Securities and Exchange Commission v. Nadel et al

Filing 237

DECLARATION of Carl R. Nelson re #236 MOTION for issuance of order to show cause as to Why Conservation Easement Should Not Be Extinguished by Burton W. Wiand. (Attachments: #1 Exhibit A - Deed of Conservation Easement, #2 Exhibit B - Appraisal, #3 Exhibit C - Pages from 2005 Tax Return, #4 Exhibit D - Order and Complaint filed in W.D.N.C.)(Nelson, Carl)

Securities and Exchange Commission v. Nadel et al

Doc. 237 Att. 2

168.794 ACRE CONSERVATION LAUREL MOUNTAIN

EASEMENT LAND.

PRESERVE

TRACT

BliI CRE)!K ES)'ATES ROAD .

BVNCOMllE AND M:ClJOWELLCOUNTIES, NC ..

Ptèpared For:
Mr. AdNRd.el

. Laurelivoiiutaj'l Pré$erve MainStl'cet
1618

Sarasota,FL 34236

PatteJ.. TeliniUe,l\,SM
. Teiinîle&As~Qciates, I'ne. .......

. PreparedBy: DaVid il~ RobertsSRA

, . . .:.. ......, '.

.:....:.;

", ...:.,.

820BStåteEàriiÎRoad .
Bòoue~N orth Carollna28607
Federal Tâ':iI))#56...77~936

IUfective DateöftheAlipraisal: Noveirher 1,2005

EXHIBIT

l8
Dockets.Justia.com

Tennille & Associates, Inc.
Real Estate Appraisers

October 19~ 2Q05

Mr. Art Nadel Laurel Mountain PreserVe 1618 Main Street Sarasota, FL 34236

erve, 168.794 Acre Land Tract, Bird Creek EstateS Road, Buncomheand:Mcpowell Cöuiities,NC
Re: Laurel Mountain Pte s Dear Mr.

Nadel:

In accordance \vitG yourrequest for an appraisaLoftheabove n~ferenced property,

located iiiB:ucol1bt ándMcDowellCounties, North Garolíp.a,David R. Roberts,
SRA,. first inspected

the: slibJect property on July 2 J , 200 5 ~. and the. final inspection
a

wasSeptember29,2005fortlepurose of analysis for due to the not

charitable contrbution granting ofácohservation easement. Pattie J. Tennìle,MAI, 8RA did
date of the

physically iiispectthe subJtcLpropeity. The effective

appraisal

report f()r the purose ofestimâting the charitable contrbutiónis November 1,
2005.
Propertyrightscippraìsedconsist of:the fee . assumigitätketable title. .IJie vahie reported in ths appr:iîsalis the

simple e~tate;cillliep.s disregarded;

Market VaiiieofthecQriservati'Øll:.:easeJ:ent;~clèteiuin,edby aiiånály~ìsøf thevMueöf the
acreage
prospective the boundâresof the 168. 794

ptopertybefor~ ändaftet.t~e,conservatión' easeinentisglaited' onallof.the the of lat.d,The.irarkét . va;lue hefore 168: 794 acres gtantÍ1gof a conservation
easement will be deternliePQythe Sales Comparson ApproacliJor the parcel. as;;isandalso willindlcate the site subdivision with

market value of a proposed 12

acres of land. This. valuewi1
of vallle estim:~tiQn. A

be deternedbytleSu:bdivisionAnalysis method

reconcilatlbn øfva1uewi;Ld~t~ime the estìrateofmwket. value for the siibj ect

~r:::~=;:øe~::ti~g~td~=r;:::~:::~~t:r~~~~~;ra~
placedinaconservat1eiic ,easellØnt:thathasrøstri~ted usage. will no. dtwêtoprrent

potential on. a peracreba~is.The.speCifics of .tleconservationeasement and
site restrictions wìlbe detfiJledmofefully ii the in the description section of

the report

after value.

,. ....:: ., '-. .' ';'" - ':: " ',." - - ..' : ,",

.. 820~BState,Färm,R()aaJ~o.B9jQ1231 haO(nie;North. Carnliria28607

.l'eIèphon~::S28;:26r.~1533/Fax:828~264.0332 .

October 19,2005 Mr. Art Nadel
Page 2

Simply stated, Market Value is that reasonable and probable

price a property will

brig whén exposed for sale fora reasonable length of time. Implicit in the
defititîon are various conditions, which wil

be explained in the body of the

appraisaL.
The report reflects prospective market value for the of the easement and market value fot.the subjeèt property

ea~err.ent The values wil be indicated.and. the .difference wil be.noted as the
'heenhancemÈmt value to a:djoiirg owner l:iröpe.rtes. '
We certify that we have no present or contemplated

property prior to the granting the
after the granting of

va.1'ueofthechartable contrbutkm asoftie:specifieddätè. NsocoI1s'iderèd wil

intereSt in thëproperi
to the value
nor was the

appraised. . The fee charged reported. TI1isappraisal assigi:el1twas 110t made,

for our service is in no way related

appraisal rendered
this

.onthebasis of ,a.requested.iuinimumväluation,..specific valuation, or on an
aniQUnt,:wlichwould result toestima.te for easemeiit as . use of in approva1ofaloan. The purpose of

appraisal is

federal income tax ptìösesthemarket vahie of acol1seKration the specified. date; November. 1,2005. The report was. prepared for
easement It is

and submission to the IntenialRevellue Servi.ceasevideiice ofthe value of

chartable donatioaofa conservation terred upon

..Mlecorlcluded.that the. -proposedcøn,cepIp:laii. of 12sirgle";family hùmesites is. Cç.IlsJstentdwith. the .hîghest,tind ~estuse .ofthePropeny.The cpiiserva,tioh
.~eaS~lTent"e1ffeçtîv~ly,eli11ates'ft1;re4~veloPrnent nftls. natue' inpe;rpetlity,
e)(fRleets the'

...

the hot to be distrbuted or to be

by others without our writtenpènnssion;

.tUiêÍet'seêtíonL 170A -14 of

the InternàlRevenue . ¡ .' '.'.' ,- _. -'. - - . - -. Codeof1986. . .

reqUiements outli,ecl irrtheconservatioiieäsymentact aspermittecl

3

Mr. Ar Nadel

Octobèr 19, 2005
Page

3

The prospective market value of the subj.ect land parcel,

the cOl1setVationeàsement, with the highest and best use asa 12-site subdivision,
as of Nov em

prior to the granting of

her 1; 2005, is:

TWO MILLION THREE HUNDRED NINETY EIGHT THOUSAND

DOLLARS '

($2,398,000.00)
Market Valut; .~After Conservation EasemerttGranted - 168.794 Acres
cönservatioI1.eâ::-,' n~ti." '." . - . " sen . "," t land:

FOUR. Ft;lNtlREÐ TWENTY TWO THOUSAND DOLLARS
($422,000..00)
. Value ofConservation.Eàsenient(Difference):

ONEM:ltLi(jiW:1~lNEllUNJRED SEVENTY six Tl:OUSAND DOLLARS
($1,976,OOØ.OO) .

PursuanttoLItC§1.170 A~14(b)(3)(i), ". ..if the granting of a conservation
easeme?thas;~a~'al,efte.ctofi¡icreasiiig otherprqpertOWned by the donor ora

relätedpeist)l1rtfeat()mito£:thedeductionfor .the..conservationcontrbution shall
. beredtic.edbyth~itimQuiÍt oftheiricrease in the

. .- ".,'., ',.. '. .:. - - ". .:""propert .. . " the other .
value of

..:ri¡i:::~~r:MNove~ber 1, ~òs,
Totalcontrbutiö1lB:1tutket Value:

$ 175,000.00 .

$l,Sni,OOO;Oo

4

Mr. Ar Nadel
October 19, 2005
Page

4
gift

The appraiser understands that this appraisal is made in Support of a

conservatîon easement descrlbedl1erein and a taxpayer(s) deductîon of the conservation contrbution willptohàhlybeclaimed and this appraisal is therefore

of the

prepared for income tax puroses;' the date of contrbution wil be prior to
December 31, 2005.

Sincerely,

&lv: 7Ø.æ1t
Pattie L Tennlle,

MAl, SRA

NC Geiieral Appraiser #A287

vid R. Roberts,SRA. .
NC General Appraiser

# A17Rl

PJT:DRR/nk

5

EXECUTIVE SUMMARY Laurel Mountain PreServe.
168.794 A~res

Buncombe and McDowellCounties, NC

Location:

Laurel MoliutainPreserve
Bird Creek Estates OfrOld Fort

Road
Road

Borders of Buncombe and McDowell

Counties, NC
Site Size:

168.794 Acres
Before .graiithigofcóíiservation eaS.ement

.Proposedresiden tbJIsiibtJjvision

12homesites-16'S.794acres
AftergrantIl1g..òf'cQns.ervatioiiéaseincnt acres ~ cousërVatioueasement.lsiid
168594

Zonmg:
Date

None in

ßUllcoinbeor McÐowell

Counties,

NC

of Inspection:

July 21, 2005 and8eptember 29,2005
N oveinber 1, 2005

Effeetive'Date of Value Estiate:

Datcòf Report:

'.' -

Ott. he..,. 00$ .. o . rl'92 .:..
...SlngleF1amîÌy:h,o,Rirsites
. B~tQre'gra:ntigcouserYiitio:nells enient

.Higln~stKÌ1d''Best Use:. .

. Rec-h~~~ølllandd . .
Mtergt'àîiÌíigconseJ:àtiØn:eàsement

. Valne IndicãtiOiiS:
n'eIrire Va.bie:

Residentiä.ls. tibdiVIsIo. u

. ". . ." .

'$2,39:&;OOtüno

(12'.homesites)

6

After Value:

Conservation Easement Grau,ted

$422,000.00

168.794 Acres

Value of Conservation Easement
(Difference)

$1,976,000;00

Enhançement Value:

$ 175,000.00

(Adjoining owner homesites)
Total Contribution
$1,801,000.00
Dávid R. Roberts, SRA

Inspecting Appraiser:

Appraiser:
Report

Patte J. Tenuie,MA, 8RA
Complete Self-Contained

Type:

1

ASSUMPTIONS ANLIlVTING CONDITIONS
This appraisal is subject to the following underlying assumptiol1sandqualifying

and limiting condîtons:. .
1. This appraisal.cQvers the property

as. described in ths report, and the areas

and dimensions as' shown herein are assumed to be cOrrect.
2. The appraisers

have made no survey of the property and assume no

responsibility in connection with such matters. Any sketch or identified survey of

the property included in this report is only forthe purpose of assistig the reader in
visualizing the prop,ert. .
3. Responsible ownership

anq.competøntnianagementare assunéd.

4. No responsibiHtyis.âssumedformatters invQlving legal ortitleconsìderation.

5. The. informatÍon icienti'fedin this report as being furnshed by . others is
believed to

be reliåble,butn.orespousibility foritsaccuraçy is assumed.

thereof, does not car with it the right of publicatioii,nor ì1äy ithetisedforanypuröse by anybut the client forwhorn it
6. Possessionofthsre:pott~~ra copy was made withoutthe coiiseiit of the

appraisers or the client.

7. The appraisers are nOI.req... uired to give reason

.8; TheallocationoftQtal value to land

. . '. . ..-.
or to buildings, as. shown present on

testimony or attendance in. court by of thisapPl'aisalui~ss'atangements have been made previously thereof.
in this report, is

. ip.validated if used'sepanitél yin;cûiijunction withiiY otherap¡)taisa.l: . .
· 9. Unless óthenyI$eSta:tedinthisreport,. the existence

of hazardousstibstances,
the

itcluetng. wItlout liiûta:toÌlast,estos,polychloriated bÎpheiiyis~ .p~t:oleiim
leakage~Orà$ri6tilturaldçlier¥cals;Which may òfilay not be

pfOpèrt, or àt1erenvit()nment~lc6ntÜtiQns, were nötcalled totheattentionofnor
.

did tne..appraiser:b'eÓ'øniea\\åre òt,sR,çhduring theapptaìser's.insp~ction; The

i::r:~if~~~t~:~~~~æ¡~~~;:!~~~1trit!the e
ItazardoussubstancesörenV1tønmerit;lconditions, may affectije vahie of

property, tievaltIe'estitäted ispredicå.tèd Qn the assuniptionthat thereìs nOisuch

çondition Oiio.t ìntle ptopetty.'Ùriia.suGhproximtythereto thåt it would cause a
løssin valuè;No'respøriî1Jilit)T isasislaed for any süchconditions, nor for

an)'

expertise 'Or engln~eritgkiowlëdge reqtiiredtodiscoverthem.
8

10. The Americans with Disabìlties Act (ADA) becàine effective January 26,
1992. I have not made a specific

compliance sureYQranalysisof this property to

effect upon the value Of the property. Since I have no this issue, I. did

requirements of the ADA. Inspection could reveal.that the property is not incotnplÜmce with act. If so, .tms fact could have a negative direct evidence relating to not consider possible noncompliance with. the requìrements of
detenniie w:hethet or hot ît is iii conformty with the various detailed Oiie or more of the requÎrementsof the

ADA in estimating the value of

the property.

11. This appraisal assignent was not made, nor was the

appraisal rendered on

the basis of a requestedininiuin valuation, specific valuation, or on an amount

that would result Inupproval of a loan.
12. The property Was

Inspected on July 21, 2005 and September 29, 2005 by
physically mspect
date of theappraisalisN oveìnber 1,2005.
DISCLOSURE AND

DavidR. Roberts,SRA, PattieJ. Tennlle, MAl, SRA did not the subject property. The effective

RESTRICTIONS UPON

Disclpsure,ofthecontciits ofthisapprais,aJ report is goverredbythe By-Laws and Re.. gulatioiisofthe Appraisal Institute.
Neitherallnoraiiypatt ofthecoiitents of this report to value, the identity òf tbeappraiseror theñnn' with which

. " '.'

USE

he or she is connected,oranyreferertce to the Appraisal lIlstitite, or totheMAlorSRA
desigl1àti.ons) sh.c:llbedjssemiatedto tliepublictloilghadyertisírg11edia;public relations 1Tdia,newsmedia; sales iIédia, or any oth~r. Imbljc)Xleansof
commUncation: without the prior written consent or approval ,oftheappraiser. . .
. ;.. .'...

(especially any conclusions as

9

DESCRIPTION OF THE SUBJECT

PROPERTY

PURPOSE OF THE APPRASAL
The p:urpose of this appraisai is to estimate the market value ofa charitable
coiitrbution~ due to the granting of a conservation easement on a 168.794';açte
land tract, located il Buncoinbeand McDowell COUhties, North appraisal report wil

Carolina. The

estimate the befòreandafter market value of the parceL. The

conservation easement will be determìiied by two analyses. The first analysis is the Sales Comparison
market value of the property prior to the granting of the Approach todetenne the value for the acreage tract as-is. The second

the. vahie for the ptopertprior to the granting o(the;conservatiQheaSementwill
benotedasthe before value. The market value of thesubjectproperty. aftetthe. conservatiöii easement is grantecl is the value of the cOnservation easemcl1t land.
The difference wil

the Subdivision Analysis foraptoposeq. 12-sitesitbQivisionthatcould heplaced whhi the boundaries of the land parceL. The two va-lues wiHbe'teconciled,aiid

analysis is

be noted as the value of the cònservationeaseiiientasof
,was July 21,2005 and September

November 1, 2005. The inspection date

2005. Enhancement value to adjoinng oWierpropertybecauseöfapositive valuè
enhancement value wìl be deducted fTom the total

29,

contrbutipfihy the subject conservation easeirieJit landwillbedeteried, and
chartable coritrbution~
property shóüld brig in a
will

Market Vàlue is thè most probable price that a .

competitive and. open market under all eonditionsreqiiisitetoa fàîr sale; these
condìtionsassume . that the buyer aiid the seller knowlengèably, and that the

each .aètpmdeiitly arid

thsdêftrtiôfi is the:consurnation ofa sale öftitlefröm seller tobuyër under

. ..'. .. . ..
conditions

price is notaffected,.bYiuduestiiulus. Itnplicitil

'whereby: ., ..

us .. ofaspeêifieddàteáp.d ,thëpassing .
" ....

a)

Brtyerand seiierar~ typicallyinótivated; .

b) Botkpariesatewell info:iedor well advised, she considerslis or her

and

each

best interest; .

actingin whathedr

c) Areasoiiable tI1e .is .

allowed for

exposure intheopen market;

d) Paynéntis rnadeintenn;sofcashandUSdoii¡)rs orinterms offinanCIal

arrangeíneiitscomparablethereto;
e) The price 'fepresents thenormalconsideratiQnfor the

property sold unaffected

10

by special or creative financing or.sales concessions granted by anyone associated
wÌth the sale. .
(Source: Offce ¡jft:e ComptrolIcr¡jf the CUlTencyunder 12 CFR, ,Part~4, Subpar C-Appraisals, 34.42 Dèfitions (f))

The Iiitemal Reveiiue Service definition of market value, which is also is: "the price atwhich the and a willing seller, neither beIng knowledge of

considered
compulsIon to

propert wouldchàiige hands between a willng Uìiderany

buyer buy or sell and both

having reasonable

relevant facts,"

(Source: IRS Section i, 170A-14 (H)(3))

It is our conclusion that lhehighcstatid.best usçoLthe property, prior to

granting. of the conservatIoii easement~is the 12-site subdivision. This will.. be
noted as the

the

before value. The subJec:tpxpperttyillbei:nalyzedbyhoththeSales
and the

Comparson Approach for the acreàgepâtCelas a vacaiLtractof land

Subdivision . Analysis Method for . th~ ...127siteresidential subdivisiôu; . The
reconcilation wil indicate that thê1ig:hêsf

tuid hest use.of the. prøpetty.is. the
be deteriiued'bythe Sales Comparison

proposed resideiitial subdiviSion. The ..valueofthe ..subjectpropertyafter.. a
conservationeasemerit is granted will Approach for. the acreage placed the value of the charitable in . theèasettent. The contrbution" less any

owner land because. ofthe conservati.oneasement land.

difference win benùted as enhancement to tlieadjoinng

FUNCTION OF THE APPRAIS:A

dl1t apptsa! isindt f\lr fut ijl\lrm;iô'1nl'fMr° . Ai N;idtl "fLrtiIMimnia

froRltheo ....... r ..... nor to Decel1ber 31, ..2005.1Ño .cøpyofthe prehl1inary
.. còriservåtionè ...... ......tnentdocU1ents wéi:eprovicledtotb:eacppraiser.. . .
S.C.. O. ... :; . 'J'..V.: "".L.:l-:J' ....~.. .£.~'~~: .:,- "~_',."',"- 'pun'F. ,fnUE ,Ap....nu..;;i.C',A;L.

. . - ". ~ - . '. .

The subjectproperty isa 168:794,.åcre tractôflånd;that istùhaveapöttiori.ofthe

hrod .piacedin a conservation easernenttesttic1ionthatlìintsdeveløpment. The pùrposeofthisTeport is to. provide' amarketvalu.é'orthecø:nservati~neasernent.
Thefitst par

of this processîsto provide alnarket v;Rlue oftliesubjectpropert
the bighest and hestpse .of

prior. tothe~rantig;of theeasenient for

ths lanfl. . The

n

site wil he described niorefully in the site description in the valuation of the
property before theeasenient. The second section òf the report, valuing the

property after theeasenient is granted, utilzes vacant la.nd tract sales, and also coiisiders enhancement due to theconservatioii easement area adjoing other
owner land. The. difference jn these two values, the before andaftet the

value, is the value of thechartable contrbution. . .

easement

A value estimate for a property is.typícally based on the three generally accepted
approaches to value. these Income Approaches. In

approaches are the Cost, Sales Comparison and
the case of the subject, which is vacant sites

the before value, the Cost or Income. Approåches. to Value are not applicable. The
Subdivision AnalysisMethodandthe8ale.s Comparison Approach

and land in

applied.to the subjéctpi6i)ef:Ytøprøyid~anestîmate dfvalue. ...lriestimating. â

to value wil be

market value for tlie'SJlbJëGrpr9~cei1 ,after tl1eeasement is grtUted;the Same
analysis for the consêrvatfoti~å~e1Ìeiitland willbe utilzed. ...
In researchingthsapp:raisalassìgnent,theappraiser used bothpriniar and

of lnf()t1ajjon~The courouse, inc1U(liig the Registrar of Deeds OfficeandthetaxStlp~rVisör'sOfñêe,wasusedtofiid and verify vaÍous
secondar sources pieces of ìnfonnatiou. :Loç:à14J,tO'kers,local inçlividuai investors, and

previous

appraisals wereålsocotllÛteçl for.i1fofnation. Local economicdevelopment
studi es were also

consulted.

AREA ANALYSIS

.Buncombe ~ollnty.. Th&i;oje(jtPi-QpertislocatedinBuncorrbeandMcDowell
. Countîe$,. . but fortaX:Piue,s;ts~,ar4;J&~inarketanalysisisQOn~idered . COunty property. ..0rixasin~n;1'()l'~Øi;.o;ftheland js~in .

BuncoIlbe
MçDovvelLColliity, apdthe

i~~aitiêË:~r~!ËNlEÊ1~
MajQr .1ighways. jn';t;he'9ÓtltyitølitèleIit~:rstateBighways .z,6and 40

and US

.r=1~L~:;e7i:~~i$-~.ii~:iç!::li~:
There are 22

tlailyfligJlts . .Tlle,a:veÏ7agete~P~rfltuèis5Sdegfees,Fafurenheit;

rainfãll is 47;(j inchesand.the ,average

elevation in the county 2,165 feet.

Asheville is .lo.cåteQ,rtisOtl'thiK,ø$temN((;FtCai~Hl1ain the$ta:okeyMountaiØiue

RidgeM9unttlcnajna,dp:as.si()p~gtbsteeptertaintht(),1ghoutthe Ilouritaí to . the point of
Ör:Ultr; ApproxiniatelySO?Iör,tOeiländ iiithe.counfy is steep

12

being unusable. Major towns in the county include Ashevile~ the Biltmore

is the tenth largest city in NurtCarolina and the largest in western North

Carolina. .
Community, Black Mountain, Fairiew, Swananoa, and Weavervile. Ashevile

Thepopula.tiönin .Bullcombe County increased 12% from 1990 to 2000. the
county PQlJnlatíOiiditr2000was 206~330persons. The largest center of population
is Íh the 25. to 40 years of age

bracket for both males and females. Residential

growt and development has increased greatly Ìn Buncombe County between 1996
and 2002, In 2004, total residential building pemùts issued totaled $30~OOO,000,

which included 225iiew residential permts:
Bun~otnöeCQ\Ûty1iås~utsuffeted as large an

ecoiioinicdòwnturn because of thé heavy~epe~dep.t;~'~ntOllf3llaS many North Carolina counties. The. most receiit

uneinploYieritfigar~savåilablefor year 2004 annual was 4.5% well below the

statewideaverageof?%. .thecniloyment isblendedbetween. 30% of service sectorarrd 2l~4,tl;tetaa.and trade. Manufac1:rig is ,oriy15% of overall ,economic downtu.
emplöyrent,Whì#h.,ihdiêàt'es the 'rèasoii for the lack of an

il~tsr~~ti~:r:~~h:i~~~,:~:n~~.!t~:~g~~b~;;;
BUSS11ânn.'Ot1øt.'~~preiniployérsin thecçmnty are Systew,the::ølÏt'ònibe CQunty Board of GOvetnØrit;lt;gl~"fivå:tkets,the City of Ashevine~ VA

MissionSaint Joseph Health

Education, Buncombe County Park
Hospital, the Grove

Inn Résött,aIa:,(aíæthroréEstäteandWine Còinpany. . .

approXil1iitely2d:ltøíisawaÝ;dand :alsoneafey ivfarsEfiUGol1~ge,~ WapreilWiTson Gøllege,"J~%l~f1~~at;()øl'¡ege,~rid. AslievillelB1UconibTeC1incæl College with. over 40....' . ',-; ;-'.e:.-,;.- : " . .. . , 00stnâ ti1 "

~~.ii~I~§~~Ìil~~~~r~¡
13

state. Median family income was $53,500, 30th in the state, and gross retaìl sales

for the 2004 was $950,000,000. .

Recreation,al and cultlial activities are vast. Ashevile is the cultural center of
western Nort Carolina with camping,fishig; golf, hiking, white water raftìng, and.rnOU1tain climbing in the mountain region. Area attractions for recreatìon Biltmore Estate WmeÌy,.Thomas Wolfe Memorial, the North Carolina Arboretum, Mount Mitchell State Park, Chiey Rock Park and Lake Lure, the Ashevile Community Theater, the Ashevile Tourist Sein-Pro Baseball Team~ Blue Rìdge Parkway, Pisgah National Forest, the Western North Carolina
activities include the

Nature Center~ the Ashevile Civic Center, and numerous art galleries.
Co~nntyfaçilities .are .also broad and include .oyer 280. '~l1;Ptpt~$tantfaiths,and five Catholic parshes, twö$yingogues and two

churches .representÎng

Greek
Presbyterian Conference

(JrthØgø*,çl;uitches. .. Billy Qraham Center and Montreat. ;Ceritèr'å:e~âls() loèated in the county: There approxiriåtely8,OOOroomsìn the county, . 30hed and twÖ,tegiôn¡:rmalls, and seven libraries with wîthoverl,800beds in the county and 18 theieiate?OOdoctors and 160 8 are

90 hotels breakfasts

and motels with
with 200 rooms,

branches. There are five. hospitals nursing. hômes. with over ,1500. beds.

nÎìl,c,d.ailyandweeklyiiewspapers, 12 radio stations, 4 ,televisions vièwitigèi~r~a~øablevision for the county,

dentist ìnthecounty. Corrunic;itions include in the
stations

Bell$outhisthe major teiephoneservice

J~l"öv:fa'~f.,20 posfuffices ând 'aU maj or. companies represented inpartål services.
JB;i~îitQtrneQoqnty.hascøunciland .managërfort'uf governent withèlected

. .'øtfiêiÎ'il,g;,anirappomte4\,managers. . The BlirlCombeCóutlty Sheriffs Departent
erip10~s30Ò\persop-s. . There are 200 firefighters in. the city of

Ashevile and 1500

yòllitiÚ'£isJutlie coùnty. .. BUIcömbeCminty has 20hankwith6Qbranchès, and

i"'.5~'..:S".'~. :'-..!~E=~:El ~ : ~~! ~if ~ ~~: .', .

.!.E~1lã;t~r:~tl!~:~;~~;f$~.
. '''ísit6tstotne:àl~abecause. orgøodac_cess,aîr servièeandtheheautyòfthe. area. Buncomhe Cöunty . . ,a.ethé,rr~jót.pasitiYe:eøQnoin6factörs. aJthejJresen;t,tìl1e for

14

DESCRIPTION OF THE NEIGHBORHOOD
Withiii a communty, there is a marked tendency toward the groupìngQfland uses.
The areas devoted to these various uses are termed "physical neighborhoods.1l

follows: - . .
Neighborhood "A portion of a larger communty, or aii interests and sinularity of eConomic

use in this context is fùrther .defiied by the Appraisal InstitUte as

homogeneous grOlipingof inabítants, buildings, or business enterprises.

entire communty, in which there is a

Inhabitants of a neighborhood usually have a more than casual communty of

level or cUlttalbackground. Neighborhood lJollldariesmayconsist of well défined, naìUa1orman;;made batiersòr they may b,e,m~re()r less, well defined bydistìnctèhangèÏti1and use or in the charaëter of

tleiPäbitarts."
TlíesliI)Ject property is a portion. of the Laurel Mountain

Preserve, a new.
the subject site, the

residei1Îiålneighhorhood lQcated in ruålBuncombe COlJ1ty at its intersection with
MçD'oweii County, Nort Carolira. AsmalÌpottiOu of al1ountofwhich is unknown~approxtinatèly lOacrès;. is .IOcated in COUiity. Thè subject property has

the ni¡:i:ority of thê land located

C0Uìty, and' Islocated at the endpfBird. Crcièk Esültes Road, lQa4üffOld Fort Road in TOwiiSlûp~ . The 'Cteek Estates Road, Black

eastern BuncombèCountyin thel3road River propert . has aphy~icàläddress6fLatlêiMountainPreserve~ Bird

exact McDowell in Bnncombe a private graveled

Mountain, BUtcombeCounty, North Carolina. The pröperty is located approxinately8niiles. söiith'Qf l31ackMountain, 5. miles east of
of downtown

theFäiewCòmmunty, and is;ipproximatdy is i1les. east '.Ashe¥íle~ :N9ii C:arolÌJa. The'suuJectsiteis, focatectapproxinately..8 miles Jnt~ts~~teJilighway 40 at

south

,its .i,ntersectioii witl,NÇ.'lIishway9 .iii..theBlack .. Nlo~PtainConrirniiJty . ofetistëtrÎBuncombeÇóinty,I'qorthGllrølina:,. .kaurei
I'0un~annöPJ~sierveisin arualnøighbôrliood'.itislopingto steep. terrain, typical ti't qf,tb . ; l ta n region, with. no cDuntywaterorse,weroffered,LaurelMountain
Pres,erve isa,p1iiried resideritlatconiumtywithlO acre'plusho111esites that
súr,Qlfdsthe .

subject coiiserVatiö11 easenientårea,tháfwiIl'haveatofal;of 32

hOÏ\èsiites.the sunjeetpr()penyis a168.794'-acreportîon ofa tota14483-acre

.Slë1eria~el;residentialcoinutties ?~~l¡~~~inmediatellarket ~¡:êç¡~ti havedeveløp:edinthe ~~!~: v ln w
area,.. und . will be. notedfu hOtIthe absorpt1eaaíå!lysis'anti1hèhoitesite.. sales

iitíiized in the Subdivisioii Anå1ysis. The':BlueRidgeMountaisof Nort
Carolina have cJeperiênced l1eavy

growth arddevclopniei:t .on lar~e .acrëågetracts
17

similar to the subject site for residential development over the

period. Although remote in feel, the site is very convenient and is a prie

developmeiittract. The iieighborhood isa good location for residential resort
development as wil be îndieated by tle similar market compar;lbles utilized in the Subdivision Aralysis. The is taxed hy Buncòmhe ,and site McDowell Counties,
has a small fire tax, and is ìt no muncipal area. It is not provided

..

past five-year

water and sewer
install private wells

by any municîpality. Homeowners wil he required to septic systems. Graveled road access to any neighborhood would be

and

with sites over 10 acrès insíze, which will be the case

restrctions not applyig to

permssible the subject property. No zo:nng is in effect for either Buncombe or McDowell County, with subdivision sites larger than 10 acres in any
of aiiy residential home Considerig access,locatiortRIdprivacy; the subject site

subdivision of aJand tract.This is thecasé of the proposed subject heighborhood.

is i1 a prime location for

resi dential growth

and develop:rent.

18

ZONING
There is no countyide zoning in effect in

that wOlJld affect the subject property; Subdivision regulations largèr than 10 acres do

either Buncombe or McDowell County indicate any sites not need county approval, and also would allow for

graveled 168. 794

streets. The proposed 12 site. subdivision withi the boundaries of the
acreS is

an allowable use of the subject property.

TAXES
The subject property is located in both Buncombe and McDowell County.
However, tneSinall portion of land in McDowellCoiinty is McDowellCqUlty; hutis nQtedasa portion The oliehoriesitë1n the proposed of the

not taxed by
property in

Buncombe County.

subdivision is located above the county line in thesubdi-vlS10îiplånbutisincluded in the assessment of the Buncombe propert. site. The parcel iSCU1è:rtlyidenti:fed as tax parcel 0637-00-81~0433 in the Buncombe noted as. an
Therefore, BupconrbeCounty taxes wil only be noted for the subject County Tax AsseSsors Officeas Laurel MountttinPresetve. It is acreage tractcontMril1g ,a total of subject propert'yisaportion. The land curently

assessed value of $670,400~ Tödete:tiiie a value for the 12 homesItes that are .HItO acres or above, thefdIl6wingtaxcomparables. wil iiidicateprobablevalues for.the subject
has an

. ,," c:'"., .",. ' - .~.

372.43 acres for theeiitireparcel of which the

property.'the'gi,ent tax rate förBuncombe County is $59 per witha$.07pøt$îOO fitèti:xad:ditional for total.tax ässessmeI)t of

$100 for 2005,
$.66 per $100

probable taxv~luesforthehömesìtes. '
Site

value. The followmgare simar tax comparables in the IIärket area to indicate
Tax Value .$25Ù;OQO ..
... $400~OOO
$1

Løt24: ;rigliÇjlifa
Lot 19 'tIighCliffs.

Lot13Eir6versRoadPreserve
Lot l1ri~()MêtsRoad Ples~rve
Lot l'6.lrov.gts Roa(i PreServe

5();ÙQO

$125;00.0
$25Ø,;OOO
are larger

. All the taxcolIPf1~biesare Înthe immediate subjectmarket area, and.

homesItës. 'lbisiridicates,probable annual tax vähies fortle subjectsites all 10

acresphis insizeøf$20O:,OOOeack Theprobableannualtàxes .are. a:sfôll()ws:
$200,000 'probable ,annual tax value x $.66

per $JOO value tax rate =$1,320 anmial

taxes
A tax mapføt:thestibjectiandparcel is

included on the following page.

21

N

Buncombe County, North

Carolina
surey qualty.
c

This map has assessment

ben developed foruse.by the ta
process, and is nat of

This propert map is

Dot a surey and should NOT.be used as a SUl"ey.
Grid Is basèd on the

Nörth

North Carolina State Planè Coordinate System 1927 North American datum .

7/21/2005 1 :26 pm

~

--- 1

-lu

1~:---~" :
v
f
¡

L

One ParcelSètected

ToWii$hip: 28

Deed

Dati!: .12 ;0812003

PiriNuiTber :°937 - 00 -71-9499
owner: LAU~El MOUNTAIN PRESERVELLC
Atcc;unt:. . O()81 tl4578

båede~Ok\Pi:9é:'3487 ¡aGOg

Plat 'Book\Pi:ge:'omio 10062

TaxValLie:

$.0

Sib,l$'Mdhess: 19999 ÓLD FORT RD
Acreage:

TdtRbM~rketVal!Je:

$0 $0

358,75

Total AppraisedYalLJe:

22

HISTORY OF THE SUBJECT PROPERTY
The subject property isa 168.794-acreportiou of a total 448.3-acre tractof land

Mountain Preserve, LLC on December 4, 2003. The property is located in b()th BuncoiibeandMcDowell
that was acquìredby the curent owners~ Laurel Counties, North 44.acres, 'in

Carolina, withönly a small portion,oftheptoperty, approximately.
McDowell County. The

property was acquired ínboth coUnties from

Etohab Development Company, LLC, wîth the Buncombe County recording

Deed Book 3487, Page 9 and the McDowell County recordig in Deed Book 762, Page 157 in the Register of Deeds Office for both counties. Deed stamps recorded in Buncombe County indicate a. purchase price for the property C0nf1hedhy:the buyer of $2,035,000 for the entire 448.3"åcre ttactOfland lOèatedinh()thcelífies; The propert was acquired "by Ecohåb. Development'Conipany,LLCfro$ .J()1l',lt
and Tristen Green on April 10,2001. Thistransactioii is recorded iiiD.~ecl,13'b:øk
2457, Page 726 in Buncombe

in

. Page 258 in. McDowell County, Notth:Carolina: Deed stamps .indica,te:a,iØta1
. purchase price of$950,000 for the property on

County, Nort Carolina, and inDeëd,Boòk$4Í,

this date. Alsoacquirecl;byEë'ôÎiah

Development Company, LLCfToin Betty C.andOavid West wasLoi lÖ'Îpf

adjoining 'Bird Creek Estates .on.May23,2001...Tlis transactioll,is..reqotdedln
Deed stamps indicate a purchase

DeedBook 2500, Page. 532 in.ihe.Buncon:be COUìty Register of D~etÎ~fØ:ee. property 0£$31,$00; A copyùf the most receiit legaldescriptîoiis for the subject prÖpertY is löcatedon pages.
price for this section of the the. following

23

,1 of 2)

Wo r k flow 9999 -00252902

'7
BOOK 3487

PAGES 9 iß
.lluM.ombe Oounty., NO

No 9999-00252902 i of 2pagøs
.e.plse :ràX:. ., $4,06.1..00

Recorde~12/a8/2003 01: ii : 05~1i

Otto II. ~DeBruhl, RegIster Of Deeds

Excise Taj¡~$4,06LOO~:"

Do NOT wrte above

ths line,

Recording: Tirre, Bobk. arid Page

NORTH

CAROLINA GENERA WARTY DEED
R!il;urn '.to: Seé,liélow

DEVELOPMÊNrëØMìAN, Ltc

.dDìi~id "yGrlfteø¡. ther.¡;¡,¡pi. ofwhÎcbis hereby..

. cd,bèlow: ..

COUlty,

CoUI\i:

LESS AN EXCEPTING Lôts 105,107, 1Og:and no as shown Íh a.' . c~t : ~i t13 .
46 at Page 163, Buncombe COWlty Registr, refètence.to'wruch.is miie fo a n: ~ ul '

description.

REFERNCE is made to Deed ~ook 2457 at Page 726 andDeed Book 2500 at Page '. 32, Buncombe County Registr and Dee Book '641 at.Page 258, McÐowell County Regis .
TÖGETIR WITEI AN

SUBJECT 'rQcasemiints;resircl;o1I andiíglitsofway ofrecatd.

Afterr~l)ril~lfllàUt¡¡j .

: - ....

. .. ~J)nti\1èd Qll,t'íÍ&e~
(:Box .61)

(jRi .;::~ñerNO.
Còilty

Johi RiIl(ise 03-5243

AttomeyatJ'it-¡ P.Ø.nöJ7436. ....
Ashevinè;Ne 281102

Qntie~'ÐG,yof
-'fgei,øf2 .. .

,~003.

Z4
HOok:3487,p¡ige:9

¡ 2 of 2)

"2
Continued frm Page i

TO I- VB AN TO !ìOLD thesajdPnipert 'and all privilege. and'áppurnaces (rîi¡hls) betoiiging to Oritee,in

~e .lipk, .
l'romi.es by Grantor: Grtor proinses (covellts) w'thÖrantti, thtOnfor li encumbrances (i.e, morages and jiidgeirents),aid Grator willwit and defend the simle¡has the right to ciinvey thedtieÌn fee slilc;thtthe tide is iikeiable and free and clear ofalHiens ani!

title to the Propert iï fee

claim of Bl persons, except for the folloWingexceptionil:

title agail the lawful

TOGETHER WITH AN SUBJECT TO eaements, restrctions. righisof way of record and

va em taxes fòr2003.. .

Jidliìldüìi
(SEAL.)
.

(SIlL)

..($&1.)
Name:
By' .

(SEAL)
. (SEA:L)

Title:

(SEAL)

-p~
. -;:~

....~~~~&'.~r~~(~~.l...a...' ~V'( ~ ..~-,nJ:l ~ "'.'.~OTA~;i\~ ...

o:cP" AUB\.\O..,~.,..

'~~,

.",~:tjt~~~~ß\S~6~P6bHd
. T1lê,tciiëgoi)g Çèi:lìêlÎias)òl\.: :,'
..' -j .;:-"',:.--:e

25
fjbok:3487.P;;ge:Q

1 of 3)

Bo.ok 762 Page 157

~MCIl00, .HC FER $17.00.
.. ..'HO TAXLECOHSIDElTIOH

2003020614

._;.BK:ÇRP7G2
... .. ,. . 'PG: 157,.158

.=~'l'PAriICïA' AIl

~..a.~.~l;ici~A, S . . i.ll.~:~.b~tP Rel

.....- ..", '.'.

. "'~.'i~~D:'_.'

. .... 12'-9;;2003 LO~42:54 AM

Excise TaX.I

Do NOT wrte above thlie.

. Reiording: lïriè, Book and Page

.'. - . -'. - '. - - - - . ..-' ~. .

NORTH CAROLINA GENERA WARTY DEED

ï'!JiJ!1i!lkliif:,
. '" ",.. . .,. ." -. .".,"':. - - ;'.,. -.:." " .' ". Gtantèe: . LAtiRE:(MÔUNTA1;fR:SERVÊ;LLC .
.

Noít.CarolÜiaand Townsh .of CkQÓ'KDCREK
CoUntY, COiiDtý.

,.

BEINGè44g.S~ltBres,,rí9reor iess,(4hP.6~S,Ì¡resaftert!()epnon..Delow);aSSliownina. plat

recorde(!,inJ:iatBqök.~9atÌl~ge62,~ii~&P~CoW1tyRegi¡;,angiÌipwi3QBk~.atFage 41,
M¿Dów~lIPOl!iy(R~$,sti,'l;êf~ence'tò,:wipch. ätt:llà4e.for ainqi:~p~C\iii d~~i;npiion.

$tf~=ir~~=:Jl~~~';;~#

.AfterèÌ'~~¡¡r.~m

iJr

;~~~~~TIiïet~6~

~r~¡!:~~:802

On

'th :.nåyof

CoUnty

.2003,

J3y
;Pagd of2

vi
26

2 of 3)

Book 762 Page 158

Contiued from Page 1

CRP 762

158

(eesiple. . .
Prollses by Grantor: Grtor promises (~ovenats) with Grntee, tht tøP:ß11~ 'NAlSUBJECT TO easemeits,rèStrctiòns, ',- ".::':, ,"'"." -....;. ".

TOHA VB AND TO HOLD the sad Proper and ni privilges and iippuiences (righi.) belonging to Grantee, il

simple; has the right to convey the title il fee simple; tht the title is nikellble and free and cleii of aIlieii and encúmbraces (ie. mortages and judgements), and Gior will wat.and defend the title agai the lawful . clai of all persons, except far the followig excetions:

Oitor ba title to the Proper in ree

" åd.yaiöten:daxes for2003.. . ..
'~i¡p~threSd:t:ntQriias(l~yeK~ted the foregoing litrent,lloftieiiyand year

rights òfway ofrecord and

fit wrttabQve,
Indivdual
(S,EAL)

Entity

(SEAL).

(SEA)
(SEAL)
By:
Titli::

(SEAL)

(SEA)

INlVuAL STATKOF. . ... .... . ... . . COUNOF
I,aNoiaI) Public of ti County and Statè afores~id,certfy that

: ........"."......". .-.".. .. .... .... ...

iitÌept. ~i1ness¡n lid and otiÓíiilsta or sêo t1~ day of .. . ..... .. 2M3,
MiÇ9~iö~,EXpíres:.. ,. . . NotaPulic

Qitor¡íø'()tÚiy ~nef9ri!I\, ths

(\y¡înd aclmoWledgecttb,e execution Of the

foregoilg

,;...::",:.:.".

:;~t~~~~~Î)j¡~Óffu~bQ::::~fgw:¡~fytbi ..... ... . .

Z".J,,+,~~~~1lt:j.1%l"':7::~::

'1g~~Jg~'6J~Zteg).Niìta Públic.

,~~~,i::r~tii::£~:ü;ti~:~rdfi~erí~ie arcâuiy regì~te~~atthe date aidtle,aidil the

R't . . .... .Oeputy/Ásiisit-ReglstèofDeeds

..' . . . .. .REGISTEOF.JEEDS FOR .......' ... .. .... .. COUN

27

,3 of 3)

Book 762 Page 158.002

Register of Deeds McDowellC()unty

Pat:dcia A. Reel

Register of Deeds
21 South Mai Street, SiIite A . Marion, NORTH-CAOLINA 287Si

--~.. --- -----. )..'-._. ---. --.-= ..:.~ -~'- ..:~'.
_--eiep~one 82~-6524727 ~_ F~828-§~2.-1SH.. E-M~re~sle_cdo~ei.~.m~:p.c.us

.~ ..*.,.-..... li "."'fr*ll". *...... *.,..... ..-. *."..**11,* ..*.,.~... **ii. ..-l j.*"... ... ii,_.....*'...~. ...... ...'. ........
tHot lIor.Rlisuat: '12/.09/2003

Book: CLI 762 1'0.\1'. 157"158

ooèt No" 20oio.206U

m.m 2l?B 0.00
lIrder; illlB .i.lcGtg :~*.* * ."... it.~. ~.,. ,.-".. it'!...... 1\.. t."'""" .;.*.. *.... 'I ..** ..'* ** .-......- ***.**'f-*_.* .-... .... It ,it*... *.. *.. t..........;..- ** ~

;?:t9 of .'tto.rth"Ct¡rolina,- CO:W-~__Of Mcin,àii

'Ec~iiòo~, .
!NRrèIJ: ,7', l\Io, .UIõ:ÏSi-R. OF

~Ø"'::f"o~:Lng -ear.b.ifiaatøø of EÚZZA'lB: B oi,'Nota,ry('ies) Pu1-iò"is(are) cetifiaci to be co;rrlilit thi-,s .09'lll'of
DlI.ES

,.~,¿/Y~
;ii.....-.... .... . '., .,. ~.~:".i~-:(j~.~;*:_~.it_*..*.. :~.'D¡~.~...:S. ,...... ..... ...... *.*......~...."....... ii.. ........ ~".,'t""'T:i .-._.*.*** ....... t rS'1R"Ôl; .:~:* ;i ~,lr-..~ . ** il.... .-** . .. . . ,; :~ ~ "' .~..
tii4
Çèr,titiç~tl(,ti.iit;,. .a. vital

bli

-t;~:..,~~,~prdi'~ ."

put ~fvoúrD~,,~:~! pi;",':,¡~ retain wah origirnili;Qú,;iitimci. .iiiit

28

DESCRIPTION AND VALUATION OF THE PROPERTY BEFORE CONSERVATION EASEMENT

SITE DESCRIPTIÖN
of the Laurel Mountain Preserve land that has the following physicalcharácteristics:
The subjectproperty is a 168.794-acre portion

Location:

The subject site is located on the 'eastern boundary of
Laurel Mountain Preserve propert at the end of Bird
Creek Estates Drive, the

private graveled road access to

thesupject property. The property is located in Buncötìb~andMêDöwellCøuitiés . at the county
b.oundary, with MêDöweii:County. The ofBitdCreek Estates only a siuallportioriof the propert. has a

land in
physical address

Rdacl, BlåckMountain, North
total 448.3.,acre land tract,

Carolma.' The propert iswitl. the bóuiidares of
LaurelMoup.tåjn Preserve~ a theT~inairng area of which

is bèing developed into

residentialhomesites.
Size, Shape And Dimensions:
A surey of

the subject tractfòllows this site descriptì on,
tract is

.anda'siteplan fOfthe168.794'acresofland. The irregihrrinshape. with access:foni Bird

Creek Estates

Rnad'8nd..existiggraveled roads from.adjoing Laurel Mouitair. PresêtVe;Th.e tractof hlid is loca-tedon the . .. eastølt.bourdaofLaurelJvlolîntai~ PreservèJand; and
i:uns';øuasouthto north

£loW töwardtlie McDowell

.cQll~line.

...
68 .794 .

Prep,Q&erl'wìtlithé.bolU4ålesof the)

Hçres of

iåhdire.mvélve 10.'acre$.plus .tesiilentialhoiu,esites that those
wop1¥';beHccessedfröin,grå,yelèdsFteetssimaaf to inä~Jøtmng LaurelMoÙttainPtèserve.A site

plan of

these. 121iiniesites, áncl&ls'ba site planiidiöatiìg the

~lQ~~:èf.:~:t=~~::::~:.'T~~::~~:li:=:arJ:.
. site;çfes~Pi:pti~n. TliesÍtesárea:lll0acresplus.ir síze
and,b:aiVe slopmg to'steeP topagraphy. Six öfthe sites

areaverageIIterior1öts withsønie views,. and six of the
si:es;dareiiöng,;range vi~vvlÇ)t$,. A copy of

the subdivision

plaifollovvstlssItedescrip,tøIr.

.29

Soil:

The soil type common to the NorthCarölina mouhtains

is loam. There appears to bé no soil or subsoil
coiiditions, which would adversely

affect the value. See

Liriting Condition Number 9 in thebeging of this appraisal report. .
Access:
Access to

the subject property is from Bird Creek
Fort

Estates Road, a private graveled road with deeded right-

Road, which is a . public paved street. To provide access to the proposed
of-way to the supject site off Old 12 home

sites withi the boundaries of the property,

gtável road constrcti()n wotildbe necessar. Trantham
and Son Grading Cqinpany, providig construction in
.a,djoing Laurel Mountaìn:Preserve,has provided an
. estiate of road . costs at $80

per linêar foot for 5,000

linear. feet of graveled streets; . Utilities would be along. these. roadways at.. anadâitional cost lmearfeet, which wou1dbe a . feet ofutílitiesan:d roads total cost of $90 of $ 1 o

run

per

at . 5,000 linear feet. This

per linear a total

cost 0($450,000.

Utilties:

Utilities àvailable to the site include publîcelectricity,

telephone and. cablevIsion. Each site would require a
privaté we1Land septic

system with no countywide wàter

North . Carolina. The cost ofI;nståiiatiön of the utilities' was he c1scuSsedùithe subdivjsion .alsûprovidedand .wil
Qr seWer available .Ín.. Buiicombe County,

àtnà:lysis., . .. . ... ..
Topography:

'Typical ofthem.ountain regiol1, the subject tract is . slopilg tos.t~ep with. .tb.e steepest terrain on .the
.I1ottwesternsiteboooda, however prøvidedftomthe interior of roads; Th~ easte:rnsiteboundag,.which is access

could be

the :sitealöngthe graveled
also sloping

tosteep is tlotdutHized føtresiclentiäluse but is left as dPêIl,:apace.'lbe toWøgraphyôf:'thetraçt withlO,acre

pllishøinesites is well . ûtiHzedoy the proposed
.s1Ìbdi'vIsÍön plan.

Flöo'clZone:

The aJd can

subject property is not he found on FIRM

in a hazarclous flood :zone
Flood

Map 37021 C0160C

30

for Buncombe County, North Carolina dated May 1996. A copy of this

6,

map follows the site description.

Site Improvements:

Site improvements will consist of 5,000 linear feet of
graveledstreets~ and underground utiltìes along the

roadways. A -sirallamount of signage and. landscaping
wil also

be necessary.

The following page contaInsa survey sketch of the property, a subdivision

plan

and a flood rnap.

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