REAL PROPERTY APPRAISAL - Cameron Parish Police Jury

Transcription

REPORT
OF
REAL PROPERTY APPRAISAL
RE :
1.0 ACRE (43,580 SQ. FT.) UNDEVELOPED TRACT OF LAND
LOCATED AT THE NORTHEAST CORNER OF CHANNELVIEW DRIVE AND JOE SANNER
LANE, (PARISH ROAD 6110A), HACKBERRY, LOUISIANA
LOCATED IN
SOUTHEAST CORNER OF SECTION 41
TOWNSHIP 12 SOUTH, RANGE 10 WEST
CAMERON PARISH, LOUISIANA
IN OWNERSHIP OF
CAMERON PARISH POLICE JURY
DATE OF VALUE
JUNE 1, 2015
APPRAISAL PREPARED FOR
CAMERON PARISH POLICE JURY
P.O. BOX 1280
CAMERON, LA 70631
PREPARED BY:
RIGHT OF WAY SERVICES, INC.
REAL PROPERTY APPRAISAL DIVISION
A CORE GROUP Company
Established 1959
CROWLEY, LA
LAFAYETTE, LA
LAKE CHARLES, LA
NEW ORLEANS, LA
HOUSTON, TX GREENWICH, CT
L AKE C HARLES D IVISION
One Lakeshore Drive, Suite 1640-D
Lake Charles, LA
Mail: P. O. Drawer 368
Crowley, Louisiana 70527-0368
(337) 783-4515 • Fax (337) 785-2003
June 12, 2015
Cameron Parish Police Jury
P. O. Box 1280
Cameron, LA 70631
Attention: Ms. Ashley K. Butler, Assistant to the Administrator, Cameron Parish Police Jury
Re:
Location:
Property Owner:
Appraisal of Real Property - 1.0 acre undeveloped land
Northeast corner of Channelview Drive and Joe Sanner Lane, (PR 6110A),
Hackberry, Cameron Parish, Louisiana
Dear Ms. Butler,
Pursuant your request, we have developed an appraisal of the above referenced property. The appraisal
report conveying our investigations, data analysis and value conclusions is presented on the following
pages.
The purpose of the appraisal was to arrive at an opinion of current market value for the full ownership
interests in said property.
The intended use of the appraisal is to provide the Cameron Parish Police Jury with a market value basis
to offer of this property for sale on the open market and its potential sale price.
The appraisal and the attached appraisal report were prepared in conformity with Standard Rules 1 and
2 of the Uniform Standards of Professional Appraisal Practice (USPAP), 2014-15 editions.
The client and intended user of this report is the Cameron Parish Police Jury. Any other party who may
receive a copy of this report is not considered an intended user by the undersigned.
Thank you for the opportunity to provide our services.
Respectfully submitted,
Thompson Bradford Core, ASA
Woody Nelson, MAI, SRA
Accredited Senior Appraiser of the American Society of Appraisers
Member of the Appraisal Institute
Louisiana Certified General Real Estate Appraiser,
No. G0204
No. G0850
2
Re: Cameron Parish Police Jury
Appraisal of I acre lot at the NEC Channelview Dr. & Joe Sanner Rd., Hackberry, LA
Right of Way Services, Inc.
©2015 All Rights Reserved
TABLE OF CONTENTS
TABLE OF CONTENTS .......................................................................................................................................... 3
SUMMARY OF IMPORTANT FACTS & CONCLUSIONS ................................................................................................. 4
OWNERSHIP DATA ............................................................................................................................................. 5
PHOTOGRAPHS OF SUBJECT PROPERTY .................................................................................................................. 7
AREA AND NEIGHBORHOOD DATA ...................................................................................................................... 12
DISCUSSION OF THE APPRAISAL PROBLEM ........................................................................................................... 13
SCOPE OF WORK ............................................................................................................................................. 15
SITE DATA ...................................................................................................................................................... 17
FLOOD ZONE MAP ........................................................................................................................................... 18
VALUATION OF PROPERTY ................................................................................................................................. 22
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ................................................................................................ 34
CERTIFICATION OF THE APPRAISER ...................................................................................................................... 37
A D D E N D U M ................................................................................................................................................. 38
EXHIBIT A; DEFINITIONS OF SIGNIFICANT APPRAISAL TERMS ................................................................................... 39
EXHIBIT B; SUBJECT’S GENERAL AREA DATA ........................................................................................................ 45
EXHIBIT C; QUALIFICATIONS OF THE APPRAISER .................................................................................................... 52
3
SUMMARY OF IMPORTANT FACTS & CONCLUSIONS
Client
Property Owner
Type of Property Appraised
1.0 acre* of undeveloped waterfront land along the Calcasieu River
Location of Property
The subject of this appraisal is located at the northeast corner of
Channelview Drive and Joe Sanner Lane, (PR 6110A), Hackberry, LA
General Property Description
1.0 acre* in the SE Corner of Section 41, T12S, R10W, Cameron
Parish, LA
Purpose of Appraisal
The purpose of the appraisal is to provide the client with an opinion
of current market value1 for the property identified herein.
Property Rights Appraised
Full ownership interests
Intended Use of Appraisal
To provide the client with a basis of market value for the subject
property relative to its potential sale
Intended User(s) of Report
Current Use of the Property
Undeveloped land - Idle in Use
Date(s) of Property Inspection
June 1, 2015
Effective Date of Value
June 1, 2015
Estimated Exposure Time
Less than 12 months based on our review of recent transactions of
similar sites, Realtor® multiple listing service (mls), general market
information and discussions with local real estate professionals
Estimated Marketing Time
Less than 12 months if adequately marketed and advertised for sale;
no significant changes in market conditions are anticipated to occur
Date of Appraisal Report: June 12, 2015
REAL PROPERTY APPRAISAL CONCLUSION
MARKET VALUE OF REAL PROPERTY* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
152,000.00
(ONE HUNDRED FIFTY TWO THOUSAND DOLLARS)
*Note: The land area stated for the subject site should be confirmed by a current survey. In the event the
quantity of land area of the subject site is determined to be different, the value reported herein will
require revision.
1
Refer to definition of market value and its source presented in Exhibit A of the Addendum.
4
OWNERSHIP DATA
Property Owner
Owner’s Address
P.O. Box 1280, Cameron, Louisiana 70631
General Property Description
As per client’s & Assessor’s information: “One (1) acre located at TBD (to
be determined) Channelview/Riverside Drive, Hackberry, Louisiana
70645; Commence at a point West 8.3 Feet & North 4 deg 33 min East
705.1 Feet from Southeast corner of Section 41, T12S-R10W, West 100
feet, North 4 deg 26 min East 208.7 Ft, 247.45 Ft, Southwesterly along
meander of existing shoreline to a point 40 Feet East of point of
commencement, West 40 Feet to a point of commencement Containing 1.0 acre, Cameron Parish, LA”
Assessor’s Parcel No.
860000200
Property’s Assessed Value
$
1,400.00
Property Taxes
City
Parish
$
$
n/a
192.67
Property Tax Analysis
The assessed value indicated above is based on 10% of the property’s
market value set by officials of the Parish Assessor’s office.
Representatives of the assessor indicated the subject’s assessed value
has not been updated in many years and will likely be higher when reassessed. According to the appraisal reported herein, the current taxes
are understated and likely to increase significantly.
3-year Transaction History
Review of the public records and information obtained from the client
revealed no transactions involving the subject property have occurred
within the previous 3-year period.
It was understood the owner recently offered this property for sale in
2014 for $280,000.00 based on a previous appraisal. However, no offers
to purchase have been received.
The property is currently advertised by the owner for lease.
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LOCATION MAP OF SUBJECT PROPERTY
SUBJECT
6
PHOTOGRAPHS OF SUBJECT PROPERTY
6/1/15: east view along Channelview Drive with subject at left background
6/1/15: North view along Joe Sanner Lane (PR 6110A) from Channelview Drive - subject at right
7
6/1/15: Subject viewed northeast from the intersection of Channelview Drive and
Joe Sanner Lane, (PR 6110A)
6/1/15: West view along Channelview Drive near east end of street
and along east property line of subject, (Subject shown at right)
8
6/1/15: Subject viewed north from Channelview Drive near midpoint of tract
6/1/15: Subject viewed northeast upon site near concrete surfacing & toward Calcasieu River
9
6/1/15: Subject’s street frontage viewed south along Joe Sanner Lane (PR 6110A) near north property
line of subject
6/1/15: Subject viewed southeast from Joe Sanner Lane (PR 6110A) from near northwest corner of site
10
6/1/15; South view of subject’s water frontage along the Calcasieu River
6/1/15; North view of subject’s water frontage along the Calcasieu River
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AREA AND NEIGHBORHOOD DATA
The reader’s attention is directed to Exhibit B of the Addendum regarding information relative to
subject’s general real estate market area data.
A neighborhood is defined by The Dictionary of Real Estate Appraisal as "a group of complimentary land
uses; a congruous grouping of inhabitants, buildings or business enterprises". It can be characterized by
uses of property therein such as residential, commercial, industrial, agricultural, recreational, etc. or a
combination of these uses.
Neighborhood or Market Area Analysis, is defined as "the objective analysis of observable and/or
quantifiable data indicating discernible patterns of urban growth, structure, and change that may
detract from or enhance property values; focuses on four sets of considerations that influence value:
social, economic, governmental, and environmental factors."
Hackberry, LA is an unincorporated community and a census designated place (CDP) in Cameron
Parish, Louisiana. The subject's neighborhood or market area is characterized as the recreational
community of Hackberry, Louisiana, which extends along the west bank of the Calcasieu River south of
the city of Lake Charles and north of the city of Cameron, LA.
Hackberry was heavily damaged by Hurricane Rita in September of 2005 and Hurricane Ike in September
2008. Ike's 22-foot storm surge extended 60 miles inland and devastated Hackberry. The small
community was heavily flooded and all structures (houses, churches, buildings, etc.) were
affected. Flooding caused by the hurricane killed many cattle, other farm animals and affected
numerous industrial and commercial facilities associated with the petroleum and seafood industries.
The subject’s neighborhood boundaries are generally considered to be those properties east of Hwy 27
and west of the Calcasieu River and encompassing most of the community of Hackberry, Louisiana. The
population was 1,261 at the 2010 census down from 1,699 at the 2000 census. It is part of the Lake
Charles Metropolitan Statistical Area.
Most commercial development activity exists along LA 27 and caters to the local community. Residential
property uses exist primarily along public streets extending east and west of LA 27. The vast majority of
recent development is characterized mostly by canal fronting residential subdivisions with access to the
Calcasieu River and other local tributaries. The local real estate market and community is catered heavily
toward recreational enthusiast.
Community services include fire and police protection, health clinic, mosquito control, ambulance
service, churches, post office, garbage collection, elementary & high school, library and etc.
Before starting any type of construction, moving a manufactured/modular home/recreation
vehicle/storage building onto property, or remodeling, a Development Permit must be obtained from
the Cameron Parish Planning and Development Office. Additionally, a Coastal Use Permit is required to
haul in fill, clean-pit a mud boat ditch or construct a levee.
The future outlook for the area is favorable, considering the residential development taking place in the
area and the apparent demand for water front properties. Relatively few tracts of this type appear to be
available for purchase in the area.
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DISCUSSION OF THE APPRAISAL PROBLEM
The client requested a current opinion of market value for the property identified herein, which forms
the basis of the appraisal problem.
Market Value is defined as: “The most probable price which property should bring in a competitive and
open market under all conditions requisite to a fair sale, and 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 is a sale as of a specified date and the passing of title from seller to buyer under
conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and acting in what they consider their own best
interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable
thereto; and
e. 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.
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed.
There are several basic steps in the valuation process, which are:
1) Definition of the Problem: This step involves identifying the type of value sought, the property and
property rights to be appraised, the date of the value estimate, the use of the appraisal and the
intended users of the appraisal report, and the assumptions and limiting conditions;
2) Preliminary analysis and data collection/selection: This step involves gathering information both
specific to the subject property and information related to the general environment of the subject
property such as social or economic trends;
3) Highest and Best Use Analysis: This step involves two separate analyses. First, the highest and best
use of the site as if vacant is determined. Second, the highest and best use of the property as
improved is determined;
4) Application of the “three recognized approaches to value”, when applicable. The Cost Approach is
the value indication arrived at by estimating the current cost of reproducing or replacing the
improvements, minus the loss in value from depreciation, plus land value (typically "as if vacant").
This approach is based upon the principle of substitution. The Sales Comparison Approach is the
method whereby a value indication is arrived at by comparing sales of properties similar to the
subject property to the property under appraisal. This approach is based upon the principles of
supply and demand, substitution, balance, and externalities. The Income Capitalization Approach is
the value indication arrived at by capitalizing a property's future earning potential (rents) into a
present value estimate. This approach is based upon the principles of anticipation, supply and
demand, substitution, balance and externalities.
5) Reconciliation of Value Indications and Final Opinion of Value. All of the approaches have strengths
and weaknesses when applied to any particular property. The reliance placed upon the value
indicators for a particular property is dependent upon the quantity and quality of market data
available. Therefore, the most reliable indication of value for a property may result from one, or a
combination of, the approaches utilized.
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The property rights considered for purposes of this appraisal are “full ownership interests”.
The intended use of the appraisal is to provide the Cameron Parish Police Jury with a basis of market
value for the subject property relative to its potential sale.
The intended user of this report is the Cameron Parish Police Jury. Any other party who may receive a
copy of this report from the client is not considered by the undersigned to be an intended user.
The appraisal and this appraisal report were prepared in conformity with Standard Rules 1 and 2 of the
Uniform Standards of Professional Appraisal Practice (USPAP), 2014-15 editions.
The appraisal was based on various assumptions and limiting conditions as stated herein. Additional
information is provided in the Addendum section.
In addition to the General Assumptions and Limiting Conditions subsequently stated herein, the
following Extraordinary Assumptions were necessary to fulfill the purpose and intended use of the
appraisal:
Extraordinary Assumptions*:
1. The property appraised herein is not subject to any encumbrances, other than those stated
herein, that affects its use or related market value prior to the proposed acquisition;
2. The property is not subject to any adverse environmental conditions and complies with all
regulatory requirements;
3. The land area indicated for the subject site (1.0 acre or 43,560 sq. ft.) was estimated based on
information obtained from the Cameron Parish public records and provided by the client’s
representative. No survey plat was furnished to the appraiser, unless otherwise noted herein.
We assume the land area indicated herein is accurate;
4. All utilities and services are currently adequate and available at the subject’s location to utilize
the property in its stated highest and best use;
5. Information provided by others is assumed correct.
* The extraordinary assumptions used herein might affect the assignment results; See Addendum,
Exhibit A - Definitions
Disclosures:
1. Subterranean minerals or rights thereto, if any, were not addressed in the appraisal performed;
2. The findings reported herein are based on information furnished by the client’s representative, as
well as our independent research, and are subject to revision in the event additional data is
provided or developed;
3. The client is advised to obtain a final plat of survey and related legal description for the subject
site to confirm the site’s dimensions and quantity of land area prior to entering into a buy-sell
agreement.
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SCOPE OF WORK
The scope of work associated with this appraisal assignment entailed consultations with the client’s
representative, Ms. Ashley K. Butler. (Assistant to the Administrator of the Cameron Parish Police Jury)
to discuss the purpose and intended use of the appraisal, type of value sought, effective date of value,
intended users of the appraisal report, along with any applicable extraordinary assumptions and
hypothetical conditions required to develop a credible appraisal.
The undersigned appraiser has completed appraisals of similar properties within the geographic locale
for similar purposes and intended uses. The complexity of analyses and valuation techniques conducted
in connection with these former assignments are similar to those associated with the subject of this
appraisal. The appraiser had the necessary education, knowledge, and experience to competently
complete this assignment prior to its acceptance.
Information relative to the subject property was obtained from various sources including Ms. Ashley K.
Butler and the public records of Cameron Parish.
The legal description of the property was furnished within the Conveyance Deed, a copy of which was
furnished the appraiser. This deed along with the Cameron Parish assessment data indicates the site
contains 1.0 acre. During the inspection it appeared erosion of the site may have occurred along the
Calcasieu River. Therefore, the land area stated for the subject site should be confirmed by a current
survey. In the event the quantity of land area of the subject site is determined to be different, the value
reported herein will require revision.
A copy of the previous appraisal report was furnished by Ms. Ashley K. Butler for the purpose of
providing factual data relative to the subject property.
The client is advised to obtain a final plat of survey and related legal description for the subject site to
confirm the site’s dimensions and quantity of land area prior to entering into a buy-sell agreement. In
the event the subject’s land area is determined to be less than what is indicated herein, the total value
indicated herein may require adjustment.
The appraiser performed an inspection of the identified ownership tract for appraisal purposes. During
the inspection, the subject’s physical characteristics were visually observed and photographs were
taken. The appraiser also utilizes Google Earth™ imagery to obtain additional information as needed.
The subject property's surrounding real estate market area was identified and analyzed to obtain
information about current uses and development trends in the immediate & general vicinity, the
availability of utilities and public services, and other factors that influence the use and related value of
property.
Information was collected and analyzed to determine uses of property that were likely and probable to
occur at date of appraisal relative to determining the subject’s highest and best use. Consideration was
given to applicable zoning ordinances, known deed restrictions, and/or covenants affecting the
property's use, if any; FEMA flood zone data; in addition to other factors, including those external to the
property under appraisal that may influence its market value.
15
Consideration was given to application of the Sales Comparison, Cost, and Income Approaches to Value.
The nature of the subject property along with availability of comparable real estate market data were
factors considered regarding the applicability of these recognized approaches to value.
Market research was performed in the subject's market area to obtain transactions involving sales of
properties deemed similar to the property under appraisal. The research and data collection was conducted
by the undersigned appraiser through reviewing our office files, public records, information obtained
from local real estate professionals, and the Southwest Louisiana Association of Realtors multiple listing
service (mls).
Analysis of the data collected indicated the Sales Comparison Approach would produce the most reliable
indication of value for the subject’s land.
The Income Approach was considered but deemed not applicable due to the type of property being
appraised herein and related highest and best use.
The Cost Approach was considered but utilized as the existing improvements (concrete surfacing and
chain link fencing) have minor, if any, contribution to the underlying land due to its highest and best use
for residential development.
The estimated exposure and marketing periods for the subject were estimated at less than 12 months
based on our review of recent transactions of similar sites, local multiple listing (mls) data, general
market information and discussions with local real estate professionals. No significant changes in market
conditions are anticipated occur within the near future and trends should remain rather stable.
The use of this property may be subject to various Local, State and Federal regulatory agencies such as
the Louisiana Department of Environmental Quality; U. S. Environmental Protection Agency; U. S Army,
Corps of Engineers; Americans with Disabilities Act; and etc. In the event a determination of this
property’s regulatory compliance with regulatory agencies is required, specialized services should be
obtained, as we do not possess the knowledge to make such determination. The appraisal was
performed under the extraordinary assumption the property is in compliance with all regulatory
requirements for its stated highest and best use. The appraiser is unaware of any adverse environmental
conditions that may affect this property at date of appraisal. The extraordinary assumptions used herein
might affect the assignment results; See Addendum, Exhibit A - Definitions
Location maps and photographs of the subject property are presented herein to provide the reader with
a visual reference.
16
SITE DATA
Type of Property
Vacant land with minor improvements (concrete slab & chain link fence)
Location
The subject site is located at the northeast corner of Channelview Drive
and Joe Sanner Lane, (PR 6110A), Hackberry, LA
General Description
1.0± acre bounded south by Channelview Drive, west by Joe Sanner
Land (Parish Road 6110A) east by the Calcasieu River and north by land
of others. Note: The land area stated for the subject site should be
confirmed by a current survey. In the event the quantity of land area of
the subject site is determined to be different, the value reported herein
will require revision.
Street Access
Two-lane asphalt paved & parish maintained public streets with open
ditch drainage
Dimensions (±)
247.45 feet x 208.7 feet
Land Area (±)
1.0 acre, as per information furnished - assumed correct
Shape:
Rectangular
Utility:
Average/Typical of local area
Current Use:
Idle in use
Exposure / View:
Residential/recreational/waterfront
Drainage:
Assumed adequate
Terrain/Topography:
Open; generally level
Relative Elevation:
Near to above adjoining street grade
FEMA Flood Zone:
Zone AE, Elevation 10 feet; Community Panel #22023CO400H dated
11/16/12.
Public Utilities:
Utilities available proximate to subject include electricity, water,
telephone and internet/cable; Typical of the market area
Services:
Police and fire protection, garbage collection
In Corporate Limits:
Unincorporated area of Hackberry, LA
Zoning:
Not zoned
Servitudes/Easements:
Typical utility servitudes are likely to exist; we assume any existing
servitudes would not impede the site’s use or development potential
Encroachments:
None observed or known to exist
17
FLOOD ZONE MAP
SUBJECT
Zone AE and A1-30
Areas subject to inundation by the 1-percent-annual-chance flood event determined by detailed methods.
Base Flood Elevations (BFEs) are shown. Mandatory flood insurance purchase requirements and floodplain
management standards apply.
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Highest and Best Use Analysis
Highest and Best Use is defined as "the reasonably probable and legal use of vacant land or an improved
property that is physically possible, appropriately supported, and financially feasible and that results in
the highest value.”
The principle of Highest and Best Use is based on economic principles that affect the value of real
property.
In developing an opinion of Highest and Best Use for the subject's land, consideration was given to the
current use of the property under appraisal, surrounding property uses, and uses that are likely and
probable to occur at date of appraisal or within the not too distant future.
When determining the Highest and Best Use of a property with building(s) and/or site improvements,
the appraiser considers the property’s existing use, alternative uses, renovation of the improvements,
conversion of the improvements to another use, demolition of all or part of the improvements, or a
combination of the above.
Certain criteria are required for consideration to determine the Highest and Best Use of real property.
The use must be legal; The use must be within the realm of probability; that is, it must be likely not
speculative or conjectural; There must be a demand for such use; The use must be physically possible factors such as location, size, shape, utility, topography, soil conditions, drainage, access, and etc. must
be considered; The use must be economically feasible; and the use must be profitable to yield the
highest net return to the land and to the property as a whole.
Based on the following criteria; the analysis of the Highest and Best Use is then tested as follows:
Legally Permissible Uses
Determine which uses are legally permitted for the site.
Physically Possible Uses
Of the legally permissible uses, determine those that are physically possible for the site.
Financially Feasible Uses
Of the legally permissible and physically possible uses, determine which uses will produce a positive
return/value to the land.
Most Profitable or Maximally Productive Use
Of the legally permissible, physically possible and financially feasible uses determined for the property,
that use which results in the property’s highest value is concluded as its highest and best use.
The Highest and Best Use determined for a property is also an important consideration when identifying
and selecting comparable properties used in the valuation methods, i.e. Cost Approach, Sales
Comparison Approach & Income Approach.
19
Highest and Best Use Analysis
The subject of this appraisal reportedly contains 1.0 acre of land located in the immediate vicinity of an
established residential waterfront subdivision with lots having direct access to the Calcasieu River Ship
Channel via man-made canals and/or frontage thereon.
Note: The land area stated for the subject site should be confirmed by a current survey. In the event the
require revision.
All public utilities are available to the subject except sewer and natural gas. Electricity (Entergy), Water
(Hackberry Waterworks District No. 2); Cable TV/Internet (Cameron Communications), Garbage pickup
(Waste Management, Police and Fire Protection (Hackberry Fire Protection District No. 2)
The subject site is a vacant, cleared tract of land with frontage along the west bank of the Calcasieu
River. It is situated in Flood Zone AE, wherein flood insurance is mandated for mortgage loan purposes.
This flood zone is typical of the area.
The property is not subject to zoning ordinance and appears suitable for development purposes subject
to obtaining required permits from governing agencies.
The tract enjoys frontage along Channelview Drive and Joe Sanner Lane, (PR6110A). Access to both of
these streets is available. The site’s relative elevation is near the grade of adjoining streets due to prior
filling.
A plat of the subject site was not available.
Based on our observations of property uses in the immediate and competing market areas, the physical
and economic attributes of the subject site, local and recent/on-going real estate developments coupled
with the current demand for real estate in this area, Residential appears to be the most likely and
probable use for the subject site. No commercial uses of land were observed proximate to the subject.
Consideration was given to subdividing the subject site into two or three residential waterfront lots due
to its overall size. Most competing lots in the area are typically 1/3rd of acre in size and include boat slips
adjacent to canals that extend to the Calcasieu River. Boat sheds along the Calcasieu Ship Channel for
recreational use would require more extensive construction features to provide protection from wave
action when compared to shed constructed along small canals within subdivisions. Dredging a canal
extending from the ship channel into the site and installing bulk-heading for a boat slip was considered.
This option was not concluded financially feasible (cost prohibitive) due to the small size of the subject
and related lot prices that are attainable in this area.
Consideration was also given to commercial use of the site. However, it is somewhat remotely located
along a minor parish roadway and limited to recreational traffic and related exposure. Although
commercial use is legally permissible and physically possible, such use was not concluded to be most
likely or probable. The vast majority of commercial developments are along Highway 27 where adequate
commercial facilities exist for this small community.
