R. K. Barnes & Associates, Inc. Page 33 SITE ANALYSIS Location The subject property represents 19 developed lots and excess land located within the King’s Creek subdivision, which is located along the north side of Kedron Road, roughly 1.5 miles south of Saturn Parkway (Highway 396) in Spring Hill, Tennessee. The predominant type of development in the subject’s immediate neighborhood is residential. Access is judged to be good for the subject’s immediate neighborhood as it is located near major local traffic arteries, as well as IH-65. The subject area is located approximately ten miles northeast of the Columbia CBD. The area includes a variety of residential uses, with buildings ranging in age from new to twenty years with development predominantly constructed over the previous five years to the present date. Typical sites located within the area are considered functional as are their locations. Development within the immediate area ranges from single family homes to medium density single-family homes. It is important to note that the King’s Creek subdivision is located on an Arnold Palmer designed golf course which, at just over three years old (completed in 2006), represents one of the newer golf courses in the immediate area. King’s Creek represents a “neo-traditional” neighborhood development located within a golf club community. Due to the unique aspects of this development, there are no similar developments within the Spring Hill/Maury County market areas that are considered directly comparable to the subject. Size/Shape Overall, the subject represents 19 developed residential lots and excess land, all of which features a combined size of 30.4 acres. The subject’s developed lots range in size from 0.04 to 0.19 acres with an average lot size of 0.10 acres. The subject's excess land is comprised of Tract A, a 27.32 acre tract of undeveloped land, and Tract B, which represents nine (9) undeveloped lots located in the northwest corner of King's Creek's first phase. Combined, the subject's excess land tracts represent roughly 28.52 acres and is approved for 205 lots, total. The table below illustrates each of the size of each of the subject’s 19 developed lots: Parcel Lot # SF Acres Proposed Use 11 72 4,414 0.10 Townhome 10 73 1,729 0.04 Townhome 9 74 1,729 0.04 Townhome 8 75 1,866 0.04 Townhome 7 76 1,866 0.04 Townhome 6 77 1,729 0.04 Townhome 5 78 1,729 0.04 Townhome 4 79 3,837 0.09 Townhome 18 80 8,218 0.19 Single Family 17 81 5,320 0.12 Single Family 16 82 5,320 0.12 Single Family 15 83 6,300 0.14 Single Family 14 84 5,320 0.12 Single Family 13 85 5,320 0.12 Single Family 12 86 5,320 0.12 Single Family 22 94 6,300 0.14 Single Family 21 95 5,320 0.12 Single Family 20 96 5,320 0.12 Single Family 1 100 5,320 0.12 Single Family 82,277 1.89 4,330 0.10 2,362 0.05 5,762 0.13 Subject's Developed Lots Total: Overall Average: Townhome Average: Single Family Average:
Transcript
R. K. Barnes & Associates, Inc. Page 33
SITE ANALYSIS
Location
The subject property represents 19 developed lots and excess land located within the King’s Creek subdivision, which is located along the north side of Kedron Road, roughly 1.5 miles south of Saturn Parkway (Highway 396) in Spring Hill, Tennessee. The predominant type of development in the subject’s immediate neighborhood is residential. Access is judged to be good for the subject’s immediate neighborhood as it is located near major local traffic arteries, as well as IH-65. The subject area is located approximately ten miles northeast of the Columbia CBD. The area includes a variety of residential uses, with buildings ranging in age from new to twenty years with development predominantly constructed over the previous five years to the present date. Typical sites located within the area are considered functional as are their locations. Development within the immediate area ranges from single family homes to medium density single-family homes.
It is important to note that the King’s Creek subdivision is located on an Arnold Palmer designed golf course which, at just over three years old (completed in 2006), represents one of the newer golf courses in the immediate area. King’s Creek represents a “neo-traditional” neighborhood development located within a golf club community. Due to the unique aspects of this development, there are no similar developments within the Spring Hill/Maury County market areas that are considered directly comparable to the subject.
