2-ATTACHMENT A-D.pdf

Attachment A – Parcel Report

Attachment B – Appraisal

MILWAUKEE COUNTY

ECONOMIC DEVELOPMENT

MILWAUKEE, WISCONSIN

MARKET VALUE REPORT

ON

5.536-ACRE VACANT LAND PARCEL

4320 SOUTH 6TH STREET

MILWAUKEE, WISCONSIN

THE

APPRAISAL

RESOURCE

GROUP Inc. 757 North Broadway, Suite 301 Milwaukee, Wisconsin 53202

Phone: (414) 271-9890

May 30, 2025

Ms. Emily Streff, ARM Milwaukee County Economic Development 633 W. Wisconsin Avenue Suite 903 Milwaukee, WI 53203

Dear Ms. Streff, Pursuant to your request, we have completed a Market Value appraisal report on the 5.593 acres or 243,631 square feet of vacant land located at 4320 South 6th Street in the City of Milwaukee, Milwaukee County, Wisconsin.

The intended user of this report is the Milwaukee County Economic Development. The intended use of the appraisal is for internal planning purposes. The appraisal was made for the purpose of expressing an opinion of Market Value under market conditions prevailing as of May 23, 2025, the date of inspection. Unauthorized use of this appraisal is prohibited without the written consent of the Appraisal Resource Group.

Our investigation included a personal inspection of the property on May 23, 2025, a study of demographics and supply and demand forces affecting the subject property, and an analysis of sales of comparable properties in the area.

The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal report has been prepared in conformance with the Uniform Standards of Professional Appraisal Practice, with the intention of conforming to the guidelines issued under Title 11 of the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

Based upon our investigation, it is our opinion that the "as-is" Fee-Simple Market Value of the subject property under market conditions prevailing as of May 23, 2025, the date of inspection, is equitably stated as follows:

NINE HUNDRED SEVENTY THOUSAND DOLLARS

($970,000)

Milwaukee County Economic Development May 30, 2025

All portions of this appraisal are to be used only in conjunction with the full report, which is subject to the assumptions and limiting conditions contained herein.

We are not experts with respect to environmental matters. The Appraisal Resource Group, Inc.

does not conduct environmental impact evaluations or assessments. Our opinions relating to the value of the appraised property do not reflect any actual or potential environmental liabilities except to the extent that a specific monetary assessment of such liabilities is provided to us in writing. When provided with such an assessment, we will not verify, nor make any warranties or representations as to the accuracy or integrity of the assessment.

We have not investigated matters with respect to the title of the property, nor have we investigated any matters with respect to liens, liabilities, or other encumbrances against the property. We certify that neither The Appraisal Resource Group, Inc., nor any of its employees or assigns has a financial interest in the appraised property and that the compensation received for this study is not contingent on any stated conclusions.

Respectfully submitted, THE APPRAISAL RESOURCE GROUP, INC.

_________________________________ 5/30/2025 Michael J. Pyzyk, (Date) Wisconsin Certified General Appraiser #2467

_________________________________ 5/30/2025 Jeffery G. Pyzyk, MAI, CRE (Date) President Wisconsin Certified General Appraiser #41

TABLE OF CONTENTS

INTRODUCTION 1

Summary of Salient Facts and Conclusions 1 Property Rights Appraised 2 Identification of the Property 2 Intended Use/User of the Appraisal 2 Scope of the Appraisal 3 Definition of Value 3 Date of Valuation 4 History of the Property and Statement of Ownership 4 Estimated Marketing Time 4 Hypothetical Conditions, Extraordinary Assumptions 5

DESCRIPTION 6

Regional Description 6 Neighborhood Description 13 Zoning 17 Taxes and Assessments 18 Site Description 21

VALUATION PREMISES 35

The Cost Approach 35 The Sales Comparison Approach 36 The Income Approach 36

VALUATION 38

Highest and Best Use 38 Sale Comparison Approach 40

CORRELATION AND FINAL VALUE CONCLUSION 66

ASSUMPTIONS AND LIMITING CONDITIONS 68

CERTIFICATION 70

APPENDICES

1. Zoning Code

2. Property Tax History

3. Engagement Authorization

4. Qualifications of the Appraiser

INTRODUCTION

SUMMARY OF SALIENT FACTS AND CONCLUSIONS

Property: Vacant Land Parcel

Location: 4320 South 6th Street in the City of Milwaukee, Milwaukee County, Wisconsin

Property Rights Appraised: As-Is, Fee-Simple Market Value

Land Area: 5.593 Acres or 243,631 Square Feet

Zoning: RT-4 One- to Four-Family Residential District

Tax Reference Numbers: 595-9895-112

Description: The subject property consists of 5.593 acres or 243,631 square feet of vacant land

Highest and Best Use: Residential Development

Estimated Exposure Period: 12 Months

Date of Inspection: May 23, 2025

Date of Valuation: May 23, 2025

Market Valuation Indications (Fee-Simple):

Sales Comparison Approach: $970,000

Conclusion of Fee Simple Market Value: $970,000

PROPERTY RIGHTS APPRAISED

The property rights appraised are that bundle of rights afforded the most complete form of property ownership: Fee Simple Absolute. Fee Simple Absolute ownership allows the owner to use, dispose of, and exclude others from using the property. The subject value estimate has been appraised on the basis of a Fee Simple Estate. A Fee Simple Estate is defined as:

Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.

Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, 2010, pg. 78.

IDENTIFICATION OF THE PROPERTY

The subject appraised property consists of a total of 5.593 acres or 243,631 square feet of vacant land, located at 4320 South 6th Street in the City of Milwaukee, Milwaukee County, Wisconsin.

The property is identified by the City of Milwaukee with tax parcel number 595-9895-112.

We have appraised the property in accordance with the site measurements obtained through city assessment records. The appraised property is the Fee-Simple ownership in the land. Personal property, paving, fencing, and any other tangible or intangible assets are excluded from consideration in this report.

INTENDED USE/USER

The intended user of this report is the Milwaukee County Economic Development. The intended use of the appraisal is for internal planning purposes. The appraisal was made for the purpose of er market conditions prevailing as of May 23, 2025, the date of inspection. Unauthorized use of this appraisal is prohibited without the written consent of the Appraisal Resource Group.

SCOPE OF THE APPRAISAL

Our investigation included an inspection of the property and surrounding neighborhood, a study of demographics and supply and demand forces affecting the subject property, and an analysis of recent sales and rentals of comparable properties in the area. The data gathered and the sources that were utilized are listed as follows:

1) Site and Building Physical Data A) Physical Inspection of the Property and Neighborhood B) Milwaukee County C) City of Milwaukee D) City Assessor's Office

2) Demographic Data A) Municipal Authorities and U.S. Census B) Wisconsin Department of Administration C) U.S. Census Bureau

3) Sales Data A) B) Local Real Estate Brokers and Appraisers C) Local Property Owners and Managers D) Co-Star E) LoopNet

4) Confirmation of Data

- Endeavored to verify data used in this report with at least one source.

DEFINITION OF VALUE

The definition of Market Value is described in the Uniform Standards of Professional Appraisal

Practice (USPAP) as follows:

The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.

Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

Buyer and seller are typically motivated;

Both parties are well informed or well advised, and acting in what they consider their best interests;

A reasonable time is allowed for exposure in the open market;

Payment is made in terms of cash in U.S. dollars, or in terms of financial arrangements comparable thereto; and

The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Source: Interagency Appraisal and Evaluation Guidelines, Federal Register Volume 75, Number 237, December 10, 2010, Page 77472.

DATE OF VALUATION

We have appraised the property under market conditions prevailing as of the date of inspection, May 23, 2025. Thus, the effective date of our as-is value is May 23, 2025, the date of inspection.

HISTORY OF THE PROPERTY AND STATEMENT OF OWNERSHIP

The subject property is currently owned by the Milwaukee County Registry of Deeds, who has owned the property for longer than three years. We understand that the City of Milwaukee

Comprehensive Plan has never formally assigned a planned use to the subject site. The land is currently zoned RT-4 One- to Four-Family Residential District. To the best of our knowledge, there have been no other transactions related to the subject property in the last three years, it has not been listed for sale, and there have been no offers to purchase the property.

MARKETING TIME AND REASONABLE EXPOSURE PERIOD

Based upon a review of recent comparable sales and discussions with local brokers and other real estate professionals, we have determined that a range of marketing time from six to 12 months should be expected for a fair priced commercial land property with general characteristics similar to the subject . Our value conclusion is thus predicated on a 12-month reasonable exposure period.

HYPOTHETICAL CONDITIONS OR EXTRAORDINARY ASSUMPTIONS

USPAP (Uniform Standards of Professional Appraisal Practice) Standards Rule 1-2 9 (g) and (h) requires that any Hypothetical Conditions or Extraordinary Assumptions necessary in the assignment be identified. These are understanding or assumptions that are contrary to, or unclear, but are assumed to be true or exist for the purposes of the appraisal assignment.

exists but is known facts about physical, legal, or economic characteristics of the subject property or about conditions external to the property, such as market conditions or trends, or the integrity of data used in the analysis.

Extraordinary Assumptions presume as facts, otherwise uncertain information about physical, legal, or economic characteristics of the subject property or about conditions external to the property, such as market conditions or trends, or the integrity of data used in the analysis. No

Hypothetical Conditions or Extraordinary Assumptions were utilized in our analysis.

DESCRIPTION

REGIONAL OVERVIEW

The subject is located at 4320 South 6th Street in the City of Milwaukee, Milwaukee County, Wisconsin. The property is affected by social, economic, and environmental trends in the

Milwaukee metropolitan area. Following is a description of major factors influencing real property values in the Milwaukee metro area. An Area Map has been included in Exhibit 1.

Metropolitan Milwaukee

The Milwaukee Standard Metropolitan Statistical Area (SMSA) comprises four counties:

Milwaukee, Washington, Ozaukee, and Waukesha. According to the Demographic Services, the

SMSA had an estimated population of 1,579,835 as of 2020. The Milwaukee metro area comprises nearly one-third of the population of the State of Wisconsin.

Population The City of Milwaukee had a population of 577,922 as of 2020, a 2.84% decline from 2010. The population of the Milwaukee SMSA area has increased at the rate of 0.26% per year in the recent past, despite a declining population trend for the City of Milwaukee. Population trends for the City of Milwaukee, Milwaukee County, and Milwaukee SMSA area are summarized as follows:

METRO MILWAUKEE POPULATION TRENDS

City of Milwaukee Milwaukee Year Milwaukee County Metro Area

1990 628,088 959,275 1,432,149 2000 596,974 940,164 1,500,741 2010 594,833 947,735 1,555,908 2020 577,922 939,489 1,574,731 2024 (Est.) 577,385 941,139 1,586,797

Milwaukee County and outlying suburban counties of the Milwaukee metro area have all shown increases in population in the recent past. A summary of the 1990, 2000, 2010, and 2020 population by county follows:

MILWAUKEE METRO AREA COUNTY POPULATION

County 1990 2000 2010 2020 2024 (Est.)

