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20-08-3146A 3656 Churchville.Pdf RIGHT-OF-WAY APPRAISAL REPORT OF REAL PROPERTY IDENTIFIED AS: 3656 Churchville Road Property of The City of Aberdeen, Maryland Aberdeen, MD 21001 AS OF September 8, 2020 PREPARED FOR Phyllis Grover Director of Planning and Community Development City of Aberdeen 60 N. Parke Street Aberdeen, MD 21001 PREPARED BY Valucentric 600 Glen Avenue., Ste 103 Salisbury, MD 21804 VALUCENTRIC FILE #: 20-08-3146A RIGHT OF WAY APPRAISAL REPORT City of Aberdeen 60 N. Parke Street Aberdeen, MD 21001 (1) PROPERTY OF: City of Aberdeen (2) LOCATION: 3656 Churchville Road (3) ADDRESS OF OWNER: 60 N. Parke Street, Aberdeen, MD 21001 (4) TENANT OCCUPIED: NO BLDGS. TAKEN: NO (5) PLAT NUMBER (S): Public Works Plat Book JJR 5, Pgs. 40-42 (dated February 21, 2003) (6) PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the fee simple title and/or easement title of the land or rights of the remaining property that is being sold by the City of Aberdeen. The definition of “Market Value”, as defined by the Office of the Comptroller of Currency (OCC) under 12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions, the Board of Governors of the Federal Reserve System (FRS) and the Federal Deposit Insurance Corporation in compliance with Title XI of FIRREA, as well as by the Uniform Standards of Appraisal Practice as promulgated by the Appraisal Foundation, is as follows. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby, 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. TAKING AND BEFORE VALUE: $1,600,000 AFTER VALUE: $1,550,405 DAMAGES: $49,595 (Rounded to $50,000) (7) LIMITING CONDITIONS 1. No responsibility is assumed for matters legal in nature, including, but not limited to, exact property lines, easements and/or encroachments, if any. 2. The information contained in this report was gathered from sources considered as reliable but is not guaranteed. 3. Items deemed to be personal property by the City of Aberdeen are not considered to be a part of this report. 4. The City was to dedicate any land that was acquired to the County, per Memorandum of Understanding, relocation of Gilbert Road dated 9/13/2002. The city and County were to work cooperatively to make appropriate signage and easements prior to disposition of excess properties. This appraisal assumes that Therefore, this appraisal assumes that the entire square footage remaining of this right of way may be sold to a private owner. A title report was not provided but one is recommended. 2 CERTIFICATE OF APPRAISER We certify that, to the best of our knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions and conclusions. We have no present or prospective future interest in the property that is the subject of this report and have no personal interest with respect to the parties involved. We have no bias with respect to the property that is the subject of this report, or to the parties involved with this assignment. In compliance with the ethics rule of USPAP, I hereby certify that I have performed no services as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. Our 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 estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice (USPAP). No one provided significant real property appraisal assistance to the person(s) signing this certification. We have established sufficient competence to appraise this property through education and experience, in addition to the internal resources of the appraisal firm. The value conclusion and other opinions expressed herein are not based on a requested minimum value, a specific value or approval of a loan. The appraiser has not performed any prior services regarding the subject within the previous three years of the appraisal date. Meridith Miller Weitzenfeld has made a personal inspection of the subject property. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Kristina Clark, MAI, R/W-AC State Certified General Real Estate Appraiser, MD-04-12056 Meridith Miller Weitzenfeld State Certified General Real Estate Appraiser, MD-04-33337 3 ATTACH ALL PERTINENT PHOTOGRAPHS OF SUBJECT PROPERTY DATE TAKEN: September 8, 2020 TAKEN BY: Meridith Weitzenfeld DATE OF INSPECTION: September 8, 2020 Indicate point from which taken for each photograph. Photographs include all principal above ground improvements or unusual features affecting the value of the property to be taken or damaged. Looking northwest to subject parcel from intersection of Long Drive / Technology Drive and MD-22 4 Looking north on Long Drive along eastern perimeter of subject R/W parcel, towards larger parcel Looking south on Long Drive along eastern perimeter of subject R/W parcel 5 Looking west on MD-22 along southern perimeter of subject parcel, towards larger parcel Looking east on MD-22 from subject parcel 6 GENERAL PROPERTY DATA 5 Year Sales History of Subject Property Address Deed Date Grantor Grantee Liber/Folio Area Sale Price 3656 6/27/2000 Theron Andrews The City of Aberdeen, Maryland Liber 3290 10,441 SF $125,000 Churchville & Dorie Lee Folio 353 Road (Subject) Andrews 3654 Churchville 7/20/20 Jerry Esper & Tylin Feazell Property Management, Liber 13994 20,964 SF $230,000 Road Chow LLC Folio 222 3652 Churchville 12/16/19 Thomas Baine & Feazell Property Management, Liber 13606 21,467 SF $225,000 Road Wife LLC Folio 361 3650 Churchville 8/14/20 Matthew Earhart Feazell Property Management, Liber 14057 20,754 SF $175,000 Road LLC Folio 1 3648 Churchville 7/20/20 Jerry Esper, Gary Feazell Property Management, Liber 13994 22,360 SF $240,000 Road Desch & Judd LLC Folio 214 Elkins 3646 Churchville 7/20/20 Gary Desch & Judd Feazell Property Management, Liber 13994 23,688 SF $205,000 Road Elkins LLC Folio 210 944 Gilbert Road 12/16/19 Robert & Jeralynn Feazell Property Management, Liber 13606 211,789 SF $525,000 Reher LLC Folio 328 There have been no other transfers of the subject in the last five years. 3654-3646 Churchville Road & the Gilbert Road parcel are NOT the subject of this appraisal report, however, but are included because they are adjacent to the subject property and have similar highest and best use. This will be discussed below in the Larger Parcel section of this appraisal report. Larger Parcel Larger Parcel is defined as “the tract or tracts of land that are under the beneficial control of a single individual or entity and have the same, or an integrated, highest and best use. Elements for consideration in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use.” The Dictionary of Real Estate Appraisal, 6th Edition, Appraisal Institute. 3654-3646 Churchville Road & the Gilbert Road parcel, as seen above and in the tax map which is located in the addenda section of this appraisal report, are adjacent to the subject parcel, have similar land use classifications and have similar highest and best use and recently purchased separately and assembled by Feazell Property Management, LLC a potential buyer of the subject parcel. These parcels are part of the larger parcel, which brings the site size to 7.61 +/- acres or 331,463 SF. This will be utilized in our analysis. (2) Neighborhood Description, including service facilities: The subject is located in Harford County, a county in the U.S. state of Maryland. Harford County is included in the Baltimore-Columbia-Towson, MD Metropolitan Statistical Area, which is also included in the Washington-Baltimore-Arlington, DC-MD-VA-WV-PA Combined Statistical Area. The county offers excellent I-95 access and two of the 36 State Enterprise Zones are located in Harford County, including the Greater Aberdeen/Havre De Grace EZ. The “EZ” program provides real property and state income tax credits for businesses located in a Maryland enterprise zone in return for job creation and investments.
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