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HomeMy WebLinkAboutFuller Park Commitment Package and Appraisal -1996 Easement APPRAISAL REPORT SUMMARY FORMAT) FOR PULLER PARK 23.21±ACRES (LAND VALUE ONLY-AS THOUGH VACANT AND UNDER THE PREMISE OF AN ECONOMIC HIGHEST AND BEST USE) LOCATED WEST OF N.TEN MILE ROAD AND SOUTH OF W.CHERRY LANE MERIDIAN,ADA COUNTY,IDAHO 83642 PREPARED FOR MR.MIKE BARTON PARKS SUPERINTENDENT CITY OF MERIDIAN PARKS AND RECREATION 33 E. BROADWAY AVE. MERIDIAN,IDAHO 83642 EFFECTIVE DATE OF VALUE: SEPTEMBER 8,2019 LA FILE No.19.1173v PREPARED BY SAM LANGSTON,MAI IDAHO CGA#195 GREG I.CONTOS IDAHO CRA#13 © 2004 -2019LANGSTON & ASSOCIATES INC. Langston & A550 :iates A HEAL ESTATE SERV3CES MAPORATION September 13, 2019 Mr. Mike Barton Parks Superintendent City of Meridian Parks and Recreation 33 E. Broadway Ave. Meridian, Idaho 83642 Re: Land Valuation on 23.21± acres of land (Land Value Only- "As Though Vacant" and under the premise of an economic highest and best use) for Fuller Park located west of N. Ten Mile Road and south of W. Cherry Lane in Meridian, Ada County, Idaho 83642. Dear Mr. Barton: In accordance with your request for an appraisal on the above captioned property, Langston & Associates has conducted market investigations, gathered pertinent data, and performed the analyses necessary for the appraisal process. From such, an opinion of the Market Value of the Fee Simple Estate for the subject property (Land Value Only-"As Though Vacant") has been formed. The information herein is presented with the understanding that appraisals and reporting formats vary greatly depending upon the client's individual needs, the size and complexity of the property, and the intended use of this report. It is at your request and by mutual agreement that this appraisal be prepared in a summary format. This appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (A) of the Uniform Standards of Professional Appraisal Practice 2019 Edition for an Appraisal Report. As such, it presents detailed discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Additional supporting documentation concerning the data, reasoning, and analyses is retained in the appraisers' file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated within the report. The appraiser is not responsible for unauthorized use of this report. This report is intended to comply with the USPAP 2019 Edition Scope of Work Rule and has been prepared in accordance with the Appraisal Standard Board's Advisory Opinions 28 and 29. 210 WEST JEFFERSON STREET,WKE,ID 83702 PHONE: 204-394-1300 TOIL-FREES W-777,5495 FA-X- 208,344,1314 www_slAkrfpLon.Gom LETTER OF TRANSMITTAL MR.MIKE BARTON CITY OF MERIDIAN PARKS AND RECREATION All statements of fact used in the report serving as the basis of the appraiser's analyses, opinions, and conclusions, are considered to be true and correct to the best of the appraiser's knowledge and belief. We shall have no responsibility for legal matters; questions of survey; legal description; opinion of title; soil or subsoil conditions; engineering; technical matters, etc. The aforementioned and other relevant issues will be developed fully in the body of the report to follow. The subject property includes two parcels containing 23.21± acres within the city limits of Meridian. In 1981 Jim and Jeannie Fuller donated the land to the Western Ada Recreation District which became Fuller Park. The community park contains 3 youth baseball fields, 4 picnic shelters, sand volleyball court, fishing pond, playground, walking paths, paved parking, mature trees, and a restroom building. ry s As per the agreement with the client, Langston &Associates has only appraised the underlying land as if it were to be put to an economic highest and best use. As shown in the valuation section of this report based upon its current zoning of R-4 the highest and best use is medium density residential. This appraisal does not include a value contribution of the park improvements that would have minimal contributory value to a private sector buyer. Based on the Land and Water Conservation Fund (LWCF) manual a non- economic use is not a valid use upon which to estimate market value. The appraiser's estimate of highest and best use must be an "economic" use. A non- economic highest and best use, such as "conservation," "natural lands," "preservation," or any use which requires the property to be withheld from LETTER OF TRANSMITTAL MR.MIKE BARTON CITY OF MERIDIAN PARKS AND RECREATION economic production in perpetuity, is not a valid use upon which to estimate market value. The highest and best use must be a market, or economic value. The subject is within the city limits of Meridian with a zoning designation of R-4 (Medium Density Residential). The parcels are primarily surrounded by residential subdivisions to the north, south, and west. Based on the analysis in this report the highest and best use of the subject site, "economic value', is for residential development. The primary value being sought by the client is the Market Value of the Fee Simple Estate (Land Value Only "As Though Vacant" under the premise of an economic highest and best use). Furthermore, this appraisal is the result of an appraisal process where the most applicable approach to value has been employed. The Sales Comparison or Market Data Approach is considered most applicable method in the valuation of the subject site. Comparable land sales deemed substitutable alternatives were available providing an indication of the subject's potential land value. Given the subject is analyzed as though vacant; the Cost and Income Approaches are not applicable in this instance and have been excluded from this valuation analysis. This appraisal report has been prepared in conformance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA); the Interagency Appraisal and Evaluation Guidelines and the Uniform Standards of Professional Practices (USPAP). This appraisal includes an estimate of exposure time as required in Statement 6 (USPAP) and clearly states the Scope of Work and reporting options used under Standard 2-2(USPAP). Market value is defined by the Federal Deposit Insurance Corporation (FDIC) and is in compliance with FIRREA. The report clearly and accurately discloses all assumptions, extraordinary assumptions, hypothetical conditions, and limiting conditions used in the assignment. Extraordinary assumptions have been employed for the purpose of this report and their use may have affected the assignment results. The extraordinary assumptions will be addressed in the Overview of Assumptions and Limiting Conditions section of this report. A Phase 1 Environmental Assessment has not been provided regarding the subject site. It is assumed in this report that no environmental conditions were present on the subject site. L A N G S T o N & A S S O C I A T E s, I N C. did not observe the existence of hazardous materials, which may or may not be present on the subject site. The value estimate is predicated on the assumption that there is no such material on the property. Should such hazards be noted in the future, an adjustment in value may be necessary which may or may not be the same as the cost to cure. LETTER OF TRANSMITTAL MR.MIKE BARTON CITY OF MERIDIAN PARKS AND RECREATION Therefore, based upon physical inspections of the subject property and the subsequent analyses undertaken; and subject to the Standard, Specific (and where applicable, the Extraordinary) Underlying Assumptions and Limiting Conditions set forth in the report, as of September 8, 2019 the Market Value of the Fee Simple Estate "As Though Vacant" was: MARKET VALUE OF THE FEE SIMPLE ESTATE (LAND VALUE ONLY - "As THOUGH VACANT")-23.21±ACRES:.......................................................................................$2,321,000 The following appraisal report sets forth a description of the subject property, explanations of the data, reasoning and analysis leading to the conclusions set forth. We trust that you will find the information contained in the report relevant to your decisions regarding the subject property. Should you have any questions regarding this report, or if we may be of further service to you on future projects, please contact us at your convenience. Sincerely LANGSTON&AssoCI4TES,INC. angston, MAI Greg J. ontos 'Idaho CGA#195 Idaho CRA#13 TABLE OF CONTENTS TABLE OF CONTENTS COVER PAGE LETTER OF TRANSMITTAL TABLE OF CONTENTS..................................................................................................................1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS...................................................................2 OVERVIEW OF ASSUMPTIONS AND LIMITING CONDITIONS.......................................................8 PART I-DEFINITION OF THE APPRAISAL PROBLEM.............................................................10 DEFINITIONS&BACKGROUND INFORMATION........................................................................11 BOISEMSA DATA.....................................................................................................................15 ADACOUNTY DATA.................................................................................................................23 NEIGHBORHOOD DATA............................................................................................................27 ZONING.....................................................................................................................................31 REAL ESTATE TAXES AND ASSESSMENTS ................................................................................35 SITEDESCRIPTION.....................................................................................................................37 PART II-PROPERTY VALUATION...........................................................................................41 HIGHEST AND BEST USE...........................................................................................................42 SALES COMPARISON APPROACH .............................................................................................45 CERTIFICATION OF APPRAISAL.................................................................................................68 ADDENDA.................................................................................................................................71 UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS.....................................................72 FOR APPRAISAL REPORTS.........................................................................................................72 Client Appraisal Engagement Attachments Qualifications of the Appraisers This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.1 SUMMARY OF SALIENT FACTS&CONCLUSIONS SUMMARY OF SALIENT FACTS AND CONCLUSIONS PROPERTY TYPE: The subject of this report includes an aggregate 23.21± acres of vacant land currently being used as a community park - Fuller Park. LOCATION: The subject is located west of N. Ten Mile Road and south of W. Cherry Lane in Meridian, Ada County, Idaho 83642. OWNERS OF RECORD: Western Ada Recreation District PO Box 566 Meridian, ID 83680 LEGAL DESCRIPTION: According to the Ada County Assessor's office, the subject's parcels are described as: LOT 17 BLK 3 RODS PARKSIDE CREEK SUB #1 #9391482 and PAR #1210 OF W2NE4 & OF SE4NW4 SEC 10 3N 1W, Boise Meridian, Ada County, Idaho. A metes and bounds legal description has been provided. ZONING: R-4 (Medium Density Residential) PROPERTY TAX ID NUMBER: According to the Ada County Assessor's office, the subject's parcels are identified as tax parcel numbers R7536760490 and S1210131210. TAX CODE AREA: 03 (EXEMPT) FLOOD ZONE CLASSIFICATION: Review of the FIRM maps applicable to the subject (FEMA FIRM MAP Number 16001CO250J, with an effective date of 10/2/2003 - indicates that the subject property is located in Zone X - "areas between the limits of the base flood and the 0.2 percent annual chance (or 500-year) flood." This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.2 SUMMARY OF SALIENT FACTS&CONCLUSIONS EFFECTIVE DATE OF VALUE: September 8, 2019 CURRENT USE: Community Park HIGHEST AND BEST USE: Residential Development based on current zoning. PROPERTY RIGHTS APPRAISED: Fee Simple Estate "As Though Vacant" ESTIMATED MARKETING TIME: 6-12± months (As Vacant) ESTIMATED EXPOSURE TIME: 6-12± months (As Vacant) This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.3 � Y CYO �' .� ► '�! ;: • •. - �,;• ,fir- a � �` I� bil— ItA Is Lj Fin - `'3y _ •.r3- -.[� Tp. ':'r�i•r-■gar_ Arc-it. J %M\ > SUBJECT PHOTOGRAPHS Taken:9/8/2019 By:GC Park view facing south. i•� s _ v Taken:9/8/2019 *. By:GC Park view. w .. r This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.Jr SUBJECT PHOTOGRAPHS Taken:9/8/2019 t. By:GC Park view. JL r:R Taken:9/8/2019 By:GC Park view. x This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.6 SUBJECT PHOTOGRAPHS Taken:9/8/2019 s By:GC j Park view. '.f Y - Y,�µ4 fn'• Gan �'.a � ��y ��',�ye�n/ Taken:9/8/2019 By:GC Park view at sports fields. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.7 OVERVIEW OFASSUMPTIONS AND LIMITING CONDITIONS OVERVIEW OF ASSUMPTIONS AND LIMITING CONDITIONS OVERVIEW In the course of the normal appraisal process, situations arise wherein we must make standard (generic) and specific and/or extraordinary assumptions with regard to information not readily available to us. All Standard, Extraordinary Assumptions & Limiting Conditions which may appear in the report are believed to be compatible with generally accepted appraisal principles, Uniform Standards of Professional Appraisal Practice (USPAP), and Appraisal Institute requirements. All are to be considered a part of the report, and the reader is advised that acceptance of the report constitutes acceptance of all Assumptions and Limiting Conditions. STANDARD UNDERLYING ASSUMPTIONS &LIMITING CONDITIONS Standard Assumptions and Limiting Conditions include such issues as construction components of existing construction; adaptability of soils to development; existence of typical easements, etc. Additionally, since Idaho is a non- disclosure state, details of comparable property sales or leases are presumed to be accurately portrayed by the parties to the respective agreements; in lieu of cooperation by the parties (or in some cases, where parties have no recollection of such details), assumptions and/or reasonable approximations are sometimes necessitated. Such generic assumptions are provided for in the Standard (Generic) Underlying Assumptions and Limiting Conditions, located in the Addenda of the report. The reader is encouraged to read this section of the report. EXTRAORDINARYASSUMPTIONS &LIMITING CONDITIONS Extraordinary Assumptions & Limiting Conditions are sometimes required depending upon the individual nature of the appraisal problem, and are clearly disclosed in the Certificate of Appraisal, and/or in the discussions within the report to which they pertain. These assumptions are of matters which Langston & Associates has no knowledge, expertise, or timely ability to clarify. Standard Rule 2- 1c of the Uniform Standards of Professional Appraisal Practice require, as applicable to the appraisal problem, clear and accurate disclosure of, and an indication of any impact on value of, a third classification of assumption: "extraordinary assumptions and limiting conditions" that directly affect the outcome of appraisal. In the event any extraordinary assumptions and limiting conditions are deemed relevant to the subject and its valuation, they will be set forth in the Certificate of Appraisal, and/or in the discussions within the report to which they pertain.An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions for the purpose of this report have been This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.8 OVERVIEW OFAssUMPTIONS AND LmTING CONDITIONS employed and their use might have affected the assignment results. The following assumptions have been employed for the purpose of this report. ➢ A Phase 1 Environmental Study has not been provided regarding the site. The value estimate is predicated on the assumption that there is no such material on the property. Any such environmental risk discovered at a later data may require a revised estimate of value which may or may not be simply a reduction of the value by the estimated cost to cure the environmental condition. Properties known to have environmental risk may carry a stigma in the market place which also may or may not affect the value. ➢ Site information has been provided by the Ada County Assessor's office and the client. It is an extraordinary assumption of this report that the provided information is reliable and accurate. ➢ A preliminary title report was not provided for the purposes of this appraisal regarding the subject property. Langston & Associates expresses no opinion as the scope, applicability, enforceability or other aspect of any covenants or restrictions that may affect the property. The client is advised to seek the opinion of real estate counsel as to any real property covenants or restrictions. It is an extraordinary assumption of this appraisal that there are no easements, deeds, or restrictions that currently exist on the subject that would adversely impact the site. ➢ All statements of fact used in the report serving as the basis of the appraiser's analyses, opinions, and conclusions, are considered to be true and correct to the best of the appraiser's knowledge and belief. Langston & Associates shall have no responsibility for legal matters; questions of survey; legal description; opinion of title; soil or subsoil conditions; engineering; technical matters, etc. The aforementioned and other relevant issues will be developed fully in the body of the report to follow. ➢ Idaho is a non-disclosure state and recollection of details and anticipation often fade with time; as such it is not always possible to obtain exact details from a respective transaction. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.9 DART I-DEFINITION OF THE APPRAISAL PROBLEM PART I - DEFINITION OF THE APPRAISAL PROBLEM This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.10 DEFINITIONS&BACKGROUND INFORMATION DEFINITIONS & BACKGROUND INFORMATION IDENTIFICATION OF THE PROPERTY General Description: The subject of this report includes an aggregate 23.21± acres of vacant land currently being used as a community park-Fuller Park. Legal Description: According to the Ada County Assessor's office, the subject's parcels are described as: LOT 17 BLK 3 RODS PARKSIDE CREEK SUB #1 #9391482 and PAR #1210 OF W2NE4 & OF SE4NW4 SEC 10 3N 1W, Boise Meridian, Ada County, Idaho. A metes and bounds legal description has been provided. Tax Identification: According to the Ada County Assessor's office, the subject's parcels are identified as tax parcel numbers R7536760490 and S1210131210. Flood Map Identification: Review of the FIRM maps applicable to the subject (FEMA FIRM MAP Number 16001CO250J, with an effective date of 10/2/2003 - indicates that the subject property is located in Zone X - "areas between the limits of the base flood and the 0.2 percent annual chance (or 500-year) flood." HISTORY OF THE SUBJECT PROPERTY According to the Ada County Assessor's office, the owner of record for the subject property is Western Ada Recreation District, PO Box 566,Meridian, ID 83680. In 1981 Jim and Jeannie Fuller donated the land to the Western Ada Recreation District which became Fuller Park. We have been provided with a copy of the Agreement For Sale between The City of Meridian ("City") and the Western Ada Recreation District ("District"). The District desires to sell, and the City is willing to purchase Fuller Park on the mutually agreeable terms and conditions set forth in the contract. The purchase price for the property is $1,000. The planned closing date is September 30, 2019. The respective governing bodies of City and District are related in their operating interests and the sales price does not represent a market transaction. No other listings, offers, or sales regarding the subject property are known to have occurred during the three-year reporting period as required by USPAP. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.11 DEFINITIONS&BACKGROUND INFORMATION PURPOSE OF THE APPRAISAL The purpose of this report is to estimate the market value of the Fee Simple Estate (Land Value Only - "As Though Vacant" based upon the premise of an economic use) for the subject and to clearly communicate the data and reasoning leading to the formulation of the value estimates. INTENDED USF/USER OF THE APPRAISAL As outlined in the engagement letter, contained in the Addenda for review, Mr. Mike Barton, Parks Superintendent, has requested this report. The intended user and client of this report is the City of Meridian Parks and Recreation Department and/or affiliates. It is the understanding of L A N G S T O N & ASSOCIATES, INC. that the function of this appraisal is for use by the Meridian Parks and Recreation Department to assist in establishing asset evaluation for internal business purposes. However, the function of the report, regardless of any intended use or function, does not impact the estimation of value, as defined below. SCOPE OF THE APPRAISAL This report is intended to comply with the USPAP 2019 Edition Scope of Work Rule and has been prepared in accordance with the Appraisal Standard Board's Advisory Opinions 28 and 29. It is the appraiser's responsibility to determine and perform a scope of work sufficient to produce credible assignment results. This appraisal report is presented in a summary format. The significant elements of scope included the following: • Inspection of the subject property and environs • Collection,verification and analysis of sales and rental data The subject property includes two parcels containing 23.21± acres within the city limits of Meridian. In 1981 Jim and Jeannie Fuller donated the land to the Western Ada Recreation District which became Fuller Park. The community park contains 3 youth baseball fields, 4 picnic shelters, sand volleyball court, fishing pond, playground,walking paths, paved parking, mature trees, and a restroom building. As per the agreement with the client, Langston &Associates has only appraised the underlying land as if it were to be put to an economic highest and best use. As shown in the valuation section of this report based upon its current zoning of R-4 the highest and best use is medium density residential. This appraisal does not include a value contribution of the park improvements that would have minimal contributory value to a private sector buyer. Based on the Land and Water Conservation Fund (LWCF) manual a non-economic use is not a valid use upon This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.12 DEFINITIONS&BACKGROUND INFORMATION which to estimate market value. The appraiser's estimate of highest and best use must be an "economic" use. A non-economic highest and best use, such as "conservation," "natural lands," "preservation," or any use which requires the property to be withheld from economic production in perpetuity, is not a valid use upon which to estimate market value. The highest and best use must be a market, or economic value. In accordance with your request for an appraisal on the above captioned property, Langston & Associates has conducted market investigations, gathered pertinent data, and performed the analyses necessary for the appraisal process. From such, an opinion of the market value of the Fee Simple Estate for the subject property has been formed. The primary value being sought by the client is the Market Value of the Fee Simple Estate (Land Value Only "As Though Vacant"). Furthermore, this appraisal is the result of an appraisal process where the most applicable approach to value has been employed. The Sales Comparison or Market Data Approach is considered most applicable method in the valuation of the subject site. Comparable land sales deemed substitutable alternatives were available providing an indication of the subject's potential land value. Given the subject is analyzed as though vacant; the Cost and Income Approaches are not applicable in this instance and have been excluded from this valuation analysis. DEFINITION OF MARKET VALUE The following definition is in compliance with FIRREA. Market value is defined by the Federal Deposit Insurance Corporation (FDIC) under FDIC Law, Regulations, Regulated Acts, Part 323 Appraisals, 323.2 Definitions (g): MARKET VALUE: 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 are 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 well informed or well advised, and acting in what they consider their own best interests; (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 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.13 DEFINITIONS&BACKGROUND INFORMATION (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. PROPERTY RIGHTS APPRAISED This is an appraisal of the Fee Simple Estate. The value estimate will be based upon the following definition: Fee Simple is defined as follows: Possession of a title in fee establishes the interest in property known as the fee simple estate—i.e., 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.' EFFECTIVE DATE OF VALUE The effective date of the "As Is" value estimate is September 8, 2019. Physical inspections of the subject property were conducted on September 8, 2019 and subsequent dates. The date of the report is indicated on the letter of transmittal. CONFORMITY WITH USPAP This appraisal has been developed in conformance with the current Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Standards board of The Appraisal Foundation. It conforms to the Standards of Professional Practice and Code of Ethics of the Appraisal Institute. We are familiar with the type of property being appraised in this appraisal and with the market area in which it is located. Consequently, we found no need to take special measures to conform to the "Competency Provision" of the USPAP. This appraisal does not include the valuation of park improvements that would have minimal contributory value to a private sector buyer. 'The Appraisal of Real Estate,14th Edition This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.14 BOISE MSA AREA MARKET DATA BOISE MSA AREA MARKET DATA (INCLUDES-ADA,BOISE, CANYON, GEM, &OWYHEE COUNTIES) MOODVS BOISE ANALYTICS ECONOMIC DRIVERS fMPILOYM ENT CROWTH RANK RELATIVE COSTS VITALITY -1 Ift L" ki w N =1b. 66ar,7Yait�l f0 r!