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HomeMy WebLinkAboutEmpire Building Materiald Industrial Property/Appraisal Services Maw. wwrommi� h 1, nwai muw'am�ww �aauwua',w,rw.w ��w AN AN MENEM— BMW AW PPRAIS A AL SERVICES w�.ww uewr iw.uwnmmmwrvreewwa wwwwm w uw.mwim�wioiww�wawomvuu�nsiwwmwwremr�roraumouwa �rea��wuw,rm. P . 0 B 0 X 1 0 7 6 B O Z E M A N , MT 5 9 7 1 5 • ( 4 0 6 ) 5 8 7 - 5 0 4 4 COMPLETE APPRAISAL 0 SUMMARY REPORT of Empire Materials, Inc., an Industrial Property 1101 Pear St. & 801 L St. Bozeman, Gallatin County MT, 59715 As of March 8, 2006 Prepared For City of Bozeman, Empire Building Materials, Ponderosa Land Development, & Martel Construction Prepared by Ross Wenger, Licensed Residential Appraiser MT-753 and Jerry R. Gossel, Certified General Appraiser MT-106 Appraisal Services P.O. Box 1076 67A W. Kagy Blvd. Bozeman, MT 59771 File#: 06-096 APPRAISAL SERVICES _ _....,.w P.d.Box 1076 406-587-5044 67A Kagy Blvd. 406-587-5481 Bozeman, MT 59771 rossw@montana.com March 8, 2006 City of Bozeman,Empire Building Materials, Ponderosa Land Development, & Markel Construction Re: Empire Materials, Inc. 1.101 Pear St. & 801 L St, Bozeman, Gallatin County MT, 59715 Bear, City of Bozeman, Empire Building Materials, Ponderosa Land Development, & Martel Construction At your request, we have prepared an appraisal for the above referenced property. The purpose of this appraisal is to estimate the market value of the subject property's fee simple estate for business purposes. This appraisal is intended for the use of the client. This is a Complete Appraisal. All applicable research and valuation analyses have been applied. This is a Summary Report as defined by Uniform.Standards of Professional Appraisal Practice under Standards Rule 2-2(B). This format provides a summary of the appraisal process, subject and market data and valuation analyses. We certify that we have no present or contemplated future interest in the property beyond this estimate of value. Your attention is directed to the Limiting Conditions and Assumptions, located on page 8. Acceptance of this report constitutes an agreement with these conditions and assumptions. March 8, 2006 Page 2 In our opinion, the value of the subject property, as of March 8, 2006, was as follows. Subject Property "As Vacant" Premise, Fee Simple Estate Value Conclusion $840,000 Further, we estimate the market exposure period necessary for the subject to have achieved this value to be 1-12 months, Respectfully submitted, Appraisal Services Ross Wenger-M 753 , ' eriy R. G el, MT- 6 Licensed Residential Appraiser ,°f --Certif General Appraiser � Y TABLE OF CONTENTS Summary of Important Facts and Conclusions........................................................^.......... ^^......... 5 AppraisalScope ........^.................................................................................................................... 7 Limiting Conditions and As ..^^^^^----~'`~---'^^'^^--------~~^~`~~'~'~^~~^''' Q DefiDitiool0fMarket Value..............................................................................^ ............................. g PropertyRights Appraised........................... ................................................................................ }0 RegionalMap................................................................................................................................ 11 Purpose and Intended Use/User---^^-^—_----,..~.--.--.--------.....,.--.—.—.. 12 Market Area, City,� and Location Data................................................................. l2 PropertyDescription...................................^...............................^^^^.,'^ ......................................... 17 Subject Photographs~`^^'----^^^'-'^-----'`~~^------------'—`~~'~~''~^'~'`~'~`20 Zoning...........................................^,..............................................................................................23 Assessmentand Taxes .................................................................................................................23 Sale/Transfer History............... ....................................................................................................25 Highestand Best Uae.. ........................................................................................ ,,~^.,^^^^^,^,...26 vuln8tlOnMethodology ........................... ....................................................................................26 SalesComparison Approach.......................................................................................................-2Q ComparablesMap..........................................,.............................................................,~^^,^,^^33 AnalysisGrid................,,,....,..................^..^^^,..........,...........................,,,^^..^^......................_33 C '--`~^~^~'---'-^^^-^~-----'.~.._—`...,.^..^.^.....^.-.------.—.--. 34 Comparable Sale Adjustments..----.—_^^,____.,,.,_.____.____.,^'.^_,,_.^.^.^^^ 35 Sales Comparison Approach Conclusion............................................. ....................................36 Final Reconciliation,~~.___.__.^.^__^^___.___,,~____,^_^,^^___________.__._37 ValueIndication........................................................................................................................ 37 ValueConclusion.......................................................................... ...........................................37 CertificationStatement.................^...............................................................................................]8 Addenda.......................... ..^,^^^------'^^^'~`^'---`^^-^-----'--'-^'~^^`^~^~---^^- 3g Appraisal Services 4 Summary of Important Facts and Conclusions GENE Subject: Empire Materials, Inc. 1101 Pear St. & 801 L St. Bozeman, Gallatin MT, 59715 Owner: Ponderosa Land Development, LLC & Bar Land, LLC Tax Identification: RGHH26438, RGH3367, RGH1278 Date of Report: March 9, 2006 Date of Value: March 8, 2006 Property Rights Appraised: Fee Simple Intended Use: Business Intended User(s): Client Appraisal Purpose. Market Value Taxes: Tract 1 COS 1363, $3,433.93 Parcel A& C COS 539 $6,094.05 Parcel B COS 539 $4,454.54 Total Taxes: $13,982.52 PROPERTY Land Area: Tract 1 COS 1363, 2.346 Acres Parcel A COS 539, .420 Acres Parcel B COS 539, 2.244 Acres Parcel C COS 539, 1.818 Acres Total: 6.83 Acres or 297,514 SgFt Usable: 6.83 Acres or 297,514 SgFt Improvements: Building Type: Industrial Warehouse Year Built/Rehabbed: 1978/1.980 Condition: Average Number of Stories: I Gross Building Area: 22,464 Net Leasable Area.: 22,464 Number of Units: 2 ,Zoning: M-2, Manufacturing and Industrial District Highest and Best Use The highest and best use of the subject, as