HomeMy WebLinkAboutCarnegie Parcels Real Estate Appraisal SUMMARY REPORT
REAL ESTATE APPRAISAL
Of
Bozeman City Public Parking Lot
At the Southeast Intersection of Black Avenue and Mendenhall Street
Bozeman,
Gallatin County, MT, 59718
As of
September 14, 2011
Prepared For
Mr. Paul Burns
Parking Manager
City of Bozeman
121 North Rouse Ave.
Bozeman, MT
59715
Prepared by
APPRAISAL SERVICES OF BOZEMAN,INC.
PO Box 1076
Bozeman, MT 59771
Jerry R. Gossel, Certified General, MT-106
File Number: 11-361
APPRAISAL SERVICES OF BOZEMAN,INC.
PO Box 1076 www.Appraisa]ServicesBozemaii.coni 406-587-5044
Bozeman, MT 59771 Fax:406-5897-5481
asjgoss@gmail.com
October 5, 2011
Mr. Paul Burgs
Parking Manager
City of Bozeman
121 N. Rouse Ave.
Bozeman, MT 59715
Re: Summary Report, Real Estate Appraisal
City of Bozeman Public Parking Lot
At the Southeast Intersection of
Black Avenue and Mendenhall Street
Bozeman, Gallatin County, MT, 59718
Dear Mr. Burns:
At your request, I have prepared an appraisal for the above referenced property, which
may be briefly described as follows:
A 26,500 square foot vacant lot used by the City of Bozeman for public parking.
Please reference page 10 of this report for important information regarding the scope of
research and analysis for this appraisal, including property identification, inspection,
highest and best use analysis and valuation methodology.
I certify that I have no present or contemplated future interest in the property beyond this
estimate of value. The appraiser has not performed any prior services regarding the
subject within the previous three years of the appraisal date.
Your attention is directed to the Limiting Conditions and Assumptions section of this
report(page 8). Acceptance of this report constitutes an agreement with these conditions
and assumptions. In particular, I note the following:
October 5, 2011
Page 2
Hypothetical Conditions:
• There are no hypothetical conditions for this appraisal.
• None.
• None.
Extraordinary Assumptions:
• There are no Extraordinary Assumptions for this appraisal.
• None.
• None.
Based on the appraisal described in the accompanying report, subject to the limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), 1 have made the following value conclusion(s):
Current As Is Market Value:
The "As Is"market value of the Fee Simple estate of the property, as of September 14,
2011 is:
$1,500,000
One Million Five Hundred Thousand Dollars
The market exposure time' preceding September 14, 2011 would have been 12-24
months and the estimated marketing period'as of September 14, 2011 is 1224 months.
Respectfully submitted,
Appraisal Co. Valuation & Consulting
r'
.Terry R. Gossel, Certified General
MT-106
' Exposure Time:see definition on page 10.
Marketing Time:see definition on page 9.
TABLE OF CONTENTS
Summary of Important Facts and Conclusions................................................................... 5
Definitions....................................................................................................................... 6
Limiting Conditions and Assumptions ........................ ...................................................... 8
Scopeof Work........................................................................................................... ... 10
Market Area Summary............................................................................................... ... 12
Property Description............................................................................ ..20
...........................
SitePlan................................................................................................ ........21
Assessment and Taxes...... .........................................................................29
Zoning...............................................................................................................................30
Highestand Best Use........................................................................................................ 31
ValuationMethodology.................................................................................... ............32
AnalysesApplied.......................................................................................................... 32
LandValue........................................................................................................................ 33
Sales Comparison Approach—Land Valuation................................................................33
LandComparables........................................................................................................ 33
AnalysisGrid.................................................................................. ...................... 38
Lot Value Calculations: .................................................................................................... 40
FinalReconciliation..........................................................................................................40
ValueIndications.......................................................................................................... 40
ValueConcIusion..........................................................................................................40
Certification Statement...................................................................... .................41
Summary of Important Facts and Conclusions
GENERAL
Subject: A 26,500 square foot vacant lot used by the City of
Bozeman for a public parking lot.
Owner: City of Bozeman
Legal Description: Original Plat of Bozeman Amended NE4, Section 7,
Township 2 South, Range 6 East N. 78' Lots 18-22
Block E Plat C-I-F, and Lot 17-A.
Tax Identification: RGH33779 Exempt
Date of Report: October 5, 2011
Intended Use: The intended use is for city purposes.
Intended User(s): The client. No other users are identified by the appraiser.
Sale History: The subject has not sold in the last three years, according
to public records.
Current The subject is not currently listed for sale, or under
Listing/Contract(s): contract.
PROPERTY
Land Area: 26,500 square feet
Zoning: B-3 Central Business District
Highest and Best Use The highest and best use of the subject, as vacant, is for
of the Site: commercial development.
Highest and Best Use The highest and best use of the subject, as vacant., is for
as Improved: commercial development.
VALUE INDICATIONS
Land Value: $1,500,000
Reconciled Value(s): As Is
Value Conclusion(s) $1,500,000
Effective Date(s) September 14,
2011
Property Rights Fee Simple
Appraisal Services of Bozeman, Inc. Page_S
Definitions
Market Value:;
The most probable price, as of a specified date, in cash, or in terms equivalent
to cash, or in other precisely revealed terms, for which the specified property
rights should sell after reasonable exposure in a competitive market under all
conditions requisite to a fair sale, with the buyer and seller each acting
prudently, knowledgeably, and for self-interest, and assuming that neither is
under undue duress.
A Fee Simple estate is defined3 as:
Absolute ownership unencumbered by any other interest or estate, subject
only to the limitations imposed by the governmental powers of taxation,
eminent domain,police power,and escheat.
A Leased Fee interest is defined" as:
A freehold (ownership interest) where the possessory interest has been
granted to another party by the creation of a contractual landlord-tenant
relationship(i.e., a lease).
Marketing Time is defined3 as:
An opinion of the amount of time it might take to sell a real or personal
property interest at the concluded market value level during the period
immediately after the effective date of the appraisal.
Marketing time differs from exposure time, which is always presumed to
precede the effective date of the appraisal.
Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal
Foundation and Statement on Appraisal Standards No. b, "Reasonable
Exposure Time in Real Property and Personal Property Market Value
Opinions" address the determination of reasonable exposure and marketing
time.
Exposure Time is defined3 as:
1. The time a property remains on the market.
2. The estimated length of time the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at
market value on the effective date of the appraisal; a retrospective estimate based
Appraisal Institute,The Dictionary of Real Estate Appraisal,5th ed.(Chicago:Appraisal Institute,2010).
Appraisal Services of Bozeman, Inc. Page 6
on an analysis of past events assuming a competitive and open market.
See Marketing Time, above.
Gross Building Area (GBA): Total floor area of a building, excluding unenclosed areas,
measured from the exterior of the walls of the above-grade area. This includes
mezzanines and basements if and when typically included in the region.3
Rentable Area (RA): For office buildings, the tenant's pro rata portion of the entire
office floor, excluding elements of the building that penetrate through the floor to the
areas below. The rentable area of a floor is computed by measuring the inside finished
surface of the dominant portion of the permanent building walls, excluding any major
permanent penetrations of the floor. Alternatively, the amount of space on which the rent
is based; calculated according to local practice.;
Gross Leasable Area (GLA): Total floor area designed for the occupancy and exclusive
use of tenants, including basements and mezzanines; measured from the center of joint
partitioning to the outside wall surfaces.;
As Is Market Value
The estimate of the market value of the real property in its current physical condition, use
and zoning as of the appraisal date.;
Stabilized Value
Stabilized value is the prospective value of a property after construction has been
completed and market occupancy and cash flow have been achieved.4
As Complete Value
The prospective value of a property after all construction has been completed. This value
reflects all expenditures for lease-up and occupancy that may be expected to have
occurred at that point in time,which may or may not put the property at stabilized value.
4 Narrative Lcom.Thomas W.Armstrong,MAI
Appraisal Services of Bozeman, Inc. Page 7
Limiting Conditions and Assumptions
Acceptance of and/or use of this report constitutes acceptance of the following limiting
conditions and assumptions; these can only be modified by written documents executed
by both parties.
This appraisal is to be used only for the purpose stated herein. While distribution of this
appraisal in its entirety is at the discretion of the client, individual sections shall not be
distributed; this report is intended to be used in whole and not in part.
No part of this appraisal, its value estimates or the identity of the firm or the appraiser(s)
may be communicated to the public through advertising, public relations, media sales, or
other media.
All files, work papers and documents developed in connection with this assignment are
the property of Appraisal Services of Bozeman, Inc. Information, estimates and opinions
are verified where possible, but cannot be guaranteed. Plans provided are intended to
assist the client in visualizing the property; no other use of these plans is intended or
permitted.
No hidden or unapparent conditions of the property, subsoil or structure, which would
make the property more or less valuable, were discovered by the appraiser(s) or made
known to the appraiser(s). No responsibility is assumed for such conditions or
engineering necessary to discover them. Unless otherwise stated, this appraisal assumes
there is no existence of hazardous materials or conditions, in any form, on or near the
subject property.
Unless otherwise stated in this report, the existence of hazardous substances, including
without limitation asbestos,polychlorinated biphenyl, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, was not called to the
attention of the appraiser nor did the appraiser become aware of such during the
appraiser's inspection. 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 for such substances. The presence of such hazardous substances may affect the value
of the property. The value opinion developed herein is predicated on the assumption that
no such hazardous substances exist on or in the property or in such proximity thereto,
which would cause a loss in value. No responsibility is assumed for any such hazardous
substances, nor for any expertise or knowledge required to discover them.
Unless stated herein, the property is assumed to be outside of areas where flood hazard
insurance is mandatory. Maps used by public and private agencies to determine these
areas are limited with respect to accuracy. Due diligence has been exercised in
interpreting these maps, but no responsibility is assumed for misinterpretation.
Good title, free of liens, encumbrances and special assessments is assumed. No
responsibility is assumed for matters of a legal nature.
Appraisal Services of Bozeman, Inc. Page 8
Necessary licenses, permits, consents, legislative or administrative authority from any
local, state or Federal government or private entity are assumed to be in place or
reasonably obtainable.
It is assumed there are no zoning violations, encroachments, easements or other
restrictions which would affect the subject property, unless otherwise stated.
The appraiser(s) are not required to give testimony in Court in connection with this
appraisal. If the appraisers are subpoenaed pursuant to a court order, the client agrees to
pay the appraisers) Appraisal Services of Bozeman, Inc. regular per diem rate plus
expenses.
Appraisals are based on the data available at the time the assignment is completed.
Amendments/modifications to appraisals based on new information made available after
the appraisal was completed will be made, as soon as reasonably possible, for an
additional fee.
Americans with Disabilities Act (ADA) of 1990
A civil rights act passed by Congress guaranteeing individuals with disabilities equal
opportunity in public accommodations, employment, transportation, government
services, and telecommunications. Statutory deadlines become effective on various dates
between 1990 and 1997. Appraisal Services of Bozeman, Inc. has not made a
detennination regarding the subject's ADA compliance or non-compliance.Non-
compliance could have a negative impact on value, however this has not been considered
or analyzed in this appraisal.
Appraisal Services of Bozeman, Inc. Page 9
Scope of Work
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser's responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
• the client and intended users;
• the intended use of the report;
• the type and definition of value;
• the effective date of value;
• assignment conditions;
• typical client expectations; and
• typical appraisal work by peers for similar assignments.
This appraisal is prepared for Mr. Paul Burns, Parking Manager, City of Bozeman. The
problem to be solved is to estimate the 'as is' market value of the subject property. The
intended use is for city purposes. This appraisal is intended for the use of client. No other
users are identified by the appraiser. .
SCOPE OF WORK
Report Type: This is a Summary Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(B). This format provides a
summary of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject has been identified by the legal description
and the assessors'parcel number.
Inspection: An exterior viewing of the subject property has been
made, and photographs taken.
Market Area and Analysis of A complete analysis of market conditions has been
Market Conditions: made. The appraiser maintains and has access to
comprehensive databases for this market area and has
reviewed the market for sales and listings relevant to
this analysis.
Highest and Best Use Analysis: A complete as vacant and as improved highest and
best use analysis for the subject has been made.