_i-rQt79f USrl00% �so-r.74trit-4P3 BUSINESS CYCLE STATUS ANALYSIS Recent Performance.Boise Chty'seconomy is SeattLe or San Francisco.Few non-tech firms in on fire.The metro area soared in the top 15 na- scientific,technical and research services have tionwide in year-aeFyearjobgrowth and bush large operations in�1.Insbead,a majority of 5Recesionrlt oorev nesses have stepped up their pace of net hid ng workers in busineszs professional services are in oar the past three months,bucking the skrwirig LavFwage administrative and support roles.In a /in natiora I trend.H iring is much more broad-based similar vein,financial firms such as Wells Fargo than it was earlier in the expansion,with a well arid Chigroup have tignificant operations in 1301, abvre-average fouFfifths of private industries but their larger front offices are bxzud else- adding to their headcount.Not only are BCB�s where.The shallow concentration of high-skill. STRENGTHS care tech and healthcare 9ectorsoutperforming, services is a primary reason why the unfavor- • Aboe-average population graMh and favorable but businem'professienal and financial services able gap between average wages in BOI and the migration flows. are also expanding faster than elsewhere. Sec- U.S.will persist despite some narrowing in the a Cheaper to Urethan in other Large Mst metro ordary industries such as retail and Leisurefhas- nreAdecade. areas. pitaGty are beneficiaries of superior income and Housing. B01'5 housing market will remain • Belo%A,average business costs. spending trerds.Despite a jobless rate below3%, one of the strongest in the West in 2019 with WEAKNESSES BC8's ex pansion has room to run as Labor force pno2 appreciation that is nreariytwice that of the • Above-average volatility tied to cyclical growth picked up late in 2018.Amid the boom, nation.801 ranks among the top five in the me semiconductor Industry. inrcome per capita is gradually€atching up to the gion in population growth,and among western Lackof hLghh-wage jobs outside oFte€h, U.S.average.House prices are scaring:BOI Leads areas only in Prescott A2 and St George UT are manufacturing. all other western metro arm a rd divisionswith a new households projected to form more quickly 13%year-rnrer-year rise in the Case-Shiner index. than they are in 1301 this year.Clean air,scenic FORECASTRISKS Tech. Hiring in 801's care tech sector will landscapes and short commutes drive in-mf SHORTTERM LONGTERM moderate as the U.S. expansion slows Lower gratioa from Large westem coastal metro areas prices for memory chips are pressuring Micron, where horse prices are arywhere between 30% RI1KE020SU RE gay 1 Iml tH�W and tech firms more broa Ity do not have much to90%higherthan in BOI.Consequerdy,supply L 7st of an appetite for hiring.Although BOI is much cannot keep up with demand,with low invgrto- UPSIDE more reliant than average on tech for jobs,the des and worker shortages holding back stronger share has steadiLyfallen sinee2000.Man ufactur- sales and construction,respectively.ThLs,while a Stronger than expelled rebound In global i rig outsourcing is part of the reason,as Micron affordabi Iity has eroded more quickly than eLse- producrdn an Industry firing, a stronger produces most of its chips overseas.The current where in the West andthe U.S.and singLe-famiLy production and factory hlrlryg. Housing-reLated employment and residential mix of tech jobs helps limit downside nsk.W housing is overvalued relative to undertying fury building rise more quickly. cron'slocal operations consist mostlyofresearch damgrtas the risk ofa price correction is low. DOWNSIDE jobs immunetxi price swim Sector-specific hu- Boise CFty will remain a top performer In Global.eeoncrrry and foreign demand disappoint, man capital and Low business costs compared ZC19,but Job growth wlLL slow LatethIsyear aid tech exports slip. with traditional tech centers such as Seattle have and next due to smaller gains In tech and La- Shifting dernographlctrends Lead to an cultivated atech startupscene around firms such 6or constraints.Long term,a high quality of unanticipated 51owdami In growth. as Cradlepoint,which wiLLfueL growth berg term. life and robust population gains will.ensure A gh-skill serricea kt its core BC8 does not that BOI arrts1fims the West and the U.S.In **h excel.in many skilf based sectors outside oftech. key gauge& S RATING Only about 30%of those older than age 25hold MarbinAWrrm F85Cr2rS3265 NR COUNTY a bachelor's degree or higher,far lowerthan in Ma€h20P9 hek-t .- AS OF NOV 34.2011 2013 2014I F16 2017 2018h - •' I 2020 2021 2022I2024 25.8 26.7 27.9 28.9 34.3 317 Cross metro product(C09$bl U 33.2 345 35.9 37.3 39 S 39.0 41 3.2 Af 41 5.0 45 %cfhange 46 4.0 3.9 4.0 3.t 5.2 273.7 282.4 292.1 304.7 315.8 331.5 Tota[employment(ths) 343.3 346.E 349.7 354.4 358.5 361.9 3.2 3.2 3.4 4.3 CC 47 %crhange 35 P.6 0.3 P.3 P.2 P.0 5.9 4.7 Al 3.7 3.1 27 unemployment rate(%) 2.7 2.6 3.5 3.8 3.0 5.6 4.8 7.2 6.0 4.5 62 63 Personal income growth(%) 5A 6.2 4.8 5.9 5.5 5.3 50.1 51.1 53.0 54.1 55.3 553 Median household lrreome($ths) 57.E 59.E 61.0 62.9 64.6 66.E 649.7 EE3.1 6752 892.0 710.7 7313 Population(ths) 750.7 767.9 781.3 792.3 902.5 812A P.9 2.P P.0 2.5 27 2.9 %change 27 2.3 P.7 i.t 7.3 P.2 7.8 9.1 0.0 13.0 148 159 Net migration(ths) 155 131 9.4 6.9 6.3 6-2 3.522 3.481 4.295 5,393 6;275 6.932 SingLe-famlty permits(#) 5.774 6.512 7.893 8.749 B,931 8.747 043 1702 1.204 1.375 1.634 1R19 MuLtffamltypermlts(s) 1,17E 1.090 1.339 1.522 1,54E 1,564 156.5 171.6 104.9 2022. 225.3 261.8 FHFA house price(1995Q1='140) 282.9 296.2 203.0 279.8 281.0 267.5 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es Litigation seeking monetary damages and/or injunctive relief.© Page No.15 BOISE MSA AREA MARKET DATA ECONDMIC H EALTH CHECK BUSINESS CYCLIE INDEX 3-MO MA JAN 2UD9=14)0 Sep19 Oct19 Now 18 Dec113 Jan19 Feb19 150 UrpLoymmt Charge Urs d5 77 140 Unemplayrnerrtrate,95 2.6 �Z�- 2.5 130 Labararoepartlate.onrale,96 �64-5 �6�4. 55.0 120Employment-to-populatbnratm,% 63A Ati+[idRzwaaklyhaus,S 342 33.9 34.0 34.2 342 110 Irtlus[r1�pr�tlrtllorw aR1�1C0 11 fi.3 1165 .4 115.5 �1165.1100 Reldentlal pennlb,single•famlLy,# E,641 6,922 T393 7.42990Regtlentlal penny,muLtlfdnLl[p,# 2,889 2,921 1 1 19 1� 11 12 13 1 A 15 1fi 17 18 19 Umdrnged from prbr 3 ma MA &01 U.S Saroc 2:S.arms 3reau Naadj'sArmo= Sanec 'sMefjlics EMPLDYM ENT TRENDSDIFFUSION INDEX %CHANGE YR AGO %CHANGE YR ACO,3-MO MA 3-DIGIT NAICS LEVEL,6-MO MA 12 Feb 18 Aug 18 Feb19 75 14 TotaL b_7 4.9 410 8 Hlnki -4.0 2.3 46 6 CarLstru_tion 13.9 12.4 5-3 Handfacturl IL7 5] 3.6 d Trade 25 35 39 60 irdru+lrtllltles 9.3 10.1 5.0 55 4 InrarrnMon -4.4 -2.2 -3�6 FlnantlaLAct!vftJm 2.9 5-2 3.1 Sd -2 Praf&BU91eSSM. 2.6 32 39 14 16 16 17 18 19 EUu&Health 90M C7 5] 5-6 45 ■�Goyarrnerl Gmds pmdudr8 JA 13 14 15 16 OtIrFs 9erNoes 2.D 52 5-2 Ffi-�esv-.iaas Go;emmerrt 3.D 12 LO —ECO �ID s boudl'sAnalltcs Smrcr aS,Akr -Awi1&a I So aLS,"%Am,vas EMPLOYMENT JAN 2009=100 FORECAST 199ELQ1=109,NSA 15D VS.5 MO PRIOR 20 14D 2-Yr 5rVF 240 220 13D 200- 12D 18d 11D 14d 1DD *. *�F 120 100 9D 84 09 1L7 11 12 13 14 15 16 17 18 19F 20F 21F 22F 23F 98 01 04 ♦17 10 13 1, 1301 — IID — U.S_ —H01 — ID —U.S. Saroex&$boudl'sA+as1�cs SanecF�,F,�dAaodj'sAiaaljta VACANCY RATES HDUSE PRICETRENDS ♦ AFFORDABILITY HOMEOWNER,%HOUSES FOR SALE `g+ GREATER THAN 10,D=MORE AFFORDABLE i 51« 240 40- 240- 30 2 1 2 3 20- 2f10 1B0 RENTAL,%INVENTORY FOR RENT 10 164 d 1. id 120 -20 1DO RU 0 1 2 3 4 5 6 7 BB 01 04 07 14 13 96 IN 02 05 flB 11 11 ■ 801 ■ Id ■ uS. ■ O.erialuesd UrdenaF.mc —901 —ID S�Ce Jlwe&kACSMm:VsAnaFjM2D17 Smroev.MLCMm:ysAe;*ba This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.16 BOISE MSA AREA MARKET DATA EM PLOYME NT AND INDUSTRY TOP EMPLOYERS INOUSTRIALINVERSITY EMPLOYMENT IN MEWCOh1P,tNIES,%OFTOTAsL St.Luke's Health System 13,600 Most pwra{US.} Mn-crs TezhrKActjylsrc 5,90�13,001) i.co kimsLotc UFierity 3,%0-3,606 St.ALpF,.-R4-LMedica1 CenL. V 0-3,50U 0;�] Wal-Mart Sus Ins 2ADC-2,9o0 Wsih Nryn 2,282 0 } 0.0 0.5 1.0 1.4 The KmrrCa 2,EF6 . go ■ 10 U.S- IdahcP-Css. 2,U57 040 J.R.SimploLCa. t,90o-L946 5arc CeresBcNw"%Ae;*D"my2@r0.dOk Hewlett-Pado,rdCa 1.900-190 02) . dlhermOs 1,R00-1900 Qsrst Comnwi bans lnteffwwrol Im 1,600 oA ds[t} Prn 5nu I(mate m H Ath 1.504 1Last DlMcr RM am kindred prodxts 1R7.7 W1nCu 1AD(I-1,500 Cesrh■yLirl 1,400 EMRLOYMENTVOLATILfIY ChM11105 iFzs U.S,Bank t3o-7 DMt33U.S.iIUCtUk0rts Relff&etou.S. Primary meUiinamifactff1g 1O} pir ry 1')63 10996 Fabricated rwtid produ= N[) r - nap 1,20o- wuwlr eKcepteLert-c:l. a62 TheAnalemnated SL%arCa LLC 50o- Compuber and eLz-roiic Frc-Ju= 1,5s3_5 9luccno afldmha 940 Buk Taupw Miequprier' HE) sbraazr+lga7caovrmLuee�neewv.r,�na� hioomumreousrnanuracturinE 11a Otlrer products 314.9 ` Total. ZAS3.3 4D% PUBLIC nesunaHon 8 mit �;a, 552d 2094 Africa 75 State 14,996 16 1sb 1]36-2 LorA 26,129 D% EropeanUrwrl 210-6 20}0 FlatdmtoW,00s toU3. 0 EO 0 U.S. Canada&Marko 4312 South.M M3 512 COMPARATIVE EMPLOYMENT AN INCOME Resto(VO'! 4E�5 TbtaL 2,'M3 %OF TOTAL EMPLOYMENT AVERAGE AN N UAL EARN IHGS Se[tDr 001 10 U.S. Rol ID U-S. qGgp 7.4 Miring CID 63 0.5 5311J75 $43r637 571-9W RarNrannngiWrwfwm?s FTO CrnstructiDn 7.2 6.7 49 562,807 $54,131 SM732 S es"gEA,lrter.&a s■'TradeAdarm'stra6m.h5 7S H---"-�'rkig 8.8 9-2 RS $1(wr021 $77y56 $1t2r185 rtisa 2817 Di.ini E 73.6 572 625 nd 5$ RR 5115:.27s i ■ ryardraafe 25.6 42.3 37A w M M 57 M REAL OUTpLNi PER WORKER,$ Trms3ortatlorULJtlORee 3.2 3.4 4A rid $57,748 $65r693 1 olesa.e-r4e 4.5 4A 39 rid ST1,9®4 588A164 Itet311T do 11.2 11.9 10-6 537157 535A25 535,669 IFFOffrntlol 1.2 13 19 rid 5SIr2R5 5124316 Flren[3.dct'.•t n 5.5 4.9 5.7 rid $31}78 55UN ; Pror.anc Bus.Semm 15.1 12.8 14-1 rid 549rs10 5TUR4 Edo[.and Faalth Servko 14.6 14.3 15S $53rnA $49708 556,01 LeMmeamHosp.Servk)m %L? 10.7 11A rid S21731 529359 41berSer cm 3.5 33 39 $35.032 532673 530.566 CrDyffnineg 14A 16.9 151 $61,981 557,05 578r5t2 ■ 190I 0 a ■ U.S. s,�■.�r��gro�aa�,pert-Lals,iuoad�'�arrayc�aaa$a.�ayraarru�earr.;rry�-e�+4+�oad�'far.yo�aa� s��aEA+�d�rsa�yi�carrr COSTSBUSINESS ■ U.5r100 HIGJ-FTE C H EMPLOYMENTLOMUGn Fmplo}ees Taial UNCS InduS[rx Quaaaw the Ths %artotal &21 Generalrnediml and surgicalhospitals 12 115 Uril labor M 21.1 6.d L. 3344 Sonai nductor&ottxrelectoomp.manuf- ICY R3 x G16 Feder�Gos+nrssrert 1.1Energy 62 U.S. 7;261.0 4.9 %V Mereeenxrtofourrpriesa.aroaLprcc 09 AA GVS StateGa rnnxM 1.4 145 swealdloohl�som HOUSINGRELATED n Qt1 Cfff--fphysioms 1A 5A EMPLOYMENT aE 2382 Arilskgegu4rrrentmnbaaors 12 411 5221 Oeposloryutditirterr dation U 39 arFoaror. Ths %artotal M LodG�L 0.11 24.5 Rol 41.2 12.4 # 7225 Resbr■antt■r►dutlere bng pi.o 1A ru 4 30 40 1i0 60 10D 120 9 PR Forma LL 7Jr 021111 E 3016 US. 14A96.2 9.6 5613 Empt■r latert sever 1A 73 sar.ae:ltModyYAw}ria Sarraebaadj sAnaFj4esr 20ag StiraebaodfsA�*- IOa9 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.17 BOISE MSA AREA MARKET DATA MIGRATIONSKILLSMISMATCH • %OF TOTA L w INTO BOISE CITY ID unaa naa FB N umber of t.1,aeRn,oxa eilarrc■d 0--Wqd.i Migrants FgnSehstl IF ecI A6 LA3 Portland OR 885 l4An Falls Id SS 7 R Nerslde CA 776 A tiele'a ■ ■ ■ y Lob pnge6e5CA 724 a gora Phoent(AZ 685 MEN 244 Ilanic' Seattle WA 1579 Gradu2ft Cdrt coetk*nt 4A7 112 Oakland CA 649 134m ratio 2.9 296 Areheim CA 609 0 5 10 15 2C 25 30 35 Pomly rate 12.S% 237 San 61ego CA 561 ■ O=wiwa ■vapuefw 'NotmequaW, eq�"vz 53 It Lake City UT 490 Sar:rx Cmsus&er wACS Mw*kAm■ 6"2717 TOta�flYJ7YQ'a170.7 3U,OS9 HO US EHO LO S BY I N COME,96 FROM BOISECFTYID 619,994 Portland OR B00 52 24ON49.994 1Wn Falls Id 561 4QWbS9<999 Seattle WA 525 60LOO&T4M Phoent(AZ 457 45 53 It Lake City UT 423 Provo UT 383 o1 Idaho Falls 294 Coeur d 14lene I L3 269 59 Pocatello ID 246 31 i 2x"M* Las Vegm NV 238 06 09 10 11 12 13 14 15 16 17 0 5 10 15 20 25 Tata aaY,sxY�raarn 2Q 606 i r .s • Net nlgration 9,451 ■5�I u�. :ou-oes. A.•uz�;}sAaeljYrrs S-.Censor 9u-eaq..aCS,h!cc•]fsAnay3cy.30!T .MMU ER FLOWS NET MIGRATION,# 16 000 RESIDENTS WHO WORK IN 10I WORKERS WHO LIVE IN BOI 14,000 12 000 14,000 8�000 6.000 d,000 lip 0 2 000 Top Five outside sources of Jobs Top F Ive outside Sources of workers 0 Baisecktyafl Nkw* 8oise City ID share 14 16 1$ 17 Twin Falls I d o2 T do Fa Its Id 0.1 20w 2415 206 2 w seattle WA 01 Portland OR 0.1 Dornesuc E•391 5.552 11.399 13,966 idiahoFa 10 0.1 I a o� s i D 20.0 CU I IL 0.0 Las Vats NV p.p FOr gn 715 1.419 1.5" 256 salt Lake City UT 0.0 New Orleans LA 0.0 Total 9165 7.971 12.9U 1AM16 Sae�eee Cmaors&rmq Aloady�Arra}tiq.■ry2009-2Uf3 s>�:.rRs rye.2A16,c�■u8�aa+w�ik.+A■y:rs GENERATIONAL BREAKDOWN ■NAL ATTAINMENT POPULATI ON POPULATION BY GENERATION,% 96OFADULT575ANDOLDER �7g 109 7(l C3—Z i ffi 89 80.8! rdlk.w 90.61 5d 45�3 ftE a[ 40 35-88 �Cf ftw M-Zi 15-19 S1r9 A d 10-14 [ DDI Id 5-9 r KF�haMad ■ Fiq•/�atheeld G 8 10 15 20 25 30 35 ■ Soma 011111gae ■ cdwad o 1 2 a 4 5 e z a ■ lle aaletl HEN 0 U.S. Guda ■ BOI —ll9. SxroerCevses9veawAlcWsAnal!(MZ W Saeron:Censee9irevwACS.Aloyw6l'rAnalltq.20Q SareerCaisus&rm,N,,d,SAwoeg2G❑ This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.18 BOISE MSA AREA MARKET DATA E0GRAPH1CPRr POPULATION DENSITY :Zesgonts per$qu*Nr mile 0.2 12.1�1 Gen' Bo 5c'Canyon Ada I Di tiitsuti—,'h County Pop. Ernp. Permits Ada ID 54.4 M6 I5 1 aalae ID 1.0 4.s 0-9 Owyhee Canym ID 30.5 21.0 728 Gem la 2.4 1.2 08 owytm10 1.6 1.0 0.4 SMrrvs rcref,s n,..,:,.01 i M—N'..4-irdVr.rs.err r MEDIAN HOU5EHOLp INCOME POPULATION&HDUSING CHARACTERISTICS U.S Ualla^s Usts Value Ranks - Tatalarea sgml 11.8314 [ Tatal watar area sq ml 67-7 160 TataA land area sq ml 11,765.6 Land area-dewelapabLe sq ml 1,199.6 ' Land area-unde4dap3ble sq ml 10•570.1 populaivandensity pap.todevIopahletand 546.9 110 Tatal popdatkm the 709-9 95 u.5.Attrm at birth %of populauon 92.6 1% r4atural7ed m.dimn Sit of population 3A 182 1,kta U.5-dttnm %olpopulauon 3.3 206 MEDIA N COMM LYrE TIM E medtanage 36A 297 TUA housing units the 275.1 104 I_ 4E Cwwaccupled %oftlld 63.9 49 Wteraccupled %ofWd 29.9 212 Vacant %oftOd 62 363 1-ultlt;detached %oftod 77.1 17 1-ultlt;atmched %oftod 2.7 277 mkff rally %oftad 14.9 343 Median year built 1993 'Air &pop.a t};art of 4 nxtr mPuem Px0. all utlre;ovi sf 44M mdo Saroa Cenvs9srea,4Alaadl'sAndltcq 20i'lemrpe hnd�2010 Sar¢�AC'�dEwdfsAnaFjrta This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.19 BOISE MSA AREA MARKET DATA Recent Performance Boise City's economy is on fire. The metro area scored in the top 15 nationwide in year-over-year job growth and businesses have stepped up their pace of net hiring over the past three months, bucking the slowing national trend. Hiring is much more broad-based than it was earlier in the expansion, with a well above-average four- fifths of private industries adding to their headcount. Not only are BOI's core tech and healthcare sectors outperforming, but business/professional and financial services are also expanding faster than elsewhere. Secondary industries such as retail and leisure/hospitality are beneficiaries of superior income and spending trends. Despite a jobless rate below 3%, BOI's expansion has room to run as labor force growth picked up late in 2018. Amid the boom, income per capita is gradually catching up to the U.S. average. House prices are soaring: BOI leads all other western metro areas and divisions with a 13% year-over-year rise in the Case-Shiller index. Tech The recent stability in high tech, BOI's core driver, will give way to renewed growth in 2018, but it will take until the following year for payrolls to reach their cycle high set in 2016. Computer manufacturing, which is among the most productive factory segments, makes up a much higher than average share of tech jobs in BOI. Producers can produce more with fewer workers, and although the industry is shedding jobs more slowly than six months ago, Micron recently announced further layoffs of back-end production jobs. Despite surging revenues and a positive near-term outlook for dynamic RAM production, management plans to cut workers over the next 18 months in a fiercely competitive global market. The silver lining is a fledgling startup scene drawn in by BOI's low business costs, which will ensure that tech payrolls rise in 2018. High-Skill Services At its core, BOI does not excel in many skill-based sectors outside of tech. Only about 30% of those older than age 25 hold a bachelor's degree or higher, far lower than in Seattle or San Francisco. Few non-tech firms in scientific, technical and research services have large operations in BOI. Instead, a majority of workers in business/professional services are in low-wage administrative and support roles. In a similar vein, financial firms such as Wells Fargo and Citigroup have significant operations in BOI, but their larger front offices are located elsewhere. The shallow concentration of high-skill services is a primary reason why the unfavorable gap between average wages in BOI and the U.S. will persist despite some narrowing in the next decade. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.20 BOISE MSA AREA MARKET DATA Housing BOI's housing market will remain one of the strongest in the West in 2019 with price appreciation that is nearly twice that of the nation. BOI ranks among the top five in the region in population growth, and among western areas only in Prescott AZ and St. George UT are new households projected to form more quickly than they are in BOI this year. Clean air, scenic landscapes and short commutes drive in- migration from large western coastal metro areas where house prices are anywhere between 30% to 90% higher than in BOI. Consequently, supply cannot keep up with demand, with low inventories and worker shortages holding back stronger sales and construction, respectively. Thus, while affordability has eroded more quickly than elsewhere in the West and the U.S. and single-family housing is overvalued relative to underlying fundamentals, the risk of a price correction is low. Boise City Data Conclusion Boise City will remain a top performer in 2019, but job growth will slow late this year and next due to smaller gains in tech and labor constraints. Long term, a high quality of life and robust population gains will ensure that BOI outshines the West and the U.S. in key gauges. BOISE METRO INFORMATION Boise is not only the capital of Idaho, but the center of commerce, politics, population, cultural events, and the blue field that personifies the Boise State Broncos. As a high desert community resting at the foot of the mountains, it is surrounded by thriving bedroom communities rich in their own histories and economies,bringing the metro area population to approximately 711,772. Although Boise is famous for the potato market, it has an equally vibrant economic environment for high-tech, healthcare, education, transportation, service, tourism, and retail industries. Many nationally and globally recognized corporations have a home in Boise including Micron Technology, Hewlett Packard, DirecTV, J.R. Simplot Company, MotivePower, Materne, and many others. Forbes consistently ranks Boise as one of the top places in the country to do business, high quality of life, raising a family, entertainment, and recreation. Boise has seen increased development with The Village at Meridian, the Eighth & Main Building, and the under construction City Center Plaza and JUMP Project. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.21 BOISE MSA AREA MARKET DATA EMPLOYMENT Top Private Em ploye rs I n th a Boi se Val ley EMPLOYMENT DANK BU;IN US NAME RANGE I ndustrir 1 SL[do?' Health System 9)oo-9,999 Heildi Cup and Social kAmnce 2 MkronNhrrdogy.Irr- 6,499 Mandacduring 3 AntAlphom Health Sys4em 00 #999 Health We and Social!sslstince 1 5'eskadaSdroolElstrlct # 00 4,999 EdlxatlonilSeroloes IseSiateUnreerslby 9�U]-9,999 EidlxatlonilSerok)?, 6 EsotseSdroolDstrlct 3�00-1.999 EdlxatlonilSerYk>ps F 'Ahrirt 3�w-1;s% "llTrade e Abertpores 7,500-2.m AelilllTrade 9 HPlrrc 1,W-1,999 Wridacturing 10 Idaho Power Company 1500-1,999 Utlltlea 5amorhd31hv Dgmnrrarroftadv4Oanmirako7on andgRwar€h DA%Wo4 WPT Kom..OrMyerrldayarsrhorharcgJWath2DapartncApom►tskxoW kasacnpbywjx m fy c da ra are Read. BOISE ACCOLADES ) #2 Bast in the US."Dastinadons You ) Urban Advantwe:Where to Find The Naed To See In 2418" Outdoors In Town{Boise�S) Lonely Planet IMar€h201B Ma snot I September2017 ) Amvrka'sFastest-Gnmiing Cities 2018 )Top 10 Best State Capitals to Lima in 2017 {Boise#1) SmartAssetxom I September 2017 For tes I March 2016 Best Ifefghhwhoods in America to Spend 3 Up,and-Coming Culinary Destinations to Visit in the West a Weekend(Boise 41:6) US.Hews I fwgust 2017 Thrillist I February 2010 ) North America's Coolest Oowntowns )41 Top performing Economy(Idabel ) Top 24 Rest Ciues Bloomberg I August 2017 for Young Professionals (Boi€e##1 Forbes 2417 Expedia I February 2010 ) Best Run City in America I A+ay ) 54 Best Places taTravai In 2018 (Nampa#1,Boise411 ) NorthAmerica4 Coole€tOawntowms Travel+LeisureI December 2017 WalletHubIJuby2o17 Expedial April 2017 ) Tap 10 Bast Cities for Veterans )America's 14 Cheapest States ) #A Best Plates to Retire in 2017 WalletHub I November 2017 To Live In 2017 Forbes IApril 2017 } AmericaY251'astastC,rowirgCities CNBC I July 2017 ) 11 SatallitaCitie€Poi"u,Thrive er in2417 )'BastRnck In241T yMorntaln Forbes I October 2017 Secret",Top IU 0 25Best P 9 I April 2017 ) Best Citlas for Quality cfUfe(Bolse#5) Towns Ewer ) Tap 10 Cities forYoung Fa mi I ies 2017 NerdWallet I October 2017 Outside Magazine I June 2017 Movelluddha I March 2017 ) Top50 Safest Cities In the World )8American Cities You Should Visit ) Under-AppreciatedAmericanCities (Boise 4s) Before They reToD Popular You Should Totally Move To The Daily Meal I Cctater2017 Thrillist IMay2017 Thrillist I February2017 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.22 ADA COUNTY WORKFORCE TRENDS ADA COUNTY WORKFORCE TRENDS • • ��/ Liu= r liPA!Vgu572Uf9 Workforce Trends Population Ada County is Idaho's most populous with 469,9E-6 resr Population dents_It is a regional center of government,i ndustry and education_It is more than twice the size of neigh baring Can- mQ°0a you County,thestate's second most populous.Ada County ranks 31st among the 44 counties in area-It has grown rep- 493ooa idly,adding over 87r000 residents since 2008.Popu lotion increased rapidly in the years leading up to the recession. 4o00oI People from other states flocked to the county for its outdoor lifestyle and cam paratively low real estate prices.While an- 0 at nuaI population growth has slowed since then the county continues to grow more rapidly than the nation,growing 2-9 3o4o03 percent between 2017 and 2018. Boise is the largest city in Ada County and the state with a population of 226,570 in 2017-Meridian the second larg- °0a est city in the oounty and state had a popu lotion of 99,926 in 2017.Meridian was the 10th fastest growing city in the Z)Qcoa country in 2017.Eagle is the fastest growing city with a 5.4 ZLM 29M 20101 Zan 2a12 20113 2011A sacs 20>6 eon 2a1e oe•cent increase in 2017 bringing its population to 26,089. Labor Force & Employment The Ada County labor force grew significantly between Unemploy MEnt Rates 20D8 and 2018 increasing by 46,000.The labor force in- creased 5 percent between 2017 and 2018_Ada County has 12.0 more jobs than its labor force can support,requi ring comm ut- ers from neigh boring oounties to fill them_During 2018r the 10.0 unemployment rateeantinued to decline,droppingthree-tenths 8fl Of a percentage point from 2017,to record low of 2.5 percent. The 2018 annual average rate is dowr i 6.4 percentage points $.fl from the record high of 8.9 percent in 2009-The oaunty consist- ently posts rates below the statewide average. 4A Theoounty's annual average covered employment in- 2fl creased 4 percent,11010 jobsr in 2018-Five sectors made up 77 percent of the growth.The largest growth was in profession- u.fl al and business services which added 1,849 jabs.Consuution; 2me 2009 2010 2NI 2or2 2013 2014 ME MS 2017 MS trade,utilities and transportation;education and health ser- vices;and leisure and hospitality each added more than 1,400 jobs- Over thedecader the county has increased the number of jobs by 31,472.That is impressive considering this time frame included the worst recession in recent memory.Agricudurer manufacturing and information were the only sectors that have Civilian Labor force 240,059 2 6 2 7 254,807 reported jabs losses between 2008 and 2016. Total Employment 233,781 247.973 Construction is beginning to show signs of a strong recovery Unemployed 6,278 6834 with a growth of more than 2r500 jobs since 2008-Education °Iaof Labor Force Unemployed and health care posted a the largest gain of more than 10,000 jobs since 2008-This sector was followed by leisure and haspi- 5tate of Ida ha°o Unemployed 3.0 2.9 tolity with over 7,200 new jobs.Trader utilities and transport,} U.5.%Unemployed 3.9 3.7 lion added almost 6,500 jobs over the decade,. Civilian Labor Force 196.434 196.383 196.922 200,166 204,202 206,393 211,E-8U 217.051 224,773 232.953 244.52.4 Unemployment 9,5W 17,491 16,360 14,705 12,639 10,732 8,893 7,994 7,392 6,469 6,015 °roof Labor Fcroe Unemployed 4.9 8.9 83 7,3 62 52 42 3.7 33 2,13 25 Employment 186,E-08 178,892 180,562 165,4E-2 191,562 195,660 202,768 209,165 217,381 226,485 238,510 Prepared DyJarelt F#yer,Research Analyst,1d2ho Departrrrentof Labor •317 W.,Nair,St.,Boise,Idaho 83735 Plrorre: {748)337 3570 ea t.3270•emQii: rrelf.hyer�f�bor.idaho.Gov•LnUar Haricot 1rr(orrroution websiter fmi.idaha.4uv This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.23 ADA COUNTY WORKFORCE TRENDS Nonfarm Payroll Jobs for 2018 Major Pirivate Employe ra Natural Albertsons LLC RkSadreig Conim cUon Blue Crass ofWaho Health Service 0% 6N Mdnutditu ring Gawernment Fred Meyer Stares Yno 14% 7% Hewlett Packard Co Trade,Utililles, a Idaho Power Co. Other 5[ri'rmi_ Tramipnrution JR_Sim plot Co_ A% is% hfcDonalds FUarmody Enterprises LTD leisure and Inlorunahan WmnTechnokagy,Inc. maspimell(v 1% Saint Alphnnsus Health System Inc 1117d St Lukes Heath Systems Financial Walmart Educational Professional Aebvitias Wells Fargo Bank NA and Health and Usl ness 7% Boise SCYicei Cpivi{% 15% 169d Occupiatione a g-- Wage Wage Per Capita Income&Wages Medical p5sistants $13.76 $16.79 Waiters and Waitresses $B 3E $E.82 The arrhual average covered wage in Ada Gounty increased Struohual Metal Fabnicalars and Fitters 513.74 $16.72 5.3 percent to$50,443 in 2018,up 317918. The growth over CustomerService Represenra*ms 51223 $15.19 the past decide was 27 percent with uh ihcrerse of nearly $10,800.Wages in manufacturing in creased morethah$4,493 Eleotridans $15.05 $24.02 from 2017-Leisure and hospitality continues to report the low- Construction Laborers $12A1 $16.31 est wages at S18,356 but it is up 5 percent from a year ago and General and Operations Managers $19.99 $33.5c 29 percent from 2008.Irk 2018,six sectors paid more than the Registered Nurse $25.75 $33.0E state average wage of$50,443. Em-c Secretaries 8 Pdmin Assistants $19.73 $23-07 Ada County ranked 3rdamongthe44 counties in per capita Heavy BTractor-Trailer7ruds Drivers $15.65 $19.74 income with$49,900 in 2017,an increase of$M-31 from Welders 512.42 $16-0b 2016 or 3.1 percent_This was 119 percent of the state average Retail Salespersons $8.87 $11.56 and 97 percent of the nations I average. Additional ocmpafKma I wad data cen be found un the Idaho Ueparorwatof Labor website athttpsl/Irnl.Idaho gGyfoes GDve red Emplopm at&Ave rageI. 