HomeMy WebLinkAboutResolution #5439RESOLUTION NO. 5439
A RESOLUTION AUTHORIZING SALE OF SURPLUS PUBLIC REAL ESTATE
LOCATED AT OR ABOUT 920 W. LOCUST STREET
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")
TRACT 1:
A part of the Southeast Quarter of Section 28, Township 7 North, Range'4 East of the
Fourth Principal Meridian, in the County of Fulton and State of Illinois, more particularly
described as follows and bearing are for descriptive purposes:
Commencing at the Northwest corner of said Southeast Quarter marked by a drill hold,
thence bearing South 0 degrees 55 minutes 00 seconds West, a distance of 446.31 feet
along the West line of said Southeast Quarter to the Actual Point of Beginning; thence
along the Southerly right-of-way line of State Route 9 for the next four courses, bearing
South 89 degrees 05 minutes 00 seconds East, a distance of 25.99 feet; thence bearing
North 58 degrees, 43 minutes 26 seconds East, a distance of 31.80 feet; thence bearing
South 63 degrees 16 minutes 24 seconds East, a distance of 145.10 feet; thence bearing
South 57 degrees 22 minutes 24 seconds East, a distance of 28.50 feet; thence leaving said
Southerly right-of-way line, bearing South 0 degrees 55 minutes 00 seconds West, a
distance of 158.62 feet; thence bearing South 89 degrees 49 minutes 02 seconds West, a
distance of 207.81 feet to said West Quarter Section line; thence bearing North 0 degrees
55 minutes 00 seconds East, a distance of 223.83 feet along said West Quarter Section
line to the Point of Beginning.
TRACT 2:
Part of the Southeast Quarter, Section 28, Township 7 North, Range 4 East of the Fourth
Principal Meridian, Fulton County, Illinois, being more particularly described as follows:
Commencing at the Northwest corner of said Southeast Quarter marked by a drill hole;
thence bearing South 0 degrees 55 minutes 00 seconds West, a distance of 670.14 feet
along the West line of said Southeast Quarter to a point; thence bearing North 89 degrees
49 minutes 02 seconds East, a distance of 207.81 feet to the Actual Point of Beginning
marked by an iron pin; thence bearing North 0 degrees 55 minutes 00 seconds East, a
distance of 158.62 feet to the South right-of-way line of Illinois State Route 9 marked by
an iron pin; thence bearing South 57 degrees 22 minutes 24 seconds East, a distance of
221.98 feet along said right-of-way line to a point marked by an iron pin; thence bearing
South 87 degrees 13 minutes 24 seconds East, a distance of 92.40 feet along said right-of-
way line to a point marked by an iron pin; thence bearing South 0 degrees 50 minutes 36
seconds West; a distance of 33.55 feet along said right-of-way line to a point marked by
an iron pin; thence bearing South 89 degrees 49 minutes 02 seconds West, a distance of
281.29 feet to the Point of Beginning.
PIN(s): 09-08-28-404-001; 09-08-28-404-002
Common Address: 920 W. Locust Street, Canton, IL 61520
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
Sixty -Five Thousand and No/100 Dollars ($65,000.00) (the "Appraised Value");
WHEREAS, the Surplus Real Estate is currently vacant, other than being utilized for
parking and storage;
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:
1. 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 June 30, 2023. 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 -Two Thousand and No/ 100. Dollars
($52,000.00), being 80% of the Appraised Value
Size of Real Estate: Approximately 1.26 acres
Zoning: The Surplus Real Estate is currently zoned B-2 (General Business). 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 August 31, 2022
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 Purchase price shall not be any less than 80% of the appraised value.
6. The sale of the Surplus Real Estate shall be conducted by the Mayor, being staff of the
City of Canton.
7. Additional terms and conditions may be negotiated by and between the City and the
proposed purchaser prior to approval of the final purchase contract.
8. 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
June 30, 2023.
9. The City hereby reserves the right to accept and/or reject any contract proposal
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 12th day of June, 2023.
AYES: Mayor Kent McDowell, Alderpersons Chamberlin, Grimm, Lovell, Hale, Gossett,
Lingenfelter
NAYES: None
ABSENT: Alderpersons Nelson, Ketcham
APPROVED:
�vVl
Kent MclYowell, Mayor
ATTE
An ea J. Walte -Smith, City Clerk
3 4q
Date of Invoice: May 18, 2023
To:
City of Canton
Attn: Mayor Kent McDowell
2 North Main Street, Canton, IL 61520
(309) 647-0065
kmcdowell@cantoncityhall.org
From:
Beekman & Associates
P.O. Box 46, Lewistown, IL 61542
Tel. (309) 547-2525
Assignment:.
Commercial Development Land
920 W Locust Street, Canton, IL 61520
Owner:
City of Canton
Effective Date of Appraisal:
April 5, 2023
Amount Due:
$850
Payment Terms:
Cash, Cashiers Check, Money Order, Personal Check; NET 30 Days
It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff
if we can be of additional service to you. .
Sincerely,
Chad A. Beekman
Beekman & Associates
BEEKMAN
&----),_,yssoc&tes
Appraisals • Auctions • Realty
APPRAISAL OF _
City of Canton
Commercial Development Land
920 W Locust Street, Canton, IL 61520
Date of Valuation
April 5, 2023
For
City of Canton
Attn: Mayor Kent McDowell
2 North Main Street, Canton, IL 61520
By
Chad A. Beekman
Certified General Real Estate Appraiser
11 '
B E E ICNIAN
,Tssociates
Appraisals • Auctions • Rcalty
171 West Locust Street • Lewistown, Illinois 61542 • (309) 547-2525 • chad0beekmanassoc.com
May 18, 2023
City of Canton
Attn: Mayor Kent McDowell
2 North Main Street, Canton, IL 61520
(309) 647-0065
kmcdowell@cantoncityhal I.org
RE: Appraisal of Commercial Development Land
920 W Locust Street, Canton, IL 61520
Dear Mayor McDowell,
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:
Sixty Five Thousand Dollars
$65,000
Respectfully submitted,
Chad A Beekman
State Certified General Real Estate Appraiser
Certification No. 553.001699; Expiration Date: September 30, 2023
Commercial Development Land
920 W Locust Street, Canton, IL 61520
Attn: Mayor Kent McDowell
2 North Main Street, Canton, IL 61520
Estimate fair market for the owner, a municipality, for a potential sale
April 5, 2023
Beekman & Associates
PO Box 46, 171 W Lincoln Ave
Lewistown, Illinois 61542
Chad A Beekman
State Certified General Real Estate Appraiser
License Number 553.001699
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
Contract Analysis
8
Legal Description
8
Immediate Environs
8
Description of Site
9
Zoning
9
Flood Zone
9
Site Data
9
Linkage Characteristics
9
Highest and Best Use
9-10
Assessment Data
10
Description of Land
10
Data Analysis and Approaches to Value
11
Sales Comparison Approach to Value
12-15
Income Approach to Value
16
Cost Approach to Value
17
Reconciliation of Value
18
Legal Description
19
Aerial Map
20
Assessment Map
21
Photograph Addenda
22-23
Zoning Map
24
Traffic Count Map
25
Flood Map
26
Supplemental Addenda
27
USPAP Addendum
28
Certificate of Appraisal
29-30
Statement of Limiting Conditions
31-32
Statement of Appraiser Qualifications
33
Appraiser License Image
34
5
Summary of Salient Facts and Conclusions
Report Type: Commercial Land Appraisal Report
Subject Address
920 W Locust Street, Canton, IL 61520
Legal Description
See attached addendum
Current Owner
City of Canton
• Land Utility
Commercial Development Land
Property Rights
Fee Simple
Census Tract
9533.00
County
Fulton
Assessor's Parcel I.D.
09-08-28-404-001; 09-08-28-404-002
Current Taxes
$0.00
Map Reference
37900
FMEA Zone
Zone C
FMEA Map No. & Date
17057CO220E; Date: 02/04/2011
Intended Use
Estimate fair market for the owner, a municipality, for a potential
sale
Sale Price
None
Price/ Acre
N/A
Date of Contract
N/A
Borrower
None
Client
City of Canton
Client Address
2 North Main Street, Canton, IL 61520
Land Size (Acres)
1.26
Land Size (Sq Ft)
54,886
Land Dimensions
—26x28x176x222x95x31 x488x225'
Improvements
None Contributing
Public Utilities
Electrical; Water; Sewer; Gas
' Zoning Classification
B-2: General Business
Shape
Irregular
Cost Approach to Value:
N/A
Income Approach to Value:
N/A
Sales Comparison Approach to Value:
$65,000
Final Reconciliation of Value:
$65,000
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:
920 W Locust Street, Canton, IL 61520
The effective date of this appraisal is: Wednesday, April 5, 2023
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: City of Canton
Intended Use: Estimate fair market for the owner, a municipality, for a potential sale
In preparing this appraisal, the appraiser:
1) Inspected the site from the ground and using an aerial drone device.