vacant, is for As Vacant: industrial development. Appraisal Services 5 Reconciled Value Conclusion.: Premise: "As Vacant" Estate: Fee Simple Vale Conclusion: $840,000 Land Value: Comparable Land Sales: $892,542 Less Cost of Demolition: -$50,000 Equals Estimated Land Value: $842,542 Rounded To: $840,000 Appraisal Services __ 6 Appraisal Scope According to the Uniform Standards of Professional Appraisal Practice, it is the appraisers responsibility to determine the appropriate scope of work. USPAP defines the scope of work as: The amount and type of inforination researched and the analysis applied in an assignment. Scope of work includes,but is not limited to, the following: • the degree to which the property is inspected or identified; • the extent of research into physical or economic factors that could affect the property; • the extent of data research; and • the type and extent of analysis applied to arrive at opinions or conclusions. SCOPE OF WORK Appraisal Type: This is a Complete Appraisal. All applicable research and valuation analyses have been applied. Report Type* This is a Summary Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(B). This format provides a summary of the appraisal process, subject and market data and valuation analyses. Inspection: A complete inspection of the site was made, and photographs were taken. Highest and Best Use Analysis: A complete analysis of highest and best use, both as vacant and as improved, was made. The analysis concluded the highest and best use is "as vacant." Market Area and Analysis of A complete analysis of market conditions was made. Market Conditions: Land Valuation Analyses Sales Comparison Approach: A complete vacant land sales approach was applied, P. minus the cost of demolition of the existing improvements. Land Value: Comparable Land Sales: Less Cost of Demolition: Equals Estimated Land Value: Appraisal Services 7 Limiting Conditions and Assumptions Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client, individual sections shall not be distributed;this report is intended to be used in whole and not in part. No part of this appraisal, its value estimates or the identity of the firm or the appraiser(s) may be communicated to the public through advertising, public relations, media sales, or other media. All files, work papers and documents developed in connection with this assignment are the property of Appraisal Services. Information, estimates and opinions are verified where possible, but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property; no other use of these plans is intended or permitted. No hidden or unapparent conditions of the property, subsoil or structure, which would make the property more or less valuable, were discovered by the appraiser(s) or made known to the appraiser(s).No responsibility is assumed for such conditions or engineering necessary to discover them. Unless otherwise stated,this appraisal assumes there is no existence of hazardous materials or conditions, in any form, on or near the subject property. Unless stated herein,the property is assumed to be outside of areas where flood hazard insurance is mandatory. Maps used by public and private agencies to determine these areas are limited with respect to accuracy. Due diligence has been exercised in interpreting these maps, but no responsibility is assumed for misinterpretation. Good title, free of liens, encumbrances and special assessments is assumed.No responsibility is assumed for matters of a legal nature. Necessary licenses,permits, consents, legislative or administrative authority from any local, state or Federal government or private entity are assumed to be in place or reasonably obtainable. It is assumed there are no zoning violations, encroachments, easements or other restrictions which would affect the subject property, unless otherwise stated. The appraiser(s) are not required to give testimony in Court in connection with this appraisal. If the appraisers are subpoenaed pursuant to a court order, the client agrees to pay the appraiser(s) our regular per them rate plus expenses. Appraisals are based on the data available at the time the assignment is completed. Amendments/modifications to appraisals based on new information made available after the appraisal was completed will be made, as soon as reasonably possible, for an additional fee. Appraisal Services 8 Definition of Market Value The definition of"Market Value", as defined by the Office of the Comptroller of Currency (OCC)under 12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions, the Board of Governors of the Federal Reserve System(FRS) and the Federal Deposit Insurance Corporation in compliance with Title XI of FIRREA, as well as by the Uniform Standards of Appraisal Practice as promulgated by the Appraisal Foundation, is as follows. Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby, 1. Buyer and seller are typically motivated; 2. Both parties are will informed or well advised, and acting in what they consider their own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Appraisal Services 9 Property Rights Appraised Fee Simple: A fee simple interest is the most complete interest in real property. A fee simple interest is the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain,police power, and escheat. The rights of a fee simple estate include: • The right to sell an interest • The right to lease an interest and to occupy the property • The right to mortgage an interest • The right to give an interest away • The right to do none or all of these things Leased Fee: A Leased Fee position is defined in the Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute,2003), as. An ownership interest held by a landlord with the rights of use and occupancy conveyed by a lease to others. The rights of the lessor (the leased fee owner) and the leased fee are specified by contract terms contained within the lease. Although, specific details of leases vary, a leased fee generally provides the lessor with the following: • Rent to be paid by the lessee under stipulated terms • The right of repossession at the termination of the lease • Default provisions • The right of disposition, including the rights to sell, mortgage, of bequeath the property, subject to the lessee's rights, during the lease period Appraisal Services 10 Regional Map LINCOLN TOOLS OANIELSSHEEIOAN GPACIER HILL ¢ TlATHEA'O —OIOERAA F L BLM14E PHILLIPS VALLEY I ROOST .SANDERS LAKE ? TETON CHOUTEAUq R�CHLA NO 11 N�cCONE LEWIS CAS DAWSON 'yey AND CAGE 1.,.. FERGUS PETTRO GARFIELO J MISSOULA LEUAL CLARKy, l IIM `.. �, 1111AIR9'E �_ cx� POWELL� � � MEAAGHER MUSSEL- YdHEAT- �� PALLO?d GRANITE BROAD- SHELL RAVALCI SON WA LAND. ` � EOSEBUO� CU5iER 54NEE7 STILL- PARK GTN4SS WATER i�F,l�p _. YELL[riVSTO P PARK BIG HORN POWDER CARTER ;CARBON