COMPLETE APPRAISAL IN SUMMARY REPORTING FORMAT … · Ownership: Randy L Ewing, et ux Street Address: N Vienna Street Ruston, LA 71270 Dear Mr. Love, ... improvement was proposed,

REAL PROPERTY APPRAISAL IN SUMMARY REPORTING FORMAT

Parcel No.: 1-2 Ownership of Record: Randy L Ewing, et ux State Project No.: 001-08-0042 Name of Route: US Hwy 167 Turn Lane at US Hwy 80 Parish: Lincoln Property Type: Commercial land Date of Value Estimate: September 8, 2010

Prepared for: Prepared by:

City of Ruston

Public Works Department 701 East Tennessee

Ruston, LA 71270

Michael A. Graham, MAI 1300 Hudson Lane, Suite No. 1

Monroe, Louisiana 71201 Real Estate Appraisal Services

MICHAEL A. GRAHAM, MAI

REAL ESTATE APPRAISAL SERVICES

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MICHAEL A. GRAHAM, MAI Real Estate Appraisal Services

1300 Hudson Lane Suite # 1

Monroe, La. 71201

Phone: 318-387-9092

Fax: 318-325-5776

e-mail: [email protected]

September 8, 2010 City of Ruston ATTN: Lewis Love Public Works Director 701 East Tennessee Ruston, LA 71270 Parcel No.: 1-2 Ownership: Randy L Ewing, et ux Street Address: N Vienna Street Ruston, LA 71270 Dear Mr. Love, Pursuant to your request, the undersigned appraiser has made a personal and careful inspection of the property identified by above noted parcel number and ownership, and has thoroughly investigated and analyzed matters pertinent to developing an opinion of market value for real property required from this ownership. The purpose of this appraisal is to develop an opinion of compensation for real property required from this ownership. The intended use of this appraisal is to provide a basis for compensating the property owner for the required area. The intended users of this report are the client, City of Ruston, and the property owner if furnished thereto by the client. This appraisal report follows the guidelines of the State of Louisiana and conforms to the Uniform Standards of Professional Appraisal Practice. Pursuant to current Louisiana jurisprudence, the Jurisdictional Exception pertains to the USPAP Standard 1-4(f). Louisiana Revised Statute (LSA-R.S. 19:9) is defined as follows: A. In estimating the value of the property to be expropriated, the basis of assessment shall be the value which the property possessed before the contemplated improvement was proposed, without deducting there from any amount for the benefit derived by the owner from the contemplated improvement or work.



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The term "Market Value" as used herein is defined as: The most probable price which a specified interest in real property is likely to bring under all of the following conditions:

1. Consummation of a sale occurs as of a specified date. 2. An open and competitive market exists for the property interest appraised. 3. The buyer and seller are each acting prudently and knowledgeably. 4. The price is not affected by undue stimulus. 5. The buyer and seller are typically motivated. 6. Both parties are acting in what they consider their best interest. 7. Marketing efforts were adequate and a reasonable time was allowed for exposure in the open market. 8. Payment was made in cash in U.S. dollars or in terms of financial arrangements comparable thereto. 9. The price represents the normal consideration for the property sold, unaffected by special or creative

financing or sales concessions granted by anyone associated to the sale. .1

The scope of this appraisal is based upon information gathered by the appraiser from numerous investigations, inspections and related real estate market research. This information is summarized herein and the value conclusions are based on professionally accepted appraisal methods and procedures. The reader is advised that additional information is contained within the appraiser's files regarding comprehensive definitions; real estate market area analysis; factual comparable data; appraiser qualifications, and etc. Based upon the appraiser’s investigations, analyses and value conclusions, compensation for real property located within the required right of way as of September 8, 2010 is:

Estimated Value of All Land Required: $28,005Estimated Value of All Improvements Required: $0Diminution in Value of Remaining Real Estate: $31,995Additional Compensation: $0Total: $60,000

If I can offer additional assistance relative to this appraisal or help you with another matter, please contact me. Respectfully submitted, _______________________________ MICHAEL A. GRAHAM, MAI MEMBER OF THE APPRAISAL INSTITUTE #11985 LOUISIANA STATE GENERAL CERTIFIED APPRAISER: #GO938

1 The Dictionary of Real Estate Appraisal, Third Edition. Published by the Appraisal Institute.



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TABLE OF CONTENTS

SUMMARY OF SALIENT FACTS AND CONCLUSIONS ...................................................................................... 5 CERTIFICATE OF APPRAISER ........................................................................................................................... 6 ASSUMPTIONS AND LIMITING CONDITIONS .................................................................................................... 7 SCOPE OF WORK ............................................................................................................................................... 9 BASIS FOR SUMMARY OF JUST COMPENSATION ........................................................................................ 11 OWNERSHIP / TITLE DATA ............................................................................................................................... 12 SUMMARY OF APPRAISAL PROBLEM ............................................................................................................ 13 DEFINITION OF APPRAISAL PROBLEM .......................................................................................................... 14 AREA DATA ....................................................................................................................................................... 16 LOCATION OF SUBJECT PROPERTY .............................................................................................................. 18 SITE DATA – BEFORE THE ACQUISITION ....................................................................................................... 19 AERIAL PHOTOGRAPH ..................................................................................................................................... 22 HIGHEST AND BEST USE ANALYSIS .............................................................................................................. 23 LAND VALUATION – BEFORE ESTIMATE ......................................................................................................... 25 COMPARABLES LAND SALES SUMMARY CHART ......................................................................................... 26 VALUATION OF PROPERTY WITHIN THE REQUIRED RIGHT OF WAY ......................................................... 41 COMPENSATION FOR PROPERTY WITHIN REQUIRED AREA ...................................................................... 43 VALUATION OF THE REMAINDER ................................................................................................................... 44 SITE DATA –AFTER THE ACQUISITION ........................................................................................................... 46 AERIAL PHOTOGRAPH ..................................................................................................................................... 49 HIGHEST AND BEST USE ANALYSIS .............................................................................................................. 50 LAND VALUATION – AFTER THE ACQUISITION .............................................................................................. 52 COMPARABLES LAND SALES SUMMARY CHART ......................................................................................... 53 DAMAGES .......................................................................................................................................................... 68 ADDITIONAL COMPENSATION ........................................................................................................................ 69 UNECONOMIC REMNANT ................................................................................................................................ 70 FINAL ESTIMATE OF JUST COMPENSATION ................................................................................................. 71 ADDENDA .......................................................................................................................................................... 72



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SUMMARY OF SALIENT FACTS AND CONCLUSIONS

Parcel Number SF Acres1-2 2,970.7 0.068N/A 0.0 0.000N/A 0.0 0.000N/A 0.0 0.000N/A 0.0 0.000Total Area: 2,970.7 0.068

Interest RequiredFull Ownership, less mineralsN/AN/AN/AN/A

Property Name: 1-2

Ownership: Randy L Ewing, et ux

Address / Location: N Vienna Street

Ruston, LA 71270

Date of Value Estimate: September 8, 2010

Date of Appraisal Report: September 8, 2010

Right of Way Map Dated: August 20, 2010

Date of Notification Letter: N/A

Occupant: N/A

Address: N Vienna Street

Contract Rent: N/A

Contract Terms: N/A

Copy of Lease Attached: N/A

Estimate of Just Compensation

Estimated Value of All Land Required: $28,005Estimated Value of All Improvements Required: $0Diminution in Value of Remaining Real Estate: $31,995Additional Compensation: $0Total: $60,000



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CERTIFICATE OF APPRAISER I hereby certify: That I have personally inspected the property herein appraised and I have afforded the property owner or his designated representative the opportunity to accompany me at the time of the inspection. I have also made a personal field inspection of the comparable sales relied upon in making said appraisal. The subject and the comparable sales relied upon in making said appraisal were as represented by the photographs contained in said appraisal and no other person provided significant professional assistance unless noted. That to the best of my knowledge and belief the statements contained in the appraisal herein set forth are true, and the information upon which the opinions are based and expressed therein is correct, subject to the limiting conditions therein set forth. That I understand that such appraisal may be used in connection with the acquisition of property or property rights required for a project proposed by the State of Louisiana, with the assistance of Federal-aid highway funds, or other Federal funds. That such appraisal has been made in conformity with the appropriate State laws, regulations, USPAP standards, and policies and procedures applicable to appraisal of property or property rights for such purposes; that any increase or decrease in the before value caused by the proposed improvement has been disregarded in determining compensation for the property. To the best of my knowledge no portion of the value assigned to such property consists of items that are non-compensable under the established law of this State. Kara Platt, General Certified Appraiser, provided significant real property appraisal assistance to the person(s) signing this certification. That neither my employment nor my compensation for making this appraisal and report are in any way contingent upon the values reported herein. That I have no direct or indirect, present or contemplated, future personal interest in such property or in any benefit from the acquisition of such property appraised. That I have not revealed the findings and results of such appraisal to anyone other than the proper officials of the City of Ruston, and I will not do so until I am required to do so by due process of law, or until I am released from this obligation by having publicly testified as to such findings.

That my opinion of the compensation due as of September 8, 2010 is $60,000 based upon my independent appraisal and the exercise of my professional judgment. ________________________________




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ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is made under the following assumptions and limiting conditions: 1. Title to the property is free and clear, unencumbered and there are no easements, liens or other encumbrances on the property; 2. The information contained in this report as furnished by others is believed to be correct, but the appraiser assumes no responsibility for its accuracy. Included in this information is title information, measurements, survey, and other information furnished as likewise comparable sales data furnished by the court records and the principals involved in the various transactions; 3. No responsibility is here assumed for any matters that are legal or political, in nature. No responsibility is assumed for political, social or economic changed conditions which could have an effect on real estate values which changes take place after the date of this valuation; 4. It is assumed that the improvements are located on the land described herein and do not overlap this land unless otherwise stated in the appraisal report; 5. The management of the property is assumed to be competent and the ownership in responsible hands; 6. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 7. It is assumed that there are no hidden or non-apparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined, and considered in the appraisal report. 10. It is assumed that all required licenses, certificates occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 12. 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



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knowledge of the existence of such materials 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 or other potentially hazardous materials may affect the value of the property. The value estimate is predicated upon the 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 in this field, if desired. 13. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 14. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. 15. The appraiser herein by reason of this appraisal is not required to give testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 16. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 17. This appraisal assumes the improvements, if any are located on-site, are free of termite infestation. 18. Where the value of the various components of the property are shown separately, the value of each is segregated only as an aid to better estimating the value of the whole; the independent value of the various components may, or may not, be the market value of the component.



