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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