June 2013 Chapter of the Appraisal Institute

Iowa Chapter Newsletter

From the President Ranney Ramsey, MAI

One of the major items of discussion at the Are there Deeper Issues? Region II meeting was the Appraisal Institute’s relationship with the Appraisal Foundation. Are there deeper issues involved in this Ken Wilson, MAI, SRA, a National Vice dispute? I think so. Many appraisers are President, responded to determined concerned about the long-term position of the questioning from the floor about whether the Appraisal Institute – with no sympathy for the Appraisal Institute and the Appraisal apparently high-handed tactics of the Foundation were going to reconcile. An Appraisal Foundation’s leadership.

outcome most members seem to favor. Personally, I look forward to hearing a board

member of the Appraisal Foundation address Ken’s answers revealed the crux of the dispute the Appraisal Institute’s July conference in to be the Appraisal Foundation’s growing role Indianapolis. in providing education services to appraisers. Interested in pursuing a The Appraisal Foundation is charged as the Historically, amidst the economic devastation career in real estate supervising body of the Appraisal Standards of the Great Depression, the first standards of appraising? Check out the Board and the Appraisal Qualifications Board. practice and organized efforts at education Appraisal Institute website The Appraisal Institute has objected to arose out of the market. They were the at: expanding this role into providing education created by a network of real estate agents services as well as setting quality standards whose practices specialized in estimating www.appraisalinstitute.org charging that the dual responsibility entails a market value on behalf of third party clients. conflict of interest. In addition, the Appraisal These real estate agents – often former or Institute also responded to legislative inquiries practicing brokers – sought to establish a way about regulatory changes that would have to differentiate their professional integrity and restricted the role of the Appraisal Foundation. competence. Herein resides the essential role The result had been a mutual disengagement of practitioners as the source of the “expertise” of the two organizations. called real estate valuation.

Ken presented the National leadership’s These efforts led to the American Institute of position quite ably. He emphasized that we Real Estate Appraisers and the Society of had never actually done anything that violated Real Estate Appraisers. As I have traced the the mandates that govern either organization. record, these efforts were greatly aided by the In fact, the Appraisal Foundation, reportedly, pioneering work of Richard Ely in land insists that the Appraisal Institute refrain from economics. Richard Ely was the first president any activity or statements that run counter to of the American Economic Association and the Foundation’s interpretation of our mission. taught at Johns Hopkins and Wisconsin. One This requirement would stifle the role of the of his pupils was Herbert U. Nelsen [National Appraisal Institute as a public agent of its Association of Real Estate Boards] who was a membership. Finally, Ken emphasized that key person in the early efforts at organization. contrary to appearances, no real harm has been suffered as a result of our As I see it, there is an historical affinity disengagement. between the work that occurred in the Academy [the term I use for higher education Ken’s comments about the position of the and research] and the Real Estate Appraisal Appraisal Foundation are supported by profession. This historical affinity continues personal testimonies that are convincing and today in our own state as the University of credible including Iowa’s Regional Northern Iowa continues to move forward with Representative, Kevin Pollard, MAI and the a program that will educate a future generation Region II, President, Gail Hunyar, SRA. of appraisers using the text books and other

1 Iowa Chapter Newsletter June 2013

Conclusion education materials created by the Appraisal Institute. Most of us realize that the ongoing redirection of the Appraisal Institute’s membership This innovative program prepares new program toward the designation is consistent business graduates both for certification as with our best traditions. The development of well as for careers in real estate. Numerous new designations such as for appraisal review times I have listened to senior real estate process is also encouraging. The growing professionals emphasize that understanding affiliation of our organization with the Academy the real estate valuation process was is also part of the best traditions of our fundamental to successful real estate organization. investment and management. In addition, this alliance will forge the basis for greater Concerns about the future of the industry are credibility for the Appraisal Institute’s decades only part of our year-in and year-out of effort toward raising standards of practice responsibility for our profession. If taken as and integrity. the basis for continuing positive action, these concerns will yield strong dividends in the future.