2017 2018 W a go 9 Per Job for 2008,2017&2010 Average Average Average Average Average Average Employment FEmploymentiWages Total Covered Wages 209,236 339,669 233,69B $48,525 244,703 $50,443 Agricuitire 808 $29.459 703 $37,464 743 $37,846 Mining 112 $111;245 118 $63,664 133 $66,371 Construction 13;272 $46,108 14,451 $47,911 15,854 $49,664 Manufacturing 18,746 $66,913 16,947 $102,426 17,723 $106,919 Trade,Utilities 8,Transportation 40,358 $34,742 45,270 $44,384 46,915 $45,348 Information 4,773 $42,347 3,466 >i55,689 3,407 $57,451 Financial Activities 11,570 $46,166 13,576 $61;264 14,293 $63,774 Professional and Business Services 35,688 $40,806 39,109 $48,485 40,953 $52,672 Educational and Health Services 26,963 $40,283 35291 $48,151 37,092 $49,085 Leisure and Hospitality 19A55 $14,245 25,345 $17,492 27,103 $18,356 Other Services 5,637 325,016 6,412 329,914 6,791 $31,275 Government I 3i 455 $41 106 33,009 548,785 33,679 $50 1)3 Ada Comty $39.479 $37.727 $38,275 $39,649 341.472 $42.857 $45.259 $47,$71 $48.419 $49.900 State of Idaho $32,845 $31.142 $31,921 $33,603 $35.107 $W.187 $37.792 $39,780 $40,508 %41,6215 priced States y44,9U4 $39.284 y10,545 $42,727 $44.582 $44.826 $47.025 $48,94❑ $49.831 $51,4540 A,P raYar0nprori7rd by Er wea`£ewnoxir Andp6 CONCLUSION Ada County is Idaho's most populous with 469,966 residents. It is a regional center of government, industry and education. It is more than twice the size of neighboring Canyon County, the state's second most populous. It has grown rapidly, adding over 87,000 residents since 2008. Population increased rapidly in the years leading up to the recession. People from other states flocked to the county for its This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.24 ADA COUNTY WORKFORCE TRENDS outdoor lifestyle and comparatively low real estate prices. While annual population growth has slowed since then, the county continues to grow more rapidly than the nation, growing 2.9 percent between 2017 and 2018. Boise is the largest city in Ada County and the state with a population of 226,570 in 2017. Meridian the second largest city in the county and state had a population of 99,926 in 2017. Meridian was the 10th fastest growing city in the country in 2017. Eagle is the fastest growing city with a 5.4 percent increase in 2017 bringing its population to 26,089. The Ada County labor force grew significantly between 2008 and 2018 increasing by 43,905. The labor force increased 3.2 percent between 2017 and 2018. Ada County has more jobs than its labor force can support, requiring commuters from neighboring counties to fill them. During 2018, the unemployment rate continued to decline, dropping four-tenths of a percentage point from 2017, to record low of 2.4 percent. The 2018 annual average rate is down 6.5 percentage points from the record high of 8.9 percent in 2009.The county consistently posts rates below the statewide average. The county's annual average covered employment increased 5.3 percent, 7,457 jobs, in 2017. Four sectors made up 80 percent of the growth. The largest growth was in professional and business services which added 2,315 jobs. Construction; trade, utilities and transportation; and leisure and hospitality each added more than 1,200 jobs. Over the decade, the county has increased the number of jobs by 21,385. That is impressive considering this time frame included the worst recession in recent memory. Construction and manufacturing lost over 5,700 jobs between 2007 and 2017. These sectors made up 18 percent of the covered employment in 2007 but comprise only 13 percent now. Despite the recession, education and health care posted a gain of nearly 10,000 jobs since 2007. This sector was followed by leisure and hospitality with over 5,000 new jobs. Trade, utilities and transportation added almost 4,300 jobs over the decade, while Government saw a growth of nearly 2,700 jobs. The annual average covered wage in Ada County increased 5.3 percent to $48,492 in 2017, up $2,426. The growth over the past decade was 21 percent with an increase of nearly $8,400. Wages in manufacturing increased more than $19,500 from 2016. Leisure and hospitality continues to report the lowest wages at $17,471 but it is up 3 percent from a year ago and 25 percent from 2007. In 2017, five sectors paid more than the average wage of 48,492. Ada County ranked 3rd among the 44 counties in per capita income with$49,900 in 2017, an increase of$1,481 from 2016 or 3.1 percent. This was 119 percent of the state average and 97 percent of the national average. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.25 NEIGHBORHOOD DATA ReLorme Street Atlas 1J SMI 2015 NEIGHBORHOOD MAP — I Eoglu - as i 30 , 4 J'gic } P 9M INQ Mt i.. .-: - L �- .mgD.... x { = p� bb �p PP4kT ~ g w A . 4 i LSE 611Ged W IICLOSe. Scale 1:V.ErDD ]aLone.❑eammeS mtMar.LISki2015- W"AeWnie.coro 1'-1.39 ml 6a1a Zoom 11-2 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.26 NEIGHBORHOOD DATA NEIGHBORHOOD DATA A property is a fixed and integral part in its neighborhood, and as such cannot be treated as an entity separate from its environment. Thus, the value of real property is not intrinsic but flows into the property from external / environmental forces and shares the future with the neighborhood in which it is located. The economic life of a neighborhood in turn relies on the physical characteristics of the land and the types of improvements located within the neighborhood. In order for a property to attain maximum economic value in a neighborhood, the improvements must be designed such that they complement the existing or transitory nature of that neighborhood and appeal to the users, which they were designed to serve. Thus, a property achieves maximum economic value when it is improved in such a way that both its appearance and its utility coalesce with the character of the surrounding neighborhood. THE NEIGHBORHOOD DEFINED The subject is located approximately 10 miles southwest of the Central Business District of Boise and approximately 2 miles west of the Meridian Central Business District. Geographically, the subject is located in West Meridian, south of Ustick Road and north of Interstate 84. Specifically the parcel is located south of W. Cherry Lane and west of N. Ten Mile Road. Areas of influence and primary competition will be from southwest Meridian, south Meridian, and to a lesser extent northwest Meridian and southwest Boise. The immediate surrounding land uses primarily include; newer single family developments, agricultural, multi-family units, and service commercial uses. GENERAL LAND USE PATTERNS The subject's neighborhood is approximately 75-80% built-up and includes land use influences ranging from agricultural and quasi-agricultural uses to more intense detached single-family development. Single-family residential use ranges from aged farmhouses to new rural acreage estates to medium to high-density subdivision projects. Additionally, adequate retail and services are available within the subject's immediate neighborhood. The Ada Planning Association has split the Boise/Meridian metropolitan area into ten planning districts established by geographic, "planimeteric" and topographic features, for the purpose of directing growth and services. In general terms, the subject neighborhood correlates with the Meridian Planning Area and portions of the Rural County Planning Area. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.27 NEIGHBORHOOD DATA TEN MILE INTERCHANGE PROJECT The I-84 Ten Mile Interchange Project was developed to relieve congestion at the existing I-84 Meridian Road Interchange and provide local access to the growing area west of Meridian Road. The widening project between Meridian Road and Garrity was completed in 2011, which has allowed the Ten Mile Interchange project to also be completed. Project Overview The I-84/Ten Mile Road Interchange Project was developed to relieve congestion at the I-84/Meridian Road Interchange, provide local access to the growing area west of Meridian Road, and serve as a future maintenance of traffic route for the eventual reconstruction of the I-84/Meridian Interchange. The project includes: • Gaining the environmental clearance needed for construction • Designing the interchange • Defining the right-of-way needs, and beginning to purchase right-of-way To make the new interchange function smoothly, the surrounding roadways need to be improved. The project will also include: • Design the widening of Ten Mile Road between Overland and Franklin roads • Design the improvements to the intersection of Tasa Street and Overland Road. Improvements to Tasa Street and Overland Road may also be included Project Description The existing Meridian Road/I-84 Interchange is approximately two miles east of the new Ten Mile Interchange and the existing Garrity Road/I-84 Interchange is about 4 miles to the west. I-84 was widened between Meridian and Garrity to allow for the Ten Mile Interchange to be completed. Ten Mile Road connects US 20/26 in the north and to the town of Kuna about six miles south of I-84. The new Ten Mile Road/I-84 interchange has two lanes in each direction. The land area around the site is currently agricultural and a residential development in the southwest quadrant of Ten Mile Road and I-84. The area north of I-84 is designated as Mixed Use-Regional by the City of Meridian. This designation provided for development under a master of conceptual plan with innovative and flexible design. Multi-family residential uses are encouraged at a density of 3 to 40 units per acre. There is no upper limit of non-residential use and may include entertainment, major employment centers and clean industry. South of I-84, the area is designated as commercial, which includes retail, wholesale, service office and limited manufacturing uses. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.28 NEIGHBORHOOD DATA The new interchange improvement project included the widening of Ten Mile Road between Franklin Road in the north and Overland Road to the south. The widening of I-84 from a four-lane facility to a six-lane facility between the existing Meridian Interchange to the new Ten Mile Road Interchange was also done. To accommodate the widening of I-84 to three lanes in each direction, some temporary modifications to the existing Meridian Interchange are also included. There is evidence of developers positioning themselves in the area in anticipation of increased demand for multi-family and affordable entry level housing due to the enhanced access that is provided by the new interchange. TRAFFIC PATTERNS Major streets in the defined neighborhood include: East West Cherry Lane Minor/Principal Arterial Overland Road Minor/Principal Arterial Interstate-84 Standard Interstate Franklin Road Principal Arterial (substandard west of 5-Mile) Victory Road Substandard Minor Arterial North/South Cole Road Minor/Principal Arterial Ten Mile Road Principal Arterial N. Eagle Road Principal Arterial Cloverdale Road Minor Arterial Five Mile Road Minor/Principal Arterial Maple Grove Road Minor Arterial UTILITIES&PUBLIC SECTOR In general the immediate neighborhood is served by all utilities including; central sewer, water, natural gas, electricity, telephone service and cable television. Telephone is provided by CenturyLink Communications; and electricity by Idaho Power Company. Maintenance of roads, recreational areas and facilities, is provided by the public sector. Meridian City Police and the Meridian Fire Department provide public safety services. THE SUBJECT AS PART OF ITS NEIGHBORHOOD Obviously the focus of this appraisal is the subject's potential position within the market, its direct and indirect competition, and it's potential for continued economic viability. As will be presented in preceding section, recent data indicates support for continued residential demand in the Boise and Meridian markets. There are signs of This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.29 NEIGHBORHOOD DATA new development is occurring in the market, with a number of developers purchasing vacant land in the subject's market area contemplating new development in the short term. Recent land transactions have occurred within close proximity to the subject, to the north, and to the east, at locations where utilities are available to service new development. The subject's general location offers relatively good proximity to services, potential employment centers (predominantly Meridian and Boise to the north). In summary, the subject's market area should prudently be expected to remain stable over the long term. Primary employment will most likely be found in Boise (CBD and the West Bench Planning Area). This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.30 ZONING ZONING The subject is located within the city limits of Meridian and currently falls under the R-4 (Medium Density Residential Zone) zoning district. The guidelines for the subject zoning designation are set forth below: ESTATE RESIDENTIAL (R1), LOW DENSITY RESIDENTIAL (R2), MEDIUM TO LOW DENSITY RESIDENTIAL (R4), MEDIUM DENSITY RESIDENTIAL (R6) and MEDIUM HIGH DENSITY RESIDENTIAL (R8) 1. Provide regulations and standards for development where urban public facilities are programmed. The maximum allowed density shall be as follows: R1 -1 dwelling unit per acre. R2-2 dwelling units per acre. R4-4 dwelling units per acre. R6 - 6 dwelling units per acre. R8 - 8 dwelling units per acre; 2. Provide options for applicants so they may develop areas with the most appropriate density as it relates to the surrounding land uses and the applicable comprehensive plan designation. IIIILLIR4N GO i R' '�� r - PLACE ESIA{ES U 03 �, SL LZt�T09: f � C RRY CHERRi'L.�',F �l -Tym rsu BL-R fGOLIVIE -E I GE VILL.GE 10 61 ML EST ES O81 _ _ _ _ _ LY1� �CItiSTOA� P ITE L --- -- .1 pywi ,�' L RODS �' RRiS1OCm�t�FLLhGE R�QN ------T04E 1ID i i L PARItiSIDF ---------- --�— �----I---i � �7sr 1 \O 43 ,�� 'rT1SLa;O�II---- -' CE 'WAHOW E€ i i RODS ) '�t� RODS P.91ZFi t 04 CORAL CREEK 1 i P.�RKSIDE ti Ro7u�aSII}E C'KEEIi RO _-- ---- C'RF.FKxOasti �_ _ __ Subject CAbTLEBROOK` - '-- _; -,----y� WOODS - NO01 Ceksn RO9K _J �� 9$i — ` tigU4 CASTLEBRO Ii _ �'tiDE4 T. CA5ILEBRDOK NO03 + CIEEk I01� iMOSHERS L-J& 4iPR5 ----- R-8 fl 17 r-7i r. ' k � �CC1MM i I O L L CHESIItFIELD 11-RT1:4RDSAT CH£S ELD k 0{ry NO01 E�IIILETHE �--- --"---1--- _i M-E i5 EN�ALF C-G Li+IgRIA This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.31 ZONING Page I MDILl MEDIum DENSITY RESIDENTIAL FUTURE LAND USE MAP DESIGNATION INFORMATION0 GENERAL Map Color ❑ Zoning R-4 I R-8 I TN-R Sample Use(s) a Single-family detached residential Single-family attached residential,and Duplexes General 0 3 to 8 dwellings per acre Standards f3 4,000(R 8)to 8,000(R-4)square foot minimum property sizes 0 35-foot maximum building height 0 Design Review required for some uses,see Architectural Standards Manual Design o Residential devebpments should orient to surrounding uses, including residential and non-residential areas, Considerations in a way that encourages compatible development patterns,character,and appearances. 0 where appropriate,incorporate and enhance significant natural features as site amenities and/or design elements. 0 Appropriately address the critical issues of site layout that influence a compatible and integrated neighbor- hood character,including,but not limi4ed to,vehicular access,pedestrian connectivity,building orientations, and common spaces. 13 Limit street connections for residential developmentsoff major roadways,including highways,principle arteri- als,and other designated mobility corridors,to mitigate development impacts on the roadway system. f3 Site entryways,primary circulation patterns,and connections to adjacent uses should appear and function like complete streets rather than oriented to accommodate only vehicles. f3 Strategically locate common and open spaces and site amenities to encourage and support pedestrian activity. Site Pattern > > f 1 r i Note:This information is a summary of the tomprehensive Plan designation and Unified Development Code{UDC)-Please see the Comprehensive Plan and UDC for more information. Zoning district listed above do mot always directly correlate with the future Land Use Map designation-When determining appropriate zoning of a property,the transition from misting,adjacent zoning designations,as well as future anticipated land use should be considered. /fE IDIAN »Last Mocrified:D1f30J18 I t7 A H eJ »Qwmbons7 contact the Planning Division at 33 E Broadway Ave,Suite 102,Meridian ID 83642 or 208.664.5533 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.32 ZONING Page I hlDt4.2 MEDIUM DENSITY[ RESIDENTIAL FUTURE LAND USE MAP DESIGNATION VISUAL REFERENCE The images below are examples only.They represent some of the site and building design elements desired within this future land use designation,but may not necessarily represent all elements required under the Comprehensive Plan,UDC,or other policy documents. - a a 1 Allow smaller lots for residential purposes within City limits. Uses may include single-family homes at gross densities of three to eight dwelling units per acre. Density bonuses may he considered with the provision of public amenities such as open space, pathways, or land dedicated for public services (City of Meridian Comprehensive Plan). r y : A iS t r + -- •Last Madfied:011306 Questims?Contact the Planning Dmsicn at 33 E Bmadway Ave,Suite 102,Meridian ID 83642 or 2DMB4.5533 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.33 ZONING Based upon the Comprehensive Plan for Meridian the subject site has a "Civic' land use designation as a community park. The underlying land zoning designation is R-4 (Medium Density Residential). *e, 'SOD z ST Q.,: O Z W GEMSTONE'DR Z x 9y Qw kKEV 4�CREEKAR Z:.-- . i (� y 3 y W AWN WAY- W CHERRY LN YV-'4W' LI -W CHE l i�FsC3 x 4 0 � W THORN CREEK SC, W v,iue W LEONARD F,�,s1 H 2 DR GREFK pR t SHERYL W SHERYC STSi „ � DR n W WILLARD ST CREEEKK 57 W W SANTA CLARA 1 Fn•.5na ❑ n W FORECASTS OR a ¢ W WAVE Y DR J � y f _ QyFQR r oavER DR [ z Ay STATE S r V• sr DR m W HEARSTST u n.� r m z a W JAYTON Dr r 0Vxi # U A ya W NEWLAND W NEWLAND ST p y5,y 1 � ■ i * � � Jx ■ fit ■ W AVIATOR ST � u - hob I As per the agreement with the client, Langston & Associates has only appraised the underlying land as if it were to be put to an economic highest and best use. As shown in the valuation section of this report based upon its current zoning of R-4 the highest and best use is medium density residential. Based on the Land and Water Conservation Fund (LWCF) manual a non-economic use is not a valid use upon which to estimate market value. The appraiser's estimate of highest and best use must be an "economic" use. A non-economic highest and best use, such as "conservation," "natural lands," "preservation," or any use which requires the property to be withheld from economic production in perpetuity, is not a valid use upon which to estimate market value. The highest and best use must be a market, or economic value. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.34 REAL ESTATE TAXES REAL ESTATE TAXES AND ASSESSMENTS According to the Ada County Assessor's office, the subject's parcels are identified as tax parcel numbers R7536760490 and S1210131210 and are located in Tax Code Area 003. According to the Ada County Treasurer's office the subject property does not have an assessment or tax history as both parcels have historically been owned by the Western Ada Recreation District which is tax exempt. The two parcels will continue to be tax exempt given the non-profit status of the current ownership. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.35 SITE DESCRIPTION WIDIACCHIA4 DeLorme Street Atlas USAV 2015 :;' SITE LOCATION t f+ — Jk } ytP` 10 mkk`x °� '� ��'�''n20�sr m # I W KAND[CEST x L41AEL GIE454T w"KEn ILIOGE Oe — y x � � ri'CHEXRYLti � c �� w4ilRRTW —3 — z = M V1/uP`.EN€BEER�r A R IF y1 a1ERFLffREE CI y i %V SHMYL CR:, Subjort 3C } x IF � z x $ _ x x _ r 13-1 I(I W HEARSr 60. ' 1 � H BRaNOrwlNE Lw Z x w s7nE ua w P1HE Auf W p[ME 4vE h O MUM CT w NEWLAND sT x mvd F my -------..... ..... �I i vala Ike sut�ea ba Ilx-we. Scale 1:8�00 CD--eLorne.--eLal'ne MreB1 Alias LMWD2015. www.deorre.wr 1'-733-3R D30ZDDn14-5 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.36 SITE DESCRIPTION SITE DESCRIPTION PHYSICAL CHARACTERISTICS Common and Legal Description According to the Ada County Assessor's office, the subject's parcels are described as: Lot 17 Block 3 Rods Parkside Creek Sub. #1, #9391482 and Parcel #1210 of the W2NE4 & of SE4NW4 SEC 10 3N 1W, Boise Meridian, Ada County, Idaho. A metes and bounds legal description has been provided following. Legal Description of Real Property to be conveyed to City PARCEL 1: Lot 17 in Block 3 of Rod's Parkside Cretk Subdivision No. 1,according to the plat theraal;filed in Book 61 of Plats at Pages 6054 and 6455,records of Ada Coutity,Idaho. PARCEL IL A tract of land in the Nl/2 of Section 10,T'.3N.,R.I W.,B.M.,Ada Coiutty Idahu,being more paLticularly described as follows: Commencing at a brass cap tnonumettt marking t$e seetion confer common to Sections 2,3, 10 and 1 l,T.3N., R-1W.,S.M.,Ada County,ldaho,f am which a brass cap tuonument marking die one-quarter touter cauntton to said Sections 10 and 11 bears S.0°041U0"W.,2656-47 feet,thence S.t PGWO "W along the-section lute colmuon to Said Sections 10 and 11, 1328,23 feet to the Southeast canter of the NEI14NE1A of said Section 10: tlmice N.89°3947"W.,along the South botnidary lute of said NEI NNE 1/4, 1326.27 feet to the Northeast cornner of the NE1/4SWI/4NE1/4 of said Seeticu 10,the REAL.POINT OF BECANNINQ thence SA°0TS1"W.,663.56 feet to the Southeast corner of said lit 1/4SWI14NE1 A-, thence N.84°37'22"W.,663.51 feet irk the Soudnvest corner of said NE1/4SW 1/4NE 114, thence N.89°37'22"W.,along the South boundary line of the NWIJ4SW114NE114 of said Section 10,73.23 fret to a point rnt tine centerline of the Ten We Drain as said reaterlim is described on that certain Quitclaim Deed recorded in Book 121 of Deeds at Page 23,records of Ada County; thence 19,56°52'W.(saute as N.56°47'W. on said Quitclaim Deed)along said ceatedille,567.83 feet to a point; thence along said centerline on a curve to the left with a radims of 286.48 leek,a central angle of 23'02'and %vhuse long chord bears N.68'23PW., 114.39 feet to a point; titmice N-79°54'W.(same as N.79149'W.on said Quitclaim Deed)along said centerlifte, 1305-50 feet to a ponur thence along said centerline on a curve to the right with a radius of 143.24 feet,a central angle of 17°48'35" nad tvhose long chord bears N.7W5943"W,.44.35 Feet to a poiutou the West boundary line of the N1/2SEI/4NWI14 of said Section 10-1 thence N.4°0149"E.along said West boundary line,79A 1 feet to the Northwest corner of said N1/25E1/4NW 1f4: t1wace S.89°38W"E.along the North houndwy line of said N 1/2SP,IANW 114.3300i feet to a point-, thence 5.77°38'E.,700.37 feet to a point; thence N.0°45'W.,79.71 fret to a point; thence N.89°47'E.,66T52 feet to a point; thence N.2°35W., 193.84 feet to a point; thence 5.06°44 E.,227.36 feet to a point on the North boundary lute of the NW 1/48W 1f4NE1/4 of said Section 10; thence S.89°38'47"E.,69.04 feet to the Northeast corner of said NWINS IANEIA; thence S.89"38'47"E.along the North batuidary line of the NEI/4SW I14NE114 of said Section 10.663.14 feet to the REAL POINT OF BEGINTgiNG This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.37 SITE DESCRIPTION Size/Configuration Based upon the information provided by the Ada County Assessor's office, the subject's parcels contain a total of 23.21 acres. Parcel Number Zoning Code Tax Code Area Size/Acres R7536760490 R-4 03 1.25 S1210131210 R-4 03 21.96 Total 23.21 The property is irregular in shape. There is long narrow strip of land, utilized as walking paths and landscaping, at the western boundary. y • _ R7536760490 y 1.25 Acres f III i f .ail S1210131210 21.96 Acres T SOIL CHARACTERISTICS Topography Based upon the physical inspection and as can be noted from the accompanying photographs, the subject topography "As Though Vacant" is generally level and at street grade. There are no atypical development restrictions, or visibility issues as a result of the topography of the site. The property includes a fishing pond located at the northwest boundary of the property. Environmental Analysis A Phase I, Environmental Site Assessment has not been provided. The value estimate is predicated on the assumption that there are no environmental hazards or This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.38 SITE DESCRIPTION material on the property. Any such environmental risk discovered at a later data may require a revised estimate of value which may or may not be simply a reduction of the value by the estimated cost to cure the environmental condition. Properties known to have environmental risk may carry a stigma in the market place which also may or may not affect the value. Soil Conditions While no specific soils tests have been made available, the existing improvements show no signs of atypical settling; and it is assumed that the soils conditions are adaptable to development. Flood Map Classification: Review of the FIRM maps applicable to the subject (FEMA FIRM MAP Number 16OO1CO250J, with an effective date of 10/2/2003 -indicates that the subject property is located in Zone X - "areas between the limits of the base flood and the 0.2 percent annual chance (or 500-year) flood." National Flood Hazard Layer FIRMette ,9 FFaAA Legend -3'3�'-3.31"N ruaerxn roe oewuo ucVn,wo xoa rrr.rvx rwx nn�u,wr lrhwal sae F1od�1m�FEd r. SPECIAP FLOCO wnn 6FEa Veelle m.•v,p•w,Kwr m� �� ���� _ �� HA28R➢ARF14 aegunmry F,aad.w' '� _-' Vex Mnuar6MrceFw]naaam,even '- — Aix annex dunce none wlm wua� -mot mpin ma man onafwe or rxu eramm t•! ��rnenmlboman oK r^sx cvcw , r 4 ♦- aMU AAEAS OF nano w RD � -� _ oF,1F�AAra¢ ,rexarrvr�emnxr�FFamrvaeaba.. s.NmKs` ... � a axns...r .: i,'S�.,i r.e;y;•i,rJ m� rmnlxmnuduunm i,., �i w , iAF.F.4 r:'p,'•11.Ir'ki:F:.txaf5 NriKRf, � � um uetevFa:� ok+ sw aeeeee _ naer.nram.e •� _; oMFa-—Axlle aeaaw Y+ r �� . �I FFAiIIHES rvNiaRraM1c Feaws kF � 46 : •� mlAe.l Oa,a AreEeEk .: 74'- rvo mgRa Van..ofedc a.� MA PA4US unmooxV nK�ellasa;��m�r KK:.laa- - a a. m�mmme 'ffT4—�1 II Im Fcrw.e.� aaNr.a,.eaae.�a ann rc�a ma �. mlwFe o.mi�P n�o�adrmFH�1erco nme..a���enwameaanem,x:e is ane .;I)al.�I,i;J<I"I m�amaeePa,ea�a,r.a,lw Ixam.rmn m.,naae.a i 1 � � ed p mwGare orertlmo. irrnnnl Imapc h wle n the me or mole a me roFowm0.may G' meKs,,looe ame lebei = eoam,wale ena�ecrenm ea[e,mmmunlly pemmeu, Feet �:Fj�Od d3'3f'i-"�4l pea arc ummoernaaVKeaecninam cemomIXnfx 0 250 5uu F,uo 1.5CC 2.N0 "6xaa.�PoiPoae:. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.39 SITE DESCRIPTION UTILITIES Public water, sewer, and power are available at the property. As previously mentioned there is a public restroom building located on the property. Maintenance of roads, recreational areas and facilities are typically provided by the public sector. The Meridian Police Department, Ada County Sheriff's Office, and the Meridian Fire Department provide public safety services. Liens and Easements of Record A preliminary title report was not provided for the purposes of this appraisal regarding the subject property. Langston & Associates expresses no opinion as the scope, applicability, enforceability or other aspect of any covenants or restrictions that may affect the property. The client is advised to seek the opinion of real estate counsel as to any real property covenants or restrictions. It is an extraordinary assumption of this appraisal that there are no easements, deeds, or restrictions that currently exist on the subject that would adversely impact the site. ACCESS AND VISIBILITY Visibility/Access The subject parcel is within an interior location accessed primarily through the adjacent Rod's Parkside Creek Subdivision. Access to the subject is from interior subdivision streets via W. Cherry Lane and N. Ten Mile Road. Overall, it is considered to have average visibility and access compared to other similar type properties in the Meridian area. Surrounding Property Uses As previously discussed the subject abuts several newer single family residential subdivisions on the north, south, and west. Adjacent along the eastern boundary is the Chaparral Elementary School. Southeast of the subject are several vacant parcels in agricultural use. Additional uses include retail and light commercial uses along W. Cherry Lane and along N. Ten Mile Road. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.40 PART H-PROPERTY VALUATION PART H - PROPERTY VALUATION This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.41 HIGHEST AND BEST USE HIGHEST AND BEST USE In common appraisal practice, the concept of highest and best use represents the premise upon which a value estimate is based: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, fi- nancially feasible, and that results in the highest value.2 The determination of highest and best use is the result of the appraiser's judgment and analytical skill. The reader is cautioned, however, that the highest and best use of a property is not necessarily its most likely use. Furthermore, the use determined from analysis represents an opinion, not always a "fact" to be found. In practical application, the determination of highest and best use of a property is analyzed, both as vacant, and as improved, subject to the following three criteria: 1) legally permissible, 2) physically possible, and 3) financially feasible. Following is the opinion of the highest and best use of the property under analysis. HIGHEST AND BEST USE,As VACANT In arriving at an estimation of the theoretical highest and best use for the subject property, it is necessary to consider the characteristics and environmental influences that have a direct influence on the subject's potential utilization. The characteristics and features deemed most influential in the use of the tract are the subject's location, access, physical features, zoning classification, availability of public services (including utilities), surrounding property types and forms of development, and the market's demand for various property uses. Additionally, the reader is reminded of the discussion found under the previous zoning portion of the report. Legally Permissible: Again, the subject is located within the Meridian City Limits, and therefore falls under the purview of the Meridian Planning and Zoning office. According to officials from the office, the subject parcels are presently zoned R-4 (Medium Density Residential). While, the most recent comprehensive plan identifies the subject parcels to be land least likely to change due to the current use, as a community park, the development of the subject property to its theoretical Highest and Best Use "as though vacant" under the premise of an economic use would most probably be medium density residential development. Also the subject is adjacent to multiple existing platted residential developments under the R-4 and R-8 zoning districts. As 2The Appraisal of Real Estate,14th Edition,p.333. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.42 HIGHEST AND BEST USE noted there is demand for residential development parcels in the subject neighborhood. Phe shy Possible: The subject site has access from various points within internal subdivision streets accessed via W. Cherry Land and N. Ten Mile Road. The site is irregular in shape and is relatively open and flat. Overall, it is not restricted by physical attributes. Financially Feasible: The decision as to the ultimate use of the subject property should include considerations of the probability of attaining a return on the investment. Any proposed use should take highest advantage of the marketable attributes of the property, while minimizing any negative characteristics. At the same time, a proposed use should operate within the limits of prudent and justified investments. Subdivision for residential development is considered the most probable use of the land as demand pressure escalates in the Ada County market. The central question of economic feasibility, in subdivisions or any other proposed development type property is whether, in the judgment of the appraiser, all elements of contribution are satisfied sufficiently to induce development of the property. The question in the determination of economic feasibility of any proposed subdivision development is, does the present worth of the anticipated income stream over time exceed the cost to create (including raw land value) by a sufficient amount to attract equity capital and entrepreneurial effort to the development? Reportedly, according to local market participants and our market investigations, larger acreage tracts available for residential development are in limited supply. Residential subdivision of the subject site passes the tests of Highest and Best Use. Therefore, the Highest and Best Use of the subject site, as vacant, is concluded to be residential development. Maximally Productive: Based upon the four tests of highest and best the most maximally productive use would most likely be medium density residential. CONCLUSIONS,As VACANT As per the agreement with the client, Langston &Associates has only appraised the underlying land as if it were to be put to an economic highest and best use. As shown in the valuation section of this report based upon its current zoning of R-4 the highest and best use is medium density residential. This appraisal does not This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.43 HIGHEST AND BEST USE include a value contribution of the park improvements that would have minimal contributory value to a private sector buyer. Based on the Land and Water Conservation Fund (LWCF) manual a non- economic use is not a valid use upon which to estimate market value. The appraiser's estimate of highest and best use must be an "economic" use. A non- economic highest and best use, such as "conservation," "natural lands," "preservation," or any use which requires the property to be withheld from economic production in perpetuity, is not a valid use upon which to estimate market value. The highest and best use must be a market, or economic value. In practical application, the determination of highest and best use of a property is analyzed, subject to the following four criteria: The highest and best use must be 1) legally permissible, 2) physically possible, 3) financially feasible, and 4) maximally productive. With consideration given to the legal permissible uses under the current zoning and the market investigations as presented in this report, the highest and best use of the site "as though vacant" would be medium density residential as demand dictates. MOST PROBABLE BUYER The most probable buyer for the subject property is a residential home builder who intended to construct homes on the subject lots or a real estate investor who would sell off the subject lots individually. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.44 RESIDENTIAL DEMAND ANALYSIS RESIDENTIAL DEMAND ANALYSIS LOCAL HOUSING(2ND QUARTER 2019) The first half of 2019 has started out strong and the Boise/Treasure Valley housing market continues to grow. According to Metrostudy's quarterly lot by lot inspection of every subdivision, new home starts during the second quarter totaled 1,792, which is a +14% increase over 2Q18 and +28% above last quarter. New home closings are keeping pace with a total of 1,750 during the second quarter, +19% above last year and +67% more than last quarter. Year to date, new home starts are +30% higher compared to the first half of 2018 to 3,192, and closings are +5% higher at 2,798. Annual starts in the market reached 6,055 for the past twelve months, which is +8% higher than last year at this time. New home closings totaled 5,630 as of the second quarter, which is +9% above 2Q18. Ada County started 1,245 new homes during the first quarter, which is up +7% from 2Q18 and +31% above last quarter. Closings during the quarter increased +18% from 2Q18 to 1,254. Year to date, new home starts are +2% higher compared to the same time last year to 2,199, and closings are up +4% to 2,040. Annual starts as of the second quarter totaled 4,305 for the county, which is +6% higher than last year at this time. Annual closings increased +7% from last year to 4,043. New home starts in Canyon County totaled 539 during the second quarter, up +38% compared to 2Q18, and closings increased +26% to 495. Year to date starts are already +26% higher than last year to 985 and closings are up +7% to 756. Annual starts in the county totaled 1,736, which is a +15% increase over last year and closings increased +14% to 1,578. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.45 RESIDENTIAL DEMAND ANALYSIS Exhibit 4:41j fu of New Home Starts& Closings -Att/Det 7,000 s,5pp 6,055 s,000 ------------------ ------------------ ------------------ 5 5pp ___ ___________________ ___________________ ___________________ 5,Oaa ___ ___________________ ___________________ ___________________ _ 5,630 4,500 ___ __________________ ___________________ d,000 ___ ____ _____________ ___________________ __________ 3,500 ___ ____ __________ ___________________ __________ 3,000 ___ __ ______ _______ ___________________ 2,500 ___ ______ ______ ___ _______________ 2,000 ___ __________ _______ ___________ 1,500 ___ ____________ _ _ _ _____ _______ ___________________ 1,000 ___ ___________________ ___________________ ___________________ 500 ___ ___________________ ___________________ ___________________ __________________. iAnnu al 7m r4 iAnre al Clcs Yi ps Exhibit 5:Animal New Heine.Starts by Price Rarlge-4ttfDet 1,400 ---------------------------------------------------- 1,3o0 --------------------------- aim -------------- 1,200 ---------------- --------------------------------- ir too ------------- ------------------- 1,000 ------ --- -------------- -------------- 900 ------ - ---- ------- ------------- 8o0 ------ -- ------- -------------- 700 ------ - ------- ---- ------- 600 ------ ----- --- ------- 500 ----- - - ------ 400 --- - - ------ - l00 - - 0 5� 5199 zoo a5o ss: , s350- woo-- s5ao- s700+ $249 $299 5349 5399 $499 *699 As prices continue to rise in the Boise/Treasure Valley market, it is becoming a bit more difficult for entry level home buyers to qualify for a mortgage. With that said, the Boise market is one of the most affordable market across the country, hence the rising increase of out of state buyers moving in. Many builders have commented that nearly 50%- 60% of their home buyers are from out of state. These buyers are bringing lots of cash to the table which in large part is driving home prices higher. The median price for a new home in Ada County is now $382,700, which is +7% higher compared to this same time last year and +4% above last quarter. The median price for a new home in Canyon County has increased +16% over the past year to $266,200, and +6% higher than last quarter. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.46 RESIDENTIAL DEMAND ANALYSIS Exhibit 6•New Hoare In ventory and Month.Supply-A tt/flet Inr. PMS 2,800 ------------------------------------------------ 14A 21600 ------------------------------------------------ 13A 21400 ----------------------------------------------- 12A 21200 - --------------------------------------- - 11A 2,400 ---------------- ------------------ 1O.D 1,800 ------------ -- ---------------- 9.0 1,600 -- ----- ---- ------------- - 3.0 1,400 ---- -- ------ ------- - 7.0 1,200 ---- -------- -- - 6.0 11400 ----- - -------- 5,4 800 - -- - 4.0 600 -- - - 3.0 490 2.0 100 1,0 d 0.0 �Under Conshuc#ion �Fnish l Va cant +Total MOS �U f C MOS �N=FV MO5 Inr Exhibit A'Now Home Inventory&Month.Supply by Price-AttJDet Mos 551) -------------------------------------------------T11.4 500 Ak 10.3 10.4 450 ------------------------------- -- -------- 9.0 400 ------------ --------------- -- -------- 8.0 350 ------------ -- --------- -- 7.7-------- 7.0 300 ------------ -- --- 1 s.a- -- -------- 6.0 250 ------------ 4.5-- • 4.9- -- dL 5.4 -------- 5.0 150 ------ - -- -- 3A 3.0 100 --- -- 2,3 1_ 2.3- 1.5 i.g 2A -- 2.0 1.& 50 - - -- - - 1 o.s .0 0 0,0 50-$199 S200- S250- S350- $400- 5500- $700+ 5249 $299 $349 5399 S499 5699 0U+CIlly ■FIVInv •UCF'0 •FVMOS New Home Inventory New home inventory in the Boise/Treasure Valley market has been steadily increasing for the past few years, however has remained well below equilibrium levels. Based on the current absorption pace there is a 7.3 month supply of new homes on the ground, up from 6.9 months at this time last year. Metrostudy considers equilibrium to rest between 6-9 months. New home inventory in Ada County has increased +12% compared to last year to 2,520 and is a 7.5 month supply, up from 7.2 months recorded in 2Q18. Of this total, 1,847 homes are currently under construction, which has increased +4% from last year and is a 5.5 month supply. Finished vacant home inventory (otherwise known as spec homes) has jumped +55% compared to 2Q18, however decreased -5% from last quarter to 617 homes. While the increase may cause some initial concern, keep in mind that this is only a 1.8 month This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.47 RESIDENTIAL DEMAND ANALYSIS supply, as we consider equilibrium to be 2.5-3.0 months. New home inventory in Canyon County has increased +22% since 2Q18 to 891, which is a 6.8 month supply, up from 6.3 months. Under construction inventory is +10% higher than last year at this time to 543 and is a 4.1 month supply, down from 4.3 months in 2Q18. Finished vacant home inventory has experienced a +44% increase since 2Q18, however remains within equilibrium at 2.5 months. Lot Inventory Vacant developed lot inventory in the Boise/Treasure Valley market remains extremely tight at 12.1 months, well below equilibrium. Ada County currently has 4,394 vacant lots on the ground which is a +9% increase compared to 2Q18 and currently sits at a 12.2 month supply, up from 11.9 in 2Q18. Canyon County lot inventory has decreased -3% since 2Q18 to 1,617, and is a low 11.2 month supply, down from 13.3 months recorded in 2Q18. Finished lots are in high demand across the market, however delivering lots at affordable prices is increasingly difficult. Developers have delivered 6,360 new lots to the market over the past twelve months, which is a +34% increase compared to this time last year. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.48 RESIDENTIAL DEMAND ANALYSIS VaL Exhrbit 6: Vmant Developed Lot lip v. &MDS-Att/Det Mos 14r000 ---------------------------------------------- 158.0 13rd40 ----------------------------------- 156.0 12r000 __--_ ---------------------------- 144.0 11r040 ----- ------------------------- 132.0 10r000 ---- ----------------------- 120.0 9Oo0 --- ----- --------------- 108.0 8r000 -- ---------- 95,0 7r000 -- - ------- 84.0 500 60.0 400 48.0 3r000 36.0 2r000 24.C 1r000 12.0 d 0.0 �c�c�}�}����{ororr rr r�r?r�r�r���'srsrcrc'�r�rere�s 0 Starts �Vws --P—Mos VD1 Exhlbft 9:Yac-int Developed C of Inv.by Home Price-A ttlDet Mos 1,400 ----------------------------------------------- 42,C 1,200 ------------- ------------------------------ 3.6.0 1,000 ------------- --- -------- ----------- 30.0 8o0 ------- - --- ------ --- 1 24.0 600 ------- - - ----- 18.0 400 ------- - - 12: - 12.41 6.2 �. 0.0 $04199 $2d0- $25D- $300- $350- 5400- $500- $700+ $249 $299 $349 $399 "99 $699 ■VDL's f Annual Starts •VDL MOS BROKER STATISTICS Following is the latest numbers for Single Family Homes in the Boise MSA for August 2019, according to Mike Pennington from Tohn L. Scott. Resale Homes • Ada Co. resale homes closed in July was 831 units. This is up by only 15 units or a +2% from July 2018. • Canyon Co. resale homes closed in July was 349 units. This is up by 25 units or +8% from July 2018. • Ada Co. average resale price YTD is $352,635. This is up by $30,847 or a +10% increase from the 2018 average sales price. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.49 RESIDENTIAL DEMAND ANALYSIS • Canyon Co. average resale price YTD is $229,164. This is up by $20,382 or a +10% increase from the 2018 average sales price. • Pending sales for the combines counties is running dead even with last year. We are averaging about 1134 pending homes per month. • Ada Co. available homes is at 848 units. This is an increase of 121 units or a +17% over July 2018. • Canyon Co. available homes is at 324 units. This is an increase of 58 units or a +22% over July 2018. • Ada Co. months of supply of homes is at 1.34 months. Canyon County is at 1.14 months. These are up both slightly from last month. New Homes • Ada Co. homes closed in July was 304 units. This is by 30 units or +11% from July 2018. YTD we have closed 273 more homes which is a +15% increase over this same time period in 2018. • Canyon Co. homes closed in July was 119 units. This is by 10 units or +9% from July 2018. YTD we have closed 188 more homes which is a +31% increase over this same time period in 2018. • The average sales price of a new home in Ada Co. YTD is $414,618. This is up by $14,731 or +4% over the 2018 average sales price. • Canyon Co. average sales price YTD is $292,316. This is an increase of $18,753 or +7% over the 2018 average sales price. • The monthly average of Pending new homes for both counties is 1117 units. This is up by 81 units or a +8% over the monthly average in 2018. • Ada Co. available new homes is at 729 units. This is up by 198 homes or a +37% increase in inventory over July 2018. • Canyon Co. is at 263 available homes. This is an increase of 139 homes or a +112% over July 2018. • Ada Co. months of supply is at 2.47 months. Canyon Co. is at 2.54 months. Ada is down just slightly and Canyon is up just slightly from last montWs MOS. Narrative "The Single Family Housing market in the Boise MSA seems to just keep moving forward. As always we seem some adjustments and trends in the market but collectively we are doing just fine. Again we have slowed a bit as a result from the downturn in the Calif. housing market. That being said we are still experiencing a large numbers of out of state buyers moving in or making plans to move in the next few years. The resale market is healthy due to the continued very low inventory levels. Ada Co. months of supply is at 1.34 months and Canyon is at 1.14 months. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.50 RESIDENTIAL DEMAND ANALYSIS Sales are up just slightly due to the shortage of homes but the drought continues to push prices higher. The average sales price in Ada Co. YTD is at $352,635. Canyon Co. average resale price is at $229,164 YTD. Pending sales for the combined counties are keeping pace with last year with a monthly average of 1134 Pending homes. Ada Co. resale inventory is at 848 Units. This is up by 121 homes over July 2018. Canyon Co. inventory is at 324 units. This is up by 58 units over July 2018. New homes are being built at a blistering pace. Due to the shortage of resale homes Buyers are being forced into new homes. So for now the Buyers are keeping the inventory levels in check even though those levels have been slowly rising. Ada Co closed 304 new homes in July. This is up by a modest 30 units over last July. Canyon Co. closed 119 units in July. This is only up by 10 units over July 2018. The YTD average sales price of a new home in Ada Co. is $414,618. This is up by $14,731 over the 2018 average sales price. Canyon Co. is at $292,316 YTD. This is up by $18,753 over the 2018 average sales price. In July in Canyon Co. the average sales price of a new home was $312,472. Canyon Co. has never recorded an average new home sales price over $300k. They blew past the $300k mark by 12 grand! Pending new home monthly numbers are up for the combined counties to 1117 units. This average is up by 81 units a month over the 2018 average. Ada Co. new home inventory is at 729 units. This is up by 198 homes or a +37% increase over July 2018. Canyon Co. has 263 available new homes today. This number is up by 139 homes or a +112% increase over July 2018. These are huge increases and our month of supply would be way up were is not for the shortage of good available resale homes. Ada Co. months of supply for new homes stands at 2.47 months. Canyon Co. is at 2.54 months. This is pretty consistent with last month's MOS. Total sales new and resale for both counties is at 9069 homes YTD. This is 312 units more than the YTD number in 2018." EMPLOYMENT TRENDS IDAHO DEPARTMENT OF LABOR PRESS RELEASE(AUGUST 16,2019) Idaho's July Unemployment Rate up Slightly to 2.9 Percent Idaho's seasonally adjusted unemployment rate edged up from 2.8 in June to 2.9 percent in July, the 20th consecutive month at or below 3 percent. An additional 2,834 people made themselves available for work in July, pushing Idaho's seasonally adjusted labor force up to 876,539. The number of unemployed increased by 400 to 25,061. Total employment grew by 2,434 to 851,478. Idaho's labor force participation rate - the percentage of people age 16 years or older working or looking for work-remained at 64 percent. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.51 RESIDENTIAL DEMAND ANALYSIS Over the year, July's statewide labor force was up 17,996 (2.1 percent), total employment was up 16,814 (2 percent) and there were 1,182 more unemployed workers. Seasonally-adjusted nonfarm jobs were up 2.8 percent from July 2018 representing a gain of 20,600 jobs. Five of Idaho's industry sectors experienced job gains of three percent or greater: 6.9 percent in professional and business services (6,500 jobs), 4.1 percent in manufacturing (2,800 jobs), 3.9 percent in other services (1,000 jobs), 3.5 percent in financial activities (1,300 jobs) and 3.2 percent in education and health services (3,400 jobs). Online job listings dropped to 27,740 in July compared with 29,000 a year ago, according to the Conference Board, a Washington, D.C., think tank. Of those, 6,646 openings were classified as hard-to-fill by department analysts, down from 7,046 a year ago. Hard-to-fill positions are posted for 90 days or more. Health care jobs, including physicians, surgeons, psychiatrists, occupational and physical therapists and support positions, represent roughly 20 percent of all hard-to-fill online openings. Idaho nonfarm jobs increased by 4,100 from June to July for a monthly total of 760,600. Idaho's 0.5 percent nonfarm job growth was the second fastest over-the- month growth rate in the nation. Nine of Idaho's 11 industry sectors experienced growth, led by financial activities (+2.1 percent), information (+1.2 percent) and trade, transportation, and utilities (+0.7 percent). Natural resources and construction saw no change to employment levels, meeting seasonal expectations. Job growth for the Pocatello Metropolitan Statistical Area (MSA) was the fastest, up 0.8 percent or 300 jobs from June to July 2019. The Idaho Falls MSA experienced the strongest seasonally adjusted over-the-year nonfarm percentage growth in Idaho, adding 2,500 jobs (3.7 percent). Annually, unemployment insurance benefit payments were up 13.6 percent from a weekly average of $1,049,300 a year ago to $1,192,500 weekly for July 2019. Claimants increased by 6.4 percent to 3,898 from a weekly average of 3,664 a year ago. Nationally unemployment was unchanged at 3.7 percent in July. Total unemployed was up 88,000 from June for a total of 6.1 million people looking for work. A year earlier, the national unemployment rate was 3.9 percent, and the number of unemployed was 6.2 million. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.52 RESIDENTIAL DEMAND ANALYSIS Seasonally Adjusted Data 7/19 6/19 7/18 Civilian Labor Force 876,539 873,705 858,543 Unemployment 25,061 24,661 23,879 % Labor Force Unemployed 2.9 2.8 2.8 Total Employment 851,478 849,044 834,664 Unadjusted Forecast Data Civilian Labor Force 895,170 888,777 869,908 Unemployment 24,796 23,097 21,625 % Labor Force Unemployed 2.8 2.6 2.5 Total Employment 870,374 865,680 848,283 Conclusions The Boise/Treasure Valley market continues to benefit from a strong economy, a growing housing market and a large influx of out of state buyers looking for a better quality of life. Because of these, and other factors, the market should experience similar growth for the foreseeable future. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.53 SALES COMPARISON APPROACH SALES COMPARISON APPROACH It is assumed in this approach that there exists a market for the type of property being appraised, and that data on recent sales of similar, competitive properties in the market are "arm's length" transactions, indicating a most probable sale price that the subject property would bring as of the valuation date. Although individual sales often deviate from a situation where both buyer and seller are knowledgeable market participants, it is assumed that a sufficient number of sales should tend to reflect investor patterns of prices (and thus values) in that particular market. The following process is typically undertaken in order to develop an informed opinion of a property's value using the Sales Comparison Approach: 1. Search out sales, listing, or offerings of similar properties. 2. Confirm the prices as to terms, reason for purchase, and if a bona fide sale. 3. Compare the sale property's attributes with those of the property being appraised. 4. Analyze all the differences as to their probable effect on the sale price. 5. Form an opinion of the relative value of the property under appraisal as compared with the sale price of each similar property. Some of the economic units of comparison which may be utilized in this approach are Overall Rate (OAR), Gross Annual Income Multipliers (GRIM or GIM), Effective Gross Income Multipliers (EGIM); and some of the physical units of comparison are price per square foot, price per unit, price per room, etc. Five comparable sales purchased for a similar use or potential use, have been identified to establish a reasonable value range for the subject. The comparables range in un-adjusted sales prices from $62,106/acre to $126,000/acre. Following is a summary of the comparable sales followed by a discussion of the adjustment considerations for each, along with the conclusion of value for the subject property by the Sales Comparison Approach. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.54 SALES COMPARISON APPROACH Summary o Land Sales Genera Da11111h1k&omparable 1 Comparable 2 4 - w r Common Name Stapleton Subdivision Aegean Subdivision Ustick Road Parcel Southwest comer of S.Meridian Road TBD N.McDermott Road.Property is TBD W Ustick Road. On N side of Address/Location (Hwy 69)and W.Harris Street located just South of McMillan Road on Ustick between McDermott&Black the East side of McDermott Road Cat Roads. City Meridian Meridian Meridian Legal Description PAR#7300 OF SE4 SEC 25 3N 1W Aegean Subdivision PAR#8957 OF SW4SE4 Sec 33 4N 1W Use at Sale Agriculture Prelim-Plat Residential Agricultural Proposed Use Residential Development Residential Development Residential Development Utility Availability All Available All Available Available w/Extensions Zoning R-15 R-4 &R-8 RUT Frontage S Meridian Rd McDermott Rd W Ustick Road Access Average Average Average Parcel Shape Irregular Irregular Irregular Easements/Restrictions None Noted None Noted None Noted nsaction Info Sale Date (April-18) (May-19) (July-19) Parcel Number S1225417300 SO433233700 SO433438957 Parcel Size(Acres) 35.609 64.50 36.67 Parcel Size(SF) 1,551,128 2,809,620 1,597,345 Proposed#of Lots 212 215 N/A Total Consideration $3,560,900 $6,000,000 $2,277,410 Price per acre $100,000 $93,023 $62,106 Unit Price(so $2.30 $2.14 $1.43 Unit Price(Unit) $16,797 $27,907 N/A Terms Cash Cash Cash Marketing Period Not Marketed 19 days 7 days Grantor GRHH Amity LLC Premier Investments LLC DFSM LLC Grantee C4 Land LLC Endurance Holdings LLC Not Disclosed Confirmation PSA Mark Bottles/Corbett Bottles RE Tyler Johnson/Land Advisors Comments Proposed Stapleton Subdivision. Preliminary Plat approval for Aegean Located adjacent to the future Proposed 212 residential lots for Estates(2017). Approved for 215 Osyhee High School. Property is detached and attached dwellings. residential lots within 64.5 acres. zoned RUT in Ada County but is Approved re-zone from RUT to R-15. Zoning is Rh&R-8. Pre-sold prior to within the Meridian Area of Impact auction. Cash transaction. Agent and adjacent to Meridian city limits. indicated the sale was an arms-length Future land use is medium density transaction. residential. Currently being fanned. Purchaser is in the process to obtain residential subdivision entitlements. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.55 SALES COMPARISON APPROACH Summary of Land Sales General Data omparable 4 Comparable 5 1 1 Common Name Bliss Parcel Finis Terra Subdivision S MERIDIAN RD,W ON Address/Location BLOOMINGTON,N ON SOUTH 6906 E Teresa Drive PEORIA WAY,W ON WINNIPEG ST.TO PROPERTY City Meridian Boise Legal Description Par#700 of NW4NE4 Sec 25 3N 1W PAR #7305 PAR #7250 OF NE4SE4 SEC 33 3N 3E#417300-7320-C Use at Sale Agricultural Vacant Proposed Use Residential Development Residential Development Utility Availability All Available All Available Zoning R-8 R-1C Frontage Victory Rd&S Meridian Rd Warm Springs Ave Access Average Average Parcel Shape Irregular Rectangular Easements/Restrictions None Noted None Noted Transaction Info Sale Date Quly-18) (Mar-18) Parcel Number S1225120700 S0933417305&S0933417250 Parcel Size(Acres) 12.65 12.00 Parcel Size(SF) 551,034 522,720 Proposed#of Lots 50 45 Total Consideration $1,075,000 $1,512,000 Price per acre $84,980 $126,000 Unit Price(so $1.95 $2.89 Unit Price(Unit) $21,500 $33,600 Terms Cash to Seller Cash to Seller Marketing Period 98 days Not Marketed Grantor John Bliss Abroad Vakili Grantee Not Disclosed Lee Gientke Confirmation Jeremy Johnson/4.5 Realty PSA Comments This property is located within the 12 acres purchased for the proposed city limits of Meridian. Utilities have Finis Terra Subdivision. 45 proposed not been extended to the site.Did not lots.Hillside development with have preliminary plat entitlements in views.Sale was contingent upon city place at the time of sale. approval for annexation and rezoning from R1 to RI-C. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.56 SALES COMPARISON APPROACH fed www S&eL#Atlas USAI9 M5 COMPARABLE LAND SALES 'fk ` `----------------- swt � � � PWcaM1PI� Sh + ` tw•n • .wo-n,�r 'T r1QILYam&NIS Latlw _ w I � i • I • _ -------------_----------------- ___________________________ " • 1 b} _ M dAetron as *star # ' t* o I yy _I /i Islam BP Sri — 111 'Subject! 4t `Camp S Boise • 4 :k• .. Comp 5 � s.. .._ .. Comp 9 1 k t y I!Palk - , 2g l 15 Q313 We 5LItkeC"to imemSe. Scale 1:37S,d06 ,V 6eLume.DL Lorme Uneet AC3s USJ4t 2111 S. .. w".delwme.darn i'-5.92 ml Dmil?Prom 9-1 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.es litigation seeking monetary damages and/or injunctive relief.© Page No.57 SALES COMPARISON APPROACH Comparable Sale No.1 UU - - { c i 4 LOCATION: Southwest corner of S. Meridian Road(Hwy 69) and W. Harris Street CITY: Meridian SITE SIZE/ACRES: 35.609 SALES PRICE: $3,560,900 SALES DATE: (April-18) PRICE/ACRE: $100,000 ZONING: R-15 HIGHEST&BEST USE: Residential Development Sale of a vacant acreage proposed for the Stapleton Subdivision in Meridian. Proposed 212 residential lots for detached and attached dwellings.Approval for annexation and re-zone to R-15. Sold contingent upon approval. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.58 SALES COMPARISON APPROACH Comparable Sale No.2 BMW LOCATION: TBD N. McDermott Road. Property is located just South of McMillan Road on the East side of McDermott Road CITY: Meridian SITE SIZE/ACRES: 64.50 SALES PRICE: $6,000,000 SALES DATE: (May-19) PRICE/ACRE: $93,023 ZONING: R-4 &R-8 HIGHEST&BEST USE: Residential Development Preliminary Plat approval for Aegean Estates (2017). Approved for 215 residential lots within 64.5 acres. Zoning is R-4&R-8. Pre-sold prior to auction. Cash transaction. Agent indicated the sale was an arms-length transaction. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.59 SALES COMPARISON APPROACH Comparable Sale No.3 - 'kid AV ' � L r LOCATION: TBD W Ustick Road. On N side of Ustick between McDermott&Black Cat Roads. CITY: Meridian SITE SIZE/ACRES: 36.67 SALES PRICE: $2,277,410 SALES DATE: (July-19) PRICE/ACRE: $62,106 ZONING: RUT HIGHEST&BEST USE: Residential Development Located adjacent to the future Osyhee High School. Property is zoned RUT in Ada County but is within the Meridian Area of Impact and adjacent to Meridian city limits. Future land use is medium density residential. Currently being farmed.Purchaser is in the process to obtain residential subdivision entitlements. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.60 SALES COMPARISON APPROACH Comparable Sale No.4 w a _ Wmnip +' St _ max,;• - - r LOCATION: S MERIDIAN RD,W ON BLOOMINGTON, N ON SOUTH PEORIA WAY,W ON WINNIPEG ST. TO PROPERTY CITY: Meridian SITE SIZE/ACRES: 12.65 SALES PRICE: $1,075,000 SALES DATE: (July-18) PRICE/ACRE: $84,980 ZONING: R-8 HIGHEST&BEST USE: Residential Development This property is located within the city limits of Meridian. Utilities have not been extended to the site. Did not have preliminary plat entitlements in place at the time of sale. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.61 SALES COMPARISON APPROACH Comparable Sale No.5 ti LOCATION: 6906 E Teresa Drive CITY: Boise SITE SIZE/ACRES: 12.00 SALES PRICE: $1,512,000 SALES DATE: (Mar-18) PRICE/ACRE: $126,000 ZONING: R-1C HIGHEST&BEST USE: Residential Development 12 acres purchased for the proposed Finis Terra Subdivision. 45 proposed lots. Hillside development with views.Sale was contingent upon city approval for annexation and rezoning from R1 to R1-C. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.62 SALES COMPARISON APPROACH ANALYSIS OF COMPARABLE RESIDENTIAL LAND SALES Based on the available market activity, the following sales were selected as bracketing the range of potential for the subject property. Adjustments have been considered based on the following categories; it is noted that the sequence of the first four adjustment categories is based on Sample Market Data Grid presented in the 14fh Edition; by implication; other adjustments may follow, as tailored to the local market. Unless otherwise noted, the basis for the following adjustments is from the compiled database of property sales in the local market, and the professional opinion of the appraiser. Property Rights Appraised This adjustment is required when a sale transaction is other than a fee simple estate, free and clear of all leases. Each comparable sale involved the transfer of the Fee Simple Estate therefore no adjustments are necessary. Financing This adjustment is for financing associated with the transaction. The market value definition used in this report specifically states that value is predicated on cash or its equivalent. Comparables are typically reported as being cash sales with the purchaser obtaining third-party financing, when owner financing was equivalent to market rates and terms, or are adjusted to a cash equivalency when below market terms were disclosed. The sales prices utilized in the analysis are cash or were reported by the parties to be cash equivalent prices. Conditions of Sale This adjustment considers the motivations of the buyer and seller. This adjustment considers the motivations of the buyer and seller. All sales are believed to represent arms-length transactions. No adjustments are necessary. Market Conditions/Time This adjustment accounts for changes in value due to variable market conditions. An indication of significant land value and single family home appreciation in the subject's neighborhood between 2003 and the end of 2006 is apparent, given the analysis of historical sales data. The market experienced dramatic reductions in values from 2007 to 2009. Sales transactions that occurred from 2009 and 2011, have shown some stabilization of values. Currently, market participants are experiencing a substantial uptick in residential demand as pricing and availability of financing are This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.63 SALES COMPARISON APPROACH bringing buyers to the market. The transactions are considered current transactions, within the past 18 months, and no adjustments have been applied Location This adjustment reflects any differences attributable to location. The basis for this adjustment is proximity to major arterials in the area and location within the perceived growth patterns. With respect to residential use, those tracts in close proximity to existing housing developments are considered superior to those in more remote areas. The quality and price levels of surrounding residential development are also considered as an indication of quality of location as is the overall desirability and aesthetics. Surrounding land uses: The subject is surrounded by newer residential subdivisions, agricultural land, and commercial uses. As indicated the subject is located in southwest Meridian. Comparables 1 and 4 are located in south Meridian, south of I-84, and are further from shopping and services compared to the subject's location. We have ranked Comparables 1 and 2 inferior in location. Comparables 2 and 3 are located near the subject in northwest Meridian and are similar in proximity to services. Comparable 5 is located in southeast Boise within an area of superior market appeal and higher predominant housing prices. The proximity to the Boise CBD is superior as well. We have ranked Comparable 5 superior overall in location. Frontage/Access: Tracts of land, which have frontage on well-paved thoroughfares with curbs and gutters in place, are more desirable than tracts that have accessibility to lesser quality roadways, which will require improvement in order for development to take place. This refers to the major neighborhood thoroughfares that provide access to the development or site and not to the interior streets. The comparables are considered equivalent to the subject in terms of frontage and access. Utility AvailabilitX The physical characteristics, which affect the cost of development or end-user demand for developed lots, should be considered, and if appropriate, adjusted for. Among the physical factors, which can affect development cost, are shape, topography/slope, soil conditions (drainage, expansiveness), sub-soil conditions (depth of bedrock, presence of ground water or location over aquifers), flood plain, and the availability of public services (utilities, police and fire protection, etc.). Physical factors, which can impact the desirability of eventual lots to be developed, include views, natural water amenities or trees. Limited extension of utilities from primary arterials or adjacent developments is generally necessary for development and considered commonplace. In this instance the comparables are considered to be similar to the subject in respect to utility This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.64 SALES COMPARISON APPROACH availability except for Comparables 3 and 4 which do not have services available to the sites. We have ranked Comparables 3 and 4 inferior in this category. Topography &Soils Comparable 5 is within a lower foothills location in southeast Boise and has superior potential views of the valley, thus reflecting higher lot values. In this instance we have ranked Comparable 5 superior in respect to topography and soils. The remaining comparables were considered equivalent, in terms of topography and soil conditions; therefore,no adjustments are applied. Zoning &Entitlements Zoning directly impacts the development potential of a site, thereby affecting net present worth of the land. Typically, zoning adjustments are based on types of development allowed and allowable development densities. A higher allowed density may or may not contribute additional value, depending on the demand and supply of various densities housing in the market. As indicated the subject is within the R-4 (Medium Density Residential) zoning district and has a density allowance up to 4 units per acre. The table below summarizes the comparables and their indicated allowable density at the time of sale. Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 +&r�bdivision Aegean Subdivision Ustick Road Pa Bliss Parcel Finis Terra Subdivision Zoning R-15 R-4 &R-8 RUT R-8 R-1C Allowed Lot 15.00/Acre 4.00 to 8.00/Acre Estate Lot/Agriculture 8.00/Acre 8.00/Acre Density/Per Acre Qualitative Superior Similar Inferior Superior Superior Ranking Comparables 1, 4, and 5 have superior allowable densities, based on their respective zoning districts. Comparable 2 has a majority of the parcel within the R-4 zone, and has been ranked similar to the subject. Comparable 3 is a transitional property in agricultural use and inferior in allowable density. Additionally, Comparables 1, 2, and 5 had entitlements at the time of sale or were contingent upon obtaining entitlements. Comparable 3 did not have entitlements in place at the time of sale. Comparable 4 only had zoning entitlements. As noted the subject only has zoning entitlements in place as well. Parcel Size Size adjustments are dictated by actual market-extracted buyer preferences. Typically, when all other attributes are equal, a smaller parcel will sell for more on the per acre basis than larger tracts due to reduced holding costs and risk, etc. Size This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.65 SALES COMPARISON APPROACH adjustments must be considered carefully with such factors as economies of scale in providing utility service to larger tracts versus smaller ones. The sales range in size from 12.00± acres to 64.50± acres. Again, the subject site is 23.21± acres. After analysis of the data, a significant trending does appear to exist for Comparable 2 due to its size of 64.50 acres compared to the subject's 23.21 acres. We have ranked Comparable 2 inferior in size influences. The remaining comparables are generally similar in size influences and did not warrant adjustments. A qualitative adjustment grid is presented following. QUALITATIVE ADJUSTMENT GRID Comp Comp Comp Comp Comps Common Name Stapleton Aegean Subdivision Ustick Road Parcel Bliss Parcel Finis Terra Subdivision Subdivision Sales Price/Acre $100,000 $93,023 $62,106 $84,980 $126,000 Sale Date (April-18) (May-19) Uuly-19) Uuiy-18) (Nbr-18) Property Rights Conveyed Similar Similar Similar Similar Similar Financing Terms Similar Similar Similar Similar Similar Conditions of Sale Similar Similar Similar Similar Similar Market Conditions(Time) Similar Similar Similar Similar Similar Location Surrounding Uses Inferior Similar Similar Inferior Superior Frontage/Access Similar Similar Similar Similar Similar Physical Attributes Utility Availability Similar Similar Inferior Inferior Similar Topography&Soils Similar Similar Similar Similar Superior Entitlements Superior Superior Inferior Similar Superior Parcel Size Similar Inferior Similar Similar Similar Zoning(Density) Superior Similar Inferior Superior Superior Lump Sum/Other $ - $ - $ - $ - $ - Adjusted Price/sf $100,000 $93,023 $62,106 $84,980 $126,000 Site Size(Acres) 35.61 64.50 36.67 12.65 12.00 SubtotalPrice/Lot $100,000 $93,023 $62,106 $84,980 $126,000 Comp Comp Comp Comp Comp ADJUSTED PRICE/acre $100,000 $93,023 $62,106 $84,980 $126,000 Overall Comparability Similar Inferior Inferior Inferior Superior Mean: $93,222 $62,106 Low $126,000 High Median: $93,023 Range within one standard deviation of mean: Standard Deviation: $23,219 $70,003 to $116,441 SALES COMPARISON CONCLUSION The presented comparables range in sales prices from $62,106/acre to $126,000/acre with a mean and median of $93,222/acre and $93,023/acre, respectively. The ranking of the comparables to the subject is below. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.66 SALES COMPARISON APPROACH Qualitative Analysis Unadjusted Site Size Comparables Price/acre (Acres) Ranking Comp 5 $126,000 12.00 Superior Comp 1 $100,000 35.61 Similar Subject 23.21 Comp 2 $93,023 64.50 Inferior Comp 4 $84,980 12.65 Inferior Comp 3 $62,106 36.67 Inferior As previously discussed Comparable 1 is superior in entitlements and zoning/allowable densities but is within an inferior location to services. We have considered these differences as offsetting and have ranked Comparable 1 similar overall. Comparable 2 has similar R-4 zoning but is inferior in size influences. We have ranked Comparable 2 overall inferior on a per acre basis. Comparable 3 has no entitlements and is not within the city limits of Meridian and has been ranked overall inferior. Comparable 4 is located in south Meridian and as previously discussed has been ranked overall inferior to the subject in location and access to utilities. Comparable 5 is the most superior of the comparables due to its southeast Boise location,views, and entitlements at a sales price of$126,000/acre. Given the location and characteristics of the subject property and based on discussions with market participants active in subdivision land the value of the subject parcel is expected to fall within the range provided by the most recent land sales in the area. In the final conclusion, given the physical aspects of the site, we have developed a final value indication of $100,000/acre with the greatest consideration mainly given to Comparable 1. In the final conclusion, given the physical aspects of the site, the value indication is following. Subject Parcels 23.210 acres @ $100,000 /Acre $ 2,321,000 MARKET VALUE OF THE FEE SIMPLE ESTATE "AS THOUGH VACANT" VIA THE SALES COMPARISON APPROACH-23.21±ACRES:(ROUNDED).........................................$2,321,000 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.67 CERTIFICATION OF APPRAISAL CERTIFICATION OF APPRAISAL We certify that, to the best of our knowledge and belief: 1. All statements contained in this appraisal report are believed to be 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, unbiased professional analyses,opinions,and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest with respect to the parties involved. 4. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment 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 directly related to the intended use of this appraisal. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan, and therefore our compensation is not contingent upon the closing of a loan. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics of the Appraisal Institute,and the Uniform Standards of Professional Appraisal Practice. 8. The use of this report is subject to the requirements of the Appraisal Institute and the State of Idaho relating to review by its duly authorized representatives. 9. As of the date of this report, Sam Langston, has completed the requirements under the continuing education program of The Appraisal Institute. 10. Sam Langston and Greg J. Contos have made a personal inspection of the property that is the subject of this report. 11. Sam Langston and Greg J. Contos 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. 12. Sam Langston is a designated member of the Appraisal Institute and has met the professional license/certification requirements for real estate appraisers practicing in the State of Idaho. He is a State Certified General Appraiser,and has been issued Idaho Certificate No. CGA-195. 13. In interest of disclosure, we have not performed services, as an appraiser, regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment. 14. Greg J.Contos,Idaho CRA#13,has met the professional license/certification requirements for real estate appraisers practicing in the State of Idaho and provided real property appraisal assistance in the data collection, compilation, and report writing. No one else provided real property appraisal assistance in the preparation of this report. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.68 CERTIFICATION OF APPRAISAL EXTRAORDINARYAssump IONS &LIMITING CONDITIONS More Extraordinary Assumptions & Limiting Conditions are sometimes required depending upon the individual nature of the appraisal problem, and are clearly disclosed in the Certificate of Appraisal, and/or in the discussions within the report to which they pertain. These assumptions are of matters which that Langston & Associates has no knowledge, expertise, or timely ability to clarify. Standard Rule 2- 1c of the Uniform Standards of Professional Appraisal Practice require, as applicable to the appraisal problem, clear and accurate disclosure of, and an indication of any impact on value of, a third classification of assumption: "extraordinary assumptions and limiting conditions" that directly affect the outcome of appraisal. In the event any specific and/or extraordinary assumptions and limiting conditions are deemed relevant to the subject and its valuation, they will be set forth in the Certificate of Appraisal, and/or in the discussions within the report to which they pertain.An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. ➢ A Phase 1 Environmental Study has not been provided regarding the site. Upon physical inspection, no evidence of environmental hazards were apparent. The value estimate is predicated on the assumption that there is no such material on the property. Any such environmental risk discovered at a later data may require a revised estimate of value which may or may not be simply a reduction of the value by the estimated cost to cure the environmental condition. Properties known to have environmental risk may carry a stigma in the market place which also may or may not affect the value. ➢ Site information has been provided by the Ada County Assessor's office and the client. It is an extraordinary assumption of this report that the provided information is reliable and accurate. ➢ A preliminary title report was not provided for the purposes of this appraisal regarding the subject property. Langston &Associates expresses no opinion as the scope, applicability, enforceability or other aspect of any covenants or restrictions that may affect the property. The client is advised to seek the opinion of real estate counsel as to any real property covenants or restrictions. It is an extraordinary assumption of this appraisal that there are no easements, deeds, or restrictions that currently exist on the subject that would adversely impact the site. ➢ All statements of fact used in the report serving as the basis of the appraiser's analyses, opinions, and conclusions, are considered to be true and correct to the best of the appraiser's knowledge and belief. Langston & Associates shall have no responsibility for legal matters; questions of survey; legal description; This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.69 CERTIFICATION OF APPRAISAL opinion of title; soil or subsoil conditions; engineering;teclu-lical matters, etc. Idaho is a non-disclosure state and recollection of details and anticipation often fade with time; as such it is not always possible to obtain exact details from a respective transaction. STATEMENT OF VALUE ESTIMATE Therefore, based upon physical inspections of the subject property and the subsequent analyses undertaken; and subject to the Standard, Specific (and where applicable, the Extraordinary) Underlying Assumptions and Limiting Conditions set forth in the report, as of September 8, 2019 the Market Value of the Fee Simple Estate "As Though Vacant" was: MARKET VALUE OF THE FEE SIMPLE ESTATE (LAND VALUE ONLY - "AS THOUGH VACANT")-23.21t ACRES:.................................................o......o.............................. $2,321,000 Sincerely, LANGSTON SOCIATES, INC. Sam Langston,MAI Greg• . Contos ,,,-' Idaho CGA#195 Idaho CRA#13 This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cS litigation seeking monetary damages and/or injunctive relief.