Restricted Appraisal Report - St. Louis, MichiganFederal Register / Vol. 75, No. 237 / Friday,...

5247 W. Jackson Rood Elwell, Michigan 48832

(989) 463-5950

Restricted Appraisal Report

Property Address:

108 W. Saginaw Street

St. Louis, Michigan 48880

Prepared For: City of St. Louis 300 N. Mill Street St. Louis, Michigan 48880

#17-36 Real Property Appraisers 1

June 19, 2017

Mr. Kurt Giles, City Manager City of St. Louis 300 North Mill Street St. Louis, Michigan 48880 RE: Restricted Appraisal Report

108 W. Saginaw Street, St. Louis, Michigan 48880 Dear Mr. Giles: In accordance with your request, I have appraised the above referenced property. The appraisal states my conclusions of the property's market value subject to the various assumptions and limiting conditions set forth in this report. The purpose of my examination of the subject property is to develop an opinion of the estimated market value of the fee simple interest. The date of inspection of the subject property was May 9, 2017. The effective date of value is May 9, 2017. This appraisal report is prepared for the sole and exclusive use of the appraiser’s client, City of St. Louis for use in order to assist in establishing a sale purchase price for the current tenant. No third parties are authorized to rely upon this report. Market value is conditioned upon utility or use. Real estate is valued at its highest and best use. Highest and best use is an opinion based upon the likely legal use, combined with an analysis of the supply and demand characteristics of the market. The highest and best use of the subject "as vacant" is for some type of commercial use. It is my opinion that the highest and best use of the subject property as improved is for mixed commercial/office and service uses. In Michigan, appraisers are required to be licensed/certified and are regulated by the Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909. Mr. William O. McDonald is currently licensed as a Certified General Real Estate Appraiser with the State of Michigan, Number 1201001356.

Mr. Kurt Giles 2 June 19, 2017

#17-36 MCDONALD APPRAISAL COMPANY

Mr. Stephen M. Lossing, Certified General Real Estate Appraiser with the State of Michigan, Number 1201071565, of McDonald Appraisal Company provided significant real property appraisal assistance to the person signing this report. Mr. Lossing assisted with the property inspection and description and market data related research. The undersigned does hereby certify that to the best of my knowledge and belief:

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 made a personal inspection of the property that is the subject of this report. This appraisal does not represent an inspection by a professional building or environmental inspector. When performing the observations of this property, the appraiser visually observed areas that were readily accessible. The appraiser is not required to disturb or move anything that obstructs access or visibility. The visual inspection was made in order to complete this assignment based upon the scope of work. This observation process does not guarantee that the property is free of defects or environmental problems. Mold may be present in the property and a professional inspection is recommended. A thorough research project whose objective has been the discovery, confirmation, inspection, and analysis of data pertinent to this valuation situation has been completed. 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. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. I have complied with the Competency Provision of the Uniform Standards of Professional Appraisal Practice of the Appraisal Standards Board of The Appraisal Foundation. The statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. The reported analyses, opinion, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. The appraiser signing this report is competent to complete the assignment. The appraiser has the knowledge and experience to complete the assignment competently or have disclosed the lack of knowledge and/or experience to the client, taken all steps necessary or appropriate to complete the assignment competently and have described in the report the lack of knowledge and/or experience and the steps taken to complete the assignment competently.



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 related to the intended use of this appraisal. My engagement in this assignment is not contingent upon developing or reporting predetermined results. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. It should be noted that many investment property sales in recent years have been syndications and/or based on after tax analysis. Changes in tax laws could affect the subject market. The appraisers can assume no liability for future reaction of the market based upon changes in tax codes. The forecasts or projections included in this report are utilized to assist in the valuation process and assume certain supply and demand factors, as well as a continued stable economy. These forecasts are therefore subject to changes in future conditions that cannot be accurately predicted by the appraisers and could affect the future income and/or value forecasts.

This appraisal is not to be used by the addressee or any recipient as a part of a presentation of a real estate syndicate. A real estate syndicate means a general or limited partnership, joint venture, unincorporated association or similar organization formed for the purpose of, and engaged in, investment for gain from an interest in real property, including but not limited to, a sale, exchange, trade or development of real property, on behalf of others, or, which is required to be registered with the United States Securities and Exchange Commission or any state regulatory agency, which regulates investments made as a public offering. Therefore, subject to the contingent and limiting conditions contained herein, based upon all available market information, the market value of the subject property real estate, as of May 9, 2017 is estimated at:

NINETY-FIVE THOUSAND DOLLARS

$95,000.00



If the reviewer of this report should have any further questions, please do not hesitate to contact me. Respectfully submitted, MCDONALD APPRAISAL COMPANY

William O. McDonald, Appraiser BMD/bjm Certified General Real Estate Appraiser File No: #17-36 State of Michigan, #1201001356

#17-36 MCDONALD APPRAISAL COMPANY 5

BASIC APPRAISAL DEFINITIONS AN APPRAISAL: (noun) the act or process of estimating value; an estimate of value. (adjective) of or pertaining to appraising and related functions, e.g. appraisal practice, appraisal services. a) MARKET VALUE: As defined in the Agencies’ appraisal regulations, 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 and 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: § buyer and seller are typically motivated;

§ both parties are well informed or well advised, and acting in what they consider their own best interests;

§ a reasonable time is allowed for exposure in the open market;

§ payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable

thereto; and § 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.1 “AS IS” MARKET VALUE: The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal’s effective date.2 Unless stated otherwise, the indicated market value in this report is “As Is”. HIGHEST AND BEST USE: The reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal. Alternately, the use, from among reasonably probable and legally alternative uses, found to be physically possible, appropriately supported, financially feasible, that results in the highest land value. It should be recognized that in cases where a site has existing improvements, the highest and best use might very well be determined to be different from the existing use. This existing use will continue, however, unless and until land value at its highest and best use exceeds the total value of the property in its existing use. FEE SIMPLE ESTATE: Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power, and taxation. LEASED FEE ESTATE: An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others, usually consists of the right to receive rent and the right to repossession at the termination of the lease.