Physically possible, legally permissible and financially
feasible uses were considered, and the maximally
productive use was concluded.
Appraisal Services of Bozeman, Inc. Page to
Valuation Analyses
Cost Approach: A cost approach was not applied as the property is a
vacant lot.
Sales Comparison Approach: A sales approach was applied as there is adequate data
to develop a value estimate and this approach reflects
market behavior for this property type.
Income Approach: An income approach was not applied as the subject is
not an income producing property.
Hypothetical Conditions: • There are no hypothetical conditions for this
appraisal.
Extraordinary Assumptions: . There are no Extraordinary Assumptions for this
appraisal.
Appraisal Services of Bozeman, Inc. Page 11
Market Area Summary
The four forces that influence value in a market are social, economic, governmental, and
environmental. This analysis identifies the characteristics that influence value trends in
the past and that may affect values in the future.
Bozeman, the county seat, is located in the southwest portion of the state in Gallatin
County. The county area is 2,510 square miles. Billings, the state's largest city, is located
150 miles to the east; Butte is located approximately 80 miles to the west. Helena, the
capitol, is located 90 miles to the north. Gallatin County has been one of the fastest
growing areas in the state.
Social Influences
In the market area analysis, the social characteristics that influence property values
include: population density, which is important in central business districts and high-rise
residential neighborhoods; skill levels or employment categories, which are important in
industrial or high-technology districts; age levels, which is important in residential
neighborhoods; house-hold size; employment status, including types of unemployment;
extent of crime; extent of litter; quality and availability of educational, medical, social,
recreational, cultural, and commercial services; and presence of community
organizations.
According to the U.S. Census Bureau the current population of Montana is 989,415.
Gallatin County's population is 89,513. Bozeman's population is 37,280 which is an
increase of35.5 percent since 2000.
Gallatin County has a well-educated work force. Of the county adult population over 25
years of age, 41%have college degrees; in Bozeman, that number increases to 49.5%.
Gallatin County has experienced steady population growth in recent decades. More than
90% of the population lives in Bozeman or within 30 minutes of Bozeman. According to
the Bozeman Planning Office approximately 25,000 people come into the city each day.
The age distribution for Gallatin County in 2000 is as follows: under 10, 11.7%; 10-19,
15.2%; 20-29, 21.9%, 30-39%; 40-49, 16.0%; and 60 & over, 11.4%. The age
distribution: for Bozeman in 1990 is as follows: under 10, 11.4%; 10-19, 15.7%; 20-29,
31.2%; 30-39, 16%; 40-49, 9.3%; and 60 & over, 11.4%.
The average persons per household in Gallatin County for 2000 were 2.46 and for 1990
were 2.50. The average persons per household in Bozeman for 1990 were 2.27.
According to the Montana Employment& Labor Trends Quarterly; the civilian labor
force of Gallatin County in December of 2000 was 43,401, the number of employed
workers was 42,114, and the number of unemployed was 1,287, with an unemployment
rate of 3.0%. The civilian labor force in December of 2001 was 44,329, the number of
employed workers was 42,937, and the number of unemployed was I,053, with an
unemployment rate of 1.2%. The civilian labor force in January 2010 was 47,686, the
Appraisal Services of Bozeman, Inc. Page 1212
number of employed workers was 44,134, and the number of unemployed was 3,552 with
an unemployment rate of 8.0%. The civilian labor force for November 2010 was 46,685
with the number of unemployed at 3,437 or an unemployment rate of 7.4%
The historical unemployment rates are as follows:
Year Montana % Gallatin County%
2011 7.1 6.1
2010 7.1 7.4
2009 5.9 5.5
2008 3.8 2.9
2004 3.8 2.4
2003 4.4 2.5
2002 4.6 2.7
2001 4.6 2.5
2000 4.9 2.7
Gallatin County has 32 schools in 16 school districts, offering educational programs from
kindergarten through high school. Gallatin County's total enrollment of students,
including private school numbers is 10,942.
Montanan State University is one of two university systems within the state. During the
2005 fall semester, 12,300 students were enrolled with a current enrollment over 13,400.
The university offers baccalaureate degrees in 50 fields, master's degrees in 40 fields and
doctorates in 13 fields.
Bozeman has a full range of medical professionals, several clinics, two urgent care
clinics, a low-income clinic, and a modern short-term acute care hospital. There are
approximately 100 doctors and 35 dentists, 114 practical and 377 registered nurses in the
community.
The number of increasing passenger boarding at Gallatin Field Airport is an indication of
strength in the tourism and recreation in Gallatin County. Bozeman is a destination point
to Yellowstone National Park., which continues to attract over 3 million visitors each year.
The alpine skiing is excellent with Bridger Bowl located 15 miles north of town and Big
Sky, a destination resort ski area, located 50 miles south of town. Both ski areas offer
beginner to expert ski runs. There are numerous cross-country ski trails in the area. The
area is known for its fishing on three rivers, the Gallatin, the Jefferson, and the Madison,
which form the Missouri River. Access to the Yellowstone River in Park County is 25
miles east of Bozeman.
There are 48 religious organizations in the Bozeman area representing a variety of
affiliations and denominations.
Bozeman has more than 70 motels/hotels with 1,400 rooms and more than 50 restaurants.
Appraisal Services of Bozeman, Inc. Page 13
Economic Influences
Economic considerations relate to the financial capacity of a market area's occupants and
their ability to rent or own property, to maintain it in an attractive and desirable condition,
and to renovate it when needed. The economic characteristics include; mean and median
household income, per capita income, income distribution, extent of owner occupancy,
property rent levels and trends, property value levels and trends, vacancy rates for various
types of property, and amount of development.
The economy in Gallatin County and Bozeman is both broad based and diverse, with
3,400 establishments employing over 41,000 people. Major sectors of the economy, in
addition to Montana State University, include recreation, retail trade, agriculture,
services, manufacturing, and natural resource-based industry such as mining and forestry.
Growing segments within these sectors are technology-based, and sports and recreation-
based businesses that find university resources and an educated and recreational active
labor force to be significant assets.
The largest employer in the area is Montana State University, which employs
approximately 3,500 personnel. Employment numbers indicate that retail trade
employee's make-up 26% of the covered labor force,with government at 20%, and
services at 25%. Manufacturing is the next largest segment, employing 9% of the
covered labor force.