Size/Shape
Overall, the subject represents 19 developed residential lots and excess land, all of which features a combined size of 30.4 acres. The subject’s developed lots range in size from 0.04 to 0.19 acres with an average lot size of 0.10 acres. The subject's excess land is comprised of Tract A, a 27.32 acre tract of undeveloped land, and Tract B, which represents nine (9) undeveloped lots located in the northwest corner of King's Creek's first phase. Combined, the subject's excess land tracts represent roughly 28.52 acres and is approved for 205 lots, total. The table below illustrates each of the size of each of the subject’s 19 developed lots:
Parcel Lot # SF Acres Proposed Use
11 72 4,414 0.10 Townhome
10 73 1,729 0.04 Townhome
9 74 1,729 0.04 Townhome
8 75 1,866 0.04 Townhome
7 76 1,866 0.04 Townhome6 77 1,729 0.04 Townhome
5 78 1,729 0.04 Townhome
4 79 3,837 0.09 Townhome
18 80 8,218 0.19 Single Family17 81 5,320 0.12 Single Family
16 82 5,320 0.12 Single Family
15 83 6,300 0.14 Single Family
14 84 5,320 0.12 Single Family
13 85 5,320 0.12 Single Family
12 86 5,320 0.12 Single Family
22 94 6,300 0.14 Single Family
21 95 5,320 0.12 Single Family
20 96 5,320 0.12 Single Family
1 100 5,320 0.12 Single Family
82,277 1.89
4,330 0.10
2,362 0.05
5,762 0.13
Subject's Developed Lots
Total:
Overall Average:
Townhome Average:
Single Family Average:
Site Analysis, Cont’d
R. K. Barnes & Associates, Inc. Page 34
Copies of the tax map, flood map and aerial photographs are provided at the end of this section to provide a visual reference as to size and shape of the site. Additionally, a copy of the site plan and photographs of the subject property are provided after the Description of Improvements section.
Topography/Drainage/Flood Condition
The topography of the site is generally level to rolling. Drainage of the property appears adequate. According to the Flood Insurance Map Number 47119C0185E (April 16, 2007), a large portion of the subject property is located in Zone AE by the Federal Emergency Management Agency. The fact that the property is located within the flood zone is not judged to have a detrimental effect on the value of the subject property as the property has reportedly never experienced flooding issues.
Access/Frontage/Visibility
Immediate access to the site is available from Kedron Road which connects Saturn Parkway/Highway 396 (to the north of the subject) to Lewisburg Pike/Highway 431 (to the east of the subject). Kedron Road also leads to the area’s main north/south roadway – Columbia Pike, or Highway 31. This is the area’s primary traffic artery which runs north and south, connecting the subject area to Columbia, Franklin and Nashville.
Overall, the immediate area is judged to have good access due to its close proximity to local highways as well as IH-65. Interstate access is available approximately four miles northwest of the subject at the IH-65 interchanges with Saturn Parkway (Highway 396). As the site plan and tax map illustrates, the subject’s subdivision also features an internal roadway system enabling interior access to the subject’s lots. However, as explained in the “limiting condition” in the transmittal letter of this report, a proposed access road which will connect the current phase of King’s Creek to the subject’s Tract A of excess land, which represents future phases, has not yet been constructed.
Easements/Encroachments
No specifically identifiable easements or encroachments were observed at the time of inspection, nor are any known to the appraisers which would have an adverse impact on the subject property.
Soil/Subsoil Conditions
The subject soils appear sufficiently stable to permit moderate-size building construction without additional expense of extraordinary foundations. No hazardous materials were observed on the site during the site inspection and we have no knowledge of the existence of such materials. However, we are not qualified to detect such substances and would recommend an environmental audit to determine the existence of any potentially hazardous substances. The value estimate contained in this report is predicated on the assumption that there is no such material.
Site Analysis, Cont’d
R. K. Barnes & Associates, Inc. Page 35
Surrounding Land Uses
The immediate area is made up of mostly single-family residential uses with older residential homes located throughout the area. There are several new residential developments located in the surrounding area which include those mentioned in the Neighborhood Analysis section of this report.
