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15- Story Mill Community Park Appraisal
ANAPPRAISAL OF TWO TRACTS OF LAND WITHIN STORYMILL COMMUNITYPARK IN BOZEMAN, MONTANA DATE OF VAL UA TION DECEMBER 1 S, 201 S RONA SANCHEZ NORTHWESTERNENERGY BY J. MICHAEL JOIN, MAI, SRA HELENA, MONTANA December 21, 2015 Rona Sanchez, Sr. Real Property Specialist Northwestern Energy 40 E. Broadway Butte, Montana 59701 „T. MICHAEL-WKI, MAI, SRA P.O. BOX 281 HELENA, MONTANA 59624 Phone (406 442-2159 FAX (406) 442-6196 RE: An appraisal of two tracts of land (5 parcels total) within Story Mill Community Park in Bozeman, Montana. Dear Mrs. Sanchez: Per your authorization on October 21, 2015 I have examined and investigated the above referenced property for the purpose of estimating its current fair market value before realignment of the natural gas pipeline easement, its current fair market value after realignment of the natural gas pipeline easement, and for my estimate of compensation due to the property owner. The attached report provides the essential data and detailed reasoning employed in estimating my final value estimates. The report contains 63 pages. I have appraised the property as a whole, owned in fee simple, and encumbered with an existing natural gas pipeline easement as will be discussed. I assume no responsibility for matters that are legal in nature not do I render any opinion as to title. The tracts being appraised are 20.56 acres and 8.50 acres and comprise the south/southeast portion of Story Mill Community Park that is located at the confluence of East Griffin Drive, Story Mill Road and Bridger Drive in Bozeman, MT. Currently Northwestern Energy has a natural gas pipeline easement crossing through these tracts of land and they desire to realign this easement. The proposed realignment is shown on page 45 in this appraisal report. The values reported are qualified by certain definitions, assumptions and limiting conditions, and certification which are set forth within the attached report. This appraisal report is intended to conform with the Uniform Standards of Professional Appraisal Practice. Based on my analysis, the market value of Tract 1 and Tract 2 before realignment of the natural gas pipeline easement, as set forth, documented and qualified in the attached report under conditions prevailing on December 15, 2015 was: ONEMILLION TWO HUNDRED EIGHTYSEVENTHOUSAND SIXHUNDRED EIGHT $1,287,608 MEMBER APPRAISAL INSTITUTE Based on my analysis, the market value of Tract 1 and Tract 2 after realignment of the natural gas pipeline easement, as set forth, documented and qualified in the attached report under conditions prevailing on December 15, 2015 was: ONE MILLION TWO HUNDRED FIFTYEIGHT THOUSAND TWO HUNDRED SIXTYEIGHT $1,258,268* Value of the Remainder, Before: $1,238,018 Value of the Remainder, After: $1,258,268 Depreciation to Current Fair Market Value: $0 Special Benefits: $0 Value of the New or Relocated Easement Area: $49,590 Value of the Temporary Construction Easement area: $10,620 My total estimation of compensation is: $60,250(R)* I direct your attention to the data, discussions and conclusions which follow. Respectfully submitte J. Michael Joki, MAI, SRA Montana State Certified General Real Estate Appraiser #152 * Subject to the Hypothetical Condition listed on page S. MEMBER APPRAISAL INSTITUTE TABLE OF CONTENTS INTRODUCTION Page Letter of Transmittal Certification Assumptions and Limiting Conditions 6 Hypothetical Condition 8 Summary of Important Facts and Conclusions 9 Subject Property Photograph 10 DESCRIPTION, ANALYSIS AND CONCLUSION: Definition of Market Value 11 Purpose of Appraisal 11 Intended Use of the Appraisal and Intended Client 12 Scope of Appraisal 12 Summary of the Appraisal Problem 13 Property Rights Appraised 14 Identification of Property and Legal Description 14 History of the Property 15 Regional Map 16 Regional and City Analysis 17 Neighborhood Analysis 22 Plot Plan 24 Property Description Before the Imposition of the Easement 25 Subject Property Photographs 29 Zoning 33 Highest and Best Use Before 34 The Valuation Process 37 Site Valuation 37 Land Sale Location Map 40 Land Sale Adjustment Grid 41 Bracketing the Subject Property 43 Map Depicting the Easement Area 45 Scope of the Project and Its Affect on the Subject Site 46 Subject Property Photographs 48 Identification of the Site, After 50 Highest and Best Use After 51 The Valuation Process 54 J. Michael Joki, MAI, SRA HELENA, MONTANA Site Valuation Land Sale Location Map Land Sale Adjustment Grid Bracketing the Subject Property Depreciation to Current Fair Market Value Recapulation of Compensation ADDENDA: Property Record Cards Warranty Deeds Certificate of Survey Story Mill Community Park Information Wetland/Utilities Map Ground Water Control Area Map Zoning Map Zoning Districts Preliminary Easement Agreement Comparable Land Sale Sheets with Photographs Qualifications of the Appraiser State License J Michael Joki, MAL SRA HELENA, MONTANA 54 57 58 60 62 63 INTRODUCTION J. Michael Joki, MAI, SRA HELENA, MONTANA I CERTIFY THAT... 1. The statements of fact contained in this report are true and correct. 2. 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. 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4. I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment. 5. My 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. This appraisal assignment was not based on a requested minimum valuation, or a specific valuation. 6. My analysis, opinions and conclusions were developed, and this report has been prepared, in conformity with The Uniform Standards of Professional Appraisal Practice, and with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. 7. The use of this report is subject to the requirements of the Appraisal Institute relating to the review by its duly authorized representatives. S. As of the date of this report, I, J. Michael Jold, have completed the requirements of the continuing education program of the Appraisal Institute. 9. I have made a personal inspection of the property that is the subject of this report and have afforded the owner, or their representative, the opportunity to accompany me on the inspection. 10. I have personally inspected and verified the comparable sales relied upon in making this appraisal. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. I have the necessary level of knowledge and experience to credibly estimate the value of the subject property, or have taken reasonable steps to achieve such competency and to provide a professional appraisal of the subject property, in accordance with the Uniform Standards of Professional Appraisal Practice. 13. I am currently licensed in the State of Montana (Certificate #152) as a Certified General Real Estate Appraiser, and hold the MAI and SRA designations conferred by the Appraisal Institute. MEMBER APPRAISAL INSTITUTE /,-\ fK DATE: December 21, 2015 SIGNATURE: Appraised By: J. Michael Jori, MAI, SRA Certified General #152 MEMBER APPRAISAL INSTITUTE ASSUMPTIONS AND LIMITING CONDITIONS This is to certify that the appraiser in submitting this statement and opinion of value of subject property acted in accordance with and was bound by the following principles, limiting conditions and assumptions. Unauthorized use of this report is set forth below. No responsibility is assumed for matters that are legal in nature nor is any opinion rendered on title of property appraised. 2. Unless otherwise noted, the property has been appraised as though free and clear of all encumbrances. 3. All maps, areas, plans, specifications, and other data furnished your appraiser were assumed to be correct. No survey of the property was made by this firm. Furthermore, all numerical references to linear measurements, area, volume or angular measurements should be assumed to be "more or less" (+/-) and are accurate to a degree consistent with their use for valuation purposes. 4. This appraisal considers only surface rights to the property with consideration of current zoning and land use controls. The estimate of highest and best use will form the basis for the value estimate. This appraisal does not consider mineral, gas, oil or other natural resource rights that may be inherent in the ownership of the property. 5. In this appraisal assignment any potentially hazardous material found on the land which may or may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances. Any interested party is urged to retain an expert in this field if there is any question regarding such potentially hazardous material. If such material or substance is present it could adversely affect the value reported. The appraiser is not a seismologist. This appraisal should not be relied upon as to whether a seismic problem exists, or does not actually exist on the property. The property which is the subject of this appraisal is within a geographic area where earthquakes and other seismic disturbances have previously occurred and where they may occur again. Except as specifically indicated in the report, no seismic or geologic studies have been provided to the appraiser concerning the geologic and/or seismic condition of the property. The appraiser assumes no responsibility for the possible effect on the subject property on seismic activity and/or earthquakes. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with any seismic requirements by the City or County. It is possible that a survey of the property could reveal that the property does not meet the required seismic requirements. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible noncompliance requirements in estimating the value of the property. 7. All data contained in this report and in the appraiser's files, as obtained from other sources, upon which to any degree the opinions and conclusions were based, are considered reliable and believed to be true and correct. However, the appraiser does not assume responsibility for the accuracy of such items that were obtained from other parties. J Michael Joki, MAI, SRA HELENA, MONTANA 8. There shall be no obligation to give testimony or attendance in court by reason of this appraisal with reference to the property in question unless arrangements have been previously made and at an additional fee. 9. Disclosure of the contents of this appraisal report is governed by the by-laws and regulations of the Appraisal Institute. Neither all not any part of the contents of this report especially the conclusions as to value, the identity of the appraiser, or the firm with which he is connected, of to the MAI and SRA designations, shall be disseminated to the public through advertising media, news media, public relations media, sales media, or any other public means of communication without the prior written consent of the appraiser. 10. J. Michael Jori, MAI, SRA, specifically does not authorize the out -of -context quoting from or partial reprinting of this appraisal tepott. 11. The liability of J. Michael Jori, MAI, SRA and employees is limited to the client and to the fee collected. Further, there is no accountability, obligations or liability to any third patty. If this report is placed in the hands of anyone other than client, the client shall make such patty aware of all limiting conditions and assumptions of the assignment and related discussions. The appraiser assumes no tesponsibility for any costs incurred to discover or correct Any deficiencies of ani type present in the property; physically, financially, or of a legal nature. 12. The fee for this appraisal report is for the service rendered and not for time spent on the physical report or for the physical report itself. 13. This appraisal report is prepared for the appraisers' client Northwestern Energy. It is my understanding Northwestern Energy is working in conjunction with the City of Bozeman on this natural gas pipeline easement realignment project. No thud parties are authorized to rely upon this report without the express written consent of the appraiser. 14. This Summary Appraisal Report is intended to comply with the repotting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. As such, it presents discussion of the data, reasoning, and analysis that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning and analysis is contained in the appraiser's file. J Michael Joki, MAL SRA HELENA, MONTANA HYPOTHETICAL CONDITION A hypothetical condition is a condition that is contrary to what exists but is supposed for the purpose of the analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the subject property, such as conditions or trends; or about the integrity of data used in an analysis. 1. As of the effective date of this appraisal report realignment of the natural gas pipeline easement has not been taken place and if all parties are in agreement the easement will be realigned at a future date. The value of the subject after realignment of the easement is subject to this easement being recorded and imposed on the subject site as explained in this appraisal report. The analysis after realignment of the easement would not be reasonable nor would the value conclusion be creditable if this project is not completed. J Michael Toki, MAI, SRA HELENA, MONTANA SUMMARY OFIMPORTANT FACTSAND CONCLUSIONS PURPORTED OWNER: City of Bozeman, Montana LOCATION OF PROPERTY.- These tracts comprise the south/southeastern portion of Story Mill Community Park that is located near the northeastern edge of the Bozeman city limits. Story Mill Community Park lyes at the confluence East Griffin Drive, Story Mill Road and Bridger Drive in Bozeman, Montana. LAND SIZE: The entire acreage of Story Mill Community Park is 54.36 acres however the two tracts being impacted by this realignment project are Tract 1 at 20.56 acres and Tract 2 at 8.50 acres. PROPOSED NEiV OR RELOCATION EASEMENTAREA: PROPOSED ABANDONED EASEMENT AREA: PROPOSED TEMPORARY CONSTRUCI7ON EASEMENT AREA: IMPROVEMENTS: 1.16 acres .45 acres 2.36 acres There are several old building improvements that provide no contributory value. PROPERTY RIGHTS APPRAISED: Fee Simple ZONING: R-4 (Residential High Density District) PRESENT USE: Being developed into Story Mill Community Park. HIGHEST AND BEST USE: Residential use. DATE OF VALUATION.• December 15, 2015 CONCLUDED ESTIMATE OF MARKET VALUE BEFORE REALIGNMENT OF THE EASEMENT: $1,287,608 CONCLUDED ESTIMATE OF MARKT VALUE AFTER REALIGNMENT OF THE EASEMENT.- $1,258,268* DEPRECIATION OF CURRENT FAIR MARKET VALUE: $0* TOTAL ESTIMATE OF COMPENSATION.• $60,250* *Subject to the Hypothetical Condition Listed on page 8. J. Michael Joki, MAI, SRA HELENA, MONTANA 9 SUBJECT PROPERTYPHOTOGRAPH Aerial view of Story Mill Community Park. Park boundaries are outlined in yellow and Tract 1 (on the left) and Tract 2 (on the right) are outlined in red. J Michael Joki, MAL SRA HELENA, MONTANA 10 DEFINITION OF MARKET VALUE The current fair market value has been developed and refined by the State of Montana and found in state statute MCA70-30-313 and is as follows: "Current fair market value is the price that would be agreed to by a willing and informed seller and buyer, taking into consideration, but not limited to the following factors 1. The highest and best reasonably available use and its value for such use, provided current use may not be presumed to be the highest and best use; 2. The machinery, equipment, and fixtures for the part of the real estate taken; 3. Any other relevant factors as to which evidence is offered." PURPOSE OF THE APPRAISAL The purpose of this appraisal report is to arrive at a supportable estimation of the market value. J Michael Joki, MAL SRA HELENA, MONTANA 11 INTENDED USE OF THE APPRAISAL AND INTENDED CLIENT It is understood that the intended use of this appraisal report is to assist Northwestern Energy in appropriately compensating the property owner for realigning a natural gas pipeline easement on their land. The client is Northwestern Energy and the intended users of the appraisal report are Northwestern Energy and potentially the City of Bozeman, Montana who owns this land. SCOPE OF THEAPPRAISAL The scope of this assignment includes a personal inspection of the subject site, reviewing public record information concerning the site and other properties in the immediate neighborhood. Initially I spoke with Rona Sanchez from Northwestern Energy and she explained their company would like to realign a natural gas pipeline easement that crosses through Story Mill Community Park. This site, or a portion thereof, needs to be valued so the City of Bozeman can appropriately be compensated because the new alignment will require more easement area, some of the existing easement area will be abandoned, and temporary use of some areas will be needed during construction. Jeff Harmon with Lodgepole Land Services forwarded me the exhibits showing the easement realignment and calculations for the new or relocation easement area, abandoned easement area and temporary work space area. I met with Carolyn Poissant, Open Space and Parks Manager for the City of Bozeman, and Maddy Pope, Project Manager with The Trust For Public Land, to address the issues and concerns they have about this realignment project. The Trust For Public Land recently sold the 54.36 acres that now comprise Story Mill Community Park to the City of Bozeman and are working in conjunction with the City of Bozeman to develop this park land. Both Carolyn Poissant and Maddy Pope have concerns about disturbance of the ground while the pipeline is being relocated and the potential loss of mature trees and bushes. Carolyn Poissant and Maddy Pope were both very cooperative and able to answer a number of questions I had concerning the subject property. I inspected the subject property on December 15, 2015 unaccompanied and this is also the day I took all photographs of the subject property. Real estate agents, local MLS Service, developers and appraisers in Bozeman were interviewed in an attempt to find relevant market data. Market data has been confirmed with the buyer, seller or broker involved in the transaction. All of the comparable sales utilized in this appraisal report are described in the J. Michael Joki., MAI, SRA HELENA, MONTANA 12 body of the report and in more detail on the sales sheets included in the addenda. All known, available, relevant market considered to have an impact on the market value of the subject property has been considered. The Scope of Work defines an appraiser's conclusions as to what is deemed necessary to provided a creditable appraisal report. The client is defined as Northwestern Energy. The intended user is the client, and the intended use will be to assist the client in appropriately compensating the City of Bozeman for realignment of a natural gas pipeline easement. The following sources provided me data that was used in this appraisal report. • Gallatin County Clerk and Recorder's Office • City of Bozeman Planning Department • Jeff Harmon, Lodgepole Land Services • Keith O'Reilly, MAI, Appraiser • Ed Jackson, Appraiser • Sandy Ferraro, Realtor • Taunya Fagan, Realtor • Lloyd Mandeville, Realtor • Cordell Poole, Stahly Engineering • Maddy Pope, Project Manager, The Trust for Public Land • Carolyn Poissant, Open Space and Parks Manager for the City of Bozeman SUMMARY OFAPPRAISAL PROBLEM Rona Sanchez and Jeff Harmon provided me the maps and aerial photographs of the subject property that depicts the existing natural gas pipeline easement area, the area being abandoned, the area proposed for new or relocated easement, and the temporary work space area. The existing easement area is .47 acres, the relocation easement area 1.16 acres, and the abandonment area is .45 acres. The temporary work space area is 2.36 acres. As shown on the following maps and aerial photographs this realignment project only impacts Tract 1 (comprised of three parcels) that is 20.56 acres and Tract 2 (comprised of two parcels) that is 8.50 acres. The remaining acreage in Story Mill Community Park is not impacted and is not valued in this appraisal report. Please see the following discussion pertaining to the larger parcel area on page 25. The proposed relocated or new easement area will pass through Tract 1 and 2 in a general east/west direction. There are several old building improvements on these tracts however they are not impacted by this project not do they provide any contributory value to this property. There is natural vegetation being J Michael Joki, MAI, SRA HELENA, MONTANA 13 impacted (i.e. mature trees and bushes) which is further discussed on page 46 in the Scope of the Project section. The property owner will be compensated for the loss of their property rights in the new easement area, however they will gain all of their rights back in the abandonment area. It is Northwestern Energy's intent to make the property owner whole after this project is completed and the new natural gas pipeline easement is in place. The "before" condition is based on the "as is" condition of the subject property, reflecting cut -tent zoning, market trends and market data available from which to extract an indication of current market value. In the "after" condition, the appraisal is based on the hypothetical condition that the proposed natural gas pipeline easement is an encumbrance to the real property. In the "after" condition the impact to the property rights and market value are fully identified and incorporated into the analysis of market value. PROPERTYRIGHTS APPRAISED This appraisal is made with the understanding and assumption that present ownership of the subject property includes all tights that may be lawfully owned, and is therefore title in fee simple but as encumbered with existing easements as of December 15, 2015. A fee simple estate is subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. IDENTIFICATION OFPROPERTYAND LEGAL DESCRIPTION There are two tracts of land being valued in this appraisal report. Tract 1 is comprised of parcel 8 that is 16.58 acres and parcel 7 that is 3.98 acres for a total of 20.56 acres. Tract 2 is comprised of parcel 3 that is 5.68 acres, parcel 2 that is 1.71 acres, and parcel 1 that is 1.11 acres for a total of 8.50 acres. These parcels are located within Sections 31 and 32, Township 1 South, Range 6 East, and Sections 5 and 6, Township 2 South, Range 6 East, Gallatin County, Montana as shown on Certificate of Survey No. 2865. J Michael Joki, MAI, SRA HELENA, MONTANA 14 HISTORY OF THE PROPERTY Maddy Pope confirmed The Trust For Public Land purchased these tracts as part of a larger transaction from American Bank on December 28, 2012. This was an REO sale and the sale price was undisclosed. Total acreage purchased in this transaction was approximately 61 acres . Maddy Pope and Carolyn Poissant confirmed The Trust For Public Land sold 9 parcels of land to the City of Bozeman on December 31, 2014. The 9 parcels of land are shown on Certificate of Survey No. 2865 contained in this appraisal report, and the confirmed sale price was $2,650,000. The recorded warranty deeds for both of these transactions are included in the addenda. The City of Bozeman intentions are to develop this land into Story Mill Community Park in conjunction with The Trust For Public Land. To the best of my knowledge no parcels of land within the park boundaries are currently listed for sale. J. Michael Joki, MAI, SRA HELENA, MONTANA 15 REGIONAL MAP Data use subject to license. ml © 2004 Det-orme. Street Atlas USAOD 2005. 0 16 32 48 64 80 vvvvw.delorme.com MN (0.0- W) Data Zoom 6-2 J. Michael Joki, MAL SRA HELENA, MONTANA 16 Shaunavon I. r I , �Ng th - "�Ci( z Ola r R6 Y MWdr ¢ Y q TI -11 se rva'ti h Ft R.p Intltan ftepi _ �crvmbn i P Isoh- ee re at palls n.1d dla l r 9 e l town - Mlssoula ' "A' 12,, `t. I -Selena � i 1oA )g) 97 (jt 00rlCla zer . Bozeman r Salmon a—hopper otgcier 212 Qo _ _ �y -. .... _ — _ i _; 310 14A Challis' 4 c� .,,-�_�-•,�.• ;,� ,.. 1 14. Worland t t I exburo-- 1 7Yopfa Gluci�rs _ t Data use subject to license. ml © 2004 Det-orme. Street Atlas USAOD 2005. 0 16 32 48 64 80 vvvvw.delorme.com MN (0.0- W) Data Zoom 6-2 J. Michael Joki, MAL SRA HELENA, MONTANA 16 REGIONAL AND CITYANALYSIS Bozeman is the county seat of Gallatin County and is one of 56 counties in the State of Montana. Gallatin County is located in a mountainous area of Montana north of the Montana/Wyoming border and Yellowstone National Park. Bozeman primarily lies on the south side of Interstate 90 and is located approximately 140 miles west of Billings, Montana and 80 miles east of Butte, Montana. Gallatin County has grown faster than any other county in the State of Montana over the past decade according to the Census Bureau. Gallatin County includes almost 2,500 square miles of mountainous lands that offer a variety of topography and climate. Nearly half of Gallatin County is under public ownership by the Gallatin National Forest, State of Montana, Bureau of Land Management or the National Park Service. Forces Influencing Property Values The value of real estate is influenced by the interaction of four major forces. Social considerations, economic considerations, government and environmental considerations. The four forces are discussed as follows: Social Considerations Social forces are exerted largely by population characteristics, including population growth, density, and age distribution. According to the U. S. Census Bureau the population of the City of Bozeman increased from 27,509 in 2000 to 37,280 as of April, 2010 and increase of nearly 9,800 people. This represents an increase in population of approximately 35.5% over this 10 year period, or an average rate of growth of about 3.55%/year. From April, 2010 to April, 2012 the population increased from 37,280 to 38,695, an increase of nearly 1,415 people which equated to a growth of 3.8% over this time frame. Gallatin County's population increased from 67,831 in 2000 to 89,513 in 2010 or approximately 21,700 people. This represents an increase in population of approximately 32% over a 10 year period or an average growth rate of 3.2%/year. Between April, 2010 and April, 2012 the population increased from 89,513 to 92,614 people or 3,101people which equates to a growth rate of about 3.5% over this time period. Comparatively, the State of Montana grew from 989,417 people in April 2010 to 1,005,140 people in 2012 or 15,724 people which equates to a growth rate of 1.6% over that time frame. In addition to population growth the City of Bozeman continues to see growth in its geographic size. In 1990 the City of Bozeman was approximately 6,420 acres (± 10 square miles) and by the end of 2009 it had expanded to 12,300 acres (±19.25 square miles) resulting in an increase of ±92% over this 19 year period. This growth was to accommodate the increasing population which required new land for residential, commercial and J. Michael Joki, MAL SRA HELENA, MONTANA 17 industrial development. This growth significantly slowed in 2009 and 2010 which was being seen all throughout this region as the national economic recession took effect. Bozeman has a significantly lower home ownership rate than most other communities in the county primarily due to the student body of Montana State University. Bozeman also has a smaller average household size and a smaller portion of families than other areas of Gallatin County. Bozeman has an average household size of 2.27 people while the average household size for Gallatin County is 2.49 people. Just over half of the Bozeman households are families compared to ±63% countywide. The population of Bozeman is considerably younger than Gallatin County as a whole, and even more so, in comparison to the State of Montana. Again this emphasizes the significance of Montana State University being located in Bozeman. Bozeman and Gallatin County has transformed over the past decade from a primarily agricultural based community to a tourism related community. Bozeman and Gallatin County offers a high quality of life due to its low crime rate, offering of many cultural experiences, the presence of Montana State University and its education offerings. An abundance of outdoor activities that include excellent downhill snow skiing, world class fly fishing rivers, streams and access to numerous state and federally owned lands are all nearby. Economic Considerations Bozeman, like many communities in Montana experienced significant growth in population and economy for a number of years. This area was affected by the national recession just like many other areas in the country however new growth and development has begun again and the outlook for Bozeman and the vicinity is quit positive based on a number of factors. • County seat of Gallatin County. • Wide range of skills in the labor force. • Home of Montana State University. • Well located in southwestern Montana. • Numerous recreational opportunities Bozeman is somewhat unique when compared to other communities in Montana because there are few employers who employ a large amount of the population. Missoula, Montana, as an example was very dependent on the lumber and timber industry and Butte, Montana had always relied heavily on the mining industry. When those industries slowed those communities were very heavily impacted. The primary employer in Bozeman is Montana State University. Other major sectors of the economy that provide employment are construction, local and state government, manufacturing, technology, agricultural and retail service. Montana State University currently employs about 3,500 people as permanent faculty/staff and they also employ over J Michael Joki, MAL SRA HELENA, MONTANA OR 2,000 students in part time work. In the fall of 2,013 the student enrollment at MSU was slightly over 15,000 people which certainly has a significant affect on the local economy. Other major employers in Gallatin County include the State of Montana, Gallatin County, the City of Bozeman, Bozeman Deaconess Hospital, Right Now Technologies. With such a diverse employment base the local economy tends to be sheltered from a downturn in any of the Country's key employment industries. In 2010 Bozeman was declared as the most expensive place to live in Montana based upon a report by Propera Business Network. This report stated that Bozeman's 2009 cost of living was 4.4% above the national average. The other Montana cities that showed an overall cost of living above the national average were Missoula at 1.8% and Kalispell at 1.5%. Residential rent levels in Gallatin County have remained stable primarily due to the presence of Montana State University. Rents in this community will periodically show a slight decline however they tend to stabilize or even increase rather quickly due to the continued growth of Montana State University. Overall the economic growth has been much stronger in Bozeman and Gallatin County than what is being seen statewide. Historically the sectors in Bozeman and Gallatin County that show the most substantial growth are agricultural services, construction, manufacturing, finance, insurance, real estate and lodging. Currently the unemployment rate in Montana is 6.4% and Gallatin County recorded a slightly lower unemployment rate at 5.8%. Gallatin County's labor force is currently estimated at 52,070 employees, the third largest labor force in Montana's 56 counties. Over the past ±10 years residential building permit activity in the City of Bozeman was on the rise and reached its peak in 2005 and then began to decline over the next 5 years, and most significantly in 2008 and 2009. Residential building permits began to increase again in 2010 and have been on a steady incline. Bozeman has been experiencing new growth in several areas of town but no area has provided as much commercial real estate development at the 19th Avenue corridor. Recent stores and restaurants developed along 19th Avenue include Sportsman's Warehouse, Lowes, IHOP, Bed Bath and Beyond, Staples, World Market and REI. Most recently a new Safeway grocery store (±58,000 SF) was completed in December, 2011 and a Kohls department store (±55,300 SF) was completed in October, 2011. The City of Bozeman facilities over the past 5 years have seen significant development and/or renovation which includes the fire stations, police station, waste water treatment facilities, the completion of a downtown parking garage, City of Bozeman Library, construction of the Gallatin County Detention Center, an expansion of the landfill building etc. Montana State University has also seen significant expansion and renovation which include a significant remodel of the football stadium, addition of the Molecular Biology Center, renovations to the Health and Physical Education Center, addition of the Black Box Theater, renovation of Gaines Hall etc. J Michael Joki, MAI, SRA HELENA, MONTANA 19 Tourism brings a significant number of visitors to the Bozeman area. Yellowstone National Park, the first national park in the United States, is located approximately 65 miles south of Bozeman. Big Sky SId Resort is located approximately 45 miles south of Bozeman and has recently been listed as the seventh best s1d resort in the United States. This s1d area averages over 300" of annual snowfall with skiing available November through April. The Yellowstone Club lies adjacent to Big Sky Ski Resort and is an exclusive vacation/residential development that includes both private skiing and golfing. This exclusive, private development had filed for banlu-uptcy in 2008 and in 2010 was purchased by Cross Harbor Capital and for several years saw significant decline in sales and values. However the private development has begun to rebound again as sales are starting to climb again. Other std resorts in Gallatin County include Moonlight Basin which is also adjacent to Big Sky and Bridger Bowl which lies approximately 15 miles to the north of Bozeman. Environmental Considerations Environmental and physical forces, both natural and man made, can influence property values. These forces include climatic conditions, topography and natural barriers, and transportation systems. Bozeman's climate clearly reflects its mountain valley location. Bozeman truly has four seasons with its short summers being pleasant which are typically characterized by warm to hot days and cool nights. The average high temperature in the summer is in the upper 80"s and the average low in the winter is the mid to lower 30"s. Spring tends to come late in the Gallatin Valley as 1/3 of its annual precipitation ±19" falls during May and June. The average annual snowfall in Bozeman is ±72" and the average length of the growing season is about 107 days. The climate of the county varies according to elevation but is generally characterized by relatively cold winters and warm summers. Snow removal is a common operating cost that will affect real estate in the winter months. In contrast air conditioning costs are less during the fairly temperate summer months however heating bills can be quite high during the cold winter months. Bozeman is located on the south side of Interstate 90. Access to the south towards Yellowstone Park is via U.S. Highway 91. There are numerous other state highways and Gallatin County maintained roads that provide access throughout this region. Commercial air service, truck and rail transportation are considered to be adequate. Gallatin Field which is located in the adjacent community of Belgrade is the second busiest airport in the state and provides air service for this area. Governmental Considerations The City of Bozeman is a City Commission/ City Manager form of government with an elected municipal judge. There are five commissioners elected with no party affiliation and are elected to a four year term which are overlapping. The City Commissioner elections are held every two years and the terms of the J Michael Joki, MAL SRA HELENA, MONTANA 20 commissioners are staggered and the candidate who receives the most votes in an election becomes the mayor the last two years of their term. The City of Bozeman has approximately 40 police officers and the fire department has approximately 18 firefighters plus the Fire Chief, Deputy Chief/Marshall, and seven captains. There are three fire stations e and police protection services are considered to be good. in the City of Bozeman and overall the fir The Department of Planning and Community Development processes applications for new development in the city limits. This department enforces the zoning regulations within the city limits of Bozeman. Gallatin County administers all zoning for properties outside the city limits and within the "zoning donut". The Gallatin County Comprehensive Plan encourages development near the existing city limits and/or services and discourages development in more remote locations. In general the planning and zoning regulations in this area are considered stringent. Conclusion Bozeman and Gallatin County has population and overall growth trends that are continuing upward. This area offers a wide variety of outdoor recreational opportunities, cultural resources, tourism, and coupled with the presence of Montana State University this area is poised for continued growth. Bozeman has a young and very well educated work force and coupled with its diverse economy the general outlook for Bozeman, Belgrade and the surrounding small communities is good. Overall the real estate market in Bozeman is strong. 2013 was the first year of strong market conditions after 5+ recession years. Residential and commercial activity has increased significantly. Residential apartment occupancy is more or less at 100%, and commercial lease rates and commercial property values have been increasing as well. J Michael Joki, MAI, SRA_ HELENA, MONTANA 21 NEIGHBORHOOD DATA & ANALYSIS The subject property is located in the northeast quadrant of the Bozeman city limits. The old Story Mill was the foundation of this area and was established in the late 1800's by Nelson Story who shipped locally grown wheat and flour around the country via the nearby railroad set ice. Ranching, stock yards and slaughterhouse operations developed in the immediate vicinity of Story Mill. Today this neighborhood is on the northeast fringe of the Bozeman city limits and provides exceptional open space area while rural residential growth continues to the north and east. Bridget Drive, along the north boundary of Story Mill Community Park, is a major arterial road and provides direct access to Bozeman's downtown district to the south and provides access to the rural residential home sites and Bridger Canyon to the northeast. Along Bridget Drive and south of the subject property there is more commercial development closer to the downtown district. This area has historically seen heavy use by cyclists and pedestrians because of its open space and rural nature. This area is mountainous and particularly to the northeast in Bridger Canyon. Wetlands are common to this area, the subject property being no exception, because Bozeman Creek and the East Gallatin River converge at the western edge of Story Mill Community Park. These waters provide for a diverse array of resident and migratory birds and other wildlife. The East Gallatin River offers some of Bozeman's best in town fishing. In 2008 a residential and commercial development was proposed for the Story Mill site but it failed and the local and national recession began. Since the recession ended residential development is active again in Bozeman and this northeast quadrant of the city limits with its rural overtones is becoming more popular. There are still operating ranches in the immediate vicinity and trophy home sites are becoming more J Michael Joki, MAI, SRA HELENA, MONTANA 22 abundant. Obviously there are many recreational opportunities in the immediate area and there is good access to Bridger Ski Hill which is 16 miles from downtown Bozeman on Bridger Drive. Additional information provided to me by The Trust For Public Land outlining the history and intention for this area is included in the addenda. Access to and from this neighborhood is primarily from Bridger Drive which leads south to downtown Bozeman or north/northeast to Bridger Canyon. E. Griffin Drive provides access to those neighborhoods to the west, and Story Mill Road provides access to the residential areas to the south/southeast. City water and sewer service has been extended into most areas of this neighborhood however they have not been extended to all areas of the subject property. Those properties without city services are utilizing private well and septic systems. Natural gas and electrical service are provided throughout the area by Northwestern Energy. This neighborhood has good access to North 7th Avenue which has been developed with many restaurants, retailers, grocery stores and big box stores. There is also good access to North 19th Avenue which is Bozeman's newest area of development with most new retailers building in this area. Historically the North 19th Avenue area was being farmed however with the exception of some rural residential use and several remaining farms this area is steadily being razed to make way for new development. There is good access to Interstate 90 which can be gained from North 19th Avenue or North 7th Avenue. The Gallatin Valley mall is located on Huffine Lane where this street transitions from West Main Street at the western edge of the city limits. There is good access to elementary schools, middle schools and Bozeman High School. I anticipate demand for real estate in this neighborhood will remain strong as market conditions continue to get stronger in the Bozeman area. Most likely market values will appreciate accordingly. These trends are consistent with surrounding neighborhoods in Bozeman. J. Michael Joki, MAI, SRA HELENA, MONTANA 23 PLOT PLAN J. Michael Joki, MAI, SRA HELENA, MONTANA 24 PROPERTYDESCRIPTIONBEFORE REALIGNMENT OF THE EASEMENT Site Si..Ze: The areal photograph on the facing page shows Tract 1 and 2 that are being valued in this appraisal report. The Certificate of Survey in the addenda shows the 9 parcels that comprise Story Mill Community Park however for the following reasons I'm only valuing the parcels that are impacted by this project. As shown on the certificate of survey and the property record cards in the addenda each of the parcels that comprise Story Mill Community Park are individual sites. Tract 1 being valued in this report is comprised of parcel 7 and 8 which are 3.98 acres and 16.58 acres respectively for a total of 20.56 acres. This land generally lies south of East Griffin Drive and along the west bank of the East Gallatin River . Tract 2 being valued in this appraisal report is comprised of parcel l at 1.11 acres, parcel 2 at 1.71 acres and parcel 3 at 5.68 acres for a total of 8.50 acres. Tract 2 forms the southeast boundary of Story Mill Community Park and lies along the western edge of Story Mill Road and is split by the East Gallatin River. As previously mentioned each of the 9 parcels that comprise Story Mill Community Park are individual parcels of land that were purchased in that manner, as 9 individual parcels, and could be sold in the same manner. Most of these parcels have their own access and in some instances have different uses. Parcel 7 and 8 that comprise Tract 1 are adjacent to each other and both can be accessed from E. Griffin Drive. However parcel 7 has a very irregular shape which limits the utility and most likely this parcel would be developed in conjunction with parcel 8 because as combined they have a consistent residential use that is highlighted by frontage along the East Gallatin river. In my opinion these two parcels as combined form a larger parcel area of 20.56 acres because they have contiguity, unity of use and unity of ownership. The same scenario is shown on Tract 2 which is comprised of three parcels of land wherein parcel 1 and 2 are very narrow and irregular in shape with limited utility and again it is most likely these two parcels of land in conjunction J Michael Joki, MAL SRA HELENA, MONTANA 25 with parcel 3 would be developed together. These three parcels of land lie along the west side of Story Mill Road and as combined have a residential use that is highlighted by the East Gallatin River that crosses through the western portion of parcel 3. Again, it is my opinion these three parcels of land as combined form a larger parcel area of 8.50 acres because they have contiguity, unity of use and unity of ownership. There is an existing easement area for the natural gas pipeline on these tracts that was provided to me by Jeff Harmon and is .47 acres. Shape: All of the parcels are irregular in shape. Topograply: The topography is more or less level but a good portion of this land lies below grade of the surrounding roads. The East Gallatin River and Bozeman Creek flow through this area which has created wetlands and high ground water areas. Soil Conditions: Soil conditions are unknown and no soils test was provided to your appraiser. There is a significant amount of wetland on the subject site and the surrounding lands which certainly limits development in this area. Easements: As mentioned above there is an existing natural gas pipeline easement on the subject property that is .47 acres. This easementwas imposed a number of years ago. Within this pipeline easement the property owner gave up nearly all or 95% of their property rights in the easement area. The impact of the existing easement is shown at the end of the Land Valuation Section of this appraisal report. Access: Tract 1 is accessed from the south side of East Griffin Drive. Tract 2 is accessed from the west side of Story Mill Road. Utilities: As shown on the map in the addenda city water and sewer service have been extended along Bridger Drive and into those areas that form the north boundary of Story Mill Park. I confirmed with Cordell Poole at Stahly Engineering extension of city services to the two tracts of land being valued J Michael Joki, MAL SRA HELENA, MONTANA 26 in this appraisal report may prove difficult let alone quite expensive. Near the south end of Tract 1 is the location of the original home site (now razed) that was served by a well and septic system. If this tract of land were ever developed again a replacement well and septic system may have to be utilized for a residential use if city services are not extended. It appears city services may be available at the northern tip of Tract 2 however they have not been extended on to this land. Again, in the interim, a well and septic system may be utilized if this site is developed with a residential use. Natural gas and electrical service are provided to the subject site by Northwestern Energy. FunctioualAdequacy: On the same map in the addenda that depicts the location of the city services the wetland areas on and around the subject property are also highlighted. As shown Tract 1 has the most wetland area and this does prohibit development of some areas on this site. Tract 2 also has wetland area but it is mostly confined to the area immediately surrounding the East Gallatin River and in the very southwest corner. Most likely both of these tracts would serve well as a residential use (potentially multiple units) that would obviously be highlighted by the East Gallatin River frontage. Those areas that could not be developed would remain as open space land. This use would be consistent with the nearby rural residential uses that offer proximity to the mountains and nearby water ways. Flood Plaiu: As shown on the maps in the addenda portions of the subject site are located in flood zones. This information was extracted from FEMA's National Flood Hazard Layer Website. The Community Panel No. is 30031 C 0809 D. This map is dated September 2, 2011. Nuisances orHa!-,,ards: Along Bridger Drive directly north of the subject property there is a mix of commercial and light industrial uses. Most development in the immediate vicinity of the subject property is residential or rural residential and particularly in those areas to the northeast. Directly south and closer to Bozeman's downtown district there is higher density residential, commercial and light industrial development. To the west is a mix of light industrial and commercial use over to North 7th Avenue. Directly east of the subject property J Michael Joki, MAI, SRA HELENA, MONTANA 27 is the Story Mill site which is now defunct. None of these surrounding uses adversely affect the market value of the subject property. Included in the addenda is a copy of the aerial photograph provided to me by Jeff Harmon that outlines the boundary of the groundwater control area from the Idaho Pole Penta contamination flume. It is my understanding the contamination flume was caused by the material used to coat wood post fencing (Penta) that sept into the groundwater when this facility was in operation in years past. From this aerial photograph it appears the contamination flume is just south east of the subject property. Reportedly this contamination flume is now under EPA watch. Site and Building Improvements Several old buildings still remain on this land however they have not been utilized for many years . As previously explained none of the building improvements were given contributory value by the City of Bozeman when this land was purchased in 2014. It is my understanding the old building improvements will be razed as this land continues to be developed as Story Mill Community Park. It should be noted at the time of my site inspection the ground was under heavy snow cover. J Michael Joki, MAI, SRA HELENA, MONTANA 28 SUBJECT PROPERTYPHOTOGRAPHS Looking north on Story Mill Road. Subject property is on the left. Photograph taken December 15, 2015 by J. Michael Joki, MAI, SRA. Taken from Story Mill Road and looping west across Tract 2 - Photograph Photograph taken December 15, 2015 by J. Michael Jold, MAI, SRA. k J Michael Joki MAI, SRA_ HELENA, MONTANA 29 SUBJECT PROPERTYPHOTOGRAPHS Taken near the center of the site and looking north at East Gallatin River. Photograph taken December 15, 2015 by J. Michael Joki, MAI, SRA. Taken from E. Griffin Drive and looking east. Subject property is on the left. Photograph taken December 15, 2015 by J. Michael Joki, MAI, SRA. T Michael Joki MAI, SRA HELENA, MONTANA 30 SUBJECT PROPERTYPHOTOGRAPHS Photograph shows the confluence of Bozeman Creek and the East Gallatin River at the eastern edge of the subject property. Photograph taken December 15, 2015 by J. Michael Jold, MAI, SRA. Photograph taken from East Griffin Drive and looking south over Tract 1. Photograph taken December 15, 2015 by J. Michael Jold, MAI, SRA. J Michael Joki MAI, SRA HELENA, MONTANA 31 SUBJECT PROPERTYPHOTOGRAPHS Photograph taken from East Griffin Drive and looking south at the NEC of Tract 1. Photograph taken December 15, 2015 by J. Michael Jold, MAI, SRA. J Michael Joki, MAI, SRA HELENA, MONTANA 32 ZONING I confirmed these tracts are zoned R-4 (Residential High Density District). As shown in the City of Bozeman zoning descriptions the primary intent of this zoning district is to provide for high density residential development through a variety of housing types within the city. This district will provide for a variety of compatible housing types to serve the varying needs of the community's residents. Some of the allowed uses in this zoning district include apartments, bed and breakfasts, community residential facilities, daycare centers, manufactured homes on permanent foundations, single family dwellings, two household dwellings, three or four household dwellings, five or more attached units etc. A number of accessory uses and conditional uses for this zoning district is shown in the copy of the zoning ordinance in the addenda. Also shown in the copy of the zoning ordinance are the requirements for lot coverage, minimal lot area and width, and building height restrictions. J Michael Joki MAI, SRA HELENA, MONTANA 33 HIGHEST AND BEST USE BEFORE "The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property - specific with respect to user and tinting of the use - that is adequately supported and results in the highest present value."' The definition above applies to the highest and best use of vacant land or improved property. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Quite often in estimating the highest and best use of land, the appraiser is controlled by governmental regulations. These controls are generally zoning ordinance, parking requirements and building codes. Also, in the estimate of highest and best use, one must recognize the attitude of typical investors in the marketplace. Real estate will usually fall into certain definite development patterns, and their uses can be classified as: residential, agricultural, recreational, industrial, commercial and public use. In valuing the highest and best use of the land both as if vacant and improved, the following criteria must be met. 1) legally permissible, 2) physically possible, 3) financially feasible, and 4) maximally productive. Legally Permissible As explained in the R-4 (Residential High Density District) the intent of this district is to provide for high density residential development through a variety of housing types within the city. Some of the allowed uses include apartments, community residential facilities, daycare centers, manufactured homes on permanent foundations, single family households, two household dwellings, three or four household dwellings, five or more attached units etc. There is limited office use permitted in this zoning district however it remains as a secondary use to residential development. 1 The Dictionary of Real Estate Appraisal, 5th ed., s.v. "highest and best use". J Michael Joki MAI, SRA HELENA, MONTANA 34 It is apparent some of the aforementioned uses can reasonably be eliminated from consideration. The subjects location, south and east of Bridger Drive, offers no frontage or exposure to high volumes of traffic which is necessary for many retailers and some office uses. This area is more residential oriented and there are much better locations in and around Bozeman that are better suited and appropriately zoned for a commercial use. An industrial use does not lend itself well to this location either. Often the uneven terrain and high water table/wetlands will not bode well for an industrial use. Again there are better areas in and around Bozeman that are better suited for a light or heavy industrial use and therefore industrial use can also be reasonably eliminated from consideration. The subject site is too small to support a viable agricultural use and therefore this use can be eliminated. Tract 1 is 20.56 acres and Tract 2 is 8.50 acres and both of these tracts have remnants of building improvements from other uses in years past. Now the R-4 zoning district restricts these sites to a residential use which is consistent with surrounding uses in this neighborhood. In my opinion the legally permissible and most reasonable use for the subject tracts is for a residential use which could be a single family use or multi units. Physically Possible Most sites in this area were serviced with well and septic systems prior to properties annexing into the Bozeman city limits and extending city services. Now this neighborhood is annexed and city services are available to most locations. Currently water and sewer services are available along Bridger Drive and a water r main has been extended to the intersection of Story Mill Road and East Griffin Drive. In order to develop either of the subject tracts with multiple units city water and sewer service would have to be extended. Natural gas and electrical service are readily available throughout the area. Soil conditions in the area have proven adequate for development of all property types. However high water table and wetlands are not uncommon to this neighborhood and as previously explained both tracts being valued in the appraisal report have wetland areas. The lack of city water and sewer service coupled with the wetland areas creates limitations to the physically possible use of these tracts. On the other hand having frontage on the East Gallatin River enhances the marketability of these tracts particularly for a single-family residential use (i.e. trophy home site). I confirmed with the City of Bozeman planning department either of these sites could reasonably be developed with a single-family residential use and potentially utilizing a well and septic system. However, a higher density use is certainly a possibility but all of the development requirements i.e. water and sewer connections, would have to be met. J Michael Joki MAI, SRA HELENA, MONTANA 35 Financially Feasible Bozeman has been experiencing growth again, particularly in the past three years, and much of this new development is residential. In my opinion the most reasonable use of these tracts at this time would be for a single-family residential use offering significant frontage on the East Gallatin River. If the city of Bozeman had not purchased this land for park development it could be just a matter of time before a plan with a higher density use for this land would be justified or feasible. Even as a multi unit residential development this land would still offer a rural residential setting near the northeastern edge of the Bozeman city limits with river frontage, while only being several miles north of Bozeman's downtown district. Maximally Productive The use that conforms with the requirements of the first three tests and will provide maximum productivity of the subject tracts is a residential use. This could be an interim use until higher density development of this land is feasible and becomes justified. In concluding to the highest and best use of a property the physical use, the timing of the use and the user's/most probable buyers needs to be defined. It is my opinion the maximally productive use of this site is for a residential use, which may be interim, until development with a higher density use can be justified. In terms of the most likely buyer and user of this site there are two options. An end-user sale is a sale to a buyer who intends to immediately utilize the property to its highest and best use. A speculative -investor sale is the sale to a buyer who purchases the property with no intention of immediately utilizing the property to its highest and best use. It is my opinion the subject site could be purchased by either type of user however a more likely buyer may be a speculative investor who would purchase the subject property and continue with its rural residential use and redevelop the site to a higher and better use at a future date. J. Michael Joki, MAI, SRA HELENA, MONTANA 36 PROPERTY VALUATION, BEFORE In the Sales Comparison Approach an indication of value is derived by comparing the relative utility and desirability of the subject site with comparable properties that have recently sold or are currently listed for sale. Basic to this approach is the principle of substitution which states that "when a property is replaceable in the market, its value tends to be set by the price requited to acquire an equally desirable substitute property." In this appraisal report only land is being valued. The remaining building improvements on this land do not provide any contributory value nor are they impacted by this project therefor the Cost and Income Approaches to value are not applicable. SITE VALUATION The method employed to value the site as if vacant and available for sale is the Sales Comparison Approach. An investigation of the market revealed several sales and listings indicative of what a well- informed buyer or seller would consider in forming an opinion of value. Four sales were chosen as being most appropriate to compare against the subject site. Descriptive data and photographs of these comparables are contained in the addenda. Adjustments All comparables differ somewhat from each other, and from the subject in various ways. The usual differences are for cash equivalency, market conditions, location, and a number of physical characteristics. Many of these factors, in varying degrees, are applicable in the appraisal of the subject property. When dissimilarities are found in comparable properties, they are adjusted for by adding to the comparable price when the dissimilar factor is inferior to the same factor found in the subject property. Likewise, a minus adjustment should be made when the comparable sale has a factor which is superior to that found in the J. Michael Joki, MAI, SRA HELENA, MONTANA 37 subject property. The sale properties, then, are adjusted to the subject property. However, in the market it is often difficult and sometimes impossible to accurately isolate a given factor. In short, one very seldom finds sales which are identical in all respects but one, and thus is able to prove conclusively the value, or lack of it, for any one factor due to a difference in sale price. Often, there are plus and minus factors which offset each other. Thus, the use of subjective judgment, to some degree, may be exercised. Nevertheless, the differences in values are real and adjustments based on as much fact as can be found, will be made. Then, the appraiser may call upon his experience to make subjective judgments. Property Rights Each of the sales involve fee simple property rights. As a result, no property rights adjustments were warranted. Fin ancing.• All Sales were cash to the seller or on terms considered cash equivalent, and no adjustments were required. Conditions of Sale: No non -market conditions motivating the buyer or seller involved in the transactions are known, therefore no adjustments are requited. Expenditures Immediately After Sale: None of the sales required expenditures immediately after sale, and therefore no adjustments are required. If expenditures were verified they were typically associated with annexation into the city limits. Market Conditions: A market conditions (time adjustment) is requited to bring all comparable sale properties up to the J. Michael Joki, MAI, SRA HELENA, MONTANA 38 effective date of the appraisal report which is December 15, 2015. Bozeman was experiencing significant decline in real estate values when the local and national recession was in affect. Since 2011 real estate values have rebounded in this market, and have become particularly strong since 2013, with new projects being developed again. Demand for unimproved land is outweighing its supply. I will utilize four comparables in the following analysis with one sale closing in 2012, and three sales closing in 2013. Each of the developers, real estate agents and real estate appraisers I interviewed in this market were of the opinion market conditions are improving and they are currently strong in Bozeman with more demand than supply of vacant land. The people I interviewed were consistently of the opinion that value of unimproved sites, particularly those with a highest and best use for multi family, have conservatively appreciated 20% since 2013 and at least 30% since 2012. To provide some support to the information given to me in the interviews I have completed a paired sales analysis of two sales I have in file that are best suited for multi family development. The first property sold on February 11, 2011 at $1.15/SF and the other sale sold on June 16, 2014 at $1.95/SF. Both of these sales are very similar in terms of there location and physical aspects, and making the assumption there would be no adjustment necessary for the difference in size, this paired sales analysis indicates values have increased 69.57% over the 40 months between these sales which equates to an appreciation rate of 1.74% per month or 20.87% per year. This at least provides some market data support for the information provided to me during my market interviews. I will still rely on the information I received during my interviews and will apply the aforementioned appreciation adjustments. Remaining Adjustments: The remaining adjustments will be explained in a qualitative analysis which is an effective technique that recognizes the inefficiencies of a real estate market and the difficulty in expressing the adjustments with mathematical precision. The adjustments included in the qualitative analysis are location, size, access, topography, river/creek frontage, utilities, and use. The land sales adjustment grid can be seen on the following page. J. Michael Joki, MAI, SRA HELENA, MONTANA 39 LAND SALELOCATIONMAP J. Michael Joki, MAI, SRA HELENA, MONTANA 40 U o uon 25 o o r ° o o o CSM ° o �C o 0 0 �n � o o X06 o a u� cel ' " o a ' P. R. N.,. 00 r; 1 M C) V d' Ln .M -i oo 0 ° 0 V 0 v b 0 N M i i ° o M r °� n o a a z a a cli'a: e°° ` i N N o ° ocl - o 'nN� —00 O B bq ° U V n lo 00 cl v °� b � � oo p (Al v� o AId 1-4 W O O V O C1l M O n' FQ p V N 'O v 6� oo ° r y U .- B n N_ 40 414 � o c� G N In Nd M CQ M O 5 V .b d v u o ' Pq °� 11 O o oo Q W" `� u di IICvJJJ� . V)H �y �(�5 W H N v A ° o � [ cd° 0 „ vV 4. d d o V m c~d N y Sales Analysis: There are two tracts of land being valued in this appraisal report. Tract 1 is 20.56 acres and is accessed from E. Griffin Dr. along its north boundary. This tract once supported the original homestead buildings (which are now razed) but has a sizable amount of wet land/ high water table issues. There is a significant amount of frontage on the East Gallatin River which flows along almost the entire length of the east boundary. Tract 2 is 8.50 acres and is accessed from and has a significant amount of frontage on Story Mill Road which parallels the entire east boundary. The southern end of this tract appears to offer several good building sites and the East Gallatin River does flow through the southwestern portion of this land but it does create wet land issues. Both of these tracts were part of the recent sale transaction between The Trust For Public Land and the City of Bozeman wherein the City of Bozeman purchased 9 parcels of land, essentially the Story Mill Community Park site, that totals 54.36 acres. The confirmed sales price was $2,650,000 which equates to $48,750/ acre. City water and sewer service is not extended onto either of the tracts being valued even though it is nearby. The last building improvements on these tracts utilized well and septic systems. These tracts are annexed into the Bozeman city limits and zoned R-4. Comparable No. 1 is a 37.90 acre site that the sold on October 22, 2012 at $760,000 or $20,053/acre. The time adjusted price is $26,069/acre. This sale is located just north and east of the subject property on the south side of Bridger Canyon Road. Comparable No. 1 is very similar to the subject property in almost all of its physical aspects including frontage on Bridger Creek. This comparable's only inferior aspect is its larger size. Comparable No. 2 is the sale of a 9.40 acre site that sold on August 9, 2013 at $360,000 or $38,298/acre. The time adjusted price is $45,957/acre. Comparable No. 2 is located west of the Bozeman city limits and on the west side of Montforton School Road. Like comparable No. 1, this comparable is also quite similar to the subject property and it also has creek frontage with Middle Creek flowing along its western boundary. Comparable No. 3 is the sale of a 4.73 acre site that sold on November 27, 2013 at $250,000 or $52,854/acre. The time adjusted price is $63,425/acre. Comparable No. 3 is located just northwest of the J Michael Joki, MAL SRA HELENA, MONTANA 42 Bozeman city limits and on north side of Durston Road. Comparable No. 3 is a level site however this property does not have any river or creek frontage. Comparable No. 3 was purchased with the intent to develop into multiple units, and this is a smaller site than the subject property. For these reasons comparable No. 3 is considered to be superior when compared to the subject property. Comparable No. 4 is the sale of the 12.25 acre site that sold on December 16, 2013 at $800,000 or $65,306/acre. The time adjusted price is $78,367/acre. Comparable No. 4 is located at the West end of the Bozeman city limits in a more developed area of town. City services have been extended to this site and this land is best suited for development with multiple residences. When compared to the subject property Comparable No. 4 is similar in its size and access, however this sale does not have any river or creek frontage. Even though this land was purchased by the Gallatin Valley Land Trust to transfer to the City of Bozeman for parldand this sale is superior to the subject property because it has been annexed into the city limits and it has city services. The value indications derived from the comparables are reconciled into a single value indication by arranging the four comparables in an array relative to the subject. BRACKETING THE SUBUX PROPERTY Comparable Adjusted Price Per Acre Overall Comparability 4 $78,367 Superior 3 $63,425 Superior Subject Property 2 $45,957 Similar 1 $26,069 Inferior These comparables range in price from $26,069/acre to $78,367/acre with a median price of $53,455/acre. As shown in the chart above the most similar comparable is Comparable No. 2 which shows a price of $45,957/acre. I have given more emphasis to comparable No.1 and No. 2 because they have the most similar features when compared to the subject property, most importantly creek frontage, and in my opinion they are more indicative of the current market value of the subject tracts. Comparable No. 3 and No. 4 in my J Michael Joki, MAI, SRA HELENA, MONTANA 43 opinion are more indicative of the potential market value of these tracts if they were ready to be developed with multiple home sites. Considering this information, and also giving emphasis to the recent purchase of the land for Story Mill Community Park that includes the subject tracts, it is my opinion the current market value of these tracts is $45,000/Acre. As previously explained there is an existing natural gas pipeline easement on this land that totals .47 acres. In my opinion the property owner has very little or 5% of their property rights remaining in this area. The existing natural gas pipeline easement is .47 acres and the un -encumbered area of Tract 1 and 2 is 28.59 acres. The value of the subject tracts is as follows: 28.59 acres x $45,000/acre = $1,286,550 .47 acres x $45,000/acre x 5% _ $1,058 Total $1,287,608 J Michael Joki, MAI, SRA HELENA, MONTANA 44 MAP DEPICTING THE EASEMENT AREA J Michael Joki, MAI, SRA HELENA, MONTANA 45 SCOPE OF THE PROJECT AND ITS AFFECT ON THE SUBJECT TRACTS The intent of this project is to realign a natural gas pipeline easement that crosses through the southern end of Story Mill Community Park and will impact Tract 1 and 2 which are the subject matter of this appraisal report. This appraisal assignment addresses a partial acquisition of the subject site and an abandonment of an existing easement in which I assume is regulated by the State Rule. The following calculations and conclusions are made under the assumption that the State Rule is applicable to this appraisal assignment. On the facing page the proposed new or relocated easement area is shown at 1.16 acres. The temporary construction or work space area is shown at 2.36 acres. Also shown on this map is the abandoned easement area of .45 acres. When I met with Carolyn Poissant, Open Space and Parks Manager for the City of Bozeman, she expressed concern about the mature trees and bushes that will be impacted by the realigned easement area. Jeff Harmon provided me a copy of the preliminary easement agreement (included in the addenda) and further explained that no permanent structures, paved streets, parking lots, trees or bushes are allowed in the Northwestern Energy easement areas. Improvements are not allowed so access and maintenance can occur on a natural gas pipeline. As viewed at the time of my site inspection and as confirmed with Jeff Harmon there are a number of trees and bushes that cover the existing easement area that have remained over time without issue and will remain after this project is completed. It is my understanding during construction of this realignment the mature trees and bushes will be avoided as much as possible so there is minimal impact to this sites natural vegetation. In my opinion the loss of any trees or bushes during the realignment project for the natural gas pipeline easement is off set by the trees and bushes that were allowed toremain in the existing easement over the years, and as I understand they will remain after this project is completed. For these reasons I have not compensated the landowner for their potential loss of native vegetation. Value of the Easement Jeff Harmon provided me a copy of the preliminary natural gas pipeline easement that will be imposed on the subject tracts. Since this easement will be for a natural gas pipeline no permanent structures, roads, driveways, vegetation etc are allowed in the easement area. It is my opinion the property owner will lose most of their property rights or 95% of their rights in the easement area once it is place. The proposed new or relocated easement area will be 1.16 acres. Land value was estimated earlier in this appraisal report at J. Michael Joki, MAI, SRA HELENA, MONTANA 46 $45,000/acre. Therefore the value of the easement area is as follows: $45,000/acre x 1.16 acres x 95% _ $49,590 Value of the Remainder, Before The value of the remainder before is the value of the larger parcel before less the value of the easement as part of the whole before, which calculates as follows: Total Value Before: $1,287,608 Total Value of the Easement: $ 49,590 Value of the Remainder, Before: $1,238,018 J Michael Joki, MAL SRA HELENA, MONTANA 47 SUBJECT PROPERTYPHOTOGRAPHS Taken just west of Story Mill Road and looking west at the proposed easement. Red line depicts the north boundary of the easement area. Photograph taken December 15, 2015 by J. Michael Jori, MAI, SRA. Taken from the proposed easement area and looking south at the East Gallatin River. Photograph taken December 15, 2015 by J. Michael Joki, MAI, SRA. J. Michael Joki, MAI, SRA HELENA, MONTANA 48 SUBJECT PROPERTYPHOTOGRAPHS Photograph taken near the center of the site and looking west at the proposed easement area. Photograph taken December 15, 2015 by J. Michael Joki, MAI, SRA. Photograph taken from E. Griffin Dr. and looking south at the proposed access road. Red line depicts the western edge of the proposed road. Photograph taken December 15, 2015 by J. Michael Jori, MAI, SRA. J Michael Joki, MAI, SRA HELENA, MONTANA 49 IDENTIFICATION OF THE SITE, AFTER The use of the subject tracts is essentially the same in the after situation, a rural residential use, except the natural gas pipeline easement will be realigned over Tract 1 and 2. SITE DESCRIPTIONAFTER IMPOSITION OF THE EASEMENT Typically when imposing an easement on land the site area will not change. However, in this scenario Northwestern Energy is abandoning some of their original natural gas pipeline easement area that is no longer needed because of this realignment project. The area being abandoned is .45 acres (on Tract 1) which would increase the site area (Fee Simple) to 29.04 acres before considering the new or relocated easement area. The property owner will lose most of their property rights within this new or relocated easement area and will have very little or 5% of their rights remaining once the easement is in place. After this project is completed the size of the land will increase by .45 acres however the access, topography and river frontage all remain the same and the use will also remain the same which is for a residential use. The temporary construction or work easement area of 2.36 acres will be used only on a temporary basis and the property owner will retain use of all their property rights within this temporary easement area after the project is completed. J. Michael Joki, MAL SRA HELENA, MONTANA 50 HIGHEST AND BEST USE, AFTER "The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property - specific with respect to user and timing of the use - that is adequately supported and results in the highest present value."' The definition above applies to the highest and best use of vacant land or improved property. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Quite often in estimating the highest and best use of land, the appraiser is controlled by governmental regulations. These controls are generally zoning ordinance, parking requirements and building codes. Also, in the estimate of highest and best use, one must recognize the attitude of typical investors in the marketplace. Real estate will usually fall into certain definite development patterns, and their uses can be classified as: residential, agricultural, recreational, industrial, commercial and public use. In valuing the highest and best use of the land both as if vacant and improved, the following criteria must be met. 1) legally permissible, 2) physically possible, 3) financially feasible, and 4) maximally productive. Legally Permissible As explained in the R-4 (Residential High Density District) the intent of this district is to provide for high density residential development through a variety of housing types within the city. Some of the allowed uses include apartments, community residential facilities, daycare centers, manufactured homes on permanent foundations, single family households, two household dwellings, three or four household dwellings, five or more attached units etc. There is limited office use permitted in this zoning district however it remains as a secondary use to residential development. It is apparent some of the aforementioned uses can reasonably be eliminated from consideration. The I, 2 The Dictio»aq of Real Estate Appraisal, 5th ed., sx. "highest and best use". E J Michael Joki, MAI, SRA HELENA, MONTANA 51 subjects location, south and east of Bridger Drive, offers no frontage or exposure to high volumes of traffic which is necessary for many retailers and some office uses. This area is more residential oriented and there are much better locations in and around Bozeman that are better suited and appropriately zoned for a commercial use. An industrial use does not lend itself well to this location either. Often the uneven terrain and high water table/wetlands will not bode well for an industrial use. Again there are better areas in and around Bozeman that are better suited for a light or heavy industrial use and therefore industrial use can also be reasonably eliminated from consideration. The subject site is too small to support a viable agricultural use and therefore this use can be eliminated. Both of these tracts have remnants of building improvements from other uses in years past. Now the R-4 zoning district restricts these sites to a residential use which is consistent with surrounding uses in this neighborhood. In my opinion the legally permissible and most reasonable use for the subject tracts is for a residential use which could be a single family use or multi units. Physically Possible Most sites in this area were serviced with well and septic systems prior to properties annexing into the Bozeman city limits and extending city services. Now this neighborhood is annexed and city services are available to most locations. Currently water and sewer services are available along Bridger Drive and a water main has been extended to the intersection of Story Mill Road and East Griffin Drive. In order to develop either of the subject tracts with multiple units city water and sewer service would have to be extended. Natural gas and electrical service are readily available throughout the area. Soil conditions in the area have proven adequate for development of all property types. However high water table and wetlands are not uncommon to this neighborhood and as previously explained both tracts being valued in the appraisal report have wetland areas. The lack of city water and sewer service coupled with the wetland areas creates limitations to the physically possible use of these tracts. On the other hand having frontage on the East Gallatin River enhances the marketability of these tracts particularly for a single-family residential use (i.e. trophy home site). I confirmed with the City of Bozeman planning department either of these sites could reasonably be developed with a single-family residential use and potentially utilizing a well and septic system. However, a higher density use is certainly a possibility but all of the development requirements i.e. water and sewer connections, would have to be met. J Michael Joki, MAI, SRA_ HELENA, MONTANA 52 Financially Feasible Bozeman has been experiencing growth again, particularly in the past three years, and much of this new development is residential. In my opinion the most reasonable use of these tracts at this time would be for a single-family residential use offering significant frontage on the East Gallatin River. If the city of Bozeman had not purchased this land for park development it could be just a matter of time before a plan with a higher density use for this land would be justified or feasible. Even as a multi unit residential development this land would still offer a rural residential setting near the northeastern edge of the Bozeman city limits with river frontage, while only being several miles north of Bozeman's downtown district. Maximally Productive The use that conforms with the requirements of the first three tests and will provide maximum productivity of the subject tracts is a residential use. This could be an interim use until higher density development of this land is feasible and becomes justified. In concluding to the highest and best use of a property the physical use, the timing of the use and the user's/most probable buyers needs to be defined. It is my opinion the maximally productive use of this site is for a residential use, which may be interim, until development with a higher density use can be justified. In terms of the most likely buyer and user of this site there are two options. An end-user sale is a sale to a buyer who intends to immediately utilize the property to its highest and best use. A speculative -investor sale is the sale to a buyer who purchases the property with no intention of immediately utilizing the property to its highest and best use. Itis my opinion the subject site could be purchased by either type of user however a more likely buyer may be a speculative investor who would purchase the subject property and continue with its rural residential use and redevelop the site to a higher and better use at a future date. J Michael Joki MAI, SRA HELENA, MONTANA 53 PROPERTY VALUATION, AFTER In the Sales Comparison Approach an indication of value is derived by comparing the relative utility and desirability of the subject site with comparable properties that have recently sold or are currently listed for sale. Basic to this approach is the principle of substitution which states that "when a property is replaceable in the market, its value tends to be set by the price required to acquire an equally desirable substitute property." In this appraisal report only land is being valued. The remaining building improvements on this land do not provide any contributory value not are they impacted by this project therefor the Cost and Income Approaches to value are not applicable. SITE VALUATION The method employed to value the site as if vacant and available for sale is the Sales Comparison Approach. An investigation of the market revealed several sales and listings indicative of what a well-informed buyer or seller would consider in forming an opinion of value. Four sales were chosen as being most appropriate to compare against the subject site. Descriptive data and photographs of these comparables are contained in the addenda. Adjustments All comparables differ somewhat from each other, and from the subject in various ways. The usual differences are for cash equivalency, market conditions, location, and a number of physical characteristics. Many of these factors, in varying degrees, are applicable in the appraisal of the subject property. When dissimilarities are found in comparable properties, they are adjusted for by adding to the comparable price when the dissimilar factor is inferior to the same factor found in the subject property. Likewise, a minus adjustment k should be made when the comparable sale has a factor which is superior to that found in the subject property. The sale properties, then, are adjusted to the subject property. J Michael Joki MAI, SRA HELENA, MONTANA 54 However, in the marketitis often difficult and sometimes impossible to accurately isolate a given factor. In short, one very seldom finds sales which are identical in all respects but one, and thus is able to prove conclusively the value, or lack of it, for any one factor due to a difference in sale price. Often, there are plus and minus factors which offset each other. Thus, the use of subjective judgment, to some degree, may be exercised. Nevertheless, the differences in values are real and adjustments based on as much fact as can be found, will be made. Then, the appraiser may call upon his experience to make subjective judgments. Property Rights Each of the sales involve fee simple property rights. As a result, no property rights adjustments were warranted. Financing: All Sales were cash to the seller or on terms considered cash equivalent, and no adjustments were requited. Conditions of Sale: No non -market conditions motivating the buyer or seller involved in the transactions ate known, therefore no adjustments are requited. Expenditures Immediately After Sale: None of the sales required expenditures immediately after sale, and therefore no adjustments are requited. If expenditures were verified they were typically associated with annexation into the city limits. Market Conditions: A market conditions (time adjustment) is requited to bring all comparable sale properties up to the effective date of the appraisal report which is December 15, 2015. Bozeman was experiencing significant I J Michael Joki MAI, SRA HELENA, MONTANA 55 decline in real estate values when the local and national recession was in affect. Since 2011 real estate values have rebounded in this market, and have become particularly strong since 2013, with new projects being developed again. Demand for unimproved land is outweighing its supply. I will utilize four comparables in the following analysis with one sale closing in 2012, and three sales closing in 2013. Each of the developers, real estate agents and real estate appraisers I interviewed in this market were of the opinion market conditions are improving and they are currently strong in Bozeman with more demand than supply of vacant land. The people I interviewed were consistently of the opinion that value of unimproved sites, particularly those with a highest and best use for multi family, have conservatively appreciated 20% since 2013 and at least 30% since 2012. To provide some support to the information given to me in the interviews I have completed a paired sales analysis of two sales I have in file that are best suited for multi family development. The first property sold on February 11, 2011 at $1.15/SF and the other sale sold on June 16, 2014 at $1.95/SF. Both of these sales are very similar in terms of there location and physical aspects, and making the assumption there would be no adjustment necessary for the difference in size, this paired sales analysis indicates values have increased 69.57% over the 40 months between these sales which equates to an appreciation rate of 1.74% per month or 20.87% per year. This at least provides some market data support for the information provided to me during my market Ei interviews. I will still rely on the information I received during my interviews and will apply the aforementioned appreciation adjustments. Remaining Adjustments: The remaining adjustments will be explained in a qualitative analysis which is an effective technique that recognizes the inefficiencies of a real estate market and the difficulty in expressing the adjustments with mathematical precision. The adjustments included in the qualitative analysis are location, size, access, topography, river/creek frontage, utilities, and use. The land sales adjustment grid can be seen on the following page. J Michael Joki MAI, SRA HELENA, MONTANA 56 i LAND SALELOCATIONMAP J. Michael Joki, MAI, SRA HELENA, MONTANA 57 OD � O V o M c O O r N O m O ' O fl O C:) ul �� 1 o " ^ O ti g v a �CD v B v a o o Z v a' o C w �' �a P+ t�z F° n �i N n n ., L CJ n AB, 40 v 7j 71 v u M O CD U r o o O O V O O O N p b O O O M W in rl O ' v � N O u c -, ccp O ori fA C o b • ro cn d tooo402 60ft o o ti p o N 'y .d y b W O O V N OM 0D C, O W '0 Cl O r O � r� 00 V' W bn O o G O\ r U n �� B w °� v7 n•� to c�z M Cl .--� P, P. 'b M CDCD M G U U rj U V 3 L o � � 'p W .� o cl o 4"' MO� C" o rl 0 •q V� b •-V• N N � 'b mm~' N Pi ~ 4 N U HCd Q H4 z 04 q a v Rj hod ad a Ca �a 0� C) a'lota a e� bOA pry i2� a o' o in o v C o 0 H cg > t o o v x o v a o (j) (n A a OD Sales Analysis: There are two tracts of land being valued in this appraisal report. Tract 1 is now 21.01 acres after adding the abandoned area and is accessed from E. Griffin Dr. along its north boundary. This tract once supported the original homestead buildings (which ate now razed) but has a sizable amount of wet land/ high water table issues. There is a significant amount of frontage on the East Gallatin Rivet which flows along almost the entire length of the east boundary. Tract 2 is 8.50 acres and is accessed from and has a significant amount of frontage on Story Mill Road which parallels the entire east boundary. The southern end of this tract appears to offer several good building sites and the East Gallatin River does flow through the southwestern portion of this land but it does create wet land issues. Both of these tracts were part of the recent sale transaction between The Trust For Public Land and the City of Bozeman wherein the City of Bozeman purchased 9 parcels of land, essentially the Story Mill Community Park site, that totals 54.36 acres. The confirmed sales price was $2,650,000 which equates to $48,750/ acre. City water and sewer service is not extended onto either of the tracts being valued even though it is nearby. The last building improvements on these tracts utilized well and septic systems. These tracts ate annexed into the Bozeman city limits and zoned R-4. Comparable No. 1 is a 37.90 acre site that the sold on October 22, 2012 at $760,000 or $20,053/acre. The time adjusted price is $26,069/acre. This sale is located just north and east of the subject property on the south side of Bridget Canyon Road. Comparable No. 1 is very similar to the subject property in almost all of its physical aspects including frontage on Bridget Creek. This comparable's only inferior aspect is its larger size. Comparable No. 2 is the sale of a 9.40 acre site that sold on August 9, 2013 at $360,000 or $38,298/acre. The time adjusted price is $45,957/acre. Comparable No. 2 is located west of the Bozeman city limits and on the west side of Montforton School Road. Like comparable No. 1, this comparable is also quite similar to the subject property and it also has creek frontage with Middle Creek flowing along its western boundary. Comparable No. 3 is the sale of a 4.73 acre site that sold on November 27, 2013 at $250,000 or $52,854/acre. The time adjusted price is $63,425/acre. Comparable No. 3 is located just northwest of the J Michael Joki MAI, SRA HELENA, MONTANA M Bozeman city limits and on north side of Durston Road. Comparable No. 3 is a level site however this property er does not have any river or creek frontage. Comparable No. 3 was purchased with the intent to develop into multiple units, and this is a smaller site than the subject property. For these reasons comparable No. 3 is considered to be superior when compared to the subject property. Comparable No. 4 is the sale of the 12.25 acre site that sold on December 16, 2013 at $800,000 or $65,306/acre. The time adjusted price is $78,367/acre. Comparable No. 4 is located at the West end of the Bozeman city limits in a more developed area of town. City services have been extended to this site and this land is best suited for development with multiple residences. When compared to the subject property Comparable No. 4 is similar in its size and access , however this sale does not have any river or creek frontage. Even though this land was purchased by the Gallatin Valley Land Trust to transfer to the City of Bozeman for parkland this sale is superior to the subject property because it has been annexed into the city limits and it has city services. The value indications derived from the comparables are reconciled into a single value indication by arranging the four comparables in an array relative to the subject. BRACKETING THE SUB IECT PROPERTY Comparable Adjusted Price Per Acre Overall Comparability 4 $78,367 Superior 3 $63,425 Superior Subject Property 2 $45,957 Similar 1 I $26,069 I Inferior These comparables range in price from $26,069/acre to $78,367/acre with a median price of $53,455/acre. As shown in the chart above the most similar comparable is Comparable No. 2 which shows a price of $45,957/acre. I have given more emphasis to comparable No.1 and No. 2 because they have the most similar features when compared to the subject property, most importantly creek frontage, and in my opinion they are more indicative of the current market value of the subject tracts. Comparable No. 3 and No. 4 in my J Michael Joki MAI, SRA HELENA, MONTANA M opinion are more indicative of the potential market value of these tracts if they were ready to be developed with multiple home sites. Considering this information, and also giving emphasis to the recent purchase of the land for Story Mill Community Park that includes the subject tracts, it is my opinion the current market value of these tracts is $45,000/Acre. As previously explained there is an existing natural gas pipeline easement on this land that totals .47 acres and the new or relocated easement area is 1.16 acres. In my opinion the property owner has verylittle or 5% of their property rights remaining in these areas. The existing natural gas pipeline easement is .47 acres, the new easement area is 1.16 acres, and the un -encumbered area of Tract 1 and 2 is 27.88 acres. The value of the subject tracts is as follows: 27.88 acres x $45,000/acre = $1,254,600 .47 acres x $45,000/acre x 5% _ $1,058 1.16 acres x $45,000/acres x 5% _ $2,610 Total $1,258,268 J Michael Joki MAI, SRA HELENA, MONTANA 61 DEPRECIATION TO CURRENT FAIR MARKET VALUE Depreciation to current fair market value is calculated by subtracting the estimated market value of the subject property after the imposition of the easement from the value of the remainder, before. This calculates as follows: $1,238,018 - $1,258,268 = $-20,250 The negative number shown above is a reflection of the easement area being abandoned so after the project the land owner will have more land in fee title than before the project. Therefore, there is no depreciation to the current fair market value of these tracts. Cost to Cure: None Value of the Remainder as Cured.• None Remaining Depreciation of the Fair Market Value: None Special Benefits: None t: "i r t' G J Michael Joki MAI, SRA HELENA, MONTANA 62 RECAPULATION OF COMPENSATION Value of the acquisition: $ 0 Site Improvements: $ 0 Temporary Construction Easement: 2.36 acres x $45,000/acre x 10% x 1 Year: $ 10,620 New/Relocated Easement: 1.16 acres x $45,000/acre x 95% $ 49,590 Depreciation of Fair Market Value: None $ 0 Cost to Cure: None $----� Total Compensation as of December 15, 2015 $ 60,210 Compensation, rounded: $ 60,250 Total Compensation: $ 60,250 Lessee Interest.• Not applicable Lessor Interest.- Not nterest:Not applicable J Michael Joki MAI, SRA HELENA, MONTANA m ADDENDA J Michael Joki MAI, SRA HELENA, MONTANA Summary 10rimq y f. ' Property Category: RP Subcategory: Real Property Geocode: 06-0799-06-1-01-55-0000 Assessment Code: 000RGH3200 Primary Owner: P ropertyAd dress: 908 E GRIFFIN DR CITY OF BOZEMAN THE BOZEMAN, MT. 59715 PO BOX 1230 COS Parcel: 8 BOZEMAN, MT 59771-1230 NOTE: See the Owner tab for all owner information certificate of Survey: 2865 Subdivision: NORTHEAST ANNEX Legal Description: S06, T02 S, R06 E, C.O.S. 2865, PARCEL 8, ACRES 16.58 Last Modified: 11/3/2015 1:58:32 PM Go nor l prr�pI�,r : Neighborhood: 010.0 Living Units: 0 Zoning: Linked Property: Exemptions: Condo Ownership: General: 0 Property Factor -"3 Property Type: EP - Exempt Property Levy District: 00-035008-7C 08 ownership %: 100 No linked properties exist for this property No exemptions exist for this property Topography: 1 Utilities: 1 Access: 1 Location: 5 - Neighborhood or Spot Land Suunnla�y Limited: 0 Fronting: 2 - Secondary Artery Parking Type: 1 - Off Street Parking Quantity: 2 - Adequate Parking Proximity: 3 - On Site Land Tvve Acres Value Grazing 0.000 00.00 Fallow 0.000 00.00 Irrigated 0.000 00.00 Continuous Crop 0.000 00,00 Wild Nay 0.000 00.00 Farmsite 0.000 00.00 ROW 0.000 00.00 NonQual Land 0.000 00.00 Total Ag Land 16.580 00.00 Total Forest Land 0.000 00.00 Total Market Land 0.000 00.00 http://svc.mt.gov/msI/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079906101550000&year= December 17, 2015 12/31/2014 12/28/2012 11/29/2012 12/19/2011 11/15/2011 5/10/2007 2265 6781 2/20/2007 2257 289F 9/1/2005 2200 3661 7/25/2005 2195 5351 4/22/2005 2185 2171 4/11/2005 2184 0131 6/4/2002 2071 1521 Owners Darty M Default Information: Ownership %: Primary Owner: interest Type: Last Modified: Oth�l' Nunes $'{. :$ ?5s,,� �yy£y*E,. �.�'i�,,il00[xs Yt.