Downtown Study MARKET STUDY
DOWNTOWN SALINA H.D. LEE COMPLEX
SANTA FE AND ELM
SALINA, KANSAS 67401
Effective Date of Valuation
June 8, 2007
Date of the Report
July 31, 2007
Prepared for
Ms. Phyl! Klima
Salina Downtown
Prepared by
SHANER APPRAISALS, INC.
Downtown Salina H.D. Lee Complex
July 31, 2007
Ms. Phyll Klima
Executive Director
Salina Downtown
205 West Ash Street
Salina, KS 67401
Re: Market Study for a mixed-use urban center utilizing the H.D. Lee Complex, located on the
city block bordered by Elm on the north, Ash on the south, Santa Fe on the west and 5th
Street on the east, in Salina, Saline County, Kansas 67401.
Dear Ms. Klima:
In accordance with your authorization, we have conducted a detailed study of the Salina, Saline
County, Kansas market for a mixed-use urban center. Our study has focused on market supply and
demand for retail, office and multifamily development in the area.
The report that follows sets forth a brief identification of the property, the assumptions and limiting
conditions, pertinent facts and detailed demographics for the area, comparable market data and
statistics, the results of the investigation, and the reasoning leading to the conclusions set forth.
Please pay particular attention to the Special Assumptions and Limiting Conditions regarding the
feasibility of the project.
The market study was prepared in accordance with the Code of Professional Ethics of the Appraisal
Institute and the Uniform Standards of Professional Appraisal Practice. The report was prepared by
Allen Skeens under the supervision of Bernie Shaner, MAI, SRA.
Our recommendations for the proposed subject property are summarized in the following
Executive Summary and detailed in the attached report.
Sincerely,
Shaner Appraisals, Inc.
Allen Skeens Bernie Shaner, MAI, SRA
State Licensed Appraiser, Kansas No. L-1193 State Certified General Appraiser, Kansas No.G-431
Downtown Salina H.D. Lee Complex
• TABLE OF CONTENTS
CERTIFICATION 1
EXECUTIVE SUMMARY 2
ASSUMPTIONS AND LIMITING CONDITIONS 32
INTRODUCTION 36
SUBJECT PHOTOGRAPHS 38
IDENTIFICATION OF SUBJECT PROPERTY 52
AREA AND NEIGHBORHOOD 75
DEMOGRAPHIC REPORTS 87
MIXED-USE DEVELOPMENT 160
MARKET ANALYSIS— RETAIL 166
• MARKET ANALYSIS - OFFICE 202
MARKET RECOMMENDATIONS - RETAIL/OFFICE 211
MARKET ANALYSIS - MULTIFAMILY 215
COMPETITIVE INVENTORY- SUPPLY 230
DEMAND ESTIMATE AND ANALYSIS 248
DATA, ESTIMATES AND FORECASTS 256
MARKET RECOMMENDATIONS - MULTIFAMILY 260
ADDENDA 266
APPRAISER QUALIFICATIONS 267
GLOSSARY 275
ADDITIONAL INFORMATION 279
i
Downtown Salina H.D. Lee Complex
410
CERTIFICATION
I certify that, to the best of my knowledge and belief:
• I have no present or contemplated future interest in the real estate that is the subject of this
market study.
• I have no personal interest or bias with respect to the subject matter of this market study or the
parties involved. The employment of the consultant was not conditioned upon the market
study producing a specific conclusion or opinion.
• To the best of my knowledge and belief, the statements of fact contained in this market study,
upon which the analyses, opinions, and conclusions expressed herein are based, are true and
correct.
• This market study sets forth all of the Limiting Conditions (imposed by the terms of my
assignment or by the undersigned) affecting the analyses, opinions and conclusions contained
in this report.
• This market study has been made in conformity with and is subject to the requirements of the
Code of Professional Practice and Standards of Professional Conduct of the Appraisal Institute
and the Uniform Standards of Professional Appraisal Practice.
41/
• No one other than the undersigned prepared the analyses, conclusions, and opinions
concerning real estate that are set forth in this market study, and the undersigned have
extensive experience in analyzing properties of this type.
• The employment of the consultant was not conditioned upon the market study opinion or
conclusion or the approval of a loan.
• The amount of compensation to be received for making this market study or the employment to
make the market study was not contingent upon the final opinion or conclusion.
• Allen Skeens and Bernie Shaner, MAI, SRA both made a personal inspection of the subject
property on April 27, 2007.
• As of the date of this report, Bernie Shaner, MAI, SRA has completed the requirements
of the continuing education program of the Appraisal Institute.
Allen Skeens Bernie Shaner, MAI, SRA
State Licensed) Appraiser, Kansas No. L-1193 State Certified General Appraiser, Kansas No.G-431
•
SHANER APPRAISALS, INC. Certification • 1
Downtown Salina H.D. Lee Complex
II
EXECUTIVE SUMMARY
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Property Identification
•
NAME McCune Bird/Lee Buildings
LOCATION 248 & 254 N. Santa Fe
Salina, Kansas 67401
TYPE OF PROPERTY Mixed-use urban center
EFFECTIVE DATE OF STUDY June 8, 2007
LAND AREA
ACRES 4.31
OWNER OF RECORD Lee Development, LLC
YEAR CONSTRUCTED 1905, 1928
TYPE OF CONSTRUCTION Brick
NUMBER OF STORIES Five
GROSS BUILDING AREA 158,500 square feet
ZONING C-4 Commercial
The market study is of a mixed-use urban center with retail, office and multifamily
development. The concept is for development of a full city block. This will include
rehabilitation of existing structures along with new construction on vacant land.
The project has not yet developed specific proposed plans and specifications.
•
SHANER APPRAISALS, INC. Executive Summary • 2
Downtown Salina H.D. Lee Complex
Property Assessment •
Assessment and real estate tax information were provided by the Saline County
administrative offices. In the state of Kansas, residential properties are assessed at
11.5% of the actual market value, as estimated by the county assessor. The property
is identified by the county as parcel numbers 085-081-12-0-30-08-001-00-0-01,
085-081-12-0-30-08-001-00-0-01, 085-081-12-0-30-08-002-00-0-02, 085-081-12-0-
30-08-002-00-0-03 and 085-081-12-0-30-08-002-00-0-04 . Following is a summary
of the current property assessment, as well as the previous year.
The 2006 appraised value of the property is $593,240 ($89,250 for the land and
$503,990 for the improvements). The 2005 appraised value of the property was
$546,100 ($89,250 for the land and $456,850 for the improvements). The
appraised value of the land did not change. The value of the improvements
increased 10.32% over the past year and the overall value of the subject property
increased 8.63%. In Kansas, sales prices are reported to the County Assessor
subsequent to a real estate transaction. County assessors typically attempt to adjust
valuations to reflect actual sales activity.
The recent transaction involving the purchase of the subject property is likely to
lead to a reduction in taxes as the sales price was reported to be $140,000,
$453,240 lower than the current appraised value.
Commercial Info.for 085-081-12-O-30-08-002-00-0-01-Click here for other Cards •
Owner Information Legal Description i lees Apr Val Apr Val 'Apt
Val Vaar
I 3 Land auitri Tetat
085•081•12-0•30•08•002•00.0•01 1SEC 12 1WP 14 ANG 3 CU $61500 $240610 $302110 Current
N:CUNE PAPER CO INC
Cu $61500 $218010 1219510�Prevrous:
Property Address: fsuboiv:ORIGINAL
•48 N SANTA FE AVE 67401 TOWN OF SAUNA
TACT OESC:S 30 LT
St&LIS53IL S56N
3
0 LT 57 SANTA FE AVE
A S 30 LT
52A05546561.N
30 LT 58
STH ST
B -
Commercial Info.for 085-08i-12-0-30.08-001-00-0-01-Click here for other Cards
f_ Ow ner Information AAA I Legal Description lllr C
ass/ALend build Aor tV Year
•
085 081.12.0 30.011•001.00.0.01 SEC 12 TWP 14 RNG 3 CU $77150 $263380 52911301 Current
MCCUNE PAPER CO INC CU $27?SO $238840 $266590 Previous
Property Address: Lot:496506PSI&52
;E4 N SANTA FE AVE 67401 SubOiv:ORIGINAL
TOWN OF SALINA
TROT OESC•LT 49&N
J20 LT 51 SANTA FE AV
52511151 LT
•
SHANER APPRAISALS, INC. Executive Summary • 3
Downtown Salina H.D. Lee Complex
IIIExecutive Summary
The subject study is of a mixed-use urban center. Based on the supply and demand
projections contained in the attached report, we developed the following basic
conclusions.
Demographics
• The primary market area (PMA) is identified as the City of Salina. The secondary
market area (SMA) is the Salina, Kansas Micropolitan Statistical Area (also
referred to as the CBSA). The secondary market contains all of Saline County as
well as portions of the following adjoining counties: Ellsworth, Lincoln,
Mitchell, Cloud, Clay, Ottawa, Dickinson and Marion.
COMMUNITY SUMMARY PRIMARY MARKET AREA
Summary 2000 2007 2012
Population 45.679 46.458 47,090
Households 18.523 18.953 19.248
Families 11.878 11.980 11.986
Average Household Size 2.39 2.38 2.38
Owner Occupied HUs 12.244 12.855 12.999
Renter Occupied HUs 6.279 6.098 6.249
Median Age 35.3 36.4 36.7
Total Housing Units 19.599 20.269 20.706
Vacant Housing Units 1.076 1,316 1,458
1111
Average Home Value 594,526 3130,967 S152.020
Total Businesses - 1.771 -
Total Employees - 14,778 -
COMMUNITY SUMMARY SECONDARY MARKET AREA
Summary 2000 2007 2012
Population 59.760 61,339 62.465
Households 23.866 24.623 25.111
Families 15,928 16.209 16.313
Average Household Size 2.44 2.42 742
Owner Occupied HUs 16.793 17.692 17.997
Renter Occupied HUs 7.073 6,931 7,114
Median Age 36.5 37.9 38.6
Total Housing Units 25.450 26.541 27,222
Vacant Housing Units 1,584 1.918 2.111
Average Home Value 396,767 5133.362 5154.778
Total Businesses - 2.317 -
Total Employees - 18.851
S
SHANER APPRAISALS, INC. Executive Summary • 4
Downtown Salina H.D. Lee Complex
•
• The population of the primary market area experienced moderate growth for
each of the past two decades. The population was approximately 45,679 in
2000, up from 42,568 in 1990. The 2007 population is forecasted at 46,458
and 47,090 in 2012.
' 1990 Total Population 42,568
141 2000 Total PapuleGon 45,679
2000 Group Quarters 1367
2000 Population Density 2,009.6
2007 Total Population 46,458
2007 Population Density 2,043.9
2012 Total Population 47,090
2007-2012 Annual Rate 0,27%
2007 Population by Age
55-84(10.0%)
65+(14.0%)
45-54 Alk
<5(7.2%)
35-44(13.3%) 4''y '',:-.,,M-'
., ' . ".
•
,3C Z S`qs`•
tlo-
C
5.19(20.2%
25-34(13.0%) IMO.
20-24(7.9%)
• The compound annual population rate is projected to increase by .27 percent
within the primary trade area between 2007 and 2012 and by .36 percent
within the secondary trade area during the same timeframe.
• The City of Salina from the year 1990 to 2000 added population at the rate of
4.3% due to migration.
• The population of the secondary market area has likewise experienced stable
•
growth for each of the past two decades. The population was approximately
SHANER APPRAISALS, INC. Executive Summary • 5
Downtown Salina H.D. Lee Complex
• 59,760 in 2000, up from 54,935 in 1990. The 2007 population is forecasted at
61,339 and 62,465 in 2012.
1990 Total Population 54.935
III 2000 Total Population 59.760
T 2000 Group Quarters 1.634
2000 Population Density 41.5
2007 Total Population 61,339
2007 Population Density 42.6
2012 Total Population 62.465
2007.2012 Annual Rate 0.36%
2007 Population by Age
55-64(10.7%)
65+(14.1%)
Allk
45-54(15.4%)
<5(6.9%)
35-44(13.4%) r: `;,,i. `
bp1,,
5-19(20.0%
i25-34(11.9%) 20-24(7.6%)
Trends:2007.2012 Annual Rate Area National
Population 0.27% 1.30%
Households 0.31% 1.33%
Families 0.01% 1.08%
Owner HHs 0.22% 1.41%
Median Household Income 3.25% 3.32%
Places:Salina city.K5
Trends 2007.2012
3S
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tv. 2.5
0,
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G 2 - Area
in 1.6 1-1 U.S.
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111111111[1] II
I0 Population Households F�ikss ......_ 0.na Mks M,Msn MM Ineoms—. ...._..
•
SHANER APPRAISALS, INC. Executive Summary • 6
Downtown Salina H.D. Lee Complex
Trends:2007-2012 Annual Rate Area National
III
Population 0.36% 1.30%
Households 0.39% 1.33%
Families 0.13% 1 08%
Owner HHs 0.34% 1.41%
Median Household Income 3% 3.32%
CBSAs:Salina,KS Mlcropolitan Statistical Area
Trends 20072012
3.S1
_
c
3-
m 2.s-
c 2-
d am Are
II to- E-_A U.S.
1 1-1
o.s
o
Populabon Ha m. olds FemiLes O:.nar HHs M.dun HH Income
• Household growth is forecasted at an annual rate of growth of .31% in the
primary market area and .39% in the secondary market area during 2007-2012.
1990 Households 17,349
2000 Households 18,523
2000 Average Household Size 2 39 •
2007 Households 18.953
2007 Average Household Size 2.38
2012 Households 19.248
2012 Average Household Size 2.38
2007-2012 Annual Rate 0,31%
Households
•0000---_ ------------- _ - • --------
8000
6000
4000
2000
0000 19248
8000
6000 •
4000
2000
0 2000 2007 2012
•
SHANER APPRAISALS, INC. Executive Summary • 7
Downtown Salina H.D. Lee Complex
• l 1990 Households 22,092
1 2000 Households 23,866
2000 Average Household Size 2.44
2007 Households 24,623
2007 Average Household Size 2.42
2012 Households 25,111
2012 Average Household Size 2.42
2007-2012 Annual Rate 0.39%
Households
0000
25000
20000
15000' —
25111
10000
5000
2000 2007 _._..._._. 2012-
• • The civilian employed population for 16+ showed a rate of growth of 1.13%
during 2000-2007 in the primary market area and is forecasted for 0.62% during
2007-2012.
Civilian Population 16+In Labor Force
Civilian Employed 21.099 95 1% 23.377 98.4% 25.076 94.7% 25.867 946% 108% 3.2'.
Civilian Unemployed 1.094 4 9% 865 3 6% 1.395 5.3% 1.473 5.4% -201% 5.5%
2007 Employed Population 16+by Industry
Total 25,078
Agriculture/Mining 1.0%
Construction a 5%
Manufacturing 17.1%
Wholesale Trade 3.6%
Retail Trade 12.1%
Transportation/Utilities 3.6%
Information 1.9%
Finance/Insurance/Real Estate 5.5%
Services 43.3%
Public Administration 3.4%
2007 Employed Population 16+by Occupation
Total 25,075
White Collar 53 2%
Management/Business/Financial 8.8%
Professronai 17.6%
Sales 13.2%
Administrative Support 13.7%
Services 16.2%
Blue Collar 30.6%
Farming/Forestry/Fishing 0.3%
Construction/Extraction 7.6%
Installation/Maintenance/Repair 4.1%
• Production 10.4%
Transportation/Matenal Moving 8.2%
SHANER APPRAISALS, INC. Executive Summary • 8
Downtown Salina H.D. Lee Complex
2007 Employed 16+ by Occupation •
Production (10.4%)
Maintenance/Repair(4.1%)
Construction (7.6%)
Farm/Fish (0.3%) Transportation (8.2%)
t '
1 dmin Support(13.7°l°) � Mgmt/Business.(8.8%)
Sales (13.2%) Professional (17.6%)
Services (16.2%)
• The civilian employed population for 16+ showed a rate of growth of 1.3% •
during 2000-2007 in the secondary market area and is forecasted for 0.7%
during 2007-2012.
Civilian Population 164 in Labor Force
Crv,:ran Emp+o ed 27.131 95.2% 30.768 96.5% 33.351 94.9% 34,529 94.8% 13.4% 3.5%
C.,!tan.Jnenplc,ec 1.372 4.8% 1.111 3.5% 1,785 5.1% 1,891 5.2% -19.0% 5.9%
it2007 Employed Population 16+by Industry
Total 33,351
Agriculture/Mining 2.4%
Construction 8.8%
Manufacturing 16.8%
Wholesale Trade 3.6%
Retail Trade 11.5%
Transportation/Utilities 4.3%
Information 1.7%
Finaltce/Insurance+Real Estate 5.3%
Services 41.9%
Public Administration 3.6%
2007 Employed Population 16+by Occupation
Total 33,351
White Collar 53.1%
Management/Business!Financ ai 10.2%
Professional 16.7%
Sates 12.5%
Administrative Support 13.6%
Services 16.0%
Blue Collar 30.8%
Farming1Forestry/Fishing 0.7%
Construction/Extraction 7.7%
Installation!Maintenance/Repair 4.5%
Production 9.9%
Transportation/Material Moving 8.1%
SHANER APPRAISALS, INC. Executive Summary • 9
Downtown Salina H.D. Lee Complex
• 2007 Employed 16+by Occupation
Production(9.9%)
Maintenance/Repair(4.5%)
Construction(7.7%) Transportation(8.1%)
•dmin Support(13.6%) Mgmt/Business.(10.2%
Sales(12.5%) Professional(16.7%)
�sstr•�
Services(16.0%)
• ESRI estimates the 2007 average household income for the primary market area
at $57,317.
