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2018-09-17 - Ordinance 2018-042 - VACATING CERTAIN PARTS OF RIGHT-OF-WAY (185 MILWAUKEE)ORDINANCE NO. 2018 - 042 AN ORDINANCE VACATING CERTAIN PARTS OF RIGHT- OF- WAY WHEREAS, the Village of Buffalo Grove is a Home Rule Unit pursuant to the Illinois Constitution of 1970; and WHEREAS, True North Energy, LLC (Purchaser) has a contract to purchase 185 N Milwaukee Avenue and develop it with a new gas station and convenience store; and WHEREAS, the hereinafter described unimproved right-of-way, located adjacent to 185 N Milwaukee and depicted on Exhibit "A", is no longer necessary for the public interest; WHEREAS, the Corporate Authorities of the Village have determined that the nature and extent of the public use or public interest to be served is such as to warrant the vacation of said unimproved right-of-way and that the relief to the public from any burden and responsibility of maintaining same constitutes a public use or public interest authorizing said vacation. NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, as follows: Section 1. The foregoing recitals are hereby adopted and incorporated into and made a part of this Ordinance as if fully set forth herein. Section 2. That Sections 5/11-91-1 and 5/11-91-2 of Chapter 65 of the Illinois Compiled Statutes (65 ILCS 5/11-91-1 and 5/11-91-2) shall not apply to this vacation and that this Ordinance shall supersede said Illinois Statute. Section 3. The purchase price for the vacated right-of-way was determined by an appraisal attached hereto as Exhibit `B" and shall be $163,000.00 (Purchase Price) and shall be paid to the Village of Buffalo Grove by Purchaser, at a time and place in a manner acceptable to the Village. This Ordinance vacating the right-of-way depicted on Exhibit "A" shall not be effective until the full Purchase Price has been paid to the Village of Buffalo Grove. Section 4. That part of the publicly dedicated right-of-way as legally described in the Plat of Vacation attached hereto and made a part hereof as Exhibit "A" be and hereby is vacated, but shall not be effective until the full Purchase Price has been paid to the Village of Buffalo Grove. That title to said vacated right-of-way is hereby declared to be vested in True North Energy, LLC who is the contract purchaser of 185 N Milwaukee Avenue which abuts said dedicated right-of-way on the west, to wit: 1 THAT PART OF ST. JAMES CIRCLE AND MARQUETTE PLACE IN UNIT NO. 2 IN COLUMBIAN GARDENS, BEING A SUBDIVISION OF PART OF SECTION 35, TOWNSHIP 43 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED JULY 10, 1926 AS DOCUMENT 282352 IN BOOK "P" OF PLATS, PAGE 92, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF LOT 17 BLOCK 7 IN SAID UNIT NO.2 IN COLUMBIAN GARDENS, THENCE NORTH 80 DEGREES 11 MINUTES 06 SECONDS EAST, ALONG THE NORTH LINE OF SAID LOT 17, A DISTANCE OF 13.80 FEET, TO THE POINT OF BEGINNING; THENCE NORTH 79 DEGREES 54 MINUTES 28 SECONDS EAST, A DISTANCE OF 185.90 FEET, TO THE EASTERLY RIGHT OF WAY LINE OF SAID ST. JAMES CIRCLE, ALSO BEING THE WESTERLY LINE OF LOT 1 IN RIVERWALK UNIT 2 SUBDIVISION, RECORDED JULY 17, 1997 AS DOCUMENT NUMBER 3994620, SAID POINT BEING 9.00 FEET SOUTHERLY FROM THE MOST NORTHERLY NORTHWEST CORNER OF SAID LOT 1 AS MEASURED ALONG THE WESTERLY LINE THEREOF; THENCE SOUTHERLY, ALONG SAID WEST LINE, BEING A CURVE, CONCAVE TO THE EAST, HAVING A RADIUS OF 238.70 FEET, AN ARC DISTANCE OF 100.41 FEET, A CHORD BEARING SOUTH 27 DEGREES 53 MINUTES 16 SECONDS EAST, AND A CHORD DISTANCE OF 99.67 FEET, TO A POINT ON A NORTHERLY RIGHT OF LINE OF SAID ST. JAMES CIRCLE; THENCE SOUTH 68 DEGREES 43 MINUTES 20 SECONDS WEST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 34.47 FEET, TO A POINT ON THE EASTERLY RIGHT OF WAY LINE OF SAID ST. JAMES CIRCLE; THENCE SOUTHERLY, ALONG SAID EASTERLY LINE, BEING A CURVE, CONCAVE TO THE WEST, HAVING A RADIUS OF 330.40 FEET, AN ARC DISTANCE OF 95.85 FEET, A CHORD BEARING SOUTH 23 DEGREES 24 MINUTES 32 SECONDS EAST, AND A CHORD DISTANCE OF 95.51 FEET, TO A POINT OF COMPOUND CURVE; THENCE SOUTHERLY ALONG SAID RIGHT OF WAY LINE BEING A CURVE, CONCAVE TO THE WEST, HAVING A RADIUS OF 176.80 FEET, AN ARC DISTANCE OF 259.33 FEET, A CHORD BEARING SOUTH 26 DEGREES 55 MINUTES 18 SECONDS WEST, AND A CHORD DISTANCE OF 236.70 FEET; THENCE SOUTH 21 DEGREES 16 MINUTES 40 SECONDS EAST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 33.00 FEET, THE SOUTHERLY RIGHT OF WAY LINE OF SAID MARQUETTE PLACE; THENCE SOUTH 68 DEGREES 57 MINUTES 25 SECONDS WEST ALONG THE SOUTHERLY RIGHT OF WAY LINE OF SAID MARQUETTE PLACE, A DISTANCE OF 117.35 FEET, TO A POINT ON THE EASTERLY RIGHT OF WAY LINE OF MILWAUKEE AVENUE AS WIDENED PER DOCUMENT NUMBER 3556168; THENCE NORTH 17 DEGREES 45 MINUTES 41 SECONDS WEST, ALONG THE LAST DESCRIBED LINE, A DISTANCE OF 66.12 FEET, TO A POINT ON THE NORTHERLY 2 RIGHT OF WAY LINE OF SAID MARQUETTE PLACE; THENCE NORTH 68 DEGREES 57 MINUTES 49 SECONDS EAST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 113.29 FEET TO A POINT OF CURVATURE ALSO BEING ON THE NORTHWESTERLY RIGHT OF WAY LINE OF SAID ST. JAMES CIRCLE; THENCE NORTHEASTERLY, ALONG SAID RIGHT OF WAY LINE, BEING A CURVE, CONCAVE TO THE NORTHWEST, HAVING A RADIUS OF 143.80 FEET, AN ARC DISTANCE OF 211.05 FEET, A CHORD BEARING NORTH 26 DEGREES 56 MINUTES 48 SECONDS EAST, AND A CHORD DISTANCE OF 192.61 FEET, TO A POINT OF COMPOUND CURVE; THENCE NORTHWESTERLY, ALONG SAID RIGHT OF WAY LINE, BEING A CURVE CONCAVE TO THE WEST, HAVING A RADIUS OF 297.40 FEET, AN ARC DISTANCE OF 118.15 FEET, A CHORD BEARING NORTH 26 DEGREES 28 MINUTES 46 SECONDS WEST, AND A CHORD DISTANCE OF 117.37 FEET TO A POINT OF COMPOUND CURVATURE; THENCE WESTERLY, ALONG SAID RIGHT OF WAY LINE, BEING A CURVE, CONCAVE TO THE SOUTHWEST, HAVING A RADIUS OF 162.40 FEET, AN ARC DISTANCE OF 170.12 FEET, A CHORD BEARING NORTH 68 DEGREES 37 MINUTES 28 SECONDS WEST, AND A CHORD DISTANCE OF 162.45 FEET, TO THE POINT OF BEGINNING, IN LAKE COUNTY, LLINOIS. Section5. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity thereof shall not affect any other provision of this Ordinance. Section 6. This Ordinance shall be in full force and effect from and after its passage, by the affirmative vote of at least three -fourths (3/4) of the Village Trustees then holding office. This Ordinance shall not be codified. AYES: 5 — Berman Stein Ottertheimer Weidenfeld Smith NAYES: 0 - None ABSTAIN: 1 - Johnson PASSED: September 17, 2018. APPROVED: September 17, 2018. APPROVED: Beverly Sus an, Village President ATTEST: Janet J irabian, Village r'lerk 3 This document prepared by William Raysa, Tressler LLP., 233 S. Wacker Drive, Chicago, Illinois 60606. After recording mail to Village Clerk Village of Buffalo Grove 50 Raupp Boulevard Buffalo Grove, Illinois 60089 4 PLAT OF VACATION NOI1tlOtlA dOLVld r 014IIIIIII 1111flIIIIII o OIIVOII `3AOEIO O3VJVr I o NOI1tlOtlA 310klI0 S3WtlP 1SAI a a N r .................. .... ........ W h — rzj l IE7w N4 III II II a LL Qo 1101, J ww= ma=ao4�Vm =a w 0 m o aa��,y�4ry� C\Q`G� cnr tom wmo>a�8 eC � ORIVE . aaaoaa.aa., atGo� a � _a O`x a mix , 0 0 M W m. 6�� A 0 r N � O J \ EXHIBIT B APPRAISAL Appraisal Report Former St. James Circle Right-of-way @ Riverwalk Drive Buffalo Grove, IL FRTT k A �-, 1 F-11 9M M4 1; 9=0 , # IMIJI 0 . 0. -6 '. 0 Of Mi. - Civillech Engineering, Inc. www.civiltechiric.com Page 11 Civiltech Engineering, Inc. www.civilte0inc.com The Fair Market Value of the subject property is estimated at $163,000. • The Village of Buffalo Grove IDENTIFICATION OF THE PROPERTY The subject property is a unimproved portion of St. James Circle right-of-way owned by the Village of Buffalo Grove. The legal description for the entire property is included within the addendum to this report. The property does not have a PIN, as is common with publicly owned right-of-way. The purpose of this appraisal is to estimate the fair cash market value of the property illustrated on the attached plat exhibit. The Village of Buffalo Grove seeks to sell a portion of the right of way to an adjacent property owner. The legal interest appraised in this report is that of fee simple. David W. White, State Certified General Real Estate Appraiser, License No. 553.000624 inspected the subject property on March 31, 2018. The date of valuation reflected in this report is March 31, 2018; the date the subject property was inspected. The report was completed on April 10, 2018. This appraisal report is to be used to assist my client, The Village of Buffalo Grove, the subject property owner, to determine the fair market value of the portion of their property to be purchased by an adjacent property owner. Christopher Stilling of the Village of Buffalo Grove contacted the appraiser to complete this assignment. ENVIRONMENTAL ISSUES I have no information on the presence of soil contamination. As a result, I can only assume that the site does not require cleanup and my valuation conclusions do not consider the effects, if any, of contamination on the site. If in the future it is discovered that the site is contaminated, my conclusions presented in this report will require reconsideration. %%�jjjjjji Civiltoch Engineering, Inc. www.civilteoinc.com The appraisal scope includes an inspection of the subject property and surrounding environs, gathering of factual data speck to the subject property, and market review of commercial land sales in and around the subject market area. My appraisal report has considered the Sales Comparison Approach, as this approach is appropriate for a property such as the subject. I have also reviewed the following documents that have been retained within my file. • Federal Emergency Management Agency Map Panel • National Wetlands Inventory Map, United States Department of the Interior. • The Village of Buffalo Grove Zoning Map • The Village of Buffalo Grove Comprehensive Plan • Two Property Exhibits prepared by Manhard Consulting, Ltd. (attached) • Legal Description of the St. James Circle Grove right-of-way • Lake County Assessor's Office parcel information. • Multiple Listing Service of Northern Illinois. • Illinois Department of Transportation historical traffic counts The descriptions of the subject land and surrounding environs were based upon my inspection of the subject property as well as the aforementioned resources. The appraisal has accordingly been completed under the assumptions and limiting conditions and the certifications presented in this appraisal report. Additional information has been retained within my file. COMPETENCY STATEMENT Civiltech Engineering, Inc. appraisers have appraised numerous properties such as the property that is the subject of this appraisal. We have appraised vacant land, retail, office, industrial, commercial, hotel, single family, multi -family, and special-purpose properties as delineated in the professional qualifications provided in this report. Chillech Engineering, Inc. www.civiltechinc.com MARKET VALUE DEFINITION The following definitions pertain to this report: Market Value (Appraisal Foundation). 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 knowledgeably, 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 passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States 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. The subject property has not sold or been offered for sale within the five period previous to the date of value for this report. The Uniform Standards of Professional Appraisal Practice (USPAP) requires an estimate of marketing exposure time. This is defined as the estimated time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. USPAP also requires an estimate of the typical marketing time for the property appraised. This is the anticipated time required to successfully market the property as of the effective date of the value estimate. In my opinion, the value estimate contained in this report for the subject is premised on a 6 to 9 month exposure time before the hypothetical consummation of a sale on the effective date of valuation. Additionally, if properly priced and marketed, the property would be expected to sell within a 6 to 9 month marketing period. Civiltech Engineeking, Inc® www.civiltechinc.com REGIONAL OVERVIEW The subject is located on the outer ring of the greater Chicago metropolitan area. Chicago is the third largest metropolitan area in the United States; it is home to nearly 2.7 million people, and is considered a center for business and finance. Chicago is home to major financial and futures exchanges, including the Chicago Stock Exchange, the Chicago Board Options Exchange, and the Chicago Mercantile Exchange. Chicago hosts a diverse range of businesses, including Fortune 1000 and Fortune Global 500 companies, startup companies such as CareerBuilder, Groupon and Orbitz, and major retailers such as Walgreens, Sears and OfficeMax. Throughout the years, Chicago has maintained its status as a major hub for industry, telecommunications and infrastructure. With O'Hare International Airport located just 20 miles from downtown Chicago and providing transportation to nearly 200 destinations, it is a crucial aspect to a successful business district in the metropolitan area. The airport is the second busiest in the US, and the 4th busiest in the world, handling approximately 77+ million passengers per year. Chicago has continued to expand and improve many facets of the city, drawing tourists from all over the world, and providing employment for around 175,000 people in the tourism and convention industry. In 2016, a record number of tourists visited Chicago, estimated at 54.1 million people. This calculates to a 2.9 percent increase over 2015. Major meetings and conventions were expected to generate 1.04 million hotel room nights in 2017, up 6.4 percent from 2016. Among the tourist hotspots are Willis Tower, Magnificent Mile, Navy Pier and Millennium Park. Chicago is also home to McCormick Place; the largest convention center in North America, attracting close to 3 million visitors each year. BUFFALO GROVE The Village of Buffalo Grove is among the northern suburbs of Chicago, Illinois; approximately 30 miles northwest of the Chicago Loop. The Village has a population of 41,496 as of the 2010 census, but is estimated to be closer to +/-41,800 currently. The Village gathered data from the census and their own records, and developed an estimates table titled, 2000 Decennial Census plus Built Units through December 10, 2013. This data has estimated there to be a total of 16,992 housing units, including single family detached, attached, multi -family and other. According to the 2010 Census, the Village of Buffalo Grove had a median household income of $88,272, and a per capita income of $43,806. Buffalo Grove has a total area of 9.53 square miles, of which 9.50 square miles is land. The Village is split into two parts; the southern portion within Wheeling Township in Cook County, and the northern portion within Vernon Township in Lake County. Buffalo Grove shares a border with Wheeling to its southeast, Arlington Heights to its southwest and south, Long Grove to its west and northwest, Lincolnshire to the northwest, Vernon Hills to the north Riverwoods and Deerfield to the east. While Buffalo Grove enjoys a range of commercial retail and restaurants near the Lake -Cook Road and Buffalo Grove Road intersection, there is no definitive downtown area. A concept plan was developed in 2012 by CRM Properties Group, in which a 65-acre mixed -use development along Lake -Cook Road Civiltech Engineeflng, Inc- www.civil techinc.com would be developed. However, the plan came to an abrupt halt in 2014 due to factors including funding, opposition from residents and the lack of TIF district implementation. Four school districts and three high schools from two of the districts serve Buffalo Grove. The two high school districts are Township High School District 214 and Adlai E. Stevenson High School District 125. The majority of public high school students that reside in the Cook County portion of Buffalo Grove attend Buffalo Grove High School, whereas the public high school students residing in the Lake County portion attend Adlai E. Stevenson High School, located in Lincolnshire. Transportation in the area includes major arterial north -south roadways such as Milwaukee Avenue, Buffalo Grove Road and Weiland Road, as well as Arlington Heights Road to the west. East -west roadways include Dundee Road, Lake -Cook Road, Deerfield Parkway, Aptakisic and Half Day Road. McHenry Road runs diagonally and is both north -south and east -west depending on the section of roadway. Buffalo Grove also has a station on Metra's North Central Service line which provides transportation from Antioch to Chicago. Prairie View also has a station that runs on Metra's North Central Service line. Because the Metra's North Central Service line does not run on the weekends, Buffalo Grove area residents must use either the Arlington Heights Metra Station, Deerfield Metra Station, or Lake Cook Road Metra Station during those times. In 2017, there were ±745 sales of detached single-family homes within the Village of Buffalo Grove, with an average sale price of $375,682, according to the Northern Illinois Multiple Listing Service. Land sales have been limited to teardowns and redevelopments for residential properties. (MRED, LLC) Buffalo Grove falls into the Northwest Retail Market surrounding Chicago. Average rental rates within the Northwest Market have increased modestly in 2017 from a low point of approximately $13.35 per sq. ft. to approximately $13.75 per sq. ft.. Over the same time period, vacancy rates have decreased slightly, from 8.2% to 7.6%. (CoStarAnatytics) Page 16 ClAtech Engineering, Inc. www.civiltechinc.com 10Q9-_11 Location: Right-of-way at the northerly terminus of St. James Circle. Area Whole: ±10,859 square feet Shape — Whole: Highly irregular Frontage: Approximately 186 linear feet along Riverwalk Drive. Surrounding Uses: Commercial, Office, and Residential Adjacent Uses: North: Speedway fueling station East: Offices and parking structure South: Parking lot and animal hospital West: Dental office backing to residential subdivision Apparent Easements, Encroachments, or