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SCOPE OF WORK The Appraiser(s): a) Has inspected the subject property to note the characteristics of the property that are relevant to

its valuation;

b) Has investigated available market data for use in the sales comparison approach (land only). The appraiser’s investigations included research of public records through the use of commercial sources of data such as printed comparable data services and computerized databases. Search parameters such as dates of sales, leases, locations, sizes, types of properties and distances from the subject will start with relatively narrow constraints and, if necessary, be expanded until the appraiser has either retrieved data sufficient (in the appraiser’s opinion) to estimate market value, or until the appraiser believes that he or she has reasonably exhausted the available pool of data. Researched sales data will be viewed and, if found to be appropriate, efforts will be made to verify the data with persons directly involved in the transactions such as buyers, seller, brokers or agents. At the appraiser’s discretion, some data will be used without personal verification if, in the appraiser’s opinion, the data appear to be correct. In addition, the appraiser will consider any appropriate listings or properties found through observation during appraiser’s data collection process. The appraiser will report only the data deemed to be pertinent to the valuation problem;

c) Has investigated and analyzed any pertinent easements or restrictions, on the fee simple

ownership of the subject property. It is the client’s responsibility to supply the appraiser with a title report. If a title report is not available, the appraiser will rely on a visual inspection and identify any readily apparent easements or restrictions;

d) Has analyzed the data found and reached conclusions regarding the market value, as defined in

the report, of the subject property as of the date of value using appropriate valuation approaches identified above;

e) Has prepared the appraisal in compliance with the Uniform Standards of Professional Appraisal

Practice as promulgated by The Appraisal Foundation and the Code of Professional Ethics and Certification Standard of the Appraisal Institute; the Jurisdictional Exception pertains to the USPAP Standard 1-4(f). Louisiana Revised Statute (LSA-R.S. 19:9) is defined as follows: A. In estimating the value of the property to be expropriated, the basis of assessment shall be the value which the property possessed before the contemplated improvement was proposed, without deducting there from any amount for the benefit derived by the owner from the contemplated improvement or work..

f) Is not responsible for ascertaining the existence of any toxic waste or other contamination

present on or off the site. The appraiser will, however, report any indications of toxic waste or contaminants that may affect value if they are readily apparent during appraiser’s investigations. Appraiser cautions the user of the report that appraiser is not expert in such matters and that appraiser may overlook contamination that might be readily apparent to parties who are experts in such matters.

g) Did prepare a Summary Appraisal Report, as defined in USPAP, which will include photographs

of the subject property, descriptions of the subject neighborhood, the site, any improvements on the site, a description of the zoning, a highest and best use analysis, a summary of the most important sales used in the appraiser’s valuation, a reconciliation and conclusion, a map illustrating the sales in relationship to the subject property, and other data deemed by the appraiser to be relevant to the assignment. Pertinent data and analyses not included in the report may be retained in appraiser’s files.



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In the appraisal of the subject property, the appraiser obtained data from the following sources:

• Onsite inspection of the subject property and real estate market area

• Gathering and investigating real estate market data: Public records, real estate agents, real estate appraisers, sellers, and

purchasers

• FEMA Flood zone data

• Analysis of land use trends

• LADOTD legal section regarding “additional compensation” constitutional provisions and related jurisprudence associated with condemnation matters in Louisiana.

• Parish government:

Clerk of Court records Assessor’s records

• Local real estate agents and appraisers

• Uniform Standards of Professional Appraisal Practice, Appraisal Foundation.

• Construction cost estimates provided by Marshall Valuation Service.



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BASIS FOR SUMMARY OF JUST COMPENSATION Land – Required Acquisition Area



Improvements 1. The following improvement items are considered as real property and are included in the Just Compensation estimate.

• Remnants of a concrete drive (NCV)

• Landscaping

2. The following items are considered as personal property and are not included in the Just Compensation estimate.

• N/A 3. The following items of real property are located outside the required area and are not included in the Just Compensation estimate.

• N/A 4. The following items are in the ownership of others, located in the required area, and are include in the just compensation estimate.

• N/A



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OWNERSHIP / TITLE DATA

Ownership of Record: Randy L Ewing, et ux Owner’s Address: 296 Country Lane Quitman, LA 71268 Legal Description: See Addenda Tax Assessments: Land: $13,188 Improvements: $0.00 Total: $13,188 Homestead Exempt: No Millage Rate: 89.08 Annual Tax Burden: $1,175 Last Transfer: Date: 12/08/2009 Vendor: Marbury Building Corp. Vendee: Randy L Ewing, et ux Consideration: $125,000 Book / Page: 1279 / 432 Recordation #: F-108352 Verification: deed Remarks: Property was on market for 1,301 days Active Listings: To the appraiser’s knowledge, the subject property is not

currently listed for sale and there is no pending contract on the property.



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SUMMARY OF APPRAISAL PROBLEM The subject property is a vacant commercial lot on the southeast corner of N Vienna Street and E Georgia Avenue in Ruston, LA. The required area is illustrated below. Improvements in the required area are landscaping and remnants of a concrete driveway (NCV).



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DEFINITION OF APPRAISAL PROBLEM

TYPE OF PROPERTY: Commercial land TYPE OF ACQUISITION: Partial taking FORMAT OF APPRAISAL PROCEDURE In accordance with my appraisal assignment, this format will:

1. Estimate the market value, as defined in this report, of the whole property before the acquisition.

2. Estimate the market value of the required area and the remainder after the acquisition, and estimate severance damages, if any, to the remainder.

3. Estimate additional consideration, if any. In the final analysis, the total of the value estimate of the required area and additional consideration, if any, will result in the estimate of just compensation. PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the “Just Compensation” due the subject property owner for reasons of the indicated acquisition relative to the subject project. The “Just Compensation” will be based on the opinion of “Market Value” offered in this report. See the addenda for a definition of Market Value. TOTAL JUST COMPENSATION: The values estimated from applicable approaches will be correlated for an estimate of the required area, along with conclusions concerning damages and additional compensation. The total will represent the estimated “Just Compensation”. FUNCTION OF APPRAISAL / INTENDED USE: The proposed project will require acquisition of the required area. This report will be used as the basis for negotiation concerning purchase of the described parcel as well as support for courtroom testimony, if necessary.



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REAL PROPERTY INTEREST APPRAISED: Full ownership interest, less mineral rights APPRAISAL TYPE / REPORT TYPE: Summary reporting format CLIENT: City of Ruston INTENDED USERS: City of Ruston and the property owner if a copy of the appraisal report is requested USE OF PROPERTY AT DATE OF APPRAISAL: Commercial land USE OF PROPERTY REFLECTED IN APPRAISAL: Commercial land EXTRAORDINARY ASSUMPTIONS N/A HYPOTHETICAL CONDITIONS: N/A DATE OF OPINION OF VALUE September 8, 2010



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AREA DATA



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LOCATION OF SUBJECT PROPERTY

The subject property is located on the west side of N Trenton in the (HDD) historical downtown district of Ruston, LA. The historical downtown Ruston is made up of 18-blocks and filled with dining, retail, businesses and parks.



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SITE DATA – BEFORE THE ACQUISITION

Acres Square FeetTotal Site: 0.344 14,996.0Required Area: 0.068 2,970.7Remainder: 0.276 12,025.3

DIMENSIONS: 100 x 150, +/-

SHAPE: Rectangle

TOPOGRAPHY: Adequate for the intended use

DRAINAGE: Adequate in times of normal rainfall

UTILITIES:

Water: City of Ruston Sewer: City of Ruston Electricity: Entergy Gas: Arkla Gas

FLOOD ZONE:

Based on FIRM Flood Insurance Rate Map No. 22061C0245D (April 2, 2009) for Lincoln Parish, Louisiana, this property lies in Flood Zone “X” See addenda for a copy of the flood plain map.

ACCESS: Direct access to North Vienna Street and Georgia Avenue

STREET TYPE: North Vienna Street is a one-way two lane asphalt roadway and Georgia is a two-way four lane asphalt roadway

ZONING / RESTRICTIONS The subject property is zoned HDD General Business District

SETBACKS, HEIGHT, Building Site Area: F.A.R. 1.00

BUILDING COVERAGE: Building Height Limit: 60 ft

Front Yard: No minimum

Side Yard: No minimum

Side Corner: No minimum

Rear Yard: No minimum

Off Street Parking Req.: None required

CONFORMITY TO RESTRICTIONS: N/A



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SITE CONDITION: The subject site is unimproved and ready for development

SURROUNDING LAND USES: Downtown district, public/institutional and light to medium commercial

SERVITUDES/ ENCROACHMENTS:

Unless duly noted, any servitude on the subject is considered typical for the market area.

NUISANCES / HAZARDS: None noted

UNIT OF COMPARISON: The land valuation section of this report will focus on the value per square foot as the unit of comparison.



