HomeMy WebLinkAboutResolution #5488 - sale of surplus public real estate; 55 Van Buren Court RESOLUTION NO. 5488
A RESOLUTION AUTHORIZING SALE OF SURPLUS PUBLIC REAL ESTATE
LOCATED AT OR ABOUT 55 VAN BUREN COURT
WHEREAS, the City of Canton, Fulton County, Illinois ("City"), is a non-home rule
unit of government;
WHEREAS, Section 11-76-4.1 of the Illinois Municipal Code (65 ILCS 5/11-76-4.1)
provides:
Sale of surplus real estate. The corporate authorities of a municipality by resolution
may authorize the sale or public auction of surplus public real estate. The value of the
real estate shall be determined by a written MAI certified appraisal or by a written
certified appraisal of a State certified or licensed real estate appraiser. The appraisal
shall be available for public inspection. The resolution may direct the sale to be
conducted by the staff of the municipality; by listing with local licensed real estate
agencies, in which case the terms. of the agent's compensation shall be included in the
resolution; or by public auction. The resolution shall be published at the first
opportunity following its passage in a newspaper published in the municipality or, if
none, then in a newspaper published in the county where the municipality is located.
The resolution shall also contain pertinent information concerning the size, use, and
zoning of the real estate and the terms of sale. The corporate authorities may accept any
contract proposal determined by them to be in the best interest of the municipality by a
vote of two-thirds of the corporate authorities then holding office, but in no event at a
price less than 80%of the appraised value.
WHEREAS, the City currently owns the following described surplus real estate
(hereinafter the "Surplus Real Estate")
West One-half(1/2) of Lot Thirty-two (32) in Jones' Second Addition to the City
of Canton, Fulton County, Illinois, according to the recorded plat of the same
excepting ten (10) feet off the North side thereof for an alley, situated in the City
of Canton, in the County of Fulton, in the State of Illinois.
PIN(s): 09-08-27-437-007
Common Address: 55 Van Buren Court
WHEREAS, the corporate authorities, by this Resolution, have determined that the
Surplus Real Estate is no longer necessary, appropriate, required for the use of, profitable to, or
for the best interests of the City;
WHEREAS, the Surplus Real Estate has been appraised by Chad A. Beekman, a
Certified General Real Estate Appraiser, and his appraisal indicates a fair market value of
Seventy Thousand and No/100 Dollars ($70,000.00) (the"Appraised Value");
WHEREAS,the Surplus Real Estate has been used as a 3 car garage, shop, and storage
building for City purposes;
WHEREAS, the corporate authorities have determined that it is in the best interests of
the City to sell the Surplus Real Estate for further commercial or industrial development.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS AS FOLLOWS:
l. That the Recitals set forth above, and all facts and statements contained therein,
are found to be true and correct and are hereby incorporated and adopted as part of this
Resolution;
2. Any parties interested in submitting a proposal to purchase the Surplus Real
Estate, on the terms and conditions set forth herein, must submit their proposal to the Mayor's
Office, in writing, no later than September 27, 2024. Said proposal must include the
substantive terms below, any additional proposed terms and conditions (including whether they
are negotiable), and the purchaser's proposed use of the Surplus Real Property.
3. The City Clerk shall cause this Resolution to be published at the first
opportunity following its passage in a newspaper published in the municipality, or if none, then
in a newspaper published in Fulton County.
4. The substantive terms of the sale of the Surplus Real Estate shall be as follows:
Purchase Price:No less than Fifty-Six Thousand and No/100 Dollars
($56,000.00),being 80%of the Appraised Value
Size of Real Estate: Approximately .14 acres
Zoning: The Surplus Real Estate is currently zoned I-2 (Heavy Industrial). The
proposal may include requirements for re-zoning to another business or
industrial zoning classification.
Use: The Surplus Real Estate shall be used solely for commercial or industrial
purposes.
Closing Date: On or before December 31, 2024, unless extended by agreement of
the City
Restrictions/Covenants: Upon closing, the Surplus Real Estate may be
encumbered by restrictions and/or covenants satisfactory to the City to
ensure development of the Surplus Property.
5. The City Clerk shall cause the appraisal to be available for public inspection at the
Office of the City Clerk, 2 N. Main Street, Canton, IL 61520, during normal business hours
through September 15, 2023.
6. The Purchase price shall not be any less than 80%of the appraised value.
7. The sale of the Surplus Real Estate shall be conducted by the Mayor, being staff
of the City of Canton.
8. Additional terms and conditions may be negotiated by and between the City and
the proposed purchaser prior to approval of the final purchase contract.
9. The City hereby reserves the right to accept and/or reject any contract proposal
as determined to be in the best interest of the City of Canton.
10. The final purchase contract accepted by the City shall be subject to a vote of
two-thirds (2/3) of the corporate authorities then holding office.
11. This Resolution shall be in full force and effective immediately upon its passage
by the City Council of the City of Canton and approval by the Mayor thereof.
PASSED AND APPROVED THIS 3`d day of September, 2024.
AYES: Mayor Kent McDowell, Alderpersons Chamberlin, Grimm, Lovell, Hale, Gossett,
Ketcham, Lingenfelter
NAYES: None
ABSENT: Alderperson Nelson
APPROVE/�
k ��
m,)
Kent M ell, Mayor
A'J' ST: ,
drea J. alters-Smith, City Clerk
BEEKMAN
��yssociates
Appraisals • Auctions • Realty
171 West Lincoln Avenue • Lewistown, Illinois 61542 • (309) 547-2525 • orders@beekmanassoc.com
August 23, 2024
Kent McDowell
City of Canton
2 N Main St, Canton, IL 61520
309-224-8831
kmcdowell@cantoncityhall.org
RE: Appraisal of commercial property, located at:
55 Van Buren Court, Canton, IL 61520
Dear Kent,
Pursuant to your request to estimate Fair Market Value of the fee simple interest of the above described
property, I submit the following report for your consideration. This report describes in summary form the
subject property characteristics and contains the analysis of data gathered in my investigation and used in
arriving at my estimate of value.
I hereby certify that I have personally inspected the site and that I have no interest, present or prospective
therein, and that all the data gathered in my investigation is from sources believed to be reliable. An
effective date is identified in this report and is the actual date if my site inspection.
To the best of my knowledge and belief, the statements contained in this appraisal and upon which opinions
expressed herein are based are correct, subject to limiting condition herein set forth.
