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HomeMy WebLinkAboutCT 00-02; CALAVERA HILLS II; COMPLETE SUMMARY APPRAISAL REPORT OF CANNON RD REACH 3 AND COLLEGE BLVD REACH B; 2002-08-20Si. L - o - I C'O-;MPLETF':.S,UMMAR( APPRIAJSAL REPORT,_:"_ --S. , '- .'-,' -j-:. -, _ ' -• ''.. , :5 " - f-: I OF Co nbon Road Reach &and College Blvd RG'ach B Carlsad SchqoLDis n trict Owership t HTTTT 45 )4 Prepared For -- I Cd I av,e Td Hills II; LLC 'and - The City of .Carlsbad I 5-- / -' S •' .- S T A , 5- - Dated - 55' , - _ ',', ' - •'_ ;.': - -4.fl:!--iS4 5, 'S:- ' ' , . '_- ' - '-.. ''S'-. - - -August 2O, 2OO : - - - - - - _5 '_ - - - -. -i:, . - , ,, :-,. "-i . - ', - .-. - - - .S_-- ,- - ', ,'.,' _5_ '55 Commercial Real Estate Appraisal and Consulting - - '' '' -_:--'. - ____5,,_i ,','-'•' • Rasmuson Appraisal Services Gary L RasrTuson, MAI SRA 14665 Yukon Street San Diego, California 92129 - Phone: 858-672-1796 Fax 858-672-3816• August 20, 2002 File No. 22125 Mr. Don Mitchell Calavera Hills II, LLC 2727 Hoover Avenue National City, California 91950 RE: Cannon Road Reach 3 & College Boulevard Reaches B &C Bridge & Thoroughfare District #4 and the "BJB" Detention Basin Project Acquisition Carlsbad School District Ownership, 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 of right-of-way and various easements from the referenced property. This report is an updated valuation analysis of a prior report prepared for you dated July 3, 2001. This report provides a current valuation analysis and reflects changes in the right of way acquisition from easement to a fee purchase. The appraisal report has 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 2-2(b) of USPAP. The project consists of acquisition of right-of-way for the Cannon Road Reach 3 and College Boulevard Reach C right-of-way that will cross through a portion of the subject property. In addition, the project requires acquisition of easements for the proposed "BJB" detention basin to be partially constructed on the subject property. U 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 August 20, 2002 was: Total Just Compensation 1182.200 Please refer to the Limiting Conditions section of this report for the specific assumptions made in this analysis. This valuation is based on right-of-way drawings; plans and area calculations provided by my client and O'Day Engineering. I have not been provided with complete construction drawings or easement language U for all of the various types of easements to be acquired. My valuation of the rights acquired is based on preliminary information regarding the type and scope of easement to be acquired. If the easement language is significantly different from the easement descriptions contained in this report, the valuation analysis would be void and require re-analysis. - Commercial Real Estate Appraisal and Consulting Mr Don Mitchell Calavera Hills II LLC August 20, 2002 0 Submitted herewith is my report containing the facts and reasoning upon whiôh 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. 0 •0 Sincerely, RASMUSON APPRAISAL SERVICES L. Ras on, MAI Certified General Re I Estate Appraiser .o State of Cali ornia OREA Appraiser I.D. No. AG 002571 0 Expiration Date: 2/4/2004 0 Commercial Real Estate Appraisal and Consulting Table of Contents ITEM PAGE NO. Letter of Transmittal ............................................................... . Summary of Conclusions .................................. ....................................................................... 1 INTRODUCTION I Valuation Methodology and Order of Presentation ........... ......................................................... 3 Purposeof the Appraisal ..........................................................................................................3 Scopeof the Appraisal........................................................ ..................................................... 3 Definitionof Market Value ........................... .............. ................................................................ 4 SITE AND IMPROVEMENT DESCRIPTION General Location Map................................................................................................................. Subject Plat Map .....................................................................................................................10 SiteDescription .........................................................................................................................11 Subject Photos ............. ........................... .................................................................................. 16 DEMOGRAPHICS AND MARKET ANALYSIS CommunityAnalysis ............. . ............. ................... ........................ . ............................................. 21 HIGHEST AND BEST USE ANALYSIS V Highestand Best Use ...............................................................................................................22 VALUATION ANALYSIS Valuation of Larger Parcel .......................................................................................................23 Valuation of Part to be Acquired ..............................................................................................42 V V Value of Remainder ...............................................................................................................58 -Reconciliation of Value .............................................................................................................. 59 Limiting Conditions and Major Assumptions ............................................................................ 60 Certification..............................................................................................................................61 ADDENDA V V Appraiser Qualifications ................................................................... ....................... Addendum A Rasmuson Appraisal Services V Page ii Summary of Cohclusións Property Carlsbad School District Ownership, Carlsbad, California Assessor Parcel Nos 168-050-19 and 46 Project Description Proposed acquisition by the City of Carlsbad of right-of way for the extension of College Boulevard and Cannon Road through the subject Parcel, In addition, the project requires acquisition of land from the subject for a storm water detentiOn basin. A total of 2.04 acres will be acquired in fee. A quitclaimable inundation easement acquisition will total 1.82 acres. A slope easement to be acquired totals 1,378 square feet and a temporary construction easement will impact 1 159 square feet Apparent Ownership Carlsbad Unified School District Purpose To estimate the subject's fair market value and total just compensation for the part to be acquired. Estate Valued The fee simple interest the property is under a short-term lease for farming operations. This lease has, not been provided to the appraiser and is not considered in this valuation analysis. Zoning L-C; Limited Control Zone by the City of Carlsbad Larger Parcel Site Size 57.64 acres Date of Value August 20, 2002 , Indicated Values Value of Larger Parcel - Before Condition: $10,375,000 I 57.64 Acres @ $180,000/Acre (@ H&B Use) Compensation Summary: • ParttobeAcquired — Fee $146,174 Slope Easement : '$1,708 Quitclaimable Ihundation Easement $32,833 ,Temporary Construction Easement. $1,437 I Severance Damages None Benefits to the Remainder None • Total Estimate of Just Compensation (rounded) $182.200 Specific Assumptions As of the writing of this report, I have been provided with, preliminary right-of-way construction plans, right-of-way plat maps, and' detention basin easement'rnaps for this project. Sample easements were provided for the slope easement, but were not available for the inundation ' easement or temporary construction easements. Interpretations of the - intent of the easements were provided by my client and relied upon in • this valuation. - •I My valuation of the rights acquired is based on preliminary information regarding the type and scope of easement to be acquired If the easement language is significantly different from the easement descriptions contained in this report the valuation analysis would be void and require re-analysis Rasmuson Appraisal Services Page 1 Project Location Map I Rodwam Raw a cum 12001 O'Day CoEm4tlnt3. tnc. I 'I I I Rasmuson Appraisal Services M ER dtMâIW 4 If? AS sliM. mi A I. IMJUERAIXW L1MaD1W C4r ERER faRlf ml ER A ERSfERZRCI ER PER DiV ERMMrMr I IL ml / M.D m,.rAsC Ma DY m ERERlWMP M.D Xi MC Ma ml ml Mi MM 1MM MMII 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 through the subject site. The road construction requires acquisition of road right-of-way,; adjacent slope easements, temporary construction easements, access easement and a water inundation easement. 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 my 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 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 analysis performed for this report: Property inspection by appraiser > 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 > Report written based on a summary report format with a complete analysis I Rasmuson Appraisal Services Page 3 Date of Value August 20,2002 Marketing/Exposure Time 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 jut and equitable. Source: Section 1263.32 Code of Civil Procedure, State of California Severance Damage Definition The damage, if any, caused to the remainder by either or both of the following: The severance of the remainder from the part taken. 