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Home My WebLink About910895.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO PETITION OF: EASTMAN KODAK CO CORP TAX DEPT ATTN DAVE FINMAN 343 STATE ST ROCHESTER, NY 14650 DESCRIPTION OF PROPERTY: PIN: R 0128087 PARCEL: 080726000039 - 23538 W2 26 6 67/E2SE4/E2W2NE4/E2NE4 27 6 67 ALL 34 6 67 EXC N2NW4/N2SW4 ALSO EXC PARCEL DESC REC 111524120 ALSO EXC BEG S4 COR S84D16'W 438.07' N1180' E1890.53' S990.49' S84D16'W 1461.93' TO BEG N2NW4 35 6 67 (8D 14R) WHEREAS, the Board of County Commissioners of Weld County, Colorado, organized as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the County Assessor for the year 1991, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s) , and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 1991, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner represented by Alan Poe, Attorney, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property by the Weld County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. As such, this Board finds that the Petitioner failed to meet the burden of proving that the Assessor's valuation was incorrect. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed. BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three 910895 Page 2 RE: BOE - EASTMAN KODAK CO options: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA) . Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10) , CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1) , CRS) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. 910895 Page 3 RE: BOE - EASTMAN KODAK CO Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 9th day of August, A.D. , 1991. �� / BOARD OF COUNTY COMMISSIONERS th% ATTEST: glidia „f WELD COUN Y, COLORADO Weld County Clerk to the Board Gord n . a y, irman By: EXCUSED De tty Clerk to the oard Geo e Kennedy, Pro-Tem l APPROVED AS TO FORM: .€0-7�.•.."8 �,cu/ Constance L. Harbert sistant County Attorney C. W. Kir y W. H. Webster 910895 BOE DECISION SHEET PIN //: R 0128087 PARCEL #: 080726000039 EASTMAN KODAK CO CORP TAX DEPT ATTN DAVE FINMAN 343 STATE ST ROCHESTER, NY 14650 HEARING DATE: August 9, 1991 TIME: 8:30 A.M. HEARING ATTENDED? t12N) NAME: nip AGENT NAME: v /�--fi+ e/ i°' DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL ADJUSTED Land $ 3837774 $ Improvements OR Personal Property 85906994 Total Actual Value $ 89744768 $ COMMENTS: MOTION BY lie K TO Th_0_14_,L( SECONDED BY TVI4c) Lacy ‘911) Kennedy Ahsen -4-- (Y/N) Failed to meet burden of proof Harbert N) Comparables inadequate Kirby N) Assessor's data unchallenged Webster N) Other: RESOLUTION NO. 910895 915 lOth STREL NOTICE OF DENIAL GREELEY,COLORADO 80631 PHONE(303) 356-4000, EXT.4256 111(1111Hillie 23538 w2 26 6 C N2NWE4/E2w4 ALSO 27 6 67 ALL 34 6 67 6 6 N2NW4/ E2w4 AL80 EXC PARCEL DESC COLORADO OWNER EASTMAN KODAK CO PARCEL 080726000039 PIN R 0128087 CORP TAX DEPT ATTN DAVE FINNAN 343 STAlh STREET YEAR 1991LOG 2 ROCHESTER NY 14650 • L' The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determined that your property should be included in the following category(ies): Residential property is valued by considering the cost and market approaches. _ Agricultural land value is determined solely by the earning or productive capacity of the land,capitalized at a rate set by law. Producing mines are assessed at 25%of the gross proceeds or 100%of the net proceeds,whichever is greater. Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas sold or transported from the premises on primary production;secondary production is valued at 75%. All other property, including vacant land, is valued by considering the cost, market,and income approaches. If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter- mined the valuation(s) assigned to your property.The reasons for this determination of value are: NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTTFS ON WHICH WE DO NOT ADJUST THE VALUE. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 3,837,773 3,837,773 IMPS 85,906,994 85,9G6,994 TOTALS $ $ 89,744,767 $89,744,767 If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-8-106O1 (a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 91r1 1,f�i9 WARREN L. LASELL 6-27-91 •! J 7 By. WELD COUNTY ASSESSOR DATE 15-DForm PR-2T-AD ADDITIONAL INFORMATION ON REVERSE SIDE Form Fo ]-8]/91 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 10 for real property (land and buildings) and personal property (furnishings, machinery, and equipment). 39-8-104 and 39-8-107(2), C.I .S. APPEAL PROCEDURES: if you choose to appeal the Assessor's decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.C). Box 758 Greeley, Colorado 80632 Telephone (303) 3556.4000,. Ext. 4225 • NOTIFICATION OF HEARING; You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days. The County Board roust conclude their hearings by August 10. TAXPAYER RIGHTS FOR FURTHER APPEALS. If you are not satisfied with the County Board of Equalization's decision, you must file within thirty days of the County Board of Equalization's decision to ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303) 866-5880. District Court: 9th Avenue and with Street, P,O. Box C Greeley, Colorado 80832 Telephone (303) 356-4000; Ext 4520 Arbitration: WELD COUNTY BOARD OF EQUALtZATION 915 10th Stref.J, P.Q.. Box 758 Greeley, Colorado 80632 Telephone (3013) 356.4000, Ext. 4225 t you do not receive a determination from the County Board of Equalization.you must file an appeal with the Board of Assessment Appeals by September 18. TO PRESERVE YOUR APPEAL RIGHTS; YOU IVIUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE., WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING, PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below,please explain why you disagree with the Assessor's valuation.Attach additional documents as necessary. Per the agreement in 1989 with the Weld County Board of Equalization, an appraisal report co- funded by Weld County and Eastman Kodak Company established the fair market value of the subiect property, There is no evidence of increases in market values of industrial since that time. It is our position that the previously agreed to amount of $64, 1861,5flperties remain as the indicated market value. n .. DATE raritt CLERK TO THE BOARD F.O.BOX 759 ' GREELEY,COLORADO 90832 C. (303)358-SOW EXT.4225 COLORADO • July 16, 1991 Parcel No. : 080726000039 PIN No. : R 0128087 EASTMAN KODAK CO CORP TAX DEPT ATTN DAVE FINMAN 343 STATE ST ROCHESTER, NY 14650 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of Friday, August 9, 1991, at or about the hour of 8:30 A.M. , to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor will be present before the Board. The Board will make their decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 10, 1991, and mailed to you on or before August 16, 1991. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. a,ass r EASTMAN KODAK CO - R 0128087 Page 2 At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BO D OF EQU IZATG� Donald D. Warden, Clerk to the Board arol A. Harding, Deputy cc: Warren Lasell, Assessor 91.089:3 w.fio°�a 1 [7":1-14-"--1 � � li a E _+ t Z e-t 3 Ble . Ci1J .PC 96 S $ j ' �: _ a :1 •• gt;rr ; 4 D LLy C gg( d MI _� i .... q n'$' Z I E Z z. ''k+ rt` 3M, , � q C7 p� — t in �o Fit ¢ x--p d J �' r X II e�e ] • Z �� ...yyyjjj___ a !P i 2,A-it* �'] Fit # 1 - P L.�4 � Q t il '� Q ! " VII .— y .{ 1 t Kk E .1 + # i o �i �1 .a' LL ,' � ��\ ' 6 V °o I F 414 m • «� g ` " Q 4 t 3 ? 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Z Fir. ‘�. z �. ��1. �K 1 J F~� J Ir� � " { J I1 =: J ,,,p.. ®a+d i$ I ; m ''k � U .,-a+s,.s w IY.I I J �i i w m v .1 U .0 + ".. ,.�..a w fi x � . x ry osa IS a Q w w J L6' ° Y U _*+ V x t in 0a f 7 w a i e w '.' ,f, �, • 'i'j r o a .,- ' I o H , IreS �.' ,.u'.wa. m w •_dr.., rte' ,rr gt.5 F'ior * ,,.;. - -,,- `, .,.,t,., � i, 2 ,,,,,. ,;,,,,,,,LA,,, y, '' % i t :� i (I � tea.. wr P .,* ;,,» u. • t overhead and profit, if he places the property for sale. j �, Likewise, a builder constructing a building for the owner " k of a site will charge a price that allows him to recoup his V � 1 expenditures, including a reasonable sum for such items tilit" i as overhead and profit. If cost is to represent value, it is n e� t1 r r necessary that all appropriate costs be included in the es- , r timate. The goal of the assessor is not cost; it is value. Cost { is merely the avenue to value in this approach. Cost may be divided into two categories direct and indirect. Examples of direct costs include labor, materials, r :s f (' Supervision, electrical and water service, equipment rent- t,, '� al, installation of components, ,and utilities. Indirect costs y include (but are not limited to) architecture and engineer- ',t I ,i ing, building permits, title and legal expenses, insurance, k real estate and other taxes during construction, construc- It Lion loan fees and interest payments during construction, overhead, profit, advertising, and sales expense. When it it i using manuals or actual cost submissions, the assessor S must learn to what extent all direct and indirect costs are g reported. !: e ' E Concepts of Cost 'z { r II There are two concepts of cost: reproduction cost and ' 1' replacement cost. 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O tC O '1^QT�_ilj V' Y CO V] ..-a *le QD CO N 00 N d O C4 ti wOq N ��..� O C.0 �v .rte I m q ' C. Du GS 0 m .Y Or Ow C O i m 0 0 O a . N^ � 0 t0 O Y I�•-� CO CO sp p Q .0-, -1 Bey ai ii m eln-- O Amy \.O] `! AO 2C ~ ~ C.P. a O O y O p \ a O p! H a O O a O OO O O a— ..: U Y of aNy y N .� DD N � a m 00 CO e 0 U 00 i U -. -el � ma O an .On O • m 400 Y ti CJ � w4 0 C4 N CO Y T aOj O F m a 02 w O m m 00 V V Y i i 0 � a. m m m cm 04 a• 0 m m WF.. ... AM J 00 e ~ CD m F ri m 0 F O m i m i O a CO .. CD m Oa 00 o cn m e- a.. 01 rur/a' 4 ) F...i.,..iv' - - . / StorageTek acquires .. Longmontplant for., new disk product 3-9- 9 Deaver Rlsf DBy enver Day J Denver Post Business Writer / Longmont Storage Technology Corp. yesterday ' it bought back a Longmont manufacturing facility it built, sold and then leased prior to filing for bankruptcy protection seven tJiwot years ago. SITE OP The $11.5 million sale is expected to be STORAOETEK completed in two months; production of t fie EXPANSION ,Q the company's new. disk array product is expected to begin in Longmont later this 12871 year for marketing in 1992. •so der The expansion is in anticipation of in- 157 creased demand for the disk array prod- r uct known as Iceberg. The product stores • Lafayette f data on a disk rather than on tape, which 36 Louisville -r- [ l is more commonly used. SITE OF Some new jobs are likely to be created Superior STORAGETEK at the new plant over time, said Arlis {Broomfield Lewis, spokeswoman for Louisville-based t 9 StorageTek. - StorageTek is drying back this complex,which tt 4- "Today we own some 1.6 million square had built before going Into bankruptcy in 1994. feet of space in Boulder County. That space is virtually full," said Ryal Poppa, The Denver Post/Brace Gaut, StorageTek chairman. "The new facility in 1984, the California Public Employee's gives us the breathing room we need for Retirement System foreclosed on a loan the immediate and foreseeable future." on the building and took possession. It has StorageTek built the 542J10D-square- been vacant since that time. foes�,, facility on Clover Basin Drive in The facility sits on153 acres adjacent to �ngmont m 1982,subsequently sold it and- the Boulder-Longmont Diagonal Highway: leased back the space. When the company filed for Chapter 11 bankruptcy protection Please see DISK on 2C ' zn i O-2F r^r,, r„ c < N0 co r. O0 r 0 03 1•••LC) 000 LO 0 0 0 N N N Ul tO N Ca Q a N N N N 0 CO r CO 0 a M N r O CO 0 n CO m OJ a CO M N N Ir• W r W O } 0 m r CO to V CO N r 0 0 CO IN 0 0) O M N r 0 0 CO r 0 0 0 V V co M N >' p) I N N N N N N N N N N r Z ✓ 0 N CO N N p1 Z M MMMf7NNNNNNmm r mO V MN r O 00rr0 1O V MN Z f f• V W M M M M M M M M M 0 N N CI) 03 N CO N N CO N N N 0 CO r 0 10 Cr M N r 0 CO n CO 0 p M c) a W X N a V. 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O O NN N N N Cr) M M cr 0 0 LO 0 CD CO n r CO Om O r r r r N N N CO M Q �C001O r n CO 000 r N M Cr OM r CO ON LO CON IO 0Mm M0r 000 N N N N CO CO Cr) C 0 010 CO IN IN m n0 0 0 N N N N N CO M M 7 V st ill m (D 0 n r 0 0 0 0 r M 0N 0 r 0 m r e CO m r 0 r LC) 0 NN N M M M at 0 CO n r P.- 0 W 0 CO d J W 0 Q -W zp W z rNM 0100n m 00r NMa IO 10 r 000 r NMCO U1 0nm COON 00m ON et mm Om 0U10100 Oa N N N N N N N N N N CO M M M M O V et le m 1 O 10 1 D r r CO O ti LL — U w (] o ENTERPRISE APPRAISAL CO. •© EASTMAN KODAK COMPANY WELD COUNTY BOARD OF EQUALIZATION UPDATED MARKET VALUATION ANALYSIS REAL ESTATE WINDSOR, COLORADO �J ,.-._ sic al a I/ ti f 111! IIIII.�I�� - CORPORATE HEADQUARTERS M,I`NM I �,�� 489 DEVON PARK DRIVE WAYNE, PENNSYLVANIA 19087-1877 ENTERPRISE Phone: (215)687-5855 FAX: (215)971-0760 APPRAISAL CO. ♦ ..® August 7, 1991 Mr. Warren Lase11 Weld County Assessor 915 10th Street Greeley, CO 80631 Dear Mr. Mr. Lasell: We have conducted an updated market valuation analysis of the Kodak Colorado Division located in Windsor, Colorado. It is our professional opinion that the Fair Market Value of the subject property as of June 30, 1990 is as follows: Sixty-Two Million Five Hundred Thousand Dollars ($62,500,000) ( This analysis is limited only by the reported assumptions and limiting conditions, and contains our unbiased professional analyses, opinions, and conclusions. The Addenda of this report includes the Real Estate Appraiser Certificate, along with Professional Acknowledgements and Qualifications of major participants. To the best of our knowledge or belief, all statements and infor- mation contained in this report are true and correct, and no important facts have knowingly been withheld. This analysis was made in accordance with the Uniform Standards of Professional Appraisal Practice and conforms to all applicable Codes of Ethics and Standards of Professional Conduct. Neither the employment to make nor the compensation for the analysis is contingent upon values reported. The value reported has not been predetermined or stipulated between ourselves or any party. Enterprise Appraisal Co. has no present, prospective, direct or indirect interest in the property herein appraised. Respectfully submitted, ENTERPRISE APPRAISAL CO. Rc PI/6? 6 k C. ery, SA, CA-C, CMI sident DIRECT COMMUNICATION LINES IN THE FOLLOWING CITIES. NEW YORK • PHILADELPHIA • BOSTON • PITTSBURGH • CLEVELAND • ATLANTA • A.Aselre ni ri CHICAGO • CINCINNATI • DETROIT • HOUSTON • DAI.I.AS • Of _ <,':1FI'E l71-�s ,,1- iii,�t l CORPORATE HEADQUARTERS mna �n m vv ae�Ile as r. qv rnr P„ ��? 489 DEVON PARK DRIVE WAYNE, PENNSYLVANIA 19087.1877 ENTERPRISE Phone: (215) 887.5855 FAX: (215)971-0760 ' APPRAISAL CO. ♦ se August 7, 1991 Mr. David Finnan, CMI Property Tax Manager, Corporate Tax Department Eastman Kodak Company 343 State Street Rochester, NY 14650 Dear Mr. Mr. Finnan: Pursuant to your authorization, we have conducted an updated market valuation analysis of the Kodak Colorado Division located in Windsor, Colorado. It is our professional opinion that the Fair Market Value of the subject property as of June 30, 1990 is as follows: Sixty-Two Million Five Hundred Thousand Dollars ($62,500,000) i This analysis is limited only by the reported assumptions and limiting conditions, and contains our unbiased professional analyses, opinions, and conclusions. The Addenda of this report includes the Real Estate Appraiser Certificate, along with Professional Acknowledgements and Qualifications of major participants. To the best of our knowledge or belief, all statements and information contained in this report are true and correct, and no important facts have knowingly been withheld. This analysis was made in accordance with the Uniform Standards of Professional Appraisal Practice and conforms to all applicable Codes of Ethics and Standards of Professional Conduct. Neither the employment to make nor the compensation for the analysis is contingent upon values reported. The value reported has not been predetermined or stipulated between ourselves or any party. Enterprise Appraisal Co. has no present, prospective, direct or indirect interest in the property herein appraised. Respectfully submitted, ENTERPRISE APPRAISAL CO. \\ , J ck pC. ry,) ASA, CA-C, CMI _esideni °I! DIRECT COMMUNICATION LINES IN THE FOLLOWING CITIES •.% >-� NEW YORK • PHILADELPHIA • BOSTON • PITTSBURGH • CLEVELAND • ATLANTA • WASHINGTON. DC CHICAGO • CINCINNATI • DETROIT • HOUSTON • DALLAS • DENVER - LOS 4NGELES 1 APPRAMAL Ca l TABLE OF CONTENTS J[gNrmusmo © PAGE Purpose of Appraisal 1 Definition of Fair Market Value 1 Assumptions & Limiting Conditions 2- 3 Summary of Fair Market Value Conclusions 4 Sales History, Ownership & Occupancy 5- 6 Subject Aerial Photograph 7 Subject Building Layout Plan 8 Market Valuation Analysis 9-16 Addenda: Certificate of Real Estate Appraiser Professional Acknowledgements & Qualifications Market Support Data C �.n°.Vsu*8 n..13!5 1 [44%EnRPMECE1 AneaAMIALCai PURPOSE OF APPRAISAL The purpose of this updated market valuation analysis is to estimate the Fair Market Value of the subject property. The Fair Market Value conclusions of the appraisal provide a basis for determining an equitable Ad Valorem tax assessment. This analysis also offers a comparison of value changes since our June 30, 1988 report, and measures the affect of a two-year increase in age against current market sale indications. DEFINITION OF FAIR MARKET VALUE Fair Market Value, also known as market value, is hereby defined and qualified by the Appraisal Foundation as the most probable price which 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 con- summation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what they consider their best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (5) 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. 2 FIVIN1 aPPRaieALca ASSUMPTIONS & LIMITING CONDITIONS (1) The values exhibited in this appraisal report are considered free and clear of all title defects and encumbrances, and no responsibility is assumed in respect to ownership. (2) We have not made any engineering or OSHA surveys, and the value exhibited assumes no liability related to same; and no responsibility is assumed in respect to these matters. (3) Hazardous substances, if present within a property, can introduce an actual or potential liability that will adversely affect the marketability and value of the property. Such liability may be in the form of immediate recognition of existing hazardous conditions or future liability that could stem from the release of currently nonhazardous contaminants. In the development of the opinion of value, no consideration was given to such liability or its impact on value, and client contractually has released Enterprise Appraisal Co. from any and ail present and future environmental liability. (4) Unless specifically brought to appraiser's attention, appraiser will assume there are no hidden or unexpected conditions of the property that would adversely affect value. (5) The appraisal was made with the aid of data provided by representatives of the client and the subject company and other out- side sources which are believed to be correct, but no responsibility is assumed for the content or accuracy of data furnished or omitted by others. (6) Appraiser expressly disclaims liability as an insurer or guarantor. Any persons seeking greater protection from loss or damage than is provided for herein should obtain appropriate insurance. (7) No responsibility is assumed for matters of a legal nature or character. No opinion is intended to be expressed for matters that require legal or other specialized expertise, investigation or knowl- edge beyond that customarily employed by appraisers in the evaluation of properties. (8) We have not made a recent physical inspection of the subject property and assume there have been no changes since our last visitation, except for a reported 30,000 square foot addition to Building C-60. (9) The purpose and/or function of this appraisal and the value conclusions at a given date have been described within this report. The appraisal content or conclusions should not be considered applic- able to alternate purposes, functions, types of values, or different ./91 dates. STD/N PG1/2 3 WIPID EN 6E errtw ASSUMPTIONS & LIMITING CONDITIONS APPRAISAL CO. is (10) The original appraisal report and all supporting notes will be kept on file for a period of five years, or until you have settled all issues relative to the appraisal report. Any time extension requires our being advised in writing of open issues prior to the end of the five-year period. (11) If, in the future, Enterprise Appraisal Co. is requested to answer inquiries, attend conferences, or is compelled to produce documents or provide testimony with regard to the appraisal or work performed for client, client shall reimburse Enterprise Appraisal Co. for all costs. The costs or compensation will be at our then current per diem rates for preparation and travel time, court or deposition time, plus all expenses incurred. The expenses include, but are not limited to, attorney fees relative to these issues, travel expenses, office production costs, telephone, telefax and express delivery charges. (12) The findings expressed in this report are prohibited from being used in a solvency or fairness opinion by others or in a proxy or other statements without written consent by the designated officers of Enterprise Appraisal Co. either signing or included in the qualifications within the appraisal report. /91 STD/N ,g �! PG2/2 51.'43 89 4 ENT 1=1: arrneieaccaj SUMMARY OF SALIENT FACTS & CONCLUSIONS Location: County Road 66, Windsor, Colorado Present Use of Property: Manufacturing Facility Present Zoning of Property: I-1, Industrial Conforming: Yes Land Area: 329 Acres or 14,331, 240 Square Feet Land to Building Ratio: 4.63/1 Building Area: 3 ,123 ,000 Square Feet Average Number of Building Stories: 1. 45 Building Construction: Metal Clad, Steel Frame; Masonry & Steel Frame; Reinforced Concrete Area Allocation: 13% Office, 70% Manufacturing, 17% Warehouse Vintage: 1971/77 Effective Age: 17 Years Building Condition: Good Assessed & Equalized Values: Assessed 100% Equalized Value Value Land, Buildings $26,025,982 $89,744,767 & Improvements Summary of Value Conclusions: Land $ 1,645,000 Buildings & Improvements 60,855,000 Total $62,500 ,000 210895 5 ENTERPRISE APP1uIEta 0a SALES HISTORY, OWNERSHIP & OCCUPANCY Kodak Colorado is the Company' s primary manufac- turing center for medical x-ray film and aluminum litho- graph printing plates. It also engages in some of the stages of manufacturing a variety of other photographic films and papers. Established in 1968, it is the Com- pany' s only sensitized goods manufacturing facility in the United States outside of Rochester, New York. While the Rochester operations have continued to grow, diversify, and keep abreast of the latest tech- nologies, studies in the 1960' s showed that Kodak would have to expand its manufacturing capacity for photographic films and papers to better serve customer needs. The selection of the current site near Windsor, Colorado was the culmination of an exhaustive three-year search through much of the mid and far west. The loca- tion offered an abundance of attractive features: the availability of a large parcel of land providing room for growth, an adequate water supply, a good transportation and distribution network, an excellent labor market, nearby universities and vocational schools, and a variety of attractive residential communities offering culture, recreation, and scenic beauty. Of the 2,800 acres owned by Kodak Colorado, some 600 acres have been developed industrially. Nine major build- ings and numerous smaller service structures provide more 2/.09951 6 ENTERPRISE APPRAISAL CQ SALES HISTORY, OWNERSHIP & OCCUPANCY .© than three million square feet of area for manufacturing operations, administrative offices, support facilities, distribution, and storage. Most of the remaining land is used for agricultural purposes or held aside for wildlife. 01.0'595 " ` ff I 1. ? `t1` ,I i 5s' 1, is 4• t 9Itt 10- .4 '; t. _ yh��,,, y 431 y r w e y, _ . } Ir J YI .Y' f� t `i h' • r/ i3 .nM• j 4 S t 4• 1 .I �( Y. \ � fly '.•SiG 1 i } / n s I a �ti1 i lV/ / , t . f 6 i 1 o y t3 I ) ? i di '1/4' '. t 1al �, o Cii / t f t i 1 . P y� i {�t at i t .1 ✓_ D o I� , , 1 t 1 wry,. ,, , ri ll. _ • l % Yw > r pp-� � ( S _, i .' fD t'.1 , �t a ,r �1, ilfl d`_ L 1` IY .y 1: ' ' I I� Nf _J 1 y g.'4 ,1` ---;;41- f. t f. .S'd i <.i, 'O 4,‘,,. 1 4I ._ lRf' ° t• 1 11 4 1 'f e � ft; F1) ry'• , i r l 1 �_ L � .1 r i • f• ;: y I• {lw/ i r$ 1Ei: or : _ Sw p, • '' s; it v.P r� 1 yt' � !k ka>. t . ul • ,� r;. # 3� _Cr..,E :- I!�, ` n '�'Y ., i . ,, 1 i t' _ is y- c :.j 1 - 3' l t r d 4, t! Rt t , 4 i4A ,it, 9 's 0 a` t i 3 tea i' i; c i t : ( r n .Ras t ; � ♦x. 4 , '* �. E 7 ii li ,w ii ) ' y ) nil l J7 ii �fir" 94 • 4' ; ,/, • �x ,, .4 �. . I � Y t,; a I J �� ti 4 , , y , t,_ y �� 'yJ b�y 1 - pp� I. at F. t t 0. d 7 Cr*y14 it a .1 _ . .i. A 1. 1 44 \' • V I . •r _�•,� . _ s'� 3 �. _ 8 KODAK COLORADO SITE MAP , c°`17:. '( _ ' L. - r, ( ) 1 C� 11 �� ,In, a-i4 z ". iri `" - _ �'� 4 ' ;ta . u,`s. ,, d x _ a �1 ..,- I I��o �.. „. I I J r C)9 P J` ' Iy I J. \\ yl _ .. 1 \' H I /, \'I III -II ��o ; _ _ JI I. -. t 1 y 2 - •) • �. a: l� , f�1 UG�. a � '. �I uu ' _ I s: I � c.,11.01 i k.J_ 2 Io � 1!le J l - ®„.,. I I ,--7.4-i-.. — J ,^kw...... ----- 1 I I,i 1--"*.. ,Ib _— _ I 0 �e" is _ 'i d ----- �^ ,o S I ) J'�_— �� r � ‘' ' .,�� l. w„. a _ --=— y7 1II — �� .1 ----.Thir ti " IJI,f w,J'_l $ _ s i ENTERPEUSE APPRAISAL Ca MARKET VALUATION ANALYSIS 91-3995 9 t!!!!!!!:1 MARKET VALUATION ANALYSIS APPRAISAL Ca J® The market data approach reflects the present market price of similar properties, and after adjustment to the subject property, the common price level provides a useful indicator of market value. We have researched the subject and parallel areas for meaningful comparable sales or offerings of similarly improved facilities. The following grid summarizes the most comparable recent sales that were considered in this market data valuation. The total sale prices less land, or the net improve- ment value, divided by the square feet of building area of the sales offer an expression of the individual sale price per square foot of buildings, excluding land. This im- provement contribution to the sale price is then adjusted for time in accordance with the sales' construction and geographical area. The time adjusted sale value of im- provements is then increased by the subject land value per square foot of its building area. This effectively places the improvements of the sale on the subject land. This process of removing the contribution of land value from the sale and adding the subject land value eliminates the need to adjust for location, land to building ratio, and any other land value differentials between the sale and the subject property. The format relates this price per square foot and the specifications of the sale to the 911.C595 {VA") 10 ENTERPRISEAPPRAISAL CO. MARKET VALUATION ANALYSIS subject, and via the exhibited additional adjustments, provides separate indications of the subject property value per square foot for each of the sales or offerings. The separate conclusions offered are discussed and then interpreted into a final determination of value. The adjustments used within this grid valuation are explained immediately preceding the grid. The sale data supporting the grid valuation is exhibited in the Addenda of this report. 21. ` p9az " 1 ENTMUMM E APPRAISAL CQ MARKET VALUATION ANALYSIS EXPLANATION OF ADJUSTMENTS 11 MARKET VALUATION ANALYSIS ENTERPRISE APPRAISAL ca EXPLANATION OF ADJUSTMENTS Location and Land to Building Ratio This adjustment is accomplished by removing the land value contribution from the sale price of a comparable, and after adjusting it for time, adding back the current land value of the subject land expressed as a value per square foot of its building area. This two-step adjust- ment effectively equalizes all comparables with the sub- ject' s location and land to building ratio. It may also be said to offer a time adjusted value per square foot of the sale as if it were on the subject land. Time or Offering The time adjustment considers the increases or decreases in value that are evident in the subject geo- graphical area, including former and now eroded tax benefits, from the date of a sale to the date of the ap- praisal. Potential sales or offerings usually sell for less, and when this is the case, the percentage indicated is our estimate of the reduction required to equal the eventual sale price. 4O1.6SaJ 'i 12 MARKET VALUATION ANALYSIS ENTERPRISE APPR9IBAL CO. EXPLANATION OF ADJUSTMENTS D Quality of Construction The quality of construction differs with alternate facilities, and this adjustment measures the differences between the subject property and the comparable sale. The superior or inferior geographical differentials are also reflected based upon their geographical indexes in cost manuals. Office Area The adjustment for percentage differences in office area is taken against a contributory value for the sub- ject office area. This is based on the average extra new cost of office area above plant area, adjusted for the effective age of the subject plant. Age and Condition The effective age and condition of improvements typically will account for a major portion of total value loss. This is measured by applying a square foot adjust- ment for each year of age differential that considers typical physical condition. Any specific curable deferred maintenance problem or condition, beyond the typical ex- pected for a given age, with the subject or comparable is also reflected here. of �.� 13 MARKET VALUATION ANALYSIS EMMMFT M mmuieum l EXPLANATION OF ADJUSTMENTS 1® Functional Obsolescence The functional obsolescence adjustment measures the differentials of multistory construction versus one story construction, inferior or superior layouts or clear heights, and similar differences between the subject and the comparable sale. Size Marketability Size marketability recognizes that large plants sell for a lesser unit square foot price than smaller plants. The discount applied is extracted from our observations of same in the marketplace. When the subject is the larger plant, this is a negative adjustment. When the subject is the smaller plant in a given comparison, it is a plus adjustment. Validity of Adjustments Adjustments are never all inclusive, but with all the major bases covered, they provide useful indications of the subject value. The validity of the adjustments are not found in the individual amounts within any comparable being adjusted, but on the overall indications of adjusted values from all the comparables. A tight range of compa- rable value conclusions tends to emphasize the credibility of the illustrated adjustment analysis. 14 emi.. ENTERPRISE MARKET VALUATION ANALYSIS APPRAISAL.CQ • •T Subject Sale #1 Sale #2 Sale #3 Sale #4 Code #80551 #528004 #604046 #750104 #606302 Location Windsor, Davenport, Willow Garland, Chicago, CO IA Spring, TX IL IL Identity Caterpillar GM Fabr'tn Safeway Industrial Tractor Plant Warehouse Park Land Acreage 329.00 203.00 240.20 66.76 123.00 Land/Bldg. Ratio 4.63/1 3.57/1 5.81/1 2.46/1 4.90/1 SF Building Area 3,123,000 2,479,000 1,801,860 1,180,000 1,093,812 Average # Stories 1.45 1.00 1.13 1.00 1.03 % Office Area 13% 7% 3% 5% 7% Effective Age 17 Years 16 Years 35 Years 17 Years 30 Years Condition of Imprs. Good Good Fair Fair/Good Fair Date Current 3/89 12/87 6/90 Price/SF of Land $16.14 $9.02 $14.41 $11.09 & Improvements Total Price $40,000,000 $16,250,000 $17,000,000 $12,135,000 Land Value 4,040,000 9,608,000 6,676,000 6,150,000 Net Improvement Value $35,960,000 $ 6,642,000 $10,324,000 $ 5,985,000 Price/SF of Buildings Excluding Land $ 14.51 $ 3.69 $ 8.75 $ 5.47 Time/Offering Adjustment 80% 100% 110% 100% Time Adjusted Price/SF $ 11.61 $ 3.69 $ 9.63 $ 5.47 Subject Land Value/SF of Buildings 0.53 0.53 0.53 0.53 SF Time Adjusted Value $ 12.14 $ 4.22 $ 10.16 $ 6.00 with Subject Land Adjustments ($/SF) Construction Quality $ 7.50 $ 1.50 $ 9.50 $ 8.00 % Office Area 1.50 2.50 2.00 1.50 Age & Condition (0.50) 9.00 -0- 6.50 Functional Obsolescence (2.50) 4.50 -0- 2.25 Total Adjustments/SF $ 6.00 $ 17.50 $ 11.50 $ 18.25 Primary Subject Value/SF $ 18.14 $ 21.72 $ 21.66 $ 24.25 Size Marketability 99% 96% 92% 91% Indicated Subject Value/SF $ 17.96 $ 20.85 $ 19.93 $ 22.07 `1.v 9'3,'7 15 e IllOik ENTERPRISEMARKET VALUATION ANALYSIS APPRAISAL CQ . .© Subject Sale #5 Sale #6 Sale #7 Sale #8 Code #80551 #672011 #857030 #809003 #809002 Location Windsor, Wichita, Tucson, Fountain, Colorado CO KS AZ CO Springs, CO Identity Learjet Learjet Apple IBM Hdqtrs. Plant Hi-tech Hi-tech Land Acreage 329.00 82.59 107.99 76.16 61.26 Land/Bldg. Ratio 4.63/1 4.08/1 8.80/1 13.49/1 13.37/1 SF Building Area 3,123,000 882,396 534,330 245,974 199,660 Average # Stories 1.45 1.40 1.15 1.00 2.00 % Office Area 13% 25% 16% 30% 45% Effective Age 17 Years 20 Years 10 Years 5 Years 8 Years Condition of Imprs. Good Good Very Good Very Good Very Good Date 6/90 6/90 3/91 3/91 Price/SF of Land $16. 17 $26.95 $44.65 $67.61 & Improvements Total Price $14,270,000 $14,400,000 $10,982,700 $13,500,000 Land Value 2,080,000 3,200,000 304,640 2,144,100 Net Improvement Value $12,190,000 $11,200,000 $10,678,060 $11,355,900 Price/SF of Buildings Excluding Land $ 13.81 $ 20.96 $ 43.41 $ 56.88 Time Adjustment 100% 100% 100% 100% Time Adjusted Price/SF $ 13.81 $ 20.96 $ 43.41 $ 56.88 Subject Land Value/SF of Buildings 0.53 0.53 0.53 0.53 SF Time Adjusted Value $ 14.34 $ 21.49 $ 43.94 $ 57.41 with Subject Land Adjustments ($/SF) Construction Quality $ 7.50 $ 8.00 $ 3.00 $ 3.25 % Office Area (3.00) (0.75) (4.25) (8.00) Age & Condition 1.50 (3.50) (6.00) (4.50) Functional Obsolescence 0.75 1.75) (3.00) (3.00) Total Adjustments/SF $ 6.75 $ 2.00 $(10.25) $(12.25) Primary Subject Value/SF $ 21.09 $ 23.49 $ 33.69 $ 45.16 Size Marketability 88% 75% 60% 50% Indicated Subject Value/SF $ 18.56 $ 17.62 $ 20.21 $ 22.58 :."1.0'.799')" 16 ENTERPEIBE APPRAISAL ca MARKET VALUATION ANALYSIS .® The preceding sales indicate a given square foot price range from $17. 62 to $22. 58 with a mathematical average of $19. 97. The four smallest sales with 882,396 to 199,660 square feet indicate adjusted values from $17.62 to $22. 58, and a mathematical average of $19.74 per square foot. The four largest sales with 2,479,000 to 1,093,812 square feet indicate adjusted values of $17. 96 to $22.07 per square foot, and a mathematical average of $20.20 per square foot. The three sales with the least dollar per square foot overall adjustments are Sales #1, #5, and #6 that average $18. 05 per square foot. Considering the comparability of the sales to the subject, based upon this market data evidence, it is our professional opinion that the subject property has a value of: 3,123,000 SF x $20 . 00/SF = $62, 460, 000 or Total Indicated Value (Rounded) $62, 500,000 i ENIMRPRISE APPRAISALC ADDENDA Cad! ,Tr r. a'.�_�...)'a3z^) 1 ENTERPRISE APPRME,.c CERTIFICATE OF REAL ESTATE APPRAISER to l , myrimpluse AaenAiestaa I CERTIFICATE OF REAL ESTATE APPRAISER s I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true arm correct. Data was obtained from sources believed to be reliable. All facts known that have a bearing on the values of the property have been considered and no facts of importance have been intentionally omitted herein. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and all applicable Codes of Ethics and Standards of Professional Conduct, as well as in accordance with the requirements of the state laws where the property is located. I have made a prior personal inspection of the property that is the subject of this report. Any other individuals inspecting the subject property or comparable sales are identified in our Professional Acknowledgements. Other parties provided professional assistance to the person signing this Certificate or the real property section of this report. Any names of individuals providing significant assistance are listed in our Professional Acknowledgements. My compensation and Enterprise Appraisal Co. 's fee are not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. Neither I nor Enterprise Appraisal Co. have any present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. Confidentiality is preserved with regard to information received from the client or developed during this engagement, in accordance with established professional standards. Disclosure of the contents of the appraisal report is governed by the bylaws and regulations of the professional appraisal organizations with which the appraiser and Enterprise Appraisal COY are affiliated. ,. D mcnnusum arrweAi.cn CERTIFICATE OF REAL ESTATE APPRAISER I have not revealed the findings and results of this appraisal to anyone other than the proper representatives of the client and will not do so until authorized in writing by the client, or until I am required by due process of law, or until I am released from this obligation by having publicly testified as to such findings. August 7, 1991 -A Date Ja C. Emery Ce tified Rea Es ate Appraiser 91-0695 • ENTERPRISE APPRAISAL CQ O PROFESSIONAL ACKNOWLEDGEMENTS & QUALIFICATIONS l EIVT�CO ACKNOWLEDGEMENTS APPRAISAL CO The following appraisers/technical staff of Enterprise Appraisal Co. participated in the on site inspection and/or gathering of subject or market data, where applicable, and other relative supporting data in the production or review of this appraisal. Corporate Officer/Report Signer Jack C. Emery Project Manager Kalman Ponnock Certified Real Estate Appraiser Jack C. Emery Other Participants Martin H. Hepburn Charles E. Schaffer Gerald J. Dieckhaus PRIers SUMMARY OF LARGE FACILITY APPRAISAL EXPERIENCE ENTIDAPPR DIALCn (All Square Feet (S/F) in Thousands w/"000" Omitted) S/F I2g S/F Laa S/F 42a _WE_ Lsa J./F L?S. 8,288 PA 1,424 PA 829 IN 566 WA 420 TX 6, 767 TN 1,390 TX 828 NC 564 GA 419 MA 4, 761 IN 1,373 WA 828 NJ 563 MI 417 OH 4,440 IA 1,363 WA 825 AL 561 GA 415 TX 3,979 UT 1, 348 KY 816 NJ 557 PA 414 NY 3,623 TN 1,348 PA 814 IL 555 NY 410 NJ 3,620 TN 1,346 OH 804 PA 553 TX 406 CT 3,504 TX 1,340 TX 788 CA 550 RI 401 VA 3,383 IL 1, 338 TX 783 NY 542 CA 400 CA 3,360 UT 1,288 CA 777 PA 540 PA 400 MA 3, 199 OH 1,277 NY 776 PA 539 AZ 400 MN 3, 124 TN 1,269 NY 759 MD 537 MI 400 WI 3,093 CO 1,256 CA 751 OH 535 CA 397 SC 2,878 PA ),252 AR 738 MI 535 NY 397 MA 2,847 NC 1,248 CA 729 NY 530 PA 397 ME 2,826 PA 1,242 PA 721 PA 530 NY 397 TX 2,791 NY 1,221 MI 718 • NC 524 IN 394 AR 2,666 PA 1,215 TX 718 TN 517 WA 393 PA 2,445 PA 1,212 MO 697 KS 503 WI 392 PA 2,296 TX 1, 196 PA 686 NY 502 NJ 391 DC 2,276 NY 1, 158 OH 686 NY 500 NC 390 NY 2,249 IL 1, 157 MI 683 IN 495 NY 388 PA 2,236 TX 1, 142 GA 667 CA 489 NY 388 TN 2,232 TX 1, 140 NJ 664 CA 489 IL 387 AL 2,209 MI 1, 135 TX 660 WI 486 PA 387 PA 2, 197 TX 1, 130 TX 655 TN 485 WI 386 OH 2, 190 NY 1, 100 ME 654 AL 483 NY 380 SC 2, 136 TX 1,078 AZ 646 OH 481 WV 379 IN 2, 109 IL 1,045 NC 646 MD 481 WI 376 CA 2, 104 PA 1,044 MO 645 OH 480 RI 375 IA 2,094 TX 1,042 IL 633 ME 479 NY 374 PA 2,037 TX 1,038 KS 632 OK 479 TX 372 GA 2,003 TX 991 DC 631 IA 478 IN 371 OH 1,941 MI 967 NJ 620 NY 472 PA 370 PA 1,917 OH 958 KY 605 IL 470 IN 368 NY 1,916 IL 944 PA 605 NJ 470 WV 368 MS 1,909 MI 930 SC 605 PA 469 IL 367 NJ 1,887 NJ 925 MN 602 AZ 447 TN 366 IL 1,886 TN 883 KS 584 CT 443 WV 365 IL 1,822 NJ 870 NY 580 VA 439 TN 365 TN 1,786 OH 866 CA 576 PA 435 CA 363 CA 1,757 TN 861 IL 572 NY 431 NJ 363 PA 1,737 WA 858 PA 570 NY 430 OM 362 NY 1,691 NC 856 NY 569 NY 428 PA 355 VA 1,477 AR 847 PA 567 MI 427 NY 353 NY The above 225 facilities total over 245 million of 614 million square feet of total building area appraised. The 225 largest properties exhibited are geographically located in 34 states and the District of Columbia. The 2/91 appraisals mere made for twelve different purposes for over 975 clients. 9 lit 53:i PROFESSIONAL QUALIFICATIONS ENTERPRISE APPRAISAL CQ JACK C. EMERY, ASA, CA-C, CMI • .® APPRAISAL EXPERIIINCE (A) President and Director of the Technical Staff of Enterprise Appraisal Co. (1971 to present) (B) Twenty-one years with another national appraisal company (1950- 1971) ; Former position was Vice President and Chief Appraiser PROFESSIONAL CERTIFICATIONS, LICENSES, lQDIDERSHIPS & DESIGNATIONS (A) Qualified by educational and work experience requirements and by written examination as a State-Certified Real Estate Appraiser for the Commonweath of Pennsylvania (7/91) . (B) Licensed Real Estate Broker (#26946) , Commonwealth of Pennsyl- vania ( 1974) . (C) Qualified by written examination as a Real Estate Appraiser for the New York State Department of Transportation (1965) . (D) Qualified in 1964 as a Senior Member (#2321) of the American Society of Appraisers and awarded the professional designation of "Accredited Senior Appraiser" (ASA) . This accreditation is in all three disciplines of Real Estate, Machinery & Equipment and Business Valuation. Having met more than required credits of Continuing Education for Recertification in 1984 and in 1990, became recertified through March, 1995. (E) Qualified in 1975 as a Charter Member of the National Association of Review Appraisers and Mortgage Underwriters, and received the designation of Certified Review Appraiser (CRA) (#981) . (F) Qualified in 1977 as a Charter Member of the American Association of Certified Appraisers, and awarded the designation of Certified Appraiser/Consultant (CA-C) (#233), after submitting an accept- able consultant thesis. This is the highest of the American As- sociation of Certified Appraisers five professional designations. (G) Qualified in 1981 with the International Real Estate Institute and was registered as a Senior Certified Valuer (SCV) (#2668) . (H) International Association of Assessing Officers (1972) . (I) Institute of Property Taxation, Charter Member (1976) and, after meeting all educational, experience, and examination require- ments, was designated as a Certified Member of the Institute (CMI) (#28) (1980) . Having met more than required credits of Continuing Education for Recertification in 1985 and 1990, have recertified through 1995. EXPERT WITNESS TESTIMONY The sum total of all testimony given as a qualified expert valu- ation witness includes 174 appearances before 95 different courts or boards in 25 states. The appearances include a mix of testimony for either a public authority or taxpayer/condemnee. The types of courts or boards and their locations are as follows: (A) United States Courts: Tax - HI, Honolulu; FL, Miami. District - MN, Minneapolis; PA, Philadelphia and Scranton; SC, Columbia. Bankruptcy - PA, Philadelphia. (B) IRS Appellate Conferees - CT, Hartford and New Haven; GA, Atlanta; OH, Cincinnati and Cleveland; PA, Philadelphia. 7/91 PAGE 1 OF 3 0,1 ef:4 PROFESSIONAL QUALIFICATIONS ENTERPRISE APPRABIAL Ca JACK C. EMERY, ASA, CA-C, CNI .