2) Researched public records to determine ownership and other pertinent information.
3) Identified and investigated appropriate cost, market, and income data.
4) Developed the sales comparison approach to value.
Assignment Conditions:
The property is being appraised in as -is condition as a vacant land.
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.
Legal Description:
See attached addendum
Street on the north side and South Avenue I on the west side. It is adjacent to an equipment rental retailer on
the west side, the Illinois Department of Motor Vehicles on the northwest corner and residential properties on
the north and west side and undeveloped residential excess land on the south side. All of Canton competes
with the subject's neighborhood. Neighborhood boundaries are identified as the city limits of Canton.
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 sector and
general public services. Peoria and Galesburg are also within commuting distance and support a wider
range of employment.
The commercial market classification has remained stable in Canton over the past three years. Supply and
demand conditions are balanced within the city limits of Canton. Recent construction of three franchise
businesses have been constructed ion the past three years. They are Jimmy Johns, Dunkin Donuts with Baskin
Robbins and O'Reilly Auto Parts. Very little construction has been completed in the commercial market
segment prior to these three properties within the past three years. The subject property is small; however, it is
suitable for a small building and parking.
COVID-19: As of the date of this appraisal, pandemic protocols have been reduced in, local areas. A work
at home trend has developed since the pandemic. This trend has increased demand of rural properties,
especially for properties with acreage, water front and water view characteristics. Many technological
advancements supporting remote work environments have been developed and are in full operation. They
include, but are not limited to, cloud based software for file sharing and mobile video platforms for live
conferences. Based on these advancements, a remote work environment has been accepted by many
employment sectors, increasing the demand in smaller markets with less criteria for location and proximity to
urban areas. This trend is a current observation that has resulted from the pandemic and is subject to change
in time.
Site Dimensions:--26x28x176x222x95x31x488x225'
Site Shape: Irregular
Total Size (Acres): 1.26
View: Commercial and Residential
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.
DESCRIPTIONOF R•
Build-up
Vacant
Single Family
Multi Family
Commercial
80%
20%
73%
2.0%
5.0%
Exposure Time
Marketing Time
Development Trend
Population Trend
Employment
Trend
180 Days
180 Days
Slow and Stable
Stable
Stable
The subiect orooertv
is located alona the west entrance to the Citv of Canton. It is fronted by South Locust
Street on the north side and South Avenue I on the west side. It is adjacent to an equipment rental retailer on
the west side, the Illinois Department of Motor Vehicles on the northwest corner and residential properties on
the north and west side and undeveloped residential excess land on the south side. All of Canton competes
with the subject's neighborhood. Neighborhood boundaries are identified as the city limits of Canton.
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 sector and
general public services. Peoria and Galesburg are also within commuting distance and support a wider
range of employment.
The commercial market classification has remained stable in Canton over the past three years. Supply and
demand conditions are balanced within the city limits of Canton. Recent construction of three franchise
businesses have been constructed ion the past three years. They are Jimmy Johns, Dunkin Donuts with Baskin
Robbins and O'Reilly Auto Parts. Very little construction has been completed in the commercial market
segment prior to these three properties within the past three years. The subject property is small; however, it is
suitable for a small building and parking.
COVID-19: As of the date of this appraisal, pandemic protocols have been reduced in, local areas. A work
at home trend has developed since the pandemic. This trend has increased demand of rural properties,
especially for properties with acreage, water front and water view characteristics. Many technological
advancements supporting remote work environments have been developed and are in full operation. They
include, but are not limited to, cloud based software for file sharing and mobile video platforms for live
conferences. Based on these advancements, a remote work environment has been accepted by many
employment sectors, increasing the demand in smaller markets with less criteria for location and proximity to
urban areas. This trend is a current observation that has resulted from the pandemic and is subject to change
in time.