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SITE PLAN



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AERIAL PHOTOGRAPH



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HIGHEST AND BEST USE ANALYSIS Market forces create market value, so the analysis of market forces that have a bearing on the determination of highest and best use is crucial to the valuation process. When the purpose of an appraisal is to develop an opinion of market value, highest and best use analysis identifies the most profitable, competitive use to which the property can be put. The highest and best use of a specific parcel of land is not determined through subjective analysis by the property owner, the developer, or the appraiser; rather, highest and best use is shaped by the competitive forces within the market where the property is located. Therefore, the analysis and interpretation of highest and best use is an economic study and a financial analysis focused on the subject property. In all valuation assignments, opinions of value are based on use. The highest and best use of a property to be appraised provides the foundation for a thorough investigation of the competitive position of the property in the minds of market participants. Consequently, highest and best use can be described as the foundation of which market value rests. Highest and best use may be defined as follows “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that result in the highest value.” In addition to being reasonably probable, the highest and best use of both the land as though vacant and the property as improved must meet four implicit criteria. That is, the highest and best use must be:

1. Physically possible 2. Legally permissible 3. Financially feasible 4. Maximally productive



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Highest and Best Use of Land as though Vacant Note: For an improved property, the valuation of the land as though vacant is a necessary procedure within the appraisal process, but is one that is performed under a hypothetical condition, i.e., that the subject site is vacant. Legally Permissible: The site is zoned (HDD) Historic Downtown District which allows

principal permitted uses of Louisiana Tech University and the City of Ruston. The intended use is to be predominately pedestrian area with shops and storefronts close to the road. Some conditional uses include but not limited to: banks, offices, parking lots, public safety facility and retail sales.

Physically Possible: The site has physical characteristics that allow for the construction of

all legally permissible uses. Financially Feasible: General commercial Maximally Productive: General commercial



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LAND VALUATION – BEFORE ESTIMATE

The valuation of a parcel of land begins by identifying the real estate and property rights to be valued, any encumbrances on those property rights, the land’s physical characteristics, and the available utilities and site improvements. Comparable data on similar parcels is collected and the highest and best use of the subject site is analyzed. Once these tasks are complete, the appraiser chooses an appropriate method to employ in the valuation process. Accepted methods of land valuation are as follow:

• Sales Comparison Approach

• Extraction

• Allocation

• Direct Capitalization (land residual and ground rent capitalization)

• Yield Capitalization (discounted cash flow / subdivision development analysis) The Sales Comparison Approach is usually the preferred methodology for developing a land value conclusion. However, when sales of similar parcels of land are not plentiful enough for the application of sales comparison, alternative techniques may be used. In this particular appraisal report, my research has revealed an adequate number of sales for comparison to the subject property. That said, the sales comparison approach is employed to value the subject land. The following tasks have been performed to develop an opinion of land value:

• Gather data on actual sales as well as listings, offers, and options.

• Identify the similarities and differences in the data

• Identify the highest and best use of each potential comparable sale

• Identify units of comparison that explain market behavior

• Adjust the sale prices of the comparables to account for the dissimilar characteristics of the land being appraised.

• Form a conclusion as to the market value of the subject land



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COMPARABLES LAND SALES SUMMARY CHART

No. Location Sale Date Price Size in SF Price/ SF1. 200 East Georgia 09/07/2001 $150,000 26,136 $5.742. 504 S Trenton 06/18/2009 $35,000 11,521 $3.043. N Trenton Street 06/02/2004 $75,000 10,938 $6.864. SE corner of Vienna & Park Ave 10/12/2004 $175,000 34,500 $5.075. W Georgia Ave 07/18/2008 $95,000 29,400 $3.236. 205 W Georgia 04/10/2008 $68,900 11,325 $6.087. 305 S Vienna Street (Listing) 08/05/2010 $230,000 39,000 $5.908. N Vienna (Listing) 08/05/2010 $200,000 27,443 $7.299. 306 N Vienna 12/08/2009 $125,000 15,000 $8.3310. W Mississippi & Monroe 09/18/2007 $80,000 12,205 $6.5511. 212 E Georgia 05/14/2010 $74,000 15,898 $4.65



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Land Sale No. 1

Property Identification Record ID 385Property Type Commercial, Automobile DealershipProperty Name O'Reilly's Auto SupplyAddress 200 East Georgia, Ruston, Lincoln Parish, Louisiana 71270Location S/E corner of Georgia & Bonner Sale Data Grantor Joe Kenneth Newton & Linda Lane Newton Grantee Hi-Lo Auto Supply, L. P.Sale Date September 07, 2001 Deed Book/Page 1124/197Property Rights Fee SimpleConditions of Sale Arm's LengthFinancing Cash SaleSale History Last sold in 1989Sale Price $150,000 Land Data Zoning Commercial Business DistrictShape RegularFlood Info No hazardLand Size Information Gross Land Size 0.600 Acres or 26,136 SF Front Footage 323 ft Total Frontage: 165 ft Georgia;158 ft Bonner Indicators Sale Price/Gross Acre $250,000 ActualSale Price/Gross SF $5.74 ActualSale Price/Front Foot $464 ActualRemarks Purchased for the construction of an O'Reilly's Auto Parts store. Located on the Southeast corner of Georgia Street and Bonner; downtown Ruston.



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Land Sale No. 2

Property Identification Property Type Commercial, UnknownAddress 504 S Trenton, Ruston, Lincoln Parish, Louisiana 71270 Location Lot 2, Sq 30 Town of Ruston Sale Data Grantor Jack C Minter, et uxGrantee Frank M Cordaro, et uxSale Date June 18, 2009 Deed Book/Page 1273 / 561Property Rights FeeFinancing Cash Sale Price $35,000 Land Data Zoning B-3, General Business DistrictTopography slopingDimensions 72' x 108' x 35' x 107' x 70' x 215'Shape Irregular Land Size Information Gross Land Size 0.264 Acres or 11,521 SF Front Footage 72 ft Total Frontage: 72 ft S Trenton Indicators Sale Price/Gross Acre $132,332 Actual or $132,332 Adjusted Sale Price/Gross SF $3.04 Actual or $3.04 Adjusted Sale Price/Front Foot $486 Actual or $486 Adjusted Remarks Vendee owns parcels adjoining the north and west line of the property.



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Land Sale No. 3

Property Identification Property Type CommercialAddress N Trenton Street, Ruston, Lincoln Parish, Louisiana 71270Location Lot 3 Square 21 Sale Data Grantor William C Thurmon et alGrantee Family Investment Resources, LLCSale Date June 02, 2004 Deed Book/Page 1160 / 490Property Rights FeeConditions of Sale Arm's LengthFinancing Cash Sale Price $75,000 Land Data Zoning B-3, General Business DistrictDimensions 62.5 x 175Shape RectangleDepth 175 Land Size Information Gross Land Size 0.251 Acres or 10,938 SF Front Footage 63 ft Total Frontage: 63 ft N Trenton Street Indicators Sale Price/Gross Acre $298,683 Actual or $298,683 Adjusted Sale Price/Gross SF $6.86 Actual or $6.86 Adjusted Sale Price/Front Foot $1,190 Actual or $1,190 Adjusted



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Land Sale No. 4

Property Identification Record ID 1812Property Type Commercial, UnknownAddress SE corner of Vienna St and Park Ave, Ruston, Lincoln Parish,

Louisiana 71270 Sale Data Grantor Sexton Enterprises, LTDGrantee City of Ruston, LASale Date October 12, 2004 Deed Book/Page 1165 / 412Property Rights FeeConditions of Sale Arm's LengthFinancing CashVerification City of Ruston; Confirmed by Kara PlattSale Price $175,000 Zoning HDD, Historic Downtown DistrictShape 115' x 300' Land Size Information Gross Land Size 0.792 Acres or 34,500 SF Front Footage 300 ft Park Avenue;115 ft Vienna Street Indicators Sale Price/Gross Acre $220,957 Actual or $220,957 Adjusted Sale Price/Gross SF $5.07 Actual or $5.07 Adjusted Remarks Property located on the northeast corner of Vienna Street and Park Avenue and rear frontage on South Bonner Street is on the Bonner Street Bridge. Improvements consisted of approximately 2,600 SF of concrete paving left from the foundation of the building previously demolished.



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Land Sale No. 5

Property Identification Record ID 1680Property Type CommercialAddress W Georgia Ave, Ruston, Lincoln Parish, Louisiana 71270Location Lot 3, Block 24 City of RustonGrantor Gladys Delony KasparGrantee Perry W Watson, Jr et uxSale Date July 18, 2008 Deed Book/Page 1252 / 348Property Rights FeeConditions of Sale Arm's LengthFinancing CashVerification Kyle Allen, Realtor; 318-245-1515, February 09, 2009; by KPlattSale Price $95,000 Land Data Zoning B-2, Light Business DistrictUtilities AvailableDimensions 210' x 135' x 140' x 15' x 70' x 150'Shape IrregularLand Size Information Gross Land Size 0.675 Acres or 29,400 SF Front Footage 210 ft Total Frontage: 210 ft W GeorgiaIndicators Sale Price/Gross Acre $140,755 Actual or $140,755 Adjusted Sale Price/Gross SF $3.23 Actual or $3.23 Adjusted Sale Price/Front Foot $452 Actual or $452 Adjusted Remarks Vendee building an Architecture Branch in Ruston. Main office in Alexandria, LA. Vendee approached vendor regarding the sale of the property. Property located across from parking lot of City Hall.



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Land Sale No. 6

Property Identification Property Type CommercialAddress 205 W Georgia, Ruston, Lincoln Parish, Louisiana 71270Location Lot 3, Block 19, Town of Ruston Sale Data Grantor John Richie CordaroGrantee City of RustonSale Date April 10, 2008 Deed Book/Page 1246/238Property Rights FeeConditions of Sale Assemblage Financing CashSale Price $65,000 Upward Adjustment $3,900 clearance test and demolitionAdjusted Price $68,900 Land Data Zoning HDD, Historic Downtown DistrictDimensions 75.5 x 150'Shape RectangleDepth 150Gross Land Size 0.260 Acres or 11,325 SF Front Footage 76 ft Total Frontage: 76 ft W Georgia Indicators Sale Price/Gross Acre $250,013 Actual or $265,014 Adjusted Sale Price/Gross SF $5.74 Actual or $6.08 Adjusted Sale Price/Front Foot $855 Actual or $907 Adjusted Remarks Property purchased by city for the use of additional parking. Demolition cost and clearance testing given by the city.



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Land Listing No. 7

Property Identification Record ID 1822Property Type Commercial, UnknownAddress 305 S Vienna Street, Ruston, Lincoln Parish, Louisiana 71270Location Block 8, Town of Ruston Sale Data Grantor National Independent Trust Co.Survey Date August 5, 2010Property Rights FeeMarketing Time 1,073 DOMAssessment No. 24183908001Listing Price $230,000 Zoning B-3, General Business DistrictUtilities availableDimensions 130' x 300'Shape Rectangle Land Size Information Gross Land Size 0.895 Acres or 39,000 SF Front Footage 130 ft S Vienna;300 ft W Texas Indicators Sale Price/Gross Acre $256,892 Actual or $256,892 Adjusted Sale Price/Gross SF $5.90 Actual or $5.90 Adjusted Remarks Currently a concrete parking lot. Property has been listed for sale approximately 1,073 days. MLS 141124 and 134885. Located on the corner of Texas and S Vienna across from Courthouse.



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Land Listing No. 8

Property Identification Property Type Commercial, UnknownAddress N Vienna, Ruston, Lincoln Parish, Louisiana 71270 Location North of Maryland Sale Data Grantor C. BowmanSurvey Date August 5, 2010 Property Rights FeeMarketing Time 1,410 DOM Listing Price $200,000 Land Data Zoning B-3, General Business DistrictDimensions 97' x 286'Shape RectangleDepth 286 Gross Land Size 0.630 Acres or 27,443 SF Front Footage 97 ft Total Frontage: 97 ft N Vienna Indicators Sale Price/Gross Acre $317,460 Actual or $317,460 Adjusted Sale Price/Gross SF $7.29 Actual or $7.29 Adjusted Sale Price/Front Foot $2,062 Actual or $2,062 Adjusted Remarks Property located on N Vienna just north of Maryland. MLS #126545, 1,410 DOM



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Land Sale No. 9

Property Identification Record ID 1824Property Type CommercialAddress 306 N Vienna, Ruston, Lincoln Parish, Louisiana 71270 Location Block 2, unit 24, Town of Ruston Sale Data Grantor Marbury Building Corp.Grantee Randy L Ewing, et uxSale Date December 08, 2009 Deed Book/Page 1279 / 432Property Rights FeeMarketing Time 1301 DOMConditions of Sale Arm's LengthFinancing cashSale Price $125,000 Verification Becky Napper, Realtor; 318-255-7272, 12/10/09; by KPlattLand Data Zoning HDD, Historic Downtown DistrictUtilities availableDimensions 100' x 150'Shape RectangleLand Size Information Gross Land Size 0.344 Acres or 15,000 SF Front Footage 100 ft N Vienna;150 ft E GeorgiaIndicators Sale Price/Gross Acre $363,000 Actual or $363,000 Adjusted Sale Price/Gross SF $8.33 Actual or $8.33 Adjusted Remarks Vacant tract, MLS 124444, 1301 DOM



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Land Sale No. 10

Property Identification Record ID 2133Property Type CommercialProperty Name Parking LotAddress W Mississippi & Monroe, Ruston, Lincoln Parish, Louisiana

71270 Location Lot 17 & 18, Block 0 Ruston City Blocks Sale Data Grantor National Independent Trust CompanyGrantee Bruce D. Cowan, et uxSale Date September 18, 2007 Deed Book/Page 1231 / 458Property Rights Fee SimpleConditions of Sale Arm's LengthFinancing CashVerification Dud Holland; September 30, 2010; Confirmed by Kara Platt Sale Price $80,000 Land Data Zoning HDD, Historic Downtown DistrictShape RectangleParking 30 striped parking spaces Land Size Information Gross Land Size 0.280 Acres or 12,205 SF Indicators Sale Price/Gross Acre $285,522 Actual or $285,522 Adjusted Sale Price/Gross SF $6.55 Actual or $6.55 Adjusted Remarks Property purchased for assemblage to property Vendee owns located at 205 / 209 W Alabama Wells Fargo Stock Brokerage. Vendee also leases out the parking spaces for $30.00 / month.



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Land Sale No. 11

Property Identification Record ID 2134Property Type CommercialAddress 212 E Georgia, Ruston, Lincoln Parish, Louisiana 71270 Location Lot 2, Upper east Subdivision Sale Data Grantor James E. Dugdale, Jr.Grantee Haffner Properties, LLCSale Date May 14, 2010 Deed Book/Page 1285 / 416Property Rights FeeConditions of Sale Arm's LengthFinancing cashVerification Tim Haffner; 318-396-8877, October 01, 2010; Confirmed by

Kara Platt Sale Price $60,000 Upward Adjustment $14,000 dirt work and site prepAdjusted Price $74,000 Land Data Zoning B-3, Commercial Business DistrictDimensions 95.87 x 163.79 x 85.59 x 162.73Shape RectangularGross Land Size 0.365 Acres or 15,898 SF Front Footage 96 ft Total Frontage: 96 ft E Georgia Indicators Sale Price/Gross Acre $164,401 Actual or $202,761 Adjusted Sale Price/Gross SF $3.77 Actual or $4.65 Adjusted Sale Price/Front Foot $625 Actual or $771 Adjusted Remarks Per vendee, immediately after purchase, his contractor leveled and prepped the site for approximately $14,000.



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Selecting Unit of Comparison After sales data has been gathered and verified, systematic analysis begins. Because like units must be compared, each sale price should be stated in terms of appropriate units of comparison. The units of comparison selected depend on the appraisal problem and nature of the property. Units of comparison are used to facilitate comparison of the subject and comparable properties. Examples of units of comparison include: total property price, price per square foot, price per acre, price per front foot, etc. After an analysis of the comparable sales, the most reliable unit of comparison, in my opinion, is as follows:

• Concluded Unit of Comparison: Price per square foot of site area ($ / SF) Analysis and Adjustment of Comparable Sales Ideally, if all comparable properties are identical to the subject property, no adjustments would be required. However, this is rarely the case. Once the data is collected and verified, it can be organized in a market data grid for comparison. The grid will illustrate and recognize any important differences between the comparable properties and the subject. These differences are often referred to as elements of comparison. The adjustment grid contains 10 basic elements of comparison that should be considered in sales comparison analysis. Elements of Comparison 1.) Real Property Rights Conveyed: When real property rights are sold, they may be the sole subject of the contract or the contract may include other rights, less than all of the real property rights, or even another property or properties. Before the price of a comparable sale property can be used in sales comparison analysis, the appraiser must first ensure that the sale price of the property applies to property rights that are similar to those being appraised. To do so may require one or more adjustments to the price before specific differences in the physical real estate can be compared. 2.) Financing Terms: The transaction price of one property may differ from that of an identical property due to different financing arrangements. The typical definition of market value recognizes cash equivalent terms provided the calculation of these terms reflects the market. In the event a property sells via atypical financing terms, the sale must be analyzed and a conclusion made as to how the below or above market financing influences the sales price. 3.) Conditions of Sale: Adjustments for conditions of sale usually reflect the motivations of the buyer and the seller. In many situations the conditions of sale significantly affect transactions prices; these are not considered arm’s length transactions. Examples warranting an adjustment for this element of comparison include: assemblage, plottage, liquidation sale, inter family transfer, and depressed sale. In most cases, a sale that is not considered arm’s length is omitted from the sales comparison analysis unless market information is available to support the atypical condition. 4.) Expenditures made immediately after purchase: A knowledgeable buyer considers expenditures that will have to be made upon purchase of a property because these costs affect the



39

price the buyer agrees to pay. Such expenditures include: costs to cure deferred maintenance, costs to demolish and remove any portion of the improvements, costs to petitions for a zoning change, costs to remediate environmental contamination. These costs are often quantified in price negotiations and can be discovered through verification of transaction data. The relevant figure is not the actual cost that was incurred but the cost that was anticipated by the buyer and seller. 5.) Market conditions (time): Comparable sales that occurred under market conditions different from those applicable to the subject on the effective date of value require adjustment for any differences that affect their values. An adjustment for market conditions is made if general property values have appreciated or depreciated since the transaction dates due to inflation or deflation or a change in investor’s perceptions of the market over time. 6.) Location: An adjustment for location within a market area may be required when the locational characteristics of a comparable property are different from those of the subject property. Excessive locational differences may disqualify a property from use as a comparable. Locational differences are usually handled with quantitative adjustments. 7.) Physical characteristics: If the physical characteristics of a comparable property and the subject property differ in many ways, each of these differences may require comparison and adjustment. 8.) Use / Zoning: Any difference in the current use or the highest and best use of a potential comparable sale and the subject property must be addressed. The appraiser must recognize the difference and determine if the sale is an appropriate comparable and, if so, whether an adjustment is required. In most cases the buyer or buyer’s agent must confirm the ultimate use for which the comparable was purchased. 9.) Non – realty components of value: Non-realty components of value include personal property, business concerns, and other items that do not constitute real property but are included in either the sale price of the comparable or the ownership interest in the subject property. These items should be analyzed and reported separately from the realty.