Based upon the facts and opinions contained in the attached report and upon my inspection of the site, it is
the opinion of the undersigned that the Fair Market Value of the property herein described, is as follows:
Seventy Thousand Dollars
$70,000
Respectfully submitted,
T
Chad A Beekman
State Certified General Real Estate Appraiser
IL Certification #553.001699; Exp. 09/30/2025
REFICMAN
&--,z-,yssociates
Appraisals • Auctions • Realty
APPRAISAL OF
O ..
11 ..
vap-
/ e
Commercial Storage and Shop Building
55 Van Buren Court, Canton, IL 61520
Date of Valuation
July 23, 2024
For
City of Canton
2 N Main St, Canton, IL 61520
kmcclowell@)cantoncityhall.org
By
Chad A. Beekman
Certified General Real Estate Appraiser
Appraisal •
Commercial Storage and Shop Building
55 Van Buren Court, Canton, IL 61520
Appraisal f•
City of Canton
2 N Main St, Canton, IL 61520
kmcdowel I @ca ntoncityha I I,org
—Intended Use of • •
Estimate Fair Market Value for the Owner of Records, a municipality to support a
selling decision.
Date of Appraisal:
July 23, 2024
A• • - • •
Beekman & Associates
171 West Lincoln Avenue
Lewistown, Illinois 61542
Chad A Beekman
State Certified General Real Estate Appraiser
License Number 553.001699
Tableof Contents
Table of Contents 5
Summary of Salient Facts and Conclusions 6
Purpose of Appraisal 7
Scope of the Appraisal 7
Ownership and Sale History 7
Legal Description 8
Immediate Environs 8
Market Conditions 8
Description of Site 9
Zoning 9
Flood Zone 9
Site Data — - 9
Linkage Characteristics 9
Highest and Best Use 10
Assessment Data 10
Description of Improvements 11
Data Analysis and Approaches to Value 12-13
Sales Comparison Approach to Value 14-21
Income Approach to Value_ 22-24
Cost Approach to Value 25
Reconciliation of Value_ 26
Assessment Map 27
Aerial Map 28
Zoning Map 29
Flood Map 30
Building Sketch 31
Subject Property Photos 32-37
USPAP Addendum 38
Certificate of Appraisal 39-40
Contingent and Limiting Conditions 41-42
Statement of Appraiser Qualifications 43
Appraiser License Image 44
5
Summary of Salient Facts and Conclusions
Report Type: Commercial Appraisal Report
Subject Address 55 Van Buren Court, Canton, IL 61 520
Legal Description Lot 32 Jones 2nd Addition
Current Owner City of Canton
Building Name/ Type Commercial Storage and Shop Building
• Property Rights Fee Simple
Census Tract 9534
County Fulton
State Parcel I.D. 09-08-27-437-007
Current Taxes $0.00
Map Reference 15900
FMEA Zone X
FMEA Map No. & Date 17057CO220E 02/04/2011
Intended Use Estimate Fair Market Value for the Owner of Records, a
municipality to support a selling decision.
Sale Price None
Price/ SgFt N/A
Date of Contract N/A
Borrower None
Intended Users City of Canton
Client City of Canton
Client Address 2 N Main St, Canton, IL 61520
Land Size (Acres) 0.14
Land Dimensions 83x72'
Functional Utility 3-Car Garage, Shop and Storage Building
• Public Utilities Sewer, Gas, Water, Electric, Fiberoptic, Telephone
Zoning Classification 1-2: Heavy Industrial District
Shape Rectangle
Cost Approach to Value:
N/A
Income Approach to Value:
$73,711
Sales Comparison Approach to Value:
$67,032
Final Reconciliation of Value:
$70,000
6
PURPOSEOF
The purpose of this report is to express an opinion of Fair Market Value of the fee simple interest in the subject
property commonly known as:
55 Van Buren Court, Canton, IL 61520
The effective date of this appraisal is: Tuesday, July 23, 2024
Definition of Fair Market Value: The most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions
whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and
each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the
open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with the sale.
Client Name: 2 N Main St, Canton, IL 61520
Intended Use: Estimate Fair Market Value for the Owner of Records, a municipality to support a selling i
SCOPEOF WORK
In preparing this appraisal, the appraiser:
1) Inspected the site, and the interior and exterior of the building.
2) Researched public records to determine ownership and other pertinent information.
3) Identified and investigated appropriate cost, market, and income data.
4) Developed the three traditional approaches to value.
Assignment Conditions:
The property is being appraised in the current as-is condition.
OWNERSHIP HISTORY
Date of Transfer Sale Price Grantee Grantor Data Source
None N/A N/A N/A Fulton Co Rcds
CONTRACT
Date of Contract Sale Price Buyer Seller Data Source
None N/A N/A N/A Client/Assignment
Prior Sale History: None in the past Three Years.
Prior Listing History: None Published. Reference PAAR MLS and Online Search.
Pending Purchase Agreement: None Known as of Effective Date.
7
DESCRIPTIONLEGAL
Legal Description:
Lot 32 Jones 2nd Addition
DESCRIPTIONOF - •
Built-up Vacant Single Family Multi Family Commercial
85% 15% 70% 5% 10%
Location Property Values Development Trend Population Trend Employment Trend
Urban Stable Slow Stable Stable
The subject property is located one-block south of the Canton Central Business District (CBD). Canton is the
largest city in Fulton County, Illinois. The population was 15,588 as of the 2000 Census. Area employment is
sought in the government correctional sector, health care,junior college education and general public
services. Peoria and Galesburg are also within commuting distance and support a wider range of
employment. The neighborhood includes some undeveloped agriculture and conservation land. The
neighborhood built-up entries are estimated using visual observations of online satellite imagery.
Undeveloped agriculture and conservation land is observed as vacant land use.
MARKET CONDITIONS
Demand/Supply Exposure Time Marketing Time Seller Concessions Interest Rates
Stable 1 to 90 Days 1 to 90 Days Nontypical 7
The current market conditions are observed as a seller's market. The available inventory is low and the
demand is high. The current market conditions are observed as a seller's market. Interest rates have
increased in recent months from historic low levels. Available inventory has remained low. This condition has
created high competition among buyers and reduced the exposure period. I have considered relative
competitive listings and/ or contract offerings in the performance of this appraisal and in the above trend
conclusions. Reasonable marketing time is 0 to 3 months. The median list to sale ratio is 98% according to
local multiple listing services and prior appraisals performed in the area.
Conventional mortgage transaction predominate the subject property region and market segment. These loans
are currently available at many local and national lenders. Seller concessions are not common.
8
DESCRIPTIONOF
Site Dimensions: 83x72'
Site Shape: Rectangle
Total Size (sf): 5,976.00
Total Size (ac): 0.14
Land to Building
Ratio (LBR): 2.23
View: Sub-Station; Commercial Retail
This appraiser is not qualified to certify the environmental status of the site. An investigation by qualified
contractors in this technology would be recommended if the client has any reason to suspect any issues. This
is not meant to suggest that the appraiser has identified any issues of concern.
Zoning Classification: 1-2: Heavy Industrial District
Zoning is defined as heavy indistrial. The legal use, as defined by the City of Canton zoning laws and
ordinances, is commercial business. Change in land use is unlikely. The designated zoning classification was
generated by a personal visual map surveillance. A zoning map is included a report addendum.
Flood Zone Classification: X
Flood Panel Map Number and Date of Map:
17057CO220E 02/04/2011
The designated Federal Emergency Management Agency (FEMA) number is indicative of an area outside of a
one hundred year flood hazard zone. The designated zone classification was generated by an online visual
map surveillance. Interested parties should consult with a third party flood determination service to verify the
flood zone classification.
SITE DATA
Water Gas Sewer Electricity Access
City of Canton Ameren/ Public City of Canton Ameren/ Public Van Buren Ct
LINKAGE CHATERISTICS
CBD Interstate Railroad Tracts Visibility Traffic Volume
—1 block north —20 miles N 1-74 —0.3 miles S Low Low
9
HIGHEST AND BEST
Legally Permissive Physically Possible Financially Feasible Maximally Productive
Industrial Storage and Shop
Storage and Shop Building Storage and Shop Building
Shop/Storage Building
Highest and Best Use as Vacant Highest and Best Use as Improved
Industrial Shop/Storage Site Existing: Storage and Shop Building
Highest and Best Use can be defined as "that use which at the time of the appraisal is most likely to produce
the greatest net return to the land and/or the improvements over a given period of time." Only those uses
which are natural, probable and legal may be considered as reasonable tenable. However, elements affecting
value which depend upon events or a combination of occurrences which, while within the realm of possibilities
not fairly shown to be reasonable and probable, should be excluded from consideration.
It is the opinion of the appraiser that the Highest and Best Use of the subject property is that of its present use,
TYPE IN CURRENT HIGHEST AND BEST USE. This opinion is based on the four criteria of Highest and Best
Use of the land as vacant and ready for development and as improved. Those criteria are uses which are
physically possible, legally permissible, financially feasible, and maximal productive.
1) Legally Permissive: Only those uses that are, or may be, legally allowed are potential highest and best uses.
This may exclude uses that are not, and unlikely to become, allowed by zoning, uses forbidden by government
regulations, and uses prohibited by deed restrictions or covenants.
2) Physically Possible Use: Any potential use must be physically possible given the size, shape, topography,
and other characteristics of the site.
3) Financially Feasible: the proposed use of a property must generate adequate revenue to justify the costs of
construction plus a profit for the developer.
4) Maximally Productive Use: The use must generate the highest net return (profit) to the developer.
ASSESSMENT DATA
Parcel Number Improvements Land Total Assessment Tax Amount
09-08-27-437-007 $0 $0 $0 $0.00
Assessment data is recorded from the Fulton County assessment and treasure offices. The reported entries are
indicative of the 2023 tax cycle, which are currently exempt from taxation based on ownership status.
10
DESCRIPTIONOF -•
Number of Buildings: 1
Gross Building Area (Sq. Ft.): 2,680
Net Building Area (Sq. Ft.): 2,680
Exterior Walls: Masonry Brick, Concrete, Block & Wood Siding
Interior Walls: Masonry Brick and Wood Siding
Floors: Concrete Slab on Grade
Roof Cover: Flat & Commercial Coated
Heating/ Cooling: Forced Air Furnace
Actual Age: —1930
Effective Age: 30
Foundation: Concrete Slab on Grade
Land to Building Ratio (LBR): 2.23
The subject property is improved with an older L-shape building with (3) overhead garage doors. The exterior
wood framing demonstrates normal wear conditions. The roof cover is maintained by Dean Construction.
The building overall has regular maintenance and use as a repair shop and for general storage.
No deferred maintenance conditions are observed inside or outside of the structures. No external
obsolescence conditions are observed in the immediate neighborhood.
11
DATA - • • TO VALUE
There are three accepted approaches to valuing real estate. These are the Cost Approach, the Income
Approach and the Sales Comparison Approach.
In general, appraisals of properties that are typically purchased by investors have greater weight to the income
approach, while small retail or office properties, often purchased by owner-users, have greater weighting to
the sales comparison approach.
The Sales Comparison Approach
The sales comparison approach is based primarily on the principle of substitution. This approach assumes a
prudent individual will pay no more for a property than it would cost to purchase a comparable substitute
property. The approach recognizes that a typical buyer will compare asking prices and seek to purchase the
property that meets their wants and needs for the lowest cost. In developing the sales comparison approach an
interpretation is determined of the actions of parties involved in the marketplace, including buyers, sellers, and
investors.
The Income Approach
The income approach is most applicable to value commercial and investment properties. Because it is
intended to directly reflect or model the expectations and behaviors of typical market participants, this
approach is generally considered the most applicable valuation technique for income-producing properties,
where sufficient market data exists to supply the necessary inputs and parameters for a reconstructed income
stream.
The Cost Approach
The overall methodology of the cost approach is a hybrid of the cost and sales comparison approaches. The
replacement cost to construct the building(s) is determined by adding the labor, material, and other costs, land
values and depreciation is derived from an analysis of comparable data to determine age life indicators.
The cost approach is most reliable when used on newer structures, but the method is less reliable for older
properties.
The estimated reproduction cost new is based upon information obtained from national reporting services
which include the Marshall-Swift Valuation guide. Past construction appraisals are also reviewed to reconcile
local cost estimates that are specific to this region. Depreciation is estimated according to the effective age,
remaining economic life and total economic life reconciliation of the subject property improvements, known as
the age-life method.