© EXPERT WITNESS TESTIMONY (Continued) (C) Superior Courts - CT, Hartford; DE, Wilmington; MA, Boston; NJ, Jersey City. (D) Common Pleas Courts: KY, Covington; MI, Detroit; OH, Cambridge, Cincinnati, Dayton, Elyria, New Philadelphia and Norwalk; PA, Media and West Chester. (E) New York Courts: Supreme - Albany and Syracuse; Claims- Albany, Binghamton, Carmel, Elmira, Oneonta, Rochester, Rome, Syracuse and Utica; County - Syracuse. (F) Eminent Domain Boards of View - CT, Meriden; NJ, Camden; NY, New Rochelle; PA, Philadelphia. (G) Boards or Courts of Tax Revision or Appeal - AL, Andalusia; AR, Benton; CA, Los Angeles and Riverside; IL, Joliet; IN, Indian- apolis; IA, Washington; KY, Frankfort, Henderson and Louisville; MI, Battle Creek; NH, Concord; NJ, Camden, East Orange, Freehold, New Brunswick, Newark and Trenton; NY, Albany, Jamestown, Lan- caster, North Tonawanda and Scribe; NC, Raleigh; OH, Cambridge, Cincinnati, Columbus and Dayton; PA, Allentown, Butler, Easton, Ebensburg, Erie, Kittanning, Lancaster, Lebanon, Lester, New Castle, Norristown, Reading, West Chester and Williamsport; TX, Anahvac, Cameron, Dallas, Palestine and Port Lavaca; UT, Provo and Salt Lake City; WA, Olympia and Spokane. APPROVED BY THE FOLLOWING PUBLIC AGENCIES FOR APPRAISAL SERVICES (A) United States Department of Justice (1972 & 1983) (B) Internal Revenue Service (1975 & Prior) (C) Department of the Army, Corps of Engineers (1972) (D) Federal Aviation Administration (1975) (E) General Services Administration (1974) (F) State Departments of Transportation: Delaware (1976) ; Maryland (1972) ; New York (1965); Ohio (1972) ; Pennsylvania (1972); Vermont (1982); and Virginia (1984) APPRAISAL SPECIALTIES & BACKGROUND (A) Authored or participated in more than 3,900 appraisals in 45 states, the District of Columbia and Puerto Rico, and 28 foreign countries. The latter include: Canada, Mexico, Australia, Aus- tria, Bahama Islands, Belgium, Brazil, Brunei, Denmark, England, Finland, France, Greece, Hong Kong, India, Ireland, Malaysia, the Netherlands, Norway, Philippines, Portugal, Samoa, Scotland, Singapore, Spain, Sweden, Switzerland and West Germany. (B) These appraisals were of Real Estate, Natural Resources, Machin- ery and Equipment, and Intangible Assets, covering either a portion or all of the assets of an enterprise. (C) The purposes were for allocation of purchase or sale price in an acquisition or divestiture, condemnation, estate planning or settlement, gifts, insurance, financing, determining property tax equitability, making lease decisions, proposed sale or purchase, current cost accounting, stock plans and transfers, et al_ (D) The clients using these appraisal services include corporations, partnerships, sole proprietors, individuals, financial institu- tions, public agencies, or utilities. 7/91 PAGE 2 OF 3 q-,,,,-!y tz PROFESSIONAL QUALIFICATIONS ENTERPRISE APPRI ILCOl JACK C. EMERY, ASA, CA-C, CMI APPRAISAL SPECIALTIES AND BACKGROUND (E) The scope of appraisal services performed over the last two decades has had special emphasis in the area of: large indus- trial plants, offices, or retail complexes; utility projects; the communcations media; intangible assets; business valuations; and in the solution of unusual appraisal problems. FORMAL EDUCATION, APPRAISAL INSTRUCTION & SERVICE (A) Engineering and Business Majors at University of Cincinnati, Xavier University and North Georgia College (1945-50) . (B) Appraisal I and II and six other Real Estate related courses at Pennsylvania State University (1972-74) , each covering a 16-week period, with a total of 252 hours of instruction. (C) Attended thirty Institute of Property Taxation and International Association of Assessing Officers Tax Conferences and Symposiums (1972-1991) and the American Society of Appraisers Conferences & Seminars (1990-1991) covering 640 hours of valuation instruction. (D) Served on the Institute of Property Taxation's Education Com- mittee (1977-1980) , and served on the committee that developed the requirement guidelines for obtaining the CMI professional designation (Certified Member of the Institute) in 1979. There are currently about 355 CMI's out of the 2,500 total membership in the Institute of Property Taxation. (E) Chaired the Institute of Property Taxation's Real Estate sales data bank committee from 1981-1985. (F) Elected to a three-year term on the Board of Governors of the Institute of Property Taxation in 1984, and received the "Distin- guished Service Award" in 1986. (G) Designated in July 1989 to represent Enterprise Appraisal Co. in their American Society of Appraisers' Affiliate Firm Membership. Elected in October 1989 to serve as secretary of the American So- ciety of Appraisers' Affiliate Firm Committee through June 1991. (H) Lectured on Real Estate, Machinery and Equipment, and Intangible Asset appraisal subjects before the University of Hartford Tax Institute, the American Society of Appraisers, the Institute of Property Taxation, the National Association of Accountants, the National Association of Insurance Managers, and various other professional groups (1970-90) . (I) Conducted 35 seminars on Real Estate, Machinery and Equipment, and Intangible Asset subjects, and trained a total of 75 ap- praisers at two appraisal firms (1960-91) . (J) Authored 68 (1972-91) published articles in the Enterprise Valuation Reporter with two requested reprints in the Broadcast Financial Journal; co-authored an article on patents published by the American Society of Appraisers; authored instruction manuals on valuations of Real Estate, Machinery & Equipment, Intangible Assets and Business Valuations for two appraisal firms. v " 9" 7/91 PAGE 3 OF 3 1 ENTERPRISE APPRAISALC • .� MARKET SUPPORT DATA 9 CC.Z3 ENTERPRISE nrrxa�ani.ca IMPROVED SALES LOCATION MAP WASHINGTON NORTH DAKOTA MINNESOTA MONTANA OREGON WISCONSIN { SOUTH DAKOTA IDAHO �2 WYOMING b I IOWA NEBRASKA #1 --O #4--0 iS ILLINOIS NEVADA ,a UTAH COLORADO MISSOURI KANSAS O---#5 117—0- --#8 CALIFORNIA TE OKLAHOMA ARKANSAS QQ� ARIZONA NEW MEXICO 5 .5 5 0---#3 0---#6 TEXAS LOUISIANA 1 ENTERPRISE APPRILISAL IMPROVED SALES KEY • Sale No. Code #1 #528004 #2 #604046 #3 #750104 #4 #606302 #5 #672011 #6 #857030 #7 #809003 #8 #809002 1 [-ENTERPRISE APPRILMAL CO IMPROVED SALE #528004 LOCATION: Northeast Harrison Street, Davenport, Iowa OFFEROR: Caterpillar Tractor Corp. LAND AREA: 203 .00 Acres BLDG. AREA: 2,479, 000 SF LAND/BLDG. RATIO: 3 . 57/1 AVERAGE # STORIES: One UTILITIES: All CONSTRUCTION: Metal Clad, Steel Frame; Masonry & Steel Frame ZONING: M-2, Industrial % OFFICE AREA: 7 DATE INSPECTED: 8/91 VINTAGE: 1975 VERIFIED WITH: Agent* EFFECTIVE AGE: 16 Years OFFERING DATE: Current CONDITION: Good ( 8/91) LAND VALUE: $ 4,040,000 or $19,901/Acre (Offering Date IMPROVEMENT VALUE: 35,960,000 or $14. 51/Square Foot TOTAL OFFERING PRICE: $40,000,000 or $16. 14/SF of Buildings COMMENTS: The facility was vacated and placed on the market in February of 1987 . The asking price remains at $40 million, but is now represented as being negotiable. Additionally, offers for individual buildings will now be entertained. Portions of the plant are currently tenant occupied. The improvements are air conditioned, sprinklered, and have 35 foot ceiling heights. *Larry Johnson, Binswanger Company 511,033:i ' 1 ENTERPRISE APPRAISAL CQ IMPROVED SALE #528004 I:XTRAOKUINAInr 2,479,000 SL. h"1: INDUSTRIAL COMPLEX ON 203 ACIth;S IN IUAVENI'OItT IOW% A FORMERLY :A CATERPILLAR INC. COMPLEX This remarkable complex consists of four one-story units: Unit 1: Modern one-story manufacturing facility 800,000 sq. ft. Attached one-story office building 175,000 sq. ft. 975,000 sq. ft. Unit 2: Modern one-story warehouse/distribution facility 193,000 sq. ft. Unit 3: Modern one-story manufacturing/assembly facility 990,000 sq. ft. Unit 4: Modern one-story warehouse/distribution facility 290,000 sq. ft. Miscellaneous: Service and support buildings 31,000 sq. ft. 2,479,000 sq. ft. F r � �: A — . . unit 1: 800,000 sq. ft. manufacturing facility with attached 175,000 sq ft office building. L` Cr) EXCELLENT LOCATION • Road — The complex fronts I-80; I-74 and One of the five cities which comprise the State Highway 61 are just minutes away Quad-Cities area of Illinois and Iowa from the property. separated by the Mississippi River, • Inland Water — Barge service is available Davenport provides easy access to all major on the Mississippi River. industrial markets: • Air — The Davenport Municipal Airport, The strong C background of the local l adjacent to the property, and the Quad- g has attracted major industries l Cities Airport in Moline, IL provide population to connections to all major cities in the U.S. the Quad-Cities area. Local industries have • Rail — The facility is served by Chicago, also benefited from Iowa's right-to-work c ri Pnri !(]MCP: P1 r• .ulations. MINV ENTERPRISE APPRAISAL al IMPROVED SALE #528004 , .® N \ _, - - t 1 11-1-1-"11-719 `-`Fta++-:s�_ 4-4-tttrA.b :-114-,•-t 77:7 'f'IT 7-41:°7"--.-1-":>L------ - 7---c. L _-__ -J 1 _ L L Ill_-li aamnia-ref 1 ,i \ \ \ -. -- -- I I -_.. \ \ /4 M1 I_ i � - -- ; .; '� \ , -'� _ �' .. 24 _ �� - I)X\ EN NUR"I __- __ _ III AIQ P_�I. ��. � _ -___ , AIRPORT ) l -- . , /\� In Cr) NIISCEI,IANEOI'5 • Superior Construction: This facility was to; • Ceiling Heights: To 38' built incorporating life cycle costing C) • Column Spacing: From 40' x 40' principles — enabling nominal lifetime re` to 40' x 80' maintenance expenditure. • Sprinkler: All units have 100% wet FOR FI-R.I.III:R INFORM %no\ LUNTACI. system coverage • Truck Loading: A total of 36 drive-in I. BINSWANGER MIDWEST Cal(or Plaza.Chicago,It 60631 .312 693 7770 doors; miscellaneous docks in every unit I n WI v d I N.Ai NV•Gusto MA Indian e696. IN • Cranes: Various; payload ranges from 1 • d N' (lnumpi Mia�'i it�il,uM1lotl kV.OxNN M$ 25-ton to 40-ton R0I1u,n.,m.q ,5lcrJam.pa,i. COMMERCIAL & INDUSTRIAL REAL ESTATE COUNSELING-MANAGEMENT•APPRAISALS l \ aN�evpIYv APPRAISAL CU IMPROVED SALE #528004 OUTSTANDING FE.CITRES OF THE CATERPILLAR COMPLEX ELEc:TRICITY WATER AND SEWER � Supplied by the Iowa-Illinois sub-station A 300,000 gallon elevated tank provides #90. This sub-station houses two 161 KV to water supply for domestic use and fire 13.8 KV transformers rated at 50 MVA. protection. All water is supplied by the These two transformers supply power at 13.8 Davenport Water Company. The city sewer KV to the main station on the complex. line is approximately 25' below grade at the Each unit in the complex has an individual southern edge of the property. sub-station to step down the initial supply to 480 volts via double-ended tranformers. INDUSTRIAL WASTE MANAGEMENT Emergency power is provided by automatic The on-site water treatment building diesel electric generator sets. provides comprehensive handling of industrial waste. The processed effluents are NATURAL GAS discharged into the city's municipal sewer Supplied by Iowa-Illinois Gas and Electric system. The remaining sludge is removable Company through a 6", 100 psi line. At the to approved landfills. gas meter house, the source supply is SI?Cl'Itt"I'Y divided into two 25 psi lines. Site-wide exterior surveillance and STEAM monitoring for all fire protection services is available through closed circuit television Produced by two 80,000 lbs./hr. package boilers which may be gas or oil tired. Also from the security building. This building also available are three 100,000 lbs./hr. boilers. includes garages for ambulance/fire trucks The heating plant is controlled by state-of- and an emergency "tornado-proof" the-art computer technology. conference room. COMPRESSED .AIR 1'.AKRISG The heatin lant is e ui Paved parking for 3,200 vehicles. g p q pped with two 600 HP, 4160 volt Clark horizontal two-stage air- EN1PLOYEF. FACILITIES compressors. A 50-ton mechanical dryer An employee clinic, several dining areas, cools the air produced by the above and concession stands are all located in the systems. complex. a7 1*.;.,^,, IN GOOD COMPANY • No US duties assessed when exporting Major corporations in the Quad-Cities area from the Zone to foreign countries include: John Deere, Oscar Mayer, ALCOA • Processing goods in the Zone eliminates and Ralston Purina. or reduces tariffs • Inspecting and testing goods within the FOREIGN TRADE ZONE Zone can further reduce duties This complex is within the precincts of • Zone users enjoy lower insurance costs Foreign Trade Zone #133. The Zone An on-site customs station in the complex provides economic benefits such as: can also be put into operation by the Zone • Improved cash-flow resulting from deferred management. ..__ • -c nn wa ••• in ENTERPRISE 'PPR"IULL°° IMPROVED SALE #604046 .® LOCATION: 79th Street, Willow Spring, Illinois FORMER OCCUPANCY: General Motors Corp. GRANTOR: General Motors Corp. GRANTEE: United Parcel Service LAND AREA: 240. 20 Acres BLDG. AREA: 1, 597 ,187 SF Ground 1,801,860 SF Gross LAND/BLDG. RATIO: 5. 81/1 AVERAGE # STORIES: 1. 13 UTILITIES: All CONSTRUCTION: Masonry & Steel; Steel Frame ZONING: Industrial % OFFICE AREA: 3 DATE INSPECTED: 10/18/90 VINTAGE: 1952/86 VERIFIED WITH: Grantee EFFECTIVE AGE: 35 Years PURCHASE DATE: 3/89 CONDITION: Fair LAND VALUE: $ 9,608,000 or $40,000/Acre (Sale Date) IMPROVEMENT VALUE: 6,642,000 or $3. 69/Square Foot TOTAL PURCHASE PRICE: $16,250,000 or $9.02/SF of Buildings COMMENTS: The site is approximately 15 miles west of downtown Chicago, and is located at the intersection of two major interstate highways, I-55 & I-294. The property is within 13 miles of Midway Airport and 18 miles of O'Hare Airport. The property was used as a stamping plant and metal fabri- cation facility since its construction. It was in fair condition at the time of sale and was occupied and in use. All public utilities are available to the site, in- cluding rail. The building contains 21 cranes of different capacities with the largest one rated at 80 tons. The build- ing is heated from a central power house. The majority of the facility contains modern high pressure sodium lighting. The ceiling clearances range from a low of 16-21 feet to a high of 38 feet in the crane-served areas. Bay sizes range from 40 ' x 40 ' to 40' x 80' . There is heavy electrical ser- vice through the facility. The entire plant is sprinklered. )50-12B ad Aft Err1' 'PPEAL:ALCQ IMPROVED SALE #604046 .© '+ ' F eretweu.ca IMPROVED SALE #750104 LOCATION: 2600 McCree Road, Garland, Texas CURRENT OCCUPANCY: Warehouse GRANTOR: Safeway Stores GRANTEE: Cullum Companies Tom Thumb/Page DOCUMENT NO. : 872491384 LAND AREA: 66.76 Acres BLDG. AREA: 1,180,000 SF LAND/BLDG. RATIO: 2 . 46/1 AVERAGE # STORIES: One UTILITIES: All CONSTRUCTION: Masonry & Steel Frame ZONING: Industrial % OFFICE AREA: 5 DATE INSPECTED: 8/7/91 VINTAGE: 1970 VERIFIED WITH: Agent EFFECTIVE AGE: 17 Years PURCHASE DATE: 12/29/87 CONDITION: Fair/Good LAND VALUE: $ 6,676,000 or $100,000/Acre (Sale Date) IMPROVEMENT VALUE: 10, 324,000 or $8.75/Square Foot TOTAL PURCHASE PRICE: $17,000,000 or $14.41/SF of Buildings COMMENTS: Ceiling heights are 20' . Net income at sale date = $1,649,000; overal rate = 9.7%. 01.C535 650-12B wd I ENTERPRISE 'PPRLISAL°°' IMPROVED SALE #606302 .© LOCATION: 13535 South Torrence Avenue, Chicago, Illinois GRANTOR: U.S. Metal Source Inc. GRANTEE: The Prime Group Inc. LAND AREA: 123 . 00 Acres BLDG. AREA: 1,060,297 SF Ground 1,093 ,812 SF Gross LAND/BLDG. RATIO: 4.90/1 AVERAGE # STORIES: 1. 03 UTILITIES: All CONSTRUCTION: Metal Clad, Steel Frame ZONING: Industrial % OFFICE AREA: 7 DATE INSPECTED: 10/18/90 EFFECTIVE AGE: 30 Years VERIFIED WITH: Agent CONDITION: Fair PURCHASE DATE: 6/90 LAND VALUE: $ 6,150,000 or $50,000/Acre ( Sale Date) IMPROVEMENT VALUE: 5,985,000 or $5. 47/Square Foot TOTAL PURCHASE PRICE: $12,135,000 or $11. 09/SF of Buildings COMMENTS: Sale included 10 rentable buildings containing 1,093 ,812 SF with clear heights varying from 16-32 feet, loading docks and drive-in truck doors, rail service, heavy industrial power and craneways. r. r t_9 650-12B wd mitt ENTERPRISE erexaiestca IMPROVED SALE #606302 DIV,Ult-'1 Z777 Q -CS IMPROVED SALE #606302 4' 1.. CO 7 0 • soO m a • • O g 4 ea• • _• C d m w O O o al O E i� C7 O 1 sac at m gi E m m _� O c ;hi V� al a a` v 3 Ol • C F- Pl O • in O 5 • el C O Y c cw (.1 r v • C_ • • r. W 03 3 9 • 3 • c � L m m el 1' t E �' O O CO m o ° 63 °e 3 ii a O 3 • • • 9 it l• e 4 a —c, '• O 4.II IL s aCa — � • Cti - R EIL n a m^ x i4 a. C Sap C • ap �' : 113 jW S Qte� E � ' •Odi C ` � O t0. V C . CO me n C9 • C 0A C030 O3 C � a m '0 11 il 0 .2 iC E is. ' • at • • ` L • • - • ID a 8 5 e ger. axmiioa = Cn ' � .m t `o,oee5 •-mos3als13 ° at LE • 10 • o • - • .! 1. C : e m m QC 3 � a O di C �•C � .ONi97o 3�m st m iS 01OOwO = aaOiSSW (AdQ 3 _ . L lik m 4.• 111111 1 111111 § 8 CA = � L (A as aE E SP a 1 _ _ •— C ; 5 3 = �� 1111 ,T 1 C3 • m ,s ._ . ,y ,„ ... . m m m E �— � ~ O = ai _ E al a sumgo t NC CC a5 m i U 03 m somm t o t I-- 'm m EAR c23 3I- a—ff:t 'ROVED SALE #6063015 j // / Qi td / 'v id: � _i. dam J : 0 I �J:3 n / li -IH I _I -,,,--- rte, 7 r I , / D. I B i� ' 1 o H O i l,_ r ac .. I F L11aa�� _ o 1 I—°° 0. 0. 0. N. 0 o e t N.m . Y et l7 � A N f N A 6 O C W H I co cq • . O i co - f S f M — — aum - �❑ I en -. ` en re; n ' �(iX� — N Q q O Q'tl o /F NO 99� R1 W I � _ m —, i _ ro.� u i < UO W W F 1:: • ot ,_____, pi IT T- _ iw I , 0 i LI i T .1 _ Il I1 1 _.. .�. .. .ti. - i . r _- ., IMPROVED SALE #606302 1J a � re 4 i ;I g ,t 1.4) tg eNi n n S 0 a0000b000 otrttnEt 111 I O:. -�oI' g_ AvManitla �lanal f6833666 § 6 : III. ...--. E Q—^ a` / s 0 0 0 0 0 0 0 0 0 0 O I / Id i- 8 < - - O U W Y J U� M .p < O W W W W p Q p 1 _ n m 0 0 0 0 0 W W W W 0 I _ 0 I - 0 l ss CO l ,O In wManlaa ilonal 3-1 LU = mi�lldtl ____I _ I —I' 5 p b b b b o b b b b b 03 ik n w is ie $ h is t r i t h N. m g -0-2 m I § § P„U § 0. § o o a o a e o o e o 0 Q 1 /I 1 t ` U) C to OS y O immmuci00000 �'g O2 se Q Gs O - - 16666 iS § cc Cu 3Emapa 4 ' ' I I I J e. . . . e 1.- , 1 . -infn Z � nr ING 'it' i- Nell w E AVM3AItlU Mafltll V ^ <S d (// I. / r. I Q - � , Oz s'b sib oabnob .& J I I oiat: apFF- maam Y .� _ b b 'o o b b b b b . r, M m pY f as Nhh hhed w L 1 J Q9 9 _ V:1.1i gp.- Nl.1f00M0mO •• �y�•� O ♦ IMPROVED SALE #606302 V •CO ro CO m iii) ¢ S ci \.__.." d 0 III= E 3 r a L N 0 /i/ 1 C Y + O O 0 0 W a O A Cl O CO O I 0 U r 00 I , O 0 0ca s � o �i_ m l h t66636 r r r r r r O O n n n n CO —en O .• _ N W 0 N t7 N •a • U V U U U 9 U m sr-- _ j::0.___ CD a 4 0-5 S2`om p — — yy��ppp' CD O > m m O W O i �Q C C J ,O O < < m o is E �� _ j C E o�cr m tri ©I W Ooho Oo W 22222, S z ycc a 10 E LL ❑ . . . W I 4Vl tll !) N f. O pY a g k D 0 W o m - enO n aQ ' m �/M m 52,E osa%; 1 IMPROVED SALE #606302 (ii, E c �." _ 0 d i = El v n 4 W O o r. .. W $ LL LL O I-, LL H N O oC0 HCO I— r. U u 40 e L�9 ((,Z�� H Nco U " 2al a cc O LL LL W alJilmi" O by H ei el co LL in W cc t. N 46 46 4., • m O 3 O W LL o Lmm C9LL t9LL CALL s a= § O tl1 u, cn O 0o so oy co I ��g dgt an J7, 5 § ` E el 3 ZN. ■ " �¢ m __ ,• 0WM O " " .J " D co ♦i E W 1 JJ^^\\ 9 7. 26 U E U 4 I � O a 1_. 1 IMPROVED SALE #606302 o▪ a 6 N N t' 44 _ 4t ci --- S ~ 333 d ' 2 O O I m m �� 69 a < m i � O o c o 0 47. i co- € e r e (2j \ a N W 2 •a • U) -41 V_i • O •V O O 'ai CZ;^ l y ca CO in c c r 41 �+ N CDEry Y X � =0 6 0 = 0 0 0 0 0 M Oel C� F r. J 4- - 1- J o r o :o iv A CU _ r —cv O G d o Y�/ N —op , I � ry IQ Iii h CO N 0 C c Q . O o 0 . O E. 0 0 0 0 co41: cc m c - - - v )i ® z i ui g34 0 0 13 0 3 . > > U 5� mg m = y 4e a ' 15 Cill C I&M N N R N N N y O co 8 10 }u��,a N I ,CC �2 g Iii 1 s¢ g O o ® � � O O O O O O O O O d WIomm memo o w W U ® _O us _.0 — 1I N Z 1CV E - ` , f L � OSSOoom romio0V 9/7 g Nf . m .. .. fG O Q@O _ a $ t� z c i J /r m g Q s � Rg . . 7a : V3m .91_C 39::4. ` IMPROVED SALE #606302 1 (4; yE ei e \....1 $ d I E _ a a _ o , o © 1 cas o I' G N m A\ 6 Y/ W ≥ co Do t. r— U N O2 O i 0 0 O ao e, 2 y 1 1L, ® ' O = el: II LL ® C JL _y � • a m o Q O C.0 CC 24 a= g mll 1E O mm ¢ � �- g05 i. a1 § cc LID co e - o co _z •` E LL ._ o O O _J El D CO MI otesaT; ( ) IMPROVED SALE #606302 i'i . \_-_,1 k c I O iI E a` I , OM M i _ J L • O ,o •a•oo0 •oos • o p N x T A N 0 0 0 N N N Y Y /A I I I I- a Vi6 o J O ,TA Y J LC drMy.' a D W _ ' Q = n OS Tr— II_ < ce , i 1�� I I e I I �O N N N 0 0 0 O r I o F m Lr 71700 Noma � I 2 8 Q� t J a a m _ pO m 0 �y " el t N NCr) OgRRARX !:; � I I'MI CD a 048 Cr I ryLE COCID Q N. OOOa c _ 0 - Z PE - - ❑ w S Y D E M \ a 2 gmilPli ENTERPRISE APPRAISAL aki IMPROVED SALE #672011 m LOCATION: 8220 West Harry Street, Wichita, Kansas GRANTOR: Integrated Acquisition, Inc. GRANTEE: Bombardier Inc. (LJT Acquisition Corporation) LAND AREA: 82. 59 Acres BLDG. AREA: 882, 396 SF LAND/BLDG. RATIO: 4. 08/1 AVERAGE # STORIES: 1. 40 UTILITIES: All CONSTRUCTION: Metal Clad, Steel Frame ZONING: Light Industrial % OFFICE AREA: 25 VERIFIED WITH: Agent VINTAGE: 1963/82 PURCHASE DATE: 6/19/90 EFFECTIVE AGE: 20 Years CONDITION: Good LAND VALUE: $ 2,080,000 or $25,185/Acre (Sale Date) IMPROVEMENT VALUE: 12,190,000 or $13 .81/Square Foot TOTAL PURCHASE PRICE: $14, 270,000 or $16. 17/SF of Building COMMENTS: This sale represents part of a total acquisition of multiple locations which included real and personal property, and does not consider any value for personal property, or any contingency relative to environmental issues. The above includes both fee and leasehold estate interests. However, the improvements, due to long-term leases, are effectively valued at an equivalent fee interest. The previous sale in 1987 was at $16,265,000, but included only 77 acres and 697,202 square feet of building area for a total combined price of $23. 33 per square foot. The above excludes $3 . 23 million lessors' interest and has not deducted any Industrial Revenue Bond debt that on May 31, 1990 totaled $1. 8 million. The property is located adjacent to the Wichita Mid-Continent Airport and all leases are with the Airport Authority. 01.1 ST f . . Aft a3E ewRLISA.Ca IMPROVED SALE #672011 . t WICHITA ;. __ Slav . 0all®t .\ � • antnu. '. I 1 VI _...I i \ I IMP IT �\ , Yee I1 �„ `,�-r ") J iJs r lAVA �.i �\ 7 �\ I—. f �. e — r— — _I 254 t 1�`� f •1\ i l �k , q_� •` J i ♦ ♦ -171 - __ -ti. �� I1 ( - j'1� I I f I i •'.� I,. I._r �, , I e �; _ �ri I g �� f TIM IT ,tfi�` + 1 3 / � nnn ..}- �i1 I' 0 —1 3 1 2. _:f • r n, C J _ \Calm�ils • . y ��- ,: _l� • IS M wli — .� w n � I . sir/'. !� i i / .... n�% 11 / 1. =` . i • \ I'n : Js Js e+ ' „„..--1\4. II 3 C C 7 •� C . .1■ ..: ____ a. - IY\ *, ---- in.