HomeMy WebLinkAboutMandeville Commercial Subdivision Appraisal Services AL
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APPRAISAL SERVICES
P . O . BOX 1 0 7 6 B O Z E M A N , MT 5 9 7 15 ( 4 0 6 ) 5 8 7 - 5 0 4 4
COMPLETE APPRAISAL• SUMMARY REPORT
of
Mandeville Commercial Subdivision, an Industrial Property
Redwing Dr., Transfer Dr., & Wheat Dr.
Bozeman, Gallatin County
MT, 59715
As of
February 17, 2005
Prepared For
City of Bozeman, Empire Building Materials, Ponderosa Land Development,
& Martel Construction
Prepared by
Ross Wenger,
Licensed Residential Appraiser
MT-753
and
Jerry R. Gossel,
Certified General Appraiser
MT-106
Appraisal Services
P.O. Box 1076
67A W. Kagy Blvd.
Bozeman, MT 59771
File#: 06-093
APPRAISAL SERVICES
P.O.Box 1076 406-587-5044
67A W. Kagy Blvd. 406-587-5481
Bozeman,MT 59771 rossw@montana.com
February 17, 2005
City of Bozeman, Empire Building Materials, Ponderosa Land Development, & Martel
Construction
Re: Mandeville Commercial Sub.
Redwing Dr.,Transfer Dr., & Wheat Dr.
Bozeman, Gallatin County
MT, 59715
Dear, City of Bozeman, Empire Building Materials,Ponderosa Land Development, &Martel
Construction
At your request, we have prepared an appraisal for the above referenced property. The purpose
of this appraisal is to estimate the market value of the subject property's fee simple estate for
business purposes. This appraisal is intended for the use of the client.
This is a Complete Appraisal. All applicable research and valuation analyses have been applied.
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.
We certify that we have no present or contemplated future interest in the property beyond this
estimate of value. Your attention is directed to the Limiting Conditions and Assumptions,
located on page 9.Acceptance of this report constitutes an agreement with these conditions and
assumptions.
February 17,2005
Page 2
This appraisal is subject to the following Hypothetical Conditions:
• The subject site is being appraised as described in the proposed site plan and
specifications; the opinion of value is based on a hypothetical condition that the described
site improvements have been completed as of the date of value:
Certain events need to occur, as disclosed in the report; the appraisal is subject to final plat
approval.
The site improvements do not yet, in fact, exist as of the date of appraisal.
The analysis performed to develop the opinion of value is based on a hypothesis, specifically
that the site improvements are assumed to exist when in fact they do not exist.
Certain events need to occur, as disclosed in the report. The appraisal is subject to
completion per the site plans and specifications, before the property appraised with the
proposed site improvements will in fact exist
In addition, the appraisal does not address unforeseeable events that could alter the proposed
property improvements and/or the market conditions reflected in the analysis.
In our opinion, the value of the subject property, as of February 17, 2005, was as follows:
Subject Property "Subject to Final Plat Approval and Completion of Proposed Site-
Improvements" Premise, Fee Simple Estate
Value Conclusion $13,400,000
Further, we estimate the market exposure period necessary for the subject to have achieved this
value to be 6-18 months.
Respectfully submitted,
Appraisal Services
Ross Wenger M -753 rry R. G el, MT-106
Licensed Residential Certified General
TABLE OF CONTENTS
Summary of Important Facts and Conclusions...............................................................................5
AppraisalScope..............................................................................................................................6
Limiting Conditions and Assumptions ...........................................................................................9
Purpose and Intended Use/User.................................................................................................... 10
Definitionof Market Value........................................................................................................... 10
PropertyRights Appraised............................................................................................................ 11
RegionalMap................................................................................................................................ 12
Market Area, City,Neighborhood, and Location Data................................................................. 13
PropertyDescription..................................................................................................................... 18
SitePlan....................................................................................................................................20
SubjectPhotographs..................................................................................................................23
Zoning...........................................................................................................................................26
Assessmentand Taxes ..................................................................................................................26
Sale/Transfer History....................................................................................................................28
Highestand Best Use...................................................................................
ValuationMethodology................................................................................................................29
SalesComparison Approach.........................................................................................................30
ComparablesMap.....................................................................................................................35
AnalysisGrid............................................................................................................................35
Comparables .............................................................................................................................36
Comparable Sale Adjustments.................................................................................................. 37
Sales Comparison Approach Conclusion....................................................... ....38
.......................