After analyzing local real estate market activity, current supply and demand for real estate, the subject’s
physical and economic characteristics along with neighborhood uses/trends, it was concluded singlefamily residential/recreational use is the most likely and probable use for the subject site. Due to the
subject’s size, it could be divided into two or three residential lots each having water frontage and
exposure to the Calcasieu River.
20
We are unaware of any deed restrictions, regulations, or encumbrances that would adversely impact
this use.
The site includes concrete surfacing and chain link fencing. Although these improvements are costly to
install, their compatibility and contribution to the property’s residential use is limited as the slab may be
deemed “mis-located” in conjunction with the site’s development and require removal. Further, the 6’
chain link fencing is typically associated with commercial use and not typical of the type of residential
use concluded for the subject. Therefore, these improvements were concluded to be of no contributory
value.
Based on the foregoing, the likely and probable uses applicable to the subject property were analyzed
and our conclusions are summarized as follows:
Physically Possible Use(s):
Single-family residential-recreational
Physically Possible and Legally Permissible Use(s):
Physically Possible, Legally Permissible and Financially Feasible Use(s):
Maximally Productive Use:
Conclusion of Property’s Highest and Best Use: Single-family residential-recreational
21
VALUATION OF PROPERTY
All three recognized approaches to value were considered in developing an opinion of market value for
the subject property.
The valuation of the subject’s land was accomplished through application of the Sales Comparison
Approach. This method typically results in a reliable opinion of market value. The unit of comparison
deemed applicable in the appraisal of the subject’s land is commonly referred to as “price per square
foot (SF)”.
The Sales Comparison Approach requires the appraiser to perform research in the subject’s real estate
market area to discover sales of comparable properties that are similar to the property under appraisal.
The Cost Approach is considered when a property contains building or site improvements. This method
is best utilized in the appraisal of properties wherein the improvements are in new or nearly new
condition, designed for a special use, when a lack of comparable sales or rental properties exists, in
instances when market participants consider cost of construction to determine sale prices, or when a
site containing minor improvements.
Market research did not produce sufficient data to employ the Income Approach nor did our findings
indicate properties such as the subject were typically purchased for rental income.
The price a typical purchaser pays is usually the result of an extensive shopping process in which
available alternatives are compared. The property purchased typically represents the best available
balance between the buyer's specifications and the purchase price. Carefully verified and analyzed data
will generally provide a good indication of value if they represent typical actions and reactions of buyers
and sellers active in the market.
Recognizing no two properties are exactly alike, adjustments may be required for factors of difference to
arrive at an opinion of value. Adjustments should be developed by comparing various sales to one
another where only one factor of difference is evident. The difference in price indicates the amount for
that difference. When a comparison of several sales provides a similar indication for the item of
difference, then it is logical to indicate the market perceives this factor as a positive or negative
influence. In some instances, no price difference is indicated revealing that factor has no affect on value.
In summary, the appraiser strives to support adjustments by analyzing factors in the marketplace that
influence value.
The sales deemed most comparable to the subject’s land were selected using the following criteria:
1. The selected sales represent an array of transactions that have occurred in the market and would be
comparative alternatives to the identified property as of the date of appraisal;
2. The selected sales have a similar highest and best use as the subject property;
3. The selected sales represent attainable unit prices in the subject’s market area;
4. The transactions occurred under arm’s length or fair market conditions and are not known to be
affected by atypical circumstances or duress;
5. Differences that may exist between these sales and the subject property can be adjusted for these
differences.
22
Elements of comparison are divided into two categories: “Transactional Adjustments” and “Property
Adjustments”. Transactional adjustments include consideration of the following factors:
1. Real property rights conveyed; i.e. partial or additional rights to other property conveyed, etc.
2. Financing terms; i.e. atypical financing/interest rate, etc.
3. Conditions of sale; i.e. atypical motivation, lack of market exposure, etc.
4. Anticipated cost of expenditures at date of sale; i.e. cost to cure deferred maintenance, demolition of
improvements, costs for zoning change, remediation of contamination, etc.
5. Market conditions; increases or decreases in price occurring between date of sale and date of
appraisal
The recognized methods for analyzing sales are the quantitative and qualitative method.
Quantitative analysis method utilizes parings of sales wherein only one factor of differential exists and is
the most accurate method for developing adjustments. When such data is not available, the appraiser
may employ the qualitative analysis method wherein the sales are qualitatively compared to the subject
property for factors that are similar, superior or inferior to the property being appraised. The unit prices
reflected by the sales with the most similar characteristics to the subject indicate a value range for the
property under appraisal. Then, the sales considered most similar (requiring the amount of least
adjustment) to the subject are relied upon the greatest and allow the appraiser to conclude a
reasonable opinion of value.
Qualitative analysis is very reliable in real estate markets where a limited amount of sales data exists
and particularly in imperfect markets where prices for similar properties tend to vary for no apparent
reason.
The qualitative analysis performed provided a meaningful understanding of the differences that exist
between these comparables and the property under appraisal. Factors associated with these sales
considered superior to the subject indicate a lower value for the subject while inferior factors suggest a
higher value.
Market research produced a sufficient amount of recent land sales and offerings within the subject’s
general market area for comparative purposes. In this analysis, both the quantitative and qualitative
analysis methods were considered to develop an opinion of value for the subject property.
The comparable properties considered most similar to the subject are presented on the following
Comparable Property Data sheets.
Continued on following page
23
Land Sale No.
RL-1
Location
East side of North Riverside Court 100 feet north of North Riverside Drive, Hackberry, LA
General Description
Lot 18 of Channel View Harbor Subdivision, Part II, Cameron Parish, Louisiana
Date of Sale
February 19, 2014
Vendor
URB Holdings, Inc.
Vendee
Debra Navarre Breard
Recordation
File # 332005
Sale Price
$151,000.00
Type of Transaction
Cash Sale
Financing
Cash to Seller
Seller Paid Concessions
$0.00
Improvements
Bulkhead
Effective Land Price
$90,250.00
In City Limits
Highest and Best Use
Single-family Residential-Recreational
Interest Conveyed
Full ownership
Land Area (±)
0.3477 ac. or 15,147 sq. ft.
Road Frontage
North Riverside Court: 81 ft. with similar frontage along Calcasieu River
Topography
Open
Access
Public hard-surfaced street with open ditch drainage
Shape
Rectangular
Utilities
Water, electricity and telephone
Corner Influence
No
View
Residential/Calcasieu River
FEMA Flood Zone
Zone AE: Areas subject to inundation by the 1-percent-annual-chance flood event
determined by detailed methods. Base Flood Elevations (BFEs) are shown. Mandatory
flood insurance purchase requirements and floodplain management standards apply.
Apparent
Encumbrances
Typical utility servitudes
Date of Inspection
June 1, 2015
Current Use
Residence
Conditions of Sale
Fair market transaction
Unit Price, per sq. ft.
$9.97
Est. Contribution
Effective Unit Price, per sq. ft:
Zoning
$60,750
$5.96
Not zoned
Traffic Signal
n/a
MLS data via Drusilla Ellender Real Estate Agent with Coldwell Banker Gallerie Realty; Act
of Sale; Inspection
Remarks: This lot fronts the Calcasieu River within the Channel View Subdivision which features both river frontage
and canal frontage lots. A residence has been constructed on the property since the time of purchase. The site
included bulkhead along the river. Direct access is available to the river with boat launching facilities located nearby
but outside of the subdivision
Verification
24
Land Sale RL-1, continued:
RL-1
SUBJECT
Land Sale RL-1
25
Land Sale No.
RL-2
Location
South side of North Riverside Drive about 80 feet east of West Riverside Drive, Hackberry,
LA
General Description
Lot 17 of Channel View Harbor Subdivision, Part I, Cameron Parish, Louisiana
Date of Sale
June 26, 2013
Vendor
Kerry Bruce & Drusilla Beglis Ellender
Vendee
JLP Investments, Inc.
Recordation
File # 329737
Sale Price
$48,000.00
Type of Transaction
Cash Sale
Financing
Cash to Seller
$0.00
Effective Sales Price
$48,000.00
In City Limits
Interest Conveyed
Full ownership
Land Area (±)
0.3013 ac. or 13,125 sq. ft.
Road Frontage
North Riverside Drive: 81 ft.
Topography
Open
Access
Shape
Rectangular
Utilities
Corner Influence
No
View
Residential/canal
FEMA Flood Zone
Apparent
Encumbrances
Improvements
None
Date of Inspection
June 1, 2015
Current Use
Available for residential use
Conditions of Sale
$3.66
$3.66
Zoning
Traffic Signal
Not zoned
None
Contribution
$0.00
MLS data via Kathy Ware Real Estate Agent with Coldwell Banker Gallerie Realty.; Act of
Sale; Inspection
Remarks: : This is a canal frontage lot in the Channel View Subdivision which features both river frontage and canal
frontage lots. Boat launching facilities are located nearby but outside of the subdivision.
Verification
26
Land Sale RL-2
27
Land Sale No.
RL-3
Location
East side of Golden Tor Drive about 75 feet north of the most easterly south end of
Golden Tor Drive, Hackberry, LA
General Description
Lot 47 of Angler Bay Subdivision, formerly Breaux Subdivision, Cameron Parish, Louisiana
Date of Sale
November 1, 2012
Vendor
Darrell James & Michele Rene Pete
Vendee
Giles Glen and Kelli Annette Brown
Recordation
File # 327692
Sale Price
$48,000.00
Type of Transaction
Cash Sale
Financing
Cash to Seller
$0.00
Effective Sales Price
$48,000.00
In City Limits
Interest Conveyed
Full ownership
Land Area (±)
0.3053 ac. or 13,300 sq. ft.
Road Frontage
Golden Tor Drive: 73 ft.
Topography
Open
Access
Shape
Rectangular
Utilities
Corner Influence
No
View
Residential/river
FEMA Flood Zone
Apparent
Encumbrances
Improvements
None
Date of Inspection
June 1, 2015
Current Use
Conditions of Sale
Verification
MLS data via Susan Gaar, real estate agent with ERA Moffett Realty.; Act of Sale;
Inspection
$3.61
$3.61
Zoning
Traffic Signal
Not zoned
None
Contribution
$0.00
28
Land Sale RL-3
29
Land Sale No.
RL-4
Location
North side of Lake Breeze Drive at 327 Lake Breeze, Hackberry, LA
General Description
Lots 45 & 46, Block 2, Part 3 of Lake Breeze Subdivision, Cameron Parish, Louisiana
Date of Sale
July 26, 2013
Vendor
Thomas Christofer Barlow, et ux
Vendee
Pintail Construction and Development Company
Recordation
File # 329968
Sale Price
$100,000.00
Type of Transaction
Cash Sale
Financing
Cash to Seller
$0.00
Improvements
Concrete driveway and slab for garage
$97,000.00
In City Limits
Interest Conveyed
Full ownership
Land Area (±)
0.3306 ac. or 14,400 sq. ft.
Road Frontage
Lake Breeze Drive: 120 ft.
Topography
Open
Access
Shape
Rectangular
Utilities
Corner Influence
No
View
Residential/canal
FEMA Flood Zone
Apparent
Encumbrances
Date of Inspection
June 1, 2015
Current Use
Conditions of Sale
Verification
Remarks
Unit Price, per sq. ft..
Contribution
Effective Unit Price, per sq. ft.:
Zoning
Traffic Signal
$6.94
$3,000.00
$6.74
Not zoned
None
MLS data via Kathy Ware, real estate agent with Colwell Banker Gallerie Realty.; Act of
Sale; Inspection
This site fronts a canal that extends to the Calcasieu River and is located in an area of
existing and active residential-recreational development. Site included concrete
driveway surfacing and slab for former garage; Previously sold for $76,000 on 4/30/12
30
Land Sale RL-4
31
Analysis of the Comparable Sale Data
The relative differences between each comparable sale and the subject property are now discussed.
The comparables are ranked similar, inferior, or superior in relation to the subject for perceived factors
of difference that influence value and an indicated value is rendered from each.
The ranking is based on a scale from 1 to 3 whereby 1 would indicate a minor difference; a 2 would
indicate a moderate difference; and a 3 would suggest a more significant difference.
QUALITATIVE LAND SALES ANALYSIS CHART
RL-1
RL-2
RL-3
RL-4
Location
E/S N. Riverside Ct.
Hackberry, LA
S/S N. Riverside Dr.
Hackberry, LA
E/S Golden Tor Dr.
Hackberry, LA
N/S Lake Breeze Dr.
Hackberry, LA
Sale Date
2/14
6/13
11/12
7/13
$90,250
$48,000
$48,000
$97,000
Size (Sq. Ft.)
15,147
13,125
13,300
14,400
Zoning/Use
Not Zoned/Res. Use
Not Zoned/Res. Use
Not Zoned/Res. Use
Not Zoned/Res. Use
$5.96
$3.66
$3.61
$6.74
Interests Conveyed
Similar
Similar
Similar
Similar
Conditions of Sale
Similar
Similar
Similar
Similar
Special Financing
None
None
None
None
Market Conditions
Similar
Inferior (+2)
Inferior (+2)
Inferior (+2)
Location / Amenities
Superior (-2)
Superior (-2)
Superior (-2)
Superior (-2)
Shape/Configuration
Similar
Similar
Similar
Similar
Superior (-3)
Superior (-3)
Superior (-3)
Superior (-3)
Terrain / Topo
Similar
Similar
Similar
Similar
Road Frontage
Inferior (+1)
Inferior (+1)
Inferior (+1)
Inferior (+1)
Utilities
Similar
Similar
Similar
Similar
Street Access
Similar
Similar
Similar
Similar
Overall Comparison
to Subject Property
Vastly Superior (-4)
Superior (-2)
Superior (-2)
Superior (-2)
Indicated Unit Value,
per Sq. Ft.
Significantly Below
$5.96
Moderately
Below $3.66
Moderately
Below $3.61
Moderately Below
$6.94
Comparable No.
Unit Price, Land per
Sq. Ft.
Comparative
Elements:
Comparative Physical
Elements
Size
32
Reconciliation and Conclusion of Land Value
Numerous land sales and offerings were researched in developing an appraisal for the subject site.
Although none were considered truly comparable to the subject in all aspects, particularly in size and
frontage on the Calcasieu River, the land sales presented and analyzed were deemed applicable for
appraisal purposes.
The locational amenities (within establish developed subdivisions) and physical characteristics of these
comparables vary rather significantly in relation to the subject. As a result, all sales were deemed
superior to the subject regarding this factor.
Considerations in the comparison process were also attributable to differences in land size, (the subject
being much larger). The typical size of a waterfront lot in this area desired for residential-recreational
use is approximately 1/3rd acre or 15,000± sq. ft. The subject site could be divided into two or three lots
wherein each would be similar in size to competing lots. Our analysis indicated a greater demand exists
for smaller lots, which have been more readily sold.
In addition to these sales, information pertaining to several current offerings of waterfront lots was
researched and analyzed. Listing No. 1 is the current offering of a 13,578 SF lot in Channel View Harbor
Subdivision, Part II at $175,000. This listing fronts the Calcasieu River but is superior to the subject in
several aspects including locational amenities associated with a subdivision environment, bulk-heading,
graded and contoured for development, and was significantly smaller in size. At an asking price of
$12.89 per sq. ft. this lot is well-above other competing sites that have sold.
Listings 2, 3, 4 and 5 are waterfront lots considered more comparable to the subject’s size. These lots
are located approximately ½ mile south of the subject along Christy Drive; are 1.22 to 1.51 acres in size,
contain no bulk-heading, and offered at $1.81 to $2.24 per sq. ft. However, they are inferior to the
subject due to access/frontage along an aggregate surfaced street, have water frontage along Joe’s Cove
of shallower depth - typically 3 feet as indicated by listing agent; Further, these lots are much lower in
elevation compared to the subject (1-3± feet vs. 6-8± feet) and subject to more frequent inundation.
The comparable sales data and offerings presented herein were quantitatively analyzed for factors of
difference in relation to the subject. While none were considered identically comparable to the subject,
collectively the data appears to support a unit value for the subject site within a range from about $3.00
to $4.00 per sq. ft.
After carefully considering all aspects of the subject property with respect to the comparable data
available and analyzed and in view of existing market conditions as of the effective appraisal date, a unit
value of $3.50 per sq. ft. was concluded for the subject site. Accordingly;
1.0± acre or 43,560± sq. ft. of land area x $3.50 per sq. ft. indicates $ 152,460.00
OPINION OF MARKET VALUE FOR SUBJECT’S PROPERTY
$ 152,000.00
Note: The land area stated for the subject site should be confirmed by a current survey. In the event the
require revision.
33
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
The appraisal developed and this report was made under the following assumptions and limiting conditions:
1. Title to the property is free and clear, unencumbered and there are no leases, easements, liens or
other encumbrances on the property.
2. The information contained in this report as furnished by others is believed to be correct, but the
appraiser assumes no responsibility for its accuracy. Included in this information is ownership title
information, measurements, survey, and other information furnished by the client as likewise
comparable sales data furnished by the court records and the principals involved in the various
transactions;
3. No responsibility is here assumed for any matters that are legal or political in nature. No
responsibility is assumed for political, social or economic changed conditions, which could have an
effect on real estate values which changes take place after the date of this valuation;
4. It is assumed that the improvements are located on the land described herein and do not overlap
this land unless otherwise stated in the appraisal report;
5. The management of the property is assumed to be competent and the ownership in responsible hands;
6. All engineering is assumed to be correct. The plot plans and illustrative material in this report are
included only to assist the reader in visualizing the property.
7. It is assumed that there are no hidden or non-apparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such conditions or
for arranging for engineering studies that may be required to discover them.
8. It is assumed that there is full compliance with all applicable federal, state, and local environmental
regulations and laws unless noncompliance is stated, defined and considered in the appraisal report.
9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with,
unless nonconformity has been stated, defined, and considered in the appraisal report.
10. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative 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.
11. It is assumed that the utilization of the land and improvements is within the boundaries or property
lines of the property described and that there is no encroachment or trespass unless noted in the
report.
12. It is assumed the client will have this appraisal report reviewed for accuracy and provide the appraiser
with the opportunity to make corrections to said report prior to entering into any agreements or
transactions involving the property identified herein.
13. Possession of this report, or a copy thereof, does not carry with it the right of publication. It shall be
used only for the purpose and intended use stated herein. It shall not be used for any other purpose or
by anyone other than the intended user(s) stated herein without the written consent of the appraiser;
and in any event, only with properly written permission of the appraiser and only in its entirety.
34
Assumptions & Limiting Conditions, Continued:
14. 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 buildings must not
be used in conjunction with any other appraisal and are invalid if so used.
15. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity
of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public
through advertising, public relations, news, sales, or other media without the prior written consent and
approval of the appraiser.
16. The existence of hazardous material, which may or may not be present on the property, was not
apparent to the appraiser unless otherwise stated. The appraiser has no knowledge of the existence of
such materials on or in the property unless otherwise stated. The appraiser is not qualified to detect
such substances. The presence of substances such as asbestos, ureaformaldehyde foam insulation or
other potentially hazardous materials may affect the value of the property. The value estimate is
predicated on the assumption that there is no such material on or in the property that would cause a
loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering
knowledge required to discover them. The client is urged to retain an expert in this field, if desired.
17. The appraiser herein by reason of this appraisal is not required to give testimony, or be in attendance in
court with reference to the property in question unless arrangements have been previously made.
18. This report, exhibits and photographs developed by the appraiser are considered copyrighted material.
The research gathered in order to prepare this appraisal is considered the property of the undersigned.
19. The liability of the appraiser and/or Right of Way Services, Inc., their employees and associates is
limited to the client/intended user only and to the fee actually received for services rendered. There
is no accountability, obligation, or liability to any third party. If the appraisal report is disseminated
to anyone other than the client, the client shall make such party or parties aware of all limiting
conditions and assumptions affecting the appraisal assignment. Neither the appraisers nor the firm
is in any way to be responsible for any costs incurred to discover or correct any physical, financial,
and/or legal deficiencies of any type present in the subject property. The client agrees that in the
event of a lawsuit, the client and/or any third parties will hold the appraiser(s) and the firm
completely harmless in such action with respect to any and all awards or settlements of any type in
such lawsuits.
20. Information provided by engineers, surveyors, informed local sources, governmental agencies,
financial institutions, Realtors, buyers, sellers, property owners, bookkeepers, accountants,
attorneys, consultants, and others, is assumed to be true, correct, and reliable. No responsibility for
the accuracy of such information is assumed by the appraiser. Neither the appraiser(s) nor the
appraisal firm is liable for any information or the work product provided by subcontractors. The
client and others utilizing the appraisal report are advised that some of the individuals associated
with Right of Way Services, Inc. are independent contractors and may sign the appraisal report in
that capacity. The comparable data relied upon in this report have been confirmed with one or more
parties familiar with the transaction or other sources thought reasonable. To the best of our
judgment and knowledge, all such information is considered appropriate for inclusion. In some
instances, an impractical and uneconomic expenditure of time would be required in attempting to
furnish absolutely unimpeachable verification. The value conclusions set forth in the appraisal report
are subject to the accuracy of said data. It is suggested that the client consider independent
35
verification as a prerequisite to any transaction involving a sale, a lease, or any other commitment of
funds with respect to the subject property.
21. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Unless otherwise
noted in this report, we have not made a specific compliance survey or analysis of this property to
determine whether or not it is in conformance 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, would reveal that the property is not in compliance with one or more
requirements of the Act. If so, this fact could have a negative effect on the value of the property.
Since we have no direct evidence relating to this issue, and since the appraisers are not experts at
identifying whether a property complies or does not comply with the ADA, we did not consider
possible non-compliance with the requirements of ADA in estimating the value of the property.
Before committing funds to any property, it is strongly advised that appropriate experts be
employed to ascertain whether the existing improvements, if any, comply with the ADA. Should the
improvements be found to not comply with the ADA, a re-appraisal at an additional cost may be
necessary to estimate the effects of such circumstances.
22. The observations made during the appraiser’s inspection are not technically exhaustive and should
not be construed as a building inspection, structural inspection, termite inspection, environmental
inspection, building code inspection, and etc. and offers no warranty, of any type or form, of the
site, site improvements, or building.
Refer to additional/extraordinary assumptions that may be stated within the body of this report.
36
CERTIFICATION OF THE APPRAISER
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and is my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and no
personal interest or bias with respect to the parties involved.
Bradford Core previously performed services as a review appraiser regarding the property that is the subject
of this report within the three-year period immediately preceding acceptance of this assignment.
I have no bias with respect to the property that is the subject of this report or to 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 (USPAP).
I have made a personal inspection of the property that is the subject of this appraisal report.
No one other than the undersigned provided significant real property appraisal assistance to the person(s)
signing this certification.
The undersigned appraiser has the necessary education and experience to perform this appraisal competently.
The undersigned appraiser is in compliance with the continuing education requirements of the Louisiana Real
Estate Appraisers Board and affiliated professional organizations.
I have not revealed the conclusions set-forth in the appraisal to anyone other than the client stated
herein and I will not do so until authorized by client or required by due process of law, or until I am
released from this obligation by having publicly testified to such findings.
Thompson Bradford Core, ASA
Woody Nelson, MAI, SRA
Accredited Senior Appraiser of the American Society of Appraisers
Member of the Appraisal Institute
No. G0204
No. G0850
37
A D D E ND U M
38
EXHIBIT A; DEFINITIONS OF SIGNIFICANT APPRAISAL TERMS
Appraisal
The act or process of developing an opinion of value; An opinion of value.
Appraisal Assignment
1) An agreement between an appraiser and a client to provide a valuation service; 2) the valuation
service that is provided as a consequence of such an agreement.
Assumption:
That which is taken to be true.
Before & After Rule
In eminent domain valuation, a procedure in which just compensation is measured as the difference
between the value of the entire property before the taking and the value of the remainder after the
taking. In condemnation, the process of determining just compensation by estimating the value of the
portion to be acquired as part of the whole property plus the net severance damages; also referred to as
taking plus damages rule.
Benefits: General and Special
In eminent domain valuation, the advantageous factors that arise from a public improvement for which
private property has been taken. The law in some jurisdictions makes a distinction between general
benefits and special benefits because only special benefits are considered in determining the value of
the remainder in a partial acquisition.
General benefits accrue to the community at large as a result of the new public work and the increased
general prosperity that accompanies development. Special benefits arise from the peculiar relation of
the land in question to the public improvement, usually resulting from a change in its highest and best
use. Special benefits may accrue to multiple parcels (such as all four quadrants of a newly constructed
freeway interchange) because the parcels are directly benefitted in a similar manner, if not to the same
degree.
The distinction between special benefits and general benefits is both a factual and a legal question, so
appraisers may need to consult legal counsel to resolve questions about the classification of benefits.
Bracketing
A process in which an appraiser determines a probable range of values for a property by applying
comparative analysis techniques to data such as a group of sales. The array of comparable sales may be
divided into three groups—those superior to the subject, those similar to the subject, and those inferior
to the subject. The sale prices reflected by the sales requiring downward adjustment and those requiring
upward adjustment refine the probable range of values for the subject and identify a value range (i.e., a
bracket) in which the final value opinion will fall. Source: The Dictionary of Real Estate Appraisal, 5th ed.
(Chicago: Appraisal Institute, 2010)
Client
The party or parties who engage, by employment or contract, an appraiser to a specific assignment.
