RockSpringCluB-Hendricks Appraisal.pdf

THE COST APPROACH — AS A VALUA’ TOR The Marshall and Swift Core Logic Cost Valuation service is a national cast index with local building costs defined by zip-codes or local cost multipliers. The direct costs of construction are based on building specifications with classification of building quality and quantity. Indirect costs include architect and engineering fees which reflect plans, building permits, surveys, interest on construction loans, sales tax, normal site preparation, excavation, backfill, utility hook-ups to lot line, contractors overhead and profit (including supervision). The Marshall and Swift Core Logic cost estimates do not include the value of the land, legal fees, real estate taxes during construction period, demolition (if required), storm drains, rough grading, pilings or hillside/rocky building sites. In addition, leasing costs for an initial tenancy as well as fixtures and equipment are specifically excluded unless noted. In connection with the replacement cost new of the improvements (utilized as the basis for the percentage of demolition costs) such as the clubhouse, pool building, cart storage structure and maintenance garages, | have employed the Core Logic-Marshall & Swift Calculator Cost program. The following occupancy codes have been utilized in the replacement cost new estimates for the improvements and are defined by Marshall and Swift Core Logic as follows: 314 Country Club: Country clubs are designed for entertainment and have few, if any, sleeping rooms Group entertainment normally requires good kitchen facilities, minimum restrooms with or without lockers and showers, and large general use rooms. They typically have small offices and meeting rooms. Higher quality structures have a ballroom, bar, banquet and pro shop facilities, as well as extensive locker and shower rooms. The following are not included in the costs: Balconies, fireplaces, swimming pools, lockers, kitchen, bar equipment and pro shop fixtures. 523 Golf Cart Storage Building: These buildings are designed for the storage of golf carts. They have some unfinished partitioned shop-office areas with minimum cabinets, lighting, and plumbing. The following is not included in the costs: Battery-charging equipment. §29 Snack Bar: (Poo! Building) These structures have no seating area and include the very marginal seasonal camp- type facility to the best

is not included in the costs: Battery-charging equipment. §29 Snack Bar: (Poo! Building) These structures have no seating area and include the very marginal seasonal camp- type facility to the best municipal structure with completely finished food preparation area. The basic snack bar cost includes normal overhangs commensurate with the quality, but not large canopies. The lower qualities are built to minimum building and health codes. The following are not included in the costs: Canopies, kitchen or seating equipment and signs. 406 Storage Warehouse (Maintenance Garages) These buildings are designed for storage and include an amount of office space commensurate with the quality of the building (typically 3 to 12 percent). Typically, they have Plaster or drywall interior partitions and may have some finished ceilings. The better qualities have small office fronts with ornamental materials at the front elevation, while lower cost structures are plain with very little if any ornamentation. Heating and ventilating facilities are sufficient to protect goods from freezing and other spoilage. The following are not included in the cosis: Special climate contro! equipment and dock levelers and material handling equipment. eS eos mea a & RESEARCH