Milwaukee County 959,275 940,164 947,735 939,489 941,139 Waukesha County 304,715 360,767 389,891 406,978 413,728 Washington County 95,328 117,496 131,887 136,761 138,819 Ozaukee County 72,831 83,317 86,395 91,503 93,111

Total 1,432,149 1,500,744 1,555,908 1,574,731 1,586,797

Source: WI Department of Administration population growth has tapered slightly. Historical percentage changes in population among counties in the metropolitan area are summarized from Census data as follows:

CHANGES IN COUNTY POPULATION

Change in Change in Change in Change in Population Population Population Population

County 1980-1990 1990-2000 2000-2010 2010-2020

Milwaukee -0.06% -0.02% -0.81% -0.87% Ozaukee 8.73% 14.40% 3.69% 4.38% Washington 12.35% 23.25% 12.24% 3.70% Waukesha 8.75% 18.39% 8.07% 5.91%

Total 2.51% 4.79% 3.68% 1.21%

The Milwaukee area has thus paralleled national trends with population shifting from the city to the suburbs.

Industry and Employment The Milwaukee area is the center of business and industry for the

State of Wisconsin and home to such major corporations as Harley Davidson, Briggs & Stratton, Healthcare, Master Lock, and Johnson Controls.

The recently announced Milwaukee Metro Area's April 2020 unemployment rate rose to a record high of 14.5% as a result of the Covid-19 pandemic. The metro's April 2020 unemployment rate of 14.5% was slightly higher than the state of Wisconsin's April 2020 unemployment rate of 14.1% and slightly lower the national U.S. unemployment rate of 14.7%. Leading up to the pandemic, the of 3.6%, which was slightly higher than the State figure of 3.5%. The U.S. seasonally adjusted figure was also reported at 3.5%. The most recent unemployment data for Milwaukee County was reported at 4.4% for March of 2025 which compared to 3.2% for the state of Wisconsin and 4.2% for the U.S. as a whole. Historical unemployment rates for the Milwaukee Metro, the State of

Wisconsin and the U.S. as a whole are shown below.

UNEMPLOYMENT RATE TREND COMPARISON

Unemployment

Area Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24

Milwaukee Metro 3.6% 3.8% 8.6% 4.9% 3.5% 3.7% 3.7% State of Wisconsin 2.9% 3.0% 7.1% 3.9% 3.0% 2.6% 3.0% United States 3.9% 3.7% 10.2% 5.4% 3.5% 3.5% 4.3% largely of manufacturing jobs to an economy that is now largely service based. Leading up to the

Covid- ring with State and national rates subsequent to the recession of 2008 and 2009.

professionally employed in service sector. The majority of MSA adults are employed in service occupations, with professional services a secondary employment base. The 2023 median household income for the City of Milwaukee was $51,888. In comparison, Milwaukee County recorded a figure of $62,118, while Wisconsin indicated an amount of $75,670.

Transportation

Michigan location provides access to the Atlantic Ocean via the St. Lawrence Seaway. The Port of Milwaukee handles over three million tons of freight annually.

Air transportation is handled primarily from Mitchell International Airport, located eight miles south of downtown Milwaukee. Twenty air carriers provide service to over five million passengers and handle 80 thousand tons of air freight annually. Three railroads The Wisconsin & Southern, The Chicago and Northwestern, and the Soo Line, provide freight service to the Milwaukee metro area. Amtrak operates seven round trips daily between Milwaukee and Chicago, one round trip daily to Minneapolis/St. Paul, and daily service to Seattle and Portland.

The metro area is serviced by 160 miles of Interstate Highways with the major east-west route being I-94, the major north-south route being I-43, and the major north-northwest route being U.S.

45. I-894 connects all three expressways and circles the southern part of the Milwaukee metro area. Nearly all parts of the city can be reached by car or truck in less than twenty minutes.

Additionally, the Milwaukee County Transit System operates bus routes along virtually all major transportation corridors of Milwaukee County. There are 275 trucking and warehousing establishments located in Milwaukee County.

Utilities Electric power for metropolitan Milwaukee is supplied by WE Energies, Inc. and is in ample supply. The consolidated electrical generating capability of WE Energies is 4,222+/-megawatts with a reserve capacity of approximately 20%. Sixty-four percent of energy is generated from coal, 32% from nuclear, 1% from natural gas and oil, and 3% from hydroelectric sources. A good balance between coal and nuclear coupled with a lack of dependence on natural gas and oil has resulted in an electric rate that has compared favorably with national averages in the recent past.

capacity of 375 million gallons per day far exceeds daily consumption of 144 million gallons per day.

Sanitary sewerage service is provided by the Milwaukee Metropolitan Sewerage District: Jones

Island Service Area and has an average hydraulic design capacity of 200 million gallons per day.

Average daily usage is 120 million gallons per day.

Gas service is also provided by WE Energies, Inc. The City of Milwaukee Department of Public service is provided by AT&T, Inc.

Taxes The State of Wisconsin and City of Milwaukee in particular have earned a reputation for historically being heavily taxed areas of the United States. The income tax rate in the State of

Wisconsin averages approximately 7% of taxable income for corporations. The State sales tax rate

Education The four-county metro area is home to over 620 public and private elementary, junior, and senior high schools. The Milwaukee area is home to 14 colleges and universities with a combined enrollment of more than 75,000. Milwaukee has a larger percentage of college educated adults than major Midwest cities such as St. Louis, Detroit, Cleveland, and Cincinnati. Based upon the mean scores reported in the nation, Wisconsin students have historically ranked at the top among all states in the Scholastic Aptitude Test (SAT) and the American College Test (ACT) in recent years.

