CT2015-164 Anderson Land Appraisal 01/05/2012

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Summary Appraisal Report Andersen Appraisal,LLC IMain Rle No.11-22061 Page#2I LAND APPRAISAL SUMMARY REPORT File No.: 11-2206 Property Address: 39327 Harbour Rd City:Avondale State:CO Zip Code:81022 County: Pueblo Legal Description: SE4 LESS E 30 FT+S 30 FT RD+50X200 FT TR 15-22-63158.70A M/L Assessor's Parcel#: 23-000-00-037 Tax Year:2010 R.E.Taxes:$602.8 Special Assessments:$ 0 w Market Area Name: Avondale I Boone Map Reference: 39380 Census Tract: 0032.00 Current Owner of Record: Two Rivers Water Company Borrower Of applicable): Two Rivers Water Company m Project Type(if applicable): ❑ PUD ❑De Minimis PUD ❑Other(describe) HOA:$0 ❑per year ❑per month Are there any existing improvements to the property? ❑No ®Yes If Yes,indicate current occupancy: ®Owner ❑Tenant ❑Vacant ❑Not habitable If Yes,give a brief description: The subject property includes a 1,064 SF ranch house with small basement built in 1920,miscellaneous outbuildings, electricity,domestic well,septic system,barbed wire fencing,and gravel surfaced drive areas. However,the primary value of the subject property is the land (acreage). Furthermore,no irrigation shares or water rights are included in the valuation of this report. The purpose of this appraisal is to develop an opinion of: Z Market Value(as defined),or LI other type of value(describe) This report reflects the following value(if not Current,see comments): ®Current(the Inspection Date is the Effective Date) ❑Retrospective ❑Prospective Property Rights Appraised: ®Fee Simple ❑Leasehold ❑Leased Fee ❑Other(describe) a Intended Use: Assistance In Decision Process For Loan Underwriting,Internal Decision Making and/or Loan Portfolio Management. yIntended User(s)(by name or type): The clients,Two Rivers Water Company&Colorado Water Conservation Board,and their successors and/or assigns. Client: Two Rivers Water Company Address: 2000 S Colorado Blvd,Annex Bldg Suite 200,Denver,CO 80222 Appraiser: John M.Andersen Address: Andersen Appraisals,40 S Villa Del Sol Ct,Pueblo West,CO 81007 Characteristics Predominant One-Unit Housing Present Land Use Change in Land Use Location: ❑Urban ❑Suburban M Rural Occupancy PRICE AGE One-Unit 05% ®Not Likely Built up: ❑Over 75% ❑25-75% ®Under 25% ®Owner $(000) (yrs) 2-4 Unit % ❑Likely* ❑In Process* Growth rate: ❑Rapid ❑Stable ®Slow ❑Tenant 50 Low 02 Multi-Unit % *To: NA Property values: ❑Increasing ®Stable ❑Declining ❑Vacant(0-5%) 450+ High 110 Comm'l Demand/supply: ❑Shortage ®In Balance ❑Over Supply ®Vacant(>5%) 150 Pied 25 Vacant 95% Marketing time: ❑Under 3 Mos.❑3-6 Mos. ®Over 6 Mos. z Factors Affecting Marketability g Item Good Average Fair Poor WA Item Good Average Fair Poor N/A a- Employment Stability ❑ ® ❑ ❑ ❑ Adequacy of Utilities ❑ ® ❑ ❑ ❑ u Convenience to Employment ❑ ® ❑ ❑ ❑ Property Compatibility D E D O E Convenience to Shopping ❑ ® ❑ ❑ ❑ Protection from Detrimental Conditions ❑ ® ❑ ❑ ❑ • Convenience to Schools ❑ ® ❑ ❑ ❑ Police and Fire Protection ❑ ® 0 0 0 w Adequacy of Public Transportation ❑ ® ❑ ❑ ❑ General Appearance of Properties ❑ M ❑ ❑ ❑ a Recreational Facilities ❑ Z ❑ ❑ ❑ Appeal to Market O N O D E F" Market Area Comments: The boundaries of the neighborhood are the outlying rural areas situated east of Pueblo Highway 50. The neighborhood is • composed primarily of scattered homes on 5.0 to 35+acre parcels of land. I am unaware of any adverse neighborhood influences. Per the Pueblo re Q Association of Realtors MLS,typical marketing time for vacant land in the area is estimated to be 128 days,the median sales price is$130,000(all larger • acreage sales east of Pueblo to La Junta),and the median list to sale price ratio is approximately 89.6%. Thus,the marketing time for the subject property is estimated to be 9-12 months if listed realistically with an active broker. In addition,the estimated exposure period is 9-12 months which is presumed to precede the effective date of the appraisal report. Furthermore,the local market appears to be relatively stable at this time;however,large acreage sales are extremely limited due to the lack of market