39
Consistent Use
The concept that land cannot be valued on the basis of one use while the improvements are valued on
the basis of another. The concept of consistent use must be addressed when properties are devoted to
the temporary interim uses. Improvements that do not represent the land’s highest and best use, but
have substantial remaining physical lives, may have an interim use of temporary value, no value at all, or
even negative value if substantial costs must be incurred for their removal.
Depreciation
In appraising a loss in property value from any cause the difference between the cost of an
improvement on the effective date of the appraisal and the market value of the improvement on the
same date.
Disclaimer
An actual or suspected condition beyond the appraiser’s expertise.
Disclose
To uncover; bring into the open. To reveal. “Disclosure”: a disclosing or being disclosed. A thing
disclosed.
Excess Land
In regard to an improved site, the land not needed to serve or support the existing improvement. In
regard to a vacant site or a site considered as though vacant, the land not needed to accommodate the
site's primary highest and best use. Such land may be separated from the larger site and have its own
highest and best use, or it may allow for future expansion of the existing or anticipated improvement.
Exposure Time
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.
Extraordinary Assumption
An assumption, directly related to a specific assignment, which, if found to be false, could alter the
appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the property; or about conditions
external to the property, such as market conditions or trends; or about the integrity of data used in an
analysis. Note: Extraordinary assumptions used herein might affect the assignment results.
Front Use Tract
Land in a “multiple-use tract” fronting public access to a given depth.
Full Extent of Owner's Loss
The amount of money which will place the owner in as good a financial position as they would have
been in if their property had not been taken.
Full Ownership Interest
With respect to Louisiana civil law, Full Ownership Interest may be defined as “absolute fee, free of
limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent
domain, escheat, police power and taxation”. This term is synonymous with Fee Simple Ownership.
40
Note: “Legal Owner” is defined as the owner of title, as distinguished from the holder’s of other
interests, e.g., beneficial or possessory interest. Referred to as “naked ownership” in Louisiana.
• “The reasonably probable and legal use of vacant land or an improved property which is physically
possible, appropriately supported, financially feasible, and that results in the highest value”. In cases
where a site bears existing improvements, the highest and best use of the total property, as improved,
may be determined to be different from the highest and best use if unimproved. The existing use will
continue, however, unless and until land value in its highest and best use exceeds the total value of the
property in its existing use. Source: The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010)
• “That reasonable and probable use that supports the highest present value, as defined, as of the
effective date of the appraisal. Alternatively, that use, from among reasonable probable and legal
alternative uses, found to be physically possible, appropriately supported, financially feasible, and which
results in highest land value. The definition immediately above applies specifically to the highest and
best use of land. It is to be recognized that in cases where a site bears existing improvements, the
highest and best use of the total property, as improved, may be determined to be different from the
highest and best use if vacant. The existing use will continue, however, unless and until land value in its
highest and best use exceeds the total value of the property in its existing use. Also implied is that the
determination of highest and best use results from the appraiser's judgment and analytical skill, i.e., that
the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the
concept of "highest and best use" represents the premise upon which value is based. In the context of
"most probable selling price" (market value), another appropriate term to reflect highest and best use
would be most probable use.” Source: Louisiana Administrative Code (Title 70, Transportation; Part XVII. Real Estate)
Hypothetical Condition
A condition, directly related to a specific assignment, which is contrary to what is known by the
appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.
Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of
the subject property, or about conditions external to the property, such as market conditions or trends;
or about the integrity of data used in an analysis. Uniform Standards of Professional Appraisal Practice
2014-15.
Intended Use of Appraisal
The use or uses of an appraiser’s reported appraisal or appraisal review assignment opinions and
conclusions, as identified by the appraiser based on communication with the client at the time of the
assignment.
Intended User of Appraisal Report
The client and any other party as identified, by name or type, as users of the appraisal or appraisal
review report by the appraiser on the basis of communication with the client at the time of the
assignment.
Just Compensation
In condemnation, the amount of loss for which a property owner is compensated when his or her
property is taken. Just compensation should put the owner in as good a position as he or she would be
if the property had not been taken. Source: Appraisal Institute, The Dictionary of Real Estate Appraisal,
5th ed.
41
Larger Parcel
In governmental land acquisitions, the tract or tracts of land that are under the beneficial control of a
single individual or entity and have the same, or an integrated, highest and best use. Elements for
consideration by the appraiser in making a determination in this regard are contiguity, or proximity, as it
bears on the highest and best use of the property, unity of ownership, and unity of highest and best use.
In most states, unity of ownership, contiguity, and unity of use are the three conditions that establish
the larger parcel for the consideration of severance damages. In federal and some state cases, however,
contiguity is sometimes subordinated to unitary use. Source: Appraisal Institute, The Dictionary of Real
Estate Appraisal, 5th ed.
Market Value
“The most probable price which property should bring in a competitive and open market under all
conditions requisite to a fair sale, and 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 is
a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and acting in what they consider their own best
interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable
thereto; and
e. 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.
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed.
Marketing Time
The time it takes an interest in real property to sell on the market subsequent to the date of an
appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an
interest in real property at its estimated market value during the period immediately after the effective
date of the appraisal; the anticipated time required to expose the property to a pool of prospective
purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the
consummation of a sale at a price supportable by concurrent market conditions. Marketing time differs
from exposure time, which is always presumed to precede the effective date of the appraisal.
Multi Use Tract
Land comprised of two or more “Highest and Best Uses”.
Price
The amount asked, offered, or paid for a property.
Purpose of an Appraisal
The objective of an assignment - e.g., in an appraisal assignment, to develop an opinion of the defined
value of any real property interest.
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Qualitative Analysis
The process of accounting for differences (such as between comparable properties and the subject
property) that are not quantified; may be combined with quantitative analysis. Source: Appraisal
Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010).
Quantitative Analysis
In the sales comparison approach, the process of making numerical adjustments to the sale prices of
comparable properties, including data analysis techniques (paired data analysis, grouped data analysis,
and secondary data analysis), statistical analysis, graphic analysis, trend analysis, cost analysis (cost-tocure, depreciated cost), and capitalization of rent differences; usually precedes qualitative analysis.
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute,
2010).
Ranking Analysis
A qualitative technique for analyzing comparable sales, a variant of relative comparison analysis in which
comparable sales are ranked in descending or ascending order of desirability and each is analyzed to
determine its position relative to the subject. Source: Appraisal Institute, The Appraisal of Real Estate,
13th Edition
Real Estate
An identified parcel or tract of land, including improvements, if any.
Real Property
The interests, benefits, and rights inherent in the ownership of real estate.
Rear Land
Land in a “multi-use tract” beyond the “front use tract”.
Report
Any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client
upon completion of an assignment. Comment: Most reports are written and most clients mandate
written reports. Oral report requirements are included to cover court testimony and other oral
communications of an appraisal or appraisal review.
Retrospective Appraisal
"Retrospective appraisals (effective date of the appraisal prior to the date of the report) may be
required for property tax matters, estate or inheritance matters, condemnation proceedings, suits to
cover damages, and similar situations. Source: Uniform Standards of Professional Appraisal Practice,
2014-15 Edition, Statement 3 (Pages U-74 and U-75) and FAQ (Page F-68).
Scope of Work
The type and extent of research and analyses in an appraisal or appraisal review assignment. USPAP,
2014-2015 ed.
43
Servitude / Easement
Servitude in Louisiana, a civil law state, is “A charge or burden resting upon one estate for the benefit or
advantage of another, a species of incorporeal right derived from the civil law and closely corresponding
to the “easement” of the common-law, except that “servitude” rather has relation to the burden of the
estate burdened, while “easement” refers to the benefit or advantage to the estate to which it accrues”.
Surplus Land
Land not necessary to support the highest and best use of the existing improvement but, because of
physical limitations, building placement, or neighborhood norms, cannot be sold off separately. Such
land may or may not contribute positively to value and may or may not accommodate future expansion
of an existing or anticipated improvement. (See Excess Land)
Value
The monetary relationship between properties and those who buy, sell, or use those properties. Value
expresses an economic concept. As such, it is never a fact but always an opinion of the worth of a
property at a given time in accordance with a specific definition of value. In appraisal practice, value
must always be qualified - for example, market value liquidation value, or investment value.
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EXHIBIT B; SUBJECT’S GENERAL AREA DATA
The parish of Cameron is located in the southwestern section of Louisiana.
As of the 2010 census, the population was 6,839.
The parish has a total area of 1,937 square miles, of which 1,285 square miles is land and 652 square
miles (34%) is water. It is the third-largest parish in Louisiana by land area and fourth-largest by total
area. Most of its water is due to the Gulf of Mexico.
Although it is the third-largest parish by land area in Louisiana, it has the second-smallest population.
Cameron Parish was devastated by Hurricane Audrey on June 27, 1957, causing over 390 deaths. Audrey
defined Cameron Parish for nearly 50 years, with local history being divided into before and after
Audrey periods until much of the parish was destroyed again by Hurricane Rita on September 24, 2005.
The movie Little Chenier was filmed in Southwest Louisiana just prior to Hurricane Rita.
In 2008, three years after Rita, Hurricane Ike came ashore and brought a 22-foot storm surge, which
was far worse than Rita's 10-foot surge. Nearly the entire coastline in that area was flooded heavily,
with surge and floodwaters reaching 60 miles inland, as far north as Lake Charles. In Cameron Parish the
communities of Cameron, Holly Beach, Hackberry, Creole, and Grand Chenier were essentially
destroyed. Hundreds of people had to be rescued from atop rooftops, including 363 people who were
rescued by Louisiana Department of Wildlife and Fisheries Search and Rescue teams in conjunction with
the Louisiana National Guard and the U.S. Coast Guard.
Cameron Parish is part of the Lake Charles, LA Metropolitan Statistical Area (Calcasieu Parish adjoins
Cameron Parish to the North). Calcasieu Parish is the fifth largest incorporated the State. The City of
Lake Charles and was founded in 1861 and is the parish seat.
Lake Charles is located about 30 miles from the Gulf of Mexico, has an elevation of 13 feet, and is
located on the banks of the Calcasieu River. It borders both Lake Charles and Prien Lake. Contraband
Bayou, Henderson Bayou, and English Bayou flow through the city. The Calcasieu Ship Channel, which
allows large ocean-going vessels to sail up from the Gulf, also borders the city.
According to the United States Census Bureau, the city has a total area of 42.06 square miles.
The City of Lake Charles is governed by a mayor-council form of government. The elected officials
include the Mayor, the Clerk of Court, and seven City Council members. Each council member
represents a particular district within the city limits. One council member is elected president and
presides over each meeting. The mayor serves a four-year term. The current mayor is Randy Roach, who
has been serving since 2001. Non-elected members include the City Attorney, who is appointed by the
mayor.
The Lake Charles Police Department provides law enforcement and protection for the city. The Police
Chief is appointed for a six-year term, and the Fire Chief is appointed as well. The Lake Charles Fire
Department consists of eight fire stations with fifteen fire companies. McNeese State University also has
its own security, the McNeese Police Department.
45
The Lake Charles City Court's jurisdiction covers all within the city limits as well as Ward 3 in Calcasieu
Parish. The Fourteenth Judicial District Court, located in downtown Lake Charles, covers Calcasieu Parish
and includes nine judges who preside over family, juvenile, civil, and criminal trials. Lake Charles is home
to a United States District Court, located downtown. The Third Circuit Court of Appeals is headquartered
in the city.
Lake Charles is served by Louisiana's 3rd congressional district.
As of the 2010 census, the population was 71,993. Lake Charles is the principal city of the Lake Charles
Metropolitan Statistical Area, having a population of 202,040. It is the larger principal city of the Lake
Charles-Jennings Combined Statistical Area, with a population of 225,235. A 2010 population estimate of
the five parish area was over 292,619.
It is considered a major center of petrochemical refining, gaming, tourism, and education, being home
to McNeese State University and Sowela Technical Community College.
Because of the lakes and waterways throughout the city, metropolitan Lake Charles is often referred to
as the Lake Area.
The city's streets are laid out primarily in a grid pattern. Interstate 10 passes through Lake Charles,
connecting the city with Houston to the west and New Orleans to the east.
The Calcasieu River Bridge crosses the Calcasieu River and part of lake. It is 135 feet high and features
decorative guns on the railing. About 50,000 vehicles pass over it daily. Despite its age of over 50 years,
it is considered safe by the Louisiana DOTD.
Interstate 210 is an interstate highway bypass that loops through the southern portion of the city. The
curving Israel LaFleur Bridge goes over the Calcasieu Ship Channel. This bridge has a 96% rating even
after withstanding recent hurricanes. The loop has served Lake Charles commuters for 40 years, and
carries about 40,000 vehicles per day.
Other major highways include U.S. Highway 90, which runs parallel with Interstate 10, and U.S. Highway
171, which connects the city to the north with Moss Bluff, DeRidder, and Shreveport. Highway 165,
which runs northeast to Alexandria, terminates at Highway 90 just a few miles east of the city. Louisiana
Highway 14 ends at a junction with Highway 90, and runs south then east of the city.
Lake Charles is served by two airports. Lake Charles Regional Airport is located south of the city and
provides commercial airline service to Houston and Dallas. Chennault International Airport, while a fully
operational airport, is an industrial and maintenance center. The latter airport, a former Strategic Air
Command US Air Force base during the Cold War, is named for Maj. Gen. Claire Chennault, the aviator
famous for commanding the Flying Tigers fighter group during World War II.
The Port of Lake Charles is the thirteenth-busiest seaport seaport in the United States, the fourth-largest
liner service seaport in the U.S. Gulf, and a major West Gulf container load center. The City Docks in Lake
Charles are the main hub of shipping activity.
46
The Calcasieu Ship Channel provides direct access to the Gulf of Mexico 34 miles downstream. The ship
channel, which has a projected depth of 40 feet and a bottom width of 400 feet, intersects the Gulf
Intracoastal Waterway just north of Calcasieu Lake.
Lake Charles Transit, the city's bus system, provides five routes throughout the city. It has
one Greyhound bus station, and the Amtrak station serves the Sunset Limited train route.
Electrical needs are provided by the energy company Entergy. The city provides drinking water and
sewage service to residents within city limits. Water is treated at six water treatment facilities in the city.
Lake Charles is served by four hospitals: Christus St. Patrick Hospital, Lake Charles Memorial Hospital,
Lake Area Medical Center, and Lake Charles Memorial Hospital for Women. Many specialized doctors'
offices and medical clinics are located along Dr. Michael E. DeBakey Drive, named after the worldrenowned surgeon who was born and raised in Lake Charles.
Christianity is the predominant religion in the Lake Area. Roman Catholicism is the largest individual
denomination, claiming about 50% of the population. Lake Charles is also home to
various Protestant Christian denominations, the largest being the Southern Baptist congregation with
30%. There is a ward of The Church of Jesus Christ of Latter-day Saints in Lake Charles. There are also
religious communities from other faiths such as Islam and Judaism.
Recently, the demand for land suitable for residential and industrial development in Calcasieu Parish has
increased significantly. The following information was reported by the American Press: “The next six
years will bring unprecedented change to Southwest Louisiana. It will be a time of development and
economic opportunity, one that is expected to bolster the lives of thousands in the area. Eight
petrochemical companies, and possibly more, plan to build new plants or expand their existing facilities
in Calcasieu and Cameron parishes, bringing thousands of job opportunities to qualified people in labor
and management. Some will build new liquefied natural gas plants; others will expand their LNG
production and begin exporting. One company will refine natural gas into gasoline; another will harness
the science of “cracking” ethane molecules to produce ethylene, a gas compound found in many of the
products we use every day.
When taken in the aggregate, the estimated $47 billion in projects have many state and local officials
predicting an economic boom for Southwest Louisiana.
Loren Scott, professor emeritus of economics at LSU, has projected job growth in greater Lake Charles to
top 8 percent in the next two years. “For Southwest Louisiana the expansions mean the biggest boom
you’ve ever had in your history,” he said. “But it also means you’ve got some challenges.”
Currently, most of the projects are in the permitting process. Companies looking to produce liquefied
natural gas must first get a permit with the Federal Energy Regulatory Commission, which oversees
construction, safety, environmental impact, transportation and air quality. Companies seeking to export
LNG to countries with which the United States has a free trade agreement must get a permit from the
U.S. Department of Energy. If a company also wants to export LNG to a non-FTA country, a separate DOE
permit must be obtained. Companies seeking to build gas-to-liquids plants in Louisiana must get air and
water permits signed by the state’s Department of Environmental Quality. If a project alters wetlands
that are defined by the Environmental Protection Agency and the U.S. Army Corps of Engineers as
“jurisdictional,” a wetlands modification permit from the Corps must be received. Once the air and
47
wetlands permits have been issued, construction on the plant can begin. When the water permit is
granted, the plant can open for operation.
Plant construction will require the skills of welders, pipefitters, millwrights, machinists, ironworkers,
concrete specialists and carpenters. During peak periods, companies will need as many as several
thousand workers to ensure the projects are completed on time and, hopefully, on budget. New and
expanded plants will also need the skills of operations people, managers, engineers and administrative
personnel. In the next few years, hundreds of these people will be in demand in Southwest Louisiana.
Company executives have stated their hopes to hire their labor and management locally. They stress,
however, that qualifications will trump geography. “There’s definitely a desire to ensure as many people
are hired locally as possible,” said Nancy Tower, Sasol’s North American operations training and
communications manager. “The question is, how many qualified applicants do we have? There are
people available who are interested in getting the skills and knowledge, but they have to gain that.”
Of all the plant expansions slated for Southwest Louisiana this decade, Sasol’s ethylene and GTL
complexes are the largest and most expensive of them all. In the next six years, the company will spend
between $16 billion and $21 billion to construct these facilities to increase their ethylene production
while producing about 96,000 barrels of diesel fuels and chemicals each day. Two years into the
construction of the ethane cracker, Sasol officials expect to receive the final investment decision on
their GTL complex. Construction on the complex is scheduled to begin in 2016 and conclude in 2020.
Construction on Sasol’s projects will require the work of up to 7,000 construction workers during peak
times. Company officials also estimate hiring up to 1,200 permanent employees to operate and manage
the facilities. Hiring for construction on the ethane cracker is expected to begin in 2015. As work
concludes on the cracker, hiring will begin on the GTL jobs in late 2017 to early 2018. Sasol officials have
reported the air and water permitting process with DEQ is nearly completed. The company has also
applied for a wetlands modification permit with the Army Corps of Engineers.
While Sasol’s proposed GTL complex will be the first of its size in North America, one of the first to break
ground will be Juniper GTL. Slated for construction on the former Praxair site on Interstate 10 West in
Westlake, Juniper’s $100 million facility will produce about 1,100 barrels a day of diesels, waxes and
naphtha. About 125 people will be needed each year to build the facility. Construction is expected to
begin in January and continue through the fall. Juniper officials are confident the facility will be
operational by summer 2015. Juniper’s project will reportedly create 29 direct jobs, which pay an
average of $85,000 a year, plus benefits. Louisiana Economic Development estimates the facility will
create 112 indirect jobs.
Sempra Energy opened its Cameron LNG plant in 2009 as a re-gasification import terminal. Now, the
company is seeking to expand its facility with an estimated $7 billion liquefaction plant, which will allow
the company to liquefy and export natural gas. The LNG process begins when natural gas is brought in
from a pipeline as a feedstock. The gas is then transported to a liquefaction train that freezes it to
minus-260 degrees Fahrenheit at atmospheric pressure. The freezing compresses the gas to one-sixhundredth the volume it had in its pipeline state. After compression, the gas becomes liquefied, creating
LNG. Cameron’s plant expansion will consist of three trains, each of which will produce about 12 million
tons of LNG per year for export. The trains will take about four years to build, with construction
beginning next summer and ending in 2018. The project’s construction will require between 1,500 and
3,000 workers. Once the liquefaction facility comes online, Cameron LNG will increase its staff from 60
48
to about 200. Those jobs will include operators, maintenance personnel and engineers. The company
will also hire about 40 employees as support staff for their Houston office.
While Sempra prepares to expand its LNG plant, Cheniere has already broken ground on theirs. Sabine
Pass LNG, a facility Cheniere opened in April 2008, remains the area’s only petrochemical project in
which construction has begun. The plant’s $5.5 billion expansion, which will enable the company to
export LNG, began in August 2012 and is expected to end in 2015. The company will expand the plant
with six liquefaction trains, each of which is expected to produce about 5 million tons of LNG a year. The
expansion will make the facility the first of its kind in the contiguous United States capable of exporting
natural gas as LNG. The company’s existing import terminal has re-gasification and send-out capacity of
4 billion cubic feet a day and can store close to 17 billion cubic feet of gas. During peak construction, the
project will employ about 3,000 workers. The plant’s expansion is also expected to create 150
permanent jobs.
The largest LNG plant expansion project now planned for Calcasieu Parish this decade is Energy
Transfer’s Trunkline LNG. Located on Big Lake Road in Lake Charles, Trunkline has been an import facility
since it first opened in July 1981. Now, Energy Transfer and its business partner, British Gas, are looking
to expand the plant into an export facility. Trunkline’s expansion will consist of three new liquefaction
trains that will increase the plant’s LNG production and allow the company to export to non-FTA
countries. The three trains are expected to produce up to 15 million tons of LNG each year. The plant’s
expansion will cost an estimated $10 billion, said Jamie Welch, global chief financial officer for Energy
Transfer Equity. At its peak, Trunkline’s expansion is expected to create about 5,000 constructionrelated jobs. Work on the project is scheduled to run from 2015 through 2020. When the plant’s new
trains go into operation, about 250 permanent jobs will be created, including control room personnel,
engineers, cryogenic experts and supervisors.
In the next four years, three companies; Leucadia, G2X Energy and Magnolia LNG will build new plants
on land leased from the Port of Lake Charles. The first of these projects expected to begin construction
is Leucadia’s Lake Charles Clean Energy, a $2.6 billion facility that will be built along the Calcasieu Ship
Channel near the Citgo refinery. Lake Charles Clean Energy will use an estimated 7,000 metric tons of
petcoke a day to produce more than 1 million metric tons of methanol, 400,000 tons of sulfuric acid and
4.5 million tons of carbon dioxide. The facility will also produce hydrogen and argon. Company officials
have an agreement with Koch Carbon to receive the plant’s petcoke from refineries along the Gulf
Coast. Petcoke is an energy-rich waste byproduct produced from refining high-sulfur-content crude oil.
Construction on Lake Charles Clean Energy’s plant has been estimated to take three to four years to
complete. Work on the plant was scheduled to begin in 2014. At its peak, the project is expected to
create up to 1,500 construction jobs. Plant officials have also reported that about 165 full-time
employees will be needed to staff the new facility. The Port of Lake Charles board approved an
operating agreement with Lake Charles Clean Energy, allowing the company to handle, store and export
methanol. To date, the company has spent more than $50 million on site preparation.
The Port of Lake Charles will also see the arrival of G2X Energy’s natural gas to gasoline plant, a 200-acre
facility that will be built on Tank Farm Road along the Industrial Canal. The estimated $1.5 billion plant,
the first of its kind for the company, will convert natural gas into methanol. The company will then
refine the methanol into 87-octane gasoline and liquid propane gas, producing about 12,500 barrels
each day. The Lake Charles plant will be G2X’s second methanol-producing facility; its first is under
construction in Pampa, Texas. Fielder said the Lake Charles plant will produce about 20 times the
amount of methanol made in Pampa. G2X’s refining process begins with natural gas. The company will
blend natural gas with steam to create syngas, which is a blend of carbon monoxide, carbon dioxide and
49
hydrogen. The syngas is sent through a catalyst that synthesizes it into methanol. The methanol is then
sent through the catalytic process G2X licenses from ExxonMobil to convert the methanol into gasoline
and liquid propane gas. The company plans to build two docks along the facility, one for construction
and another from which gasoline will be barged to refiners and blenders in the Houston, Beaumont and
Lake Charles areas. Construction on the facility is expected to take about three years. G2X officials hope
to start some of the groundwork by the middle of 2014 with construction planned for the end of 2014.
During peak construction, G2X’s Lake Charles plant will create up to 3,000 construction jobs. The facility
is also expected to create about 245 full-time jobs. About 200 of those people will work in operations,
the rest will be administrative personnel. LED has estimated that an additional 750 indirect jobs will also
be created when the plant opens for operation by the end of 2017.
The third plant that will be built on land leased from the Port of Lake Charles is Magnolia LNG, an 8
million-ton-per-year LNG export facility. Magnolia’s estimated $3.7 billion project will consist of four
LNG trains, which will be built on 120 acres near the intersection of Henry Pugh Boulevard and Big Lake
Road in Lake Charles. Each train will produce 2 million tons per year of LNG, which will be stored in two,
160,000-cubic-meter cryogenic tanks. The facility will also have a berth jetty where ships will dock to
receive LNG from the plant for export. Magnolia will receive natural gas from the 133-mile Kinder
Morgan Louisiana Pipeline. On reaching Magnolia’s plant, it will go through its liquefaction trains where
it will be frozen and converted into LNG. From the trains, the LNG will be transported to the plant’s
cryogenic tanks for storage. When LNG carriers come into port, Magnolia will pump the LNG from the
storage tanks into the ships. After the pumping is complete, the ships will be escorted by the Coast
Guard and the pilots’ association back out to the open waters where the LNG will be exported to
destinations determined by Magnolia’s clients. The company’s LNG will also be exported land side by
trucks that will deliver it to refueling stations in Louisiana and surrounding states. Construction on
Magnolia LNG is expected to begin in mid-2015 and end by mid-2018. Although the project will create
about 1,000 construction jobs approximately 450 will be on-site.”