12
APPROACHESDATA ANAYLYSIS AND • VALUE
The valuation of real estate is determined principally through the use of one of three basic approaches to
value: The Cost Approach, the Income Capitalization Approach and the Sales Comparison Approach. From
the indicated values resulting from these analyses and the weight accorded to each, an opinion of value is
reached, based upon expert judgment within the framework of the appraisal process.
Identification of Problem
Identify Client Identify the Identify the purpose of the Identify the
Identify the relevant Assignment
and Intended assignment(type and effective date
Intended Use characteristics of the property Conditions
Users definition of value) of the opinion
Scope of Work Determination
Data Collection and Property Description
Subject Property Data Comparable Property Data
Market Area Data Subject characteristic of land Sales,listings,offerings,
General characteristics of use and improvements, vacancies,cost and
region,city and neighborhood personal property, business depreciation,income and
assets,etc.
expenses,capitalization rates,
etc.
Data Collection and Property Description
Land Value Opinion
Application of Approach to Value
Sales Comparison Approach
Income Approach to Value Cost Approach to Value
to Value
Reconciliation of Value Indications and Final Opinion of Value
F7
Report Defined Value
13
SALES COMPARISON APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Comparable #1
Location 8 Opportunity Ln, Canton, IL 61520
Data Source PAAR#PA1239203; Fulton Co Assessor
Grantor Chad French
Grantee Christopher Marsh
Sale Price $210,000
Date of Sale 1/25/2023
Land Size (Acres) 0.33
Building Area (SgFt) 6,120
Price/ SgFt $34.31
Land to Bldg Ratio 2.35 :1
Number Units 1
Price/ Unit $210,000
Adjusted Price/ Unit $168,000
Adjusted Price/ SgFt $27.45
Adjusted Price $168,000
Comparable # 1 is a pole frame building with shop and storage use. It is newer and
overall superior condition (adj -20%). The location, LBR and general use are similar to
the subject.
' i
14
SALES COMPARISON APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Comparable #2
Location 440 E Linn St, Canton, IL 61520
Data Source Appraisal; Doc#2196962
Grantor Paul Buell
Grantee Stephanie Rhodes & Auston Rhodes
Sale Price $47,500
Date of Sale 6/30/2021
Land Size (Acres) 0.17
Building Area (SgFt) 4,590
Price/ SgFt $10.35
Land to Bldg Ratio 1.61 :1
Number Units 16
Price/ Unit $2,969
Adjusted Price/ Unit $3,563
Adjusted Price/ SgFt $12.42
Adjusted Price $57,000
Comparable #2 is a similar storage building. It lack interior shop area and forced air
furnace unit (adj +20%). The location, LBR and general use are similar to the subject.
.p
15
SALES COMPARISON APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Comparable #3
Location 411 E Lawn St, Rushville, IL 62681
Data Source Appraisal; Doc#20240411
Grantor Douglas & Marcia Trimble
Grantee Mark Vincent & Heidi Scott
Sale Price $28,000
Date of Sale 4/23/2024
Land Size (Acres) 0.14
Building Area (SgFt) 840
Price/ SgFt $33.33
Land to Bldg Ratio 7.08 :1
Number Units 1
Price/ Unit $28,000
Adjusted Price/ Unit $22,773
Adjusted Price/ SgFt $27.11
Adjusted Price $22,773
Comparable #3 is a newer carport type shed located in the similar City of Rushville. It
has water, electrical and concrete floor; however, the walls are uninsultated and it has no
heat (adj +10%).
.-r
- c
yL!
16
SALES COMPARISON APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Comparable #4
Location 2 Washington St, Fayette, IL 61449
Data Source CREXI; Doc#2024/1241
Grantor Post Property Services, LLC
Grantee GR Properties, LLC
Sale Price $85,000
Date of Sale 5/30/2024
Land Size (Acres) 0.29
Building Area (SgFt) 3,360
Price/ SgFt $25.30
Land to Bldg Ratio 3.75 :1
Number Units 6
Price/ Unit $14,167
Adjusted Price/ Unit $15,583
Adjusted Price/ SgFt $27.83
Adjusted Price $93,500
Comparable #4 is a similar storage building and lcoated in a low-visible sction of the
town. Fayette IA is a smaller mid-western town. The building lacks interior shop area
and forced air furnace unit (adj +20%). The location and general use are similar to the
subject.
STpppGt :��
vim
_ t
yr: .y► +►a+Ir r .. .4�..� ._
�.. 'T."1i �rya'' .. r. _'id►�Y':T#� _
17
SALES COMPARISON APPROACH • VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Comparable #5
Location 231 E Randolph St, Havana, IL 62644
Data Source Appraisal; PAAR#PA1244377
Grantor Jack Curless
Grantee Jay Procarione
Sale Price $90,000
Date of Sale 11/17/2023
Land Size (Acres) 1.32
Building Area (SgFt) 3,000
Price/ SgFt $30.00
Land to Bldg Ratio 19.17 :1
Number Units 4
Price/ Unit $22,500
Adjusted Price/ Unit $15,883
Adjusted Price/ SgFt $21.18
Adjusted Price $63,532
Comparable # 5 is a post frame building with shop and storage use. It is newer and
overall superior condition (adj -20%). The location, LBR and general use are similar to
the subject.
18
SALES COMPARISON APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Sales Comparison Grid:
Components Applied Adjustments
Subject Comparable #1 Comparable #2 Comparable #3 Comparable #4
Sale Concessions $0 $0 $0 $0
Property Rights $0 $0 $0 $0
Conditions of Sale $0 $0 $0 $0
Time (Date of Sale) $0 $0 $0 $0
Location $0 $0 $0 $0
Building Age $0 $0 $0 $0
Physical Condition -$42.000 $0 -$5.600 $0
Construction Quality $0 $0 $0 $0
HVAC/Finish $0 $9,500 $2,800 $8,500
Parking $0 $0 $0 $0
Land to Bldg Ratio $0 $0 -$2.427 $0
Total Adjustments -$42,000 $9,500 -$5,227 $8,500
Total Adj Sale$ $168,000 $57,000 $22,773 $93,500
Components Applied Adjustments
Subject Comparable #5
Sale Concessions $0
Property Rights $0
Conditions of Sale $0
Time (Date of Sale) $0
Location $0
Building Age $0
Physical Condition $0
Construction Quality -$18.000
HVAC/Finish $0
Parking $0
Land to Bldg Ratio -$8,468
Total Adjustments -$26,468
Total Adj Sale$ $63,532
SALES COMPARISON APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Reconciliation of Comparable Sales
Comparable No. $/SgFt Adj$/SgFt % Weighted $/SgFt
1 $34.31 $27.45 45.00% $12.35
2 $10.35 $12.42 10.00% $1.24
3 $33.33 $27.11 15.00% $4.07
4 $25.30 $27.83 15.00% $4.17
5 $30.00 $21.18 15.00% $3.18
Mean $26.66 $23.20 100%
Median $30.00 1 $27.11
Weighted Reconciliation $25.01
Indicated Value: $25.01 x 2680 sf $67,032
Indicated Value of Sales Comparison Approach to Value
$67,032
The Sales Comparison Approach is based upon the principle of substitution. If a property is replaceable in the
market place, its value tends to be set at the cost of acquiring an equally desirable substitute property,
assuming no costly delay in making the substitution. Since no properties are ever identical, the necessary
adjustments for differences in quality, location, size, condition and market appeal are judged.
The comparable sales are not alike in every respect as there are understandable differences between such
properties. However, the several comparable do lend a reasonable indication of subjects value as appropriate
adjustments were made for location, based on market data.
The reported comparable sales occurred in the past —3 years and serve to project a reasonable indication of
value upon the subject through the Comparable Sales Approach to Value.
Reconciliation of the Sales Comparison Approach is made at weighted percentages of the indicated values.
The highest weighting is applied to comparable sales #1, based on sale date and location. The least
weighting is allocated to comparable sale #2 based on conditions of sale (unadvertised) and sale date.
20
SALES COMPARISON LOCATION MAP
Fond du'Lac
o ua _ -- Reedsbll Portage _
------- - Baraboo
eaver,Dam
`l\ COMPARABLE R,chland ` \w t
DecorahFayette,IA 52142
Center
Sun Prairle Watertown
---du ken - Madison .
Wes[{un' { Dodgeville — •./ Wau`kr
II f Pef Ve7ona , l
�tI Miss�s,pp, f,�Lancasta -*
f Rrver'National
J Wildlife•"rtd Platte Ille"J ! J -
r Janealvdle
�^ \ Monroe I Lake Genev
Dubuque Beloit
l�._.pendence t'•� Fester Dye svJle � _.
Galena ,
�\--\-} Freeport Rockforl
I
LVill
Anamosa
• Maquoketa EI
Cedar Rapids f
_ Chn on I"Dixo -
'� Sterlin i
North Liberty g } N
Iowa.E19
h« a
Davenpo - --__
Muscatine olrnc- �Geneseo
sa Washingx'r. -
Kewa� b"
COMPARABLE No. I
^rumwa Fairfield 8 Opportunity Ln SuBJECT ---
L- 1.98 miles IN Canton,IL Pontiac
—Burlington- - n
E(,l eld _ C r 11
Fort Madi_soni
Nauvoo + � i �3n'on � �ekm—• -r•--
---- - B o mnglon
Memph� JA Macomb
Kahoka {Ke}o�kuk Carthage
COMPARABLE•r E Linn StCanton,EL 61520
Canton �'('/� 0.69 miles SEChamp
Plata 1 B_eaard��.. '
- Qwncy •-_.-f •� _. - 1
COMPARABLE itur
Tuscol
231 E Randolph St
COMPARABLE No. .Jacksonwlli? -- Havana, IL 62644
Mcnr. r
Lawn St eld L 28.03Sullivan
Rushville,IL
.: ..t_ .__.. ... ..�....._� Matt Cha
lon
Shelbyville rl
Centl
I
�,--Mexico
-t -- Effrng�am -
Ir
INCOME -• • TO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Reconstructed Operating Income Statement:
Potential Gross Income: $13,400
Shop/Storage Building: 2680 sf x $25/sf $13,400
Other Income: $0
Vacancy and Collection Loss @ 5.00% _ $670
Effective Gross Income $12,730
Expenses:
Real Estate Taxes $2,000
Insurance Premium $1,000
Utilities $1,000
Replacement Reserves/ Maintenance @ 7.5% $954.75
Total Expenses $4,955
Net Operating Income $7,775
Capitalization Rate 10.5482%
Indicated Value of Income Approach to Value
$73,711
22
INCOME - • TO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Capitalization Rate:
Mort a e/ Equity Criteria
i Loan to Value Ratio: 80%
Down •. 1'.
Interest Rate: 11',
Amortization Period: 1 years
EquityMortgage Constant: 0.094353
.. • ',
Based upon these terms, the resulting mortgage constant is 9.4353%. For the equity component, an equity
rate of 15.00% is reconciled as based on a typical investor seeking 15% return on his capital investment. The
resulting rate via band of investment is as follows:
The Band of Investment Formula is a s follows:
Mortgage Component:LTV x Mortgage Constant
Equity Component:Down payment x Equity Capitalization Rate
Band of
Component - • -• Rate
Mortgage Component
(0.80 LTV x 0.094353 Mortgage Constant = 0.075482) 7.5482%
Equity
(0.20 Down payment x 0.15 Equity Cap. Rate = .03) 3.0000%
Basic Rate (Indicated Capitalization Rate) 10.5482%
23
INCOME -• • TO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
The income approach analyzes the subject property's capacity to generate benefits and converts them into an
indication of present value. The estimated net operating income (NOI) is capitalized at a rate commensurate
with the relative certainty of its continuance and the risk involved in ownership of the property.
The reconciled rents are not necessarily equal to contract rent. In calculation of expenses, the appraiser used
estimated expenses consistent with his experience and understanding of costs associated with real estate fixed
costs and other real estate income and expense values. Expenses are calculated based on typical market costs
and fees.
The capitalization rate is reconciled using the band of investments method.
24
COST APPROACHTO VALUE
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
The Cost Approach is applicable when improvements are new, near new, or are of an unusual construction
method. This approach to value is appropriate when sufficient land or building sites are available to a
potential purchaser to make construction of improvements similar to the subject, a viable alternative to
purchasing the subject. In areas where vacant sites similar to the subject property are not available to a
potential purchaser, use of the Cost Approach and its reliability could be misleading.
I have determined that the Cost Approach is not applicable to the assignment due to the age of the
improvements. The "cost new" of a property is not typically part of the decision making process of a buyer
desiring a property similar in age to that of the subject.