© Page No.70 ADDENDA ADDENDA This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.71 ASSUMPTIONS AND LIMITING CONDITIONS UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS FOR APPRAISAL REPORTS This appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of the Uniform Standards of Professional Appraisal Practice 2015 Edition for an appraisal report. As such, it might not include full discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. Following are standard Underlying Assumptions and Limiting Conditions pertaining to the appraisals produced by LANGSTON & ASSOCIATES, INC. Some of the clauses contained herein may not be relevant to a given appraisal problem, such as in the case of a Letter of Opinion, or other form of Limited Appraisal. However, their inclusion in this document does not diminish the relevance of other assumptions and conditions set forth herein. All statements of fact in the appraisal report which are used as the basis of the appraiser's analyses, opinions and conclusions will be true and correct to the best of LANGSTON & ASSOCIATES, INC.'S knowledge and belief. LANGSTON & ASSOCIATES, INC. shall have no responsibility for legal matters; questions of survey; opinion of title; soil or subsoil conditions; engineering; technical matters; or hazardous waste substances such as asbestos, radon gas, toxic wastes, or any other substances which might present a health hazard. LANGSTON & ASSOCIATES, INC. does not have expertise to advise in any of the foregoing matters and can offer no guarantees regarding them. The appraisal will simply assume, unless otherwise stated in the report, that no problems exist in any of the areas mentioned, and is not valid or to be relied upon if that assumption is incorrect. By this notice, all persons and firms reviewing, utilizing or relying on this report in any manner bind themselves to accept these assumptions and limiting conditions. Do not use this report if you do not so accept. These conditions are a part of the appraisal report. They are a preface to any certification, definition, fact or analysis, and are intended to establish as a matter of record that the appraiser's function is to provide a present market value indication for the subject property based upon the appraiser's observations as to the subject property and real estate market. This appraisal report is an economic study to estimate value as defined in it. It is not an engineering, construction, legal or architectural study nor survey and expertise in these areas, among others, is not implied. The certification of this appraisal report is subject to the following assumptions and limiting conditions: This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.72 ASSUMPTIONS AND LIMITING CONDITIONS LIMIT OF LIABILITY The liability of LANGSTON & ASSOCIATES, INC. and affiliated independent contractors is limited to the client and the fee actual received by the appraiser. Further there is no accountability, obligation, or liability to any third party. If this report is placed in the hands of anyone other than the client, the client shall make such third party aware of all limiting conditions and assumptions of the assignment and related discussions. The appraiser is in no way responsible for any costs incurred to discover or correct any deficiencies of any type present in the property; physically, financially, and/or legally. In the case of limited partnerships or syndication offerings or stock offerings in real estate, client agrees in the case of lawsuit (brought by lender, partner or part owner in any form of ownership, tenant, or any other party), any and all awards, settlements of any type in such suit, regardless of outcome, that client will hold appraiser completely harmless in any such action. IDENTIFICATION OF THE PROPERTY Any legal description(s) shown herein are presumed to be correct, but have not been confirmed by a survey. The appraiser assumes no responsibility for such a survey, or for encroachments or overlapping that might be revealed thereby. The appraiser renders no opinion of a legal nature, such as to the ownership of the property or condition of title. The appraiser assumes the title to the property to be marketable, that the property is an unencumbered fee, and that the property does not exist in violation of any applicable codes, ordinances, statutes or any other governmental regulations. APPRAISAL DATA AND ANALYSES SUBMITTED The analysis and statements contained in the appraisal are statements of opinion only, and not necessarily the only indication of value or analysis that might be obtained on the subject property. Appraisal opinions by qualified appraisers differ. No warranty or guarantee, express or implied, is made by the appraiser indicating that his opinion represents the only opinion of dollar value which might be obtained by the client on the date of valuation. The appraiser, by rendering his appraisal report, is not offering legal advise or conclusions of law. The client is advised that legal matters concerning the property may have a direct bearing on the value of the property. If such legal matters are different than those assumed by the appraiser and set forth herein, the appraiser's value conclusion may be invalid. Client is advised to retain legal counsel to advise This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.73 ASSUMPTIONS AND LIMITING CONDITIONS client regarding the effect, if any, of the assumptions, legal or otherwise, made by the appraiser and set forth in these contingent and limiting conditions. UNAPPARENT CONDITIONS The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable than otherwise comparable property. The appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such things. The appraiser assumes no responsibility for adverse drainage conditions. Only visual surface inspection of the property appraised has been made by the appraiser, unless otherwise instructed by the client. The appraiser assumes no liability for damages or losses sustained by the client for latent or non-apparent defects existing on, below, or above the property which may not readily be ascertainable by a visual surface inspection. Nothing in this report should be deemed a certification or guarantee as to the structural and/or mechanical (electrical, heating, air conditioning, and plumbing) soundness of the building(s) and the mechanical systems that relate to the functions and operations of the subject property. Rather, this appraisal assumes functions and operations are satisfactory, consistent with the age and condition of the subject building(s) and associated mechanical systems, unless specifically stated in the report. This report does not preclude or limit any party of interest from obtaining, at its own expense, architectural, engineering or contractor inspections report, certifications, assurances and/or guarantees, which might serve the purposes of technically ascertaining the structural and/or mechanical soundness of the subject property. All such reports received shall be made available to the appraiser. INFORMATION AND DATA The information and data supplied to the appraiser by others, and which have been considered in the valuation, are from sources believed to be reliable, but no further responsibility is assumed for its accuracy. USE OF APPRAISAL The appraisal report may not be used for any purpose except substantiation of the value estimated without written permission from the appraiser. All valuations in the report are applicable only under the stated program of highest and best use and are not necessarily applicable under other programs of use. The valuation of a component part of the property is applicable only as a part of the whole property. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.74 ASSUMPTIONS AND LIMITING CONDITIONS No separation may be made of any of the various valuation components without invalidating the results which would be derived by such a separation. Possession of this report or any copy thereof does not carry with it the right of publication, nor may it be used for other than its intended use; the physical report (s) remain the property of the appraiser for the use of the client, the fee being for the analytical services only. One (or more) of the signatories of this appraisal report is a Member (or Candidate) of the American Institute of Real Estate Appraisers of the National Association of Realtors. The Bylaws and Regulations of the Institute require each member and Candidate to control the use and distribution of each appraisal report signed by such Member of Candidate. Therefore, except as hereinafter provided, the party for whom this appraisal report was prepared may distribute copies of this appraisal report, in its entirety, to such third parties as may be selected by the party for whom this appraisal report was prepared; however, selected portions of this appraisal report shall not be given to third parties without the prior written consent of the signatories of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media, public relations media, news media, sales media or other media for public communications without the prior written consent of the signatories of this appraisal report. This appraisal report was obtained from LANGSTON & ASSOCIATES, INC., and consists of "trade secrets and commercial or financial information" which is privileged and confidential and exempted from disclosure under 5 U.S.C. 552 (B) (4). Please notify the signatories of the accompanying report of any request for reproduction of the report or any part thereof. SKETCHES AND MAPS The sketches included in the report are only for the purpose of aiding the reader in visualizing the property and are not based on surveys. Sizes and dimensions not shown should not be scaled from the sketches. COURT TESTIMONY Testimony or attendance in court by reason of the appraisal, with reference to the property in question, shall not be required of the appraisers herein named unless arrangements have been made prior to the completion and delivery of the report. Any such appearance and/or preparation for testimony will necessitate additional compensation than that which has been received for this appraisal report. Unless expressly provided for at some future time, the findings contained herein are limited to uses outlined in the "Purpose of the Appraisal" section of the report. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.75 ASSUMPTIONS AND LIMITING CONDITIONS ECONOMICS The values ascribed in this report are based on the present purchasing power of the dollar and on the present economy. The value estimation herein is subject to an all cash purchase consistent with the definition of market value utilized in the report and does not reflect special or favorable financing in today's market unless specifically stated. The estimated market value is subject to change with market changes over time; value is highly related to exposure, time, promotional effort, terms, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace. In cases of appraisals involving the capitalization of income benefits, the estimate of market value or investment value or value in use is a reflection of such benefits and the appraiser's interpretation of income and yields and other factors derived from general and specific client and market information. Such estimates are as of the date of the estimate of value; they are thus subject to change, as the market and value are naturally dynamic. The "estimate of market value" in the appraisal report is not based in whole or in part upon the race, color or natural origin of the present owners or occupants of the properties in the vicinity of the property appraised. The appraisal report and value estimate are subject to change if the physical or legal entity or financing are different than that envisioned in this report. ENVIRONMENTAL REQUIREMENTS Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such material on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, petroleum leakage, agricultural chemicals, PCBs, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the expressed assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert is this field, if desired. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.76 ASSUMPTIONS AND LIMITING CONDITIONS INCOME PROPERTYAPPRAISALS Responsible ownership and competent management are assumed. Data submitted to the appraiser regarding income and expenses is assumed to be accurate unless otherwise stated. This appraisal reflects a value based upon market considerations. It is not represented that the opinion as to value would allow for the replacement of the property in kind if it were destroyed. AMERICANS WITH DISABILITIES ACT The Americans with Disabilities Act ("ADA") became effective January 26, 1992. Langston & Associates has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since Langston & Associates has no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. This report is copyrighted. Any unauthorized use or Fuller Park,Meridian,ID reproduction violates federal law and may result in civil LA No.19.1173v.cs litigation seeking monetary damages and/or injunctive relief.© Page No.77 Langston _V & Associates A "FA1 FRTATF RFnVMFs fonporwinti September 4, 2019 City of Meridian Parks and Recreation Mr. Mike Barton 33 E. Broadway Avenue Meridian, ID 83642 P. 208 . 888 . 3579 mbarton@meridiancitv . org Re : Property known as: Fuller Park, Parcel #R7536760490, Meridian, ID. Dear Mr. Barton: Per your request, this letter is to confirm our agreement to perform an appraisal for the purposes of determining a market value estimate for the above referenced property . The following conditions will be the basis of a contract agreement between City of Meridian (" Client" ) and LANGSTON & ASSOCIATES , INC . (" LA" ) . 1 . The appraisal is to be of the Market Value of the property in accordance with the current definition utilized by the Uniform Standards of Professional Appraisal Practices. 2. At your direction, you requested an Appraisal Report to be presented in a Sumriiary Format. This summary appraisal report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for a summary appraisal report. As such, it presents summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Additional supporting documentation concerning the data, reasoning, and analyses is retained in the appraisers' file. The depth of discussion contained in this report is specific to the needs of the clients and for the intended use stated within the report. The appraisers are not responsible for unauthorized use of this report. 3 . LA agrees to exercise independent judgment and to complete the appraisal assignment in accordance with sound appraisal practice and the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. 210 W. Jefferson St., Boise, ID 83702 Phone; 208 ,384 ,1300 Toll-Free : 866.727.5495 Fax; 208. 384 .1314 www. slangston .com Fuller Park, Parcel #R7536760490, Meridian, ID Engagement Letter Page 2 4. Clients agree to pay LANGSTON & ASSOCIATES , INC as compensation for professional appraisal services, as specified following. The fee is not to exce( �e balance is due immediately upon clients' receipt of the appraisal report. 5. L A N G S T O N & ASSOCIATES , INC does not assure or guarantee any preconceived value to the clients. 6 . L A N G S T O N & ASSOCIATES , INC agrees to provide the clients a PDF copy of the appraisal report. 7. The anticipated date of completion for this project is three weeks (3) from date of engagement. This assumes LA' s receipt from the clients of all data pertinent to the assignment, including a signed engagement letter. The estimated completion period assumes that access to the property is readily available . We agree to make a good faith effort to complete the report within the anticipated time frame; but reserve the right to delay such completion where strict adherence would compromise the quality or validity of the resulting analysis . 8. All statements of fact in the appraisal report which are used as the basis of the appraiser' s analyses, opinions and conclusions will be true and correct to the best of the LA' s knowledge and belief. L A N G S T O N & ASSOCIATES , INC shall have no responsibility for Iegal matters; questions of survey; opinion of title; soil or subsoil conditions; engineering; technical matters; or hazardous waste substances such as asbestos, radon gas, toxic wastes, or any other substances which might present a health hazard . L A N G S T O N & ASSOCIATES , INC does not have expertise to advice in any of the foregoing matters and can offer no guarantees regarding same . It is the express assumption, unless otherwise noted in the body of the report that no problems exist in any of the preceding areas which might impact the estimation of Market Value . L A N G S T O N & ASSOCIATES , INC will, however, disclose the existence of any such issues should they become known to us prior to or during the course of our analysis of the subject property . 9 . If the clients request or anyone requires L A N G S T O N & Assoc I A T E S , INC or its agent(s) to testify or be in attendance at any court or administrative law proceeding relating to this appraisal, or attend conferences relating thereto, clients shall pay L A N G S T O N & A S S o c I A T E S , INC at the rate of $350. 00 per hour. Fuller Park, Parcel #R7536760490, Meridian, ID Engagement Letter Page 3 10 . If you agree to the conditions set forth herein and authorize L A N G ST O N & A S S O C I A T E S , I N c to begin the appraisal process and subsequently decide that our services are no Ionger needed, you are responsible for payment for the time LANGSTON & ASSOCIATES , INC has invested in the project. In this case you will be billed for the time invested at a rate of $175 per hour, not to exceed the fee quote for the complete appraisal . 11 . In the event any provision of this agreement shall be determined to be void or unenforceable by any court of competent jurisdiction, then such determination shall not affect any other provision of this agreement and all other provisions shall remain in full force and affect. 12 . By the clients' acceptance of this report, the client hereby limits the appraiser' s liability to the extent of the fee charged for the appraisal assignment. As such, the clients, by accepting this report indemnifies the appraiser for any liability pertaining to the appraisal assignment exceeding the fee charged. Your signature on the original of this letter, returned to our office, will confirm our mutual understanding. Upon receipt of such, and all applicable information, we will immediately undertake our analysis of the above-referenced property . We appreciate this opportunity to be of service to you . Sincerely, LANGSTON & ASSOCIATES , INC . Client (Signature) Sam Langston, MAIL _ Principal Client Name & Title (Printed) Date Langston & Associates A REAL ESTATE SERVICES CORPORATION SAM LANGSTON, MAI LANGSTON & ASSOCIATES, INC. A REAL ESTATE SERVICES CORPORATION MAIA 210 W JEFFERSON STREET • BOISE, ID 83702 PROFESSIONAL EXPERIENCE Langston&Associates, Inc. 2004-Present Real Estate Services Corporation Boise,ID Principal: Offering valuation/evaluation, environmental, market research and analysis of commercial and residential properties. Served as President of the Southern Idaho Chapter of Appraisal Institute, 2005-2006.-www.slangston.com Langston- Williams,Inc. 1997-2004 Real Estate Services Corporation Boise,ID Principal: Offering valuation/evaluation, environmental, market research and analysis of commercial and residential properties.-www.langstonwilliams.com Single Point Solutions 1999-2006 GIS Software Corporation Boise,ID Principal: Offering Geospatial services tailored for the Real Estate Industry, including Title, Brokerage, and the Public Sector. SPS also provides Internet and Database Application Development incorporating GIS technology as well as client - side and server - side customized solutions including LandPointTM, LandQueryTM and Title Production Management(TPMTM) software. -www.spsgjs.com Janoush&Associates 1991 -1997 A Real Estate Appraisal,Investment and Consulting Firm Boise,ID Associate Appraiser: Completed appraisals and consulting assignments for major in state and out of state financial institutions as well as assignments for the private and public sector. EDUCATION UNIVERSITY OF MISSISSIPPI August 1991 Bachelors in Business Administrations Oxford,MS Majored Real Estate and Finance University of Mississippi Principles of Real Estate University of Mississippi Real Estate Valuation and Appraisal University of Mississippi Real Estate Law August Society of Real Estate Appraisers An Introduction to Income Property Appraising,Course 201 Appraisal Institute Course 101,An Introduction to Appraising Real Property Appraisal Institute Course 1BA,Capitalization Theory&Techniques,Part A Appraisal Institute CourselBB,Capitalization Theory&Techniques,Part B Appraisal Institute Course SPP,Standards of Professional Practice,Part A Appraisal Institute Course SPP,Standards of Professional Practice,Part B Appraisal Institute Course 520,Highest&Best Use and Market Analysis 210 WEST JEFFERSON STREET• BOISE,ID 83702 SAM LANGSTON-QUALIFICATIONS Appraisal Institute Understanding&Reporting Limited Appraisals Appraisal Institute Course 540,Report Writing&Valuation Analysis Appraisal Institute Course 550,Advanced Applications Palmer Groth&Pietka 30 Specialized Appraisal Issues Appraisal Institute/Ted Whitmer The Comprehensive Appraisal Workshop Appraisal Institute/Ted Whitmer The Comprehensive Appraisal Workshop Appraisal Institute/Tom Boyle The Appraisal of Special Purpose Properties Appraisal Institute/Tom Boyle The Appraisal of Local Retail Properties Appraisal Institute State of the Valuation Profession Appraisal Institute Eminent Domain/Idaho Issues Appraisal Institute Standards of Professional Appraisal Practice,Part C Appraisal Institute Standards of Prof Practice,Part C Appraisal Institute State of the Valuation Profession Appraisal Institute Eminent Domain/Idaho Issues Appraisal Institute Intro to GIS Applications for Real Estate Appraisal Appraisal Institute Online Analyzing Operating Expenses Appraisal Institute Committee CE Credit-Chapter Level Appraisal Institute Eminent Domain&Inverse Condemnation Law Seminars International Eminent Domain&Inverse Condemnation Appraisal Institute/James Boykin Land Valuation Assignments Appraisal Institute Advanced Sales Comparison &Cost Approach Appraisal Institute Analyzing Operating Expenses Appraisal Institute Introduction to GIS Appraisal Institute National USPAP Update Course Appraisal Institute Committee CE Credit Appraisal Institute Advanced Income Capitalization Southern Idaho Chapter of AI Eminent Domain Past,Present&Future Seminar Appraisal Institute Evaluating Residential Construction Appraisal Institute Evaluating Commercial Construction Betterbricks Professional Training Green to Green Sustainable Development Appraisal Institute Appraisal of Local Retail Properties Appraisal Institute Special Purpose Properties CCIM Introduction to Commercial Investment Real Estate Analysis CCIM Financial Analysis for Commercial Investment Real Estate Appraisal Institute National USPAP Update Course Appraisal Institute National USPAP Equivalent Course Appraisal Institute Business Practices and Ethics Appraisal Institute Analyzing Distressed Real Estate Appraisal Institute Forum-Foreclosure,Short Sale,Auction Price=Market Value? Appraisal Institute Appraisal Curriculum Overview Appraisal Institute Uniform Appraisal Standards for Federal Land Acquisitions Appraisal Institute National USPAP Equivalent Course Appraisal Institute Supervising Appraisal Trainees Appraisal Institute Fundamentals of Separating Real Property,Personal Property 210 WEST JEFFERSON STREET• BOISE,ID 83702 SAM LANGSTON-QUALIFICATIONS REPRESENTATIVE CLIENTS Washington Trust Bank St.Luke's Colliers Bank of the Cascades Bank of America Wells Fargo Bank of the West Ziori s First National Bank Mountain West Bank US Bank Mountain Enterprises Idaho Independent Bank Selco Credit Union D.B.Fitzpatrick Home Federal Bank Idaho Central Credit Union Idaho First Bank Intermountain Community Bank Key Bank Banner Bank Rock Canyon Bank Northwest Bank Strategic Operations D.L.Evans Bank Umpqua Bank REPRESENTATIVE PROPERTIES&VALUE RANGES OF APPRAISALS PREFORMED Retail $200,000-$20,000,000 Apartments $100,000-$12,000,000 Office $100,000-$16,000,000 Hostelry $500,000-$5,000,000 Industrial $100,000-$3,000,000 Farms/Ranches $250,000-$5,000,000 Condemnation $5,000-$500,000 Special Purpose $400,000-$1,300,000 Subdivisions $150,000-$7,000,000 Recreational $50,000-$4,000,000 210 WEST JEFFERSON STREET• BOISE,ID 83702 SAM LANGSTON-QUALIFICATIONS REFERENCES Mr.Dean Emanuels,MAI Mr.John Ingle Washington Trust Bank U.S.Bank 717 W Sprague Avenue 555 SW Oak St,Plaza 4th Floor Spokane,WA 99210 Portland,OR 97204 (509)353-3854 (503)464-4592 Demanuels@watrust.com John.ingle@usbank.com Ms.Jennifer Green Ms.Susie O'Ban Bank of the Cascades Idaho Independent Bank 888 SW Fifth Ave,Ste 1000 401 W.Front St,Ste 200 Portland,OR 97204 Boise,ID 83702 (503)499-5920 (208)947-5304 Jgreen@botc.com Susie.oban@iibk.net Mr.Paul Dovenbarger,SLC Mr.Tim Higginbotham Wells Fargo Bank-RETECHS Washington Trust Bank 299 S.Main St,6th Flr 717 W.Sprague Ave,7th Flr Salt Lake City,UT 84111 Spokane,WA 99210 (801)246-1651 (509)353-3854 Paul.a.dovenbarger@wellsfargo.com Thigginbotham@watrust.com Mr.John Romney,MAI Mr.John N.Evans,MAI Zion's First National Bank Intermountain Community Bank One South Main St,8th Flr 5211 E.Sprague Ave. Salt Lake City,UT 84133-1109 Spokane Valley,WA 99212 (801)844-7332 (509)944-3974 John.Romney@Zionsbank.com John.evans@intermountainbank.com 210 WEST JEFFERSON STREET• BOISE,ID 83702 SAM LANGSTON-QUALIFICATIONS Bureau of Occupational Licenses Department of Self Governing Agencies The person named has met the requirements for licensure and is entitled under the laws and rules of the State of Idaho to operate as a(n) CERTIFIED GENERAL APPRAISER SIME L LANGSTON 210 W.JEFFERSON BOISE ID 83702 C Tana Cory CGA-195 10/28/2019 Chief,B.O.L. Number Expires 210 WEST JEFFERSON STREET•BOISE,ID 83702 SAM LANGSTON-QUALIFICATIONS Langston & Associates A REAL ESTATE SERVICES CORPORATION GREG CONTOS PROFESSIONAL EXPERIENCE LANGSTON&ASSOCIATES,INC. 2011 -Present Real Estate Appraiser,Independent Contractor Boise,ID Appraisal of multi-family units, offices, subdivisions, commercial and agricultural land, retail buildings, industrial sites,and special use properties throughout Idaho. CONTOS PROPERTIES,LLC 2000-Present Real Estate Investments Boise,ID Acquisition and sales of Small Office,Residential,and Multi-Family investment properties. GREG CONTOS &ASSOCIATES 1989-Present Principal,Real Estate Appraiser Boise,ID Appraisal of residential and complex luxury homes, recreational, REO, land, and multi-family unit properties throughout Idaho. MOUNTAIN STATES APPRAISAL &CONSULTING 1985-1989 Real Estate Appraisal Boise,ID Appraisal of residential and commercial properties throughout Idaho. EDUCATION MOST RECENT CE PERIODS Appraisal of Small Apartment Properties,2019 USPAP Update for Non-Residential Real Property, 2019 Subdivision Valuation,2018 Statistics,Modeling and Finance,2018 Real Estate Ethics and Practice,2017 Site Analysis and Valuation,2017 Court Testimony for Commercial Appraisers,2016 EXTENSIVE CE COURSES OVER A 20YR PERIOD R.E Appraisal Principles Residential Valuation Standards of Professional Practice Capitalization Theory&Tech Standards of Professional Practice Feasibility Analysis FHA and The Appraisal Process Internet Search Strategies for R.E. Appraisers Appraising From Blueprints and Specifications Residential Design&Functional Utility Introduction to GIS Applications 210 WEST JEFFERSON STREET BOISE,ID 83702 GREG CONTOS-QUALIFICATIONS Valuation of Detrimental Conditions Analyzing Distressed Real Estate 7-Hour National USPAP Equivalent Business Practices and Ethics Residential Property Construction New Technology for RE Appraisers Professional's Guide to the Fannie Mae 24 Units What Commercial Clients Would Like Appraisers to Know International Valuation Standards REO and Foreclosures Green Building for Appraisers Appraising Historic Properties Practices and Pitfalls for Appraisers MEMBERSHIPS&APPOINTMENTS SRA DESIGNATION,APPRAISAL INSTITUTE(CURRENTLY INACTIVE) IDAHO REAL ESTATE COMMISSION#SP43199 REPRESENTATIVE CLIENTS Bank of America Idaho First Bank Umpqua Bank Idaho Independent Bank Bank of the West Intermountain Community Bank Banner Bank Syringa Bank City of Boise Washington Trust Bank D.B.Fitzpatrick Wells Fargo Bank D.L.Evans Bank Zions First National Bank Northwest Bank Various Government Agencies Idaho Central Credit Union Sunwest Bank 210 WEST JEFFERSON STREET• BOISE,ID 83702 GREG CONTOS-QUALIFICATIONS Bureau of Occupational Licenses Department of Self Governing Agencies The person named has met the requirements for licensure and is entitled under the laws and rules of the State of Idaho to operate as a(n) CERTIFIED RESIDENTIAL APPRAISER GREG J-CONTOS 6490 PLANTATION LN BOISE ID 83703 Kelley Packer CRA-13 03/08/2020 Chief,B.O.L. Number Expires 210 WEST JEFFERSON STREET•BOISE,ID 83702 GREG CONTOS-QUALIFICATIONS PioneerTitleCo. Title Fees & Breakdown 601N6 BEYOND Policy Issuing Agent For: File No.: 660146 Old Republic National Title Insurance Company COVERAGE Sales Price $1,415,200.00 Owner's Coverage Standard Loan Amount Lender's Coverage TITLE POLICY CALCULATIONS FOR DISCLOSURE Product CD Disclosed Premiums Actual Premiums Premium Adjustments Loan $0.00 (Title Premium Adjustment) Owners $3,882.00 (Short Term Discount—If Any) $0.00 OTHER FEES Owners Endorsements: Lenders Endorsements: Owners Inspection N/A Owners Additional Chain N/A Lenders Inspection: N/A Lenders Additional Chain: N/A Recording Fees: Effective July 1,2017 Recording Fees will be: Deeds$15.00 (up to 30 pages) Deed of Trusts $45.00(up to 30 pages) For all other documents the rate shall be: $10 for the first page/$3 each additional page E-file Fee: An additional $4.50 per document CPL Fee: $25.00 Please contact Mark Anderson at manderson@pioneertitleco.com or(208) 373-3666 with any questions. ALTA Commitment for Title Insurance * * Issued By Old Republic National Title Insurance Company * fi V * ** ** NOTICE IMPORTANT—READ CAREFULLY:THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLE INSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THE CONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT. THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE,REPORT OF THE CONDITION OF TITLE,LEGAL OPINION,OPINION OF TITLE,OR OTHER REPRESENTATION OF THE STATUS OF TITLE.THE PROCEDURES USED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE,INCLUDING ANY SEARCH AND EXAMINATION,ARE PROPRIETARY TO THE COMPANY,WERE PERFORMED SOLELY FOR THE BENEFIT OF THE COMPANY,AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON,INCLUDING A PROPOSED INSURED. THE COMPANY'S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSURED IDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT.THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TO ANY OTHER PERSON. COMMITMENT TO ISSUE POLICY Subject to the Notice;Schedule B,Part I—Requirements;Schedule B,Part II—Exceptions;and the Commitment Conditions,Old Republic National Title Insurance Company,a Florida Corporation(the"Company'),commits to issue the Policy according to the terms and provisions of this Commitment.This Commitment is effective as of the Commitment Date shown in Schedule A for each Policy described in Schedule A,only when the Company has entered in Schedule A both the specified dollar amount as the Proposed Policy Amount and the name of the Proposed Insured. If all of the Schedule B,Part I—Requirements have not been met within 6 months after the Commitment Date,this Commitment terminates and the Company's liability and obligation end. Issued By: OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY Pioneer Title Company of Ada County A Stock Company 8151 W. Rifleman Street 400 Second Avenue South, Minneapolis, Minnesota 55401 Boise,ID 83704 (612)371-1111 Authorized Agent for Old Republic National BY President Title Insurance Company Attest ��� tJA Secretary XW, Authorized Signatory This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance COMMITMENT CONDITIONS 1. DEFINITIONS (a) "Knowledge"or"Known":Actual or imputed knowledge, but not constructive notice imparted by the Public Records. (b) "Land":The land described in Schedule A and affixed improvements that by law constitute real property.The term"Land"does not include any property beyond the lines of the area described in Schedule A,nor any right,title,interest,estate,or easement in abutting streets,roads,avenues,alleys,lanes,ways,or waterways,but this does not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy. (c) "Mortgage":A mortgage,deed of trust,or other security instrument, including one evidenced by electronic means authorized by I aw. (d) "Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or to be issued by the Company pursuant to this Commitment. (e) "Proposed Insured":Each person identified in Schedule A as the Proposed Insured of each Policy to be issued pursuant to this Commitment. (f) "Proposed Policy Amount":Each dollar amount specified in Schedule A as the Proposed Policy Amount of each Policy to be issued pursuant to this Commitment. (g) "Public Records":Records established under state statutes at the Commitment Date for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. (h) "Title":The estate or interest described in Schedule A. 2. If all of the Schedule B,Part I—Requirements have not been met within the time period specified in the Commitment to Issue Policy, this Commitment terminates and the Company's liability and obligation end. 3. The Company's liability and obligation is limited by and this Commitment is not valid without: (a) the Notice; (b) the Commitment to Issue Policy; (c) the Commitment Conditions; (d) Schedule A; (e) Schedule B, Part I—Requirements; (f) Schedule B, Part II—Exceptions;and (g) a counter-signature by the Company or its issuing agent that may be in electronic form. 4. COMPANY'S RIGHT TO AMEND The Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect, lien,encumbrance, adverse claim,or other matter recorded in the Public Records prior to the Commitment Date,any liability of the Company is limited by Commitment Condition 5.The Company shall not be liable for any other amendment to this Commitment. 