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Home My WebLink About18- Closing Documents - Flanders Creek, HOA - Cottonwood and Oak Right-of-Way Acquisition - fa,<U0 PROJECT NAME: OAK AND I , CITY OF BOZEMAN COTTONWOOD ROUNDABOUT Engineering Division IMPROVEMENTS Public Works Department PROJECT#: 4524.11402.16 �@ 8 Co. WAIVER VALUATION PARCEL#: 1-1 and 1-2 PROPERTY OWNER: Flanders Creek, HOA LOCATION OF PROPERTY: Common Area No. 1 in Block 5 of Flanders Creek Subdivision in SEC. 4, T2S, R5E ZONING: City- R-O PRESENT USE: Subdivision Open Space HIGHEST& BEST USE: Subdivision Open Space NEW PUBLIC USE EASEMENT (Parcel 1-1): 530 sq. ft. NEW TEMPORARY CONSTRUCTION EASEMENT(Parcel 1-2): 7,174 sq.ft. PROPERTY SIZE: 0.657 acres The purpose of this Real Estate Estimate is to estimate the fair market value of a 530 sq. ft. portion of the subject property for a Public Use Easement (PUE) and a 7,174 sq. ft. portion of the subject property for a Temporary Construction Easement (TCE). The easements will facilitate the construction of the Oak and Cottonwood Roundabout Improvements Project for public transportation and utility purposes. • DESCRIPTION OF ACQUISITION: Parcel No. 1-1 PUE This parcel is a portion of the 0.657 acre subject property described as a tract of land in the Common Area No. 1 in Block 5 of Flanders Creek Subdivision in SEC. 4, T2S, R5E, Gallatin County, Montana, located in the northeast corner of the subject property along West Oak Street and North Cottonwood Road. For the purposes of this estimate, the portion for a PUE is considered to contain approximately 530 sq. ft. The current use of the subject property is as subdivision open space. Parcel No. 1-2 TCE This parcel is a portion of the 0.657 acre subject property described as a tract of land in the Common Area No. 1 in Block 5 of Flanders Creek Subdivision in SEC. 4, T2S, R5E, Gallatin County, Montana, located in the northeast corner of the subject property along West Oak Street. For the purposes of this estimate, the portion for a TCE is considered to contain approximately 7,174 sq. ft. The TCE is needed to provide a work area for all manner of activities associated with adjacent utility construction, and road and sidewalk reconstruction. This easement will be used in conjunction with the Oak and Cottonwood Roundabout Improvements Project and will not adversely affect the remainder or subject property in the after condition. • VALUE/COMPARATIVE ANALYSIS: This property valuation pertains only to the land required for the PUE for the above referenced project. An easement is defined as"an interest in real property that conveys the right of use, but not ownership,with respects PROJECT NAME:OAK AND COTTONWOOD ROUNDABOUT IMPROVEMENTS Parcel 1-1 and 1-2 0 0 W L PROJECT#:4524.11402.16 Page 1 of 4 to a property". The land is zoned as City - R-O property (residential-office district), but is valued based on the highest and best use. The current highest and best use of the subject property is as subdivision open space. The subject property has been valued as if it were raw, vacant land available for the highest and best use. The direct sales comparison approach is the preferred method for estimating the market value of land when sufficient sales are available. A search of comparable sales was conducted and land sales with similar use and location in the Gallatin County area were analyzed by real estate specialist Tony Gaddo, P.E., REALTOR°. From that data, the following comparable sales were evaluated, representing current and recent sales of comparable properties as shown in the local multiple listing service (Figure 1). The subject was