1 Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices, Interagency Appraisal and Evaluation Guidelines, Appendix D – Glossary of Terms, Page 77472 2 Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices, Interagency Appraisal and Evaluation Guidelines, Appendix D – Glossary of Terms, Page 77471


STATEMENT OF GENERAL ASSUMPTIONS AND LIMITING CONDITIONS

Standards Rule ("S.R.") 2-1 of the "Standards of Professional Appraisal Practice of the Appraisal Institute" requires the appraiser to "clearly and accurately disclose any extraordinary assumption or limiting condition that directly affects the appraisal and indicate its impact on value”. In compliance with S.R. 2-1, and to assist the reader in interpreting this report, such limiting conditions, as well as general assumptions, are set forth below. Any extraordinary assumption and/or hypothetical conditions are set forth in the scope of work section. THE APPRAISER HAS ASSUMED:

1. The conclusions and opinions expressed in this report apply to the date of value set forth in the letter of transmittal accompanying this report. The dollar amount of any value opinion or conclusion rendered or expressed in this report is based upon the purchasing power of the American dollar existing on the date of value.

2. The appraiser assumes no responsibility for economic, physical, or demographic factors that may affect

or alter the opinions in this report if said economic, physical or demographic factors change after the date of value. The appraiser is not obligated to predict future political, economic, or social trends.

3. In preparing this report, the appraiser was required to rely on information furnished by other individuals or

found in previous existing records and/or documents. This includes information with regard to price, terms, dates of sale, parties, location, availability of utilities, time on market, zoning, and conditions of sale for the comparables used. This information has been carefully reviewed and, based upon the appraiser’s experience and judgment; there is no reason to doubt its accuracy. However, no warranty is neither expressed or implied, nor is given by the appraiser for accuracy of such information. The appraiser assumes no responsibility for information relied upon and later found to have been inaccurate. The appraiser reserves the right to make such adjustments to the analyses, opinions, and conclusions set forth in this report as may be required by consideration of additional data or more reliable data that may become available.

4. No opinion as to the title of the subject property is rendered. Title is assumed to be marketable and free

and clear of all liens, encumbrances, easements, and restrictions except those specifically discussed in the report. The property is appraised assuming it to be under responsible ownership and competent management, and available for its highest and best use.

5. The appraiser assumes no responsibility for hidden or unapparent conditions of the property, subsoil,

ground water, or structures that render the subject property more or less valuable. No responsibility is assumed for arranging for engineering, geologic, or environmental studies that may be required to discover such hidden or unapparent conditions.

6. Unless otherwise stated, the appraiser has not been provided any information regarding the presence of

any material or substance on or in any portion of the subject property or improvements thereon, which material or substance possesses or may possess toxic, hazardous and/or other harmful and/or dangerous characteristics. Unless otherwise stated in the report, the appraiser did not become aware of the presence of any such material or substance during the inspection of the subject property. However, the appraiser is not qualified to investigate or test for the presence of such materials or substances. The presence of such materials or substances may adversely affect the value of the subject property. The value estimated in this report is predicated on the assumption that no such material or substance is present on or in the subject property or in such proximity thereto that it could cause a loss in value. The appraiser assumes no responsibility for the presence of any such substance or material on or in the subject property, nor for any expertise or engineering knowledge required to discover the presence of such substance or material. Unless otherwise stated, this report assumes the subject property is in compliance with all federal, state, and local environmental laws, regulations, and rules.

Statement of General Assumptions (Continued)


7. Unless otherwise stated, the subject property is appraised assuming it to be in full compliance with all

applicable zoning and land use regulations and restrictions. 8. Unless otherwise stated, the property is appraised assuming that all required licenses, permits,

certificates, consents or other legislative and/or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.

9. No engineering survey has been made by the appraiser. Except as specifically stated, data relative to

size and area of the subject property was taken from sources considered reliable and no encroachment of the subject property is considered to exist.

10. No opinion is expressed as to the value of subsurface oil, gas, or mineral rights, or whether the property

is subject to surface entry for the exploration or removal of such materials, except as is expressly stated. 11. Maps, plats, and exhibits included in this report are for illustration only to serve as an aid in visualizing

matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, nor should they be removed from, reproduced, or used apart from the report.

12. No opinion is intended to be expressed for matters, which require legal expertise or specialized

investigation or knowledge beyond that customarily employed by real estate appraisers. 13. The distribution, if any, of the total valuation in this report between land and improvements applies only

under the stated program of utilization. The separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used.

14. The possession of the appraisal report, or any copy or portion thereof, by client or any third party does

not include or confer any rights of publication or redistribution of the appraisal report other than to such persons or entities identified in this agreement. All rights, title, and interest in (1) any data gathered by appraiser in the course of preparing the appraisal report (excluding any data furnished by or on behalf of client) and (2) the content of the appraisal report prepared pursuant to this agreement shall be vested in appraiser. Subject to the foregoing, client shall have the right to possess a copy of the appraisal report and to disclose the report to client’s attorneys, accountants or other professional advisors in the course of client’s business affairs relating to the property that is the object of the appraisal report, provided that such attorneys, accountants or advisors are advised of appraiser’s rights under this agreement prior to receipt of such appraisal report. However, neither all nor selected portions of this appraisal report shall be disseminated to the general public by the use of advertising media, public relations media, news media, sales media or other media for public communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the signatories of this appraisal report.

15. This appraisal report is subject to the rules and regulations of the Appraisal Institute and may, under

certain conditions, be subject to confidential review by a duly constituted committee of that organization. 16. The appraiser has assumed that as of the effective date of this appraisal report, the property is subject to

normal easements and restrictions of record, which are considered to be standard and typical for a property of this type, and are not considered to adversely affect the normal use or the estimated market value of the subject property.