25
RECONCILIATION OF
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Value Approach
Sales Comparison Approach $67,032 50.0% $33,516
Income Approach $73,711 50.0% $36,856
Cost Approach N/A
Indicated Value $70,372
Reconciled Value - Rounded $70,000
There are three accepted approaches to valuing real estate. These are the Cost Approach, the
Income Approach and the Sales Comparison Approach. From the indications of these analyses and
the weight accorded to each, an opinion of value is reached based upon judgment within the outline
of the appraisal process.
The weighted analysis is concluded according to the scope of work determination, subject property
characteristics and current market conditions. Costs, income, and sales vary widely; therefore
particular importance is given to the characteristics of the subject property. Consideration is also
given to the market for the subject property.
In general, appraisals of properties that are typically purchased by investors have greater weight to
the income approach. Properties that are purchased for a specific use by an owner-users have
greater weighting to the sales comparison approach and cost approach to value. The cost approach
is most reliable for newer structures, but the method is less reliable for older properties.
The subject property is a long term investment grade. The sales comparison approach demonstrates
a reasonable indication of value using mid-western sales data. The income approach holds
relevance based on expected earnings of the improvements. Equal weighting is allocated between
these two approaches to value to arrive at a supported indicated value. The cost approach holds no
merit based on the age and depreciation variables of the subject property.
26
ASSESSMENT MAP
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
F
j A*
r�
Jh
27
AERIAL MAP
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
a la mode inc: aL�
LAI
1
� I _, ` tom• �. �. y t
AE
_ T
SUBJECT
55 Van Buren
Canton, IL
r
••• wo eu,czota
28
ZONING
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
t U
Subject Property ALDI'S
COOK
EDICAL
1 • ,-e
1
-
OIC j za
LINT
K PTEE
PLANT
ZONING LEGEND
- AG-1 AGRICULTURE
CO CONSERVATION
® R-1 SINGLE FAMILY
R-2 SINGLE FAMILY
- R-3 TWO FAMILY
- R-4 MULTIPLE FAMILY
B-1 LOCAL SHOPPING
B-2 GENERAL BUSINESS
0 B-3 C.B.D.
- 1-1 LIGHT INDUSTR AL
® I-2 HEAVY INDUSTRIAL
® PUD PLANNED URBAN DEVELOPMENT
---• CITY CORPORATION LIMITS
29
FLOOD MAP
' •. •- • • .•. • •• • •
ilk
)live St W Oli:a St E Olive St y
�alrylcw Pi
t-Cass PI ;' -'. _ ^ t • .: " .
1N Asti Ir st Old Salt Mary' r'A;h st
• , „ Catholic Convent n
r ` ••.••. [ :� ,!'� - E Spruce S
tL Soruce St �� - - r-
JLM ` z Custer PI
Ha•n•nrd PI a �
EtLOCUstis L Locust St
z A o z
FL I iberty PI
..hestnuUSt W Chestnulet
I St E'Chest Chestnut-stm E Chestnut St
c , First Baptist Z
n , Church Cantons
EIm,St j t�-. Elm St ,.•i 6EIm.St EFIm'St••r[=. —
Wo co
QQ •r �t�m '� C .� - 1•R
CA
pyt' W Pine St.. EPine.St c■E Pfhe St
A
3 _ �� � W Wr•Mut�3t E-Walnut•St _ a,. E Walnrri�St
t System ' ;�, L ID
i W Mapk S1 `Maple St y ErJ>
r„y•f _ e
•jJ 7 !
s
N 1 �-
d'St
J - Ratlroa E ai D
,,. t ♦ y. 'c Gran :N.
-ate... � A•'• � �. y,-, t ��� •, .r 9 •r
yt �. yOak-St E'Oak• • E Oak St K
3 O yat�s South•Ptirk +'{ 5`
oGoo9lg ory St W.Hickory St E Hi 'St _ �.0 ,,'c• „
.• t r t
t
1
BUILDING SKETCH
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
22.S'
w
cn
14.08'
CD
Go
First Floor CO
[2679.62 Sq ft]
18,
w
54.58'
-- - Area Calculations Summary
Living Area Calculation Details
First Floor 26'9.53 Sq ft 14.83 x 18 = 267
36.58 x 43.5 - 1591.37
36.5 x 22.5 = 821.25
Total Living Area(Rounded): 2680 Sq ft
31
PROPERTYSUBJECT • -
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Subject Front
55 Van Buren
Sales Pnce None
Gross Living Area 2,680
Total Rooms
Total Bedrooms
Total Bathrooms
Location
View N,Res
T Site 5,976 sf
Quality Average
Age
Subject Rear
1
I
I
;r
Subject Street
32
PROPERTYSUBJECT • •
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Left Front Front View
1 yy r 1111
Right Front Missing Siding
I _
Damaged Paint Site View
33
PROPERTYSUBJECT • •
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
Nei
Workshop Workshop
r'
e
c _
Workshop Workshop
i
i
Workshop Electrical Panel
-1
PROPERTYSUBJECT • -
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
k
Laundry Bath
I it
Bath Water Heater
Damaged Paint Damaged Siding
35
SUBJECT PROPERTY PHOTOS
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
i
Left Rear Left Rear
Alternate Street View Alternate Street View
Tom+
Aerial/Drone View Aerial/Drone View
Southeastern Exposure Southern Exposure
36
PROPERTYSUBJECT • •
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
_ r
c
Aerial/Drone View Aerial/Drone View
Northeastern Exposure Northwestern Exposure
Ati
B ..
t A
Aerial/Drone View
Southwestern Exposure
37
ADDENDUMUSPAP
Subject Address: 55 Van Buren Court, Canton, IL 61520
Property Type: Commercial Storage and Shop Building
Client: City of Canton
APPRAISAL AND REPORT IDENTIFICATION
This Report is one of the following types:
Appraisal Report (A written report prepared under Standards Rule 2-2(a) pursuant to the Scope of Work,as disclosed elsewhere in this report.)
Restocted (A written report prepared under Standards Rule 2-2(b) pursuant to the Scope of Work,as disclosed elsewhere in this report.
Appraisal Report restricted to the stated intended use by the specified client or intended user.)
Comments on Standards Rule 2-3
I certify that,to the oest of my Knowledge and belief
-The statements of fact contained In this report are true and correct.
-The reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,Impartial,and unbiased professional
analyses,opinions,and conclusions.