From the Chapter Vice-President Dane Anderson, MAI

Regional Meeting Summary designation requirements becoming more First, the Iowa Chapter has been asked to comprehensive. One of the two classes host the 2014 Region II Meeting. Wayne has specific to the review designations is already started planning as preliminary the currently out for course review. meeting will be in early April. This will be a nice opportunity to showcase Iowa in a good Other takeaways from the Regional Meeting light. We will need some supplemental were: funding for the event, so please contact • The number of appraisers nationally myself, Ranney Ramsey, or Wayne has decreased over the past four Hennessey if you are interested in years; the decline was indicated as sponsoring. There will likely be a social primarily of residential appraisers. event where local chapter members can • The AI’s share of the total US meet leadership from the region. appraiser population is approximately 27 percent with 61 One of the main topics at the recent percent of commercial appraisers Regional Meeting II was the Candidate for and 12 percent of residential Designation Program (CDP). Some chapters appraisers. indicated some feedback was that Advisors • There is funding available from had signed up but had not been assigned National for state legislation that any Candidates. Ken Wilson, vice-president has national implications. I was not of the Appraisal Institute, attributed the lag in aware of this program but it could assigning of Candidates to the size of this be useful for our interests in the new program and National’s limited staff to future. The funding was indicated as administer the initial wave. Ken also up to $10,000. indicated that more Advisors were needed • National has operating reserves of and that enrollment by Candidates was 5.2 months, a continued upward increasing. trend from the low of 3.7 months in 2010. Another main topic was the General and • Finally, the 14th Edition of The htpp://www.aiofiowa.org Residential Review Designations. Ken Appraisal of Real Estate is expected 4287 Panorama Drive Wilson said they are hoping to have the to be released this year Panora, IA 502616 program rolled out by the end of 2013 but it 641-155-3442 (office) • . 515-971-5285 (cell) could be delayed into early 2014. The delay was partially attributed to the review

2 Iowa Chapter Newsletter June 2013

From the Treasurer Jeffery Behrens

Following on last year’s theme for this article, the Chapter is financially healthy. The board in The chapter now has $59,083 in a money recent years worked to reduce reserves as is market, $27,020 in checking and we have no evident in the table below. Presented in the certificates of deposit due to low rates. Our following table are member dues, total income reserves are well within the range and net income/loss for several years prior, recommended by National. year-to-date and 2013 budgeted. We are currently projecting meeting coming Following the end of the voucher program very near the budget for member dues. This is offered in recent years, our projected income important considering the downward trend shortfall for 2013 is reduced compared to that of experienced since 2008. In addition, we have 2010 through 2012. The voucher program was done well year-to-date with education income a means to reserve reduction, which is no with two major offerings remaining prior to the longer required. end of the year.

2007 2008 2009 2010 2011 2012 YTD 2013 Budgeted 2013 Member Dues $20,487 $23,062 $18,728 $20,086 $15,920 $14,707 $14,789 $16,000

Total Income $100,693 $150,141 $119,799 $118,659 $99,741 $73,262 $66,714 $82,275

Net Income (Loss) $8,442 $13,327 $11,966 ($14,089) ($9,166) ($14,745) $22,393 ($2,425)

From the Education Chair

Rich Hughes, MAI, SRA

Your education committee has planned Comparison: Residential Analysis and Logic” another busy year of quality appraisal combined with the PDE seminar “Case Studies education for 2013. The Iowa Chapter will be in Appraising Green Residential Buildings”. In offering a total of 12 continuing education (CE) June, we scheduled the seminar “Marketability seminars, one professional development Studies: Six-Step Process & Basic education (PDE) program, and two qualify Applications”. This is one of the brand new education (QE) courses. Other than the seminars that focus on marketability which has USPAP seminars in March, most of the CE become the “buzz” word among appraisers. seminars are brand new. Plus, the Appraisal This year’s seminar at AEGON will be Institute will be sponsoring the premier offering “Complex Litigation Case Studies” which was of the “Income Approach for Residential written to appeal to both residential and Appraiser” seminar on June 21 in Des Moines. commercial appraisers. For October we have Additionally, the details for the seminar just added the two day seminar “Uniform “Uniform Appraisal Standards for Federal Land Appraisal Standards for Federal Land Acquisitions” in October were just completed. Acquisitions: Practical Applications”. This The complete education schedule is available seminar’s instructor works for the IRS and on our website at www.aiofiowa.org. uses the “yellow book” on a regular basis. Then our final offering this year is the annual 4 The CE being offered this year covers a wide hour economic update in Cedar Rapids. htpp://www.aiofiowa.org range of topics that should appeal to most 4287 Panorama Drive everyone. In March, we offered a number of In addition to the Iowa Chapter’s CE offerings, Panora, IA 502616 USPAP seminars throughout the state there was the premiere of the brand new 641-155-3442 (office) combined with the new “Appraising the seminar that was sponsored by the Appraisal 515-971-5285 (cell) Appraisal: Appraisal Review-Residential” Institute “Income Approach for Residential seminar. All the offerings appear to have been Appraisers” on June 21 in Des Moines. well attended and well received. In May, the chapter offered the seminar “Valuation by (Continued on next page) 3 Iowa Chapter Newsletter June 2013

For QE courses this year, the chapter is educational offerings. Both CE and QE offering “General Appraiser Income offerings are available. For state credit, the 28- Approach/Part II” and “General Appraiser hour requirement can be taken online. Report Writing and Case Studies”. Both are scheduled for the mid-July time frame. For Currently there are approximately 765 state appraisers taking the Income Part II course, certified appraisers (344 general and 420 this is a fast-paced course, so make sure you residential) that need 14 hours of CE this year. can handle your calculator. There is not That is a total of 10,710 hours of education. enough time in class to learn the material and There are a number of organizations offering how to operate your calculator. I’m working CE classes throughout the state. Attending the with the instructor and hope to have some Iowa Chapter’s Educational offerings also sample problems shortly. If you feel you need supports the Chapter’s scholarship fund for additional assistance, call or e-mail me and I’ll students in the real estate program at the pass along the sample problems. University of Northern Iowa.

For appraisers that can’t get away from the Once again, 2013 is sizing up to be another office, take advantage of the on-line busy year.

From the Chair of the Public Relations

Bob McGivern, SRA Send Bob McGivern a Committee message and checkout the Iowa Chapter’s Iowa Chapter looking for “Likes” offer to post topics of interest, from market Facebook page – here To enhance communication and share trends to unique properties that may be of is the link: achievements of members and candidates interest. Please take a moment, and search across the state, the Chapter has created a out the Chapter’s Facebook page and “like www.facebook.com/AI Facebook page. We ask all members, us”! IowaChapter candidates, or those interested in appraising to “like” the page. At the time of this writing, Contact Bob McGivern, Chair of the Public we have a lonely group of 18. Relations Committee ([email protected]) if you have any It’s our hope that a few members from each interest offering content to the page from segment of the state will step forward and time to time.

Water Issues Katherine L.M. Cox, SRA

With the recent heavy rains we need to be etc. Or the fact that sump pumps in the sure we provide adequate narrative neighborhood could not keep up with the comments about wet basements. Don’t torrential rain fall; therefore, common in the hesitate to address water issues this year in market. This should help eliminate phone your appraisal reports. Several of my clients calls from underwriters. may have already asked me to provide a statement if the subject was or was not Remember to ask the borrower if they have impacted by the torrential rain or flash flood had any water seepage issues in the past, if this spring. Keep in mind that simply not I state - owner reports “in the 6 years checking the dampness box on page one of that we have lived here, there has never your 1004 Form is not sufficient and will been water in the basement”. Check the likely result in a phone call from the seller disclosure statement and refer back to htpp://www.aiofiowa.org 4287 Panorama Drive underwriter. that if necessary. Clearly discussing this Panora, IA 502616 issue up front and addressing any impact on 641-155-3442 (office) Additional clarification in my reports, include marketability will save you work in the long 515-971-5285 (cell) comments about “significantly heavy rains”, run. “saturated yards”, “above average rain fall”,

4 Iowa Chapter Newsletter June 2013

Leadership Development and May 20-24, 2013 Advisory Council – Tasha Gould, MAI and Jeremy Keller, SRA

Jeremy Keller, SRA and Tasha Gould, MAI Iowa Appraisal and Research in Des Moines.

represented the Iowa Chapter as delegates at Jeremy served as team leader for the Iowa

the Appraisal Institute’s annual LDAC Chapter’s lobbying efforts on Capitol Hill with

(Leadership Development and Advisory Iowa legislators. There were over 100

Council) conference in Washington DC. attendees from different U.S. chapters

Jeremy, a residential appraiser from Cedar including Guam and Puerto Rico, plus three

Rapids with Koestner, McGivern & Associates, designated members from Mexico, Wayne, is a third year attendee. Tasha Gould, a first demonstrating AI’s commitment to a global

year attendee, is a commercial appraiser with presence. I wanted to personally reach out to you, to thank the Iowa Chapter for contributing to the LDAC program in the past. Your gracious donation over the years assisted us in not only reaching our sponsorship goals, but keeping LDAC programs alive, while maintaining a low cost to the participants.

-Collette Apke, Appraisal Institute, 2013 The purpose of LDAC is to establish an are not willing to readdress any issues they “appraiser-presence” in Congress, discuss believe were resolved by Dodd Frank. On new ideas and government regulations conservation tax incentives, Harkin would affecting appraisers, and make support any legislation introduced to recommendations to the national Strategic continue the deduction for charitable Planning Committee to influence the future contributions. of the organization. The delegates were actively involved in the political process to Representative Tom Latham (R) visited with advance issues related to the Financial the delegates about the Reform Act and Institutions Examination Fairness and conservation issues. Latham became a Reform Act (H.R.1553 & S.727) and cosponsor of the Reform Act and said he Conservation Tax Incentives (S.526). would be willing to support change in the Changes to the wording of H.R.1553 & wording of the bill. The conservation tax S.727 were proposed to lawmakers. As issue has not yet been introduced in the written, the legislation would limit the ability House. Latham indicated legislative tax of bank examiners issues to order appraisals reform will not be addressed until October on performing loans if they were concerned when legislation related to the debt ceiling with bank safety and soundness. This will be discussed. At that time tax reform interpretation is inconsistent with the could be tacked on to legislation regarding directives of the Interagency Appraisal and debt ceiling limits. Latham is in favor of Evaluation Guidelines. The second issue broadening the tax base and limiting the was support of continued conservation amount of deductions to simplify the tax htpp://www.aiofiowa.org incentives for taxpayers. 4287 Panorama Drive code. For instance eliminating the mortgage Panora, IA 502616 interest deduction for second homes, in 641-155-3442 (office) Senator Harkin (D) was unavailable and some cases the tax rate could be lowered 515-971-5285 (cell) instead delegates met with one of his staff, for certain individuals to offset the loss of Zach Steinberg. Mr. Steinberg said that the these other tax incentives. financial reform act was unlikely to move forward in the Senate because law makers (Continued on next page) 5 Iowa Chapter Newsletter June 2013

Senator Grassley (R), Bill Braley (D) and Steve King (R) were not available to meet. existing and possible designations, and changes AI should make to benefit members in the future. These groups offer delegates the opportunity to voice opinions and to hear other’s viewpoints on AI and the direction of the appraisal profession.

After the Capitol Hill debrief on Thursday afternoon, the last day of the conference, a Q and A session followed with the President Rick Borges, MAI, SRA, President Elect Ken Wilson, SRA, Vice President Lance Coyle, MAI, SRA, Immediate Past President Sara Stephens, MAI and Fred Grubbe, Chief Executive Officer of the Appraisal Institute.

Dave Loebsack (D) was available briefly When asked about reconciliation with The after Iowa AI delegates met with his staffer; Appraisal Foundation, national leaders Loebsack is selling his residence in Mount indicated there would be no change in Vernon and had some appraisal questions relations between AI and TAF. for Jeremy. LDAC participation is an excellent way to The conference also included two days of support both the Iowa Chapter and our group discussion (4 discussion groups, with national organization, if you would like more delegates from various teams) addressing information about the event, please reach topics the National Strategic Planning out to this year’s delegates or chapter Committee provided to the discussion leadership. leaders. These four topics dealt with items facing the leaders of the Institute; providing other consulting services beyond point in time valuation, peer recognition from other groups, reaction to different ideas about

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 641-155-3442 (office) 515-971-5285 (cell)

6 Iowa Chapter Newsletter June 2013

UNI Center for Real Estate Education Dr. Arthur Cox, Director

It was a good year for the UNI Center for earning the MAI designation. This means Real Estate Education. UNI graduates with a Real Estate major The real estate program at the University of need to satisfy the Upper Level Northern Iowa is strong. Several notable requirements, and the one remaining Level accomplishments occurred this past One course. The Appraisal Institute Do you know a high academic year, both in the classroom and approval is retroactive for those graduating school graduate out. The students and graduates are from December 1998 and forward. considering a career in securing quality jobs with top employers, real estate finance? including several well known appraisal firms. These two approvals are significant The Iowa Chapter and its members have milestones for your Center for Real Estate http://business.uni.edu/ welcomed students at seminars, served as Education. We are honored to be web/pages/academics/ mentors for students, spoken to Rho recognized in this manner by both the majorsandmore- Epsilon, the student real estate club, and Appraiser Qualification Board and the realestate.cfm assisted students in paying for their Appraisal Institute. education through ongoing support of scholarships for two students. We sincerely Cox and Followill receive esteemed thank all of you for your continued award for research paper. commitment to UNI and to our students. UNI Business finance professors Art Cox and Dick Followill were recently recognized Dear Wayne, Third in the nation approval for the Real by the American Society for Engineering Estate program Education (ASEE) for their research featured Please share our After several months of diligent work, the in The Engineering Economist. Cox and sincere thanks ot the Appraiser Qualification Board (AQB) Followill’s paper "The Equitable Financing of Iowa Chapter of approved the UNI Real Estate Program for Growth: A Proportionate Share Methodology Appraisal Institute for 267 hours of credit toward the education for Calculating Individual Development renewing the criteria to become a Certified General Impact Fees" was featured in the August scholarship funding in Appraiser. 2012 edition of The Engineering Economist our Real Estate and was selected to receive the 2013 Grant Program. It helps This means UNI graduates with a real estate Award. The Grant Award is given annually students more now than major need only take the 15-hour USPAP by the Engineering Economy Division of the every! We appreciate course and 18 hours of a Market Analysis ASEE to the authors of the best paper in the partnership we have and Highest and Best Use course to satisfy The Engineering Economist, a journal with your organization the 300-hour total required by the AQB. UNI published jointly by the Engineering and its members for all real estate graduates will still need to pass Economy Division of ASEE and the Institute the opportunities the certified general exam and complete of Industrial Engineers (IIE). The papers are provided to our 3,000 hours of work experience to become judged on originality, importance of the students. fully credentialed. problem, logic and clarity, and adequacy of proposed solution. Thanks you, We are only the third program in the U.S. to receive this level of approval from the How much speculation is there in Iowa -Michelle Rourke Appraiser Qualification Board of The farmland values? Director Of Appraisal Foundation, putting our graduates A research paper authored by Jeff Stokes Development far ahead of their peers in terms of starting and Art Cox has been accepted for College of Bsn Adm their careers in real estate appraisal. These publication in the Journal of Real Estate University of Northern approval will significantly shorten the amount Research. Iowa of time needed for aspiring appraisers to become certified, allowing them to establish Arguably, interest in farmland by investors or their careers sooner, making them much producers has never been greater. Recently, more attractive to prospective employers. a record price for an acre of farmland htpp://www.aiofiowa.org The approval is retroactive to the 2004-2005 occurred in northwest Iowa, at over $21,000 4287 Panorama Drive academic year (i.e. applies to any real estate per acre. Since the year 2000, high-grade Panora, IA 502616 graduate going back to the December 2004 farmland in Iowa has increased 641-155-3442 (office) 515-971-5285 (cell) graduating class). approximately 12.5 percent per year. Whenever prices increase to such an extent, The Appraisal Institute has also approved concerns over the possibility of a speculative the real estate curriculum to satisfy seven of bubble exist. With this in mind, we decided the eight required Level One courses toward to examine Iowa farmland prices to learn 7 Iowa Chapter Newsletter June 2013

about the extent to which current prices may bringing home first place honors were Tyler contain a speculative component. Data from Siegworth of Dubuque; Shay Trask of Cedar land sales occurring over the last few years Falls; Eric Bohnenkamp of Remsen; Gabriel were used to develop a model of prices that Tovar of Johnston; Eric Caldwell of incorporates corn prices as the independent Hiawatha; and Keegan Wilkening of Garwin. variable. The results are preliminary but illustrate a pattern of the size of the speculative component in farmland prices. The NAIOP Commercial Real Estate Based on the last two years of data, the Development Association, Minnesota model shows the fundamental value of Chapter sponsors a competition each year in farmland to have a lower bound of which real estate students from around the approximately $3,600, up to a per-bushel Midwest analysis a property for development corn price of about $7.50. or redevelopment. This year's project was one controlled site in downtown Minneapolis, Potentially the most interesting result is the consisting of two parcels plus an alley. The

size of the indicated speculative premium task was to complete a Highest and Best and different prices for corn. Our results Use analysis and recommend a specific indicate the speculative premium increases, project to potential investors. Their goal was and increases at a faster rate, as corn prices to develop the most profitable yet feasible go up. For example, when corn is priced project that maximized value while achieving about $3 to $4 there is a negligible the highest risk adjusted return. The team speculative premium. When corn is at $7, was asked to address and describe their For more information the portion of farmland values made up by a development plan, construction timeline, about UNI's Real speculative premium is 20 percent. About 33 budget, pro-forma financial statements, Estate Program percent of farmland values are composed of leasing plan and schedule, financing plan, contact: speculation when corn prices are closer to and a market analysis. The teams were $8 per bushel. Based on this data, higher judged on their overall grasp of the project Art Cox, Director, corn prices lead to increases in the and supporting market and financial Center for Real Estate fundamental value of land AND the analysis; their final decision including how Education, 319-273- proportion of the value that is speculative. they utilized outside resources, and their 6986, overall presentation including format, clarity [email protected] The paper has been accepted for publication of communication, and creativity. in the Journal of Real Estate Research, one or of the leading real estate journals. The link The UNI team's proposed project consisted to the full text of the paper is, of 400 spaces of underground parking, and

http://aux.zicklin.baruch.cuny.edu/jrer/papers a tower with a 2 story lobby, wellness Jeff Stokes, Center for /abstract/forth/accepted/jrer_205(f120904r2). facilities, a 285 key upscale hotel on 8 floors, Real Estate Education, html. and 305,000 square feet of Class A office on 319-273-6312, the top 18 floors. Their projected cost for [email protected] UNI Team Wins the 2013 NAIOP the 28 story building was slightly above $153 University Challenge million. The teams competing were real Along with this endorsement, six UNI real estate students from UNI, University of estate students won the NAIOP Commercial Wisconsin-Madison, Marquette University, Real Estate Development Association's University of St. Thomas, and St. Cloud 2013 University Challenge. Students State University.