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Subject Land Sale 6 Land Sale 9 Land Sale 10Date of Sa le: Apr-08 Dec-09 Sep-07Deed Price: $65,000 $125,000 $80,000Rights Conveyed: $0 $0 $0Financing: $0 $0 $0Condi tions of Sale: $0 $0 $0Cash Equiva lent: $65,000 $125,000 $80,000Demoli tion: $0 $0 $0Expendi tures after sa le: $3,900 $0 $0Adjusted Sales Price: $68,900 $125,000 $80,000Market Conditions: 0.00% 0.00% 0.00%Adjusted Sales Price: $68,900 $125,000 $80,000Unit o f Comparison SF

Units (SF; FF; Acres) 14,996.0 11,325.0 15,000.0 12,205.0Price per Unit: $6.08 $8.33 $6.55Other Adjustments: Land Sale 6 Land Sale 9 Land Sale 10Location: 20.00% 0.00% 15.00%Size: 0.00% 0.00% 0.00%Shape / Util ity: 0.00% 0.00% 0.00%Topography: 0.00% 0.00% 0.00%Uti lities: 0.00% 0.00% 0.00%Site Condition: 0.00% 0.00% 0.00%Corner Lot: 10.00% 0.00% 0.00%Frontage to Depth: 0.00% 0.00% 0.00%Use / Zoning: 0.00% 0.00% 0.00%Other: 0.00% 0.00% 0.00%Net Adjustment: 30.00% 0.00% 15.00%

$7.91 $8.33 $7.54

Range of Unit Value: $7.54 to $8.33Average of Unit Value: $7.93Median Unit Value: $7.91

Concluded Uni t Value: $8.35Subject Size: 14,996 SFIndicated Site Value: $125,217Add: Trees $4,750Total : $130,000 Rounded

SUMMARY OF VALUE

Updated Uni t Value:



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VALUATION OF PROPERTY WITHIN THE REQUIRED RIGHT OF WAY

Acquisition Type: Partial



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Land Required:



Based on the concluded unit value in the land valuation section of this report, the land in the required area is valued as follows:

Return / No. ofLand Area $ / Unit Ownership Years1-2 2,970.7 x $8.35 x 100% x N/A $24,805N/A 0.0 x $0.00 x 0% x N/A $0N/A 0.0 x $0.00 x 0% x N/A $0N/A 0.0 x $0.00 x 0% x N/A $0N/A 0.0 x $0.00 x 0% x N/A $0Landscaping $3,200

Land Required $28,005



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COMPENSATION FOR PROPERTY WITHIN REQUIRED AREA The following chart illustrates the concluded contributory value for the land and improvements located within the required area. The total dollar amount of items in the acquisition will be included in the just compensation estimate, however, this figure may, or may not, represent the total “just compensation” due the property owner.

Return / No. ofLand Area $ / Unit Ownership Years1-2 2,970.7 x $8.35 x 100% x N/A $24,805N/A 0.0 x $0.00 x 0% x N/A $0N/A 0.0 x $0.00 x 0% x N/A $0N/A 0.0 x $0.00 x 0% x N/A $0N/A 0.0 x $0.00 x 0% x N/A $0Landscaping $3,200

Land Required $28,005

$0

$28,005

Improvements Required

Compensation for property within required r ight of way



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VALUATION OF THE REMAINDER

TYPE OF PROPERTY: Commercial land PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the “Just Compensation” due the subject property owner for reasons of the indicated acquisition relative to the subject project. The “Just Compensation” will be based on the opinion of “Market Value” offered in this report. See addenda for definition of Market Value. TOTAL JUST COMPENSATION: The values estimated from applicable approaches will be correlated for an estimate of the required area, along with conclusions concerning damages and additional compensation. The total will represent the estimated “Just Compensation”. INTENDED USE: The proposed project will require partial acquisition of the vacant lot. This report will be used as the basis for negotiation concerning purchase of the described parcel as well as support for courtroom testimony, if necessary. REAL PROPERTY INTEREST APPRAISED: Full ownership interest, less mineral rights REPORT TYPE: Summary reporting format CLIENT: City of Ruston INTENDED USERS: City of Ruston and the property owner if a copy of the appraisal report is requested



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USE OF PROPERTY AT DATE OF APPRAISAL: Commercial land USE OF PROPERTY REFLECTED IN APPRAISAL: Commercial land EXTRAORDINARY ASSUMPTIONS N/A HYPOTHETICAL CONDITIONS: The following valuation assumes the road construction project is complete per plans and specifications. DATE OF OPINION OF VALUE September 8, 2010



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SITE DATA –AFTER THE ACQUISITION

Remainder (Acres): 0.276Remainder (Square Feet): 12,025.3

SHAPE: Irregular

DRAINAGE: Adequate in times of normal rainfall

UTILITIES:

Water: City of Ruston Sewer: City of Ruston Electricity: Entergy Gas: Arkla Gas

FLOOD ZONE:

Based on FIRM Flood Insurance Rate Map No. 22061C0245D (April 2, 2009) for Lincoln Parish, Louisiana, this property lies in Flood Zone “X” See addenda for a copy of the flood plain map.

ACCESS: Direct access via Georgia Avenue.

STREET TYPE: North Vienna Street is a one-way two lane asphalt roadway and Georgia is a two-way four lane asphalt roadway

ZONING / RESTRICTIONS The subject property is zoned HDD General Business District

SETBACKS, HEIGHT, Building Site Area: F.A.R. 1.00

BUILDING COVERAGE: Building Height Limit: 60 ft

Front Yard: No minimum

Side Yard: No minimum

Side Corner: No minimum

Rear Yard: No minimum

Off Street Parking Req.: None required

CONFORMITY TO RESTRICTIONS: N/A

SITE CONDITION: The subject site is unimproved and ready for development

SURROUNDING LAND USES: Downtown district, public/institutional and light to medium commercial



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SERVITUDES/ ENCROACHMENTS:

Unless duly noted, any servitude on the subject is considered typical for the market area.

NUISANCES / HAZARDS: None noted

UNIT OF COMPARISON: The land valuation section of this report will focus on the value per square foot as the unit of comparison.



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SITE PLAN – AFTER THE ACQUISITION

Remainder: outlined in red Required area: outlined in blue



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AERIAL PHOTOGRAPH



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HIGHEST AND BEST USE ANALYSIS Market forces create market value, so the analysis of market forces that have a bearing on the determination of highest and best use is crucial to the valuation process. When the purpose of an appraisal is to develop an opinion of market value, highest and best use analysis identifies the most profitable, competitive use to which the property can be put. The highest and best use of a specific parcel of land is not determined through subjective analysis by the property owner, the developer, or the appraiser; rather, highest and best use is shaped by the competitive forces within the market where the property is located. Therefore, the analysis and interpretation of highest and best use is an economic study and a financial analysis focused on the subject property. In all valuation assignments, opinions of value are based on use. The highest and best use of a property to be appraised provides the foundation for a thorough investigation of the competitive position of the property in the minds of market participants. Consequently, highest and best use can be described as the foundation of which market value rests. Highest and best use may be defined as follows “The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that result in the highest value.” In addition to being reasonably probable, the highest and best use of both the land as though vacant and the property as improved must meet four implicit criteria. That is, the highest and best use must be:

5. Physically possible 6. Legally permissible 7. Financially feasible 8. Maximally productive



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Highest and Best Use of Land as though Vacant Note: For an improved property, the valuation of the land as though vacant is a necessary procedure within the appraisal process, but is one that is performed under a hypothetical condition, i.e., that the subject site is vacant. Legally Permissible: The site is zoned (HDD) Historic Downtown District which allows

principal permitted uses of Louisiana Tech University and the City of Ruston. The intended use is to be predominately pedestrian area with shops and storefronts close to the road. Some conditional uses include but not limited to: banks, offices, parking lots, public safety facility and retail sales.

Physically Possible: The site’s physical characteristics after the acquisition are limiting

due to a combination of the shape and size. While it is not unusual to find a site in the 12,000 square foot range, sites in this site range typically have a regular shape which increases functional utility. Due to the shape associated with the smaller size of the subject, flexibility of use has been diminished but the site, in the appraiser’s opinion, will accommodate certain general commercial uses which may not required a significant building area and parking to support the same.

Financially Feasible: General commercial Maximally Productive: General commercial



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LAND VALUATION – AFTER THE ACQUISITION

The valuation of a parcel of land begins by identifying the real estate and property rights to be valued, any encumbrances on those property rights, the land’s physical characteristics, and the available utilities and site improvements. Comparable data on similar parcels is collected and the highest and best use of the subject site is analyzed. Once these tasks are complete, the appraiser chooses an appropriate method to employ in the valuation process. Accepted methods of land valuation are as follow:

• Sales Comparison Approach

• Extraction

• Allocation

• Direct Capitalization (land residual and ground rent capitalization)

• Yield Capitalization (discounted cash flow / subdivision development analysis) The Sales Comparison Approach is usually the preferred methodology for developing a land value conclusion. However, when sales of similar parcels of land are not plentiful enough for the application of sales comparison, alternative techniques may be used. In this particular appraisal report, my research has revealed an adequate number of sales for comparison to the subject property. That said, the sales comparison approach is employed to value the subject land. The following tasks have been performed to develop an opinion of land value:

• Gather data on actual sales as well as listings, offers, and options.

• Identify the similarities and differences in the data

• Identify the highest and best use of each potential comparable sale

• Identify units of comparison that explain market behavior

• Adjust the sale prices of the comparables to account for the dissimilar characteristics of the land being appraised.

• Form a conclusion as to the market value of the subject land



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COMPARABLES LAND SALES SUMMARY CHART

No. Location Sale Date Price Size in SF Price/ SF1. 200 East Georgia 09/07/2001 $150,000 26,136 $5.742. 504 S Trenton 06/18/2009 $35,000 11,521 $3.043. N Trenton Street 06/02/2004 $75,000 10,938 $6.864. SE corner of Vienna & Park Ave 10/12/2004 $175,000 34,500 $5.075. W Georgia Ave 07/18/2008 $95,000 29,400 $3.236. 205 W Georgia 04/10/2008 $68,900 11,325 $6.087. 305 S Vienna Street (Listing) 08/05/2010 $230,000 39,000 $5.908. N Vienna (Listing) 08/05/2010 $200,000 27,443 $7.299. 306 N Vienna 12/08/2009 $125,000 15,000 $8.3310. W Mississippi & Monroe 09/18/2007 $80,000 12,205 $6.5511. 212 E Georgia 05/14/2010 $74,000 15,898 $4.65



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Land Sale No. 1

Property Identification Record ID 385Property Type Commercial, Automobile DealershipProperty Name O'Reilly's Auto SupplyAddress 200 East Georgia, Ruston, Lincoln Parish, Louisiana 71270Location S/E corner of Georgia & Bonner Sale Data Grantor Joe Kenneth Newton & Linda Lane Newton Grantee Hi-Lo Auto Supply, L. P.Sale Date September 07, 2001 Deed Book/Page 1124/197Property Rights Fee SimpleConditions of Sale Arm's LengthFinancing Cash SaleSale History Last sold in 1989Sale Price $150,000 Land Data Zoning Commercial Business DistrictShape RegularFlood Info No hazardLand Size Information Gross Land Size 0.600 Acres or 26,136 SF Front Footage 323 ft Total Frontage: 165 ft Georgia;158 ft Bonner Indicators Sale Price/Gross Acre $250,000 ActualSale Price/Gross SF $5.74 ActualSale Price/Front Foot $464 ActualRemarks Purchased for the construction of an O'Reilly's Auto Parts store. Located on the Southeast corner of Georgia Street and Bonner; downtown Ruston.