17. Unless otherwise stated, the subject property is appraised as though free and clear of all liens,

mortgages, obligations, or encumbrances. Unless otherwise stated, the valuation estimate is of real property only and does not include any estimate of business value, or the value of any equipment, furniture, fixtures, or chattels which may be located on the property, except those items necessary for the operation of the building such as heating and air conditioning equipment, lighting, etc., or as otherwise noted.

Statement of General Assumptions (Continued)


18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Unless otherwise stated,

I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible noncompliance with the requirements of ADA in estimating the value of the property.

19. Going-concern value is the value created by a proven property operation in which the physical real estate

assets are an integral part of the ongoing business. Golf courses, hotels, nursing homes, and other properties that require intensive management are properties commonly appraised in this manner. The market value as a going-concern may include an intangible enhancement of the value of an operating business enterprise, which is associated with the process of assembling the land, improvements, equipment, and marketing operation.

20. The liability of McDonald Appraisal Company, its employees, and/or agents is limited only to the client

who is paying the Fee ("Client") and to the amount of the fee actually received by the firm. Further, acceptance and use of this report constitutes an agreement that there is no accountability, obligation, or liability to any third party. If this report is given to anyone other than the Client, the Client shall make such party aware of all of the limiting conditions and assumptions of this assignment. The appraiser is not responsible for any costs incurred to discover or correct any deficiencies of any type present in the property, whether physical, financial, and/or legal. In the case of limited partnership, syndication, or stock offering in real estate, Client agrees that in the case of a lawsuit (brought by lender, partner or part owner in any form of ownership, as well as tenant, or any other party), any and all awards of settlements of any type in such suit, regardless of the outcome, the Client and all parties will completely hold harmless McDonald Appraisal Company, its employees and/or agents in any such action. Any party who uses or relies upon any information in this report, without the preparer's written consent does so at his/her own risk. Due to the ever changing nature of market conditions, and the ongoing evolution of additional information, the information in this report is dated and may not be reliable past the date of this report.

21. Client agrees to defend, indemnify and hold harmless McDonald Appraisal Company, its employees

and/or agents, from any damages, losses or expenses, including attorneys’ fees and litigation expenses at trial or on appeal, arising from allegations asserted against McDonald Appraisal Company, its employees and/or agents, by any third party that if proven to be true would constitute a breach by client of any of client’s obligations, representations or warranties made, or any violation by client of any federal, state, or local law, ordinance or regulation, or common law (a “claim”). In the event of a claim, McDonald Appraisal Company, its employees, and/or agents, shall promptly notify client of such claim, and shall cooperate with client in the defense or settlement of any claim. Client shall have the right to select legal counsel to defend any claim, provided that McDonald Appraisal Company shall have the right to engage independent counsel at McDonald Appraisal Company’s expense to monitor the defense or settlement of any claim. Client shall have the right to settle any claim, provided that McDonald Appraisal Company shall have the right to approve any settlement that results in any modification of McDonald Appraisal Company’s rights, which approval will not be unreasonably withheld, delayed or conditioned.


SCOPE OF WORK Client: The client is City of St. Louis. Intended Users Of This Report: The client and intended user of this report is City of St. Louis. The appraiser does not intend use of this report by others. Intended Use Of This Report: This report is intended for use in order to assist in establishing a sale price. This report is not intended for any other use. Type Of Value: The scope of this assignment is to estimate the market value of subject property assuming a market sale as of the effective date of value. Interest Appraised: The fee simple interest is being appraised. Type Of Report: This report is a Restricted Appraisal Report in accordance with Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice. As such, it is not required to present discussions of the data, reasoning, or analyses that were used in the appraisal process to develop the appraisers’ opinion of value. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The restricted appraisal report is designed for use in situations where the client needs minimal documentation and only the client is expected to receive and rely on the appraisal report. The final value is for the real estate only and does not include the personal property or intangible business value. Inspection Of Subject: The subject was inspected on May 9, 2017. The subject was inspected by Mr. William McDonald and Mr. Stephen M. Lossing. The subject photographs were taken at this time. Both the exterior and interior were inspected. Effective Date of Value: The effective date of value is May 9, 2017. Date of the Report: The date of this report is June 19, 2017. Sales History: I am not aware of any listings, offers to purchase, or sales of subject property in the past three years.

Scope of Work (Continued)


Hypothetical Conditions: None Extraordinary Assumptions: None Type and Extent of Analysis Applied: The approaches commonly used in an appraisal include the income approach, the sales comparison approach, and the cost approach. The subject is owner-occupied and the primary approach for valuing this type of property is the sales comparison approach. Only the sales comparison approach is completed in this report. The subject is not the type of property which would be typically purchased for purely investment purposes and the income approach if completed would be supportive in nature and not be given any significant weight. Based on the age of the subject improvements the cost approach is not considered applicable. The reliability of the value conclusion derived in this report is not diminished by utilizing only the sales comparison approach. A restricted report is being provided.

ESTIMATED MARKETING TIME The reasonable marketing time is an opinion of the amount of time it will take to sell the real property interest in subject property at the concluded market value level during the period immediately after the effective date of this appraisal. The opinion as to marketing time may be expressed as a range and has been based upon one or more of the following; a) statistical information about days on market, b) information gathered through sales verification, c) interviews with market participants, and d) anticipated change in market conditions. The estimated marketing time is 12 to 18 months for subject property.

EXPOSURE TIME The exposure time is defined as the estimated length of time 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. Exposure time is always presumed to precede the effective date of the appraisal. The opinion may be expressed as a range and has been based upon one or more of the following; a) statistical information about days on market, b) information gathered through sales verification, and c) interviews with market participants. The appraised value assumes an exposure time of 12 to 18 months for subject property.