� }' f.i3 �{��6'.', & 71"`°✓h 12/31/2014 2500658 Warranty Deed 12/28/2012 2436345 Special Warranty Deed Sheriff'sCertificate/CertificateofRedemption/Sheriff's 11/29/2012 2433304 Deed 12/19/2011 2403997D Quit Claim Deed 11/15/2011 2401528D Quit Claim Deed i i I 11/15/2011 2401509R Other CITY OF BOZEMAN THE PO BOX 1230 100 "Yes" Fee Simple 11/3/2015 1:58:29 PM Name Type Appraisals Appraisal History Tax Year Land ° aluo Guilding V811UG 2015 738 0 2014 210100 93034 Market Land t inrkim 1 -and lnfcj No market land info exists for this parcel Dwellings Ex stir g Dwellings No dwellings exist for this parcel Other Buildings/Improvements Outbuilding/Yard Irnprovenlents No other buildings or yard improvements exist for this parcel Other Addres3es `ly€w vnrlr to PR(Ah d 738 COST 303134 1 COST_ Commercial http:/Isvc. mt.gov/m sl/MTC adastral/Pri ntPropertyR ecordCard/GetPropertyR ecordC ardD ata?Geocode=06079906101550000&year= December 17, 2015 No commercial buildings exist for this parcel Ag/Forest Land Ag/Forest Lard lte�nn ,IM Acre Type: NQ - Non Qualified Ag Land Irrigation Type: Class Code: 1751 Timber Zone: Rrodu("fivify Quantity: 0 Commodity: Units: Non Qual valtwflon Acres: 16.58 Per Acre Value: 0 Value: 0 http://svc.mt.gov/msl/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079906101550000&year= Page 3 of 3 December 17, 2015 Printing: Layout Page Page I of 1 hffp://svc.mt.gov/msi/mtcadastralflayoLd.aspx?51 December 17, 2015 . y' . — , 3= i "i �q ' i � y I niio i' i ra i'J o n Property Category: RP Subcategory: Real Property Geocode: 06-0799-06-1-01-65-0000 Assessment Code: OORGH66469 Primary Owner: PropertyAddress: GRIFFIN DR CITY OF BOZEMAN THE BOZEMAN, MT 59715 121 N ROUSE AVE COS Parcel: 7 BOZEMAN, MT 69715-3740 NOTE: See the Owner tab for a// owner information Certi.ficate.of Survey: 2865 Subdivision: Legal Description: S06, T02 S, R06 E, C.O.S. 2865, PARCEL 7, ACRES 3.98 Last Modified: 8125/2015 4:37:55 PM Gc%naml Pj,ope ty Information Neighborhood: 010.0 Property Type: EP - Exempt Property* Living Units: 0 Levy District: 06-035008-7C 08 Zoning: Ownership %: 100 Linked Property: Linked Link Type 06-0799-06-1-03-05-0000 8 - Split I -.�-�.V-Ae-w. 06-0799-06-1-03-05-0001 8 - Split view Exemptions: No exemptions exist for this property Condo Ownership: General: 0 Limited: 0 Property Factors Topography: Fronting: Utilities: 1 Parking Type: Access: Parking Quantity: Location: Parking Proximity: LandSummaiji Land Type Acres Value Grazing 0.000 00.00 Fallow 0.000 00.00 Irrigated 0.000 00.00 Continuous Crop 0.000 00.00 Wild Hay 0.000 00.00 Farmsite 0,000 00.00 ROW 0.000 00.00 NonQual Land 0.000 00.00 Total Ag Land 3.980 00.00 Tnfcd Pnrnct Land 0 000 00.00 http://sve.mt.gov/msl/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079906101650000&year= December 17, 2015 Total Market Land 0.000 00.00 Hy ocd', p 12/31/2014 12/31/2014 2500658 Warranty Deed 8119/2014 8/19/2014 2489582 Warrant Deed Owners parfy;�,'! Default Information: CITY OF BOZEMAN THE 121 N ROUSE AVE Ownership %: 100 Primary Owner: "Yes" Interest Type: Fee Simple Last Modified: 1/2612015 2:10:49 PM Other Naff ie,,.,, Name Type Appraisals Apt)rsisal Hlstoiy Other Ackiresses fax Year Land vallm Building Value Total Valtdo Morkhod 2015 177 0 177 COST 2014 40000 0 40000 -COST Market Land Market Land Info No market land info exists for this parcel Dwellings Existing Dwellings No dwellings exist for this parcel Other Buildings/Improvements OUtbuilding/Yard ln)proveryients . No other buildings or yard improvements exist for this parcel Commercial Exkiting con'll-I'lorc;iAl No commercial buildings exist for this parcel Ag/Forest Land A(:/Foresf Land Itern, ifl Acre Type: NQ - Non Qualified Ag Land Irrigation Type: http://sve.mt,gov/msI/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079906101650000&year= December 17, 2015 rays 0 ul J Class Code: 1751 Timber Zone: FIro(jI1(,;thdiY Quantity: 0 Units: Non Qual Valuation rkvfflH http://sve.mt.gov/msl/MTCadastral/PrintPropertyRecordC ard/GetPropertyRecordGardData?Geocode= 06079906101650000&year= December 17, 2015 Printing: layout Page Page 1 of 1 hUp://svc.mt.gov/msi/mtcadastra]AayoLd.aspx?35 December 22, 2015 ,.U�.V1^ '~ | Property Record Card | | SU0nN0aKy tion Property Category: RP Subcategory: Real Property Gemoode: 1-04-0000 Assessment Code: OUORGHQ812 Primary Owner: PrnpeMx/\ddrass:1809STORY MILL RD CITY OFBDZEK0ANTHE 8OZEK8AN.K8T5Q715 PO BOX 123O (�DSParcel: 3 '---'— — 8OZEW1AN,N1T5Q771'123O NOTE: See the Owner tab for a// owner infonnatio0 Certificate of. Survey: 2805 Subdivision: Legal Description: S05, T02 S, R08E,C.O.8. 2865. PARCEL 3, ACRES 5.68 Last Modified: 11/3/2015 1:59:37 PM Gonernd Property information Neighborhood: 010.0 Property Type: EP' Exempt Property Living Units: 1 Levy District: 00-O35OO8-7COo Zoning: Ownership %: 100 Linked Property: No linked properties exist for this property � Exemptions: No exemptions exist for this property Condo Ownership: General: 0 Linnited;U Pmopovly Fnetors Topography: 1 Fronting: 1 ' Major Strip [xCen Gd Business District Utilities: 1 Parking Type: ' Acomme:1 Parking Location: 4'Commercial Area Parking Proximity: Land Sking'anary Land Type Acresi Value Grazing 0.000 00.00 FG{yoxv 0.000 00.00 Irrigated 0.000 00.00 Continuous Crop 0.000 00.00 Wild Hay 0.000 00.00 Farn1s|te 0.000 00.00 ROW 0.000 00,00 NonQnm[Lmnd 0.000 ODOU Total Am Land 0.000 00.00 Total Forest Land 0.000 00.00 Total Market Land 5.880 00.00 Int nmfafionv hftp://swo.mCgov/moKMTCadastmKPhutPmpedynecordSundtaetpmpenyRowrdCordoata?8eomodo=0607emX520O40O00&ynar= December 17, 2015 D�jk-",4,1 rl,,1109K'PwA`-� Land Value, -ol ToUl VW,.uG 'Mothad ly P 462157 72460 534617 11-1to 0 11, 331033 12/31/2014 444939 COST 12/31/2014 2500658 Warranty Deed 12/28/2012 12/2812012 2436345 Special Warranty Deed Sheriff'sCertificate/CertificateofRedemption/Sheriff's 11/29/2012 11/29/2012 2433304 Deed 12/19/2011 1211912011 2403997D Quit Claim Deed 11/15/2011 11/15/2011 2401528D Quit Claim Deed 8/26/2005 2199 54D0I 111/15/2011 2401509R Other Owners Party #'I Default Information: Ownership %: Primary Owner: Interest Type: Last Modified: Other Names Name Appraisals Appraisal History T V�nk, CITY OF BOZEMAN THE PO BOX 1230 100 11yesil Fee Simple 11/3/2015 1:59:33 PM Type Other Addresses ax Land Value, Building Value& ToUl VW,.uG 'Mothad 2015 462157 72460 534617 COST 2014 331033 113906 444939 COST Market Land Market Land Item �4,0 Method: Sqft Width: Square Feet: 247,421 Valuation Class Code: 2153 Dwellings Existing Dwalfings Type: I - Primary Site Depth: Acres: Value: Dwelling TV?,)(-,, St{/le year Built ""I't SFR 03- Ranch 1=9938 Dwelling Infof -)n Residential Type: SFR. Style: 03 - Ranch Year Built: 1938 Roof Material: 10 - Asphalt Shingle Effective Year: 1975 Roof Type: 3 - Gable Story Height: 1.0 Attic Type: 0 Grade: 4 Exterior Walls: I - Frame Class Code: 3149 Exterior Wall Finish: 6 - Wood Siding or Sheathing hftp://Svc.mt.gov/msllMTCadastrallPrintPropertyRecordCardIGetPropertyRecord0ardData?Geocode= 06079905201040000&year= rdyt / U1 Z) December 17, 2015 ri 11 Itri upt-n tyr-%Mul uudl U Year Remodeled: 1977 JV'IoNk� 1-91(MM 08�t,�-'A3 Manufacturer: Model: I it In -formation Foundation: 2 - Concrete Basement Type: 0 - None Heahng/Goofing Informahon, Type: Central Fuel Type: 3 - Gas Living Accornodations Bedrooms: 2 Family Rooms: 0 Additional information Fireplaces: Garage Capacity: 0 % Complete: 0 Dwelling Amenities View: Area Used In Cost Serial #: Finished Area: 0 Quality: System Type: 5 - Forced Air Heated Area: 0 Stacks:O Openings: 0 Cost & Design: 0 Description: Access: Basement: 0 - Additional Floors: 0 First Floor: 726 Half Story: 0 - Second Floor: 0 Depreciation Information CDU: Physical Condition: Poor (5) Desirability: Property: Fair (6) Location: Fair (6) D.epreciation Calculation Age: 39 Pct Good: 0.58 Additions / Other Features Arlrlifinncz Addl Fixtures: 3 Stories: Prefab/Stove: 0 Flat Add: 0 Description: Attic: 0 Unfinished Area: 0 SFLA, 726 Utility: Poor (5) RCNLD: 0 Lowor i'st Socond Uri WBldg Ares gerT—e—"03—si- 1 I - IF1 34 - Deck, Concrete 1 1935 I 20 0 2 There are no other teatures tor this dwelling Other Buildings/improvements Outbuiilding/Yard Improvements No other buildings or yard improvements exist for this parcel Commercial P N Coirlrnwevclai Building Number _T3 U I I d -Fin N1111VIO structure `typo' Uri WBldg YearEW ill 1 401 - Industrial, Manufacturing & Processing 1 1935 Vievv 2 398 - Warehouse 1 1935 View G(.neral Building Inforrination Building Building Name: Structure Type: 401 - Industrial, Manufacturing & http://svc.mt.gov/msi/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079905201040000&year= Nage 3 of 5 December 17, 2015 raqu 4 of o Number: 1 Processing Units/Building: 1 Identical Units: 1 Grade: L Year Built: 1935 Year Remodeled: 0 Class Code: 3150 Effective Year: 0 Percent Complete: 0 In'terior/Extrflor Wqa Level From. 01 Level To: 01 Use Type: 044 - Light Manufacturing Dimensions Area: 3.988 Use SK Area: 0 Perimeter: 316 Wall Height: 14 Features Exterior Wall Dose: 03 - Construction. 1 -Wood Economic Life: 35 Concrete Block Frame/Joist/Beam % Interior Finished: 100 Partitions: 2 -Normal Heat Type: 3 -Unit or Space Heaters AC Type: O -None Plumbing: 2 -Normal Physical Condition: 1 -Poor Functional Utility: 0 -None Building Other Features No other features exist for this interior/exterior detail Interior/Exterior data Section 1�,k2 Level From: 02 Level To: 02 Use Type: 044 - Light Manufacturing Dimensions Area: 1,866 Use SK Area: 0 Perimeter: 289 Wall Height: 14 Features Exterior Wall Dose: 03 - Construction: 1 -Wood Concrete Block Frame/Joist/Beam % Interior Finished: 100 Partitions: 2-Norrnal AC Type: 0 -None Plumbing: 2 -Normal Physical Condition: 1 -Poor Functional Utility: 0 -None Building Other Features No other features exist for this interior/exterior detail Interior/Extedor Data Section #3 Economic Life: 35 Heat Type: 3 -Unit or Space Heaters Level From: 01 Level To: 01 Use Type: 045 - Warehouse Dimensions Area: 1.739 Use SK Area: 0 Perimeter: 168 Wall Height: 10 Feature�s Exterior Wall Dose: 04 - Brick & Concrete Construction: 1 -Wood Block Frame/Joist/Beam % Interior Finished: 100 Partitions: 2 -Normal AC Type: O -None Plumbing: O -None Physical Condition: 1 -Poor Functional Utility: 0 -None UMilding Other Featur No other features exist for this interior/exterior detail Interior/Exterior Data, Section 04, Level From: 02 Level To: 02 Use Type: 045 - Warehouse Dimensions Area: 1.739 Use SK Area: 0 Perimeter: 168 Wall Height: 10 Economic Life: 40 Heat Type: 0 - None hftp://svc.mt.gov/msI/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079905201040000&year= December 17, 2015 , ,nn, , 'Y I -- — .. - Exterior Wall Desc: 04 - Brick & Concrete Construction: 1 -Wood Block Frame/Joist/Beam % Interior Finished: 100 Partitions: 2 -Normal AC Type: 0 -None Plumbing: 0 -None Physical Condition: 1 -Poor Functional Utility: 0 -None Rulloing Oth(-3r No other features exist for this interior/exterior detail Elevaiors and E,,,�calators, No elevators or escalators exist for this building Ag/Forest Land Ag/Fore.,st Land No ag/forest land exists for this parcel Economic Life: 40 Heat Type: 0 - None http://sve.mt.gov/msi/MTCadastraVPrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079905201040000&year= rayt! 0 Ul 0 December 17, 2015 Pana I Af I http://svc,mt.gov/msl/mtcadastra]AayoLd-aspx?36 December 17, 2015 Property Category: RP Subcategory: Real Property Geocode: 06-0799-05-4-08-08-0100 Assessment Code: OORGH24461 Primary Owner: PropertyAddress: 1859 STORY MILL RD CITY OF BOZEMAN THE BOZEMAN, MT 59715 121 N ROUSE AVE COS Parcel: 2 BOZEMAN, MT 59715-3740 NOTE: See the Owner tab for a// owner infonnation Certificate of Survey: 2865 Subdivision: Legal Description: 505, T02 S, R06 E, C.O.S. 2865, PARCEL 2, ACRES 1.71 Last Modified: 8/25/2015 4:48:55 PM General Pro orty Information Neighborhood: 010.0 Property Type: EP - Exempt Property Living Units: 0 Levy District: 06-035008-7C 08 Zoning: Ownership %: 100 Linked Property: Value http://sve. mt.gov/ms I/MTC adastral/PrintPropertyRecordCard/GetPropertyRecord0ardData?Geocode= 06079905408080100&year= rays i ui o December 17, 2015 No linked properties exist for this property Exemptions: No exemptions exist for this property Condo Ownership: General: 0 Limited: 0 Property Factors Topography: 1 Fronting: 4 - Residential Street Utilities: 1 Parking Type: Access: Parking Quantity: Location: Parking Proximity: Land Stayn'rh r Land Type Acres Grazing 0.000 Fallow 0.000 Irrigated 0.000 Continuous Crop 0.000 Wild Hay 0.000 Farmsite 0.000 ROW 0.000 NonQual Land 0.000 Total Ag Land 0.000 Total Forest Land 0.000 Total Market Land 1.710 Value http://sve. mt.gov/ms I/MTC adastral/PrintPropertyRecordCard/GetPropertyRecord0ardData?Geocode= 06079905408080100&year= rays i ui o December 17, 2015 Dead Dat'* oo!-T aq Total Value Method f'; t I i,;i a i I' k 17y P 0 204487 0 204487 O."lip NumbM, 267499 12/31/2014 267499 COST 12/3112014 2500658 Warranty Deed 12/28/2012 12/28/2012 2436345 Special Warranty Deed Sheriff'sCertificate/CertificateofRedemption/Sheriff's 11/29/2012 11/29/2012 2433304 Deed 12/19/2011 12/19/2011 2403997D Quit Claim Deed 11/15/2011 11/15/2011 2401528D Quit Claim Deed 8/26/2005 2199 454DI1 1/15/201112401509R Other Owners party #'I Default Information: CITY OF BOZEMAN THE 121 N ROUSE AVE Ownership %: 100 Primary Owner: "Yes" Interest Type: Fee Simple Last Modified: 1/26/2015 1:32:30 PM Other Narnes Name Type Appraisals ADpraisal History Other Addresses Tax Year Land Valhi Building Value Total Value Method 2015 204487 0 204487 COST 2014 267499 .0 267499 COST Market Land Market Land Item #1 Method: Sqft Type: I - Primary Site Width: Depth: Square Feet: 74,488 Acres: VaILlation Class Codw 2150 Value: Dwellings Existing Dwellings No dwellings exist for this parcel Other Buildings/improvements OijtOuildinq/Yard Improvements No other buildings or yard improvements exist for this parcel Commercial http://svc.mt.gov/msIIMTCadastral[PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079905408080100&year= rayd z Ul J Der -ember 17, 2015 gum vNciy.c..viuvwu No commercial buildings exist for this parcel ,fig/Forest Land Ag/1=-or yt Lan No ag/forest land exists for this parcel rage o U[ a http://sve.mt.gov/msl/MTCadastral/PrintPropertyRecordCard/GetPropertyRecordCardData?Geocode=06079905408080100&year= December 17, 2015 1. Printing: Layout Page Page 1 of 1 http://svc.mt.gov/msl/mtcadastrdAayoLd,aspx?94 December 17, 2015 Summary Property Category: RP Subcategory: Real Property Geocode: 06-0799-05-2-02-05-0000 Assessment Code: OORGH31949 Primary Owner: PropertyAddress: STORY MILL RD CITY OF BOZEMAN THE BOZEMAN, MT 59715 121 N ROUSE AVE COS Parcel: I BOZEMAN, MT 59715-3740 NOTE: See the Owner tab for all owner information Certificate of Survey: 2865 Subdivision: Legal Description: S05, T02 S, R06 E, C.O.S. 2865, PARCEL 1, ACRES 1.11 Last Modified: 8/25/2015 4:39:54 PM General Pro arty Information Neighborhood: 010,C Property Type: EP - Exempt Property Living Units: I Levy District: 06-035008-7C 08 Zoning: Ownership %: 100 Linked Property: -01-15-0000 - Split A lew'- 06-0799-05-1 8 1 --- Linked Property Exemptions: Condo Ownership: General: 0 Property Factors Topography: Utilities: I Access: Location: Land St�rnrnary No exemptions exist for this property Limited: 0 Fronting: Parking Type: Parking Quantity: Parking Proximity: Land lype Acres Value Grazing 0,000 00.00 Fallow 0.000 00.00 Irrigated 0.000 00.00 Continuous Crop 0.000 00,00 Wild Hay 0,000 00.00 Farmsite 0,000 00.00 ROW 0.000 00.00 NonQual Land 0.000 00.00 Total Ag Land 0.000 00.00 Total Forest Land 0.000 00.00 Total Market Land 1.110 00.00 http://svc.mt.gov/msl/MTC adastral/Pri ntPropertyR ecordC ard/GetPropertyRecordc ardData?Geocode= 06079905202050000&year= rayv I U1 a December 17, 2015 Ill Itr I upw I.yr\'z-.UUI ul.dl U Doed Date rtook PC '- nw P,�'tt W111, 00cumont rmnj'A 00t., um(nt Typo 12/31/2014 Fee Simple Last Modified: 12/31/2014 2500658 Warranty Deed 12/28/2012 Type COST 12/28/2012 2436345 Special Warranty Deed Owners Default Information: CITY OF BOZEMAN THE Appraisals Appraisal History Other Addresses Tax Year 1.21 N ROUSE AVE Ownership %: 100 Primary Owner: "Yes" Interest Type: Fee Simple Last Modified: 1/26/2015 1:27:14 PM Other Names 218600 Name Type Appraisals Appraisal History Other Addresses Tax Year and Value Building Value Total Value Method 2015 165544 0 165544 COST 2014 218600 0 218600 COST Market Land Market Land Item #1 Method: Sqft Width: Square Feet: 48,352 Valuation Class Code: 2153 Dwellings Existin f,3 Dwollings, No dwellings exist for this parcel Other Buildings/improvements Type: 1 - Primary Site Depth: Acres: Value: Outbuilding/Yard Improvements No other buildings or yard improvements exist for this parcel Commercial No commercial buildings exist for this parcel Ag/Forest Land http://svc.mt.gov/msI/MTCadastral/PrintPropertyRecordCard/GetPropertyRecord0ardData?Geocode=06079905202050000&year= raye z of 'j December 17, 2015 n u uri upti ryrceuui ui,a] u Ag/For'e,,,.it Land No acd/forest land exists for this parcel Nage J of 3 http://svc.mt.gov/msl/MTCadastral/PrintPropertyRecordCard/GetPropertyRecord0ardData?Geocode=06079905202050000&year= December 17, 2015 Printing: Layout Page Page 1 of 1 http://svc.mt.gov/msl/mtcadastralAayoLd.aspx?8 December 17, 2016 Please return to: Security Title Company 600 South 19th Bozeman, MT 58718 ST"G - 61Y2360 City Clerk The City of Bozeman 121 North Rouse Bozeman, MT 59715 2500658 CharlotfaFMl112-1Gallatiin4County 10:58:31 AM Fae: $DEED iIII�IINI�ININIII�I�I1111Nlil111110fibIIll 11111(18 WARRANTY DEED FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the undersigned, The Trust for Public Land, a California nonprofit public benefit corporation, with an address of 111 South Grand Ave., Suite 203, Bozeman, MT 59715 ("Grantor"), does hereby grant, bargain, sell, convey and confirm unto The City of Bozeman, a Montana municipal corporation's"Grantee" ), and to its successors and assigns forever, all of Grantor's right, title, and interest in the following described real r property situated in Gallatin County, Montana, to -wit: 1�T *With an address of 121 North house, Bozeman, MT 59715 Parcels 1, 2, 3, 4, 5, 6, 7, 8 and 9, of Certificate of Survey No. 2865, located within Sections 31 and 32, Township 1 South, Range 6 East, and Sections 5 and 6, Township 2 South, Range 6 East, P.M.M., according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. SUBJECT TO: all reservation, exceptions and restrictions in patents from the United States or the State of Montana, existing easements, encroachments and rights of way of record and those which would be disclosed by an examination of the property, real property taxes and assessments for subsequent years, all building, zoning and land use restrictions, sanitary and environmental restrictions, and those special exceptions numbers 19 through 71 as shown on Schedule B to Security Title Company Schedule B - Section 2 attached hereto as Exhibit A and hereby incorporated by this reference. TO HAVE AND TO HOLD unto the Grantee and to its successors and assigns forever, together with all tenements, hereditaments and appurtenances unto Grantee and its assigns forever. Grantor does hereby covenant to and with Grantee that it is the owner in fee simple of the above-described real property, that Grantee shall enjoy the same without any lawful disturbance, that the same is free from all encumbrances except as provided for above, that Grantor and all persons acquiring any interest in such real Warranty Deed - 1 zouutDoo rage L OT V1 '1 L/31 /LV'14 'I V00:01 AIM property through or from Grantor will, on demand, execute and deliver to Grantee, at the expense of Grantee, any further assurance of the same that may be reasonably required, and the Grantor will warrant to Grantee title to the above-described real property against every person lawfully claiming the same. IN WITNESS WHEREOF, the Grantor has executed this instrument this2Ud�ay of December, 2014. STATE OF WASHINGTON) COUNTY OF KING THE TRUST FOR PUBLIC LAND By 4W)V_P'Q 6 Thomas E. Tyner Division Legal Director This instrument was acknowledged before me on thisaG `day of December, 2014 by Thomas E. Tyner, Division Legal Director for The Trust for Public Land. Notary Name: Daniel K. Wilson Notary Public for the State of Washington Residing at Seattle, Washington My commission expires: a — t{ - ( g ACCEPTED: THE CITY OF BOZEMAN By:c-� \ Title:C.H4-" Warranty Deed - 2 ,4ouunoo rage o or .l .i .l u3•i lzvi 4 'I voo:sl Am STATE OF MONTANA COUNTY OF GALLATIN ) This instru ne t wa Vknowledged before me on this -)b day of December, 2014 by for The City of Bozeman. � c rad ` ��,►� Nota Name: KRIS 05ASON Notary Public for the State of Montana - ^'�ts?s Notary Public Residing at No1AR14 for the State of Montana Residing at, My commission expires: qSEAL Bozeman, Montana iF • _� My Commlaslon Expires; August 12, 2018 Warranty Deed - 3 zauunot3 rage 4 OTVI l 'i Zisi /Lu -i 4 -i u.00:0_1 Hive EXHlS1T A Commitment No: G142360 Page No. 3 SCHEDULE B — Section 2 Exceptions The policy or policies to be Issued will contain exceptions to the following unless the same are disposed of to the.satisfaction of the Company. 1, Taxes or assessments which are not shown as existing liens by the records of any taxing authority thatlevies taxes or assessments on real property or by the public records. 2. Any facts, rights, interests, 4r claims which are not shown by the public records but which could be ascertained by an inspection of said food or by making inquiry of person In possession thereof. 3. Easements, claims of easement or encumbrances which are not shown by'the public records. 4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title including discrepancies, conflicts in boundary lines, shortage In area, or any other facts that would be disclosed by an accurate and complete land survey of the land, and that are not shown in the public records. S. (a) Unpatented mining claims; (b) reservations or exceptions In patents or In Acts authoriiing.the issuance thereof} (c) water. rights, clohn : or title to water whether or. not the matters excepted under (a), (b), or (c) are shown by the public records. 6. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, Imposed by law and not shown by the public records. 7. Any right, title or Interest in any minerals, mineral rights or related matters including but not limited to metals, stone, oil, gas, coal, and other hydrocarbons, sand,:gravel or other common variety materials, whether or not shown by thepublic record. 8. General and special taxes and assessments for the year 2014; first installment shows paid in the amount of $1,374.12; second installment shows payable. in the amount of $1,374, 11. Parcel No. RGH31940. (Affects Parg@l 1) 9. General and special taxes and assessments for the year 2014; first installment shows paid in the amount of $1,135.22; second installment shows payable in the amount of $1,135.19. Parcel No. RGH24461, (Affects Parcel 2) 10. General and special taxes and assessments for the year 2014; first installment shows paid in the amount of $2,725.99; second installment shows payable in the amount of $2,719.37. Parcel No. RGH9812, (Affects Parcel 3) 11. General and special taxes and assessments for the year 2014; first installment shows paid in the amount of S252.96; second installment shows.payable in the amount of $246.36. Parcel No. RFH4491 (Affects Parcel 4). zouueou rage o or '11 .i usi /Zut 4 .i u:atsai Ann 12. General and special taxes and assessments for the year 2014; first Installment shows paid in the amount of $33.40; second installment shows payable in the. amount of SAM. Parcel No. RFH1930. (Affects Parcel 5) 13, General and special taxes and assessments. for the year 2014; first installment shows paid in the amount of $64.74; second4risialimeot shows payable in the amount of $64.73. Parcel No. R6464030. (Affects Parcel 6) 14. General and special taxes and assessments for the year 2014; first Installment shows paid in the amount of $1,957.07; second installment shows payable in the amount of $1,950.47. Parcel No.RGH24465. (Affects Parcel 7 and other real property) 15. General and special taxes and assessments for the year 2014; first installment shows paid in the amount of $1,339.88; second installment shows payable in the amount of $1,333.27. Parcel No. RGH3200. (Affects Parcel 8) 16. General and special taxes and assessments for the year 2014; first installment shows paid in the amount of $16.87;. second installment shows payable in the amount of $16:85. Parcel No. RGH3782. (Affects Parcel 9) 17. Special Assessments levied by the City of Bozeman for Street Maintenance. The first installment for the year 214/2015 shows paid in the amount of $3,297.46. Second installment shows payable in the amount.of $3,297.46. (Affects this and other real property) 18. Special Assessments levied by the City of Bozeman for Tree Maintenance. The first installment for the year 20141 shows paid in the amount of $424.86, Second installment shows payable in the amount of $424.86. (Affects this -and other real property) 19. County road right"f--way not recorded and.indexed as a conveyance in the office of the Clerk and Recorder pursuant to Title 70, Chapter 21, M.C.A. 20, Right.of Way for ditches, creeks -or canals as they may flow over,.alongand across subject property, as disclosed by various instruments of record, including but not limited to Rocky Creek. 