Climate Because of its geographical location, Milwaukee offers four distinct seasons. The mean average monthly temperature ranges from a low of 20.9 degrees in January to a high of 70.7 degrees in July. There is an average of 13 days per year when the temperature reaches zero or less and eight days per year when the temperature reaches 90 degrees or more.

Recreation and Leisure The City of Milwaukee and State of Wisconsin offer a wide variety of economy. The Milwaukee Art Museum, Discovery World Museum, Milwaukee County Zoo, the

Milwaukee Public Museum and Mitchell Park Conservatory serve as major attractions. The downtown Milwaukee Performing Arts Center and theater district are home to the Milwaukee

Symphony Orchestra, the Milwaukee Repertory Theater, the Florentine Opera Company, and numerous other cultural events and companies.

Several recent developments have made a significant impact on the walkability and vibrancy of the downtown area, further increasing the attractiveness of relocating downtown. Built in late 2018, Milwaukee's streetcar system, dubbed The Hop, has become a popular mode of transportation for those living in, working in, and visiting downtown. The route comes within a quarter mile of 90% of the occupied office and retail space downtown in addition to all hotels and all 20 of downtown

Milwaukee's largest employers. Across the river in Downtown West, the Milwaukee Bucks have turned what once was several blocks of vacant land into one of the most frequented areas in the city.

Known as The Deer District, this new mixed-use development district has seen nearly $1 billion in development, anchored by the $500 million Fiserv Forum. The area's gravitational pull has been significant, landing the Republican National Convention and attracting companies like American

Family Insurance who will be leasing over 100,000 square feet in a nearby redevelopment. With ample room for additional development, future phases call for new offices, apartments, and hotels.

Milwaukee has nine annual events that draw 100,000 to 1,000,000 people. Eleven other attractions draw between 25,000 and 100,000 people each year. Major events include Summerfest and the

Wisconsin State Fair. Milwaukee serves as a host to several professional and collegiate sports teams including the Milwaukee Brewers baseball team, the Milwaukee Bucks basketball team, Milwaukee Admirals hockey team, Milwaukee Wave soccer team, and the Marquette Golden

Eagles college basketball team. The Fiserv Forum (new Bucks Arena), UW Milwaukee Panther

Arena, Milwaukee Public Museum, and the Wisconsin Center are all located within downtown

Milwaukee.

land in the Milwaukee metro area. Lake Michigan is a major recreational attraction to boaters and fishermen. Additionally, the State of Wisconsin has more than 14,000 lakes and 26,000 miles of rivers and streams.

Conclusion similar to the State and national figures. The subject property is expected to benefit from the positive trends discussed above for metropolitan Milwaukee.

NEIGHBORHOOD DESCRIPTION

The subject property is located on the south side of the City of Milwaukee just northwest of General

Mitchell International Airport. The subject neighborhood is a mix of single and multi-family residential, industrial, and commercial land uses. Retail land uses are located primarily along Layton

Avenue to the south and South Howell Avenue to the east. The neighborhood is delineated by East

Howard Avenue to the north, Highway 794 Lake Parkway to the east, Interstate 94/41 to the west, and College Avenue to the south. A Location Map is included in Exhibit 2.

Layton Avenue is a divided four-lane concrete and asphalt paved east/west arterial roadway that connects the City of Cudahy to the east to the City of New Berlin to the west. South Howell Avenue runs north/south and connects the Bay View neighborhood of Milwaukee to the north to the Village of Mount Pleasant to the south. South 6th Street runs north/south connecting the subject to the City of Milwaukee to the north to the Highway 119 Airport spur to the south. During a recent 24 hour traffic count, between 6,700 and 7,400 vehicles were recorded along South 6th Street near the subject.

The City of Milwaukee Central Business District is located just over five miles to the north. A Traffic

Count Map is included in Exhibit 3.

The subject property is located along the east side of South 6th Street to the north of West Layton

Avenue and just south of Interstate Highway 43/94. Neighboring industrial uses in the immediate neighborhood include Alro Steel., G&K Auto Service, Regent Die and Tool, Abyss Towing, Russel

Metals Williams Bahcall, and General Mills among others.

Single and multi-family residential uses are positioned to the north of Interstate Highway 94/43 and to the east of South 6th Street. Neighboring commercial and retail land uses near the subject along

West Layton Avenue include IHOP, El Beso Mexican Restaurant and Cantina, Concentra Urgent

Care, Morjana Fashion, Nex Gen Services, Vida Boba Café, Pita Palace Mediterranean Cuisine, Taco Jo among others.

Access to the neighborhood is provided by Interstate 94/41 via West Layton Avenue to the southwest and via West Howard Avenue to the northeast. Secondary access is provided by South Howell

Avenue to the east.

All utilities in the subject's immediate neighborhood are adequate and have ample capacity to accommodate current commercial uses. Streets in the neighborhood are asphalt paved with curbs, gutters, sidewalks, and lighting at major intersections.

SUBJECT

There were no apparent nuisances or hazards in the subject's neighborhood that would adversely affect the value of the property. In summary the subject neighborhood is a desirable industrial, commercial, and residential area. The area is well served by public infrastructure, with good highway access. The subject neighborhood can be expected to be a strong part of the Milwaukee metro market.

ZONING DESCRIPTION

The subject land is zoned RT-4 One- to Four-Family Residential District by the City of Milwaukee.

