Case: 45CI1:23-cv-00266-JM Document #: 1-12 Filed: 08/21/2023 Page 1 of 4
EXHIBIT
EXHINTS
BBG
Reunion Parkway Phase U - Parcel 001 (Central)
Land Only Excluding Improvements
Bozeman Road
Madison, Mississippi 39110
BBG File #0121025512
Prepared For
Mr. Karl Banks
Madison County Board of Supervisors
146w. Center Stfeet
Canton, MS 39046
Madison County Board of Supervisors (BOS) and such employees or agents authorized by the Madison County SOS
Report Date
December 30, 2021
Prepared By
BBG, Inc., Ridgeland Office
617 Renaissance Way
Ridgeland, MS 39157
Client Manager: Jim Turner
Iturner©bbgres.com
Ot VALUATION sits ADVISORY IMP NOP
ASSESSMENT ZONING
Case: 45CI1:23-cv-00266-JM Document #: 1-12 Filed: 08/21/2023 Page 2 of 4
BBG
December 30, 2'Z1
Mr. Karl Banks
Madison County Board of Supervisors
146W. Center Street
Canton, MS 39046
Re: Appraisal of Real Property
Reunion Parkway Phase 11 - Parcel 001 (tentral)
Bozeman Road
Madison, Mississippi 39110
BBG Ft' e 90121025512
Dear Mr. Banks:
In accordance with your authorization, We have prepared an Appraisal of the above-referenced property.
In the before condition the subject larger parcel is a tract. of land containing an area of 386.8700 acres (16,852,057
SF). The larger parcel is comprised of Madison. County Tax Parcel' Nos. 0821-31-004/01.00, 0821-31-004/03.00, and
0821-32-009/00:00. The property is primarily zoned SU-1 (Special Use District) with a small portion along the
southwestern boundary zoned R-1 (Residential Estate District). There are multiple agricultural building
improvements 8n-site. Said buildings are located outside the area of acquisition and will not be affected thereby.
The .subjettlarier parcel is also improved with a number of fencing:eta:chit, including 4-strand barbed, wire
fencing along Bozeman. Road with attachedmetai gates .12) on woioden oests-leading to an-onsite gnat/el.driveway.
The fending is not fully botinetted and does - not serve any functional 00lity except as a property line marker. The
A
gates do serve a barrier to entry for the generafpublic. However, the gates and gravel driveway are located outside
the area of acqtf sition and.are unaffected thereby. Thereere no other ormsite improvements. The area of acquisition
contains 35.0743 acres (1,527,835 SF). There are no ether fee or temporary areas of acquisition included In this
report. In the after Condition the subject larger parcel will contain .351.795'7 acres (i5,324,222 SF),
As of the Valitat on dateof the report, the subject. is owned by the Minnie J. Bozeman Family Limited Partnership.
The subject is leased for agricultural purposes to Delta Cottonland, int. The Subjett is Mit currently listed for 'sale,
nor ieit under atsales contract.
This appraisal report was prepared to conform with the requirements dithe Uniform Standards of Professional
Appraisal Practibe (USPAP). This report has been written In accordance with the Code of Ethics and theStandards of
Professional Prytice of the Appraisal Institute. In addition, this report is intended to comply with additional
requirements of the Madison County Board of Supervisors (client). The report is•intended.to be used by the Madison
County Board of Supervisors (305) and such employees or agents authorized by the Madison County BOSS No other
party may rely upon the findings in this report
Note Our opt ion of market value is subject to the following Extraordinary Assumptions and/or Hypothetical
Conditions:
REUNION PARKWAY PHASE II - PARCEL 001 (CENTRAL) APPRAISAL ' BEG
Case: 45CI1:23-cv-00266-JM Document #: 1-12 Filed: 08/21/2023 Page 3 of 4
Mr. Banks
December 30, 2021
Page 2
EXTRAORDINARY ASSUMPTION(S) AND HYPOTHETICAL CONDITION(S)
The values preserted within this appraisal report are subject to the extraordinary assumptions and hypothetical conditions listed below.
Pursuant to the requirement within Uniform Standards of Professional Appraisal Practice Standards, it is stated here that the use of any
extraordinary assumptions might have affected the assignment results.