In 1999 the median household income for Montana was $33,024 with a per capita income
of$17,151. The median household income for Bozeman was $32,156 with a per capita
income of$16,104. For the year 2008 the median household income for Bozeman was
$44,776 with a per capita income of$23,783.
Housing statistics for 2000 are as follows; Residential housing units in Montana 412,633,
and for Bozeman 10,877. The persons per household in Montana were 2.45 and
Bozeman was 2.26 with the homeownership rate in Montana of 69.1% and Bozeman was
42.9%.
Residential building permits for Bozeman single-family and multi-family units were as
follows: 2001 - 295; 2002 - 346; 2003 - 431; 2004—639; 2007—442; 2008— 199; 2009—
118; 2011 -49 for an 89% decrease since 2007. Source: City of Bozeman Building
Office.
The average rental prices in Bozeman as of August 2011 for apartments were: 1 bedroom
$300-$500; 2 bedrooms $500-$795; 3 bedrooms $650-$1000. The average studio rental
was $275-$400. The average house rental was: 2 bedrooms $600-$850 and 3 bedrooms
$80041,200. Source: Peak Property Management.
According to the City of Bozeman Building Division the new construction valuation,
including both residential and commercial for Bozeman:
2000 $81.2 million
2001 $78.9 million
Appraisal Services of Bozeman, Inc. Page 14
2002 $85.8 million
2003 $133.1 million
2004 $144.2 million
2008 $33.6 Million
2009 $6.7 Million
2010 $18 Million
2011 $17 Million
The residential real estate market had been strong until 2007. The average price of a
single family residential home was $77,500 in 1991 increasing to $331,722 for 2007.
However the average price has decreased to $275,054 for the past twelve months, which
is an 18% decline in value since 2007.
According to the Southwest Multiple Listing Services and the Gallatin Association of
Realtors,listed below is the annual sold statistics for Commercial Land with Buildings
within the Bozeman City Limits.
Number Total Sales Average Median Price
of Sales Sales Range
38,900-
2000 33 58,076,750 $244,750 $210,000 $740,000
$8,500-
2001 25 $8,412,600 $336,504 $280,000 $1,350,000
$40,000-
2002 27 $10,109,420 $374,423 $255,000 $1,900,000
$28,000-
2003 42 514,259,525 $339,513 $245,000 $1,577,625
$205,000-
2004 9 $1I,244,500 $1,249,388 $882,000 $4,000,000
$79,900-
2005 25 $14,046,115 $561,844 $400,000 $4,200,000
5364,000-
2006 10 $12,376,600 $1,237,660 $034,300 $4,500,000
$305,000-
2007 10 $8,281,500 $828,150 $710,250 $1,850,000
2008 11 $4,602,085 $418,371 $270,000 $101,200-
$2,000,000
2009 4 $1,403,000 $350,750 $285,000 $133,000-$700,000
2010 10 $5,228,835 $522,883 $457,500 $206,835-$1,100,000
The average price has decreased 37% since 2007.
Appraisal Services of Bozeman, Inc. Page 15
MLS data for commercial land and building sales for the Bozeman Suburban area shows
the following:
Number Total Average Median Price
of Sales Sales Sales Range
2007 5 $4,828,500 $965,700 $650,000 $410,000-$2,500,000
2010 5 $3,245,000 $649,000 $700,000 $410,000-850,000
The data shows a 33% decline in the average price since 2007.
According to the Southwest Multiple Listing Services and the Gallatin Association of
Realtors, listed below are the annual sold statistics for Commercial Vacant Land within
the city limits.
Number Total Sales Average Median Price
of Sales Sales Range
$96,200-
2000 13 $2,743,900 $211,069 5127,000 $257,500
$39,700-
2041 9 $1,697,180 $188,576 $152,320 $380,900
$11,900-
2002 27 $7,255,650 $268,728 $215,000 $1,300,000
$33,000-
2003 20 $5,990,329 $299,516 $150,000 $1,787,040
$152,895-
2004 6 $2,283,285 $380,547 $272,000 $930,000
$85,000-
2005 19 $7,344,569 $386,556 $295,000 $785,000
$219,500-
2006 10 $5,994,188 $599,418 $375,500 $1,300,000
$222,100-
2007 3 $1,543,000 $514,533 $574,000 $747,500
2008 1 $1,050,000 $552,500 $552,500 $205,000-$900,000
2010 0
MLS data for commercial land sales for the Bozeman Suburban area shows the following:
Number Total Average Median Price
of Sales Sales Sales Range
2007 8 $2,733,319 $341,664 $304,492 $105,500-$549,835
Appraisal Services of Bozeman, Inc. Page 16
2009 2 $310,000 $155,000 $155,000 $145,000-$165,000
2010 0
Currently there are twenty-two vacant commercial lots listed with an average price of
$951,095 and 305 days on the market.
According to the Southwest Multiple Listing Services and the Gallatin Association of
Realtors, listed below are the annual sold statistics for Commercial Condominiums within
the Bozeman city limits:
Number Total Sales Average Median Price
of Sales Sales Range
$96,200-
2000 7 $1,033,815 $147,688 $127,000 $257,500
$38,000-
200I 11 $2,177,130 $197,921 $220,375 $354,000
$8,500-
2002 26 $3,807,638 $146,448 $177,450 $272,035
$19,500-
2003 20 $4,144,805 $207,240 $147,000 $1,100,000
$111,716-
2004 9 $1,889,716 $209,968 $222,500 $322,000
$69,048-
2005 9 $3,493,113 $388,123 $300,000 $68I,800
$60,000-
2006 24 $5,883,720 $243,071 $247,975 $422,000
$99,500
2007 22 $7,494,095 $340,640 $201,200 $1,250,000
2008 6 $3,595,500 $599,250 $567,750 $150,00041,200,000
2009 6 $1,529,220 $254,870 $226,160 $117,675-$488,000
2010 5 $1,197,500 $239,500 $150,000 $98,000-$699,500
The data shows a 61 percent decline in the average value for the past thirty-six months.