2000 2007 2012
Households by Income Number Percent Number Percent Number Percent
<$15,000 2,951 15.9% 2,212 11.7% 1,842 9.6%
•
$15,000-524,999 2,859 15.4% 2.098 11.1% 1,710 8.9%
$25,000-$34,999 3,113 16.8% 2,256 11.9% 1,931 10.0%
$35,000-$49,999 3,754 20.3% 3,745 19.8% 3,124 16.2%
$50,000-$74,999 3,647 19.7% 4,253 22.4% 4,569 23.7%
$75.000-$99.999 1.180 6.4% 2,392 12.6% 2,726 14.2%
$100,000-$149,999 683 3.7% 1,312 6.9% 2,271 11.8%
5150,000-$199,000 158 0.9% 363 1.9% 560 2.9%
$200,000+ 192 1.0% 323 1.7% 514 2.7%
Median Household Income $36.084 $46,256 $54,277
Average Household Income $44,888 $57,317 $68,556
Per Capita Income $18.593 $23,811 $28,496
2007 Household Income
!� I
$75K-99K(12.6%)
$100K-$149K(6.9%)
$150-199K+ 1.9%)
{ $200K+(1.7%)
$60K-74K(22.496)
-<$15K(11.7%)
$15K-$24K(11.1%)
$35K-$49K(19.8%)
K(11.9%)
• - - __
SHANER APPRAISALS, INC. Executive Summary • 10
Downtown Salina H.D. Lee Complex
• ESRI estimates the 2007 average household income for the secondary market
III
area at $58,263.
2000 2007 2012
Households by Income Number Percent Number Percent Number Percent
<$15,000 3,594 15.0% 2,751 11.2% 2,317 9.2%
$15,000-$24,999 3,536 14.8% 2,626 10.7% 2,181 8.7%
$25,000-$34,999 3,871 16.2% 2,908 11.8% 2,530 10.1%
$35,000-$49,999 4,845 20.2% 4.842 19.7% 4,131 16.5%
$50,000-$74,999 4,999 20.9% 5,620 22.8% 5,969 23.8%
$75,000-$99,999 1,705 7.1% 3,177 12.9% 3,590 14.3%
$100,000-$149,999 903 3.8% 1,791 7.3% 3,009 12.0%
$150,000-$199,000 218 0.9% 483 2.0% 717 2.9%
$200.000+ 260 1.1% 425 1.7% 667 2.7%
Median Household Income $37,443 $47,093 $54,606
Average Household Income $46,508 $58,263 $68,852
Per Capita Income $18,928 $23,782 $28,116
2007 Household Income
$75K-99K(12.9%)
$100K-$149K(7.3%)
$150-199K+(2.0%)
'ay' $200K+(1.7%)
•50K-74K(22.8%) -
t <$15K(11.2%) III
$15K-$24K(10.7%)
$35K-$49K(19.7%) '
rK(11.8%)
i
I
I
• Median household income is forecasted at an annual rate of growth of 3.25% in
the primary market area and 3.0% in the secondary market area during 2007-
2012.
•
SHANER APPRAISALS, INC. Executive Summary • 11
Downtown Salina H.D. Lee Complex
• • It is estimated that there will be 295 additional households in the primary
market area and 488 households in the secondary market area over the next five
years.
PRIMARY MARKET AREA
2000 Housing Units 19.599
niinf Owner Occupied Housing Units 62.5%
Renter Occupied Housing Units 32.0%
Vacant Housing Units 5.5%
2007 Housing Units 20.269
Owner Occupied Housing Units 63 4%
Renter Occupied Housing Units 30.1%
Vacant Housing Units 6.5%
2012 Housing Units 20.706
Owner Occupied Housing Units 62.8%
Renter Occupied Housing Units 30.2%
Vacant Housing Units 7.0%
2007 Owner Occupied HUs by Value
$200-2 S300t 3�9Ko{)2.07X°0}
$400-499 (. )
/$500K+(0.7°.x)
$100-199K(47.1%)-
•
<$100K(39.4°0l
SECONDARY MARKET AREA
2000 Housing Units 25,450
rr1 m Owner Occupied Housing Units 66.0%
Renter Occupied Housing Units 27.8%
Vacant Housing Units 6.2%
2007 Housing Units 26,541
Owner Occupied Housing Units 66.7%
Renter Occupied Housing Units 26.1%
Vacant Housing Units 7.2%
2012 Housing Units 27,222
Owner Occupied Housing Units 66.1%
Renter Occupied Housing Units 26.1%
Vacant Housing Units 7.8%
•
SHANERAPPRAISALS, INC. Executive Summary • 12
Downtown Salina H.D. Lee Complex
2007 Owner Occupied HUs by Value •
5200-299K(10.8%)
$38°40e4991<91(<2(9%)
0.996
„$500K+(0.9%)
$100.199K(44.1%)
<8100K(40.5%)
• Average household size is estimated to remain constant in both market areas in
the foreseeable future.
• The median age in the primary market area was 35.3 in 2000, 36.4 in 2007 and
is forecasted to increase to 36.7 in 2012, which represents an annual rate
increase of 0.16% during 2007-2012.
Median Age •
1990 33.1
2000 35.3
2007 36.4
2012 36.7
• The median age in the secondary market area was 36.5 in 2000, 37.9 in 2007
and is forecasted to increase to 38.6 in 2012, which represents an annual rate
increase of 0.37% during 2007-2012.
Median Age
1990 34.0
2000 36.5
2007 37.9
2012 38.6
•
SHANERAPPRAISALS, INC. Executive Summary • 13
Downtown Salina H.D. Lee Complex
•
Office/Retail
• The recommended mix of retail and office and projected market rents are as
follows:
Allocation
Retail 75%-100% of first floor area
Office 0%-25% of first floor; 100% of second floor
Rents
Retail $8.00- $10.00 triple net
Office $10.00- $12.00 gross
$14.00- $16.00 for executive suites
• There is adequate demand for retail development in the area. There is
neighborhood retail development approximately one-half mile south of the
subject site in the heart of downtown. It is our opinion that a regional
development in this part of town such as the one envisioned for the subject site
• would be a complement to the larger community retail development.
• The regional retail development currently found within the City of Salina is
located approximately three miles to the south of the downtown area.
• The primary market area for the regional retail center is the Salina, Kansas
Micropolitan Statistical Area (CBSA).
• The retail spaces typically consist of local retail and specialty tenants. The
majority of the local retailers, including big-box tenants, newer strip-shops and
the local mall are located in the area to the south of downtown, which provides
closer proximity to the interstate. These tenant spaces are generally from 1,500
square feet to 5,000 square feet in size.
• Within the downtown area the majority of the tenants are specialty type start-up
shops and niche businesses. Many of the businesses support the strong art and
humanities presence found downtown. Several of the larger spaces have been
sub-divided into smaller incubator type storefronts to support a market based
economy. These tenant spaces are generally from 600 square feet to 3,000
square feet in size.
• The downtown retail and business district is strongly affected by the presence of
the Salina Regional Health Center and the City office complex, two of the
largest employers in the City of Salina.
•
SHANER APPRAISALS, INC. Executive Summary • 14
Downtown Salina H.D. Lee Complex
• As a sub-market, the downtown area, which contains approximately 548,600
II
square feet of retail area, represents a 20.8% market share of the entire
concentration of retail space available within the City of Salina.
• No data is formally collected within the primary or secondary market areas that
reflect the overall vacancy rates.
• The vast majority of all retail construction work during the past five years
involved interior alteration, tenant finish and small additions to existing
properties.
• According to the Director of Planning for the City of Salina the only major
commercial construction project in consideration is Hawthorn Plaza, which will
house office space in a converted school building.
• The City of Salina's Trade Pull Factor is the fourth highest of all cities in the State
of Kansas. Saline County also has the fourth highest TPF of all the 105 counties
within the State of Kansas.
• The Trade Pull Factor accounted for over $290,000,000 of the $950,000,000 in
annual retail sales revenues in 2006.
• Currently the downtown area has approximately 154 existing retail businesses. •
• The leakage analysis performed in this report indicates that the City of Salina has a
surplus of retail sales and is representative of a market where customers are drawn
in from outside the trade area.
• We would expect market rent would be from $8.00 to $10.00 per square foot
on a net basis for the retail space.
• The strongest demand for space is in the range of 800 square feet to 2,500
square feet.
• It is our opinion that all of the office usage for the project should be within the
existing buildings. In the retail/office portion of the development, the first floor
area should be mostly retail with few office users and the second floor should be
utilized exclusively for offices.
• Some of the office space could be incorporated into "office suite/condominium"
usage with a shared common area that includes a central receptionist, fax,
copier and conference room. Individual office spaces should be from 350 to
500 square feet in size.
• Most rental properties within this market area for both office and retail space are
leased on a gross basis.
•
SHANER APPRAISALS, INC. Executive Summary • 15
Downtown Salina H.D. Lee Complex
• • Based on conversations with area commercial brokers, absorption of the
subject's retail/office space could take approximately 12 to 18 months with
adequate pre-leasing. The first floor space should have the strongest demand.
The upper floor space will be more difficult to lease and could require a
somewhat discounted rental rate.
• The northern portion of the site is planned for renovation of three existing 5-
story buildings. Of the areas designated for retail/office development, the
approximate floor area is 31,700 square feet per floor.
• Our recommended breakdown for office and retail in these buildings is for 75%
retail and 25% office on the first floor and 100% office usage on the second
floor.
• As of 2002, the size of the subject's market area (City of Salina) was estimated to
be 2,641,603 square feet, according to Progressive Urban Management
Associates. Over the past several years, the market growth has been minimal.
The estimated size of the subject's current trade area is estimated by the analyst
to be approximately 3,000,000 square feet. As a submarket, the downtown
retail area is estimated to contain approximately 550,000 square feet.
• The subject market's overall retail occupancy rate was estimated to be 94.13%,
according to PUMA. Although we did not conduct a market survey, there does
not appear to be excessive vacancy at this time.
• The lease rate ranges for retail space in the area range from $2 per square foot to
$12 per square foot with an average of approximately $7 per square foot.
• The lease rate ranges for office space in the area range from $5 per square foot
to $18 per square foot with an average of$8.75 per square foot.
• The population is projected to increase by 1,126 people within the trade area
between 2007 and 2012. It is also estimated that there will be 488 additional
households in the primary trade area over the next five years.
• The demand analysis indicates that there is demand for an additional 300,000 to
750,000+ square feet of retail space in the subject's primary market area,
although the subject's immediate market contains a somewhat limited amount of
properly zoned land available for development.
• It is our suggestion that there be some type of walkway, possibly cobblestone or
brick paver, throughout the property to encourage pedestrian traffic between the
north and south commercial areas.
• Overall, the outlook for the Salina retail market is strong which would reflect
projected growth in rental rates and stabilization of occupancy rates.
• There is minimal demand for Class A office space in the City of Salina.
• • The City of Salina has approximately 1,000,000 square fee of existing office
space.
SHANER APPRAISALS, INC. Executive Summary • 16
Downtown Salina H.D. Lee Complex
• The subject office space would be unlike conventional office buildings and •
would not compete directly with typical office buildings.
• It is our recommendation that at least a portion of the office space be utilized as
an office executive suite design.
• Currently the downtown area has approximately 174 existing office businesses.
• Some type of parking component must be added to support the
retail/commercial development outside of the on-street parking currently
available.
•
•
SHANER APPRAISALS, INC. Executive Summary • 17
Downtown Salina H.D. Lee Complex
• Multifamily Lofts
• Based on the supply and demand projections contained in the attached report,
we have developed the following basic conclusions:
ESTIMATED UNIT SIZE
1 bdrm/1 bath Units: 600-800 square feet
2 bdrm/1 bath Units: 800-900 square feet
2 bdrm/2 bath Units: 900-1,000 square feet
3 bdrm/2 bath Units: 1,000-1,200 square feet
ESTIMATED UNIT MIX
1 bdrm/1 bath Units: 40-60%
2 bdrm/1 bath Units: 0-20%
2 bdrm/2 bath Units: 40-60%
3 bdrm/2 bath Units: 0-10%
ESTIMATED MARKET RENTS
1 bdrm/1 bath Units: $500-600 per month or $0.63-1.0/SF
2 bdrm/1 bath Units: $600-700 per month or $0.67-0.88/SF
• 2 bdrm/2 bath Units: $700-800 per month or $0.70-0.89/SF
3 bdrm/2 bath Units: $800-900 per month or $0.67-0.90/SF
DEMAND FROM HOUSEHOLD GROWTH
Multifamily Demand from PMA(295 x 30.0%) 89 units
Proportion of Income Qualified Households in PMA($26,000) 68.7%
Estimated Income Qualified New Renter Households in PMA 61 units
Capture Rate for New Households in PMA 50%
Subject's Capture of New Households in PMA 31 units
One-Bedroom Units (40%) 12 units
Two-Bedroom Units(50%) 16 units
Three-Bedroom Units (10%) 3 units
Multifamily Demand from SMA(193 x 26.0%) 50 units
Proportion of Income Qualified Households in SMA($33,080) 70.2%
Estimated Income Qualified New Renter Households in SMA 35 units
Capture Rate for New Households in SMA 50%
Subject's Capture of New Households in SMA 18 units
One-Bedroom Units(40%) 7 units
Two-Bedroom Units (50%) 9 units
Three-Bedroom Units(10%) 2 units
S
SHANERAPPRAISALS, INC. Executive Summary • 18
Downtown Salina H.D. Lee Complex
•
DEMAND FROM TURNOVER
Turnover in the PMA(6,098 x 60%) 3,659 units
Proportion of Income Qualified Households in PMA($26,000) 68.7%
Estimated Income Qualified Households from Turnover 2,513 units
Capture Rate for Turnover in PMA 15%
Subject's Capture of Turnover in PMA 377 units
Turnover in the SMA(6,931-6,098 x 60%) 500 units
Proportion of Income Qualified Households In SMA($26,000) 70.2%
Estimated Income Qualified households from turnover 351 units
Capture Rate for Turnover in SMA 10%
Subject's Capture of Turnover in SMA 35 units
• Initial space studies indicate that the subject property, McCune Bird/Lee
Buildings, could accommodate 100 loft apartment units on the upper floors of
the existing retail/office buildings.
• A portion of the market for the loft apartments is likely to come from office and
retail tenants.
• The subject loft unit's preliminary concepts include two-bedroom units
containing 900-1,100 square feet and three-bedroom units containing 1,800
square feet. •
• It appears that there is strong demand for two-bedrooms but little demand for
three-bedroom units in the market. However, there also appears to be a
demand for smaller studio/one-bedroom units. Traditionally there is strong
market acceptance of smaller studio/one-bedroom units in downtown loft-type
developments. Therefore, the amount of three-bedroom units should be
minimal and smaller studio and one bedroom units should be included in the
mix.
• The parking situation creates some difficulty for planning. Conceptual thoughts
are to build a parking structure that would attach to the existing buildings to the
southeast. Although this location would be a good alternative from a physical
standpoint, the negative impact is that all of the lofts that would face south
towards the downtown area would have their views obstructed. Adequate
parking is a requirement for the residential component to be viable.
• We would recommend that the lofts in the renovated Lee structures be rental
units rather than owner-occupied as the rental market for this size/design units is
stronger than the owner-occupied market. There may be potential for a few
larger, higher priced units for owners in the new construction phase of the
development.
• The subject would have a good location being a part of a developing mixed-use
commercial/retail and residential project just north of the central business
district.
SHANER APPRAISALS, INC. Executive Summary • 19
Downtown Salina H.D. Lee Complex
• • The subject is a conceptual plan and would be in new condition when
completed. The subject should consist of primarily one and two bedroom units.
Common area amenities should include a fitness center, media room and hi-fi
wireless internet access throughout the complex.
• The primary market area is identified as the city of Salina. The secondary market
area is all of Saline County and portions of bordering counties that make up the
Micropolitan Statistical Area.
• An estimated 488 new households are forecasted within the next five years
within the entire market area.
• Demand for rental housing such as that visualized for the subject is evident in
the market due to a lack of new market rent properties in the market area.
• Rental rate growth has remained fairly constant over the past few years for both
the primary market and secondary markets..
• Population growth is expected to remain moderate and steady. Economic
growth is also anticipated to occur. Interest rates are expected to slightly
increase in the coming year. The result should impact occupancy and
absorption positively.
• The downtown loft units should have higher rental rates per square foot than the
• nearby garden apartments due primarily to their superior age, condition, quality
and trendiness of being located in a mixed-use project. In our opinion, the
market rent for the proposed subject loft units should be $0.75-0.80 per square
foot. This is an effective rent without any concessions.
• We estimate absorption of the loft units at an average rate of 6 — 10 units per
month with adequate pre-leasing and marketing based on the lack of competing
projects in the area and general absorption principles.
• The quality of these units should be superior to other apartments that exist in
Salina and should represent a Class A-/B+ rating. Unit features should include
walk-in closets, open span ceilings with exposed joists, exterior brick walls fully
equipped kitchens with microwave and washer/dryer units and extra storage
area.
• The majority of the two-bedroom units should contain two baths.
• The primary source of demand for new multifamily housing is the formation of
new households from population growth.
• Based on the affordability analysis, a minimum annual household income of
$28,200 will be required for a two-bedroom apartment. In 2007, an estimated
68.7% of the population in the primary market and 70.2% of the secondary
market earn in excess of this amount. This bodes well for the subject.
• • It appears that the middle-income households have the financial ability for
upward mobility but do not have any alternatives currently available in the
SHANER APPRAISALS, INC. Executive Summary • 20
Downtown Salina H.D. Lee Complex
market. As such, it appears that the City of Salina is ripe for market-rate units to •
be constructed.
• Most of the apartments in town are older with below average levels of
maintenance.
• There have been few new properties built in the town within recent years. All
of the latest construction involved senior housing or low-income tax credit
properties. Multi-family growth has historically come in spurts, with a
timeframe elapsing between large complex developments to allow for the
market to absorb the new units.
• Overall, rental rates in the City of Salina are considered to be low.
• Since 1990 only 705 multi-family units have been added to the market within
the City of Salina. This accounts for just over 39 units per calendar year and
represents 26.9% of the total housing stock increase during this timeframe. Of
the 705 units, Chapel Ridge and the Reserves at Prairie Glen accounted for 392
LIHTC units while those developed for the senior population numbered 235.
Therefore, only 78, or 11% are considered to potentially be representative of
market rate units.
• No market-rate large apartment complexes have been introduced into the City
of Salina community for over 25 years.
•• There are currently no plans filed with the Planning Department in the City of
Salina for any type of future apartment complex development.
• Total vacancies in 1990 were 1,119, or 6.1% of all the housing units within the
market area. However, there were 615 vacancies of 6,168 renter occupied
housing units, which creates a rental vacancy of 10%. In 2000 there were only
494 vacancies of 6,279 renter occupied housing units, which created a rental
vacancy of 7.9%. Our survey of apartments included almost 500 units and of
those reporting vacancy rates the range was 2% to 15% with an average of 8%.