Entergy Gulf States Louisiana reported it plans to build a $187 million transmission project in the Lake
Charles area, part of the utility's effort to ready its grid for rising electricity demand amid a regional
industrial boom. Entergy stated the work would be one of the largest transmission projects in its history.
If approved, the utility expects the project to be in service by 2018. Construction includes two new
electricity substations and the expansion of a third. The utility also plans to add 25 miles of new highvoltage transmission lines to "move power more reliably and efficiently" across southwest Louisiana.
The project comes as Entergy prepares to provide electricity to a wave of new industrial projects
planned for south Louisiana, including new chemical plants, petro-chemical expansions and liquefied
natural gas export facilities.
The industrial boom has been fueled by the low price of natural gas, a key feedstock for the chemical
industry as well as many of Louisiana's power plants, which mostly burn natural gas.
An October 2014 report authored by Louisiana economists Loren Scott and James Richardson predicts
the Lake Charles area alone could see as many as 12,000 new jobs over the next two years.
Entergy's board of directors approved the Lake Charles transmission project in December 2014, but it
still needs approval of the Louisiana Public Service Commission before it can move forward. In its
statement, Entergy said the Lake Charles transmission project benefits both industrial and residential
customers. If approved, Entergy expects construction on the Lake Charles project to begin in 2016.
50
According to local real estate professionals, a “seller’s market” existed just prior to 2015 and the
demand for real estate was far outpacing supply resulting in price appreciation, particularity in the
residential sector.
The recent and significant drop in oil prices has caused concern within the petroleum industry and has
delayed Sasol’s $14 billion final investment decision on its proposed gas-to-liquids plant in the Lake
Charles area. Reportedly if built, the G-T-L plant will use natural gas to produce more than 96,000
barrels of ultra-clean-burning diesel, naphtha and other chemical products each day. The facility would
create 750 permanent jobs, paying an average of $88,000 a year.
In summary, extensive developments and economic opportunities are slated for the parishes of
Calcasieu and Cameron. These factors are having a positive impact upon the demand for real estate
throughout the area and this trend is likely to continue with the anticipated increase in oil prices.
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EXHIBIT C; QUALIFICATIONS OF THE APPRAISER
52
THOMPSON BRADFORD CORE, ASA
ACCREDITED SENIOR APPRAISER OF THE AMERICAN SOCIETY OF APPRAISERS
PRINCIPAL, RIGHT OF WAY SERVICES / CORE GROUP - EST. 1959
CONTACT INFORMATION:
ADMINISTRATIVE OFFICE
126 N. Eastern Avenue, Crowley, LA 70526
Mail: P. O. Drawer 368, Crowley, LA 70527-0368
Telephone: (337) 783-4515, ext. 103
Email: [email protected]
Biographical Highlights

Over 30 years experience in real estate industry specializing in appraisals of real property
for right-of-way acquisitions; Active in management of projects involving right-of-way
acquisitions.

Licensed appraiser with recognized expertise in valuation of partial and unique interests
in real property

Qualified expert witness in Louisiana state and Federal courts of law

Experienced and sought after instructor of real property appraisal courses

Active involvement and leadership experience in regional, state, and national real estate
regulatory agencies and professional organizations
CURRICULUM VITAE
FORMAL EDUCATION
University of Southwestern Louisiana, Lafayette, Louisiana
Bachelor of Science, 1983
Real Estate related courses successfully completed in conjunction with satisfying degree
requirements:
Real Estate Principles and Procedures
Real Estate Valuation
Real Property Law
Mineral Law
Louisiana Geography
Physical Geology (Louisiana)
Math of Finance
Business Law
Page 1 of 15
Thompson Bradford Core
Principal, Right of Way Services, Inc. / Core Group
Est. 1959
REAL ESTATE APPRAISAL EDUCATION
1984
Real Estate Appraisal Principles, Course 1A-1
American Institute of Real Estate Appraisers
University of Florida, Gainesville, Florida
Basic Valuation Procedures, Course 1A-2
University of Florida, Gainesville, Florida
Residential Valuation, Course 8-2
University of Texas, Arlington, Texas
Standards of Professional Appraisal Practice, Course 2-3
Houston, Texas
1986
Capitalization Theory and Techniques, Part A, Course 1-B-A
University of Oklahoma, Norman, Oklahoma
Capitalization Theory and Techniques, Part B, Course 1-B-B
University of Oklahoma, Norman, Oklahoma
1988
Case Studies in Real Estate Valuation, Course 2-1
University of Georgia, Athens, Georgia
1989
Uniform and State Law Examinations for Louisiana General Real Estate Appraiser
Certification
Louisiana Real Estate Commission
Louisiana State University, Baton Rouge, Louisiana
Litigation Valuation
LA-MISS Chapter 36, Shreveport, Louisiana
1990
Report Writing and Valuation Analysis, Course 2-2
University of Texas, Austin, Texas
Page 2 of 15
Est. 1959
REAL ESTATE APPRAISAL EDUCATION - CONTINUED
1991
Principles of Rural Appraisal – Course A-20
American Society of Farm Managers and Rural Appraisers
Memphis, Tennessee
1993
Uniform Standards of Professional Appraisal Practice
American Society of Appraisers
New Orleans, Louisiana
1994
Appraisal and Appraisal Review for Federal Aid Highway Programs, Course 14126
U. S. Department of Transportation – Federal Highway Administration
Baton Rouge, Louisiana
The Appraisal of Partial Acquisitions, Course 401
International Right of Way Association
Uniform Standards of Professional Appraisal Practice (USPAP), Course 410 & 420
Appraisal Institute
Manchester, New Hampshire
1995
Data Confirmation and Verification Methods
Appraisal Institute
Dedham, Massachusetts
1995/96/97 USPAP Update and Instructor’s Training Course
Appraisal Standards Board
Appraisal Foundation
1998
Cost Valuation of Small, Mixed-Use Properties
Appraisal Institute
Chicago, Illinois
1999
Attacking and Defending an Appraisal in Litigation, Part 1
Appraisal Institute
Page 3 of 15
Est. 1959
2000
Attacking and Defending an Appraisal in Litigation, Part 2
Appraisal Institute
2001
Standards of Professional Appraisal Practice, Part C
Appraisal Institute
Houston, Texas
Valuation of Partial Interests
Appraisal Institute
2002
Separating Real and Personal Property from Intangible Business Assets, Course
800
Appraisal Institute
Boca Raton, Florida
Appraisal Consulting
Appraisal Institute
2003
Uniform Standards of Professional Appraisal Practice, Update
LA DOTD Appraisal Guidelines Workshop
Louisiana Department of Transportation & Development
2004
2005
The Professional’s Guide to the Uniform Residential Appraisal Report (FANNIE
MAE)
Appraisal Institute
Pearl, Mississippi
Page 4 of 15
Est. 1959
2006
Uniform Appraisal Standards for Federal Land Acquisitions
Appraisal Institute; LaPlace, Louisiana
Appraisal Institute; On-line Educational Course
2007
LDOTD Appraisal Guidelines Workshop – Revised
Louisiana Department of Transportation & Development; Baton Rouge, Louisiana
Understanding Environmental Contamination in Real Estate
International Right of Way Association; New Orleans, Louisiana
2009
Valuation of Conservation Easements
Appraisal Institute; Boston, Massachusetts
Business Practices & Ethics
2011
General Appraiser Site Valuation and Cost Approach
Appraisal Institute; Houston, Texas
2012
Fundamentals of Separating Real Property, Personal Property, and Intangible
Business Assets
Appraisal Institute; Metairie, Louisiana
LA Real Estate Commission; Lafayette, LA
2013
Complex Litigation Appraisal Case Studies
Appraisal Institute; Baton Rouge, LA
Advanced Spreadsheet Modeling for Valuation Applications
Appraisal Institute; Kenner, LA
2014
Problems in the Valuation of Partial Acquisitions, Course 431
International Right of Way Association, New Orleans, LA
2014
Appraisal Institute; Lafayette, LA
2015
Litigation Appraising: Specialized Topics & Applications
Appraisal Institute; Hammond, LA
Page 5 of 15
Est. 1959
RIGHT-OF-WAY NEGOTIATION, ACQUISITION, AND RELOCATION EDUCATION
1996
Real Estate Acquisition – Negotiations, Course 101N
Relocation Assistance, Course 501
Business Relocation, Course 502
1997
Engineering, Negotiations, and Law Courses – Exam Credit
2006
Title Research Training
Louisiana Department of Transportation & Development
Lafayette, Louisiana
Managing the Consultant Process, Course 303
Austin, Texas
2015
Advanced Residential Relocation Assistance, Course 505
Austin, Texas
CONTINUING EDUCATION
1984 –
Present
Frequent attendance at various real property and appraisal seminars required for
fulfillment of continuing education requirements for Certifications and Licenses
and maintenance of professional appraisal designations. Mr. Core has also
attended numerous seminars involving right-of-way negotiation, acquisition, and
relocation assistance procedures.
Page 6 of 15
Est. 1959
CERTIFICATIONS AND LICENSES
1990 Present
Louisiana State Certified General Real Estate Appraiser
No. G0204
1994-97
Mississippi State Certified General Real Estate Appraiser
No. GA-401
1985 Present
Louisiana Licensed Real Estate Broker
1982-85
Louisiana Licensed Real Estate Salesperson
REAL ESTATE APPRAISER INSTRUCTOR CREDENTIALS
1994 -
Approved Instructor
Louisiana Real Estate Appraisers State Board of Certification
1994-97
Approved Instructor
Uniform Standards of Professional Appraisal Practice (USPAP)
1998
Approved Instructor
Red Flags: The Inspection of Real Property Improvements
1998
Instructor/Developer
Comparables in the Appraisal of Real Estate
Louisiana Land Titles Seminar sponsored by the Louisiana Department of
Transportation & Federal Highway Administration
Alexandria, Louisiana
1998-
Instructor/Developer
Appraisal of Partial Acquisitions involving Rights of Way for Highway Projects
Louisiana Department of Transportation & Development – Legal Section
Baton Rouge, LA
Page 7 of 15
Est. 1959
PUBLICATIONS
1994
Core, T. B. Appraisal Review Regarding the Uniform Standards of Professional
Appraisal Practice. Article published in Boundary Lines (Louisiana Real Estate
Commission, July 1994), New England Real Estate Journal (August 1994), Right of
Way (International Right of Way Association, December 1994).
PROFESSIONAL MEMBERSHIPS/AFFILIATIONS
1993 Present
ASA ("Accredited Senior Appraiser") Designation
Member No. 009013
1989 Present
Associate Member / Practicing Affiliate
Appraisal Institute
Member No. M89-0717
1983 Present
Member
1982 Present
Member
National Association of Realtors
Member
Louisiana Realtors Association
1997 Present
Member
Realtor Association of Acadiana
Lafayette, LA
1982-84
Member
Rice Belt Board of Realtors
Page 8 of 15
Est. 1959
POSITIONS HELD WITH REGULATORY AGENCIES AND PROFESSIONAL
ORGANIZATIONS
2006-09
Louisiana Realtors Appraisal Team
Member; Vice Chairman
2006 Present
Parish of Acadia, 6th Ward & City of Crowley Drainage District
Board Member
Secretary (2008 to current)
1996Present
International Right of Way Association, Louisiana Chapter 43
2006 to 2012: Treasurer
2012 to 2014: Vice President
2014 to current: President
1992-98
Louisiana Real Estate Appraisers State Board of Certification
Board Vice Chairman
Education Committee Chairman
Appraisal Review Committee Member
1993-98
Louisiana State Director (1995-98)
President, Chapter 108, Baton Rouge, LA (1993-95)
1986-87
Rice Belt Board of Realtors
Treasurer
PRESENTATIONS
Mr. Core has provided numerous presentations regarding various aspects of Real Estate
Appraisal and the Appraiser Certification process to public agency groups, professional
organizations, lending institutions, and civic organizations. He frequently consults and assists
individuals seeking Real Estate Appraiser Licensing/Certification in Louisiana.
Page 9 of 15
Est. 1959
EMPLOYMENT HISTORY
1992-98
LUI Realty Advisors, Inc.
President; Boston, Massachusetts; and Greenwich, Connecticut
1986 –
Present
Core Realty, LLC
Owner/Broker; Crowley, Louisiana
1986 Present
Principal; Crowley, Lafayette, Lake Charles & New Orleans, LA; Houston, TX,
Greenwich, CT
1984 Present
Louisiana Appraisal Company (A division of Core Group)
Real Estate Appraiser and Consultant
1980-83
Louisiana Appraisal Company, Ltd. (A division of Core Group)
Associate Appraiser
Crowley and New Orleans, Louisiana
REAL ESTATE SERVICES AND APPRAISALS ACCEPTED BY
Governmental Agencies
Acadia Parish Police Jury
Calcasieu Parish Police Jury
Jefferson Davis Parish Police Jury
Farmers Home Administration (FmHA)
Freddie Mac – Federal Home Loan Mortgage Corporation
Port of Krotz Springs, LA
Lafayette Consolidated Government
Lake Charles Harbor & Terminal District
Lake Charles Regional Airport
City of Lake Charles
Massachusetts Bay Transportation Authority, Boston, MA
Port of Krotz Springs, Krotz Springs, LA
St. Mary Parish Water District
State of Louisiana, Department of Transportation & Development
State of Mississippi, Department of Transportation
United States Federal Highway Administration
Red River Waterway Commission, Natchitoches, LA
United States Small Business Administration
U.S. Government, Department of the Army, Corps of Engineers
U.S. Government, Department of Justice, Washington, D.C.
U. S. Fish & Wildlife Service, Washington, D.C.
Page 10 of 15
Est. 1959
REAL ESTATE SERVICES AND APPRAISALS ACCEPTED BY - CONTINUED
Municipalities (continued)
City of Abbeville, LA
Town of Mamou, LA
Lafayette Consolidated Government
City of Crowley, LA
Town of Morse, LA
Town of Lake Arthur, LA
City of Lake Charles
City of Ruston, LA
Town of Hornbeck, LA
Town of Krotz Springs, LA
City of Sulphur, LA
Town of Glenmora, LA
Town of Iota, LA
City of Rayne, LA
Town of Basile, LA
City of Westlake, LA
Financial Institutions – Partial Listing
Abbeville Bank & Trust Company, Abbeville, LA
American Bank, Jennings, Elton, and Welsh, LA
Bank of America
Bank of Commerce and Trust Co., Crowley, Iota, and Rayne, LA
Bank of Erath, Erath, LA
Evangeline Bank and Trust Company, Crowley, LA
Cameron State Bank, Lake Charles, LA
CitiMortgage, Inc.
Citizens Bank, Ville Platte, LA
Home Bank, Lafayette and Crowley, LA
Farm Credit Bank of Texas
First Commercial Bank, Abbeville, LA
First Gilbraltar Bank, Houston, TX
First South Production Credit Association
First National Bank, Crowley, Lafayette, and Lake Charles, LA
First Louisiana National Bank, Rayne, LA
First Bank of St. Tammany, Slidell, LA
First Acadiana National Bank, Opelousas, LA
First Guaranty Bank
Hibernia Bank
Iberia Savings Bank, Crowley, Eunice, and Lafayette, LA
Jeff Davis Bank, Jennings and Welsh, LA
Lafayette Building Association (LBA), Lafayette, LA
Louisiana Credit Union, Baton Rouge, LA
RaboAgriFinance, Inc./Rabo Bank, NA: St. Louis, MO
Rayne State Bank and Trust Company, Rayne, LA
Regions Bank, New Orleans, LA
Security First National Bank, Alexandria, LA
St. Mary Bank, Morgan City and Franklin, LA
Page 11 of 15
Est. 1959
REAL ESTATE SERVICES AND APPRAISALS ACCEPTED BY - CONTINUED
Financial Institutions – Partial Listing (continued)
The Bank, Jennings, LA
United Companies
Washington State Bank, Washington, LA
Relocation Companies
Genesis Relocation Services, a division of Travelers Insurance Corporation
Merrill Lynch Relocation Management, Inc., Houston, TX
Mortgage Guaranty Insurance Corporation (MGIC)
HFS Mobility Services (formerly PHH Homequity), Irving, TX
Consulting Engineering Firms
Moreland Altobelli Associates, Inc., Atlanta, GA
ABMB Engineers, Inc., Baton Rouge and Columbia, LA
C. H. Fenstermaker & Associates, Lafayette, LA
Shread – Kuyrkendall & Associates, Baton Rouge, LA
URS Corporation, Baton Rouge and Metairie, LA
Louisiana Timed Managers, Inc. (LTM), Baton Rouge, LA
SHAW Environmental & Infrastructure, Inc., Baton Rouge, LA
CSRS, Inc., Baton Rouge, LA
Pipeline, Utility, and Petroleum-Chemical Companies
Columbia Gulf Transmission Company
CLECO – Central Louisiana Electric Company
Chevron USA
ConocoPhillips
ExxonMobil
Shell Pipeline
Enterprise Pipeline
ENTERGY Gulf States Utility Company
SLEMCO – Southwest Louisiana Electric Membership Cooperative
City of Lafayette Utilities System
Parish of St. Mary – Water Works District
Truckline Gas, a Southern Union Company
Cheniere Pipeline Company
EPCO Pipeline Company
G2X Energy
SASOL North America
Other Clients
Major Corporations, Law Firms, Various Individuals
Page 12 of 15
Est. 1959
ACCEPTED AS AN EXPERT WITNESS IN THE FOLLOWING COURTS OF LAW
3rd Judicial District Court, Lincoln Parish, LA
9th Judicial District Court, Rapides Parish, LA
11th Judicial District Court, Sabine Parish, LA
12th Judicial District Court, Avoyelles Parish, LA
13th Judicial District Court, Evangeline Parish, LA
15th Judicial District Court, Acadia, Lafayette, and Vermilion Parishes, LA
16th Judicial District Court, St. Mary Parish, LA
19th Judicial District Court, East Baton Rouge Parish, LA
30th Judicial District Court, Vernon Parish, LA
33rd Judicial District Court, Allen Parish, LA
U. S. Federal Court, Western District of Louisiana, Lafayette-Opelousas Division
Mr. Core has consulted with various clients involving litigation matters and testified in numerous
depositions pertaining to cases involving the appraisal of real property and right-of-way related matters.
RECENT CASES IN WHICH MR. CORE PROVIDED EXPERT WITNESS TESTIMONY
CLIENT
CASE IDENTIFICATION
PROPERTY LOCATION
DATE
CSRS-Avoyelles Parish
Avoyelles Police Jury vs. Juneau*
Avoyelles Parish LA
6/05/15
CSRS-Avoyelles Parish
Avoyelles Police Jury vs. Greenhouse*
Avoyelles Parish LA
5/29/15
Shell Pipeline Company Shell Pipeline vs. Aurelia A. Broussard Clay
Lafayette Parish, LA
6/23/14
Randall E. Falcon, et al
ENTERGY vs. Donald J. Mendoza, et al**
4/13/11
Randall E. Falcon, et al
ENTERGY vs. Donald J. Mendoza, et al**
1/11/11
State of LA, DOTD
DOTD vs. Mini-Storage South
Sabine Parish, LA
7/08/09
John Craton, atty.
Meche vs. Hendericks
Acadia Parish, LA
6/22/09
State of LA, DOTD
DOTD vs. Kenneth Moran
Sabine Parish, LA
11/03/08
Elder Forest Products
Thomas Heirs vs. Elder
Acadia Parish, LA
7/28/08
State of LA, DOTD
DOTD vs. Crawford, LLC
Allen Parish
4/30/07
State of LA, DOTD
DOTD vs. Barry Brown
E. Baton Rouge Parish
6/26/06
State of LA, DOTD
DOTD vs. Kean’s/IRT
1/18/06
State of LA, DOTD
DOTD vs. Kean’s
1/18/06
State of LA, DOTD
DOTD vs. Roy James
Rapides Parish
3/02/04
State of LA, DOTD
DOTD vs. Byrd
Sabine Parish
11/13/03
State of LA, DOTD
DOTD vs. Byrd
Sabine Parish
8/21/03
State of LA, DOTD
DOTD vs. Cook
Sabine Parish
11/01/01
State of LA, DOTD
B&K Music vs. DOTD
Allen Parish
7/12/01
Town
of
Broussard
vs.
Anza
Development
Anza Development
Broussard, LA
2/22/00
*Mr. Core’s appraisal report accepted and relied upon by Court - no testimony required
** Qualified as expert in Real Estate Appraisal and Right-of-Way Consulting relative to cases involving
route selection for electric transmission line right-of-way.
Page 13 of 15
Est. 1959
REAL ESTATE EXPERIENCE IN THE FOLLOWING LOUISIANA PARISHES
Acadia
Allen
Ascension
Avoyelles
Assumption
Beauregard
Bossier
Caddo
Calcasieu
Caldwell
Concordia
East Baton Rouge
East Carroll
East Feliciana
Evangeline
Grant
Iberia
Jackson
Jefferson
Jefferson Davis
Lafayette
Lafourche
Lincoln
Livingston
Orleans
Ouachita
Rapides
Red River
Sabine
St. Bernard
St. Charles
St. John
St. Landry
St. Martin
St. Mary
St. Tammany
Tensas
Terrebonne
Tangipahoa
Vermilion
Vernon
West Baton Rouge
West Carroll
West Feliciana
Winn
REAL ESTATE EXPERIENCE IN THE FOLLOWING STATES
Connecticut
Louisiana
Mississippi
Maine
Massachusetts
Wyoming
REAL ESTATE EXPERIENCE WITH THE FOLLOWING PROPERTY TYPES
Farmland; Timberland; Commercial: Land, Shopping Centers, Single and Multi-Tenant Offices,
Restaurants, Hotel/Motel, and Convenience Stores; Industrial; Wetlands; Public and Private
Waterways; Contaminated Property; Residential: Land, Single-Family Residences, Multi-family
Apartments and Condominiums; Subdivision Developments; Special Purpose Properties:
Automotive Oil Change Facilities, Self-Storage Facilities; Automotive Dealerships, Movie
Theaters, Electric Power Plants; Golf Course; and Cemetery
REAL ESTATE SPECIALIZATION
Appraisal / Appraisal Review
Appraisals involving Rights-of-Way
Expropriation/Condemnation
Litigation Support/Expert Testimony
Right-of-Way Consulting
Project Management for Right-of-Way Projects
Page 14 of 15
Est. 1959
Page 15 of 15
QUALIFICATIONS OF WOODY NELSON, MAI, SRA
Woody Nelson entered the real estate appraisal profession as an independent appraiser in 1975, having
been associated with mortgage banking institutions prior to that time.
He acquired his educational background in the field of real estate appraisal primarily through courses
sponsored by the Appraisal Institute as well as real estate courses and seminars provided by local
institutions.
Professional affiliations include the Appraisal Institute, (MAI, SRA), and the International Right of Way
Association, (R/W-RAC). He is also a “State Certified General Real Estate Appraiser” in the State of
Louisiana (Certificate No. G0850) and the State of Texas (Certificate No. 1321929 ).
Mr. Nelson’s Houston-based appraisal practice, Woody Nelson & Company, Inc., involved an appraisal
staff for about ten years, (1982 – 1992), with the firm providing appraisal services for lending
institutions and government entities. His appraisal career has primarily encompassed the field of
eminent domain, (having begun this aspect of the practice in 1978), and since about 1995 his appraisal
practice has been devoted entirely to the valuation of properties for eminent domain purposes. The
range of his appraisal assignments has included most property types -- commercial, industrial,
residential, vacant land, etc. He has also served as an expert witness in court testimony on numerous
occasions.
Eminent domain authorities and consultants for whom Woody Nelson’s appraisal services have been
provided during the past thirty-five years include the following:
*Lake Charles Harbor & Terminal District
*Calcasieu Parish Police Jury
*Louisiana Department of Transportation and Development:
*Northern and Southern District
*Louisiana TIMED Managers, (Consulting firm for LADOTD)
*Note: Most of his appraisal experience during the past ten years has been conducted in the State of
Louisiana. This work has involved projects in numerous parishes including Vernon, Sabine, De Soto,
Union, Morehouse, Rapides, Beauregard, Calcasieu, Winn, Grant and Cameron Parishes.
Recently, he has worked as a Real Estate Appraiser consultant for Right of Way Services, Inc. of Crowley,
LA on various right-of-way projects; been engaged as expert witness for the LaDOTD on four occasions,
(Calcasieu Parish, Sabine Parish and Winn Parish) and has testified in Calcasieu Parish, LA for acquisitions
involving rights-of-way for pipelines.
Texas Department of Transportation regarding appraisals for rights-of-way: (Various Districts including
Houston, Amarillo, Lubbock, Tyler, Bryan, Brownwood, Atlanta and Yoakum Districts).
Other clients have included Kansas Department of Transportation, Contract Land Staff, Pinnacle Realty
Advisors, City of Houston, Harris County, Harris County Toll Road Authority and the Houston
Metropolitan Transit Authority.

REAL PROPERTY APPRAISAL - Cameron Parish Police Jury

Transcription

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