HomeMy WebLinkAbout94-01618
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APPRAISAL REPORT
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B\lB Cln CWB
IIBPr , 8DIBCA II;&;~
SBIPPIHBBURO PA 17257
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PREPARED FOR:
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ICR CALVIN IIU'l'CIIlSOK
B\lB Cln CWB
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AS OF:
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lWOUBr 20, 1993
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PREPARED BY:
AUSHERMAN BROTHERS
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TIN L. AUSIIBIUIIIK
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; PETITIONER'S
J EXHIBIT
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REALTOR I)
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71usherman :J3ros.
REAL ESTATE INC.
229 N. 2nd Street. Chambersburg, PA 17201
717-264-6715 . FAXIt 717-264-4973
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August 20, 1993
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Mr. Calvin Hutchison
Hub city Club
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RE: Hub City Club
Neff & Seneca Street
Shippensburg, PA 17257
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Dear Mr. Hutchison:
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Pursuant to your request, I have inspected, analyzed and
appraised the subject property located at Neff and Seneca
street, Shippensburg. The purpose of the appraisal is to
estimate the market value of the property.
After careful consideration of all
shown in the accompanying report,
market value is THIRTY THOUSAND FOUR
DOLLARS.
data assembled and as
I have concluded the
HUNDRED FIFTY ($30,450)
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I certify that I have no interest, past, present or
prospective in this property which would tend to influence
my unbiased opinion of value. If you should have any
questions in relation to this appraisal, I will be glad to
discuss them with you at any time.
/J;~
({,C. L. Ausherman
PA Certified General
Real Estate Appraiser
Certification Number GA-000149-L
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PURPOSE O~ THE APPRAISAL
The purpose of the appraisal is to estimate the market value
of Neff and Seneca Street, Shippensburg for the Hub city
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Club.
Reference should be made to the attached deeds and
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addendums of this report.
Market value - the most probable price in terms of money
which a property should bring in competitive and open market
under all conditions requisite to a fair sale, the buyer and
seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sales
as of a specified date and the passing of title from seller
to buyer under conditions whereby:
1. buyer and seller are typically motivated.
2. both parties are well informed or well advised, and each
acting in what they consider their own best interest.
3. a reasonable time is allowed for exposure in the open
market.
4. payment is made in cash or its equivalent.
5. financing, if any, is on terms generally available in
the community at the specified date and typical for the
property type in its locale.
6. the price represents a normal consideration for the
property sold unaffected by special financing amounts
and/or terms, services, fees, costs, or credits incurred
in the transaction.
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IDENTIFICATION OF THE PROPERTY
The subject property is identified as Seneca and Neff
Avenue, Shippensburg, more fully described in Cumberland
County Deed Book Volume 12Z Page 377.
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HI:STORI:CAL DATA
The subject property was purchased by the Borough of
The purchase price was
Shippensburg on March 12, 1945.
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$4,200 and is more fully described in the attached legal
description.
NBI:GHBORHOOD DATA
The subject property is located in downtown Shippensburg.
The area is a mix of multi-family buildings, commercial
establishments and single family homes. The topography of
the neighborhood is generally level.
DBSCRI:PTI:ON OF THB SI:TB
The subject property consists of a rectangular size plot
being 96.5' x 138' located at the corner of Neff and Seneca
Street. . The subject property is a level parking lot and
is located in flood zone A as per Community Panel
420368001A, Dated March 15, 1979. The appraiser researched
all sales within the Shippensburg area and found no sales to
be comparable to the subject property. The appraiser then
researched the market for rentals of parking spaces and was
unable to locate any parking spaces to be rented in the
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downtown area.
However, the appraiser by researching
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Chambers burg market indicating $15 as a parking space rental
in the downtown area of Chambersburg and Kenneth Hale,
previously, had parking spaces rented for $10.00. The
appraiser arrived at a $12.00 per space rental for the
subject property or which would indicate a potential gross
income of $6,480 per year minus the 20% vacancy factor or
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$5,184 in gross income less expenses. projecting out a net
income of $3,907 per year. The $3,907 was then capitalized
to include an 8% return on investors equity as well as a
rate to amoritize a mortgage. An indicated value is THIRTY-
EIGHT THOUSAND ONE HUNDRED SIXTY-THREE ($38,163) DOLLARS.
The parking lot is in need of paving. An estimate provided
by Calvin Hutchison of HUB city Club from Glen Snoke Paving
of $7,700 or indicates a market value of THIRTY THOUSAND
FOUR HUNDRED FIFTY ($30,450) DOLLARS.
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HIGHEST AND BEST USE
Highest and best use is that reasonable and probable use
that will support the highest present value, as defined, as
reasonable probable, a legal use of the land, physically
possible and economically feasible. The analyses addresses
the land, 1), as if vacant and available for development and
2), as presently improved.
Implied in this definition is that the determination of
highest and best use takes into account the contribution of
a specific use to the community and community development
goals as well as the benefits of that use to individual
property owners. Hence, in certain situations, the highest
and best use of land may be for parks, greenbelts,
preservation, conservation, wildlife habitants and the like.
The four primary areas of evaluation used to estimate the
highest and best use for a property, as though unimproved
and ready for development are as follows:
A. All possible uses which are physically possible for the
site in question.
B. Its permissible (legal) use or those uses which are
permitted by zoning and deed restrictions of the site in
questions.
C. Its feasible use of those possible and permissible uses
which will produce the highest net return to the owner of
the site under current or projected market conditions.
D. That use among the alternative possible, permissible and
feasible uses that will produce the highest net returns or
present worth to the owner.
After reviewina the nronertv and considerina the fact that
it is located within the flood nlain I have determined the
hiahest and best use would be for a narkina lot.
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IHCOKZ APPROACH
The projected rental income shown in the Income Approach is
based on rentals in the area. An Operating Income statement
is provided and estimated for the property. The net income
is capitalized based upon the mortgage amortization and
equity return to the investor.
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45 Parking Stalls @ $12 = $ 540 monthly
$540 x 12 $6,480 annual
$1.296 vacancy (20%)
$5,184 Gross Income
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INCOMB AND BXPBNSBS
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Less Expenses:
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Taxes
Management
Snow Removal
Liability Insurance
Total Expenses
$ 258
$ 519
$ 350
S 150
$1,277
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$5,184
$1.277
$3,907 Net operating Income
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INCOME APPROACH
The Income Approach considers the estimated income of the
property making due allowance for expenses incurred in the
operation and capitalizing the net income which would
represent an attractive yield to an investor.
A review has been made of the current interest rates in the
market presently being charged by banks. From interviews
from Valley Bank and Trust Company, unitas National Bank,
and Farmers and Merchants Bank, I have determined that the
current interest rates would be 8% to 11% for properties
with fee simple interest.
Taking a "long look" at the market, I have set forth a
possibility of 8.5% as a mortgage interest rate at 80
percent of the value for a term of 20 years. I considered
that an investor contributing the balance of 20 percent
would be attracted to an investment with a return of 8
percent resulting in an overall rate of .102374 as follows:
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PORTION
RATE WEIGHTED
(CONSTANT) RATE
Mortage
.80 X
.107967 =
.086374
Equity
.20 X
.08000 =
.016000
OVERALL RATE:
.102374
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Net Income of $3907 Capitalized at .102374 = $38,163
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$38,163 Indicated Value
S 7.700 Less paving Cost
$30,463
Rounded to $30,450
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IN WllIltll "ttRtor, I ~~f.!.IlT.O acT lit HIIlO IIlO omCIA~ llE....
(~J.~.:!:~ EltCR C. ZUlli
I . ., ~tTlct or THE Pl:ACt
.:., lit CClIoNIUllIN EXPIRU raReY _DAY IN J
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I HtRUY ctRTIN THAT Tilt PREOlet RUllI[IIct or Tilt GRANTEE" 40 tlllTH EAJI~ eYRIET, IHIPPl:NII-
BURG, ptNHA.
HILTlIN A. RUUtl~
ATTORtlEY rDR QRANTEE
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Ill:EO t ,rJl5dl=i THIt Ill:EO, MAIll: Tlf: lZTH DAY Dr _CN IN Tilt ~
mANA E. HDU.M 011 ET Ul t /,,1. ~.9f' YEAH Dr CUll ~ORD CINE THOUIAND HINt _mEO AND
TOI t \IlDlIbllRY I rORTY-rlVE. IlET'lEtN rRANA t. HDI.~AR oII'ANO
BOROUGH or aHIPFl:NIBURO ) .i;;:: ~NI, Hla WIFE, Dr Tilt BDROUOH or IHIPPl:Na8uRO, CUleER~IIlO
CClNI, ~.200.00. t CWNTY Fl:NNIYLYANIA, GRANTORI AND PARTIU Dr THE rlOST PAAT,' AND
I
~OC. IHIPFtNIBURO, Fl:NNA. t BDROUOH .DrIHIPPl:HIBURD, A WNICIPAI. CDRPOIIRTllIN Dr Tilt COlMI!l-
OATO, _CH 12, 19.' , WLA~TH Dr Fl:HNSY~YANIA, CUlAltRl/110 CD\JlTY ArDRUAIO, QRANTEE AND
tNTO, .AAlt 6, 19~' I PARTY or T.HE &EClINO PMT, WI~IIUH, THAT IN COlall!tRATllIN or
rOUR THOUaAHO TWO _DREO (~,200.00) OOI.lAAa IN HAND PAID, THE
REctlPT lIHtRtor " IltREDY ACKHOIU:IlGI:OI Tilt aAlo GRANTORa 00 IltRfBY GRANT AND ClINl'lY TO Tilt lAID
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GRANTEE. ITB NtRII AND ~lalGNI
A~~ TIlE rDl.~OIINO 1ll:1CR11lt0 REA~ EeYATE alTUATEO IN THi: BOROUDH or aHIPFtNaBURD, CMTT or
C_RUNO lUTE or PENNSY~YANIA, BOliiIll:O AND ~IMITEO Aa rol~DWS,.
OEOI""IHO AT AN IRlIN PIN lIN THE ~IHE or Tit: LANDI '" !lltlLlE A. RarER aOUTH a1Xly.rllUR 1ll:000U'
AND THIRTEtN MINUTEI 'lteY (~ O. 1" w) CNt ,IIJIIDREO Hili THIRTY EIONT FEU rOUR INCNta (UI' ~.l
TO AN liillN PIN lIN THE EAeY allll: or AN AJ.LtYI THENct BY EAaT allll: or aAIO Au.tY NORTH T'lEHTY rOUR
DEORI:U AND THIRTY MIHUTU 'lEST ( N 24 0 '0' ') NINETY all FEU'all INCHEa (96' 6") TO HI IRON
PIH AT THE aouTNtAST ClIRHtR or AN INTEAIECTION or aAID AlU:Y WITH ANOTIIEtI Al.lLYI THENct BY LAeY
HAMED A~I.EY NllRTH alXlY rOUR DEGREU THIRTEEN MINUTEa EAaT (H 6. 0 1" E) CNE _DREO THIRTY
E 10NT rOUR INCHU TO AN IRCN PIN Tit: ClIRNl:R or A TRACT H" DAY COlVEYEO BY GRANTDR TO THi: IIIB
CITY ClUBI THtNct ay lAID TRACT 1000H TWEHTY rOUR otGRtEa THIRTY UINUTta tAIT (I 24 0 '0')
HUIETY all FEET all INCNtI (96' 6') TO THE IRCN PIH. THE PLACE Dr OEOINHIHO.
IT KIND PART or Tit: IAlI: PREMI6E6 WIlICH O. N,. P01IE~~, EXECUTOR or litE lA6T WI~~ AND TUTNof:NT
or CLARA C. 6TIMlIUGH, DEctAKO, BY HII DEED OATEO Tit: 16TH DAY or lURCH 19", AND RECORIll:O IN
11 H 97 CCNI'lYEO TO mANA E. H01.l.AA, 6T.1 AND Tit: lAID mANK E. HDU.M, IT" HAYIHG DIED MAY
22 19~0 BY Hit LAIT WIL~ AND TE6TAIOT RECORDED IH Tit: orrlCE or THE REG liTER or WIL~a IN AND rOR
CIJoIlERLANO COUNTY, AT CAR~161.E, PA., DEYIIED HII ENTIRE UTATE TO HI6 WIFE,"RACNtL B. HDl.LAR AHD'
HIB BOIl, mANA E. HDl.~AR, 011.1 AND Tit: lAID RACHE~ B. HOLLAA KING nua KlltD or III UNDIYlDED
ClNE-NAJ.r INTERUT THEREIN, DIED I~TUTATE ~~Y 24, nu, I.EAYIND TO SURVII'l AI 6Dl.E NtIR-AT-LAW
rRANA E. HDl.LAR 011., Tlf: WITHIH CRANTOIl, WHO TIIII KCAME l'laTEO Dr III ENTIRE. INTERnT IN THE
PREIlISEI.
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AND Tilt 6AID GRANTonl WILl WARRA~T BENERAL~Y TNt PROPERTY NtREIY CClNVEYED.
IN WITNEII WHtREOr, TNt GRANTORI HAVE NtREUNTO SET TNtIR HANOI AND KALa TItE DAY AND YEAR
raRaT ABOVE 1IAITTEN.
GlalEO &EAI.ED AND Ill:LIYEREO .
III Tit: PRESl:Nct or
OCNAJ.D II.PINE
~ALD U.PINt
FAillA E. "QL~AR .JA
JANET N. HOLLAR
(GEAl.)