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Land Sale No. 2

Property Identification Property Type Commercial, UnknownAddress 504 S Trenton, Ruston, Lincoln Parish, Louisiana 71270 Location Lot 2, Sq 30 Town of Ruston Sale Data Grantor Jack C Minter, et uxGrantee Frank M Cordaro, et uxSale Date June 18, 2009 Deed Book/Page 1273 / 561Property Rights FeeFinancing Cash Sale Price $35,000 Land Data Zoning B-3, General Business DistrictTopography slopingDimensions 72' x 108' x 35' x 107' x 70' x 215'Shape Irregular Land Size Information Gross Land Size 0.264 Acres or 11,521 SF Front Footage 72 ft Total Frontage: 72 ft S Trenton Indicators Sale Price/Gross Acre $132,332 Actual or $132,332 Adjusted Sale Price/Gross SF $3.04 Actual or $3.04 Adjusted Sale Price/Front Foot $486 Actual or $486 Adjusted Remarks Vendee owns parcels adjoining the north and west line of the property.



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Land Sale No. 3

Property Identification Property Type CommercialAddress N Trenton Street, Ruston, Lincoln Parish, Louisiana 71270Location Lot 3 Square 21 Sale Data Grantor William C Thurmon et alGrantee Family Investment Resources, LLCSale Date June 02, 2004 Deed Book/Page 1160 / 490Property Rights FeeConditions of Sale Arm's LengthFinancing Cash Sale Price $75,000 Land Data Zoning B-3, General Business DistrictDimensions 62.5 x 175Shape RectangleDepth 175 Land Size Information Gross Land Size 0.251 Acres or 10,938 SF Front Footage 63 ft Total Frontage: 63 ft N Trenton Street Indicators Sale Price/Gross Acre $298,683 Actual or $298,683 Adjusted Sale Price/Gross SF $6.86 Actual or $6.86 Adjusted Sale Price/Front Foot $1,190 Actual or $1,190 Adjusted



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Land Sale No. 4

Property Identification Record ID 1812Property Type Commercial, UnknownAddress SE corner of Vienna St and Park Ave, Ruston, Lincoln Parish,

Louisiana 71270 Sale Data Grantor Sexton Enterprises, LTDGrantee City of Ruston, LASale Date October 12, 2004 Deed Book/Page 1165 / 412Property Rights FeeConditions of Sale Arm's LengthFinancing CashVerification City of Ruston; Confirmed by Kara PlattSale Price $175,000 Zoning HDD, Historic Downtown DistrictShape 115' x 300' Land Size Information Gross Land Size 0.792 Acres or 34,500 SF Front Footage 300 ft Park Avenue;115 ft Vienna Street Indicators Sale Price/Gross Acre $220,957 Actual or $220,957 Adjusted Sale Price/Gross SF $5.07 Actual or $5.07 Adjusted Remarks Property located on the northeast corner of Vienna Street and Park Avenue and rear frontage on South Bonner Street is on the Bonner Street Bridge. Improvements consisted of approximately 2,600 SF of concrete paving left from the foundation of the building previously demolished.



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Land Sale No. 5

Property Identification Record ID 1680Property Type CommercialAddress W Georgia Ave, Ruston, Lincoln Parish, Louisiana 71270Location Lot 3, Block 24 City of RustonGrantor Gladys Delony KasparGrantee Perry W Watson, Jr et uxSale Date July 18, 2008 Deed Book/Page 1252 / 348Property Rights FeeConditions of Sale Arm's LengthFinancing CashVerification Kyle Allen, Realtor; 318-245-1515, February 09, 2009; by KPlattSale Price $95,000 Land Data Zoning B-2, Light Business DistrictUtilities AvailableDimensions 210' x 135' x 140' x 15' x 70' x 150'Shape IrregularLand Size Information Gross Land Size 0.675 Acres or 29,400 SF Front Footage 210 ft Total Frontage: 210 ft W GeorgiaIndicators Sale Price/Gross Acre $140,755 Actual or $140,755 Adjusted Sale Price/Gross SF $3.23 Actual or $3.23 Adjusted Sale Price/Front Foot $452 Actual or $452 Adjusted Remarks Vendee building an Architecture Branch in Ruston. Main office in Alexandria, LA. Vendee approached vendor regarding the sale of the property. Property located across from parking lot of City Hall.



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Land Sale No. 6

Property Identification Property Type CommercialAddress 205 W Georgia, Ruston, Lincoln Parish, Louisiana 71270Location Lot 3, Block 19, Town of Ruston Sale Data Grantor John Richie CordaroGrantee City of RustonSale Date April 10, 2008 Deed Book/Page 1246/238Property Rights FeeConditions of Sale Assemblage Financing CashSale Price $65,000 Upward Adjustment $3,900 clearance test and demolitionAdjusted Price $68,900 Land Data Zoning HDD, Historic Downtown DistrictDimensions 75.5 x 150'Shape RectangleDepth 150Gross Land Size 0.260 Acres or 11,325 SF Front Footage 76 ft Total Frontage: 76 ft W Georgia Indicators Sale Price/Gross Acre $250,013 Actual or $265,014 Adjusted Sale Price/Gross SF $5.74 Actual or $6.08 Adjusted Sale Price/Front Foot $855 Actual or $907 Adjusted Remarks Property purchased by city for the use of additional parking. Demolition cost and clearance testing given by the city.



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Land Listing No. 7

Property Identification Record ID 1822Property Type Commercial, UnknownAddress 305 S Vienna Street, Ruston, Lincoln Parish, Louisiana 71270Location Block 8, Town of Ruston Sale Data Grantor National Independent Trust Co.Survey Date August 5, 2010Property Rights FeeMarketing Time 1,073 DOMAssessment No. 24183908001Listing Price $230,000 Zoning B-3, General Business DistrictUtilities availableDimensions 130' x 300'Shape Rectangle Land Size Information Gross Land Size 0.895 Acres or 39,000 SF Front Footage 130 ft S Vienna;300 ft W Texas Indicators Sale Price/Gross Acre $256,892 Actual or $256,892 Adjusted Sale Price/Gross SF $5.90 Actual or $5.90 Adjusted Remarks Currently a concrete parking lot. Property has been listed for sale approximately 1,073 days. MLS 141124 and 134885. Located on the corner of Texas and S Vienna across from Courthouse.



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Land Listing No. 8

Property Identification Property Type Commercial, UnknownAddress N Vienna, Ruston, Lincoln Parish, Louisiana 71270 Location North of Maryland Sale Data Grantor C. BowmanSurvey Date August 5, 2010 Property Rights FeeMarketing Time 1,410 DOM Listing Price $200,000 Land Data Zoning B-3, General Business DistrictDimensions 97' x 286'Shape RectangleDepth 286 Gross Land Size 0.630 Acres or 27,443 SF Front Footage 97 ft Total Frontage: 97 ft N Vienna Indicators Sale Price/Gross Acre $317,460 Actual or $317,460 Adjusted Sale Price/Gross SF $7.29 Actual or $7.29 Adjusted Sale Price/Front Foot $2,062 Actual or $2,062 Adjusted Remarks Property located on N Vienna just north of Maryland. MLS #126545, 1,410 DOM



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Land Sale No. 9

Property Identification Record ID 1824Property Type CommercialAddress 306 N Vienna, Ruston, Lincoln Parish, Louisiana 71270 Location Block 2, unit 24, Town of Ruston Sale Data Grantor Marbury Building Corp.Grantee Randy L Ewing, et uxSale Date December 08, 2009 Deed Book/Page 1279 / 432Property Rights FeeMarketing Time 1301 DOMConditions of Sale Arm's LengthFinancing cashSale Price $125,000 Verification Becky Napper, Realtor; 318-255-7272, 12/10/09; by KPlattLand Data Zoning HDD, Historic Downtown DistrictUtilities availableDimensions 100' x 150'Shape RectangleLand Size Information Gross Land Size 0.344 Acres or 15,000 SF Front Footage 100 ft N Vienna;150 ft E GeorgiaIndicators Sale Price/Gross Acre $363,000 Actual or $363,000 Adjusted Sale Price/Gross SF $8.33 Actual or $8.33 Adjusted Remarks Vacant tract, MLS 124444, 1301 DOM



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Land Sale No. 10

Property Identification Record ID 2133Property Type CommercialProperty Name Parking LotAddress W Mississippi & Monroe, Ruston, Lincoln Parish, Louisiana

71270 Location Lot 17 & 18, Block 0 Ruston City Blocks Sale Data Grantor National Independent Trust CompanyGrantee Bruce D. Cowan, et uxSale Date September 18, 2007 Deed Book/Page 1231 / 458Property Rights Fee SimpleConditions of Sale Arm's LengthFinancing CashVerification Dud Holland; September 30, 2010; Confirmed by Kara Platt Sale Price $80,000 Land Data Zoning HDD, Historic Downtown DistrictShape RectangleParking 30 striped parking spaces Land Size Information Gross Land Size 0.280 Acres or 12,205 SF Indicators Sale Price/Gross Acre $285,522 Actual or $285,522 Adjusted Sale Price/Gross SF $6.55 Actual or $6.55 Adjusted Remarks Property purchased for assemblage to property Vendee owns located at 205 / 209 W Alabama Wells Fargo Stock Brokerage. Vendee also leases out the parking spaces for $30.00 / month.