• The projections for the five year period from 2007-2012 indicates that 183
rental units will need to be added to accomodate the population growth. That
creates an annual demand of 37 units.
• Very little empirical market data is available with respect to absorption rates.
• Based on population forecasts the amount of multi-family development that has
taken place appears to have been adequate to meet the demand. However,
when the migration rates are applied based on actual historical population
trends there is a deficit in the amount of multi-family properties that are being
added each year. The supply and demand appear to have been relatively in
equilibrium over the past decade. However, the low vacancy rates, along with
the lack of new market-rate competition does suggest that not only can the
market adequately absorb some new inventory, it actually needs it.
•
SHANER APPRAISALS, INC. Executive Summary • 21
Downtown Salina H.D. Lee Complex
0 • The average rental rate for the area is low when compared to similar
communities statewide although rents have increased at steady levels. In 1990
the average monthly rental rate was $329. According to 2000 Census data,
monthly rental rates for the city of Salina averages $379, and 69% of renters
paid between $250 and $500 per month.
• There are few loft units in downtown and the vast majority of these are owner
occupied units that have been custom builds.
• Based on current quoted rental rates for competing properties in the immediate
area, and our opinion of how the subject compares to each of these properties,
the market rent for the one bedroom/one bath unit type is reconciled at $580
per month, or $0.83 per square foot for a 700 square foot unit.
• Based on current quoted rental rates for competing properties in the immediate
area, and our opinion of how the subject compares to each of these properties,
the market rent for the two bedroom/one bath unit type is reconciled at $655
per month, or $0.73 per square foot for a 900 square foot unit.
• There are very few two bath units in the market place. Based on the
comparable properties surveyed it is our opinion that the second bath will
demand a premium of an extra $50 in rent per month. The market rent for the
two bedroom/two bath unit type is recommended to be $705 per month, or
• $0.78 per square foot.
• The market rents, although competitive, should be higher than other market rate
projects within the City of Salina.
• Demand from household growth analysis for multi-family indicates a need for
44 to 53 units per year for both the PMA and SMA.
• The largest demand field available is that from turnover which could create up
to 412 units per year from the PMA and SMA combined.
•
SHANER APPRAISALS, INC. Executive Summary • 22
1
Downtown Salina H.D. Lee Complex
•
General Conclusions
• The primary market area for the regional retail center is the Salina, Kansas
Micropolitan Statistical Area (CBSA).
• The current C-4 zoning of the subject property appears to allow for a mixed-use
property with multi-family usage above office and/or retail.
• The interior of the Lee buildings has columns throughout each of the floors that
will have to be taken into consideration from a functionality standpoint when
the design plans are formalized.
• The property currently has no on-site covered parking. It will be necessary to
find a solution to the current lack of parking.
• The subject property is located in a specified area within the City of Salina that
makes it eligible for several incentives for development.
• In terms of the City of Salina as a whole most of the higher traffic counts are
located in the southern portion of town. Traffic count numbers typically
decreased as they were monitored going north.
• Established industries exist within the immediate area, and the local medical •
center serves much of the surrounding region. The existing industries provide a
stable source of employment, and convenient regional transportation routes
should provide Salina with stability and moderate growth in the foreseeable
future.
• The subject property would have approximately 85,590 square feet of net
rentable area within the existing Lee buildings.
S
SHANER APPRAISALS, INC. Executive Summary • 23
Downtown Salina H.D. Lee Complex
S
Project Recommendations
• The proposed subject, McCune Bird/Lee Buildings, should be a regional center.
Most of the retail development approximately one-half mile south in the core of
the downtown area is considered neighborhood or community in nature.
Regional centers can be a good complement to nearby community and
neighborhood centers.
• The envisioned site plan for the entire project would contain several free-
standing buildings including an anchor tenant, a financial institution and
restaurant as well as multi-story properties with commercial store-fronts on the
first floor and multi-family residential usage above. The area would be very
open with pedestrian walkways throughout.
• The entire city block that is the subject of this report should be acquired and all
of the improvements other than the Lee buildings should be razed.
• The chart below reflects our estimated square footage for mixture of use for the
approximately 158,500 square feet of area that would be renovated within the
existing buildings.
• Retail 23,775 square feet
Office 39,625 square feet
Residential 95,100 square feet
• The new development should maintain strong consistency from an aesthetic
point of view with the historical architecture and qualities of the original
buildings. It is recommended that they incorporate the brick and stone facade
that is represented by the existing structures.
• Retail usage should be the first type of use to be considered when final plans are
made for the project.
• The developer should seek assistance from the municipality in regards to project
development.
• At least a portion of the office space should be utilized as an office
condominium/suite design.
• The multi-family units should be constructed of Class A-/B+ quality.
• Although concessions are typical during the lease-up phase of many larger
apartment properties, no concessions are recommended to be offered,
particularly if there is no competitive new construction.
•
SHANER APPRAISALS, INC. Executive Summary • 24
Downtown Salina H.D. Lee Complex
ID
Following are Executive Summary Reports of both the primary market area (City of
Salina and the secondary market area (Salina, KS Micropolitan Statistical Area —
CBSA). CBSA stands for a Core Based Statistical Area and is defined by Wikpedia
as follows:
A Core Based Statistical Area is the official term for a functional region based
around an urban center of at least 10,000 people, based on standards published by
the Office of Management and Budget (OMB) in 2000. Areas defined on the basis of
these standards applied with Census 2000 data were announced by OMB in June
2003. These standards are used to replace the definitions of metropolitan areas that
were defined in 1990.
The term "CBSA" refers to both metropolitan statistical areas and newly-created
micropolitan areas collectively. Micro areas are based around Census Bureau-
defined urban cluster of at least 10,000 and fewer than 50,000 people.
•
•
SHANER APPRAISALS, INC. Executive Summary • 25
Downtown Salina H.D. Lee Complex
Executive Summary with Chart-
Prepared by Shaner Appraisal
Places:Salina city,KS
Population and Households
The size of the market area measured by population and households.has changed from 2000 through the forecast year as folios
Year Population Households
2000 45.679 18.523
2007 46.458 18.953
2012 47.090 19.248
The difference between change in population and change in households is a result of t:ro factors—the presence of group quarters(non-household)
population in the market area and the average number of persons per household.The group quarters population in the market area.".as 1.367 in
2000.or 30 percent of the total population.Average household size is 2.38 in 2007.compared to 2 39 in the year 2000.
104 n 7
035 1
10. 027 027
0
0.2 IN 2000-2007
015 IIII 2007-2012
0
Populationta,us�.rn,kt:
Population by Age
• The median age for the United States was 35.3 in 2000 and 36.5 in the current year in the market area,the median age of the population was 35.3.
compared to 36.4 years currently.By age group.the changes in the percent distribution of the market area population sho,the following:
16
14
12
10
8 8 Mk 2007
2007
2
04 _ 10 14 1519 2024 25 34 5544 4554 55-61 6574 7I :Jri 8
Population by Education
In 2000.the educational attainment of the population aged 25 years or older in the market area can be summarized
it .J—.S4_ 10 4U `A CA T4 80 L(1
High School Grad _J
Market Area
MN U.S.
°e Bachelor's Degree•-
•
SHANERAPPRAISALS, INC. Executive Summary • 26
Downtown Salina H.D. Lee Complex
a'shennr •
apn
5 "°'°als.° Executive Summary with Chart-
Prepared by Shaner Appraisal
Places:Salina city.KS
Population by Race/Ethnicity
Currently,the racial composition of the population in the market area breaks down as follows:
10 20 30 Pe 6etnt50 80 70 SO rIO
Wrote 85 2
blacl 3 8
120
Am Intl 0 d
09
2.7 Market Area
Asian 11111 4.3 U.S.
Relic 01
01
ranee 51
b5
Two. 2 u
2.8
Persons of Hispanic origin represent 9.0 percent of the population in the identified market area compared to 14.8 percent of the U.S.population.
Persons of Hispanic Origin may be of any race.In sum,the Diversity Index,which measures the probability that t,o people from the same area will
be from different racatethnic groups.was 39.0 in the identified market area.compared to 58,9 in the U.S.population.
Population by Employment
In 2000,89.0 percent of the population aged 16 years or older in the market area participated in the labor force:0.1 percent were in the Armed
Forces.Tracking the change in the labor force by unemployment status:
Year ,Employed %Unemployed
2007 94.7 5.3
2012 94.6 5.4
III
•
13.
I
- Markel Area
b U$.
30
20
L
0 2007
And by occupational status:
e0 2
5U
Ses 37s
45
40.
35 30 g 1111 Market Nea
10.
25 23 3 U.S.
i5 16.2 16.5
IQ
S
Oka Uwe Slue ow
In 2000.84.8 percent of the market area population drove alone to work.and 3.3 percent worked at home.The average travel time to work in 2000
was 13.9 minutes in the market area,compared to the U.S.average of 25.5 minutes,
•
SHANER APPRAISALS, INC. Executive Summary • 27
Downtown Salina H.D. Lee Complex
• 16A'%ahener
I.70appretaels.. Executive Summary with Charts
Prepared by Shaner Appraisals
Places:Salina city.KS
Income
The change in three summary measures of income—median and average household income and per capita income—are shown below from 1990 through
2012.
70�rr _
6
60000
56000 —
500
/5000
40000 _ 1590
35000 - 2000
3rrrs LA 2007
A 2012
2.1r
20000
I lit
I 14
hied HH$ Avg HH$ Per Cap$
• Housing
Currently.63.4 percent of the 20.269 housing units in the market area are owner occupied;30.1 percent,renter occupied:and 8.5 percent are vacant.
In 2000,there were 19,599 housing units—62.5 percent owner occupied.32.0 percent renter occupied and 5.5 percent vacant.The annual rate of
change in housing units since 2000 is 0.54 percent.Median home value in the market area is$114.251.compared to a median home value of
$181,127 for the U.S.In five years.median home value is projected to change by 2.58 percent annually to$129,792.From 2000 to the current year.
median home value changed by 5.61 percent annually.
•
SHANER APPRAISALS, INC. Executive Summary • 28
Downtown Salina H.D. Lee Complex
Executive Summary with Charts •
Prepared by Shaner Appraisals
CBSAs:Salina,KS Micropotitan Statistical Area
Population and Households
The size of the market area,measured by population and households,has changed from 2000 through the forecast year as follows:
Year Population Households
2000 59.760 23,886
2007 61.339 24,823
2012 62.465 25,111
The difference between change in population and change in households is a result of two factors—the presence of group quarters(non-houseloldl
population in the market area and the average number of persons per household.The group quarters population in the market area was 1,634 in
2000,or 2.7 percent of the total population.Average household size is 2.42 in 2007,compared to 2.44 in the year 2000.
-
4 042 030
04 U3S
I 35
0.3 MI 2000-2007
1.25
0.2 ME 2007-2012
115
0.1
1.05
0 Nation
Population by Age
The median age for the United States was 35.3 in 2000 and 36.5 in the current year.In the market area,the median age of the population was 36.5,
compared to 37.9 years currently.By age group,the changes in the percent distribution of the market area population show the following: •
—t8_ .....__.__.._ _. - __.._.. _ _ ____ __ ..__----- ._-
14-
• 12-
10-
8- f —1 2000
rftirlUN 2007 0.4 5.11 10-14 15-19 2024 25-34 35-44 45-54 55-64 65-74 75-84
Population by Education
In 2000,the educational attainment of the population aged 25 years or older in the market area can be summarized:
r 6
°5 High School Grad
Market Area
I. U.S
41,Bachelor's Degree --
•
SHANER APPRAISALS, INC. Executive Summary • 29
Downtown Salina H.D. Lee Complex
• ghoner
s�npprereals... Executive Summary with Chart
Prepared by Shaner Appraisal
CBSAS:Salina,KS Micropolitan Statistical Area
Population by Race/Ethnicity
Currently,the racial composition of the population in the market area breaks down as follows:
to z0 30 Pej5ent50 0a 7D a0 �v
White 68
Black 126
Am Ind- 0
09
EN Market Area
Asian 2,13 - U.S.
Pacific 0t
0
Other 4
r<.
two. ?3
re
Persons of Hispanic origin represent 7.4 percent of the population in the identified market area compared to 14.8 percent of the U.S.population.
Persons of Hispanic Origin may be of any race In sum,the Diversity Index,which measures the probability that two people from the same area will
be from different racetethnic groups.was 33.1 in the identified market area.compared to 58.9 in the U.S population.
• Population by Employment
In 2000.89.4 percent of the population aged 18 years or older in the market area participated in the labor force:0 I percent were in the Armed
Forces.Tracking the change in the labor force by unemployment status:
Year %Employed %Unemployed
2007 94.9 5.1
2012 94.8 5.2
100
90^
so-
80.
50' IIII Market Area
40. - U.S.
30'
20.
to
0
And by occupational status:
fie
55, 53.1
50.
5�
4a
S 308 NM Market Area
3a
25^ 23 3 MI U.S.
2o. 16 16.5
s'
to
5i
WtiitI for Service Blue Cosnr
In 2000.83.8 percent of the market area population drove alone to work,and 4.1 percent worked at home.The average travel time to work in 2000
was 15.7 minutes in the market area.compared to the U.S.average of 25.5 minutes.
•
SHANER APPRAISALS, INC. Executive Summary • 30
Downtown Salina H.D. Lee Complex
5ra'apnne Wit•.. •
Executive Summary with Charts
Prepared by Shaner Appraisals
CBSAs:Salina,KS Micropolitan StatistIcal Area
Income
The change in three summary measures of income—median and average household income and per capita income—are shown below from 1990 through
2012.
7.1 r
65000
60000
5:000 1
`x0000 i
4500(
a r 1990
36000 2000
10000 1 r�_ 2007
(..__l 2012
25000 __._.J
n
15(11
10000
rrrr
Med lei S Avii tits S Per Cap
Housing
•
Currently 68 7 percent of the 20.541 housing units in the market area are owner occupied;26 1 percent renter ri
oter occup�e and 7.2 percent are va[anl.
In 2000.there.:ere 25.450 housing units—66.0 percent owner occupied.27.6 percent renter occupied and 6.2 percent vacant.The annual rate of
change in housing units since 2000 is 0.67 percent.median home value in the market area is 31 13.612.compared to a median home value of
5181.127 for the U S.In five years.median home value is projected to change by 2 58 percent annually to 5129.061 From 2000 lc the current year.
median home value changed by 5 5 percent annually.
•
SHANER APPRAISALS, INC. Executive Summary • 31
Downtown Salina H.D. Lee Complex
•
SPECIAL ASSUMPTIONS AND LIMITING CONDITIONS
This market study is subject to the following special assumptions and limiting conditions.
1. We have completed a study of the Salina, Saline County, Kansas market for retail, office and
multifamily development in order to estimate potential demand for a mixed use urban center
and to provide recommendations regarding rental rate structure. We have not evaluated the
feasibility of this project, and a determination of feasibility is beyond the scope of this
assignment. Furthermore, the apparent market support for a project, in terms of supply and
demand, does not assure financial feasibility for the project.
2. Every effort has been made to insure the accuracy of the data contained within this analysis.
Demographic and economic estimates and projections have been obtained from government
agencies at the national, state, county and city levels. Market information has been obtained
from sources presumed to be reliable, including developers, owners and sales representatives.
However, this information cannot be warranted by Shaner Appraisals. While the methodology
employed in this analysis allows for a margin of error in base data, it is assumed that the market
data and government estimates and projections are substantially accurate.
3. Absorption scenarios are based upon the assumption that a normal economic environment will
• prevail in a relatively steady state during development of the subject property. Absorption
paces are likely to be slower during recessionary periods and faster during periods of recovery
and high growth. Absorption scenarios are also predicated on the assumption that the product
recommendations will be implemented generally as outlined in this report and that the
developer will apply high-caliber design, construction, marketing and management techniques
to the development of the property.
4. Recommendations are subject to compliance with all applicable regulations. Relevant
accounting, tax and legal matters should be substantiated by appropriate counsel.
•
SHANER APPRAISALS, INC. Special Assumptions and Limiting Conditions • 32
Downtown Salina H.D. Lee Complex
•
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
This market study is also subject to the following general assumptions and limiting conditions.
1. Title to the property is assumed to be good and marketable and the legal description correct.
5. No responsibility for legal matters is assumed. All existing liens, mortgages, or other
encumbrances have been disregarded and the property is appraised as though free and clear,
under responsible ownership and competent management.
6. All sketches in this report are intended to be visual aids and should not be construed as surveys
of engineering reports.
7. All information in this report has been obtained from reliable sources. We cannot, however,
guarantee or be responsible for the accuracy of information furnished by others.
8. This opinion of value applies to land and improvements only. The value of trade fixtures,
furnishings and other equipment has not been included with the value of the real estate.
9. Possession of this report or a copy thereof does not imply the right of publication or use for any •
purpose by any other than the addressee, without the written consent of the consultant.
10. The consultant is not required to give testimony or attendance in court by reason of this market
study, unless prior agreements have been made in writing.
11. The distribution of the total valuation in this report between land and improvements applies
only under the existing program of utilization. The separate valuations for land and building
must not be used in conjunction with any other market study and are invalid if so used.
12. The land, and particularly the soil, of the area under analysis appears firm and solid.
Subsidence in the area is unknown or uncommon, but we do not warrant against this condition
or occurrence.
13. Subsurface rights (minerals and oil) were not considered in making this market study.
14. We inspected the buildings involved, if any, in this market study and damage, if any, by
termites, dry rot, wet rot, or other infestations was reported as a matter of information, and no
guarantee of the amount or degree of damage, if any, is implied.
15. The comparable sales data relied upon in this market study is believed to be from reliable
sources; however, it was not possible to inspect the comparables completely, and it was
necessary to rely upon information furnished by others as to said data, therefore, the value •
conclusions are subject to the correctness and verification of said data.
SHANER APPRAISALS, INC. General Assumptions and Limiting Conditions • 33
Downtown Salina H.D. Lee Complex
• 16. We inspected, as far as possible, by observation the land and the improvements thereon;
however, it was not possible to personally observe conditions beneath the soil or hidden
structural components within the improvements. Therefore, no representations are made
herein as to these matters and unless specifically considered in the report, the value estimate is
subject to any such conditions that could cause a loss in value. Condition of heating, cooling,
ventilating electrical and plumbing equipment is considered to be commensurate with the
condition of the balance of the improvements unless otherwise stated.