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CDt.UlH'lEAl.TH or Fl:NtISYLYNOIA
COUNT., Of' CUIr<<RLMO
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.,. THlft. THE 12TH DAY or IIARCl1, Ii.o. 19.', BErooE I.C PERKtllfALl.Y APPtAAED rRAIIA E. HDl.lAR
J".. AND JN4tT W. HOLLAR. HII Wlf't, KHO," TO Ir.lE ( on ."T"FACTORILY PAO~) TO BE Tt€ PERICH tlttOIl(:
jUt'ESaunSCftlBED Ta Tit: WITHIN 1'"TRUIoCHT. AND ACKHDWl.EOIl(O THAT Tlt:y EXECUTED TItE aNof: rOR TNt .
PURPOSE a Tlt:REIN COIlTAINED.
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EDUCATIONAL COURSES CONTINUED
-Guaranteed Sales Plan, Orlando, FL April 1977
-Personal Estate planning, Louisville, KY March 1981
-commercial Appraisal course, Lincoln Graduate Center,
Washington, DC, November 1988
-Advanced Real Estate Appraisals, Real Estate Institute, New
Cumberland, PA, December 1988
-Applied Residential Property Valuation, Course 102, Society
of Real Estate Appraisers, Spartansburg,SC March 6-13, 1989
-Marshall swift Calculation Seminar for commercial
Properties, Philadelphia, PA April 17, 1989
-Market Extraction Seminar, Society Real Estate Appraisers,
Harrisburg, PA May 18, 1990
-Small Residential Income Property Report Seminar, Fannie
Mae 1025 by Henry Harrison, Rockville, MD June 26, 1990
-Uniform Standards of Professional Appraisal Practice,
National Association of Independent Fee Appraisers,
cumberland, MD September 17 & 18, 1990
-Appraisal of Residential Property, Institute of Real Estate
Studies, New Cumberland, PA February 1991
-Condemnation Appraising, National Association of
Independent Fee Appraisers, April 24-25, 1992
-PHH Homequity Seminar, Atlantic city, NJ June 1992
-Courses offered by Realtors National Marketing Institute
-Various one day seminars through Housing Urban Development
(HUD)
-3.1 Principles of Farm, Ranch & Rural Appraisal course,
Millville, NJ October 28-31, 1992
-3.2 Advanced Farm, Ranch & Rural Appraising, Millville, NJ
February 10-13, 1993
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PROFESSIONAL AFFILIATIONS
-Member of Realtors Marketing Institute
-Member of National and State Association of Realtors
-Member of Franklin County Board of Realtors
-Pennsylvania Broker, License No. RM-026544-B
-Pennsylvania General Appraiser Certification No.GA-000149-L
-Past President of Franklin county Board of Realtors
-Senior Member of National Association Review Appraisers
-Past President of Greater Chambersburg Area Multi-List
Association
-Member of Pennsylvania council of Real Estate Appraisers
-Member of National Association of Realtors, Real Estate
Appraisal Section
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REALTOR III
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IetwInt All 0' ',al'l'llft eo""l)'. "'''"....'.m. line. IU'
:7Iuslzerman :JJros.
REAL ESTATE INC.
229 N. 2nd Street. Chambersburg, PA 17201
717-264-6715 . FAX# 717-264-4973
QUALIFICATIONS OF TIM L. AUSHERMAN
since 1970, Tim L. Ausherman has been engaged in general
real estate practice. He is experienced in the sale,
managementl and appraisal of real estate. He obtained his
Pennsylvan a state General Real Estate Appraiser
Certification in 1991.
The following represents a partial list of appraisal clients
serviced by Mr. Ausherman:
-Lomas and Nettleton Mtg Co
-1st Natl Bank of Greencastle
-Unitas National Bank
-1st Federal Savings & Loan
-Letterkenny Federal Credit Union
-Bell Telephone of PA
-Agway Petroleum Corp.
-Associate Relocation
-United Telephone Credit Union
-Commercial Credit Savings & Loan
-Farmers Home Administration (FmHA)
-Commercial Credit Savings & Loan
-Defense Activities Federal Credit Union
-FHA Certified Fee Appraiser (Certification
-Commonwealth.Mtg Co
-Dauphin Deposit Bank
-Orrstown Bank.
-Mellon Bank
-PHB Ilomequit:(
-Lenders Serv1ce,Inc.
-Security Pacific
-Record Data, Inc.
-US Mortgage Co..
-Attorneys .
-Various Individuals
No.
2210)
Hom..
Film.
Appro'"''
Invlllm.nll
Counllling
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EARNED DESIGNATIONS
G.R.I. - Graduate of Pennsylvania Realtors Institute, 1972
C.R.S. Certified Residential Specialist, 1979
C.R.E.A. - Certified Real Estate Appraiser, 1989
EDUCATIONAL COURSES
-Residential Real Estate Appraisal #1, Pennsylvania State
University
-Real Estate Right-of-Way course, Pennsylvania State
University
-Introduction to Appraisal of Real Estate, Society of Real
Estate Appraisers at Purdue University, LaFayette, IN
February 3-14, 1975
-Introduction to Commercial and Investment Real Estate,
Memphis, TN
-Art of Real Estate Counseling, Orlando, FL, November 1975
EDUCATIONAL COURSES CONTINUED
-Guaranteed Sales Plan, Orlando, FL April 1977
-Personal Estate Planning, Louisville, KY March 1981
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IN THE COUIt'f of COMMON PLEAS
FOR THE 9th JUDICIAL DISTRICT
CUMBERLAND COUNTY BRANCH - PENNSYLVANIA
In Re: REAL ESTATE SITUATE at
Seneca Street and Neff Avenue
BOROUGH of SHIPPENSBURG
Cumberland County, Pennsylvania
CIVIL ACTION. LAW
No. 'l4 -1",9 c;.;..R.::r~
** ORDER **
AND NOW, this g,ll!. day of '-rY\,o......~""
. 1994, having considered the within
Petition for leave to Exchange Real Estate. it is hereby ordered that a hearing be held at ~ am/!If'I
on j,~_ the \C\ U. day of ~, \(1 L\ . 1994. for the purpose
of hearing testirhbny on said Petition. d
Notice of said hearing shall be published ono time in a newspaper of general circulation. not less
than seven (7) days or more than thirty (30) day prior to the date set for the hearing,
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IN THE COURT of COMMON PLEAS
FOR THE 9th JUDICIAL DISTRICT
CUMBERLAND COUNTY BRANCH - PENNSYLVANIA
In Re: REAL ESTATE SITUATE at
Seneee Street and Naff Avanua
BOROUGH of SHIPPENSBURG
Cumbarland County, Pennsylvania
CIVIL ACTION. LAW
No. q4 - 't., 1'6' C~ /q r,4-
PETITION for LEAVE to EXCHANGE REAL PROPERTY
NOW COMES, tha BOROUGH of SHIPPENSBURG, by and through its Council Prasidant, BRUCE
W. HOCKERSMITH and files the within Patition, and sets forth as follows:
1. The BOROUGH of SHIPPENSBURG, Cumberland and Franklin Counties, Pennsylvania
is a Pennsylvania Borough having been chartered pursuant to the Act of 1 B34, April 1,
P,L. 163.
2. The Borough Council is the elected body for the government of the BOROUGH of
SHIPPENSBURG. '
3. The BOROUGH of SHIPPENSBURG acquired certain properties within its limits,
among which is a vacant tract of land situate at the southeast corner of Seneca Street
and Neff Avenue. A copy of the Oeed to said premises is attached hereto as Exhibit
"A" and incorporated herein by reference.
4. Said lot is 138'4" by 96'6", pursuant to the survey of John R, Kissinger, R.S. A
copy of said survey is attached hereto as Exhibit "B" and incorporated herein by
reference,
5. The HUB CITY CLUB is the owner of real estate adjoining said lands of the
BOROUGH, said lands being as shown on Exhibit "B". A copy of the Oeed to said lands
is attached hereto as Exhibit "C" and incorporated herein by reference.
6. The BOROUGH desires to exchange the real estate it owns at Seneca Street and
Nehf Avenue, for lands of the HUB CITY CLUB.
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7. The eppraised value of the lands of the BOROUGH is $38,163.00 and the appraised
value of the lands of the HUB CITY CLUB is $47,600.00. A copy of the appraisals
are attached hereto as Exhibits "0" end "E" and are incorporated herein by reference.
8, Pursuant to the Borough Code, Section 1201, Act of 1966, February 1, P.L. (1965)
, No. 581, 53 P.S. ~ 46201, the BOROUGH may acquire, hold and sell property
and shall be permitted to exchenge property without necessity of bid, 53 P,S. ~
46201lb).
9. The BOROUGH intends to acquire said property for the purpose of rehebilatating the
units to create low or moderately priced housing for BOROUGH residents.
10, The exchange of this property is in the best interests of ell the citizens of the
BOROUGH,
WHEREFORE, the BOROUGH of SHIPPENSBURG prays your Honorable Court to grant its Petition
to Exchange lands owned by it for those lands owned by the HUB CITY CLUB.
\ F;~T~YERS
Solicitor, BOROUGH of SHIPPENSBURG
1.0. No, 18064
10000 Molly Pitcher Highway
Shippensburg, PA 17257
(717) 532.9046
" .
,
VERIFICATION
I verify thet the statements made in this "PETITION for LEAVE to EXCHANGE REAL PROPERTY"
are true and correct. I understand that false statements herein are made subject to the penalties of
1 B Pa. Cons, Stete. ~ 4904, relating to unsworn falsification to authorities.
Date: March 29 , 1994
/
r
BRUCE W. HOCKERSMITH
President, Borough Council
BOROUGH of SHIPPENSBURG
Cumberland end Franklin Counties, Pennsylvania
. ,
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EXHIBIT
" A"
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FED-i'4-1qQ4 ,-,. 1'7 ~*,{j
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1 his Ueed, .il
II: Made the I-:G.% ....'0' "arah, 11I.........0'....11. ,
~.... 0_ ~.. alae bu"""'''' tarty tlTO.
; Between PRAlIK:$. ItOLLAR~8nd JAlftT II, Hcu.AR, h18 "Ue, or tJ
Boro"Rh of SIUrp.nabur,.., Cuabrrlnnd Onunty. Ppuneylwanla, Grantor,' ,','I'"
and partl~" or tllr tirnt port,
A liD
BOtlC'lJOIl OF SlllPPf:liBillIRG, '" l:"niclpnl Corporation of \he Cal!lllOn-:o "
."euth ot r-lIne11vanla, County 01" Cu:nberlano. at'oreell1d, ~antee and
part,r at the oecond pll1't.
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WitDenetb. tltat ill _oI......d_ 0' Four TbouGl1n4 T,..o !\&ndred
($t,roo.col P,,"-
Ia .... paw. ... .......... .......r I. "ados uc1a_t....., tit. "ufd cna..._e ..
.uoJow 8""" ...... coa""8 '0 llae ...w GtooD,.., 1 tB Ba... .... AooIt-"
All tb. tOllowlDJlld...ar1bec5 :real e.tate I1tuated In tho
BoJ'0118h ot llhlppenBlldrS, CQQDtT at Cullhorland. State at
reDlleylnn1a. ""undod and 11lBlted ae tallcnru
Beglnn1116 at lU1 Iron pin on the 11M at tbo land. at Ml110
It. Jlo,-er, 119 teet .eaaured wu,t.rDl,. tl'Olll the tbe woet prop-
ert;r Uno at JSarl stroot, thence by lIell1e It. Ro,Zor, ..uth
ilxt7-tcur dOll1'eGB and: th1 ne.n IlI1nute. west (114" 1:1 ' W)
on. hundred BD4 thlrt7 e1abt te.t taDI' lnabee (138' 4") to
an Iron pin on tbe B..t Side ot An A 1187: theDOlt by e.,t dde
at eald ~e7 north twont7 tour degree. and thlrtT ~inntee
weet (ll 24 ;50' wI D1l1ll,.tT dx teet e1% iDCheB (96' II") to
an iron pin at the 8Out'iaot c01'%l<lr at an lntereaation at
eaid &1107 With anotlleI' .11871 tbenaa b7 l< na_ alle,.
~tb .1%t7 tour degre.. th1rt~en minute. BaRt (N 64 .13' B)
ODI> hunclrod 1:lIlrtT nlght t<HIt tour incbee to III iron pin
the corner at . traot this da,. conTe7ed by ll1'antar to tile
Il1b CltT CJ.lib: then cO by add tr.ot 80utb twent,. tour c1esrou
thirtT IIIlDUtee eut (S 24 30' E)nlnet7 en teet e1x lnchee
(96' 6n) to tbn iron pin the place at beg1nn1DJl.
IT IlEING part or tl,~ t.r_.". P"l'I,'lIee ..hlch D, H. Pcwell, Ex.cutor
of too Lret W111 ond reet=:lIt of Olaro O. StUllbeugb, deaeRoed,
by h18 d'.04 detod the 16th day or 11"1'011, 1935, Mil rBoord,ed in
11 "N" Il? conveyed to 'rank E. H" llEll', Sr.: and th. eGld
Frank.E. f/.,ll"r', Sr., having died lIeY Pl', 1940'. b:; hie L"ot "111
and 'restRJlent recorded In tbn offl"" of the IIngletpr or "111e
in 1lIlC1 tor Cumberland County, at C,or11el", P,.., devleed h10
enUre 80tato 1;0 hic ..l1'e, Ilpche1 B, ll"llar end his son,
Frank E. Hall 81', Jr.; and tl1e ell1d fulchel ~. llo11ar, being tlJUI
eeleed n1' ~ un~lvld.d an,,-hRlf lntereet therein, died Intestato
July 1'4, 1941 loavlng 1;0 OUl'T'''' De BOlo hell'-at-law Frank I.