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Land Sale No. 11

Property Identification Record ID 2134Property Type CommercialAddress 212 E Georgia, Ruston, Lincoln Parish, Louisiana 71270 Location Lot 2, Upper east Subdivision Sale Data Grantor James E. Dugdale, Jr.Grantee Haffner Properties, LLCSale Date May 14, 2010 Deed Book/Page 1285 / 416Property Rights FeeConditions of Sale Arm's LengthFinancing cashVerification Tim Haffner; 318-396-8877, October 01, 2010; Confirmed by

Kara Platt Sale Price $60,000 Upward Adjustment $14,000 dirt work and site prepAdjusted Price $74,000 Land Data Zoning B-3, Commercial Business DistrictDimensions 95.87 x 163.79 x 85.59 x 162.73Shape RectangularGross Land Size 0.365 Acres or 15,898 SF Front Footage 96 ft Total Frontage: 96 ft E Georgia Indicators Sale Price/Gross Acre $164,401 Actual or $202,761 Adjusted Sale Price/Gross SF $3.77 Actual or $4.65 Adjusted Sale Price/Front Foot $625 Actual or $771 Adjusted Remarks Per vendee, immediately after purchase, his contractor leveled and prepped the site for approximately $14,000.



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Selected Unit of Comparison Price / Square Foot Elements of Comparison 10.) Real Property Rights Conveyed: When real property rights are sold, they may be the sole subject of the contract or the contract may include other rights, less than all of the real property rights, or even another property or properties. Before the price of a comparable sale property can be used in sales comparison analysis, the appraiser must first ensure that the sale price of the property applies to property rights that are similar to those being appraised. To do so may require one or more adjustments to the price before specific differences in the physical real estate can be compared. 11.) Financing Terms: The transaction price of one property may differ from that of an identical property due to different financing arrangements. The typical definition of market value recognizes cash equivalent terms provided the calculation of these terms reflects the market. In the event a property sells via atypical financing terms, the sale must be analyzed and a conclusion made as to how the below or above market financing influences the sales price. 12.) Conditions of Sale: Adjustments for conditions of sale usually reflect the motivations of the buyer and the seller. In many situations the conditions of sale significantly affect transactions prices; these are not considered arm’s length transactions. Examples warranting an adjustment for this element of comparison include: assemblage, plottage, liquidation sale, inter family transfer, and depressed sale. In most cases, a sale that is not considered arm’s length is omitted from the sales comparison analysis unless market information is available to support the atypical condition. 13.) Expenditures made immediately after purchase: A knowledgeable buyer considers expenditures that will have to be made upon purchase of a property because these costs affect the price the buyer agrees to pay. Such expenditures include: costs to cure deferred maintenance, costs to demolish and remove any portion of the improvements, costs to petitions for a zoning change, costs to remediate environmental contamination. These costs are often quantified in price negotiations and can be discovered through verification of transaction data. The relevant figure is not the actual cost that was incurred but the cost that was anticipated by the buyer and seller. 14.) Market conditions (time): Comparable sales that occurred under market conditions different from those applicable to the subject on the effective date of value require adjustment for any differences that affect their values. An adjustment for market conditions is made if general property values have appreciated or depreciated since the transaction dates due to inflation or deflation or a change in investor’s perceptions of the market over time. 15.) Location: An adjustment for location within a market area may be required when the locational characteristics of a comparable property are different from those of the subject property. Excessive locational differences may disqualify a property from use as a comparable. Locational differences are usually handled with quantitative adjustments.



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16.) Physical characteristics: If the physical characteristics of a comparable property and the subject property differ in many ways, each of these differences may require comparison and adjustment. 17.) Use / Zoning: Any difference in the current use or the highest and best use of a potential comparable sale and the subject property must be addressed. The appraiser must recognize the difference and determine if the sale is an appropriate comparable and, if so, whether an adjustment is required. In most cases the buyer or buyer’s agent must confirm the ultimate use for which the comparable was purchased. 18.) Non – realty components of value: Non-realty components of value include personal property, business concerns, and other items that do not constitute real property but are included in either the sale price of the comparable or the ownership interest in the subject property. These items should be analyzed and reported separately from the realty.



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Subject Land Sale 6 Land Sale 9 Land Sale 10Date of Sale: 04/10/08 12/08/09 09/18/07Deed Price: $65,000 $125,000 $80,000Rights Conveyed: $0 $0 $0Financing: $0 $0 $0Conditions of Sale: $0 $0 $0Cash Equivalent: $65,000 $125,000 $80,000Demolition: $0 $0 $0Expenditures after sale: $3,900 $0 $0Adjusted Sales Price: $68,900 $125,000 $80,000Market Conditions: 0.00% 0.00% 0.00%Adjusted Sales Price: $68,900 $125,000 $80,000Unit of Comparison SFUnits (SF; FF; Acres) 12,025.3 11,325.0 15,000.0 12,205.0Price per Unit: $6.08 $8.33 $6.55Other Adjustments: Land Sale 6 Land Sale 9 Land Sale 10Location: 20.00% 0.00% 15.00%Size: 0.00% 0.00% 0.00%Shape / Utility: -30.00% -30.00% -30.00%Topography: 0.00% 0.00% 0.00%Utilities: 0.00% 0.00% 0.00%Site Condition: 0.00% 0.00% 0.00%Corner Lot: 10.00% 0.00% 0.00%Frontage to Depth: 0.00% 0.00% 0.00%Use / Zoning: 0.00% 0.00% 0.00%Other: 0.00% 0.00% 0.00%Net Adjustment: 0.00% -30.00% -15.00%

Updated: $6.08 $5.83 $5.57

Range of Unit Value: $5.57 to $6.08Average of Unit Value: $5.83Median Unit Value: $5.83

Concluded Unit Value: $5.70Subject Size: 12,025.3 SFIndicated Site Value: $68,544Add: Trees $1,550Total: $70,000 Rounded

SUMMARY OF VALUE



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DAMAGES Definition (source: Louisiana Register) Severance Damage: the diminution of market value of the remainder area which arises in the case of a partial acquisition by reason of the acquisition (severance), and / or the construction of the improvement in the manner proposed. R.S. 48:453 (b) defines severance damages as “The measure of damages, if any, to the defendant’s remaining property as determined on a basis immediately before and immediately after the acquisition, taking into consideration the effects of the completion of the project in the manner proposed or planned”.

Diminution in Value of Remaining Real Estate

Opinion of Value - Before: $130,000Value of Required Right of Way: - $28,005

Indicated Remainder Value: = $101,995Estimated Remainder Value - $70,000

Indicated Damages to Remainder = $31,995



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ADDITIONAL COMPENSATION In the rare case where the property owner is not placed in a similar pecuniary position through compensation for the required area and severance damages, additional compensation may be due the property owner. With this particular acquisition, compensation for the required area and severance damages, if any, has placed the property owner in a similar pecuniary position which was enjoyed prior to the acquisition. For this reason, it is the appraiser’s opinion that the owner is not due additional compensation.



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UNECONOMIC REMNANT The appraiser asks the City of Ruston to make a determination regarding the remainder site, as it may be considered an uneconomic remnant to the property owner, Mr. and Mrs. Randy Ewing. The size and shape of the remainder site may no longer be suitable for the building plans Mr. Ewing had for the property. Federal Highway Administration – Real Estate Acquisition Guide for Local Public Agencies An uneconomic remnant is a portion of a larger property determined by an acquiring agency to have little or no utility or value to its owner because of a partial acquisition of the larger portion. An uneconomic remnant may still have some utility or value. The ultimate test is whether it has utility or value to the present owner. The acquiring agency must make this determination. The agency is obligated only to offer to purchase the uneconomic remnant; the owner may decline the offer. The offer to purchase an uneconomic remnant may be included in the formal written offer for the portion of the property needed for the public project or, at the acquiring agency's discretion; it may be made in a separate offer. While the preceding describes Uniform Act requirements, State laws on eminent domain vary in their treatment of uneconomic remnants and must be consulted before an acquiring agency makes an offer.



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FINAL ESTIMATE OF JUST COMPENSATION The appraiser has completed a valuation of the before and after condition in order to estimate compensation for the required area and severance damages, if present. Further consideration was given to possible additional compensation.

Estimated Market Value - Before: $130,000

Required Right of Way:Land: $28,005

Improvements: $0Total Part Required: $28,005

Indicated Remaining Value: $101,995Estimated Remaining Value w/ cure: $101,995

Diminution in Value of Remaining Real Estate: $31,995Cost to Cure: $0Fair Rental of Temporary Construction Servitude: $0Additional Compensation: $0Estimate of Just Compensation: $60,000



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ADDENDA SUBJECT PHOTOGRAPHS ............................................................................................................................... 73 LAYOUT MAP ..................................................................................................................................................... 75 CONSTRUCTION PLANS .................................................................................................................................. 76 LEGAL DESCRIPTION ....................................................................................................................................... 78 TAX ASSESSMENTS ......................................................................................................................................... 79 FLOOD MAP....................................................................................................................................................... 81 ZONING MAP ..................................................................................................................................................... 82 ENGAGEMENT LETTER .................................................................................................................................... 87 QUALIFICATIONS OF MICHAEL A. GRAHAM, MAI .......................................................................................... 88 DEFINITIONS OF TERMS .................................................................................................................................. 89



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SUBJECT PHOTOGRAPHS

Looking southwest at intersection of Georgia Ave and N Vienna. Subject property on the right

Looking west down Georgia Ave toward N Vienna

Looking northwest at intersection of N Vienna and Georgia

Remnants of concrete drive on subject properties north property line in the required area

Looking north down the subject west property line in the required area

Looking south down N Vienna and the west property line of the subject in the required area



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Looking east at subject property Looking southeast at subject property

Looking south at subject property Looking south at subject property

Overview of subject property Overview of subject property



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LAYOUT MAP



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CONSTRUCTION PLANS



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LEGAL DESCRIPTION



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TAX ASSESSMENTS



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FLOOD MAP



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ZONING MAP

Sec. 29-45. HDD historic downtown district. The historic downtown district is intended to be a predominantly pedestrian area with shops and storefronts close to the road, with wide walkways and on‐street parking. The historic downtown district is the heart of Ruston culturally, geographically and historically. It lends the city its small‐town feel, scale and architecture. The history of the area is retained with the preservation of historic structures and the common Main Street theme enhanced by the character of the signs and the store front awnings. This area is defined as that business district bordered by Florida Avenue on the north, Bonner Street on the east, Texas Avenue on the south and Monroe Street on the west. Uses include a diversity of specialty shops, retail businesses, service providers, recreational activities and public functions in the downtown area. a) Ruston Historic District Advisory Commission. There is hereby created a Ruston Historic District Advisory Commission, which shall serve without compensation in an advisory capacity to the zoning commission. The Ruston Historic District Advisory Commission shall review and make recommendations to the zoning commission on all conditional uses within the boundaries of the HDD Historic Downtown District. The Ruston Historic District Advisory Commission shall also make recommendations to property owners upon all proposed alterations or relocations within the boundaries of the historic district and shall assist property owners interested in pursuing investment tax credits for historic rehabilitation to meet the requirements for that program.