HEAVERNM MADISON � � C Bozeman Appraisal Services 1 Purpose and Intended Use/User The purpose of this appraisal is to develop an opinion of Market Value of the property of interest. The Intended Use of this appraisal is for business purposes, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraisal. Market Area, City, Neighborhood, and Location Data The four forces that influence value in a market are social, economic, governmental, and environmental. This analysis identifies the characteristics that influence value trends in the past and that may affect values in the future. Bozeman, the county seat, is located in the southwest portion of the state in Gallatin County. The county area is 2,510 square miles. Billings, the state's largest city, is located 150 miles to the east; Butte is located approximately 80 miles to the west. Helena,the capitol, is located 90 miles to the north. Gallatin County is one of the fastest growing areas in the state. Social Influences In the market area analysis, the social characteristics that influence property values include: population density,which is important in central business districts and high-rise residential neighborhoods; skill levels or employment categories, which are important in industrial or high- technology districts; age levels,which is important in residential neighborhoods;house-hold size; employment status, including types of unemployment; extent of crime; extent of litter; quality and availability of educational, medical, social, recreational, cultural, and commercial services; and presence of community organizations. According to the Census and Economic Information Center, Montana Department of Commerce, the population of Montana in 2003 was 917,621. According to the 2000 Census,the population of Gallatin County was 67,831 residents, and Bozeman was 27,509 residents. Woods and Poole Economics estimated the population of Gallatin County in 2004 at 75,637, which make it the fastest growing county in Montana. According to the Economic Information Center the population of Bozeman in 2003 was 30,753. The census figures include some students as heads of household and fluctuations in university enrollment may affect the population data. Gallatin County has a well-educated work force. Of the county adult population over 25 years of age, 41%have college degrees; in Bozeman, that number increases to 49.5%. Gallatin County has experienced steady population growth in recent decades. More than 90%of the population lives in Bozeman or within 30 minutes of Bozeman. The age distribution for Gallatin County in 2000 is as follows: under 10, 11.7%; 10-19, 15.2%; 20-29, 21.9%, 30-39%; 40-49, 16.0%; and 60 & over, 11.4%. The age distribution for Bozeman in 1990 is as follows: under 10, 11.4%; 10-19, 15.7%; 20-29, 31.2%; 30-39, 16%; 40-49, 9.3%; and 60 & over, 11.4%. The average persons per household in Gallatin County for 2000 were 2.46 and for 1990 were 2.50. The average persons per household in Bozeman for 1990 were 2.27. Appraisal Services 12 According to the Montana Employment & Labor Trends Quarterly; the civilian labor force of Gallatin County in December of 2000 was 43,401,the number of employed workers was 42,114, and the number of unemployed was 1,287, with an unemployment rate of 3.0%. The civilian labor force in December of 2001 was 44,329, the number of employed workers was 42,937, and the number of unemployed was 1,053, with an unemployment rate of 1.2%. The historical unemployment rates are as follows: Year Montana% Gallatin County% 2004 3.84 2.39 2003 4.4 2.5 2002 4.6 2.7 2001 4.6 2.5 2000 4.9 2.7 1999 5.2 2.9 1998 5.6 3.0 1996 5.3 2.6 1994 5.1 2.3 1992 6.9 5.4 The Bozeman Police Division, with 43 law enforcement officers and 7 civilian employees, provides law enforcement protection to city residents and visitors. The department has a community policing philosophy and has implemented many positive programs over the past few years. In 2001,the number of crimes in Bozeman is as follows: homicide, 3; robbery, 7; assault, 12; burglary, 106; larceny, 1071,vehicle theft, 109; and rape, 24, Gallatin County has 32 schools in 16 school districts, offering educational programs from kindergarten through high school. Gallatin County's total enrollment of students, including private school numbers is 10,942. Montanan State University is one of two university systems within the state. During the 2005 fall semester, 12,300 students were enrolled at MSU-Bozeman. The university offers baccalaureate degrees in 50 fields, master's degrees in 40 fields and doctorates in 13 fields. Bozeman has a full range of medical professionals, several clinics, two urgent care clinics, a low- income clinic, and a modem short-term acute care hospital. There are approximately 100 doctors and 35 dentists, 114 practical and 377 registered nurses in the community. The number of increasing passenger boarding at Gallatin Field Airport is an indication of strength in the tourism and recreation in Gallatin County. Bozeman is a destination point to Yellowstone National Park, which continues to attract over 3 million visitors each year. The alpine skiing is excellent with Bridger Bowl located 15 miles north of town and Big Sky, a destination resort ski area, located 50 miles south of town. Both ski areas offer beginner to expert ski runs. There are numerous cross-country ski trails in the area. The area is known for its fishing on three rivers,the Gallatin,the Jefferson, and the Madison, which form the Missouri River. Access to the Yellowstone River in Park County is 25 miles east of Bozeman. Appraisal Services 13 There are 48 religious organizations in the Bozeman area representing a variety of affiliations and denominations. Bozeman has more than 70 motels/hotels with 1,400 rooms and more than 50 restaurants. Economic Influences Economic considerations relate to the financial capacity of a market area's occupants and their ability to rent or own property, to maintain it in an attractive and desirable condition, and to renovate it when needed. The economic characteristics include; mean and median household income, per capita income, income distribution, extent of owner occupancy, property rent levels and trends, property value levels and trends, vacancy rates for various types of property, and amount of development. The economy in Gallatin County and Bozeman is both broad based and diverse, with 3,400 establishments employing over 41,000 people. Major sectors of the economy, in addition to Montana State University, include recreation,retail trade, agriculture, services, manufacturing, and natural resource-based industry such as mining and forestry. Growing segments within these sectors are technology-based, and sports and recreation-based businesses that find university resources and an educated and recreational active labor force to be significant assets. The largest employer in the area is Montana State University, which employs approximately 3,500 personnel. Employment numbers indicate that retail trade employee's make-up 26% of the covered labor force, with government at 20%, and services at 25%. Manufacturing is the next largest segment, employing 9% of the covered labor force. In 1999 the median household income for Montana was $33,024 with a per capita income of $17,151. The median household income for Bozeman was $32,156 with a per capita income of $16,104. Housing statistics for 2000 are as follows; Residential housing units in Montana 412,633, and for Bozeman 10,877. The persons per household in Montana were 2.45 and Bozeman was 2.26 with the homeownership rate in Montana of 69.1% and Bozeman was 42.9%. Residential housing starts in Bozeman for single-family and multi family units were as follows: 1997, 309; 1998, 423; 1999, 546; 2000, 415; 2001, 422; 2002, 526; 2003, 612; 2004, 881. Source: City of Bozeman Planning Office. The average rental prices in Bozeman as of May 2005 for apartments were- I bedroom $300- $500; 2 bedrooms $500-$795; 3 bedrooms $65041000. The average studio rental was $275- $400. The average house rental was: 2 bedrooms $600-$850 and 3 bedrooms $80041,200. Source: Peak Property Management. According to the City of Bozeman Building Division the new construction valuation, including both residential and commercial for Bozeman: 2000 $81.2 million Appraisal Services 14 2001 $78.9 million 2002 $85.8 million 2003 $133.1 million 2004 $144.2 million Governmental Influences Governmental considerations relate to laws, regulations, and property taxes that affect properties in the market area and the administration and enforcement of zoning laws, building codes, and housing and sanitary codes. The governmental characteristics include; property tax burden relative to services provided compared with other areas in the community; special assessments; zoning, building, and housing codes; quality of public services, such as fire and police protection, schools, and other governmental services; and environmental regulations. In 1921, the city of Bozeman adopted a Commissioner-Manager form of government. The day- to-day operations of local government are administered by the City Manager. All department heads are responsible to the City Manager, who is in turn responsible to the City Commission. Five commissioners are elected at large for four-year overlapping terms. The City Judge, the only other elected official, is also elected at large for a four-year term. The city provides water and sewer services that is supported by user fees. Garbage collection and landfill operations costs are covered by an annual assessment of property-owners. Through its general taxing authority,the City of Bozeman also provides library, parks, cemetery, street, and tree maintenance services. The Bozeman City/County Planning Office advises the Bozeman City Commission, Gallatin County Commission and Bozeman City/County Planning Board on matters within the planning jurisdictional area. The staff reviews subdivision requests, annexation requests, Master Plan amendments, zone changes; conditional uses, and makes recommendations to the respective bodies. The staff is also responsible for carrying out long range, comprehensive planning programs. The Department administers the Bozeman area-zoning ordinance, which contains provisions for site review and planned unit-development. The planning staff administers all housing-programs and historic preservation. Environmental Influences Environmental considerations consist of any natural or man-made features that are contained in or affect the market area and its location, including: building size, type, density, and maintenance; topographical features (terrain and vegetation); open space; nuisances and hazards from nearby facilities; the adequacy of public utilities; the existence and upkeep of vacant lots; general maintenance; the attractiveness and safety of routes into an out of the area; effective ages of properties; changes in property use and land use patterns; microclimate characteristics (temperature, wind, humidity, snowfall, etc.); environmental liabilities (landslides, floods, etc.); and access to public transportation, schools, stores and services establishments, parks and recreational facilities, house of worship, and workplaces. The Gallatin Valley is surrounded by several mountain ranges and thousands of acres of national forest land, where trail systems and wilderness areas abound. Two of the entrances to Appraisal Services 1 5 Yellowstone Park,America's oldest and best-known park are within a 90-mile drive of Bozeman. Yellowstone National Park can be enjoyed year round and Glacier National Park is a short-days drive to the west. Bozeman is near ten national forests that accommodate a variety of outdoor recreational experiences. There are several areas that are designed to accommodate the needs of people with disabilities, families with small children, and senior citizens. Many organizations and Recreation Department use public lands and city/county facilities to conduct programs. The city of Bozeman supports 23 parks and recreation areas, 19 of which are owned by the city. The city maintains 17 public tennis courts with three public parks are converted to outdoor ice skating rinks in the winter. Bozeman's climate reflects its mountain valley location. Summers are pleasant, characterized by warm days, cool nights, and an abundance of sunshine. Hot weather and humid conditions are infrequent. Bozeman is located in one of the few regions in the country where the average summer climate is comfortable due to the moderate combined heat and humidity. The average high temperatures for the summers are in the 70's and 80's; the average low temperatures are in the mid 40's and low 50's. The autumn high daily temperature is 70 degrees until the middle of October then between 20 and 50 degrees in October and November. The average monthly high and low temperatures for December, January and February are 35 and 16, 31 and 11, and 37 and 17 degrees. The average temperatures for spring are between 53 and 72 degrees. The average snowfall for Bozeman is 73.1 inches. Appraisal Services 16 Property Description SITE Information Sources: Deed, assessment records, inspection Total Site Size: 6.83 acres or 297,514 SqFt Usable Site Size: 6.83 acres or 297,514 SqFt Visibility: Good Shape: Irregular CERTIFICATE OF SURVEY No, 1363 A TRACT OF LAND BEING A PORTION OF THE BURLINGTON NORTHERN RAILROAD COMPANY PROPERTY SITUATED IN THE S,E. 114 OF SECTION 6,TZS., R6E., PWK, CITY OF BOZEMAN, GALLATIN COUNTY,MONTANA W. "—1—'.�p X.