-Unless otherwise indicated,I have no present or prospective interest In the property that is the subject of this report and no personal interest with respect to the parties Involved.
-Unless otherwise indicated.I have performed no services.as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment.
-I have no blas with respect to the property that is the subject of this report or the parties involved with this assignment.
-My engagement in this assignment was not contingent upon developing or reporting predetermined results.
-My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the
client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of this appraisal.
-My analyses,opinions,and conclusions were developed.and this report has been prepared,In conformity with the Uniform Standards of Professional Appraisal Practice that
were in effect at the time this report was prepared.
-Unless otherwise indicated,I have made a personal inspection of the property that is the subject of this report.
-Unless otherwise indicated,no one provided significant real property appraisal assistance to the person(s)signing this certification(if there are exceptions,the name of each
individual providing significant real property appraisal assistance is stated elsewhere in this report).
Reasonable Exposure Time (USPAP defines Exposure Time as the estimated length of time that the property interest being
appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.)
My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: 30.60 Days
Comments on Appraisal and Report Identification
Note any USPAP-related issues requirinq disclosure and any state mandated requirements:
I have performed no services as an appraiser or in any other capacity,regarding the property that is the subject of this report wi1Mn the
three-year period immediately precedingacceptance of this assi nment.
The comments by the licensed real estate appraiser contained within this appraisal report on the condition of the property do rat address
'standards of practice'as defined in the Home Inspector License Act 225 ILCS 4411 and 68 III.Adm.Code 1410 and are not to be
considered a home inspection or home inspection report.
APPRMER: SUPERVISORY or CO-APPRAISER (if applicable):
Signature: _ Signature:
Name: Chad A.Beekman __ Name:
State Certified General Real Estate Appraiser
State Certification#: 553.001699 __ _ State Certification#:
or State License#: or State License#:
State: IL Expiration Date of certification or License: 09/30=25 State: Expiration Date of Certification or License:
Date of Signature and Report 08/23/2024 Date of Signature:
Effective Date of Appraisal: 07/23/2024
Inspection of Subject: I__J None X Interior and Exterior [ Exterior-tiny Inspection of Subject: _ None _ Interior and Exterior _ Exteror-Only
Date of Inspection(it applicable): 07/23/2024 Date of Inspection(if applicable):
38
CERTIFICATE OF
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties
most similar to the subject property for consideration in the sales comparison analysis and have made a dollar
adjustment when appropriate to reflect the market reaction to those items of significant variation. If a
significant item in a comparable property is superior to, or more favorable than, the subject property, I have
made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in
the comparable is inferior to, or less favorable than the subject property, I have made a positive adjustment to
increase the adjusted sales price of the comparable.
2. 1 have take into consideration that factors that have an impact on value in my development of the estimate
of market value in the appraisal report. I have not knowingly withheld any significant information from the
appraisal report and I believe, to the best of my knowledge, that all statements and information in the
appraisal report are true and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analyses, opinions and
conclusions, which are subject only to the contingent and limiting conditions specified in this form.
4. 1 have no present or prospective interest in the property that is the subject of this report, and I have no
present or prospective interest or bias with respect to the participates in the transaction. I did not base, either
partially or completely, my analyses and/or the estimate of market value in the appraisal report on the race,
color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants
of the subject property or the present owners or occupants of the properties in the vicinity of the subject
property.
5. 1 have no present or contemplated future interest in the subject property, and either my current or future
employment or my compensation for performing this appraisal in contingent of the appraised value of the
property.
6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client
or any related party, the amount of the value estimate the attainment of specific result, or the occurrence of
subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did
not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve
a specific mortgage loan.
7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that
were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the
open market is a condition in the definition of market value and the estimate I developed is consistent with the
marketing time noted in the neighborhood section of this report
39
CERTIFICATE OF
APPRAISER'S CERTIFICATION: Continued
8. 1 have personally inspected the interior and exterior areas of the subject property. I further certify that I
have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on
any site within the immediate vicinity of the subject property of which I am aware and have made adjustments
for these adverse conditions on the marketability of the subject property.
9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal
report. If I relied on significant professional assistance from any individual in the performance of the appraiser
the preparation of the appraisal report, I have named such individuals and disclosed the specific tasks
performed by them in the reconciliation section of this appraisal report. I certify that any individual so named
is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report;
therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.
10. Unless otherwise indicated, I have performed no services regarding the subject property within the prior
three years, as an appraiser or in any other capacity.
Appraiser:Supervisory
Signature: (20
Name: Chad A. Beekman
Date Report Signed: August 23, 2024
Effective Date of Report July 23, 2024
Illinois Certified General Real Estate Appraisal License: 553.001699
Expiration Date: September 30, 2025
40
STATEMENT OF •NTINGENT AND LIMITING CONDITIONS
Underlying Assumptions
1) Title to the subject property is good and merchantable, held with fee simple interest by the named owners
and that no encumbrances exist. Unless otherwise stated in this report.
2) The subject property is free and clear of all liens, but subject to any easements, agreements, assessments or
other land right obligations.
3) That certain opinions or estimates furnished by other individuals and/ or other sources and used in making
the appraisals are correct.
4) The property is appraised with assumptions of responsible ownership and competent management.
5) The appraiser relied obtained information, estimates, and opinions that are expressed in the appraisal
report from sources that he or she considers to be reliable and believes them to be true and correct. This
information is believed to be accurate but is not warranted by the appraiser.
Contingent Conditions
1) that no liability is assumed on account of inaccuracies or errors in estimates or opinions identified in this
report as being furnished by others.
2) That no liability is assumed on account of matters of a legal character affecting the property, such as title
defect, encroachments, liens, overlapping boundaries, non-visible environmental concerns, assessments and
that no survey of the property has been made by your appraiser.
3) That neither all nor any part of the content of this report shall be conveyed to the public through advertising,
public relations, news, sales, or other media, without the written consent approval of the author particularly as
to valuation conclusions and identity of the appraiser or firms with which he is connected.
4) The distribution of the total valuation between land and building applies only under the existing program of
utilization. The separate valuations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used.
5) The appraiser shall not be required to give testimony or appear in court by reason of this appraisal with
reference of the property herein described unless prior arrangements have been made.
6) It is understood that there are no soil contamination hidden or unapparent conditions of the property.