Restrictions: I did not observe any apparent easements, encroachments, or restrictions on my inspection. It is assumed that the site is subject to typical utility easements. I am unaware of any negative encroachments, restrictions, or easements. Should other easements, encumbrances, or restrictions be discovered, my opinions may change. Utilities: Electricity, natural gas, sanitary sewer and municipal water. Access - Whole Access is available from Riverwalk Drive and from an adjacent property. There is no available traffic count for Riverwalk Drive; Milwaukee Avenue has an average daily traffic count of 30,600 vehicles. Topography: The site is generally level. Drainage: Surface drainage to public storm sewers. Soil: No soil tests were supplied as part of this analysis; it is assumed that subsoil conditions are adequate to support building improvements consistent with the highest and best use of the property. Floodplain: None. Wetland: None. Zoning: The subject is zoned 63: Planned Business Center District under the jurisdiction of the Village of Buffalo Grove. The B3 zoning designation allows for the development of commercial improvements on sites contiguous to a major street. The B3 District calls for a twenty-five foot setback from the right-of-way of any street for a building or structure. lviltech Engineering, Inc. www.civiltechinc.com DESCRIPTION OF THE IMPROVEMENTS There are no building improvements located on the subject. It is currently utilized as a driveway entrance to the adjacent property and is improved with asphalt, curbing, and lawn, benefitting the adjacent commercial property. REAL ESTATE TAX AND ASSESSMENT DATA N/A AERIAL PHOTOGRAPH The subject property has been roughly outlined in yellow. Page 18 iviltech Engineering, Inc. www.civiltK.him.com SITE EXHIBIT The area of the whole subject property is shaded in green. The red -outlined portion represents the public right-of-way known as St. James Circle. The land and building improvements shown below are proposed by the buyer and are not currently in place. The commercial site to which the subject is adjacent is approximately 38,430 square feet in size. N� r c, m I •I o L.aL � RtlrO� af�� �' "� WINCIYICS Rqi AfM4M1! Wt Y � / AIM �IMIIq p £, r J L,.7 imp },umrt yµy I�YC�D Rl41M µY w�"k�y� M.1 nay few W WI 11rY ryYy n ^ f YM wrwxmnmm umwxmn r ni r ry!♦y IPN p°, n sm LUA� A� r (Vm JN61P) Page 19 Civiltech Engineering, Inc. www.civiltechinc.com HIGHEST AND BEST USE Illinois Pattern Jury Instructions — Civil, Thomson West, 2012 Edition defines Highest and Best Use, IPI Civil #300.84, as follows: "...that use which would give the property its highest cash market value on..." the effective date of value. "[This may be the actual use of the property on that date or a use to which it was then adaptable and which would be anticipated with such reasonable certainty that it would enhance the market value on that date]." The development of an opinion of market value first requires a determination of highest and best use, founded on the forces of supply and demand. The highest and best use of the property must be determined for both the subject site as though vacant, and for the property as currently improved (if applicable). The highest and best use must meet the following criteria: 1. Legally permissible under the zoning laws and other restrictions that apply to the site. 2. Physically possible given the site size and characteristics. 3. Economically feasible, or those uses that produce a positive return on investment 4. The particular use (or class of uses) that pass the first three criteria and also produce the highest net return on investment relative to risk are the maximally productive and highest and best use of the property, which then becomes the basis of the market value estimate. HIGHEST AND BEST USE AS VACANT The highest and best use "as vacant" refers to the use of a property based on the assumption that a parcel of land is vacant or can be made vacant through demolition of the improvements. In market value appraisals, the land is always valued under this premise. The subject property is vacant. LEGALLY PERMISSIBLE The subject is zoned B3 Planned Business Center District under the jurisdiction of the Village of Buffalo Grove. This zoning designation allows for development of the site with a commercial use. There is no other use that would be legally permissible other than development with a commercial use. PHYSICALLY POSSIBLE Independent development of the property with a commercial use would be difficult within the established standards for the zoning district. The site does not have a shape or size conducive to independent development. It is most likely that the subject would be assembled with an adjacent property for development. ECONOMICALLY FEASIBLE The only use that is legally permissible, physically possible and economically feasible is assemblage for commercial development. The highest and best use of the subject property is assemblage with an adjacent property for commercial development. The property with which the subject would be assembled is approximately 38,430 square feet in size. The site size, as assembled with the westerly -adjacent property, would be 49,289 sq. ft.. Chditech Engineering, Inc® www.civiltechiric.com APPRAISAL METHODOLOGY The valuation of any parcel of real estate is derived principally through three basic approaches to value: the Cost Approach, the Income Approach, and the Sales Comparison Approach. Sales Comparison Approach is based upon the principal of substitution; that is, that the value of a property is governed by prices paid for other similar property. Since no two properties are ever identical, the necessary adjustment for differences in quality, location, size, utility and marketability are a function of appraisal experience and judgment. The Cost Approach is based upon the premise that an informed purchaser would pay no more for a property than the cost of producing a substitute property with the same utility. It is particularly applicable when the property that is being appraised involves relatively new improvements, which represent the highest and best use of the land, or when relatively unique or specialized improvements are located on the site for which there are no comparable properties in the market. The Cost Approach consists of an estimate of the value of the land as vacant plus the depreciated value of the improvements. Investment properties are typically valued and purchased by investors in proportion to their ability to produce income. The Income Approach involves an analysis of the property in terms of its ability to provide a net annual income in dollars. The estimated net income is then capitalized at a rate commensurate with the risks inherent in ownership of the particular property, relative to the rate of return offered by alternative investments. The Sales Comparison Approach is the only method of valuation that has been considered in this analysis. This approach provides a credible valuation conclusion. The subject is vacant land, and no income data has been provided. Page111 Clvlltach Engineering, Inr— www.civiltechiric.com The Sales Comparison Approach is a method of estimating the Fair Market Value of a property, by comparison of actual sales of similar type property to the property being appraised. This approach reflects the Fair Market Value of a property based upon the actions of typical buyers and sellers in the market, and exemplifies the principle of substitution. The Principle of Substitution as defined in the "Appraisal Terminology and Handbook," published by the American Institute of Real Estate Appraisers, is as follows: "The principle of substitution affirms that the maximum value of a property tends to be set by the cost of acquisition of an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution." I have considered sales of vacant sites similar to the subject property in the determination of the fair market value of the whole property. All sales were "arm's-length," with typical financing unless otherwise noted. I have analyzed each sale and have made adjustments to account for any differences as compared to the subject property. have considered four comparable sales in my analysis of the whole property labeled as Land Sale No. 1 through Land Sale No. 4. All sales were considered "arms -length", with typical financing unless otherwise noted. I have analyzed the location, land size, building condition, shape, topography, traffic counts, flood pla i n/wetlands, zoning, and market conditions and presented and compared these factors to the subject property being appraised. I have applied an adjustment to account for the characteristics of the site that result in a highest and best use of assemblage. Location: 20914 & 20926 N. Milwaukee Avenue, Deerfield, IL PIN/Legal: 15-35-103-022; -023 Record Doc. No.: 7274076 Grantor: Chicago Title Land Trust Co., dated 1s' day of April, 1997 and known as Trust #974214 Grantee: MJR of Buffalo Grove Real Estate Holding Company, LLC Verified by: Steven Baer (list agent,) CoStar, Deed, Public Records Sale Date: 02/2016 Sale Price: $1,200,000 Unit Sale Price: $15.48. FloodplainMetland: Approximately 60% of site within Zone AE floodplain. Land Size: 1.78 acres or 77,536 sq. ft. Corner: No Zoning: General Commercial, Lake County Utilities: All utilities are available to the site ADT Count: 30,600 vehicles per day Site Improvements: McDonalds and PJ's Restaurants to be demolished. Comments: 10,000-12,000 sf of retail1restaurant space proposed. Developers to work with Village of Buffalo Grove to annex the property. Page112 LAND SALE NO. 2 Location: PIN/Legal: Record Doc. No.: Grantor: Grantee: Verged by: Sale Date: Sale Price: Unit Sale Price: Floodplain/Wetland Land Size: Corner: Zoning: Utilities: ADT Count: Site Improvements: Comments: LAND SALE NO.3 Location: PIN/Legal: Record Doc. No.: Grantor: Grantee: Verged by: Sale Date: Sale Price: Unit Sale Price: Floodplain/Wetland: Land Size: Corner: Zoning: Utilities: ADT Count: Site Improvements: Comments: Civilteclh Engineering, Inc. www.civiltechinc.com 716 S. Milwaukee Avenue, Libertyville, IL 11-21-402-057 7442493 Advocate Health and Hospitals Corporation, an IL NPO Swigert Enterprises, LLC CoStar, Deed, Marketing Brochure, Public Records 1012017 $1,600,000 $19.23/sq. ft. None/None 1.91 acre or 83,199 sq. ft.. Secondary; traffic controlled intersection C-3 General Commercial and C-4 Shopping Center Commercial, Libertyville All utilities are available to the site 23,600 vehicles per day Building previously demolished. Trees and entrance road. This is located at a traffic -controlled intersection. The entrance road on which the traffic light is located is a part of the subject property. 1444 W. Algonquin Road and 1776 Roselle Road, Palatine, IL 02-33-100-026; -027 1613219033,1613219034 Home State Bank/National Association, Trustee, T. No 5108 d.12/24/2001 and Heartland Bank and Trust Company, successor trustee, T. No. 3234 d. 4/1990 Angel Associates Limited Partnership CoStar, Public Records, Deed 05/2016 $3,500,000 $34.68/sq. ft. None/None 2.32 acres or 100,924 sq. ft. No; surrounds corner piece, with frontage on two streets. B-1 Shopping Center and B-2 General Business, Palatine All utilities are available 21,200 vpd on Roselle Road, 22,600 vpd on Algonquin Road None The buyer also has a vested interested in the property at the corner that is adjacent to this sale. Combined, the property would be a corner location. Pagell3 Civillech Engineering, Inc. www.civiltechinc.com Location: 1601 Rand Road, Palatine, IL PIN/Legal: 02-01-300-017 Record Doc. No.: 1615519080 Grantor: Chicago Title Land Trust Co. Trust #10-26465-09 Grantee: UG Palatine IL, LLC Verified by: Brad LaRue (buyer), CoStar, Public Records, Deed Sale Date: 05/2016 Sale Price: $2,200,000 Unit Sale Price: $32.45/sq. ft. FloodplainMetland: None/None Land Size: 1.56 acre or 57,794 sq. ft. Comer: Yes Zoning: B-2 General Business, Palatine Utilities: All utilities are available to the site ADT Count: 27,300 vpd on Rand Road, 24,300 (east side) and 25,300 (west side) on Dundee Road. Site Improvements: Cleared lot Comments: The buyer intends to construct a retail building. Three tenants had signed leases before the building was constructed (Panera, Mattress Firm, T-Mobile.) :1a»_1�/ i[eh[e]y_1]Ili�'JJwt�Iti�`►�w1[w►]� Property Rights: Fee simple property rights were transferred with each property; no adjustments were required. Financing: None of the sales had any unusual financing conditions; no adjustments were acquired. Conditions of Sale: None. Market Conditions: Sale No's 1, 3, and 4 all transacted in the first half of 2016. Market conditions have improved over of time, requiring upward adjustments. Sale 2 transacted in late 2017; no adjustment is warranted. Location: Sales 3 and 4 have superior locations and are adjusted downward. Sales 1 and 2 are opined to be similar to the subject and were not adjusted. Lot Size: Larger lots tend to sell for less per square foot, and vice -versa. Each sale is adjusted accordingly for lot size. Shape: The subject is highly irregular in shape, which contributes to the highest and best use classification as assemblage. Each of the sales are independently developable; a significant downward adjustment is applied to all four sales. Utilities: All four sales have public utilities; no adjustments were required. 00000000000000000000000000000000000000000000000000000000i000000iii .... ,,aaai/ o 000���������0000000000000000000000000000�� �,:i i. 1. ClAtech Engineeflng, Inc® www,civiltechinc.corn Average Daily Traffic Count/Access: The subject is located on Riverwalk Drive. The site with which it is to be assembled has frontage on Milwaukee Avenue, which has an average daily traffic count of 30,600 vehicles per day. Each sale is adjusted accordingly. Assemblage: The subject property has a limited number of potential buyers. If not purchased by an adjacent property, the subject has little utility as a stand-alone parcel. Each sale is superior and all are adjusted downward substantially for the limited utility of the subject property. Each sale has been adjusted to account for any differences as compared to the subject property. Adjustment amounts are based on market evidence when available and applied as a percentage or lump sum depending on the type of adjustment. I considered each of the four sales in my determination of the fair market value of the subject property. No sale was given more weight in the final determination of value. After adjustments, the fair market value of the subject property is estimated at $163,000. This equates to $15.00 per square foot which is a 50% reduction of the unit value of the adjacent land parcel. Page115 ClAtech Engineering, Inc® www.civiltechinc.com CERTIFICATION 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, impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. I have not provided any previous appraisal or consulting services related to the property that is the subject of this report. my engagement in this assignment was not contingent upon developing or reporting predetermined results. my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person(s) signing this certification. /I ��Zk David W. White IL State Certified General Real Estate Appraiser No. 553.000624 (exp. 9/30/2019) N On Ift COMMON In RK61261111 I: From Riverwalk Drive Subject property Civiltech Engineering, Inc. www.civilte0inc.com Page 117 From Riverwalk Drive Looking west, adjacent property. Civiltach Engineering, Inc. www.civiltechim.corn Page 118 Looking southeast from Milwaukee Avenue, adjacent property. Looking south along Milwaukee Avenue, adjacent property. ClAtech Engineering, Inc. www.civiltechiric.com Page 119 ivillach Engineering, Inc. www.civiltachinc.com I have no present or contemplated future interest in the property appraised nor any personal interest or bias on the subject matter or the parties involved in the appraisal. No responsibility is assumed for matters legal in nature. No investigation has been made of the title to or any liabilities against the property appraised. The appraisal presumes, unless otherwise noted, that the owner's claim is valid, the property rights are good and marketable, and there are no encumbrances, which cannot be cleared through normal processes. To the best of my knowledge, all data set forth in this report are true and accurate. Although gathered from reliable sources, no guarantee is made nor liability assumed for the accuracy of any data, opinions, or estimates identified as being furnished by others which have been used in formulating this analysis. The value estimate contained within this report specifically excludes the impact of structural damage or environmental contamination resulting from earthquakes or other causes. It is recommended that the reader of this report consult a qualified structural engineer and/or industrial hygienist for the evaluation of possible structural/environmental defects, the existence of which could have a material impact on market value. Land areas and descriptions used in this appraisal were obtained from public records and have not been verified by legal counsel or a licensed surveyor. The land description is included for identification purposes only and should not be used in conveyance or other legal documents without proper verification by an attorney. No soil analysis or geological studies were ordered or made in conjunction with this report, nor were any water, oil, gas, coal, or other subsurface mineral and use rights or conditions investigated. Substances such as asbestos, urea - formaldehyde foam insulation, other chemicals, toxic wastes, or other potentially hazardous materials could if present, adversely affect the value of the property. Unless otherwise stated in this report, the existence of hazardous substance, which may or may not be present on or in the property, was not considered by the appraiser in the development of the conclusion of fair market value. The stated value estimate is predicted on the assumption that there is no material on or in the property that would cause such a loss in value. No responsibility is assumed for any such conditions, and the client has been advised that the appraiser is not qualified to detect such substances, quantify the impact on values, or develop the remedial cost. No environmental impact study has been ordered or made. Full compliance with applicable federal, state, and local environmental regulations and laws is assumed unless otherwise stated, defined, and considered in this report. It is also assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national government or private entity organization either have been or can be obtained or renewed for any use which the report covers. Plats are presented only as aids in visualizing the property and its environment. Although the material was prepared using the best available data, it should not be considered as a survey or scaled for size. It is assumed that all applicable zoning and use regulations and restrictions have been complied with unless a nonconformity has been stated, defined, and considered in the appraisal report. Further, it is assumed that the utilization of the land and improvements is within the boundaries of the property described and that no encroachment or trespass exists unless noted in the report. I have made a physical inspection of the property and noted visible physical defects, if any, in our report. This inspection was made by individuals generally familiar with real estate and building construction. However, these individuals are not architectural or structural engineers who would have detail knowledge of building design and structural integrity. Accordingly, I do not opine on, nor am I responsible for, the structural integrity of property including its conformity to speck govemmental code requirements, such as fire, building and safety, earthquake, and occupancy, or any physical defects which were not readily apparent to the appraisers during their inspection. Page 120 Ivilteo6 Engineeflng, Inc® www.civiltedinc.com The value or values presented in this report are based upon the premises outlined herein and are valid only for the purpose or purposes stated. The date of value to which the conclusions and opinions expressed apply is set forth in this report. Unless otherwise noted, this date represents the last date of our physical inspection of the property. The value opinion herein rendered is based on the statues of the national business economy and the purchasing power of the U.S. dollar as of that date. No operating statements were provided for my review. It is assumed that the furnished data are representative of the operating history of the property. Testimony or attendance in court or at any other hearing is not required by reason of this appraisal unless arrangements are previously made within a reasonable time in advance therefore. The market value estimate contained within this report specifically excludes the impact of structural damage or environmental contamination resulting from earthquakes or other causes. It is recommended that the reader of this report consult a qualified structural engineer and/or industrial hygienist for the evaluation of possible structural/environmental defects, the existence of which could have a material impact on market value. 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 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 is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. Page 121 LEGAL DESCRIPTION ST. JAMES CIRCLE RIGHT OF WAY THAT PART OF ST. JAMES CIRCLE AND MARQUETTE PLACE IN UNIT NO. 2 IN COLUMBIAN GARDENS, BEING A SUBDIVISION OF PART OF SECTION 35, TOWNSHIP 43 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLATTHEREOF, RECORDED JULY 10,1926 AS DOCUMENT 282352 IN BOOK "P" OF PLATS, PAGE 92, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF LOT 17 BLOCK 7 IN SAID UNIT NO. 2 IN COLUMBIAN GARDENS, THENCE NORTH 80 DEGREES 11 MINUTES 06 SECONDS EAST, ALONG THE NORTH LINE OF SAID LOT 17, A DISTANCE OF 13.80 FEET, TO THE POINT OF BEGINNING; THENCE NORTH 79 DEGREES 54 MINUTES 28 SECONDS EAST, A DISTANCE OF 185.90 FEET, TO THE EASTERLY RIGHT OF WAY LINE OF SAID ST. JAMES CIRCLE, ALSO BEING THE WESTERLY LINE OF LOT 1 IN RIVERWALK UNIT 2 SUBDIVISION, RECORDED JULY 17, 1997 AS DOCUMENT NUMBER 3994620, SAID POINT BEING 9.00 FEET SOUTHERLY FROM THE MOST NORTHERLY NORTHWEST CORNER OF SAID LOT 1 AS MEASURED ALONG THE WESTERLY LINE THEREOF; THENCE SOUTHERLY, ALONG SAID WEST LINE, BEING A CURVE, CONCAVE TO THE EAST, HAVING A RADIUS OF 238.70 FEET, AN ARC DISTANCE OF 100.41 FEET, A CHORD BEARING SOUTH 27 DEGREES 53 MINUTES 16 SECONDS EAST, AND A CHORD DISTANCE OF 99.67 FEET, TO A POINT ON A NORTHERLY RIGHT OF LINE OF SAID ST. JAMES CIRCLE; THENCE SOUTH 68 DEGREES 43 MINUTES 20 SECONDS WEST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 34.47 FEET, TO A POINT ON THE EASTERLY RIGHT OF WAY LINE OF SAID ST. JAMES CIRCLE; THENCE SOUTHERLY, ALONG SAID EASTERLY LINE, BEING A CURVE, CONCAVE TO THE WEST, HAVING A RADIUS OF 330.40 FEET, AN ARC DISTANCE OF 95.85 FEET, A CHORD BEARING SOUTH 23 DEGREES 24 MINUTES 32 SECONDS EAST, AND A CHORD DISTANCE OF 95.51 FEET, TO A POINT OF COMPOUND CURVE; THENCE SOUTHERLY ALONG SAID RIGHT OF WAY LINE BEING A CURVE, CONCAVE TO THE WEST, HAVING A RADIUS OF 176.80 FEET, AN ARC DISTANCE OF 259.33 FEET, A CHORD BEARING SOUTH 26 DEGREES 55 MINUTES 18 SECONDS WEST, AND A CHORD DISTANCE OF 236.70 FEET; THENCE SOUTH 21 DEGREES 16 MINUTES 40 SECONDS EAST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 33.00 FEET, THE SOUTHERLY RIGHT OF WAY LINE OF SAID MARQUETTE PLACE; THENCE SOUTH 68 DEGREES 57 MINUTES 25 SECONDS WEST ALONG THE SOUTHERLY RIGHT OF WAY LINE OF SAID MARQUETTE PLACE, A DISTANCE OF 117.35 FEET, TO A POINT ON THE EASTERLY RIGHT OF WAY LINE OF MILWAUKEE AVENUE AS WIDENED PER DOCUMENT NUMBER 3556168; THENCE NORTH 17 DEGREES 45 MINUTES 41 SECONDS WEST, ALONG THE LAST DESCRIBED LINE, A DISTANCE OF 66.12 FEET, TO A POINT ON THE NORTHERLY RIGHT OF WAY LINE OF SAID MARQUETTE PLACE; THENCE NORTH 68 DEGREES 57 MINUTES 49 SECONDS EAST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 113.29 FEET TO A POINT OF CURVATURE ALSO BEING ON THE NORTHWESTERLY RIGHT OF WAY LINE OF SAID ST. JAMES CIRCLE; THENCE NORTHEASTERLY, ALONG SAID RIGHT OF WAY LINE, BEING A CURVE, CONCAVE TO THE NORTHWEST, HAVING A RADIUS OF 143.80 FEET, AN ARC DISTANCE OF 211.05 FEET, A CHORD BEARING NORTH 26 DEGREES 56 MINUTES 48 SECONDS EAST, AND A CHORD DISTANCE OF 192.61 FEET, TO A POINT OF COMPOUND CURVE; THENCE NORTHWESTERLY, ALONG SAID RIGHT OF WAY LINE, BEING A CURVE CONCAVE TO THE WEST, HAVING A RADIUS OF 297.40 FEET, AN ARC DISTANCE OF 118.15 FEET, A CHORD BEARING NORTH 26 DEGREES 28 MINUTES 46 SECONDS WEST, AND A CHORD DISTANCE OF 117.37 FEET TO A POINT OF COMPOUND CURVATURE; THENCE WESTERLY, ALONG SAID RIGHT OF WAY LINE, BEING A CURVE, CONCAVE TO THE SOUTHWEST, HAVING A RADIUS OF 162.40 FEET, AN ARC DISTANCE OF 170.12 FEET, A CHORD BEARING NORTH 68 DEGREES 37 MINUTES 28 SECONDS WEST, AND A CHORD DISTANCE OF 162.45 FEET, TO THE POINT OF BEGINNING, IN LAKE COUNTY, ILLINOIS. P:\Terbgil01\Documents\Surveying\Legal Descriptions\ST JAMES CIRCLE.docx FEBRUARY 5, 2018 David W. White Director of Valuation Services Education B.S. Civil Engineering, University of Illinois at Urbana -Champaign Professional Registrations Certified General Real Estate Appraiser, State of Illinois, License No. 553.000624 Certified General Real Estate Appraiser, State of Indiana, License No. CG41700006 IDOT Approved Fee Appraiser and Review Appraiser Professional Organizations International Right of Way Association Fox Valley Association of Realtors Areas of Concentration Real Estate Appraiser and Consultant Property Valuations Under Eminent Domain Qualified as an expert witness in Federal Court and the Circuit Courts of Cook, McHenry, DuPage, DeKalb, Kane, Lake Madison, St. Clair, and Will Counties in Illinois; Lake County in Indiana; and Sedgwick County in Kansas. Mr. White is the Director of Valuation Services for Civiltech Engineering. He has been actively engaged in real estate valuation and consulting since 1984. Prior to formally Joining Civiltech Engineering on October 1, 2002 he was President and owner of David White & Company. Appraisals have been performed on various properties including special use properties, neighborhood, community and regional shopping centers, apartment complexes, single- and multi -tenanted industrial buildings, low to high-rise office buildings, mixed -use facilities, and vacant land. Valuations of special use properties include golf courses, self -storage facilities, stone quarries, gasoline stations, railroad right of way, and airplane hangar buildings. Clients served include law firms, lenders, private and public agencies. Valuations have been performed for condemnation purposes, estate planning, financing, and investment analysis. Representative Projects Prepared appraisal reports for the following projects • IL 158, 150 parcels,• Illinois Department of Transportation - District 8 ■ IL 159, 100parcels,• Illinois Department of Transportation - District 8 ■ Stearns Road Bridge Corridor, • Kane County Division of Transportation ■ Longmeadow Bridge Corridor, • Kane County Division of Transportation ■ Interstate294, 150parcels,• Illinois Tollway ■ Interstate355, 70parcels,• Illinois Tollway ■ Interstate 255, 70 parcels,• Illinois Department of Transportation - District 8 ■ 11hana Expressway, 150parcels,• Illinois Department of Transportation ■ Army Trail Road, 200 parcels,• DuPage County Division of Transportation ■ 126tb Street, 40parcels,• Chicago Department of Transportation ■ Algonquin Road, 90 parcels,• McHenry County Division of Transportation • 55tb Street Widening, 40parcels,• DuPage County Division of Transportation ■ Lake Cook Road, 72 parcels,• Cook County Highway Department ■ CTA Brown Line Expansion; 30 parcels ■ McCormick Place Expansion • O Hare Modernization Program Illinois High Speed Rail, Joliet to East St. Louis Prepared appraisal reports for the following State Agencies • Illinois Department of Transportation - Districts 1, 2, 3, 7, 8, 9 ■ Illinois State Toll Highway Authority ...................................................................... www.civiltechinc.com David W. White Director of Valuation Services Representative Projects (Continued) Prepared appraisal reports for the following County Agencies ■ Kansas Department of Transportation ■ Will County Highway Department ■ Illinois Attorney General ■ DuPage County Forest Preserve ■ Cook County Highway Department District ■ DuPage County Division ' Kane County Forest Preserve District of Transportation ■ DuPage County State'sAttorney • Kane County Division ■ McHenry County State's Attorney of Transportation ■ Kane County State's Attorney ■ Kendall County Division ■ DeKalb AirportAuthority of Transportation ■ DuPage AirportAuthority ■ Lake County Division of Transportation ' DuPage Water Commission ■ McHenry County Division of Transportation Prepared appraisal reports for the following Local Agencies ■ Village ofAntioch City of Batavia ■ Village of Bensenville ■ Village of Berkeley ■ Village of Buffato Grove ■ Village of Carpentersville ■ City of Chicago ■ City of Country Club Hills ■ City ofDeKalb ■ Village of Elk Grove ■ Tillage of Frankfort ■ City of Geneva ■ Geneva Park District ■ Village of Schaumburg ■ City of St. Charles ■ Village of University Park ■ City of west Chicago ■ City of Wichita, Kansas ■ Lewis Lockport Airport Prepared appraisal reports for the following Attorneys and Law Firms ■ Ryan dRyan ■ Klein, Thorpe, &Jenkins, Ltd. ■ Burke, Burns, & Pinelli, Ltd. ■ Brady &Jensen ■ Holland &Knight ■ Rosenthal, Murphey, d Coblentz ■ Deutsch, Levy, &Engel ■ Conklin er Conklin ■ Neal &Leroy • walker Wilcox Matousek, LIP ■ Kinnally, Krentz, Loran, ■ Dunn, Martin, Miller &Heathcock, Hodge d Herman, PC Ltd. ■ Steve Helm cf Associates ■ Schmidt & Barbrow, P.C. ■ Day 6-Robert ■ Santacruz Land Acquisitions Prepared appraisal reports for the following Corporations ■ BPAmoco Oil ■ ATerT ■ Commonwealth Edisonl Company ■ Northern Border Exelon ■ Shell Oil Company Pipeline, Enron Corp. ■ Chicago Title er Trust ■ Phillips 66 Company ■ Environtest, Inc. ■ Union Pacific Railroad ■ Mobil Oil Company REVISED1017 www.civiltechinc.com