compared to similar annexed properties as if vacant. COMPARABLE SALES GRID Comparable Subject 1 2 3 Parcel Number MILS# -- 301369 304065 309811 Address Open Space, 4124 Tanzanite Dr TBD Fen Way TBD Immanuel Dr Bozeman, MT Bozeman, MT Bozeman, MT Bozeman, MT Zoning City- R-O City- R3 City- R3 City- R1 Sales Price -- $117,500 $266,000 $155,000 Date of Sale -- 11/09/2017 9/29/2017 11/21/2017 Annexed into YES YES YES YES City? Size (acres) 0.657 0.210 0.708 0.500 Type Vacant-Urban Vacant-Urban Vacant-Urban Vacant-Urban Indicated Value per square foot -- $12.84 $8.63 $7.12 The comparable sales noted above include recent and current sales data that are similar to the subject property. The subject property is open space for an adjacent subdivision and is located at the corner of W. Oak St. and N. Cottonwood Rd. The portion of the subject property impacted by this project is vacant open space without improvements or stream/ditch features. A brief summary of the comparable sales follow: 1. Parcel 1 is a vacant lot within an undeveloped residential subdivision and is located near Ferguson Ave. and Annie St., Phase 2. This property has similar zoning and location as the subject, but is smaller in size. 2. Parcel 2 is a vacant property comprised of two lots within an underdeveloped residential subdivision and is located near Fen Way and Downy Ln. This property has similar zoning and size as the subject. 3. Parcel 3 is a vacant corner lot within an underdeveloped residential subdivision, located at the corner of Immanuel Way and Ethan Way. This property has similar zoning and location as the subject. The comparable sales data produced a range from $7.12 per sq. ft. to $12.84 per sq. ft. The average value of the three comparable parcels is $9.53 per sq. ft. The subject property zoning is similar to all three comparables, but allows additional commercial uses. Given all these factors, the indicated market value of the subject property is estimated to be $10.31 per sqft. for property with this zoning as just compensation for the fee acquisition of vacant land. Additional considerations for existing site conditions of the subject property were evaluated to adjust the property value due to the size and property use in comparison to the comparable parcels. Additionally,the subject property PROJECT NAME:OAK AND COTTONWOOD ROUNDABOUT IMPROVEMENTS Parcel 1-1 and 1-2 p r3 W L PROJECT#:4524.11402.16 Page 2 of 4 was planned as open space following local development guidelines and is not allowed to be developed into other uses. After evaluation of the comparable sales, factoring in existing site characteristics of the subject parcel and the use of the property, a factor of 20%was applied. Given all these factors,the indicated market value of the subject property is estimated to be $2.06 per sq. ft. for property with this zoning, size and use as just compensation for the fee acquisition of vacant land. Easements are considered a portion of the total rights in land. Compensation for easement interests is determined as a percentage of the fee value (100% acquisition value) based on the level to which the acquired interest limits/encumbers the use of the property by the owner. For public use easements, the owner retains little use of the impacted land and is valued at 95% of the fee value. For temporary construction easements, the owner retains much of the use of the impacted land and is valued at 10% of the fee value CALCULATIONS: Parcel 1-1 PUE: 530 sq. ft. x $2.06/sq. ft. x 95% _ $ 1,037 Parcel 1-2 TCE: 7,174 sq. ft. x $2.06/sq. ft. x 10%x 2 years= $ 2,956 Subtotal $ 3,993 Total * $ 4,000 *Rounded up to nearest$50 increment TOTAL