Site Dimensions:--26x28x176x222x95x31x488x225'
Site Shape: Irregular
Total Size (Acres): 1.26
View: Commercial and Residential
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: B-2: General Business
The subject property is zoned as commercial general business. The zoning of the subject property is an
influence of value and prospective use of the land. The designated zoning classification was generated by a
visual examination of the attached zoning map (attached).
Flood Zone Classification: Zone C
Flood Panel Map Number and Date of Map:
17057CO220E; Date: 02/04/2011
The designated Federal Emergency Management Agency (FEMA) number is indicative of an area not within 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.
Water
Gas
Sewer
Electricity Access
S Locust St
City of Canton
Ameren
City of Canton
Ameren
LINKAGE
CHATERISTICS
and S Ave I
CBD
Interstate
Railroad Tracts
Visibility Volume
—1.2 miles east
1-74 -- 20 mi North
—1 mile southeast
Good/ Locust St Good
HIGHEST
AND BEST USE
Legally Permissive
Physically Possible
Financially Feasible
Maximally Productive
Retail Business
General Business
Less than —5000 sf
Economic Limitations
Improvement
Highest and Best Use as Vacant Highest and Best Use as Improved
Commercial Building Site Retail/Service Business Improvement
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 general business serving as a
retail and/or service establishment. 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.
W1:
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.
Parcel Number
Land Assessment
Building Assessment
Total Assessment
Tax Amount
09-08-28-404-001
$0
$0
$0
$0.00
09-08-28-404-002
$0
$0
$0
$0.00
Totals
$0
$0
$0
$0.00
The subject site is. exempt from taxation, an Illinois Municipal Corporation.
DESCRIPTION OF THE LAND AND IMPROVEMENTS
Commercial Land:
Total Area: 1.26 Acres
54,886 Sq. Ft.
Number of Sites 1 -Commercial Site
Frontage Feet
W Locust St 470 feet
'N Avenue 1 270 feet
Acres per Site 1.26 acres
Improvements: None
Traffic Count: 4200 Vehicles Per Day
The scope of assignment is for the current as -is condition of the subject land. The frontage along
West Locust Street has commercial development appeal. The daily traffic count is obtained from the
Illinois Department of Transportation. The traffic count at the entrance is 3900 per day and the
count along Ave I is 300. The indicated traffic count is 4200 per day. The site is located on the
outskirts of the City with undeveloped land use on the south and west side. The site previously
supported the Siesta Inn, a small motel. Remnants of the prior improvements are observed and are
in need of clean-up. No adverse conditions are observed with the subject site or neighborhood.
The site area is calculated using the tax records. A GIS measurement indicated 1.45 acres. Survey
to govern. Extraordinary assumptions are employed for environmental conditions being free and
clear of any marketable concerns.
10
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
strea m.
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.
11
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
FEATURE I SUBJECTPROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
Address 920 W Locust St 339 N Main St 1300 S Main St 1475 N Henderson St
Canton IL 61520 Canton IL 61520 Monmouth IL 61462 Galesbur-q. IL 61401
Proximity to Subject 1.18 miles E 38.85 miles NW 32.88 miles NW
Sale Price S None
1 $ 160.000
$ 50,000
$ 55,000
Price/ S Per Acre $ 355,555. 6
$ 11 655.01
$ 50 000.00
DataSource(s) Appraisal/Files PAAR#CA1012223;DOM 183 PAAR#CA1014032;DOM 0
Verification Source(s) Fulton Co Doc#6310 Warren Co Assessor Knox Cc Assessor
VALUE ADJUSTMENT DESCRIPTIONDESCRIPTION + - S Adiust DESCRIPTION + - S Adiust DESCRIPTION + - $ Adiust
Sales or Financing N/A Arml-th ArmLth Arml-th
Concessions ConvO ConvO Cash•O
Date of Sale/rime N/A sO4/23•cO323 sO9/22•Unk 04/29/2022
Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple
Location Comm/Res Comm/Res Comm/Res Comm/Res
Site Area 1.45 0.45 +4.00014.29 -11,3601.1 +11,40
Traffic Count 4200/Da 11800/Da -98,800 1850/Da +30,550 3300/Da +11,70
Frontage Foot 240' 240' 400' -2,080 477.4 -3.08
Improvements None None Garage -3,000 None
Net Adjustment (Total, in S) ❑ + ®-
$ -94.800 + ❑ -
$ 14.110 ® + ❑ -
S 10011
Net 59.3
,Adjusted Sale Price m $ Gross 64.3
Net 28.2 °
$ 65,200 Gross 94.0 °
Net 18.2 °
$ 64,1101 Gross 29A °
S 65 014
12
SALES COMPARISON APPROACHTO VALUE
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client:
City of Canton
13
Comparable 1
339 NMain St
Prox. to Subject 1.18 miles E
Sales Price 160,000
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location Comm/Res
View
Site 0.45
Quality
Age
Comparable 2
1300 S Main St
Prox. to Subject