IIal lar , Jr., tho ..lth1n G,.antar, ..he thuo bec..... Teeted or GI1
entire lntrrcot in the prealssc.
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EXHIBIT
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EXHIBIT
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01 O1lr lArd OM IMv.lClIwl "'114 Aun4rtd
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(1970)
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and'seventy
SSfIY8EN
J. HONROE WYRICX and IlARY E. WYRICX. 'his wlEe, of tha
Tawn.hlp of Sauthamptan, County af Frlnklln and Commonwe~lth
of Pcnnsylv~nla. parcies of tho first part.s o.
....1
Gf'Gntor Sf
.nd .'
IWB CITY CLUB, a corpoTation duly organized and existing
. under the Laws of the Commonwealth ot Pennsylvania, with
It. prlncipal.oEEice and place of bu.lna.s In the Dorou,h.
oC ShlrrcnsburJ. Cumberland County, pennsylvania, party
of tho second part as . .
Crunk. :
,.
1YJTNESSETIl,IAlstincoruiJefaHono/ Twenty-five Thousand ('ZS,ooo.OO), ...........
__....................-..-....................-.........------.....--...___ o~,~
in /&and paUl. tAt tccdpt trJA'r1of if A'rlbV tu:'-nowlcJgc4, IA. ,0Ctl 17t'Clnlor 5 d4 A.,.W 171'GA1
and convC"V 10 IA. 'lied gran'" , ALL tha t cortaln roessua'go or tenesncnt
situato in the Borough of Shippensburl. County of Cumberland aad
Stato of ponnsy~v3nia, and bounded and limited as follows:
On tho East by South Earl Street; on tho South by lot
formerly of John L.. Barner, now Hrs.. Roy Bigler; on tho
West by an alloy known as Seneca Street. and on 'the
North by lot formerly of Hrs. C. C. Stumbaugh. 'now of
the Grantee herein, containing Thirty~ono (31) feet
alght (8) Inches in front on Earl Street and continuing
at that width to a depth of Forty-six (46) feet and
thanea at a width of Thirty-two (3Z) feat Two (Z) Incbas
to tho alley on tho West, tho entiro depth of the. lot
baing two hundrad fifty-seven (Z57) .faet four (4) inches,
having erected thereon a two and one~half story brick
dwelling housa known as 44 and 44 l/Z South Earl Straet
and other improv~ments. '
BEING the sa",e real estate which Dorothy lIeclanan Rlts and Hary Louisa
'f1cc1anan, Executrices of the Last ,.,111 nnd Testament of Habel Golcer
lIed"an, by their d.ed datad the Z4th day of February. 1950 and recorded
In the offlc. for tha recording of deads In and for tha County of
Cumberland.in Deed Book "I", Vol. 14, Paee 125 conveyed to J. Monroe
WyrIck and Hary E. l1yric~, his wifa. Grantors herein.
TOGETIIER wi th tha rlCht-ofl-way In COMon with the ownars of
the land IMadlataly adjoining on the North along aqd ovar a right-of-
way Threa (3) feet in wIdth commencing at Earl Streat and extending.
over the said adjoining land to a depth of forty-six (46) faet along
tha North line of the proparty heraby convayad; AND SUBJECT, HOWEVER,
to the right of John L. Barner and Ella, his wife (now Hrs. Roy Bigler)
their heirs and assigns to use, occupy and anjoy in co","on with th~
'grantaas harain, their'successors and asslgns, tha brick wall.whlch
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is tho South w.U of tho dwelUn, hou.o h.reby conv.y.d and tho .
.trlp of 1.hd fourt..n (1.) Inch.. In width .nd .xt.ndln, 'w..tw.rd
fro. earl Str..t forty..lx (.6) f..t upon which ..ld w.11,1.
orected. . .. . .! ...
Th. ..ld proporty with tho .l,ht . and .....v.tlon. .. h...ln.
b.fo.. d..cr1bed 1. tho .a.o which wa. conv.yed by N.111. G.l,..
K.uff..n, H.bel GolR'. lI.ck...n .nd Frenc.. Gol,er Omw.ko. Execut.lc..
of Ann. B. G.l,... d.c....d. by thel. d.od d.t.d J.nu..y 26. 1925
.nd ..co.d.d In tho R.cord..'. Offlc. In .nd for Cumb..l.nd County.
Pennsylvania; in Deed Book "Zu, Volume 9, 'ago 385. to .label
Goll.r lIeckman. The .old Mabol Col,e. lI.cka.n died on tho Uth doy of
Hoy A.D. 19U te.tat..
they
. '
AND 'A. 'flU grcnt01" sMrd" tov.nan' end aDr" tAd
genera l1y lA, ptol'"'" A.r.&" to""'V,L
IN WITNESS WHEREOF, ,old grcnltlrS ".aveAcr",nto ,d the! r Aon4 S ond "als
IA. .:a" an4 ",ar Jr,t dO.II' writhn.. If'
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ll. Horioo 'yrlCk .~d .,.01 E. Wy.lck.
his wH..
N"'" to M' (or,a'illa,'onlvprovnt) to a, tA'ptr,on' WAOIIM"'" ara n&uri&tclt.tA,
wltAlrl i""nun,,.'. and otlt"O~',rlllt4 I.bl tA,Y 1I'Z"",ltd tAt '''If /., IA. PUJ'1NIU tA.....,e" .
tortlo'rI,L _ :.~....-;s, 00 ........
IN WITNESS WHEREOF, I AIr...I. III ..~ Mod.od ./111141.141. /l ~:/.... .t\~ .." t. i~.~
on, J./' '~~.."'. 'I
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EXHIBIT
II D II
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CoP~
APPRAISAL REPORT
or
HUB CIn CLUB
lIE" , SEHBCA ImIBEr
SBIPPENSBURO PA 17257
PREPARED FOR:
MR CALVIN II1l'l'CIIISON
HUB CITY CLUB
AS OF:
AUGUST 20, 1993
PREPARED BY:
AUSHERMAN BROTHERS
TIM L. AUSBBRMAH
. ......-......-............
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,
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..,.. AU et ,,1ftUn COuftI1. ,............ IlncI ,'"
!7/usherman YJros.
REAL ESTATE INC,
229 N. 2nd Street. Chambersburg, PA 17201
717-264-6715 . FAX# 717-264-4973
_II
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Appro'II"
In~.tm.nll
Coonllllng
August 20, 1993
Mr. Calvin Hutchison
Hub city Club
RE: Hub city Club
Neff & Seneca Street
Shippensburg, PA 17257
Dear Mr. Hutchison:
Pursuant to your request, I have inspected, analyzed and
appraised the subject property located at Neff and Seneca
Street, Shippensburg. The purpose of the appraisal is to
estimate the market value of the property.
After careful consideration of all
shown in the accompanying report,
market value is THIRTY THOUSAND FOUR
DOLLARS.
data assembled and as
I have concluded the
HUNDRED FIFTY ($30,450)
I certify that I have no interest, past, present or
prospective in this property which would tend to influence
my unbiased opinion of value. If you should have any
questions in relation to this appraisal, I will be glad to
discuss them with you at any time.
(1Sincer...~lY
Z
. ~. Ausherman
PA certified General
Real Estate Appraiser
certification Number GA-000149-L
ced
,
-." :,....y. <.,.,.,.'.';'
,
.
PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the market value
of Neff and Seneca street, Shippensburg for the Hub city
Club.
Reference should be made to the attached deeds and
addendums of this report.
Market value - the most probable price in terms of money
which a property should bring in competitive and open market
under all conditions requisite to a fair sale, the buyer and
seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sales
as of a specified date and the pass~ng of title from seller
to buyer under conditions whereby:
1. buyer and seller are typically motivated.
2. both parties are well informed or well advised, and each
acting in what they consider their own best interest.
3. a reasonable time is allowed for exposure in the open
market.
4. payment is made in cash or its equivalent.
5. financing, if any, is on terms generally available in
the community at the specified date and typical for the
property type in its locale.
6. the price represents a normal consideration for the
property sold unaffected by special financing amounts
and/or terms, services, fees, costs, or credits incurred
in the transaction.
IDENTIFICATION OF THE PROPERTY
The subject property is identified as Seneca and Neff
Avenue, Shippensburg, more fully described in cumberland
County Deed Book Volume 12Z Page 377.
i
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H:J:STORICAL DATA
The subject property was purchased by the Borough of
Shippensburg on March 12, 1945. The purchase price was
$4,200 and is more fully described in the attached legal
description.
NE:J:OHBORHOOD DATA
The subject property is located in downtown Shippensburg.
The area is a mix of multi-family buildings, commercial
establishments and single family homes. The topography of
the neighborhood is generally level.
DESCRIPTION OF THE SITE
The subject property consists of a rectangular size plot
being 96.5' x 138' located at the corner of Neff and Seneca
street. . The subject property is a level parking lot and
is located in flood zone A as per community Panel
420368001A, Dated March 15, 1979. The appraiser researched
all sales within the Shippensburg area and found no sales to
be comparable to the subject property. The appraiser then
researched the market for rentals of parking spaces and was
unable to locate any parking spaces to be rented in the
downtown area. However, the appraiser by researching
chambersburg market indicating $15 as a parking space rental
in the downtown area of Chambersburg and Kenneth Hale,
previously, had parking spaces rented for $10.00. The
appraiser arri ved at a $12.00 per space rental for the
subject property or which would indicate a potential gross
income of $6,480 per year minus the 20% vacancy factor or
Page - 2
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$5,184 in gross income less expenses. Projecting out a net
income of $3,907 per year. The $3,907 was then capitalized
to include an 8% return on investors equity as well as a
rate to amoritize a mortgage. An indicated value is THIRTY-
EIGHT THOUSAND ONE HUNDRED SIXTY-THREE ($38,163) DOLLARS.
The parking lot is in need of paving. An estimate provided
by Calvin Hutchison of HUB city Club from Glen Snoke Paving
of $7,700 or indicates a market value of THIRTY THOUSAND
FOUR HUNDRED FIFTY ($30,450) DOLLARS.
Page - 3
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HXGHEST AND BEST USE
Highest and best use is that reasonable and probable use
that will support the highest present value, as defined, as
reasonable probable, a legal use of the land, physically
possible and economically feasible. The analyses addresses
the land, 1), as if vacant and available for development and
2), as presently improved.
Implied in this definition is that the determination of
highest and best use takes into account the contribution of
a specific use to the community and community development
goals as well as the benefits of that use to individual
property owners. Hence, in certain situations, the highest
and best use of land may be for parks, greenbelts,
preservation, conservation, wildlife habitants and the like.
The four primary areas .of evaluation used to estimate the
highest and best use for a property, as though unimproved
and ready for development are as follows:
A. All possible uses which are physically possible for the
site in question.
B. Its permissible
permitted by zoning
questions.
C. Its feasible use of those possible and permissible uses
which will produce the highest net return to the owner of
the site under current or projected market conditions.
(legal) use or those uses which are
and deed restrictions of the site in
D. That use among the alternative possible, permissible and
feasible uses that will produce the highest net returns or
present worth to the owner.
After reviewincr the crocertv and considerincr the fact that
it is located within the flood clain X have determined the
hicrhest and best use would be for a carkina lot.
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INCOME APPROACH
The projected rental income shown in the Income Approach is
based on rentals in the area. An operating Income statement
is provided and estimated for the property. The net income
is capitalized based upon the mortgage amortization and
equity return to the investor.
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INCOME AND EXPENSES
45 parking stalls @ $12 D
$540 x 12
$ 540
$6,480
$1. 296
$5,184
monthly
annual
vacancy (20%)
Gross Income
Less Expenses:
Taxes
Management
Snow Removal
Liability Insurance
Total Expenses
$ 258
$ 519
$ 350
$ 150
$1,277
$5,184
$1. 277
$3,907 Net operating Income
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:INCOME APPROACH
The Income Approach considers the estimated income of the
property making due allowance for expenses incurred in the
operati~n and capitalizing the net income which would
represent an attractive yield to an investor.
A review has been made of the current interest rates in the
market presently being charged by banks. From interviews
from Valley Bank and Trust company, unitas National Bank,
and Farmers and Merchants Bank, I have determined that the
current interest rates would be 8% to 11% for properties
with fee simple interest.
Taking a "long look" at the market, I have set forth a
possibility of 8.5% as a mortgage interest rate at 80
percent of the value for a term of 20 years. I considered
that an investor contributing the balance of 20 percent
would be attracted to an investment with a return of 8
percent resulting in an overall rate of .102374 as follows:
PORTION
RATE WEIGHTED
(CONSTANT) RATE
.086374
Mortage
.80 X
.107967 =
Equity
.20 X
.08000 =
.016000
OVERALL RATE:
.102374
Net Income of $3907 capitalized at .102374 = $38,163
$38,163 Indicated Value
$ 7.700 Less paving Cost
$30,463
Rounded to $30,450
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'N WITHr.lIl1HtREOf,
I ~.llf~Jlli.O icT llY 1IN10 NIB OmCIAL 1lE/lI..
l::I.~.J:~ EL..t:R C. ZINN
1. ' ., .NlnCE Of THE ptACE
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I HEREBY r.tRTlrY THAT TIlE PREDIIE RUIDENCE or THE ORNlTEE 111,0 I~TH EARL ITREET, IHlpl'ENII- ,
BURD, I'ENNA.
