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HomeMy WebLinkAboutGreen Lake Project Appraisal 1981Ll · APPRAISAL of Green Lake Pro· Ject Sitka, Alaska for Alaska Power Authority PROPERTY Alaska p OF: 334 ~wer Authority Anchorage . 11th Ave. ' aska 99501 LAND FIELD SERVICES, INC. PROPERTY Of-: Alaska Power Authority 334 W. 5th Avo. Anchorage, Alaska 99501 APPRAISAL of Green Lake Project Sitka, Alaska for Alaska Power Authority By Land Field Services, Inc. Donald R. Bruce V. Lenny Reagin Reviewed By P. J. Sullivan LAND FIELD SERVICES. INC. f' () lim Hl 1 !0'' /\nchtHiiH"-Ald:,ko~ qq~l 11 I lEi 1 !Hl!J Alaska Power Authority 333 West Fourth Avenue Suite 31 Anchorage, Alaska 99501 ATTENTION: Mr. Eric P. Yould Executive Director October 7, 1981 Subject: Appraisal of Green Lake Project Sitka, Alaska Gentlemen: As you have requested, the undersigned have made an inspection and analysis of the above referenced property (see complete legal des- cription on page 1 of the report) for the purpose of estimating the Market Value. The accompanying report sets forth the most pertinent data gathered, the techniques of valuation and the reasoning leading to an opinion of value. In our opinion, the Market Value of the subject property is: $555,750.00 Five Hundred Fifty-five Thousand Seven Hundred and Fifty Dollars Thank you for the opportunity to be of service. If you have any questions regarding this appraisal, please contact us. Very truly yours, DRB/VLR/PJS/jb Enclosures CERTlF I C/\TTON The authors do hereby certify that, except as otherwise noted in this appraisal report: They have no present or contemplated future interest in the real estate that is the subject of this appraisal report. They have no personal interest or bias with respect to the subject matter of this appraisal report, or the parties involved. To the best of their knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. This appraisal report sets forth all of the limiting conditions (imposed by the terms of the assignment or by the authors) affecting the analyses, opinions and conclusions contained in this report. No one other than the authors prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report. Donald R. Bruce V. Lenny Reagin ASSUMPTIONS AND LIMITING CONDITIONS 1. No legal questions are considered in this analysis, such as titles, encumbrances, etc ... The property is considered as if free and clear. 2. All dimensions and legal descriptions are assumed to be correct, as furnished. 3. All information, as found in data furnished, is deemed to be reliable. If any errors are found, the right is reserved to modify the conclusions reached. 4. No study has been made to determine whether structures may have an infestation, such as termites or dry rot. In the absence of such study, it is assumed the property is free of such problems. 5. The data and conclusions embodied in this appraisal are a part of the whole valuation. No part of this appraisal is to be used out of context; and, by itself alone, no part of this appraisal is necessarily correct, as being only part of the evidence upon which final judgment as to replacement value is based. 6. Employment to make this appraisal does not require testimony in court, unless mutually satisfactory arrangements are made in advance. 7. This report is delivered subject to the stipulation that neither all nor any part of the contents shall be conveyed to the public media through advertising, public relations, news, sales or any other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or his firm. QUALIFICATIONS OF THE APPRAISER Land Education: John Muir College University of California University of California Hastings College of Law American Institute of Real Estate Appraisers International Right of Way Association Experience: Inc. Associate Arts Degree Bachelor of Science Degree (Political Science) Two Years Course I Appraisal 101 Appraisal of Easements 401 Landman, Standard Oil Company of California -6 years Appraiser, Alaska Land and Title Company - 2 years Senior Appraiser, Land Field Services, Inc. -8 years Review Appraiser, Land Field Services, Inc. - 6 years Expert Witness, Superior Court, 4th Judicial District Expert Witness, Superior Court, 3rd Judicial District Expert Witness, U.S. District Court, Alaska Appraised properties in the following areas of Alaska: Anchorage Fairbanks Juneau Ketchikan Petersburg Wrangell Cordova Valdez Copper Center Glennallen Tok Delta North Pole Prudhoe Bay Kotzebue Nome Bethel Dillingham Palmer Wasilla Willow Kodiak Seldovia Homer Kenai Seward Cantwell Sitka Business and Professional Affiliations: Senior Member -International Right of Way Association Past Regional Officer -International Right of Way Association Associate Member -Society of Real Estate Appraisers Former Member -State of Alaska -Board of Land Appeals Appraisal Clients Include: Alaska National Bank Mt. McKinley Mutual Savings The Anaconda Company State of Alaska -Department of Public Works Greater Anchorage Area Borough Alyeska Pipeline Service Company Copper Valley Electric Association Homer