FinalReconciliation......................................................................................................................39
ValueIndications......................................................................................................................39
ValueConclusion......................................................................................................................39
CertificationStatement.................................................................................................................40
Addenda........................................................................................................................................41
Appraisal Services 4
Summary of Important Facts and Conclusions
Subject: Mandeville Commercial Sub.
Redwing Dr. & Wheat Dr.
Bozeman, Gallatin
MT, 59715
Owner: City of Bozeman
411 East Main St.
Bozeman, MT 59715
Tax Identification: Not Assigned
Date of Report: February 20,2005
Date of Value: February 17,2005
Property Rights Appraised: Fee Simple
Intended Use: Business
Intended User(s): Client
Appraisal Purpose: Market Value
Assessed Value: Not Assessed
Taxes: Exempt/Local Government
„ � :��...�_ - x<�:i�4,.� .��•. �;�: .1��� ,. ;PR PER lG sY. .� 4 �.
Land Area: Total: 69.60 acres
Usable: 69.60 acres
Excess: 0 acres
Zoning: M-2, Manufacturing and Industrial District
Highest and Best Use The highest and best use of the subject, as vacant, is for
As Vacant: occupancy as an industrial development.
� f
Sales Comparison Approach: $13,400,000
Reconciled Value Conclusion: Premise: "Subject to Final Plat Approval and Completion of
Proposed Site-Improvements"
Estate: Fee Simple
Value Conclusion: $13,400,000
Appraisal Services 5
Appraisal Scope
According to the Uniform Standards of Professional Appraisal Practice, it is the appraisers
responsibility to determine the appropriate scope of work. USPAP defines the scope of work as:
The amount and type of information researched and the analysis applied in an assignment. Scope
of work includes, but is not limited to, the following:
• the degree to which the property is inspected or identified;
• the extent of research into physical or economic factors that could affect the property;
• the extent of data research; and
• the type and extent of analysis applied to arrive at opinions or conclusions.
n k
Appraisal Type: This is a Complete Appraisal. All applicable research
and valuation analyses have been applied.
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.
Inspection: A complete inspection of the site was made, and
photographs were taken.
Highest and Best Use Analysis: A complete analysis of highest and best use, both as
vacant and as improved, was made.
Market Area and Analysis of A complete analysis of market conditions was made.
Market Conditions:
Valuation Analyses
Sales Comparison Approach: A complete sales approach was applied.
Appraisal Services 6
Hypothetical Conditions: The subject site is being appraised as described in the
proposed site plan and specifications; the opinion of
value is based on a hypothetical condition that the
described site improvements have been completed as
of the date of value:
Certain events need to occur, as disclosed in the
report; the appraisal is subject to final plat approval.
The site improvements do not yet, in fact, exist as of
the date of appraisal.
The analysis performed to develop the opinion of
value is based on a hypothesis, specifically that the site
improvements are assumed to exist when in fact they
do not exist.
Certain events need to occur, as disclosed in the
report; the appraisal is subject to completion per site
plans and specifications, before the property appraised
with the proposed site improvements will in fact exist
In addition,the appraisal does not address
unforeseeable events that could alter the proposed
property improvements and/or the market conditions
reflected in the analysis.
Appraisal Services 7
USPAP Departures
The Departure Rule of the Uniform Standards of Professional Appraisal Practice allows for
appraisal development with less research and analysis than would typically be developed in a
complete appraisal.
Departure is designed to facilitate a more efficient appraisal development process when the
appraisal problem does not require the comprehensive detail and diligence of a complete
appraisal.
While numerous rules govern the use of Departure,the main criteria are a credible result and
appropriate detail for intended use of the appraisal.
Departure Table
,:..De actures '�i61e
Analysis Departure Description USPAP Reference
Proposed Construction Yes The evidence indicating the probable time of completion Standards Rule 1-4(hxii)
of the proposed improvements is limited and/or
incomplete.
Appraisal Services 8
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 firth 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. 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 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.
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 appraiser(s)
our 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.
Appraisal Services 9
Purpose and Intended Use/User
The purpose of this appraisal is to develop an opinion of Market Value of the property of
interest. The Intended Use of this appraisal is for business purposes, subject to the stated Scope
of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and
Definition of Market Value. No additional Intended Users are identified by the appraisal.
Definition of Market Value
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 will 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.