Governmental Influences
Governmental considerations relate to laws, regulations, and property taxes that affect
properties in the market area and the administration and enforcement of zoning laws,
building codes, and housing and sanitary codes. The governmental characteristics
include; property tax burden relative to services provided compared with other areas in
the community; special assessments; zoning, building, and housing codes; quality of
Appraisal Services of Bozeman, Inc. Page 17
public services, such as fire and police protection, schools, and other governmental
services; and environmental regulations.
In 1921, the city of Bozeman adopted a Commissioner-Manager form of government.
The day-to-day operations of local government are administered by the City Manager.
All department heads are responsible to the City Manager, who is in turn responsible to
the City Commission. Five commissioners are elected at large for four-year overlapping
terms. The City Judge, the only other elected official, is also elected at large for a four-
year term.
The city provides water and sewer services that is supported by user fees. Garbage
collection and landfill operations costs are covered by an annual assessment of property-
owners. Through its general taxing authority, the City of Bozeman also provides library,
parks, cemetery, street, and tree maintenance services.
The Bozeman City/County Planning Office advises the Bozeman City Commission,
Gallatin County Commission and Bozeman City/County Planning Board on matters
within the planning jurisdictional area. The staff reviews subdivision requests,
annexation requests, Master Plan amendments, zone changes; conditional uses, and
makes recommendations to the respective bodies. The staff is also responsible for
carrying out long range, comprehensive planning programs. The Department administers
the Bozeman area-zoning ordinance,which contains provisions for site review and
planned unit-development. The planning staff administers all housing-programs and
historic preservation.
Environmental Influences
Environmental considerations consist of any natural or man-made features that are
contained in or affect the market area and its location, including: building size, type,
density, and maintenance; topographical features (terrain and vegetation); open space;
nuisances and hazards from nearby facilities; the adequacy of public utilities; the
existence and upkeep of vacant lots; general maintenance; the attractiveness and safety of
routes into an out of the area; effective ages of properties; changes in property use and
land use patterns; microclimate characteristics (temperature, wind, humidity, snowfall,
etc.); environmental liabilities (landslides, floods, etc.); and access to public
transportation, schools, stores and services establishments, parks and recreational
facilities, house of worship, and workplaces.
The Gallatin Valley is surrounded by several mountain ranges and thousands of acres of
national forest land, where trail systems and wilderness areas abound. Two of the
entrances to Yellowstone Park, America's oldest and best-known park are within a 90-
mile drive of Bozeman. Yellowstone National Park can be enjoyed year round and
Glacier National Park is a short-days drive to the west.
Bozeman is near ten national forests that accommodate a variety of outdoor recreational
experiences. There are several areas that are designed to accommodate the needs of
people with disabilities, families with small children, and senior citizens.
Appraisal Services of Bozeman, Inc. Page 18
Many organizations and Recreation Department use public lands and city/county facilities
to conduct programs. The city of Bozeman supports 23 parks and recreation areas, 19 of
which are owned by the city. The city maintains 17 public tennis courts with three public
parks are converted to outdoor ice skating rinks in the winter.
Bozeman's climate reflects its mountain valley location. Summers are pleasant,
characterized by warm days, cool nights, and an abundance of sunshine. Hot weather and
humid conditions are infrequent. Bozeman is located in one of the few regions in the
country where the average summer climate is comfortable due to the moderate combined
heat and humidity.
The average high temperatures for the summers are in the 70's and 80's; the average low
temperatures are in the mid 40's and low 50's. The autumn high daily temperature is 70
degrees until the middle of October then between 20 and 50 degrees in October and
November. The average monthly high and low temperatures for December, January and
February are 35 and 16, 31 and 11, and 37 and 17 degrees. The average temperatures for
spring are between 53 and 72 degrees. The average snowfall for Bozeman is 73.1 inches.
Appraisal Services of Bozeman, Inc. Page 19
Property Description
The following description is based on a property inspection, assessment records, and plat.
Location: The subject is located at the southeast intersection of Black
Avenue and Mendenhall Street.
Current Use of the Public parking lot.
Property:
Site Size: 26,500 square feet
Shape: Rectangular
Frontage/Access: The subject property has good access with frontage on Black
Avenue and Mendenhall Street.
Visibility: Average
Topography: The lots have level topography at grade.
Soil Conditions: The soil conditions observed at the subject appear to be typical
of the region and adequate to support development.
Utilities: Electricity: Available
Sewer: Available
Water: Available
Natural Gas: Available
Underground Utilities: No
Adequacy: Average
Flood Zone: The subject is located in an area mapped by the Federal
Emergency Management Agency(FEMA). The subject is
located in FEMA flood zone X, which is not classified as a
flood hazard area.
FEMA Map Number: 300028 0012 C
FEMA Map Date: July 15, 1988
Appraisal Services of Bozeman, Inc. Page 20
Site Plan
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A praisal Services of Bozeman, Inc. Page 21
BOZEMAN, BLK.E LOTS 15 16 17 C-1-D
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Appraisal Services of Bozeman, Inc. Page 22
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Appraisal Services of Bozeman, Inc. Page 23
h
Mendenhall Street
Looking West
Appraisal Services of Bozeman, Inc. Page Z4
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Looking Black Avenue
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Looking East
Appraisal Services of Bozeman, Inc. Page 27
N
Black Avenue
Looking North
Appraisal Services of Bozeman, Inc. Page 28
Assessment and Taxes
REAL ESTATE ASSESSMENT AND TAXES
Taxing Authority State of Montana and Gallatin County
Assessment Year 2010
TAXES
Tax Identification Number RGH33779 Exempt
I
Appraisal Services of Bozeman, Inc. Page 2 4
Zoning
LAND USE CONTROLS
Zoning Code B-3
Zoning Description Central Business District
Actual Density of Use Entire lot, exclusive of required yards and parking.
Current Use Legally Conforming Current Use Legally Conforming
Zoning Change Likely N/A
Zoning Change Description N/A
Set Back Distance No minimum yards except a 7-foot front yard
setback on Babcock and Mendenhall Streets.
Appraisal Services of Bozeman, Inc. Page 30
Highest and Best Use
Highest and best use may be defined as
the reasonably probable and legal use of vacant land or improved property, which is
physically possible, appropriately supported, financially feasible, and that results in
the highest value.