COMPENSATION: $4,000.00 ($500.00 Minimum) DATE OF INSPECTION: January 30, 2018 DATE OF ESTIMATE: March 20, 2018 BY: Tony Gaddo, P.E., REALTOR' DOWL R al Estate Services q DATE APPROVED: 1 20 �� BY: _ City of-Bozeman Repr nta ive PROJECT NAME:OAK AND COTTONWOOD ROUNDABOUT IMPROVEMENTS Parcel 1-1 and 1-2 B O W L PROJECT#:4524.11402.16 Page 3 of 4 FIGURE 1: COMPARABLE SALES MAP ,, } Galion St > ? t W a i Cattall5l x ' Subject Kimberwiae st z Eq�es n ir�u t t' k 61axter I E Dax(m Ln ? -5 y " Cr W Oak M z W Oak$t W Oak St ty 2 71 c O.'ton Rd z L a t Casr:idg St A ri 2 ro a 791 191 W Babcock St 1V t17hcOrk St CQ } co (ry W d Bozeman - 4) ro t91 19t W colMga St 17 u T r re a j re y [ c N v 3 N [ W Kagy Avv 7 5ldckv Rd S',ucky Rd f�agY Rlvc! PROJECT NAME:OAK AND COTTONWOOD ROUNDABOUT IMPROVEMENTS Parcel 1-1 and 1-2 j D O W L PROJECT#:4524.11402.16 Page 4 of 4 INSTRUCTIONS TO: Montana Title & Escrow, Inc. 1925 N. 22nd Avenue, Suite 102 Bozeman, MT 59718 139274-1004 DATE: March 22, 2018 RE: ESCROW NO.: M-23403 PROPERTY: Parcel Open Space, Bozeman, MT 59718 You are handed herewith an executed: X Temporary Construction Easement and Public Use Easement Power of Attorney X Request for Taxpayer I.D.# (1099 Reporting) if payment to be made to Grantor. Which you are authorized and instructed to record through the above referenced escrow: Without demand for any consideration to the undersigned, monetary or otherwise, for their delivery of said instrument or (Check One) X Provided you hold for the account of the undersigned the sum of $4,285.00 to be paid to Flanders Creek, HOA I am to be of no expense in connection with this transaction and no documentary transfer tax is to be affixed to said EASEMENTS. Transfer tax, if applicable, and recording fees are to be collected from the grantee. When recorded, document is to be returned to the grantee. Preparation of this instrument and recording of same is to be done at no expense to the undersigned. READ, APPROVED AND ACCEPTED BY: NLuAC. Date:`1J�� , -?,O b jintboar President of Flanders Creek, HOA Page 1 of 2-February 24,2016 Instructions—Deed-Retail The above instruction and Easements mentioned therein have been reviewed and are hereby approved by the undersigned. You are to record said PUBLIC USE EASEMENT AND TEMPORARY CONSTRUCTION EASEMENT concurrently with the other documents contained in the above numbered escrow and charge my account for the cost incurred. Date: ANDREA SURRAIT M NAGER Received Montana Title & Escrow, Inc. BY: CANDACE D. ELSER Page 2 of 2-February 24,2016 Ins(meli--Deed-Retail Montana Title& Escrow, Inc. Date: 10/29/2018 1925 N. 22nd Avenue, Suite 102 Escrow No.: M-23403-CE Bozeman, MT 59718 Escrow Officer: Candace Elser Phone: (406)587-7702 Property Address: Fax: (406) 587-2891 COMMON AREA NO. 1 IN BLOCK 5 FLANDERS CREEK SUB, Bozeman, MT 59718 VMM En- -W3444210-0 BUYER'S INSTRUCTIONS Montana Title & Escrow, Inc., a Montana Corporation, is licensed to perform escrow services by the State of Montana. It is understood, by the parties hereto, that when the term "Escrow Holder" is used throughout these instructions it is always referring to Montana Title & Escrow, Inc. unless specifically stated otherwise. I/We hand you herewith: Cashier's check or verifiable funds in the amount stated on the attached Estimated Settlement Statement. Read and Approved Copy of Title Commitment You are hereby authorized to deliver and/or record all said documents and disburse said funds, together with the proceeds of any easements mentioned, on account for the purchase price of the real property described in I your above numbered escrow and on account for the other costs, fees and adjustments in connection therewith, when you can issue your 2006 ALTA Standard Owners Policy of Title Insurance in the amount of $4,285.00. i SUBJECT TO: 1. All printed exceptions and conditions in the policy. 