Electric Association Kenai Pipeline Company Standard Oil Company of California H.C. Price Company Professional Contractors, Inc. Morrison -Knudsen Co., Inc. State of Alaska -Department of Highways Alaska Airlines, Inc. Kodiak Electric Association Golden Valley Electric Association Ely, Guess and Rudd Fairbanks North Star Borough Alaska Power Authority QUALIFICATIONS OF THE APPRAISER Donald R. Bruce --~--·~---Land Field Services, Inc. Education: University of Michigan American Institute of Real Estate Appraisers International Right of Way Association International Right of Way Association Experience: Real Estate Broker -Casper, Wyoming - 4 years Business Administration Course I Report Writing Course Land Titles Course Appraiser, Federal Housing Administration -Wyoming and Alaska -2 years Appraiser, State of Alaska, Department of Highways - 2 years Vice President, ~1ortgage Loan Department -Alaska National Bank of Fairbanks. (Made all appraisals for bank real estate loans-12!-z years.) Appraiser, Land Field Services, Inc. - 4 years Appointed by State of Alaska superior Court as ~laster in condemnation hearings in Fourth Judicial District -1963 to present Appointed by City of Fairbanks and North Star Borough to Property Tax Advisory Board to the Assessor's office-1962-1966 Appointed by United States District Court as Land Commissioner in Federal condemnation cases. 1978 to present. Appraised properties in the following areas of Alaska: Fairbanks Anchorage Juneau Sitka Ketchikan Wrangell Cordova Valdez Glennallen Tok Junction Delta Seward Homer Kenai Nome Kotzebue Prudhoe Bay Copper Center Business and Professional Affiliations: Member -International Right of Way Association Member-Fairbanks North Star Borough's Land Value Advisory Commission Appraisal Clients Include: Motrison-Knudsen Company, Inc. National Bank of Alaska Hickel Investment Company Alyeska Pipeline Service Company Copper Valley Electric Association Alaska National Bank of the North Alaska Teamsters Employee Pension Fund H. C. Price Company Box Boy City of Fairbanks Albright Corporation State of Alaska, Department of Highways City Electric Teamsters Local 959 Federal Housing Administration Polaris Investment Company Professional Contractors, Inc. The Anaconda Company QUJ\L1FlCJ\TlONS OF THE 1\PPRAlSER Education: University of Alaska V. Lenny Rc;1gin Land Field Services, Inc. Tanana Valley Community College University of Alaska University of Alaska Society of Real Estate Appraisers International Right of Way Association International Right of Way Association Experience: Business Administration Real Estate Appraisal Real Estate and Land Economics Principles, Hethods, and Tech- niques of Real Estate Appraising Narrative Report Writing Seminar R-2 Examination Report Writing Course Land Titles Course General Real Estate Appraisal, including residential, recreational, and commercial properties -9 years Approved appraiser for Veterans Administration -6 years Qualified as an Expert Witness, Superior Court, 4th Judicial District, State of Alaska Completed appraisals which have been accepted by the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association Associate Appraiser for Yerkes, Street and Associates -3~ years Appraiser/owner, V. Lenny Reagin & Associates -1 year Loan Examiner II, State of Alaska Department of Commerce, Division of Veterans Affairs -1~ years Appraiser, Land Field Services, Inc. -3 years Appraised properties in the following areas of Alaska: Fairbanks Nenana Galena Anchorage Delta Prudhoe Bay Business and Professional Affiliations: Member -International Right of Way Association North Pole Tok Junction Glennallen Copper Center Member -Fairbanks North Star Borough's Land Value Advisory Commission Appraisal Clients Include: National Bank of Alaska Alaska National Bank of the North First National Bank of Anchorage First National Bank of Fairbanks Ht. McKinley Mutual Savings Coast Mortgage Company State of Alaska, Department of Highways State of Alaska, Division of Veterans Affairs U.V. Industries, Inc. Follett and Associates American }1ineral and Petroleum Corporation of Delaware Dames and Moore Wien Air Alaska Veterans Administration Rymac Realtors Meyeres Real Estate Golden North Realty Earl Cook Real Estate Johnson Real Estate B & A, Inc. Realtors H.C. Price Company Professional Contractors, Inc. The Anaconda Company Alyeska Pipeline Service Company Sitka and Regional Aren Onta: Sitka is located on the west coast of Baranof Island in southeastern Alaska. It is approximately mid-way between Seattle, Washington, and Anchorage, Alaska, and a 20 minute flight west from Juneau, Alaska's capital. It is the only city in the southeast that fronts on the Pacific Ocean. All other major population centers are located on the Inside Passage. Sitka was founded by the Russians in 1804 and from 1806 to 1867 was the capital of Russian America. When the United States purchased Alaska in 1867 for $7,200,000, Sitka remained the capital until 1900, when territorial administration was transferred to Juneau. The local government is Home Rule Charter