38.85 mites NW
Sales Price
50,000
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location
Comm/Res
View
Site
4.29
Quality
Age
Comparable S
1475 N Henderson St
Prox. to Subject 32.88 miles NW
Sales Price 55,000
Gross Living Area
Total Rooms
Total Bedrooms
Total Bathrooms
Location Comm/Res
View
Site 1.1
Quality
Age
SALES COMPARISON LOCATION MAP
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SALES COMPARISON APPROACHTO VALUE
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
Indicated Value of the Subject Property Land:
$65,000
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 subject property consists of 1.26 acres of commercially zoned land located at the corner W
Locust St and N Ave I. Comparable sales #1-3 are commercially zoned land tracts located most
similarly to the subject property. Comparable sale #1 is most similar and in terms of Canton
market; however, it is located at a busy intersection with higher traffic count. Comparable sales #2
and #3 are located in nearby cities. These sales bracket the subject size, and daily traffic count.
Bracketing characteristics are used to support indicated adjustments for excess acreage, traffic
count and frontage foot. These characteristics analyses the key marketable characteristics of the
subject land.
15
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial. Development Land
Client: City of Canton
Indicated Value of Income Approach to Value
N/A
The Income Approach analyzes a property's capacity to generate benefits and converts them into an
indication of present value. The estimated Net Annual Income is capitalized at a rate
commensurate with the relative certainty of its continuance and the risk involved in ownership of the
property.
I have determined that the Income Approach is not applicable to the assignment due to the lack of
improvements and lack of an income stream.
16
COST '•ATO VALUE
Subject Address: 920 W Locust Street, Canton, IL ,61520
Property Type: Commercial Development Land
Client: City of Canton
Indicated Value of Cost Approach to Value
N/A
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 lack of
improvements.
17
RECONCILIATION OF
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
Sales Comparison Approach $65,000 100.0% $65,000
Income Approach N/A
Cost Approach N/A
There are three accepted approaches to valuing real estate. These are the Cost Approach, the
Income Approach and the Sales Comparison Approach. Based on the subject property
characteristics, the sales comparison approach is the only credible approach to estimate the
current fair market value.
18
LEGAL DESCRIPTION
Subject Address: 92OVVLocust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City ofCanton .
19
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SUBJECT PROPERTY • •
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
N Ave 1
Site View
Site View
Site View
W Locust St & N Ave 1
Western Exposure
22
W Locust St/ Neighborhood
Eastern Exposure
SUBJECT PROPERTY • •
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
W Locust St/ Neighborhood
Western Exposure
N Ave 1/ Neighborhood
Southern Exposure
N Ave 1 & W Locust St/ Site View
Northern Exposure
W Locust St/Site View
Northeastern Exposure,
23
W Locust St/ Site View
Northeastern Exposure
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
ZONING LEGEND
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24
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
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SUPPLEMENTAL ADDENDUM
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
Assumptions and Extraordinary Assumptions:
Defined by USPAP as "an assumption, directly related to a specific assignment, as of the effective
date of the assignment results, which, if found to be false, could alter the appraiser's opinions or
conclusions."
The standard scope of appraisal practice does .not require me to investigate the legality of the
construction of the original subject structures. I did not investigate the legality of the proposed
construction of the improvements and I presume that the structure to be built has any and all
required building permits. Concerned properties should contact the owner/builder regarding this
matter.
I did not investigate the subject, nor the comparable sales, to form an opinion regarding 1) a death
may have occurred at the properties or 2) if any prior criminal acts have been committed at the
properties. I have no knowledge of any such occurrences or acts, nor was I informed by any third
party regarding such occurrences or acts. An extraordinary assumption is utilized with regard to
any deaths and/or criminal acts that may have occurred. This type of investigation is beyond the
standard scope of appraisal practice.