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 Procedure, State of California Benefits to the Remainder Definition 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. Source: Section 1263.430 of Code of Civil Procedure, State of California Rasmuson Appraisal Services . , Page 4 Project Description The subject project consists of the proposed extension of College Boulevard and Cannon Road through a portion of the subject property. As part of this road improvement project, the developer of Calavera Hills is required to acquire land for a water runoff detention basin known as the "BJB" Basin. The extension of College Boulevard and Cannon Road will be along the general location shown in the Carlsbad General Plan circulation element. The project is known as the City of 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 through the subject, temporarily terminating at the southeast corner of the subject where it will intersect with Cannon Road. Cannon Road is to be extended from El Camino Real northeasterly through the adjacent Robertson Ranch and Calavera Hills II LLC properties and temporarily terminating at the intersection with College Boulevard. The extension of College Boulevard through the subject property is known as College Boulevard Reach B. The extension of Cannon Road through the subject is known as Cannon Road Reach 3. Although the future plans accordihb to the Carlsbad General Plan is to extend College Boulevard southeasterly to intersect with El Camino Real, only'Reach B 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 detention basins by the City of Carlsbad is to control flooding impacts within the Calavera Creek and the Little Encinas Creek watersheds. Although the EIR for this project refers to two detention basins, only the "BJB" basin located at the northeast quadrant of Cannon Road and College Boulevard is considered and valued in this report. Both College Boulevard and Cannon Road are shown as Major Arterials in the Circulation Element. I Buildout design standards for major arterials include a 102-foot right-of-way with two 12-foot travel lanes in each direction with an 18-foot center median. As a result of the proposed project, a total of 0.91 acre or 39,702 square feet of right-of-way for College Boulevard and Cannon Road is to be acquired. Also as a I part of this project, acquisitions of right-of-way for slope easements, construction easements and inundation easements will be needed. A summary of the proposed easement areas for the subject project follows. Acquisition Type Area of Acquisition Road Right-of-Way, Slope, Access Road, Detention Basin Fill (In Fee) 2.04 acres or 88,713 SF Slope Easements (In Easement) 0.03 acre or 1,378 SF Temporary Construction Easement 0.03 acre or 1,159 SF Detention Basin - Inundation Easement (Quitclaimable Easement) 1.82 acres or 79,457 SF L I Ii 1 Rasmuson Appraisal Services Page 5 L I 6 ERA HILLS ER PLAN— JNDARY C: HOLL'll' : SPRINGS LIMITED CARLSBAD PARTNERS /KELLY AICH— : T fat ROADWAY LINKS TO BE 4' FUNDEDBYB&TD.•#4 Figure 1 1CarIsbad Bridge and Thoroughfare District No. 4 Project Location Map Rasmuson Appraisal Services •.VILLAGE I vi G k1 7/ \\ & /jj j- •.n( if \ VILLAGE '.0 C 1 V.LLAE VILLAGE B _) '!i VILLAGE \ 2 . •. S • ROBERTSON ASSOCIATION CANTARINI 5 1 V V V;V \44 V 4 V •V• 4, VV V - - V - V 44 j V V j • 4 V Vj V V V V V • V •.1T1 V / V V •4 V • V 4 V • 4r V_S*4 VVV V V V 4 4 . V •. / V . •. . S) . -V .• V •V V V V V V • V V V • lot SO zo 4.' N jS - • V• I V - V • V V• • <::- I *1 / V V• V V •' : V V V. VV• • V. - V V : V V I Subject Larger Parcel The larger parcel is undefined in the Eminent Domain Law. The Dictionary of Real Estate Appraisal published by the Appraisal Institute defines the larger parcel as follows. "In condemnation, the portion of a property that has unity of ownership, contiguity, and unity of use, the three conditions that establish the larger parcel for consideration of severance damages in most states." In general, this definition describes three tests used to evaluate and describe the larger parcel from which the part taken is acquired. Unity of use between part taken and the remaining land Unity of ownership of the part taken and the remaining land and Contiguity of the part taken to the remaining land The subjct parcel Within which the proposed acquisitions are taken from is known as Assessor Parcel No. 168-050-19 under the ownership of the Carlsbad Unified School District. Contiguous to that parcel under the same ownership and use is Assessor Parcel No. 168-050-46. No other contiguous parcels under the same ownership were identified by public records. Based on the three tests applied above, the subject larger parcelisidentified as both of these parcels combined as a single 'ownership. Rasmuson Appraisal Services - Page 8 General Location Map RdsmUson AppraisI Services Page 9 I Subject Assessor Plat Map .. I. NE LOT!. . . 2:959 - . . POR LOT I 'Subje 109. 45 AC c]_.-7-j L H I I . l± 25.I2AC . - SHT 1 PEN SPACE .J o O - . _ - sS.l1' £ 579$5 OPEN SPACE A () 'POR LOT \'.O 45.31 AC Ac Hm 12 AS PER I SC. MAP U E . . . ..•••• '€) 490•4 t) ''.• •141 9-4100•• 17 AC S4.63 ,8Q '....!) C2) .• 9.. , .9 . ®.49r9oU .9. C 97.75 AC 57.71 AC . 7i1 AC ' . . . 94.11 AC I ........ . . LOT E• PO . PM 41A91&8 DO- . . . •A9'744'41— An,I PAR S - _AC PAR I ® €) ® ' / I 3.9 211 ViAP 823 - P110 . iETONflA POR LIT D.E&L - l 231 14818 - - . - I 1 ' A , . I, . . , I -- - •. :' L , , I I I . . - - 1. - . •.• I Rasmuson Appraisal Services Page _______ • -, £- -. . I Ii' - . Site Analysis Property Identification Carlsbad School District Property located at east of North El Camino Real and south of Tamarack Avenue in the City of Carlsbad, California. Legal Description The subject larger parcel is defined as all that portion of Lots "0" and "E" of Rancho Agua Hedionda, in the City of Carlsbad, County of San Diego, State of California according to Map No. 823 as described in the two parcel legal description. A complete legal description of this property is retained in my files. Apparent Ownership The current record owner is as follows: Oceanside-Carlsbad Union High School District, as to Parcel A and Carlsbad Unified School District, .a political subdivision of the State of California, as to Parcel B Sales History Assessor Parcel 168050-19 has not transferred in the past five years according to public records. Parcel 46 was acquired from Holly Springs. Ltd. August 26, 1998 for a price of $400,000. This was reportedly a market transaction. This parcel was acquired through a Certificate of Compliance mapping process according to Document No. 1998-543228. Assesso?s Information: Assessor Parcel No. 168-050-19 Assessed Value: Not Assessed - Public Agency Tax Rate Area: 09-162 Tax Rate: 1.06707% Real Estate Taxes Not Applicable Special Assessments Not Applicable Assessor Parcel No. 168-050-46 Assessed Value: Not Assessed - Public Agency Tax Rate Area: 09-162 Tax Rate: 1.06707% Real Estate Taxes Not Applicable Special Assessments Not Applicable Site Area The larger parcel contains a total area of 57.64 acres according to Assessor Records. The site summary follows. Parcel 168-050-19 42.64 acres Parcel 168-050-46 15.00 acres Total Site Area 57.64 acres Rasmuson Appraisal Services Page 11 Zoning/Community Planning 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. The Carlsbad Community Plan identifies the subject Parcel 19 as H, High School. Parcel 46 is designated 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. RLM os Os Subject RL RL AM J /RLM/I / H - .5 5.- . . •! ___ ...Iw•. OS t ilti RMI .. - - 'RLMC PL PA 2 - Topography The subject property has mildly sloping terrain. The majority of the property is being farmed. The property slopes upward from west to east with most of the land area having a slope less than 25 percent. Access Access to this property is from a 60-foot wide private road easement that starts at-El Camino Real one- quarter mile to the south and follows the western boundary of the nearby mobile home park. The easement extends past the subject, serving other parcels to the north. The road easement is paved with asphalt as it follows the mobile home park and adjacent to the Robertson Ranch. The paving stops as it approaches the subject property boundary and is a dirt trail along the subject boundary and northward. Maps indicate that this road is known as Calavera Drive. The Carlsbad General Plan map indicates that Cannon Road and College Boulevard are to be extended through the subject property according to the Circulation Element. Development of the subject property may require dedication and completion of these planned circulation element roads. Rasmuson Appraisal Services Page 12 .••• '• 4? :-ff -' '-'" I .~i ~ici t - . %' . • •• . . - - - c7iadP ..z ' - c .41 Surrounding Land Uses West Robertson Ranch - undeveloped acr&age used for farming North: •. -'-Undeveloped acreage and open space' • .." v .. . • - • I. • . ••• • East: - : Undeveloped acreage.: -, • -. • • - • South: • • Mobile Home Park and undeveloped areagé .., 1 • t ..: -. "_l• • • •- - - Visibility • . -. . -, This property is not located adjacent to a publicly dedicated road at this time and has no visibility from the major traffic arterials in this area (El Camino Real). - •• • • .• .•. •+ .• . Easements/Encroachments/Restrictions - A rliminary title report prepared by First American Title lrisuance Company dated February 17, 2000 was provided to me for review. The report indicated 12 exceptions to the title. The easement exceptions are noted below. • :.. - - - -- • .: Easement for pole lines and unde'rgro'und conduits to SDG&E dated 1948 Easement for pipeline to Carlsbad Municipal Water District dated 1957 Rasmuson Appraisal Services • •• - • •1. Page 14 I - Easement for road right-of-way granted in 1957 Easement for right to spill water in natural drainage channels which cross the described lands together with the right of ingress and egress in favor of Carlsbad Municipal Water District dated 1963 Easement for pipelines to Carlsbad Municipal Water District dated 1963 Easement for access in favor of Holly Springs, Ltd dated August 26, 1998. This easement is divided into a 250-foot wide temporary easement along the southern property boundary providing access to the grantor's property and a second permanent access easement within the 250-foot easement area, to be determined at a later date, not to exceed 84 feet in width. The temporary easement does not allow permanent structures unless approved in writing by the grantee. Upon recordation of the permanent easement, the temporary easement is to be extinguished. Easement for wastewater pipeline and recycled water line in favor of Carlsbad Municipal Water District dated December 11, 1998. This easement is along the western property boundary of the larger parcel. Improvements Description The property is improved with an old single-story wood frame packing building used for the agricultural operation of the tenant. The building is in poor overall condition and does not constitute the highest and best use of this property Therefore a detailed description or valuation of this structure is not included in this appraisal. The building was inspected from the exterior. This building is located within the area of the temporary access easement described earlier and is within the area to be acquired for the Cannon Road and College Avenue extension. Rasmuson Appraisal Services Page 15 I Subject Photos -. "s.. u - ... VI 1. I I • • - - . ..