7) If a visible problem is evident and can be seen with the naked eye, it will be reported in the appraisal. If the
client or lender has any questions or concerns, it is his/her responsibility to order the appropriate inspections
by a licensed expert/specialist.
8) The appraiser assumes that there are no hidden or unapparent conditions, or for engineering which might
be required to discover such factors.
9) This report is prepared for the client and the intended user(s) for their use as disclosed to the appraiser. This
report is for their use alone. Use of the report by anyone
41
STATEMENT OF •NTINGENT AND LIMITING CONDITIONS
The Intended User of this report is the Lender/Client. The Intended Use is to evaluate the property that is the
subject of this appraisal for mortgage finance transaction, subject to the stated Scope of Work, purpose of the
appraisal, reporting requirements of this appraisal report form, Definition of Market Value. No additional
Intended Users are identified by the appraiser.
Privacy Statement
Beekman & Associates is required by law to inform their clients of their policies regarding privacy of client
information. Licensed/Certified Appraisers have been and continue to be bound by the Uniform Standards of
Professional Appraisal Practice (USPAP) and Ethics Rules which consist of conduct, management,
confidentially, and record keeping sections. These rules and standards are more stringent than those required
by law. Therefore, Beekman & Associates has always been diligent about protecting information deemed to
be private or confidential in nature.
Types of Non-public Personal Information Collected:
Personal information about you the client and the subject property are collected during the course of
developing the appraisal process. This is generally accomplished with your prior knowledge and approval.
Non-public information is provided to our company by you or obtained by us with your authorization. The
purpose of the appraisal process is to develop an estimated market value for a specific client.
Parties to Whom We Disclose Information:
For current and former clients, this company does not disclose any non-public personal information obtained
during the course of the appraisal process except as required by law or at the direction of the client to assist in
the completion of the particular financial transaction. Such non-public information may be disclosed to the
client and any identified intended users of the appraisal, review, or consultant reporting process. A fiduciary
agreement is automatically in effect between our company and the identified client and the intended users per
Ethics Rules of the USPAP. In all situations, it is specifically stated that all confidential information, analyses,
conclusions, survey results, adjustments, and opinions be safeguarded by the appraiser.
Record Keeping Requirements:
Our company retains records relating to the professional services that we provide to comply with the
requirements of the Ethics Rules contained within the USPAP. In order to secure your non-public personal
information, our company maintains physical, electronic, and procedural safeguards that comply with our
professional standards.
Inspection:
The appraisal report herein represents an opinion of value and the appraiser is not an expert in structural,
mechanical, electrical or environmental issues concerning the property which is the subject of this report. I
have made a visual casual inspection, not to be confused with a physical technical inspection, of the property
that is the subject of this report. The lender/client and/or borrower should consult experts in the respective
fields to receive professional inspections concerning any topic such as environmental conditions, mold,
mildew, radon, infestations, roof condition, structural condition, plumbing condition, heating and cooling
condition, electrical condition, building code compliance and any other physical or environmental issue
relevant to the safe and reliable occupancy of the property.
The appraiser makes no warranties as to the physical condition of the house, its components, or the land.
42
APPRAISER QUALIFICATIONS
Beekman &Associates: First Established June 2001 as Beekman Auction &Appraisal Company
Chad A. Beekman Sole Proprietor: Professional Appraisal Auctioneering and Realty Brokerage
Licensure:
Illinois Certified General Real Estate Appraiser since May, 2006
First Licensed as a Illinois Real Estate Appraiser in February 2002
Licensed Illinois Real Estate Broker in April 2003
Licensed Illinois Auctioneer in June 2001
Appraisal Reporting Experience:
• Residential Single Family Properties
• Two Family Residential Properties and Multi Family Residential Properties
• Agriculture Farm and Recreational Land Properties
• Commercial Real Estate Properties:
Approved Roster Appraiser:
• United States Department of Housing and Urban Development(HUD)
• United State Department of Veteran Affairs
• Numerous Community State and National Banks
Real Estate Education:
Illinois Central College, 1 College Drive, East Peoria, IL 61635
• Principles of Real Estate
• Advanced Real Estate Principles
• Real Estate Brokerage Administration
• Real Estate Law
• Real Estate Finance
• Residential Appraising
• Residential Appraising Principles
• Uniform Standards of Professional Appraisal Practice
• Real Property Management
McKissock Real Estate and Appraisal School, 218 Liberty St, Warren, PA
• National USPAP Update, Appraising FHA Today, Appraising for the Secondary Market, Real Estate Construction Details
and Trends, Appraiser Liability, Land Valuation, Private Appraisal Assignments, The Nuts and Bolts of Green Building.
Illinois Coalition of Appraisal Professionals • Member since 2003, Illinois Appraisal Law and Administrative Code
Update, 2010 Illinois Appraisers Update Siminar
The Appraisal Institute, 550 W. Van Buren Street, Suite 1000, Chicago, IL 60607
• Commercial Report Writing
National Association of Independence Fee Appraisers, 401 N. Michigan Ave., Chicago, IL 60611
• Financial Analysis of Income Properties
Lee and Grant Company, 4333 Dunwoody Park, Suite 1412 Atlanta, GA 30338
• Valuation Applications I and II
• General Income Approach
International Association of Assessment Officers, 314 West 10th St, Kansas City, MO 64105
• Income Approach to Valuation
Errors and Omissions Insurance : General Star and Navigators Insurance Policy since 2002
General Liability Insurance: Grinnell Mutual Commercial Policy Since 2003
43
APPRAISER LICENSE
Otate of jj11in0t'!6
Department of Financial and Professional Regulation
Division of Real Estate
LICENSE NO. a r,.,a�,,,Yn,,,,�e,ne,elx,n.n.,..n.me.un.a,a^n nW...e„o,.a,e n.a ^^,w,M"uo me s.,^.,a�,�n. EXPIRES:
or the Illin^ia Sleln(BS coda,rules arM.eyuYrlma aM is ner.nY'au,IrortrM to enpaee,n,ne acwiry as
553 001699 °"°1°"'^" 09/30/2025
` ► CERTIFIED GENERAL REAL ESTATE APPRAISER
!"•: `- `, CHAD A BEEKMAN
171 W LINCOLN AVE
LEWISTOWN, IL 61542
a .
z
MARIO TRETO,JR. LAURIE MURPHY
SECRETARY DIRECTOR
cis statug of this license can be ver"Hed at 1DF1 18114653
44