HILTCH A. RUUELL
ATTORNEY rDR GRANTEE
._..._......_........_________.....___..__._.______...__._a_.______._.______._.____...._______._
I nolU 1IIU1 ! . . . I
I f..J:,II~..H. THII DEED, .....DE Tit: 12TH DAY Of WRCN IN Tit: I
I'J~.IUU( I
I /,t.l 4.95: YEAH Cf OUII LCRD ONE THCUIAND HIHE HUNmtD AHD
I mUUAAY I fDflTT-rlVE. I!l:T'IEEN fRANK E. HDLLM .MI'AHD I
.-' -- . I
) .iANtT 101. HDLLM, HII WirE, Of Tit: BDflCUGH Of IHlpl'ENlaURO, CUlGERLNlD
I ceoNTY PENNIYLVAIlIA, GRAIlTDflS AHD pMTIES Of THE fIRST PART, . Nl;D
I BDflCUGH .Of .SHlpPENSBURG, A WNIClpAL CDflpDflATION Dr THE CQI.r.I~-
I IlEALTH Of PENNSYLVAHIA, CUr.tlERLNlD COUNTY ArDfltSA 10, CRANTEE AH~
p.IIITT or Tit: .IItCCHD PMT, WITNUstTH, THAT IN CCHSIDERATlCH Of
, I fOUR THCUsAND TWO HUNDfltD (14,2Oo,DO) DOLLARS IN HAND PAID, THE
RECtlPT WHtREDf IS It:RtDY ACIOIOI1.tDGtD, Tit: SAID CRAHTDflS DO It:RIBY CRANT AHD CCHVEY TQ THE SAID
, .
GRAHTEE, In It:RIS AHD ASBIGNI
ALL THE: 'fOLLOWIND DEICli'll!:D REAL tSTATE SITUATED IN Tit: BDflCUGH Of IHlpPEHSBURD, COUNTY or .
CUlllERLi.HD BTATE Of PEHNBYLVAIlIA, BOLiiDEO AHD LIMITED AS fOLLOWS,.
DtOIHHIND AT Nt IRCH PIN crt Tit: LINE Dr Tit: LAHDS '" I'NELLIE N. ROYER lCUTH BIXTT-fOUR DEOREU;
AND TNIRTEEN MINUTES IEIT (64 D. '1" W) crtE ,HUNDRED Nlli THIRTT EIOHT nET fCUR IHCIt:B (1'1' 4.)
TO Nt lilON PIN crt THE EAST SIDE Of AH ALU:Y, THENCE BY EAIT SIDE Of SAID ALLEY NORTH TIlENTT fCUR
DEOREU AHD THIRTT IoIINlITU IlEST ( H 24 0 '0' W) NINETY SIK /lU'SIX INCHES (96' 6.) TO N' IRON
Pit! AT THE SDUTIt:AST CORNER Of AH IHTERstCTlON Of SAIO AlJ.EY W'TH AHOllltB ALU:Y, THENCE BY LAn
NNJED ALU:Y NllATH SIXTY fCUR DECRtES THIRTEEH MINUTES EAST (N 64 0 1" E) CHE HUNOfItD THIRTY
EIGHT fOUR INCHtS TO AH IROfl PIN Tit: COfINER or A TRACT HI S DAY CCHVEYED BY GRANTOfI TO Tit: HUB
CITY CLUB, THtNCE BY SAID TRACT SCUTH TWEHTY fOUR DtGREES THIRTY IolINUTEI EAIT (S 24 0 '0')
HIIIETY BIX /lET SIX IHCIt:I (96' 6') TO TNE 'RCH PIN, THt PLACE Of DtGINNING.
I T BE IHG PART Of Tit: SAIC PRtlollStl WIIICH O. N,. pDlItLL, EXECUTOR or THE LAST WILL AHO TEITNJENT
Of CLARA C. STLMlIUGH, DECEAstD, BY HIS DEED IlATtDTIt: 16TH DAY Of IoIMCH 19)5, AHD RtCDRDEO IN
11 N 97 CcrtVEYEO TO fRAHK E. HOLLAR, ST., AHO Tit: SAID fR"~K E. HOLL'Il, ST., HAViNG OIED.....Y .
22 1940 BY His LAST WILL AHO TtSTAloENT RECORDED IN THE OfFICE Of Tilt RtGISTER Of WILLS IN NlO fOr
ClMltRLAHO COUNTT, AT CMLISU:, pA., Q:VISEO HIS ENTIRE ESTATE TO HII Wlrt,.'RACHEL B. HOLLAR AHD,
HII SCH, fRAHK E. HOLLAR, .MI., AHD THE SAID RACHtL B. HDLLM BtlNO HUS SEIZED Of NI UNDIVIDED
CHt-HALf INTtRtST THtRtlN, DIED I~TtSTATE .NLY 24, 1941, LEAVIHO TO SURVIVE AI SOLt HEIR-AT-LAW
fRANK E. HOLLAR .MI., TIlE WITHIN CRAHTClII, WHO THUS BECNJE VESTtD Of AH tNTl1l& INTEREST IN THE
PRtlol1 SES,
NO, 1U'5
DEtO
fRNlK E. HOLLAR .MI ET UX
TO. "
BOIlOUGH Of SHlpPENSBURG
eCHSt 14,200.00.
LOC, SHIpPENe&UIl0, PENNA.
DATD, IolARCH ll, 1945
ENTO. JUNE 6, 1945
NlO THE lAID ORAHTDlIS WILL WARRAIIT BtNtRALLY THE PROI'ERTT It:REBY CCHVEI'l:D.
IN WITNtSS WHtRtDF, Tit: ClllAHTDlII HAVE HERtUNTO SET TIt:IR HANDS AND StALS THE DAY AHD YEAR
fiRST ABOVE WAITTEN.
SIr//tD SEAU:D AHD DELIVERtO .
III Tit: PRESl:NCt Of
DCHALD IoI.PINt
DONALD loI.plNt
fRAHN E. HOLLM JR
JNlET 1.1. HOLLM
(StAL)
(stAL)
COLt.lCHIlEALTH Of PEHNSYLVNIoIA
COUNTY at CU\lDERLAHD
)
) asll
. ,
CH THlft, THE nTH DAY Dr IoIMCH, A,O. 1945, BtfDllt Ie PERSIlNAU.Y ""I'EARtD fRN/K t. HOLLAR
I oJR... AHD "'~CT .... HOLl.AR. HII WI rt. teNo.. TO liC: ( OIl IATurACTOAll.Y PROveN) TO BE Tf€ PERSCtt 'ltDI(
. /Wf" BUBICRIBEO Ta TIC 'ITHIN ItlerRUIoltNT. AHD ACIOIOII.ED<ltD THAT TNtY tXECUTEO Tit( BA&t: fOR Tit: I
. . .. RE N C TINED.
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.7lusherman :JJros.
REAL ESTATE INC.
229 N. 2nd Street . Chambersburg. PA 17201
717-264-6715 . FAXII 717-264-4973
QUALIFICATIONS OF TIM L. AUSHERMAN
Hom..
farm.
ApPIIIII',
Invlllm'ntl
COunllllng
since 1970, Tim L. Ausherman has been engaged in general
real estate practice. He is experienced in the sale,
management! and appraisal of real estate. He obtained his
Pennsylvan a State General Real Estate Appraiser
certification in 1991.
The following represents a partial list of appraisal clients
serviced by Mr. Ausherman:
-Lomas and Nettleton Mtg Co
-1st Natl Bank of Greencastle
-Unitas National Bank
-1st Federal Savings & Loan
-Letterkenny Federal Credit Union
-Bell Telephone of PA
-Agway Petroleum Corp.
-Associate Relocation
-United Telephone Credit Union
-Commercial Credit Savings & Loan
-Farmers Home Administration (FmHA)
-Commercial Credit savings & Loan
-Defense Activities Federal credit Union
-FHA Certified Fee Appraiser (Certification
-Commonwealth'Mtg Co
-Dauphin Deposit Bank
-Orrstown Bank,
-Mellon Bank
-PHH HomeCjuity
-Lenders Service,Inc.
-Security Pacific
-Record' Data, Inc.
-US Mortgage C~.
-Attorneys .
-Various Individuals
No. 2210)
EARNED DESIGNATIONS
G.R.I. - Graduate of Pennsylvania Realtors Institute, 1972
C.R.S. - Certified Residential Specialist, 1979
C.R.E.A. - Certified Real Estate Appraiser, 1989
EDUCATIONAL COURSES
-Residential Real Estate Appraisal #1, Pennsylvania State
university
-Real Estate Right-of-way course, Pennsylvania State
University
-Introduction to Appraisal of Real Estate, Society of Real
Estate Appraisers at Purdue University, LaFayette, IN
February 3-14, 1975
-Introduction to Commercial and Investment Real Estate,
Memphis, TN
-Art of Real Estate Counseling, Orlando, FL, November 1975
EDUCATIONAL COURSES CONTINUED
-Guaranteed Sales Plan Orlando, FL April 1977
-Personal Estate planning, LOUisville, KY March 1981
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EDUCATIONAL COURSES CONTINUED
-Guaranteed Sales Plan, orlando, FL April 1977
-Personal Estate Planning, Louisville, KY March 1981
-commercial Appraisal course, Lincoln Graduate center,
Washington, DC, November 1988
-Advanced Real Estate Appraisals, Real Estate Institute, New
Cumberland, PA, December 1988
-Applied Residential Property Valuation, Course 102, Society
of Real Estate Appraisers, Spartansburg,SC March 6-13, 1989
-Marshall Swift Calculation seminar for commercial
Properties, philadelphia, PA April 17, 1989
-Market Extraction Seminar, society Real Estate Appraisers,
Harrisburg, PA May 18, 1990
-Small Residential Income Property Report Seminar, Fannie
Mae 1025 by Henry Harrison, Rockville, MD June 26, 1990
-Uniform Standards of Professional Appraisal Practice,
National Association of Independent Fee Appraisers,
cumberland, MD September 17 & 18, 1990
-Appraisal of Residential'Property, Institute of Real Estate
StUdies, New Cumberland, PA February 1991
-Condemnation Appraising, National Association of
Independent Fee Appraisers, April 24-25, 1992
-PHH Homequity seminar, Atlantic city, NJ June 1992
-Courses offered by Realtors National Marketing Institute
-Various one day seminars through Housing Urban Development
(HUD)
-3.1 Principles of Farm, Ranch & Rural Appraisal Course,
Millville, NJ October 28-31, 1992
-3.2 Advanced Farm, Ranch & Rural Appraising, Millville, NJ
February 10-13, 1993
PROFESSIONAL AFFILIATIONS
-Member of Realtors Marketing Institute
-Member of National and State Association of Realtors
-Member of Franklin county Board of Realtors
-Pennsylvania Broker, License No. RM-026544-B
-Pennsylvania General Appraiser Certification No.GA-000149-L
-Past President of Franklin county Board of Realtors
-Senior Member of National Association Review Appraisers
-Past President of Greater Chambers burg Area Multi-List
Association
-Member of Pennsylvania council of Real Estate Appraisers
-Member of National Association of Realtors, Real Estate
Appraisal Section
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EXHIBIT
II E II
'_112
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Cf)pY
APPRAISAL REPORT
of
HUB CITY CLUB
44 S EARL ll'rIIEE'r
SBIPPENSBURO PA 17257
PREPARED FOR:
MR CALVIN BIl'rCIIISON
HUB CITY CLUB
AS OF:
AUGUST 20, 1993
PREPARED BY:
AUSHERMAN BROTHERS
TIM L. AUSIIERMllH
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TABLE OF CONTENTS
TITLE
TABLE OF CONTENTS
LETTER OF TRANSMITTAL
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS
PURPOSE
IDENTIFICATION OF PROPERTY
HISTORICAL DATA
ZONING
ASSESSMENT AND TAXES
AREA DATA
NEIGHBORHOOD DATA
DESCRIPTION OF SITE
DESCRIPTION OF IMPROVEMENTS
HIGHEST AND BEST USE
METHOD OF EVALUATION
SALES COMPARISON APPROACH
COMMENTS ON SALES COMPARISON DATA
INCOME APPROACH TO VALUE
RECONCILIATION AND FINAL ESTIMATE
CERTIFICATION
1
1
2
2
2
2
4
4
5
6
7
8
12
13
16
17
ADDENDA
PICTURES OF SUBJECT PROPERTY
PROPERTY LOCATION MAP
BUILDING SKETCH
FLOOD MAP
REMODELING ESTIMATES
LEGAL DESCRIPTION
MULTI-PURPOSE APPRAISAL ADDENDUM
ENVIRONMENTAL ADDENDUM
ASSUMPTIONS AND LIMITING CONDITIONS
QUALIFICATION OF APPRAISER
. ~ ......,...'''oIJ...r'''''....n ...~~................~.......~.a.. _..._ ..........,.....~
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REALTOR tl
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!7/usherman YJros.
REAL ESTATE INC,
229 N. 2nd Street. Chambersburg, PA 17201
717-264-6715 . FAX# 717-264-4973
Homo.
firm.
App,o',,',
fnvII.m.nlt
Coun..II"g
August 20, 1993
Mr. Calvin Hutchison
Hub city Club
RE: Hub city Club
44 S. Earl street
Shippensburg, PA 17257
Dear Mr. Hutchison:
Pursuant to your request, I have inspected, analyzed and
appraised the subject property located at 44 South Earl
street, Shippensburg, PA. The purpose of the appraisal is
to estimate the market value of the property.
After careful consideration of all data assembled and as
shown in the accompanying report, I have concluded the
market value of the property to include the brick building
at the rear of the property is FORTY-SEVEN THOOSAND SIX
HONORED ($47,600) DOLLARS. Without the brick building to
the rear of the property THIRTY-THREE THOUSAND EIGHT HUNDRED
($33,800) DOLLARS.
I certify that I have no interest, past, present or
prospective in this property which would tend to influence
my unbiased opinion of value. If you should have any
questions in relation to this appraisal, I will be glad to
discuss them with you at any time.
,
;nc~
"~~' Ausherman
PA Certified General
Real Estate Appraiser
Certification Number GA-000149-L
ced
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. SUMMARy OJ' IMPORTANT DATA AND CONCLUSIONS
PROPBRTY, HUB City Apartment BUilding
LOCATION' 44 South Earl Street
Cumberland County
Shippensburg, PA
PROPBRTY RIGHTS APPRAISED: Fee Simple Interest
OWNERSHIP: HUB City Club
PROPERTY TYPE: Apartments
ZONING: Commercial
LAND AREA: 32 X 257
HIGHEST AND BEST USE: Apartment BUilding
HARXET VALUE: $47,600
(to inclUde the brick building) Lot size 32 x 257
HARXET VALUE: $33,800
(without the brick bUilding) Lot size 32 Xl?5
DATE 01' INSPECTION: August 20, 1993
EVALUATION DATE: August 20, 1993
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PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to estimate the market value
of 44 South Earl street, Shippensburg for the Hub city Club.
Reference should be made to the attached deeds and addendums
of this report.
Market value - the most probable price in terms of money
which a property should bring in competitive and open market
under all conditions requisite to a fair sale, the buyer and
seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sales
as of a specified date and the passing of title from seller
to buyer under conditions whereby:
1. buyer and seller are typically motivated.
2. both parties are well informed or well advised, and each
acting in what they consider their own best interest.
3. a reasonable time is allowed for exposure in the open
market.
4. payment is made in cash or its equivalent.
5. financing, if any, is on terms generally available in
the community at the specified date and typical for the
property type in its locale.
6. the price represents a normal consideration for the
property sold unaffected by special financing amounts
and/or terms, services, fees, costs, or credits incurred
in the transaction.
IDENTIFICATION OF THE PROPERTY
The subject property is identified as 44 South Earl street,
Shippensburg, more fully described in Cumberland County Deed
Book Volume T23 Page 159.
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Rl:STORl:CAL DATA
The subject property was purchased by HUB city Club on July
31, 1970 for a purchase price of $25,000 more fully
described in the attached legal description.
ZONING
The subject property is located in a commercial zone. A
copy of the zoning regulations is made a part of the
addendum of this report.
ASSESSMENT AND TAXES
Land $ 880
Improvements $7110
Total
$7990
Total real estate taxes are estimated to be $1456 per year.
AREA DATA
Two of Shippensburg's many attributes are its central
location
and
small-town,
but
growing
atmosphere.
Shippensburg is physically located in the south central
corner of the Cumberland Valley region of Pennsylvania. The
neighboring towns/cities are Chambersburg to the south,
Carlisle,
Harrisburg to the north and Philadelphia,
Pittsburgh regions to the east and west.
It's location is
also enhanced by the fact that it is situated within two
counties. Franklin County is a small rural area of farming
and businesses. Cumberland County has more of a "big city"
atmosphere. However, the character traits of the population
which was 5,246 in 1989, are
influenced more by the
Chambersburg, Franklin County area rather than the Carlisle,
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Cumberland County region. The south central location and
its proximity to major cities offers a wide variety of
choices to the people living and working the community.
Shippensburg is also the home of Shippensburg University, a
large multi-structure, higher-education institution with
approximately 6,500 students.
Shipp ens burg is located near the hub of interstate highways,
Pennsylvania Turnpike, state and federal highways.
Interstate 81 running north/south is about one mile east of
the town with two easy on/off exits. The main street in
Shippensburg, King street is us Route 11, which parallels
Interstate 81. The Pennsylvania Turnpike is a distance of
approximately nine miles. Interstate 70, running east/west
and paralleling US Route 40 flows through Hagerstown,
Maryland, a distance to the south of 45 miles.
The area has access to rail, air freight and trucking
terminals. Harrisburg International Airport is 38 miles
from subject while Washington County Regional Airport is 45
miles. Both provide air parcel and cargo service to major
airports. Shippensburg, itself has four trucking firms with
major terminals located in Shippensburg, Greencastle,
Chambers burg , Carlisle and Hagerstown; with 15-45 minutes
driving time. Rail transportations is serviced by ConRail
and the Western Mnryland Railway CO CCSX) with freight
offices just outside Chambersburg. One-third of the major
US markets in the Northeast, Midwest and South can be
reached within one-to-two days travel time using the
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trucking industries available or the rail network systems.
Major markets include: Pittsburgh 180 miles; New York 210
miles; Philadelphia 130 miles; Baltimore 84 miles;
Washington, D.C. 102 miles; and Detroit 480 miles.
The immediate area has a diversified terrain with topography
ranging from level and gently rolling to steeply sloping
mountains. The varied terrain has provided a mainstay for
agriculture as well was, industrial and manufacturing
opportunities. Major employers include: The Beistle Co.
(Manufacturer of paper products), Ingersoll Rand (road
machinery), Hoffman Mills (fabrics), SKF Industries
(bearings), Shippensburg Area School District, and
Shippensburg University. Letterkenny Army Depot, located in
Chambersburg, is the largest single employer for the entire
region. The army installation covering nearly 20,000 acres
employs approximately 4,000 civilian workers.
Generally speaking, the economy of the area, because of its
wide array of industries, coupled with the agricultural
base, has been stable during the past decade.
NEIGHBORHOOD DATA
The subject property is located in downtown Shippensburg.
The area is a mix of multi-family buildings, commercial
establishments and single family homes. The topography of
the neighborhood is generally level.
DESCRIPTION OP THE SITE
The subject property consists of a rectangular size having a
frontage of approximately 32 feet along South Earl Street
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and a depth of 257 feet to an alley known as Seneca Street
in the rear. The site is in grass and has a brick building
at the end of the property site. It is joined by a party
wall on the south side of the building. The lot is level
and is located in Flood Zone A of the flood plain as per
community Panel #420368001A Dated March 15, 1979.
DESCRIPTION OF IMPROVEMENTS
Improvements consists of a three story apartment building
which was originally six apartments. For the purpose of the
appraisal and to arrive at the value, the appraiser
considered the property as improved potential and then
deducted the cost of improvements as per the attached
estimate within the report. The apartments on the third
floor were condemned and cannot be habitable due to ceiling
height. First floor consists of two four room apartments
with bath. The second floor consists of two four room
apartments and bath. These could be used as two bedroom
apartments, however, floor plan is functionally not
desirable as passage goes through one bedroom to the other.
The cost estimates show four heating units to be installed
and new electrical services. The current condition of the
property is not habitable. Details on the repair estimates
are included within the report. Total square footage for
the building containing first and second floors would be
approximately 2745 square feet. The basement is fully
concreted, stone foundation and has evidence of dampness in
the basement.
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HIGHBST AND BBST USE
Highest and best use is that reasonable and probable use
that will support the highest present value, as defined, as
reasonable probable, a legal use of the land, physically
possible and economically feasible. The analyses addresses
the land, 1), as if vacant and available for development and
2), as presently improved.
Implied in this definition is that the determination of
highest and best use takes into account the contribution of
a specific use to the community and community development
goals as well as the benefits of that use to individual
property owners. Hence, in certain situations, the highest
and best use of land may be for parks, greenbelts,
preservation, conservation, wildlife habitants and the like.
The four primary areas of evaluation used to estimate the
highest and best use for a property, as though unimproved
and ready for development are as follows:
A. All possible uses which are physically possible for the
site in question.
B. Its permissible (legal) use or those uses which are
permitted by zoning and deed restrictions of the site in
questions.
C. Its feasible use of those possible and permissible uses
which will produce the highest net return to the owner of
the site under current or projected market conditions.
D. That use among the alternative possible, permissible and
feasible uses that will produce the highest net returns or
present worth to the owner.
After reviewina the nroDertv I have determined the hiahest
and best use would be for an 8Dartment buildina.
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METHOD O~ BVALUAT%ON
In evaluating the subject proporty, consideration was given
to all three approaches (Sales Comparison, Cost and Income)
in arriving at the final estimate of value. From my
analysis of the property and cOnsidering the purpose of the
appraisal, I have concluded the Sales Comparison Approach
most applicable which indicate~ what buyers are paying in
the market for like propertiefl. A direct capitalization
rate was established for comptlrable sales. Cost Approach
was not utilized due to the age and condition of the
improvements. Income Approach sho\o(s projected income and
expenses for the property and Capitalizing potential income
for the improvements.
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S~LBS COMPARISON ~PPRO~CH
In evaluatinq the sales comparison approach I have
considered all comparable sales over the past three years
that would be appropriate for the subject property. The
most recent comparable sales were utilized and are described
as follows:
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COMMENTS ON SALES COMPARISON D~T~
All three comparable sales are investment properties that
have recently sold. Comparable 11 would be most similar to
the subject property as improved. It is located downtown
approximately two blocks from the subject property.
comparable #2 is an up/down duplex and comparable #3 is a
duplex. The capitalization rate is net income divided by
the sales price. To compute this for the subject property,
the projected net income would be 8778 or 8468 without the
brick building. The income capitalized at 9.5% indicated a
value as improved at $102,926 including the brick building
and $89,136 without the brick building. Minus the
improvements as indicated in the addendum of this report
that are,needed to bring the building in average condition,
would indicate a value of $47,600 with the brick building
and $33,800 without the brick building.
Page - 12
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'INCOME APPROACH
A survey was conducted what like properties are being leased
for in the Shippensburg Area. The following rental income
is projected for the first floor of $325 for each unit and
$300 for each unit on the second floor and $125 for the
brick building. The property operating income statement is
attached.
Page - 13
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OPERATING INCOME STATEMENT
projected Gross Income
1st floor apartment $325
1st floor apartment $325
2nd floor apartment $300
2nd floor apartment $300
Rear Brick Building llll
$1375
Total projected gross annual income $16,500
Less vacancy and credit loss 5%
Effective Gross Income
S
825
.$15,675
Less Expenses:
Taxes $ 1,456
Insurance $ 600
utilities $ 950
Maintenance Repair $ 750
Management 6% $ 941
Replacement ReservesS 1. 200
Total Expenses
Replacement Reserves$ 5,897
Effective Gross Income
Less Expenses Replacement Reserves
Net Income with Brick Building
Net Income without Brick Building
$15,675
S 5.987
$ 9,778
$ 8,468
Page - 14
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:rNCOME APPROACH
The Income Approach considers the estimated income of the
property making due allowance for expenses incurred in the
operation and capitalizing the net income which would
represent an attractive yield to an investor.
A review has been made of the current interest rates in the
market presently being charged by banks. From interviews
from Valley Bank and Trust Company, Unitas National Bank,
and Farmers and Merchants Bank, I have determined that the
current interest rates would be 8% to 11% for properties
with fee simple interest.
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Taking a "long look" at the market, I have set forth a
possibility of 8.5% as a mortgage interest rate at 80
percent of the value for a term of 20 years. I considered
that an investor contributing the balance of 20 percent
would be attracted to an investment with a return of 8
percent resulting in an overall rate of .102374 as follows:
PORTION
RATE WEIGHTED
(CONSTANT) RATE
Mortage
Equity
.80 X
.107967 =
.086374
.20 X
.08000 =
.016000
OVERALL RATE:
.102374
Net Income of $9778 Capitalized at .102374 = $95,512
Rounded to $95,500 with brick building.
Net Income $8468 Capitalized at .102374 = $82,716
Rounded to $82,716
$95,500
$55.000
$40,200
Indicated
Necessary
Value "As
Value with Brick Building
Repair
Is" with brick building
$82,716
$55,300
$27,416 Value without brick building
Page - 15
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~ECONC~L%~T~ON ~ F~N~L EST~MATE OF V~LUE
Value Indicated By the Sales comparison Approach $47,600
Without the Brick Building $33,800
Value Indicated By the Cost Approach
Value Indicated By the Income Approach
without the Brick Building
N/A
$40,200
$27,400
In arriving at the final estimate of value
I have put major
emphasis on the extracted capitalization rate from the
market on the comparable sales listed in the report. In the
Income Approach income was projected from a rental survey.
By utilizing the Ban Investment Te~hnique which reflects
what investors typically pay for anticipated return of like
properties. The overall rental potential for this property
would be rated as average. The appraiser has reviewed the
market and the sales indicated in the statistical analysis
from the Chambersburg Multiple List would appear that the
marketing time would be approximately five months.
page - 16
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CERTIFICATION
I, the undersigned, 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 are my personal, unbiased professional
analyses, opinions, and conclusions.
I have no present or prospecti ve interest
property that is the subject of this report, and I
personal interest or bias with respect to the
involved.
in the
have no
parties
My compensation is not contingent upon the reporting of a
predetermined value or direction in value that favors the
cause of the client, the amount of the value estimate, the
attainment of a stipulated result, or the occurrence of a
subsequent event.