Extraordinary Assumption(s) We are appraising the subject under the extraordinary assumption that fee simple Interest of the
subject larger parcel is vested in the Minnie I. Bozeman Family Limited Partnership, free and clear of
any cloud(s) on title. The Subject property has a cfoud on title related to a previous acquisition /
donation of a portibn.of the site. The client (Madison County Board of Supervisors) and the 'subject
property owner (Minnie J. Bozeman Family Limited Partnership) have reached an agreement in
principal related to the cloud. Said agreement clears the cloud and provides free and clear fee
simple title of the property to the Minnie J. Bozeman Family Limited Partnership. Based on the
aforementioned, and instruitions from the client, We are assurningthe property is free and clear of
any cloUtis on title.
We are appraising the subject under the extraordinary assumption that the subject larger parcel site
size is 386.87 acres in the before condition. We have not been provided a survey of the subject
Property and base the before condition larger parcel site size on the Madison County t3)( records. If
the actual Size of the lentils significantly different-that that which is utilized in this report, the value
conclusions could be impacted.
Hypothetical condition(s) This appraisal employs no hypothetical conditions.
Based on our inspection of the propertsi and the investigation and the analysis undertaken, we have concluded the
following value opinion(s).
MARKET VALUE CONCLUSION(S)
Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value - Before Acquisition Fee Simple October 7, 2021 $26,114,000
Market Va tie - After Acquisition Fee SIM* October 7,2021 $23,745,500
Market Vaide • Just Compensation Fee Simple October 7,2021 $2,368,500
Area Aquired Land Improvement Damages Total
(Acres) Highest and Best use Compensation Conipensation Compensation Compensation
'Fee srmale interest fa5.0741 :Cerreneit,tal.p."1??,,,tm the Sz.XszLoce, SIX Py3?ii®.°
'Quitclaim interest (Teasel) 3S.0743 ;Commenialberelopment Use $soel So. SO 5500
Taut 52,362,503 $o sa S2.368.500
COVID-19 STATEMENT
Covid-19 vaccines in the US have been a successful in reducing death and new case rates. The Delta and Omicron
Variants have continued to spread; however, the hospitalization rates for vaccinated adults has remained very low
compared with hospitalizations for unvaccinated Individuals. Americans are traveling once again, and mobility
continues to increase as consumers are spending. Strong economic growth has been experienced in 2021 and is
expected into 2022 as rates are expected to remain near historical lows. Given recent bond yield increases, investors
have expressed Lorries over upward pressure on interest rates; however, rates remain well below historical norms.
Real estate activity has been very robust and the concern over negative impact has not- materialized, excepting the
well-publicized hospitality, office, and some specific retail markets. Some segments, such as the industrial segment,
have seen significant positive impacts. Medium and long-term outlooks are continuing to remain favorable and
interest rates a .e expected -to remain low into late 2022. The Federal Reserve has indicated that interest rates may
increase slightly in late 2022 in order to curtail inflationary trending. The rate increase is not anticipated to be
significant and the impact on commercial real estate is expected to be minimal.
REUNION PARKWAY PHASE II - PARCEL 001 (CENTRAL) APPRAISAL BBG
Case: 45CI1:23-cv-00266-JM Document #: 1-12 Filed: 08/21/2023 Page 4 of 4
Mr. Banks
December 30, 2021
Page 3
As we have monitored the real estate markets , and the impact of Covid-19 and the Delta Variant it has become
apparent that Olontinued analyses and reporting.of the health of the individual market segment is best leftto specific
discussions with the individually Impacted property types and locations. We have chosen to not include a detailed
national marke overview related specifically to the pandemic related issues. We will address the key indicators
within the app opriate sections of our reports as necessary. As always, we will remain vigilant in monitoring the
national, state, and local economies as they relate to commercial real estate and the subject property: Should
conditions change such that a full analysis be warranted, we will alter our reporting as necessary.
This letter must remain attached to the report, which should be transmitted in its entirety, in order for the value
opinion set for4i to be considered valid.
Our firm appreciates the opportunity to have performed this appraisal assignment on your behalf. If we may be of
further service, please contact us.
Sincerely,
BE1G, Inc.
7/7
Jim Turner Caleb Koonce
MS Certified General Appraiser MS Appraiser Trainee
License II: GA-584 License if: Al-682
501-499:0219 61)1499-0232
jtumergibbgres.com
[email protected] REUNION PARKWAY PHASE II - PARCEL 001 (CENTRAL) APPRAISAL BEG:
