APPRAISAL REPORT ‘30TH AVENUE SCHOOL’ BUILDING 151 - 30TH AVENUE COLUMBUS, MUSCOGEE COUNTY, GEORGIA EFFECTIVE REPORT DATE: AUGUST 19, 2016 DATE OF REPORT: AUGUST 22, 2016 FOR: MUSCOGEE COUNTY SCHOOL DISTRICT CONSTRUCTION DEPT. 2960 MACON ROAD COLUMBUS, GA. 31906 BY: SCOTT L. BOYCE WOODRUFF BROKERAGE CO. P.O. BOX 7727 COLUMBUS, GA. 31908 (706) 615 - 9733 VALUATION SERVICES, INC._________________________________________________________________________________ 1 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. The property Identification used in the appraisal is assumed to be correct. No responsibility is assumed for matters of a legal nature affecting title to the property nor are opinions of title rendered. Title of the property is assumed to be good and merchantable. 2. No survey of the property has been made by the appraiser and no responsibility Is assumed in connection with such matters. Exhibits submitted are included only to assist the reader in visualizing the property. It is assumed that utilization of land and improvements are within the boundary and/or property lines of the property described and that there are no encroachments or trespass unless otherwise noted. 3. Information furnished by others is assumed to be correct, true, and reliable. A reasonable effort has been made to verify information; however, no responsibility for its accuracy is assumed by the appraiser. 3. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified. The property is appraised as though under responsible ownership and competent management. 5. It is assumed that the property is in full compliance with all applicable federal, state and local environmental laws and regulations - unless any non-compliance is stated and defined. 6. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation to asbestos, petroleum leakage, radon gas, chemicals, mold, fungus, and/or lead paint, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. Also, any property constructed prior to 1978 should be aware that lead-based paint was common prior to that year. Likewise with asbestos containing materials, or ACMs, which were also common prior to 1979. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances or other potentially hazardous substances or environmental conditions may affect the value of the property, value estimated is predicated on the assumption that there are no such conditions on or in the property or in such proximity thereto that would cause any loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 7. It is assumed that all applicable zoning and use restrictions have been complied with, unless a non-conformity has been stated, defined and considered in this report. VALUATION SERVICES, INC._________________________________________________________________________________ 2 ASSUMPTIONS AND LIMITING CONDITIONS - CON'D. 8. The Americans with Disabilities Act ("A D A") became effective in 1992. I have not made, nor am I qualified to make, a specific compliance survey and analysis of any property and any improvements to determine whether or not it is in conformity with the various detailed requirements of the "A D A". It is assumed in this appraisal that the improvements are in compliance. I did not consider any possible non-compliance with "A D A" requirements in estimating the value of the property. 9. Unless stated otherwise in the report, the roof cover is assumed to be in good physical condition. The client is urged to retain a roofing expert for verification, if desired. Unless stated otherwise in the report, any artificial stucco construction is assumed to have been constructed in a workmanlike manner in accordance with the manufacturers requirements. An expert should be retained for verification. 10. The appraiser will not be required to give testimony, or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made therefore. 11. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person, other than the party or parties to whom it is addressed, without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. 12. Disclosure of the contents of this report are governed by the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of the report - especially the identity of the appraiser or firm with which connected, or any reference to the Appraisal Institute, or to the MAI designation, or any conclusions as to value, - shall be disseminated to the public media, news media, sales media, or any other public means of communication, without prior written consent and approval of the appraiser. 13. Any distribution of the value of property in this report between land and any improvements applies only under the reported highest and best use of the property, and any value allocations between land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 14. Acceptance of and/or use of this appraisal report will constitute acceptance of the foregoing stated general assumptions and limiting conditions. VALUATION SERVICES, INC._________________________________________________________________________________ 3 PROPERTY IDENTIFICATION Real estate located with frontage on the north side of 30th Avenue located in Columbus, Muscogee County, Georgia. Property contains approximately 4.76 acres of land improved with a former school building known as „30th Avenue School‟ and is numbered 151 - 30TH AVENUE. The subject real estate is currently owned by Muscogee County School District. The property is noted on Muscogee County Tax Map 042, in Tax Block 011, as Parcel 049. PURPOSE OF APPRAISAL The objective of this Appraisal Report is to estimate the AS-IS Market Value of the Fee Simple Interest of the identified real estate. The purpose of this report is to present the data and reasoning that the appraiser has used to form an opinion of value. This report is prepared for Kimberly Wright representing MUSCOGEE COUNTY SCHOOL DISTRICT (MCSD) and for sole use by MCSD, and any authorized representative within the MCSD for the purpose of analyzing the value of the subject property in conjunction with future business planning purposes. The effective appraisal date is AUGUST 19, 2016, and the report completion date is the date of the transmittal letter and is noted on the Certificate. This appraisal assignment is not made, nor is the appraisal rendered on the basis of a requested minimum valuation, specific valuation, or an amount which would result in consummation of a real estate transaction, or approval of a loan. The appraiser certifies that he has the knowledge and experience necessary to perform the appraisal of this property in a competent and professional manner. This Appraisal Report is believed to be prepared in conformance with the Uniform Standards of Professional Appraisal Practice and FIRREA. VALUATION SERVICES, INC._________________________________________________________________________________ 4 MARKET VALUE DEFINED As published by the FDIC Rules and Regulations 12 CFR Part 323.2 Definitions (g), the following definition of market value is used by agencies that regulate federally insured financial institutions in the United States. 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 each acting in what they consider their 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 sale concessions granted by anyone associated with the sale. VALUATION SERVICES, INC._________________________________________________________________________________ 5 COMMUNITY DATA Muscogee County / Columbus is located in west-central Georgia bordering Alabama. Phenix City, Alabama, is a "sister city" to the west and Fort Benning Military Reservation borders Columbus to the south and southeast. Atlanta is 100 miles northeast, Macon is 95 miles east, and Montgomery, Alabama, is 80 miles southwest. Columbus is the retail trade, medical, industrial and employment center for this central region of Georgia and Alabama. The M S A covers Muscogee County (Columbus), Harris County (Hamilton), Chattahoochee County (Fort Benning & Cusseta),