with an assembly and administrator. The City and Borough of Sitka covers 4,600 square miles of marine and mountain terrain. Over 90% of the land area belongs to the federal government and is part of the Tongass National Forest. The population is approximately 8,700 at the present time, most of them located in a twelve mile strip-type develop- ment along Sitka Sound which includes the city of Sitka. The Japanese current, which flows just west of Sitka, keeps the climate moderate all year long. The average mean temperatures are 320 in the winter and 55° in the summer. Average annual precipitation is 96.6 inches. Sitka has three main industries-logging, fishing, and tourism. The Japanese-owned Alaska Lumber and Pulp Company, Inc. has a $70,000,000 pulp mill 4~ miles southeast of Sitka. Fishing and fish processing are also very important industries. Due to the historic value of Sitka, tourism has been growing at an amazing pace in the last 10 years since the introduction of the Alaska Ferry System and the building of the new airport which can handle large jet aircraft. New hotels have been built with close to 300 modern rooms available. The Sitka area has a very bright future for expansion and growth as the Green Lake power project will help it meet all its power needs for the coming years when it goes on line toward the end of 1981. -· § 3 RED -PROJECT BOUNDARY 2 BLUE -RESERVOIR APPRAISAL REPORT Ostensible Owner: Location of the Property: Legal Description: Date of Inspection: City/Borough Sitka, Alaska Approximately 6 miles east of Sitka on the northeast- erly side of Silver Bay and surrounding Green Lake. T.56S., R.64E., CRM Sect ion 2: W1;~E 1"2; H~ Section 3: E!;g E~NW~* Section 11: E~; NW~ Section 12: S~NW~; SW~; NW~SE~; S!2SE~ Section 13: E~; N~NW~ Section 24: NE~ T.56S., R.65E., CRM Section 18: N!,· 2• sw!z;; NW~SE~ Section 19: SW~NE!z;; W~; sE!z; Section 20: S!2S~ Section 21: S~SW!z; Section 26: NW!z;SW~; S~SW~; SW~SE~ Section 27: NW!z;NW~; S~NW!z;; s~ Section 28: All Section 29: All Section 30: N~NE~; W;iS~NE~ Section 33: NE~NE~ Section 34: NE!~; N~NW~; SE~N\\T!z;; NE~SE!z; Section 35: N!2; N~SW~; SE!z;SW!z;; Section 36: \.J~NW!z;; H~SE!z; T.57S., R.66E., GRM Sect ion 3: NH~NW 1z;; W1;;NE!z;NH!z; Sect ion 4: N!2NE!4; E~NE!z;NW~ SE!z; SW!z;; *Excluding U.S. Surveys 3551 and 3665. September 21, 1981 through September 25, 1981 Date of Appraisal: September 28, 1981 PURPOSE OF THE APPRAISAL: The purpose of this appraisal is to estimate the "Market Value" of the above described property. Market Value is defined as, "the highest price in terms of money that a property will bring if exposed for sale on the open market, allowing a reasonable length of time to find a purchaser who buys with full knowledge of all the uses to which it is adapted and for which it is capable of being used." ASSUMPTIONS AND LIMITING CONDITIONS: All appraisals are made subject to certain assumptions and limiting conditions. For those that apply to this appraisal please refer to the sheet in the preface portion of this· book. PROPERTY RIGHTS APPRAISED: The rights appraised of the subject land are fee simple title. HIGHEST AND BEST USE: Highest and Best Use is defined as "that reasonable and probable use which will support the highest present value." Due to the large size of the subject parcel several different uses for the property were considered and are discussed below. The property is heavily timbered and in close proximity to the Alaska Lumber and Pulp Mill site. For this reason the property was considered to be valuable for its natural resources. This potential was discussed with J. A. Rynearson, Senior Vice- President of Alaska Lumber and Pulp Mill Company. Due to adverse conditions that would be encountered logging this area, Mr. Rynearson felt logging cost would exceed the value of the timber. (See Exhibit "A" in the Addendum). A Mr. Evan Lutz, employee of the U.S. Forest Service, was also contacte,: Mr. Lutz felt that there were some stands of merchantable timber but they would be minimal. He felt the property would be better utilized for recreational purposes. After a careful analysis of the subject lands by the appraisers it is concluded that the highest and best use of the subject lands would be to hold for future development of residential homesites and/or development for recreational purposes in conjunction with a hydro- electric development. (See "EXHIBIT B11 in the Addendum for an estimated breakdown of acreage.) -2- Property Description: The property being appraised is located from 4 to 13 air miles southeast of Sitka, Alaska. It extends for approximately 10 air miles along the northeast shore of Silver Bay and up the valley of the Vodopad River, which includes Green Lake. It covers an area of 5,535 acres. The actual project acreage within the boundary of the property is 1,480 acres. · The entire property is mountainous terrain, heavily forested with Sitka Spruce, Hemlock, Yellow Cedar, and Alder. Green Lake and Medvejie Lake are the only level areas within the boundaries of the property, except for a few acres