The purpose of the RT-4 district is to promote, preserve, and protect neighborhoods intended primarily for two-family dwellings while also permitting a mixture of single-family dwellings and small multi-family dwellings of three or four units. This district, much like the RT-3 district, allows smaller lots, smaller setbacks, and a higher lot coverage than the RT-1 and RT-2 districts. The neighborhoods found in this district were platted and developed, in large part in the late 1800's and early 1900's. This district also allows traditional corner commercial establishments commonly found in urban neighborhoods. Permitted uses in the RT-4 district include but are not limited to single-family dwellings, multi-family dwellings, convents, rectories, or monasteries, schools, libraries, religious assemblies, public safety facilities, parks, playgrounds, plant nurseries, community gardens, and solar farms. Not more than four dwelling units shall be permitted in a single building in the RT-4 district. Lot area minimums for detached housing must contain at least

2,400 square feet. Lot area minimums for attached housing must contain at least 1,800 square feet.

Lot area minimums per dwelling unit must contain at least 1,200 square feet. Buildings in this district cannot exceed 48 feet in height and cannot exceed a lot coverage maximum of 70% of the side area for interior lots and 85% of the site area for corner lots. Details of the RT-4 Residential

District Zoning Code are included in the Appendix.

REAL ESTATE TAXES AND ASSESSED VALUATION

The subject property is identified with tax parcel number 595-9895-112. The property is assessed for tax purposes by the City of Milwaukee. Currently the property is exempt from taxation and does not have an assessed value. We note however, that Milwaukee County tax records show that the subject has an outstanding real estate tax balance of $11,366.63 from past years. For informational purposes, the 2024 mill rate for the City of Milwaukee was $22.925 with an assessment ratio of 90.24%. A summary 2024 Tax Bill is provided in Exhibit 4. A

Real Estate Tax Balance Report is included in Exhibit 5.

history is provided in the Appendix.

% ChangeTax Levy

Class

Make Check Payable to:

CITY OF MILWAUKEE

OFFICE OF THE CITY TREASURER

PO BOX 78776

MILWAUKEE, WI 53278-8776

Assessment-Land Assmt.-Improvements Total Assessment Detail of Special Assessments and Other Charges

Avg. Assmt. Ratio Est. Fair Mkt.-Land Est. Fair Mkt.-Improvements Total Est .Fair Market

School taxes reduced by school levy tax credit

When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account, or to process the payment as a check transaction.

www.milwaukee.gov/treasurer

Sewerage Dist.

Public Schools Tech. College County Govt.

City Govt.

Total First Dollar Credit Lottery and Gaming Credit Net Property Tax Special Assessments and Charges

WARNING: If the first installment payment is not paid by the due date, the installment option is lost. The total tax becomes delinquent and is subject to interest and penalty charges. See reverse side for details.

FULL PAYMENT DUE

ON OR BEFORE 01/31/2025

FIRST INSTALLMENT PAYMENT

DUE ON OR BEFORE 01/31/2025

Net Assessed Value Rate

Before Credits

Monthly Installment Payment Due:

February through July 2025

Monthly Installment Payment Due:

August, September, and October 2025

TOTAL DUE

ACCOUNT TYPE:

LOCATION OF PROPERTY:

CHANGE IN MAILING ADDRESS

(COMPLETE REVERSE SIDE)

ASSESSMENT APPEAL PENDING

PAID UNDER PROTEST

FULL PAYMENT DUE

ON OR BEFORE 01/31/2025

FIRST INSTALLMENT PAYMENT

DUE ON OR BEFORE 01/31/2025

PLEASE WRITE IN AMOUNT ENCLOSED

FOR INFORMATIONAL PURPOSES ONLY - Voter-Approved Temporary Tax Increases

Taxing Jurisdiction Total Additional

Taxes Total Additional Taxes

Applied to Property Year

Increase Ends

KEEP TOP PART OF TAX BILL FOR YOUR RECORDS. SEE REVERSE SIDE FOR MORE INFORMATION.

WHEN PAYING BY MAIL, CAREFULLY TEAR ON PERFORATION AND RETURN BOTTOM COUPON ONLY WITH PAYMENT IN THE ENVELOPE PROVIDED

TAX KEY / ACCOUNT NO. BILL #

2024 Est. State Aids2023 Est. State Aids 2023 Net Tax 2024 Net Tax

5959895112

MILWAUKEE COUNTY

REGISTER OF DEEDS

901 N 9TH ST

MILWAUKEE, WI 53233-0000

0.00 0.00 +0.000 782,473,968 734,822,627 0.00 0.00 +0.000 30,574,893 31,558,078 0.00 0.00 +0.000 29,440,017 30,204,588 0.00 0.00 +0.000

277,592,089 282,441,064 0.00 0.00 +0.000 1,120,080,967 1,079,026,357 0.00 0.00 +0.000

0.00 0.00 +0.000

0.00 0.00 +0.000

0.00 0.00 +0.000

*PRIOR TAXES ARE DELINQUENT*

1.31' S OF NW COR OF SD 1/4 SEC-TH S 140.53'-TH E

INCOMPLETE LEGAL DESCRIPTION SEE TAX ROLL FOR COMPLETE LEGAL

EXEMPT 0 0 0

0.9024 0 0 0

0.00

0.00

0.00

22.925

0.00

2024 CITY OF MILWAUKEE COMBINED PROPERTY TAX PAYMENT COUPON

0.00

0.00

REAL ESTATE

4320 S 6TH ST

0.00

0.00

153887

0.00

0.00

SITE DESCRIPTION

The subject property consists of a single land parcel containing a total of 5.593 acres or 243,631 square feet located at 4320 South 6th Street in the City of Milwaukee. The site is currently vacant and grass covered. The subject land is identified by the City of Milwaukee with tax key number

595-9895-112. The parcel contains 125 feet of frontage along West Bolivar Avenue to the north, 1,596 feet of frontage along South 6th Street to the west, and 183 feet of frontage along a drainage easement to the south. The parcel features level topography and is not encumbered by wetlands.