21. Any right of the Public in auto easements of access and recreation which exist or are claimed to exist over, along and across that portion of the subjectreal property included within the bed and banks of the East Gallatin River, and any portage rights associated therewith. 22. All matters, covenants, conditions,restrictions, easements. and any rights, interests or claims which may exist by reason thereof, disclosed by the, recorded plat of Certificate of Survey, recorded March 26, 1971 in Film 9, Page 1202, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). zzm000 rage o or .i .i .i zlo'i ILV-14 .t u:o0:.5-1 Hnn 23. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof disclosed by the recorded plat of Certificate of Survey, recorded August 15, 1972 in Film 15, Page 681, records of Gallatin County, Montana, but deleting any covenant; condition or restriction Indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 24. All matters, covenants, conditions, restrictions, easements and.any rights, Interests or claims which may exist by reason thereof, disclosed by Certificate of Survey No. 1147,1147A and 11478, records of Gallatin County, Montana, but deleting any covenant,, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 25. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof,disclosed by the recorded survey of Certificate of Survey No. 1471, recorded April 1% 1889, Document No. 196775, retards of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sox, handicap, familialstatus, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c), 26. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by the recorded survey of Certificate of Survey No. 1877, recorded March 23, 1995, Document No. 302822, Certificate of Survey No. 1877A, recorded April t2, 2002, Document No. 2065891 and Certificate of Survey No. 18779, recorded December 27, 2012, Document NO. 2436276, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a ptef&mce, limitation or discrimination based on race, color, religion, sex, Handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(e). 27. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by the recorded survey of Certificate of Survey No. 2207, recorded December 26, 2000, Document No. 2027373, Certificate of Survey No. 2207A, recorded November 30, 2001, Document No. 2054248; and Certificate of. Survey No. 2207B, recorded November 10, 2005, Document No. 2209049, records of Gallatin County, Montana; but deleting any covenant; condition or restriction indicating a preference, limitation or discrimination based on race, color, religion,sex, handicap, familial status, or national origin to the extent such eovenants, conditions, or restrictions violate 42 USC 3604(c). 28, All matters, covenants, conditions, restrictions, easementsand any rights, interests or claims - which may exist by reason thereof, disclosed by the recorded survey of Certificaie of Survey No. 2479, recorded January '11, 2005, Document No. 2175564, and Certificate of Survey No. 2479A, recorded December 1, 2006, Document No, 2249887, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). LODUOOO rage / Of 1 'I -1 L/.3'I /LU'l 4 1 U:00:01 AM 29. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may -exist by reason thereof, disclosed by the recorded survey of Certificate of Survey No. 2503, recorded May 2; 2405, Document No. 2186359, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference; limitation or discrimination based on race, color, religion, sex, handicap,. familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c), 30. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by the recorded survey of Certificate of Survey No. 2505, recorded May 4, 2005, Document No. 2186655, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion sex, handicap, familial status, or national origin to the -extent such covenants, conditions or restrictions violate 42 USC 3604(c). 31. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by the recorded survey of Certificate of Survey No. 2547, recorded May 2, 20D5, Document No. 2186359, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 32. All matters, covenants, conditions, restrictions, easements and any rights, Interests or claims which may exist by reason thereof, disclosed by the recorded Certificate of Survey No. 2643, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 33. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by therecorded survey of Certificate of Survey No. 2865, recorded November 5, 2014,.Document No. 249671, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent'sueh covenants, conditions or restrictions violate 42 USC 3604(c). 34. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by the recorded plat of Northeast Annexation, recorded under Plat No. 3-20, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 35. All matters, covenants, conditions, restrictions, easements and any rights,. interests or claims which may exist by reason thereof,. disclosed by the.recorded plat of Industrial Properties, recorded December 23, 1977, Plat Reference No. J-42, and Certificate of Survey No. J -42•B (a retracement of Tract A of Industrial Properties Subdivision), records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). zouunoo rage is OT -H 'I L1.S'1ILu'l4 1 u:00:01 HM 36. All matters, covenants, conditions, restrictions, easements and any rights, interests or claims which may exist by reason thereof, disclosed by the recorded survey of Amended Certificate of Survey No. 2643A, recorded January 26, 2012, Document No. 2406739, records of Gallatin County, Montana, but deleting any covenant, condition or restriction indicating a preference, limitation or discriminriion.based on race, color, religion, sox, handicap, familial status, or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 37. Right of Way granted to the Bozeman Water Works Company for its main pipes and hydrants across the Northeast Quarter of Section 6, Township 2 South, Range 6 East,.recorded June 26, 1890 in Book 8 of Deeds, Page 375, records of Gallatin County, Montana, 38. Terms, conditions, restrictions and all other disclosures contained in the Deed from Nelson Story and Ellen Story to Northern Pacific Railroad Company, recorded September 4.- 1888 in Book 15 of Deeds, Page 553, records of Gallatin County, Montana: 39. Terms and conditions of Easement granted to Bozeman Water Works Company for a water main, recorded June 12, 1889 in Book 17 of Deeds, Page 31, records of Gallatin County, Montana. 40. Tents, conditions, restrictions and all other disclosures contained in the Deed from Nelson Story to Northern Pacific Railroad Company, recorded September 14, 1894 in Book 22 of Deeds, Page 13, records of Gallatin County, Montana, 41. Easement as contained in Deed, recorded July 24, 1912 in Book 46 of Deeds, Page 457, records of Gallatin County, Montana. 42, Terms, conditions, restrictions and all other disclosures contained in the Agreement between T.B. Story, Katherine R Story and A.E. Westlake, recorded April 4, 1918 in Book 57, Page 469, records of Gallatin County, Montana. 43. Reservation as set out in Quit Claim Deed, recorded October. 24, 1919 in Book 60 of Deeds, Page 597, records of Gallatin County, Montana. 44. Right of Way Easement granted to William W. Staplin, recorded August 13, 1.931 in Book 11 of Miscellaneous, Page 199, records of Gallatin County, Montana, 45. Easement granted to Northern Pacific Railway Company for Spur Track ovdr and across said land, recorded January 22, 1951 in Book 104 of Deeds, Page 30.8, records of Gallatin County, Montana. 46. Right of Way Deed, granted to Yellowstone Pipe Line Company, a Delaware corporation, recorded December 4, 1953 in Book 113 of deeds, Page 268, records of Gallatin County, Montana. 47. Right of Way Easement granted to the Mountain States Telephone and Telegraph Co., recorded January 24, 1964 in Book 144 of Deeds, Page S 10, records of Gallatin County, Montana. 48. Terms, conditions and provisions contained in Agreement by and between City of Bozeman and Paul R Carter providing for the connection with existing sewer lines of the City of Bozeman and agreeing to pay all construction costs and charges, recorded February 15, 1972 in Film 13, Page 183, records of Gallatin County, Montana. zouuaoo rage a of .i -i .i nasi izu-i 4 -t u:oo:si Hive 49. Terms, conditions, restrictions and all other disclosures contained in the Agreement by and between the City of Bozeman and Montana Industrial DevelopmentCCorpo. mflon, recorded February 15, 1972 in Film 13, Page 188, records of Gallatin County, Montana. 50. Right. of Way for gas line as disclosedby plat attached to Grant Deed, recorded December 27, 1971 in Film 12, Page 1064, tecords of Gallatin County, Montana, and also disclosed instrument, recorded February 3, 1984 in Film 81, Page 2420, records of. Gallatin County, Montana, 51, Easement and Right of Way Agreement for Sanitary Sewer Main by and between Donald A. Tu ner,_Gene E. Cook, Bobbie Corette and Carl Lehrkind, III and the City of Bozeman far a perpetual,oasement and right of way for the purpose of installing, operating, using, repairing, replacing, maintaining and removing a sanitary sewer upon and across said premises. Recorded on February 3,1984 in Film 81, Page 2420, records of Gallatin County, Montana, 52. Right of Way Easement granted to The Montana Power Company, a corporation, recorded June 18, 1985 in Film 88, Page 869, records of Gallatin County, Montana. Deed conveying all existing easements from Northwestem Energy, L.L.C., formerly known as The Montana Power, L.L.C., successor by merger to the remaining utilitybusiness of The Montana Power Company .to Northwestern Corporation, recorded December 4, 2002, Document No. 2089795, records of Gallatin County, Montana, 53. Right of Way Easement granted to The Montana Power Company, a corporation, recorded December 16, 1985 in Film 90, Page 1665, records of Gallatin County, Montana. Deed conveying all existing easements from Northwestern Energy, L.L.C,, formerly known as The Montana Power, L.L.C., successor by merger to the remaining utility business of The Montana Power Company to Northwestern Corporation, recorded December 4, 2002, Document No. 2089795, records of Gallatin County, Montana. 54. Right of Way Easement granted to The Montana Power Company, a corpgration, recorded February 24, 1986 in Film 90, Page $430,. records of Gallatin. County, Montana. Deed conveying all existing easements from Northwestern Energy, L.L.C., formerly known as The Montana Power, L L.C., successor by merger to the remaining utility business of The Montana Power Company to Northwestern Corporation, recorded December 4, 2002, Document No. 2089795, records of Gallatin County, Montana. 55. Right of Way Easement granted to The Montana Power Company, a corporation, recorded February 24; 1986, in Film 90, Page 5432, records of Gallatin County, Montana. Deed conveying all existing easements from Northwestern Energy, L.L.C., formerly known as The Montana Power, L.L.C., successor by merger to the remaining utility business of The Montana Power Company to Northwestern Corporation, recorded December 4, 2002, Document No. 2089795, records of Gallatin County, Montana. zauut= rage 'I u Or -I I '1 /-10.1 /ZU-14 -I u:00:,5-1 HIVI 56. Right of Way Easement granted to the Montana Power Company, recorded September 8, 1986 in Film 93, Page 3343, records of Gallatin County, Montana. Deed conveying all existing easements from Northwestern Energy, L.L.C., formerly known as The Montana Power, L.L.C., successor by merger to the remaining utility business of The Montana Power Company to Northwestern Corporation, recorded December 4, 2002, Document No: 2089795, records of Gallatin County, Montana. 57. Terms, conditions and reservations contained in Warranty Deed, recorded November 22, 1988 in Film 103, Page 4085, records of Gallatin County, Montana, 58. Terms, conditions, restrictions and all other disclosures contained in the.Story Mill Annexation Agreement, recorded December 29, 1995 in Film 159, Page 1.744, Document No, 317160, records of Gallatin County, Montana, 59. Terms, conditions, restrictions.and all other disclosures contained in the Water Pipeline and Access Easement and Agreementexecuted by and between Jim Bowles, Julie Bowles and Bill Cope to the City of Bozeman, recorded November 26, 1996 in Film 168, -Page 3053, Document No. 335262, records of Gallatin County, Montana. 66. .Easement granted to Touch America, Inc., a Montana corporation, recorded May 9, 1997 in Film 173, Page 436, records of Gallatin County, Montana. 61. Communications Easement granted to Touch America, Inc., a Montana corporation, recorded June 2, 1997 In Film 173, Page 3506, records of Gallatin County, Montana, 62. Terms, conditionsi restrictions and all other disclosures contained in the Water Pipeline and Access Easement and Agreement, recorded December 24, 1997 in Film 180, Page 2, records of Gallatin County, Montana. 63. Terms, conditions, restrictions and all other disclosures contained in Water Pipeline and Access Easement and Agreement, recorded December 24,1997 in Film 180, Page 7, records of Gallatin County, Montana, 64. Terms, conditions, restrictions and all other disclosures contained in the Public Access Easement Agreement, recorded May 28, 1999 In Film 198, Page 3926, Document No. 392019, records of Gallatin County, Montana. 65. Terms, conditions, restrictions and all other disclosures contained in the Easement Agreement, executed by and between Boys and Girls Club of Southwest Montana, and Vera E. Henderson, Trustee of the Vera E. Henderson Family Trust, also sometimes known as the Vera E. Henderson Revocable Trust of October 16, 1997, and Carroll V. Henderson, Trustee of the Carroll V. Henderson Family Trust, also sometimes known as the Carroll V. Henderson Revocable Trust of October 16, 1997, recorded November 30, 2001, Document No. 2054252, records of Gallatin County, Montana. 66. Terms, conditions, restrictions and all other disclosures contained in the Commission Resolution No. 4071, recorded October 9, 2007, Document No. 2281031,. records of Gallatin County, Montana. /ow000 rage -i -i or -i -i -i zlo-i /LU'I4 l V:otS: 5'I ANI 67, Terms; conditions, restrictions and all otherdiselosures contained in the Public Street and Utility Easement, recorded October 9, 2007, Document No. 2281032, records of Gallatin County, Montana. 68. Public Street and Utility. Easement to The City of Bozeman, recorded October 9, 2007, Document No. 2281033, records of Gallatin County, Montana. 69. Public Street and Utility Easement to The City of Bozeman, recorded August 22, 200.7, Document No. 2276369, records of Gallatin County, Montana, 70. Terms, conditions, restrictions and all other disclosures contained in the Grant of T6mpomry Easement for Access and Construction, recorded September 30, 2014, Document No. 2493277, records of Gallatin County, Montana. 71. 'Perms, conditions, restrictions and all other disclosures contained in the Grant of Access and Landscape Easement, recorded September 30, 2014, Document No. 2493357, records of Gallatin County, Montana. NOTE: Copies of documents creating exceptions herein may be obtained upon request. NOTES: A Realty Transfer Certificate must.be submitted before forthcoming instruments of transfer, can be placed of record and when property is not served by apublic service water supply, a statement concerning transfer or non -transfer of water right must appear thereon. No liability is assumed hereunder until full policy premium is paid. Regulations imposed on the title insurance industry by the Montana State Insurance Commission require that a fee be charged for cancellation. END OF EXCEPTIONS NOTE: The attached county map/plat/survey is for reference purposes only: Security Title Company of Moritans assumes no liability for the accuracy thereof. CERTIFICATE OF SURVEY NO. 2865 LOCATED WITHIN SECTIONS 31 & 32, TOWNSHIP 1 SOUTH, RANGE 6 EAST, AND SECTIONS 5 & 6 TOWNSHIP 2 SOUTH, RANGE 6 EAST, P.M.M. CITY OF BOZEMAN, GALLATIN COUNTY, MONTANA n➢''F9 �inwr R=10)6.00' CMO SRNG=568}]'JO"W aro LC1H=iJ9.J4' R=10)64'4 (R -<x0 ➢xtc N'drn'9r[) ' —31'34'45' IRKa➢ tctx raa.>e'1 F _ N6992'23'W 480.48' rnn (F,. A59'ar rrF 48641 �E � BM9ar M. u— Ham. C.— COS A'.. 2547 56129'3]"W 9.14' msa2 233A Pe adz 0.98A1 (£arm¢ziY Tract 5-A na u. tn5rNv4� 't r.m1" tw, ;s1e is ¢G N89'15'JI'W 24). A' P➢rce18 IAT h9ra['drd zn.ai) 16.68A..fiD2 �4'35'W 14089' (£omw>ty Tmcf )>bJS. - (R- narrits[,ro.a9'1 Naa Ia9A d 266>)) 3 i nm Y IC E„ —'12'21-n 186.15' N89'13'28'W 624.62' us<o va iN Sb = (F, - Naa•se'rr[ resa4') (a, . taav mF s[xlr CHO 9fiNC=56821'13'W ' S29V2�6'j'w ea1=9j'- S2278'14'E 5563' (, - Tas'irr ss 6a') [aa9 LO91=58552' Y f t (WCHO 16lx�ses errr)�LI � j oy1 .ri us31 N'�wf M1}S9 ^' N89'145f905d i CERTIFICATE OF SURVEY NO.1 2865 LOCATED WITHIN SECTIONS 31 & 32, TOWNSHIP 1 SOUTH, RANGE 6 EAST, AND SECTIONS 5 & 6 TOWNSHIP 2 SOUTH, RANGE 6 EAST, P.M.M. CITY OF BOZEMAN, GALLATIN COUNTY, MONTANA a�a 1. Data of saf.ey .nAr9rolawe. 2014 2 Pamose al Survey. Z.I. Edzlmg Parch Revacemml (ssa Pi dstM9 Pwcds reVaced). 2.2 Pacd re-nomnq. ]. Omaz of Read: Trvat fcr PuWlc ton a. Survey Cwrvnisslaned by —t Iw Pu! i A complete UNe semen Of easements r(tM1M Ina uop< of Ihls aney. D PoPMW f 5 R iR CFO/RE mals of land lMatea .i1nb seauone Jt 6 & If, and SecVans 5 6 Tomsnb 2 S City of Bozeman, Cm9otN County, .—I --dos fa'+oxs 1. T—t C1 -A Of Calincate of Surrey N, (Renomed lo'Pacd t' Ihle sur.ay). 2. Tract A If C—Ite Of Survey N, 2 Ce-Ufeale of SunaY Ila 2542, Datum Por<el 2` Inls rvrvey). & Trott 101 CKtirl.te 01 Surrey Na 2! CatllKate Of Sirvey Nd 2547, DOaen 'Pored 3' Inb surrey). C 9,.- Kar Nob9e Nome —1 R2 Fd Survey No. 2sa7. Documml 42220003 survey). i Trwl 28 of Cali( ate of —,y Na C-.'1, of Surrey Nn 2541, Docvm 'Pmcd 5" thl eanoy). 8, ine vocl desoaed on Deed 0—. CaNfcate If Sorvey No. 1421. DO Survey N, 2542, Document #2220003 rvrvey). 7. Trott 5A of CerOfkole of Battey No. (Renamed t. 'I.— 7' W. suf.ey). I. Tract 17 Nartheost A- ... — Of Cat Decumm( #2249887 & Certlrrcole 01 #2220003 (Renomed to Pmcd 8NI 9. Trod A Of N&stfh2 PfWI Vts SubIN —y No. J -42-B, Document 422J6t l a aney). AN b reeved al Inc Gdlolb —11 Oa vONTANd SWC frn n�w11- [R { Ne tndnd9ne4 Dv, SldJy. Lkensed Prolasslond Land S:rnyw, de 1—Y etc —111Y U naa d'eKl lne rvpen Ys of wrvefn9 eM boftMq of tNs knd sur` [ m M w,ds9 CwOCzale al SuneY to F ulewdmce :dh appicc0le 6lple and LUG s � es ani r�alkra wnp DAT. Ihtz4 N= doy of !/eYEs+le6 2014_ �1 oa+ Stw1y, RS /16t92{S SlatAy Engaleamg & ASea4 STATE PIANS NCRTN AT N IT4E 9 'diSl" i{ ORCW 6,TO i10N AT NCRTREAST CORNER OF SECTI 6, TOyM4CP 2 SW 5 RANGE 6 EAST: NOR1H LATNDE: 45'-42'-00.548648' N£Si LR`1PND�' ltl'-01'-15920562` ELLIPSgD NT: d69SJ7J stt. YERHNAN CONYERGFNCE A11CLE--01'-O6'-46' 1 N VICINITY MAP Q CATC ERN ANO PFCOROFR { tleh wA Rawda al fpYaN„ Comly Nentena do hieby <alNy Nal the ae.swm t ,as ed b n dfke et mp0($'e� 06�'�ic' ponunnl Ne.t i�_JRe�arda0otthe Oak and Recorder, GC!al'n CIM,' and Recwdv Gaea!M,'( jY _--_—_ 249637„1 3 , wK W "-1 tt�ti�listln�,trclurn �o� `Q 'Phomas E. Tyner, Regional Counsel The Trust !or Public Land 901 5th Avenue, Suite 1520 Seattle, WA 98161 2435345 Page, 1 of 5 12/28/2012 11:06:29 AM Fee; $35.00 Charlotte M11s —Gallatin County, MT DEED 11118!! 111111 III 11111111111111 1111 11111111111111111111 IIIII 111111111 IN SPECIAL WARRANTY DEED FOR VALUABLE CONSIDERATION, the receipt of which is acknowledged, the undersigned: AA'IERICAN BANK, a Montana banking corporation, with mailing address at P.O. Box 1970, Bozeman, MT 59771-1970 ("Grantor"), hereby grants to: THE TRUST FOR PUBLIC LAND, a California non-profit public benefit corporation, with address at 901 Fifth Avenue, Suite 1520, Seattle, WA 98164 ("Grantee"), real property in Gallatin County, Montana, described on Exhibit A attached hereto, which is hereby incorporated by reference: TO HAVE AND TO HOLD unto Grantee, and to Grantee's successors and assigns, forever, SUBJECT TO THE FOLLOWING: i (a) Reservations and exceptions in patents from the United States and the State of Montana. (b) Existing easements and rights-of-way. (c) Mineral and royalty reservations and conveyances of record, oil and gas leases of record, and mineral leases of record. 0 (d) All building, use, zoning, sanitary and environmental restrictions, and waivers of record. (e) Taxes and assessments for the year in which this deed is recorded and subsequent years. Grantor, for itself and its successors and assigns, expressly limits the covenants of this deed to those herein expressed, and, subject to the exceptions referred to above, warrants and covenants to Grantee that prior to the delivery of this deed to Grantee, Grantor has not conveyed the above-described property, or any right, title, or interest therein, to any person other than Grantee, and that the above-described property is free from encumbrances done, made or suffered by Grantor or any person claiming under Grantor. DATED az"� P ? , 2012. AMERICAN BANK Title: Cc 1� �•'�r e�,_ �T STATE OF MONTANA ) ss: County of Gallatin ) ` This instrument was acknowledged before me ion 2012, by �f as(,C� Amerion Bank. -3 1 A J(� ' ,, LeisHF A, Seater y o Notary Public ��yo"kH� t< , : for the ;hale of N11oritar - [Type or Print Namel - Notary Public for the State of Montana (tt'Y'AfYaSAir?pzeman MontanUding Resiat: _;a? 1' p Montana • • ��P:, My nrni s;on c�.r.irps ,,, e. OF NO _ rtirh�y � 20 15 _ My Commission ,20 1 -2- Exhibit A Parcel 1: Tract 17, Northeast Annexation, of the Correction Certificate of Survey No. 2479A, located in the NEI/4 of Section 6, Township 2 South, Range 6 East, P.M.M., in the City of Bozeman, Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, and as further shown on Certificate of Survey No. 2547, Parcel IL Tract 1, of Certificate of Survey No. 2503, located in the NEI/4 of Section 6 and the NW I/4 of Section 5, Township 2 South, Range 6 East, P.M.M, Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, and as further shown on Certificate of Survey No. 2547. Parcel III: Tract A, of Certificate of Survey No. 2505, located in the NW 1/4 of Section 5, Townsbip 2 South, Range 6 East, P.M.M., Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, and as further shown on Certificate of Survey No. 2547. Parcel IV: INTENTIONALLY DELETED Parcel V: INTENTIONALLY DELETED Parcel VI: Tract 26, of Certificate of Survey No. 22076, located in the SE1/4 of Section 31, Township 1 South, Range 6 East, P.M.M., in the City of Bozeman, Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, and as further shown on Certificate of Survey No. 2547. Page: I of 3 Parcel VII: Tract 23A, of Certificate of Survey No. 1471, located in the SEI/4 of Section 31, Township 1 South, Range 6 East, P.M.M., and the NEI/4 of Section 6, Township 2 South, Range 6 East, P.M.M., in the City of Bozeman, Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, and as further shown on Certificate of Survey No. 2547. Parcel VIII: Tract "W', of Certificate of Survey No. 1346, located in the SEI/4 of the SEI/4 of Section 31, Township 1 South, Range 6 East, Y.M.M., in the City of Bozeman, Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, and as further shown on Certificate of Survey No. 2547. Parcel IX: A tract of land in the SEl/4SE1/4 of Section 31, Township 1 South, Range 6 East, P.M.M., Gallatin County, Montana, and more particularly described as follows, to -wit: Beginning at a point on the Westerly right of way line of the Chicago, Milwaukee, St. Paul and Pacific Railway's Menard Branch, which point is North 0130109" West on and along the East line of Section 31 a distance of 385.43 feet and South 88 33'39" West, a distance of 126.05 feet from the Southeast corner of said Section 31, thence South 88 33'39" West, a distance of 361.79 feet; thence South 80 09'35" West, a distance of 141.89 feet; thence North 33 50' West, a distance of 639.5 feet to a point on the Southerly right of way of Bridger Canyon, Road as now laid out and constructed, which point is 70 feet Southerly when measured at right angles to Centerline Curve Station 43+76.0; thence on anq along the right of way curve having a radius of 1076 feet and through a central angle of 7 3044", a distance of 140.92 feet to the point of tangent of 5 00' curve right; thence North 89 55' East on and along said right of way a distance of 698.40 feet to a point on the Westerly right of way of the Chicago, Milwaukee, St. Paul