5. LIMITATIONS OF LIABILITY (a) The Company's liability under Commitment Condition 4 is limited to the Proposed Insured's actual expense incurred in the interval between the Company's delivery to the Proposed Insured of the Commitment and the delivery of the amended Commitment,resulting from the Proposed Insured's good faith reliance to: (i) comply with the Schedule B, Part I—Requirements; (ii) eliminate,with the Company's written consent, any Schedule B, Part II—Exceptions;or (iii) acquire the Title or create the Mortgage covered by this Commitment. (b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested the amendment or had Knowledge of the matter and did not notify the Company about it in writing. (c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not have incurred the expense had the Commitment included the added matter when the Commitment was first delivered to the Proposed Insured. (d) The Company's liability shall not exceed the lesser of the Proposed Insured's actual expense incurred in good faith and described in Commitment Conditions 5(a)(i)through 5(a)(iii)or the Proposed Policy Amount. (e) The Company shall not be liable for the content of the Transaction Identification Data, if any. (f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the Schedule B, Part I—Requirements have been met to the satisfaction of the Company. This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule 8,Part 1—Requirements;and Schedule 8,Part II—Exceptions. ALTA Commitment for Title Insurance (g) In any event,the Company's liability is limited by the terms and provisions of the Policy. 6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT (a) Only a Proposed Insured identified in Schedule A,and no other person,may make a claim under this Commitment. (b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this Commitment. (c) Until the Policy is issued,this Commitment,as last revised,is the exclusive and entire agreement between the parties with respect to the subject matter of this Commitment and supersedes all prior commitment negotiations,representations,and proposals of any kind, whether written or oral,express or implied,relating to the subject matter of this Commitment. (d) The deletion or modification of any Schedule B,Part II—Exception does not constitute an agreement or obligation to provide coverage beyond the terms and provisions of this Commitment or the Policy. (e) Any amendment or endorsement to this Commitment must be in writing and authenticated by a person authorized by the Company. (f) When the Policy is issued,all liability and obligation under this Commitment will end and the Company's only liability will be under the Policy. 7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENT The issuing agent is the Company's agent only for the limited purpose of issuing title insurance commitments and policies.The issuing agent is not the Company's agent for the purpose of providing closing or settlement services. 8. PRO-FORMA POLICY The Company may provide,at the request of a Proposed Insured,a pro-forma policy illustrating the coverage that the Company may provide.A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy is delivered to a Proposed Insured, nor is it a commitment to insure. 9. ARBITRATION The Policy contains an arbitration clause.All arbitrable matters when the Proposed Policy Amount is$2,000,000 or less shall be arbitrated at the option of either the Company or the Proposed Insured as the exclusive remedy of the parties.A Proposed Insured may review a copy of the arbitration rules at http://www.alta.org/arbitration. This page is only a part of a 2016 ALTA Commitment for Title Insurance. This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule 8,Part 1—Requirements;and Schedule 8,Part II—Exceptions. ALTA Commitment for Title Insurance P i o n e e rT i t I e C o. Title Insurance Commitment Third Amended Report 601N6 BEYOND Policy Issuing Agent For: File No.: 660146 Old Republic National Title Insurance Company Reference No.: Schedule A 1. Commitment Date: August 23,2019 7:30AM 2. Policy or Policies to be issued: Liability Premium A. 2006 ALTA Owner's Policy- Standard $1,415,200.00 $3,882.00 Proposed Insured: City of Meridian Endorsements: N/A $0.00 B. 2006 ALTA Lender's Policy- Proposed Insured: $0.00 Endorsements: Inspection Fee:N/A $0.00 $0.00 3. The estate or interest in the land described or referred to in this Commitment is: FEE SIMPLE 4. Title to the estate or interest in the land is at the Effective Date vested in: Western Ada Recreation District 5. The land referred to in this Commitment is described as follows: SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF. Old Republic National Title Insurance Company Authorized Signatory This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance File No.: 660146 Reference No.: Schedule B-I ALTA COMMITMENT Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 5. Proof of authority of the officers executing the proposed documents on behalf of Western Ada Recreation District is required. This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance File No.: 660146 Reference No.: Schedule B-II ALTA COMMITMENT Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION,RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION,RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR,RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY,HANDICAP,FAMILIAL STATUS, OR NATIONAL ORIGIN. The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identified in Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company: General Exceptions: 1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches,or is disclosed between the Commitment Date and the date on which all of the Schedule B,Part IRequirements are met. 2. Rights or claims of parties in possession not shown by the public records. 3. Encroachments, overlaps,boundary line disputes, and any other matters which would be disclosed by an accurate survey or inspection of the premises including,but not limited to,insufficient or impaired access or matters contradictory to any survey plat shown by the public records. 4. Easements, or claims of easements,not shown by the public records. 5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished,imposed by law and not shown by the public records. 6. (a)Unpatented mining claims; (b)reservations or exceptions in patents or in Acts authorizing the issuance thereof, (c)water rights,claims or title to water,whether or not the matters excepted under(a), (b)or(c)are shown by the public records. 7. Taxes or special assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices to such proceedings,whether or not shown by the records of such agency or by the public records. (General Exceptions I through 7 will not appear as printed Exceptions on Extended Coverage Policies or the ALTA Homeowners Policy) This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance Special Exceptions: 8. Said real property is presently assessed as exempt from taxation. Any change in the status thereof either in ownership or otherwise, shall cause a re-assessment of said premises as more fully set forth in section 63- 602Y of the Idaho Code. 9. General taxes for the year 2019,which are liens and are not yet due and payable. Parcel No.: 03 R7536760490 Parcel No.: 03 S 1210131210 10. Sewer charges and special assessments, if any, for the City of Meridian. Email: assessment@meridiancity.org Ph: (208) 888-4433 11. Levies and assessments of the following district and the rights,powers and easements thereof as provided by law. District: Nampa&Meridian Irrigation District Ph: (208)466-7861 12. An easement containing certain terms, conditions and provisions affecting a portion of said premises and for the purposes stated therein In Favor of. United States of America Recorded: June 17, 1902 Instrument No.: 64554 in Book 121 Deeds at Page 23 As Follows: "...perpetual easement to construct, operate and maintain a drain ditch(to be known as Ten Mile Drain). 13. Terms, conditions, and provisions of an Agreement: Between: United States of America and Nampa&Meridian Irrigation District Dated: July 13, 1916 Recorded: December 15, 1916 Instrument No.: 66907 in Book 7 Contact at Page 161 Providing: For the delivery of water and the costs related thereto. 14. Terms, conditions, and provisions of an Agreement: Between: Clara J. Aplin and Settlers Irrigation District Dated: February 25, 1918 Recorded: November 21, 1918 Instrument No.: 76726 in Book 9 Constracts at Page 119 Providing: For the use of water and payment thereof. 15. Covenants, conditions,restrictions and easements contained in Deed. Recorded: December 3, 1981 Instrument No.: 8151173 16. An easement containing certain terms, conditions and provisions affecting a portion of said premises and for the purposes stated herein In Favor of. Idaho Power Company Recorded: September 28, 1982 Instrument No.: 8240048 Affects: Lot 2 in Block 6,Lots 1 and 4 in Block 7,Lots 7, 10, and 12 in Block 3 and all W. Park Creek Drive This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance 17. Letter from Central District Health Department upon the terms and provisions thereof Dated: October 14, 1992 Recorded: November 19, 1992 Instrument No.: 9280213 18. Covenants, conditions,restrictions and easements as set forth on the plat. Name of Plat: Rod's Parkside Creek Subdivision No. 1 Book/Page: 61/6054-605 5 19. An easement containing certain terms, conditions and provisions affecting a portion of said premises and for the purposes stated therein In Favor o£ Idaho Power Company, a corporation Recorded: June 10, 1994 Instrument No.: 94054511 20. Terms, conditions, and provisions of Easement Agreement Between: Western Ada Recreation District and Joint School District No. 2 Dated: February 27, 1996 Recorded: March 1, 1996 Instrument No.: 96017929 21. An easement containing certain terms, conditions and provisions affecting a portion of said premises and for the purposes stated therein In Favor o£ City of Meridian Recorded: February 2,2006 Instrument No.: 106017064 This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance 22. Covenants, Conditions,Restrictions and Easements Dated: June 7, 1993 Executed by: L&R Sales, an Idaho partnership Recorded: July 8, 1993 Instrument No.: 9342896 Note: This document amends and supersedes declaration Recorded November 19, 1992 as Instrument No. 9280212 Deleting or omitting 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). Amendment to said covenants Recorded: January 17, 1993 Instrument No.: 9376876 Amendment to said covenants Recorded: May 18, 1994 Instrument No.: 94046727 Amendment to said covenants Recorded: May 2, 1997 Instrument No.: 97034257 Amendment to said covenants Recorded: May 2, 1997 Instrument No.: 97024258 Amendment to said covenants Recorded: May 2, 1997 Instrument No.: 97034259 23. Liens,dues and/or assessments owing the association herein named which may have heretofore attached pursuant to the terms and provisions of covenants, conditions and restrictions imposed upon said premises. Association: Rod's Parkside Creek Homeowners Association 24. Terms, covenants, conditions and provisions contained in the by-laws and/or articles of incorporation of the hereafter named association. Recorded: September 17, 1993 Instrument No.: 9376876 End of Exceptions This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance NOTE: The County Records and/or the City Engineer's Office show the address to be: nna North Fuller Lane,Meridian,ID 83642 NOTE: There is no notice of record and therefore no search has been made for any unpaid assessments, charges, or fees for sewer,water, garbage, irrigation, or other possible utility services. NOTE: If the proposed insured under the Policy to issue has any questions concerning the coverage or exclusions from coverage,the Company will be pleased to provide an explanation. NOTE: Pursuant to the State of Idaho insurance regulations, a cancellation fee may be charged on all cancelled orders.Unless otherwise advised, orders will be considered cancelled six months after the effective date on the Commitment. The amount of the fee assessed shall be in accordance with our rate filing with the Idaho Department of Insurance. This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance EXHIBIT A PARCEL I: Lot 17 in Block 3 of Rod's Parkside Creek Subdivision No. 1, according to the plat thereof, filed in Book 61 of Plats at Pages 6054 and 6055,records of Ada County,Idaho. PARCEL II: A tract of land in the N1/2 of Section 10, T.3N.,R.1W.,B.M.,Ada County,Idaho,being more particularly described as follows: Commencing at a brass cap monument marking the section corner common to Sections 2, 3, 10 and 11,T.3N., R.1 W.,B.M.,Ada County, Idaho, from which a brass cap monument marking the one-quarter corner common to said Sections 10 and 11 bears S.0°00'00"W.,2656.47 feet,thence S.0°00'00"W along the section line common to said Sections 10 and 11, 1328.23 feet to the Southeast corner of the NEl/4NE1/4 of said Section 10; thence N.89°38'47"W., along the South boundary line of said NE1/4NE1/4, 1326.27 feet to the Northeast corner of the NEI/4SW1/4NE1/4 of said Section 10,the REAL POINT OF BEGINNING; thence S.0°03'51"W., 663.56 feet to the Southeast corner of said NE1/4SW1/4NE1/4; thence N.89°37'22"W., 663.51 feet to the Southwest corner of said NE1/4SW1/4NE1/4; thence N.89°37'22"W., along the South boundary line of the NWl/4SW1/4NE1/4 of said Section 10, 73.23 feet to a point on the centerline of the Ten Mile Drain as said centerline is described on that certain Quitclaim Deed recorded in Book 121 of Deeds at Page 23,records of Ada County; thence N.56°52'W. (same as N.56°47'W. on said Quitclaim Deed) along said centerline, 567.83 feet to a point; thence along said centerline on a curve to the left with a radius of 286.48 feet, a central angle of 23°02'and whose long chord bears N.68°23'W., 114.39 feet to a point; thence N.79°54'W. (same as N.79°49'W. on said Quitclaim Deed) along said centerline, 1305.50 feet to a point; thence along said centerline on a curve to the right with a radius of 143.24 feet, a central angle of 17°48'35" and whose long chord bears N.70°59'43"W.,44.35 feet to a point on the West boundary line of the Nl/2SE1/4NW1/4 of said Section 10; thence N.0'01'49"E. along said West boundary line, 79.41 feet to the Northwest corner of said Nl/2SE1/4NW1/4; thence 5.89°38'07"E. along the North boundary line of said NI/2SEI/4NW1/4, 330.06 feet to a point; thence 5.77°38'E., 700.37 feet to a point; thence N.0°45'W., 79.71 feet to a point; thence N.89°47'E., 667.52 feet to a point; thence N.2°35'W., 193.84 feet to a point; thence 5.06°44'E., 227.86 feet to a point on the North boundary line of the NWl/4SWl/4NE1/4 of said Section 10; thence 5.89°38'47"E., 69.04 feet to the Northeast corner of said NW1/4SW1/4NE1/4; thence 5.89°38'47"E. along the North boundary line of the NEl/4SW 1/4NEl/4 of said Section 10, 663.14 feet to the REAL POINT OF BEGINNING. This page is only a part of a 2016 ALTA Commitment for Title Insurance.This Commitment is not valid without the Notice;the Commitment to Issue Policy;the Commitment Conditions;Schedule A;Schedule B,Part 1—Requirements;and Schedule B,Part II—Exceptions. ALTA Commitment for Title Insurance OLD REPUBLIC TITLE WHAT DOES OLD REPUBLIC:TITLE DO WITH YOUR PERSONAL INFORMATION? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. The types of personal information we collect and share depend on the product or service you have with us.This information can include: • Social Security number and employment information • Mortgage rates and payments and account balances • Checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice. All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Old Republic Title chooses to share; and whether you can limit this sharing. Does Old Republic Can you limit Reasons we can share your personal information Title share? this sharing? For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court orders and Yes No legal investigations,or report to credit bureaus For our marketing purposes— to offer our products and services to you No We don't share For joint marketing with other financial companies No We don't share For our affiliates'everyday business purposes— information about your transactions and experiences Yes No For our affiliates'everyday business purposes— No We don't share information about your creditworthiness For our affiliates to market to you No We don't share For non-affiliates to market to you No We don't share • Go t3 www.old republictitle-corn(contact us) Page 2 Who we are Who is providing this notice? Companies with an Old Republic Title name and other affiliates. Please see below for a list of affiliates. What we . . How does Old Republic Title To protect your personal information from unauthorized access and use, we use protect my personal security measures that comply with federal law. These measures include computer information? safeguards and secured files and buildings. For more information, visit http://www.OldRepublicTitle.com/newnational/Contact/privacy. How does Old Republic Title We collect your personal information,for example,when you: collect my personal information? • Give us your contact information or show your driver's license • Show your government-issued ID or provide your mortgage information • Make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates,or other companies. Why can't I limit all sharing? Federal law gives you the right to limit only: • Sharing for affiliates'everyday business purposes-information about your creditworthiness • Affiliates from using your information to market to you • Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See the"Other important information"section below for your rights under state law. Definitions Affiliates Companies related by common ownership or control.They can be financial and nonfinancial companies. • Our affiliates include companies with an Old Republic Title name,and financial companies such as Attorneys'Title Fund Services, LLC,Lex Terrae National Title Services,Inc.,Mississippi Valley Title Services Company,and The Title Company of North Carolina. Non-affiliates Companies not related by common ownership or control. They can be financial and non-financial companies. • Old Republic Title does not share with non-affiliates so they can market to you Joint marketing Aformal agreement between non-affiliated financial companies that together market financial products or services to you. • Old Republic Title doesn't jointly market. Page 3 Other Important Information Oregon residents only: We are providing you this notice under state law. We may share your personal information(described on page one) obtained from you or others with non-affiliate service providers with whom we contract, such as notaries and delivery services, in order to process your transactions. You may see what personal information we have collected about you in connection with your transaction(other than personal information related to a claim or legal proceeding). To see your information,please click on "Contact Us" at www.oldrepublictitle.com and submit your written request to the Legal Department. You may see and copy the information at our office or ask us to mail you a copy for a reasonable fee. If you think any information is wrong, you may submit a written request online to correct or delete it. We will let you know what actions we take. If you do not agree with our actions, you may send us a statement. American First Abstract,LLC American First Title&Trust American Guaranty Title Attorneys'Title Fund Compass Abstract,Inc. Company Insurance Company Services,LLC now- I eRecording Partners Genesis Abstract,LLC Kansas City Management L.T.Service Corp. Lenders Inspection Network,LLC Group,LLC Company Lex Terrae National Title Lex Terrae,Ltd. Mara Escrow Company Mississippi Valley Title National Title Agent's Services,Inc. Services Company Services Company Old Republic Branch Old Republic Diversified Old Republic Exchange Old Republic National Old Republic Title and Information Services,Inc. Services,Inc. Company Title Insurance Company Escrow of Hawaii,Ltd. Old Republic Title Co. Old Republic Title Company Old Republic Title Company Old Republic Title Old Republic Title of Conroe of Indiana Company of Nevada Company of Oklahoma Old Republic Title Company Old Republic Title Company Old Republic Title Company Old Republic Title Old Republic Title of Oregon of St.Louis of Tennessee Information Concepts Insurance Agency,Inc. Old Republic Title,Ltd. Republic Abstract& Sentry Abstract Company The Title Company of Title Services,LLC Settlement,LLC North Carolina Trident Land Transfer Company,LLC ■ ■■■■■ r �s ' era ' r�N NONE law ■ ONE -. ■ •. ■�■■ .1 . 1 ■■1 ■ 66 Ell Ell MM E Ell Ell i 1 • ■■ ■� ■■ ■ 1■ Ell 11 1 ' , ■i■ ■��■■ III nl III '1'AJ 1 1 11■ 1 k IN II (3oak 61 Pag2s �os� - 6os5 .� PLAT SHOWING R OD'S PARKSIDE CREEK SUBDIVISION NO. 9 CURVE DATA: LOCATED IN N 1/2, SECTION 10, T•3N., R.1 W., B.M., L DS T J/ C-1 27 2' 26,20' N BB•46'3'V OS•27'11• l� MERIDIAN, ADA COUNTY, IDAHO C-2 123,00' 13.0{' 22.]]' .ea' S 8•3fi'OS•Y 17.1 1 7 r C-3 15,00' 45.04' N]6•SB'2'Y °• l CHERRY LANE VILLAGE NO.I SUBDIVISION L-1 5,00'33, 29.36' 4,68' 05,70' S 3E•3J'36,Y o•03•3' � 1 n C 69.3' B6. 43. B3]0' 20' B' = BASIS OF BEARING L C-6 280.66• 30.93' 33.60' 0 43',. -13•Y °J•3]]3• •.�.�NSiR.9aPo22 P. e1 s N.e9.41.e.W 2e49.5r .�RUBBLE ENGINEERING, INC.• C- 5a a0' B BQ' .47' ].67' •36'2 '0 C 50.00' S3.9e' 29,9e' 34' 9.03'00• 61 •]'0'3 S E BOISE IDAHO 50,0°' B• •33'OS• B'39• 4 3 3 'i49t'' 1■ W.Q*RRY LANE c- a0.oo' e.6e1 4.4' ,6' s7• '9•v 2•3, N.e9.4o'zY w. S 8941y��. _ ° ..3 •j C- 50.00, 64.05' 3 2]' ,]6' 11• 3'V 73.23' ]25.aa' 110.00 C-3 2] 00' B 30' .{3' B,0" Y 38.39'S3' 11 10 1 $ A 016'22'W. S1%7.01 - - - 1 11 L- 33' .BS• ) 9' •33• '3•5• SEE OUAII'A'r C-15 2J0,00' 42.92' 2.3 ,N' 34.23'59'Y 09.06'31• 25 100 300 _ 40.00, C-14 2E3.00' 47,00, 23.59' ,92' S_SS'2 9•Y t'SB'O]• L-I] 30,00' .33' ,BS' ,IB' S 39.42'23' 1.9'9' 0 50 200 1 F. 142e2' B2.]a'C 12 s.99•{1.3e• p0NT OF BEgNNINC(INITIAL POINT) 1 L- 00.00' 60,26' 31,OB' S9,33'-~L fiB•B'33• 3•3l'35• N.ae'41'3a'W. 2)a 02' 92]e' StT 1•%Ja''PIPE C-19 20,00' 31,41' 11,11' B,2B' S 1*57'15'Y 90.00'00' LL w 10.00' 1; L-2 9.a' 2.BS' 9,00' 89• 8• 0.00'00• SCALE: 1" e• 10 '�S 3 N. �i - C2 2 0 00' 39' ' 3,39' S 5.1'03'E 00•SB'3' WI$ �'$V3• 5 d O .28. 3P,5 t O �q -+ �� C-22 0.00' 6.82' .4' 6.J9' ]9.53'6'Y 9'32'N' ]. a C-2 20.00. 19.25' 0. • ,3' • 'S•E 35'09'00' �I- 4 \'$, L C-p z C-11 ; [� �O OI C-24 30.00' M.a!, ' .49' 65.35'5)'E I_ C-22 a T 1� C-23 30.00' .23' 3. 19' 66• '41•Y {B'1'23' C-26 20.00' 3 20 0°' 26.28' S '8'2•Y 90.00'00' 00 , C-2J 20,00' 3f.2' 20.00' sB.2B' S 44.4'36'E 90.00'00• C y 3T WC .00' b S. 41y 2a.00'�yj e6.Otl e0.00' Z3.0 9' 3 3'33•Y 09' 4' '3' 71TA0 NB9°4'B°W. C-29 269.33' 6).38' 33.87' 67.E0' S 32.39'S0•V 4.20'03• Z4d _ 204' S N d M.00 N69°4138�W �'• 2noA C-30 20.00, 34.0B' 22,86' 30, ' 40.52'30'Y 9]'38'36• 200 ^ -31 20.00' 29.0 7,]3' 1.14' S •44'9•Y 83.0)'06' 6154 B 0 el.eC C-32 20,00' 3.12' 20,3' S0' 05• '27' 90.32'37• a6e' A L00- �9e' "� © 3• z 2.Otl N.89'41'3e W. DETAIL W LOT 1,BLOCK 4 C-3 2 0.00' .91' 4.6)' 82.50' S 35•9'35• 9•{)'401 20.41' -NTS- C-34 250,00' 225.86' ,29' B.6' 65•2 5•45' yS 8 O ie O (66 y O N C- 5. 0' ]3.39' 37 .93' ]3.fi• 58•3 9•Y I5'1'E9• `S r C-36 273.00' 53.30' ,°3' 33� S 45'OS' Y •°B'S• gI & ® b ® 19' / l C_97 2..00' !.9' 0' .84' S 'OB•V • •36• 5' 4' FF'{ �� N�aL41/6•w NOTES: 23 .9P' 30.2]' B.2' S fi3• '35•V 23• 'EO• C-39 ]5.00' 66.04' 3.42' 65,65' S 83• '!2•Y •31'20• 6 3. 322 6.6]' 6 0' 'S7' S)- ® P&4(tL]q'6C Y' O �u M' e].e9' a9.OT 1)BUILDING SETBACKS SHALL CONFORM TO THE APPLICABLE ZONING REGULATIONS - z5,oo• ]0.a• 6' 11' B0• Y 3e• •03• 2 - 0 8 - y a9•!9'42 w, t]e,((4' OF THE CITY OF MERIDIAN. C- 2 0,oa• 6. 0. •3a'9• 10•s 1.3' 2Q 7' ,70' 5'0'3]• 39• 0• aa��,w4� N3 e•00e0•w. y= 4 p. J4. 4 O N. 82'41'48*W. 2)ALL LOT LINES COMMON TO A PUBLIC RIGHT-OF-WAY LINE HAVE A TEN(10)FOOT c- 5.0' 26.99' 3.3 66• •37•23• WIDE PERMANENT PUBLC UTILITIES,DRAINAGE,AND IRRIGATION EASEMENT. C- 150.00• 64.30• as.., 63.e1' N 75'43'34'Y1 24.33'1 101.] 200' 1 r tt °J:G'• '1'S 9.1e' i C-16 210.a0' 15.55' ' )124' 29•%' • 6.0'OB• too' a' . U N• 6 i a 3)THIS SUBDIVISION IS SUBJECT TO COMPLIANCE WITH THE IDAHO CODE SECTION c-7 eSa.Oa• e6.06' 3.46• 65.. 61' N 59.3.09•V1 19-43'E7' 31-3805 CONCERNING IRRIGATION WATER. C-a 150.aa' 1 117,89' 62.e' .BB' 86.33.0• •0'CO• a b °.� e• C-9 130,00' 91.40' 49.93' 9.75' B9•B'3J• 9.24' '6 e G 8 3e!•]1'z0• �" 4)ALL LOTS WITHIN THIS SUBDIVISION ARE SINGLE-FAMILY RESIDENTIAL LOTS,EXCEPT c-50 fi3.o0' .6 6' '35•Y 9'5 �� ® 0 zz c O 3• -t �I4 1121 FOR LOT 1,BLOCK 1;LOT 1,BLOCK 4;LOT 1,BLOCK 5,WHICH ARE DESIGNATED AS C 2 a,6a, 0.45' 5.35• Sa,33• 3 9• 5.5' C- W.PINE CREEK COURT COMMON AREA LOTS FOR LANDSCAPING PURPOSES AND WILL BE OWNED AND MAINTAINED C-52 275.00' 61,6B' 3.0 6],5' S6' '2]'V 'M'0 �R 'C• 9 RT BY THE PARKSIDE CREEK HOMEOWNER'S ASSOCIATION AND LOT 17,BLOCK 3 VMICH IS L_ yq N 3 C� 3 S, 2].B 3.98' .79' ]]•6.9•Y 5'47• N. QS'34'20' D ESIGNATED AS A LOT FOR PARKING PURPOSES. c-4 75.00' B.E6' 9.E' 3B.8' )]•09' •Y •3'33' „•, A $• 54' . 1 W. L-5 2J0.00• 5.2' S 1' 0•]'11'E 0.3'03• F Yt ® fi IY J^ 34.32' c 6 -aa• S 03• 7•V 7.5•fi' `m 5) 5)LOT 17,BLOCK 3 IS SUBJECT TO A BLANKET PUBLIC UTILITIES AND DRAINAGE RETENTION C-57 II 00• 6,30• 7. .00' ]•23.33• •w• S. 21'45'30�W. EASEMENT. 2a.3o• ].o• .00' .03• •04.4• 105.00' 8 ALL DWELLINGS WILL CONTAIN A MINIMUM OF 1500 SQUARE FEET OF LIVING SPACE. C-9 eel Da• 2e.30• 7.9' 0a• •Y 81.04'2 -' F+ c f' ) C-60 20,00' 2B,30' 7 0' 6,00' 0• - a•0'a• N. 84ry Q'10a N! e1]e a S N. $3'� ® F f L-61 125,00' B4,V' 11,8' BP.73' 6B•0.55•V 38.39..0' g ; S. 7Q35'27'E. 7)MAINTENANCE OF ANY IRRIGATION OR DRAINAGE PIPE OR DITCH CROSSING A LOT IS THE c-62 SO,Oa' fie' 33' 36.79' S6.24' .V •05' ' 12Q,pQ'; rJao' R 2 RESPONSIBILITY OF THE LOT OWNER UNLESS SUCH RESPONSIBILITY IS AS.4.IMED BY e. 3p 6 O `" 10.00• C 00 00• 33.fig' ].0 33.33' l9.00' •Y 9']' 11"�- 21•w 1p�1� AN IRRIGATION/DRAINOGE DISTRICT. L 4 3.00' 3fi,99' ._ .9' )•7• •V 2'%'37' JI�J)e e.OJ' ) "ry O C 300.00• 28,60• 28.59' • '3 °3.2)' )y ,Fi w d01e s e752.0'E 5253'16'E 8)ANY RESLBDMSpN OF THIS PLAT SHALL CONFORM TO THE APPLICABLE ZONING c 6 225.aa' 68.921 9.]3' 3' •V ]•33'O' 83 22' REGULATIONS IN EFFECT AT THE TINE OF RESUBDIVISION OR AS ALLOWED BY C-7 0 00' 71 7,09' 3.06'W' 83• - ( b CONDITIONAL USE, C 3 00' 23.]5' 3.]' 25.6' ]• •E 9.30'9• p ® A ® C-9 50.00' fi8.)4' 41.03• 63.45' S BB•36.Sl,E ]e•46.20• c-) 50.00' 48,28' 26.2 .4' 2•3'0• SS'9'!• S. 78'I5'05'E. AA' c- 501001 9 06' 7' 46.23' 3.7'45•V 55.0 35,00' yi • �; '�' L-7 S 0' 26,90' 3.79, .SB' S)6.3 'V 30.49'4 1 m 50.00' '� 20,00' 3,0' 9.60• .00' 6• 'S9•V 88•!0'35•c_ 1d L �� Ab •yM N. 1T43'19'W. 25- )0 eJ o-4t °64>• @� S, E C-7 00' 3•+29' ].]' M.]' )B•!9' •V 6• '3 50.00' N \ S. 11'44'S5' W. O'i• �' L-7s 75,00' 75 4B• 3 ]4.90' S B{•3B'04'V 24• •7• ?1 e1 c-1J n 28.66' N• '5 tNtp. c-) S O0' '11 20.E8' 7.59' 3• '0' 'T:2Z �29165 m 6 `T' C-] SO.00' 49,90' 2).25• 6.3'S E S]•0'S' 1 J??J d T C-79 S. eal'28"E. C- 30. 4J.23' 25.56• 43.3' N 2.03.39•E S 2• �a 32°.00' 30.9e' 5.50• 0.97' BB• '3l'V OS•2]'{' 1D5.53' y;� �.p31. C_0 50,00, 2,44' 0.]0• ]•3S' '09'34•E 08.09'0• YA 18!O 8 O 7 • �m 1 N.Qo75* E. �. QP-W�6�1 C-2 50.00• 70,80' 9 ' 3'28• ]•a]• OL H� 2 O 0. I'\� '7 Pdd,7�f 7J � J\ Fr \6111-U• \.(f L 64 55.00• 9B.B0' ] .23' S 03.3 •E B 25• �y9,_ )4.0 1 C_ S N• ,Q' b C 00• 6.6' 3. 6113, •0 3' L dC o uo. 9a a.1s -w4'f'u ')7'1T a L� 29.60' fi.OBB, ]].03, 33• '53' ]!•00'00• 11a O 1 • ','• C 40.00• LSB' B]' 9• ]' 79•),]4 p °e.1.27• �L '^d i d. T+t5e4� ,¢�a,,,}&� ,�ro,� °• 7 S a60S4a-p `60 j'+ 0. O ?,'" 5.23' .63' ]•2'"'E 02.0' N. 80 2'40•W. 13.30' x r$a O e.,4' \ E It 6' '90- O ''^ Y Y C- 0.00' 3,9B' E0.lB' .6B' 6' Y 9•3]'4' $ 1 £ v91 C 2 20.00' 33 .J' • '31'E %•33' '8' O g 1 B S C. * C.pa Q.60'3Q'Ot•W. C-93 0,00' 9,94' 20,53' 8.63' 6'3S'Y 9•30.30• L-Po ..,L v be..�' 1-9 415,00' 99 3' 98.89' 9• 3• •0 -J94405' ]BO' zp, £ C/ ® 'b0 c k•CREE G-Po QR N C 6 M.00' 9.65' 7'60• 3,E, • ,2]' 989S'0 _ _e S.13'S0'1Q'I- C 7 00' 9 0' ]6' 90.86' 5)• 3.33'2S' N. 1'30'22'W. 1 Ba M'E C-e9 v �'(� 0 7 $ MOO, C-98 355.00' B 03' ]3 0• ,%' ]• 3.3' ' 50.00' 2S.o0' G y� 'S. 1 5,49- SB,26' 4,98' B• 'S0•E e•38'E �/�WI� C-00 50.00' S6 0' °' 3 3' 00• 'B•V 6• -00• �1 •773.]a ww V p e fn $ M1 N 4� C-IOe V Oa I crrun C-0 0 0' ' 1.76' 36.71' S3.3' • •07.6• v y p. • '-p, OO "• .DeTM'29'W.V W 9.'c ; 1' $$♦ c-02 SO.Oo• a !' 6,93' •!B' 5• ' N.W'02'40"W. , °.]e' ,� b, / f]f.)o' W'C a ® r 'M•(.1 V 6 BRASS CAP(FOUND) C- 0 a 4.] 5' S •0 3' 15.00' �\ 1 O 129.)0 9 ® CI - 4 4 5.00 86 6. Sly. Y4 Fe 3b .1 200'f, S 4 7 �' • SET 5/8'X 30'IRON PIN C-0! Mad, 6.87' ,3' !,]' S 30• '3B•Y 53.42'3' 15'Po W' c ) y I b°Za N C-OJ 00' 2 2,7' ,8 203,39' S 5'7.03.SB E 3•303'02• g,75 mi = ..qq d $ ® 2J.e1• E f0.00' • SET 1�2-X 24'IRON PIN L- B 3.0. 07,9B' !.30' 05,B' '0'E {• '29' 1 O 9'L\y•J'\bb ' a+ O'!?2.OW'f14JJ' 90.0w O C-109 20.001 4.70' 27' 36,00' S 06.34'!0'E •]•aB• O10� P K O ry6L 'P e9.3e'47'E. 1Z ® FOUND 5/8'IRON PIN C-10 44.7§L_ 2' a0' •0' 'E ]•°' ♦ R �• ?GJ.6' 4Y4e'G ti N Y f00.00' -o N C- 0 0 4. 30,2' 23.0'0. n111!' S'Y,,''tee ® $. N C_ 1..1.1 36.15, N 33.3'0 S'S0. S D as- CALCULATED POINT 0.00' 34, 2' ]• '09•Y 9]• 1 4 V1 S WC�A0'1a ,,I�I \� -ice ® �; C- 4 0.00' 6],efi' 6],20' B'0]•E 27.6'2' 2 '4 O \ "'S0 3.40' MIS' l2.92' •0'0]•E 26.36'24: Q �y1N R �� - PROPERTY BOUNDARY C- 6 6 00 57,7' ],0]• •33•e•IE • •u 35.6' 66' •! •E 099.6'O PUBLIC UTILITIES,DRAINAGE AND - o.°°• 3°,n' 9, o' •5•Y ae•a2•e' IRRIGATION EASEMENT 10'FROM C- 9 30.00' 2 9' 2 S E 2' V • '3 PROPERTY/LOT LINE UNLESS C-20 30,00 21.89IT.46' !.4' 8 0.33.57•E 41• '37• SHOWN OTHERWISE. C- 2 0.00' .7B' 7.2 0,n' 09.56'26'V 30.9.36• V{ C-122 0.00' S3.74' 26.96' S3.63' S B'02•E •24'13' D. RY PE/!GN • IDAH0 NO..4431 O .jN �.i a;'f, I W rzt5.pp; - CENTERLINE �c $� ® N.QQ°3Q K W. 2Y0.13' DEVELOPER: 7 YEJ UNPLATTED ----wC�'--- WITNESS CORNER AND 2.00'OFFSET LINE L A'E,.SvAHO i� tgpp7_ BOISE, IDAHO $,Q I 'OQ°W. 307.80' ® LOT NUMBER SHEET 1 OF 2 CERTIFlCATE OF OWNERS ROD'S PARKSIDB CREEK SUBDIVISION NO. f CERTIFICATE OF SURVEYOR I, D. TERRY PEUGH, DO HEREBY CERTIFY THAT I AM A LAND SURVEYOR LICENSED BY THE STATE OF IDAHO, AND THAT THIS KNOW ALL MEN BY THESE PRESENTS: THAT L AND R SALES, AN IDAHO PARTNERSHIP IS THE OWNER OF THE PLAT AS DESCRIBED IN THE"CERTIFICATE OF OWNERS" WAS DRAWN FROM AN ACTUAL SURVEY MADE ON THE GROUND PROPERTY DESCRIBED AS FOLLOWS; UNDER MY DIRECT SUPERVISION AND ACCURATELY REPRESENTS THE POINTS PLATTED THEREON, AND IS IN CONFORMITY WITH THE STATE OF IDAHO CODE RELATING TO PLATS AND SURVEYS. A PARCEL OF LAND LYING IN THE N1/2 OF SECTION 10,T.3N.,R.1W.,B.M.,MERIDIAN,ADA COUNTY.IDAHO AND MORE PARTICULARLY SE DESCRIBED AS FOLLOWS: COMMENCING AT THE BRASS CAP MARKING THE SECTION CORNER COMMON TO SECTIONS 2,3,AND 11 AND THE SAID SECTION 10'.THENCE NORTH 89'41'38'WEST 2,649.58 FEET ALONG THE NORTHERLY BOUNDARY OF THE NE7/4 Of THE SAID y 'P SECTION 10,WHICH IS ALSO THE CENTERLINE OF WEST CHERRY LANE TO A BRASS CAP MARKING THE ONE-QUARTER CORNER COMMON TO 4 . 0 THE SAID SECTIONS 3 AND 10;THE14CE SOUTH 89'41'38"EAST 482.S7 FEET ALONG THE SAID NORTHERLY BOUNDARY OF THE NEI/4 POINT OF BEGINOF SECTION 10 NING(INITIAL PIN;AN IRON THENCE THENCE ALONGB'22"WEST 40.00 FEET THE FOLLOWING COURSES AND DISTANCES TO IRON A 2-INCH PIPE,ALSO AID POINT BEING THE PINS: CONTINUING SOUTH D. TERRY PEUG O��f OF 10 0C IDAHO N0. 4431 018'22'WEST 179.09 FEET;THENCE NORTH 89'41'38"WEST 20.41 FEET; THENCE SOUTH T37'52'WEST 112,42 FEET; EJ THENCE NORTH BT41'45"WEST 29.58 FEET; THENCE SOUTH 4'45.40-WEST 156.48 FEET;THENCE NORTH 85-34'20"WEST FRRY Q 34.32 FEET TO A POINT OF BEGINNING OF CURVE: THENCE NORTHWESTERLY ALONG A CURVE TO THE RIGHT 45.04 FEET.SAID CURVE HAVING A CENTRAL ANGLE OF 1712*16'.A RADIUS OF 150.00 FEET,TANGENTS OF 22.69 FEET AND A LONG CHORD OF 44.87 FEET BEARING NORTH 76'58'12'WEST TO A POINT OF ENDING OF CURVE;THENCE SOUTH 21'48'30"WEST 105.00 FEET; THENCE SOUTH APPROVAL OF ADA COUNTY HIGHWAY DISTRICT 76'56'27'EAST 10.00 FEET.THENCE SOUTH 0'39'28"WEST 130.85 FEET; THENCE SOUTH 52'53'16"EAST$3.22 FEET; 0 THENCE SOUTH 7815'05"EAST 50.00 FEET;THENCE SOUTH 11'44'55"WEST 28.66 FEET TO A POINT OF CURVE;THENCE THE FOREGOING PLAT WAS ACCEPTED AND APPROVED BY THE BOARD 0 betlf4 WAY DISTRICT COMMISSIONERS SOUTHWESTERLY L 2.6ONG A CURVE TO THE RIGHT 22.62 FEET,SAID CURVE HAVNG A CENTRAL ANGLE OF 7'51'21",A RADIUS OF ON THE?jb__DAY OF Q16/r.- ��►r 165.00 FEET,TANGENTS OF 11.33 FEET AND A LONG CHORD OF 21 FEET BEARING SOUTH 15-40.35'WEST TO A POINT OF ENDING OF CURVE;THENCE SOUTH 68-31'26"EAST 108.53 FEET; THENCE NORTH 8915'28"EAST 74.02 FEET; THENCE SOUTH 11'5244"EAST 51.48 FEET; THENCE NORTH 7717'38"EAST 115.62 FEET:THENCE NORTH 25'50'34'WEST 5.02 FEET; 9 1 THENCE NORTH 84'09'28"EAST 50.00 FEET; THENCE NORTH 57-46'00"EAST 104.63 FEET,THENCE SOUTH 3311'39'EAST P 85.00 FEET;THENCE SOUTH 39'23'59'EAST 60.00 FEET;THENCE SOUTH 5016'01'WEST 58.27 FEET TO A POINT OF CURVE: 1 THENCE SOUTHWESTERLY ALONG A CURVE TO THE RIGHT 29.36 FEET,SAID CURVE HAVING A CENTRAL ANGLE OF 4'03.10-,A RADIUS OF 415.00 FEET,TANGENTS OF 14.68 FEET AND A LONG CHORD OF 29.35 FEET BEARING SOUTH 52-37.36-WEST TO A POINT OF ENDING AI OF CURVE;THENCE SOUTH 13'S0'19"EAST 75.00 FEET.THENCE SOUTH 647'40"EAST 80.36 FEET;THENCE SOUTH 0.21'13'WEST 210.00 FEET;THENCE NORTH 89'38'34"WEST 290.13 FEET;THENCE NORTH 60'43'03'WEST 277,90 FEET; THENCE SOUTH 2'37'17'EAST 193.84 FEET;THENCE SOUTH 89-45'06"WEST 307.89 FEET;THENCE NORTH 18'41.39' WEST 357.42 FEET;THENCE NORTH 86MV40"WEST 15.00 FEET TO A POINT OF CURVE: THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT 26.21 FEET,SAID CURVE HAVING A CENTRAL ANGLE OF W27'41",A RADIUS OF 275.00 FEET.TANGENTS OF 13.12 FEET AND A LONG CHORD OF 26.20 FEET BEARING NORTH 88'46'31"WEST TO A POINT OF ENDING OF CURVE;THENCE NORTH 1'30'22'WEST APPROVAL OF CENTRAL DISTRICT HEALTH DEPARTMENT 50.00 FEET; THENCE NORTH 0'25'44"EAST 106.68 FEET; THENCE NORTH 8M2'40'WEST 13.30 FEET; THENCE NORTH 5'o0'57"WEST 140.95 FEET TO A POINT OF BEGINNING OF CURVE: THENCE SOUTHWESTERLY LONG A CURVE TO THE LEFT 45.04 FEET, SANITARY RESTRICTIONS OF THIS PLAT ARE HEREBY REMOVED ACCORDING TO THE LETTER TO BE READ ON FILE WITH THE SAID CURVE HAVING A CENTRAL ANGLE OF 20'38'49",A RADIUS OF 125.00 FEET,TANGENTS OF 2277 FEET AND A LONG CHORD OF COUNTY RECORDER OR HIS AGENT LISTING THE CONDITIONS OF APPROVAL. 44.80 FEET BEARING SOUTH 82'36'05"WEST TO A POINT OF ENDING OF CURVE;THENCE NORTH 17'43'19'WEST 50.00 FEET; THENCE NORTH O'36'45"WEST 134.56 FEET; THENCE NORTH 8416.18-WEST 128.99 FEET;THENCE NORTH 0-30'06'WEST 321.81 FEET: THENCE SOUTH 89'41'38'EAST 337.99 FEET;THENCE NORTH 018'22"EAST 241.49 FEET TO A POINT N THE SAID NORTHERLY BOUNDARY OF THE NEI/4 OF SECTION 10;THENCE SOUTH 89'41'38"EAST 465.66 FEET ALONG THE SAID NORTHERLY BOUNDARY OF THE NE1/4 OF SECTION 10;THENCE SOUTH 018'22'WEST 40.00 FEET TO THE POINT OF BEGINNING.COMPRISING 21.70 ACRES,MORE OR LESS. APPROVAL OF CITY ENGINEER ) IT IS THE INTENTION OF THE UNDERSIGNED TO HEREBY INCLUDE SAID LAND IN THIS PLAT AND TO DEDICATE TO THE PUBLIC THE I, THE UNDERSIGNED, CITY ENGINEER IN AND FOR THE CITY OF MERIDIAN, ADA COUNTY,IDAHO,HEREBY APPROVE THIS PLAT. PUBLIC BUT THEREETS AS RI HT TO OWN ON THIS PLAT.USE SEE SAID EASEMENTS SEH HEREBY PERPETUALLY ESERVNTS AS SHOWN ON ED FOR T ARE NOT PUBLIC UTILITIESATED TO THE USE AND SUCH OTHER F THE USES SES AS GIN" iA�%� DESIGNATED HEREON AND NO PERMANENT STRUCTURES ARE TO BE ERECTED WITHIN THE LINES OF SAID EASEMENTS. ALL LOTS WITHINNc THIS SUBDIVISION PLAT WILL BE ELIGIBLE TO RECIEVE WATER SERVICE FROM THE CITY OF MERIDIAN'S MUNICIPAL WATER SYSTEM, AND THE CITY OF MERIDIAN HAS AGREED IN WRITING TO SERVE ALL OF THE LOTS IN THIS SUBDIVISION. CITY ENGINEER IN WITNESS WHREOFtt E.HAVE-SET CUR HANDS THIS-DAY OF C2CtV►- IgIf \^"+6A NSM``y 1 APPROVAL OF CITY COUNCIL ONARD MBULL GARY D. LA ER 1, THE UNDERSIGNED, CITY CLERK IN AND FOR THE CITY OF MERIDIAN, OUNTY, IDAHO,�0 HHEEREBY CERTIFY THAT AT A PARTNER PARTNER REGULAR MEETING OF THE CITY COUNCIL HELD ON THE�rDAY ,, THIS ACKNOWLEDGEMENT PLAT WAS DULY ACCEPTED AND APPROVED. STATE OF IDAHO) pF MFR! S.S. � Pva41 COUNTY OF ADA) U 'a ON THIS,.& DAY OF AICti-[sfw. - BEFORE ME,THE UNDERSIGNED,A NOTARY PUBLIC IN AND FOR SAID STATE, + PERSONALLY APPEARED LEONARD R. TRUMBULL AND GARY D. LASHER KNOWN OR IDENTIFIED TO ME TO BE THE PARTNERS R Y CC L AND R SALES AN IDAHO PARTNERSHIP,THE PERSONS WHOSE NAMES ARE SUBSCRIBED WITHIN AND WHO ACKNOWLEDGED TO ME THAT THEY EXECUTED THIS INSTRUMENT ON BEHALF OF SAID PARTNERSHIP. CGUNTY.\1�! IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND AND AFFIXED MY OFFICIAL SEAL THE DAY AND YEAR IN THIS CERTIFICATE FIRST ABOVE WRITTEN. ' • APPROVAL OF COUNTY_ SURVEYOR El�in�F�;, I, THE UNDERSIGNED,COUNTY SURVEYOR, IN AND FOR ADA COUNTY, IDAHO, DO HEREBY CERTIFY THAT I HAVE CHECKED `tipfA /1J _ THIS PLAT AND THAT IT COMPLIES WITH THE STATE OF IDAHO CODE RELATING TO PLATS AND SURVEYS. uj M�i''�df,T� S •n KGB IEe' 4? NOTARY PUB R IDAHO !' -?!C, RESIDING IN B IS, IDAHO nA EST' :STe IffrM A y � COUNTY ENGINEER ��-N- OP�F CERTIFlCATE OF THE COUNTY TREASURER INSTRUMENT NUMBER y �C>� 1 fie,A3, 1,THE UNDERSIGNED, COUNTY TREASURER IN AND FOR THE COUNTY OF ADA, STATE OF IDAHO,PER THE REQUIREMENTS STATE OF IDAHO) OF I.C.50-1308 DO HEREBY CERTIFY THAT ANY AND ALL CURRENT AND/OR DELINQUENT COUNTY PROPERTY TAXES FOR ))S.S. THE PROPERTY INCLUDED IN THIS SUBDIVISION HAVE BEEN PAID IN FULL. THIS CERTIFICATION IS VALID FOR THE NEXT COUNTY OF ADA THIRTY(30)DAYS ONLY. I HEI$RE__BY CERTIFY THAT THIS INSTRUMENT WAS FILED FOR RECORD AT THE REQUEST OF i4Lbg Url AT,�LZ MINUTES PAST.-O'CLOCK�.M., ON THIS Ll DAY OF k3e%). 19 2 , I n 4 BOOK C,- OF PLATS AT PAGES &OT I AND LO7Y jawa...._ -'�. DaLIjAL N�WarrD DEPUTY jot(Q9 EX-OFFICIO RECORDER SHEET 2 of 2 EXHIBIT "C-1" ' r r l + n /- �; I' io U) d, 0 1 U >. uk [' N [ fig _ ti U. 31 f �l (til G , L I - U I nt - 1 (, l rt 96017929 I, � �A.ti.��. I'.r•JI/r{f1ER � � ( VARRO ` OO BOISE ID J c m' R E C ii,i OF Page 1 of 11 .! 08/14/2018 3:51 PM y . l�i��UCf1UE;? EASE FIZNT AGRLNT_ This Agreement is made this 27H'11-day of Feb u-a!:� , 1996, by and between Western Ada Recreation District, a political subdivision, hereinafter referred to as the "GRANTOR", and Joint School District No. 2, hereinafter referred to as the "GRANTEE, " RECITALS WHEREAS, Grantor is the owner of certain real property located in the city of Meridian, county of Ada, state of Idaho, hereinafter referred to as the "servient tenement, , " which real property is more particularly described on Exhibit "A" attached hereto and incorporated in full by this reference; and WHEREAS, Grantee is the owner of a certain parcel of real property contiguous to Grantor' s above-described property, hereinafter referred to as the "dominant tenement", which is more particularly described on Exhibit "B" attached hereto; and WHEREAS, Grantee desires to acquire certain rights in the servient tenement. NoW, THEREFORE, it is agreed by and between the parties as follows: 1 . Grant of Easement. For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor hereby grar_ts to Grantee, and to Grantee' s successors in interest, an easement as hereinafter described. 2 . Character_ of Ea,5Pment, The easement granted herein is EASEMENT AGREEMENT - Page 1 Page 2 of 11 08/14/2018 3:51 PM 1:!'��UU�Ufi•� appurtenant to the dominant tenement. 3. Description of Easement . The easement granted herein is granted for the purpose of allowing secondary emergency vehicle ingress and egress to and from the dominant tenement . 4 . Location of Easement. The easement granted herein shall be ten (10) feet in width and is generally located near the northern border of the servient tenement between the paved parking lot and the northwest corner of the dominant tenement, and is more particularly described in exhibit "C" attached hereto and incorporated in full by this reference. S. QsQ by QrantQe, The easement granted herein shall permit the Grantee and its agents to use the above-described portion of the servient tenement for emergency vehicle ingress and egress to and from the dominant tenement. At such time as Grantee is required to provide emergency vehicle access to its school site, Grantee shall construct a paved roadway within the easement from the parking lot located or. Grantor' s property, and connect said roadway with the school parking lot to be located on the Grantee' s property. 6. Jse by Grantor. Although Grantor achnoi•:ledges that Grantee is required to install a locked gate at the point that the emergency veh.:.cle access enters the Grantee' s property, upon the mutual agreement of the parties hereto, Grantor' s patrons using Grantor' s adjacent parr will be entitled to park their vehicles in the Grantee' s parking lot when such use does not conflict with school EASEMENT AGREEMENT -- Page 2 Page 3 of 11 08/14/2018 3:51 PM purposes . 7_ Con ruction of Asph ltRQad. Grantee shall, at no cost nor expense to Grantor, construct an asphalt road within the boundaries of the real property described in Exhibit "C", capable of adequately supporting emergency vehicles with a weight of up to 70, 000 lbs . B . Use by Dominant Tenant. The easement granted herein shall permit the o::ner of the dominant_ tenement anc• its agents to use the above-described portion of the servient tenement for emergency veh-cle ingress and egress to and from the dominant tenement, 9. NonexQlusive Easemant, The easement granted herein is nonexclusive, The owner of the servient tenement shall retain the right to use the effected property so long as that use does not interfere with the easement granted hereby. 10 . Maintenance and Repair. All costs involved in the maintenance and/or repair of this easement, including snow removal, shall be the sole responsibility of the Grantee. e . Grantee 's Riaht to Additional Working „ Spase During nz� ru ` i n. During construction, clean-up, and restoration operations, Grantee shall have the right to extend the boundary of the Premises by ten feet (10' ) on the south side of the easement . i-iowever, after completion of the construction of the roadway, Grantee shall have no further right to the temporary working space; and Grantee' s right shall be limited solely to the easement EASEMENT AGREEMENT - Page 3 Page 4 of 11 08/14/2018 3:51 PM -001066 described above_ 9. Re5tor:�ticn of Surface. After completing the construction of the asphalt roadway as set forth herein, Grantee shall restore the surface of the Premises as near to its original condition as may be possible, all within a reasonable time. 10. Assignment. The rights granted in this agreement may not be assignable together or separately and in whole or in part, without the prior %-.ritten consent of the parties hereto, which consent shall not be unreasonably withheld. 11 . Warranty ,of _Title. Grantor covenants that Grantor is the owner of the Premises and has the right, title, and capacity to gra:.t the easement granted in this agreement . 12 . Hotd Narmless . The Grantee shall save and hold Grantor harn. less from any and all liability for personal injury and property damage resulting from, or in any way connected with, the construction of the asphalt roadway, except liability for personal injuries or property damage caused solely by the negligence or wrongdoing of the Grantor or Grantor' s agents or employees . 13 . EffecL_ o Agreerien-t. `this agreement shall be binding orn the heirs, legal representatives, successors, and assigns of the parties . 11 . Authority to Grant. The undersigned parties executing this Agreement on behalf of the Grantor and Grantee represent that they have been duly authorized to execute this Agreement . EASEMENT AGREEMENT - Page 4 Page 5 of 11 08/14/2018 3:51 PM 12 . Entire Agreement . This instrument contains the entire Agreement between the parties relating to the rights herein granted and the obligations herein assumed. Any oral representations or modifications concerning this instrument shall be of no force or effect excepting a subsequent modification in writing signed both parties. 13 . Bindina Effect . This instrument shall bind and enure to the benefit of the respective heirs, personal representatives, successors, and assigns of the parties hereto. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above-written. GRANTOR: WESTERN ADA RECREATION DISTRICT By: - Its: GRANTEE: JOINT SCHOOL DISTRICT NO. 2 By: /�w hLL Bob Haley, S erintendent EASEMENT AGREEMENT - Page 5 i Page 6 of 11 08/14/2018 3:51 PM l���t)UItJt;S STA^E OF IDAHO ) } ss, County of Ada ) On the _�.7r--�- day of �, 1996, before me, the undersigned, a Notary Public in and for said State, personally appeared Bob Haley, known to me to be the Superintendent of JOINT SCHOOL DISTRICT NO, 2 and the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same:on behalf of JOINT SCHOOL DISTRICT NO. 2 . c *:IN( OtITNESS VIHEREOF, I have here unto set my hand and affixed b�'.of"fi'cl Wit'- Seal this day and year in this certificate first above- wri-�tpn, Notary ublic f r Idaho s� Residing at Idaho �'; i;�`•?.• Commission Expires : 4/i%4 /aB STATE OF IDA110 ) ss, County of Ada ) On the 1.3 day of /' 1996, before me, the undersigned, a Notary Public in and fcj said State, personally appeared Uc l+ 0 . C a known to me to be the �,^+✓s; of Western Ada Recreatio District and the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same on behalf of Western Ada Recreation District. IN WITNESS WHEREOF, I have here unto set my hand and affixed duly by official seal .l+?�'J� j91f,#4nd year in this certificate first above- wri tten, '' ;'�`�..... h'o l w' ` notary Public for -Idaho j, 6.UBLIG••''_ Residing at Idaho �.�T ''• '• `;• Commission Expires : 57- f;�7 EASEMENT AGREEMENT - Page 6 Page 7 of 11 08/14/2018 3:51 PM A tract of :arid in the r;� of Section 10, T•3 N. , R.1 W. 11.M- , Add Cc.unty, Idaho being more particularly described as follows: Commencing at a brass cap monument marking the section corner commc,n to Sections 2. 3. 10 and 11, T.3 N- , R.1 W. ©.m., Ada Cc,jnty, Idaho, from which a brass cap monument marking the one-quarter corner common to said Sections LU and 11 bears S.0'UU'OU"W. , 2656,41 feet, thence S.0'Ou'O0"W along the SC::tlOn line common to said Sections 10 and 11, 132B.23 feet to the southeast corner Of the NE�NE1 of said Section 10: thence I .69'38'47"W. along the south boundary line of said NF Sjrf . t326.21 feet to the northeast corner of tihe of said Section 10, the real point of beginning; V 1 thence ;.u'U 3'S1"W. 663.56 feet to the southeast corner of sz,i-1 NC'aSW�NEt-4; thence ;.89'37'22"W„ 663.51 feet to the southwest corner of sd Ld rIEI SW�NE�. thence ;.89' 37'22"w. along the south boundary li.ne of the ;W�.SW''jNI:; of said Section 10, 73.23 feet to a point on the centerline of the Ten Mile Drain as said Centerline t9 described an that certain Quitclaim Deed recorded in Hook 121 of Deeds at Page 23, Records of Ada County; thence u.56'52'W. (same as N.56'47'W, on said Quitclaim oeed)along sild centerline, 567.63 feet to a point: thence along said centerline on a curve to the Left with a radius of 286.48 feet, a central angle of 23'02' and whose long cord bears N.08'23'W. , 114.39 feet to a point; thence •d."9'54'W. (same as N.79'49*w_ on said Quitclaim Deed) along .aid centerline, 1305 .50 feet to a point: chance ,long said centerline on a curve to the right w.th a radiu . of 141.24 feet, a central angle of 17'40'35" and whose long chord bears N.7U'59'43"W. , 44.35 feet to a paint on the west boundary line of the NLISEIINW4 of said Section lU, thence 1.0'01'49"E. along said west boundary line, 79.41 feet t ) the northwest corner of said N�SEtiAN"; thence - .B9'38'07"E. along the north boundary line of said N�SE4NW 330.06 feet to d point; thence .,.77'38' E• , 700.37 feet to a point: thence 1.U'45'W. , 79.71 feet to a point; thence 1.69'41'E., 661.52 feet to a point; thence r.2'35'W. , 193.84 Eeet to a point; thence .,.6U'44'E. , 277.86 feet to a point on the north boundary lin., of the NWkSW"E;A of said Section 10; thence :..89'38'47"E. , 69.04 fact to the northeast corner of sa-d Nlei�jSW1iNF� : thence : .89'38'47"E. along the north boundary line of the NE�SW�NE', of said Section 1U, 663.14 feat to the real point of beginning. Said tr. ct of land contains 21.964 acres more or less, subject to eESements and/or rights-of-way of record or in use. The above described property has been acquired and/or developed with Federal financial assistance pursuant to the Land and Water Conservation Fund Act, 16 U.S.C. S460d, 4601-4 through 11. There- fore, pur3ualt to 16 U.S.C. 5 4601-8 (f) (3) this property's use shall not be converted to any use other than public outdoor re- creation use without the approval of the Secretary of the Interior. The requirements for approval of any conversion of the described property's u:e are set forth in 16 U.S.C. S4601-8(t) (3) . This document has been recorded to provide notice to potential property use converteis of this restrictive covenant upon the property's use. Exxxsir ^A• �U� Page 8 of 11 08/14/2018 3:51 PM EXHIBIT ,T HUBBLE ENGINEERING, INC. r9y Prt T025 EM010 1 Wit 7M t b0150.IM 03T41 2901 jzalu8z • Fad R901 iv5-0zF5 � svavEy� LEGAL DESGRIP ION FOR JOINT SCHOOL DISTRICT NO. 2 f compo5iTE DESCRIPTION OF PARCELS A. B, AND C A pascal of lent] loratad in the SE1/4 of tha.NE1/4 of Section 10, T,3N., A.1w., 6_M., Ada County, Idaho, coon pwVcutarty described as follows: Commencing at the Quarter corner common to Section 10 and 11, T.3N.. R.1w„ B.M.. thence North 00W'03•West, 11,328.03 feet to tho N1/19 vornar; thence North 89138'33' Wact, 1.3.26.26 feat to the NEi/16 comer and the REAL POINT OF BEGINNING. tha-nM South 89439'33' East, 791.04 feet to a point: thence South 00°01'550 West, 363.82 feet W a point; thence North a8.37'17-West, 191.3T feet to a point; thenrz- South 00*00'03• Eeat, 609.64 feet to a point in the center of the Test tJlll/p Stub Drain: thence along the center of the Ten Mile Stub Drain .North 67630'48" West, a5-.39 font to a paint; thence North 66.1139'00'Walt, 357.4o Feet to a point; thence South 89°35100"West, 23.Up feet to a point; thence North 65.24'00"West,49.70 feet to a point; thence North E532'12"West, 126.19 feet to a point on the West boundary of the SE114 of the NE1/4; thence departing the center of tha Ter? Milo Stub Drain North 00•03'53" Vast, 8-96 feet to the C-S-NE 1164 corner; P20DO - Joint School Dist. 2 (7/7J92) Page 1 of 2 Page 9 of 11 08/14/2018 3:51 PM JIUU1[►: thence continuing North 00='53" East. 663.52 feet to the Point of Beginning. Containing 12.0 scros. rnom or less. Prepared by: HIJBBLE ENQINEEFUNG, INC. or rE6 R Y P EJ b. Terry Peugh. LS. DTP/dk91235.des 92088 -Jo1nt School DIM 2 (7/71g2) Page 2 of 2 Page 10 of 11 08/14/2018 3:51 PM EXHIBIT "C" A ten (101 ) foot wide asphalt paved emergency access easement through the northern portion of the park. The easement starts at the approximate center of the existing parking lot and continues east - north of the existing restroom building and east along the northern edge of the existing ball field o the west property line of the Meridian School District Elementary school site. This easement is illustrated on the diagram drawn by Leatham and Krohn, architects, Boise, Idaho, attached hereto as Exhibit "C-111 . Page 11 of 11 08/14/2018 3:51 PM