I did not conduct an investigation into "Megan's Law" (which was passed by Congress in 1996,
said law governs sex offender registration and community notification) as it relates to the subject,
the immediate market area of the subject.and the comparable sales. This type of investigation is
beyond the standard scope of appraisal practice and normal appraisal business practices.
I did not notice any posting of code violations at the subject property, nor was I informed by any
third party of any such violations. I did not conduct an investigation to determine if a notice of
action relative to a code violation has been recorded against the subject property by the local code
enforcement agency relative to violations of Health and Safety Codes and/or applicable sections of
the Code of Civil Procedure. This type of investigation is beyond the scope of appraisal practice.
I am not an environmental inspector. An extraordinary assumption is utilized regarding the subject
being safe, habitable, and having are no environmental issues. Any concerns regarding
environmental issues should contact a professional in that field.
I am not a surveyor. I have utilized computer models for flood zone determination. Any concerns
with flood zone delineation should be discussed with a professional surveyor as the information
obtained by me for the purpose of this appraisal may not be correct. This appraiser makes no
guarantees that the subject is either in or out of the flood zone. structural, mechanical, infestation,
contamination or other issues about the subject property are urged to consult an expert in the
appropriate field.
27
Subject Address: 920 W Locust Street, Canton, IL 61520
Property Type: Commercial Development Land
Client: City of Canton
APPRAISAL AND REPORT IDENTIFICATION
This Report is om 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.)
❑ Restricted (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 best of my knowledge and bar&..
—The statements of fact contained in this report are true and ccrrecL
—The reported analyses, opinions, and conclusions are limited only by the reported assumptions and rrmiil ng conditions and are my personal, impartial, and unbiased professional
`analyses, opinions, and conclusions.
— Unless otherwise indicated, I have no present or pmspectiva 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 pmperlythat is the subject of this report within the twee -year
period immediately preceding acceptance at this assignment
— I have no bias 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 (d there are exceptions, the name of each
individual providing significant real pmperty 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: 180 Days
Comments on Appraisal and Report Identification
Note any USPAP-related issues requiring disclosure and any state mandated requirements:
Section 1455.250 of Title 68 of the Illinois Administrative Code Requirements-
AMC
e uirements-AMC Client: None
The Client is: City of Canton
The Intended User is: CitV of Canton
The compensation for this appraisal asst nment Is $850.00.
The comments by the licensed real estate a raiser contained within this appraisal report on the condition of the propertV do not address
'standards of practieW as defined in the Homeand Inspector License Act 225 ILCS 4411 and 68111. Adm. Code 1410 and are not to be
considered a land inspection or land inspection report.
APPRAISER:
Signature:
Name: Chad A. Beekman
State Certified General Real Estate Appraiser
State Certification #: 553.001699
or State License #:
State: IL Expkation Date of Certification or License: 09/30/2023
Data of signature and Repot 05/18/2023
Effective Date of Appraisal: 04/0512023 _
Inspection of Subject ❑ None Interior and Exterior 0 Exterior -only
Date of Inspection (t applicable): 04/05/2023
28
SUPERVISORY or CO -APPRAISER (if applicable):
Signature:
Name:
State Certification#:
or State License #:
State: Expiration Date of Certification or License:
Date of Signature:
InspecfionofSubject: ❑ None ❑ Interior and Exterior ❑ Exterior -Only.
Date of Inspection (d applicable):
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I 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
29
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.
Signature:
Name: Chad A. Beekman
Date Report Signed: May 18, 2023
Effective Date of Report April 5, 2023
Illinois Certified General Real Estate Appraisal License: 553.001699
Expiration Date: September 30, 2023
30
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
31
The Intended User of this report is the Client. The Intended Use is to evaluate the property that is the subject of this
appraisal for asset determination purposes, 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.
32
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 Seminar
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 Policv Since 2003
33
�itate of Xlt tno"�
Department. of. Financial and'Profess onal Regulation
Division of Real Estate
LICENSE NO: 'Tb oa+�s...> .m,.�n.:..�.ew..n o.�w.c ma�.n..ca.puw.w m. �.r.e.s EXPikJCS_
'd me mt.d.
553.001699 09130%2023
CERTIFIED GENERAL REAL ESTATE APPRAISER
CHAD A BEEKMAN
171 W LINCOLN AVE
'LEWISTOWN, IL 61542
MARIO TREr.O, JR LAURIE. MURPHY
-ACTING SECRETARY ACTINGDIREGTOR
34