at the head of Bear Cove and Herring Cove. Access: The main access to the property is via Sawmill Creek State Highway from Sitka to Herring Cove. Land access to the project area is by a one lane gravel road from Herring Cove. The property is also accessible by boat and float plane. Zoning: There is no zoning. Assessed Value and Real Estate Taxes: Not applicable to City and Borough properties. Improvement Description: The property is presently improved with a double-curvature, concrete arch dam and a powerhouse and substation approximately 95% completed. A temporary construction camp is located near the powerhouse. There is also a one lane access road along the shore of Silver Bay and a transmission line completed from the powerhouse to Blue Lake substation along this road. A small fish hatchery building is located at the head of Bear Cove on land leased to Northern Southeast Regional Aquaculture Association. None of the improvements are being given consideration in this appraisal report. Property Valuation: This size of the property being appraised, 5,535 acres, presented the appraisers with a unique assignment. The Market Value Approach to Value is the only approach applicable to isolated, remote raw land. In this instance, no sales of large parcels were available. -3- Property Valuation (Cont'd): In the southeast panhandle of Alaska, better than 90% of all land is in the Tongass National Forest and controlled by the federal government under the United States Forest Service. The State of Alaska selected lands and the Native Regional Corporation selections control most of the remainder. Only around the urban centers and strip developments along the shoreline is private land found. Real Estate brokers, other appraisers, the United States Forest Service, the State of Alaska Division of Lands, the Bureau of Land Management, the Recorder's Office records, the Sealaska Native Corporation, and the Alaska Lumber and Pulp Company were contacted in Sitka, Juneau, and Anchorage for any sales information. Nothing comparable was found. Five larger acreage sales from other areas of the state have been listed in the Addenda for some indication of value. All are small in comparison to the subject property. The three sales in the Juneau area are far superior to the subject. The sale outside of Nome and the one on the Yukon River northwest of Fairbanks are more remote, but are considered superior to some of the subject lands because of their potential mineral development and usability. The value of the timber on the property was requested from the Alaska Lumber and Pulp Company and the United States Forest Service. Mr. Rynearson, the Alaska Lumber and Pulp Company official, indicated that the adverse conditions which would be encountered logging the area would run logging costs above the value of the timber involved. These adverse conditions were logging around a high voltage power line, unstable steep sidehills, a very environmentally sensitive area, no way to remove the logs from the lake area except by floating them to the dam area, and a road condition from the dam site to the pulp mill that is not compatible to hauling logs. Mr. John Raynor of the United States Forest Service in Juneau stated they would be unable to set a timber value without a timber cruise and that the topography of the subject property makes timber cruising almost impossible. He also indicated environmental complaints would be numerous because any large logging activity along Silver Bay would affect its pristine beauty. Silver Bay is one of the main tour spots visited by tourists in the Sitka area. The appraisers inspected the entire property by helicopter and occupied numerous points in the project area, including the portion that will be the east end of the new reservoir. When the reservoir is filled, Green Lake will be approximately 4 miles long and average half a mile in width, covering an area of approximately 1,400± acres. The shore will rise steeply from the new level of the lake except at the east end where the Vodopad River flows into the lake. Access to the east end of the lake would be by boat or float plane. -4- Property Valuation (Cont'd): The access road from Herring Cove to the dam was travelled numerous times. At Herring Cove there is approximately 10 acres of fairly level, cleared uplands from the road. The cove, however, is used by the Alaska Lumber and Pulp Company for rafted log storage and the road is right along the shore, thus limiting development. From Herring Cove the road follows the shoreline of Silver Bay 3.3 miles to Bear Cove. The land rises sharply from the left side of the road and drops rapidly most of the way on the right side down to the shore. Road clearing has been kept to a minimum, and the transmission line poles erected just off the road surface. At Bear Cove there is some fairly level land where Bear Creek flows into the cove. However, this land is encumbered with a 55 year lease to a private non-profit organization for development of a fish hatchery. The covenants and conditions set forth in the lease are very restrictive. From Bear Cove the road continues along the shore of Silver Bay 2.5 miles to the project construction camp. In many places the road has been blasted out of the side of the mountain, leaving cliffs on both sides of the road. Here again the transmission line poles are located close to the road surface. At the construction camp the road divides. The left route climbs the side of the mountain up to the dam site. The right continues on through the camp to the powerhouse and substation. The camp area is fairly level and a barge landing has been developed on the shore of Silver Bay near Green Survey Monument. Upon completion of the project and removal of the construction camp, this area could be developed into park area. A study of the road access raises many questions as to the feasibility of opening the road to public use. The road does not meet Alaska State standards. The transmission line poles being next to the road surface could cause accidents and affect the integrity of the power line. The cost to bring the road up to standard would be very high as the transmission line would have to be moved in places and the road widened. The appraisers have done a complete study of the comparable sales and all information obtained from knowledgeable individuals, in addition the Alaska State land disposals and proposed disposals were studied and anylized. Price ranges statewide for remote parcel staking ranged from a low of $20.00 per acre to a high of $2,310.00 per acre for non-water front acreage and a range of $160.00 per acre to $4,200 per acre for water front acreage. -5- Property Valuation (Cond't): After consideration of all data gathered it is the appraisers opinion that the Market Value of the Green Lake Power Site (reference is made to "EXHIBIT B" in the Addenda) is estimated to be as follows: Potentially Developable Acreage 900 acres @ $350.00 per acre = $315,000.00 Upland Acreage 3,210 acres @ $ 75.00 per acre = $240,750.00 Submerged Acreage 1,425 acres @ $ -0-per acre = $ -0- TOTAL VALUE $555,750.00 Five Hundred Fifty-five Thousand Seven Hundred and Fifty Dollars -6- A" ALASKA LUMBER & PULP CO., INC. 1'0. BOX 1050 • SITKA. ALASKA 99835 • 19071 7<17-22G5 September 25, 1981 Mr. V. Lenny Reagin Land Field Services, Inc. P.O. Box 2510 Fairbanks, Alaska 99707 Dear Lenny: Pursuant to our conversation yesterday, I would again like to reiterate that the timber along the Green Lake power line and that surrounding the Green Lake project itself would be of a negative value to Alaska Lumber and Pulp Company. Timber appraisals are made by subtracting all costs from the end product whether it be pulp, lumber, plywood, etcetera. In other words, we start out with a known value for manufactured pulp and subtract from that manufacturing costs, logging costs, profit and risk, etcetera. The residue then becomes the stumpage value of standing timber. Enclosed you will find a Forest Service appraisal summary that will perhaps clarify my overly simplified version. Due to the adverse conditions that would be encounterE:d logging the area you described, logging costs would far exceed ::he value of the timber involved. In other words, we would have a negative stumpage value. By adverse conditions for logging, I am referring to logging around a high voltage power line, unstable steep sidehills, a very environmentally senstive area, no way to remove the logs from the lake area other than floating, and a road condition from the darn site to our mill site that is not compatible to hauling logs. If I can be of any further assistance, please let me know. Sincerely, ALAS{<A LYJ1BER ~ND PULP COMPANY I INC. \ / . / ! / '/' . /( ( -l // ;~ l ( {1( t;;" ~1 / { J. Aj. Rynea r,Son s7nior Vic'~-President JAR:rnrnh Enclosure "EXHIBIT B" Acreage Analysis Table Total Potentially Developable Upland Submerged Sect Jon Acreage Acreage Acreage Acreage Township 56 South, Range 64 East, Copper River Meridian 2 390 100 290 -0- 3 165 40 125 -0- 11 175 35 140 -0- 12 325 80 245 -0- 13 195 35 160 -0- 24 45 -0-45 -0- Township 56 South, Range 65 East, Copper River Meridian 18 475 85 3 90 -0- 19 370 75 2 95 -0- 20 160 -0-160 -0- 21 80 5 70 5 26 160 10 130 20 27 440 30 140 270 28 535 30 225 280 29 545 180 275 90 30 35 35 -0--0- 33 40 10 25 5 34 32 0 25 105 190 35 600 30 135 435 36 320 95 95 130 "EXHIBIT B" Acreage Analysis Table Page 2 Section Total Acreage Potentially Developable Acreage Upland Acreage Submerged Acreage Township 57 South, Range 66 East, Copper River Meridian 3 60 -0-60 -0- 4 100 -0-100 -0- Total 5535 900 3,210 1,425 COMPARABLE LAND SALE NO. 1 LOCATION: Point Bishop at end of Taku lnlet, South of Juneau. LEGAL DESCRIPTION: U.S.M.S. 963. T. 42S., R. 69E., C.R.M. Access: By water Terms: Date: December, 1978 Instr.: Bk/Pag.: GRANTOR: MADSEN GRANTEE: SCHMIEGE SALE CONFIRMED BY: Joe Cottingham -A.D.L. Zoning: None Use: Vacant Size: 178.08 acres Price: $100,00.00 PROPERTY DETAILS: Very steep slope and heavily wooded down to water ANALYSIS: $100,000 . 