17. Unless otherwise stated in this report, the existence of hazardous substances, including without
limitation asbestos, polychlorinated biphenyl, petroleum leakage, or agricultural chemicals,
which may or may not be present on the property, or other environmental conditions, were not
called to our attention nor did we become aware of such during our inspection. We have no
knowledge of the existence of such materials on or in the property unless otherwise stated.
However, we are not qualified to test such substances or conditions. If the presence of
substances such as asbestos, urea formaldehyde foam insulation, radon gas or other hazardous
substances or environmental conditions may affect the value of the property, the value
estimated is predicated on the assumption that there is no such condition on or in the property
or in such proximity thereto that it would cause a loss in value. No responsibility is assumed
for any such conditions, nor for any expertise or engineering knowledge required to discover
them. The client is urged to retain an expert in the field or environmental impacts upon real
estate if so desired.
18. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. Unless
• otherwise noted within the market study, 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
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 we have no direct evidence relating to
this issue, we did not consider possible noncompliance with the requirements of the ADA in
estimating the value of the property.
19. Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations, news, sales, or other media, without the written consent and
approval of the author, particularly as to the valuation conclusions, the identity of the
consultant or firm with which he is connected, or any reference to the Appraisal Institute.
•
SHANER APPRAISALS, INC. General Assumptions and Limiting Conditions • 34
Downtown Salina H.D. Lee Complex
•
INTRODUCTION
Identification of the Problem
Purpose of the Study
The purpose of the market study is to evaluate the supply and demand for the
proposed mixed-use urban center and to estimate market rents.
Effective Date
The effective date of this market study is June 8, 2007, which coincides with the last
inspection of the property.
Date of Report
The date of this report is July 31 , 2007. A comparison of the date of the report to
the effective date of the market study indicates our study is reflective of current
market conditions.
Use or Function •
This market study was prepared for use by Salina Downtown, 205 W. Ash, Salina,
Kansas 67401 to aid in planning for redevelopment of the subject site.
Definitions
Pertinent definitions are included in the Glossary, located in the Addenda to this
report.
Consultant Competency
No steps were necessary to meet the competency provisions established under
USPAP. We have analyzed retail and office developments as well as multifamily
housing properties in the past several years, and have adequate experience and
qualifications to prepare this market study. Please refer to the Consultant
Qualifications at the end of our report.
•
SHANER APPRAISALS, INC. Introduction • 35
Downtown Salina H.D. Lee Complex
IDScope of the Investigation
As part of this market study, we completed a thorough investigation and analysis of
the data considered pertinent to evaluating the Salina retail, office and multi-family
housing markets. This report was prepared to conform to the requirements of the
Uniform Standards of Professional Appraisal Practice (USPAP). The investigation
included, but was not limited to:
• inspection of the site, including the existing structures;
• gathering of information on local market conditions and trends, area
demographics, construction trends, comparable rents; and
• confirmation and analysis of the data.
In preparation of this study, we analyzed rental data, and considered the input of
buyers, sellers, brokers, property developers and public officials. Additionally, we
investigated the general regional economy as well as the specifics of the local area
of the subject.
The scope of this study required collecting primary and secondary data relative to
the subject property. The depth of the analysis is intended to be appropriate in
relation to the significance of the issues as presented herein. The data have been
analyzed and confirmed with sources believed to be reliable, whenever possible,
0 leading to the conclusions set forth in this report. In the context of completing this
report, we have made a physical inspection of the subject property and rental
comparables.
•
SHANER APPRAISALS, INC. Introduction • 36
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
East and North side of subject property
•
41U.
North side of subject property
SHANER APPRAISALS, INC. Subject Photographs • 37
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
.b.' `:. .....
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North and West side of subject property
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•
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West side of subject property
SHANER APPRAISALS, INC. Subject Photographs • 38
Downtown Salina H.D. Lee Complex
SUBJECT PHOTOGRAPHS •
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,— —
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side of subject property
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asmiarNMA.
View of cooling area between buildings
III
SHANER APPRAISALS, INC. Subject Photographs • 39
Downtown Salina H.D. Lee Complex
IP/ SUBJECT PHOTOGRAPHS
•
6/08/2007
• View of west side of newer building frontage on Santa Fe
i
/
/ .''.,,i i .
1
- 06/08;'2001
View of East side of dock area between two buildings
s
SHANER APPRAISALS, INC. Subject Photographs • 40
Downtown Salina H.D. Lee Complex
SUBJECT PHOTOGRAPHS
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ar .,- . 04.
.•firL s iL 64%.*
View of east side of newer building
wok A +lip•►,
_
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111
View taken to northwest of potential location of parking structure
SHANER APPRAISALS, INC. Subject Photographs • 41
Downtown Salina H.D. Lee Complex
• SUBJECT PHOTOGRAPHS
1
0, '
awl
•
4
,
i-
11111 View of south and east sides of newer building
ilitillik
undaLammaiimm...- ......, .
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View of south and east sides of existing structures that will need to be removed at 225 N. 5th Street
ID
SHANER APPRAISALS, INC. Subject Photographs • 42
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
sr.Or • r, •
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''AID b'r Y Y cm�yo�
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41/View of east side of building that will need to be removed at 232 N. Santa Fe
tzm
{
06/08/2007
View of west side of building that will need to be removed at 232 N. Santa Fe
SHANER APPRAISALS, INC. Subject Photographs • 43
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
_ _
06 08/2007
• View of 5th Street looking north
•
06/08/2007
View of Ash Street looking west
SNANER APPRAISALS, INC. Subject Photographs • 44
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
bi
,.
06/08/2007
View of Elm Street looking west
•
•
•
06/08/2007
View of Santa Fe looking south •
SHANER APPRAISALS, INC. Subject Photographs • 45
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
N
4_ _
- - ita.:3,
L_
yr
k^' r
06/08/2007
• View of Santa Fe looking north
tt
a
View of Elm Street looking east
SHANER APPRAISALS, INC. Subject Photographs • 46
Downtown Salina H.D. Lee Complex
•
SUBJECT PHOTOGRAPHS
•
R4 .�
,z ,,,,.�;, �-__•- ems..--+ T., _.>
_
View of subject property to the north from Ash Street •
--- ) + `.
i
Q6/08/2307
View of vacant land at south end of property •
SHANER APPRAISALS, INC. Subject Photographs • 47
Downtown Salina H.D. Lee Complex
SUBJECT PHOTOGRAPHS
fer
06/08120
Parking lot at NWC of Ash and Santa Fe
yw
_...._._w,,_ . �,._,_,. 06/08/2001
• Parking lot south of Ash Street between Santa Fe and Seventh Street
SHANER APPRAISALS, INC. Subject Photographs • 48
Downtown Salina H.D. Lee Complex
SUBJECT PHOTOGRAPHS
•Typical Interior Office Finish
1 fI
Typical Interior original buildings, note column spacing
•
SHANER APPRAISALS, INC. Subject Photographs • 49
Downtown Salina H.D. Lee Complex
• SUBJECT PHOTOGRAPHS
i
,,
10
k\k ' .-
• Typical ceiling view original buildings
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Typical interior view, newer building
•
SHANER APPRAISALS, INC. Subject Photographs • 50
Downtown Salina H.D. Lee Complex
III
Identification of the Subject Property
Legal Description
The subject property is a conceptual mixed-use urban center referred to for purposes
of this report as the McCune Bird/Lee Buildings, which are located at 248 & 254 N.
Santa Fe, Salina, Saline County, Kansas. The legal description of the properties
which contain these improvements is:
Lots 49, 51, 53, 55 and North 30 feet of Lot 57 on Santa Fe Avenue
and Lots 50,52,54, 56 & north 30 feet of Lot 58 on Fifth Street in the
Original Town of Salina, Saline county, Kansas.
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•
SHANER APPRAISALS, INC. Identification of Subject Property • 51
Downtown Salina H.D. Lee Complex
II/ improvement Description
The improvements that will be renovated are located on the north portion of the
site. They consist of two five-story all-brick buildings with limestone block
foundations that are approximately 50 feet by 250 feet, providing a footprint of
12,500 square feet each. These structures were constructed in approximately 1905
and are connected by a one-story cooling area and dock that is forty feet wide. A
third building was attached in 1928 at the southwest corner of the original
buildings. It is also a five-story all brick building with a similar exterior appeal. It
contains a footprint of approximately 6,700 square feet. This creates 31,700 square
feet of area on each floor, with a total gross building area of 158,500 square feet.
The original buildings have wood timber frame and floors while the newer building
was constructed with a concrete frame and flooring system.
Improvement Summary
Property Type: Mixed use
Year Built/Renovated: 1905/1928
Number of Buildings: 3
Gross Building Area: 158,500 square feet
Foundation: Full basement with limestone foundation
Exterior: Brick
Roof Cover: To be replaced
III Windows:
Framing: To be replaced
Wood timber, concrete
Building Height: 5 stories
Interior Walls: Brick, drywall, paneling
Ceilings: Textured drywall, acoustical, open span
Floor Covering: Wood, concrete, carpeting
Interior Doors: Wood
Interior access Stairways and elevators
Heating/Cooling: To be determined
Fire Protection: Sprinkler system
Parking: Off-site
Site Improvements: None of significance
Site Description
The overall project will be situated on a 4.31 acre site. The site is basically
rectangular in shape and consists of a full city block in the mill/warehouse district
just north of downtown. The street boundaries outlining the site are Elm Street on
the north, Ash Street on the south, 5th Street on the east and Santa Fe Street on the
west. The legal description of the entire tract would include not only the lots stated
above but also all of the remaining lots to the south numbered 59 to 78. The total
• site size is approximately 250 feet from east to west and 750 feet from north to
south. The topography is basically level. The current zoning is C-4, Commercial,
which would allow for a mixed-use such as the one contemplated in this report.
SHANER APPRAISALS, INC. Identification of Subject Property • 52
Downtown Salina H.D. Lee Complex
Other than the improvements discussed above, the majority of the remainder of the •
site to the south consists of vacant land. There are a few other small buildings on
the site that would need to be removed. Once they are removed this would open
up an area of vacant land that is approximately 250 feet wide and 520 feet deep for
a total land area of 130,000 square feet for additional development.
A portion of the vacant land on the site is under an option contract for purchase by
the developer. The other business owners currently located on the block would
have to be relocated and compensated to secure the entire block for the conceptual
site plan. To develop the entire project as envisioned it would be extremely
important to acquire it as a "whole" as opposed to having some "parts" remaining
with their current use. Although the Lee building could potentially be renovated
without the development of the remainder of the property it would not provide
nearly as significant of a market presence. It would merely represent a converted
building to mixed-use as opposed to a true mixed-use "project".
As a private developer has no condemnation rights under existing eminent domain
laws, it would be necessary to successfully negotiate the purchase of the remaining
properties from the various land owners. The other option would be to approach
the City of Salina and discuss the possibility of the City utilizing their eminent
domain authority to assist the developer if they were not able to acquire the
necessary properties through market transactions.
Ili
•
SHANER APPRAISALS, INC. Identification of Subject Property • 53
Downtown Salina H.D. Lee Complex
III Site Summary
Location: 248-254 N. Santa Fe Avenue
Salina, Kansas 67401
The property is located on the south side of Elm Street between 5'''
Street and Santa Fe Avenue in the northern portion of Salina,
Kansas.
Land Area: 187,500 square feet (4.31 acres)
Configuration: Rectangular
Topography: Essentially level at street grade
Drainage: Adequate
Floodplain: According to National Flood Insurance Rate Map Community
Panel No. 200319 0005B (February 5, 1986), the subject property
lies within FEMA Zone C: Areas outside of a 100-year flood
hazard.
Frontage, Access, Visibility: The property has approximately 250 feet of frontage on the south
side of Elm Street and on the north side of Ash Street (both 2-lane
east/west roadways). It has approximately 750 feet of frontage on
the east side of Santa Fe Avenue and the west side of 5`h Street
(both 2-lane north/south roadways).
Utilities: Adequate utilities are available and in place at the site for most
uses, including water, sewer, electricity, telephone, and natural
•
gas.
Zoning: C-4 Central Business District
This district is designed to allow for a wide range of retail
shopping facilities.
However, we are not experts in the interpretation of complex
zoning ordinances, and the determination of potential compliance
is beyond the scope of this market study.
Land Use Restrictions: We were not given a title report to review. We do not know of
any easements, encroachments, or restrictions that would
adversely affect the site's use. However, we recommend a title
search to determine whether any adverse conditions exist.
Environmental: We observed no evidence of toxic or hazardous substances during
our inspection of the site. However, we are not trained to perform
technical environmental inspections and recommend the services
of a professional engineer for this purpose.
Ownership and Sales History
The improvements were recently purchased at sheriff's sale after going through a
bankruptcy proceeding. The new owner of the property is Lee Development, LLC
IP and the reported sales price was $140,000. This is considerably below the
appraised value as indicated by the Saline County public records. These buildings
are of significant historical importance in this area. They were originally home to
SHANER APPRAISALS, INC. Identification of Subject Property • 54
Downtown Salina H.D. Lee Complex
the H.D. Lee Mercantile Company and the Lee Hardware Company. It was later •
home to the McCune Paper Company.
Zoning
The current zoning of the subject property is C-4, Commercial. This will allow for a
mixed usage of retail, office and multi-family as envisioned by the property owner.
The property as currently zoned would not allow for conversion of the existing
buildings into 100% multi-family usage. That would require conditional use
approval by the Planning Commission and City Council. However, the current
zoning does specifically allow the usage as conceived by the developer, with retail
and or office on lower levels and multi-family above as a secondary use.
In terms of the overall development plans for the City of Salina, a mixed-use for the
subject site does coincide with their master plan for the area. However, the City
planner did indicate that the multi-family portion of the contemplated usage was
certainly in regards to location at the north end of where they had anticipated
housing stock to be added.
To allow for any type of bar, restaurant, brewery on the site would also require a
conditional use approval by the appropriate city departments. However, that
specific type of use is directly in line with the recommendations of the PUMA
group.
This area was also designated as the "mill district" from the PUMA group when they •
completed their study and they suggested usage to include artist studios and lofts,
live/work environments and entertainment uses. According the City Planner,
although the recommendations of the PUMA group were never formalized into
specific alterations of the City Master Plan, the City has attempted to incorporate
their direction into future development.
•
SHANER APPRAISALS, INC. Identification of Subject Property • 55
Downtown Salina H.D. Lee Complex
• Following is the analysis taken from the PUMA study in regards to the Mill District
area where the subject property is located.
den ation:"I he he.t.>nc mall and«atthousc arra In t t d In the northern Iv art+,i the ccntt.t
Iwstncs'dittnet,hounded narghlt ht North Street no the north.rmtll Mtc v and Sane:t c
Avenue ii.the cnst,Ash Sttect to the sough and Thud and fifth Street/to the east.
Hole and Relation to the Niche Strategy: tht':Mill Monet emir.alics pan of tit•ich
Mtror.'••e'Salina,nick the da+:that the<Itt w'1.a..oftattkie ad;nruhttal p.w'rth.,v.s.
1Tt.aria t%a.cane.' ibc Sell 0+,91(2'in the late nlretrenrh and ear+.twentlrth cement:.
1'ht ahanct't c nikttn.n a,t milk and,trah:n.w'.t,Ina+<I. a w:4( di,,i 'n.hlttfll:latiarilarks.am,
luttp b•r tM witot<n. It is a dtfierettt ra 1 ofthe akntan.t n es.ct'ienet,mote atierrntt.nls
anal"clip—than the t"*ni ttxc t.'ntral hu•ul.'o di tts.t.
Sense or Place:The Mill nistntl pt tide••a<tom,:•twat hitkdntp arra I.t.>nc.tl
1..r ait.arnv.aii 1ahNta. While nwPs and warehene.e<may he common:n commonit•:..
thrvlught•ul l�ama.,ii r•r.m:t<,find sigh it large a<scml,latr.it tli se ilk iurr<, 11;-l,•:.•I
That this area rruu►.tw(h of 11rc"gr°ittuit,.'"dial maktt It z alrlttlut arra—inetudtnt;r.uln•.id
traeks,and tnal Itnrk+1recio.,to uih or nnn NNKINnt ai.kuvlks a tit.ii museum,Ira suet.
Now M}iNc and 4ntintntncntal imltrta,'cnx ntc thr.tlkl be suhtk•and not m'enhaat,ct the
.utthrnnttts of the:tnra.
Suggested(.RCN and Activities:It e recon tuend that the dill I)tstrtct htiu.amr
u.t«nt.•a'n s atca le:4 inn,ovAnr.n end trcatn'nt We Ike a mrnad me.n'pc,.meltNhn_oh.
n'tt•I1 6.11 ai/•.1.110 a;varchnt.sintt and nlar,utit ninny!,hart d.rr.,13111,rn.anv uss.rn"all;.
is k.i alatudinr:
• Aft/St.iuch• •and Litt%:
• • Itnh7tanlnlcnt,mrIudi i:altajio1 mulled dart+c,ttl ft:gbh:l eln din eoflt(rnelI..n.rit!i
a"t:oho,/Nesghl..r P+diet"that c=t,tl4lsllcs tundanh m l rrpctat&ant and i.a har*or;.
• I;vele/otk env tr•ti nent,.
'lhr Mill I)nintt,with M.acr teal....LIEN cn.ts.coals bee.nn,.an"Smut./"tot+chit alt 1
l,urinr.l eofttepl•that later cxpartJ and;r.r imn'c a.The more matntttcam Santa Fe:tvi:noa
I)atnu.
Development Chakngete and Opportunity Sites; 1'.,prescrrc mane ui mix std nitil:n:
mill and w•ar<•halure ttrattnres In Oh.'Mtlt Ditintt,ter tc unnnc:rd that tht em't.inricicl
.:ream}:a local Mswne dtttrwt that includes warehouse I.uthhncs m t►t t K'tnttr ut Iatt.
*Snort tilmt Sattla 4=r:%titntt an I"iith Sttcct,atul the hinouealh•stgniticant Ito Mill sr Pin.
,reset., luceltu■'ct ah..nu I lac arretnitud tr.enCnur:n,•a•rn gw•tiv.nand.n..r,ltifi,e:md
mtpnnc Invonc pe.rcaims',IurhNlmt the rtt.taaran..n..i urit ir>d(ac ask%and hustne<.
/Among In list',tea tl:•auk,br amtnak-d to/lime;nttltinala..I trot,.ranging:toMtec 3snry,
nt tntlt,tltlrtnI;n.Vt,t4lenitat k.cMlcitamttlent.
•
SHANER APPRAISALS, INC. Identification of Subject Property • 56
Downtown Salina H.D. Lee Complex
•
Following is a copy of the City of Salina Municipal Code Section in regards to a C-4,
Central Business District zoning.
DIVISION 14. C-4 CENTRAL BUSINESS DISTRICT
Sec.42-301. Design.
The C-4 district is designed to provide a district for a broad range of retail shopping facilities.
(Code 1966,n`36-611)
Section 42-302. Permitted uses.
Permitted uses in the C-4 district are as follows:
(1) Antique shops;
(2) Apparel stores;
(3) Appliance stores;
(4) Art galleries,libraries and museums;
(5) Auditoriums and community theaters;
(6) Automobile sales,rental and service,provided all displays of vehicles are within a completely
•
SHANER APPRAISALS, INC. Identification of Subject Property • 57
Downtown Salina H.D. Lee Complex
•
enclosed building: provided however, that any such use with an outdoor display area in
existence on January 8,2000 shall be deemed to be a lawful nonconforming use;
(7) Auto parts stores:
(8) Banks and financial institutions;
(9) Barbershops;
(10) Beauty shops;
(11) Bicycle shops;
(12) Blueprinting and photostating establishments;
(13) Bookstores;
(14) Bus stations:
(15) Business and professional offices;
(16) Camera and photographic supply stores;
(17) Carpet and rug stores;
(18) China and glassware stores;
(19) Contractor's offices;
(20) Department stores;
(21) Dog kennels,providing that such facilities are completely enclosed and that no odor or noise is
•
discernible outside the structure.
(22) Dry cleaning establishments;
(23) Drygoods stores;
(24) Electrical contractors;
(25) Electronic parts and supplies;
(26) Florist shops;
(27) Food stores.including grocery stores,meat markets,bakeries,and delicatessens;
(28) Fraternal and service clubs;
(29) Furniture stores;
(30) Furrier shops,including the incidental storage and conditioning of furs;
(31) Gasoline service stations;
(32) Gift shops;
(33) Government buildings;
(34) Group day care centers provided that such use shall be separated from any commercial or
industrial use in accordance with the requirements of the city's adopted building code;
•
SHANER APPRAISALS, INC. Identification of Subject Property • 58
Downtown Salina H.D. Lee Complex
(35) Hardware stores:
(36) Hobby shops:
(37) Hospitals. sanitarnuns. rest homes. and nursing homes. provided that parking is provided in
accordance with Section 42-553:
(38) Hotels and motels,providing that parking is provided in accordance with Section 42-553:
(39) Interior decorating shops. uncludung upholstering. making of draperies. slipcovers and other
similar articles which are conducted as a part of.and secondary to. a retail operation:
(40) Jewelry stores:
(41) Leather goods and luggage stores:
(4 2) Mail-order houses:
(43) Mechanical contractors:
(44) Medical and dental clinics. and guidance centers:
(45) Mini-warehouses:
(46) Mortuaries and funeral homes: including crematories. provided that such facility is completely
enclosed and that no odor or noise is discernible outside the structure:
(47) Music stores and musical instrument sales:
(48) Newspaper offices and printing:
(49) Newsstands:
(50) Office equipment and supply:
(51) Optical sales:
(52) Package liquor stores:
(53) Paint and wallpaper stores:
(54) Parking garages and lots:
(55) Pawnshops:
(56) Pest control and exterminators:
(57) Pet grooming shops:
(58) Pet stores:
(59) Pharmacies:
(60) Physical and health services such as private gyn masnuns and reducing salons:
(61) Printing plant:
(62) Public utility uses including substations and ambulance services:
(63) Radio and television broadcasting stations:
•
SHANER APPRAISALS, INC. Identification of Subject Property • 59
Downtown Salina H.D. Lee Complex
• (64) Radio and television repair shops;
(65) Recording studios:
(66) Residential dwellings, accessory to and located above or below the ground floor of another
principal use.
(67) Restaurants which do not serve or sell alcoholic beverages.but no drive-in establishments:
(68) Restricted production and repair limited to the following: alteration and custom tailoring of
clothing for retail sale only:jewelry from precious metal: watches:dentures:optical lenses: and
other similar activities:
(69) Schools: music.dance or business:
(70) Self-service laundry and dry cleaning establishments;
(71) Shoe repair shops:
(72) Small animal hospitals, providing that such facility is completely enclosed and that no odor or
noise is discernible outside the structure;
(73) Sporting goods stores:
(74) Tailor shops:
(75) Telephone exchanges and telephone transmission equipment structures:
(76) Theaters.indoor only:
(77) Travel bureaus and transportation ticket offices:
(78) Variety stores:
(79) YMCA.YWCA.and other similar organizations:
(80) Any other similar retail business not specifically listed is permitted if it complies with the
conditions and restrictions contained in Section 42-306:
(81) Accessory and temporary uses.as permitted by Article VI of this chapter.
(82) Signs.as permitted by Article X of this Chapter:
(83) Off-street parking and loading.as required by Article XI of this chapter."
(Code 1966.§36-611(1):Ord No.81-8863.§9.8.3-81:Ord.No.82.8918. 3.8.9-82.Ord.No.83.8954,§3. 1-24.83:Ord.No.84.
9020.;7,5.7.84:Ord.No.88-9241.§4.4.11-88:Ord No.92-9536.§1.10-12.96:Ord No.99-9961.§1.1-3-00:Ord No.01-10056.S
1.9-24-01;Ord No. §1.6-20-05)
Section 42-303. Conditional uses.
Conditional uses in the C-4 district are as follows:
(1) Amusement arcades.indoor only:
(2) Amusement and vending devices, sales and service:
(3) Appliance stores.sales and service:
(4) Automobile repair:
•
SHANER APPRAISALS, INC. Identification of Subject Property • 60
Downtown Salina H.D. Lee Complex
(5) Car washes: •
(6) Church.chapel temple. synagogue and shine:
(7) Custom cabinet and woodworking shop:
(8) Drinking establishments. including restaurants that serve alcoholic beverages:
(9) Equipment sales. rental and service. except constnrction-r pe equipment:
(10) Food and'or beverage service on an outdoor patio which is accessory to a restaurant or bar.
provided that the patio area may not exceed the size or occupant load of the indoor serving
space:
(11) Furniture repair and restoration shop:
(12) Glass and mirror sales and service:
(13) Group care facility:
(14) Group day-care centers:
(15) Handcrafts. ceramics and similar art work:
(16) Home Improvement center:
(17) Motorcycle sales.rental and service:
(18) Residential dwellings located on the ground tloor or within buildings used principally for
residential purposes. provided that parking is provided at one half the ratio set forth in Section
42-553 and provided that such development shall comply with the R-3 Multiple-Family District
requirements for density and lot size(Section 42-204)in addition to the C-4 bulk regulations:
(19) Residential dwellings for elderly and or handicapped persons. located on the ground floor or •
within buildings used principally for residential purposes. provided that parking is provided at
one half the ratio set in Section 42-553 and provided that such development shall have a
muumum lot area of five hundred(500) square feet per dwelling unit in addition to complying
with the C-4 bulk regulations:
(20) Teen Centers:
(21) Testing and research laboratories:
(22) Warehouse and wholesale houses.
(Code 1966.§36-611(2):Ord.No.9:.94-1C. 1...13.91.Ord.No.92.9536.§`.IQ-12.92:Ord.No.99.9961.:2. 1.3-00:Ord.No.01-
1002_1.$:.2-12.0::Ord.No.01-I0056.;2.9.2d-01:Ord.No.05-10221.§2.6.20-05:Ord No.06-S10339.1 1.7-17-06)
Sec.42-304. Lot size requirements.
Lot size requirements in the C-4 district are as follows: no minimum requirements
,Cede 1966. ;36-611,3ui
•
SHANER APPRAISALS, INC. Identification of Subject Property • 61
Downtown Salina H.D. Lee Complex
•
Sec.42-305. Bulk regulations.
Bulk regulations in the C-4 district are as follows:
(1) Maximum structure height:no limitations.
(2) Yard requirements:
a. Front yard:none.
b. Side yard: none required.except as provided below.
c. Rear yard: none required. except as provided below.
d. Where any andor rear yard abuts a residential district. a landscaped side anchor rear
yard shall be provided along such side andor rear yard that is ten(10)feet in width.
(3) Maximum lot coverage: one hundred(100)percent.
.(cde 1966.;36-611.4),
Sec.42-306. Use limitations.
Use limitations in the C--1 district are as follows:
(1) All business establislunents shall be retail or service establishments dealing directly with
consumers. All goods produced on the premises shall be sold at retail on the premises where
produced. No products produced in tins district shall be of a nature that they would be
classified as a permitted use in the I-2 or I-3 districts if produced separately from a use
permitted in tins district.
(2) All business. service. storage and display of goods shall be conducted within a completely
enclosed building.
(3) No business establisluneit shall offer or sell food or beverages for consumption on the
premises in parked motor vehicles_
(4) Exterior lighturg fixtures shall be shaded so that no direct light is cast upon any property
located in a residential district and so that no glare is visible to any traffic on any public street.
;Code 1966. 36-611(5).Ord.No.95.9694.§1,7-10-95.Ord.No.99-9961, 3.1-3-00.Ord.No.01.10056.;3.9.23.01)
Secs.42-307-42-315. Reserved.
S
SHANER APPRAISALS, INC. Identification of Subject Property • 62
Downtown Salina H.D. Lee Complex
•
Site Plan
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•
SHANER APPRAISALS, INC. Identification of Subject Property • 63
Downtown Salina H.D. Lee Complex
Improvement Plans
The project has not yet developed specific proposed plans and specifications.
However, an architect has provided preliminary estimates for usage of the space
within the renovated buildings only.
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VcCUNI PAPER — LEE HARDWARE BUILD
248 AND 25L R. SANTA FE. SALINA, K S
:new s 4monoin es■
•
SHANER APPRAISALS, INC. Identification of Subject Property • 64
Downtown Salina H.D. Lee Complex
Michael T.Wilson,A.LA. 1110
Architect One P.A.
3500 SW.Fai rlawn Rd.01041
Topeka,Kansas 66614
1785)271-7010
►►e4titi.architeet one pa.cinit
1 have executed some initial space studies of the McCune Buildings in Salina and have the
following data.
Units passible: Exactly 100 in initial scheme
44-2 bedroom units of approx.900 s.f.
44-2 bedroom units of approx. 1,150 s.f.
12-2 or 3 bedroom units of approx. 1,800 s.f.
Total s.f.of apartment units 127,488 c.f.
Retail 32,000 c.f.—all on ground floor
The envisioned use of this portion of the subject property and projected density for
each use are as follows:
Retail 32,000 square feet
Office 0 square feet
Residential 127,488 square feet 11.
Although the architect has made no provisions for inclusion of any office space, a
mixed use project such as the one envisioned for this project would benefit from the
diversity of usage, which would then not create such a large demand for any one
specific type of use.
As will be discussed later in this report, it is our opinion that in the retail/office
portion of the development, the first floor area should be mostly retail space with
some office space and the second floor should be strictly office space. Obviously,
there may be some slight deviation when tenants lease space, as a retail user may
desire a second floor space, but this would not be considered typical.
The chart below reflects our estimated square footage for mixture of use for the
approximately 158,500 square feet of area that would be renovated within the
existing buildings.
Retail 23,775 square feet
Office 39,625 square feet
Residential 95,100 square feet •
SHANER APPRAISALS, INC. Identification of Subject Property • 65
Downtown Salina H.D. Lee Complex
SIThese estimates portray a 75% retail use on the first floor, a 25% office use on the
first floor, a 100% office use on the second floor and a 100% residential use on the
top three floors. The smaller portion of allocation to retail is primarily due to the
high concentration of retail usage for the vacant land that will comprise the rest of
the subject site. The above square footage figures will be used in our market
demand analysis for retail and office space for the area.
•
•
SHANER APPRAISALS, INC. Identification of Subject Property • 66
Downtown Salina H.D. Lee Complex
•
Property Summary
Condition: Fair
The buildings appear to have been fairly well maintained and
provide an above average appearance relative to competing
properties within its market. However, they have remained
vacant for quite some time. The all brick exterior and limestone
foundation are in above average condition. The interior is rated
overall to be in only fair condition. The office finish in the interior
is dated and of low quality. The vast majority of the interior of the
buildings is an empty shell. Much of the interior is covered with
pigeon feces.
We did not make a detailed inspection of the mechanical systems
or the roof and are not qualified to render an opinion as to the
adequacy or condition of these components. However, it is our
understanding that with any future renovations all new
mechanical systems will be required and replacement of the roof
will likely be necessary.
Quality: Good
Design and The property consists of three five-story buildings. The buildings
Functionality: are connected and have interior access from building to building. •
The interior columns throughout each of the floors (see subject
photographs) will have to be taken into consideration from a
functionality standpoint when the design plans are formalized.
The property has no on-site covered parking.
Actual Age: 102/79 years
Effective Age: 50 years
Expected 80 years
Economic Life:
Remaining 30 years
Economic Life
"As-is":
Financing and Development Incentives
The subject property is located in a specified area within the City of Salina that
makes it eligible for several incentives for development. It is within the
Neighborhood Revitalization Area, which provides property owners the opportunity
to receive a 10-year property tax rebate on additional taxes levied as a result of
property improvements. It is also located within the Special Redevelopment Area.
This district provides waiver of building permit fees. Lastly, it is located within the
III
Business Improvement District which allows for exterior improvement grants and
allows properties to earn special assessments.
SHANER APPRAISALS, INC. Identification of Subject Property • 67
Downtown Salina H.D. Lee Complex
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In order to be R000 coWTROL Lt-NEE
eligible, the �+.0 111111111
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Downtown Salina H.D. Lee Complex
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SHANER APPRAISALS, INC. Identification of Subject Property • 69
Downtown Salina H.D. Lee Complex
• The property is designated as a Conservation District Property by the local Salina
Heritage Commission. This designation protects it from demolition without prior
board review and approval. The City of Salina Department of Planning and
Community Development submitted a Preliminary Site Information Questionnaire
(PSIQ) to the Cultural Resources Division of the Kansas State Historical Society. The
questionnaire assists the Society in evaluation of whether or not a property may be
eligible for the National Register of Historic Places and/or the Register of Historic
Kansas Places. The property may be eligible for state and federal tax credits based
on its historical past association with H. D. Lee.
The City of Salina recently received notice from the Kansas State Historical Society
that after their review of the PSIQ they have determined that the subject property is
potentially eligible for inclusion in the National Register of Historic Places under
Criterion A for its associations with local commerce, Criterion B for its association
with Henry David Lee, and Criterion C in the area of architecture.
The subject property also has potential to be rehabilitated utilizing Federal
Rehabilitation Tax Credits. This program allows a property to begin a certified
rehabilitation even before it is listed on the National Register.
The City of Salina has engaged a preservation consultant to compile the necessary
research and prepare the nomination for submission to the Historical Society.
• If the subject property receives a designation as being on the Register of Historic
Places it will be eligible for several incentive programs for historic properties. The
Heritage Trust Fund provides matching grants for the preservation of National
and/or State Register-listed properties. A twenty-five percent state income tax credit
on certified rehabilitations is available for National and/or State Register-listed
properties. A twenty-percent federal Investment Tax Credit is available for the
certified rehabilitation of income-producing properties that are listed on the
National Register.
Other types of incentives that the owners of the subject property may want to
explore include Tax Increment Financing and a Property Improvement Revolving
Loan Fund (RLF). TIF is typically utilized for revitalization of an area or property
that falls within a district that has been designated as "blighted". It contemplates
that property owners receive partial payment for future tax revenues that are created
due to the overall increase in the tax base that an improved property will represent.
An RLF is a fund that is set up to assist developers in improving infrastructure and
properties. It is most typically used for restoration of facades of buildings with
historical significance.
•
SHANER APPRAISALS, INC. Identification of Subject Property • 70
Downtown Salina H.D. Lee Complex
Another form of tax credit worth exploration is the New Markets Tax Credit •
(NMTC) program. The Department of Treasury authorized grants to taxpayers who
are willing to make investments in or loans to qualified businesses or organizations
located in low to moderate income communities. The tax credits equal 39 percent
of the amount invested and the investors can claim the credits over a seven year
period. Many real estate developers are also combining historic tax credits with
NMTC's to enhance the equity contribution that the tax credit investor is willing to
make to the project.
Conclusions
The new development should maintain strong consistency from an aesthetic point of
view with the historical architecture and qualities of the original buildings. It is
recommended that they incorporate the brick and stone facade that is represented
by the existing structures.
The developers would like to create an open-air feeling throughout the site similar
to the Legends development in Kansas City, Kansas. They envision walkways for
pedestrian traffic between the retail buildings. It is our suggestion that the walkway
possibly be cobblestone or brick pavers to tie in with the era of the original
buildings and encourage pedestrian traffic between the north and south commercial
areas. However, the amount of walkway needs to be somewhat limited due to the
relatively small footprint of area available for additional commercial development
on the subject site.
In regards to the additional retail shops we suggest some type of open plan that
would incorporate not only store frontage on Santa Fe and 5`h but also contain some
properties that front on the interior of the site. This would be conducive to
pedestrian traffic.
Further, in keeping with the tradition of mixed-use properties, some or all of the
new store-front retail type properties should contain a mixture of office and
residential loft style apartments above. This would complement the adaptation of
the Lee warehouse buildings and create additional rental opportunities by building
up due to the somewhat restricted footprint available on the remainder of the
subject property site for new construction.
The "streetscape" should complement the mill district from yesteryear in regards to
sidewalks, street lanterns, trash receptacles, etc. Further, it would be a good idea to
have some small water retention areas with fountains, possibly at pedestrian
entrances, that serve as water features for the development.