An Aerial Photo is included in Exhibit 6. A Plat Map is included in Exhibit 7. A Topography Map is included in Exhibit 8.

Site improvements consist of a grassy landscape with sidewalks along the northern elevation fronting West Bolivar Avenue. Electrical power lines run north/south along both the eastern and western elevations of the site. There are maple and oak trees growing along the eastern elevation of the site as a buffer between the subject and single family land uses to the east. The subject is served by municipal sewer and water service. Consequently, the site is encumbered by standard utility and access easements tha available to the site include electricity service, natural gas, and telephone.

There are some minor flood hazards with respect to the subject site. According to Flood Insurance

Rate Map (FIRM), Map Number 55079C0158F, effectively dated October 24, 2024, the subject site is primarily located in Zone X, an area of minimal flood hazard potential. The very southern/southwestern elevation of the site is located in designated flood hazard Zone AE along the drainage easement on the southern elevation. Values of property in Zone X are generally not affected by flood potential. A Flood Hazard Map has been included in Exhibit 9.

Soil borings for the subject land were not available. Older existing improvements and recent new construction in the immediate area, however, suggest no substantial development problems with subsoils although we make no guarantee in this respect. According to the Wisconsin Department of Natural Resources Wetlands Inventory Map included in Exhibit 10, there are no wetlands located on or near the subject site.

In conclusion, the subject site features an advantageous topographical landscape that is beneficial for development of residential units. There were no observed site defects, or hazards that would inhibit residential development of the site. The parcel is located in an area of other nearby commercial and residential uses and is considered to be an excellent site for mixed use commercial and residential development.

Photographs of the subject land are included in Exhibit 11.

WI DNR WETLANDS INVENTORY MAP

NAD_1983_HARN_Wisconsin_TM

DISCLAIMER: The information shown on these maps has been obtained from various sources, and are of varying age, reliability and resolution. These maps are not intended to be used for navigation, nor are these maps an authoritative source of information about legal land ownership or public access.

No warranty, expressed or implied, is made regarding accuracy, applicability for a particular use, completeness, or legality of the information depicted on this map. For more information, see the DNR Legal Notices web page: http://dnr.wi.gov/legal/

0.1 Miles0.1 0 0.06

4320 SOUTH 6TH STREET,

MILWAUKEE, WI

Notes

Legend

1: 3,960

Wetland Identifications and Confirmations

Wetland Class Points

Dammed pond

Excavated pond

Filled excavated pond

Filled/drained wetland

Wetland too small to delineate

Filled Points

Wetland Class Areas

Wetland

Upland

Filled Areas

Wetland Class Points

Dammed pond

Excavated pond

Filled excavated pond

Filled/drained wetland

Wetland too small to delineate

Filled Points

Wetland Class Areas

Wetland

Upland

Filled Areas

Intermittent Streams

24K Hydrography Streams and Rivers

24K Hydrography Lakes and Open Water

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SUBJECT

VALUATION PREMISES

GENERAL

The appraised value as developed within this report is supported using standardized and widely accepted appraisal practices and valuation procedures. Three methods have been considered in estimating the value of real property, namely, the Cost Approach, the Sales Comparison Approach, and the Income Approach.

THE COST APPROACH

The Cost Approach is a procedure whereby the depreciated replacement or reproduction cost new of improvements is added to the value of the site as though vacant and available to arrive at an estimate of the Market Value of the property. The Cost Approach is based on the Principle of

Substitution; no prudent buyer would pay more for a property than the cost of a new, equally suitable replacement. In discussing the Cost Approach, it is appropriate to define the following terminology:

Replacement Cost The cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout.

Reproduction Cost The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all of the deficiencies, super adequacies, and obsolescence of the subject building.

Curable Physical Deterioration An element of accrued depreciation; a curable defect caused by deferred maintenance.

Incurable Physical Deterioration An element of accrued depreciation; a defect cause by physical deterioration that cannot be practically or economically corrected.

Curable Functional Obsolescence An element of accrued depreciation; a curable defect caused by a defect in the structure, materials, or design.

Incurable Functional Obsolescence An element of accrued depreciation; a curable defect caused by a deficiency or super adequacy in the structure, materials, or design, which cannot be practically of economically corrected.

External Obsolescence An element of accrued depreciation; a defect, usually incurable, caused by negative influences outside a site and generally incurable on the part of the owner, landlord, or tenant.

Accrued Depreciation The difference between the reproduction or replacement cost of the improvements on the effective date of the appraisal and the market value of the improvements on the same day.

Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, 2010.

THE SALES COMPARISON APPROACH

The Sales Comparison Approach is a valuation technique whereby Market Value is estimated based on market prices in actual transactions and/or in light of asking prices for currently available properties. The Sales Comparison Approach is predicated on the Principle of Substitution as a rational buyer would not pay more for a property than the price of an equally suitable replacement.

The process is essentially that of a comparison in which market data from property exchanges are analyzed and adjusted in an effort to derive a value indication for the property under appraisal.

Given an adequate number of similar properties from which a market inference can be drawn, a range of probable selling prices may be derived. Within the derived range, an estimate of expected price or Market Value may be concluded.

THE INCOME CAPITALIZATION APPROACH

The Income Capitalization Approach is a method where anticipated net income attributable to a property is capitalized at an appropriate rate or discounted to present value to arrive at a value indication. The Income Capitalization Approach is predicated on the Principal of Anticipation, comparison and analysis of comparable rental properties is used as a basis for estimation of economic rent. Applicable expenses are deducted to arrive at a stabilized net income or forecast of cash flow. Anticipated income is then either directly capitalized at an appropriate rate or discounted to present value using a discounted cash flow methodology.

Under ideal circumstances, all three approaches can be employed. Land is typically valued by the

Sales Comparison Approach, with improvements valued by the Cost Approach, and the improved property valued by the Sales Comparison and Income Approaches.

VALUATION ANALYSIS

HIGHEST AND BEST USE

Highest and Best Use is defined as follows:

The reasonable probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the Highest and Best Use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability.

Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, 2010, pg. 93.

The Highest and Best Use of Land or a Site as though Vacant is defined as follows:

Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination. The use of a property based on the assumption that the parcel of land is vacant or can be made vacant by demolishing any improvements.

Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, 2010, pg. 93.

The Highest and Best Use of property as improved may be defined as individual owner or owners, by the contribution of the property to the community as a whole. Also implied is that the determination of Highest and Best Use analytical judgment is used to formulate an opinion of Highest and Best Use on which the valuation of the property is premised.

The opinion of Highest and Best Use may be based on the highest and most profitable continuous use for which the property is reasonably adapted and needed, or the use to which the property will most probably be put, given the various physical, legal, and financial constraints placed on the property in light of its attributes. However, elements affecting value that depend on events that are uncertain or depend on the actions of another are excluded from consideration.

In determining Highest and Best Use, there are essentially four stages of analysis:

1. Physically Possible Physical attributes of the site such as size, shape, topography, soil conditions, and availability of utilities are evaluated to determine the range of potential uses.

2. Legally Permissible Zoning, deed restrictions, community restrictions, environmental laws and impacts, and any other legal or political restrictions are considered so as to further narrow the range of potential property uses.

3. Financially Feasible - The ability of a potential use to return a profit is examined with unprofitable uses discounted from consideration.

4. Most Profitable Among remaining uses found to be physically, legally, and financially possible, an effort is made to identify the use that will produce the highest net return or highest present land value.

Highest and Best Use of the Land as Vacant

The Highest and Best Use of a site as if vacant and available for another use may be different from the Highest and Best Use of the site as Improved. This may be true when the improvement does not represent the most profitable use but continues to make a positive contribution to the value of the site in excess of the cost of clearing the land.

The following tests are made in an effort to identify the Highest and Best Use of the subject land as vacant and available:

Physically Possible The appraiser has not seen a soil or toxicity report, however, inspection revealed only minor deficiencies that may hinder site development. The very southern/southwestern elevation of the site is located in designated flood hazard Zone AE along the drainage easement on the southern elevation. The shape and topography of the balance of the site pose no other limitations on development.

The site is at grade with surrounding streets and properties. The presence of other commercial and residential developments in the area suggests that these uses meet the test of being physically possible. The subject land may thus be developed for any number of potential uses.

Legally Permissible The subject is legally restricted in potential use by zoning and restrictions imposed by the City of Milwaukee. The site is currently zoned RT- 4 One- to Four-Family Residential District. The zoning ordinance is provided in the Appendix, and allows for residential, commercial, retail, and related approved uses. among other commercial and residential uses suggest that a mix of commercial and/or multifamily housing is compatible to neighboring uses.

Financially Feasible increasing multifamily rents, new multi-family development appears to be feasible in this market. There have been several recently developed large-scale apartment projects in the suburban Milwaukee market that have been constructed and successfully leased. The area appears to include an average demographic base of income-qualified households to justify multifamily housing and adequate new unit absorption capacity. There are a number of commercial and retail facilities that have also been built in the area in the recent past with construction of new facilities currently proposed in the market. Some speculative new construction has recently been spurred due to the shortage of good available modern commercial space. We conclude that a mix of new residential and commercial development is currently

Maximally Productive The Maximally Productive use is the most profitable use allowable based on the Physically Possible, Legally Permissible, and Financially Feasible constraints outlined previously. Based on the preceding, the most profitable use of the site as though vacant would be for mixed-use commercial and/or residential development.

SALES COMPARISON APPROACH

The Sales Comparison Approach is based on the concept of Substitution. This principle states that when several similar or commensurate commodities, goods, or services are available, the one with the lowest price attracts the greatest demand and widest distribution.

The Sales Comparison Approach is based upon an analysis of actual sales or current asking prices of other similar properties which are compared with the subject. Comparable sales and asking prices represent the actions of typical buyers and sellers in the marketplace and their actions in the market will determine a price for the subject. When there is an adequate number of truly similar properties with sufficient information for comparison, a range of values for the subject property can be developed.

The range of values developed by using units of comparison such as sales price per unit, square foot or any other of several units can be studied and necessary adjustments made to provide for the differences between all the comparables and the subject. An analysis of the adjusted units of comparison can then form the basis of the Market Value of the subject property.

Land Valuation

There have been few sales of land for multifamily development over the past several years.

Although there have been a number of new projects developed in suburban southeastern

Wisconsin, most projects have been developed on sites that have been owned for a number of years, many of which obtained entitlements subsequent to their purchase. A search for recent comparable sales and listings was conducted primarily based on intended use and location. Several multi-family and commercial land sales and listings were considered in estimating a Market Value for the subject site. The Comparable Land Sales and Listings utilized in our analysis are included in Exhibit 12.

COMPARABLE LAND SALE #1

LOCATION: 4000 South 13th Street Milwaukee, Wisconsin

PARCEL NUMBER: 579-9961-100

GRANTOR: GPI Interim, Inc

BROKER: E&J Real Estate Rentals, LLC

SALE DATE: July 9, 2021

SIZE: 4.16 Acres (181,210 Square Feet)

SHAPE: Rectangular shaped parcels

FRONTAGE: 513 feet of frontage South 13th Street

UTILITIES: All available to site

TOPOGRAPHY: Level, Previously Developed

ZONING: IO-1- (Newer) Industrial Office District

COMPARABLE LAND SALE #1 (CONTINUED)

TRAFFIC COUNT: 9,000 vehicles per day along South 13th Street

SALE PRICE: $570,000

PRICE PER ACRE: $137,019

PRICE PER SQUARE FOOT: $3.15

COMMENTS: On July 9, 2021, the 4.16 acres of redevelopment land located at 4000 South 13th Street in Milwaukee, Wisconsin sold for $570,000 or $137,019 per acre. The land had been listed available for sale with the Dickman Company with an asking price of $650,000. No special sales conditions were reported affecting the selling price of the property.

COMPARABLE LAND SALE #2

LOCATION: 206 West Layton Avenue Milwaukee, Wisconsin

PARCEL NUMBER: 595-0832-000

GRANTOR: Mun Sang Yi

GRANTEE: Zahid Ashraf

SALE DATE: January 28, 2022

SIZE: 1.40 Acres; 60,984 Square Feet

SHAPE: Irregular shaped parcel

FRONTAGE: 32 feet along West Layton Avenue

UTILITIES: All available to site

TOPOGRAPHY: Level

COMPARABLE LAND SALE #2 (CONTINUED)

ZONING: LB-1 Local Commercial District

TRAFFIC COUNT: 21,600 Vehicles along West Layton Avenue

SALE PRICE: $165,000

PRICE PER ACRE: $117,857

PRICE PER SQUARE FOOT: $2.71

COMMENTS: On January 28, 2022, the 1.40 acres of commercial land located at 206 West Layton Avenue in Milwaukee, Wisconsin sold for $165,000 or $2.71 per square foot. The land had been listed available for sale with ReMax Realty with an asking price of $169,000. No special sales conditions were reported affecting the selling price of the property.

COMPARABLE LAND SALE #3

LOCATION: 2707 West Puetz Road Franklin, Wisconsin

PARCEL NUMBER: 855-0108-001

GRANTOR: 27th Puetz, LLC

GRANTEE: 2400 Real Estate, LLC

SALE DATE: June 28, 2023

SIZE: 7.42 Acres (323,215 Square Feet)

SHAPE: Rectangular Shaped Parcel

FRONTAGE: 580 Feet along West Puetz Avenue and 428 Feet along South 27th Street

UTILITIES: All available to site

COMPARABLE LAND SALE #3 (CONTINUED)

TOPOGRAPHY: Level, partially wooded, 0.36 acres of wetlands located on the northwest corner of the site, 0.17 acres of wetlands located on the southwest corner of the site, and 0.42 acres of wetlands located on the southern elevation f the site.

ZONING: B-4 South 27th Street Mixed Use Commercial District

TRAFFIC COUNT: 3,000 vehicles per day along West Puetz Road and 12,800 vehicles per day along South 27th

Street

SALE PRICE: $2,200,000

PRICE PER ACRE: $296,496

PRICE PER SQUARE FOOT: $6.81

COMMENTS: On June 28, 2023, the 7.42 acres of mixed use commercial land located at 2707 West Puetz Road in Franklin, Wisconsin sold for $2,200,000 or $6.81 per square foot. The land is encumbered by three areas of wetlands totaling approximately

0.95 acres. No other sales conditions were reported affecting the selling price of the property.

COMPARABLE LAND SALE #4

LOCATION: 150 West Forest Hill Avenue Oak Creek, Wisconsin

PARCEL NUMBER: 813-9019-000

GRANTOR: Demco Wisconsin 1, LLC

GRANTEE: Oak Creek Forest Hill, LLC

SALE DATE: June 22, 2023

SIZE: 4.934 Acres (+/-3.25 Acres Net Developable)

SHAPE: Rectangular Shaped Parcel

FRONTAGE:

West forest Hill Avenue

UTILITIES: All available to site.

TOPOGRAPHY: Level with wetlands along the southern elevation

COMPARABLE LAND SALE #4 (CONTINUED)

ZONING: B-4 Highway Business

TRAFFIC COUNT: Nominal

SALE PRICE: $600,000

PRICE PER ACRE: $184,615 (Net Developable)

PRICE PER SQUARE FOOT: $4.23 (Net Developable)

COMMENTS: On June 22, 2023, the +/-3.25 acres of developable commercial land located at 150 West Forest Hill Avenue in Oak Creek, Wisconsin sold for $600,000 or $4.23 per square foot. The land had historically been marketed for sale with the Boerke Company with an asking price of $6.34 per net developable square foot.

No other sales conditions have been reported affecting the selling price of the property.

COMPARABLE LAND SALE #5

LOCATION: 1801-1809 West Layton Avenue Milwaukee, Wisconsin

PARCEL NUMBER: 624-1741-000 and 624-1742-000

GRANTOR: Woodspring Suites Milwaukee AI

GRANTEE: Milwaukee Asset, LLC

SALE DATE: December 16, 2021

SIZE: 10.83 Acres (471,755 Square Feet)

6.83 Acres Buildable

SHAPE: Rectangular Shaped Parcel

FRONTAGE: 726 feet along West Layton Avenue, 576 feet along South 20th Street, and 634 feet along I-94 Southbound Ramp.

COMPARABLE LAND SALE #5 (CONTINUED)

TOPOGRAPHY: Level with approximately four acre elevated dirt mount.

ZONING: LB-1 Local Business District

TRAFFIC COUNT: 23,800 Vehicles along West Layton Avenue 5,600 along South 20th Street, and 4,400 on I-94 Southbound Ramp.

SALE PRICE: $1,900,000

PRICE…