RES 2001-0961 - Auction 5002-5006 S 24th St and 5015 S 25th St REAL PROPERTY APPRAISALS, P.C.
2507 South 90th Street;:Omaha,Nebraska 68124 • Tel hone(402)391-4205 •Fax(402)391-1252
11111 March 2, 2001 i /sq/44 v74,Zie."
Mr. Mark Larson
Public Works Department
Suite 601
1819 Farnam Street
Omaha/Douglas (City/County Building)
Omaha, Nebraska 68183
111
Re: Appraisal Report of Old South Omaha City Hall/Police Station
And Vacant Parking Lot (5002-5006 S. 24th & 5015 S. 25th Streets),
Omaha, Nebraska, 68107
111 Dear Mr. Larson:
As requested, I have conducted the required investigation, gathered the
necessary data, and made certain analyses that have enabled me to form an
opinion of the market value of the leased fee estate interest to the above
captioned property. The subject "as is" consists of the Old South Omaha City
Hall Building, Police Station and parking lot. Unless specifically discussed all
business fixtures and personal property are specifically excluded from this
111 report.
Based upon my inspections of the property and the investigation and analyses
undertaken. I have formed an opinion of value as of February 16, 2001, the date
of last inspection. Subject to the assumptions and limiting conditions set forth
Iin this report, the estimated market value of the fee simple estate interest to the
subject property "as is", with a market time of one year and an exposure time of
Uone year, is:
Six Hundred Twelve Thousand ($612,000) Dollars
Real Estate Appraisers and Counselors
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INTER-OFFICE COMMUNICATION
March 20, 2001
TO: Honorable President and Members of the City Council
FROM: City Property Appraisers Committee
SUBJECT: Disposal of Surplus Property—Old South Omaha City Hall/Police Station
& Vacant Parking Lot Located at 5002-5006
South 24`11 ST & 5015 South 25th ST
Pursuant to Section 27-52 of the Omaha Municipal Code, the City Property Appraisers
Committee met to discuss the valuation of the former South Omaha City Hall/Police Station
located at 5002-5006 South 24th Street.and the parking lot located at 5015 South 25th Street. The
properties are generally described as Lot 1 and the north 36 feet of Lot 2, Block 84, South
Omaha City Lots, and Lot 10, Block 2, South Omaha 1st Addition. Both parcels are zoned NBD,
Neighborhood Business District.
The committee retained the services of Joseph Dizona, Jr.of Real Property Appraisals, PC to
prepare a full narrative appraisal of the property. In his appraisal, Mr. Dizona performed 3
approaches to valuation of the property, the cost approach, the sales comparison approach and
the income approach. The appraiser considered improved property sales and income producing
commercial properties in the South Omaha Business District to arrive at a valuation. The cost
approach was used only to arrive at a land value because depreciation factors on older buildings
do not produce an accurate estimate of fair market value. The sales comparison approach
produced a value of$612,000 while the income approach produced a range of value from
$603,000 to $618,000. After further and consideration, Mr.Dizona reconciled his final valuation
at $612,000.
The committee reviewed and concurred with Mr. Dizona's reconciled total value of$612,000 for
this case.
Res.ectfully submitted, Opp ,
tLIAII!EtriallittrA -A---/ ,
Re.ertS lick
I _
Willia ' L.'Otis
Mark E. Larson
gm/c:\documents and settings\mlarson\my documents\soocitvhallappr.doc
1'.
c-25.A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr Aprillb10,12001
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, the City of Omaha is the owner of a parcel of land located at 5002 —
5006 South 24th Street and 5015 South 25th Street (former South Omaha City Hall), no longer
needed for public purposes for the City of Omaha, legally described as follows:
Lot 1 and the north 36 feet of Lot 2, Block 84, South Omaha City
Lots and Lot 10, Block 2, South Omaha lst Addition.
WHEREAS, Section 5.20 of the Home Rule Charter, City of Omaha, 1956, as
amended, provides for the disposal of real property holdings of the City of Omaha that are no
longer needed for public purposes; and,
WHEREAS, on January 10, 2001, the Planning Board of the City of Omaha, upon
recommendation, recommended the disposal of said property; and,
WHEREAS, pursuant to Omaha Municipal Code Section 27-52, the Appraisal
Committee of the City of Omaha has appraised the value of the said real property to be $612,000
(Six Hundred and Twelve Thousand Dollars); and,
WHEREAS, Section 27-71 of the Omaha Municipal Code provides that the City
Council may authorize by resolution the disposal of City property at public auction; and,
WHEREAS, the Planning Director shall act as the auctioneer at the public auction
provided for herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT, the Planning Director of the City of Omaha be, and is hereby authorized
to offer for sale by auction the City property located at 5002 — 5006 South 24th Street and 5015
South 25th Street(former South Omaha City Hall), as legally described herein.
•
By
Councilmember
Adopted
City Clerk
(C‘D_y
Approved
Mayor
C-25,A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr Kpri1 10, 2001
PAGE 2
BE IT FURTHER RESOLVED:
THAT, notice of such public auction be published in the official newspaper of the
City of Omaha at least five (5) days prior to the date of said auction.
BE IT FURTHER RESOLVED:
THAT, sealed, written bids may be submitted to the City Clerk at any time prior
to the holding of said auction, which shall be opened and considered at the time of the holding of
said auction, provided that each said bid is accompanied by a certified check in an amount not
less than twenty percent(20%) of the bid price.
BE IT FURTHER RESOLVED:
THAT, upon acceptance of any bid at said public auction, the bidder shall furnish
either cash or certified check in an amount not less than twenty percent(20%) of the bid price.
BE IT FURTHER RESOLVED:
THAT, the minimum amount which will be considered as adequate compensation
for the sale of said property is $612,000 (Six Hundred and Twelve Thousand Dollars).
BE TT FURTHER RESOLVED:
THAT, upon payment of the accepted bid price, the Mayor shall be authorized to
execute and deliver a deed of the property to the accepted bidder.
APPROVED AS TO FORM:
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