Due to the fact that the architecture of the current buildings would not allow for any
type of exterior walkway design and entrance that would provide visibility to
second floor space it is our recommendation that the entire second floor be utilized
as office space, with access via a central interior hallway
i
SHANER APPRAISALS, INC. Identification of Subject Property • 71
Downtown Salina H.D. Lee Complex
• The loft apartments that were part of the initial space study completed by the
architect for the upper floors of the development would include two and three
bedroom units that contain approximately 900-1,800 square feet. It is our opinion
that there is minimal demand for large three-bedroom loft type units in this market
area. Instead, we believe that the unit mix should also include a significant number
of studio/one-bedroom units. In discussions with loft developers, it appears that
there is strong demand for partitioning a bedroom even if the walls are shorter than
ceiling height. It is our recommendation that there be partitioning for a bedroom,
and that these units be identified and marketed as one-bedroom loft apartments.
We also believe that the majority of the two-bedroom units should contain two
baths.
Each unit should have a spacious living area, cooking facilities, bathroom, and
closets. Access to the units should be via elevators, stairways and interior hallways.
The quality of these units should be similar to superior to other newer apartments in
the Salina area but should incorporate the nuances of loft-style living with open-
span ceilings revealing the trusses, minimal interior walls and the original brick
exterior walls. The close proximity of floor to ceiling beams throughout the
building will also need to be carefully examined and incorporated in any design
plans.
We would recommend that the lofts be apartment rental units rather than owner-
• occupied condominiums as the rental market for this size and design units is
stronger than the owner-occupied market. Buyers for the more custom build design
plans have available space in the heart of the downtown area where this type of
construction has historically taken place and which will allow greater flexibility in
regards to overall unit size to meet specific user demand.
•
SHANER APPRAISALS, INC. Identification of Subject Property • 72
Downtown Salina H.D. Lee Complex
Flood Map •
PROPERTY ADDRESS:
STDBU N L.!N E.com 248 N Santa Fe Ave,Salina,KS 67401.2318
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SHANER APPRAISALS, INC. Identification of Subject Property • 73
Downtown Salina H.D. Lee Complex
•
AREA AND NEIGHBORHOOD
Area Overview
The subject is located in the mid-sized community of Salina, Kansas. Salina is
centrally located near the geographic center of the United States. It is the county
seat for Saline County and is regionally located in north central Kansas. It is
approximately 170 miles west of the Kansas City metropolitan area and
approximately 80 miles north of Wichita, Kansas. Following is a discussion of the
primary area characteristics and trends impacting the subject property.
Much of Saline County and the communities located within its bounds rely
primarily on agrarian businesses. Despite farming having setbacks over the years,
the population of the area has experienced small increases, likely a result of
attracting private industry to the area once known as the Schilling Air force Base.
Saline County, as well as the city of Salina, have been slightly increasing in
population from 1990 to 2007 and are projected to remain relatively stable in the
next five years.
The population of the primary market area experienced moderate growth for each of
• the past two decades. The population was approximately 45,679 in 2000, up from
42,568 in 1990. The 2007 population is forecasted at 46,458 and 47,090 in 2012.
The subject property is situated in northern Salina. The Central Business District of
Salina lies just to the south of the subject and is conveniently accessed by an
interior network of streets. The western border of the subject site is Santa Fe Street,
which is the main north/south corridor through downtown.
Although historically downtown Salina was the heart of the business community,
the majority of the retail base is now located in southern Salina, with the location of
a regional mall, traditional strip-shop centers and big-box tenants. Downtown
continues to provide employment for local government, financial and professional
service firms and is home to the Salina Regional Health Center. The other emphasis
downtown is its historical relationship with the arts and humanities as evidenced by
the many small specialty shop businesses. Several new restaurants have also
opened downtown within the past few years. Other growth downtown has
included conversion of second floor loft areas to residential use for owner
occupants.
Access
Regional access to and from the local market area is good due primarily to the
presence of Interstate 70, which borders the local area to the north. Additionally,
Interstate Highway 135 serves as a primary north-south artery in the western portion
of the area. Interstate 135 connects Salina with cities such as Wichita, Oklahoma
SHANER APPRAISALS, INC. Area and Neighborhood • 74
Downtown Salina H.D. Lee Complex
City, and Dallas. Interstate 70 provides direct access to Denver and Kansas City. •
Other highways extending through Salina include U.S. 81 and U.S. 40 Highways.
There are adequate primary and secondary streets providing access throughout the
neighborhood. Primary east-west collector streets in the area include North Street,
Iron Street, State Street, Crawford Street, Republic Street, Cloud Street, Magnolia
Street and Schilling Street. North-south collector streets include Marymount Road,
Ohio Street, Santa Fe, Ninth Street, Broadway Boulevard and Centennial. The area
is also served well by an ample network of secondary streets.
Employment
According to the Salina Chamber of Commerce there are approximately 100
manufacturing companies that employ over 6,700 people. Some of the largest
manufacturers include:
Schwan's Global Supply Chain Great Plains Manufacturing
Exide Technologies Raytheon Aircraft Company
Philips Lighting Company Eldorado National, Inc.
KASA Industrial Controls ADM Milling
Salina Journal Crestwood, Inc.
Premier Pneumatics, Inc. Turbine Specialties
PKM Steel Service, Inc. APAC-Kansas Inc.-Salina Branch
Exline, Inc. Pepsi Cola Bottling
OCCK Salina Vortex .
Salina Steel Company Love Box company
Geoprobe Systems Triad Manufacturing
Metal Cast McShares
Consolidated Printing Berkamp Fabricators, Inc.
Other large employers within the market area include:
Salina Regional Health Center City of Salina/Saline County
Sunflower Bank Advance Auto Parts America
Wal-Mart Wilson and Company
Lock\line Blue Beacon International
Dillon Stores Kansas State University-Salina
Western Resources/KP&L School Specialty Supply
UMB-NBA Kansas Cellular
SBC/Southwestern Bell Union Pacific
Kansas Wesleyan University ALLTEL
Lowe's Home Improvemement
Salina serves as an economic hub for much of the surrounding communities. This is
evidenced by the fact that one of the largest employers in the area is the regional
health center, as shown in the following table of major employers.
0
SHANER APPRAISALS, INC. Area and Neighborhood • 75
Downtown Salina H.D. Lee Complex
• MAJOR EMPLOYERS
Number of
Name of Employer Industry Employees
Schwan's Food Management Food Processing 2,000
Salina Regional Health Center Healthcare 1,082
Exide Battery Manufacturing 800
Great Plains Mfg Manufacturing 650
Phillips Lighting Manufacturing 600
Raytheon Aircraft Aircraft Manufacturing 300
Solomon Corporation Manufacturing 300
Lock/line Services 300
Eldorado National, Inc. Vehicle Manufacturing 255
Walmart Retail 183
Source:Salina Chamber of Commerce
Another significant employer is the Salina public school district, USD #305,
employing 935 faculty and staff members.
Employment in Saline County is relatively diverse with trade, service and
manufacturing sectors making up 76% of jobs, while another 13% are government
positions. As reported by the Kansas Department of Labor, Saline County
• employment is reflected in the following table:
ANNUAL AVERAGE
2000 2001 2002 2003 2004 2005
Civilian Labor Force 29,043 30,051 30,311 30,823 29,703 31,293
Employed 28,116 28,933 29,077 29,413 28,190 29,925
Unemployed 927 1,118 1,234 1,410 1,513 1,368
Unemployment Rate 3.2% 3.7% 4.1% 4.6% 5.1% 4.4%
Kansas Unemployment 3.8% 4.3% 5.1% 5.6% 5.6% 5.1%
The unemployment rate has steadily increased since 2000, but declined to 4.4% in
2005. Saline County's unemployment rate has remained below the state averages
throughout the last five years, indicating more favorable conditions in this county of
the state. Lower than typical unemployment rates will traditionally stimulate
employment growth. Increased employment growth is generally an indicator of
need for additional housing stock.
Following is a breakdown from 2005 of the Saline County Civilian Labor Force
broken down in terms of job type. As you will see the areas with the highest
percentages of labor in this region include manufacturing, health care, government
and the trade industry.
•
SHANER APPRAISALS, INC. Area and Neighborhood • 76
Downtown Salina H.D. Lee Complex
Salina County Civilian Labor Force
2005 Year End Totals
•
'rarer S.vca• vi��,acr,.rnq
ail IS%
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Y4
Total Saline County Civilian Labor Force- 34,148
2005 Annual Averages
Utilities 50 •
Construction 1,502
Manufacturing 5,941
Wholesale Trade 1,206
Retail Trade 4,360
Transportation & Warehousing 1,150
Information 672
Finance & Insurance 1,166
Real Estate & Rental & Leasing 236
Professional & Technical Services 968
Management of Companies & Enterprises 200
Administrative & Waste Services 863
Educational Services 441
Health Care & Social Assistance 3,510
Arts, Entertainment & Recreation 256
Accommodation & Food Services 2,440
Other Services, Exc. Punic Administration 1,358
Government 3,981
Farm Employment 485
1,1r7 We'
S
SHANER APPRAISALS, INC. Area and Neighborhood • 77
Downtown Salina H.D. Lee Complex
• Travel time to and from work for the entire market area is very reasonable due to the
grid-like street infrastructure and the interstate highway system that borders the
community.
2000 Workers 18.by Travel Time to Work
Total 30,519
Did Not Work at Home 95.9%
Less than 5 minutes 5.2%
5 to 9 minutes 23.1%
10 to 19 minutes 46.5%
20 to 24 minutes 8.4%
25 to 34 minutes 7.3%
35 to 44 minutes 1.0%
45 to 59 minutes 1.4%
60 to 89 minutes 1.4%
90 or more minutes 1.6%
Worked at Home 4.1%
Average Travel Time to Work(in min) 15.7
Housing
Residential development within the community of Salina is generally of older
vintage. According to demographic information provided by ESRI, Inc., over 67°/0 of
the housing stock was built prior to 1970. The median year of construction for
residences in the area is 1959.
• Per ESRI statistics, nearly 71.2% of residential dwellings in the community consist of
single-family homes. The median home value in the city is cited by ESRI to be
$114,251. Due to the relatively low cost of homes in the area, only a small portion
of apartment properties exist—most of which consist of less than 20 units.
Furthermore, a significant portion of the multifamily properties cater to senior
citizens and/or low-income families.
Utilities
All utilities are available to the area. The following companies provide service:
Electric Western Resources
Water/Sewer City of Salina
Gas Western Resources
Telephone SBC/Southwestern Bell
Recreation
The City of Salina has 18 parks which encompass over 700 acres of land. Located
within the city limits are 19 gyms, 19 tennis courts, 18 baseball/softball fields, seven
swimming pools (two public and five private), three 18-hole golf courses (one
public and two private), one 9-hold par three golf course, five football fields, a
• bowling center, ice skating rink, roller skating rink, three rodeo areas, four running
tracks and a YMCA.
SHANER APPRAISALS, INC. Area and Neighborhood • 78
Downtown Salina H.D. Lee Complex
•
Education
The district consists of eight elementary schools, two middle schools, and two
senior high schools with a total enrollment of 7,100 students. In addition to the
public sector of schools, private schools consist of five elementary, two junior high,
and two high schools. St. John's Military School, an all-boy school affiliated with the
Episcopal Church, serves boarding students grades kindergarten through senior year
from 35 state and foreign countries. The community also benefits from the presence
of higher learning institutions such as Kansas Wesleyan University, Kansas State
University-Salina, and Brown Mackie Community College. Kansas Wesleyan
University employs over 170 faculty members and staff, and has enrollment of
approximately 800 students. Kansas State University at Salina is home to the College
of Technology and Aviation which offers associate and bachelor's degrees in the
areas of engineering technology and aviation, as well as business. Current
enrollment is approximately 1,000 students, and over 125 faculty and staff members
work on the Salina campus.
There is one public library with approximately 220,000 items for circulation, two
college libraries, a medical library and a law library. The city also has eight
museums and galleries.
Traffic Counts
The latest traffic count map prepared for the City of Salina was September of 2005 •
and was compiled by the Kansas Department of Transportation. The two maps that
follow are for the northern portion of town, which would include the subject site
and all of the downtown area and a map containing the majority of the City of
Salina.
•
SHANER APPRAISALS, INC. Area and Neighborhood • 79
Downtown Salina H.D. Lee Complex•
4110 . 7160 5525 •. dral C.I.I IT:X 7630
x; r
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The closest area to the subject site tracked were Ash Street (southern border of site)
just to the east of the site at approximately 4'h Street, which monitored 6,136
vehicles per day traveling east and west. Elm Street (northern border of site) at
approximately 4'h Street carried 4,170 vehicles per day of east/west traffic. Ash
Street just to the west of the subject site at approximately 9th Street had a count of
6,800 vehicles per day. The closest traffic counts of north/south traffic were Santa
Fe Street at Iron which carried 6,865 cars per day and 9'h Street at Ash which totaled
9,400 vehicles per day in a north/south direction.
•
SHANER APPRAISALS, INC. Area and Neighborhood • 80
Downtown Salina H.D. Lee Complex
•_ llili �®�7,.1_isd'9 130 7109 •
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In terms of the City of Salina as a whole most of the higher traffic counts are located
in the southern portion of town. The highest daily number of vehicles reported was
at the area of 9'h Street and Magnolia with 24,140. This is the area surrounding all
of the big-box retail locations. Traffic count numbers typically decreased as they •
were monitored going north.
SHANER APPRAISALS, INC. Area and Neighborhood • 81
Downtown Salina H.D. Lee Complex
• The streets with the higher activity in town make sense from a geographical
standpoint. The most traveled north/south roadways were Broadway, 91h Street and
Ohio. Broadway is located on the west side of town, 9'h Street in the middle of
town and Ohio on the east side of town. Likewise, the most traveled east/west
roadway was Crawford, which is the main thoroughfare located in the middle of
Salina. Some of the busiest intersections included Iron and Ohio, 9'h and Magnolia
and all of the main intersections located along Crawford.
Much of the reason for the high traffic counts along Crawford, other than its central
location, is the fact that there is an interchange off of Highway 135. The other
interchange off of the highway feeds into Magnolia, which also explains its high
traffic counts.
Health Care
The City of Salina has one hospital, Salina Regional Health Center which provides
regional service. It has 330 licensed beds and various facilities that provide mental
health services and counseling, including an alcoholism and drug dependence
treatment center. The Salina Surgical Hospital was created in November of 1999
and is located at the corner of Santa Fe and South Streets. An expansion was
completed in 2005. The Tammy Walker Cancer Center was opened in November
of 2004 and is located at 511 S. Santa Fe. The Salina Medical Arts Building and a
five-level parking garage were also added as part of the recent expansion and
• remodeling of Salina Regional Health Center.
Within the community there are also 22 medical clinics, 12 private practice offices,
20 chiropractic clinics and approximately 150 doctors, surgeons and dentists. There
are five retirement/life care facilities and six nursing home/intermediate care
faci I ities.
Tourism
Over 500,000 people visit the City of Salina each year for conventions, trade shows
and meetings. Salina has about 30 hotels/motels which provide over 1,900 rooms
and 80 restaurants. The Bicentennial Center is a 7,600 seat arena with over 40,000
square feet of exhibition space. It is located just east of the downtown area in
Kenwood Park and hosts concerts, conventions, trade shows, sporting events,
rodeos, circuses and special events.
Annual events that draw tourists include the Bygone Days, Prairie Festival, Santa Fe
Day, Smoky Hill River Festival, the Tri-Rivers Fair, NJCAA Women's National
Basketball Championship Tournament and the Mid-America Farm Exposition..
Other local attractions include the Rolling Hills Wildlife Adventure & Museum,
Smoky Hill Vineyards & Winery, Yesteryears Museum, Stiefel Center for the
Performing Arts, Smoky Hill Museum, Yesteryears Museum, Lakewood Discovery
Center and Nature Area and Jumpin'Joe's Family Fun Center.
•
SHANER APPRAISALS, INC. Area and Neighborhood • 82
Downtown Salina H.D. Lee Complex
Land Use •
The community of Salina is composed primarily of single-family residential
construction complemented with a multifamily segment that comprises
approximately 20% of the housing stock. Most multifamily development is of
similar vintage to the single-family homes, but is generally in only fair to average
condition. Vacant developable land is relatively scarce within the primary core of
the city, but ample land exists on the periphery. The Salina Municipal Airport and
Salina Airport Industrial Center, located in the southwest portion of the city,
replaced the Schilling Air Force Base after it closed in April of 1965. The
development covers nearly 3,000 acres—over 750 of which are designated for
industrial and commercial use—and is home to most of Salina's heavy industrial
users and larger manufacturing employers. More industrial development exists along
the highway and to the northeast. Commercial retail and office development
comprise the smallest segments of development—generally limited to primary
intersections and scattered along major thoroughfares.
The Central Business District (CBD) of Salina, Kansas is situated near the northern
boundary of the city, which consists primarily of institutional and governmental
agencies.
Cultural Arts
Much of the downtown area is dedicated to the preservation of the importance of
the arts and humanities to this community. There are a multitude of cultural events
available in the City of Salina, particularly within the downtown area. The Salina •
Arts & Humanities Commission has a strong presence and influence in this area.
Salina has an active community theatre, symphony, chorus and band. You will find
the Salina Art Center, The Art Center Cinema, Blue Stem Art Gallery, Smoky Hill
Museum, Great Plains Theatre Festival and the Stiefel Theatre for the Performing
Arts. Major cultural events held annually include the Smoky Hill River Festival, Five
State Annual Jurored Art Exhibition, Spring Poetry Series, Christmas Candlelight
Service, Traveling Art Series, Salina Jazz Series, Santa Fe Day and the Prairie
Festival.
0
SHANER APPRAISALS, INC. Area and Neighborhood • 83
Downtown Salina H.D. Lee Complex
•
Conclusion
The community of Salina, as well as Saline County, has been experiencing a small
consistent increase in population over the last several years. Established industries
exist within the immediate area, and the local medical center serves much of the
surrounding region. The existing industries provide a stable source of employment,
and convenient regional transportation routes should provide Salina with stability
and moderate growth in the foreseeable future.
•
•
SHANER APPRAISALS, INC. Area and Neighborhood • 84
Downtown Salina H.D. Lee Complex
•
Neighborhood Overview
For purposes of this report, the submarket neighborhood boundaries are best
described as follows:
North E I m Street
South Prescott Avenue
East 4th Street
West 9th Street
The neighborhood boundaries outlined above in this 31-square block area basically
represent what is considered to be "downtown" Salina. The original center of
downtown historically was Santa Fe and Iron Street, which is now considered to be
in north-central downtown as expansion has taken place to the south.