1. Legally Permissible: What uses are permitted by zoning and other legal
restrictions?
2. Physically Possible: To what use is the site physically adaptable?
3. Financially Feasible: Which possible and permissible use will produce any net
return to the owner of the site?
4. Maximally Productive. Among the feasible uses which use will produce the
highest net return, (i.e., the highest present worth)?
Highest and Best Use of the Site
The highest and best use of the site, as vacant, is for commercial use.
Highest and Best Use as Improved
The highest and best use of the subject, as improved, is for commercial development.
Appraisal Services of Bozeman, Inc. Page 31
Valuation Methodology
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Income Approach
3. The Sales Comparison Approach
Cost Approach
The Cost Approach is summarized as follows:
Cost New
- Depreciation
+Land Value
Value
Income Approach
The Income Approach converts the anticipated flow of future benefits (income) to a
present value estimate through a capitalization and or a discounting process.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. Different properties require
different means of analysis and lend themselves to one approach over the others.
Analyses Applied
• cost analysis was not developed because the property is a vacant lot.
• sales comparison analysis was considered and was developed because there is
adequate data to develop a value estimate and this approach reflects market behavior for
this property type.
An income analysis was not developed because the subject is not an income producing
property.
Appraisal Services of Bozeman, Inc. Page 32
Land Value
The subject's land value has been developed via the sales comparison approach.
Sales Comparison Approach — Land Valuation
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Land Comparables
I have researched four comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction.
Comparable Address pate Price Land SF Unit Acres Land SF Inning Comments
Subject Black Aws& 1121110 0 $0 N105032010 0 275
Mendenhall St,
1 223E Main 2115111 $310.000 $7654 0,09 4.050 B-3 0
Sheet
2 219 E.Main St. 6117409 $225,0D0 $57.69 0.09 3,M B3 0
3 519 E, T6l11 $157400 $1869 0.19 8.400 &3 0
Mendenhall St.
4 527 E. Wit $157,500 $18-75 0.19 6,400 63 0
Mendenhall St.
Appraisal Services of Bozeman, Inc. Page 33
Land Comparable 1
i vt `.
Transaction
ID 106 Date 2115111
Address 223 E Main Street Price $310,000
City Bozeman Land SF Unit Price $76.54
State MT Financing Trust Indenture
Property Rights Fee Simple
Grantor Ann Bates
Grantee Provenance Race,LLC Verification Source Owner
Legal Description The E 16.5 Feet of Lot 6&W
Site
Acres 0.1
Land SF 4,050 Zoning B-3
Utilities City w ater&sew er
Appraisal Services of Bozeman, Inc. Page 34
Land Comparable 2
K
i
, t
i l
Transaction
ID 107 pate 8117109
Address 219 E Main St. Price $225,000
City Bozeman Land SF Unit Price $57.69
State MT Financing Cash
Property Rights Fee Simple
Grantor Sanks Family Trust
Grantee F&H,LLC Verification Source Ross Wenger
Legal Description E 14.5 Feet Lot 5&W 11.5
Site
Acres 0.1
Land SF 3,900 Zoning B-3
Utilities City water&sewer
Appraisal Services of Bozeman, Inc. Pale 35
Land Comparable 3
i
I
i
s
Transaction
ID 108 Date 5/6/11
Address 519 E lendenhall St. Price $157,000
City Bozeman Land SF Unit Price $18.69
State [vTF Financing Cash
Property Rights Fee Simple
Grantor Bobinski
Grantee GHT Investments,LLC Verification Source MILS#161964-Public
Legal Description Lots 5&6,Block H Rouse's
Site
Acres 0.2
Land SF 8,400 Zoning B-3
Utilities City w aler&sew er
Notes
The property w as purchased along w ith Comparable Four w ith plans to remove the existing improvement w ithin four to
five years and replace with new commercial innprovements.
Appraisal Services of Bozeman, Inc. Page 36
Land Comparable 4
IFMI
f
Transaction
ID 109 Date 516111
Address 527 E klendenhall St. Price $157,500
City Bozeman Land SF Unit Price $18.75
State MT Financing Cash
Property Rights Fee Simple
Grantor Bobinski
Grantee GHT Investments, LLC Verification Source W-S#161962&Public
Legal Description Lot 7,Block H Rouse's First
Site
Acres 0.2
Land SF 8,400 Zoning B-3
Utilities City w ater&sew er
The property w as purchased along w ith Comparable Three w ith plans to remove the existing improvement w ithin four
to five years and replace w ith new comrercial improvements.
Appraisal Services of Bozeman, Inc. Page 37
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of.
• Property Rights Sold. • Market Trends
• Financing • Location
• Conditions of Sale • Physical Characteristics
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Appraisal Services of Bozeman, Inc. Page 38
Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4
Address Baxter Lane 223 E. Main 219 E. Main 519 E. Mendenhall 527 E. Mendenhall
City Bozeman Bozeman Bozeman Bozeman Bozeman'
State MT MT MT MT MT
Date 1/21/2010 2/15/2011 8/17/2009 5/6/2011 5/6/2011
Price $0 $310,000 $225,000 $157,000 $157,500
Land SF 0.00 4,050.00 3,900.00 8,400.00 8,400.00
Land SF Unit Price $0.00 $76.54 $57.69 $18.69 $18.75
Transaction Adjustments
Fee Simple Fee Fee Fee Fee
Property Rights Simple 0.0% Simple 0.0% Simple 0.0% Simple 0.0%
Trust
Indentu
Financing Conventional re 0.0% Cash 0.0% Cash 0.0% Cash 0.0%
Conditions of Sale Cash Normal 0.0% Normal 0.0% Normal 0.0% Normal 0,0%
Expenditures After Sale $0.00 $0.00 $0.00 $0.00
Adjusted Land SF unit Price $76.54 $57.69 $18.69 $18.75
Market Trends Th rough 1121/10 0.0% 0,0% 0.0% 0.0% 0.0%
Adjusted Land SF Unit Price $76.54 $57.69 $18.69 $18.75
Location Good Superior Superior Average Average
% Adjustment 0% 0% 0% 0%
$Adjustment $0.00 $0.00 $0.00 $0.00
Land SF Varied 4050.00 3900.00 8400.00 8400.00
% Adjustment 0% 0% 0% 0%
$Adjustment $0.00 $0.00 $0.00 $0.00
Topography 0 0 Level Level Level
% Adjustment 0% 0% 0% 0%
$Adjustment $0.00 $0.00 $0.00 $0.00
Shape Rectangular Rectangular Rectangular Rectangular Rectangular
% Adjustment 0% 0% 0% 0%
$Adjustment $0.00 $0.00 $0.00 $0.00
Zoning B-3 B-3 B-3 B-3 B-3
% Adjustment 0% 0% 0% 0%
$Adjustment $0.00 $0.00 $0.00 $0.00
Volume Discount None 0 0 0 0
% Adjustment 0% 0% 0% 0%
$Adjustment $0.00 $0.00 $0.00 $0.00
Adjusted Land SF Unit Price $76.54 $57.69 $18.69 $18.75
Net Adjustments 0.0% 0.0% 0.0% 0.0%
Gross Adjustments 0.0% 0.0% 0.0% 0.0%
Appraisal Services of Bozeman, Inc. Page 39
Lot Value Calculations:
The value range of the sales is $18.69 to $76.54 per square foot. The indicated value of
the subject is $57.00 per square foot calculated as follows:
26,500 square feet multiplied by $57.00= $1,510,500 rounded to $1,500,000.
Final Reconciliation
The process of reconciliation involves the analysis of each approach to value along with
the quality of data applied, the significance of each approach as it relates to market
behavior and defensibility of each approach are considered and weighed. Finally, each is
considered separately and comparatively with each other. Sales one and two are located
on Main Street, which are considered prime commercial locations. Sales three and four
are located in the Central Business District; however, the location at the east end of the
district is inferior to sales one and two and the subject. Also sales three and four have
been purchased with the intent of removing the existing improvements and rebuilding
within four to five years. Sale one is the most recent sale of a vacant lot on Main Street
and is given weight; however, the subject's location off main street is considered to put
the value in line with sale two, which is given the most weight.
Value Indications
Land Value: $1,500,000
Sales Comparison Approach
The Sales Comparison approach to value was considered appropriate for vacant
residential lots. The appropriateness was measured by the similarities of the comparable
sales. The similarities include similar locations for commercial development. Both the
appropriateness and the accuracy of the data were considered in relation to the quantity of
data. The comparable sales chosen for this report were considered to be the best
available. The transactional data concerning each sale was verified and were considered
to be reliable. Based on the appropriateness, accuracy, quantity of evidence, and quality
of data; the comparable sales approach was considered the best indicator of value.
Value Conclusion
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of September 14, 2011, subject to the Limiting
Conditions and Assumptions of this appraisal.
Reconciled Value(s): Premise: As Is
Interest: Fee Simple
Value Conclusion: $1,500,000
One Million Five Hundred Thousand Dollars
Appraisal Services of Bozeman, Inc. Page 40
Certification Statement
1 certify that, to the best of my 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 my personal, impartial, and unbiased
professional analyses, opinions and conclusions.
• 1 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.
• I have no bias with respect to the property that is the subject of this report, or to the
parties involved with this assignment.
• 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 estimate, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of
this appraisal.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice (USPAP).
• No one provided significant real property appraisal assistance to the person(s) signing
this certification.
• I certify sufficient competence to appraise this property through education and
experience, in addition to the internal resources of the appraisal firm.
• The appraiser has not performed any prior services regarding the subject within the
previous three years of the appraisal date.
• Jerry R. Gossel has made an inspection of the subject property.
Jerry R. Gossel, Certified General
MT-106
Appraisal Services of Bozeman, Inc. Patel
JERRY R.GOSSEL
Appraisal Services of Bozeman
67A West Kagy Blvd.
P.O.Box 1076
Bozeman,Montana 59771
Facsimile:(406)587-5481 Telepbone:(406)587-5044 E-Mail:jgoss@,avicom.net
APPRAISAL EXPERIENCE
Appraisal Services,Bozeman,Montana
Owner 1985 to Present
Certified General Real Estate Appraiser-Certificate#1106
Licensed in State of Montana January 1992
Small Business Administration,Hcicna,Montana
Commercial 1986 to Present
US Bank Bozeman,Bozeman,Montana
Residential and Commercial 1985 to Present
Nonvest Bank,Bozeman,Montana
Residential and Commercial t983 to Present
First Security Bank Bozeman,Montana
Residential and Commercial 1983 to Present
Trans Ameriea Relocation Service,Walnut Creek,California
Residential 1983 to Present
Home Equity Relocation,San Mateo,California
Residential 1982 to Present
Merrill Lynch Relocation Management,line.,Bellevue,Washington
Residential 1982 to Present
Federal Housing Administration,Helene,Montana
Residential 1977 to Present
Federal National Mortgage Assn.,Los Angeles,California
Approved 1975 to Present
Federal Home Loan Banking Board
Approved 1975 to Present
American Bank,Bozeman,Montana
Residential and Commercial 1973 to Present
Lender Services,Inc.,Pittsburgh,Pennsylvania
Residential 1993 to Present
Mortgage Support Services,Mount Laurel,New Jersey
Residential 1993 to Present
Big Sky Western Bank,Big Sky,Montana
Residential and Commercial 1993 to Present
Countrywide,Billings,Montana
Residential 1990 to Present
First Federal Savings&Loan,Great Falls,Montana
Broker 1973 to 1979
Small Business Administration,Rapid City,South Dakota
Residential and Commercial 1972 to 1973
Appraisal Services of Bozeman,Inc. 26
Appraisal Services of Bozeman, Inc. Page 42
REAL ESTATE EXPERIENCE
Real Fstate Sales and Development
Spring Creek Realty,Bozeman,Montana
Co-owner,Broker,Real Estate Sales and Developer 1980 to 1985
Barker Realty,Bozeman,Montana
Real Estate Salesperson and Developer 1976 to 1980
United Agencies,Bozeman,Montana
Real Estate Salesperson 19731o]976
FORMAL EDUCATION
Montana Stale University Bozeman,Bozeman,Montana
M-S.Family Sciencc/Child Development 2006
Montana State University Bozeman,Borxman,Montana
B.S.-Health&Human Development-Family Science 1995 to 2000
Augustan College,Sioux Falls,South Dakota
Major: Business Administration 1958 to 1962
PROFESSIONAL EDUCATION
Residential Appraisal,Society of Real Estate Appraisers,Course 101 1974
Principals of Residential Real Estate Appraising January 1988
Professional Standards of Practice,N.A.I.F.A October 1990
Income Property Appraising Course 41,N.A.I.FA November 1990
Income Property Appraising Course#2,N.A.I.F.A December 1990
Concepts,Terminology and Techniques October 1991
Partners in Success,PHH Network Services September 1993
Financing Course 493-30 December 1993
Professional Standards of Practice,N_A,I.F.A. January 1994
New URAR Appraisal Institute January 1994
Environmental Conditions,HUD March 1994
Limited Scope Appraisals,N.A.I.FA June 1994
1995 Outlook Seminar February 1995
Market Data Analysis,N.A.I.F.A. March 1995
Connote-Morton Real Estate School Seminar December 1996
The University of Montana-Missoula,Bureau of Business and Economic Research
1997 Economic Outlook Seminar February 1997
The American Society of Farm Managers and Rum]Appraisers
Standards of Professional Appraisal Practice and Code of Ethics February 1997
McKissock Data Systems Appraisal Schools
Introduction to Review Appraisal
Income Capitalization February 1998
Fair Lending Requirements-N.A.1.17.A. October 1999
Appraisal Services of Bozeman,Inc. 27
Appraisal Services of Bozeman, Inc. Page 43
PROFESSIONAL EDUCATION(mint.)