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 641-155-3442 (office) 515-971-5285 (cell)

8 Iowa Chapter Newsletter June 2013

Principal Riverwalk Riverfront

Development – Protection and

Prosperity for Des Moines A special thanks to the Tasha Gould, MAI following members who volunteer their services as advisors in Spring is a time of challenge for Des Moines; rising floodwaters have stymied the new Candidate for urban development since the mid-19th century. Newly crowned the Iowa state Designation Program: capital, the inundated the immature settlement in 1851. Out

Dane Anderson, MAI of the wreckage and devastation, the city arose and the importance of the river Brett Blanchfield, MAI remains a constant influence on growth yet due to its unpredictable nature Dennis Cronk, MAI limits urban development. William Dooley, SRA Shauna Gehring, SRA The swollen river again escaped its banks in 1993 and the raised earthen berms Richard Hughes, MAI, designed to control floodwaters failed the result was extensive flooding that SRA Dave Passmore, MAI devastated downtown businesses. Advances in engineering offered solutions, Kevin Pollard, MAI flood improvements were installed to protect the land along the river; the levees Ranney Ramsey, MAI reinforced and pump systems installed to protect the businesses that rebuilt. Against the odds predicted by extreme value theory, the second 500 year flood occurred in 2008, only 15 years after the massive flooding event that

If the Chapter can be damaged and destroyed anything and everything within the rivers reach. of help to any of you, please contact your Since the inception of Des Moines, civic leaders recognized the threat of the Appraisal Institute, river and the need to protect the investment made. The Principal Group, a Residential Associate major employer, collaborated with the city of Des Moines to study the Guidance Chair, success of other similar sized cities across the nation that fueled economic Katherine Cox, SRA at growth by reconnecting and investing in the riverfront. Public and private kathy@messmerapprai interests were united to marry functional flood protection infrastructure with sal.com or 563-323- 3384 and/or your aesthetics and cohesive design elements collaborating to create The General Associate Principal Riverwalk along the riverfront. Guidance Chair, Martin Corey, MAI at [email protected] om or 309-721- 3126(cell).

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 641-155-3442 (office) 515-971-5285 (cell)

9 Iowa Chapter Newsletter June 2013

In addition to protection and beauty, the ultimate goal was to connect over 300 miles of central Iowa recreational trails with a 1.25 mile river front loop. The river walk connecting downtown to central Iowa and anchor investments in downtown attractions including the , World Food Prize building, Botanical Gardens, Court Avenue entertainment district, Brenton Skating Plaza, Simon Estes Amphitheater and the .

New mixed-use developments have brought residents back to the urban core through new construction and re-development of existing structures. The uncertainty that the uncontrollable river brought was addressed in order to move forward to replace failing sewer infrastructure and protect the investments made along the river in order to support future growth. The Principal Riverwalk demonstrates the viability of public and private cooperation to revitalize the urban core.

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 641-155-3442 (office) 515-971-5285 (cell)

The Principal Riverwalk integrates design elements like the Center Street soon to be renamed the "The Iowa Women of Achievement Bridge" later this year 10 Iowa Chapter Newsletter June 2013

and Union Railroad Bridge are focal points that link existing historical buildings, street bridges, recreational amenities and attractions. The necessary sanitary and storm sewer improvements to protect downtown development are encased within the Riverwalk features.

The principles of high design and functional utility created through partnerships between architects and civil engineers as the Principal Riverwalk serves to provide necessary flood control functions.

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 The Court Avenue pump station decorates the juncture of the Des Moines 641-155-3442 (office) River and the Court Avenue district. A monolithic sculpture made of stone, glass 515-971-5285 (cell) and steel instead of utilitarian public infrastructure components of poured concrete and exposed piping. The pleasing sculptural elements disguise the true function of the cut limestone retaining walls and the internal steel 11 Iowa Chapter Newsletter June 2013

pilings. The river project integrates new public venues like the ‘Hub Spot’ riverfront pavilion in addition to recreational opportunities for visitors and residents alike.