2. All general and special taxes as shown in Item 6 below. 3. The lien of supplemental taxes which may be assessed as a result of revised assessed values. 4. Bond and/or Special Assessments not delinquent. 5. Covenants, Conditions, Restrictions, Easements, Reservations now of record 6. Exceptions Numbered: 1 -15 as shown on the Title Commitment dated October 15, 2018 The undersigned Buyer acknowledges that he/she has received and read a copy of the Preliminary Report or Title Commitment Order No. M-23403. Seller to acknowledge that the information contained in the Preliminary Report is correct to the best of his/her knowledge. The receipt by escrow of all documents and monies required to transfer title in accordance with these instructions shall be deemed as sufficient indication that all contingencies and/or conditions contained in the Purchase Agreement by and between the within Buyers and Sellers have been removed, complied with, or will be satisfied outside of escrow. These instructions are effective until revoked by any of the undersigned through written demand delivered to Escrow Holder. I hereby agree to pay all my proper costs and fees, including any adjustments, and request you to remit balance to me at the address shown below. Buyer's estimated settlement statement attached hereto and made a part hereof. Page 1 of -10/29/2018 MLIIC Buyer's Lscrow Instmalons BUYER: CITY OF BOZEMAN, A MUNICIPAL CORPORATION OF THE STATE OF MONTANA < 0�•BQ2 , By; i • '. Andrea Surraft,-Gifq M nager ,�.. J •,y Robin Crough, City Nrk - -: - •_ Mailing Address: Fb ea� t23a ��TIN CO.•'`10 �6ZQnn9►v� � M� �I�l Phone: ((may 14,9a Email: a v►�atr� .y��— Received by Montana Title & Escrow, Inc. i By: Date: Time: i i i Paget oft-10/29/2018 MUIC Buyer's Escrow Instmctiow Montana Title & Escrow, Inc. 1925 N.22nd Avenue,Suite 102 File Number: M-23403 Bozeman,MT 59718 Sales Price: $4,285.00 (406)587-7702 Close Date: 11/15/2018 Disbursement Date:11/15/2018 BORROWER(S) ESTIMATED CLOSING Date Prepared: 10/29/2018 2:31:59 PM Type: Sale Property: COMMON AREA NO.1 IN BLOCK 5 FLANDERS CREEK SUB BOZEMAN,MT 59718(GALLATIN) Borrower(s): CITY OF BOZEMAN,A MUNICIPAL CORPORATION OF THE STATE OF MONTANA PO BOX 1230 121 N ROUSE Bozeman,MT 59771 Seller(s): FLANDERS CREEK HOA PO BOX 10684 Bozeman,MT 59719 Lender: Address: Legal Desc: A PUBLIC USE EASEMENT LOCATED ON THE FOLLOWING REAL PROPERTY: COMMON AREA NO.1 IN BLOCK 5 OF THE FINAL PLAT OF FLANDERS CREEK SUBDIVISION,CITY OF BOZEMAN, GALLATIN COUNTY,MONTANA,ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND RECORDER OF GALLATIN COUNTY,MONTANA.(PLAT J-434). SAID PUBLIC USE EASEMENT MORE PARTICULARLY DESCRIBED AS: BEGINNING AT THE NORTHEAST CORNER OF SAID TRACT AND THE EASEMENT HEREIN DESCRIBED,BEING A POINT ON THE SOUTH RIGHT-OF-WAY OF WEST OAK STREET AND THE WEST RIGHT-OF-WAY OF NORTH COTTONWOOD ROAD,FROM WHICH POINT THE QUARTER CORNER COMMON TO SECTIONS 3 AND 4,T2S,R5E,P.M.M.,BEARS N 45° 22'45"E,85.98 FEET,SAID POINT OF BEGINNING;THENCE,FROM SAID POINT OF BEGINNING,S 01'07'40"W,50.07 FEET ALONG THE WEST RIGHT-OF-WAY OF NORTH COTTONWOOD ROAD;THENCE,N 220 00'41"W,53.85 FEET TO THE SOUTH RIGHT-OF-WAY OF WEST OAK STREET;THENCE,N 89'37'49"E,21.17 FEET ALONG THE SOUTH RIGHT- OF-WAY OF WEST OAK STREET TO THE WEST RIGHT-OF-WAY OF NORTH COTTONWOOD ROAD AND TO THE POINT OF BEGINNING. Description P.O.C. Debit Credit Deposits,Credits,Debits Contract sales price $4,285.00 Upfront Title Charge Paid in Full from CITY OF BOZEMAN,A MUNICIPAL CORPORATION OF THE STATE OF MONTANA $285.00 Title Charges Title-Owner's Title Insurance$1.00 Premium$175.00 to Montana Title&Escrow,Inc. $175.00 Additional Title Work Charges to Montana Title&Escrow,Inc. $110.00 Settlement or closing fee to Montana Title&Escrow,Inc. $700.00 Total:$700.00 $700.00 Government Recording and Transfer Charges Recording Public Use Easement to MLHC Recording Account $28.00 $28.00 Recording Temporary Construction Easement to MLHC Recording Account $21.00 $21.00 Totals $5,319.00 $285.00 Balance Due FROM Borrower: $5,034.00 Issued Date: 10/29/2018 Lender's Basic(non-discounted) Rate: ][We hereby agree to pay all my proper costs and fees, including any taxes, assessments and liens of public record, and any adjustments thereto, and authorize you to deduct same from funds due me and remit the balance to me at an address designated by the undersigned. APPROVED AND ACCEPTED BORROWER(S) CITY OF BO EMAN lICIPAL CORP OF THE STATE OF MONTANA By: $ Andr a Surratt,C' Man er , + ■ • .?� , By: :y Robin Crough,City Clerk n Ir .. 1883 SETTLEMENT COORDINATOR Candace Elser Montana Title & Escrow, Inc. 1925 N.22nd Avenue,Suite 102 File Number: M-23403 Bozeman,MT 59718 Sales Price: $4,285.00 (406)587-7702 Close Date: 11/15/2018 Disbursement Date:11115/2018 BORROWER(S) FINAL CLOSING STATEMENT Date Prepared: 10/29/2018 2:32:20 PM Type: Sale Property: COMMON AREA N0.1 IN BLOCK 5 FLANDERS CREEK SUB BOZEMAN,MT 59718(GALLATIN) Borrower(s): CITY OF BOZEMAN,A MUNICIPAL CORPORATION OF THE STATE OF MONTANA PO BOX 1230 121 N ROUSE Bozeman,MT 59771 Seller(s): FLANDERS CREEK HOA PO BOX 10684 Bozeman,MT 59719 Lender: Address: Legal Desc: A PUBLIC USE EASEMENT LOCATED ON THE FOLLOWING REAL PROPERTY: COMMON AREA NO.1 IN BLOCK 5 OF THE FINAL PLAT OF FLANDERS CREEK SUBDIVISION,CITY OF BOZEMAN, GALLATIN COUNTY,MONTANA,ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND RECORDER OF GALLATIN COUNTY,MONTANA.(PLAT J-434). SAID PUBLIC USE EASEMENT MORE PARTICULARLY DESCRIBED AS: BEGINNING AT THE NORTHEAST CORNER OF SAID TRACT AND THE EASEMENT HEREIN DESCRIBED,BEING A POINT ON THE SOUTH RIGHT-OF-WAY OF WEST OAK STREET AND THE WEST RIGHT-OF-WAY OF NORTH COTTONWOOD ROAD,FROM WHICH POINT THE QUARTER CORNER COMMON TO SECTIONS 3 AND 4,T2S,R5E,P.M.M.,BEARS N 45° 22'45"E,85.98 FEET,SAID POINT OF BEGINNING;THENCE,FROM SAID POINT OF BEGINNING,S 010 07'40"W,50.07 FEET ALONG THE WEST RIGHT-OF-WAY OF NORTH COTTONWOOD ROAD;THENCE,N 22°00'41"W,53.85 FEET TO THE SOUTH RIGHT-OF-WAY OF WEST OAK STREET;THENCE,N 89'37'49"E,21.17 FEET ALONG THE SOUTH RIGHT- OF-WAY OF WEST OAK STREET TO THE WEST RIGHT-OF-WAY OF NORTH COTTONWOOD ROAD AND TO THE POINT OF BEGINNING. Description P.O.C. Debit Credit Deposits,Credits,Debits Contract sales price $4,285.00 Upfront Title Charge Paid in Full from CITY OF BOZEMAN,A MUNICIPAL CORPORATION OF THE STATE OF MONTANA $285.00 Title Charges Title-Owner's Title Insurance$1.00 Premium$175.00 to Montana Title&Escrow,Inc. $175.00 Additional Title Work Charges to Montana Title&Escrow,Inc. $110.00 Settlement or closing fee to Montana Title&Escrow,Inc. $700.00 Total:$700.00 $700.00 Government Recording and Transfer Charges Recording Public Use Easement to MLHC Recording Account $28.00 $28.00 Recording Temporary Construction Easement to MLHC Recording Account $21.00 $21.00 Totals $5,319.00 $285.00 Balance Due FROM Borrower: $5,034.00 APPROVED AND ACCEPTED BORROWER(S) CITY OF BOZE AN, A UNICIP CORPO ON QEIHE STATE OF MONTANA B An r urratt,City Manager'•. „�,t ]OF, . . �• By: — s Robin rough,City Clerk U . �; �°°% • ��•. 18.83 , Lr SETTLEMENT COORDINATOR