- .. .'• .. .-- . . .. . . . • - -. . • - •' •.$—t.;--i - •- -- ......... M. Photo 2- Looking North from Southwest Property Corner I ZZ I 4- oil -- - p.'............._• 'C • - . - '-,_ p.- -- I• -- •p • '':.-:.: •' u -------- - Photo 3 - Looking Northeast along South property boundary; stakes indicate boundary of future College Boulevard/Cannon Road intersection right-of-way Rasmuson Appraisal Services Page 16 Photo 4 Agricultural building (to be removed as part of project) ________ •. . N. - Photo 5 - Looking North along West property boundary and area of slope/inundation easement Rasmuson Appraisal Services Page 17 - - - - &- .• - :. . • • - - - - - .. . '. £ - -1 -S L. - -. . . - . •. -' - S ? fl _,: _. -..; • --I .. . --•.-•. . . • :-. - IT I-mm ii iii MIT at? ' -=x-TJ4! • - - - .•• . i': . •- :.;- -. ', .IL4' . . • RPM - J1.L .t - •\ . 1j' \ f14 riJ •.--.•••,.• . -. 5-- S ... '•-- .- -5, ---' - - .r - Subject Topographic Map aT I 37Si6torosa J Ile kguii, \' ijj, 'J 'P0! @1997 WikIflowerProdutions (www.topo. Rasmuson Appraisal Services Page 19 1 Subject Certificate of Compliance Map I 21507 aw .00 4,00 Vol so 1 I' AP# 166-050-03 PARCEL I I N18.194 _j 5.0 ACRES JIANDAD LOT D 0"2 1-N0111'10C _L0T E jr1i / 375.14' AGLJA HDJONDA L'yt I 12 i i060.12 823 OCEANSIDE-CARLSBAD 16805025 In w UNIFIED SCHOOL DISTRICT 1.NC oI 633 •• -'-S AP# 168-050-19 6 .0wV 0 250.00' I .0 0 1 / AP# 168-050-26 Ii • "' 06 sea HOLLY SPRINGS, LTD. I jW 100 'Y ••, ø S I N0606'45W .51.76' DEED)0.0 • J Ij V S N NO6'09'18'W I ' • 451.70' AP# 168-050-23 1 -N I- (NAP)0 400' 80( I Rasmuson Appraisal Services Page 20 I I Demographics and Market Analysis Community Description 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, 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 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 border 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 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 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 employers include the La Costa Hotel and Spa, Plaza Camino Real Shopping Center and Neilcor Puritan Bennet Corporation. The economy has been boosted by the recent development of the Legoland theme park within the city. 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 equipment manufacturers have built facilities in this area and have become 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. Cypress Valley LLC has been developing the master planned Calavera Hills subdivision to the north, with the newest level of building to reach within a % mile of the northern boundary of the subject property. A large mobile home park is located adjacent to the southwest. Agricultural use within the subject and the adjacent Robertson Ranch acreage to the west is a dominant land use for this undeveloped area. Overall, the immediate neighborhood is characterized as developing residential in nature. Rasmuson Appraisal Services . Page 21 Highest and Best Use Analysis Definition 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. As If Vacant The property contains a total of 57.64 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 high school use on the larger of the two parcels and for residential low to medium density use for the 15-acre parcel. If the property had not been owned by the Carlsbad School District and under private ownership, it would likely have been given the RLM land use designation, similar to adjacent surrounding land. The property has gently sloping terrain and is currently being farmed by a tenant under a short-term lease. The fact that the property is being farmed and is mostly no vegetation provides a wide possibility for development of the property. Sensitive habitat issues are less likely to be a dominant factor since most of the property is disturbed. Approximately 80 to 85 percent of the property has development potential, with up to approximately 15 to 20% of the site to be used for the dedication of the Cannon Road extension planned to go through the subject property along the southern property boundary. A representative of the Carlsbad School District told me that there are no current plans for development of this property with a high school, although that a school development is the future intended purpose. Only very preliminary plans for a schobl on this site have been drawn. The most likely use of this property, if not developed as a school site, would be for residential development with a density in the range allowed by the RLM zoning. A community plan amendment would be required to redesignate the property for a use other than as a school site. The size and terrain of the site would appear to allow development with a residential subdivision. There is a current strong demand for residential housing in San Diego County and within the North County area. The highest and best use of the subject larger parcel would likely be holding for future residential development as a non-public land use alternative, and as a school site under the current zoning and planning designations. As Improved The subject is improved with an old wood frame agricultural packing building. This building appears to be used by the tenant on the property who farms the parcel under a lease. The building is in poor condition and has no value to the larger parcel under its potential highest and best use for future residential development or as a school site. I Rasmuson Appraisal Services Page 22 Valuation Analysis• . . Introduction I The purpose of this appraisal is to estimate the total just compensation for the proposed right-of-way acquisition. The estimate of compensation for the proposed right-of-way acquisition will be based on the I underlying land value and the value of any existing improvements to be acquired. Potential damages to the property due to construction of the project and benefits to the remainder are considered and discussed later in this report. I . Three methods of estimating market value are typically considered when valuing real estate; the Cost 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 I . for other similar parcels of land within a comparable market area. This is the valuation method used to value the subject's larger parcel. After the valuation of the subject's larger parcel value, an analysis of the value of the part acquired, I . severance damages and benefits to the remainder is presented. This analysis follows. I - - Valuation - Larger Parcel Introduction As discussed in the Highest and Best Use analysis in the previous section, the existing old agricultural improvement building does not represent the highest and best use of the subject property. Therefore, the building improvements do not add to the value of the underlying land. The valuation of the larger parcel is based on a land value estimate under its potential highest and best use for future residential development or as a school site. Two sets of valuation data are presented in this analysis. The first set (Sales 1-6) are sales with potential residential subdivision, similar to the concluded highest and best use of the subject property if available for private development. The second set of data (Sales 7-12) represent land purchases for agricultural use or open space. This data is used to value the portion of right-of-way within the center 60-feet. The basis for this analysis is recent court rulings indicating that compensation for the portion of the right-of-way that would likely be required for dedication upon development of the property to its highest and best use is valued using comparable sale data that reflects a use that would not invoke a dedication requirement. An agricultural use (such as is the existing use) or use for mitigation land or open space would be possible uses that would ,not require a public 'dedication of the College Avenue/Cannon Road right-of-way. Therefore, the portion of the proposed right-of-way within the estimated initial 60-feet of right-of-way width is valued under an agricultural use value. The balance of the right-of-way beyond 60-feet is valued based on the first set of comparable, market data under the concluded highest and best use as holding fOr future residential -development or school site. A summary of the comparable sale data and analysis for both sets of data follbw., -, Rasmuson Appraisal Services- ' S Page 23 - - -.--- -- -;.