My analyses, opinions, and conclusions were developed,
and this report has been prepared, in conformity with the
Uniform standards of Professional Appraisal Practice.
I have made a personal inspection of the property that is
the subject of this report.
No one provided significant professional assistance to
the person signing this report.
In my opinion from an analyses of all data, the estimate
value is FORTY-SEVEN THOUSAND SIX HUNDRED ($47,600) DOLLARS
or without the brick building THIRTY-THREE THOUSAND EIGHT
HUNDRED ($33,8
00) DOLLARS.
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...0'J/f,V
~ L. Ausherman
~ A Certified General
Estate Appraiser
Certification Number
Real
GA-000149-L
Page - 17
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Estimates for Remolding Apartments
Roof
4375.00
Remodel 4 ,Apartments 8200.00 each
paneling, drop ceiling,flooring,
Kitchen Cabinets,Plumbing and
Wiring Repairs,Minor Repairs in
Bathroom.
32800.00
New Services and Panel,New Wiring
in 4 Apartments
5325.00
4 Heating Units in Apartments
Plus Labor and Materials 3200.00 each
12800.00
Totals
55300.00
Does not include any outside repairs such as Storm Windows,Spouting,
or Painting.
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BLUE MOUNTAIN BUILDERS " . ~J
P.S....t>., sdl I'::l.? ~,$,SIf'!S"!(" ,,"0'
NEWBURG, PENNSYLVANIA 17240
DNV@
E.s. f ,. r'V'lo. te
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= 423.5673
:if. _....nM
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N~'oRi:iEREti ;(6/0. QTV.SHIPPED DESCRIPTION' . . 'UNI'i' PRICE TOTAL
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j:1@~ rr Q{)J.dr/leld . 'f?:i.co pC
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Proposal
P,opolal No.
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Sheel No.
Dol.
~-U1a- ~I i qr; ~
P,opolat Submlll.d To
Wo,k To Be P.rform.d AI
Nome
S'reel
CIty
Slale
Telephone Number
We hereby propo.e 'a fur Ish all 'he malerlal. and perform all 'he lobar necellary far 'he completion of
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CI'Y_
Dole of Plan.
Architect
Slate
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All malerlal I. guaranteed to be
and .peclflcalfons submitted for
a. specified, and 'he above work to be performed In accordance wl'h the drawings
above work and camp Ie led In 0 substantlal workmanlike manner for the Sum of
Dollars 1$ LI3 ':) ~Cf
.7. ,J' t""" I
with paymenls 'a be mode os follows:
Any altoratlon or deviation from above specifications involving exlra casls, will be execuled only upon written orders, and will
became on extra charge Over and above 'he estimate. All agreemenll contingent upon s'rlkes, accidents or delays beyond our
conlral, Owner to corry fire, tornado and other necellary Insurance upon above work, Workmen's Compensation and Public
liability In.urance on above work 10 be laken au' by
Respeclfully submltled
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Per
Nole -This proposal may be wi'hdrawn by us If no' accepled withIn days
ACCEPTANCE OF PROPOSAL
The above prices, specIfications and conditions ore satisfactory and ore hereby accepted, You ore aulhorlzed 10 do th. work a.
.peclfled. Paymenl will be mode os oulllned above.
Accepled
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Signature
Dale
Slgnalur.
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B&TIV&&N
J, HONROE WYRICK .nd MARY E. WYRICK, 'his ..if., of tho
To..n.hlp of South..pton, County of Fr.nklln .nd Co..on....lth
of Pennsylvania, parties of the flTlt part as
a""
Graft. Sf
IWB CITY CLUB. . corpor.tlon duly orR.nl.od .nd oxl.tln,
under the Laws of the Co~onwe.lth of penn'rlyania, with
I.. "rlnclpol .offlc. .nd pl.co of bu.lno.. n tho Borou,h
of Shlppensbur" Cumberland County, Pennsylvania, party
of the second part IS
WlTNESSET/I,/A4/1n ,o.,idsrallo. 0/ Twonty- five Thousand (l 25 ,OOO.OOh _u_u
...............___..___................................_.... oU4,~
1ft "au paW, tAl receipt luAc"o/" A".&, (U^""DIlII,dg,rI, 'A, ,aid ,rantor s d.o A".b ,rut
ond conVC'V to tAl IGld ,ron'" . ALL th. t certain ..ssua". or tone",o"t
situ.to In tho Borou,h of Shlpp.n.burR. County of Cumborl.nd .Dd
St.to of Ponnsylyonla, .nd bound.d and Ilmltod .. folio"':
On tho Eo.t by South Earl Stroot: on tho South by lot
formerly of John L.. Barner, now ,.Irs. Roy Biller; on tho
West by an alley known .s Seneca Street, and on the
North by lot for~orly of Hr.. C. C. Stumb.ugh, 'no.. of
tho Cr.nto. horoln, contalnln, Thirty-on. (31) f.et
ol,ht (8) incho. In front on Earl Str.ot and contlnuln,
.t that ..Idth to . dopth of Forty-.lx (46) fo.t .nd
th.nco at . ..Idth of Thlrty-t..o (32) foot T..o (2) Incbo.
to the alley on tho Wost, the entire depth of the lot
boln, t"D hundred flfty-.oyon (257) .foot four (4) Inches,
having erected thereon . two and one-half story brick
~w.llln, hou.o known .. 44 and 44 1/2 South E.rl Stro.t
and other improvements.
BEINC tho .0..0 roo1 o.tote ..hlch Dorothy 1I0cklllan Rlts .nd Hory Louiso
lIeeban, Executrices of the Last Will Gnd Testament of Habel Calger
1I0ckman, by tholr dood doted tho 24th doy of Fobruory. 1950 and recorded
In tho offlco for tho rocordlng of dood. In and for tho County of
Cumberland .1n Deed Boole 11[11, Vol. 14, Pago 125 conveyed to J. Honroe
Wyrick .nd ".ry E. 'jyrlc~, his "lfo, Crantors h.roln.
TOCETIIER ..1 th tho rICht-of'....y In cOllUllon ..1 th tho ownors of
tho land I...dlatoly .dJolnlng on tho North alon, and DYOr . ri,ht-of-
..oy Throo (3) foot in ..Idth co~~onclng at Earl Stroet .nd oxtondln,.
oyor tho said .djolnln, l.nd to . d.pth of forty-six (46) foot .lon,
tho North lino of tho proporty h.roby conyoyod: AND SUBJECT, 1I0WEVER,
to tho rlCht of John L. B.rnor and Ell., hi. ..Ifo (no.. Hrs. Roy BI,lor)
thoir holr. and ...i,n. to u.o, occu~y .nd onjoy in com.on ..ith th~
granto.s herdn, tholr suecos..rs .nil ...lgn., tho brlck ...ll...hich
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is the South "ell of the dweUin. house hereby conveyed end the .
otrlp ol land fourteen (14) Inch.. In "ldth and ext.ndln. '"e.tword
from E.rl Str.et lorty-.lx (46) leet upon "hlch ..Id "ell.1.
erected. .
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Th. ..Id prop.rty "Ith tho rl.ht . and re.ervetlon. .. horeln.
bolore do.crlbed I. tho .... "hlch "., convoyed by Nelli. G.I.or
!C,ullm.n. ~I.bel Go1R.r /I.ckman .nd Prenc.. Gol,er Omw.ke. Eucutrlc..
of Ann. B. G.I..r. d.c.a.ed, by their de.d dated Jenuary 26, 1925
and recorded In the Record.r'. Olllc. In and lor Cumberland County,
'ennsylvanla.. in Deed Book "I". Volullle 9. Plge 385. to "Iabel
Gel.er lIockman. Tho said Mabel Gollor /lecka.n died on tho 24th doy ol
May A.D, 1948 te.t.te.
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A.ND 'A. "W pra"fOf' 1.\4,1&'11 ""'M..' end aQ'" tAa'
Rlnerall)' "" ,N/1ItrlV A",l1V """",et.
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IN WITNESS WHEREOF. '014 .....,.,. MV.A......,."1 thol r .1404.004 "II.
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SI4/4 of PEnn.ylvanto
Cosmtv 0/ Cunberland, j
On IAII,IA. S1? d4~ of
lA, vndcr.rllntd ollt,,.. p,r'Oftell" aP1Jta'trl
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and ~rary E. Wyrick,
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known to m, (or ,etu/atfon1v prOtla) 10 6, "" p'rlonS wAoII ,uun, I . re ",6,cn'bcd to tA,
lIIlflll,. {",'nu","', anrlatlmol:l,d,l,rl 'ht t A, Y utn.14d lA_ 'all' lor CA_ PUf'JlO'" ",,,,",,,,
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IN WITNESS WHEREOF. I Air...,. .., ..~ .1404 004 ./!l<Io1 ,fd/, /I ~.,... .\'.~ . .1/ (. i~.h
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Notary Public D.::t;,e, ~ :7' }:11
a~f/!ll,;;,,"~I"":":' ~.
My Comm. expIres: ~ -7 r, 19 'f':;'-:'" ~
eoorT231iE 160
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'c. ", . ,,".lnUNMt:NIAL 4DDENDUM
"''''''''RENT' HAZARDOUS SUBSTANCES ANDIDR DETRIMENTAL ENVIRONMENTAL CONDITIONS
-' Borrclllto,/Cllonl
Add,e.. 44 S.
ClIy-Sh\Rl'n'1~h"rg
LendBfN l
''''-fWn' I. defined II 1I\a' ""Ich I. vl.lbl., ob.I..... .vld.n' .. menll... 10 111. eptlt.IN'.
n" 0.1""..." En",,,,..,m'.' "",,",,,10m" /., OM ..I,It ..y ...1 nt." .,,,,..,,,,. O'",y ,h,
".''''mll ...h"h h.", .,m ,h,,"''' ~ Ih, ."../In ."Iy I. ,h, ",,,my .ri., .,,,..1..,,.
Trils Iddondum reports the ,esults ollhl Ipp,"lsa,'s ,oullno Inspocllon 01 Ind Inqulrlos Iboullho subjoct
p'oporty Ind II. lurroundlng "'"". It Ilso .1.10. whal essumpllons WI'O mado lboul Ih. .xl'l.nee (0'
nonexlstlncl) ollny hazl,dou. substenc.s andio, dotrlmentalen.I,onmonlll conditions. rhl .pp,a'II"" no'
e. a_II I.,',o.m..'" '."''''0' Ind Iho,elo,o mlghl ~o unlwa,o 01 exlsllng hazlrdous lubs1lnc.. Indlor
dot,lmenlalen.I,onmenlal candlllon. which mlyhl.o. olglll.e ehoclon the .aloty Ind Vlluo ollhl p'operty.1I
Is posslblelhll t.sts and Inspecllon. mldo by I qUllltlod on.I,onmenl.ll.speclo, would '..eallh. exlstonce 01
hazardous materials andlor detrimental environmental condillons on or around the property that would
nogatl.oly Ihoctlls sl'ety and ,"Iue.
. .
Earl Street
County r'lmh
Sllle
PA
Zip cOIl. ,,, ~ 7
WATER .
ORlNKIN
_ Drinking Wiler 1.lupplled 10 Ut. IUbJlC1 Irom I munlclJ:al wlt.r lupply which II considered "'I. HOWIY., Uti only
way to be .blolutely Clrtlln Utltlhe wlter milts published Itandardlll to hlvllIltlled 11.11 dlschlrg. points.
- Drinking Wlter ISlupplled by. well orolh.r non-mur,lclpal lourCI. II Is recommended Ihlt tests be mlde to bl
certain thlt Ut. property Is IUpplild with Idequllu pure water.
_leld can g.t Inlo drinking water 'rom Ib lource, the rlpes, at aU dlscharg. points, plumbing lillurel Indlor ap.
pUancel, The only way to be certain that Wiler does nol contain an unacceptlble leld lovells 10 have It IlItld
et III discharge points.
~ Thl valu. ..Umlled In Ihl. IWII..,II blled on thl luumpllon Ihat thar. I. In .dequate lupply 01 '.".
IlId-".. Drinking Water.
Comments
.' . SANITARY WAS1E OISPOSAL
_ Sanitary Walt. II removed 'rom the property by a municipal sewer system.
- Sanitary Waste I. dlsposod 01 by a seplic .yslem or olhe.r sanitary on site waste disf'o,al sy,tem. Tho only way
to detormlno thallho dlspoulayshun II adequale and In good working condlllo" Is to hive Itlnspec:1ed by a
qualified Inspector.
.....x... Tha valu. ..Umaled In Ihl, apprll..,11 bINd on tho a..umpllon thlt Ihe Sanlllry Wlltal. dllpoled of by a
municipal HWlr or an .d~u.ta properly pennlnl-d Ill.rnl.1 Ir..trn.nl IYlt.m In good condition.
Comments .
. SOIL CONT MINANTS
- There are no apparen, signs ot Soil Contaminants on or near the subject property (elceplas reported In CoR).
ments below). It Is possible that research,lnspoctlon and losllng by a qualllled envlronl.,enlallnlpeclor would
reveel e.lstlng and/or polentlal hazardous substances andlor detrimental onvlronmental conditions on or
around lhe property that would negatively affect 113 salely and value.
--X.. Thl nlu. IIUmat,d In thl, appral,,'11 bll,d on thl a..umptlon that the .ubJ.ct proparty II Ir., 01 Soli
Conllmlnant..
Comments
ASBESTOS .
- All orplr1 ollhelmprovemenb were constructed belore 1979when Asbeslos was I common building malerlal.