— --1. SCALES 1"•100' F -N- V V na nm'� NZ T=' ease and Appraisal Services 17 CERTIFICATE OF SURVEY NQ. eaa OotLOTi mc"NTY,MONTANA Vii.x'µ xms[xax. nw xn .vrx.n nnn�rr n. y • . fin" . .. r its am..e rmte.e /•.« .....r.......nru.a. r x• x.M 4 Road Frontage/Access: Pear St. & L St. with Good access. Topography: Level Drainage: Appears Adequate Utilities: Electricity: NorthWestern Energy Sewer: City Water: City Natural Gas: NorthWestern Energy Adequacy: Good Landscaping: Average Site Utility: Good Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is not located in flood hazard zone. FEMA Map Number: 30002800080 FEMA Map Date. July 15, 1988 FEMA Zone Classification: X Appraisal Services 18 Easements: The appraiser viewed the site and reviewed the zoning map, subdivision plat, and deed. The appraiser did not observe any adverse easements affecting the marketability of the site. Encroachments: The appraiser did not observe any encroachments affecting the marketability of the site. CURRENT IMPROVEMENTS Building Type: 2 Industrial Warehouses Construction: Steel Quality: Average Year Built: 1978 & 1980 Condition: Average Effective Age: 25 Remaining Useful Life: 25 Areas &Ratios: Gross Building Area: 22,464 Net Leasable Area: 22,464 Building Efficiency Ratio: 100% Units DesSri Etion: Unit Type #of Units Description Unit Size Total SF 11,364 11,364 11,100 11,100 Totals 2 22,464, FOUNDATION,FRAME &EXTERIOR Frame: Steel Exterior: Steel Roof/Cover: Metal SITE IMPROVEMENTS Parking Type and Type: On-Site Asphalt/Gravel Condition: Average Appraisal Services 19 Subject Photographs iw m Empire Building Materials: View to Southwest Appraisal Services 20 G �r H 1 r All, ���fl���� ,��,���/ /i i� � r i�� /i�l✓/fin/(��� , r I�/r,��d���iii�1��/�%/�rii ���1/�ffr�/��// �r /ri ,r/ii/% ��� ��i✓" � 1 ��'arjr/. e Empire Building Materials: View to Northwest Appraisal Services 21 ' i r I tl B it i i Empire Building Materials. View From L St.. Appraisal Services 22 Zoning The zoning classification is also subject to final plat approval, as stated in the hypothetical condition. Zoning Classification: M-2 General Description- Manufacturing and Industrial District Conformance: The subject site will legally conform with the zoning compliance Zoning Change: Not Likely Source: Bozeman Zoning Regulations Lot Coverage/Floor Area: Entire lot, exclusive of required yards and parking, may be occupied by the principle and accessory buildings Lot Area: No minimum size Lot Width: 100 Feet Yards: Structures: Front, 20 Feet; Rear, 3 Feet; Side, 3 Feet Parking: Front, 20 Feet; Rear, 0 Feet; Side, 0 Feet Building Height: 45 Feet Assessment and Taxes The State of Montana,through the Department of Revenue, is responsible for valuing all taxable and real property. The Montana Department of Revenue is composed of six divisions: The Customer Service Division is designed to provide centralized and consistent customer service, revenue collection, and document processing for the department and for state agency partners. The Business and Income Taxes Division oversees audits and verifies compliance with Montana tax law for all taxes, and completes appraisals and assessments of industrial and centrally assessed property. The Property Assessment Division is responsible for the valuation and assessment of real and personal property throughout the state for property tax purposes. The division is comprised of a central office located in Helena and six regions. There is a local DOR office located in each county seat within the regional areas. The Resource Management Division provides service and support to the department by integrating Human Resources, Payroll and Benefits, Education and Training, Liquor Distribution, Accounting, Purchasing, and Facilities and Asset Management. Appraisal Services 23 The Information Technology Division provides service in the area of data support, applications support, technology support, and user assistance that enables the department to meet its business objectives. The Director's Office supports the agency's director and is composed of six work units. The basic function for each unit is: • Legal Services supervises the overall legal efforts of the department, which includes rules, policies, bankruptcy, disclosure officer and the Office of Dispute Resolution. • Tax, Policy & Research is responsible for the preparation of legislative fiscal notes that affect revenue,the analysis of legislative proposals affecting the department, and department economic data analysis. • Budget Analyst provides ongoing oversight of the department budget. • Communications manages the department's communication activities, including information dissemination,media relations, document editing, stakeholder relations, website maintenance, public involvement and special events. • Internal Quality Manager is responsible for providing management with information about the adequacy and the effectiveness of its system of internal controls and quality of its operations with established standards and management expectations. • Administrative Support assists all units in the Director's Office with administrative responsibilities including, preparing for legislative committees, editing correspondence and finalizing mass mailings. The property tax is determined by multiplying the property's value by a tax rate. The Montana Legislature sets the tax rate. The taxable value is then multiplied by the mill levy. The local tax jurisdictions, city and county government, school districts, and other public services influence the mill levy. The general property tax equation is: Value x Tax Rate=Taxable Value Taxable Value x Mill Levy= General Property Tax The Property Assessment Division is responsible for determining the value of real property throughout the state for property tax purposes. State Law requires the Department of Revenue's Property Assessment Division to reappraise property periodically. Appraisal Services 24 Assessor Parcel RGH26438, RGH3367, & RGH1278 Year: 2005 Taxes: Tract I COS 1363, $3,433.93 Parcel A & C COS 539 $6,094.05 Parcel B COS 539 $4,454.54 Total Taxes: $13,982.52 Sale/Transfer History According to Public Records the subject has not in the past three years months. According to MLS the subject is not currently listed for sale. According to MLS the comparable sales#1, #2, #3 and 44 have not transferred in the past one year. The date of research was 03/09/06. Appraisal Services 25 Highest and Best Use Highest and best use may be defined as the reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.I • Permissible Use. What uses are permitted by zoning and other legal restrictions? • Possible Use. To what use is the site physically adaptable? • Feasible Use. Which possible and permissible use will produce any net return to the owner of the site? • Maximally Productive. Among the feasible uses which use will produce the highest net return, (i.e., the highest