-. ,-, Land Sale Location Map \XJ 5i Sale 8 Sale 11 r Sale 4 Rasmuson Appraisal Services Page 24 Land Sale I Location/Address: 1270 Richland Rd, San Marcos 92069 Assessor Parcel No.: 218-210-19, 218-220-02 Site Data Land Area: 49.1 Acres Zoning: E-1-20, Estate Residential; San Marcos Offsites: All to site; access from frontage on paved roads Site Condition: Raw land, previously cleared; now being graded for subdivision improvements Topography: Rolling terrain Proposed Use: 82 Single Family Residences Site; Density of 1.7 DU/Acre (gross) Sale Data Recorded: 1/4/02 Recording Document: 2002-10213 Seller: GMMGW (LLC) do Gross & Co - Nelson Gross Buyer: LIVID San Marcos (LLC) do Michael Lake Sale Price: $4,000,000 Price Per Acre: $81,466 Terms: N/A First Trust Deed: $20,617,000 Lender: Comerica Bank Ca Second Trust Deed: N/A Source: Comps.com Rasmuson Appraisal Services Page 25 Land Sale 2 Location/Address: East of El Camino Real, South of Tamarack, Carlsbad 92008 Assessor Parcel No.: 168-050-17 (por) Site Data Land Area: 184.31 Acres (gross); 80 acres (net developable) Zoning: L-C, Carlsbad; General Plan: Residential Low-Medium density Offsites: Water, sewer and electricity in area; access from El Camino Real Site Condition: Agricultural use and undeveloped; land sold with no entitlements Topography: Rolling terrain with portions along eastern boundary within 100-year flood plain and flood way Proposed Use: Develop with approximately 400 homes Sale Data Recorded: 11/30/01 Recording Document: 2001-876728 Seller: Everett I Robertson Tr.; et al Buyer: Calavera Hills II (LLC) do McMillin Companies Sale Price: $20,000,000 Price PerAcre: $108,513 (Gross) Terms: $5,000,000 cash down First Trust Deed: $15,000,000 Lender: Seller Second Trust Deed: N/A Comments: The difference between gross and net acreage is area for future extension of College Avenue and Cannon Road. Area north of future College Avenue for mitigation land and detention basin. Source: McMillin Land Development IRasmuson Appraisal Services Page 26 Page 27 Land Sale 3 Location/Address: Southeast corner of Douglas Road & Pala Road, Oceanside 92054 Assessor Parcel No.: 158-040-35 Site Data Land Area: 15.8 Acres Zoning: RM-A-H, OS-H, Oceanside (medium density residential) 0ffsites: All to site or in area; access from improved public street Site Condition: Raw undeveloped land Topography: Generally level with portion in 100-year flood plain Proposed Use: Single Family Residential Site Sale Data Recorded: 2/15/02 Recording Document: 2002-133272 Seller: M/M Bradford & Donna Belvedere Buyer: Knowleton Communities, Inc. (et al) do Jon Duston Sale Price: 2050000 Price Per Acre: 0.129 747 Terms: N/A First Trust Deed: $2,200,000 Lender: California National Bk Second Trust Deed: N/A Comments: This was the seller's downleg in a 1031 exchange. The buyer signer reported there were option issues which reduced the sale price by approximately $200,000. Source: Comps.com Land Sale 4 Location/Address: 2700 N Santa Fe Avenue, Oceanside 92056 Assessor Parcel No.: 159-260-01, 02,16; 159-112-46 Site Data Land Area: 16.15 Acres Zoning: RE-B-SP, Oceanside; Minimum lot size of 10,000 SF Offsites: All to site; access from two major improved streets Site Condition: Land used for agricultural purposes; misc. structures of little value; property sold with no entitlements; buyer processing plans for subdivision Topography: Sloping hillside Proposed Use: 44 Single Family Residence Site (2.7 DU/Acre) Sale Data Recorded: 1/14/02 Recording Document: 2002-30065 Seller: Omori Farms & Omori Produce (J.V.) (et al) do Reisuke Ray Omori, Tr Buyer: KB Home Coastal, Inc. do Dave Waters Sale Price: $2,300,000 Price PerAcre: $142,415 Terms: $2,300,000 cash down First Trust Deed: N/A Source: Comps.com; File data Rasmuson Appraisal Services Page 28 Land Sale 5 Location/Address: East of Caminito Mendiola, North side of proposed Highway 56, San Diego, CA Assessor Parcel No.: 306-051-07 Site Data: Land Area 39.39 acres gross; approximately 25 acres net of future Hwy 56 Zoning A-1 -10; City of SD (to be rezoned to higher density) Site Condition Raw, undeveloped Topography Sloping hillside Land Planning Located in Torrey Highlands Community Plan Subarea IV. A phase shift was approved by City voters allowing development. TM in processing by buyer for approximately 200 SFR's (5.2 DU's per acre); in escrow over 1 year while processing development plans Sale Data: Sale Date February 21, 2001 Document No. 2001-097139 Buyer: DR Horton SD Holding Inc. Seller: West Heights Properties Inc. Sale Price: $8,200,000 Unit Price: $208,175 per acre Terms: All cash sale Loan Data: N/A Proposed Use: 200 SFR's; Estimated finishing costs at $100,000 per acre Source: Comps.com; Frank Anderson - selling broker @ Anderson Realty Rasmuson Appraisal Services Page 29 Land Sale 6 Location/Address: West of Sundance Avenue and Entreken Way, San Diego, CA Assessor Parcel No.: 306-041-06,19, 20, 21 Site Data: Land Area 97.8 acres Zoning A-I-b; City of SD (to be rezoned to higher density) Site Condition Raw, undeveloped; no utilities to site but can be extended from nearby Topography Level to sloping hillside and canyon areas Land Planning Urientitled; located in Torrey Highlands Community Plan Subarea IV. A phase shift was approved by City voters allowing development. Sale Data: Sale Date January 15, 2001 Document No. 2001-008517 Buyer: LEN-Greystone Torrey Seller: Kasai, et al Sale Price: $20,636,000 Unit Price: $211,002 per acre Terms: All cash sale Loan Data: N/A Proposed Use: Buyer processing a TM for 234 SFR's and 76 affordable multi-family housing units; there are approximately 20.9 acres of sensitive land (vernal pools) on parcel. Source: Comps.com; David Steam, Greystone Homes Rasmuson Appraisal Services Page 30 Land Sale 7 Location/Address: 6100 N. River Road, Oceanside CA Assessor Parcel No.: 122-130-13; 126-260-11; 157-150-11; 170-020-09 Site Data: Land Area 126.29 acres Zoning A; Oceanside - Agricultural zone Site Condition Agricultural land Topography Gently rolling to level; southern portion within floodplain and flood way of San Luis Rey River Land Planning None Sale Data: Sale Date January 27, 1997 Document No. 1997-034768 Buyer: Singh Property Mngmt Seller: Valley View Investments Sale Price: $1,400,000 Unit Price: $11,085 per acre Terms: All cash sale Loan Data: N/A Proposed Use: The buyer will use the property as a farm for row crops Source: Comps.com Rasmuson Appraisal Services Page 31 Land Sale 8 Location/Address: Big View Road and Precious Hills Road, Oceanside CA Assessor Parcel No.: 122-030-75, 76 Site Data: Land Area Zoning Site Condition Topography Land Planning Sale Data: Sale Date Buyer: Sale Price Terms: Proposed Use: Source: 28.95 acres A; Oceanside - Agricultural zone Undeveloped Gently rolling hillside None January 25, 1999 Singh Property Mngmt $455,000 All cash sale Document No, 1999-038779 Seller: Karen U. Tacket, Succ. Tr. Unit Price: $15,717 per acre Loan Data: N/A The buyer operates a farm in the area and will use the property for farm land Comps.com Rasmuson Appraisal Services Page 32 Land Sale 9 Location/Address: Assessor Parcel No. Site Data Land Area: Zoning: Land Use: Offsites: Topography: Proposed Use: Sale Data Seller.- Buyer. Sale Price: Terms: Source: West side of Fortuna Ranch Road at Suerte del Este, San Diego County, CA 92029 264-041-13 23.24 Acres RR.5 Vacant Land Water and electricity available in Fortuna Ranch Road; septic ability unknown Rolling terrain, native condition; open space easement on portion of site Open space - coastal sage habitat preservation Recorded: 12/7/01 Document No: 2001-896806 Jack F. Studebaker, James 0. Hewitt, Trustee, Thomas Sharkey and Harvey L. Pedersen County of San Diego $441,500 Price PerAcre: $18,997 $441,500 cash down First Trust Deed: N/A First American Real Estate, Public Records, Multiple Listing Service Rasmuson Appraisal Services Page 33 Land Sale 10 Location/Address: 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 Zoning Site Condition Topography Land Planning Sale Data: Sale Date Buyer: Sale Price Terms: Proposed Use: Source: March 8, 2000 The Nature Conservancy $1,976,000 All cash sale Purchased for conservation Comps.com 95.43 acres S87 Raw, undeveloped Steep hillside and sloping into 100-year floodplain of Lusardi Creek None Document No. 2000-118263 Seller: Santa Fe Views, Ltd. Unit Price: $20,706 per acre Loan Data: N/A Rasmuson Appraisal Services Page 34 Land Sale 11 Location/Address: 5708 N. River Road, Oceanside CA Assessor Parcel No.: 122-100-53 Site Data: Land Area 64.6 acres Zoning A, Agriculture - City of Oceanside Site Condition Agricultural land with 2 older SFRs and a couple older barns; small citrus grove Topography Rolling terrain Access Frontage on North River Road and Sleeping Indian Road Land Planning None Sale Data: Sale Recording Date 9/7/2001 Document No. 2001-643559 Buyer: Randall James Smith Seller: Donald Fischer, et al Sale Price: $1,500,000 Unit Price: $23,220/Acre Terms: $500,000 cash down; $1,000,000 TD carried by seller for 15 yrs 9% for first 3 yrs then prime + 2, amortized loan Proposed Use: Convert the property to an operating nursery; buyergraded site and installed irrigation for nursery S Source: Comps.com; Cary Weiler - selling broker at High Point Realty 2/6/02 GR Rasmuson Appraisal Services Page 35 Land Sale 12 Location/Address: East of Eldean Lane, west of El Camino Real, Oceanside 92054 Assessor Parcel No.: 165-040-13 and 22 Site Data Land Area: 36.12 Acres Zoning: RE-B, Oceanside Minimum lot size of 10,000 SF at 3.5 units per acre 0ffsites: Extension of utilities to site needed Site Condition: Natural with some clearing Topography: Sloping terrain Proposed Use: Open Space - Mitigation Land Sale Data Recorded: 2/15/02 Recording Document: 2002-135011 Seller: Ralph M Myers Jr. Buyer: City of Oceanside do Doug Eddow Sale Price: $1,625,400 Price Per Acre: $45,000 Terms: $1,625,400 cash down First Trust Deed: N/A Comments: This sale involved the San Diego County Water Authority (SDCWA). The SDCWA needed mitigation land for another project they were involved with in San Diego County. The City of Oceanside will use this site as open space. Source: Comps.com; Jim Waldorf, MAI Rasmuson Appraisal Services Page 36 Land Value Conclusion - Larger Parcel The land value conclusion is divided into two sections based on the different data sets and highest and best use assumptions applied to the subject. As previously noted, the first data set is based on comparable land sales with land development potential, similar to the highest and best use of the subject. This data set has been compared to the subject property based on criteria that have potential for significant influences on the price paid for the sale data. In review, the subject property larger parcel contains 57.64 acres and is undeveloped except for a packing shed used with the agricultural land use. The property is zoned L-C, a limited control zone and has a General Plan land use designation of High School for the southern parcel and RLM for the northern, parcel. The property does not have improved public road frontage. The closest access is by a dirt and. partially paved private road easement westerly ¼ mile connecting to El Camino Real. Utility infrastructure is primarily in place along the property boundary. Private development of this property would require a rezone and a General Plan amendment process. The lack of improved public street access is a major limiting factor to development. It is unlikely that this property would be developed until Cannon Road and College Avenue are extended to the site, as proposed. My valuation of the larger parcel in the "before" condition is without consideration of the proposed public project, as required under normal condemnation procedure rules in California. Since development is moving south toward the subject from Calavera Hills to the north, it is reasonable to conclude that these arterial roads will be constructed in the near future, opening up development potential for the subject. The highest and best use of the subject is judged to be holding for future residential development or as a public school site. No. Location/Address Date Price Size $/Acre Land (Acres) Planning 1 1270 Richland Road, 1/4/02 $4,000,000 49.10 $81,466 No San Marcos, CA entitlements; - 82 SFRs planned 2 El Camino Real, 11/30/01 $20,000,000 184.31 $108,513 No Carlsbad, CA entitlements; 400 units planned 3 Douglas Road and 2/15/02 $2,050,000 15.8 $129,747 No Pala Road, entitlements Oceanside, CA 4 2700 N. Santa Fe 1/14/02 $2,300,000 16.15 $142,415 No Avenue, entitlements; Oceanside 44 SFRs planned 5 East of Caminito 2/21/2001 $8,200,000 39.39 $208,175 TM in Mend iola process for San Diego, CA 200 SFR's 6 West of Sundance 1/15/2001 $20,636,000 97.80 $211,002 No map Torrey Highlands Buyer San Diego, CA planning 310 DU's Table 1 - Comparable Land Sales with Development Potential Sale 1 sets the lower end of the value range as it is judged overall inferior to the subject property after considering the relative impact of each comparison item. Although the property has a superior available Rasmuson Appraisal Services Page 37 infrastructure including road improvements adjacent to the site the parcel has an inferior development density. Also this parcel is located in San Marcos which has significantly inferior average finished lot values and retail home values than compared to the subject area Average finished lot values are nearly one-half that of those found in Carlsbad. Sale 2 is the purchase by McMillin Companies of roughly half of the former Robertson Ranch ownership adjacent to the west of the subject. The buyer is the owner and developer of the adjacent Calavera Hills subdivision to the north. This parcel is considered a natural extension of that development. The purchase was reportedly based on a total developable area of around 80 acres or $250,000 per developable acre. The purchase included all of the proposed right of way for the extension of Cannon Road easterly to the subject parcel and the 'extension of College Boulevard south to the southwest corner of the subject. The buyer also recognized that portions of land would beset aside for open space, mitigation land and -for a detention basin. The developer may be able to obtain compensation for the mitigation land and detention basin land area needed by the City for the major arterial road extensions. The average purchase price of $108,513 per acre reflects the fact that only 43 percent of the property has development potential. This compares to the subject property that has around 85 percent developable (net of Cannon Road extension and habitat areas). The sale is superior since, it would not require a General Plan amendment. Development of the sale is also dependent on the extension of Cannon and College Boulevard, similar to the subject. Overall, this sale is inferior to the subject on an overall price per acre basis. On a price per net acre basis, the sale is superior to the subject. ' I 'Sale 3 is a residential site located in the northern section of Oceanside. The property is zoned for residential medium-density development. The location of the property is inferior to the subject, similar to that of Sale 1. The parcel may require fill to create a developable site since it is low lying and portions are within the flood plain Overall this sale is inferior to the subject I Sale 4 is the purchase of a former agricultural property located, on North Santa Fe Avenue in northeast Oceanside. The property location is considered significantly inferior to the subject. The property' has surrounding infrastructure in plaôe and is' zoned for residential development. Overall, this sale is I ' considered inferior due primarily to the inferior location, although partially offset by the superior infrastructure. Sale 5 is the purchase of a 39-acre site located in the Carmel Valley area of San Diego. This location is U considered generally similar to the subject. The site will require extension of infrastructure to the property, similar to the subject. The entitlement process was in progress and this sale, is superior for this reason. A phase shift allowing a higher density development was approved prior to the sale. ' I ' ' Sale 6 is another purchase of undeveloped land located in the Carmel Valley/Rancho Penasquitos area of San Diego. This parcel is adjacent to existing infrastructure and has superior development potential compared to the subject. Overall, this sale is superior to the subject.' ' My comparison analysis of the sale data is summarized in the following table. I Rasmuson Appraisal Services ' Page 38 LAND SALE COMPARABLE SUMMARY & COMPARISON ANALYSIS L4EIc f i* Property/Location 1270 Richland Rd El Camino Real SE Douglas & Pala Rd City San Marcos Carlsbad Oceanside Sale Date 1/4/02 11/30/01 2/15/02 Land Area (Acres) 49.10 184.31 15.80 Zoning E-1-20 LC RM-A-H Sales Price $4,000,000 $20,000,000 $2,050,000 Price/Acre $81,466 $108,513 $129,747 Elements of Comparison: Property Rights Similar Similar Similar Financing Market Market Market Conditions of Sale Similar Similar Inferior - option Market Conditions Similar Similar Similar Physical Comparisons Location Inferior Similar Inferior Size Similar Similar Superior Available Infrastructure Superior ' Similar Superior Topography Similar Inferior Usable Area Similar to Inferior Zoning/Density Inferior density Similar to Superior Similar Other/Land Planning Similar Similar Similar. :fr'.HERR Overall Net Comparison WE Property/Location 2700 N Santa Fe Ave Carmel Valley Sundance Avenue City Oceanside San Diego San Diego Sale Date 1/14/02 . 2/21/01 1/15/01 Land Area 1615 3939 9780 Zoning,. RE-B A-I-b. A-i-b Sales Price $2,300,000 $8,200,000 $20,636,000 Pride/Acre $142,415 $208,175 $211,002 Elements of Comparison: Property Rights Similar Similar Similar Financing Market Market: Market Conditions of Sale . Similar Similar Similar Market Conditions Similar Inferior Inferior Physical Comparisons Location Inferior Similar Similar Size i Superior Similar Similar Available Infrastructure Superior Similar Superior Topography. Similar Similar Similar Zoning/Density Similar Similar Similar Other/Land Planning Similar Superior Similar Overall Net Comparison miInñ .- b - Rasmuson Appraisal Services Page 39, , 4 , - ,. •1 , •l 'f' . -i . I. The sale data indicates that the subject value should fall between the overall inferior sale data, Sales 1 through 4 at $81,000 to $142,000 at the lower end and Sales 5 and 6 judged overall superior at $208,000 to $211,000 per acre. Sale 2 sold at $250,000 per net acre and this price would also set the upper end of the value range for the subject. Based on the comparable sale data analysis, I conclude at a fair market value for the subject property at $180,000 per gross acre. A summary of the indicated value for the larger parcel follows. The existing improvements on the site do not have any significant contributory value to the larger parcel. The average unit value for this property has been applied to the total gross acreage. No attempt has been made to adjust the indicated land value estimate of the larger parcel for the impact of existing easements. U Value Based on Highest and Best Use (Assumed Development Potential): Gross Land Area (acres) Value Per Acre Value 57.64 x $180,000 $10,375,200 INDICATED VALUE OF LARGER PARCEL @ HIGHEST AND BEST USE SI 0.375,000 Core Land Value Analysis The second data set represents sales of land for agricultural use or purchased for open space or mitigation. This analysis is to estimate the market value of the land area within the "core" right-of-way area of the subject property. This "core" area is valued at a land use that would not invoke a dedication requirement. Subdivision of the property would invoke a right-of-way dedication requirement and therefore sale data with development potential cannot be used for consideration in this section. Land use as agricultural or open space mitigation is a use type that would not require right-of-way dedication since a building permit or land development permit would not be requested or required. The sales in this land use category indicate a range from $11,000 per acre up to $45,000 per acre. This type of sale data does not lend itself to direct comparisons for location and other physical attributes. The data has been analyzed as a representative grouping of agricultural and open space land purchases as summarized in the following table. No. Location/Address Date Price Size S/Acre Proposed (Acres) Use 7 6100 N. River Road 1/27/1997 $1,400,000 126.29 $11,085 Agricultural Oceanside, CA 8 Precious Hills Road, 1/25/1999 $455,000 28.95 $15,717 Agricultural Oceanside, CA 9 Fortuna Ranch Road 12/7/02 $441,500 23.24 $18,997 Mitigation San Diego Cnty, CA Land for coastal sage 10 Artesia Road 3/8/2000 $1,976,000 95.43 $20,706 Mitigation SD County, CA Land 11 5708 N. River Road 9/7/01 $1,500,000 64.6 $23,220 Agricultural' Oceanside, CA 12 El Camino Real 2/15/02 $1,625,400 36.12 $45,000 Mitigation Oceanside, CA land for coastal sage Table 2— Comparable Land Sales Used for Agricultural or Open Space I Rasmuson Appraisal Services Page 40 The sale data for mitigation land of coastal sage habitat in San Diego County generally ranges from $18,000 to $45,000 per acre. The sale data near the upper end of-the range are usually found in the more urban areas. Sale prices for habitat in the rural county area are usually found near the lower end of the range. Sales 9 and 10 are considered more rural in nature. The subject area is considered somewhere between urban and rural. The agricultural land sale data tends to fall within the lower end of the price range bracket from $11,000 to $23,000 per acre. The existing use of the subject is agricultural. It has limited habitat value because of the agricultural use. Based on the comparable sale data and' analysis, I conclude at a fai market value for the subject property, if based on an assumed highest and best use as agricultural Use, at $20,000 per acre. This value is used only for the valuation of the core right-of-way area. , ' ' Value of Part Acquired The value of the part acquired is based on applying the unit values established in the valuation of the larger parcel to the part acquired. A summary of the proposed acquisition follows. The proposed project involves several separate but related partial acquisitions from the subject property. Right-of-way is being acquired for the extensions of Cannon Road and College Boulevard through the subject. This acquisition will be in fee. The road extension project will also require adjacent slope banks and temporary construction areas. These areas will also be acquired in fee title. This is somewhat unusual since slopes and temporary construction areas are usually acquired as easements. A slope easement will be acquired for a small area adjacent to the fee acquisition. A temporary construction easement will be acquired adjacent to this slope easement. The project requires the acquisition of detention basin land from the subject property. Each of these categories of acquisition are addressed separately in the following section. ' i.'! I • A 1 / / / •. SA'4' / ,V , S -).• \ # / •1• • / • ,P •' ._ —. .. L77MA1E CWI17OV Figure 2 - Ultimate Basin No Fill Rasmuson Appraisal Services • Page 42 -- I I I ii ,- AREA TO BE A CQU/RED IN FEE 11 ii E •.. - I I ACRES SOFT AREA 07TH/N ROAD E4SEME/VT 076 33 ON CORE RICHT OF WAY 07TH/N ROAD EASEMENT 012 5,065 ,,/ -• I .-:.. •, - I II REMAIN/NC CORE R/CHT iT WAY 043 18,805 I / J REMAIN/NC AREA TO BE ACQUIRED IN FEE huE 0 7J 31,805 2.04 ACRES 88,713 SQ. FT / E145'EAIENTS ACRES SOFT 'ii I CAR-1 SB 'ID LJNIPrD / •- . •: SCHOOL nJsr1qlr / / / tJI SLOPE EASEMI9VT 003 /,378 I 1111 / •'•••• CONSTRL/C110N EASEMENT 003 1,159 :I .. QU/TcLA/MABLEINUNDAh1ONEASEMLwT :1.82 79,457 1.88 ACRES 81994 SQ. FT Ri ROBPJITGON RANcH I hi I' II I I) I " I \ \ RANC,L!O v . 0' 50' 200' RIGHT OF WAY %100' 400' / CARLSBAD UNIFIED SCHOOL D/STR/CT\ \% SCALE 1"'=:. 200' C 0 N S U L I I S I H 5900 Pasteur Ct 750-931-7700 SCALE 1 = 200 Suite 100 Fox Carlsbad CA 760-931-8660 ©2002 O'Doy ConjItonts, Inc 92008 - - . .. • . --. . -.•- • - - - - • fl..-- •---- 1; - -fl-..-, +.. - G\-SDSK\PROJ\98]O2O\D{JG\CALAYERA\98OZA73J5,D -316!iE G 7±I3:2OO2 pH- I I Fee Acquisition The College Boulevard and Cannon Road construction requires 102 feet of right-of-way acquisition with U 54 feet to be paved and the balance in shoulder and berm. The acquisition is assumed to be in fee, dedicating the right-of-way for public street. Compensation for this acquisition is based on 100 percent of the underlying fee rights to the right-of-way based on the assigned unit value of the land. Where the land has been previously encumbered by an existing easement, the rights acquired have been adjusted to I reflect my opinion of the remaining rights to the underlying fee ownership. There are two primary easements that are within the area to be acquired for the various proposed easements. The first is a 60-foot wide access easement, of which 30 feet is along the subject's western I property boundary. The area of proposed easements within the existing access easement has been valued at 10 percent of the underlying fee value since the existing easement already encumbers approximately 90 percent of the fee rights. I The second major existing easement is the temporary access easement 250 feet in width along the southwesterly 1,250 feet of the subject parcel. This easement is to provide access to the dominant tenement, the Holly Springs Parcel adjacent to the east. The easement restricts the Grantor (subject I property) from erecting, altering, placing or maintaining any building or other permanent structure on the temporary easement without written permission of the Grantee. The temporary easement shall not be dedicated for public use for street or highway purposes. In the event that the Grantee (Holly Springs) proceeds with development and the City of Carlsbad requires the Grantee to obtain public access as a I condition of development, the Grantor (subject property) shall grant a permanent easement to the Grantee and/or City of Carlsbad over the subject property for public road purposes, utility services, slopes and drainage facilities. The permanent easement shall consist of the minimum area of land that the City I or Carlsbad could require from the Grantor (subject property) as part of Grantor's development of the subject property, up to a maximum width of eighty-four feet. Upon recordation of the permanent easement, the temporary easement shall be extinguished. I The value for the road right-of-way has been divided into two sections. The first section values the center 60 feet of the proposed road right-of-way using a land value estimate based on an assumed agricultural use of the property. This valuation method reflects court decisions in eminent domain cases directing a land value basis for a right-of-way corridor for future streets described within the Circulation Element of I the General Plan by the city. A 60-foot wide corridor is valued under the assumption that compensation is based on a land use that would not invoke a road dedication requirement. This land value is based on the existing use as agricultural land and has been previously estimated in the prior larger parcel valuation at I $20,000 per acre (Core Value). The compensation for this area is based on an additional impact of 10 percent of the underlying fee value. The core area is already subject to an existing temporary road easement and a pending future permanent road easement. Therefore, only nominal additional rights are being acquired for this area. I The balance of the right-of-way outside of the 60-foot center portion is valued based on the unit value of the land under its highest and best use. In this case, the highest and best use is for future residential development as allowed under the General Plan land use designation. The unit value for the land under I this highest and best use has been previously estimated at $180,000 per acre. The compensation for this area is 100 percent based on acquisition of all of the underlying rights to the land. The area overlapping with the existing road and sewer easement is valued at an additional nominal impact of 10 percent of the fee value. The unencumbered fee area outside of the core right-of-way area is valued at 100 percent of I the fee value (Full Value). Fee Area Acquisition I Area (SF) % Fee Value/Acre Compensation Area In Road Easement @ Full Value 33,038 10% $180,000 $13,652 Area In Road Easement @ Core Value 5,065 10% $20,000 $233 Unencumbered Fee Area @Full Value 31,805 100% $180,000 $131,426 Unencumbered Fee Area @ Core Value 18,805 10% $20,000 Total Fee Acquisition 88,713 SF $146,174 Rasmuson Appraisal Services Page 44 PARCEL A- AN 1 200' 500 SCALE 1' = 800' &hT&WAY N I555/ £DIET ARM S/S OF MMR/N 1uE8AS Cr AR/NGS PAEG8Z E OS /6661 LE N 8925:17'# MAP 823 iE4L DESCR/P110N iTh.W OF LOT E OF A9P 824 AMOROM AMMU, 14 18M are or a" or VWA DA1 fr7C/NIIYJL4P NOSC4LE PEE 77TLE ACOI//SITFON Co ( NO. 3 014 J) ,5900 Pasteur Ct 780-931-7700 Suite 100 Fa T ..EASEA(ENT MA CSVfl \ Cwisbod, CA 760-931-8680 OF 92008 , APPLICANT: EXHIBIT "B'. SHT. 1 OF 3 SHTS. 4L4frE7?A HILLS ii tiC APPROVED BY: 2727 h'OOfR AItNUE _________________ Cfl C4 92950 GL o'a4r uov APN 165-050-19 12/31/04 R.C.E 2J £P.12XY1JO1 Rasmuson Appraisal Services Page 45 ---------- APiV 9i/1L4/At4&E IAfZ/M)AIION ; I 188-060-19 EASDIENT. FYE 7771( ACOU/SIIION 5900 Pasteur Ct 760-9.31-7700 Suite 100 Fox: NO. 32014 . 12/31/04 DATA TABLE DELTA /BEARING RADIUS LENGTH 1 SO! V541W - 31&5 T 5047.r22-w - 9&I75' 11 N 0JUJ9 ( - - 176Sf .12 N OJ254 F. - 12755' zi NO154'J7F IL. N 4V79'37 F - 10620' IL MOOVI'17F 51.21' 16 N 0126'44 W - 88.94' 77 NO1V54!( N 89549 Y PAR€L A ARFA. 84713 .F7= 2.04 AC 0' 25' 100' 50' 200' SCALE 1 = 100' 19 Carlsbad, CA 760-931-8580 APPUCANT: I EXHIBIT " Er SHT. 2 OF 3 SFffS. GEORGE 04Y uov & Huflas 0.47E APN 168-050-19 Rasmuson Appraisal Services Page 46 Zo DATA TABLE DELTA/BEARING RADIUS LENGTH 2 SO4YJ'2PW - 96175' 3 N 537597' E - 2&1O' T N sa:' W - 4523' 5 t3=92V2'4Y 2490' 4am' 6 1 N J6441JN W - _8.108, ____ 7 N5315'1rE - 2261' 8 N 3751J2M IV - 16244' i• N038'J4'( - 6837' 10 NOJ524wE - 94.28' It N1W'49 F - - 176.5Y PAJ?1AARk 84713 S12F7= 204 AC 0 25 100 50 200. SCAIL 1 = 100' ET FEE TiTLE A NO. 32014 A OW. 12/31/04 e S ?UL COU1SITFON FA 5900 Pastegr Ct 760-9.31-7700 Suite 100 Fax: V CorIsbd.CA 760-931-8880 PARCEL 4 Cr 92008 APPLICANT: EXHIBIT "B" SHI. 3 OF J SHTS. C4MPER4 HILLS II LLC APPROVED BY 2727 HOOVER AVtNUE ___________ B 41kML 07Y, C4 92950 CEC4VE OW LLOYD B. hVBM £24 IF APN /68-050--19 Pn (619.W6-J7J5 iC.L J(11 D'P 12/31/04 RC.1 23881 12/31/01 7-I- 3040 P. Sm Sm Rasmuson Appraisal Services Page 47 Slope Easement A slope easement will be acquired for the adjoining and adjacent to the proposed street right-of-way. There are two slope easement parcels to be acquired, Parcel C located adjacent to the College Boulevard right-of-way and Parcel A adjacent to the Cannon Road right-of-way. Parcel C is to be acquired in fee and Parcel A in easement form Parcel C valuation is included in the fee acquisition totals presented in the prior section. : The following easement language has been provided to me for this easement an EASEMENT FOR SLOPE AND CONSTRUCTION PURPOSES over, under, upon and across the real property together with the right to construct grade remove and deposit soil and construction materials conduct operations related to the construction of adjacent facilities and features clear, landscape inspect and maintain within the bounds of said easement :..." The slope easement will be permanent, but does not preclude the right Of the property owner to change the grade or elevation within the easement along the road right-of-way at some time in the future. The easement is valued at 30 percent of the underlying fee value Right-of-way exhibit maps and a summary of the valuation for the proposed slope easement follow. Slope Easement Valuation Summary Area (SF) % Fee Value/Acre Compensation Unencumbered Fee Area of Easement 1,3781, 30% $180,000 $1,708 Total Value of Slope Easement Acquisition $1,708 Rasmuson Appraisal Services Page 48 LE1LW0; —RIGHT CIF WAY — EASEMENT AREA SASIS QLBEARINQS iRE B49S Or WAMM IS iRL S0(/1HERLyaw or Rias 16661 tEN8925'JY'W LEG4L DESCRIP11QN PWfltW OF LOT E OF MAP 824 RECORDED IM8tR 16, 1896 ncth — — Na 16651 .• •PARM A PARCELS II ,,-,- MAP 82S I! Cm or - ayormen= P7C/N/f MAP AV Sr" P1 400'. 200' 800' SCA1L 1 = 800' NO. 2014 A _C 13 5900 a:rtL 7g3ioE_ SLOPE EASEMENT P/AT Suite too F'oc Is.. Carlsbad CA 760 931-8680 CF 92008 j, APPLICANT: I EXHIBIT "B" SHT. 1 OF 2 SHIS. C4MkV4 HILLS II LLC I APPROVED BY: 2727 HOO&R APtNUE S N4Th GY1) (4 929501 Q(ORt OU4Y LLOJD 9 HUBSS L247E APN 168-050-19 PH (619)336-3735 Jf& J2P14 L 12/31/04 iWE 23889 £1 12/31/01 Y15 35 . -- Rasmuson Appraisal SeMces Page 49 DATA TABLE DELTA/BEARING RADIUS LENGTH 1 523'41'O7W ____ 7 52458'Ol'W — 4.34' J S2623'tlw — 6:21' T 52820'Of'W —. 6:26' T1 S 7'40'06' U' ---- 19.24' T ::1 S 375732' E — 36: 7V N531517'E — 36:01' 8 N 36Y4'J U' 4216' PARCEL A ARik 078 SWT= aos AC APW 158-050-17 FEE RiLE A(W1911CW DQNO. RE 1 CANNON ROAD O'25' 100' 50' 200' SCALE 1 = 100' / I / I / "Qll1rL4IMA8LE C*j ///hVNDAll aspowr DX Na REC rfi / c.f1iirpnp APW 188-050-19 ;— NO. 32014 CP. 12/31/04 5900 PateurCt 760-931-7700 StAte too Fam: V1 R4RCEL A Carlsbad. CA 760-931-8680 92008 OF APPLICANT: EXHIBIT "B" SHT. 2 OF 2 SHTS. 4t4IA I/ILLS 1/ LIC APPROVED BY 2727 //00lfR AI'#JIUE ________________ ________________ M4Th9M41 c)7) 92950 CEORCE 0'04Y 1.L0v B M/BBS 1241E AP 168-050-19 Rasmuson Appraisal Services Page 50 Quitclaimable Inundation Easement Valuation The inundation easement is proposed for the area located adjacent to the proposed BJB detention basin along the western property boundary and north of the proposed intersection of Cannon Road and College Boulevard. The detention basin will be constructed with a fill irea along the eastern boundary of the basin area (mostly within the subject property). This area is valued based on a fee acquisition of 100 percent of the underlying fee interest, subject to existing easements. The inundation area will be encumbered with a quitclaimable inundation easement. The property owner will be'grantéd the ability to fill this area if desired and upon doing this the easement will be quitclaimed back to the fee owner. This is allowed since the filling of the land would remove the inundation of this area The inundation period is expected to be for short periods of time, usually less than a day during a storm. The water will back up against the constructed slope, but will have the ability to drain downstream. This is a flood control and runoff measure required by the City of Carlsbad for the extension of road improvements in this area. The property owner will be allowed to farm the inundated area, but no improvements will be allowed while the easement is in place. The majority of inundation will occur on the adjacent property to the west; however portions of the subject within the inundation easement will be subject to inundation during rainstorms The permanent easement proposed to be: located east or uphill frorn the 76.0 contour is considered temporary in nature. Although it will not have a specific time of duration, I have been instructed to assume that the language of the easement will allow the property owner to petition for 'a quitclaim of the easement rights back to the property owner upon filling the impacted area above the 76.0 contour. The interim use of the property for agricultural purposes will be allowed to continue, subject to the periodic inundation during storms. The development of the property to its highest and best use, either as a school site or under a private development scenario as a residential subdivision will likely require grading and filling this portion of the site. The property slopes upward from a low point near the western property boundary to the highest elevations along the eastern and northern property boundaries. A preliminary grading study performed on this site by O'Day Consultants shows that in order to create a maximum pad area for a school site and to balance the cut and fill, soil would be taken from the upper elevations and filled in the portion proposed for the inundation easement up to the existing road and utility easement. When this fill is completed, the elevation • of the inundation area east of the road easement will be above the level of inundation and the need for the easement will no longer exist. I have been instructed to assume that at this time and upon completion of this grading and fill, the property owner could request that the City of Carlsbad quitclaim the easement back to the property owner with no compensation required. The timing of these subsequent possible events cannot be determined at this time; The valuation of the permanent easement located east or uphill from the 76.0 contour level, which has the ability to be quitclaimed and removed, has been valued at 10 percent of the underlying fee value. This represents a somewhat nominal impact on the property during the period of its interim use and the ability to be removed at some point in the future when the property is developed to its highest and best use. With fill in place on this portion and the easement removed, the land would. have full development potential, subject to any other existing underlying easements. The total area of the proposed quitclaimable inundation easement is 79,457 sqUare feet or 1.82 acres. A summary of this valuation follows. Quitclaimable Inundation Easement Valuation Iype Area within Unencumbered Fee Total Value of Quitclaimable Easement AcquisitiOn Area (SF) % Fee Value/Acre Compensation 79,457 100/6 $180,000 $32,833 Rasmuson Appraisal Services Page 51 LEGEND: .R_os, NO. 15551 RIOT Or WAY £LSaIDVT AREA " St RCLZ Aj\ 8AS/S OFIBE4R/NCS; IE5ASOF8EAR1N/S PARcELE IL )7IERLYLIWE WS 66Sf MAP 823 IEC4L Pamm OF tOr f OF MP 823, DESCRIPTiON: ROmM AVWWM 18, IM XY[ T7Tj g ~ 0' 100' 400' Cm or m SCALE 1' = 800' WCIN/TY MAP AVSC4E Mi OU/)44jM4BL( INUND14 liON NO M104 5900 Pasteur Ct 760-93-7700 EASEMENT PLAT * * Suite 100 loe: cjvt ' Carlsbad. CA 760-931-8680 APPLICANT: I EXHIBIT "B' SHT. / OF 3 SHTS. C4Mk4 HILLS II uc I APPROVED BY: 2727 HOOP& AI'M/E __ sVA77ONAL Q7) a4 929501 CE0R( 0'L21Y LLD)V a HUM 41F APN /689.50-19 P", '119 -j7-15 Aw 12131104 RE 23889 L /2/31/01 Rasmuson Appraisal Services Page 52 DATA TABLE DELTA/BEARING RADIUS LENGTH I S 0/0'41 W - _____ T S 884'/? F - 3O 00, T S 01V541' N' -.- 2a83' S 0126'44 F - 6894' r1 s xvi W w - 51.21' 6 1 Sco19'Jrw - I0620' 7 SO14'JtW - T S0352'54'N' - 12755' —i S WW490 N' 17655' JL 11192/'Jrw - 88 1; DATA TABLE DELTA/BEARING RADIUS LENGTH 29 NA97OV8W - 8115' JO N19 nom E - 109.24' 31 N05Y71JaE - 32 N 054827 W - 5224' .0 I N 1973'Jr W - 1888' T1 /1 I6"43'2P N' 81.52' 35 N6551Y8'W - J59' I NJ48'441 P/ - 19.51' 37 PlO7'47'45iV - 11.44' I J8 fr/8854'19'W I - 3.141' PARZ A AR&t' 19,457 SQFX= 1.82 AC —FEE RilE ACQiJIStiJON CC I 700Cwa__ 1 APN / Are, /88-050-17 r - - 2 8 8 6 3 I 31 APH I . 0' 25' . 100' I _0• '-J00' SCAIL 1 100' I S O1//TCLAIMABL(,WUNDAT/ON NO. 32014 EXP. 12A11" (C# 5900 Pasteur Ct 760-931-7700 Suite 100 Fax: . y Carlsbad. CA 760-931-8660 S APPLICANT: I EXHIBIT "B" SHT. 2 OF 3 SHTS. C4LARA #iius i/tic I . APPROVED BY: 2727 M AWUE _______ 4170NAL Ci7) 4 929501 OW LLOYD 8 HUMS 44y- APN 168-050-19 PH L614a- 12/31/01 ICE 23889 1.12/3/101 Rasmuson Appraisal Services Page 53 DATA TABLE DELTA/BEARING RADIUS LENGTH 9 sa5ar4rw - 10 $0352'24'W - 9426' 1/ S mew" W - 88 37' 72 S 375732' E - 123 66' 13 1 N 251O76' ( - /9.24' 14 1 N 2870W F - 15 N 2673'//' F - 16 N2458'O/'( - 4.34' 17 N2356'26'( - 329' 1'8 M2377'35'( 19 N2237,51F - .147 20 N2128WF - 500' 21 A' 1554'43' F - 16:67' PARCEZ A A* 19.457 SOFT- 1.82 AC ARN DATA TABLE NOD DELTA/BEARING RADIUS LENGTH 22 NO2VJ'4lW - 23 N /419Y5' F - 56:52' 24 N12'47'2fF - 2103' 25 NOOVO'42'W - 26:45' x N22Y8'09'W 1 - 54.77' loop 50' 200 SC/LE 1 = 100, / / II / m fluE ACOL4'9)7av D0C.N___ APE /5B-050-4a ESS 6IT9AIMA9LE INUNDATION 2O14 -s-- EASEMENT 5900 Pasteur Ct 760-931-7700 Suite 100 Fox: PARCEL A V1 IN. Carlsbad. CA 760-931-8680 92008 APPLICANT: I EXHIBIT "8" I SHT. 3 OF 3 SKIS. 4LAi4 /1/11511 LW I IAPPROVED BY: I 2727/1O0fRAfrtNUE 1 _______ I _____ I N4flOM4L Q7} C4 929501 QEORCI 0'z4Y I 111nD a HL/ o4j I APN /68-050-/9 P/1 (619)336-3735 (ica J014 . /2/31/041 R.C, 2385,9 L 12/31/tfl mm GRIMM WMAW onwo 7-tt 6?.l Rasmuson Appraisal Services Page 54 Temporary Construction Easement The project construction requires acqüisitioh of a temporary 'construction easement located along the perimeter of the proposed slope easement Parcel A. The term of the construction for the project is estimated at three years. The temporary construction easement is valued using an economic rent for the term of the easement. The fair market rent rate is estimated by applying a market rate of return times the underlying land value. A ten percent annual rate of return hasbeen used for this analysis. Value of Temporary Construction Easement: Area Adjacent to Slope Easement Parcel A 1,159 SF or 0.027 acres x $180,000 per acre = $4,789 Annual Rent @ : 10% per year $479 Easement Term (Years) Compensation -, Temporary ConstrUction Easement $1,437 Total Value of Temporary Construction Easement Acquisition $1,437 LECEND: ewr or wr k4TAE4 BASIS OF BEAR/NCS: mE 81475 ar 5E4WNCS IS NE SO(/1A'ERLYLhVE w R.QS 16661 1EN8925'37'W JE(4L DESCRIPTION: PcWI/cw OF LOT EOPM.4P824 REfXWED MA181R 16, 1896 — NO, 18651. I. PAC E ) PARM A MAP 823 / an or UIT4 k1CINIfl' MAP Atsc4Lr 4O0' mmomw 200' 800' SCALE: 1 = 800' JESS C G NO. 32014 5900 Pasteur Ct 760-931-1700 CONSTRUCTION (ASEMENT PL4T Suite 100 Fox VI Carlsbad CA 760-931-8690 , 92008 APPLICANT: EXHIBIT "8" SHT. 7 OF 2 SHTS. 1A4 I//US It LW I APPROVED BY: .. 