The only way to be certain that the property Is troe 01 triable and non-friable Asbestos Is to have II Inspected
and tested by a quaUlled asbestos Inspector.
- The Improvements were conslructod efter 1979. No apparent Irlable Asbestos was observed (e.cept IS re.
X ported In Comments below).
- Th. nlu, ..Uml.ed In thl, appralulll baled on Ihe II.umpUon thll thl,.11 no unconl.lned Irllbla Albutol
or other hanrdouI A,bettot melerlll on the prop.erty.
Comments
, PCBs (POLYCHLORI ATEO BIPHENYLS) .
- There were no apparenl leaking flourescent light ballasts. capacllols or transformer, anywhere on or nearby
thl property (I.cept as reponed In Comments below).
- There was no IIPPllren'vlslble or documented evidence known to lhe appraiser or soli or Groundwaler contaml.
nation 'rom PCBs anywhere on the property (excepl as repOr1ed In Commenls below).
--.!... Th. v.lu. 'IUmated In thl, apprell.111 beNd on the ...umpllon thlllh.,. ar, no uncontaln,d PCSI on or
nearby the property.
CommenlS
RAOON
- The appraiser Is not aWlre 01 any Aadon lests made on the subjecl property wllhln Ihe PlSt 12 monlhs ('Icepl
as reponed In Comments bolow).
- The appraller Is nolaware 01 any Indicalion Ihal tho local Wiler supplies have been found 10 havI elevated
levets or Radon or Radium.
- The appraiser Is not aware 01 any nearby properties (except as reponed In Commenls below) Ihat were or
currently are used 'or uranium. thorium or radium ..lraclion or phosphate processing.
~ Th. nlul .IUmated In thl. apprll,,111 baNd on the "lumpUon that the Radon lav,'I, liar below EPA
recomm.nded lanll.
Comments
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",flOtO.tA.MIC"1'IOI'I [tI...,........~l"," .....:1.100.
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us h IUNOlHGnOU
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- The,. J, no appall"' vl,lble or doc::umtntld Ivld,nca known 10 Ih, appra'.., 01 any usr, on thl property nor
any known hlltorlCl1 u.. 01 th, property thai would IIklly hav. hid usr..
- Thl'. It. no apparlnt pltrollum II0rlQ' Indlor delivery ',cilille. tincludlno gasolin. Ilallonl or chlmlcal
manufacturing pienta) located on adjlclnt prop.m:.. '..Clpt II r.portld In Commtnta bllow).
- The,. .,.apPlfln, "gn. or U5T...I.Ung now or In thl PI'I on Ih, lubJect property. It II recommended that an
Inspection by. qualified UST Inapeelor bl obtaln.td to d.tarmlnl thlloc.lIon or any UST, together with thll,
condlUon and proper rlgl.ltallon IIlhev Ire ICII"I; Ind It thlY Ire Inlcllvl,lo dttermlnl whlthe, IhlY WI"
d'aClivaled In accordanca with lound Indultry practlcel.
~ The Yllue a.Umlled In 1111 apprl',all, baled on U.e "'lumpUon ahatlny tuncttonlng UST. Ira not 1....lng and
ara proper')' regll1ered and th.tany abandon.1d USTI a,. 'rM 'rom contamlnaUon and wa,. propertr
drained, nlled and ..aled.
Common's
o'l:I'.'mt.; '...#.1;11(.1......\.'."", 1:a.'1IIa.
- There ara no appaflnt Hazardous W.,te SII8s on the subJecl property or ne.rby the .ubJecl property (excepta.
reported In Commonts below). Hazardous Waste $ito search by atralnad environmental engineer may dellr..
X mine Ihatthore I. ono or mora Hazardous Wasla Sit.. on or In the area of Iha subject property.
- The valu. .l1Im_led In tIIllappral..111 baNd on th, ...umpUon ahalthlra arl no HaurdouI Wa,11 Slttl on or
noorlly 11I0 oubloel proporly 11I0' MQoUvoly o"oct 11I0 voluo or oo'oly 0111I0 proporly,
Commonla
II U :1". :"'1:"""'.11::1 a'/ tl.=I!III::1:fI.I~Io'1I1I1f.'I(.I~
- All or part of the Improvements wera construclee bofore 1982 when UREA 'oam Insulalion was a common
building malarial. Tho only way 10 be certain th.lt :ho property Is froe of UREA formaldehydo Is 10 have II
Inspocted by . qualUled UREA formaldehyde 'n::ipoctor.
- The Improvements wera constructed after 1982. ~o apPlfen' UREA formaldehyde materials wlr. oblllrvl<f
(excepl ., reported In Comments below).
-L The valua "Umlled In 1111 Ippralnll, biNd on 1:,. uaumpUon that the,." no ,lgnlfJcanl UFF' InlulaUon or
other UREA formaldehyde mllarlal on th, prop.my.
Comments
"::f.Ut:,"',l'.
- All or part 01 Ihe Improvements ware conslruclcd berore 1980 when lead Palnl was a common building
malerial. Thora is no apparent visible or known dJCumanted evidence 01 peeling or !laking lead Painl on tho
lloora, walls or ceilings (oxcaplas roported In Commonts below). Tho only way 10 be certain Ihat Iho property
Is 'ree ollurlaco or ,ubsurface lead Paint Is 10 hOlV. Itlnspectad by a qualified Inspector.
- Tho improvements were conslrueled .fter 1980. No appafent lead Pllnl WIS observed (excepl as repor1ld In
X Comments bllow).
- The valu. aatlmated In thl, appral..ll, baNd on the a..umpUo" Ihat th"al, no n,llIng or palling L.,d Paint
on 11I0 proporly.
Commonla
.m.:.l.:"'UJIItJ~
- There are no apparent signs 01 Air Pollution allh, liml ollhe Inspoctlon nor were any reported (e.cepl .s
X rcpor1od in Commonts below). Tho only way 10 b~ cartaln Ihallha air is Iree 01 pollution is to have IIlesled.
- Th. Yllue ..lImated In thll appra',alll tNlNd or. &:11 a..umptlon Ihat thl property II Ir'l 01 AIr PolluUon.
Commonla
WETLANOSI
'.1' .
- The site dODS nol conlaln any appafont Wellands/Flcod Plains (e.cepl as report'ld In Commlnts below). The
only way 10 bo cort.un thallho sito is 'roo 01 WOIlc.nClS/Flood Plains is 10 have illnspoctod by 8 qualified anvl.
ronmontal profossional.
-1L. Thl .,alu. .,tlmaled In thll appralnlll baled on thll auumpllon that there ar. no Wln.nda/Flood Plain, on thl
proparty (except .1 r.ported In Commenb balow).
Commonls
i..IJ,.'1I11=11I1If.:.UI:::(.IU.....:I~.'JI:[.Ji'h'J1:1l'1 r'l.:""#'l:I'~
- Thero are no othor apparent mlscollaneous hazatdous substances Ind/or dotrlmonlal envlronmenlll condl~
lions on or In the aroa ollho silo except 8S Ind.catod below:
_ Excess Noise
- Radlallon + Eloctromagnetlc Radiation
_Ughl POllullon
_ Waste Hlat
_ Acid MinI Or.lnage
_ Agricultural Pollution
_ Geological Huards
_ Ne.rby Hazardous Property
_'nfecllous Medical Waslos
_ Pesticides
- Others (Chemical Slorage + Slorage Drums, Pipelines, etc.)
x
- The .,alua..t1mlteclln Ihl. appralaall, baNd on tho aaumptlon that 11M" a,. no MIICIUlneou. en.,lronmental
Haunto (oac:opt "- ropcHlod obovo) 11I01 would MQoIIvoly o"oellllo voluo 0111Io _rly.
When any o( the en~lronm.n'" 8numpUon. mId. In thl. addendum
ato nol cOflOCf, Iha OIU",o'od .a/uo In Ihlo appra/.al may nol bo .alld.
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DEANITION OF MARKET VALUE: Tilt masl prollablt prlct ",hich I property should btlng In I competitive and open 11II/1I11 ....,.,,.
condilions 11IquI~lllo.L'fair sall.lhl buyer and lalIer. lach .ClIng prudtnlly.l<nowtedgtably and aslumlng Iht prlce Is nollnocted by undul
lIimu1us. 1mpIIc\ In Ihls dlflllillon Is Ih. consummelion oIl sail IS 01 a IpICiflld dall and Iht passing 01 tille Irom Ila.. .. buy" under
condilions wherlby; (I) buyer and naer IIllyplclly motivaled; (2) bolh pII1ilS arl ","a Inlormed or "'"' advisor!. and lach ICIIng In ",hal hi
considers his.... besllnl..ISI; (3). lIasonablt timlls llIowed lor "POSUII In Ihl opln mar1l11; (4) paymenlls madlln lerms 01 U.S. -
or In IIrms of fl/llllCial IrranglmlnlS comparabll lherOlo; Ind (5llhe prlce reprlsenlS 1ht nonnaI consideration lor Ihl property sold
unan"'led by lpedalor creativI f....cIng or salol conclssions' granted ~ Inyonllssoclaled 1NI1h Iht sail.
. AdjustmlnlS .. Iht comparablls musl be made lor spoclal or crlativl !inancing or sailS concessions. No adjustmonlS all necessary lor
IhOII COlis which are no""a1ly paid by slalrs IS a IIsua oflrldition or law In I markel ..Ia; IhtSI coslS III lIaddy IdlnbfJlblI slncl Iht
liner pay~lhlsl coslln vIrIIlally la lallS bansac1ioIls. Spedalor crlativ. fmancing adjustmlnls can be madl" Ihl comparabl. property by
comparisons 10 fmancing IlIms ollllad by alh.d party InstlMlonalle~er lhalls nolalllady Involved In Ihe property or bansaclion. My
adjuslmlnl should nol be calculated on a mechanlc:al dollar lor dollar coli ollhe fmancing or concession but Ihe dollar IrTlOUnl ollny
Idjuslmenl should appro.imalelhl marl<OI's reaction .. 1he fU1ancing or concessions based on !he appraise"s judgmonl.
CERTlACATION AND STATEMENT OF LIMIT1NG CONDIT10NS
CERTIFICATION: The Appraiser certilies and agre.s Ihat
I. The Apprais.r has no pre..nl or conlemplaled Mute Inl.reslln :he property apprais.d; and neilher Ihe .mploym.nl .. make !he
appraisal. nor Ihe comp.nsalion lor II. Is conling.nl upon Ih. appraised vtlu. ollh. property.
2. Th. Appraiser MS no p.rsonallnl.r.llln or bias ",ilh r.spect lolh. subjKt mall.r ollhe appraisal r.port or Ih. pII1icipants lolha sal..
Th. 'Ellimal. 01 Marl<.1 Value" In Ih. appraisal r.portls nol based I.' ",hole or In part upon Ihe rac.. color. or nalional origin ollh.
prospective .....rs or occupanlS ollhe prop.rty appraised. or upon Ih. rac.. color or nalional origin ollhe pres.n! owners or occupants 01
1he properties In Ihe vicinily 01 !he property apptaised.
3. The ApptaIJ.r has personanylnspocled Ihe property, bolh inside ao::l ouL and has mad. an .'IPlior inspection 01 all comparabl. sal.s
tilled In Ihe r.port. Tolh. bell 01 Ihe Appraiser's knowledge and beli.f. nil slalem.nlS and Inlormalion In Ihis r.port are bu. Ind correcl, and
Ihe Appraiser has nol knowingly lNIlhh.1d any signifocanllnlormalion.
4. All conlingenland timiling condilions are conlained herein (imposed by Ih. I.rms ollhe assignmenl or by Ihe undersigned enecting Ih.
analys.s. opinions. and conclusions conlained In Ih. report).
5. This appraisal report has been made In conlormily 1NI1h and Is subjeCl 10 Ihe requ..menlS ollhe Code 01 Prol.sslonal Elhics and
Slandards 01 Prof.sslonal Conducl ollhe appraisal organizalions I'IiIh ",hich Ihe Appraiser is allaialed.
6. AD conclusions and opinions concerning Ih. realeslale Ihal are s.llorth In Ihe appraisal reporl w.r. prepared by Iha Apprals.r whose
sIgtkllLUC appDals on UIO apprais;1J Il!p.:lrt. unless Indcilcd as .noview Appraise,., No thangtt ul any item itl the apptaisal .epoct shall be
made by anyone olher lhan Ihe Apprais.r. and Iha Appraiser shall have no responsibility lor any such unalhorized chang..
CONTINGENT ANO LIMITING CONOITIONS: The certJfocalion ollhe A;>ptais.r appearing In Ihe appraisal report is subjecllo Ihe loIlowing
condilions and 10 such olher specifIC and Iimillng condilions as are s.1 fort. by Ihe Awaiser In Ihe report.
1. The Appraiser assumes no r.spon~blily lor maners 01 a legal nalura anec1ing 1he property appraised or Ihe IIl1e Iherelo. nor does Ihe
Appraiser render any oplnion as 10 Ihe tille. ",hich Is assumed 10 be ~ood and marketabl.. The property Is appraised as Ihough under
responsible ownarship.
2. Any s1<.1ch In Ihe report may show appro.lmal. dlm.nsions and Is Included loassisllha raader In visualizing Ihe property. The Apprais.r
has mada no swvey ollha property.
3. The Appraiser Is nol required 10 give I.llimany or appear In court because 01 having madelhe appralsallNllh relerance tolh. properly In
qu.slion. unl.ss arrang.ments have been previously made Ih.relor.