NEIGHBORHOOD DESCRIPTION Location: The subject is situated at the northwest quadrant of the intersection of N. Main Street and West Saginaw in the central business district of the City of St. Louis, Gratiot County, Michigan. Demographics: Demographic information from the immediate subject neighborhood and surrounding area is provide using a 1, 3, and 5-mile radius study prepared by ESRI as summarized on the following chart:

Owner Households -0.15% 0.30% -0.03%Median Household Income 1.38% 1.05% 2.30%

Households -0.16% 0.13% -0.08%Families -0.28% -0.03% -0.20%

Trends: 2016-2021 Annual Population -0.10% 0.04% -0.11%

Average Household Income $51,950 $48,512 $54,659

Median Age 36.8 37.1 36.5Median Household Income $37,002 $34,129 $41,738

Owner Occupied Housing Units 926 2,198 4,270Renter Occupied Housing Units 430 1,215 2,303

Families 845 2,101 4,080Average Household Size 2.46 2.39 2.37

Population 6,976 11,925 20,680Households 1,356 3,413 6,574

2021 Summary

Median Household Income $34,556 $32,389 $37,255Average Household Income $47,983 $45,056 $50,561

Renter Occupied Housing Units 434 1,226 2,322Median Age 36.8 36.7 36.2

Average Household Size 2.46 2.40 2.37Owner Occupied Housing Units 933 2,165 4,277

Households 1,367 3,391 6,599Families 857 2,104 4,121

2016 SummaryPopulation 7,010 11,899 20,793

Median Age 36.5 36.3 35.6

Owner Occupied Housing Units 956 2,143 4,324Renter Occupied Housing Units 420 1,128 2,220

Families 873 2,062 4,138Average Household Size 2.47 2.41 2.39

Population 7,150 11,774 20,905Households 1,376 3,271 6,544

1 mile 3 miles 5 milesCensus 2010 Summary

108 W Saginaw St, St Louis, Michigan, 48880 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 43.40923

Longitude: -84.60741

Demographic and Income Comparison Profile

Neighborhood Description (Continued)


Neighborhood Boundaries: Central Business District of St. Louis, Michigan Surrounding Land Uses: The subject is in St. Louis’s downtown district. North Mill Street, which runs north and south is the principal downtown road. N. Main Street is one block east of Mill and Saginaw bisects the middle of the downtown. Chemical Bank is located opposite the vacant city hall. There are a mixture of business typical of a small town central business district area including restaurants, a variety of retail related businesses, office, service oriented uses and some second level apartment use. Access: St Louis is located along M-46 two miles east of its intersection with US 127. It is an easily accessible community from Business-127 loop at Exits 124 and 127A. US-127 is a primary four-lane divided highway running through the central Lower Peninsula, which passes through Lansing and Jackson to the south and heading north through Mt Pleasant, Clare before merging with I-75 heading to the Mackinaw Bridge. M-46 is a well-traveled two lane state trunk line that runs east and west through the middle of the Lower Peninsula. Conclusion: The subject is located in the St. Louis downtown district. The town is along and near major trunklines. It is visible, easily accessible and consistent with surrounding uses.


PROPERTY DESCRIPTION

SITE DATA LOCATION: The subject is situated at the northwest quadrant of the intersection

of N. Main Street and W. Saginaw Street in the Central Business District of the City of St. Louis, Gratiot County, Michigan.

SIZE: The subject site contains approximately 0.625 acres or 27,225

sq.ft. of total land area supporting the subject improvements. This is made up of two parcels. However, the westerly 33’ X 99’ will be retained by the city reducing the effective size of the site to 23,958 sq.ft. (27,225 sq.ft. – 3,267 sq.ft.) The parcel numbers are 15-010-191-00 and 53-010-192-00.

SHAPE: The site is irregular in shape. TOPOGRAPHY: The site drops in the rear. FRONTAGE: There is approximately 187’ of frontage along W. Saginaw Street

(excluding the 33’ to be retained) and 132’ of frontage along N. Main Street.

SOIL CONDITION: The soil and subsoil conditions are assumed to be stable. No soil

report of the subject has been made available or reviewed; however, it is assumed that the soil is of sufficient load-bearing capacity to support the existing structure. No evidence to the contrary was observed upon the physical inspection of the property.

ENVIRONMENTAL CONDITIONS: The reader of this report is cautioned that the appraiser is not a

qualified environmental inspector. It is recommended that any user obtain an environmental audit of the entire property to ascertain its status relative to these items. Also, it is assumed that no hazardous substance, past, present, or future exists on the subject property that would affect the subject's marketability or market value.

UTILITIES: The subject site has all municipal utilities including water, sewer,

gas and electricity servicing it.

Site Description (continued)


INGRESS/EGRESS: The site has adequate access from both N. Main and W. Saginaw

Street. Ingress/egress is considered adequate for the subject site.

ASPHALT PAVING: Asphalt paving comprises the rear egress drive to parking areas on

the west side of the building. CONCRETE PAVING: Concrete paving consists of driveway on the east side of the

building, curbing and sidewalk areas adjacent to building improvements.

LANDSCAPING: There is manicured lawn and mature foundation plantings along the

front of the building. The rear of the building has planting areas prepped for seeding.

FLOOD PLAIN: The subject is located in a Zone X (area of minimal flooding).

FEMA map by Interflood Panel #26057C0061 C, dated October 18, 2011. The Flood Information can be reviewed in the addenda of this report.

LAND/ BUILDING RATIO: 3.44 to 1 (27,225 sq.ft. ÷ 7,917 sq.ft.) ZONING: The subject is zoned C-1, Central Business District. The C-1

Central Business District is intended to permit a harmonious mix of commercial, administrative, financial, civic, cultural and entertainment activities to enhance the district as a high density commercial, service and cultural center. Public sidewalks and off-street parking serve both pedestrian and automobile traffic.

ASSESSED VALUATION AND TAXES The subject is owned by the City of St. Louis and is not subject to taxation. The parcel numbers are 15-010-191-00 and 53-010-192-00. The 2016 tax rate is $58.6353 per $1,000 of assessed valuation for the non-homestead millage rate for the City of St. Louis.


DESCRIPTION OF BUILDING IMPROVEMENTS

The following is a description of the improvements located on the subject property. This description is based upon a physical inspection of the property and other materials provided to the appraiser. The subject property is a one-story, downtown commercial building originally constructed as the St. Louis City Hall.