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(b) Members. The Ruston Historic District Advisory Commission shall be appointed by the mayor of the city. All members of the Ruston Historic District Advisory Commission shall be specially qualified, by reason of training or experience in architecture, land development, city planning, real estate, landscape architecture or other relevant business or professional training or experience or by reason of civic interest and sound judgment, to judge the effects of a proposed building or structure upon the context of neighboring buildings and the surrounding area. The Ruston Historic District Advisory Commission may solicit such additional professional advice as it deems appropriate. (c) Criteria. In making recommendations, the Ruston Historic District Advisory Commission shall consider the following: 1) To the extent feasible with economic realities, efforts should be encouraged to provide compatible uses for buildings requiring minimal building, building site and environmental alteration. (2) Removal, destruction or alteration of original characteristics or unique architectural features of buildings should be discouraged. (3) Surface cleaning of structures by the gentlest means possible should be encouraged. (4) In a rehabilitation project, use of materials matching or compatible with those already used in the building as to composition, design, color, texture and other visual qualities should be encouraged. (5) Contemporary design and alterations and additions to existing building should not be discouraged when such alterations and additions do not destroy significant historical, architectural or cultural material and such design is compatible in size, scale, material and character to the property, neighborhood and environment. (6) In the case of new construction compatibility with surrounding buildings in scale, size, and materials should be encouraged. (d) Principal permitted uses. Principal permitted uses within the HDD Historical Downtown District include uses of Louisiana Tech University and of the City of Ruston. Site plan review and a conditional use permit are not required for principal permitted uses as listed in this section, except that an infrastructure meeting with city departments is required. (e) Procedures. (1) Notification to Ruston Historic District Advisory Commission. When application for a building permit for any alteration, demolition, relocation or new construction in the Ruston Historic District, other than principal permitted uses, is made, the building inspector shall notify the Ruston Historic District Advisory Commission and make available to it a copy of all required application materials submitted. No extra copies shall be required of any applicant for this purpose. (2) Conditional uses. All conditional uses require a conditional use permit and review by the Ruston Historic District Advisory Commission, in the manner provided in section 29‐12. (3) Demolition of historic building. Whenever a property owner shows that a building classified as historic and located in the historic downtown district is incapable of earning any economic return on its value, as appraised by a qualified real estate appraiser, or if new construction can be demonstrated by a property owner to be the highest and best use of the building site, such building may be demolished, provided, however, that before a demolition permit is issued, notice of proposed demolition shall be given three times, during a period of 30 days to afford the city, interested persons, historical societies, or organizations the opportunity to acquire or to arrange for the preservation of such building, though the owner has no obligation whatsoever to the Ruston



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Historic District Advisory Commission after said 30‐day period. The Ruston Historic District Advisory Commission shall publish said notices in the newspaper and shall pay for same. (4) Alterations. When application for a regular building permit for any alteration in the Ruston Historic District is made, the building inspector shall notify the Ruston Historic District Advisory Commission and make available to it a copy of all required application materials submitted. No extra copies shall be required of any applicant for this purpose. The commission shall be allowed to meet with the applicant within ten days at a time and place acceptable to applicant to explain its recommendations on rehabilitation plans. If such a meeting cannot be scheduled for any reason, the commission can alternatively send a written, nonbinding proposal or recommendation to applicant. The major focus of any recommendations for change or endorsement of plans as presented shall be to help property owners to avoid any action which might tend to impede present or future federal tax benefits arising from location in the historic district. No special building permit or any other permit or application to the Ruston Historic District Advisory Commission shall be required for any reason, and no regular building permit shall be denied or refused after said ten‐day period because of any action or inaction of the Ruston Historic District Advisory Commission.

(f) Conditional uses: The following uses are conditional uses:

(1) Artist's studio and galleries (2) Bakery, confectionery sales (3) Banks, savings and loans (4) Churches and other places of worship (5) Clothing stores (6) Commercial printing (7) Day care services (8) Dry goods and variety (9) Offices (10) Parking lots (11) Personal service establishments (12) Plant nurseries (13) Public safety facilities (14) Public utility facilities (15) Recreation facilities (16) Restaurants: 2,000 sq. ft. or less ‐‐ with drive up services (17) Restaurants: 2,001 sq. ft. or more ‐‐ without drive up services



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(18) Retail sales (g) Prohibited uses: The following uses are not permitted: (1) Car washes (2) Gambling or gaming outlets (3) Inside commercial storage facilities (4) Kennels (5) Medical, infectious, pathological, or general waste incinerator (6) Mobile homes, camps and trailer parks (7) Motels (not to include hotels and conference centers) (8) Outside car sales or rentals (9) Outside gas service stations, fuel dealers (10) Outside storage (11) Pawnshops (12) Residential duplexes (13) Sexually oriented businesses (14) Single‐family uses (15) Strip retail centers with front yard parking fields (h) Development standards. (1) The floor area ratio [F.A.R.] of all buildings on a lot may be 1.00. (2) No building or structure shall exceed a height of 60 feet. (3) The minimum setbacks shall be as follows: a. There is no minimum front setback. b. There is no minimum side setback. c. There is no minimum rear setback. (4) Flat roofed buildings can be built in the DHH.



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(5) Lighting. All exterior lighting shall be directed and hooded to eliminate bleed‐over into the adjacent properties. (6) No off street parking is required in the DHH except that residential development requires one space per unit. (7) Second story residential development is considered a complementary use and encouraged.



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ENGAGEMENT LETTER



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QUALIFICATIONS OF MICHAEL A. GRAHAM, MAI

Michael A. Graham, MAI Real Estate Appraisals and Consultation 1300 Hudson Lane – Suite 1 Monroe, Louisiana 71201 (318) 387-9092 [email protected] EDUCATION: Degree: Bachelor of Science May 1993 Institution: Louisiana State University College: College of Business Administration Major: Real Estate Finance LICENSES / DESIGNATIONS / AFFILIATIONS: Member of Appraisal Institute # 11985 (MAI) State of Louisiana Certified General Real Estate Appraiser # GO938 Louisiana Real Estate Salesperson # 64033 Louisiana Real Estate Appraisers Board Treasurer of the Louisiana Chapter of the Appraisal Institute BACKGROUND: 1984 - 1988 Ouachita Christian High School; raised in Monroe, LA 1988 - 1993 Louisiana State University; School of Business 1993 - Present Independent fee appraiser based in Monroe, LA 1994 – Present Louisiana Real Estate Salesperson 1995 – 1998 Residential construction and speculation home development 1996 – Present Manager of multi-tenant office complex, self storage facility, and multi-tenant industrial

development. 2001 – Present Adjunct instructor at LA Tech University (Finance 443 – The Appraisal of Real Estate) PROPERTY TYPES APPRAISED: Vacant commercial property / Residential subdivision developments / Farm Land / Timber land / Multifamily residential / High and low rise office developments / Big box retail / Strip center retail / Various build to suit developments / Restaurants / Limited service hotels / Convenience stores / Residential homes / lndustrial land and improved properties- light and heavy / Special purpose properties / Self storage facilities / Car dealerships / Eminent domain assignments PARTIAL LIST OF CLIENTS: Several Banks & Savings and Loans in Ouachita Parish as well as others across North Louisiana / Attorneys / CPA's / Engineering Firms / State & Local Governmental Agencies / Federal Government / Private Individuals & Investors / Utility Companies / EXPERT WITNESS TESTIMONY: Qualified as expert witness in real estate appraisal for the following Parishes: Lincoln, Union, Catahoula, Concordia, Sabine, Caldwell, Jackson, LaSalle. References available upon request.



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DEFINITIONS OF TERMS MARKET VALUE: "Market Value" is defined by the Department of Transportation and Development, Appraisal Handbook, Chapter 5, 501 as: "The most probable price, in terms of money, 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, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale effective on 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 each act in what they consider their own best interest; (3) A reasonable time is allowed for exposure in the open markets; (4) Payment is made in cash or its equivalent; (5) Financing, if any, is on terms generally available in the community as of a specified date. This financing should be typical for the property type in its locale; (6) The price represents the normal consideration for the property sold unaffected by special financing amounts, and/or terms, services, fees, costs, and credits incurred in the transaction." HIGHEST AND BEST USE: Highest and best use reflects a basic assumption about real estate market behavior - that the price a buyer will pay for a property is based on his or her conclusions about the most profitable use of the site or property. Therefore, sites and improved properties tend to be put to their highest and best use set forth in an appraisal may or may not conform with the existing use. The determination of highest and best use must be based on careful consideration of prevailing market conditions, trends affecting market participation and change, and the existing use of the subject property. HIGHEST AND BEST USE HAS BEEN DEFINED AS: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported financially feasible, and that results in the highest value. The four criteria the highest and best use estimate must meet are: 1. Legally permissible. 2. Physically possible. 3. Financially feasible. 4. Maximum profitability.** *REAL ESTATE APPRAISAL TERMINOLOGY, The American Institute of Real Estate Appraisers, The Society of Real Estate Appraisers, First Printing, 1981. **THE DICTIONARY OF REAL ESTATE APPRAISAL, The American Institute of Real Estate Appraisers, Second Edition, 1984, 1989.

Documents

COMPLETE APPRAISAL IN SUMMARY REPORTING FORMAT … · Ownership: Randy L Ewing, et ux Street Address: N Vienna Street Ruston, LA 71270 Dear Mr. Love, ... improvement was proposed,