The Principal Group’s investment in civic development in cooperation with the City of Des Moines community and other related groups has resulted in a beautiful and functional architectural public open space along the river. Embracing the idea that quality of life improvements like recreational amenities, public art and open spaces correlate with economic prosperity. Since the Principal Riverwalk project was announced more than eight years ago it is estimated that $300 million has been invested in downtown development. Residential and mixed-use development is ongoing; both new and adaptive reuse projects bring new vitality to the urban core. The river walk unifies the Central Business District on the west side of the river with the Capitol Complex and East Village district located across the river.

At the turn of the century, Des Moines embraced the idea of urban planning; the ‘City Beautiful Movement’ was an ambitious undertaking that led to the construction of multiple public buildings designed in the Beaux Arts style (City Hall, Public Library (now the LEED certified World Food Prize Building) and Polk County Administrative Building) along the Des Moines River cementing the river’s role as the civic center. For more than a century, the importance of incorporating the arts into civic architecture and private investment in the urban core remains a constant theme evolving with the physical structure of the city. Today these common tenants still influence urban planning and foster partnerships between private and public entities that share common goals.

The future of Des Moines is near and efforts are made to connect today with htpp://www.aiofiowa.org 4287 Panorama Drive tomorrow as the aptly named The Tomorrow Plan, combines a multi-faceted Panora, IA 502616 approach to difficult issues like flood control, transportation networks and 641-155-3442 (office) 515-971-5285 (cell) sustainable development practices that will ensure the continued prosperity of Des Moines thorough 2050. These forward-looking ideals epitomize the urban pride, civic strength and perseverance that exemplify Des Moines civic values.

12 Iowa Chapter Newsletter June 2013

Member News New Associates

We welcome the following Associates who joined the Chapter this year.

Sandra J. Schneider P-Affiliate Jill Patterson P-Affiliate John Paul Wageman Affiliate John Gallo P-Affiliate Adam Kassen Candidate Kyle P. Corcoran Candidate

Good luck to all of you in your path to an exciting and prestigious designation.

The Iowa Chapter offers many benefits and welcomes new members. For information on the Iowa Chapter visit our web site www.aiofiowa.org.

Current Chapter Members, Candidates and Practicing Affiliates

The current Iowa Chapter members and candidates breaks down as of June 13, 2013 as follows:

Category MAI SRA SRPA Undeclared Other Total Designated 64 39 4 0 0 107 Candidate 36 7 0 0 4 47 Gen Res Licensed Trainee Aspiring Other Practicing 20 12 8 23 8 21 92 Affiliates Total 246

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 641-155-3442 (office) 515-971-5285 (cell)

13 Iowa Chapter Newsletter June 2013

IOWA CHAPTER - 2013 EDUCATIONAL CLASSES

To date, enrollment in our 2013 educational classes total: USPAP Update 178 Students Other Seminars 278 Students Total 456 Students Members 147 Non-Members 309

Note: Total class enrollment for the same time period in 2012 was 370 students.

Remaining Educational classes for 2013 include: July 10-13, 2013 General Appraiser Income Clive 30Hrs Instructor-Potts, MAI Approach/Part II July 16-19, 2013 General-Report Writing & Case Clive 30Hrs Instructor-Lacey, MAI Study Sept. 27, 2013 Complex Litigation & Case Cedar 7 Hrs Instructor–Shawn Studies Rapids Wilson, MAI October 24-25, Yellow Book-Uniform Altoona 16 Hrs Instructor–Brian 2013 Appraisal Standards for Federal Flynn,MAI Land Acquisitions: Practical Applications November 15, Novemberfest Cedar 4-Hrs 2013 Rapids

To register, go to the Iowa Chapter’s website: www.aiofiowa.org.

Online Classes Offered Through the Appraisal Institute Support our Chapter by taking advantage of these offerings.

Online Education: Learn at your own pace anytime, anywhere. Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It’s easy, convenient and a great way to get the education you want. Check out the current course listing now.

htpp://www.aiofiowa.org 4287 Panorama Drive Panora, IA 502616 641-155-3442 (office) 515-971-5285 (cell)

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