present worth)? The subject site currently has improvements, and the contribution of the improvements to the overall value depended on how it could be put to use. Therefore, the highest and best use of land as though vacant was considered in relation to its existing use and all potential uses. The conclusion of highest and best use of land as though vacant indicated the improved property did not have significant economic life. The possibility of removing existing improvements underlies the concept of highest and best use of land as though vacant, even when improvements are present. When the highest and best use of the land as though vacant is different from that of the property as currently improved, demolition may be considered as one alternative. The cost of demolition was addressed as well as the cost of curing any environmental problems. The total site size of the subject is 6.83 acres, all of which would be considered useable. Highest and Best Use As Vacant The highest and best use of the subject, as vacant, is for M-2 Manufacturing and Industrial District development. Valuation Methodology Three basic approaches may be used to arrive at an estimate of market value. They are: • The Cost Approach • The Income Approach I The Appraisal of Real Estate 1 I'h Edition, Page 297, Appraisal Institute Appraisal Services 26 O The Sales Comparison Approach The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. Different properties require different means of analysis and lend themselves to one approach over the others. In this appraisal: Since the highest and best was determined to be as vacant, the land value is the appraiser's estimation of value. 1. A complete vacant land sales approach was applied, minus the cost of demolition of the existing improvements. Land Value: Comparable Land Sales Approach: $892,542 Less Cost of Demolition: $50,000 Equals Estimated Land Value: $842,542 Rounded To: $840,000 Appraisal Services 27 Sales Comparison Approach The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principals of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. 1. The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. 2. The most pertinent data is further analyzed and the quality of the transaction is determined. 3. The most meaningful unit of value for the subject property is determined. 4. Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. 5. The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Appraisal Services 28 COMPARABLE LAND SALE#1 Property Type: Industrial Land Date: 08/42/45 Address: 'Tract A Commercial Dr., Sale Price: $190,000 Bozeman Grantor. Fulwiler Price/SF: $2.41 Grantee: Tarpey&Ostrowski Financing: Conventional Deed: Warranty Deed Marketing Time: 261 Days Book/Page: 2196457 Confirmed Pay: Ross Wenger Property Rights: Pee Simple SITE DATA Site Size(Acres): 1.81 Site Topography: Level Site Size(SgFt): 78,843 Zoning: M-1 Light Industrial Road Frontage: Yes Electric and Gas: NorthWestern Energy Water and Sewer: City Location: Good IMAGE'S NOTES ga Value Software—www.atvalue.com Appraisal Services 29 COMPARABLE LAND SALE#2 Property Type: Industrial Land Date: 06/15/05 Address: Lot lA-3 Osterman Dr., Sale Price: $325,000 Bozeman Grantor: Osterman Price/SF: $4.59 Grantee: Burgard,Christopher Financing: Cash to Seller Deed: Warranty Deed Marketing Time: 1 Day Book/Page: 2191 029 Confirmed by: Ross Wenger Property Rights: Fee Simple SITE DATA:. Site Size(Acres): 1.625 Site Topography: Level Site Size(Sq Ft): 70,785 Zoning: M-1 Light Industrial Road Frontage: Yes Electric and Gas: NorthWestem Energy Water and Sewer: City Location: Very Good IMAGES � Palm ir�rr�marH� / /� ✓�' � ar.�%' ,' �/�;�"z�""� �.�'si!m;�w��triar �rn(�Yr�rN �Uilr u�i/r,i ni�lu�?9P,�rlm�vuU✓/i✓rr✓.uu ✓Hi,�/��;gar, l�rr,t i,_; / //swi ............. f NOTES g Value Software—www.atvalue.com Appraisal Services 30 COMPARABLE LAND SALE#3 Property Type: Industrial Land Date: 03/30/05 Address: Lot IA-4 Osterman Dr., Sale Price: $250,000 Bozeman Grantor: Osterman Price/SF: $3.62 Grantee: Ellig Financing: Cash to Seller Deed: Warranty Deed Marketing Time: 123 Days Book/Page: 2182 863 Confirmed by: Ross Wenger Property Rights: Fee Simple SITE DATA Site Size(Acres): 1.586 Site Topography: Level Site Size(SgFt): 69,086 Zoning: M-1 Light Industrial Road Frontage: Yes Electric and Gas: NorthWestern Energy Water and Sewer: City Location: Very Good IMAGES O ',� Y yp" / r�ll///�/Iffr ,. ', r�Xl✓rrrNl�l+r�� , /il�ts ! ///� ✓ �//r /i P%J/ /i����,.,irr�i,,r�eii,oc iii „uoil/%i�rrui�f(� NOTES L u'�Value Software r www.atvalue.com Appraisal Services 31 COMPARABLE LAND SALE#4 Property Type: Industrial Land Date: 04/14/05 Address: Lot 1 Block 2 Manley Rd., Sale Price: $215,000 Bozeman Grantor: Fund and Funds Price/SF: 54.98 Grantee: Delphini,LLC Financing: Cash to Serer Deed.: Warranty Deed Marketing Time: 113 Days Book/Page: 2184 304 Confirmed by: Ross Wenger Property Rights: Fee Simple SITE DATA Site Size(Acres): .991 Site Topography: Level Site Size(SgFt): 43,168 Zoning: M-I Light Industrial Road Frontage: Yes Electric and Gas: NorthWestern.Energy Water and Sewer: City Location: Very Goad IMAGES r� , q � �✓� ;m� 1 i jYrl ` a ivi y riU�rj�r, i���/�/����,�/�/rr NOTES @Value Software—www.atvalue.com Services 32 Comparables Map �5 � � 36 31 32 w�r�ecne����pra��r � wraro v �er uzr�e tlt 4a - 0.I KvN`�{@4pYlY M d fl VyRRtl41ti6tl�iW M,BY 1 _..p �l,bYk K 123rWb l n(y'y rmkww;rnuu",wYdvuupuwwrcm�uiv' IaC'i W4%M10dAMtldilMfrvPXn H �__ a�nrvdexdmm��41 mANBUtl+rn9 ��. yyy P ' "9 8 w'u@ V,srg'r �'G @ewe f r.0 aax w , z ' r u � i � t:7 1 ec t j + u,. b 0 XI 111 r� o- k t �✓ ^ �r�x as ) , iw✓i + " �,. ., n!@�°• ae rce 6 � � NY ^ a �e p m t ,. X1711 H ' 17 o94d.i..a•r pa¢rnw: Analysis Grid The above sales have been analyzed and compared with the subject property. We have considered adjustments in the areas of. Property Rights sold • Economic Trends (time) • Financing • Location • Conditions of sale ® Physical Characteristics Can the following page is a sales comparison grid displaying the subject property,the comparables and the adjustments applied. Appraisal Services 33 +Camparables We have researched and analyzed 4 comparables for this analysis. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. Grin rable Land Sales Adjustment Grid Analyst:Ross Wenger Subject Comparable 1 Comparable 2 Comparable 3 Corn role 4 Address Trad A Gommerdal Or.Lot 1X3 Osterman IX. Lot 1AA Osterman D Lot 1 Dock 2 Manley Rd Sale Date 08/02106 06/15/05 03130/05 04/13/05 Sale Price 190,000.00 $325,000.00 $250,000.00 $215,000.00 Price Per SF Land $2.41 $4.59 $3.62 $4.98 Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee'Simple %0 Ad" 0.000/0 0.000/0 0.00% 0.000/0 Financin7g Conventional Cash to seller Cash to seller Gash to seller 0.00% 0.000/0 0.006Z 0.000/0 Conditions of Sal %M 0.00% 0.000/0 0.00°/r, 0.000/0 Econornrc Tren 31812006 8/02005 6/15/2005 3130/2005 4/1312005 Annual%n Ad' 0.000 0% 00/0 0% 0% Adjusted Price $241 $4.59 $3.62 $4.98 Location Good Goad Good Good Good Comparison %oA4ustrrrent 0.000/0 0.000/0 a00% 0.00%v $Ad usbnent $0.00 $0.00 $0.00 $0.00 Close Cate 318/2006 08/02/05 06/15/05 03/30105 04/13/05 %6d°ustrnent 3.50% 2.00%0 3.009/6 3.00% 3.00% $Adjustmentl $0.05 $0.14 $0.11 $0.15 Topography Level Level Level Level Level Comparison %Ad usttrent 0.0% 0.00/0 0.0% aGO/o $Ad`ustrnent $0.00 $0.010 $0.00 $0.00 Land Area SF 78843,6 70785 69066.16 43167.96 %Njustment 0.00/0 0.00/0 0.0°✓a 0.0% $Adjustment $0.00 $0.00 $0.00 $0.00 Site Improveme ft Average Average Good Good Good Comparison %Adjustment 0.0% -30.00% -30.00% -30.00% ad't,stment $0.00 ($1.38) ($1.09) ($1.49) Final Adjusted Price $246 $3.35 $264 $3.64 Appraisal Services 34 Comparable Sale Adjustments Real Property Rights Real property rights can be sold,they may be the sole subjects of the contract or the contract may include other rights, less than all of the property rights, or even another property or properties. The comparable sales all have fee simple property rights. Financing The financing terms of the transaction, the terms provided by the seller can affect the price of the comparable sale. According to the Realtors, all of the sales sold with cash equivalent terms that did not influence the price negotiated in the transaction. Conditions of Sale The motivation of either the buyer or the seller in a transaction is to determine if in fact the comparable sale was at arm's-length. In many situations the conditions of sale significantly affect the transaction price. The comparable appear to all be arm's length transactions. Expenditures Made Immediately After Purchase An informed buyer will consider expenditures that will have to be made upon purchase of the property. These expenditures may influence the price the buyer agrees to pay for the property. These expenditures may include; cost to cure deferred maintenance, cost to demolish or remove any portion of the improvement, cost to petition for zoning changes, or costs to remediate environmental contamination. Market Conditions The market condition is also referred as a"time" adjustment. The market conditions may have shifted over a period of time. Any adjustment is made because of changes in market conditions; time is not the cause of the adjustment. Appreciation or depreciation of property values is the cause of the adjustment and time is the measure of the adjustment. If market conditions have not changed, no adjustment is made. Comparables were adjusted at 3.5%per year for date of sale. Appreciation rates have remained steady in the Bozeman Area at 2.63%to 4.44% for commercial properties and show no indication of dropping in the near future. Economic Trends The probable direction, extent, impact, and cause of change within the local economy that affects the value of real property, the changes include; population,net household formation, diversity of the economic base of the community,the level and stability of employment, wage rates, and household or family income. Location Locational characteristics of comparable properties may differ from those of the subject property. Most properties within a market area have similar characteristics; however variations may exist with that area of analysis. A properties location is analyzed in relation to the location of other properties. Sales of physically similar properties situated in different locations have been analyzed. In the Neighborhood Analysis, on page 12, we described the subject neighborhood and Appraisal Services 35 researched comparable sales in the same neighborhood or in similar economic neighborhoods. All of the comparable sales are considered to be similar economic neighborhoods. Use/Zoning The difference in the current use or the highest and best use of a comparable sale and the subject property is addressed. Examples of differences of current use or differences in highest and best use include; properties that have been converted and properties that either have zoning requirements or properties have gone through zoning changes. All of the comparable sales are considered to have similar zoning requirements. Sales Comparison Approach Conclusion Based on the above analysis, we have reconciled to a value of$3.00 per SqFt., multiplied by the lot size of 297,514 SqFt., equals $892,542 as of March 8, 2006, and subject to the Limiting Conditions and Assumptions of this appraisal. Appraisal Services 36 Final Reconciliation Value Indication Land Value: Comparable Sales Approach: $892,542 Cost of Demolition: $50,000 Estimated Land Value: $842,542 Rounded To.- $840,000 Sales Comparison Approach The Sales Comparison Approach was considered the method of valuation. The comparable sales chosen for this report were considered to be the most similar,proximate, and recent. Value Conclusion Based on the data and analyses developed in this appraisal, we have reconciled to the following value conclusions, as of March 8, 2006, subject to the Limiting Conditions and Assumptions of this appraisal. Reconciled Value Conclusion Premise: "As Vacant" Estate: Fee Simple Value Conclusion: $840,000 Appraisal Services 37 Certification Statement We certify that, to the best of our knowledge and belief; The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,unbiased professional analyses, opinions and conclusions. We have no present or contemplated future interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. • Our analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). • We have made a personal inspection of the property that is the subject of this report. • No one provided significant professional assistance in the development of the conclusions contained in this report. • We certify sufficient competence to appraise this property through education and experience, in addition to the internal resources of the appraisal firm. • The value conclusion(s) and other opinions expressed herein are not based on a requested minimum value, a specific value or approval of a loan. Appraisal Services 38 Addenda Ross Wenger Licensed Residential #753 rossw@montana.com (v)406-587-5044 Appraisal Services (f) 406-587-5481 P.O. Box 1076 (c)406-539-9664 Bozeman, Montana 59771 .................. Education Appraisal Institute 310 Basic Income Capitalization January 26-February 1, 2006 The Professional's Guide to the URAR June 30, 2005 410 15-Hour National USPAP Course Appraisal Institute April 26-27, 2004 110 Appraisal Principles Appraisal Institute April 12-17, 2004 120 Appraisal Procedures Appraisal Institute April 19-24, 2004 National Association of Independent Fee Appraisers 1 A Residential Report Writing January 26-27, 2004 LIN Principles of Residential Real Estate Appraising January 15-18, 2004 Montana State University, 2000-2003. Major. B.S. in Business Management: Course study; Management, Economics, Entrepreneurship and Small Business, Finance, Business Communications, and Accounting Work Experience Licensed Appraiser-Appraisal Services Sept 2005-Present. Bozeman,Montana. Working as a Licensed Appraiser. Residential appraisals. 