and Pacific Railway Company's Menard Branch; thence South 0129'36" East along said Railroad right of way, a distance of 388.92 feet to a point 50.00 feet Westerly when measured at right angles to the Railroad Centerline point of Curvature as Station 1200+71.90; thence along right of way curve having a radius of 1482.50 feet and through a central angle of 04 33'46", a distance of 118.05 feet to the point of beginning. According to Survey recorded in Film 9, Page 1202. And as further shown on Certificate of Survey No. 2547. AND a tract of land in Section 31, Township I South, Range 6 East, P.M.M., Gallatin County, Montana, and as described as follows: beginning at the Southeast corner of said Section 31; thence North 130'09" West along the East line of said Section 385.43 feet; thence South 88 33'39" West'a distance of 487,84 feet; thence South 80 09'35" West, a distance of 141.89 feet to the true point of beginning; thence South 80 09'35" West, a distance of 846.75 feet; thence North 39 11'06" West a distance of 379.60 feet to a point on the Southerly right of way of Bridger Canyon Road; thence North 50 46'42" East, along said Southern right of way, a distance of 234.16 feet to PC Station 37-43.8 A.H.; thence continuing along said right of way on a 5 curve to the right, a distance of 592.87 fee(; thence South 33 50'00" East a distance of 638.55 feet to the true point of beginning. According to Survey recorded in Film 15, Page 681. And as further shown on Certificate of Survey No. 2547. (Deed Reference: Film 151, Page 761) Page 2of3 Parcel X: Tract A, of Certificate of Survey No.1-42-13, being a boundary retracement of Tract A, of the Subdivision Plat of Industrial Properties, located in the NEI/4 of Section 6, Township 2 South, Range 6 hast, P.M.M., in the City of Bozeman, Gallatin County, Montana, according to the official plat thercol' on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. (Plat Reference: .1-42-B) Parcel XI: Tract C1 -A, of Certificate of Survey No. ILVlocated in the NW'/a of Section S, Township 2 South, Range 6 East, and the SW'/, of Section 32, Township 1 South, Range 6 East, P.M.M., Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana, Page 3 of 3 9 rad `<•' �.. j- � > �Hr t'. e �` ,{.s''yf r. �n'�i f R r pp i s rs, r t jr t, i' t S M� � s- � ,�i� r S d(z f }a WON r��C +`�y"� �"l_ The Trust for Public Land is collaborating with the City of Bozeman to create the new 55 -acre Story Mill Community Park in Bozeman, Montana. The Trust for Public Land is a national, nonprofit land conservation organization that conserves land for people to enjoy as parks, community gardens, historic sites, rural lands and other natural places, ensuring livable communities for generations to come. The Trust's Parks for People program is a nationwide initiative that works with communities to ensure that everyone — in particular, every child — enjoys close -to -home access to a great park, playground, or natural area. The Story Mill Conununity Park project will be managed out of The Trust for Public Land's Northern Rockies office in Bozeman. Bozeman and the greater Gallatin Valley is a growing, outdoor -oriented community whose quality of life centers on access to parks, trails, and open spaces for recreation and enjoyment. Just a short walk from Bozeman's downtown urban center or bicycle ride along a popular community trail, the Story Mill Community Park site is envisioned as a regional park destination for both the park -poor north side of town as well as the greater Bozeman community. Authorized in 2014 with partial funding through the City's first-ever parks and trails bond fund, Story Mill will become Bozeman's largest natural park and a cultural destination. The site has deep connections to Gallatin Valley's history and heritage of farming, ranching, railroads, and early settlement. The old Story Mill (adjoining the site) was founded in the 1880's by a colorful town father, Nelson Story, who shipped locally grown wheat and flour across the world for sixty years, serviced by railroad spurs from both Northern Pacific and the Old Milwaukee Line. Stockyards, ranching, and slaughterhouse operations also grew up around the mill. The park site shows evidence of ditching, draining, filling, and other significant man-made disturbances from this 100+ year history of agricultural and industrial activities. Today, the property provides an oasis of open space linking the historic northeast neighborhood with growing residential neighborhoods to the north and east. The 20 -acre northern section of the.property is located along Bridger Drive, a major arterial road. The northern section is less than a mile and a half from downtown Main Street. It is defined by fairly flat topography, open fields, and mature trees, and will contain the 10-12 acre active, programmed area of Story Mill Conununity Park. The 35 -acre southern section includes streams, wetlands, open grasslands, an aspen grove, and will provide for passive, contemplative park experiences and learning opportunities. The southern section of the park will remain virtually "untouched" by the design, aside from a light network of trails and interpretative elements. The southern portion of the park connects to the heavily used Story Mill Spur Trail and will provide easy access for cyclists and pedestrians. The site's wetland complex, connecting two headwater streams — Bozeman Creek and the East Gallatin River just above their confluence point — shelters a diverse array of resident and migratory birds and wildlife. Sacajawea Audubon has counted almost 100 species of birds, including nesting Sandhill Cranes as well as deer, beavers, mink, among other wildlife. The park's half mile access to the East Gallatin River offers some of Bozeman's best in -town fishing for rainbow, brown, and cutthroat trout. The theme of mountains, rivers, and wetlands, along with the natural and cultural history of the site, will provide inspiration for the overall park design, tying together the active and more passive park programming and design. Routinely ranked highest for livability among small urban centers in the Rocky Mountain West, Bozeman is Montana's fastest growing city, home to Montana State University and a vibrant high-tech economy, with access to world-class outdoor recreation and the state's most active airport. The Story Mill Community Park represents an important new amenity for present and future generations across this growing community. In 2008, a dense residential and commercial development proposed for the Story Mill site (and including additional surrounding properties) failed, but not before the closing of a 92 -family trailer park community. Vestiges of the Bridger View Trailer Court can still be seen in old lampposts and asphalt drives as well as in blooming lilacs and other ornamental plantings throughout the northern section of the property. The Trust fol Public Land acquired the Story Mill property in December 2012 with the intention of proposing a new city park and initiated a community -participatory design process. In March 2014, the City approved the Story Mill Community Park and dedicated $4.5 million of voter -approved bond funding towards land acquisition and park development. Additional fundraising by The Trust for Public Land will match the City's investment with a multi-million dollar capital campaign. In December of 2014, the property was transferred to the City. The City and The Trust for Public Land entered into a Memorandum of Understanding, memorializing the public- private collaboration. As Bozeman's largest natural park, Story Mill Community Park will become a flagship city park and cultural destination offering a thriving outdoor recreation resource and community gathering place for generations to come. Extensive community outreach and participatory design led to the development of a park conceptual plan that includes park layout, draft program elements, and site amenities that reflect the desires and expectations of the community. Over 20 community organizations and hundreds of area residents have already participated in the design process through two park planning workshops and surveys. Participatory park design is a hallmark of The Trust for Public Land and the design team will continue to work with the community extensively throughout the design process to ensure that the park design serves corrununity needs, expectations, and character. The Story Mill Community Park is intended to serve the greater Bozeman and Gallatin Valley community, attracting visitors from across the city and beyond with an arrayed palette of visitor experiences in both active and passive sections of the park to promote an integrated, holistic experience for park users. The plan will endeavor to preserve mature trees and shrubs, support native plants and grassland communities, and employ water efficient, sustainable principles. A large-scale restoration of the site's rivers, streams and wetlands is underway and will be completed in Spring 2016 by the Trust for Public Land. Park educational and interpretive progranuning shall emphasize habitat health for fish, birds and wildlife, as well as improvements to water quality and transformation of the landscape from restoration actions. The Story Mill Community Park project represents a unique collaboration between The Trust for Public Land, multiple community groups, hundreds of active residents, and the City of Bozeman. In July 2015, Design Workshop (www.designworkshop.com), a leading national park design firm, was selected through a competitive public process to lead the park planning process. Local firms Design5, Stahly Engineering and RESPEC will continue to contribute to the design process. The 16 -month design process will culminate in December 2016, and we will build the park during the 2017/2018 construction seasons, with a ribbon cutting planned for Fall 2018. The following three guiding principles will inspire all aspects of park design and development but are not intended to limit the design team's vision and creativity: COMMUNITY GATHERING The Story Mill Community Park project has received overwhelming community support, reflective of the value Bozemanites place on community and pride of place. Park design shall honor this community spirit by offering creative gathering spaces to bring people together, whether it is for a private family picnic or' a larger public performance or event. Art elements shall define these spaces inspired by the site's natural and cultural qualities from rivers, wildlife, and mountains to Bozeman's earliest settlement and agricultural heritage. OUTDOOR PLAY Park activities for structured and unstructured outdoor play shall be diverse and varied including nature walks and birdwatching, fitness trails, sledding and cross-country skiing, fishing and river play, pick-up games of soccer or Frisbee, climbing boulders, and other flexible open spaces. The natural playground — a centerpiece park element — will inspire creative, challenging, and inclusive play opportunities for children of all ages and abilities (exceeding ADA minimum standards). The signature play elements will take inspiration from surrounding natural landscape materials, creating a park attraction that distinguishes this playground from others throughout the city. The playground design shall also celebrate the shared community values of health, wellness, renewal, and fun. HEALTHY HABITATS The beauty and bounty of the park's two rivers shall provide a thematic thread throughout park design. The large-scale restoration of the site will yield a healthy, active wetland system on the southern portion of the site. Any additional planting in the wetland areas shall incorporate restoration ecology techniques, utilizing the existing plant community as inspiration. This area shall provide a living classroom to explore and interpret the vital role of wetlands to keep our rivers clean for fish, birds, wildlife, and people. The parking lot and other built elements will incorporate sustainable and durable building practices and inform the public about the vital connections for stormwater management, green infrastructure, flood attenuation, clean drinking water, and other associated benefits. THE TRUST FOR PUBLIC LAND Maddy Pope, Project Manager Cary Simmons, Project Manager maddy.pope@tpl.org cary.simmons@tpl.org CITY OF BOZEMAN Carolyn Poissant, Manager of Trails, Open Space and Parks Design and Development cpoissant@bozeman.net T'EIE TRUST fi)r PUBLIC; I -AND C O N S E R V I N G E A N 1) F O R P E O P 1_ F Story Mill Community Park Proposal Just two miles north of Bozeman's downtown is a 64 - acre property with extraordinary public value. In the shadow of the iconic, century -old Story Mill, the property comprises a significant wildlife area and wetland complex—including stretches of both Bozeman Creek and the East Gallatin River. The Trust for Public Land and partners are working to transform this property into a new community park. Our proposal includes recreation opportunities, expanded trail connections, wetlands restoration and water quality enhancement, and community agriculture. We are engaging neighbors, designers, park planners, and local groups to create a shared community vision for this unique site. A city park at the Story Mill site will create a new destination for hiking, biking, fishing, outdoor play, and educational exploration of local history and nature—all while providing a sanctuary for fish and wildlife. Extension of the Story Mill Spur Trail will enhance connections between downtown Bozeman, the new park site, and other popular north -side destinations. Community gardens and a sustainable foods program will support local growers and farm -to -market programs and foster a connection to Bozeman's agricultural past. Wildlife and Water Quality Restoring the site's ten -acre complex of wetlands, floodplains, and waterways will not only benefit native birds, wildlife, and plants, it will safeguard and enhance water quality along Bozeman Creek and the East Gallatin River. Visitors will be able to observe native and migratory birds—including Rocky Mountain Sandhill Cranes—at the largest remaining wetlands in the urban core. PROPERTY LINE ' EXISTING BUILDING STORY MILL SPURTRAII- Visit tpl.org/storymill — The 'Trust for Public dhd ,For tinore iaorinatiorr THE TRUST Conserves Viand for people to Maddy Pope enjo�� as ptrl�s, gat'cens, Project Manager J01, PUBLIC other natural places, ensuring 11 i South Grand Ave,, Suite 203 livable con4rnunities for -- Bozeman, tkT 5,971,5`, LAND gerzer atiorrs to come. n06,522.745Q P0 e l oT y p p �� g Photo: Alex Diekmann, Cartography: Design 5, LLQ _ tp'91'� ',@2013 The Trust for Public Land � O � Z w > O O Z Q ~ U J p OQ m g Q D w J z o w p O l9 N Z Z = w a O = a E O UO p OJ WO m Q 0 Z W�f� Y y j O w w a Z w o z o d ®o I Mon Dec 14 2015 12:45:13 PM. _..._._.. _.... - - .... ..... ..._._........ 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V East Broadway Butte, MT 59701 EASEMENT MODIFICATION AGREEMENT This Easement Modification Agreement ("Agreement"), dated the day of , 20_, is made and entered into by and between NorthWestern Corporation, d/b/a NorthWestern Energy, a Delaware corporation, of 4o East Broadway, Butte, Montana 59701-9394 ("NorthWestern"), and the City of Bozeman, a political subdivision of the State of Montana, of P.O. Box 123o, Bozeman, MT 59771 ("Owner"), and provides as follows: Recitals 1. Owner is the owner of certain real property, located in Gallatin County, Montana, which is described as follows: Tract 1 Parcel 8 of Certificate of Survey No. 2865, located in Sections 31 & 32, Township 1 South, Range 8 East, and Sections 5 & 6, Township 2 South, Range 6 East, M.P.M., Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Cleric and Recorder of Gallatin County, Montana. Tract 2 Parcel 7 of Certificate of Survey No. 2865, located in Sections 31 & 32, Township 1 South, Range 8 East, and Sections 5 & 6, Township 2 South, Range 6 East, M.P.M., Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Cleric and Recorder of Gallatin County, Montana. Tract Parcel 3 of Certificate of Survey No. 2865, located in Sections 31 & 32, Township 1 South, Range 8 East, and Sections 5 & 6, Township 2 South, Range 6 East, M.P.M., Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Cleric and Recorder of Gallatin County, Montana. EASEMENT MODIFICATION AGREEMENT PAGE 1 OF'7 Tract Parcel 2 of Certificate of Survey No. 2865, located in Sections 31 & 32, Township 1 South, Range 8 East, and Sections 5 & 6, Township 2 South, Range 6 East, M.P.M., Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder of Gallatin County, Montana. (the "Real Property") 1. NorthWestern is the holder of an easement for a natural gas pipeline, affecting Tract 1 of the Real Property, dated June 17, 1931 and recorded on June 23, 1931 in Miscellaneous Book 11, at Page 188, in the records of the Gallatin County Clerk and Recorder (the "Easement"). 2. NorthWestern desires to relocate a segment of the natural gas pipeline from its present location on the Real Property to a new location on the Real Property, subject to the terms and conditions of this Agreement. Agreement Now therefore, for and in consideration of the sum of $1.00, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, NorthWestern and Owner agree as follows: 1. Relocation of Pipeline. The segment of the pipeline to be relocated, including both the existing location to be abandoned (the "Abandoned Easement") and the new location where the pipeline will be built (the "Relocated Easement"), are depicted on the attached Exhibit "A". Subject to the other provisions of this Agreement, NorthWestern shall use reasonable efforts to ensure that the relocation of the pipeline segment is completed in an expeditious manner. All costs and expenses of relocating the segment of the pipeline shall be paid for by NorthWestern. It is understood that the existing pipeline, now located underneath the area to be abandoned, shall remain buried in the ground and that NorthWestern shall have no obligation to remove it. 2. Release of Easement. Effective immediately at the time the relocated pipeline is put into operation NorthWestern shall be deemed to release, remise and quitclaim, without warranty of any kind, that segment of the Easement located upon the Real Property and depicted on Exhibit "A" as "Abandoned Easement". Nothing herein shall be deemed to release or in any way affect any other easement which may benefit NorthWestern, other than the Easement as expressly identified herein, and then solely as is described herein. Further, nothing herein shall affect the Easement in the event it should burden lands other than the Real Property. 3. Grant of Easement. Owner hereby grants unto NorthWestern, for its benefit, and that of its successors, assigns and permittees, a perpetual, non-exclusive easement forty (40) feet in width, upon which to construct, operate, maintain, replace, EASEMENT MODIFICATION AGREEMENT PAGE 2 OF 7 upgrade and remove one natural gas pipeline, no more than sixteen (16) inches in diameter, and necessary appurtenances, over, under, along and across those portions of the Real Property which are depicted on the attached Exhibit "A" as "Relocated Easement", together with reasonable right of access to and from the easement area over lands of the Owner using existing roads and trails where practicable, which are also depicted on the attached Exhibit "A"; the right to use and keep the easement area free and clear of any and all obstructions or structures, except fences; and the right to clear and remove all timber, brush, or vegetation from the easement area that may in Grantee's opinion endanger the pipeline, or necessary appurtenances. It is agreed that the pipeline, and necessary appurtenances shall all be located within the forty (40) foot easement area, and other than the signage and cathodic protection test leads as required under federal regulation, the pipeline, and appurtenances shall be buried. Owner reserves all right to utilize its Real Property provided such use does not unreasonably interfere with the easement granted herein. 4. Reclamation. NorthWestern shall at its own cost and expense and within a reasonable amount of time following initial construction of the pipeline and any subsequent maintenance or repairs to the pipeline, replace or repair all roads, drainage, fences, and other property damaged by the construction, maintenance or repairs to substantially the same condition as existed prior to such work. 5. Abandonment. If at any time after the pipeline is put into operation, NorthWestern, its successors or assigns, intentionally and voluntarily ceases to operate the pipeline for a period of more than five (5) years, the easement as granted herein shall terminate and be of no further force or effect. 6. Indemnification. NorthWestern agrees to indemnify and save Owner harmless from any claims or demands for injury, loss or damage to any person, entity or property resulting from NorthWestern's, its contractor's, and subcontractor's, use of the easement granted herein for the construction, operation, maintenance or repair to the pipeline and any appurtenances. NorthWestern maintains insurance, including self-insured retention and excess coverage, as set out on Exhibit "B". 7. Modifications. This Agreement supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties with respect to such subject matter. This Agreement may not be modified or terminated unless in writing signed by the party against whom the same is sought to be enforced. 8. Controlling Law. This Agreement shall be interpreted under and governed by the laws of the State of Montana, without regard to conflict of law rules. 9. Interpretation. This Agreement has been reviewed by both parties, each of whom has had the opportunity to consult with independent counsel regarding it and has done so to the extent that such party desired. No stricter construction or EASEMENT MODIFICATION AGREEMENT PAGE 3 OF 7 interpretation of the terms hereof shall be applied against either party as the drafter hereof. 10. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted. 11. Headings. The headings of sections and paragraphs of this Agreement are for convenience of reference only and are not intended to restrict, affect or be of any weight in the interpretation or construction of the provisions of such sections or paragraphs. 12. Certification. Owner represents that it is the sole owner of the Real Property, and has the right to enter into this Agreement. NorthWestern represents that it is the owner of the Easement, and has the right to enter into and perform this Agreement. Further, the individuals signing for the parties each hereby represent that they are duly authorized and empowered to execute this Agreement on behalf of the party for whom each signs, and that once signed that this will be binding on the parties hereto. 13. Attorneys' Fees. In the event either party finds it necessary to employ counsel in order to enforce or rescind any term or provision of this Option Agreement, including any proceeding in bankruptcy before any officer or judge of the U.S. Bankruptcy Court or any proceeding pertaining thereto, the prevailing party shall be entitled to recover from the other party in addition to costs and disbursements allowed by law, the prevailing party's reasonable attorneys' fees. Attorneys' fees shall include any attorneys services rendered prior to the institution of litigation or proceedings in bankruptcy and include all matters pertaining to litigation, or proceedings in bankruptcy and include all matters pertaining to litigation, or proceedings in bankruptcy as may be necessarily incurred in such proceedings and shall include an estimate of the attorneys' fees to be incurred by the prevailing party following any initial decision or judgment entered in connection with that matter. 