Appraisal Services 10
Property Rights Appraised
Fee Simple:
A fee simple interest is the most complete interest in real property. A fee simple interest is the
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.
The rights of a fee simple estate include:
• The right to sell an interest
• The right to lease an interest and to occupy the property
• The right to mortgage an interest
• The right to give an interest away
• The right to do none or all of these things
Leased Fee:
A Leased Fee position is defined in the Dictionary of Real Estate Appraisal, 4th ed. (Chicago:
Appraisal Institute,2003), as:
An ownership interest held by a landlord with the rights of use and occupancy
conveyed by a lease to others. The rights of the lessor (the leased fee owner) and the
leased fee are specified by contract terms contained within the lease.
Although, specific details of leases vary, a leased fee generally provides the lessor with the
following:
• Rent to be paid by the lessee under stipulated terms
• The right of repossession at the termination of the lease
• Default provisions
• The right of disposition , including the rights to sell, mortgage, of bequeath the property,
subject to the lessee's rights, during the lease period
Appraisal Services I 1
Regional Map
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Bozeman
Appraisal Services 12
Market Area, City, Neighborhood, and Location Data
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 is 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 Census and Economic Information Center,Montana Department of Commerce,
the population of Montana in 2003 was 917,621. According to the 2000 Census, the population
of Gallatin County was 67,831 residents, and Bozeman was 27,509 residents_ Woods and Poole
Economics estimated the population of Gallatin County in 2004 at 75,637, which make it the
fastest growing county in Montana. According to the Economic Information Center the
population of Bozeman in 2003 was 30,753. The census figures include some students as heads
of household and fluctuations in university enrollment may affect the population data.
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. 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 1,053, with an unemployment rate of 1.2%.
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The historical unemployment rates are as follows:
Year Montana% Gallatin County%
2004 3.84 2.39
2003 4.4 2.5
2002 4.6 2.7
2001 4.6 2.5
2000 4.9 2.7
1999 5.2 2.9
1998 5.6 3.0
1996 5.3 2.6
1994 5.1 2.3
1992 6.9 5.4
The Bozeman Police Division, with 43 law enforcement officers and 7 civilian employees,
provides law enforcement protection to city residents and visitors. The department has a
community policing philosophy and has implemented many positive programs over the past few
years. In 2001,the number of crimes in Bozeman is as follows:homicide, 3;robbery, 7; assault,
12; burglary, 106; larceny, 1071, vehicle theft, 109; and rape, 24.
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 at MSU-Bozeman. 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 14
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.
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 housing starts in Bozeman for single-family and multi family units were as follows:
1997, 309; 1998, 423; 1999, 546; 2000,415; 2001,422; 2002, 526; 2003, 612; 2004, 881.
Source: City of Bozeman Planning Office.
The average rental prices in Bozeman as of May 2005 for apartments were: 1 bedroom $300-
$500; 2 bedrooms $500-$795; 3 bedrooms $65041000. 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
2002 $85.8 million
2003 $133.1 million
2004 $144.2 million
Appraisal Services 15
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 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.
Appraisal Services 16
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.
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 Iow
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 17
Property Description
�.��Ye� 5.is� G� [' ems. •�"V.�.,...�. :c �� -a. - - � � -;
Information Sources: h Property owner, deed, assessment records, inspection
Total Site Size: 69.60 acres or 3,031,776 SgFt
Usable Site Size: 69.60 acres or 3,031,776 SgFt
Excess Land: 0 acres
Visibility: Good
Shape: Irregular
goo. MVr
Road Frontage/Access: State Highway 10 and Interstate 90 with Good access.
Topography: Mostly Level
Drainage: Appears Adequate
Utilities: Electricity: NorthWestern Energy
Sewer: City
Water: City
Natural Gas: NorthWestern Energy
Adequacy: Good
Appraisal Services 18
Landscaping: Average
Site Utility: Good
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency(FEMA). The subject is not located in flood
hazard zone.
FEMA Map Number: 3000280007C
FEMA Map Date: Non-Printed
FEMA Zone Classification: N/A
Easements: The appraiser viewed the site and reviewed the zoning map,
proposed subdivision plat, and deed. According to the proposed site
plan the following easements will exist; road, new rail spur, gas pipe
line, access drive to cell tower,pedestrian access, and trail
connections,. The appraiser did not observe any adverse easements
affecting the marketability of the site.
Encroachments: The appraiser did not observe any encroachments affecting the
marketability of the site.
Appraisal Services 19
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Appraisal Services 20
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Appraisal Services 21
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Appraisal Services 22
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Appraisal Services 23
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Mandeville Commercial Sub: View to East
Appraisal Services 24
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Zoning
The zoning classification is also subject to final plat approval, as stated in the hypothetical
condition.
Zoning Classification: M-2
General Description: Manufacturing and Industrial District
Conformance: The subject site will legally conform with the zoning compliance
Zoning Change: Not Likely
Source: Bozeman Zoning Regulations
Lot Coverage/Floor Area: Entire lot, exclusive of required yards and parking,may be occupied
by the principle and accessory buildings
Lot Area: No minimum size
Lot Width: 100 Feet
Yards: Structures: Front,20 Feet; Rear, 3 Feet; Side, 3 Feet
Parking: Front, 20 Feet; Rear, 0 Feet; Side, 0 Feet
Building Height: 45 Feet
Assessment and Taxes
The State of Montana, through the Department of Revenue, is responsible for valuing all taxable
and real property.
The Montana Department of Revenue is composed of six divisions:
The Customer Service Division is designed to provide centralized and consistent customer
service, revenue collection, and document processing for the department and for state agency
partners.
The Business and Income Taxes Division oversees audits and verifies compliance with
Montana tax law for all taxes, and completes appraisals and assessments of industrial and
centrally assessed property.
The Property Assessment Division is responsible for the valuation and assessment of real and
personal property throughout the state for property tax purposes. The division is comprised of a
central office located in Helena and six regions. There is a local DOR office located in each
county seat within the regional areas.
The Resource Management Division provides service and support to the department by
integrating Human Resources, Payroll and Benefits, Education and Training, Liquor Distribution,
Accounting, Purchasing, and Facilities and Asset Management.
Appraisal Services 26
The Information Technology Division provides service in the area of data support,applications
support, technology support,and user assistance that enables the department to meet its business
objectives.
The Director's Office supports the agency's director and is composed of six work units. The
basic function for each unit is:
• Legal Services supervises the overall legal efforts of the department, which includes
rules, policies, bankruptcy, disclosure officer and the Office of Dispute Resolution.
• Tax, Policy& Research is responsible for the preparation of legislative fiscal notes that
affect revenue, the analysis of legislative proposals affecting the department, and
department economic data analysis.
• Budget Analyst provides ongoing oversight of the department budget.
• Communications manages the department's communication activities, including
information dissemination, media relations, document editing, stakeholder relations,
website maintenance,public involvement and special events.
• Internal Quality Manager is responsible for providing management with information
about the adequacy and the effectiveness of its system of internal controls and quality of
its operations with established standards and management expectations.
• Administrative Support assists all units in the Director's Office with administrative
responsibilities including, preparing for legislative committees, editing correspondence
and finalizing mass mailings.
The property tax is determined by multiplying the property's value by a tax rate. The Montana
Legislature sets the tax rate. The taxable value is then multiplied by the mill levy. The local tax
jurisdictions, city and county government, school districts, and other public services influence the
mill levy.
The general property tax equation is:
Value x Tax Rate=Taxable Value
Taxable Value x Mill Levy=General Property Tax
The Property Assessment Division is responsible for determining the value of real property
throughout the state for property tax purposes. State Law requires the Department of Revenue's
Property Assessment Division to reappraise property periodically.
Assessor Parcel #: Not Assigned
Year: 2005
Taxes: Not Assessed
Total Assessed Value: Exempt/Local Government
Appraisal Services 27
Sale/Transfer History
According to Public Records the subject site transferred from Grantors, John M. Mandeville and
Donna R. Mandeville, to Grantee, City of Bozeman, pursuant to a warranty deed, with document
number 2117 281, filed on 07/29/03. Montana is a non-disclosure state, therefore, the sales price
of the transaction is unknown. According to Public Record the above listed transaction was the
only transfer in the past thirty-six months. According to MLS the subject is not currently listed
for sale.
According to MLS the comparable sales#l,#2, #3 and#4 have not transferred in the past one
year. The date of research was 02/15/06.
Appraisal Services 28
Sales Comparison Approach
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 principals of supply and demand, balance,
substitution and externalities. The following steps describe the applied process of the Sales
Comparison Approach.
1. The market in which the subject property competes is investigated; comparable sales,
contracts for sale and current offerings are reviewed.
2. The most pertinent data is further analyzed and the quality of the transaction is
determined.
3. The most meaningful unit of value for the subject property is determined.
4. Each comparable sale is analyzed and where appropriate, adjusted to equate with the
subject property.
5. The value indication of each comparable sale is analyzed and the data reconciled for a
final indication of value via the Sales Comparison Approach.
Appraisal Services 30
�- ,aj-it '•Z
COMPARABLE LANb SATE k #k
Property Type: Industrial Land Date: 04/14/05
Address: Lot 1 Block 2 Manley Rd., Sale Price: $215,000
Bozeman
Grantor: Fund and Funds Price/SF: $4.98
Grantee: Delphini, LLC Financing: Cash to Seller
Deed: Warranty Deed Marketing Time: 113 Days
Book/Page: 2184 304 Confirmed by: Ross Wenger
Property Rights: Fee Simple
SITE DATA
Site Size(Acres): .991 Site Topography: Level
Site Size(SgFt): 43,168 Zoning: M-1 Light Industrial
Road Frontage: Yes Electric and Gas: NorthWestern Energy
Water and Sewer: City Location: Very Good
IMAGES.:
NOTES
@Value Software-www.atvalue.com
Appraisal Services 31
I Nq
;:.e:
Property Type: Industrial Land Date: 06/15/05
Address: Lot IA-3 Osterman Dr_, Sale Price: $325,000
Bozeman
Grantor: Osterman Price/SF: $4.59
Grantee: Burgard,Christopher Financing: Cash to Seller
Deed: Warranty Deed Marketing Time: L Day
Book/Page: 2191 029 Confirmed by: Ross Wenger
Property Rights: Fee Simple
SITE DATA
Site Size(Acres): 1.625 Site Topography: Level
Site Size(SgFt): 70,785 Zoning: M-1 Light Industrial
Road Frontage: Yes Electric and Gas: NorthWestern Energy
Water and Sewer: City Location: Very Good
IMAC)E;S` F
@Value Software-www.atvalue.com
Appraisal Services 32
� 4
i'
Property Type: Industrial Land Date: 03/30/05
Address: Lot IA-4 Osterman Dr., Sale Price: $250,000
Bozeman
Grantor: Osterman Price/SF: $3.62
Grantee: Ellig Financing: Cash to Seller
Deed: Warranty Deed Marketing Time: 123 Days
Book/Page: 2182 863 Confirmed by: Ross Wenger
Property Rights: Fee Simple
Site Size(Acres): 1.586 Site Topography: Level
Site Size(SgFt): 69,086 Zoning: M-1 Light Industrial
Road Frontage: Yes Electric and Gas: NorthWestern Energy
Water and Sewer: City Location: Very Good
' i
_L
{ A {NC 1 4 Y`y- •r - -
1.� 4rl COTES
(Qa Value Software—www.atvalue.com
Appraisal Services 33
The final estimation of value was based on the lot size of each individual lot in each tract as
listed below. The value per lot was estimated using dollars per square foot. The larger the lot
the larger the discount based on economies of scale. The base price per square foot was $5.00
for 1.0 to 2.0 acre parcels, 2.1 to 3.0 acre parcels were discounted 10%, 3.1 to 4.0 acre parcels
were discounted 15%, 4.1 to 5.0 acre parcels were discounted 20%, 5.1 to 6.0 acre parcels were
discounted 25%, and 6.0 to 8.1 acre parcels were discounted 30%.
Acres SF $/SF Total$/Lot Acres SF $/SF Total Mot
Lot 1 4.5 196,020 $4.00 $784,080 Lot 1 1.3 56,628 $5.00 $283,140
Lot 2 3.2 139,392 $4.25 $592,416 Lot 2 2.3 100,188 $4.50 $450,846
Lot 3 3.7 161,172 $4.25 $684,981 Lot 3 1.5 65,340 $5.00 $326,700
Lot 4 8.1 352,836 $3.50 $1,234,926 Lot 4 1.5 65,340 $5.00 $326,700
Lot 5 1.5 65,340 $5.00 $326,700
Lot 6 1.5 65,340 $5.00 $326,700
Lot 7 1.2 52,272 $5.00 $261,360
Lot 8 2.5 108,900 $4.50 $490,050
Lot 9 2 87,120 $5.00 $435,600
Lot 10 2.8 121,968 $4.50 $548,856
Lot 11 1.6 69,696 $5.00 $348,480
Lot 12 1.5 65,340 $5.00 $326,700
Lot 13 1.6 69,696 $5.00 $348,480
Lot 14 1.5 65,340 $5.00 $326,700
Lot 15 2.9 126,324 $4.50 $568,458
Total 22.223 849,420 $3,296,403 10.002 1,184,832 $5,695,470
New.Trect 4-A
Acres SF $/SF Total$/Lot Acres SF $/SF Total $/Lot
Lot 1 2.8 121,968 $4.50 $548,856 Lot 1 2 87,120 $5.00 $435,600
Lot 2 3 130,680 $4.50 $588,060 Lot 2 5 217,800 $3.75 $816,750
Lot 3 3 130,680 $4.50 $588,060
Lot 4 3.5 152,460 $4.25 $647,955
Lot 5 2.1 91,476 $4.50 $411,642
Lot 6 1.5 65,340 $5.00 $326,700
24.761 692,604 $3,111,273 28.36 304,920 $1,252,350
Appraisal Services 34
Comparables Map
x >,;xr .
36 1= 31 * 32
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Err :Trx}� 3v 3 kR ix Ki" '5f �T rr rt
.���r�t�'' '.�r<��`+ � _ "t'•?'i�...Y '??.,{a a; .. '� I$ ,F.�� i •crc.�k_::`...5�)�i"•a�a�.�r_, 4`;•�uu3'scen�i�i
Analysis Grid
The above sales have been analyzed and compared with the subject property. We have
considered adjustments in the areas of:
• Property Rights Sold • Economic Trends(time)
• 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 t 35
Comparables
We have researched and analyzed 4 comparables for this analysis. All sales have been researched
through numerous sources, inspected and verified by a party to the transaction.
Com aYable_Land:Sales-Ad ustm..dht.:Grid
Analyst:Ross Wenger Subject Comparable 1 Comparable 2 Comparable 3
Address Lot Block 2 Manley Rr Lot 1A-3 Osterman Dr. Lot 1A4 Osterman Dr.
Sale Date 04/13/05 06/15/05 03/30/05
Sale Price $215,000.00 $325,000.00 $250,000.00
Price Per SF Land $4.98 $4.59 $3.62
PropertyRightsl Fee Simple Fee Simple Fee Simple Fee Simple
%Ad"ustmen 0.00% 0.00% 0.00%
Financin cash to seller cash to seller cash to seller
%Adjustmenj 0.00% 0.00% 0.00%
Conditions of Sale
%Ad'ustmen 0.00% 0.00% 0.00%
Economic Trends 2/17/2005 4/13/2005 6/15/2005 3/30/2005
Annual%Ad'ustmen 0.00% 0% 0% 0%
:Adjusted: .nce $4.98 $4,69,: $162
Location Good Good Good Good
Comparison
%Adjustment 0.0% 0.0% 0.0%
$Adjustment $0.00 $0.00 $0.00
Market Condition 2/17/2006 04/13/05 06/15/05 03/30/05
%Adjustment 2.9% 2.3% 3.2%
$Adjustment $0.15 $0.11 $0.12
Topography Mostly Level Level Level Level
Comparison
Adjustment 0.0% 0.0% 0.0%
$Adjustment $0.00 $0.00 $0.00
Land Area SF 43167.96 70785 69086.16
%Adjustment 0.0% 0.0% 0.0%
$Adjustment $0.00 $0.00 $0.00
Land Area Acres 0.991 1.625 1.586
Comparison
%'Adjustment 0.0% 0.0% 0.0%
$Adjustment $0.00 $0.00 $0.00
;Final Adjusted Puce :., $31:3 $4,70
Appraisal Services 36
Comparable Sale Adjustments
Real Property Rights
Real property rights can be sold,they may be the sole subjects of the contract or the contract may
include other rights, less than all of the property rights, or even another property or properties.
The comparable sales all have fee simple property
rights-
Financing
The financing terms of the transaction,the terms provided by the seller can affect the price of the
comparable sale. According to the Realtors, all of the salessold with cash equivalent terms that
did not influence the price negotiated in the transaction.
Conditions of Salet the
The motivation of either the buyer or the seller in a transaction the ondi ions of sale significantly
comparable sale was at arm's-length. In many situations
affect the transaction price. The comparable appear to all be arm's length transactions.
Expenditures Made Immediately After Purchase
An informed buyer will consider expenditures that will he have t
o be made upon purchase of the
property. These expenditures may influence the pricebuyer agrees to pay for the property.