Basic Residential HUD Appraisal Requirements-N.A.I.F.A. October 1999
The University of Montana-Missoula,Bureau of Business and Economic Research
2000 Economic Outlook Seminar February 2000
The American Society of Farm Managers and Rural Appraisers
Uniform Standards of Professional Appraisal Practice and Code of Ethics February 2000
The Appraiser as Expert Witness February 20D1
McKissock Data Systems Appraisal Schools
Uniform Standards of Professional Appraisal Practice February 2002
2002 Montana Economic Outlook"Investing in Montana"
Bureau of Business and Economic Research February 2002
Uniform Standards of Professional Practice Update-N.A.I.F.A. February 2004
McKissock Data Systems Appraisal Schools Appraiser Liability February 2004
2005 Montana Economic Outlook"Investing in Montana'
Bureau of Business and Economic Research February 2005
Appraisal Institute-The Professional's Guide to the URAR June 2005
McKissock National USPAP Update September 2005
Bureau of Business and Economic Research February 2006
McKissock-Appraising the Oddball March 2006
McKissock-Fair Housing March 2006
Gallatin Assoc.Realtors-What Realtors,Lenders c&Appraisers need to know About
Manufactured Housing December 2006
Gallatin Assoc.Realtors-Trends in Housing Consumers December 2006
Bureau of Business and Economic Research January 2007
Gallatin Assoc.Realtors-Evaluating Residential Construction February 2007
N.A.I.F.A:Easements,Profits,and Licenses in Land February 2007
Appraisal Institute-Effective Appraisal Writing March 2007
Gallatin Assoc.Realtors-Water and Floodplains March 2007
Short Sales,Foreclosures,and Seller Financing July 2008
McKissock-National USPAP Update February 2008
Bureau of Business and Economic Research February 2008
Broker Management-Supervising Broker October 2008
Ethics and Standards of practice October 2008
Broker Management September 2009
Ethics and Standards of Practice September 2009
Legal Forum October 2009
Introduction to Valuation for Financial Reporting February 2010
National USPAP Update(2010-2011) February 2010
Risky Business:Ways to Minimize Liability February 2010
Appraisal Services of Bozeman,Inc. 28
Appraisal Services of Bozeman, Inc. Page 44
MEMBERSHIPS
National Association of Independent Fee Appraisers Candidate
Montana Association of Realtors
Bozeman Board of Realtors
Bozeman Multi-List Services
Employee Relocation Council
Bozeman Area Appraisers-Past.President
REFERENCES
American Bank
Dick Walter,Vice President
1612 W.Main St.
Bozeman,Montana$9715
(406)587-1234
First Security Bank of Bozeman
Bruce Gerlach,Executive Vice President
208 East Main
Bozeman,Montana 59715
(406)$85-3915
Valley Bank Belgrade
Joe Dahinden.President
PO Box 106
Belgrade,Montana 59713
(406)388-4253
Appraisal Services of Bozeman,Inc. 29
Appraisal Services of Bozeman, Inc. Pag_e 45
ailinc Li"d w Rmc-jal-Drpamncni of Ubor&lnduslty Pugs 1 of I
STATE OF MONTANA speclalty:
Department of Labor and Indus" REAL ESTATE APPRAISER MENTOR
Board of Real Estate Appraisers
This verifies the below named is currently licensed as a
Certified General Appraissr
Ucanselt: 106 Active -LIcen�tL,,,.IeLlis.Itic.s-(:-v
Expires: 03f3112012
JERRY GOSSEL L.rccnwr•Renuwai.nit.gov
APPRAISAL SERVICES
PO BOX 1076
6fi7A WEST(CAGY BLVD
8MMAN.MT 59774
To use license as a Wall License,art off excess paper and affix the above to wall for display.
To use the license as a Pocket Card,cut to the sLxe of a business card or drivers license.
(either single or double-wide to fold),laminate If desired.
Remember 10 renew online if possible.Benefits of renewing online Include:
The ability to change an address(formosl professionals)
The abllity to print Gcense(s)the same day as ft renewal
The ability to print multiple licenses Including one for a pocket card It desired
The ability to print in color(if you have a color printer)
The ability to print additional licenses for no additional charge up to 60 days following your renewal date.
To renew online:http:llLlcenseRenewal.mt.goy
If you paid with a credit card or electronic check, this charge will appear on
your statement as MT.GOV PURCHASE.
Date Paid: February 28, 2011
Reference Number: bsdrnwa110682110280d4d01
Licensee:JERRY GOSSEL
License Type: Certified General Appraiser
License Number: 106
License Renewal Fee: $500.00
Appraisal Services of Bozeman, Inc. Page 46