May 15, Mr. Jason L. Barron Morningstar Law Group 630 Davis Drive, Suite 200 Morrisville, NC Dear Mr. Barron:

Transcription

1 May 15, 2013 Mr. Jason L. Barron Morningstar Law Group 630 Davis Drive, Suite 200 Morrisville, NC Dear Mr. Barron: Per your request, I have evaluated the proposal to convert an existing industrial building located at 303 Gregson Drive in Cary into a charter school that will accommodate 800 students. The existing property consists of some 71,396 square feet of building located on 9.48 acres of land located on the northeast corner of Gregson Drive and MacKenan Drive in Cary, North Carolina with a street address of 303 Gregson Drive. Reference is made to Exhibit A for a map showing the general location of the property, to Exhibit B for a site plan of the property and to Exhibit C for an aerial photograph of the area. After inspecting the subject and surrounding neighborhood and reviewing the proposed plans, I have concluded that conversion of the existing industrial building into a charter school, as proposed, will not substantially injure the value of the adjoining or abutting properties. MacGregor Park is a mixed use park developed in the 1980s. There is some retail development along U. S. Highway 64 and uses transition to office and industrial uses. Uses along U. S. Highway 64 include offices, a convenience store, automobile dealerships and other retail users. Uses transition to office buildings, a motel, a day care and industrial buildings. Properties immediately adjacent to the subject include office buildings and a day care located south of the subject. There is one undeveloped parcel located south of the subject. According to tax records, the subject property is owned by Saia-Burgess Automotive, Inc. The subject site is currently improved with 71,396 square foot industrial building built in 1991 and The site contains some 9.48 acres and is zoned ORD (office research district) by the Town of Cary. The property has been used until recently as an automotive manufacturing facility. I understand that the existing improvements comply with all Cary code requirements. The proposed use is for conversion into a charter school (Triangle Math and Science Academy). The proposed use will use the existing buildings but make a number of relatively minor changes. There will be an addition of internal drives interconnecting existing parking fields, a relocation of an existing driveway on Gregson Drive, a relocation of water system backflow equipment into the building, construction of sidewalks along the entire street frontage of the property, modifying building façade to eliminate loading docks and install canopied entrances with associated patios. Worthy & Wachtel, Inc. Post Office Box B Computer Drive, Ste. 100A Tel Commercial Real Estate Raleigh, NC Raleigh, NC Fax

2 Mr. Jason L. Barron Morningstar Law Group May 15, 2013 Page 2 Perhaps the most significant impact will be on traffic into and from the site. Based on the May 6, 2013 study prepared by Kimley-Horn Associates (traffic consultants), the traffic impacts on adjacent properties can be handled safely and efficiently. Because the proposed use will substantially use the existing improvements, this change will have no impact on the surrounding property. Therefore, based on my experience and my review of the proposed plans, I have concluded that the proposed conversion of the improvements to a school will not injure the value of the adjoining or abutting properties. I hope that this information answers the questions you may have regarding this proposed use. If you need any additional information or documentation, please do not hesitate to call. Attached, as Exhibit D, is a list of my qualifications. Sincerely, Neil C. Gustafson, MAI Worthy & Wachtel, Inc. Post Office Box B Computer Drive, Ste. 100A Tel Commercial Real Estate Raleigh, NC Raleigh, NC Fax

3

4

5 Mackenan Dr Macalyson Ct Gregson Dr Us 1 Hwy Us 1 Hwy Lord Dr 1 1 Regency Pkwy Exhibit C - Aerial Photograph ± Feet 1 inch = 400 feet Disclaimer imaps makes every effort to produce and publish the most current and accurate information possible. However, the maps are produced for information purposes, and are NOT surveys. No warranties, expressed or implied,are provided for the data therein, its use,or its interpretation.

6 QUALIFICATIONS OF NEIL C. GUSTAFSON, MAI Professional Affiliations - MAI Designation since 1992, Appraisal Institute (Formerly American Institute of Real Estate Appraisers). Currently Certified under Continuing Educational Program - State Certified General Real Estate Appraiser (North Carolina) since 1991 (#A391) - Licensed Real Estate Broker in the State of North Carolina since 1979 (#57817) Formal Education Graduate of Needham B. Broughton High School, Raleigh, N.C Graduate of North Carolina State University, Raleigh, N.C. B. S. Civil Engineering Graduate of Fuqua School of Business, Duke University, Durham, N.C. Master in Business Administration Experience - Principal, Worthy & Wachtel, Inc., 3803-B Computer Drive, Suite 100-A, Raleigh, N.C , 1985 to present - Staff Appraiser, Worthy & Wachtel & Associates, 1978 to 1985 Exhibit D Qualifications Page 1

7 QUALIFICATIONS OF NEIL C. GUSTAFSON PAGE 2 Partial List Of Clients Assisted In Appraisals For: Smith Leatherwood, LLP Branch Bank & Trust City of Raleigh Poyner & Spruill Smith Anderson Blount & Dorsett Research Triangle Foundation Kilpatrick & Stockton Bobby Murray Chevrolet State of North Carolina United States Postal Service Town of Cary Hatch Little & Bunn - Types of properties appraised includes office buildings, apartment complexes, shopping centers, tracts of land, commercial and industrial sites, industrial facilities, and commercial buildings. Civic - Boy Scout Troop Highland Methodist Church Treasurer - Troop Committee Chairman - Troop Committee 2002 to Needham B. Broughton Parent Teacher Student Association Treasurer Elect Treasurer LeRoy Martin Middle School Parents Teacher Association Treasurer, , E. C. Brooks Elementary School Parents Teacher Association President, Executive Board , , , , Bible Study Fellowship Children s Leader , , , , , , , , , , White Memorial Presbyterian Church Member Personal - Born May 15, 1955 in Raleigh, North Carolina - Married Sharon Ayers Wilson on August 24, 1985, three children Exhibit D Qualifications Page 2