178.08 acres= $561 per acre. ·. COHI'AIU\BLI·: I.ANil SALE NO. 2 LOCATION: 5 miles south of Thane, Alaska on west shore of Gastineau Channel. LEGAL DESCRIPTION: U.S.S. 249, U.S.S. 256, U.S.S.2278, U.S.S.202, and U.S.S. 324. Access: water, float Terms: Cash Date: July, 1975 Tnstr.: Unknown Bk/Pag.: plane, road along /power line. GRANTOR: DUPONT COMPANY Zoning: None Use: Vacant Size: 130.74 acres Price: $100,000.00 GRANTEE: 19 CORPORATION ( James B. Bradley et al) SALE CONFIRHED BY: Joe Cottingham -A.D.L. PROPERTY DETAILS: Fairly steep sloping wooded terrain. Rocky frontage. Only significant improvement is a deteriorating wood piling dock. ANALYSIS: $100,000 · 130.74 acres= $764.88 per acre. '• COHl'ARABLE I.ANJJ SALE NO. 3 LOCATiON: Juneau, Alaska LEGAL DESCRIPTlON: Part of ATS 201; U.S.M.S. 642; U.S.M.S. 10278; and U.S. M.S. 1 02 7 A. Access: City Street Terms: $250,000 down - Date: April, 1978 Tnstr.: Warranty Deed Bk/Pag.: assume $1,000,000 /mortgage GRANTOR: UNION OIL COMPANY OF CALIFORNIA Zoning: Industrial Use: Vacant Size:65.836 acres GRANTEE: ALASKA JUNEAU FOREST INDUSTRIES, INC. SALE CONFIRNED BY: Joe Cottingham -A.D.L. -also Tony Duvernoy PROPERTY DETAILS: Vacant mine tailings in Gastineau Channel south of downtown Juneau. ANALYSIS: $1,250,000 . 65.836 acres $19,000 per acre. ·. Cm!P.i\IUIIILE 1.1\NJ) SALE NO. /1 LOC.i\TlON: 20 miles downstream below the Yukon River Bridge on the north side of the Yukon River. LEGAL DESCRIPTION: U.S.S. 1471 Access: Boat or float plane Terms: Cash Date: June, 1978 Tnstr.: Purchase of Corporation Bk/Pag.:Not recorded as a land sale Zoning: unzoned Use: vacant Size: 214.56 acres Price: $30,000.00 GRANTOR: JIM SMITH (Rampart Investment Corporation) GRANTEE: JOE VOGLER SALE CONFIRMED BY: James B. Price -M.A.I. PROPERTY DETAILS: This property was acquired by purchasing all of the out- standing stock in a corporation. The land is on a bluff about 50' off the water. Portions of the property are steep but most of it is usable. There are no usable improvements on the property. It has about ~ mile of river frontage. ANALYSIS: $30,000 ~ 214 acres = $140 per acre. .. ... cmtPARAHI.I·: LAND SALE NO. 5 LOCATION: 60 milt!S northeast of Nome on the Casadcpnga and Nnxapaga Rivers LEGAL DESCRIPTION: Mineral Survey 1189 and Mineral Survey 1281, T. 2S., R. 28W., Katelle River Meridian Access: Air or river Terms: "Reasonable" Date: November, 1979 Tnstr.: Deed of Trust Bk/Pag.: N/A GRANTOR: BILLY SMITH Zoning: None Use: Vacant Size: 505 acres Price: $80,000.00 GRANTEE: CASA SIX (Mick Killion -General Partner) SALE CONFI~1ED BY: James B. Price-M.A.I. PROPERTY DETAILS: This is patented land. The property has approximately 2!:1 miles of river running across it. This property was purchased for potential mineral development. ANALYSIS: $80,000 . 505 acres $158 per acre. PHOTOGRAPHS OF SUBJECT LANDS Looking north from north bank of Vodopad River in Section 36, T.56S., R.65E., C.R.M. Looking south across Vodopad River in Section 36, T.56S., R.65E., C.R.M. 1 2 3 ·. Looking east up Vodopad River across east end of reservoir clearing in Section 36, T.56S., R.65E., C.R.M. Looking west down Volopad River toward Green Lake from Section 36, T.56S., R •. GSE., C.R.M. 4 Looking -north from north bank of Vodopad River in NE 1/4, Section 35, T.56S., R.65E., C.R.M. \ Looking south across Vodopad River in NE .·l/4, Section 35, T.56S., R.65E., C.R.M. 5 6 Looking up Vodopad River in .NE 1/4, Section 35, T.56S., R.65E., C.R.M. Looking west down Vodopad River from NE 1/4, Section 35, T.56S., R.65E., C.R.M. 7 8 Looking northeast across typical clearing in NE 1/4, Section 35, T.56S., R.65E., C.R.M. Looking southeast across typical clearing in NE 1/4, Section 35, .T.56S., R.65E., C.R.M. 9 10 Looking southwest across typical clearing in NE 1/4, Section 35, T.56S., R.65E., C.R.M. Looking west from ·east end of present lake in NW 1/4, Section 35, T.56S., R.65E., C.R.M. 11 12 Looking north from east end of present lake in NW 1/4, Section 35, T.56S., R.65E., C.R.M. Looking southeast from east end of present lake in NW 1/4, Section 35, T.56S., R.65E., C.R.M. .13 14 Looking west over lake from above the east end of the lake. Looking southwest across lake at Dam from west line o f NW 1/4,· Section 28, T.56S., R.65E., C.R.M. 15 16 . ' Looking north from north shore of lake in NW 1/4, Section 28, T.56S., ~.65E., C.R.M • Looking southeast from cleared area in NW 1/4, Section 28, T.56S., R.65E., C.R.M. 17 18 Looking north at drainage above clearing in NW 1/4, Section 28, T.56S., R~65E., C.R.M. Looking southwesterly at Dam from north shore of lake in NW 1/4, Section 2S, T.56S., R.65E., C.R.M. 19 20 Looking southeasterly across lake from NW 1/4, Section 28, T.56S., R.65E., C~R.M. Looking south across lake from north shore in NW 1/4, Section 28, T.56S., R.65E., C.R.M. 21 22 Looking north at clearing in NW 1/4, Section 28, T.56S., R.65E., C.R.M. Looking west at Dam from above lake. ·. 23 24 25 Looking southwest ·at Dam from above lake. 26 Looking southwesterly at Dam from above ·lake. 27 Looking northwest at Dam from above .lake. 28 Looking southerly along Dam from above lake. 29 Looking southeasterly at Dam and construction area. 30 Looking east at downstream side of Dam. "31 Looking northeasterly at Dam up gorge. 32 Looking southeasterly at Powerhouse. 33 Looking east at Powerhouse.· 34 Looking northeasterly at Powerhouse. 35 Looking easterly at Powerhouse across Silver Bay from SE 1/4, NE 1/4, Section 30, T.56S., R.65E., C.R.M. Looking northerly across Silver Bay at construction camp. Road to Dam site_is in center of picture. 36 Looking northwesterly down Silver Bay. A.L.P. mill is in the distance. Subject land is on the right. ~ooking northwesterly over Silver Bay from above Powerhouse. 37 38 Looking down on construction camp. Road to Darn site is on the right .. Access road from Sitka in upper right-center. Looking down at camp and Green Survey Monument which is to the left of the sign. 39 40 Looking northwesterly over Section 19, T.56S., R.65E., C.R.M. Looking northwesterly along_Silver Bay over Sections 11, 12, and 13, T.56S., R.64E., C.R.M., from above Dear Cove. 41 42 ,· Looking northeasterly over Medvejie Lake from above Bear Cove. Looking southwesterly from upper end of Medvejie Lake. 43 44 . ' Looking southwesterly at west end of Medvejie Lake from above lake . Looking southwesterly out over Bear Cove from above canyon below Medvejie Lake. 45 46 Looking northwesterly along Silver Bay across Sections 11 and 12, 'T.56S., R.64E., C.R.M. Pulp mill in left center. 47 48 Looking north across Herring Cove and Section 2, T.56S., R.64W., C.R.M. Pulp mill in upper left corner. 49 Looking northerly from Herring Cove across Section 2, T.56S., R.64E., C.R.M. Blue Lake is behind ridge in upper . right hand corner. so Looking northeasterly up Sawmill Creek from above pulp mill. Road to ·Blue . Lake in left portion of picture. 51 ·. Looking southeasterly along Silver Bay shore north of Herring Cove. Road and Green Lake Transmission line at left. Looking East at Libra Survey Monument at left of picture and island in Herring Cove at right. 52 53 Looking northerly from above Herring Cove at filled and cleared area. State Highway ends in lower left-hand corner. Access road to Green Lake continues ~cross picture. Transmission Line follows outside edge of clearing. 54 Looking westerly at northwest shore of Herring Cove. Road and Trans- · mission Line cross in upper background. Point Libra near left side of p~cture. Looking southeasterly along snore of Silver Bay from the mouth of Herring Cove. Looking southeasterly along shore of Silver Bay in Section 11, T.56S., R.64E., C.R.M. .55 56 I . 57 Looking southeasterly along shore of Silver Bay in Sections 11 and 12, T.5·6S., R.64E., C.R.M. Road and Transmission Line in left center of picture. •, 58 Looking southeasterly along shore of Silver Bay in Sections 12 and 13, T.56S., R.64E., C.R.M. Virgo Survey Monument is in left center of picture . . Looking easterly along north shore of Bear Cove . Looking east at east end of Bear Cove. 59 60 Looking south at south shore of Bear Cove. Road and Transmission Line cross center of picture. Looking south along Silver Bay from mouth of Bear Cove. Road and Transmission Line appear in upper left-hand part of picture. 61 62 ,. Looking north at road and transmission line in Section 24, T.56S., R.64E., C.R.M. 63 64 Looking easterly at shore of Silver Bay in Section 19, T.56S., R.65E., C.R.M. Road and transmission line in upper half of picture. Looking southeasterly along shore of Silver Bay in Section 19, T.56S., R.65E., C.R.M. Road and transmission line in upper left-hand corner. 65 66 Looking southeasterly along shore of Silver Bay in Section 19, T.56S., R.65E., C.R.M. Road and transmission line in left half of picture. 67 Looking southeasterly along shore of Silver Bay in Sections 19 and 30, T.56S., R.65E., C.R.M. a mile northwest of construction camp. Transmission lines can be seen above trees at left. 68 Looking east at Powerhouse. . ' Looking east at Green Lake natural drainage ending in Silver Bay south of powerhouse • 'Looking north at barge landing at camp and Green Survey Monument. 69 70 Looking northwesterly along shore of Silver Bay from north of Green. Pulp mill in distance. Looking west at Transmission Line R/W leaving Blue Lake Sub- station (L6wer right-hand corner). Pulp mill at lower left. Road to Blue Lake Dam crosses center of picture. 71 72 Looking west along Transmission Line R/W above pulp mill. Looking west at Transmission Line R/W passing Heart Lake northwest of pulp mill. ·. 73 74 75 Looking southwesterly at transmission line R/W passing Thimbleberry Lake one mile west of pulp mill. Looking west along Sawmill Creek Road with trans- mission line back in road R/W. 76 Looking west at transmission line leaving road R/W in Section 5, T.56S., R.64E., C.R.M. Looking west at transmission line leaving road R/W opposite Jamestown Bay. 77 78 79 · Aerial view of the City of Sitka. 80 View of Powerhouse site. 81 Looking from Powerhouse up access road. 82 Looking southwesterly at Dam from lake shore. 83 Looking west at construction area by Dam. . 84 ·. Looking east across Green Lake from shore below Dam. 85 Looking northeasterly across Green Lake from shore below Dam. .86 Looking south across Green Lake immediately above Dam. 87 Looking easterly from top of Dam across Green Lake. View from top of Dam to canyon floor below Dam. 89 View from top of Dam to canyon floor below Dam. 90 View across top of bam. 91 View from top of Dam down canyon. 92 Looking east at top of Dam from construction area. 93 Looking up access road to Dam from construction area by Dam. Looking down access road to Dam. Construction camp at lower left. Silver Bay in distance. Looking east along shore of Silver Bay from Green Survey Monument. Barge landing area is at left. ·. 94 95 ·. Looking west along shore of Silver Bay from Green Survey Monument. Looking southwesterly from camp area down access .road to barge area. 96 97 ·. Looking east at Y in road. Road to the left goes to Dam. Strait ahead to construction camp and powerhouse. Looking west from Y in road up access road. Road to Dam comes in on right. 98 99 100 Looking northwesterly along road .25 miles from the Y. 101 Looking north along road .5 miles from the Y. . . Looking north along road .75 miles from the Y . Looking north along road 1 mile from the Y. ' 102 103 104 Looking south along road 1 mile from the Y. 105 Looking north along road 1.25 miles from theY. 106 Looking south along road 1.35 miles from theY. 107 Looking north along road 1.5 miles from the Y. Looking south along road 1.75 miles from .the Y. Looking east along road 1.75 miles from theY. Sharp 90° turn into Bear Cove. 108 109 . ; •. Looking northeasterly across Bear Cove from 1.85 miles from the Y • Looking east along road 2 miles from the Y along south side of Bear Cove. 110 111 112 Looking west along road 2 miles from the Y. 113 Looking east along road 2.25 miles from the Y. 114 ', Looking north along road 2~5 miles from the Y. 115 Looking west from road 2.5 miles from the Y out over Bear Cove. 116 Looking east up south fork of Bear Creek from road 2.65 miles from theY. Northern Southeast Agriculture .Society building at left. Looking west down south fork of Bear Creek from road 2.65 miles from the Y. 117 Looking upstream at north fork of Bear Creek from road at 2.75 miles from the Y. Looking downstream at north fork of Bear Creek from road at 2.75 miles from theY. ·118 119 •120 ·. Looking west along road 2.75 miles from theY. ff~·-. ~ .. " .. I 121 Looking south across Bear Cove from road at 2.85 miles from the Y. 122 Looking northwesterly along road 3 miles from the Y. 123 Looking .northerly along .road 3.25 miles from theY. = 124 Looking northerly along road 3.5 miles from the Y. 125 Looking northerly along road 3.75 miles from theY. Looking south from Virgo Survey Monument located on shore of Silver Bay opposite road 3.85 miles from the Y. "126 127 Looking north from Virgo Survey Monument. Pulp mill in distance. -128 -. Looking north along road 4 miles from theY. 129 Looking north along road 4.25 miles from the Y. 130 Looking north along road 4.5 miles from the Y. 131 Looking north along road 4.75 miles f rom theY. 132 ·. Looking north along road 5 miles from the Y. 133 Looking north along road 5.25 miles from the Y. Looking north across the mouth of Herring Cove from the road 5.4 miles from theY. Looking northeasterly across Herring Cove at 5.5 miles from the Y. ' . 134 135 136 Looking easterly along road 5.5 miles from the Y. 137 Looking northeasterly along road 5.75 miles from theY. Looking southwesterly at road gate and ' warning sign at 5.85 miles from the Y. 138 139 Looking northeasterly at transmission line and clearing at head of Herring Cove. Transmission line leaves road R/W and circles around clearing. Road is in lower left-hand corner. Looking nor.therly along road at head of . Herring Cove. Car is 5.85 miles from theY. Looking northerly along road at head of Herring Cove 6 miles from the Y. ·. 140 141 142 Looking south from old barge in Herring Cove. 143 Looking west from old barge in Herring Cove. •, Looking west from road 6 miles from the Y at island in Herring Cove. Looking northeast up Valley at the head of Herring Cove 6 miles from the Y. 144 145 Looking west along road on north side of Herring Cove ·6.25 miles from theY. Looking southerly along road on west side of Herring Cove 6.5 miles from the Y. 146 147 148 Looking northwesterly along road 6.75 miles from theY. 149 Looking northwesterly along road 7 miles from the Y. 150 Looking southeasterly along road 7 miles from the Y. 151 Looking north along road 7 1/4 miles from the Y. Picture taken from west boundary line of power site. 152 Looking southwesterly along road from point near pulp mill. Looking southerly from Blue Lake Road over pulp mill on right. Subject property is in the center distance. 153 Looking northeast at Blue Lake substation. Looking east at G-1, the last pole from Green Lake on the new transmission line. 154 155 156 Looking south at Green Lake transmission line passing pulp mill and crossing Sawmill Creek Road. Poles G-2,·G-3, and G-4 are in the center of the picture. Looking northwest at Blue Lake substation from Sawmill Creek Road. 157