3500+hours of valuation experience preparing appraisal reports using the cost approach, comparable sales approach, and income approaches to value. URAR, 2055, Condominium,Land, and 2-4 Family forms Appraiser in Training-Appraisal Services Aug 2004-Sept 2005. Bozeman,Montana. Worked as a Licensed Trainee with a Licensed Mentor. Residential appraisals, 3000 hours of valuation experience preparing appraisal reports using the cost approach, comparable sales approach, and income approaches to value. URAR, 2055, Condominium, Land, and 2-4 Family forms Appraisal Services 39 Appraiser in Training-Joel Peterson Appraisals, Inc., Jan 2003-June 2004. Bozeman, Montana. Residential appraisals. Prepared appraisal reports making internal and external inspections of properties for URAR, 2055, Condominium, Land, and 2-4 Family forms using property valuation of cost approach, comparable sales approach, and income approach Memberships Appraisal Institute Bozeman Area Appraisers National Association of Realtors@ Montana Association of Realtors@ Gallatin Association of Realtors@ References Kennedy American Mortgage Marie MeSpadden, Mortgage Broker 1632 West Main St. Bozeman, MT 59715 (406) 585-3737 US Bank Home Mortgage John Thom, Mortgage Broker 104 E. Main St. Bozeman,MT 59718 (406) 585-5238 Allied Home Mortgage Capital Corporation Denise Weidhaas, Branch Manager 2023 Stadium Drive, Suite 2-B Bozeman, MT 59715 (406) 585-5476 Appraisal Services 40 JERRY R. GOSSEL Appraisal Services 67A West Kagy Blvd. P.O. Box 1076 Bozeman, Montana 59771 Facsimile: (406) 587-5481 Telephone: (406) 587-5044 E-Mail:jgoss@avicom.net APPRAISAL EXPERIENCE Appraisal Services, Bozeman, Montana Owner 1985 to Present Certified General Real Estate Appraiser- Certificate 4 106 Licensed in State of Montana January 1992 Small Business Administration, Helena, Montana Commercial 1986 to Present Veterans Administration, Fort Harrison, Montana Residential 1986 to Present US Bank Bozeman, Bozeman, Montana Residential and Commercial 1985 to Present Norwes,t Bank, Bozeman, Montana Residential and Commercial 1983 to Present First Security Bank, Bozeman, Montana Residential and Commercial 1983 to Present Trans America Relocation Service, Walnut Creek, California Residential 1983 to Present Home Equity Relocation, San Mateo, California Residential 1982 to Present Merrill Lynch Relocation Management, Inc., Bellevue, Washington Residential 1982 to Present Federal Housing Administration, Helena, Montana Residential 1977 to Present Federal National Mortgage Assn., Los Angeles, California Approved 1975 to Present Federal Home Loan Banking Board Approved 1975 to Present American Bank, Bozeman, Montana Residential and Commercial 1973 to Present Lender Services, Inc., Pittsburgh, Pennsylvania Residential 1993 to Present Mortgage Support Services, Mount Laurel, New Jersey Residential 1993 to Present Big Sky Western Bank, Big Sky, Montana Residential and Commercial 1993 to Present Appraisal Services 41 Countrywide, Billings, Montana Residential 1990 to Present First Federal Savings & Loan, great Falls, Montana Broker 1973 to 1979 Small Business Administration, Rapid City, South Dakota Residential and Commercial 1972 to 1973 REAL ESTATE EXPERIENCE Real Estate Sales...and Development Spring Creek Realty, Bozeman, Montana. Co-Owner, Broker, Real Estate Sales and Developerl980 to 1985 Barker Realty, Bozeman, Montana Real Estate Salesperson and Developer 1976 to 1980 United Agencies, Bozeman,Montana Real Estate Salesperson 1973 to 1976 FORMAL EDUCATION Montana State-Bozeman, Bozeman, Montana M.S. Candidate-Family Science/Child Development 2000 to Present Montana State - Bozeman, Bozeman, Montana B.S. -Health&Human Development - Family Science 1995 to 2000 Augustana College, Sioux Falls, South Dakota Major. Business Administration 1958 to 1962 PROFESSIONAL EDUCATION Residential Appraisal, Society of Real Estate Appraisers, Course 101 1974 Principals of Residential Real Estate Appraising January 1988 Professional Standards of Practice,N.A.I.F.A October 1990 Income Property Appraising Course 41,N.A.I.F.A November 1990 Income Property Appraising Course##2,N.A.I.F.A December 1990 Concepts, Terminology and Techniques !October 1991 Partners in Success, PHH Network Services September 1993 Financing Course 493-30 December 1993 Professional Standards of Practice,N.A.I.F.A. January 1994 New URAR Appraisal Institute January 1994 Environmental Conditions, HUD March 1994 Limited Scope Appraisals,N.A.I.F.AJune 1994. 1995 Outlook Seminar February 1995 Appraisal Services 42 Market Data Analysis,N.A.I.F.A. March 1995 Connole- Morton Real Estate School Seminar December 1996 The University of Montana- Missoula, Bureau of Business and Economic Research 1997 Economic Outlook Seminar February 1997 The American Society of Farm Managers and Rural Appraisers Standards of Professional Appraisal Practice and Code of Ethics February 1997 McKissock Data Systems Appraisal Schools Introduction to Review Appraisal Income Capitalization February 1998 Fair Lending Requirements -N.A.I.F.A. October 1999 Basic Residential HUD Appraisal Requirements -N.A.I.F.A. October 1999 The University of Montana-Missoula, Bureau of Business and Economic Research 2000 Economic Outlook Seminar February 2000 The American Society of Farm Managers and Rural Appraisers Uniform Standards of Professional Appraisal Practice and Code of Ethics February 2000 The Appraiser as Expert Witness February 2001 McKissock Data Systems Appraisal Schools Uniform Standards of Professional Appraisal Practice February 2002 2002 Montana Economic Outlook "Investing in Montana" Bureau of Business and Economic Research February 2002 Uniform Standards of Professional Practice Update -N.A.I.F.A. February 2004 McKissock Data Systems Appraisal Schools Appraiser Liability February 2004 MEMBERSHIPS National Association of Independent Fee Appraisers Candidate Montana Association of Realtors Bozeman Board of Realtors Bozeman Multi-List Services Employee Relocation Council Bozeman Area Appraisers -Past President REFERENCES Allied Mortgage Capital Corporation Denise Weidhaas Branch Manager 2023 Stadium Drive, Suite 2-13 Bozeman,Montana 59715 (406) 585-5476 Appraisal Services 43 tit, saarnxaS 173siLjddV EBZt,-88£ (got) tIL69':u'RluOW `PPPJ2Pg 901 xog Od juap!Sa ,d `uapulgea ao f OPUaIOU TM9 XaIIU 9I6E-989 (900 S I L6S vuMuOW `uL'ulazo ff ui-ew Isla 80Z gaujxaD 33TUg U-mozog jo Tmq xjj lnoas JsjT j