Neighborhood land use within the downtown corridor is predominantly
commercial retail usage. The neighborhood was largely constructed around the •
turn of the century and was typical of a Main Street community. The structures are
typically older store-front properties, some of which have been renovated and
updated. There are few residents within the downtown location but there are some
second floor loft apartments above the retail establishments. Further, some of the
second floor space has been purchased by owner occupants who have custom built
out the space for use as a personal residence.
The downtown retail and business district is strongly affected by the presence of the
Salina Regional Health Center and the City office complex, two of the largest
employers in the City of Salina. These employment centers basically act as
"anchor" tenants to the downtown area and support the various restaurant and retail
options found in the commercial area of the central business district.
There is a single grocery store located within the downtown parameters and that is
one of the original Dillon's Stores located at 511 E. Iron Street. The downtown area
contains one national retail chain (The Dollar Store) and two chain restaurants
(Sonic and Taco Johns). There are also four newer restaurants that have opened
within the past several years (Martinis, Little Italy, Nacho Mamas and Santa Fe Philly
and Subs).
SHANER APPRAISALS, INC. Area and Neighborhood • 85
Downtown Salina H.D. Lee Complex
•
DEMOGRAPHIC REPORTS
Overview
This section of the report contains all of the pertinent demographic information that
have been prepared and which provides the basis for the support of the conclusions
derived in this market study analysis. The data sources utilized for collection of this
information is primarily the U.S. Bureau of the Census, Bureau of Labor Statistics as
well as the Salina Chamber of Commerce. ESRI, Inc. was the primary source of the
future projections. For purposes of this study the most pertinent demographics were
the age and income of the population, household growth, housing profiles including
number of housing units and a market profile of the retail marketplace.
The accompanying charts and graphs are provided for both the primary and
secondary market areas.
•
•
SHANER APPRAISALS, INC. Demographic Reports • 86
Downtown Salina H.D. Lee Complex
Standard Map •
Prepared by Shaner Appraisals
June 20,2007
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•
SHANER APPRAISALS, INC. Demographic Reports • 87
Downtown Salina H.D. Lee Complex
4110 sa app iree1.._
Community Summary
Prepared by Shaner Appraisals
Places:Salina city.KS
Summary 2000 2007 2012
Population 45,679 46.458 47.090
Households 18.523 18.953 19.248
Families 11,878 11,980 11.986
Average Household Size 2.39 2.35 2.38
Owner Occupied HUs 12.244 12.855 12.999
Renter Occupied HUs 6,279 6.098 8.249
Median Age 35.3 36.4 36,7
Total Housing Units 19.599 20.269 20.708
Vaunt Housing Units 1,076 1.316 1.458
Average Home Value 594,526 $130,967 5152.020
Total Businesses 1.771
Total Employees - 14.778
2000 2007 2012
Households by Income Number Percent Number Percent Number Percent
<515.000 2.951 15.9% 2,212 11,7% 1,842 9.6%
515.000-524,999 2.859 15.4% 2.098 11.1% 1,710 8.9%
525.000-534,999 3.113 16.8% 2,256 11.9% 1,931 10.0%
$35.000-549,999 3.754 20.3% 3.745 19.8% 3.124 16.2%
550,000.574,999 3.647 19.7% 4,253 22.4% 4,589 23.7%
575.000.$99,999 1.180 6.4% 2.392 12.6% 2.728 14.2%
5100.000-$149,999 683 3.7% 1,312 6.9% 2.271 11.8%
• 5150-000.$189.000 158 0.9% 363 1.9°6 560 2.9%
5200.000+ 192 1.0% 323 1.7°,b 514 2.7%
Median Household income 538.084 546,256 554.277
Average Household Income 544 888 557,317 588.556
Per Capita Income 518.593 523.811 528.496
2000 2007 2012
PopulatIon by Age Number Percent Number Percent Number Percent
0-4 3.264 7.1% 3,334 7.2% 3.379 7.2%
5-14 6.571 14.4% 6,115 13.2% 5.958 12.7%
15-19 3.470 7.8% 3,265 7.0% 3.307 7.0%
20-24 3.110 8.8% 3.671 7.9%% 3.456 7.3%
25•34 6,196 13.8% 6,031 13.0% 6.564 13.9%
35-44 6.899 15.1% 6,187 13.3% 5.594 11.9%
45-54 5.859 12.8% 6,693 14,4% 6.492 13.8%
55-64 3,794 8.3% 4,649 10.0% 5,765 12.2%
65-74 3.253 7.1% 2,950 6.3% 3.090 6.6%
75-84 2,365 5.2% 2,480 5.3% 2.278 4.8%
85. 898 2.0% 1,083 2.3% 1,204 2.6%
2000 2007 2012
Race and Ethnicity Number Percent Number Percent Number Percent
white Alone 40.090 87.8% 39.597 85.2% 39,154 83.1%
Black Alone 1,630 3.6% 1,749 3.8% 1.837 3.9%
American Indian Alone 256 0.8% 267 0.6% 274 0.6%
Asian Alone 896 2.0% 1,244 2.7% 1,553 3.3%
Psci5c Islander Alone 21 0.0% 29 0.1% 36 0.1%
Some Other Race Alone 1,728 3.8% 2,353 5.1% 2,894 6.1%
Two or More Races 1,058 2.3% 1,218 2.6% 1.342 2.8%
Hispanic Origin(Any Race) 3.067 8.7% 4,167 9.0% 5.117 10.9%
Data Note:Income is expressed in current collars.
Source:U.S.Bureau of the Census.2000 Census of Population and Flousing ESRI forecasts`or 2007 and 2012 were eaective as of July I.2007.Busness dots provided by
ACxrom Copyright 2007,at noels taloned
•
SHANER APPRAISALS, INC. Demographic Reports • 88
Downtown Salina H.D. Lee tilift:Dparrtee&al•... Population Growth Chart •
Prepared by Shaner Appraisals
Area 1
Places:Salina city,KS
2000-2007 Population Annual Rate 0.27%
2007-2012 Population Annual Rate 0.27%
Total Population
Area 1
rnp-
45079 48458 47090
5000 42589
•0000-
45000
0000—
0000
15000
0000-
5000-
0
5to 2000 2007 2012
Source:U.S.Bureau of the Census,2000 Census of Population and Housing.ESRI converted 1990 Census data into 2000 geography.ESRI forecasts tot 2007 end 2012.
•
•
SHANER APPRAISALS, INC. Demographic Reports • 89
Downtown Salina H.D. Lee Complex
• Sa;APPT.er.,,lsw Detailed Age Profile
Prepared by Shaner Appraisals
Places:Salina city,KS
Census 2000 2007 2012 2007-2012 2007-2012
Change Annual Rate
Population 45,679 46,458 47.090 632 0.27%
Households 18,523 18,953 19.248 295 0.31%
Average Household Size 2.39 2.38 2.38 0 0%
Total Population by Detailed Age
Census 2000 2007 2012
Number Percent Number Percent Number Percent
Total 45.679 100.0% 46.459 100.0% 47,086 100.0%
<1 635 1.4% 674 1.5% 688 1.5%
1 706 1.5% 707 1.5% 720 1.5%
2 686 1.5% 668 1.4% 672 1.4%
3 608 1.3% 640 1.4% 650 1.4%
4 629 1.4% 646 1.4°% 647 1 4%
5 671 1.5% 605 1.3% 607 1.3%
6 682 1.5% 604 1.3% 610 1.3%
7 639 1.4% 577 1.2% 581 1.2%
8 704 1.5% 604 1.3% 609 1.3%
9 637 1.4% 587 1.3% 572 1.2%
10 665 1.5% 653 1.4% 613 1.3%
• 11 697 1.5% 640
1.4% 599 1.3%
12 608
1.3%% 623 1.3% 589 1.3%
13 613 1.3% 626 1.3% 595 1.3%
14 655 1.4% 596 1.3% 583 1.2%
15 694 1.5% 651 1.4% 651 1.4%
16 646 1.4% 602 1.3% 623 1.3%
17 672 1.5% 596 1.3% 630 1.3%
18 728 1.6% 684 1.5% 691 1.5%
19 730 1.6% 732 1.6% 713 1.5%
20-24 3,110 6.8% 3,671 7.9% 3,456 7.3%
25-29 3.029 6.6% 3.329 7.2% 3,539 7.5%
30-34 3,167 6.9% 2,702 5.8% 3,025 6.4%
35-39 3.437 7.5% 3.001 6.5% 2.574 5.5%
40-44 3.462 7.6% 3.186 6.9% 3,020 6.4%
45-49 3,195 7.0% 3,387 7.3% 3,213 6.8%
50-54 2.664 5.8% 3.306 7.1% 3.279 7.0%
55-59 2,052 4.5% 2,653 5.7% 3,322 7.1%
60-64 1.742 3.8% 1,996 4.3% 2.443 5.2%
65-69 1,610 3.5% 1,620 3.5% 1,728 3.7%
70-74 1.643 3.6% 1,330 2.9% 1,362 2.9%
75-79 1.391 3.0% 1,372 3.0% 1,136 2.4%
80-84 974 2.1% 1,108 2.4% 1,142 2.4%
85+ 898 2.0% 1.083 2.3% 1.204 2.6%
<18 11.847 25.9% 11,299 24.3% 11.239 23.9%
18+ 33,832 74.1% 35,160 75.7% 35,847 76.1%
21+ 31.724 69.4% 33,011 71.1% 33.734 71.6%
Median Age 35 3 36.4 36.7
Data Note:Detail may not sum to totals due to rourxing.
• Source:U.S Bureau of the Census,2000 Census of Population and Hcusmg.ESRI forecasts for 2007 and 2012
SHANER APPRAISALS, INC. Demographic Reports • 90
Downtown Salina H.D. Lee Complex
i '°ro'°'' Detailed Age Profile S
Prepared by Shaner Appraisals
Places:Salina city,KS
Total Population by Detailed Ape
Percent ._...... _ �.,.... __..�, .... _.. ,,
0.8 10 210 3? 4? 510 6i0 70 8 G
`t
1 4.111111.111111.111
2-111111111.1111101111iT
3-11111■1.1111111.119
1-1111.11111111111111111
5-111111111111.1.111111T
6---1111.1.11..
7-1111111111....r
s
9-1■11111•111W
10-I
II I
12-11111111■1111.
1311,
14-=11.11r
15
is -111.111111.111T
ki 164......, III
1. 17
Ism I
19
20-21
2529
30-31
35-39
3014 1
4519
50.54
55.59
i
60.64
� I
6568
70.74
7579
80-I
Census 2000 -2007 D 2012
Source:u S Bu eau o11te Census.2000 Census of Pooutalton and Housaiq ESRt*recasts lot 2007 and 2012
I
SHANER APPRAISALS, INC. Demographic Reports • 91
Downtown Salina H.D. Lee Complex
• :'�'^r sees_ Detailed Income Profile
Prepared by Shaner Appraisals
Places:Salina city.KS
Census 2000 2007 2012 2007-2012 2007-2012
Change Annual Rate
popular 45,679 46.458 47,090 632 027%
Households 18.523 18.953 19,248 295 0 31%
Average Household Size 2.39 2.38 2.38 0 0%
Families 11.878 11,980 11,986 6 0.01%
Average Fanly Size 2.98 2.95 2.95 0 0%
Census 2000 2007 2012
Number Percent Number Percent Number Percent
Households by Income
HH Income Base 18,537 100.0% 18.954 100.0% 19.247 100.0%
.510,000 1,684 91% 1,390 7.3% 1,164 6.0%
510,000-514,999 1,267 6.8% 822 4.3% 678 3.5%
515,000-$19,999 1,463 7.9% 1,067 5.6% 799 4.2%
520,000-524,999 1,396 7.5% 1,031 54% 911 4.7%
$25,000-$29.999 1,378 7.4% 1.123 5.9% 879 4.6%
$30.000-534.999 1,735 9.4% 1,133 6.0% 1,052 5.5%
$35,000-539,999 1,423 7.7% 1,238 6.5% 977 5.1%
544000-544,999 1.285 6.9% 1,361 7 2% 1,015 5.3%
545,000-549,999 1,046 5.6% 1,148 6.1% 1,132 5.9%
550.000-559,999 1.832 9.9% 1,995 10.5% 2.127 11.1%
560,000-574.999 1.815 9.8% 2.258 11.9% 2,442 12.7%
575.000-599.999 1,180 64% 2,392 12.6% 2.726 14.2%
$100,000-5124,999 505 2.7% 874 46% 1.500 7.8%
5125.000-5149.999 178 19% 438 2.3% 771 4.0%
• $150,000-$199.999 158 0.9% 363 1.9% 560 2.9%
52 ,000.5249,999 192 10% 151 0.8% 229 1.2%
$250.000.5499.999 WA 143 0.8% 210 1.1%
i500,060. N/A 29 02% 75 0.4%
Median Household Income 536,084 546,256 $54.277
Average Household Income 544,888 557,317 $68,556
Per Capita Income 518,593 $23,811 528.436
Families by Income
Fanny income Base 11,979 100.0% 11.979 100.0% 11,985 100.0%
.510,000 514 4.3% 421 3.5% 397 3.3%
510,000-514,999 450 3.8% 240 2.0% 178 1.5%
515.000-519.999 687 5.7% 312 2.6% 205 1.7%
520.000-524,999 648 5.4% 536 4.5% 350 29%
525.000-529,999 745 6.2% 514 4.3% 385 3.2%
530,000-534,999 939 7.8% 555 4.6% 473 3.9%
535.000.539,999 978 62% 631 5.3% 417 3.5%
540,000-544,999 957 8 0% 751 6.3% 567 4.7%
$45.000.549,999 821 69% 771 6.4% 583 4.9%
550,000-559,999 1,559 13.0% 1,516 12.7% 1,352 11.3%
560,000-574,999 1,682 14 0% 1,749 14.6% 1,637 13.7%
$75,000-599,999 1,082 90% 2,148 17.9% 2,234 18.6%
5100.000-5124,999 415 3.6% 765 6.4% 1,579 13.2%
5125,000-5149,999 170 14% 453 3.8% 604 5.0%
5150,000-$199.999 152 1.3% 335 2.8% 544 4,5%
5200.000-1249,999 160 1.3% 139 1.2% 242 2.0%
5250.000-1499,999 N/A 123 1.0% 180 1.5%
$500.000. N/A 20 0.2% 58 0.5%
Median Family Income 545,388 $57,986 $69,102
Average Fannity Income 554.367 589,777 $85,309
Data Note:Income represents the annual income for the preceding year.expressed in current dollars,including an adjustment for inflation(for 2007 and 2012).In 2000,the Census
Bureau reported Income to an upper interval of 5200,000e.ESRI forecasts extend income to 5500.000*.N/A means Not Available.
Source:U S Bureau of the Census,2000 Census of Population and Housing.ESRI forecasts for 2007 and 2012.
el
SHANER APPRAISALS, INC. Demographic Reports • 92
Downtown Salina H.D. Lee Complex
ex p:r
SauPpr"'" '".- Age by Income Profile
Prepared by Shaner Appraisals
Places:Salina city.KS
Census 2000 2007 2012 2007-2012 2007-2012
Change Annual Rate
Population 45,679 46,458 47,090 :32 0 27%
Households 18.523 18,953 19,248 29:, 0 31%
Median Age 35 3 36 4 36 7 0 3 0 16%
Census 2000 Households by income and Age of Householder
<25 25-34 35-44 45.54 55-64 65-74 75+
HH Income Base 1,233 3,304 3,978 3,442 2,352 2,021 2,207
•:$10,000 208 265 161 144 271 235 400
S10.000-$14,999 132 178 244 116 136 176 285
S15,000-$24,999 384 541 405 433 299 374 423
525,000-$34,999 279 690 662 414 300 375 393
535.000-$49,999 157 746 933 686 477 394 361
S50.000-$74,999 65 684 1,059 889 485 272 193
575.000•$99,999 0 111 315 438 178 74 64
5 100,000-$149,999 8 69 115 199 147 82 63
S150,000-$199999 0 8 45 54 29 16 6
S200,000+ 0 12 39 69 30 23 19
•
Median HH Income S21.079 534:629 542,249 348,080 340,177 $31,049 S24,842
Average HH Income S23,917 $38.697 $50,589 $58,620 $47,614 541,088 $34.758
Percent Distribution
<25 25.34 35.44 45-54 55-64 65-74 75+
HH Income Base 100 0% 100 0% 100 0% 100.0% 100 0% 100 0% 100.0%
<$10,000 16.9% 8.0% 4 0% 4.2% 11.5% 11.6% 18 1%
510.000-$14,999 10.7% 5.4% 61% 3.4% 58% 8.7% 129%
S15 000.324,999 31 1% 16 4% 10 2% 12 6% 12 7% 18.5% 19 2%
525.000•534.999 22 6% 20.9% 16 6% 12.0% 12 8% 18.6% '17.8%
535.000-549,999 12 7% 22 6% 23.5% 19 9% 20 3% 19.5% 16.4%
550.000-$74,999 5.3% 20.7% 26 6% 25.8% 20 6% 13.5% 8 7%
575,000-$99,999 0.0% 3 4% 7.9% 12.7% 7.6% 3.7% 2.9%
S100.000-$149.999 0.6% 2.1% 2.9% 5.8% 6.3% 4.1% 2.9%
S150.000-3199,998 0.0% 0.2% 1.1% 1 6% 1.2% 0.8% 0.3%
5200.000+ 0.0% 0.4% 1.0% 2.0% 1.3% 1.1% 0.9%
Data Note:Census 2000 income is expressed in current(1999)dollars.