Utilities and Services
All public utilities and services are available to the subject site, specifically electricity, gas, water/sewer, telephone, cable television, police and fire protection. Specifically, the subject’s utility services are summarized as follows:
Electricity: Duck River Electric Gas: Atmos Energy Water and Sewer: City of Spring Hill Telephone: Bell South
R. K. Barnes & Associates, Inc. Page 36
TAX MAP
*The subject represents only a portion of the tract of land located in Phase I of this development. This tax
map does not illustrate the separate parcels in this section of the development. The tract of land in the
northeast corner of the development represents Tract A, which is a 27.32 acre portion of the subject’s excess land..
R. K. Barnes & Associates, Inc. Page 37
FEMA FLOOD MAP
According to the Flood Insurance Map Number 47119C0185E (April 16, 2007), a large portion of the subject
property is located in Zone AE by the Federal Emergency Management Agency. The fact that the property is located within the flood zone is not judged to have a detrimental effect on the value of the subject property as the
property has reportedly never experienced flooding issues.
R.K. Barnes & Associates, Inc. Page 38
AERIAL VIEW
Excess Land
Phase I Lots
Excess Land
Phase I Lots
R.K. Barnes & Associates, Inc. Page 39
DESCRIPTION OF IMPROVEMENTS
The subject of this report represents 19 developed lots and excess land in a partially developed residential subdivision, known as King's Creek, which is located on an Arnold Palmer designed golf course in Spring Hill, Tennessee. The subject's 19 developed lots, which range in size from 0.04 to 0.19 acres with an average lot size of 0.10 acres, are planned for both single family detached and townhome development. The subject's excess land is comprised of a 27.32 acre tract of undeveloped land (Tract A) that represents future phases of this development and the remaining undeveloped lots in the development's current phase. Tract A is located within the King's Creek golf course and is approved for 196 residential lots which, similar to the development's first phase, will feature development ranging from single family detached homes to condominiums and townhomes. Additionally, the subject's excess land includes nine (9) graded, but undeveloped lots (Tract B) located in the northwest corner of King's Creek's first phase. These nine lots, which range from 0.12 to 0.15 acres in size, are positioned adjacent to the subject's developed lots and are planned for detached single family homes. Combined, Tracts A and B of the subject's excess land represent roughly 28.52 acres that is approved for a total of 205 lots. The King's Creek development is located along the north side of Kedron Road, roughly 1.5 miles south of Saturn Parkway (Highway 396) in Spring Hill, Tennessee. Positioned on an Arnold Palmer designed golf course near IH-65, the subject is judged to feature a good location for a residential development of this type.
The development’s infrastructure and lay out is designed in a reasonable manner typical of the neighborhoods surrounding the development. The following is a description of the subject property. A copy of the King’s Creek site plan and photographs of the subject property in its current condition follows this section of the report. A summary of the major construction components is included as follows:
ACREAGE: 30.4 acres, or 1,324,600 SF (combined total)
TOTAL LOTS: Developed Lots:
- 19 developed residential lots (part of Phase 1-B)
Undeveloped/Partially Developed Lots:
- 196 proposed, undeveloped residential lots which represent future phases (Tract A)
- Nine (9) partially developed (graded) residential lots which are a part of Phase 1-B (Tract B)
Description of Improvements, Cont’d
R.K. Barnes & Associates, Inc. Page 40
INFRASTRUCTURE: The subject’s level to rolling topography provides an attractive landscape for a residential development. The shapes of the subject’s developed lots are rectangular. The King’s Creek subdivision currently features an internal roadway system enabling interior access to the subject’s 19 developed lots. However, as explained in the “limiting condition” in the transmittal letter of this report, a proposed access road which will connect the current phase of King’s Creek to the subject’s excess land, which represents future phases, has not yet been constructed.
SITE IMPROVEMENTS: The subject property’s 19 lots represent vacant land which is developed with adequate infrastructure for residential development. This section of the King’s Creek subdivision has been fully graded, features utilities to each lot, is complete with curbing and lighting and is improved with asphalt paved roadways. Based on the physical site inspection, the only remaining work to be done appears to be the final coat of paving on portions of the interior roadway system in this section of the King’s Creek development.
Regarding the subject’s excess land, it appears that some grading work has been completed on the nine proposed lots in Tract B. However, Tract A, the 27.32 acre tract of excess land (future phases), represents undeveloped land.
CONCLUSION: The site's location and access are judged to be physically and functionally adequate for single-family development and are consistent with surrounding developments. Overall, the King’s Creek subdivision is consistent in infrastructure design with other residential developments throughout the middle Tennessee area.
R.K. Barnes & Associates, Inc. Page 41
KING’S CREEK LAYOUT
*Taken from a scorecard at the King’s Creek golf course.
R.K. Barnes & Associates, Inc. Page 42
MASTER SITE PLAN
(Phase 1-B)
*The lots shaded yellow in the site plan above represent the subject’s 19 developed lots. The land shaded
in green represents Tract B of the subject’s excess, which represents the remaining nine (9) proposed lots
in Phase 1-B of this development.
R.K. Barnes & Associates, Inc. Page 43
MASTER SITE PLAN
*In the site plan above, tract which is shaded green represents Tract B, a 27.32 acre tract which represents the majority of the subject’s excess land. It is important to note that the land shaded in yellow represents
the entire Phase I at the King’s Creek development, which includes the subject’s 19 developed lots, Tract B
(excess land) and improved Phase I lots which are not a part of the subject property. .
R.K. Barnes & Associates, Inc. Page 44
PHOTOGRAPHS OF THE SUBJECT PROPERTY
King’s Creek entrance (Deer Creek Blvd)
Photographs of the Subject Property, Cont’d
R.K. Barnes & Associates, Inc. Page 45
Looking at Lots 80-86
Looking at Lots 80-86
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 46
Looking at Lots 72-79 (townhome lots)
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 47
Looking at Lots 72-79
Lot 95
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 48
Lot 94
Lot 100
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 49
Tract B - nine (9) proposed lots in Phase 1-B which are part of the subject’s excess land
Excess land – Tract A
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 50
Excess land – Tract A
Excess land – Tract A
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 51
Looking at a detached single family home in Phase I,
which is not a part of the subject property
Looking at a detached single family home in Phase I,
which is not a part of the subject property
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 52
Looking at detached single family homes in Phase I (Lots 98 & 99)
which are not part of the subject property
Looking at townhomes in Phase I which are not part of the subject property
Photographs of the Subject Property, Cont’d
R. K. Barnes & Associates, Inc. Page 53
Street scene along Kedron Road looking west; subject on the right
Street scene along Kedron Road looking east; subject on the left
R.K. Barnes & Associates, Inc. Page 54
TAX ANALYSIS
The subject property is located within the taxing jurisdiction of Maury County and is assessed by the Maury County Property Assessor. Residential property carries an assessment ratio of 25% of appraised value. The property is subject to an ad valorem tax rate of $3.10 per $100 of assessed value for all properties located within the city and county districts. The subject property represents excess land and 19 developed residential lots within the King’s Creek subdivision, some of which have been assessed as of the date of the appraisal. The subject’s developed, vacant lots currently feature a tax appraised value of $60,000 per lot. The tax expense for each individual lot at the subject property is calculated as follows:
Taxing Authority Tax Rate per $100 of
Assessed Value
City of Spring Hill ($0.60) & Maury County ($2.50)
$3.10
Total Tax Rate $3.10
Appraised Value
(Per Lot)
Assessment
RatioAssessed Value Tax Rate
Taxes
(Per Lot)
$60,000 x 25% = $15,000 x $3.10 = $465
Given that the subject’s lots will likely be sold over time, and not all at once, the property owner will be responsible for the taxes on each remaining lot throughout the holding period. Therefore, the annual tax expense shown above of $465, or $116 quarterly per lot, will be utilized in the following analysis.
According to the subject lots’ current tax appraised values and the reconciled retail lot values discussed later in this report, it seems that some of the subject’s lots, in particular the townhome lots, may be candidates for a tax appeal.
Furthermore, the appraisers were advised that the subject’s 2008 taxes have not yet been paid. The Maury County Trustees office and the Spring Hill City Hall advised the appraisers that the subject property’s 2008 taxes are unpaid and past due. The reader is directed to the limiting conditions stated in the transmittal letter of this report regarding past due taxes. The table on the following page illustrates the current amount due to the proper taxing authorities:
