25-002400.pdf
Timothy Stark, Petitioner V Township Of Homer, Respondent · 25-002400-TT
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RECEIVED / AUG 17 2026 STATE OF MICHIGAN MICHIGAN TAX TRIBUNAL GRETCHEN WHITMER DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS MARLON 1. BROWN, DPA GOVERNOR LANSING DIRECTOR Timothy Stark, ~ Petitioner, MICHIGAN TAX TRIBUNAL SMALL CLAIMS DIVISION \ Township Of Homer, Respondent. NOTICE OF TELEPHONE HEARING The Tribunal has scheduled a telephone hearing to be conducted as follows. Hearings are generally 30 minutes in length. HEARING DATE: September 30, 2026 HEARING TIME: 1:00 PM Eastern Time JOIN BY PHONE: | 1-248-509-0316 ACCESS CODE: | 989684142 This hearing will be held by telephone conference call with the Judge as the host. In order to join the hearing, call the phone number listed above at least 5 minutes prior to the hearing time. You will then be required to input the access code, followed by # to connect. The Tribunal judge will call in and join by phone at the hearing time. Failure to timely call in may result in the placement of a party or parties in default. This is an important legal document. Please have someone translate the document. Este es un documento legal importante. Por favor, haga traducir este documento. af af SEAR SRA, Geel, SET FAC HS WABI SEIT Al ALS an 5 add hal oa yg dala Api SEARS, 4 I
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APPRAISAL REPORT Portion of Southeast 1/4, Section 34, Midland, Michigan, 48640 Homer Township, Midland County 9.75 Acres Land Retrospective Market Value Opinion as of December 31, 2024 Holdings: Stark Revocable Trust Easterly from NW property corner Southerly near SE property corner Site Sketch (©) (Oakridge Ct) =p $89°44'19"E 648.74" is hi Land Area = 9.75 Acres +/- 5 8 & z © E = 3 3 2 = Vacant Woodland No Road Access wn 2 2 2 z & s o ~N 2 [2] Par _ N 89°42'42"W 650.38 51/4 Corner <= (Deertrack Ln) Section 4 (Pinecroft Ln) =
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Tim Stark June 11, 2025 starktimothy24@gmail.com Re: Portion of Southeast 1/4, Section 34, Midland, Michigan 48640 9.75 Acres Land Dear Tim Stark: In accordance with your request, this work contains an appraisal opinion for the referenced property and an estimate of Retrospective Market Value as of December 31, 2024. This Appraisal Report is intended to comply with USPAP and Appraisal Institute requirements. The property is in the apparent ownership of Stark Revocable Trust, and is more fully described later in this appraisal report. Subject to certain underlying assumptions and limiting conditions presented herein, the Retrospective Market Value of the mentioned property's fee simple interest is estimated, as of December 31, 2024, in the amount of Twenty Thousand Dollars. $20,000 - Retrospective Market Value as of December 31, 2024 This work relies on an Extraordinary Assumption that the condition of the property on the effective appraisal date, December 31, 2024, was similar to that state on the site visit date, June 10, 2025. Specifically excluded with the Retrospective Market Value opinion which is generated herein are contributions to value, if any, of licenses; leases; or other personal property which may be associated with the ownership or occupancy of the subject property. The appraiser trusts that this appraisal report will be found to be satisfactory and that it will fulfill the intended use for tax appeal. If you should have any questions regarding the subject matter presented herein, please feel free to contact the undersigned. Please be aware that this appraisal report is a privileged communication and cannot be copied (in whole or in part), or be reproduced in any other manner, or be given to any other party(ies), except for property owner(s) and representatives, and tax appeal participants, without the express permission of the appraiser. Paul R. Franson, MAI Sincerely,
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 3- SUMMARY INDICATION Final Retrospective Market Value Opinion $20,000 The Sales Comparison Approach to Value $20,000 The Cost Approach to Value Not Applicable The Income Approach to Value Not Applicable Building Area — None No known Building structures Land Area — 9.75 Acres Vacant, Landlocked 9.75 Acres +/- Estimated Land Area Value Type Retrospective Market Value Effective Appraisal Date December 31, 2024 Interest Appraised As-ls, Fee simple ownership REPORT CONTENTS PAGE Property Description, Sales History, Highest & Best Use 4 Property Valuation Comments 6 The Sales Comparison Approach to Value 7 The Cost Approach to Value 10 The Income Approach to Value 10 Reconciliation of Value Indication and Final Value Opinion 11 Marketing and Exposure Time 11 Appraiser Certification 12 ADDENDA Location Maps 13 Sketches of the Subject Property 14 Subject Photographs 16 Comparable Data — Property Sales 18 Pertinent Data: Flood Map, Topography Map, Plat Maps, Wetlands Map, Environmental Map 24 Oil and Gas Well Map, State Subsurface Rights Map, GPS Track Map 28
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page -4- PROPERTY DESCRIPTION The subject property is located in Homer Township, Midland County, Michigan. See the Location Maps in the Addenda for further detail. The neighborhood includes residential properties, the Pine River, agricultural pursuits, and vacant land, among other features. The subject comprises about 9.75 Acres of land area per the legal description contained in the Addenda for parcel #040-034-400-775-00. See the Site Sketch, also included in the Addenda, for the property shape and the relationship to nearby features. This property is located in an area serviced by conventional municipal utilities; septic systems are utilized for occupancy. According to Flood map data, the site does not appear to lie within a 100 year or 500 year floodplain hazard zone, see the floodplain area specifics contained in the Addenda. A Topography map indicates a relatively flat elevation profile and wetlands nearby. Plat maps identify the subject as landlocked; East Deertrack Lane seems to only provide access to the property to the south, there is no known road or easement access to the subject. Wetlands apparently exist within the property boundary as shown in the Wetlands map. An Environmental Map does not indicate sites of contamination within the subject, but there is a site nearby to the west. Oil and Gas Well Map and State Subsurface Rights Map do not show significant data for this work. The subject consists of 9.75 acres of vacant land, there are no known building structures. See the parcel and assessor records contained in the Addenda for further details on the property. Not all areas were accessed during the site visit on June 10, 2025. At the time of the visit, the property appeared to be vacant land with some wet regions. Subject Photographs are included in the Addenda for more information. SALES HISTORY Records indicate that the property is owned by Stark Revocable Trust since acquisition of the subject parcel and a second parcel on July 12, 2024 from grantor Cheryl K. Johnson for $120,000 consideration. The property (parent parcel) had been in the Johnson name since acquisition on September 29, 1986 for $23,750. See the Addenda for relevant deed information. The Assessed Values and Taxable Values are listed below:
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page -5- work that the parent parcel and child parcel are split on the effective appraisal date. Personal property parcels, if any, are not valued in this work, and fax payments are assumed to be current. It is also assumed that liens, if any, are cleared so that the title holder retains all property rights. HIGHEST AND BEST USE To determine the highest and best use of a property, consideration is given to: surrounding land uses; the size and shape of the site; the current economics of the area; zoning; property supply and demand, available utilities; and the nature and condition of the improvements, if any. Conventionally, four tests are applied by the appraiser to determine the highest and best use: 1. Physical Possibility 2. Legal Permissibility 3. Financial Feasibility 4. Maximum Productivity it appears that development of the subject land is not physically possible, whereby vehicular access is not accessible. Floodplain limitations do not apparently apply to this site. No proximity to local roadways does not allow for tap-in to conventional utility services. The zoning code is RA Single Family Residential as shown on the Zoning map in the Addenda. The property does not appear to meet the minimum lot width for roadway frontage of 100 feet, so structural development would not seem to be an option. Additional development restrictions may be in place also due to the wetland coverage over most of the acreage. A Future Land Use map shows a continued residential plan. See relevant ordinances in the Addenda. An analysis for Highest and Best Use includes factoring in the financial feasibility of potential uses, and the maximum productivity that produces the highest return on invested capital. If there is adequate market demand for a property at a specific use, that use is likely to be economically feasible. A property's productivity peak is established by the greatest land residual income for unimproved properties, and the greatest return on invested capital for improved properties. Based on the information in this report, and additional data points for similar properties, the appraiser considers the subject parcel non-developmental residential use to be financially feasible and maximally productive. The above factors permit a multitude of usages for the subject property. The land, as vacant, would probably still support a non-developmental residential use. Other alternatives are unlikely for this area. Because of the subject property's
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 6 - PROPERTY VALUATION COMMENTS Supply and demand for the subject property type in the area is difficult to quantify due to the unique nature of the location and building improvements. See the Local Market Information section in the Addenda for regional economic data and market analysis. The inferred analysis suggests that the subject property is in a low demand market with a low amount of comparable area supply. The Sales Comparison Approach was utilized as a tool for the solution to the appraisal problem. Relevant Scope of Work descriptions and Retrospective Market Value definitions are enclosed in the Addenda of this report. The Cost Approach was not employed as there are no known building structures. There was no available income or expense history, thus the Income Approach to Value was not credible to this analysis for the property. This work relies on an Extraordinary Assumption that the condition of the property on the effective appraisal date, December 31, 2024, was similar to that state on the site visit date, June 10, 2025. If the assumption is not true, then the valuation results may lack credibility or accuracy. The condition on the site visit date was that of vacant land. Specifically excluded with the Retrospective Market Value opinion which is generated herein are contributions to value, if any, of licenses; leases; or other personal property which may be associated with the ownership or occupancy of the subject property. There were no ‘for sale’ signs at the property during the site visit, and the subject is not known to be listed for sale on the MLS. Next, the applicable valuation method shall be presented, then reconciled for a final Retrospective Market Value opinion.
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 7 - THE SALES COMPARISON APPROACH TO VALUE In the application of the Sales Comparison Approach to Value, the appraiser considers available market evidence with regard to recent sales of properties with characteristics similar to the subject. Through analysis of the activities of typical buyers and sellers of such real estate, an estimate is generated projecting the manner in which thoughtful purchasers view the subject in the event of its exposure to the open market as well as the price that it might reasonably be expected to produce. In the course of the research project conducted for the preparation of an estimate of property value via the Sales Comparison Approach, the appraiser has analyzed sales involving property that is similar in certain aspects to the subject. The evidence found, may very well fail to include one of the essential elements of Market Value: Willing seller, informed buyer, or reasonable time of market exposure, in the absence of undue pressure. In the following study of this evidence, the appraiser selected transactions (comparable sales) to utilize in direct comparison to the subject that is under appraisement. These transactions are more fully described in the Addenda of this report. Each comparable sale was compared with the subject property with respect to a number of variables, described and explained below, that would tend to affect property values. Adjustments were applied to reconcile these differences. The adjustments, expressed as percentage figures, are directed from the comparable to the subject property. A ‘plus’ adjustment indicates that the subject was considered superior to the comparable with respect to the element of value under consideration; while a ‘minus’ adjustment indicates the relative superiority of the comparable. Combination of the adjustment figures by addition produces a net adjustment percentage for each comparable which was thenceforth applied to the sale price per unit of the respective sale. This means, each comparable generated an indication of value for the subject property. The explanation of adjustments follows. Size - Building The size adjustment is supported by the fact that generally the larger quantity of any economic good tends to bear a smaller unit price in the marketplace. Although price is usually in proportion to quantity purchased, the dollar/space relationship decreases because people won't pay for
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 8 - bear negative reflection in the marketplace. Properties featuring high and dry land areas are generally considered more desirable, depending on the subject under review. Features This category includes such items as fillable farmground or other property benefits present in the subject property and/or its comparable sales. - SALES GRID - Sale Sale Date Sale Price 1 8/27/2024 $42,000 2 1/19/2023 $50,000 3 11/21/2022 $85,000 4 10/1/2021 $46,000 5 3/2/2021 $60,000 — UNIT MEASUREMENT CALCULATIONS — Time of Sale Adjusted Land'Area - Adjusted Sale Sale Price Multiplier* Sale Price Acres Sale Price/ Acre 1 $42,000 1.000 $42,000 40.00 $1,050 2 $50,000 1.065 $52,750 40.00 $1,319 3 $85,000 1.058 $89,930 30.00 $2,998 4 $46,000 12135 $52,210 40.00 $1,305 5 $60,000 1.188 $71,280 17.52 $4,068 * - Note - Adjustment for market conditions, estimated via Midwest CPI monthly index, all consumers - For example, Sale 3, multiplier = (Dec 2024/Nov 2022) or (292.533/276.436), rounded to 1.058 — ADJUSTMENT GRID — Sale 1 Sale 2 Sale 3 Sale 4 Sale § Adjusted Sale Price/ Acre $1,050 | $1,319 | $2,998 [ $1,305 | $4,068 Size (%) 5% 5% 5% 5% 0% Topography (%) 0% -5% -5% -5% -5% Features (%) 0% 0% -5% 0% 5% Total Adjustments (%) : 5% 0% -5% 0% -10% Amended Sale Price/ Acre $1,103 | $1,319] $2,848 | $1,305 | $3,661
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 9 - — WEIGHTING GRID — Amended Sale Sale Price/ Acre Weight Composite 1 $1,103 0.20 $221 2 $1,319 0.25 $330 3 $2,848 0.20 $570 4 $1,305 0.25 $326 5 $3,661 0.10 $366 Totals : 1.00 $1,813 The unit value of $1,813 per acre represents a market derived measure, and is applied to the estimated acreage for the subject property in the Table below: Composite ($/ Acre) Subject Land Area (Acres) Indicated Value $1,813 9.75 $17,677 (Rounded to nearest $5,000)): $20,000 RETROSPECTIVE MARKET VALUE OF THE SUBJECT PROPERTY AS OF DECEMBER 31, 2024 VIA THE SALES COMPARISON APPROACH TO VALUE: $ 20,000 This value estimate appears to be credible using the Sales Comparison Approach to Value based on comparable sales and supported with market evidence. For this case, recent sales of truly similar properties are rare, so the data available does not easily support the use of paired sales analysis for adjustments in the sales comparable grid. Accuracy of the result would potentially be enhanced with current sales data that matched each feature of the subject. The Size adjustment takes into account the dissimilarity of Sales 1, 2, 3, and 4 compared to the subject size, where the Sales are of a significantly larger size, and the unit measurement per acre needs a modest adjustment. This reflects the market where smaller acreage units of sale price per acre will typically be larger than a more sizeable acreage unit measurement, assuming other factors are essentially equal. Note that the topography adjustment magnitude is guided by the cost of probable fill to allow for site development such as paving in a partial wetlands zone. So, Sales 2, 3, 4, and 5 are considered superior as there are no wetland zones compared to the subject property, and each Sale is assigned a negative
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 10 - THE COST APPROACH TO VALUE The Cost Approach to Value consists of estimating the value of the subject's land component; then estimating the current construction cost new of existing improvements to land and thereafter depreciating them to reflect their current utility. The land value is then added to their depreciated cost; whereby, a value conclusion is ascertained. The Cost Approach is based on the proposition that the informed purchaser would pay no mare for a property than the cost of producing a suitable substitute property with the same utility as the subject. It is of paramount importance that the improvements represent the highest and best use of the land. There are no known building structures, so the method does not apply to this problem. Therefore, the Cost Approach to Value is not a reliable indicator of Retrospective Market Value. THE INCOME APPROACH TO VALUE In using the Income Approach to Value, the appraiser affixes market rent to the subject property estimates and then deducts vacancy and credit loss by examining income market data. Fixed expenses (annual real estate taxes and insurance premiums) are deducted before operating expenses are considered. Operating expenses are treated according to the particular type of property under appraisement. Expenses differ with relation to construction costs and occupancy. The following expression below aids the reader in understanding this approach to value (Property Value approximated by the Net Income divided by the Direct Capitalization Rate). V=1R
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 11 - RECONCILIATION OF VALUE INDICATION AND FINAL VALUE ESTIMATE The indication of the applicable approach to value appears reasonable. Techniques utilized in this work reflect standard methods, and the value conclusion appears rational. The Cost Approach and Income Approach did not apply to this problem. The Market, or Sales Comparison, Approach measures the actions of buyers and sellers of similar properties. Since price paid represents a subjective reconciliation between knowledgeable participants who have considered substitute alternatives, utility has been estimated. Individual subjectivity when collectively analyzed exhibits strong evidence towards an objective estimate of value. Market performance reveals the mental process of weighing benefits and capital outlays. Because of these reasons, the Market Approach deserves a dependable credit in reconciling the final value conclusion Based upon the foregoing analyses, it is the appraiser's earnest opinion that the Retrospective Market Value, as defined in the Addenda, of the subject property, as described elsewhere in this appraisal report and commonly known as Portion of Southeast 1/4, Section 34, Homer Township, Midland County, Michigan, appraised as a fee simple interest as of December 31, 2024, and including all assumptions and conditions mentioned within, is estimated in the amount of Twenty Thousand Dollars. FINAL ESTIMATE OF RETROSPECTIVE MARKET VALUE OF THE SUBJECT PROPERTY AS OF DECEMBER 31, 2024 WAS: $ 20,000 This work relies on an Extraordinary Assumption that the condition of the property on the effective appraisal date, December 31, 2024, was similar to that state on the site visit date, June 10, 2025. Specifically excluded with the Retrospective Market Value opinion which is generated herein are contributions to value, if any, of licenses; leases; or other personal property which may be associated with the ownership or occupancy of the subject property. MARKETING AND EXPOSURE TIME The following time estimates are intended to reflect area market activity and can be required for USPAP appraisal reporting standards. The marketing time of the subject property, if it were offered for sale, is estimated as being approximately one to six months after the effective date of the appraisal, December 31, 2024. This estimation is based on general market data and trends, and assumes that
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Portion of Southeast 1/4, Section 34 June 11, 2025 Page - 12 - APPRAISER CERTIFICATION —~ PAUL R. FRANSON The undersigned hereby certifies 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 prospective interest in the property that is the subject of this appraisal report and | have no personal interest or bias with respect to the parties involved. 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 a 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 (USPAP). | have made a personal inspection of the property that is the subject of this report. Appraisal service has not been performed on this subject in the last three years. | certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. As of the date of this report 1, Paul R. Franson, have completed the continuing education requirements required by the Appraisal Institute. | certify that the use of this report is subject to the requirements of the Appraisal institute relating to review by its duly authorized representatives. 1, Paul R. Franson, was responsible for property research, valuation methods, comparables/analyses, and reconciliation. Real Estate Appraisers are required to be licensed and regulated by the State of Michigan, Department of Licensing and Regulatory Affairs, PO Box 30018, Lansing, Michigan 48909-7518. My Certified General Appraiser license is #1205071455, Property Address: Portion of Southeast 1/4, Section 34, Midland, MI 48640
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Page - 13 - iE = | Lincoln Larkin \3 3 IN a re = =a a Hb eR To mer’ | Lee i! A He Mount Ingersoll Porter Liked oi SHI u Map daia © openstiee (43) ( Portion of SE Quarter, Section 34 A I Homer Township, Midland County, Midland, 48640 i L pe Xi 1 = [<= BE BE aE Homgr - 1] = Niizimy SHE | =
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Page - 14 - Site Sketch i) (Oakridge Cf) «=p Section 36 Center 1/4 Corner $89°44'19"E 648.74" Land Area = 9.75 Acres +/- ND" 34' 17" W 60.34’ (4 3/4 Mile Road) ¢=> Vacant Woodland No Road Access (Pinecroft Ln) = $0°25'42" W 660.85 POB © 42'42" 1981.03 to N 89742'42°W 650.38 S 1/4 Corner <= (Deertrack Ln) Section 34 (Pine River) <= Site-Liberl673Pg1227 Beginning at a point of the Tract described by Metea and Bounds ae follows: THENCE North 0¢ 34' 17" West, a distance of 660.34 Feet; THENCE South 89° 44° 19" East, a distance of 648.74 Feet; THENCE South 0° 25' 42" West, a distance of 660.65 Feet; THENCE North 89° 42' 42" West, a distance of 650.38 Feet; THENCE North 89° §7' 7" East, a distance of 13.16 Feet to point of beginning; Said tract containing 9.75 acres (424685.27 af) of land, more or less. Perimeter = 2633.27 Feet Drawn by Paul Franson based on a site visit of June 10, 2025 and on property records. Not all features are shown. Dimensions and feature locations and magnitudes are approximate. The
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Page - 15 - Site Sketch (Onis Come Soar iw Een 3 Land Area = 9.76 Adres +/- 5 i 3 i : : - Vacant iooatana H H No Rozd Ascess I] H i $ : H ¥ id 5 DueW 13007 3 a @ ERRRERRET XTX hie enim 3 Owl M0 f 4m (Desrtrack Ln) Re Nonexclusive Easement 3) E) $ Due W 1170.00 ES Due N 66.00" Due E 1217.00 I) Right of Way - Road Purposes (Pine River) & NonExclusiveEasement Beginning at a point of the Tract described by Metes and Bounds as follows: THENCE Due West, a distance of 1320.00 Feat; THENCE Due South, a distance of 66.00 Feet; THENCE Due East, a distance of 1320.00 Feet; THENCE Due North, a distance of 66.00 Feet to point of beginning; Said tract containing 2.00 acres (87120.00 sf) of land, more or less. Perimeter = 2772.00 Feet No significant error of closure. ROW Road Purposes Beginning at a point of the Tract described by Metes and Bounds as follows: THENCE Due South, a distance of 66.00 Feet; THENCE South 17° 0' 0" East, a distance of 340.00 Feet; THENCE Due East, a distance of 1217.00 Feet; THENCE Due North, a distance of 66.00 Feet; THENCE Due West, a distance of 1170.00 Feet; THENCE North 17° 0' 0" West, a distance of 300.00 Feet; THENCE North 36° 43' 1" West, a distance of 22.19 Feet; THENCE North 55° 58' 8" West, a distance of 29.03 Feet; THENCE North 78° 50' 22" West, a distance of 21.78 Feet to point of beginning; Said tract containing 2.33 acres (101656.85 sf) of land, more or less. Perimeter = 3232.00 Feet No significant error of closure. Neighboring vehicular access per Liber 570 Page 235. The E-W and N-S call directions approximated for brevity. Curved portion assumed by sweeping a 66 feet radius from the
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Eh Te , ECTS 5 A 2 ARTs Fars SYA 1 ce June 10, 2025 by Paul Franson, southerly from NW property comer. June 10, 2025 by Paul Franson, easterly from NW property comer. RENE Le $s BSS \ 3 > % L8 June 10, 2025 by Paul Franson, easterly, SE property comer to right.
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Page - 18 - ~~ i — DE Bl Lo tr G1 — MAP — COMPARABLE PROPERTY SALES
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Page - 19 - PROPERTY SALE 1 Comparable Sale-- Unimproved Property Address: Part of SE 1/4 Section 33, Midland, 48642 County: Midiand Township: Mis Dares Te serves 0) Ban © Tax ID: 130-033-100-150-00 # Seller: GistHT ld Udo Pot © Purchaser: Bumet,C N s Dorie ve sernce © hs A A wach Vorb Sales Price: $42,000.00 Date of Sale: 812712024 Zoning: Agricultural Terms: WD, LiberPage 1673/671 Property Shape: Square Property Size: 40.0 Acres Property Type: ~~ Vacantland Price per Acre: $1,050 Verification: MLS #50137297, Midtand County Legal Description: Available upon request Comments: Landlocked woodland, original list price $62,000, 60 days on market.
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Page - 20 - PROPERTY SALE 2 Comparable Sale-- Unimproved Property Address: Parl of SW 1/4 Section 32, Midand, 48640 County: Midland Township: Tax ID: 100-032-300-010-00 Seller: ~~ Gafinari, H Est Purchaser: ~~ Wagner, A Sales Price: $50,000.00 Date of Sale: 11972023 Zoning: AgRes Terms: WD, Liber/Page 1662/990 Property Shape: Square Property Size: 40.0 Acres Property Type: ~~ Vecantland Price per Acre: $1,250 Verification: ~~ MLS #50098001, Midand County Legal Description: Available upon request AN \ @ 6 — Lee Comments: Landlocked woodland, original list price $80,000, 11 days on market.
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Page - 21 - PROPERTY SALE 3 Comparable Sale-- Vacant Land Property Address: Part of SE 1/4, Seclion 12, Free Soll, 49411 County: Mason Township: Victory Zoning: Residential Class Seller: Buck,RS Tax ID: 015-012:008-20 3 Purchaser: RRA of Wost Michigan wn ( Frise Sales Price: $85,000.00 Financing: Terms: WD, Liber/Page 2022R07181 Sales Condition: meta Date of Sale: 112112022 Property Size: ~~ 30.0 Acres Legal Description: ~~ Available upon request i VAL (WO SE. 3 Go gs Que Ir), erste rsh ©) Til Hermie a ae TOPOGRAPHY MAP [70 (e2s Verification: =~ MLS70284254, Mason Cnty ~~ Property Shape: ~~ Rectangular Price per Acre: $2.833.33 Property Type: Vacant Land Comments: Landiocked, currently being farmed, some woodland, hunting, original list price $105,000, 57 days on market.
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PROPERTY SALE 4 Comparable Sale-- Unimproved Property Address: Part of SW 1/4 Section 32, Midland, 48640 County: Midland Township: Greendale Ne Tax ID: 030-022-200-300-00 Seller: Kennedy, S&J Loe oamsprie: © Purchaser: ~~ Weber Timber LLC \etmmbs © § Mario ban Sales Price: $46,000.00 Date of Sale: 1012021 2 ® Zoning: Residential @ Terms: WD, Liber/Page 1650/1389 Property Shape: ~~ Square Property Size: 40.0 Acres Property Type: ~~ Vacantland Price per Acre: $1,150 Verification; MLS #50053596, Midiand County Legal Description: Available upon request Go Comments: Landiocked woodland, creeks, accessible via adjacent state land, hunling, original list price $55,000, 23 days on market Page - 22 -
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PROPERTY SALE 5 Comparable Sale-- Vacant Land Property Address: Part of NW 1/4, Seclion 2, Ama, 48801 County: Gratiot Township: City of Ama Zoning: AgRes Seller: Coin KS and Browne J Tax ID: 51-021-786-10 Purchaser: Bulcher.J&J Sales Price: $60,000.00 Financing: Terms: WD, Liber/Page 1075/1242 Sales Condition: Date of Sale: 3212021 Property Size: 17.52 Acres Legal Description: Available upon request 6 THM —— EY pe TAR Verification: ~~ MLS1884579, Gratit Cnty ~~ Property Shape: ~~ Rectangular Price per Acre: §3.425.66 Property Type: ~~ VacantLand Landlocked, 90% tilable, farmed, original list price $60,000, 1 day on marke. Jomo RE gz mR RTIINEL it, alii TR Page - 23 -
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Page - 24 - ner Zeca | [me epegsosbr—| | FLOOD MAP Subject property does not appear to lie within a 100 year floodplain hazard zone or 500 year zone. NVILLE
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v (¥ Pant303 Hands Inventory. [+] RIDE Mapper Michigan Department of Environment, Great Lakes, and Energy Environmental Management 4) Part 211 Underground Storage Tanks Status. de Acie Y Closed Part 213 Leaking Underground Storage GORDONVILLE Tanks “ Status - : H @ Open i; © A Claced x + be Part 201 Environmental Contamination € Qordomics Rd “N\ a sites . > 2] ey Sm i L . [=] ne | i@ selected features: 0 1.0001 E21 Cpa Maps Contributors, Province of Ont. Powered by Esti ENVIRONMENTAL MAP Page - 27 -
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@ + od vies 8 © Natural Gas Wells 8 + Gas Condensate Wells 8 © Gas Infection Wells 1 7 Gas Storage Wells 1 * Uiquified Petroleum Gas Storage 8 + Gas Production end Brine Oper 3 Brine Disposal Wells | © © Dry Holes | © Voter Injection Wells 1 Other Injection Wells 9 % Observation Wells © Other Well Types 4 Mineral ells 9° Lost Hole 0 Cae Starana Ohcarvatinn atl 1 Ovmership and Mineral Leases Sta cosh bys (Acres) - | Lease Humber - Labels a 19 Lease Classification Recommendation Doerner [Avescpmestrin petites les casaticn Page - 28 - Meridian Ra = . EZ E= . i 4 yi ® Pl estnd EB A B \ / S | | : v3 3 H H EB Ci — =| ¥ - = = Homer Twp JR rs as LoS — A 2 emer = STATE SUBSURFACE RIGHTS MAP
Page 30
Page - 29 - Bl dosnt Distt Homer Township: Future Land Use [F ConservationLands | | Rural Residential [7] Parks > | Single-Family Residential [1] Agricultural 0] Neighborhood Service Commercial = Public Schools [l=] Community Service Commercial
Page 31
Page - 30 -
Effective Date: January 1, 2018
Article 5.0
Dimensional Standards
ARTICLE 5.0
DIMENSIONAL STANDARDS
Section 5.01
Table of Dimensional Standards by District.
Districts
Minimum Floor Area per. Dwelling Unit:
A
+
Additional
Dimensional
Rural
Residential
Business
Other | Standards and
AR
RR
| RA
[RMH|
Nsc | csc
| HSC | Psp
Exceptions
Maximum Building
Feet
35
35
35
40
40
Section 5.02
Height
Stories
2.5
25
|
2.5
’
Minimum Lot Width (feet)
1060
100
100
H
oa.
Lot
Minimum Lot Depth (feet)
150
150
150
o
N
Standards
Minimum Lot Area
EH
Section 5.03
(ares oF square-fest)
2.0 acres|1.0 acre} 30,000
3
|1.0acre|1.0 acre} 80,000 0.5 acres:
&
=
Minimum {Saginaw Rd, 8 M-20]
50
50
50
®
80
80
80
80
Front
3
Yard!
Yard
All Other Roads
50
50
50
§
20
20
50
40
Setback
Side Yard
20
20
20
2
10
10
25
20
(fest)
| Side Yard
Street Side Yard
30
30
30
=
Total of Two
2
25
25
50
40
Minimum Rear Yard
50
50
50
5
50
50
50
40
Maximum Lot Coverage (percent)
25%
25%
25%
5
wy
@
8
(square-feet per single-family: dwelling unit)
1,000
1,000
{1,000
Section 7.10
Maximum: Net Dwelling Unit Density.
05
10
15
Section 5.03
{units per-acre)
Homer Township Zoning Ordinance
Page5-1Page 32
Page - 31 - Effective Date: January 1, 2018 Article 25.0 Definitions ILLUSTRATIONS lot width utility easement ao 5 @ hl w § hel 8 & o © b+] 2} =, sideviel— rr ~ ppanen right-of-way line - | Yard Terms
Page 33
Page - 32 - Midland County GIS Parcel Report: 040-034-400-775-00 5/30/2025 3:22:48 PM o Property Address E DEERTRACK LN MIDLAND, Ml, 48640 Owner Address STARK REVOCABLE TRUST 800 E OAKRIDGE CT MIDLAND, MI 48640
Page 34
Page - 33 - Class Name: # School Dist Code: 56020 School Dist Name: BULLOCK CREEK SCHOOL PRE 2023: 0% PRE 2024: 0% Assessed Value: $0 Taxable Value: $0 State Equalized Value: $0 Prev Year Info Prev Year Info MBOR Assessed Final SEV Final Taxable 2023 $0 $0 $0 2022 $0 $0 $0 Land Information Acreage: 9.86 Zoning: Contact your local Township for zoning information
Page 35
Page - 34 - Sale Price: 120000 Instrument: WD Grantor: JOHNSON, CHERYL K Grantee: STARK REVOCABLE TRUST Terms of Sale: 20-MULTI PARCEL SALE REF Liber/Page: 1673/1227 Application Use and Disclaimer This map is neither a legally recorded map nor a survey and is not intended to be used as such. The information on Midland County websites, are distributed and transmitted ‘as is’ without warranties of any kind, either expressed or implied, including without limitations, warranties of title or implied warranties of merchantability or fitness fora particular purpose. Midland County does not guarantee the accuracy, timeliness, or completeness of the information on this website. GIS/Mapping Disclaimer The Geographic Information System (GIS) made available through this website is developed and maintained by Midland County. Use of materials and information constitutes acceptance of all disclaimers associated with these websites. GIS data is not the official record of the County. This data is made available for information purposes only!
Page 36
Page - 35 -
Parcel Number:
56040-034-400-775-00
Jurisdiction:
HOMER TOWNSHIP
County: MIDLAND
Printed on
06/04/2025
Grantor
.
““|erantee
h
’
Sale
Sale
Tnst.
Terms of Sale
Liber
TT
Werified
Prent.
price
Date
Type
© Page
By
Trans.
l
JOHNSON, ROBERT 1. 4 CHERVI STARK REVOCABLE TRUST
156.600]
0971373054
[ab
{Z6-HULTT PARCEL SALE REF
{1673/1237
DEED
or
166.6
Property Address
Class? RESTDENTIAL-VACANT Zoning:
Building Permit (s)
-
Date
Humber
status
£ DEERTRACK TH
or
School: BULLOCK CREEK SCHOOL DIST
TT
FURIE]100% 07/12/2024
h
Ovner's Hame/Rddress
HAP HY 13730583 785801
STARK REVOCABLE TRUST
;
-
2
Est
1,7
800
E OAKRILGE CT
2026
Est
TOV
BL
TTA]
.
MIDLAND MI 48640
Improved
| X Vacant
Tand Value Estimates
for Land Table 01A.RESDENTIAL AVERAGE
Public
¥ Factors
*
Improvements
Description
Frontage
Depth
Front
Depth
Rate Adj. Reason
Value
mm
TRIE Road
TYPICAL AVERAGE
4.860 Acres
8,716
100
42,359
Tax Description
)
Gravel Road
TYPICAL LOW
5.000 Acres
7,883
100
39,415
SPLIT/CGHBINED ON 01/12/2025 FROM
paved Road
9.86 Total Acres
Total Est.
Land Value =
81,774
040-034-400-750-00;
Storm Sewer
-.
SEC
34 T14N RIE COM 1981.03
FT N OF 5
1/4
sidewalk
COR,
TH N 660.34
FT,
E 648.74
FT,
§
Rater
660.65 FT,
W 650.38 FT
Sewer
Electric
Comment's/ Influences
Gas
Split/Comb.
on 01/12/2025 completed
Curb
01/12/2025 BSA
;
street Lights
Parent Parcel (s): 040-034-400~750-00;
Standard Utilities
Child Parcels): 040-034-400-725-00,
underground Utils
040-034-400-775-007
i pography oF
site
“Level
Rolling
Low
High
Landscaped
Swamp
wooded
pond
Waterfront
Ravine
Wetland
,
.
.
—
-
|
Flood Plain
Year
Land
Building]
Assessed
Board
of]
Tribunai/]
Taxable
i
Value]
Value
Value
Review]
other
Value
iho
When
What
{2026
40,500
TT
40,500
’
i
’
40,560¢
.
.
i.
i}
2025"
43,000
43,660
$0, 9001
40,9008
the Equalizer.
Copyright
(e)
1995
- 2008.
Seri
oo
-
5
5
Licensed To: Township of Homer, County of
2024
-
9.
o
:
d
Midland, Michigan
2023
[
Cl
[]
[]
+++ Information herein deemed reliable but not guaranteed***Page 37
Page - 36 - Parcel Number: 56040-034-400-750-00 Jurisdiction: HOMER TOWNSHIP County: MIDLAND Printed on 06/04/2025 Grantor ~ |erantee oo TT sale sale |Inst. |Terms of Sale [Verified Prent Price Date Type By Trans JOHNSON, ROBERT L ET UX |JOHNSON, ROBERT L & CHERY —o[ 01/17/2012 [oc |03-ARM’S LENGTH |L1550 P382 DEED — I — = 01/1986 [wD |03-ARM'S LENGTH |€01/1115 | DEED Property Address ~~ |class: RETIRED SPLIT/CONH Zoning: ~ |Building Permit(s) EB Date Number Status 800 E DEERTRACK LN School: BULLOCK CREEK SCHOOL DIST To = P.R.E. 0% Bb Owner's Name/Address [NAP : 13130592 755801 1 B 1 TT JOHNSON, ROBERT L & CHERYL H&W = 2026 Est TCV 0 TCV/TFA: 0.00 BN 1] 800 E DEERTRACK LN Ee = - de MIDLAND MI 48640 Improved | [vacant Land Value Estimates for Land Table 1.RESIDENTIAL HIGH w Public * Factors * Improvements Description Frontage Depth Front Depth Rate Adj. Reason Value - . I Tbict Road TYPICAL HIGH 18.170 Acres 6,196 100 112,573 Tax Description _ _ Gravel Road FLOOD/LOW 1.830 Acres 5,429 100 9,935 SEC 34 T14N RIE W 1/2 OF NW 1/4 OF SE Faved Road 20.00 Total Acres Total Est. Land Value = 122,508 1/4. i Storm Sewer — — - = — Split on 01/12/2025 into Sidewalk 040-034-400-725-00, Land Improvement Cost Estimates 40-034-400-775-00; esd Description Rate size % Good Cash Value et D/W/P: 3.5 Concrete 5.70 969 60 3,314 Wood Frame 19.53 192 60 2,250 TO ROBERT L & CHERYL K JOHNSON TRUST UPON Gas, Total Estimated Land Improvements True Cash Value = 5,564 DEATH. curb Split/Comb. on 01/12/2025 completed Street Lights — — - — ; Standard Utilities 040-034-400-750-00; Underground Utils. 040-034-400-725-00, 01/12/2025 BSA Parent Parcel(s): Child Parcel (s) Topography of Site Level Rolling Low High Landscaped Swanp Hooded Pond Waterfront Ravine Wetland — - — — — Flood Plain Year Land Building Rssessed| Board of| Tribunal/ value value Reviey] other’ Who When What mel Be ~ llr 06/12/2009 INSPECTED [2025 0 oo 0 The Equalizer. Copyright (c) 1999 - 2009.| [5goq — Licensed To: Township of Homer, County of gost | — 42,1800 — 1087000 Midland, Michigas 2023 47,300 94,900 | 112,049C +++ Information herein deemed reliable but not guaranteed***
Page 38
Page - 37 - Jy ouwo county INLERIGAN ono 57 ARORA ROAR 1] JULY 16.2024 REALESTATE $90000 - ST LIBER 01673 PAGE 01227 1of2 RECEIPT § 254107 TRANSFERTAX STAMP # 100066060 ® SEALE OF MICHIGAN - MIDLAND COUNTY ALY) RECEIVED 07/16/2024 01.26.17 PM -duy/ RECORDED 021672024 01 26.15 PM Receipt 1254107 | hereby centy that | have exgirtine the recorcs in my cHce ~ JENNIFER M ANWAY, REGISTER OF DEEDS retabing to the lad Ce cided in the vathun mslsyment ang rom such eremnial<r 1 anp£ ars Int there 216 00 13x liens of ides held by he State (IMchGan or by any ingmeuals against such piace or descriphen ol land ang oil tages cue (nereca have fi instil LN 7% 6c 2) ins! i" has. mi “LS CHL A LCA I Wigan. W Z Midland Cou er WARRANTY DEED Know all Persons by these presents: That Cheryl K. Johnson whose address is: 80 E Deertrack Ln, Midland, Ml 48640 conveys and Warrants to Timothy D. Stark and Bonnie J. Stark, Trustees of the Stark Revocable Trust dated January 22, 2024 whose address is: 800 E Oakridge Ct, Midland, Ml 48640 the following described premises: Situated in the Township of Homer, Midland County, Michigan: Parcel 1: A parcel of land being the North 1/2 of the West 1/2 of the Northwest 1/4 of the Southeast 1/4, Section 34, T44N, R1E, being more particularly described as commencing at the South 1/4 corner of Section 34, thence North 00°34'17" East along the North-South 1/4 corner of Section 34 1981.03 feet to the Point of Beginning, thence continuing North 00°34'17" East along the North-South 1/4 line 660.34 feet to the center 1/4 corner of Section 34, thence South 89°44'19" East along the East-West 1/4 line 648.74 feet, thence South 00°25'42" West 660.65 feet, thence North 89°42'42" West 650.38 feet to the Point of Beginning. $1 ol. ow-03y-40- 250-00 Parcel 2: The East 1/2 of the Northwest 1/4 of the Southeast 1/4 of Section 34, T14N, R1E. CHD-CBY- 40-7000 for the full consideration of: $120,000.00 Subject to easements, reservations and restrictions of record. The Grantor grants to the Grantee the right to make (0) divisions under section 108 of the land division act, Act No. 288 of the Public Acts of 1967.
Page 39
Page - 38 - 0 EO A LIBER 01673 PAGE 01227 20of2 Seller(s) Cheryl Hk t) State of Michigan County of Midland The foregoing instrument was acknowledged before me this 12th day of July, 2024, by Cheryl K. Johnson. oli CASSANDRA FITZGERALD County, NOTARY PUBLIC - STATE OF MICHIGAN COUNTY OF BAY acting in County My Commission Expires, F i 17,202 My commission expires: Acting in the County of, ha a AD Drafted by: Cheryl K. Johnson 80 E Deertrack Ln Midland, Ml 48640 File Number: 2475712
Page 40
AM R —Pal = Lez 570 Ee%EE Statutory Form Act 187 P.A, 1881 WARRANTY DEED oo MSA2657 KNOW ALL MEN BY THESE PRESENTS: That RONALD CROSS and MARY ANN CROSS, his wife, and RODNEY D. STARK and BETTY STARK, his wife, of 4280 S, Nine Mile, Breckenridge, MI 48615, and 181 Yendor, Midland, MI 48640, respectively, Conveys and Warrants 10 ROBERT L. JOHNSON whose Street Number and Post Office Address is 826 Oakridge, Midland, MI 48640, the following described premises situsted in the Township of Homer, County of Midland and State of Michigan, to-wit: The West 1/2 of the Northwest 1/4 of the Southeast 1/4 of Section 34, Township 14 North, Range 1 East, Homer Township, Midland County, Michigan, together with a nonexclusive easement over the North 4 rods of the South 1/2 of the Northeast 1/4 of the Southwest 1/4 of Section 34, Township 14 North, Range 1 East, and subject to a 66 feet right-of-way across the above-described property for road purposes. The right of way to begin at the East end of the above-described easement and to proceed 170 South of East for 340 feet and then due East to Basternmost edge of the above-described property. together with all and singular the tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, for the sum of Twenty-Three Thousand Seven Hundred Fifty and no/100 ($23,750.00) Dollars, same being the total consideration therefor, sad subject to: all easements, reservations and restrictions of record. : Dated this 2 dsyol September, AD. 15 86. TY Sealed and. Delivered in Presence oft A Signed Sealed: Ores oes te ier” at (LS) Ronald Cross id ALT Lr — M 0SS @s) James Eos s lng A ".s) ra a Rodney D./Stark Be tb Buel [7a ay (1.5) etty Stark State of Michigan County of Midland 35. On this. 29 day of September, A.D. 19 86, before me personally appeared Ronald Cross and Mary Ann Cross, his wife, and Rodney D. Stark and Betty Stark, has, yife: to be the person Ss described in and who executed the foregoing instrument and acknowledged that they executed the same as their free act and deed.
Page 41
Page - 40 - 00 LIBER 01550 PAGE 00382 1of2 STATE OF MICHIGAN . MIDLAND COUNTY RECEIVED 01/19/2012 12.2626 PM RECORDED 0119/2012 12 27°17 PM Receipt #027086 JULIE K. ATKINSON. REGISTER OF DEEDS QUIT CLAIM DEED KNOW ALL MEN BY THESE PRESENTS: The Grantor(s): ROBERT L, JOHNSON and CHERYL K. JOHNSON, husband and wife. whose address is: of 800 Deer Track Lane, Midland. M1 48640 Quit Claim(s) to the Grantee(s): A life estate to ROBERT L. JOHNSON and CHERYL K. JOHNSON, husband and wife, whose address is: 800 Deer Track Lane, Midland, MI 48640 Together with an unrestricted power to convey the property during their lifetime (which must be exercised jointly) or the survivor's lifetime pursuant to Land Title Standard 9.3. This power to convey creales a general inter vivos power of appointment which includes the power to gift, sell, mortgage, and lease (or otherwise dispose of the property), and to retain the proceeds from the conveyance. If they have not previously conveyed or disposed of the property prior to the survivor's death, the property is conveyed to the ROBERT L. JOHNSON and CHERYL K. JOHNSON TRUST DATED: IAN (1 7012 in the following described premises situated in Homer Township, Midland County, Michigan: SEC 34 TIN RIE W 1/2 OF NW 1/4 OF SE 1/4. 040-034-400-750-00 SEC 34 TIAN RIE E 1/2 OF NW 1/4 OF SE 1/4 040-034-400-700-00 SEC 34 TI4N RIE N 66 FT OF S 1/2 OF NE 1/4 OF SW 1/4. 040-034-300-051-00 for the sum of: less than $100.00 [This instrument is exempt from the County transfer tax and from the State transfer tax under MCL 207.505(a) and under MCL. 207.526(a), respectively. ]
Page 42
Page - 41 - AAO LIBER 015650 PAGE 00382 20f2 This property may be located within the vicinity of farmland or a farm operation. Generally accepted agricultural and management practices which may gencrate noise, dust, odors and other associated conditions may be used and are protected by the Michigan right to farm act. Dated: JAN 17 2012 Signed and Sgaled by: + [bed * ROBERT L. JOHNSON “CHERYL. JOHNSON [74 AA STATE OF MICHIGAN ) COUNTY OF MIDLAND ) Acknowledged before me in Midland County, Michigan, on JAN 17 20m , by: ROBERT L. JOHNSON and CHERYL K. JOHNSON Barry K George, Notad Public, Midland County, Michigan, Acting in Midland County My commission expires: April 21, 2014 ) Drafted By: i Barry B. George, Attorney ' 816 W. Wackerly St., Ste. #2 Midland, MI 48640 (989) 832-1816
Page 43
QUIT CLAIM DEED—863
AVAILANLE AT BOURLEGAY ARCH, & CO., KALAMAZOO, MIGH, 41802
weer 604 eed dds
(State Bar of Michigan Form)
The Grantor(s) Tuber?
L. Sohrigow
,
a mars man
Foo Daer Tioak Lane,
Midland
t41
quit-claim(s) to
Tabet
L.
whose addvess is
the following described premises situated in the
of
Hom er
and State of Michigan:
—]
!
for the sum of
owe
do y/o.
be 7%
/
‘xi
pated this
28 7’
dayor
Swe
Johnson
¢ Cheryl
Ki Sohrison
husboud
f wile
soo
Deer Timek hae
| Aoedlond
Atl
4 ECHO
Towns
, County of
he
West
Vz of Ha Northwest
Yi
oF
Hho
South oost Yop oF Seediog 39 Taonshp
14
Morth, Range | Fost, Homer Township, Midland £ouily
Non exclusire
casement
over
Ve Nactly
#/ rods
of Ha
South
Wo
oF hs Mort] east
Yy
oF
Fhe Shuthwest Yi oF Sechon 3Y, Township 7 Aor #, Farge
{ Fas?
and subject
foo
£6 feel right-of-way
across Heo above closcribed properly Rr read purposes
The right of way
%
begin
of
Hho Lost end of He above described ©osemens
and fo prowed
17° South
of Last for 390 Foot anc Then due Fass
To Eashrumos? edge
oF
Fle above described property,
RECORDED
+ whose address is
HFG
O
Jm28 {35 AM “88
RICHARD Q,-DIMENT
REGISTER OF DCLDS
HIDLAND COUNTY. MICH
iP "~ clan o
rhihigan, Togo thor with
a
RUE.
*
Elaine
C.
Cook
*
Robert L.
Jdhnson
*
Christa
A.
Lane
STATE OF MICHIGAN,
COUNTY OF__Midland
“The foregoing instrument was acknowledged before me this
28th
day of
Tune
.
19_88
by Robert
L.
Johnson
-Page 44
Page - 43 - ™M G ma il Paul Franson <fransonappraisal@gmail.com> Re: Appraisal Quotation 1 message Timothy Stark <starktimothy24@gmail.com> Mon, Jun 2, 2025 at 10:25 AM To: Paul Franson <fransonappraisal@gmail.com> Hi Paul Please start the Appraisal. Thank you, Tim Stark On May 30, 2025, at 3:32 PM, Paul Franson <fransonappraisal@gmail.com> wrote: Hello Tim Stark, It was good to talk with you today. Please find the attached parcel record for the 10 acres of vacant land, apparently land locked, parcel #56040-034-400-775-00, Homer Township, Midland County, Michigan, and the below scope of work for the appraisal service. Delivery: 1-2 weeks, an email is sufficient notice to begin work. Scope: Retrospective Market Value of the property as of December 31, 2024 per USPAP federal appraisal requirements. Provide an Appraisal Report in a PDF file format plus paper report copies as requested. This assumes access for a site visit, and supplemental property information such as recent purchases or other pertinent information. Best regards,
Page 45
Page - 44 - ADDENDA- MARKET ANALYSIS AND LOCAL INFORMATION This section analyzes data regarding population, housing and income. County level information shows generally stable population levels and stagnant to rising personal incomes. Specific market analyses are not usually available for small to medium sized communities typical for the Lower Peninsula of Michigan. Uniformity between municipal economies can vary, especially considering spacing of ten to fifty miles between cities. Larger metropolitan areas in the southern part of the state can be better sources for market performance statistics, but smaller cities may not be regularly tabulated for inclusion. Price Waterhouse Cooper's survey of investor data covers 15 areas outside of Michigan, and may also not provide credible data transfer, depending on the property or location. An inferred market analysis shall be presented for this appraisal problem. The following six categories are developed for purposes of constructing an estimate of market performance by the subject property: Property Productivity Analysis Market Delineation Demand Analysis Supply Analysis Residual Demand Market Capture ooh WN 1. Property Productivity Analysis This section describes property aspects that enhance marketability of the subject compared to competing locations. The subject property is located in an area location without vehicular access. Other properties that compete for residential demand may have superior access features or are properties with adequate utility. 2. Market Delineation Markets for this type of property likely do not have firm boundaries. It is suspected that users of this property category reside within township and county limits that surround the subject municipal area. For this work, data is analyzed for the Township and the County as this reflects the likely location for demand considerations and statistics for historical and forecasted drivers of expected future occupancies. Some information is
Page 46
Page - 45 - 3. Demand Analysis Residential demand for this property category in the Township and County is likely low due to the lack of vehicular access to the property. 4. Supply Analysis There is a low supply of similar offerings. Other properties are being developed, but are either in different locations, or targeted at a different market segment. ‘ 5. Residual Demand In this case, likely low demand compared to low supply results in an estimated low residential demand. Markets in the Township and County are typically stable for mutti- year periods of time. 6. Market Capture Predicting supply and demand is difficult to accurately complete for this problem due to the relative lack of firm quantified numbers for this type of property. It is suggested that a low demand and a low supply market likely contributes to a low subject demand due to the location and attributes of the subject. It is suspected that the subject attributes presented attractive elements for operators that have adequate resources for this market segment, in particular, those in seek of property that may provide access, such as neighboring properties. For this work, fundamental market analyses were not found that apply to the problem. Markets are unique in many Michigan communities, and analysis boundaries are difficult to quantify in the region. Lack of published data may hinder application of certain valuation methods. This inferred analysis suggests that the subject property is in a low demand market with a low amount of comparable supply in the area. This analysis does not consider the possible local effects, if any, of the global virus pandemic, known as Covid-19 or coronavirus. Appraisal work is typically based on historical market evidence, and there is insufficient data available to determine market outcomes that could distress, or enhance, this property category demand. See the following section for location information and a radial ring market analysis.
Page 47
Page - 46 - Homer Township Homer Township is a civil township of Midland County in the U.S. state of Michigan. As of the 2020 census, the township population was 3,993. Geography - the township has a total area of 21.3 square miles (sq mi), of which 20.9 sq mi are land and 0.4 sq mi, or 1.88%, are water. The Tittabawassee River crosses the northeast part of the township, and its tributary, the Chippewa River, crosses the center of the township. The Pine River, a tributary of the Chippewa, drains the southern part of the township. Demographics - As of the census of 2010, there were 4,009 people, 1,521 households, and 1,182 families residing in the township. The population density was 185.6 inhabitants per sq mi, There were 1,593 housing units at an average density of 73.8 per sq mi. The median income for a household in the township was $44,924, and the median income for a family was $51,029. Males had a median income of $45,742 versus $28,622 for females. The per capita income for the township was $20,574. About 5.7% of families and 5.7% of the population were below the poverty line, including 3.9% of those under age 18 and 9.7% of those age 65 or over. Sites of interest - The Chippewa Nature Center has a territory of more than 1,000 acres of deciduous and coniferous woods, rivers, ponds, wetlands (marsh, fen, bog, and swamp) and upland fields. Midland County, Michigan On a per capita basis, Midland County has more resident engineers, chemists, and metallurgists than any other area in the nation. The Midland area economy is centered around its largest employers - Dow / Dupont / Corteva Companies which manufacture chemicals, plastics, and silicone products. Midland County is similar to Bay and Saginaw Counties in that they are all manufacturing centers. Service and retail trade are strong factors in the economy. Midland County has both urban and rural components. Nearly half of the county is forested and a quarter is agricultural. The city of Midland is the urban center and is situated in the east central part of the county, approximately 20 miles west of Bay City and 25 miles northwest of the city of Saginaw. Farmers in Midland County produce dry beans, com, and sugar beets. Northwood University, Delta College — Midland Campus, and Davenport University — Midland Campus are located in Midland County. aunty Michigan Population Population Census, April 1, 2020 83,494 10,077,331
Page 48
Page - 47 - | ranince of Onto, E4n, TomTem, Garmin, SafcGragh, METUNASA USGS, EPA NFS, USDA USFS Panere oe E]
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Page - 48 - @esri THE SCIENCE OF WHERE 48640, Midland, Michigan Prepared by Esri Rings: 1, 3, 5 mile radii Latitude: 43.57626 Longitude: -84.33929 1 mile 3 miles 5 miles Population 2010 Population 701 5,452 13,260 2020 Population 706 5,360 12,997 2024 Population 699 5,321 12,890 2029 Population 690 5,247 12,730 2010-2020 Annual Rate 0.07% -0.17% -0.20% 2020-2024 Annual Rate -0.23% -0.17% -0.19% 2024-2029 Annual Rate -0.26% -0.28% -0.25% 2020 Male Population 49.9% 50.3% 50.3% 2020 Female Population 50.1% 49.7% 49.7% 2020 Median Age 43.5 43.0 41.5 2024 Male Population 51.1% 51.2% 51.1% 2024 Female Population 48.9% 48.8% 48.9% 2024 Median Age 43.5 42.9 41.8 In the identified area, the current year population is 12,890. In 2020, the Census count in the area was 12,997. The rate of change since 2020 was -0.19% annually. The five-year projection for the population in the area is 12,730 representing a change of -0.25% annually from 2024 to 2029. Currently, the population is 51.1% male and 48.9% female. Median Age The median age in this area is 41.8, compared to U.S. median age of 39.3. Households 2024 Wealth Index 179 138 120 2010 Households 253 2,054 4,952 2020 Households 267 2,072 5,020 2024 Households 269 2,077 5,048 2029 Households 270 2,084 5,075 2010-2020 Annual Rate 0.54% 0.09% 0.14% 2020-2024 Annual Rate 0.18% 0.06% 0.13% 2024-2029 Annual Rate 0.07% 0.07% 0.11% 2024 Average Household Size 2.58 2.53 2.53 The household count in this area has changed from 5,020 in 2020 to 5,048 in the current year, a change of 0.13% annually. The five-year projection of households is 5,075, a change of 0.11% annually from the current year total. Average household size is currently 2.53, compared to 2.57 in the year 2020. The number of families in the current year is 3,578 in the specified area.
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Page - 49 - LJ @esri THE SCIENCE OF WHERE” 48640, Midland, Michigan Prepared by Esri Rings: 1, 3, 5 mile radii Latitude: 43.57626 Longitude: -84,33929 1 mile 3 miles 5 miles Mortgage Income 2024 Percent of Income for Mortgage 15.7% 15.8% 15.9% Median Household Income 2024 Median Household Income $117,992 $96,279 $87,067 2029 Median Household Income $130,154 $108,296 $100,999 2024-2029 Annual Rate 1.98% 2.38% 3.01% Average Household Income 2024 Average Household Income $159,280 $127,001 $117,688 2029 Average Household Income $182,706 $149,059 $138,077 2024-2029 Annual Rate 2.78% 3.25% 3.25% Per Capita Income 2024 Per Capita Income $62,904 $49,512 $45,905 2029 Per Capita Income $73,373 $59,121 $54,813 2024-2029 Annual Rate 3.13% 3.61% 3.61% Households by Income Current median household income is $87,067 in the area, compared to $79,068 for all U.S. households. Median household income is projected to be $100,999 in five years, compared to $91,442 all U.S. households. Current average household income is $117,688 in this area, compared to $113,185 for all U.S. households. Average household income is projected to be $138,077 in five years, compared to $130,581 for all U.S. households. Current per capita income is $45,905 in the area, compared to the U.S. per capita income of $43,829. The per capita income is projected to be $54,813 in five years, compared to $51,203 for all U.S. households. Housing 2024 Housing Affordability Index 144 144 142 2010 Total Housing Units 273 2,159 5,225 2010 Owner Occupied Housing Units 228 1,829 4,279 2010 Renter Occupied Housing Units 25 225; 673 2010 Vacant Housing Units 20 105 273 2020 Total Housing Units 287 2,192 5,314 2020 Owner Occupied Housing Units 242 1,869 4,333 2020 Renter Occupied Housing Units 25 203 687 2020 Vacant Housing Units 11 123 301 2024 Total Housing Units 288 2,202 5,351 2024 Owner Occupied Housing Units 248 1,907 4,452 2024 Renter Occupied Housing Units 21 170 596 2024 Vacant Housing Units 19 125 303 2029 Total Housing Units 288 2,204 5,366 2029 Owner Occupied Housing Units 252 1,935 4,544 2029 Renter Occupied Housing Units 18 150 531 2029 Vacant Housing Units 18 120 291
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Page - 50 - ADDENDA - SCOPE OF WORK The scope of work involving the appraisal report encompasses the necessary research and analyses to prepare a report in accordance with the intended use, the Standards of Professional Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. The scope considers and includes the appraisal process. The appraisal process is defined as follows: “A systematic analysis of the factors that bear upon the value or utility of real estate. An orderly program by which the problem is defined, the work necessary to solve the problem is planned, and the data involved are acquired, classified, analyzed, and interpreted into a final opinion or conclusion." The appraisal process and every appraisal assignment are unique and will vary depending on the type of property, size, age, as well as other physical characteristics together with the complexity and significance of the appraisal problem and the intended use of the report. In regard to the subject property, the following steps have been used in the development of this appraisal report: 1) The subject property was physically inspected by the appraiser. 2) Regional, county, city and neighborhood data was developed based on information available in the appraiser's files together with additional research through governmental agencies, local libraries and private sources. 3) The subject property data was compiled based upon a variety of sources. Plans on the property were reviewed, if available, in addition to a detailed physical inspection of the property by the appraiser. Additional subject data was compiled from assessment records, other municipal and/or county sources as well as information provided by the owner, client and/or other knowledgeable sources. 4) The highest and best use of the property was made with estimates based on an analysis of all data compiled. The highest and best use of the property, as defined later in this report, considered all factors influencing highest and best use. Analysis of highest and best use for the property, both as if vacant and as improved, was reflected.
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5) 6) Page - 51 - The development of all applicable approaches to value has been considered. The three typical approaches to value include: a) The Cost Approach; b) The Market Data (or Sales Comparison) Approach; Cc) The Income Approach. in developing all applicable approaches to value, the market data used has been collected by the appraiser from a variety of resources. The appraiser maintains an extensive research library of land sales, improved sales, rental data, cost data and other pertinent market data information required in establishing value through the various approaches utilized. In addition to the appraiser's extensive research library, the appraiser has also sought out information through market data sources such as: public records; Multiple Listing Services; personal contacts with buyers, sellers, developers, investors within the market; real estate Brokers; property managers, mortgage lenders; other appraisers; as well as other knowledgeable individuals specifically pertaining to the type of property under appraisement. Confidentiality has been used throughout this report. Information and data disclosed within the report has been deemed non-confidential for inclusion within this report. Confidentiality pertaining to the subject property and the value conclusions rendered will remain confidential between the appraiser and the client. After assembling and analyzing all of the data and other pertinent opinions and conclusions defined within the scope of this appraisal report, a final estimate of Market Value was made. This final estimate of Market Value is based upon all supporting data and documentation contained within this report and/or included within the appraiser's file. The Market Value estimate is subject to all limiting conditions and assumptions as so stated in the report as disclosed.
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Page - 52 - ADDENDA - DEFINITION OF RETROSPECTIVE! MARKET VALUE The term “Retrospective Market Value” as referred to in this report, is defined as follows. The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale; the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller typically motivated, 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. Areasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 1. Retrospective value opinion — ‘A value opinion effective as of a specified historical date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiation, deficiency judgements, estate tax, and condemnation.’ Dictionary of Real Estate, Appraisal institute, 5" Ed. ADDENDA - TYPES OF APPRAISAL REPORTS — USPAP? The 2024 Edition of USPAP is effective January 1, 2024. The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. USPAP represents the generally accepted and recognized ndards of appraisal practice in the United States.
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Page - 53 - ADDENDA - GENERAL ASSUMPTIONS AND LIMITING CONDITIONS Standards Rule (“S.R.”) 2-1 of the “Standards of Professional Appraisal Practice of the Appraisal Institute” requires the appraiser(s) to “clearly and accurately disclose any extraordinary assumption or limiting condition that directly affects the appraisal and indicate its impact on value.” In compliance with S.R. 2-1, and to assist the reader in interpreting this report, such assumptions and limiting conditions are set forth as follows: THE APPRAISER(S) HAVE ASSUMED: 1. The conclusion and opinions expressed in this report apply to the date of value set forth in the letter of transmittal accompanying this report. The dollar amount of any value opinion or conclusion rendered or expressed in this report is based upon the purchase power of the American dollar existing on the date of value. 2. The appraiser(s) assume no responsibility for economic, physical or demographic factors which may affect or alter the opinions of this report if said economic, physical or demographic factors change after the date of value. The appraiser(s) are not obligated to predict future political, economic or social trends. 3. In preparing this report, the appraiser(s) were required to rely on information furnished by other individuals or found in previous existing records and/or documents. Unless otherwise indicated, such information is presumed to be reliable. However, no warranty, either express or implied, is given by the appraiser(s) for accuracy of such information and the appraiser(s) assume no responsibility for information relied upon later found to have been inaccurate. The appraiser(s) reserve the right to make such adjustments to the analyses, opinions, and conclusions set forth in this report as may be required by consideration of additional data or more reliable data that may become available. 4. No opinion as to the title of the subject property is rendered. Title is assumed to be marketable and free and clear of all liens, encumbrances, easements and restrictions except those specifically discussed in the report. The property is appraised assuming it to be under responsible ownership and competent management, and available for its highest and best use. 5. The appraiser(s) assume no responsibility for hidden or unapparent conditions of the property, subsoil, ground water or structures that render the subject property
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Page - 54 - 6. The appraiser(s) have not been provided any information regarding the presence of any materials or substance on or in any portion of the subject property or improvements thereon, which materials or substance possesses or may possess toxic, hazardous and/or other harmful and/or dangerous characteristics. Unless otherwise stated in the report, the appraiser(s) did not become aware of the presence of any such material or substance during the inspection of the subject property. However, the appraiser(s) are not qualified to investigate or test for the presence of such materials or substances. The presence of such materials or substances may adversely affect the value of the subject property. The value estimate in this report is predicated on the assumption that no such material or substance is present on or in the subject property or in such proximity thereto that it would cause a loss in value. The appraiser(s) assume no responsibility for the presence of any such substance neither in the subject property, nor for expertise or engineering knowledge required to discover the presence of such substance or material. Unless otherwise stated, this report assumes the subject property is in compliance with all federal, state and local environmental laws, regulations and rules. 7. Unless otherwise stated, the subject property is appraised assuming it to be in full compliance with alt applicable zoning and land use regulations and restrictions. 8. Unless otherwise stated, the property is appraised assuming that all required licenses, permits, certificates, consents or other legislative and/or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 9. No engineering survey has been made by the appraiser(s). Except as specifically stated, data relative to size and area of the subject property was taken from sources considered reliable and no encroachment of the subject property is considered to exist. 10. No opinion is expressed as to the value of subsurface oil, gas or mineral rights or whether the property is subject to surface entry for the exploration or removal of such materials, except as is expressly stated. 11. Maps, plats and exhibits included in this report are for illustration only to serve as
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Page - 55 - 12. No opinion is intended to be expressed for matters which require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. 13. The distribution if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 14. Possession of this report, or a copy of it, does not carry with it the right of publication. Without the written consent of the appraiser(s), any person other than the party to who it is addressed may not use this report for any purpose. In any event, this report may be used only with properly written qualification and only in its entirety for its stated purpose. 15. This appraisal report is subject to the rules and regulations of the Appraisal Institute and may, under certain conditions, be subject to confidential review by a duly constituted committee of that organization. 16. The appraiser(s) have assumed that as the effective date of this appraisal report, the property is subject to normal easements and restrictions of record, which are considered to be standard and typical for a property of this type, and are not considered to adversely affect the normal use of the estimated market value of the subject property. 17.The subject property is appraised as though free and clear of all liens, mortgages, obligations or encumbrances. The valuation estimate is of real property only and does not include any estimate of business value, or the value of any equipment, furniture, fixtures or chattels which may be located on the property, except those items necessary for the operation of the building such as heating and air conditioning equipment, lighting, etc., or as otherwise noted. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property
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Page - 56 - 19. The liability of Paul R Franson Appraisal LLC is limited to the client who is paying the fee (‘Client’) and to the amount of the fee actually received by the firm. Further, acceptance and use of this report constitutes agreement that there is no accountability, obligation, or liability to any third party. If this report is given to anyone other than the Client, the Client shall make such party aware of all the limiting conditions and assumptions of this assignment. The appraiser(s) are not responsible for any cost incurred to discover or correct any deficiencies of any type present in the property; whether physical, financial, and/or legal. This report is submitted on the stipulation that in the case of a lawsuit (brought by lender, partner or part owner in the form of ownership, as well as tenant, or any other party), any, and all, Client and parties, will completely hold harmless Paul R Franson Appraisal LLC in any such action, including situations involving limited partnerships, syndications, or stock offerings in real estate. Any party who uses or relies upon any information in this report, without the preparer's written consent, does so at his/her own risk. Due to the ever changing nature of market conditions, and the ongoing evolution of additional information, the information in this report is dated and may not be reliable past the date of this report. Note that ‘Franson Appraisal as shown is an abbreviated form of Paul R Franson Appraisal LLC. 20. Going-concern value is the value created by a proven property operation in which the physical real estate assets are an integral part of the ongoing business. Golf courses, hotels, and other properties that require intensive management are properties commonly appraised in this manner. The market value as a going-concern may include an intangible enhancement of the value of an operating business enterprise that is associated with the process of assembling the land, improvements, equipment and marketing operation. 21. Additional fees for litigation work associated with this valuation, if any, are set at a minimum rate of $2,000 per day, or a $250 per hour for a fraction of a day thereof, per appraiser, which can include travel time and preparation, as necessary.
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Page - 57 - QUALIFICATIONS — Paul R. Franson, MAI 311 E Ellsworth St, Midland 48640 989-835-8000 Paul R Franson Appraisal LLC E-mail: FransonAppraisal@gmail.com Web: FransonAppraisal.com EXPERIENCE: Licensed Real Estate Appraiser, Michigan Certified General #1205071455- 6/2008 Prior Experience with Marshall Appraisal, Midland, Michigan, 2004 - 2020 Larry G. Marshall, MAI, SRA, ASA Real property appraisal experience concerning (among others): » Commercial Properties — Strip Malls, Offices, Retail, Schools, Self-Storage, Medical Industrial Properties —Light and Heavy Manufacturing, Service Garages, Warehouses Single Family Residential — Forms and Narrative Reports, Estates, Trusts, Acreage Multi Family Residential - Apartments, Multi-Home Clusters, Group Homes, Motels Farms — Centennial, Barns, Crop Storage, Farmhouses, Wind Turbine Easements Vacant Land — Farmland, Hunting Land, Subdivision Land, Development Land Member, Appraisal Institute (MAI) - 1/2014 Building Inspector, ICBO No. 5111088-10 (1997 Uniform Building Code, Expired) Professional Engineer, License # M27262 (State of California), Current EDUCATION: Courses Taken from the Appraisal Institute Market Analysis & H&BU, USPAP, Conservation Easements, Income Approach Business Ethics, Sales & Cost Approach, Advanced Applications, Capstone Courses at McKissock, Middleton Training and American Real Estate Advanced Income Property Analysis, Standards for Federal Land Acquisitions Cost Approach & Marshall Swift, Narrative Report Writing, Self Storage Units Courses Taken through the Real Estate Department, Cabrillo College, California Real Estate Appraisal Principles 1 & 2, Real Estate and Construction Law Bachelor of Science Degree (Chemical Engineering), University of Michigan Master in Business Administration (MBA), Santa Clara University, California APPRAISAL EXPERIENCE - Performed For (a partial list): 1st State Bank Fisher Contracting Co. Midland Center forthe Arts 4 Lakes Task Force Gladwin Conservation Dist. Midland Charter School
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