14. Effect. The Easement, as modified hereby, and the additional grants and agreements made by the parties shall run with the land and shall be binding on and shall inure to the benefit of the parties to this Agreement and their respective successors, assigns and permittees. Except as expressly set forth herein, the Easement remains unchanged and in all other respects any other easements held by NorthWestern which are not referenced herein remain unchanged. Signatures and Notary Acknowledgements on Next Page EASEMENT MODIFICATION AGREEMENT PAGE 4 OF 7 City of Bozeman, a political subdivision of the State of Montana By: Jeff Krauss Its: Mayor STATE OF MONTANA ) ).ss COUNTY OF SILVER BOW ) Northwestern Corporation d/b/a Northwestern Energy a Delaware Corporation By: Patrick Asay Its: Manager - Land & Permitting This instrument was acknowledged before me on , 20_, by Patrick Asay, known to me to be the Manager - Land & Permitting for Northwestern Corporation, d/b/a NorthWestern Energy. l 1'CQ Ttl14EIKSS S- F Printed Name: Notary Public for the State of Montana Residing at: My Commission Expires: STATE OF MONTANA ) )ss. COUNTY OF GALLATIN ) This instrument was acknowledged before me on by , known to be the_ for The City of Bozeman, a Montana municipal corporation. NIQAVIIJII-"W� yFla, NlhI 20_, Printed Name: Notary Public for the State of Montana Residing at: My Commission Expires: Project: Bozeman East Dry Creek Pipeline Agent: Jeff Harmon SAP No: PR 1O8H1i - 6017262-0110 E# EASEMENT MODIFICATION AGREEMENT PAGE 5 OF,7 ♦t Exhibit A City of Bozeman Story Mill Park (Easement Agreement) 11-12-15.pdf EASEMENT MODIFICATION AGREEMENT PAGE 6 OF 7 EXHIBIT "B" Proof of Self -Insurance Coverage's 2014-2015 NorthWestern Corporation (dba NorthWestern Energy) Insurance Coverage's NorthWestern Corporation • Is a large publicly traded (Delaware) corporation: o Federal Tax ID number: 46-0172280 • Is self-insured to $1 million for property and property of others in our care, custody, and control • Is self-insured to $2 million for general liability • Is self-insured to $1 million for auto liability • Is self-insured to $2 million for workers compensation liability and is duly registered with the State of Montana as a self-insured entity • Maintains excess liability coverage above the self-insured amounts for catastrophic situations Additional info may be obtained from: Chad Wilde Risk Analyst NorthWestern Energy 600 Market St. W Huron, SD 57350 605-353-7620 Cell 605-354-2705 chad.wilde a northwestern.com EASEMENT MODIFICATION AGREEMENT PAGE 7 OF 7 COMPARABLE LAND SALE NO. 1 JOKI & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: 3030 Bridger Canyon Road, in Bozeman, MT Site Data: 1. Size : 37.90 Acres 2. Zoning: RR (Residential Rural) Current Use: Improved with a single family residence and out buildings. Legal Description: Tract B-1 Minor Subdivision 289 located in the SW 1/4 and NW 1/4 of Section 33, Township 1 South, Range 6 East, Gallatin County, Montana. Grantor: Carol A. Green Grantee: Henry S. Burden Recorded Sales Price: $760, 000 Confirmed Sales Price: $$760, 000 Instrument: Warranty Deed Confirming Party: Broker - Sandy Ferraro Recorded: October 22, 2012 Recording Info.: 2429770 Confirmed By: J. Michael Joki, MAI, SRA Financing: Cash to the Seller Confirmation Date: December, 2015 Property Description: This 37.90 acre site is located on the south site of Bridger Canyon Road and just north east of the Bozeman City limits. This site has mostly level toptography that features Bridger Creek which parallels most of the north bound-ty. The Broker confirmed the creek frontage was one of this properties strongest selling points as there are few similar trophy home sites available this close to the Bozeman city limits. This site was improved with a log home that was constructed in 1980. This one level home has a basement, open frame porch, and wood decks. There were also several out buildings included however the broker confirmed little if any value was given to the building improvements at the time of sale. Indication At Time Of Sale: $760,000/37.90 acres -- $20,053 per acre RETURN DOLL n,F:NTTO: American ; _ . : it:n Ge^ivany 1800 V', I'M` r`t+„ .•rn.:n. DAT 59715 Order No._I .Q3 2429770 Page: 1 of 2 10/22/2012 03:25:48 PM Fee: $14,00 Mills - GallatinMT 111111111 IIII�III I II IIIIIII IIi111I l Ilii IIIII !lilt l l 1111111IIIII IIIII IN 1111 HEED WARRANTY DEED FOR VALUE RECEIVED, CAROL A. GREEN, the Grantor, does hereby grant, bargain, sell, convey and confirm unto HENRY S. BURDEN of 116 West Prospect Street, Seattle, Washington 98119 the Grantee and his assigns, the following described premises in Gallatin County, Montana, to -wit: Tract B-1 of Minor Subdivision No. 289, located in the SW'4 and NWS of Section 33, Township 1 South, Range 6 East, P.M.M., Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. EXCEPTING THEREFROM that portion conveyed to the Montana Department of Transportation by Bargain and Sale Deed recorded February 11, 2004 as Document No. 2140265, records of Gallatin County, Montana. SUBJECT TO reservations and restrictions in federal patents, prior conveyances, and mineral reservations of record, all real property taxes and assessments for the current year and subsequent years, and all building and use restrictions, covenants, easements, agreements, conditions and rights of way of record and those which would be disclosed by an examination of the property. TO HAVE AND TO HOLD the said premises, with their tenements, hereditaments, and appurtenances unto the said Grantee and his assigns forever. And the said Grantor does hereby covenant to and with the said Grantee that she is the owner in fee simple of said. premises; that Grantee shall enjoy the same without any lawful disturbance; that the same is free from all encumbrances except those limitations set forth above; that the Grantor and all persons acquiring any interest in the same through or from Grantor will, on demand, execute and deliver to the Grantee, at the expense of the Grantee, any further assurance of the same that may be reasonably required; and that the Grantor will warrant to the Grantee all the said property against every person lawfully claiming the same. DATED this day of October, 2012. Carol A. Green STATE OF MONTANA ) ss. County of Gallatin ) On this day of October, 2012, before me, a Notary Public in and for said State, personally appeared CAROL A. GREEN, known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same. ,,,, I ��,,,�,Stuart L. Anderson St �4 d ANON �o== Notary Public for the State of Montana h r,� L . Residing at: * " ` =�q••t{+� v=� Bozernan, Montana Expires: „fit o My Commission May 08, 2015 I IA PrintedU&m Notary 'ubIic for the State of Montana Residing at Montana My commission expires: COMPARABLE LAND SALE NO. 2 JOIN & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: West side of Monforton School Road and just north of Circle Trail in Bozeman, Montana. Site Data: 1. Size : 9.40 Acres 2. Zoning: Restrictive Covenants Current Use: Unimproved Legal Description: Tract 2A1 of the amended subdivision plat of Middle Creek Meadows Subdivision 1, plat G -41-C, located in the NE 1/4 of Section 12, Township 2 South, Range 4 East, Gallatin County, Montana. Grantor: Kurt and Karen Thornburg Recorded Sales Price: $360, 000 Instrument: Warranty Deed Recorded: August 8, 2013 Recording Info.: 2458621 Financing: Cash to the Seller Grantee: William and Gale Bacon Confirmed Sales Price: $360, 000 Confirming Party: Broker - Taunya Fagan Confirmed By: J. Michael Jold, MAI, SRA Confirmation Date: December, 2015 Property Description: This 9.40 acre site is located on the west side of Monforton School Road and approximately one half mile north of Huffine Lane. This site is located well west of the Bozeman city limits and is serviced with a well and septic system. The topography is level and this site features Middle Creek frontage which borders the western edge of this land. This site is relatively long with a significant amount of frontage on Monforton School Road. This site was unimproved at the time of sale. Indication At Time Of Sale: $360,000/9.40 = $38,298 per acre ETURN DOCUMENT T0: ftgn-Lenci Title 1800 W, Koch ® BOze . 4 Order No. _A_ q C7 1 1 2458621 Page: 1 of 2 08/0B/2013 10:14:20 AM Fee: $14.00 Charlotto Mills — Gallatin County MT 1IIIIII1111111111111IIIIII11111111ININ11lllll11111111111111111IDEED IN JOINT TENANCY WARRANTY DEED FOR VALUE RECEIVED, KURT THORNBURG and KAREN THORNBURG, the Grantors, do hereby grant, bargain, sell, convey and confirm unto WILLIAM E. BACON and GALE J. BACON of 777 Circle F Trail Bozeman, Montana 59718 , the Grantees, as joint tenants (and not as tenants in common), the following described premises in Gallatin County, Montana, to -wit: Tract 2A1 of the Amended Subdivision Plat of Middle Creek Meadows Subdivision No. 1 Plat G -41-C, located in the NE's of Section 12, Township 2 South, Range 4 East, according to the official plat thereof on file and' of record in the office of the County Clerk and Recorder, Gallatin County, Montana. [Plat G -41-E] SUBJECT TO reservations and restrictions in federal patents, prior conveyances, and mineral reservations of record, all real property taxes and assessments for the current year and subsequent years, and all building and use restrictions, covenants, easements, agreements, conditions and rights of way of record and those which would be disclosed by an examination of the property. TO HAVE AND TO HOLD the said premises, with their tenements, hereditaments, and appurtenances unto the said Grantees as joint tenants with right of survivorship (and not as tenants in common) forever. And the said Grantors do hereby covenant to and with the said Grantees that they are the owners in fee. simple of said premises; that Grantees shall enjoy the same without any lawful disturbance; that the same is free from all encumbrances except those limitations set forth above; that the Grantors and all persons acquiring any interest in the same through or from Grantors will, on demand, execute and deliver to the Grantees, at the expense of the Grantees, any further assurance of the same that may be reasonably required; and that the Grantors will warrant to the Grantees all the said property against every person lawfully claiming the same. A � L�-�XnJST Dated this day of , 2013. 1 Kurt Thornburg Karen Thornburg STATE OF MONTANA ) ss, County of Gallatin ) On this day of dtt-I 2013, before me. A Nc�t.ary Prnhl i n in and for said State, personally appeared KURT THORNBURG and KAREN THORNBURG, known to me to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same. ��,a • �.,f-�'.,' Kath ryn L Kelly - ,.,� • NotaryPublic for the State of Montana N,;. SEAL.4�- Residing at: Bozeman, Montana � 1"19' • ' `'' M'� " P`, My Commission Expires: January 06, 2016 Notary P liV for the State o ntana Printed Name: %'Y97717 -yet% Residing at U2£rmsfrt/ Montana My commission expires: z416 COMPARABLE LAND SALE NO. 3 JOIC & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: NWC of Durston Road and Hanson Street in Bozeman, Montana. Site Data: 1. Size : 6.08 Acres 2. Zoning: None Current Use: Improved with a single family residence and out buildings. Legal Description: Tract 2A of Certificate of Survey No. 501 located in the SE 1/4 of Section 3, Township 2 South, Range 5 East, Gallatin County, Montana. Grantor: Ethel Hoell Hanson Irrevocable Trust Recorded Sales Price: $525, 000 Instrument: Warranty Deed Recorded: November 27, 2013 Recording Info.: 2469100 Financing: Cash to the Seller Grantee: Vision Development Inc. Confirmed Sales Price: $ 525,000 Confirming Party: Broker - Maurie Magee Confirmed By: Keith O'Reilly, MAI Confirmation Date: December, 2013 Property Description: This 4.73 acre site is located at the intersection of Durston Road and Hanson Street and just north west of the Bozeman city limits. This sale was of a 6.084 acre tract of land that included a single family residence and a detached shop building. The residence and shop building are now on a 1.35 acre site which leaves 4.73 acres for development. The contributory value of the 1.35 acres and building improvements was estimated at $275,000 which leaves an indicated value of $250,000 for the undeveloped land. Reportedly the buyer is a developer who intends to subdivide this land into single family residential home sites. Indication At Time Of Sale: $250,000/4.73 acres= $52,854 per acre s Security Title Company P.O. Box 6550 Bozeman, MT 59771-6550 �C,Cr�3 a3a� 2469100 Page: 1 of 2 11/27/2013 04;02:04 PM Fee: $14.00 11111111�1111111111I111111111111111111111111111111111111111111118111 111111IN DEED WARRANTY DEED FOR VALUE RECEIVED, ETHEL HOELL HANSON, Trustee of the Hanson Irrevocable Trust, the Grantor, does hereby grant, bargain, sell, convey and confirm unto VISION DEVELOPMENT, INC. of P.O. Box 1858, Bozeman, Montana 59771 the Grantee and its assigns, the following described premises in Gallatin County, Montana, to -wit: Tract 2A of Certificate of Survey No. 501, located in the SE's of Section 31 Township 2 South, Range 5.East, M.P.M., Gallatin County, Montana, according to the official survey thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. and A strip of land situated in the SE's of Section 3, Township 2 South, Range 5 East, P.M.M., more particularly described as follows: Beginning at the northwest corner of Tract 2A of Certificate of Survey 501, of record and on file in the office of the Clerk and Recorder of Gallatin.County; Montana; thence S 01028100" W, 687.69 feet to the south line of Section 3; thence N 89027100" W, 6.95 feet along said south line; thence N 01027148" E, 687.70 feet along the east line of Diamond Estates Subdivision; thence S 89°23154" E, 6.99 feet to the Point of Beginning. (Deed Reference: Document No. 2268861) SUBJECT TO reservations and restrictions in federal patents, prior conveyances, and mineral reservations of record, all real property taxes and assessments for the current year and subsequent years, and all building and use restrictions, covenants, easements, agreements, conditions and rights of way of record. TO HAVE AND TO HOLD the said premises, with their tenements, hereditaments, and appurtenances unto the said Grantee and its assigns forever. And the said Grantor does hereby covenant to and with the said Grantee that she is the owner in fee simple of said premises; that Grantee shall enjoy the same without any lawful disturbance; that the 2469100 Page 2 of 2 11/27/2013 04:02:04 HIVI same is free from all encumbrances except those limitations set forth above, that the Grantor and all persons acquiring any interest in the same through or from Grantor will, on demand, execute and deliver to the Grantee any further assurance of the same that may be reasonably required; and that the Grantor will warrant to the Grantee all the said property against every person lawfully claiming the same. DATED thisal- day of November, 2013. Ethel Hoell Hanson, Trustee of the Hanson Irrevocable Trust STATE OF MONTANA } ss. County of Gallatin } On this day of November, 2013, before me, a Notary Public in and for said State, personally appeared ETHEL HOELL HANSON, Trustee of the Hanson Irrevocable Trust, known to. me to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same. >MSTI TIFFANY STRATMAN NQYnA��� �y Notary Public for the State of Montana ,•: ; - RCsiding at: Bozeman, Montana My Commission Expires; September 01, 2017 Printed Na . Notary.Public for the State of Montana Residing at Montana My commission expires: COMPARABLE LAND SALE NO. 4 JOI0 & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: East side of Fowler Ave and just south of Duston Road in Bozeman, Montana. Site Data: 1. Size: 12.30 Acres 2. Zoning: R-3 and R-4 Current Use: Unimproved Legal Description: Very lengthy - See attached warranty deed. Grantor: First Baptist Church of Bozeman, Montana Recorded Sales Price: $800, 000 Instrument: Warranty Deed Recorded: December 6, 2013 Recording Info.: 2469674 Financing: Cash to the Seller Grantee: Gallatin Valley Land Trust Confirmed Sales Price: $800,000 Confirming Party: Broker - Lloyd Mandeville Confirmed By: J. Michael Joki, MAI, SRA Confirmation Date: June, 2014 Property Description: This 12.25 acre site is located near the north west end of the Bozeman city limits and has a mixed zoning which included R-3 and R-4 (multifamily). This site is located on the east side of Fowler Ave and lies adjacent to city park land. This site has level topography and all city services are available. The broker confirmed this site was purchased by the Gallatin Valley Land Trust and the intent is to transfer this land to the city of Bozeman for additional park land. Reportedly there were back up offers and one of the offers was at $800,000 cash by a local real estate developer. Indication At Time Of Sale: $800,000 / 12.25 acres = $65,306 per acre Return To: Gallatin Valley Land Trus L, Inc. 25 North Willson Avenue, Suite E Bozeman, Montana 59715 MTE # 7001-13144 �., 2469674 Page: 1 of 2 -Gallatin Co:nty, PM Fee $1D.ED Charlotte Mills - Gallatin County MT DEEB o t 'TIT£nNDEs ftbW Illlin#IIII(IIIIIIIIIIINU111111IIIIII11I11N11111I111MIIIN11111111lllh �FGf�U� WARRANTY DEED FOR VALUE RECEIVED, FIRST BAPTIST CHURCH OF BOZEMAN, MONTANA a/k/a FIRST FIRST BAPTIST CHURCH OF.BOZEMAN, which also acquired title as FIRST BAPTIST CHURCH, INC., a non-profit corporation, the Grantor, does hereby grant, bargain, sell, convey and confirm unto GALLATIN VALLEY LAND TRUST, INC. of 25 North Willson Avenue, Suite E, Bozeman, Montana 59715, the Grantee and its assigns, the following described premises in Gallatin County, Montana, to -wit: Parcel 1• Lot 3 and Lot 4 of the Bozeman Interfaith Housing 2 Minor Subdivision No. 223, located in the Southwest Quarter of Section 11, Township 2 South, Range 5 East, P.M.M., according to the, of ficial plat thereof on file and of record .in.the office of the County Clerk and Recorder, Gallatin County, Montana. Parcel 2: Tract C of the Amended Subdivision Plat of Tracts 2, 3 and 4 of Van Horn Subdivision, located in the Southwest Quarter of Section 11, Township 2 South, Range 5. East, P.M.M., City of Bozeman, Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. (Plat E -39-A) SUBJECT TO reservations and restrictions in federal patents, prior conveyances, and mineral reservations of record, all real property taxes and assessments for the current year and subsequent years, and all building and use restrictions, covenants, easements, agreements, conditions and rights of way of record and those which would be disclosed by an examination of the property. TO HAVE AND TO HOLD the said premises, with their tenements, hereditaments, and appurtenances unto the said Grantee and its assigns forever.. And the said Grantor does hereby covenant to and with the said Grantee that it is the owner in fee simple of said premises; that Grantee shall enjoy the same without any lawful disturbance; that the same is free from all encumbrances except those limitations set forth above; that the Grantor and all persons acquiring any interest in the same through or from Grantor will, on demand, execute and deliver to the Grantee, at the expense of the Grantee, any further assurance of the same that may be reasonably required; and that the Grantor will warrant to the Grantee all the said property against every person lawfully claiming the same. DATED this 5 day of December, 2013. FIRST BAPTIST CHURCH OF BOZEMAN, MONTANA a/k/a FIRST BAPTIST CHURCH OF BOZEMAN, which also acquired title as FIRST BAPTIST CHURCH, INC., a on- afit corp rat' Jay SmitW President STATE OF MONTANA ss. County of Gallatin ) On this 5 day of December, 2013, before me, a Notary Public in and for said State, personally appeared JAY SMITH, President of FIRST BAPTIST CHURCH OF BOZEMAN, MONTANA a/k/a FIRST BAPTIST CHURCH OF BOZEMAN, which also acquired title as FIRST BAPTIST CHURCH, INC., a non-profit corporation, known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that the corporation executed the same. Tommy Redfern �ypTA.q,q;fl2=_forth St�ryPubiic Printed a e: �. 4 : ate o► Montana :Q*`= Reeiding at; Notary ub is for e State of Montana 1 =:9 .. Bozeman, Montana Residing t 'uoK�.• MYCommfaston g , Montana Novembe810n Or 9' My commission exp es : J. MICHAEL JOKI, MAI, SRA State of Montana, Certified General #152 P.O. Box 281 Helena, MT 59624 APPRAISER'S QUALIFICATIONS EMPLOYMENT: January 1992 to present; Employed by Jori & Associates, a general practice .teal estate appraisal firm. July 1987 to January 1992; Employed by Peyton & Peyton, Inc., a general practice real estate appraisal firm. - June 1986 to September 1986; Employed by Gerald D. Peyton, SRA, Fullerton, CA, as an appraiser trainee. EDUCATION: Bachelor of Science degree in Business Administration, Management major, Montana State University, Bozeman, MT, June, 1987 Specialized Real Estate courses: Market Analysis and Highest and Best Use: Appraisal Institute, May, 2014 Report Writing and Valuation Analysis: Appraisal Institute, October, 2000 Advanced Applications: Appraisal Institute, October, 2000 Advanced Income Capitalization: Appraisal Institute, July, 1999 Condemnation Appraising: Basic Principals and Applications Appraisal Institute, Match, 1999. Condemnation Appraising Advanced Topics and Applications Appraisal Institute, March, 1999 Litigation Skills for the Appraiser: Appraisal Institute, April, 2000 General Applications: Appraisal Institute, June, 1997 Basic Income Capitalization: Appraisal Institute, April, 1997 EDUCATION: (cont.) Basic Valuation Procedures: Appraisal Institute, May, 1992 Residential Valuation: American Institute of Real Estate Appraisers, January, 1988 Real Estate Appraisal Principles: American Institute of Real Estate Appraisers, October, 1987 PROFESSIONAL DESIGNATIONS: MAI, Appraisal Institute, August, 2003 SRA, Appraisal Institute, August, 1992 STATE CERTIFICATION: State of Montana Certified General #152, Issued June, 1999 State of Montana Certified Residential #152, Issued July, 1992 TYPICAL APPRAISALS: Multi family, office, retail, special purpose, subdivisions and vacant land, eminent domain, CONTINUING EDUCATION WITH APPRAISAL INSTITUTE (past 15 years): Analyzing Operating Expenses, March, 2012 USPAP Update Course, January, 2012 Attacking and Defending an Appraisal in Litigation, May, 2011 Discounted Cash Flow Model, October, 2010 USPAP Update Course, February 2010 Appraisal Curriculum Overview, September 2009 Business Practice and Ethics, January 2009 Office Building Valuation, September 2008 USPAP Update Course, January 2008 Effective Appraisal Writing, March 2007 Subdivision Valuation, September 2006 Business Practice and Ethics, March 2006 Scope of Work, September 2005 Evaluating Commercial Construction, September, 2004 Separating Real and Personal Property, October, 2003 Standards for Federal Land Acquisitions, January 2003 Partial Interest - Undivided, April 2002 Standards of Professional Practice, Part C, January 2002 Partial Interest --Divided, September, 2001 Partial Interest --Undivided, April, 2002 Marshall & Swift Valuation Guides, May, 2000 Data Confirmation Methods Small Hotel/Motel Valuation Eminent Domain and Condemnation Appraising Education Chairman, Montana Chapter of the A January, 1996 to September, 2000. ppraisal Institute, Appointed to National Educational Programs Connnittee, Appraisal 1999 to 2002. pp 1 Institute, Vice President, Montana Chapter of the Appraisal Institute, 2004' - 2 * 005. President, Montana Chapter of the Appraisal Institute, 2006-2007 * Finance Officer for Region 1 of the Appraisal Institute, 2009-2013 State of Montana, Department of Transportation U. S. General Services Adninisttation Albettsons, Inc. Montana Fish, Wildlife, and Parks Lolo. National Forest WGM Group—Engineering Ficin Robert Peccia & Associates—En Montana Tech College gmee�ing Fpm Montana Board of Investments City of Helena Lewis and Clark County Helena School District #1 Jefferson County Northwestern Energy - Montana Power Company Southern Montana Electric State of Montana, Department of Military Affairs Louisiana Pacific Colporation Diocese of Helena Toyota Financial Services CB Richard Ellis Wells Fargo Bank US Bank Valley Bank of Helena Rocky Mountain Credit Union Whitefish Credit Union Mountain West Bank Glacier Bank Commonwealth Land 'fide Insurance Company Prickly Peat Land Trust � The Trust for Public Land i Numerous private investors and attorneys. State of Montana Business Standards Division Board of Real Estate Appraisers Li�enge #: ZEA -RAG -LIC -152 Statin: Active Expiration Date: 3/31/2016 JOHN MICHAEL JOKI JOKI AND ASSOCIATES PO BOX 281 HELENA, MT 59624 This certificate verifies licensure as: CERTIFIED GENERAL APPRAISER Endorsement: REAL ESTATE APPRAISER MENTOR R NI EW OR VERIP Y .YOUR iKE'NS[i AT haps://ebi z,iitl.g0!'/polr To use license as a Wall License, cut off excess paper and affix the above to wall for display. Remember to renew online if possible. Benefits of renewing online include: The ability to change an address (for most professions) The ability to print license(s) the same day as the renewal The ability to print additional licenses for no additional charge up to 45 days following the end of the renewal cycle To verify licenses or renew online: https://ebiz.mt.gov/pol