These expenditures may include; cost to cure
ted maintenance, cost tosto remediate emolish or remove
any portion of the improvement, cost to petsion for on ng changes, or cost
environmental contamination.
Market Conditions t. The market
The market condition is also referred as a"time" adjustmen
de because f changes n market may conditions;
shifted over a period of time. Any adjustment is mavalues is the
time is not the cause of the adjustment. Appreciation e adjustment.oIf mark n of proe erty conditions have not
cause of the adjustment and time is the measure of th
changed,no adjustment is made. Comparables were adjusted tereata 5%per%to 4 for dforate
commercial
Appreciation rates have remained steady in the Bozeman
properties and show no indication of dropping in the near future.
Economic Trends
act,and cause of change within the local economy that affects
The probable direction,extent, imp population,net household formation, diversity of
the value of real property,the changes include; pa p
the economic base of the community,the level and stability of employment, wage rates, and
household or family income.
Location
Locational characteristics of comparable propertiechara mayceristics; however iffer from those o variations mayr exist
y
Most properties within a market area have similar
with that area of analysis. A properties location is an
alyze
ies. Sales of physically similar properties situated in differed in tnt loion cations have have been e location'of they
propert
eighborhood Analysis, on page 12, we described the subject neighborhood and
analyzed. In the N
37
Appraisal Services
researched comparable sales in the same neighborhood or in similar economic neighborhoods.
All of the comparable sales are considered to be similar economic neighborhoods.
Use/Zoning
The difference in the current use or the highest and best use of a comparable sale and the subject
property is addressed. Examples of differences of current use or differences in highest and best
use include;properties that have been converted and properties that either have zoning
requirements or properties have gone through zoning changes. All of the comparable sales are
considered to have similar zoning requirements.
Sales Comparison Approach Conclusion
Based on the above analysis, we have reconciled to a value of$13,400,000 as of February 17,
2005, and subject to the Limiting Conditions and Assumptions of this appraisal.
Appraisal Services 38
Final Reconciliation
The process of reconciliation involves the analysis of each approach to value. 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.
Value Indications
Land Value: $13,400,000
Comparable Sales Approach: $13,400,000
Sales Comparison Approach
The Sales Comparison Approach was considered the method of valuation. The comparable sales
chosen for this report were considered to be the most similar, proximate,and recent.
Value Conclusion
Based on the data and analyses developed in this appraisal, we have reconciled to the following
value conclusions, as of February 17, 2005, subject to the Limiting Conditions and Assumptions
of this appraisal.
Reconciled Value Conclusion Premise: "Subject to Final Plat Approval and Completion of
Proposed Site-Improvements"
Estate: Fee Simple
Value Conclusion: $13,400,000
Appraisal Services 39
Certification Statement
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 my personal, unbiased professional
analyses, opinions and conclusions.
• We have no present or contemplated future interest in the property that is the subject
of this report, and we have no personal interest or bias with respect to the parties
involved.
Our compensation is not contingent upon the 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.
• Our analyses, opinions, and conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Appraisal Practice
(USPAP).
• We have made a personal inspection of the property that is the subject of this report.
• No one provided significant professional assistance in the development of the
conclusions contained in this report.
• We certify sufficient competence to appraise this property through education and
experience, in addition to the internal resources of the appraisal firm.
• The value conclusion(s) and other opinions expressed herein are not based on a
requested minimum value, a specific value or approval of a loan.
Appraisal Services 40
Addenda
Ross Wenger
Licensed Residential #753
rossw@montana.com
(v)406-587-5044 Appraisal Services
(f) 406-587-5481 P.O. Box 1076
(c)406-539-9564 Bozeman, Montana 59771
Education
Appraisal Institute
310 Basic Income Capitalization January 26-February 1, 2006
The Professional's Guide to the URAR June 30,2005
410 15-Hour National USPAP Course Appraisal Institute April 26-27, 2004
110 Appraisal Principles Appraisal Institute April 12-17, 2004
120 Appraisal Procedures Appraisal Institute April 19-24, 2004
National Association of Independent Fee Appraisers
1.4A Residential Report Writing January 26-27, 2004
1.1N Principles of Residential Real Estate Appraising January 15-18, 2004
Montana State University, 2000-2003.
Major: B.S. in Business Management: Course study; Management, Economics, Entrepreneurship
and Small Business,Finance, Business Communications, and Accounting
Work Experience
Licensed Appraiser- Appraisal Services Sept 2005-Present.
Bozeman, Montana. Working as a Licensed Appraiser. Residential appraisals. 3500+hours of
valuation experience preparing appraisal reports using the cost approach, comparable sales
approach, and income approaches to value. URAR, 2055, Condominium, Land, and 2-4 Family
forms
Appraiser in Training- Appraisal Services Aug 2004-Sept 2005.
Bozeman, Montana. Worked as a Licensed Trainee with a Licensed Mentor. Residential
appraisals. 3000 hours of valuation experience preparing appraisal reports using the cost
approach, comparable sales approach, and income approaches to value. URAR, 2055,
Condominium, Land, and 2-4 Family forms
Appraisal Services 41
Appraiser in Training-Joel Peterson Appraisals, Inc., Jan 2003-June 2004.
Bozeman, Montana. Residential appraisals. Prepared appraisal reports making internal and
external inspections of properties for URAR,2055, Condominium, Land, and 2-4 Family forms
using property valuation of cost approach, comparable sales approach, and income approach
Memberships
Appraisal Institute
Bozeman Area Appraisers
National Association of RealtorsO
Montana Association of Realtors@
Gallatin Association of RealtorsO
References
Kennedy American Mortgage
Marie McSpadden, Mortgage Broker
1632 West Main St.
Bozeman, MT 59715
(406) 585-3737
US Bank Home Mortgage
John Thorn, Mortgage Broker
104 E. Main St.
Bozeman, MT 59718
(406) 585-5238
Allied Home Mortgage Capital Corporation
Denise Weidhaas, Branch Manager
2023 Stadium Drive, Suite 2-13
Bozeman, MT 59715
(406) 585-5476
Appraisal Services 42
JERRY R. GOSSEL
Appraisal Services
67A West Kagy Blvd.
P.O. Box 1076
Bozeman, Montana 59771
Facsimile: (406) 587-5481 Telephone: (406) 587-5044 E-Mail:jgoss@avicom.net
APPRAISAL EXPERIENCE
Appraisal Services, Bozeman, Montana
Owner 1985 to Present
Certified General Real Estate Appraiser- Certificate#106
Licensed in State of Montana January 1992
Small Business Administration,Helena, Montana
Commercial 1986 to Present
Veterans Administration, Fort Harrison, Montana
Residential 1986 to Present
US Bank Bozeman, Bozeman, Montana
Residential and Commercial 1985 to Present
Norwest Bank, Bozeman, Montana
Residential and Commercial 1983 to Present
First Security Bank, Bozeman, Montana
Residential and Commercial 1983 to Present
Trans America Relocation Service, Walnut Creek, California
Residential 1983 to Present
Home Equity Relocation, San Mateo, California
Residential 1982 to Present
Merrill Lynch Relocation Management, Inc., Bellevue, Washington
Residential 1982 to Present
Federal Housing Administration,Helena,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
Appraisal Services 43
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
REAL ESTATE EXPERIENCE
Real Estate Sales and Development
Spring Creek Realty, Bozeman, Montana
Co-Owner, Broker,Real Estate Sales and Developer1980 to 1985
Barker Realty, Bozeman, Montana
Real Estate Salesperson and Developer 1976 to 1980
United Agencies, Bozeman, Montana
Real Estate Salesperson 1973 to 1976
FORMAL EDUCATION
Montana State - Bozeman,Bozeman,Montana
M.S. Candidate -Family Science/Child Development 2000 to Present
Montana State-Bozeman, Bozeman, Montana
B.S. - Health& Human Development- Family Science 1995 to 2000
Augustana 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#1,N.A.I.F.A 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#93-30 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.F.AJune 1994
1995 Outlook Seminar. February 1995
Appraisal Services 44
Market Data Analysis, N.A.I.F.A. March 1995
Connole -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 Rural 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.I.F.A. October 1999
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 2001
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
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
Allied Mortgage Capital Corporation
Denise Weidhaas
Branch Manager
2023 Stadium Drive,Suite 2-B
Bozeman, Montana 59715
(406) 585-5476
Appraisal Services 45
First Security Bank of Bozeman
Bruce Gerlach
208 East Main
Bozeman, Montana 59715
(406) 585-3915
Valley Bank Belgrade
Joe Dahinden,President
PO Box 106
Belgrade, Montana 59714
(406)388-4283
Appraisal Services 46