activity over the past two years. Statistics for single family dwellings on 5+acres availble for the market area for the prior two years indicate a median sales price of$153,000,a median list to sale price ratio of 92.6%,a median price per square foot of$85.33,and a median market time of 163 days. Furthermore,the single family dwelling market has stabilized this past year from a significant decline in the prior few years. In addition,there are currently an in balance of homes available in market place at this time;however,marketing times are somewhat extended. Dimensions: Refer to plat maps(three contiguous parcels-survey not provided) Site Area: 158.7 Acres Zoning Classification: A-1 Description: Agricultural District-35 Acre Minimum Do present improvements comply with existing zoning requirements? ®Yes ❑No ❑No Improvements Uses allowed under current zoning: Refer to the attached zoning description for uses by right and uses by review. Are CC&Rs applicable? ❑Yes ®No ❑Unknown Have the documents been reviewed? ❑Yes ❑No Ground Rent(if applicable)$ 0/ Comments: Highest&Best Use as improved: ®Present use,or ❑Other use(explain) Due to the extreme lack of demand in the market place,the Highest&Best Use of the subject property at this time is the continued ranch/farm use. Subdivision is not feasible due to the extreme lack of demand. Actual Use as of Effective Date: Agricultural Use(Ranch/Farm) Use as appraised in this report Agricultural Use(Ranch/Farm) Summary of Highest&Best Use: Continued Agricultural Use(subdivision development is not feasible due to the lack of demand). The subject property 6 includes the availability of irrigating water by the owner,Two Rivers Water Company,through the Huerfano-Cucharas Irrigation Company(HCIC Ditch a system-refer to the article addendum). However,no irrigating ditch shares and/or water rights are included in the valuation. In addition,I reserve the right E to revise this report if additional data are provided that contradicts the reasonable assumption of continued irrigation water delivery to the property. y Utilities Public Other Provider/Description Off-site Improvements Type Public Private Frontage Typical(Large Acreage Parcel) o Electricity M ❑ Street Harbour Rd&40th Lane ® ❑ Topography Slightly Sloping(1.1%Slope) III Gas ❑ ® Propane Width Typical Size Large Acreage Site y Water ❑ ® Domestic Well Surface Gravel&Asphalt(Corner Site) Shape Refer To The Enclosed Maps Sanitary Sewer ❑ ® Septic System Curb/Gutter None ❑ ❑ Drainage Appears Adequate Storm Sewer ❑ ❑ Sidewalk None ❑ ❑ View Average Telephone ® ❑ Street Lights None ❑ ❑ Access Typical Multimedia ❑ ❑ Allev None ❑ ❑ Additional Irrigation Available Other site elements: ❑Inside Lot ®Corner Lot ❑Cul de Sac ❑Underground Utilities ®Other(describe) Large Acreage Property FEMA Spec'I Flood Hazard Area ❑Yes ®No FEMA Flood Zone X FEMA Map#0801470400B FEMA Map Date 09/29/1989 Site Comments: I did not observe any unfavorable easements,encroachments or adverse site conditions the data of the field inspection. A copy of the assessors overhead GIS plat imagery and additional mappings are included with this report. The utilities mentioned above are common and available in the area. The subject property is improved with a small ranch house,miscellaneous outbuildings,fencing,and additional supporting features for ranch/farm use. The subject property includes the availability of irrigating water by the owner,Two Rivers Water Company,through the Huerfano-Cucharas Irrigation Company(HCIC Ditch system-refer to the article addendum). However,no irrigating ditch shares and/or water rights are induded in the valuation. In addition,I reserve the right to revise this report if additional data are provided that contradicts the reasonable assumption of continued irrigation water delivery to the property. Refer to the enclosed photographs,maps and attachments which are integral parts of this Summary Appraisal Report. GP LAND Copyright®2007 by a la mode,inc.This tom may be reproduced unmodified without written permission,however,a in mode,inc.must be acknowledged and credited. Form GPLND—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE 3/2007