation and according to the , • • 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 S ,.. • r .. • . 'V j;,. . 1..'.. ': .• I. • . s3. • ' SI I ...i.• I -• J•,,•,, • £'• ' L I .. —. S U. .'I.r&... *. .....' __'s. - I I - I Rasmuson Appraisl Services •. • Page 27 t - •i' I 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 - . 3/8/00 6/19/98 PropertyyDescription-- ,f - I . 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 ' - Similar Similar ' Similar I Topography Superior Inferior Similar Inferior' Land Planning ., i-. - -. Similar Similar Similar Similar. I Overall Net Companson - ,, I .•' - V . Manchester Avenue Vandegrift Boulevard' 'l'4t6 fEIemeflt bf- Coparfl. Property/Location --, . El Camino Real -. Community . .' Carlsbad . - . Encinitas Oceanside . . .--'.,,.. ' , .t - • y. . -4, . 1* ' . . I .. ' SaleDate 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 I - • fOMPARlSON-ANALYSlSit J. Non-Physical Comparisons:;- .. . 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 . . •' 1 'Size .u. . 4 4". Similar . ' Similar Inferior Similar Inferior Zoning/Land Use Superior c -.. ,Topography - " Superior •' Inferior .. Similar - Land Planning Similar ' - Similar ' Superior. I • Overall Net Comparison ' ' I I I a Rasmuson Appraisal SevicEs ' -. - , Page'29 * - . . . 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. I I Value of Part Acquired The value of the part acquired is based on applying the unit values established in the valuation of the I 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. I • Rasmuson Appraisal Services . . Page 30 I 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' ot 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. 0 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 - . . ,. .,. .. --..-.-. .- - .• .4 k ... / Approximate Rema r I. .• . . I Parcel'' areaof proposed ____________ • _____________ mitigation parcel acquisition ________ . . '1 - I ________ 4 ____________ - .'. , 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 I I- 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 I applicable to this property due to the acquisition in the manner proposed - C.,-, - - I •. . - .: ,. -. .:: '•••-' - I I A . . - -, 4 - -4.. - 4 - I• . - 1 . . I . 4. - •_ - - I •- 4, .: . _.I .. ,. - . ., . - ., - - 1 - - - , • .1 4 ;. •, - . -, - . - - .................. - • •• . • I - .4 .4 I Rasmuson Appraisal Services' Page 33 -. . . • • . -. -. -. .. •- ' • . - . :.- .. ..• ••1 . - U 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 1 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 • • Rounded to.....: • . ;••. r $242.300 I I , U I I .;• .• • I • • ,• ..• . H . • • . • • Page 34 Rasmuson Appraisal Services • • Limiting Conditions and Major Assumptions I 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. - 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.. . .. I I I Rasmuson Appraisal Services U U 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 • ' , • • LI 1 I I Rasmuson Appraisal Services ' Page 36 :1 I 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 I I I I I I 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 U I U U U U I U