GENERAL DATA

YEAR BUILT: The original building was constructed in 1955 with an addition around 1958-61 according to city officials. A west side addition (approximately 2,000 sq.ft.) was added later and has been demolished.

SIZE: The gross building area is 7,917 sq.ft. In addition there is a partial basement. The building area is summarized as follows:

AREA SIZE (SQ.FT.)

West Office Area 1,809 East Office Area 2,101 Garage 4,007 GBA 7,917

The combined office area contains a total of 3,910 sq.ft. which

equates to 49% of the gross building area.

BUILDING HEIGHT: Single story building

CONSTRUCTION DATA FOUNDATION: There are poured concrete foundation walls set on poured concrete

footers. The basement area lies under the west side of the building.

FRAME: The building is constructed of masonry block walls with interior block and framing.

EXTERIOR WALLS: The exterior walls are principally face brick and painted panels around windows. There is a mansard roof running the perimeter of the subject. There are two vestibule entrances on the south side of the building. The subject is accessed by two aluminum framed plate glass doors on the south side of the building in separate entrances.

Building Description (continued)


Exterior Walls (Cont.): The east entrance is recessed in a small courtyard. Plate glass and

crank style windows are spaced along the south and east sides of the building. Four 10’ x 10’ overhead doors and a single walk door are adjacent to the offices on the north side of the wall. The north wall is all face brick. The west side of the building supports three overhead doors and two walk doors. The office area has narrow crank style windows.

INSULATION: It is assumed there is adequate insulation according the owner. FLOOR STRUCTURE: The main floor is constructed with poured concrete floor. The

basement floor is poured concrete. ROOF: There is a flat roof over the subject building with a Duralast type

rubber membrane finish a few years old per city officials. Exposed metal roof deck pan over steel I-beams are evident in the garage.

EXTERIOR LIGHTING: Exterior lighting is provided by street lighting located along the

downtown street. Additionally, there are wall mounted lights on the building and area lighting in the public parking lot on the north side of the building.

MECHANICAL EQUIPMENT HVAC: The building is heated by two, gas-fired, RTU’s and is cooled by

central air conditioning units. The AC component of one RTU is in need of repair. The other is in good working order per city officials. An old retired boiler system is still located in the basement. A lateral Trane high efficiency furnace is located in the garage area. A Fujitsu mini-split was noted in a rear office area.

WATER HEATER: An AO-Smith 30-gallon natural gas water heater located in the

basement provides hot water for the building. PLUMBING: The subject is plumbed to service four unisex restrooms and a

janitor’s slop sink.

Building Description (continued)


ELECTRICAL: The building is serviced by multiple service panels. A 200-amp and 150 amp 3-phase electrical service panels appear to be the main panels. The electrical service is assumed be adequate for the use of the subject.

FIRE PROTECTION: The building is not sprinklered for fire protection. INTERIOR DESCRIPTION:

LAYOUT/FINISH: The subject is a one-story municipal building with a partial basement. The building can be divided into three parts, a west office, east office and garage. There are separate entrances on the south side of the building into the east and west halves. The west half has an open office area with two enclosed office spaces at the west end of the building. A single unisex restroom and utility closet complete the west office area. A single walk door separates the office areas. The east office has a separate vestibule entrance into an open reception area with service counter. Multiple offices, storage rooms, unisex restroom and lobby area comprise the space. A bank vault remains in the old police post.

The basement area is located under the west office and a portion of the east office. It is comprised of multiple rooms used for storage, mechanical, electrical, restrooms and locker storage.

The subject finishes vary but can generally be described as: painted block, brick and gypsum board walls, suspended ceilings with troffer fluorescent fixtures, low nap carpet with some vinyl and ceramic tile. Interior doors are painted solid core doors set in wood frames. Windows are wood and vinyl crank style units and casement windows.

The basement area is finished with painted cement block, bare floors and concrete ceilings. The garage has sealed concrete floors, painted block walls and metal deck pan and painted wood ceilings.

SUMMARY: The subject improvements are of average quality construction and

in fair/dated condition.


SALES COMPARISON APPROACH The Sales Comparison Approach allows the appraiser to estimate the value of real estate by comparing recent sales of similar properties in the surrounding or competing areas to the subject property. Inherent in this approach is the principle of substitution which holds that "when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming that no costly delay is encountered in making the substitution." By analyzing sales which qualify as arms-length transactions between willing and knowledgeable buyers and sellers, we can identify market value and price trends. Comparability in physical, location, and economic characteristics is an important criteria in evaluating the sales in relation to the subject property. The basic steps involved in the application of this approach are as follows:3

1. Research the competitive market for information on properties that are similar to the subject property and that have recently sold, are listed for sale, or are under contract.

2. Verify the information by confirming that the data obtained is factually accurate

and that the transactions reflect arm’s-length market considerations. 3. Select the most relevant units of comparison used by participants in the market

(e.g., price per acre, price per square foot, price per front foot, price per dwelling unit) and develop a comparative analysis for each unit.

4. Look for differences between the comparable sale properties and the subject

property using all appropriate elements of comparison. Then adjust the price of each sale property, reflecting how it differs, to equate it to the subject property or eliminate that property as a comparable.

5. Reconcile the various value indications produced from the analysis of

comparables into a value conclusion. A value opinion can be expressed as a single point estimate, as a range of values, or in terms of a relationship (e.g., more or less than a given amount).

3 The Appraisal of Real Estate, Fourteenth Edition, 2013, Page 381-382.

Sales Comparison Approach (continued)


The sales utilized for comparison to the subject property were analyzed and chosen by looking at the common elements of comparison. These common elements of comparison can be identified as follows:

¨ real property rights conveyed; ¨ conditions of sale; ¨ market financing terms; ¨ expenditures made immediately after purchase; ¨ conditions; ¨ location; ¨ physical characteristics; ¨ economic characteristics; ¨ use; and ¨ non realty components of value.

Ten sales are used to value the subject property. Several other sales were reviewed and used to help to bracket a value for the subject. The remodeled CBD sales in the St. Louis market typically have sale prices ranging from $15.00 to $20.00/sq.ft. Older vintage buildings which have not been remodeled sell well below these figures. There were a number of one story buildings in Alma which are larger in size like the subject that are in the CBD area or at its fringe, three sales in the St. Louis CBD were also used. Additionally a sale in Stanton and Lansing are included. Sale 10 is the sale of an old fire station. The range of sale prices shown by the sales is from $40,000 to $140,000. Excluding Sales 5 and 6 the range narrows from $70,000 to $140,000. Five of the ten sales prices range from $100,000 to $140,000. Three of the sales which have sale prices of $100,000 or above are substantially larger than the subject. A summary adjustment grid highlighting pertinent details of the subject and comparable sales can be reviewed on the following page.

Summary of Sales


SALES GRID SUBJECT SALE 1 SALE 2 SALE 3 SALE 4 SALE 5 SALE 6 SALE 7 SALE 8 SALE 9 SALE 10

LOCATION: 108 W. SAGINAW ST. 724 E. SUPERIOR ST. 311 E. SUPERIOR ST. 504 PINE AVE. 308 GRATIOT AVE. 326 N. STATE ST. 225 N. MILL ST. 131 N. MILL ST. 202 N. MILL ST. 618 E. MAIN ST. 629 W. HILLSDALE ST.ST. LOUIS ALMA ALMA ALMA ALMA ALMA ST. LOUIS ST. LOUIS ST. LOUIS STANTON LANSING

DATE: 9-May-17 Jul-16 Jun-16 Nov-15 Oct-16 Feb-15 Feb-15 May-16 Oct-14 Jan-17 Mar-17PRICE: $100,000 $117,885 $108,500 $70,000 $55,000 $40,500 $75,000 $140,000 $75,000 $125,000TERMS: CASH CASH CASH CASH CASH CASH CASH CASH CASH CASH CASHRIGHTS: FEE FEE FEE FEE FEE FEE FEE FEE FEE FEE FEEAGE/CONDITION: 1955/ADD. 1958-61 1951 1950 1983/REMOD. 2006 1970/2010 1940/+UPDATES 1900/REMOD. 2012 1900/REMOD. 2002 REMOD. 2000 1900 1953SIZE:(SQ.FT): 7,917 20,107 13,728 6,738 4,400 6,000 2,270 3,985 6,600 7,422 8,950CORNER: YES INTERIOR INTERIOR CORNER CORNER INTERIOR INTERIOR INTERIOR CORNER CORNER CORNERLAND AREA( ACRES): 0.63 1.67 0.16 0.42 0.20 0.17 0.08 0.14 0.17 0.50 0.21LAND/BLDG. RATIO: 3.44 3.62 0.51 2.72 1.98 1.23 1.54 1.53 1.10 2.93 1.02CASH EQUIVALENT PRICE: $100,000 $117,885 $108,500 $70,000 $55,000 $40,500 $75,000 $140,000 $75,000 $125,000

INDICATIONS OF VALUE: $/SQ.FT.: $4.97 $8.59 $16.10 $15.91 $9.17 $17.84 $18.82 $21.21 $10.11 $13.97MARKET CONDITIONS: 2.0% 1.02 1.02 1.03 1.01 1.04 1.04 1.02 1.05 1.01 1.00SALE ADJUSTED FORMARKET CONDITIONS: $/SQ.FT.: $5.07 $8.76 $16.58 $16.07 $9.54 $18.55 $19.20 $22.27 $10.21 $13.97

LOCATION: 0% -10% 0% 0% -10% -10% -10% -10% 10% -20%SIZE: 15% 5% 0% -10% -5% -20% -10% -5% 0% 0%

AGE/CONDITION: 10% 0% -20% -20% 0% -20% -20% -30% 10% 0%CORNER: 10% 10% 0% 0% 10% 10% 10% 0% 0% 0%

LAND/BLDG. RATIO: 0% 10% 0% 3% 5% 5% 5% 5% 0% 5%OTHER: 25% 0% 0% 0% 0% 0% 0% 0% 0% 0%

NET ADJUSTMENT: 1.60 1.15 0.80 0.73 1.00 0.65 0.75 0.60 1.20 0.85INDICATIONS OF VALUEFOR SUBJECT: $/SQ.FT.: $8.11 $10.07 $13.26 $11.73 $9.54 $12.06 $14.40 $13.36 $12.25 $11.87

MEAN: $11.67HIGH: $14.40LOW: $8.11



METHODOLOGY OF ADJUSTMENTS: Since, typically no two properties are exactly alike, the comparables must be adjusted for the various physical and economic differences. In keeping with approved appraisal practice, the comparables will be adjusted to the subject. The less desirable traits of the comparables will receive positive (+) adjustments to more closely equate them to the subject's greater desirability. Conversely, the superior traits of the comparables will be assigned negative (-) adjustments. UNITS OF COMPARISON: "Unit of Comparison" are the components into which a property may be divided for comparison purposes. The type of appraisal problem determines the unit or units to be selected. The price per square foot of gross building area including land is selected to be the most appropriate unit of comparison in valuing the subject. PROPERTY RIGHTS: The first step in the adjustment process is to consider the property rights conveyed. To my knowledge all of the comparables utilized were conveyed in 100% fee with no adverse legal encumbrances. FINANCING AND CONDITIONS OF SALE: The next step in the adjustment process in the sales comparison approach is to consider financing and conditions of sale. Where required owner carried contract financing has been adjusted to equate to the basic definition of market value which calls for a cash transaction or its financial equivalent. Additionally, the sales have been analyzed to ascertain whether or not they are fully arm's length in nature. To my knowledge none of the transactions reflect abnormal duress. MARKET CONDITIONS: The next element of comparison is the consideration of the date of sale. Since market conditions generally change over time, and the date of an appraisal is of a specific date, a consideration for adjustment has been reviewed. The past sales must be examined in light of the direction of change between the sale date of the comparables and the valuation date of the subject property. The market conditions adjustment is estimated at +2.0% per year. LOCATION: Location adjustments may be required when the locational characteristics of a comparable property are different from those of the subject property. A property’s location is analyzed in relation to the location of other properties. Although no location is inherently desirable or undesirable; an appraiser can conclude that the market recognizes that one location is better than, worse than, or equal to another.



PHYSICAL CHARACTERISTICS: The sixth common element of comparison is physical characteristics. The physical characteristics may include differences in building size, quality of construction, architectural style, building materials, age, condition, functional utility, site size, attractiveness and amenities. For my analysis, the physical characteristics that will be analyzed are size, age/condition/quality, corner, land to building ratio, and other. ECONOMIC CHARACTERISTICS: These characteristics include operating expenses, quality of management, tenant mix, rent concessions, lease terms, lease expiration dates, renewal options, and lease provisions. No adjustments were necessary for economic characteristics. USE: This category addresses the differences in use or the highest and best use of the comparable properties to the subject property. All of the comparable properties are considered to have a similar highest and best use and do not require adjustment. NON-REALTY COMPONENTS OF VALUE: The next element of comparison is non-realty components of value and consists of personal property, business concerns, or other items that do not constitute real property but are included in the sale price. All comparable properties used in this analysis represented the real property value only. CONCLUSION: After adjustment, the sales derive a value range from $8.11 to $14.40/sq.ft. with a mean of $11.67. Sales 3, 5, 8, 9, and 10 are most similar in size to the subject. They derive adjusted sale prices per square foot ranging from $9.54 to $13.36 with a mean of $12.06. Sale 10 which is a former municipal building like the subject has an adjusted sale price per square foot of $11.87. The value of the subject is concluded at $12.00/sq.ft. and is estimated as follows:

7,917 Sq.Ft. X $12.00/Sq.Ft. = $95,004 Rounded To: $95,000

ESTIMATED VALUE VIA SALES COMPARISON APPROACH


$95,000.00


CONCLUSION OF VALUE The following valuation indication was derived for the subject:

APPROACH VALUE SALES COMPARISON APPROACH $95,000

The approaches commonly used in an appraisal include the income approach, the sales comparison approach, and the cost approach. The subject is owner-occupied and the primary approach for valuing this type of property is the sales comparison approach. Only the sales comparison approach is completed in this report. The subject is not the type of property which would be typically purchased for purely investment purposes and the income approach if completed would be supportive in nature and not be given any significant weight. Based on the age of the subject improvements the cost approach is not considered applicable. The reliability of the value conclusion derived in this report is not diminished by utilizing only the sales comparison approach. A restricted report is being provided. The final value is concluded at $95,000. The land area utilized in this report is per discussion with Kurt Giles, the City Manager. No legal description currently exists which reflects this site configuration. A legal description would need to be created to correspond with the site drawing used in this report. If the land area should change the valuation in this report would require revision. After consideration and analysis of the facts and data presented herein, it is my opinion that the estimated market value of the subject property, subject to the limiting conditions and assumptions contained herein, effective May 9, 2017, is:


$95,000.00


A D D E N D A

Ø SUBJECT LOCATION MAPS

Ø SUBJECT PHOTOGRAPHS

Ø PHOTOGRAPHS OF COMPARABLE SALES

Ø SITE PLAN

Ø BUILDING SKETCH

Ø FLOOD INFORMATION

Ø APPRAISER’S QUALIFICATIONS


SUBJECT LOCATION MAPS


STATE OF MICHIGAN MAP


SUBJECT AREA MAP


SUBJECT NEIGHBORHOOD MAP


PHOTOGRAPHS OF SUBJECT PROPERTY

Subject Photographs


Front view of subject looking northeasterly.

Front view of subject looking northwesterly.

Subject Photographs


View along east side of subject looking northwesterly.

View of garage area.

Subject Photographs


View of northwest portion of subject.

View of east side of subject where addition was demolished.

Subject Photographs


Rear view of subject looking southeasterly.

Street scene looking westerly along W. Saginaw Street.

Subject Photographs


Street scene looking southerly along N. Main Street.

View of hallway.

Subject Photographs


View of office area.

View of additional office.

Subject Photographs


View of restroom.

View of additional office.

Subject Photographs


View of additional office area.

View of unisex restroom.

Subject Photographs


View of stairs to basement.

View of basement area.

Subject Photographs


Additional view of basement.

Additional view of basement.

Subject Photographs


View of basement restroom.

View of additional restroom located in basement.

Subject Photographs


View of stairs to ground level.

View of garage area.

Subject Photographs


Additional view of garage area.

Additional view of garage area.


PHOTOGRAPHS OF SALE COMPARABLES


Sale Comparable No. 1

724 E. Superior Street, Alma, MI


311 E. Superior Street, Alma, MI



504 Pine Avenue, Alma, MI


308 Gratiot Avenue, Alma, MI



326 N. State Street, Alma, MI


225 N. Mill Street, Alma, MI



131 N. Mill Street, St. Louis, MI


202 N. Mill Street, St. Louis, MI



618 E. Main Street, Stanton, MI


629 W. Hillsdale Street, Lansing, MI


SITE PLAN



BUILDING SKETCH



FLOOD INFORMATION



APPRAISER’S QUALIFICATIONS


QUALIFICATIONS OF

WILLIAM O. MCDONALD McDonald Appraisal Company

5247 W. Jackson Road Elwell, Michigan 48832

989/463-5950 [email protected]

EDUCATION: Bachelor’s Degree Great Lakes Christian College 1980 (Summa Cum Laude) Master of Arts Ashland Theological Seminary 1982 REAL ESTATE AND VALUATION EXPERIENCE: Licensed Real Estate Salesman 1973 to 1976 Licensed Real Estate Broker 1976 to Present Owner McDonald Appraisal Company 1985 to Present Oetzel Hanton & Williams Inc. (1986 to 1995) The Oetzel-Williams Group (1995 to 2005) The Oetzel-Hartman Group (2005 to 2013) Valbridge Property Advisors | The Oetzel-Hartman Group (2013 to May 2014) State of Michigan Certified General Appraiser 1991 to Present City of Alma Board of Review 1999-2002 Member Central Michigan Board of Realtors 2001 to Present Michigan Association of Realtors 2001 to Present National Association of Realtors 2001 to Present Professional Standards Committee for Central Michigan Association of Realtors® 2006 to 2014 APPRAISER’S LICENSE: In Michigan, appraisers are required to be licensed/certified and are regulated by the Michigan Department of Licensing and Regulatory Affairs, P.O. Box 30018, Lansing, Michigan 48909. Mr. William O. McDonald is currently licensed as a Certified General Real Estate Appraiser with the State of Michigan, Number 1201001356. COURSES:

Real Estate Business I University of Michigan 1974 Real Estate Business II University of Michigan 1975 Appraisal II University of Michigan 1975 Principles of Income Society of Real Estate Appraisers 1985 Property Appraising, (Course 201) Applied Income Society of Real Estate Appraisers 1986 Property Value (Course 202) Residential Valuation American Institute of Real Estate Appraisers 1986

Mr. William O. McDonald Qualifications (Continued)


Courses (Continued): Standards of Professional Practice American Institute of Real Estate Appraisers 1986 Principles of Appraising American Institute of Real Estate Appraisers 1987 Basic Valuation Procedures American Institute of Real Estate Appraisers 1987 Capitalization Theory, Part A American Institute of Real Estate Appraisers 1987 Capitalization Theory, Part B American Institute of Real Estate Appraisers 1987 Case Studies in Real Estate Valuation American Institute of Real Estate Appraisers 1988 Report Writing & Valuation Analysis American Institute of Real Estate Appraisers 1988 Standards of Appraisal Institute 1994 Professional Practice (Part A) Standards of Appraisal Institute 1994 Professional Practice (Part B) Standards of Appraisal Institute 2000 Professional Practice (Part C) Valuing The Operating Enterprise: Northern Michigan University 2002 Analysis of Financial Statements for the Non-accountant Taxation Course Holloway’s Institute, Inc. 2002 Standards of Appraisal Institute 2004 Professional Practice #400 (Update Course) Standards of Appraisal Institute 2006 Professional Practice #400 (Update Course) Standards of Appraisal Institute 2008 Professional Practice (Update Course) Continuing Education Property Law Holloway’s Institute, Inc. 2008 Continuing Education Foreclosures Holloway’s Institute, Inc. 2008 Business Practices and Ethics Appraisal Institute 2009 Advanced Sales Comparison and Cost Approaches Appraisal Institute 2009 General Appraiser Market Analysis and Highest and Best Use Appraisal Institute 2010 2010-2011 National USPAP Update Equivalent McKissock 2010



Courses (Continued): Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets Appraisal Institute 2012 2012-2013 National USPAP Update Appraisal Institute 2012 Michigan Law Appraisal Institute 2012 Michigan Laws & Rules Appraisal Institute 2014 2014-2015 National USPAP Update Appraisal Institute 2014 SEMINARS: Uniform Residential Appraisal Report Henry Harrison, MAI 1987 Farm Economic’s & Computer Analysis Rural Appraisers & Farm Managers 1987 Agricultural Comparable Sales Analysis Rural Appraisers & Farm Managers 1987 Commercial Calculator Cost Seminar Marshall & Swift 1988 Commercial Segregated Cost Seminar Marshall & Swift 1988 On-Line Computer Assisted Cost Seminar Marshall & Swift 1988 Rates, Ratios, & Reasonableness Appraisal Institute 1990 Hotel Valuation Seminar Appraisal Institute 1992 Uniform Residential Appraisal Report Seminar Appraisal Institute 1993 Comparative Residential & Appraisal Institute 1994 Commercial Construction Understanding Limited Appraisals & Appraisal Reporting Options Appraisal Institute 1994 United States Department of Housing and Urban Development (HUD) HUD Staff 1995 Land Valuation Adjustment Procedures Appraisal Institute 2004 Land Valuation Assignments Appraisal Institute 2004 Supporting Capitalization Rates Appraisal Institute 2004 Professional Standards Workshop J587 Michigan Associations of Realtors® 2006 Appraisal Review Seminar-General Appraisal Institute 2006



SEMINARS (continued): Appraisal Scope of Work: Burden or Blessing ABA/Appraisal Institute 2006 (Telephone Briefing) Michigan Appraisal License Law Review Sponsored by MAREA & Northern Michigan University 2006 Analyzing Distressed Real Estate Appraisal Institute 2006 Feasibility, Market Value, Investment Timing: Option Value Estate Appraisal Institute 2006 Appraisal of Nursing Facilities Appraisal Institute 2007 Michigan Laws & Rules Class Appraisal Institute 2008 Subdivision Valuation Class Appraisal Institute 2009 Scope of Work: Expanding Your Range of Services Appraisal Institute 2009 Commercial Appraisal Engagement and Review Seminar for Bankers and Appraisers Appraisal Institute 2012 Marketability Studies: The Six-Step Process and Basic Applications Appraisal Institute 2013 Challenging Michigan Highest & Best Use Properties Appraisal Institute 2014

APPRAISAL ASSIGNMENTS INCLUDE:

Single Family – Multi-Family Restaurants (fast food and family types) Office Buildings (medical and general) Cash Crop Farmland Industrial (warehouses and manufacturing) Car Washes Multi-Tenant Neighborhood Shopping Centers Bowling Alleys Discount Stores Motels/Hotels Central Business District Buildings Nursing Homes Truck Terminals Assisted Living Facilities Automobile Dealerships Congregate Care Facilities Grocery Stores Golf Courses Services Garages Subdivision Analysis Gas Station/Convenience Stores Vacant Sites: commercial, multi-family residential, industrial, and condominiums. Before and after appraisals for condemnation purposes of single-family residences, farmland, recreational land and commercial properties.

Date post:	25-Jun-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

Restricted Appraisal Report - St. Louis, MichiganFederal Register / Vol. 75, No. 237 / Friday,...

Documents