4. Any dislribution ollhe valualion In Ihe r.port between land and imprcvements applies only under Ihe e.lsiling program 01 ulilizalion. Th.
separal. valualion lor land and building mull nol be us.d In conjunction v;ilh any other appraisal and ar. invalid if so used.
5. Th. Appraisar assumes Ihallhere are no hidden or unapparenl coo1ilions ollh. properly, subsoil. or slnJClureS, wh~h would rend.r if
more or less valuabfe. The Appraiser assumes no lesponsibifily lor such condilions, 01 fOI engineering which might be lequited to discovel
suchlaclors.
6. Infolmation, estimates, and opinions furnished to the Appraisel, artS contained in the leport. were oblained from sources considered
reliable and believed 10 be true and corree!. Howevel, no responsibility !QI acculacy 01 such items furnished the Appraiser can be assumed
by Ih. Appraiser.
7. Olsclosure ollh. contenlS ollhe appraisal report Is gov.rned by Ihe Bylaws and Regulalions 01 the professional apptaisal organizalions
I'IiIh ",hich Ihe Appraiser Is alliliated.
8. Neilher an. nor any parI ollh. conlenl of Ihe report. or copy Iher.o' (including conclusions as 10 Ihe property valu.. the Id.nllly ollha
Apprals.r. prol.ssional designalions. reler.nc.lo any prolessional appraisal organizalions. or Ihe f.m wilh which Ihe Appraiser Is connecled).
shan b. used lor any purpos.s by anyone bul1he Clienl specified in Ihe raport. 1he borrower if appraisal lee paid by sam.. the mortgagee or
Its successors and assigns, mortgage insurers, consultants. professiontJ appraisal organizations, any slale 01lOOel30y apploved financial
Instilulion. any department. agency. or InlllUm.nlalily ollhe Uniled Slal~ of any sIal. or Iha Dis~~1 01 Columbia. wilhoullhe previous wrinen
consenl of Ihe Appraiser: nor shall il be conveyed by anyone 10 Ih. publ:c Ihrough advertising. pubflC relalions. news. sales. or olh.r media.
I'Iillloutlh. wrin.n consenl and approval of Ihe Appraiser.
9. On aa appraisals. subjeello satislaclory completion. repairs. or allera:ions.lhe appraisal report and valua conclusion are conling.nt upon
completion of the Improvements in a workmanlike manner,
ENVIRONMENTAL DISCLAIMER: The Y311Jt eslimaled is based on the assumpt on lhallhe property ts nol negatively allec1ed by !he eXIstence of hazarcbJs
subslances or detrimenlal envitonmenlal COrClIons unless otherwiSe Slaled In 1'Iis repott. The apprili"r is nol an expen in Ihe kfeMllabOn of hazardouS
~ubstanctS or de~mentaI tnvltGMlenlal concllOflS, The apprOliser's routine in$ptCtiOn 01 al'd inquiries rabeNl Ihe subject property d(J nol devetop Iny
inJorm.IbOtl1f\allntfitated any, apparent Siglllhcanl haZardous SUbstances or detr:-nenlal environmenlal conditiOnS which would ailed I"e prcpetty negalively
unltSs olherwise Slated in this report II is possible Ihal tests and inspections nade by a quaLrlld h4zardouS substanet and environmental expert woutd
rheal the eXIStence 01 hazardous sutmances or deltimental envitonmenlal condil'ons on or around Ihe property thai would "f9iIlivtly alleet its value.
ADDmoNAL CERnACAnON: The appraiser further ctrtfies lhat:
I, This apprais." conlOtms Ie Iht Ul'lrorm Sl~dsot Prolession3l Appraisal P~3CIiCI ruSPAp.) Ddoplc:dtr, Ihe Appr:\iSOll SI,U1d.1rdS Bo.1rd ollhe
AppraIsal FOUf'lbbOn~ t.cep! ~l!h. Dep:lrtute Provision 01 tho USPAP does not apply.
2, Theit comptnsottioro rs ~I cClftlltlgent lJpotl U\e repot1itlg 04 a predelermined vJlu. or Greclion'" value thalla s!he cause 01 the ebenl. the amount 01
the value "bmate. the attainmenl ola stipulated "sull. 01 N occurrence of a sutsequem event.
3, TNs apprllS31lssignment WilS nol baSed on a requested mirWTun valualion.a speo6c valuabon, or 1 oval of a IoOln.
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:7/usherman YJros.
REAL ESTATE INC.
229 N. 2nd Street. Chambersburg, PA 17201
717-264-6715 . FAX# 717-264-4973
QUALIFICATIONS OF TIM L. AUSHERMAN
Hom..
'arm.
""prll,"11
Invlltm.nl.
Counllllng
since 1970, Tim L. Ausherman has been engaged in general
real estate practice. He is experienced in the sale,
management, and appraisal of real estate. He obtained his
pennsylvania State General Real Estate Appraiser
certification in 1991.
The following represents a partial list of appraisal clients
serviced by Mr. Ausherman:
-Commonwealth'~tg Co
-Dauphin Deposit Bank
-Orrstown Bank.
-Mellon Bank
-PHH Homequit~
-Lenders Serv1ce,Inc.
-Security Pacific
-Record Data, Inc;
-US Mortgage Co~
-Attorneys .
-Various Individuals
-Lomas and Nettleton Mtg Co
-1st Natl Bank of Greencastle
-Unitas National Bank
-1st Federal Savings & Loan
-Letterkenny Federal Credit union
-Bell Telephone of PA
-Agway Petroleum corp.
-Associate Relocation
-united Telephone Credit union .
-commercial Credit Savings & Loan
-Farmers Home Administration (FmHA)
-Commercial credit Savings & Loan
-Defense Activities Federal Credit Union
-FHA certified Fee Appraiser (Certification
No. 2210)
EARNED DESIGNATIONS
G.R.I. - Graduate of Pennsylvania Realtors Institute, 1972
C.R.S. - certified Residential Specialist, 1979
C.R.E.A. - Certified Real Estate Appraiser, 1989
EDUCATIONAL COURSES
-Residential Real Estate Appraisal #1, Pennsylvania State
university
-Real Estate Right-of-Way course, Pennsylvania State
university
-Introduction to Appraisal of Real Estate, Society of Real
Estate Appraisers at Purdue university, LaFayette, IN
February 3-14, 1975
-Introduction to Commercial and Investment Real Estate,
Memphis, TN
-Art of Real Estate Counseling, Orlando, FL, November 1975
EDUCATIONAL COURSES CONTINUED
-Guaranteed Sales Plan, orlando, FL April 1977
-Personal Estate Planning, Louisville, KY March 1981
i ....
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EDUCATIONAL COURSES CONTINUED
-Guaranteed Sales Plan, Orlando, FL April 1977
-personal Estate Planning, Louisville, KY March 1981
-commercial Appraisal Course, Lincoln Graduate center,
Washington, DC, November 1988
-Advanced Real Estate Appraisals, Real Estate Institute, New
Cumberland, PA, December 1988
-Applied Residential Property Valuation, Course 102, society
of Real Estate Appraisers, Spartansburg,SC March 6-13, 1989
-Marshall swift Calculation Seminar for commercial
Properties, Philadelphia, PA April 17, 1989
-Market Extraction Seminar, society Real Estate Appraisers,
Harrisburg, PA May 18, 1990
-Small Residential Income Property Report Seminar, Fannie
Mae 1025 by Henry Harrison, Rockville, MO June 26, 1990
-Uniform Standards of Professional Appraisal Practice,
National Association of Independent Fee Appraisers,
cumberland, MO September 17 & 18, 1990
-Appraisal of Residential property, Institute of Real Estate
studies, New Cumberland, 'PA February 1991
-Condemnation Appraising, National Association of
Independent Fee Appraisers, April 24-25, 1992
-PHH Homequity seminar, Atlantic city, N~ June 1992
-Courses offered by Realtors National Marketing Institute
-Various one day seminars through Housing Urban Development
(HUO)
-3.1 principles of Farm, Ranch & Rural Appraisal course,
Millville, NJ October 28-31, 1992
-3.2 Advanced Farm, Ranch & Rural Appraising, Millville, NJ
February 10-13, 1993
PROFESSIONAL AFFILIATIONS
-Member of Realtors Marketing Institute
-Member of National and state Association of Realtors
-Member of Franklin County Board of Realtors
-Pennsylvania Broker, License No. RM-026544-B
-Pennsylvania General Appraiser certification No.GA-000149-L
-Past President of Franklin County Board of Realtors
-Senior Member of National Association Review Appraisers
-Past President of Greater Chambersburg Area Multi-List
Association
-Member of Pennsylvania council of Real Estate Appraisers
-Member of National Association of Realtors, Real Estate
Appraisal section
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IN THE COURT of COMMON PLEAS
FOR THE 9th JUDICIAl DISTRICT
CUMBERlAND COUNTY BRANCH - PENNSYlVANIA
In Re: REAL ESTATE SITUATE at
Seneca Street and Neff Avenue
BOROUGH of SHIPPENSBURG
Cumberland County, Pennsylvenia
CIVIL ACTION. LAW
No. 94-1618 Civil Term
.. ORDER ..
AND NDW, this J.i. day of MAY, 1994, after hearing held in this maller, it is hereby ORDERED
and DECREED that the BOROUGH of SHIPPENSBURG, Cumberland and Franklin Counties, Pennsylvania, be and
is hereby authorized to exchange the land owned by it at the Southeast corner of Senenca Street and Neff
Avenues for lands owned by the HUB CITY CLUB, located at 44 South Earl Street, Shippensburg, Pennsylvania,
for no consideration, and the officers of the Borough Council are authorized to execute the necessary documents
to transfer said property and to accept the transfer of lands from the HUB CITY CLUB.
/-..-"--,
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By e Court:
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Proof of Publication of Notice in
THE NEWS-CHRONICLE
COUNTY OF CUMeERLAND ,
COMMONWEALTH OF PENNSYlVANIA, ( bO,:
60578
00000 0 ~o~!l)~.~. .\,'1.'.. .9!-!~.~~l!l.. o. O' . . baillC duly sworn according to I.1w. d.po....nd ..ys that he resides In the Borough of Shlppensburc.
County 01 Cumberl.1nd. and Commonwealth 01 Pe"nsylvanl.1: that he Is tho V j.,C;.e:. .1i'.J;l!.Il,l,c;1.fiI!l&l the News.Chronlcle Company. a corporation
duly orga"lzed under the I.1ws of the Commonwealth 01 Penn.ylva"I.1. having Its olllces and principal pl.1ce 01 busrn.ss In th. Township of Shlppens.
burg, County 01 Cumb.rl.1nd and Commonw.alth 01 P.nn.ylvania: that he I. authorized to and does make this aUldavlt on It I b.hall: thatlh. N.wl'
Chronlcl. Company was .stabllshed August 27. 1927: that it pUblishes th. "N.ws.Chronlcre": Ihe r:.ald "N.ws.Chronlcl." has been IlIued r.gul.1rly
..ml.weekly .Ince August 27, 1927 In said county 01 Cumberland: thaI the prlnl.d notice. advertisement or publication allached h.r.to Is ..actly
th. "10. as was printed and publl.hed In the regular .ditlon. and issu.. olth. soid ..N.ws.Chronlcl.... on Ih. following dal... vlz.:
April 28, 1994
AUlanl lurlh.r depose. Ihal h. and Ih. New..Chronlcl. Company are notint.resled
in the subject maUer 01 Ihe aloresaid notice 01 advertlsemenl. and thaI all allegallons In
the lor.golng .talement as to time. pl.1ce and character 01 publication ar.lrue and corr.ct.
W, ~O C_
.................................~...
Copy 01 Notlc. 01 Publicatla"
Sworn and subscribed
b~.lhIS.......... .~.q!=:I;1............... . day 01
Nan~'()r~o,;:
'Pumaaa,' &o,Order'of
Hm...""";'IUIU '1a,1.,.
....... Nordo I; IIN, I
hoorm.' " will' hi' hlW OIl
Thlllldq. ..., I'. IIN "'
S:40 AM. 0auIt ~ No. 8,
4th . DOor, COvn: _HOUI.,
CozIWo. I'onaI)'IfIIIII. OIl tho
Polltlaa of Ibo BOROUGH of
SmPPBNBUIIG 10 Ibdwlp
Roal Bololo ........ 1\ thl
South.., comer of the
IntorMdlOD of _ StrM\'
lUlCI NIIf A_.... tor .....
Ioeoted ot 44 80Idh llIIIlIlNl.
now oWIlIlI b)' tho HUB CITY
CLUB. All _ ha.m, III
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... April.....,............,.. .19 .94.
........./~~.Ji~Kr.'9........
Notary ~bll'
My commission expires. . . . . . . . . .
NoIalia'Seal
"''''''''' S, "''''''''. Notary PIt*:
. '~T~'Cul1lllal1llrtlCOoolY"
MyCcnIl11lSSiOnE>piresNai.24,199T
:-N. MYB1l8 '"
JIOROUGH OP , I"~
IIHIPPIlN8BUIIG ,
MY.!'ICAllrlUi
TO THE NEWS,CHRONICLE. Dr.
For publishlnClhe nollc. allached h.r.to
on thestaled dal.s . .. .. .. .. .. .. . .. S ..~ ~ : .~?
AlIIdavll........ .................. S .. ..?'. 9.0
Total. .. . .. .. . . .... . .. . . .. . .. . . .. . S . . J..? .'. 7.5
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