2727 HOOVER AI'VIUE - N4Th2M1 C/7) C4 92.950 C(Oh OW LW)D B Him WE APN 168-050-19 PH- (8 735 C. 4ff1L,EXP.l2/J//04 RCE 23889 LXR12131/01 Rasmuson Appraisal Services .Page 56 DATA TABLE DELTA/BEARING RADIUS - LENGTH / 51911'JBW 8-47- 2 S22Yfl5wW - J4r 536?443'E - 4216' T Sai75'irw - 60.67 T SJ6W'43E - - low,- N5375'tY'E - 70.62' 7 N38'44'4f W 5867 PI4RZ A AREA- 1!59 S4fl= 9 a AC 0' 25' 100' 50' 200' SCALE: 1 = 100' I / / Qll)tL4/MA8LE I / / INtINDA 1/ON 1 f / EAMENT 1/ t 'DXNQ REC / 'TPO.B. 2: MT ( .APN ESS CONSTRUCTION £45EWENT Ad NO. °° PosWur Ot 760-931-7700 SWte 100 Fax: PI4RC(L A \ c pJ Cwlsbad,CA 760-931-8680 . 92008 APPLICANT: EXHIBIT "9" SRT. 2 OF .2 SEllS. 5 C4LA&'FRd M'LLS II LLC APPROVED BY: L2727HOOkER AItNUE _____tL C/7) Cd 92950 CEaE OZ4Y LLD)D p Jjtfi$ (24/i APN 168-50-T9 16-3735 Ref 1f £%? 1M//Jol ACE 23889 EXP.12/31/0/ 7-1~- 32J '?.4L ..4PJV 158-050-47 FZ liii! ACll774V BOC Na___ RE': ______ CANNON. --.'' / Rasmuson Appraisal Services Page 57 I U Acquisition of Improvements I The project will require the demolition or removal of the existing one-story wood frame structure located near the southwest property corner. The building is used for agricultural purposes by the tenant farmer. This building is old and in fair to poor overall condition and quality. My highest and best use analysis indicates that it is an interim use until development of the-property. The building would be removed upon development as a school site or with a residential subdivision. In addition, the building is within the existing temporary access easement: and permanent road easement acquired by the nearby property owner, Holly Springs. These easements carry the right to remove the structures upon construction of the I road improvements. Based on this information, no additional compensation is due for the removal of the existing structure. Severance Damage Estimate Severance damages are measured as the diminution in value to the remainder parcel after the taking and construction in the manner proposed: The fill easement will allow development of the encumbered area, although lowering of this easement area would not be permitted. Due to the topography of this area, it is considered likely that this low-lying area would be filled upon development of the property and therefore the fill easement would only be needed until development and grading of the rest of the property takes place. The project will require removal of the existing structure on the property currently used by the tenant for agriculture production. This is considered an interim use until development of the property is feasible. Agricultural use àan continue on this property as an interim use after construction of the proposed project. The majority of the land in agricultural production will remain as in the before condition. Based on my analysis of the remainder parcel size and condition after construction of the proposed project, the development potential remains as in the before condition. The remainder parcel will have an additional impact when the next reach of Cannon Road crosses through the southern portion. This reach is not part of the current project. After the taking and construction, no adverse impact on the remainder parcel is anticipated. No severance damages are considered applicable for this property Benefits to the Remainder Benefits to the remainder are measured as the increase in value to the remainder parcel in the after condition, due to the proposed project. Benefits can be used to offset severance damages found to impact the remainder parcel but cannot offset compensation for the part acquired. The subject property will benefit from the development of Cannon Road and College Boulevard to the subject property boundary. This construction will create improved access to the property and will allow development to its highest and best use, transit ioning from the interim use as agricultural production land. The land value for the remainder property will likely increase as a result of this change. Since no significant severance damages were estimated due to this project, an analysis of the benefits to the property has not been specifically estimated. Value of Remainder Parcel - After Condition Since the property is not considered to suffer from severance damages or benefits (not estimated) in the after condition, the value for the subject property is considered the same as the before condition less the estimated value of the part acquired. Rasmuson Appraisal Services Page 58 Summary of Just Compensation Valuation Summary - Combined Projeôt Value of Larger Parcel - Before Condition (Land Only) 57.64 Acres @ $ 180,000 per acre = $10,375,200 Value of Part Acquired Fee Acquisition of Right of Way, Slope and Fill Area 33,038 SF or 0.76 Acres @ $ 180,000 per acre @ 10% = $13,652 5,065 SF or 0.12 Acres @ $ 20,000 per acre @ 10% $233 31,805 SF or 0.73 Acres @ $ 180,000 per acre @ 1000/. = $131,426 - 18,805 SF or 0.43 Acres @ $ 20,000 per acre @ 10% = $863 Subtotal Fee Acquisition 88,713 SF $146,174 Slope Easement: 1,378 SF or 0.03 Acres@ $ 180,000 per acre @ 30% = $1,708 Subtotal Slope Easements 1,378 SF $1,708 Quitclaimable Inundation Easement - Ultimate Basin Fill-in-Place: 79,457 SF or 1.82 Acres @ $ 180,000 per acre I @ 10% = $32,833 Subtotal Inundation Easement 79,457 SF $32,833 :Total Compensation for Part to be Acquired $180,715 Value of Remainder - Before Condition • : $10,194,485 Value of Remainder - After Condition S. $10,194,485 Severance Damages $0 Benefits to the Remainder . Not Estimated Net Severance Damages (Severance - Benefits) . $0 Temporary Construction Easement . . 1,159 SF or .0.03 Acres @, $ 180,000 per acre @ 10% @3 years $1,437 Total Just Compensation . $182,152 Rounded to .:... Rasmuson Appraisal Services Page 59 A Limiting Conditions and Major Assumptions - This appraisal is made expressly subject to the following conditions and stipulations: I .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 I 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. I 3. 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 I 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 I would cause a loss in value. 4. 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. I 5. 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 I . 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 I 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, I 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 I Standards Rule 2-2(b) of USPAP. Specific Limiting Conditions and Major Assumptions: I 9. This valuation is based on right-of-way drawings, plans and area calculations provided by my client and O'Day Engineering. I have not been provided with complete construction drawings or easement language for all of the various types of easements to be acquired. My valuation of the rights acquired I is based on preliminary information regarding the type and scope of easement to be acquired. If the easement language is significantly different from the easement description contained in this report, the valuation analysis would be void and require re-analysis. 1 I 1 I Rasmuson Appraisal Services . Page 60 I I Certification I certify that, to the best of my knowledge and belief, ... . I . 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 I 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 . I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. I . 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 useof 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 this 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. L. muson, MAI ' Date: August 20, 2002 Certifi neral Real Estate Appraiser ' State of California OREA Appraiser I.D. No. AG002571 Expiration Date: 2/4/2004 I Rasmuson Appraisal Services : , , Page61 I I I 1 I Qualifications of Gary L. Rasmuson, MAI I I Expertise: Mr. Rasmuson has been actively appraising real estate since •1977 as an independent fee 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@rasmusonappriasal.com Selected List of Clients: Arco Bank of America California Bank and Trust Caltrans Centre City Development Corporation City of Chula Vista City of Poway City of San Diego City of Oceanside City of Vista County of San Diego Comerica Bank Daley& Heft Higgs, Fletcher & Mack John Burnham Company Fidelity Federal Bank Great Western Bank Grossmont Bank McMillin Communities Imperial Bank La Jolla Bank and Trust Midas Realty Corporation Office of Thrift Supervision Port of San Diego Southern Pacific Bank San Diego City Schools San Diego Gas & Electric Company Union Bank of California U.S. Navy 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 L I > International. Right of Way Association -Member I I .1 I Qualifications of Gary L. Rasmuson, MAI Continued... Education: Bachelor of Science Business Administration Economics Major I 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-B) Case Studies in Real Estate Valuation Valuation Analysis and Report Writing Litigation Valuation I Seminars (Partial List): Litigation Seminar Analysis of Problem Properties I .Apartment Seminar Capitalization Update Seminar Appraisal Regulation Seminar Fair Housing Seminar Subdivision Analysis Seminar Hotel/Motel Valuation Seminar I Qualifications: . . . > Qualified Expert Witness, Federal Bankruptcy Court I Qualified Expert Witness, California Superior Court > Appointed Special Master to Superior Court I> 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 I