Source:1J S Bureau of the Cens;-s.2000 Census of Population and Housing.ESRI forecasts for 2007 and 2012
•
SHANER APPRAISALS, INC. Demographic Reports • 93
Downtown Salina H.D. Lee Complex
• 5a"Pp^ IA.. Age by Income Profile
Prepared by Shaner Appraisals
Places:Salina city.KS
2007 Households by Income and Age of Householder
--25 25-34 35.44 45.54 55-64 66-74 75+
HH Income Base 1.339 3.200 3,511 3,931 2,788 1.861 2.328
•515,000 299 362 230 190 308 289 535
515,000-324,999 334 370 283 363 210 261 278
S25.000-334,999 255 492 390 331 267 235 285
S35.000-$49,999 149 718 824 781 509 343 421
$50.000-$74.999 119 845 1,030 1,016 613 345 283
875.000-399,999 86 256 518 738 409 137 248
S100.000-$149.999 56 118 128 323 329 163 195
S150,000-5199.999 27 27 48 89 62 50 61
3200.000-$249,999 12 10 28 43 29 12 19
S250,000-$499.999 2 2 26 49 42 21 3
5500.000+ 0 0 6 8 10 5 0
Median HH Income 826.017 $41,350 $50,381 $55,091 $52,731 $40.059 $36,682
Average HH Income 339.199 $47.435 358.788 $67,766 $68,112 $56.163 $49,357
• Percent Distribution
<20 25-34 35.44 45-64 55.64 65.74 76+
NH Income Base 100.0% 100.0% 100 0% 100.0% 100 0% 100.0% 100 0%
<SI5,000 223% 113% 6.6% 4.8% 110% 15.5% 23.0%
315.000-$24,999 24.9% 11.6% 8 1% 9.2% 7.5% 14.0% 11.9%
525.000.334,999 19 0% 15.4% 11 1% 84% 9 6% 12.6% 12 2%
S35,000-$49,999 11 1% 22 4% 23.5% 19.9% 18 3% 18.4% 18.1%
550.000-374,999 8.9% 26 4% 29 3% 25.8% 22 0% 18.5% 12 2%
S75.000-$99,999 64% 8.0% 14 8% 18.8% 14 7% 7.4% 10.7%
$100.000-$149,999 4 2% 3.7% 3 6% 8 2% 11 8% 8.8% 8 4%
S150000-$199.999 2 0% 0.8% 1.4% 2.3% 2.2% 2.7% 2.6%
S200,000-3249.999 0.9% 0.3% 0.8% 1.1% 1 0% 0.6% 0 8%
3250.000-$499.999 0 1% 0.1% 0 7% 1.2% 1 5% 1.1% 0 1%
5500,000+ 0 0% 0.0% 0.2% 0.2% 0 4% 0.3% 0 0%
Data Note:Income reported for July 1.2007 represents annual income for the preceding year.expressed in current(2006)dollars.including
an adjustment for inflation.
Source:ESRI forecasts for 2007
•
SHANER APPRAISALS, INC. Demographic Reports • 94
Downtown Salina H.D. Lee Complex
"pr"'ppr.r
S�H ""'. Age by Income Profile
•
Prepared by Shaner Appraisals
Places:Salina city.KS
2012 Households by Income and Age of Householder
<25 25.34 35-44 45-54 55.64 65-74 75+
HH Income Base I 2'j5 3,434 3,144 3,731 3,408 1,987 2,248
<$15,000 236 298 194 147 290 240 438
S15.000-524,999 279 314 201 277 218 229 192
S25.000-$34,999 198 436 311 259 277 207 242
S35 000-$49,999 127 666 601 623 473 304 327
$50,000-$74,999 163 982 993 995 741 385 309
S75.000-$99.999 120 395 487 728 502 200 294
5100,000-5149,990 117 243 197 462 633 276 341
5150.000-$199.999 39 61 82 110 104 89 77
S200,000.$249.999 14 29 29 48 65 21 25
$250,000.5499.999 2 8 38 60 73 28 2
S500.000+ 0 2 11 22 32 8 1
Median HH Income $30,963 $50,042 554,230 $61.154 $62,495 550.571 $45.661
Average HH Income $49.415 $57,027 $67.182 $77,862 $84,055 S68,456 $60.259
Percent Distribution •
<25 25.34 35.44 45-54 55-64 65.74 75+
HH Income Base 100.0% 1000% 1000% 10-3.0% 100 0% 100.0% 100 0%
415,000 18 2% 8.7% 6 2% 3,9% 8 5% 12.1% 19 5%
515.000.$24,999 21 5% 9.1% 6 4% 7.4% 6 4% 11 5% 8 5%
525.000-$34,999 15 3% 12.7% 9 9% 6.9% 8 I% 10.4% 10.8%
S35,000-549,999 9 8% 19 4% 19 1% 16.7% 13 9% 15 3% 14.5%
550,000-$74,999 12 6% 28.6% 31.6% 26..7% 21.7% 19.4% 13 7%
S75.000-$99,999 9 3% 11 5% 15 5% 19.5% 14.7% 10.1% 131%
S100,000-S149,999 9 0% 7.1% 6 3% 12.4% 18 6% 13.9% 152%
$150,000-$199,999 3 0% 1 8% 2 6% 2.9% 3 1% 4.5% 3 4%
5200.000-$249.999 1 1% 0.8% 0 9% 1 3% 1 9% 1.1% 1.1%
5250,000-$499,999 0.2% 0.2% 1 2% 1 6% 2 1% 14% 0 1%
5500.000• 0 0% 0.1% 0 3% 0 6% 0 9% 0.4% 0 0%
Data Note:Income reported for July 1.2012 represents annual income for the preceding year,expressed in current(2011)dollars,Including
an aolustment for inflatron.
Source:ESRI forecasts for 2012.
•
SHANER APPRAISALS, INC. Demographic Reports • 95
Downtown Salina H.D. Lee Complex
• Places:Salina City,NS
2000 • 2007 Civilian Employed Population 16+ Annual 1.13%
Rate
2007 - 2812 Civilian Employed Population 16+ Annual 0.62%
Rate
Total Civilian Employed Population 16+
=Area 1__1
:0000
25075 25867
2 000 23377
21009
20000
15300
10000
5000
0... 1900 2000 2007 2012 ....
Source: U.S.Bureau of the Census,2000 Census of Population and Housing.ESRI converted 1990 Census data Into 2000 geography.ESRI forecasts for 2007 and 2012.
•
1111
SHANER APPRAISALS, INC. Demographic Reports • 96
Downtown Salina H.D. Lee Complex
Places:Salina city.KS •
2007 Employed Civilian Population 16+by Industry
IMI Area 1 I
Percent
00 20 40 80 80 100 120 140 180 180
Agriculture.Freese).Fishing arid Hunteq 0,8
140‘80- 0.1
Constructwn- 8 5
uaxRxtureg 17
wt+otesatc Acne -��--�
rteae loge-
naospotata,V asenousn7 3 0
uwi,es• 08
nFxnyWr t 9
Fnxrce;n aance 3 7
Real E$Wte17entat'teaung I8
Proless�ona uandsc.and T urn a S4nnetc a4 •
G.... ,„M COrnc,araelenre∎prifel" 0 1 j
Admit,.Support anaWaste t.19m1 Services- 7 4
Eaucmgn.n Services
Hearth CmnSa+a Assistnce 5 5
AncEnianannwaixKr•aAm DI---
Arf;Mm1)oOOuon-F000 Senores 90
<one,Services 4.7
immommim
Pugot A,o.rasbAlon.. 71 4
Data Note: industry descriptions based on 2000 Census of Population and Hounnp definitions.
Source' ESRI forecasts for 2007.
III
SHANER APPRAISALS, INC. Demographic Reports • 97
Downtown Salina H.D. Lee Complex
IIII sa HPPrursuln-
Demographic and Income Profile - Appraisal Version
Prepared by Shatter Appraisals
Places:Salina city,KS
Summary 2000 2007 2012
Population 45.679 46,458 47.090
Households 18.523 18,953 19.248
Families 11.878 11,980 11.986
Average Household Sae 2.39 2.38 238
Owner Occupied HUs 12.244 12.855 12.999
Renter Occupied HUs 6.279 6.098 6.249
Median Age 35.3 36.4 36 7
Trends:2007.2012 Annual Rate Area National
Population 427% 1.30%
Households 0.31% 1 33":.
Families 0.01% 1 08"..
O-mer HHs 0.22" 1 41%
Median Household Income 3 25`•, 3 32"',
2000 2007 2012
Households by Income Number Percent Number Percent Number Percent
<515.000 2.951 15.9% 2.212 11,7% 1.842 9 6%
515.000-S24.999 2.859 15 4% 2,098 11.1% 1,710 8.9%
525.000-534.999 3.113 16.8% 2,256 11.9% 1.931 10,0%
535.000.549,999 3.754 20.3% 3.745 19.8% 3.124 16.2%
550.000-574.999 3,647 19,7% 4.253 22.4% 4.569 23.7%
575.000•599.999 1,180 8.4% 2,392 12.6% 2,726 14.2%
• 5100.000.5144.999 683 3.7% 1.312 6.9% 2,271 11.8%
5150.000-5199.000 158
0.9% 363 1.9% 560 2.9%
5200.000+ 192 1.0% 323 1.7% 514 2.7%
Median Household Income 536.084 546.256 554,277
Average Household Income 544.888 557,317 568.555
Per Capita Income 518.593 523,811 528,496
2000 2007 2012
Population by Age Number Percent Number Percent Number Percent
0.4 3.264 7.1% 3,334 7.2% 3,379 7.2%
5.9 3.333 7.3% 2.977 6.4% 2.979 6.3%
10.14 3.238 7.1% 3.138 6.8% 2.979 6.3%
15-19 3.470 7.6% 3,265 7.0% 3.307 7.0%
20.24 3.110 6.8% 3.671 7.9% 3,455 7.3%
25.34 6.196 13.6% 6.031 13.0% 6,564 13.9%
35-44 6.899 15.1% 6.187 13.3% 5.594 11.9%
45.54 5.859 12.8% 6.693 14,4% 6.492 13.8%
55.64 3.794 8.3% 4.649 10.0% 5.765 12.2%
65-74 3.253 7.1% 2,950 8.3% 3,090 6.6%
75.84 2.365 5.2% 2.480 5.3% 2.278 4.8%
85+ 898 2.0% 1.083 2.3% 1.204 2.6%
Dote Note:Income rs expressed in current Wears
Source.1.1$Bureau of the Census.2000 Census of Pnpuiuii n anti ttouunq ESRI Inrer:nsts lot 3007 snit;O I2
•
SHANER APPRAISALS, INC. Demographic Reports • 98
Downtown Salina H.D. Lee Complex
ner
'°aPPhaS°'°°' •Demographic and Income Profile -Appraisal Version
Prepared by Shaner Appraisals
Places:Salina city,KS
Trends 2007-2012
i
c
3
0 I
d`i
2.5 I
a
c 2
MO Area
io 1 I U.S.
jp 1
3
Q 9.5
--......_0................................1104._----- Households ..,.....-.--Females ....,...,..........._Owner HHs...._........Madan H_...Income
Population by Age
14-
13-
12-
I1-
10-
C 9-
8- I 1 2007
7-
2012
I e 1
5-
4-
3-
2-
1-
...._._____ 0A 5-9 1Iii 124 25-34 35-44 45-54 5584 85-74 _.75-84 8 i
2007 Household Income
MK-99K(12 6%1
5100K.S149K(8 9%)
' -`'t $150-199K+)1.9%)
K-74K(22 4%) SDK.(1.1%)
kb* 415K(11.7%)!
$15K-S24K(11.1%i
S35K-$49K(19 6%) I
K(11.9%)
I
I
I
i
I
•
•
SHANER APPRAISALS, INC. Demographic Reports • 99
Downtown Salina H.D. Lee Complex
• xlar2
a :0.7
Se nrarals_ Income-Employment Profile
Prepared by Shiner Appraisals
Places:Salina city.KS
1990 Census 2000 2007 2012 Percent Change
Count Percent Count Percent Count Percent Count Percent 1490.2000 2007.2012
Total Population 42.508 45 670 46 458 47.090 7 3% 1 4%
Total Households 17.349 98 523 18,953 19248 68% 1 6%
Civilian Population 16.In Labor force
Crvraun Employed 21,099 95 I% 23 377 96 4% 25,075 94 7% 25.867 94 6% 108% 32%
Crvr9mt Unemployed 1,094 4 9% 865 30% 1.395 5 3% 1,473 5.4% .209% 5.6%
Households by Income
Total 17,355 100% 18.537 100% 18,954 100% 19.247 100% 68% 1.5%
.,$10.000 2,938 189% 1,684 91% 1,390 73% 1,164 60% -427% -163%
510000.514.999 1,879 108% 1,267 68% 822 43% 678 35% .376% -17.5%
515 000-519,999 2929 117% 1,463 7 9% 1,067 5 6% 799 4 2% 27 9% -25 1%
520.000•524,999 1,775 10 2% 1,396 7 5% 1,031 5 4% 911 4 7% .21 4% .11 6%
525 000-529.999 1.736 100% 1.376 7 4% 1.123 5 9% 879 4 6% -20 6% -21 7%
530 000.534.999 1,822 9.3% 1,735 9 4% 1,133 6 0% 1,052 5 5% 7 0% -7 1%
335 000.539.999 1,297 7 5% 1.423 7 7% 1.296 6 5% 977 5 IS 9 7% .210%
$40 000-'149,099 1,581 9.1% 2.331 12.6% 2 509 13 2% 2.147 11 2% 47 4% -14 4%
550.000.$59949 1.009 5 8% 1,632 9 9% 1995 10 5% 2.127 11.1% 816% 6 6%
$60 000-574.999 735 4.2% 1,815 9.8% 2,258 119% 2,442 12.7% 1469% 81!%e
575000-$99.999 332 19% 1,180 64% 2,392 128% 2.726 142% 2554% 140%
$100,000.$124,999 177 10% 505 2 7% 874 46% 1.500 7 8% 1653% 71.6%
S125,000.$149,999 42 02% 178 10% 438 2.3% 771 40% 323.8% 76.0%
$150,000- 203 12% 350 1.9% 666 3.6% 1.074 58% 724% 566%
Median Household Income $25.152 535064 546.256 $54277 435% 17 3%
Average Household Income $31,595 $44 RSA $57,317 $68556 42 1% 196'•
Per Capita Income $13.012 $18.593 $23.811 $28,498 420% 197'•
• Number Percent
2007 Households by Disposable Income
Total 18.454 100.0%
$15 000 2.852 14.0%
515 000.524.959 2.080 14 1%
525 000-534.999 3.297 17.4%
535 000-549.999 4.115 21 7%
550 000-574.999 4.33$ 229%
575 000.599.999 016 4.8%
5100 000-5149.999 669 3 5%
$150.000.5199,999 181 1.0%
$200000• 106 0.6%
L'ydran Disposable Income $37.169
Average Disposable income $44,857
2007 Consumer Expenditures
Average Household Expenditure 554,385
Average HiOusehdd Exp4ndiure on Retail Goods 520.440
Census 2000 Population 16•by Employment Status
Total 35 204 100%
In 10901 F0106 24.265 69 0%
t:,nlon Employed 23.377 664%
C.rnl an Unemployed 605 25%
In Armed Forces 43 0.1%
Nol 0 Labor Force 10.919 31.0%
Census 2000 Populallon 25.by Educational Attainment
Total 29.352 100%
Leos than 545 Grade 1.357 4.6%
9119.121h Grade.Yo Dmlonla 2,709 9.2%
High School Graduate 10,119 34.5%
Some College,No Degree 7.$11 25.6%
Associate Degree 1.886 58%
Bachelor's Degree 4.110 14.0%
hosteis'Prol Doctorate Degree 1 858 63%
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SHANER APPRAISALS, INC. Demographic Reports • 100
Downtown Salina H.D. Lee Complex
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Housing Profile
Prepared by Sharler Appraisals
Places:Salina city.KS
2000 Total Population 45,679 2000 Median HH Income $36,084
2007 Total Population 46,458 2007 Median HH Income $46.256
2012 Total Population 47,090 2012 Median HH Income $53,277
2007-2012 Annual Rate 0.27% 2007-2012 Annuel Rale 3.25%
Housing Units by Occupancy Status and Tenure
Census 2000 2007 2012
Number Percent Number Percent Number Percent
Total Housing Units 19.699 100.0% 20.269 100.0% 20,706 100.0%
Occuo:ed 18.523 94.6% 18.953 93 5% 19,248 93.0%
0..ner 12,244 62.6% 12.855 63.4% 12.999 62.8%
Renter 6,279 32.0% 6.098 30.1% 6,249 30.2%
Vacan! 1,076 5.5% 1.316 66% 1.458 7.0%
Owner Occupied Housing Units by Value
Census 2000 2007 2012
Number Percent Number Percent Number Percent
Total 12.261 100.0% 12 858 100.0% 12.996 100.0%
<510,000 217 1,8% 172 1.3% 148 1.1%
510.000-514,999 103 0.8% 99 0 8% 73 0.6%
515,000-519,999 63 0.5% 79 0.6% 59 0.5%
520.000-$24,999 132 1.1% 58 0.6% 49 0.4%
$25.000-529.999 269 2.2% 62 0.5% 46 0.4%
$30.000-$°$4,999 276 2,3% 122 0.9% 67 0.5%
III
$35,000.$39,999 359 2.9% 144 1.1% 134 1.0%
$40.000-$49.999 926 7.8% 416 3.2% 301 2.3%
550.000-$59.999 1.105 9.0% 563 4.4% 436 3.4%
$60.000-5439.999 1.340 10.9% 853 8.8% 556 4.3%
$70.000-579,999 1.196 9.8% 697 5.4% 688 5.3%
580.000.589.999 1.175 9.6% 913 7.1% 779 6.0%
$90.000-$99.999 1.072 8.7% 892 6.9% 702 5.4%
5100,000-5124,999 1.441 11.8% 2.384 18.5% 2.083 16.0%
$125.000.5149.999 1.142 9.3% 1.778 13.8% 1,967 15.1%
$150.000-$174.999 589 4.8% 1.141 8.9% 1,194 9.2%
5175.000-5199.999 300 2.4% 751 5.8% 1.036 8.0%
5200,000.$249.989 273 2.2% 905 7.0% 1.198 9.2%
5250,000-5299.999 136 1.1% 376 2.9% 748 5.8%
5300.000-5399.999 102 0.8% 281 2.2% 389 3.0%
$400.000-5499.999 15 0.1% 88 0.7% 195 1.5%
$500,000.$749,999 13 0.1% 60 0.5% 108 0.8%
5750.000-$999.999 0 0.0% 8 0.1% 12 0.1%
51.000.000. 17 0.1% 16 0.1% 28 0.2%
Median Value $81.230 5114.251 5129.792
Average Value 594.526 5130.967 5152.020
Data Note'Detail may not sum to totals duo to rounding
Souree U S.Sweatt of the Census.2000 Census of Population and 0005■9.ESRI forecasts for 2007 and 2012.
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SHANER APPRAISALS, INC. Demographic Reports • 101