„ 3 'k \ i I �` Jil \ n.it la '! I \ l5 J° • 1 :c9:5 AtV ENTERPRIFIE " "'a"' °°J IMPROVED SALE #672011 As °MI Buildings #A9, #A3, #A4 & #AC, South Elevation oVpll'IUIUI IIUIIIIII�QI�II' ..111111 . r illlllill I .. ... �� 'l° NMNN°N!,nl111 �uiPillil i � � '��It� II�J�1�� I IIIkillI�I ` n p 01V7Ti Building #6, East & South Elevations 'alPV1 ENTERPRISE APPRAISAL CRj IMPROVED SALE #672011 a ii iX •�� I�dillI� II II r. I •I a4O1K:- � # - Building #7, East Elevation Building #7, South Elevation E? r c.. . � � ENTERPRISE APPRAISAL.CQ IMPROVED SALE #672011 . I' '4404 . . ii I. � - - - - �' _ . "C �., .: I 7 �,.i. ...---- II.' S1 f.4 I � + � � T ® , +-tar i m III ' z m I 10. 31 -non i i y T I ,,,� ACRES .�L.._..�..� � �i/f t. - - J v...... ........ ‘...,_ __,.. _ I . i!, :Au I 'I -9HU"!t ..• .m ., 4-9mr-i ' l i I --. .-17.22 ACRES LEARJET CORPORATION WICHITA, KANSAS PLOT PLAN NOT TO SCALE DATE: June, 1990 errnsiesi ca IMPROVED SALE #857030 .® LOCATION: 1255 East Aero Park Boulevard, Tucson, Arizona GRANTOR: Integrated Acquisition, Inc. GRANTEE: Bombardier Inc. (LJT Acquisition Corporation) LAND AREA: 107 . 992 Acres BLDG. AREA: 534, 330 SF LAND/BLDG. RATIO: 8. 80/1 AVERAGE # STORIES: 1. 15 UTILITIES: All CONSTRUCTION: Metal Clad, Steel Frame ZONING: C-I-2, General % OFFICE AREA: 16 Industrial VERIFIED WITH: Agent VINTAGE: 1976/81 PURCHASE DATE: 6/19/90 EFFECTIVE AGE: 10 Years CONDITION: Very Good LAND VALUE: $ 3,200,000 or $29,632/Acre ( Sale Date) IMPROVEMENT VALUE: 11,200,000 or $20.96/Square Foot TOTAL PURCHASE PRICE: $14, 400, 000 or $26. 95/SF of Building COMMENTS: The sale represents a part of a total acquisition of multiple locations which included real and personal property, and does not consider any value for personal property, or any contingency relative to environmental issues. The above includes both fee and leasehold estate interests. However, the improvements, due to long-term leases, are effectively valued at an equivalent fee interest. The previous sale, while having a greater price of about $21 million, had approximately 12 percent more building floor area, and also originally had approximately 171 acres. All land is leased and is subject to the present worth of ground rents and a 58-year reversion with a total Lessor' s value of $1,500,000. The value of all interests in the land is $4,700,000 . The present worth of the long-term debt balances is $428,000 with maturity dates from February 1 , 1989 to July 1, 2006. The prop- erty is located adjacent to the Tucson International Airport and all leases are with the Airport Authority. ,ms) ENTERPRISE SYPRMILLCO t SUBJECT LOCATION MAP .me ! L'' \ 93 JJ J a �R I, C lallICUM MUea -� F ar d CO II 54V r Fl �"hle Rqn - Li qq . I 'F c NI. Knaafi \ X7932' 1 S 4( de<4.4 ,w.- G.�. O \ -• Vilest el id1 Mk � 725S'#. •'t •n'u Rick � 0 OLf C f - �� '4"'I 7391 RRtt r,nake hale J.�Ruv re" ,- Be✓ O� Y� -� =�I �/—Ace'3F 1' , I�n�et RiKk ‘131;1,211(ti acf�7299' �Ma•1 V 1 -r • rroa . -r! toe f t A,' // F•7S• 6633' MM a �I «,„ y _ I 'Thimble Oak t� o 4 Es AR° • te In* iiikadVL 2 40 'T Ing a ---k‘ ,/ d iliCOnn Mini c, i Mo,. Lie _, �/E.K Styling .Li Na _ ,o Syul —f'� ,A,•- 1' q OS � ' `% 11 a1' RICTUS* lie. ' �� 3 3",,r. ri su '- - € E�e�f-•✓ V .�' Ot roer;'wanurE u 5 , waae c� SAGO00 ' .tlu^, • •• r... e R. 8SnWy.Re;� / ro Rs 3r A r _ Y POLICE " IN ��i �� L k ITL NON�. :. .uo. :" _Ix Ft Low II $I . i. w ;at 1, �_iREA j ` .ii �.{�iR .: a W6 NS altar, ��Ja�`, yp O 3'1 7a..-r- /L��.�� '� !Na eh I,k • MM /r1•t i Ilr�a I ��II■ � sAGU - Loge � e.L. � . •ll[Gf An t'illt ��. . ,.n . 0 _ Mc ift p r Caeae lllTigr�, ��+ dd wa• N'AT _ ^ sj�1 V feao Re \� a. •F.N41!:41i1111 ` \�� Iti�� `�arm I M.. YC Mill er0''.1.jrillit w tyar7me '©ti� 1 ...•.f1'ruiNI 9 9i]ilti\ rist/l f.FIELO liPAI > a R . 4,1*-% mrt. • p Y. Ate- • ••• ...... • • - � B�,Rm R'- . r��; 'qr 3rnvrt _ ce, ,,. , iti Ik r - Meue�j�irttVICIAL C �f�AV T� r10 It% t TNS. � IE ti M . . .. it �, _ - --1 , k —�L. T.tti RiE 1:40- .11 , TL165 RSj � .� '� R• T•Ni. 1c:tr 1.,4,til 117iiillir. _ _ /' t ‘ 0 :grinr 3 SAND vir 411/4 " r• .. 1 ufr a L� ii. I I 1 r I A ._A PEI!. ad ►fe,. �IIr � R.t _ -ITIIftAY �- � I ._..- !% � e a 1 [APPRAISAL C° IMPROVED SALE #857030 .T . , 7 i } Building H, West Elevation Facing Southerly -s t r • Building H, West Elevation Facing Northerly 0 !y� ^�l,'�JL f • NIPID APPRMSALCa IMPROVED SALE #857030 .© frl a �` , �, =�kne -0- - Building D, West Elevation iiiiii Building D, North Elevation 01.C IT IVIPli - ENTERPRISE AsrLAISA.c° IMPROVED SALE #857030 .T ��, // N. _\7 A N. / I?\ 1�P� / J� / I v(�YI WOLI / 1 a..a..I , p 6 I ,lla sr -1 [j We M 1 J 1 -s. � ; ha" : pi __� L a , `i Nibs , I 1 1 Ili L_ -..... .'-7 1 E a i i I EAST AERO PARK BOULEVARD LEARJET CORPORATION TUCSON, ARIZONA PLOT PLAN NOT TO SCALE DATE: June, 1990 Iliilli �erenMeei.ca IMPROVED SALE #809003 LOCATION: 720 Bandley Drive, Cottonwood Park, Fountain, Colorado GRANTOR: Data General GRANTEE: Apple Computer DEED BOOR: 5823 ; PAGE: 818 LAND AREA: 76 . 16 Acres BLDG. AREA: 245,974 SF LAND/BLDG. RATIO: 13 . 49/1 AVERAGE # STORIES: One UTILITIES: All CONSTRUCTION: Masonry & Steel Frame ZONING: Industrial % OFFICE AREA: 30 (est. ) VERIFIED WITH: Appraiser* VINTAGE: 1986 PURCHASE DATE: 3/27/91 EFFECTIVE AGE: 5 Years CONDITION: Very Good LAND VALUE: $ 304,640 or $4,000/Acre (Sale Date) IMPROVEMENT VALUE: 10,678,060 or $43 .41/Square Foot TOTAL PURCHASE PRICE: $10,982,700 or $44.65/SF of Building COMMENTS: Tax Parcel No. 56060-01-002. Built as a new building by Data General but never occupied; vacant at time of sale. Fountain is located approximately 30 miles south of Colorado Springs. *Edmund Leet, FASA Justin Haynes Co. , Denver, Colorado C%-ti oricAnt• . l'iilli APPRAISAL CQ IMPROVED SALE #809002 LOCATION: Northwest corner of 30th Street & Flying "W" Ranch Road, Colorado Springs, Colorado GRANTOR: IBM GRANTEE: Telecommunications Corp. DEED BOOK: 5824; PAGE: 1051 LAND AREA: 61 . 26 Acres BLDG. AREA: 199,660 SF LAND/BLDG. RATIO: 13 . 37/1 AVERAGE # STORIES: Two UTILITIES: All CONSTRUCTION: Masonry & Steel Frame ZONING: Industrial % OFFICE AREA: 45 (est. ) VERIFIED WITH: Assessor* VINTAGE: 1983 PURCHASE DATE: 3/29/91 EFFECTIVE AGE: 8 Years CONDITION: Very Good LAND VALUE: $ 2,144,100 or $35,000/Acre (Sale Date) IMPROVEMENT VALUE: 11, 355,900 or $56. 88/Square Foot TOTAL PURCHASE PRICE: $13,500,000 or $67.61/SF of Buildings COMMENTS: Tax Parcel No. 73224-02-001. Lot 1, Block 1, Mountain Shadows Filing #1, E1 Paso County, Colorado. Property includes a 198,220 SF manu- facturing facility, and a 1,440 SF warehouse facility. *El Paso County Assessor Information from Edmund Leet, FASA Justin Haynes Co. , Denver, Colorado A L1 -- 1 - 91 T f-SU 1 6 51 P _ 1 1 OCCUPANCY: STORAGE MARB&OUS$ REPLACEMENT COST COMPONENT UNITS COST NEW .ADDITIONS: 134, 000 CASSIONS 413,640 BVAC 7,850,489 TOTAL COST IMPROVEMENTS NEW AS OF 6/90 7,244,270 Cost Data by MARSHALL & SWIFT IRIIIIIIIIIIIRIb11111111111111111Y11111111111111111XIX11111111111111111111111111X1Y11111111RII11111Y111111111111111111111111111111biXIb1111Y11111111111111111X11111111111RIRIbItlItlIII111111RRIb1Y11111111Y1X1YMIY11111111111111111R11111111111MX11111tlIR11b1111111111111XI11b111111X1Yllllllllllt4 910835 A UG - 1 - 91 TEtu 1S _ E6 F• _ a �. COST ESTIMATE FOR: C-17 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: C Masonry COST RANK: 2.1 Above Average EFFECTIVE .AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 3.0 AVERAGE STORY HEIGHT: 14..0 FLOOR AREA: 32,273 Sg. Ft. COST AS OF: 8/91 REPLACEMENT COST 0: 0PONENT UNITS COST NEW EXCAVATION i SITS PREPARATION: Site Preparation 150,000 0.25 22,500 FOUNDATION: Concrete, Bearing walls 32,273 1.54 49,700 FRAME: Steel 32,273 3.55 114,569 FLOOR STRUCTURE: Concrete on Ground 13,040 2.43 31,687 Steel Joists & Deck, Concrete 19,233 7.55 145,209 SUBTOTAL 176,895 FLOOR COVER: .Hardener & Sealer 32,273 0.45 14,523 INTERIOR CONSTRUCTION: Interior Crnstruation, Ma8oanr+j 32,373 0.62 30,009 PLUMBING: 32,273 0.67 21,623 Plumb HEATING AND COOLING: Package Heating A Cooling 32,273 3.75 121,024 ELECTRICAL: Electrical 32,273 1.17 37,759 tsalselOR WALL: Tilt-Up Concrete 15,160 9.57 146,597 Metal & Glass Panels 7,467 18.90 141,126 Bond Beams 2.2,627 0.73 16,51.8 Pilaster 22,627 0.71 16,065 SUBTOTAL 320,306 ROOF STRUCTURE: Steel Joists, Steel Deck 13,040 9.90 50,856 ROOF COVER: Built-Up CompOaition 13, 040 1.17 15,257 TOTAL 965,022 ARCHITECT'S FEES 4.9$ 47,736 REPLACEMENT (AST NEW 32,273 31.38 1,012,758 ADDITIONS: .ADD CAISSONS 30,000 TOTAL COST 1,042,758 IMPROVEMENTS NEW AS OF 6/90 1,007,813 Cost Data by MARSHALL 8 SWIFT mmnunmmIInnxunnnnnnnuunnuuuuunnuuunumuuunnnnnnumnuunnnnnnnnnnnuminunuumnuunnnuuuuuunnnuunnnnnnimnnnnnmmuunnuuuunuunuuuunuuuunnuuuunnnunnxnnnnm.nmunnmmIInmmuununni 91C89S A U G - 1 - 9 1 T H U 1S : 09 e - 34 COST ESTIMATE FOR: C-20 PROPERTY OWNER: NA ADDRESS: NA SURVEYED EY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: c Masonry COST RARE: 2.1 Above AVerage EFFEcTIVB .AGE; 20 YEARS CONDITION: 3.5 Good RUM2BR OF STORIES: 1.0 AVERAGE STORY BEIGET: 26.0 FLOOR AREA: 399,000 Sq. Vt. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION i SITE PREPARATION: Site Preparation 399,000 0.15 59,850 FOUNDATION: Concrete, Bearing walla 399,000 1.55 618,450 FRAME: Concrete, Reinforced 399,000 10.23 4,077,780 FLOOR STRUCTURE: Concrete on Ground 399,000 2.41 961,590 FLOOR COVER: Hardener & .Staller 379,000 0..45 170,.550 Vinyl Tile 10,000 2.54 25,400 SUBTOTAL 195,950 CEILING: Acoustical, Mineral Fiber 39,750 1.39 85,252 Suspended Ceiling 39,750 0.94 37,365 SUBTOTAL 92,617 INTERIOR CONSTRUCTION: Interior Construction, Masonry 343,200 0.84 288,288 PLUMBING: Plumbing 399,000 0.67 267,330 FIRE PROTECTION: Sprinklers 385,000 0.90 346,500 ELECTRICAL: Electrical 399, 000 1.18 462,840 EXTERIOR WALL: Standard Blank 24 ,870 9.87 245,467 Reinforced Concrete 67,950 11.89 807,925 Bond Beams 99,220 0.73 72,431 Pilaster 99,220 0.70 69,45.4 Metal & Glass panels 3,400 18.71 63,614 SUBTOTAL 1,258,891 ROOF STRUcT1 RE; Steel Joists, Steel Deck 399,000 3.86 1,540,140 ROOF COVER: Built-Up eompoeitian 399,000 1.15 458,850 TOTAL, 10,629,076 ARCHITECT'S FEES 4.9# 525,785 REPLACEMENT COST NEW 399,000 27.96 11,154,861 mnnntimmuunnumnunm immumnu immumunnnmuawuummuwnnminininunmaununnmuimnnunnimunnmimmummuuuununnnuumnnimuuuuimummmmmmumnimnunn©©inugqmnm mi iumnuummnmunnnuuuminimm JS.v 895 HUG - 1 - 91 T Hu 18 : 12 P - 33 oCODP,ANcE: STORAGE WARE:MOOS C07IDONENT REPLAC$M$NT COST UNITS COST NEW ADDITIONS: ADD Hat 728,500 ADD CAISSONS 400,000 TOTAL COST 18,2$3,351 IMPROVENENTS NEW AS OP 6//90 11,100,393 Cost Data by WARSSALL L SWIFT nnnmmnnnnmmmmmm�nnnnxnunnnxnnnmm�nnnnnnnnnmmunnnnmmmnmun!mxxmuuumummmuuunnunnunmxnnnnnm!xnnnmunnnnmmnmmnnnmmnuuunnunmmnmuuunnnnnmmnnnunm!xnnnnuunmmn 910895 HUG - 1 - 91 T H U 119 : 1S P _ SS COST ESTIMATE FOR: C-28 PROPERTY OWNER: NA ADDRESS: .i4A boxvnIED BY: TAA DATE OF SURVEY: NA OCCUPANCY: S` oBAGE WANERODSE CLASS: C Masonry COST RANK: 2.1 Above Average EYrECTINT; AGE: 20 YEARS CONDITION: 3.5 Good NUFIBER OF STORIES: 2.D AVERAGE STORY MEIGET: 20.0 FLOOR .AREA: 37,500 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS OOST NEW EXCAVATION a SITE PREPARATION: Site Preparation 22,500 0.15 3,375 FOUNDATION: Concrete, Searing walls 37,500 1.54 57,750 FRAME: Steal 37,500 4.15 156, 000 FLOOR STRUCTURE: Concrete on Ground 23,500 2.42 54,450 Steel Joists, Concrete Slab 15,000 7.55 113,250 SUBTOTAL 167,700 FLOOR COVER: Hardener A Sealer 37,500 0.45 16,875 PLUMBING: Plumbing 37,500 0.67 25,125 HEATING ARD COOLING: Package Heating a Cooling 37,500 4.40 155,000 ELECTRICAL: Electrical 37,500 1.16 43,500 EXTERIOR '(BALL: Tilt-Up Concrete 19,335 10.55 203,679 Sand Beams 29,335 0.73 14,107 Pilaster 19,325 0.70 13,527 SUBTOTAL 231,513 ROOF STRUCTURE: Steel Joists, Steel Deck 22,500 3.88 87,300 ROOF COVER: Built-Up Composition 22,500 1.15 26,100 TOTAL 980,238 AROBITECT'S ins 4.94 48,489 REPLACEMENT COST NEW 37,500 27.43 1,028,727 ADDITIONS: CAISSONS 70,000 TOTAL COST 1,098,727 IMPROVEMENTS NSW AS OF 6/90 1,023,704 Cost Data by MARM L 4 SWIFT m0mnU0mmMpNmmmnmmnmmmmm MUMMU mmmmnnUMMU 0nnnnnmmnmmOmnmImmnmOmmmmmUnnnmmmmUMHHEmnnnnnnnnmmn HMOMNlmmmMmmmmnnmmmmmmmnmmmnnmmnnnmmmn 10895 AIIG- 1 - 91 THLI 1 S : 19 F' - ZT COST ESTIMATE FOR: C-29 PROPERTY OWNER: NA ADDRESS: RA SURVEYED BY: TAA DATE OF 6URVEY: NIA. OCCUPANCY: INDUSTRIAL MANO ACITI RING CLASS: B Reini'orCied Conc. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 '!GEARS CONDITION: 3.5 Good NUMMI OF STORIES: 2.0 AVERAGE STORY HEIGHT: 20.0 FLOOR AREA: 211,500 Sq. Ft. COST AS OR: 8/91 REPLACEMENT COST CO1DONE24T UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 175,500 0.17 29,835 FOUNDATION: Concrete, Bearing walls 211,500 1.90 401,850 FRAME: Concrete, Reinforced 211,500 9.47 2,002,905 FLOOR STRUCTURE: Concrete on Ground 175,500 2.64 463,320 Concrete, Precast Joist, Slab 36,000 6.27 225,720 SUBTOTAL 669,040 FLOOR COVER: Hardener & Sealer 169,200 0.49 82,906 Vinyl Tile 21,150 3.06 64,719 SUBTOTAL 147,627 CEIUNG: Acoustical, Mineral Fiber 42,300 1.49 63,027 Suspended Ceiling 42,300 1.02 43,146 SUBTOTAL 106,173 INTERIOR CONSTRUCTION: Interior Construction, Masonry 123,750 1.73 212,850 PLUMBING: Plumbing 211,500 1.10 232/650 FIRE PROTECTIOM: Sprinklers 200, 000 1.04 208,000 ELECTRICAL: Electrical 211,500 2.47 522,405 EXTERIOR WALL: Tilt-Up Concrete 39,932 11.05 441,648 Metal & Glass Panels 12,768 19.94 254,594 SUBTOTAL 896,242 ROOF STRUCTURE: Precast Joists and Deck 175,500 5.37 942,435 ROOF COVER: Built-Up Composition 175,500 1.29 226,395 ELEVATORS: Freight Elevator. . ( 2 Stops) 1 54,055 54,055 TOTAL 6,472,462 ARCHITECTS FEES 6.0% 388,563 REPLACEMENT COST NEW 211/500 32.44 6/861,025 910895 InunNnrvnnnnuNunnnnnnnnunnnnnunmlmnnnnnnuuNunnumm�nnImnnnuunuunnnnnnmlmolYnuunnnnnnnnnnnnnIMIIIMU MUIMIImYnnnnInnnnnnnnuIunuInnnIouuunmm�nnunnnnlmmnnnnnIannnnlumnnnIM AUG- 1 - 91 T H U 18 : 23 F _ 3 8 OCCUPANCY: INDUSTRIAL l NuPACTURING NEPIACEMBNgT COST COMPONENT =ITS COST NEW ADDITIONS; CAISSONS 470,000 SVAC 402,600 TOTAL COST 7,8197$2S IEPROVEN NTS 7RPM AS OF 6/90 6,807,854 Cast Data by MARS79aaI, & MIT nmmmmmnmummmmmmmmmmmmmmommmmmmmnmmmmmnnomnmmmmmmmNmmmnmmmmmnmmmmmnummmnmmmmmmimnmmmmmmummmmmmmmmmnmmmmmmmlmmmmmwmmmn AL1G - 1 - 91 THEI 1 8 = 2'6 e _ z 9 CAST ESTIMATE FOR: C-30 PROPERTY OWNER: NA ADDRESS: NA SURVEIBD BY: TA% DATE OP SURVEY: MA OCCOPANCY: INDUSTRIAL M7iNUFAOMMEaNG CLASS: C Masonry COST RAPE: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good 1ftA4= OF STORIES: 1.0 AVERAGE STORY HEIGHT: 42.0 FLOOR AREA: 12,973 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST 0076SONENT UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 13,000 0.16 2,080 FOUNDATION: Concrete, Bearing walls 12,973 1.60 20,757 FRAME: Steel 12,973 6.64 86,141 FLOOR E RUCTURE: Concrete on Ground 13,000 2.47 29,640 Steel Joists & Desk, Concrete 373 7.68 7,473 SUBTOTAL 37,113 FLOOR COVER: Hardener & Sealer 33,973 0.46 5,968 INTERIOR CONSTRUCTION: Interior Construction, Masonry 1,946 2.70 5,254 PLUMBING: Plambing 12,973 1.11 14,400 HEATING AND COOLING: Package Heating & Cooling 12,973 7. 07 91,719 ELECTRICAL: Electrical 12,973 2.48 32,173 EXTERIOR WALLS Tilt-Up Concrete . 12,916 10.66 137,685 Pilaster 18,744 0.71 13,308 Bronze and Glass 5,828 27.52 160,387 SUBTOTAL 311,380 ROOF STRUCTURES: Steel Joists, Steel Deck 12,000 4.00 48,000 ROOF COVER: Eclat-Up Composition 32,000 1.19 14,280 TOTAL 669,265 ARCHITECTS FEES 5.9% 39,598 REPLACEMENT COST PEW 12,973 54..64 708,853 IMPROVEMENTS NSW AS OF 6/90 705,403 Cost Oats by MARSHALL & SWIFT nutomuuwmnuumnamuunum i nwmimmummumnmminmmommunmuuuumminnnnumuunimnimmnnnnnnninnunninimnninnnnnmuuunuimntumiunnunumnunummnwunnuumnunmmmmmnmmummnnuuuunnu _ - - 91.e 395 - AUG - 1 - 01 T H U 18 : 29 p _ .40 COST ESTIMATE FOR: C-32 PROPERTY OWNER: NA ADDRESS: RA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: s Steel COST RANK: 3.1 Abwe Average EFFECTIVE AGE: 2D YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY BRIGHT: 17 .0 FLOOR AREA: 4,800 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT LNAWb COST NEW EXoNvATION & SITE PREPARATION: Site Preparation 4,600 0.14 644 FOUNDATION: Concrete, Bearing galls 4,600 1.17 5,382 FRAME: Steel, Class s 4,600 3.43 15,776 RLOOR STRUCTURE: Concrete on Ground 4,600 2.31 10,626 FLOOR COVER: Hardener & Sealer 4,600 0.43 1,978 INTERIOR CONSTRUCTION: Interior Construction, Masonry 4,600 0,68 3,128 PLUMBING: Plumbing 4,600 0.67 3,063 HEATING AND COOLING: Package Beating & Cooling 4,600 3.83 17,572 ELECTRICAL: Electrical 4,600 1.17 5,382 EXTERIOR WALL: Tilt-Up Concrete 1,387 1D.30 14,286 Bond Beams 4,624 0.70 3,237 Pilaster 4,624 D.68 3,144 Sand Pan, Metal, two sides 3,237 1D.00 32,370 SUBTOTAL 53,037 ROOF STRUCTURE: Steel Joists, Steel Desk 4,600 3.63 16,696 ROOF COVER: Built-Up Composition 4,600 1.10 5,060 TOTAL 138,367 ARCHITECTIS PEES 4.7$ 6,568 REPLACEMENT COST NEW 5,600 31.51 144,935 ADDITIONS: ADD CAISSONS 10,000 TOTAL COST 154,935 imPEOVEME iTS NEW AS OF 6/90 145,407 Cast Data by MARSHALL & SWIFT nnnnmmmuunutnmmnumiiinimmuunnrimunummnummimmnninmummnmmnmmmnmminuniauuunninnnnunnnnnnnmmnunimmmmuumminiumnmmnmuwnnuuumunrommmminionn nimnnnmmmuntmmnm ¢¢ AUG - 1 - 91 'THU 17 : OS F• ... 113 COST ESTIMATE FOR: C-33 PROPERTY OWNER: NA ADDRESS: NA SURVEYED SY: TAA DATE OF SURVEY: MA OCCUPANCY: STORAGE WAREHOUSE CLASS: C Masonry COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY MIGHT: 18.0 FLOOR AREA: 3,819 Sq. Ft. COST AS OF: 8/91 REPLACEMENT CAST COMPON224'T UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 3,819 0.15 573 FOUNDATION: Concrete, Searing walls 3,819 1.55 5,919 FRAME. Steel 3,819 3.93 15,009 FLOOR STRUCTURE: Concrete an Ground 3,819 2.41 9,204 Steel Joists, Concrete Slab 3,819 7.51 28,681 SUBTOTAL 37,885 FLOOR COVER: Hardener & Sealer 3,819 0.;5 1,719 INTERIOR CONSTRUCTION: Interior Construction, Masonry 3,819 0.69 2,635 PLUMBING: Plumbing 3,819 0.67 2,559 BEATING AND COOLING: Package :Keating & Cooling 3,819 4.16 15,887 ELECTRICAL: Electrical 3,819 1,26 4,430 EXTERIOR WALL: Tilt-Up Concrete 4,464 10..50 46,872 Band RoamS, , . . , 4,464 0.73 3,259 Pilaster 4,464 0.70 3,125 SUBTOTAL 53,356 ROOF STRUCTURE: Steel Joists, Steel Deck 3,819 3.86 14,741 ROOF COVER; Built-Up Composition 3,819 1.15 4, 392 SUBTOTAL SUPERSTRUCTURE. 3,819 41.64 159,005 BASEMENT: Concrete Reintoresd Wall 2,356 8.44 19,885 TOTAL 178,890 ARCHITECT'S FEES 4.98 8,849 REPIACEI3ENT COST NEW 3,819 49.16 187,739 ADDITIONS: CAISSONS 10, 000 TOTAL COST 197 ,739 imnmummmumnunimuuninmuununmmmummimnnimmnummnmmimnnununnunimm unnunnunnimnimmuunummnnmmmmumnnunnuimmnmmnncaunnununmmunimmnmmmnninmmuneminnnmnmmimmntm 91083��bD HUM- 1 - 91 T ht U 17 : 08 F _ 1E. aCCU RACY: STORAGE RAREHOUSE REPLACEMENT COST COMPONENT *UNITS COST 19B3Q IMPROVEMENTS NEW AS OF 5/90 186 822 Cost Data tl i4Aii.9an, 9 SWIFT �xiduumuuwuunumnnmdumm�nnnnnummmmmdnnnnnnummunmmuunmummnnunnnnnninmmmnmmnmmnmm�mnnmmnamunnnuunuunmmuummmnnnnnnummnnnn(nn�nuquimnmmnn�n'nymn5mm�dnnuuniunnn A Li G - 1 - 41 T HU 1 T : 1 5 P _ 1 Q+ COST ESTIXATE FOR: C-34 PROPERTY OWNER: 'RA ADDRESS: NA SURVEYED BY: TAA. DATE OF SURVEY: NA OCCUPANCY: INDOSITI1iL MANUFACTURING CLASS: C Masonry COST RARE: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good RUMMER OF STORIES: 1.0 AVERAGE STORY EEIGET: 9. 0 FLOOR AREA: 288 Sq. Ft. COST AS OF: S/91 REPLACEMENT COST COMPONENT U81IW_S COST NSW EXCAVATION & SITE PREPARATION: Site Preparation 300 0.16 48 FOUNDATION: Concrete, Bearing walls 288 1.60 461 FRAME: 288 3.07 884 Steel FLOOR STRUCTURE: Concrete on Ground 288 2.47 711 FLOOR COVER: Hardener & Sealer 288 0.46 232 CE37a NG: Finish Only 288 0.42 121 FUNDING: Plumbing 288 1.11 320 ELECTRICAL: Electrical 286 2.48 714 ExTERIOR HALL: Tilt-Up Concrete 476 9.72 4,627 Metal Cover, Steel Frame 104 4.26 443 SUBTOTAL 5,070 ROOT' STRUCTURE: Steel Joists, Steel Deck 288 4.00 1,152 ROOT? COVER: Built-Up Composition 288 1.19 343 TOTAL 9,956 ARCHITECT'S PEES 5.9% 589 REPIACEHENT COST NEW 288 36.61 10,545 imPROVENMNTS NEW AS OF 6/90 10,494 Cost Data LV MARSHALL & SWIFT iUUUUUmUiUUUUUUUUUMUUn MIUM nnnIIMMII BUIMIU nnnnmIIIMMInnnnnIMIUM UUMINiUUUUUmUMMUMmwwnUMINU MIMU nnmm�nuortmnnnnuuunmmIUUUmaunnmm�nIMMIIMmmunnnmmWINIMMI •910895 A 11 G - 1 - 5) 1 T H U 17 : 12 P _ 17 COST ESTIMATE FOR: C-40 PROPERTY : NA .ADDRESS: RA SURVEYED BY: TAA DATE DP SURVE'I: NA OCCUPANCY: STORAGE NAREBOUSE cIAS5:: B Reinforced Canc. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good RUBBERFLOOR OF.AST0RIES: 4.0 Ft. COST ASE STORY HEIGHT: 14.0 /91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 50,000 0,15 8,000 FOUNDATION: Concrete 204,600 1.73 353,988 FRAME: Concrete, Reinforced 204,600 7.69 1,573,374 FLOOR STRUCTURE: Concrete on Ground 40,920 2.48 101,482 Steel Joists & Deck, Concrete 155,100 7.72 1,197,372 SUBTOTAL 1,298,854 FLOOR COVER: Hardener & Sealer 204,600 0.46 94,116 INTERIOR CONSTRUCTION: Interior Construction, Masonry 204,600 0.62 126,852 PLUMBING: Plumbing 204,600 0.67 137,082 FIRE PROTECTION: Sprinklers 170,000 1.07 181,900 ELECTRICAL: Electrical 204,600 1.16 237,336 EXTERIOR MALL: Standard Block 67,010 9.13 611,801 CanCrete,Precast 67,010 9.75 653,348 Band Beams 67,010 0.74 49,587 Pilaster 67,010 0.72 48,247 SUBTOTAL 1,362,983 ROOF STRUCTURE: Steel Joists, Concrete Slab 49,500 6.76 334,620 ROOF COVER: Built-Up COtpasition 49,500 1.20 59,400 TOTAL 5,768,475 ARCHITECT'S FEES s.7$ 329,188 REPLACEMENT COST NEW 304,600 29.80 6,097,663 ADDITIONS: CAISSONS 350,000 EVAC 2,324,200 TOTAL COST, .„ 8,771,863 IMPROVEMENTS NEW AS OF 6/90 6,030,408 muwmmennuunnnnnunumnunuuunnuunnmIIIIM ununnunnnnunnnumunnmmMIununnnnnimunmmmnunnununnunnunnnnnnuuununnnnunmmnunnnnnunnnnuuuninnuununnuunnnnuuuuuumnunumunnuumIa C. u c - 1 - 91 T H u 17._1e e _ is 9 COST ESTIMATE FOR: C-41 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: RA OCCUPANCY: INDUSTRIAL MANURAv1ux1NG CLASS: B Reinforced Conc. Prams CAST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 5.0 .AVERAGE STORY HEIGHT: 14 .0 FLOOR AREA: 160,073 Sq. Ft. COST AS OF: 8/91 REPLAaCEmENT COST COMPONENT UNI'T'S COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 32,000 0.17 5,440 FOUNDATION: Concrete 160,073 1.89 302,538 FRAME: Concrete, Reinforced 160,073 8.14 1,303,994 FLOOR STRUCTURE: Concrete on Ground 31,825 2.68 85,291 Steel Joists & Deck, Concrete 126,248 8.38 1,074,718 SUBTOTaz, 1,160,009 FLOOR COVER: Seamless Plastic 80,037 4.22 337,756 Hardener & Sealer 80,037 0.50 40,019 SUBTOTAL 377,775 CEILING: Finish Only 80,037 0.47 37,617 INTERIOR CONSTRUCTION: Interior Construction., Masonry 160,073 1.48 336,908 PLUMBING: Plumbing 160,073 1.11 177,681 FIRE PROTECTION: Sprinklers 158,300 1.09 172,847 ELECTRICAL: Electrical 160,073 2.50 400,183 E TERIOR WALL: Standard Block 77,473 10.46 810,368 Conorete,Precast 77,473 10.10 782,477 Bond Beams 77/473 0.79 61,204 Pilaster. . . . 77,473 D.77 59,654 SUBTOTAL 1,713,703 ROOF STEUcTURE: Steel Joists, ConCTete Slab. . . 31/825 7.12 226,594 ROOF COVER: Built—Up Composition 31,825 1.91 41,691 TOTAL 6,155,680 ARCHITECT'S FEES 6.04 369, 546 REPLACEMENT COST REM 160,073 40.76 6,525,226 mumnnunmummunn inimmnuununnnnuun umommulimmumnnnumminum nnmumnuuunnnnuunnnuummnunnnumeuumnnnanmummununnnuunnnnonomnmu mmmummummumumm, 910895 Al1C- 1 - 91 T 44 L 17 22 F• _ 20 OCCUPANCY: I37DRYYN=AL MANUFAC URIXO REPLACEMENT COST COMPONENT 'UNITS COST NEW ADDITIONS:=SW:MS 100,000 SVAC 956,260 TOTAL COST 10581,476 IMFROVEKENPS NEW AS OP 6/90 SrS7a,658 Cost Data by MARSUALL i SWIFT mnnnununnunummnnnnnunmm�nnnmm�nnnnnmm�nnnunuuunnnnmm�mununnnnmm�nnnnmunnnunninnmmmnumnnnnnnnmm�nnnnmmemnnnnnnmm�unuuulmuunuunnunnumnmunuunmlmuuumunmm�nnur OA' ' .y.:�v. AUG - 1 - 91 T H U 1T : 2 P - Z1 1 CAST ESTIMATE FOR: C-42 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEYS RA OCCUPANCY: INDUSTRIAL MANUFACTURING CLASS: B Reinforced Conc. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER or STORIES: 3.0 AVERAGE STORY HEIGHT: 18.D FLOOR .AREA: 108,750 8g. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS CAST NEW EXCAVATION Ik SITE PREPARATION: Site Preparation 36,250 0.17 6,162 FOUNDATION: Concrete., Bearing walla 108,750 1.90 206,625 FRAME: Concrete, Reinforced 106,750 9.03 982,012 FLOOR STRUCTURE: Concrete on Ground 36,250 2.66 96,425 Steel Joists, Concrete Slab 72,500 8.12 588,700 SUBTOTAL 685,125 FLOOR COVER: vinyl Tile 81,863 3.08 251,214 CEILING: Acoustical, Mineral Fiber 108,750 1.49 162,037 Suspended Ceiling 108,750 1.03 112,012 SUBTOTAL 274,049 INTERIOR CONSTRUCTION: Interior Construction, Masonry 54,375 1.64 89,175 Plumbing 108,750 2.1D 119,625 FIRE PROTECTION: Sprinklers 100,000 1.12 113,000 ELECTRICAL: Electrical 108,750 2.48 269,700 EXTERIOR WALL; Standard Block 32,400 10.36 335, 664 Tilt-Up Concrete 32,400 10.13 328,212 Bond Beans 32,400 0.79 25,596 Pilaster 32,400 0.76 24,624 SUBTOTAL 714,096 ROOF STRUCTURE: Steel Joists, Concrete Slab 36,850 7.05 255,562 ROOF COVER: Built-Up Composition 36,250 1.30 47,125 TOTAL 4,012,470 ARCHITECT'S FEES 6.0% 240,882 REPLACEMENT COST NEW 108,750 39.11 4,253,353 IIIt1111minell ittlt1111111111111111111111111111111111IIIt11111111111111111111111111111111111MI111111111111111111111111111111111111111111111111111111111111111111111Y111111111111111111111111 ietItI1111111111111t11111YIIIII1111111111111111111111111111111111111A1II11111111111111Y1111tlimYnu�-1111101XIIIII11Y1111111111 91U89 J RUG- 1 - 91 T H U 17 = 29 P _ 22 OCCUPANCY: INDUSTRIAL MANDFACTETRING REPLACEMENT COST CO>Ea r 'UNITS COST NEW ADDITIONS: ,0O0 CAI88ONS 291 191,570 RVAC TOTAL COST 5,231,923 IMPROVIIMITS NEW AS OF 8/90 4,220,390 Cost Data by USHALL & SWIFT unmmmmnmm�nnmimnnimm�nmm�uummmnnnmunnummm�nnnnnnnmm�mnuumm�nmmmmunmmuunnnuumnunnumuunu�mannnnnnnunmm�nnnnnmmmnnnwuumu(um]nuynm(umm�mmmumnuumnummnuunm 910895 AUG- 1 - 91 TI-IU 1 7 = &11 F _ 1 4 COST ESTIMATE FOR: C-43 PROPERTY OWNER: NA ADDRESS: PA SURVEYED BY: TAA DATE OP SU vEY: NA OCCUPANCY: INDUSTRIAL MANUFACTURING CI,iiBS: C Masonry COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OP STORIES: 2.0 AVERAGE STORY RETORT: 22.0 FLOOR AREA: 126,709 Sg. Ft. CAST AS OF: 8/91REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION 7, SITE PREPARATION: Site Preparation 125,000 0.16 20, 000 FOUNDATION; Concrete, Searing walls 126,709 1.60 202,734 Steel 126,709 4.50 570,191 FLOOR STRUCTURE: Concrete on Ground 126,709 2_48 314 ,238 FLOOR COVER: Hardener a Sealer 126,709 0.46 58,286 IN'TsRIOR CONSTRUCTION: Interior Construction, Masonry 136,709 1.83 231,877 PLUMBING: Plumbing 126,709 1.11 140,647 FIRS PROTECTION: Sprinklers 323,500 1.11 137,085 ELECTRICAL: Electrical 126,709 2.49 313,508 EXTERIOR WALL: Tilt-Up Concrete 52,064 11.50 598,736 Bond Beams 52,064 D.74 38,527 Pilaster 52,064 0.72 37,486 SUBTOTAL 674,749 ROOF STRUCTURE: Steel Joists, Steel Deck 118,064 4.02 474,617 ROOF OUVER: Built-Up Composition 136,709 1.20 152,051 TOTAL 3,291,280 ARCHITECT'S FEES 775 RCAI REPLACEMENT COST NEW 126,709 27.52 3,486,755 ADDITIONS: 779,D70 HVAC CAISSONS 116,806 TOTAL COST 4,382,631 IMPROVEMENTS NEW AS OF 6/90 3,459,729 Cost Data by MARSHALL 8 nay? nnmm�mnunnunnuunuuuununnumnnnnnnnIIIMIUmumm�nnnnnmm�uunienuuninmm�nnunnnuunnuununnunuunimunnnnnInnununnninnimnannninnnnnnnnnunnnIuunnuMMIIIIIMIUMIxnnnnnnnaunnumnuuntnm -9 ALL 305 AUG - 1 - 91 T H u 1 7 : x 2 P - 2 3 COST ESTIMATE FOR: C-48 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TA& DATE OF SURVEY: NA OCCUPANcYl INDUSTRIAL MARUFACiURING CLASS: B Reinforced Conc. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.8 Good HOMER OF STORIES: 1.0 AVERAGE STORY HEIGHT: 27.0 FLOOR AREA: 12,000 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST C O eat:ENT UNITS COST NEW EXCAVATION 8 SITE PREPARATION: Site Preparation 12,000 0.27 2,040 FOUNDATION: Concrete, Bearing walls 12,000 1.91 22,920 FRAME: Concrete, Reinforced 12,000 11.10 193,200 FLOOR STRUCTURE: Concrete on Ground 12,000 2.63 31,560 FLOOR COVER: Rardener & Sealer 9,600 0..49 4,704 Vinyl Tile 2,400 3.05 7,320 SUBTOTAL 12,024 CEIIJNG: Acoustical, Mineral Fiber 12,000 1.48 17 ,760 Suspended Ceiling 12,000 1.02 12,240 SUBTOTAL 30,000 INTERIOR CONSTRUCTION: Interior Construction, Masonry 18,000 2.01 24,120 PLUMBING: Plumbing 12,000 1.09 13,080 FIRE PROTECTION: Sprinklers 10,000 1.66 16,600 ELECTRICAL: Electrical 13,000 2.45 29,400 EXTERIOR WALL: Tilt—Up Concrete 11,880 8.81 104,663 Bond Beams 11,880 0.78 9,266 Pilaster 11,880 0.75 8,910 SUBTOTAL 122,899 ROOF STRUCTURE: Steel Joists, Concrete Slab. , . 12,000 6.98 83,760 ROOF COVER: Built—Up Composition 12,000 1.28 15,360 TOTAL 536,903 ARCHITECT'S FEES 6.04 32,292 REPLACEMENT COST NEW 12,000 47.43 569,135 mummumnimnnuunminmmmnnmmumnimnnnunuiimnuunnnnnnnmnuunuunimnumumuunmmnmmnmmunnimmmmnimum munmmumm mmuummmuumuumumunnmuunnnummununnnmmumuummum m. 910S95 PUG- 1 - 911 T H U 17 .t 3 5 P _ 2 .4 OCCUPANCY: axnvsTR3AL 11ANDPACTMCING RSPCffiMEIOT COST c0MPO EWr UNITS COST N ADDITIONS: CAISSONS 25,000 SVAC 29,000 TOTAL COST 623,135 IMPROVEMENTS NEW AS OF 6/90 564,724 coat Data by MARSHALL & SWIFT mmmwmwMMMMMmmMunMWMWMmmmnmmMnnmmOUMMWMUM a IMIU nu MU nMIMM nMUMMMMMM nwmnnn MMUMMMUMMUMMMMMOK MMMM uunnmm�nnuMMNMmn 91O895 A LI G - 1 - 91 7 LI 1 7 r. 7. 9 R .. 2� COST ESTIMATE FOR: C-48 PROPERTY 09114-37: NAIck ADDRESS: NA SURVEYED BY: TAA DATE OF kumVSY: NA OCCUPANCY: STORAGE• 414RESONSE _ CLASS: C Masonry __ ..nn$: 3.1 Above Average EFFECTIVE AGE: 20 YEARS oVEDITION: 3.5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY EMMET_ 33.0 FLOOR .AREA: 21,725 Sg. Pt. COST AS OF: 8/91 REPLACEMENT COST compowEver mum COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 21,725 0.15 3,254 FOUNDATION: Concrete, Tearing walla 21,725 1.55 33,674 FRAME: Steed 21,735 5.51 119,705 FLOOR STRUCTURE: Concrete on Ground 21,725 3.41 52,357 Steel Joists, 'Cell Deck & Coma 5,040 7.48 37,699 SUBTOTAL 90,056 FLOOR COVER: Hardener & Sealer 26,765 0.45 13,044 CEILING: , Acoustical, Mineral Fiber 2,172 1.39 3, 019 Suspended Ceiling 2,172 D.94 2,042 sUBTOTAL 5,061 INTERIOR CONSTRUCTION: Interior Construction, Masonry 21,725 0.97 21,073 PLUMBING: Plumbing 31,735 0.67 14 ,555 BEATING AND COOLING: Packageating i Cooling 21/725 5.83 126,657 ELECTRICAL: Electrical 21,725 1.16 25,201 EXTERIOR WALL: Tilt-Up Concrete 22,050 10.50 231/525 Bond Beams 22,050 0.73 16,096 Pilaster.. . . • 22, 080 0.7D 1S,435 Metal $ Glass Panels 6,962 18.71 130,259 SUBTOTAL 393,315 ROOF STRUCTURE: Steel Joists, Concrete Slab 21,725 6.62 143,819 ROOF COYER: Built-Up Composition 21,725 1.15 24,984 TOTAL 1,013,404 ARCHITECT'S FEES 4.9$ 50,130 REPLACEMNT COST NEW 21,725 48.9S 1,063,534 nninlmunnnminnnunnnnnnnunnnnnuuimnuunuunmunnnnnnnunnnuuuummuunuuunnnnnmuuuuunnnununuuumm�nnuunuinnluuunnnnnmUlniuulummmnnnuunlumnnmlmnunnunnnnnununnnntamnnimmnnunui 91C”13 A U G - 1 - 9 1 T H U 1 7' : 4 2 P 2 E. OCCUPANCY: STORAGE WAREHOUSE REPLACEMENT COST CCMPOMENT QNITS COST NEW ADDITIONS: ADD CAISSONS 55,338 TOTAL COST 1„119,872 INSPEOVEMBNTS NEW AS OF fi 90 1,058,341 Cost Data by MARSHALL i SWIFT In(unmp ummuminnummmuumummiomuummmiumnumniimiauunnnmiinimmmmnmiiinnmmimmmnmmmniinanammiaimum inummnumuummmmnumamumunnnummmuuuuumumummummmuuunmmi 91€ 895 c4 LI r— 1 - 41 T ti u 17 = .4n P _ 2 7 COST ESTIMATE FOR: C-50 PROPERTY OWNER: RA ADDRESS: NA SURVEYED BY: TA& DATE OF SURVEY: NA OCCUPANCY: INDUSTRIAL MANUFACTURING CLASS: B Reinforced Cana. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good HUMBER OF STORIES: 4.0 AVERAGE STORY HEIGHT: 15. 0 FLOOR AREA: 196,528 Sq. Ft. COST AS OF: 6/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION i SITE PREPARATION: Site Preparation . 60,792 0.17 10,335 FOUNDATION: Concrete, Bearing walls 296,628 1.89 371,627 FRAME: Concrete, Reinforced 196,628 8.35 1,641,843 FLOOR STRUCTURE: Concrete on Ground 60,492 2.67 161,514 Steel Joists, Cell Deck i Cone 136,136 8.34 1,115,374 SUBTOTAL_ 1,296,888 FLOOR COVER: Hardener i Sealer. 147,471 0.50 73,736 Vinyl Tile 49,157 3.09 151,895 SUBTOTAL 225,631 CEILING: Acoustical, Mineral Fiber 39,336 1.50 58,989 Suspended Ceiling 39,326 1.03 40,506 SUBTOTAL 99,495 INTERIOR comssRUCTION: Interior Construction, Masonry 196,628 2.52 298,875 PLUMBING: Plumbing 196,628 1.11 218,257 FIRE PROTECTION: Sprinklers 190,000 1.06 201,400 ELECTRICAL: Electrical 196,638 2.39 489,604 EXTERIOR WALL: Tilt-Up Concrete 95,256 11.17 1, 064,009 Sand Pan, Metal, two Sides 10,584 11.05 116,953 SUBTOTAL 1,180,962 ROOF STRUCTURE: Steel Joists, Concrete Slab 60,492 7.08 428,283 ROOF COYER: Built-Up Composition 60,493 1.30 78,640 TOTAL 6,541,840 ARCHITECT'S FEES 6.Ok 392,728 REPLACEMENT COST NEW 196,628 35.27 6,934,568 mmnvunmIMMIIIvuvmivmvvvwmvmmvuvumvmvvummmvvumumvvvv0f11°vvvvvIMIwwwwwvwwvwvvvwvvwvIMINU mm UMMIXImvvvuvvvumvvumvvvmmmvuvvummwmvvuvvwmmvuvvvvumvmvvw 911,395 AL1G- 1 - 91 THL1 17 : 49 F• _ 28 OCCUPANCY: INWSTRTAL NIANITFACTBRIN6 RBP trausrPY COST COMPONENT UNITS COST ADDITIONS AVAC 854,500 CAISSONS 163,000 TOTAL COST 7,953,068 Ids PEW AS OF 6/90 6,880,837 Cast Data by MARSEALL 8 SWIFT imrmmnmmnmm�nnmuunnnnnuunnnnnnnnnmmomnnnmanrummnnnnnmmunnnnmmmmrunnnnnnmm�mnnnnmunnurunumnnniomnunummmermunumnnunnaumormnnnnnnm(u�um1mnmunggn��nnuumm�nmmuumn AUG - - 9 1 F R I 10 : 20 P em COST ESTIMATE FOR: C-60 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE or SURVEY: NA OCCUPANCY: INDUSTRIAL MANUFACTURING CLASS: 8 Reinforced Conc. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.O AVERAGE STORY HEIGHT: 24.0 FLOOR AREA: 306,240 Sq. Pt. COST AS OF: 8/91 COMPONENT UNITS COST REPLACEMENT COST NEW EXCAVATION 4 SITE PREPARATION: Site Preparation 235,000 0.17 39,950 FOUNDATION: Concrete, Bearing Walls 306,240 1.91 584,918 FRAME: Concrete, Reinforced 306,240 10.38 3,178,771 FLOOR STRUCTURE: Concrete 232,500 Steel Joists, Concrete Slab 73,740 8.04 592,870 SUBTOTAL 1,204 345 FLOOR COVER: Hardener & Sealer 254,141 0.49 124,529 CEILING: Acoustical, Mineral Fiber 22,099 1.48 32 , 707 Suspended Ceiling 22,099 1.02 22, 541 SUBTOTAL 55,248 INTERIOR CONSTRUCTION: Interior Construction, Masonry 138,120 1.88 259, 666 PLUMBING: Plumbing 306,240 1.09 333, 802 FIRE PROTECTION: Sprinklers 300,175 0.96 288,168 ELECTRICAL: Electrical 306,240 2.45 750,288 EXTERIOR WALL: Tilt-Up Concrete 66,770 11.81 788, 554 Metal & Glass Panels 13,692 19.84 271, 649 SUBTOTAL 1,060, 203 ROOF STRUCTURE: Steel Joists, Concrete Slab 69,616 6.98 485,920 Steel Joists, Steel Deck 132,884 4.40 584, 690 SUBTOTAL 1,070,610 ROOF COVER: Built-Up Composition 236,624 1.28 302,879 Insulation 2361624 0.85 201,130 SUBTOTAL 504,009 TOTAL 9,454,507 ARCHITECT'S FEES 6.0$ 567585 REPLACEMENT COST NEW 306,240 32.73 10,022,092 910595 AUG - 2 - 91 FRI 10 : 21 P 03 OCCUPANCY: INDUSTRIAL MANUFACTURING COMPONENT UNITS COST REPLACEMENT COST NEW ADDITIONS: HVAC CAISSONS 1,238,760 TOTAL COST 314,640 11,575,492 IMPROVEMENTS NEW AS OF 6/90 9,944,424 Cost Data by MARSHALL & SWIFT 210395 p u G - 1 - 91 T H u 17 : 59 P _ 1 COST ESTIMATE FOR: 0-61 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: C Masonry COST BANE: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY HEIGHT: 28_0 FLOOR ARIA: 17,555 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION a SITE YBIPARATION: Site Preparation 17,555 0.15 2, 633 FOUNDATION: Concrete, Bearing Valls 17,555 1.55 27,210 FRAME: Steel 17,555 4.99 87,599 FLOOR STRUCTURE: Concrete on Ground 17,555 2.41 42,308 FLOOR COVER: Hardener a Sealer 17,555 0.45 7,900 INTERIOR CONSTRUCTION: Interior Construction, Masonry 17,555 0.88 15,448 PLUMBING: Plumbing 17,555 0.57 11,762 ELEB EsCAL: Electrical 17,555 1.16 20,364 EXTERIOR WALL: Tilt-Up Concrete 13,590 10..90 148,131 Metal & Glass Panels 2,398 18.71 44,867 Bond Beams 13,590 0.73 9,921 Pilaster 13,590 0.70 9,513 SUBTOTAL 212,432 ROOF STRUCTURE: Steel Joists, Steel Deo* 17,555 3.86 67,762 ROOF COVER: Built-Up Compos Lion 17,555 1.15 20,188 TOTAL 515,606 ARCHITECT'S FEES 4.9% 35,505 REPLACEL1m COST NEW 17,555 30.82 541,111 ADDITIONS: HHVAC 23,310 CAISSONS 26,000 TOTAL, COST 590,421 IMPROVEMENTS NEW AS OF 6/90 538,469 Cost Data by MARSHALL & SWIFT nuwmm�mnunnnun unm wrmmmununnnmunnnnnnmuuummnum.nmmumm�mimmnnnnummmm�uumm�nrnmmmnimunnnnmm�nnnunnnnnumnnmm�nnmmummmMInuninnnwmmmnnmunnuummnunnnnuuunn 911895 AUG - 1 - 9 1 T H U 1 8 : 3 3 e _ 41 COST ESTIMATE FOR: C-70 PROPERTY OWNER: RA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: C Masonry COST RARE: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 2.0 AVERAGE STORY HEIGHT: 30.0 FLOOR .AREA: 44,084 Sg. Ft. COST AS DF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EICAVATION & SITE PREPARATION: Sits Preparation 22,000 0.15 3,300 FOUNDATION: Concrete, Bearing walls 44,084 1.54 67,889 FRAME: Steel . 44,084 5.22 230,118 FLOOR STRUCTURE; Concrete on Ground 22,042 2.42 53,342 Steel Joists, Concrete Slab 22,042 7.55 186,417 SUBTOTAL. 219,759 FLOOR COVER: Hardener & Sealer 407116 0.45 18,052 iCBILINC,: Acoustical, Mineral Fiber 3,866 1.39 5,513 Suspended Ceiling 3,968 0.95 3,770 SUBTOTAL 9,283 INTERIOR CONSTRUCTION: Interior Construction, Masonry 23,042 0.92 20,279 PIZMIGNG: Plumbing 44,084 0.67 29,536 FIRE PROTECTION: Sprinklers 23,400 1.42 33,228 ELECTRICAL; Electrical 44,084 1.16 51,137 EXTERIOR WALL: Standard Block 6,762 10.31 90,336 Tilt-Up Concrete 23,621 10.96 258,888 Metal & Glass Panels 5,715 18.80 107,442 Bond Beams 23,631 0.73 17,243 Pilaster 23,621 0.70 16,535 sUBTOTAL 490,442 ROOF STRUCTURE: Steel Joists, Concrete Slab 22,042 6.66 146,800 ROOF COVER: Concrete Tile 22,042 2.85 62,820 TOTAL 1,382,643 ARCHITECT'S FEES 4.9% 68,395 REPLAMMTM P COST NEW 44,084 32.92 1,451, 038 mummmiainimnuuumummumimmunmmamunuuunnniunnnuunniumuuuuuunmmoimuumintumninmummmuumnnumminmmnnmamumuunumunnnununmmutmmmumummummmitummininninmuiu,nuunuunnu D.LC995 (AUG- 1 - 91 TI-tU 1 2 = 36 P _ 42 OCCOPANCY: .STONE WA14CWO`SE REPLACEMENT COST COMLONSNT UNITS COST NEW ADDITIONS: ADD CAISSONS 1D4r00O .ADD EVAC 4D,000 TOTAL COST 1,597,038 int+it0'vEMENTS NEW AS OF 6/90 1,843,953 Cast Data by MARSHALL $ SWIFT nunrwnunnmm�uunumnnuuuuarunnwrnwmrwnnmurmmwnmmnumrwnnuuwmm�muunuunnnnnnuummnnnuunmmnwwmerwumuvunnnnuiuumwmwmwumnunnnuuwnnnnuwnnnumm�nnnuuumnnwnmm�nnn 2AC833 H LIC- 1 - S I1 T H Lr 1E: COST ESTIMATE POR: 0-73 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: 'MA DATE OF SURVEY: NA OCCOPANcX: STORAGE WAREHOUSE CLASS: B Reinforced Cone. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1. 0 AVERAGE STORY EBIGMT: 8. 0 FLOOR AREA: 500 Sq. Ft. COST AS OF; 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation. . . . .. . .. . .. . . 500 0.15 75 FOUNDATION: Concrete, Bearing walla 500 1.74 870 FRAM$: Concrete, Reinforced 500 6.21 3,105 FLOOR STRourukos: Concrete on Ground 500 2.45 1,225 FLOOR COVER; Hardener & Scales 500 0.46 230 INTERIOR CONSTRUCTION: Interior Construction, Masonry 500 0.50 250 ELEerpmeAL: Electrical 500 1.15 575 ENT8RIOR WALL: Standard Block 900 9.89 8,901 ROOF STRUCTURE: Preeast Joists and Deck 500 5.14 2,57D TOTAL 17,807 ARCHITECTIS PEES 5.78 1,016 REPLACEMENT COST NEW 500 37.63 18,817 IMQPROVEWERTB NEW AS OF 6/90 18,671 Cast Data by MARSHALL & SWIFT rnununnnmmnnnnnnnnuuninnnnnnuunnnuummnnunnunnnxunmuurunuummnnnnuunuumnuuunnuunuunnuuumnunnunnunnnnmrununmmmmraiunmumnnnnununnnnummmnnmuunnnnnnnampunnnununm ?AC S95 ADVISORY ADDR IEaL EASTMAN KODAK COMPANY KODAIC OOIORADO WINDSOR, ODICRRAADO cc W U w N z O cc 7 J a z a U w f a eihihiji 91,0895 American Valuation Services MEMBER AMERICAN SOCIETY OF APPRAISERS NATIONAL ASSOCIATION OF REVIEW APPRAISERS SUITE 23 211 NORTH MAIN STREEET AND MORTGAGE UNDERWRITERS 138 NORTH COUNTY ROAD CANANDAIGUA, NEW YORK 14420 POST OFFICE BOX 93 ()18) 39I-fiW< APPRAISING ECONOMIC STUDIES PALM BEACH, FLORIDA 33460 (J15) 538-3156 COMMERCIAL INVESTMENT 13051859-0890 INDUSTRIAL FINANCING UTILITIES PLANNING August 9, 1991 Alan Poe, Esq. Holland and Hart Attorneys at Taw Suite 1050 4601 ETC Boulevard Denver, CO 80237 TY5ar Mr. Poe: In accordance with your request I have inspected the property commonly ]mown as Kodak Colorado located on the south side of County Road 66 and the east side of State Highway 257, approximately seven miles east of I-25 in Windsor, Colorado. The property was inspected for the purpose of rendering a preliminary estimate of its fair market value on January 1, 1991. Based upon my inspection and knowledge of the subject property, my investigation, consideration, and analysis of data acquired before and during the course of this appraisal, my consideration of the many factors influencing the value of this property, together with my general knowledge of industrial property valuations acquired during my many years of real estate axrarience, it is my opinion that the fair market value on January 1, 1991 is as follows: SIXTY TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($62,500,000) I herewith certify that I have had no past and have no present or future contemplated interest in this property, and that my employment as appraisar is not contingent upon the amount of value reported. Respectfully submitted rohnE. Niecolo7, 14-C-trerA.Si .A. , C.R.A. 913895 Preliminary Appraisal Kodak Colorado Windsor, Colorado TABLE OF CONTENTS Summary of Salient Facts and Conclusions 1 Purpose of Appraisal 2 Definition of Market Value 2 Definition of Value Appraised 2 Location and Area Data 3 Zoning EXisting Use 4 4 Highest and Best Use 5 Appraisal Considerations and Methodology 6 Subject Property Site Map 8 Building Descriptions 9 Cost Approach Surination 38 Explanation of Depreciation 39 Market Data Approach 40 w Conclusion of Market Value 50 u Correlation and Conclusion of Market Value 52 wUnderlying Assumptions and Limiting Conditions 53 m 0 z Addenda a 3 Qualifications of the Appraiser 55 Cost New Ccmputation Sheets 59 z a u rc w f 91®895 Preliminary Appraisal Kodak Colorado Windsor, Colorado SUMMARY OF SALIENT FACTS AND commusicros Location of Property: South Side of County Road 66, Fast Side of State Highway 257. Property Rights Appraised: Fee Simple Ownership Type of Property: Industrial Land Area: 329 Acres Building 28 buildings containing a total area of Improvements: 3 , 122 , 560 square feet. The building construction is masonry and steel fume with w tilt-up masonry, metal clad and brick venppr walls. The naps of the buildings are 70% w manufacturing, 17% warehouse and 13% offices. N o Date of Appraisal: January 1, 1991 F 7 Preliminary Appraised • Value: $62,500,000 z tai Allocated: Land: $3,641,685 Improvements: $58,858,315 a Page 1 910395 Preliminary Appraisal Kodak Colorado Windsor, Colorado PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate the fair market value of the subject property on January 1, 1991. D=ON OF MAREET VALUE Market value is defined as "the most probable price in cash, terms equivalent to cash, or in other prec;sPly revealed terms, for which the to appraised property will sell in a ccupetitive market under all U Wconditions requisite to fair sale with the buyer and seller each acting a o prudently, knowledgeably, and for self-interest, and assuming that Jneither is under undue duress." a z a U w DEFINITION OF VALUE APPRAISED f a Value appraised is defined as the present worth of all the rights and future benefits accruing to and inherent in fee simple ownership. Page 2 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado LOW TON AMID AREA DATA The subject property is located in Windsor, Colorado, (population 4,277) in the west central portion of Weld County. Weld County has a population of 138,800, a land area of 4,004 square miles or 2,086,068 acres. This indicates an average land/population density of 15 acres for each person. Weld County and the area of the subject property are predominantly rural-agricultural in character. W The subject improved property is situated on the south side of U County Road 66 and the east side of State Highway 257, approximately w N o seven miles east of I-25. F Q J Q 2 ¢ U K w E Page 3 910S95 Preliminary Appraisal Kodak Colorado Windsor, Colorado ZONING The subject property is zoned I-1 Industrial. EXISTING USE This industrial property is used by the Eastman Kodak Company primarily for the manufacture of sheet film for medical x-ray equipment w and aluminum lithograph printing plates. Along with this utilization, U small portions of the property are also used for some stages of w N o manufacturing a variety of other photographic films and papers. F • Commencing operations in 1971, the subject property is the a a• company's only sensitized goads manufacturing facility in the United U f States outside of Rochester, New York. The plant was located in a Windsor as the result of a study made in the early/mid-1960's showing the need to expand the Kodak Rochester business to another location. Projected growth and utilization at this location has not materialized becance of foreign competition from the Japanese film industry. Additionally, the economy and changes in medical technology have reduced the use of x-rays. Page 4 91.01595 Preliminary Appraical Kodak Colorado Windsor, Colorado HIGHEST AND BEST USE Highest and best use is defined as "that available use and program of future utilization which produces the highest present land value" and as "that reasonably proximate and probable use, which at the time of appraisal will produce the highest market value." The highest and best use of the subject property is manufacturing and warehouse arc-. 2 U rc w N Z O F 6 7 J Q Z Q U w f Q Page 5 91;;(95 Prelimim uy Appraisal Kodak Colorado Windsor, Colorado APPRAISAL CONSIDERATIONS and METHODOLOGY The large size of the subject plant - 3,122,560 square feet - combined with its location in a primarily rural agricultural area with extremely limited local or regional demand for a property of this size poses a twofold valuation problem. First and foremost, the replacement cost approach to value must take into consideration any functional obsolescence and a high degree of economic obsolescence for size and location in addition to normal N physical depreciation. Second, the market approach must consider large w U industrial comparable properties sold in the national market to W N o national buyers. Sales of large industrial properties in rural F n locations reflecting as nearly as prsible the same economic influences a a and problems will best measure the market value of this property. U w Considerable argiunent has been made that industrial sales are not f a comparable because they seldom reflect the exact industrial use of the subject property and, therefore, do not reflect so-called "value in use." This may hold true in instances dealing with comparable sales of multistory, mill type buildings 40 or more years old. Ham-ever, the theory is flawed when applied to most modern industrial buildings. Most modern buildings are built as large shells capable of housing a multitude of different types of process equipment. This appraiser has observed the removal of large tanks and chemical processes at various industrial plants and subsequent conversion by the owner to Page 6 910595 Preliminary Appraisal Kodak Colorado Windsor, Colorado Appraisal Considerations, continued) other n c--. Therefore, while the equipment and process may be spedal purpose, the buildings and structures in modern plants do not necessarily fall into the same spy ial use parameters. 2 U w N 2 O H 7 J Q Z Q U Fc w f a Page 7 91th395 KODAK COLORADO SITE MAP i ,..... ,v. .._, j n ,..,, }. .:, � [ �i I et „I Miniaac )aaII 41 £ � � " . eAr U ('-I O� e - -� '' wl � ' (i � � y‘ e o� 0 rr �° 9.. - .F1 { (..__A , �� . \III ii • om U .. — U 7 i J :I ,. ��. 1C Ii__.-..- IICJ _ • ... an. oy'f,b e,�� l -;' u I I j %, i� • i 6� :,� � i. Ii ^o — o --==- - - rr'; I I. c�; (mow, . c\1 " .. •�J -- ---- _ - m V [ i1 ' ' , J�� — - - V -e, " _ 2, - --- nf-: - � ' — - — 913895 PQ y e 8- Preliminary AppraiGal Kodak Colorado Windsor, Colorado W BUILDMV DESCRIPTIONS U K w N Z O f 7 J > Z Q U K w f ¢ Page 9 910895 BUILDING C-02 This structure is a plant services building built in 1976 . It is a standard Class S structure with steel framing and single wall aluminum walls . The roofing is open steel with a corrugated aluminum cover . The ceiling is taped and painted gypsum board with insulation . The floor is concrete on grade with hardener and sealer covering . It has package heating and cooling with short ducts , standard electrical and plumbing . There is no unusual obsolescence . Its function to the overall facility is as a support structure . No production is done in this building . As a portion of the whole it is a structure that possibly could be absorbed in another structure . As a stand—alone structure , it would have little market value or rental value . There are substitute structures more centrally located that Twould be more desirable in the open market . rc w O Z O F a J a Z a U rc w f a 910895 Page 10 BUILDING C-04 This structure is a truck shop building built in 1976 . It is a standard Class S structure with steel framing and single wall aluminum walls. The roofing is open steel with a corrugated aluminum cover . The ceiling is taped and painted gypsum board with insulation . The floor is concrete on grade with hardener and sealer covering . It has package heating and cooling with short ducts , standard electrical and plumbing . There is no unusual obsolescence . Its function to the overall facility is as a support structure . No production is done in this building . As a portion of the whole, it is a structure that possibly could be absorbed in another structure . As a stand—alone structure it would have little market value or rental value . There are substitute structures more centrally located that would be more desirable in the open market . N w o w N Z O < Q 7 J a z a U w f Q Page 11 910695 BUILDING C-05 This structure is a shop building built in 1976 . It is a standard Class S structure with steel framing and single wall aluminum walls. The roofing is open steel with a corrugated aluminum cover . The ceiling is taped and painted gypsum board with insulation . The floor is concrete on grade with hardener and sealer covering . It has package heating and cooling with short ducts , standard electrical and plumbing . There is no unusual obsolescence . Its function to the overall facility is as a support structure . No production is done in this building . As a portion of the whole , it is a structure that possibly could be absorbed in another structure . As a stand—alone structure it would have little market value or rental value. There are substitute structures more centrally located that would be more desirable in the open market . w w U w N Z O H Q J Q Z Q U rc w 2 91°895 Page 12 BUILDING C-06 This building , built in 1971 , is the central control building . It is built with a concrete grade beam foundation , with fireproof steel frame. It has concrete tilt—up exterior walls and some interior construction . It is a one—story structure containing 22 , 400 square feet . It has standard plumbing , wiring and heating . The roof is metal decking with cover . This structure is used as the security and fire protection area. It contains office space on the west side with typical finish . The fire protection area is a large open bay with high ceilings. It is used for the storage of and as the departure point for the emergency vehicles . This structure would be used as part of the overall plant , but if separated , it would be partially leased only . This structure is also larger than currently required and would be smaller if constructed today . N W U w N Z F Q J J Q Z Q U w f a 913895 Page 13 BUILDING C-07 This structure is a plant services building built in 1976 . It is a standard Class S structure with steel framing and single wall aluminum walls . The roofing is open steel with a corrugated aluminum cover . The ceiling is taped and painted gypsum board with insulation. The floor is concrete on grade with hardener and sealer covering . It has package heating and cooling with short ducts , standard electrical and plumbing . There is no unusual obsolescence . Its function to the overall facility is as a support structure . No production is done in this building . As a portion of the whole , it is a structure that possibly could be absorbed in another structure . As a stand—alone structure it would have little market value or rental value . There are substitute structures more centrally located that would be more desirable in the open market . U w N Z O F- J a Z a U K w f Page 14 910895 BUILDING C-11 This structure is a finishing building built in 1971 . It is a 154 , 330 square foot two—story building which contains the cafeteria and office. There is also a mezzanine . It is built with a concrete beam on grade foundation with reinforced concrete framing . The exterior walls are concrete tilt—up with some glass . The roof is precast concrete deck with cover. There are two elevators (6 , 000 lb . , 250 fpm and 4 , 000 lb , 300 fpm) and 4 escalators , 18 foot rise and 32" width. The building has unused capacity in regard to the elevators . This structure is attached to C-13 , C-15 and C-16 for a total structure size of 1 , 184 , 784 square feet . This facility with all four structures is considered a large plant for Colorado industry . It can be divided but the mechanical systems cannot stand alone . It would be possible to use the four m structures separately , although certain adjustments would need to be made . 5 m Under current usage , the four structures are under— a z utilized and overdesigned . Much of the space (about 407) is otaken up with storage of materials which are not temperature ;( sensitive. Therefore , it would be possible to reduce the a size of these structures and replace the lost square feet of zstorage with a lesser structure . a U R Buildings C-11 , C-13 , C-15 and C-16 have excess fluorescent lighting which has been turned off . 910895 Page 15 BUILDING C-13 This structure is a one—story , Class B industrial building built in 1971 . It is used as a finishing building . It has a reinforced concrete frame , concrete beam foundation and concrete tilt—up walls with an aggregate stone exterior finish. It has a precast concrete deck for a base roof structure . The interior is 95% finished in a standard industrial style with sprinkler protection. The remainder of the floor space is used for office space . There is approximately 35 , 000 square feet of unused capacity and the roofing is in the process of being replaced . This structure is attached to C-11 , C-15 and C-16 for a total structure size of 1 , 184 , 784 square feet . This facility with all four structures is considered a large plant for Colorado industry . It can be divided but the mechanical systems cannot stand alone. It would be possible to use the four N structures separately , although certain adjustments would u need to be made . m Under current usage , the four structures are under z utilized and overdesigned . Much of the space (about 40%) is a taken up with storage of materials which are not temperature m sensitive . Therefore , it would be possible to reduce the a size of these structures and replace the lost square feet of z storage with a lesser structure . a V E Buildings C-11 , C-13 , C-15 and C-16 have excess fluorescent a lighting which has been turned off . • 310895 Page 16 BUILDING C-15 This building is a two—story , Class B industrial building and is also used in the finishing process . The structure was built in 1977 . It consists of a fireproof steel frame , with a concrete beam exterior finish . In addition to the aggregate finish , about 5% of: the exterior consists of full story , tinted windows . The roof structure is made up of steel joists with a concrete slab for a deck . The interior is standard industrial finish with sprinklers . About 5% of the total floor area is used for office space . The roofing is in the process of being replaced . The high vacuum pumps in this building are only used occasionally . The building contains five, but only 2 are needed . There are floor cracks throughout this building . Two main A/C fans in the building are not necessary but are not removable . Unused smoke evacuation systems ( 12 fan a rooms) have been replaced with a manual system. Storage and • retrieval rooms are too narrow for practical use . A former 5• disc film manufacturing area on the second floor (42 , 000 SF) a is now used for miscellaneous storage . z p This structure is attached to C-11 , C-13 and C-16 for a total I( structure size of 1 , 184 , 784 square feet . This facility with a all four structures is considered a large plant for Colorado • industry . It can be divided but the mechanical systems Z y . y. u cannot stand alone . It would be possible to use the four w structures separately , although certain adjustments would a need to be made . Under current usage , the four structures are under utilized and overdesigned . Much of the space (about 40%) is taken up with storage of materials which are not temperature sensitive . Therefore , it would be possible to reduce the size of these structures and replace the lost square feet of storage with a lesser structure . Buildings C-11 , C-13 , C-15 and C-16 have excess fluorescent lighting which has been turned off . 910895 Page 17 i i BUILDING C-16 This structure , built in 1971 , is a finishing building . It contains 254 , 027 square feet . It has a concrete grade beam foundation with reinforced concrete frame. The walls are concrete tilt—up and glass . The roof is precast concrete decking with cover. There is some interior finish with standard plumbing , wiring and heating throughout . Because of discontinued Super 8 manufacturing operations , 67 of the building has been shut down . This is excess capacity and is therefore considered to be functional obsolescence. Old Super 8 packing , spooling and molding areas are now used for miscellaneous storage (approximately 16 , 190 SF) . This structure is attached to C-11 , C-13 and C-15 for a total structure size of 1 , 184 , 784 square feet . This facility with all four structures is considered a large plant for Colorado w industry . It can be divided but the mechanical systems cannot stand alone . It would be possible to use the four rc m structures separately , although certain adjustments would N need to be made . z O Under current usage , the four structures are under J utilized and overdesigned . Much of the space (about 407) is > taken up with storage of materials which are not temperature a sensitive. Therefore, it would be possible to reduce the size of these structures and replace the lost square feet of storage with a lesser structure. a Buildings C-11 , C-13 , C-15 and C-16 have excess fluorescent lighting which has been turned off . 910395 Page 18 BUILDING C-17 This structure , built in 1971 , is a refrigeration complex building . It contains 32 , 273 square feet of space spread over a first floor , an operating floor and a mezzanine . The walls are tilt-up concrete , the roof is steel deck with cover. It has a concrete grade beam foundation and exposed steel framing . It has standard plumbing , wiring and heating . There is no unusual obsolescence observed . This structure is in close proximity to C-11 through C-16 . It is separated only because it serves a special purpose. It is a support facility that would not be rentable in and of itself . m w o w N Z O H Q J Q Z Q U rc w f Page 19 910895 BUILDING C-20 This structure , built in 1971 , is a distribution warehouse that contains 399 , 000 square feet . It is built on concrete grade beam foundation with exposed Class C steel . It has concrete tilt—up exterior walls . The roof is steel decking in some sections and reinforced concrete with metal decking and cover in others . There is standard interior finish with adequate heating , plumbing and wiring. Approximately 8 , 000 square feet of the structure is a train—shed , which is unused . The roof is in the process of being redone . This building is attached to C-28 and C-29 for a total area of 648 , 000 SF. There is exterior cracking due to improperly installed rebar . Cost to cure this damage estimated at $200 , 000. Fan room coils are at the end of their useful life because of the use of brine . Concrete blocks are broken and walls are cracked or have moved . w L—shaped product handling set—up is inefficient . The truck —> bay is too small and the drag—line is functionally w inadequate . N Z F ¢ 7 J Q Z Q U tt w f Page 20 310995 BUILDING C-28 This structure , built in 1971 , is a refrigeration building containing 37 , 500 square feet . It has a concrete grade beam foundation with steel framing . The exterior walls are concrete tilt-up panels . The roof is steel decking with cover . There is no interior finishing and the plumbing , heating and wiring are standard . This building was designed for future expansion and is 60-70% unused . re W U W N Z O F ¢ 7 J Z U w E Page 21 910895 BUILDING C-29 This structure , built in 1971 , contains 211 , 000 square feet and is used for plastics molding . It has a concrete grade beam foundation with reinforced concrete framing . The roof is precast concrete decking with cover . It has some interior finishing and standard utility complements. There is one 25 ,000 lb . , 50 fpm freight elevator . Because of discontinued Super 8 manufacturing operations , 4% of the building has been shut down . This is excess capacity and is therefore considered to be functional obsolescence . Excess fluorescent lighting has been turned off . Box manufacturing area ( 17 , 535 SF) is used for miscellaneous storage . Roof—mounted electrical load center is only 10% used . N W U 5 K w N Z O P a J Q Z Q U rc w E a Page 22 9101395 BUILDING C-30 This structure , built in 1971 , is used as a utility building . It is considered a Class C industrial building with an exposed steel frame , concrete beam foundation and tilt—up walls , which consist of 3/8" solar bronze glass panels . The roof is a steel deck with vapor barrier , polyurethane insulation and gravel exterior finish . The interior is standard industrial finish . The roof was replaced in 1986 . This is a 12 , 973 SF building which is currently not necessary to the plant operation. A unit to heat #6 oil is unused and the computer room is unused . 0 U K W N Z O F Q J Q Z Q U w f Q Page is SIN.;895 BUILDING C-32 This Class S industrial building is used as a pump house. It was constructed in 1971 and consists of a steel frame and concrete beam foundation . The exterior walls are a combination of precast tilt-up concrete panels and aluminum sandwich panels . The roof is a metal deck with vapor barrier insulation and gravel for exterior finish . The interior is standard industrial finish with concrete block partition walls . No unusual obsolescence is applicable. This 4, 600 SF structure is a support building to the entire operation and has minimal value on its own . a w u rc w m z 0 a J a Z a U K w f a Page 24 9.10895 BUILDING CC=33 This two—story structure of 3,819 SF serves as a power substation for the complex . It is a Class C building and has a fully excavated executed basement . The foundation consists of concrete walls on a poured slab over caissons reinforced . The superstructure is a steel frame with tilt—up concrete walls. The roof is a metal deck with typical vapor barrier insulation and gravel exterior . The main floor consists of a corrugated deck with concrete slab for the floor . No unusual obsolescence is applicable . This is a power substation and has little value if separated from the entire development. N W U w N Z O < a J a Z a U rc w F a P 9101395 Page zs BUILDING C-34 This building is used as the gas house. It is a one—story Class C industrial building and was constructed in 1971 . It consists of a steel frame concrete foundation and a combination of tilt—up walls and aluminum louvers . The roof is a metal deck with typical exterior finish. There is no heating or cooling system associated with the structure . No unusual obsolescence is applicable. It has a total of 288 SF . a w U w N Z O F Q J Q 2 Q U K W f Q Page 26 910895 BUILDING C-40 This building is utilized in the sensitizing of film. It is a five—story , Class B industrial building that was built in 1973 . The structure consists of a fireproof , steel frame with a concrete beam foundation . The exterior walls consist of a combination of concrete block and tilt—up panels . The roof is a steel girder and beam finish . The interior floors are concrete slabs over metal decks supported by steel beams and girders . The interior finish is of a typical industrial style . Buildings C-40 , C-41 , C-42 and C-43 are attached and have a total of 600, 132 SF. The buildings could be used separately but some adjustments would be necessary . U tt w N Z O a J a z a U w E 91 895 Page 27 BUILDING C-41 This building is a five—story , Class 3 building , built n 1975 . It is used in the emulsion manufacturing process . The framing is fireproof steel . The exterior walls are a combination of concrete block and tilt—up concrete panels . The roof is of steel girder and beam variety with corrugated deck . The interior is standard industrial finish with some office space on the 4th floor . The drainage system has been damaged by corrosive chemicals in the system. Buildings C-40 , C-41 , C-42 and C-43 are attached and have a total of 600 , 132 SF . The buildings could be used separately but some adjustments would be necessary . 0 U 5 K W to Z O H a J a Z a U W f a 910t995 Page 28 BUILDING C-42 This three-story Class B industrial structure is used in the sensitizing process and For technical services . It has a fireproof steel frame and a concrete beam foundation. The roof is a steel beam and a girder support structure with a corrugated deck that: includes a concrete deck . The exterior finish is a combination of concrete block and tilt-up concrete panels . About 40% of the exterior is full glass panels . About 24% of the interior is used as office area with the rest finished in typical industrial style . There is also one 4 ,500 lb. . 350 fpm elevator with three stops . This building was designed to have 4 stories . Buildings C-40 , C-41 , C-4?_ and C-43 are attached and have a total of 600 , 132 SP. The buildings could be used separately but some adjustments would be necessary . m w u rc w N z O < J a z a U w f a Page 29 910895 BUILDING C-43 This is a Class C industrial building, built in 1975 and currently used for warehouse space. Its structure consists of an exposed steel frame, concrete beam foundation with tilt-up walls that have an aggregate stone exterior finish. The roof is a steel deck with insulation and vapor barrier over the exterior. The interior is standard warehouse finish throughout . There is no unusual obsolescence. Buildings C-40 , C-41 , C-42 and C-43 are attached and have a total of 600 , 132 SF . The buildings could be used separately but some adjustments would be necessary. U w N Z O f a J a Z a U W f a Page 30 910895 BUILDING C-46 This building is used for recovering silver from the by- products of the film manufacturing process . It is a one- story , Class B industrial building. The structure consists of a reinforced concrete frame, concrete beam foundation and precast tilt-up walls . The roof is a steel beam and girder with a corrugated deck and concrete slab. The exterior finish is typical . The interior is finished in a typical industrial fashion. It has a total of 1? ,000 SF and was constructed in 1975 . N W U rc w N Z O F- J Q Z 6 U re W E Q 9g°895 Page 31 BUILDING C-48 This is a one-story , Class C industrial building with a total of 7_1 ,725 SF that was built in 1975 • It has an exposed steel frame and concrete beam foundation. The roof consists of a steel girder and beam support structure with a corrugated deck and a concrete slab. The exterior consists of a combination of precast , tilt-up concrete panels and glass panels . There is a penthouse on the building and its exterior is metal sandwich panels . The interior is typical industrial finish. This is a utility building which has a superadequate cooling capacity estimated at 50% . It is a support building for the complex and probably would have little value on its own. U w N Z O r Q J Q Z Q U • f Q Page 32 {{��.}y p®CC 9 109®J BUILDING C-50 This structure is used for support manufacturing for the complex . It is a four-story , Class 8 industrial building with a total of 195 ,628 SF . The building consists of a fireproof steel frame and concrete beam foundation. The exterior walls are a combination of precast tilt-up panels , concrete block and sandwich metal panels . The roof is steel girder and beam which is covered by a corrugated deck with a concrete slab. The exterior finish of the roof is typical vapor barrier , insulation and gravel . The interior is typical industrial manufacturing finish. There are two elevators used for freight . One is 20 ,000 lb. , 50 .fpm with 4 stops ; the other is 16 ,000 lb. , 50 fpm with 4 stops . The building was designed for carrying more inventory and there are two surplus storage silos . Office areas are not located for optimal efficiency and the L-shape of the a building is inefficient . w U 5 w N z 0 4 a J Q J Z Q U a w f a Page 33 91C095 Preliminary Appraisal Kodak Colorado Windsor, Colorado BUILDING C=60 Built in 1971, this two-story Class B industrial }a,ilding is used by the plate manufacturing division of Kodak Colorado. Its structure consists of a fireproof steel frame, concrete beam foundation and tilt-up concrete walls with an aggregate stone exterior finish. In ariiition, about 20% of the exterior is composed of glass panels. The roof is a combination of metal trusses and metal deck for the first floor area and steel beams with a concrete slab deck on the second floor. Both areas have built-up composition exterior finishes. The interior is a standard industrial finish with about 8% of the total floor area used for office area. The building has a total of 306,240 square feet. N W U > h w N Z O H 7 J Q Z Q U K w F Page 34 010895 BUILDING C-61 This Class C building, used as a refrigeration building was built in 1971 . It consists of a steel frame , concrete beam foundation and tilt-up concrete walls with an aggregate stone exterior finish. In addition to the aggregate finish, about 12% of the exterior area has glass panels for finish . The roof is a steel deck with a built-up composition exterior finish . The interior is a standard industrial finish . The building has a total of 17 ,555 SF and is a support building for the complex . 2 V rc w N Z O H Q J Q Z Q U K W Q Page 35 910895 BUILDING C-70 This structure , built in 1976 , serves as the power station for the complex. It is a Class C , two-story building consisting of a steel frame, concrete beam foundation and a combination of concrete block and concrete tilt-up walls with an aggregate stone finish. About 15% of the exterior has a glass window in aluminum frame finish . The roof is a metal deck with a concrete exterior finish . About 9% of the total floor area is used as office space , with the remainder finished in a standard industrial manner. The building has 44 ,084 square feet , is a support building for the complex and would have minimal value on its own . Roof-mounted Marley is not necessary. m w U w N 2 O F J Q Z U rc w f a Page 36 910895 BUILDING C-73 This structure is a fire training shed built in 1976 and serves no function other than on-site training. It is a one- story structure of masonry block construction over a concrete reinforced frame. There are some masonry interior partitions and no services except exposed circuits for training. It has little or no functional utility except as a training shed and has a total of 500 SF. re w N Z U N a J Q Z Q U w f a Page 37 910995 Preliminary Appraisal Kodak Colorado Windsor, Colorado COST APPROACH SOm emaw LAND VALUATION For purposes of this appraiGa7 , the lard value estimated by the assessor, although considered hider than market value in this location, will be adopted. The lard value includes the enhancement value of basic utilities. Land Value $3,641,685 LAND IMPROVEMENTS Remaining Item Cost New - Life Value Value w Macadam Roads & park $2,749,386 - 20 25% $ 687,346 u Curbs & gutters $ 225,000 - 20 50% 112,500 w Street lights $1,500,000 - 25 50% 750,000 m Railroad spur $ 800,000 - 40 50% 400,000 O 2 - 3M gallon tanks $1,600,000 - 40 50% 800,000 F • Total Enhancement Value Lard Improvements $2,749,846 a z u▪ VALUATION OF BUILDING IMPROVEMENTS rc w a The segregated unit method considering the quantity of each component item in the building has been employed for each of the separate buildings using the Marshall Cost Services to arrive at the cost new of the buildings. (Plana refer to the individual building cost new data sheets in the Addenda.) Total accrued depreciation must be deducted from the cost new to reflect present market value. Major portions of the complex were constructed in 1971. Because of changes in technology, economic conditions, foreign competition and the utility of the complex, the economic life of the buildings is a maximum of 45 years and the effective age is 20 years for the entire complex when considering "value in use." Total Cost New of 28 Building Complex $110,956,440 Taos Total Accrued Deprec.45% (following) 49,930,400 Depreciated Market Value 561,026,040 INDICATED RABBET VALDE VIA COST APPROACH (Rounded) $67,417,500 Page 38 9W895 Preliminary Appraisal Kodak Colorado Windsor, Colorado EXPLANATION OF DEPRECIATION Accrued depreciation is the difference between an improvement's reproduction or replacement cost and its market value as of the date of appraisal . To measure accrued depreciation, an appraiser identifies and measures the loss in value nparienced by the subject structure in its present condition and compares this with the value it would have if it were new. Accrue4 depreciation is sometimes referred to as diminished utility.' Arse-Life Method of Measuring Accrued Depreciation: Estimated Life New 45 years Estimated Effective Age 20 years Remaining Economic Life 25 years 20 years _ 45 years = 44.5% Depreciation U The age-life concept of depreciation takes into account all forms m of depreciation: physical, functional and economic. 'Mesa factors are o all taken into consideration in the estimates of effective age and a economic or useful life-new. Economic and/or useful life-new being the m sum of the effective age and the remaining economic life. This is best explained and demonstrated by quotations from the generally used and a accepted appraisal manual, The Appraisal of Real Estate, Ninth Edition. U w Economic life is the period of time over which a improvements to real estate contribute to property value. Economic life and physical life can differ widely; typically, physical life is expect d to be longer than economic life. For example, improvements with varying degrees of physical integrity are ordinarily replaced with new structures. However, when sane older properties are renewed or remodeled their economic lives are usually extended. At any given point in time a property's economic life cannot exceed its physical life. Rehabilitation can extend a property's physical life. Economic life is also defined as the estimated period over which it is anticipated that a property may profitably be utilized. Effective age is the age indicated by the condition and utility of a structure. 'American Institute of Real Estate Appraisers, The Appraisal of Real Estate, 9th ed., p.378. Page 39 IC395 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARKET DATA APPROACH 2 U w m Z O 1- J Q Z Q U K w X Page ao 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARKET DATA SALE NO. 1: PROPERTY TYPE: Industrial LOCA'T'ION: 2345 Clover Basin Road, Longmont, Colorado GRANTOR: California Public Employees Retirement Association GRANTEE: Stor Tech SALE DATE: February 1991; closed April 22, 1991 ZONING Industrial N W u CONSIDERATION: $11,450,000 N LAND AREA: 152 acres. Ratio of land to building area is p 12.22 to 1. F a IMIWNEMENIS: 542 , 000 square feet of modern building improvements comprising a 2-story steel frame with utilt-up masonry panels. Class A building constructed in 1982. The building is used for high-tech electronic component manufacturing and a has 33,000 S.F. (6%) of office area, 25,000 S.F. (5%) muter & clean nucmi, 25,000 (5%) laboratory area, 19,000 S.F. (3%) cafeteria, 368,000 S.F. (68%) high quality manufacturing area and 72,000 S.F. (13$) warehouse-distribution area with nine docks with levelers. COMMENTS: The property was purchased for its existing uccs and the same uses continued after the sale. Indicates value in use of a nine-year-old, high-tech manufacturing building. The sale is verified as arms length. UNIT COST: $21.12 per square foot of building area. Page 41 91 .895 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARRET DATA SALE NO. 2: PROPERTY TYPE: Industrial LOCATION: I-80, Underwood, Iowa. Approximately 15-20 miles northeast of Omaha, Nebraska. GRANTOR: AT&T GRANTEE: S. S. J. Venture SALE DATE: March 28, 1990. Recorded Book 90, page 20653. ZONING Industrial u CONSIDERATION: $2,500,000 rc N LAND AREA: 159.89 acres or 6,964,808 S.F. ; rectangular. o Land/building ratio: 17.09 to 1. aIMPROVEMENTS: Built in 1974; 407,621 square feet building, slab a on grade with metal walls and steel bar joist a roof; 8-9" concrete floors with heavy foundation; v steel sandwich with 3" fiberglass insulation; roof w is built-up cover with gravel over gypsum deck, a over 1' foam board on corrugated metal and steel bar joists. The building consists of 382,176 S.F. (94%) of plant area, 25,445 S.F. (6%) of office area, a 3,025 S.F. computer Loan, an employee dining roan and a conference roan. The building has hot water heat and is 100% sprinkled and air conditioned except for the plant area. Other amenities: 2 ton bridge crane with 55' span, sufficient truck loading doors in all walls, rail service, computerized stacker system, 190 parking spacPs. Excellent condition, except for some roof work. All utilities available. UNIT COST: $6.13 rar square foot of building area. Page 42 910£ 95 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARZET DATA SALE NO. 3: PROPER'T'Y TYPE: Industrial LOCATION: Fleming Warehouse, 3600 N. Santa Fe, Wichita, Kansas. GRANTOR: Equitable Life Insurance Society GRANTEE: Carl Chuzy SALE DATE: July 13, 1988. Recorded Book 981, page 1010 & 11. ZONING F, Heavy Industrial N W u CONSIDERATION: $1,400,000 rc W w LAND AREA: 316,810 S.F. ; 901.31' X 351.5' . o Land/building ratio: 1.28 to 1. a a IMPROVEMENTS: Built in 1951; 247,051 square feet in a series of > buildings (formerly the Fleming Foods Distribution uWarehouse) ; 1 and 2-story slab on grade, brick on block and prestressed concrete structures with flat built-up and steel bar joist roofs, loading a docks with 30 loading doors, dock high, 24 interior w/rail spur, dry storage space 191,000 gross S.F. (71%) , refrigerated space 23,000 S.F. (9%) , freezer space 12,000 gross S.F. (5%) , office space 12,000 S.F. , truck garage & migrpllaneous 9,051 S.F. Some areas are heated (gas forced air ceiling units) and sprinklered. Fenced parking yard. Underground tanks with gasoline dispenser. Overall the building shows its age, but retains its original functional utility. UNIT COST: $6.10 per square foot of building area. Page 43 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado }MEET DATA SALE NO. 4: PROPERTY TYPE: Industrial LOCATION: New Stanton, Westmoreland County, Pennsylvania (approximately 40 miles S/E of Pittsburg) GRANTOR: Pennsylvania Industrial Development Authority GRANDE: Sony Corporation, U.S.A. SALE DATE: October 1990. 20 year leasc sale commencing 5/1/91. w CONSIDERATION: Cash equivalent sale price 1991 - $12,000,000. Price increases annually at 8$ per annum up to w $21,138,000. Sony has an option to purchase at m will during the 20-year lease period. The lease o purchase payment during the first 15 years of the a lease period commencing on 5/1/91 is $634,140 annually, paid semiannually. At year 15, the lease purchase payment increases to $2,606,124 a payable semiannually. U f LAND AREA: 600 acres with plant. Option to purchase additional 400 acres at $10,000 per acre. Land has rail siding. IIMPROVFMEtaIS: One and two-story, tilt-up masonry and insulated sandwich panel, steel frame, modern manufacturing building built in 1974. The building has a total of 2,800,000 S.F. on two levels: approximately 1,900,000 S.F. on the first level and 900,000 S.F. on the second level. The plant originally was built by Chrysler but never used, then was occupied and used by Volkswagen until November 1987 when it closed. UNIT SELLING $4.29 per square foot of building area, including PRICE: lam (1991) to $7.55 per square foot (2006) . Page 44 910f395 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARKET DATA SALE NO. 5: PROPERTY TYPE: Industrial LOCATION: 300 Phillipi Road, Columbus, Ohio GRANTOR: White Consolidated Industries (appliance manufacturer) GRANTEE: Consolidated Stores (not affiliated with seller) SALE DATE: March, 1986 and December, 1986. CONSIDERATION: $31,850,000. w LAND AREA: 267.5 acres with plant. Land to building ratio is ✓ 4.55:1. 5 m• IMPROVEME US: 2,562,000 square foot, one and part two story, o industrial building. The building has 2,013,200 a S.F. of one story area (79%) , 491,800 S.F. of second story area (19%) and 57,000 S.F. of mezzanine area (2%) . The plant has primarily brick and block a exterior walls, 145,000 S.F. of office space (6%) , u clear ceiling heights of 19' to 52' (average of 35') w with 14' clear in the mezzanine areas. Bay sizes are 20' X 20' , 20' X 40' and 40' X 60' . Heat is provided by a rnai fired boiler and is distributed by steam unit and wall heaters. There is 15,000 KVA pacer, interior rail, 26 interior truck docks and numerous cranes throughout the building. The plant was originally constructed in 1954 and 1959, indicating an average age of 31 years. However, the building was in excellent condition due to substantial remodeling (including a $3,000,000 office rehabilitation, new exterior walls and interior refurbishing prior to the sale) resulting in an estimated effective age of 20 years. OCAINENI'S: The building sold in two stages to acconmcdate the seller's inane tax considerations. The buyer was a tenant in the building prior to the sale. In 1975, Volkswagen had a contract for sale on this property for use as an automobile assembly plant. UNIT SELLING $12.43 per square foot of building area, including PRICE: land. Page 45 gg Preliminary AppraiGal Kodak Colorado Windsor, Colorado MARKET DATA SALE NO. 6: PROPERTY TYPE: Industrial LOCATION: 2101 Fast Kemper Road (Kemper & Montgomery Ward Pky.) , Sharonville, Ohio (suburb of Cincinnati) GRANTOR: Montgomery Ward GRANTEE: Federated Department Stores SALE DATE: December, 1987. ZONING: Industrial CONSIDERATION: $14,000,000 U w LAND AREA: 68.5 acres with plant. Land to building ratio is N 2.62:1. z O a EM OVIIBENI'S: This 1,137,495 square foot industrial complex was aconstructed in 1980 by Montgomery Ward. The 4 building has insulated metal panel exterior walls, a 41,478 S.F, of office area (3.6%) , 95,122 S.F. of U semifinalists retail space (used as an outlet w store) , a 2,520 S.F. computer Lcxuu, a 4,900 S.F. cafeteria and the remaining 993,475 S.F. is used as warehouse space. Clear ceiling heights are 16' in the retail area with the remaining warehouse area having 28' clear ceiling heights. Average clear ceiling heights are 27' . The building has 40' X 40' bays, 78 exterior truck docks, 2 interior rail docks (10 car capacity) , oil fired hot water heat, fully sprinkler, qraium vapor and fluorescent lighting and 25,000 volt power. Additionally, 768 solar panels assist in heating. COMMENTS: At the time of sale, the roof was in disrepair. As the purchaser was aware of this problem, it should be reflected in the sale price. UNIT SELLING $12.30 per S.F. of building area, including land. PRICE: Page 46 91''895 Preliminary Appraisal Kodak Colorado Windsor, Colorado MEET DATA SALE NO. 7: PROPERTY TYPE: Industrial LOCATION: 5533 South Laramie & 5555 South Archer, Chicago, Cook County, Illinois GRANTOR: Sears Roebuck GRANTEE: American National Bank Trust SALE DATE: November 1988. ZONING: Industrial N u CONSInERnmrON: $13,000,000. rc N LAND AREA: 50.0 acres. Land to building ratio is 1.82:1. z 0 a IMPROVEMENTS: This three building complex was constructed in 1950 for use as warehouse/outlet store/office. The 1,200,000 S.F. gross floor area is distributed in a one and two stories Construction is steel frame, brick walls, concrete floors and a flat, built up roof. The typical clearance height is 24' . All a utilities serve the site. The improvements are in fair condition. UNIT SELLING $10.83 per square foot of building area, including PRICE: land. Page 47 91C995 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARKET DATA SALE NO. 8: PROPERTY TYPE: Industrial LOCATION: Tinicum Industrial Park, Lester, Pennsylvania GRANTOR: Westinghouse Electric Corporation GRANTEE: DKM Properties Corporation SALE DATE: July 1986 ZONING: Industrial CCISIDERATION: $27,000,000 N u LAND AREA: 290 acres 5 rc N IMPROVEMENTS: The 2,500,000 S.F. distributed over 12 major office, z research and development , warehouse and O a manufacturing buildings. J UNIT SELLING $10.80 per square foot of building area, including a PRICE: land. U rc w f Page 48 Preliminary Appraisal Kodak Colorado Windsor, Colorado 2ANEET DATA SALE NO. 9: PROPERTY TYPE: Industrial LOCATION: 3880 Groveport Road, Obetz (Columbus) , Hamilton County, Ohio GRANTOR: Whirlpool GRANTEE: Sacks Investment SALE DATE: June, 1987 ZONING: I rlu trial w CONSIDERATION: $8,828,000 u w LAND AREA: 46 acres m p IMPROVEMENTS: A 750,000 S.F. single story, brick veneer and a concrete block construction warehouse building, 24' wall heights, no rail, exterior truck docks; 7,500 S.F. office (1%) . Built in 1974. z u UNIT SELLING $10.34 per square foot of building area, including f• PRICE: lard. a Page 49 9161333 Preliminary Appraisal Kodak Colorado Windsor, Colorado MARKET DATA APPROACH CONCLUSION The preceding nine market sales indicate a range in unit market value of $4.29 to $21.12 per square foot of building area. The predominant value is in the $10 to $12 per square foot range unadjusted. Sale NO. 1 is the most proximate in time and location, although the location is superior to the subject property. The building on Sale No. 1 is newer (approximately one-half the age of the subject buildings' m average age) and smaller in size. Smaller, newer properties sell in U Wthe market for higher unit values. The newer age of the sale building N o is offset by the fact that the subject buildings are over-built and a a well maintained. When dared to the subject property, the sale a a property is in a superior location: approximately one-half the distance U E to the Denver metropolitan area. Thus, downward adjustments must be a made to the subject unit selling price for location and size. Preliminarily, the adjusted unit value of the sale property when compared to the subject on a unit basis is considered to be $20.00 per square foot. The subject property would be sold in a regional or national market. Therefore, Sale Nos. 2 - 9 which sold in this type of market also should be considered as indicators of value. Sales in areas of California and Florida cannot be considered because of the inordinately high land values in those areas. Page 50 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado (Market Data Approach Conclusion, continued) Sale Nos. 2-9 adjusted produce a lower range of unit values. These comparable industrial sales are included because they are indicative of values for this type of large industrial property. However, for the reasons stated, Sale No. 1 will be given the greatest weight in this preliminary appraisal. An adjusted unit value estimate of $20 per square foot indicates the subject property's market value via the W Market Data Approach. U K w N z INDICATED PREL12020RY MARKET VALUE VIA MARKET DATA APPROACH: f a 3,122,560 S.F. @ $20.00 per sq. ft. _ $62,451,200 a Rounded to $62,500,000 U rc w f Page 51 910995 Preliminary Appraisal Kodak Colorado Windsor, Colorado =BRET-AMICN AND CONCLUSION OF MARKET VALUE Consideration of the appropriate appraisal approaches indicates the following: Market Value indicated via Cost Approach $67,417,500 Market Value indicated via Market Approach $62,500,000 Market Value indicated via Income Approach NSA APPRAISED MARKER VALUE $62,500,000 N w U w N Z O H ALIccATION OF VALUES ¢ a Land: Inproved & Fxrpss Industrial Acreage (329 acres) $ 3,641,685 • Inprovements $58,858,315 w ¢• TcmAL MARKET VALUE $62,500,000 NOTE: The values indicated by the two approaches to value fall within an acceptable range of approximately eight percent. The higher market value indicated by the Cost Approach can be attributed to an insufficient amount of functional-economic depreciation taken in that approach. Page 52 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado GENERAL ASSUMPTIONS AND L M ING CONDITIONS This appraisal report has been made with the following general assumptions and limiting conditions. 1. No responsibility is assumed for the legal description or legal matters, and title to the property is assumed to be good and marketable unless otherwise stated. 2• The Property is appraised free and clear of any or all liens or enamdmences unless otherwise stated. 3. The information furnished by others is believed to be reliable; however, no warranty is given for its accuracy. 4. All engineering is assumed to be coned.. The plot plans and exhibits in this report are included only to aid the reader in visualizing the property. 5. Compliance with all applicable federal, state and local envirormiental regulations and zoning use laws is assumed unless noncompliance is stated, defined and considered in the appraisal ✓ report. w6. Unless otherwise stated in this report, the existence of hazardous N material, which may or may not be present on the subject property, o was not observed by the appraiser. The appraiser has no knowledge a of the existence of such materials on or in the subject property. • The appraiser, however, is not qualified to detect such ▪ substances. The presence of substances such as asbestos, z urea-formaldehyde foam insulation or other potentially hazardous ✓ materials may affect the value of the subject property. The value • estimate is predicated on the assumption that there is no such a material on or in the subject property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field if desired. 7. It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 8. Possession of this report or a copy thereof does not carry with it the right of publication. The report may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and, in any event only with properly written qualification and only in its entirety. 9. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made therefore. Page 53 p 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado w U cc AIWA w N Z O E Q J Q Z Q U tt w E a Page 54 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado QUALIFICATIONS OF OrMN E. NICOLO PROFESSIONAL AFFILIATIONS Senior Member - American Society of Appraisers Certified by A . S . A . in both Real Property-Urban and Technical Valuation-Public Utilities Senior Member - National Association of Review Appraisers and Mortgage Underwriters Member - New York State Assessor's Association Associate Member - Monroe County Assessor's Association Licensed Real Estate Broker - State of New York PROFESSIONAL EXPERIENCE w June, 1964 - Present • Formed independent real estate and consulting appraisal company. w Services include purchasing and selling property for own account m and for others; consulting and preparation of appraisals for a o large number of industrial, commercial, utility, agricultural, and • residential clients; testimony as an expert witness concerning the afair market value of real property before the New York State Court of Claims, State Supreme Court, County Court, Surrogate's Court, a Federal District Court, and condemnation commissions. Principal in u real estate investment company. rc W a September, 1959 - June, 1964 Employed by the New York State Department of Transportation, Bureau of Rights-of-Way and Claims as staff appraiaar. Prepared over 400 acrpi sition appraisals of industrial, ccmmercial, special purpose, and farm properties in the City of Rochester, Monroe County and adjacent counties; handled advance acquisition appraisals for major properties in Monroe County, including Monroe County Airport. September, 1956 - September, 1959 Employed by the New York State Department of Transportation in a highway engineering capacity including design, cost estimation, and supervision of highway and bridge construction. June, 1954 - September, 1956 Employed by U.S. Corps of Army Engineers in design, construction cost estimation, and supervision of buildings and road construction at Seneca Army Depot. Page 55 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado Qualifications, cont'd.) MAJOR CLIENT'S Rochester Gas and Electric Corporation Appraised over one billion dollars worth of PG&E property, including all major facilities in the City of Rochester and several large properties in outlying towns and counties; among the properties were coal, oil, and electric generating stations, hydroelectric generating stations, steam generating stations, a proposed nuclear plant site, and mass property accounts. Long Island Lighting Company Appraised major electric power generating plant on Long Island. New York State Electric & Gas Corporation Appraised power generating station in Albany, New York area. w Trafalgar Power, Incorporated • Appraised six hydro-electric power generating plants in northern w New York state. N o Rochester Telephone Corporation a Appraised the eight major operations and switching buildings in the O City of Rochester and the easements in outlying counties. a a Taylor Instrument Company Division of Sybron Corporation ✓ Appraised the two major industrial plants located on West Avenue and Ames Street in the City of Rochester. a Gleason Works Appraised the major plant on University Avenue in the City of Rochester and several smaller plants of the subsidiary Alliance Corporation in Monroe County. Xerox Corporation Prepared market appraisal and testified as to value of the 5,000,000 sq. ft. industrial complex situated on 1,000 acres in Webster, New York. New York State Department of Mental Hygiene Appraised 110 commercial, professional office, and residential properties in Syracuse, New York for acquisition by the Department of Mental Hygiene for the Upstate Mental Hygiene Facility. City of Syrac ,a.i. Prepared equalization rate studies for a six-year period; involved the collection, verification, analysis, and computerization of nearly 20,000 real estate sales. Page 56 910995 Preliminary Appraisal Kodak Colorado Windsor, Colorado Qualifications, Cont'd.) City of Utica Served as consultant appraiser and testified in several large tax certiorari cases over a period of years. City of Rochester Appraised acquisitions for the Urban Renewal Agency, appraised the 344-unit Arborwocd Apartment complex for the Rochester Housing Authority, and handled a major Urban Renewal condemnation raga. Town of Conesus Appraised Hemlock Lake and perimeter land used as water supply for the City of Rochester. Penn Yan Express Company Appraised all terminal properties located in three states; selected and acquired several terminal sites in two states. u Riverton Planned Community w Appraised 1,677 ac,Lc=. for a planned °I m unity in Monroe County for m mortgage financing purposes. z 0 a California Life Insurance Company J Appraised a 5,500-acre development tract and several other • cmmneroial properties in the San Francisco Bay area. z u First American Bank & Trust - Florida Appraised and reviewed numerous multimillion dollar industrial and ¢• commerical properties in the bank's mortgage and joint venture portfolios. Selected Other Major Real Estate Appraisal Clients; Lincoln First Bank, N.A. ; Central Trust Company; Columbia Banking Federal Savings and Loan Association; First Federal Savings and Loan Association; Security Trust Company; Rochester Savings Bank; Manufacturers Hanover Trust Company; University of Rochester; Max Farash properties; East View Mall; Emil Muller properties; Pittsford Plaza; E.W. Edwards department stores; Sibley Corporation; General Electric; Niagara Mohawk Power Corporation; U.S. Steel Agri-Chemical Plant, Wayne County; and Widmer Wine Company plant and vineyards, Ontario County. Page 57 910895 Preliminary Appraisal Kodak Colorado Windsor, Colorado PROFESSIONAL ACTIVITIES Appointed by the New York State Joint Legislative Commission on Eminent Domain to develop a Standard Appraisal Format for condemnation appraisals and to make a study of the effectiveness of Article 15-A of the Real Property Tax Law. Appointed by New York State Supreme Court as Chairman of Commissioners to find market value in appropriation proceedings. Taught credit course in Real Estate Economics, Neuka College. Speaker at appraisal seminars, assessors' groups and before Tax Certiorari Cozmuittee of the Monroe County Bar Association. Former Chairman, Town Planning Beard; member, County Planning Bd. Board of Directors, First American Bank & Trust, Palm Beach, 1986 - w 1989. Chairman, 1989. [Large independently-owned commercial bank; ✓ controlling two major real estate development & holding companies.] m Chairman, Cenvill Development Corporation, 1989. Listed American o Exchange. Multi-state builder of large communities. • Business Advisory Board Keuka Coll - p a , ege, 1986 resent. a President, Board of Managers, Sutton Park Property Owners v Association, 1400 East Avenue, Rochester, N.Y. , 1985 - 1986. w a Regional Board of Directors, Lincoln First Bank, N.A. , 1978 - 1983. Director and Treasurer, Tiara Condominium Association, Singer Island, Palm Beach County, Florida, 1980 - 1982. Board of Trustees, Sonnenberg Gardens, Canandaigua, N.Y, 1981-1985. EDUCATION Cornell University, 1951 - 1954. Engineering & economics. Syrarnca University - Graduate courses in Urban Land Economics. Courses I & III, American Institute of Real Estate Appraisers. Courrcs I, II, and III sponsored by the State of New York School of Advanced Studies in Real Property Acquisition and required for certification as consultant to New York State agencies. Attended numerous seminars on valuation of real estate, including recent seminar on impact of hazardous wastes on property values. Page 58 9149895 Preliminary Appraical Kodak Colorado Windsor, Colorado N W U w COST NEW COMPUTATIONS N O (Segregated Component Cost Method) F J J a Z a U En Marshall Valuation Service a Page 59 91.0835 AUG - 2.5 - 91 F R I 10 : 21 P 0 4 COST ESTIMATE FOR: C-2 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: S Steel COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY HEIGHT: 14.0 FLOOR AREA: 4,000 Sq. Ft. COST AS OF: 8/91 REPLACEmENT COMPONENT UNITS COST NEW COST EXCAVATION & SITE PREPARATION: Site Preparation 4,000 0.14 560 FOUNDATION: Concrete, Bearing walls 4,000 1.17 4,680 FRAME: Steel, Pre-engineered 4,000 1.97 7,880 FLOOR STRUCTURE: ' Concrete on Ground 4,000 2.31 9,240 FLOOR COVER: Hardener & Sealer 4,000 0.43 1,720 CEILING: Gypsum Board, Taped & Paint 400 0.99 396 INTERIOR CONSTRUCTION: Interior Construction, Framed. 4,000 0.05 2,200 PLUMBING: plumbing 4,000 0.67 2,680 HEATING AND COOLING: Space Heat 3,600 0.83 2,988 Package Heating & Cooling 400 3.51 1,404 SUBTOTAL 4,392 ELECTRICAL: Electrical 4,000 1.17 4,680 EXTERIOR WALL: Metal Cover, Steel Frame 3,640 3.99 14,524 ROOF STRUCTURE: Open Steel System 4,000 1.95 7,800 ROOF COVER: Metal, Preformed Sheets 4,000 1.57 6,280 TOTAL 032 ARCHITECT'S FEES 4.7% 63,182 REPLACEMENT COST NEW 4, 000 17.55 70,214 IMPROVEMENTS NEW AS OF 6/90 70,443 Cost Data by MARSHALL & SWIFT AUG - 2 - 91 F R I 10 : 21 P 05 COST ESTIMATE FOR: C-4 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: S Steel COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3. 5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY HEIGHT: 14.0 FLOOR AREA: 4,000 Sq. Ft. COST AS OF: 8/91 COMPONENT UNITS COST RE NEW COST EXCAVATION & SITE PREPARATION: Site Preparation 4,000 0.14 560 FOUNDATION: Concrete, Bearing walls 4,000 1.17 4,680 FRAME: Steel, Pre-engineered 4,000 1.97 7,880 FLOOR STRUCTURE: Concrete on Ground 4,000 2.31 9,240 FLOOR COVER: Hardener & Sealer 4,000 0.43 1,720 CEILING: Gypsum Board, Taped & Paint 400 0.99 396 INTERIOR CONSTRUCTION: Interior Construction, Framed. 4,000 0.55 2,200 PLUMBING: Plumbing 4,000 0.67 2,680 HEATING AND COOLING: Space Heat 3,600 0.83 2,988 Package Heating & Cooling 400 3.51 1,404 SUBTOTAL 4,392 ELECTRICAL: Electrical 4,000 1.17 4, 680 EXTERIOR WALL: Metal Cover, Steel Frame 3,640 3.99 14,524 ROOF STRUCTURE: Open Steel System 4,000 1.95 7,800 ROOF COVER: Metal, Preformed Sheets 4,000 1.57 6,280 TOTAL 67, 032 ARCHITECT'S FEES 4.73 3,182 REPLACEMENT COST NEW 4,000 17.55 70,214 IMPROVEMENTS NEW AS OF 6/90 70 443 Cost Data by MARSHALL & SWIFT , 91.08 A LI G— 1 — 91 7' 3—T LI 1 E. _ 1 T F, _ Es 1 COST ESTIMATE FOR: C-05 PROPERTY OWNER: RA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE VAMOOSE CLASS; $ Steel COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY BEIG3T: 14.0 FLOOR AREA: 5,250 Sq. Ft. CAST AS OF: 8/91 REPLACEMENT COST COMP019ENT 'UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 5,250 0.14 735 FOUNDATION: Concrete, Bearing walls 5,250 1.17 6, 142 FRAME: Steel, Class S 5,250 3.15 16,537 FLOOR STRUCTURE: Concrete an Ground 5,250 2.31 12,127 FLOOR COVER: Sardener & Sealer 5,250 0.43 2,257 CEILING: Gypsum Board, Taped & Paint 5,250 0.99 5,197 INTERIOR CONSTRUCTION: Interior Construction, Framed. 5,250 0.55 2,887 PLUMBING: Plumbing 5,250 0.67 3,517 "HEATING AND COOLING: Space Seat 4,725 0.83 3,922 Package Beating & Cooling 525 3.51 1,943 SUmTOTAL 5,765 ELECTRICAL: Electrical 5,250 1.17 6,142 EXTERIOR WALL: Metal Cover, Steel Frame 4,27D 3.99 17,037 ROOF STRUCTURE: Open Steel System 5,250 1.95 10,237 ROOF COVER: Galvanized Steel 5/250 1.57 8,242 TOTAL 96,822 ARCNITEcT'S FEES 4.74 4,596 REPIACEVIEW2 COST NSW 5,250 18.32 101,418 IMPROVEMENTS NSW .AS OF 6/90 101,749 Cost Data by }1p RTAAT.T & SWIFT Illltllll.11lluinmanimi mIu NInm1IIIIIImmupIIIIIII1111111pIII.IIIIIIIIIII.11muntn1aIIIIIIIII1IIiniuInIIIIIIIIIII.IIIIIIIIIIIIIIIIIIIIIx.IIIpII1I1minuiuIn1111IIIIIpI1IIIlmninIIIIIIIIIIIIIntatimmimulOgrrylulslilglmIIIIIn11IInIIIII.Immiul ini A' lI G - 1 - 91 -r+-4u 16 : M4. _ Ft6 COST ESTIMATE NOR: C-06 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: MA OCCUPANCY; STORAGE WAREHOUSE CLASS; B Reinforced Conc. Frame COST RANG: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CCEDITION; 3.5 GOOd NUMBER OF STORIES: 1.0 AVERAGE STORY BRIGHT: 20.0 FLOOR AREA: 22,400 Sq. Pt. COST AS OF: 8/91 REPIACOMPONENT UNITS COST NEW CSYISNT COST EXCAVATION & SITE PREPARATION: Site Preparation 22,400 0.15 3,360 FOUNDATION: Concrete 22,400 1.74 38,976 FRAME: Concrete, Reinforced 22,400 8.94 200,256 FLOOR STRUCTURE: Concrete on Ground 32,400 2.45 54,880 FLOOR COVER: Carpet and Pad 6,153 2.13 13,106 Hardener & Sealer 6,153 0.46 2,830 Vinyl Tile 8,204 2.44 21,659 SUBTOTAL 37,595 INTERIOR CONSTRUCTION: Interior Construction, Masonry 5, 000 0.72 3,600 PLUMBING: Plumbing 5,000 0.66 3,300 FIRE PROTECTION; Sprinklers 6,153 1.76 10,829 HEATING AND COOLING: space Heat 6,153 1.06 6,523 Package Heating & Cooling 14,356 4.49 64 ,458 SUBTOTAL 70,980 ELECTRICAL; Electrical 22,400 1.15 25,760 EXTERIOR WALL: Tilt-Up Concrete 11,422 10.95 125,071 Metal & Glass Panels 2,856 18.86 53,864 Bond Beams 14,278 0.73 10,423 Pilaster 14,278 0.71 10,137 SUBTOTAL 199,495 ROOF STRUCTURE: Steal Joists, Steel Deck 22,400 3.97 88,928 ROOF COVER: Tar & Gravel 22,400 1.30 29,130 TOTAL 767,079 ARCHITECT'S FEES 5.7% 43,775 REPLACEMENT COST NEW 22,400 36.20 810,854 unminmm�unnumuuu.mustimummunimmumu.um.nlnnu.n.nlnnrnnnuu.u.u.ul.IMMIIuIMMIII.uml n.uwmnnnuIIIMIUrunnunu.ummnnnuuuIIIMMInunnn.nuuAlnunuuMITIM nnnnnn NIKIIInnIIIIMIunlnl.m IIIIIMu.0 910895 rYUG- 1 - 91 THU 1a r3S P _ O7 OCCUPANCY: STORAGE WAREHOUSE ------ ------------------------------_N----- REPLACEMENT COST COTTPONENT 'UNITS COST NEW ADDITIONS: ADD OVENSEAD DOORS 2,500 TOTAL, COST 813,354 DTBROVEKENTS NEW AS OF 6/90 804,570 Cast Data by MARSEALL i SWIFT immtmmmmnnuunonumtatutnomnmtamunmtmmnmm n mmolutumtmwtnmmuumwnmummnnnmunuunntnunuimmunununnnnmmnnummummnnnatmmismmmmnunmmmmnnnmmmnutmmmamnnnaatounnaun 916895 47 LIG - 1 - 91 T 14LI 1 E. : 21 F _ Cn'L 0OST ESTIMATE FOR: C-07 PROPERTY OWNER: MA ADDRESS: NA SURVEYED BY: TAA DATE of SURVEY: RA OCCUPANCY: STORAGE WAREHOUSE CLASS: S Stee2 COST RANK: 3.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Goad NUMBER OP STORIES: 1.0 AVBRAGB STORY HEIGHT: 14.0 FLOOR AREA: 3,200 Sq. Pt. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 3,200 0.14 446 FOUNDATION: Concrete, Bearing walla 3,200 1.17 3,744 FRAAlS: Steel, Pre-engineered 3,200 1.97 6,304 FLOOR STRUCTURE: Concrete on Ground 5,200 2.31 7,392 FLOOR COVER: Hardener & Sealer 3,700 0.43 1,376 CEILING: Gypsum Board, Taped & Paint 950 0.99 95D INTERIOR CONSTRUCTION: Interior Construction, Masonry 3,200 D.62 1,984 PLUMBING: Plumbing 3,20D 0.67 2,144 HEATING AND COOLING: Package Heating & Cooling 3,200 3.51 11,233 ELECTRICAL: Electrical 3,300 1.17 3,744 EXTERIOR WALL: Metal Cover, Steel Frame 3,360 3.99 13,406 ROOF STRUCTUh: Open Steel System 3,200 1.95 6,240 ROOF OVER: Galvanized Steel 3,200 1.57 5, 024 TOTAL 63,988 ARCHITECT'S FEES 4.78 3,037 REPLACEMENT COST NEW 3,200 20.95 67,035 IMPROVEKEN 'S NEW AS or 6/90 67,243 Cast Data by WARSHA L & SWIFT wthmi......i ...mimmi immunimumuuuummnmmnim...m m...... ....mmlm m....mmmummmmmmmmm m.....mum mum mumm....munmmmmyupiyyny sn yyyum mitmlmmn A L I G - 1 - 91 l f A I t 1 E. : l 4 F" 2IF: COST ESTIMATE FOR: NA . PROPERTY OWNER: KODAX .ADDRESS: C-11 SURVEYED BY: TAA RATS OF SURVEY: RA SECTION 1: OCCUPANCY: INDUSTRIAL MANUFACTDRITiG CLASS: B Reinforced Canc. Frame COST RAi4IS: 3.1 Above Average EFFECTIVE AGE: 30 'YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1,0 AVERAGE STORY BRIGHT: 34.0 FL00R .AREA; 97,431 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION 4 SITE PREPARATION: Site Preparation 88,000 D.17 14,960 FOUNDATION: Concrete, Bearing wells 97,931 1.92 1.88,028 FRAME: concrete, Reinforced 97,931 10.42 1,020,441 FLOOR STRUCTURE: Concrete on Ground 97,931 2.64 258,538 FLOOR DOVER: Hardener & Sealer 97,931 0.49 47,986 CEILING: Acoustical, Organic Fiber 19,586 1.1D 21,545 Suspended Ceiling 19,586 1.02 19,978 SUBTOTAINTERIOR LCONSTRUCTION: " • 41,533 Interior Con8truction, Masonry 97,931 1.89 185,090 PLUMBING: Plumbing 97,931 1,10 107,724 FIRE PROTECTION: Sprinklers 97,931 1.12 109,683 ELECTRICAL: Electrical 97,931 2.46 24D,910 EXTERIOR WALL: Tilt-Up Concrete 39,284 11.8E 465,908 Metal & Glass Panels 8,904 19.92 177,368 SUBTOTAL 643,276 TOTAL • • ,I 2,858,159 ARCHITECT'S FEES 5.04 171,585 REPLACEMENT COST NSW 97/931 30.94 3,029,744 IMPROVEMENTS NEW AS OF 6/90 3,972, 686 immunnnnnumnaunnunummnnnnnnnumnnnwmnuunmunnnnunnuinnnnnnunninnmuunnnuninnunnunnnuuumm�nmm�IIIIIM nIunuunnnuunnrrnnnonnuuunnnuinnnnnuuuunnninnumnulunnnunIIIUMMuunnunnm .:Y..i0895 A tJG - 1 - 91 TI-!U 1 .S. : 29 P _ p4 SECTION 2: OCCUPANCY: OFFICE BUILDING CLASS: B Reinforced Canc. Frame COST RARE: 2.1 Above Average EFFECTIVE AGE: 20 FEARS CONDITION: 3.5 Good maim OF STORIES: 1.0 AVERAGE STORY HEIGHT: 16_0 FLOOR AREA: 56,399 Sg. Ft. COST AS OF: 6/91 REPLACE: ENT COST COMPONENT UNITS CAST SEW FLOOR STRUCTURE: Concrete, Precast Joist, Slab. 56,399 6.92 333,882 CEILING: Acoustical, Organic Faber 56,399 1.09 61,475 Suspended Ceiling , 56,399 0.95 115 SUBTOTAL 454 INTERIOR CONSTRUCTION: Interior Construction, Masonry 10,575 19.08 201,771 PLUMBING: Plumbing. ,. . 56,399 3.71 152,841 FIRE PROTECTION: Sprinklers 56,399 1.38 77 ,831 ELEcTxiCAL: Electrical 56,399 5.85 329,934 EXTERIOR WALL: Tilt-Up Concrete 20,306 13.08 265,602 ROOF STRUCTURE: Precast Joists and ncrk 80,527 5.38 433,235 ROOF COVER: Built-Up Composition 80,537 1.18 95, 022 ELEVATORS: Freight Elevator. . ( 2 stops) 1 35,326 35,326 Elevator ( 2 Stops) . . 1 342,.673 242,673 Escalator, 4 97,076 386,304 SUBTOTAL 666,303 TOTAL 2,671,475 ARCEITECTTS FEES 6.7% 179,790 REPLACEMENT COST NEW 56,399 50.56 2,851,265 IMPROVEMENTS NEW AS OF 6/90 2,796,628 mmnnnuummmuuuum nin i numnmuummumummnimmumimnnmuummunuimmununuumuimnnuuimnuninmimuuinnuimmiinuimnnunmm�uuuimnnmuunnmmuun nimmuuu�mnmminnmmnimnlumimuuunmunnnni J1 -895 c=iU G— 1 — 91 THu 1E. 0 31 P _ 95 SUMMARY TOTAL COST NEW 1: INDUSTRIAL MANUFACTC81MG 3,029,744 21 OFFICE BUILDING 2,851,255 TOTAL COST 5,882, 009 ADDITIONS: CASSIONS 335, 000 AVAC SYSTEM 483,111 TOTAL COST 6,498,120 Cost Data by MARSHAT.T. A SFfIFT munmm mmmmmmmm mmmumummmmmmmmmmumummmmnnumm nnmmm oum umu me0mnmmmnnmmmmmmnmmm mnnnmmmmmummummmmnnummmnmumummnummmmnmunmm mnmmnnmmmmm 91C89l AU a - 1 - �i 1 T HU 1€:a1 e _ es COST ESTIMATE FOR: NA PROPERTY OWNER: C-13 ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: EA ocCUPANCY: STORAGE WAREHOUSE CLASS: B Reinforced Conc. Frame COST HAWN: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3,5 Good NUMBER OF STORIES: 1.0 AVERAGE STORY BEIG$T: 22,0 FLOOR AREA: 274,389 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST MEW ExcAVATION & SITE PREPARATION: Site Preparation 274,389 0.15 41/158 FOUNDATION: Concrete, Searing walls 274,389 1.74 477,437 FRAME: Concrete, Reinforced 274,389 9_40 2,579,256 FLOOR STRUCTURE: Concrete on Ground 274,389 2.45 672,253 FLOOR COVER: Hardener & Sealer 260/670 0.46 119,908 Vinyl Tile 13,719 2..64 36,218 SUBTOTAL 156,126 CEILING: Acoustical, Organic Fiber 13,719 1.05 14 ,405 Suspended ceiling 13,719 0.96 13,170 SUBTOTAL 27,575 INTERIOR CONSTRUCTION: Interior Construction, MaSOnry 137,195 0.76 104,268 PLUMBING: Plumbing 274,389 0.66 181,097 FIRE PROTECTION: Sprinklers 264,000 0.98 258,720 ELECTRICAL: Electrical 274,389 1.15 315,547 EXTERIOR WALL: Concrete,Precast 56,337 12.76 744,380 Pilaster 61,407 0.71 43,599 Metal & Glass Panels 3,070 18.86 57,900 SUBTV AL 845,879 ROOF STRUCTURE: Precast Joists and Deck 274,389 5.14 1,410,359 ROOF COVER: Built-Up Composition 274,389 1.18 323,779 TOTAL 7,393,454 ARCHITECT'S DEER 5.7$ 421,920 REPLACEMENT COST NEN. 274,389 28.48 7,815,374 nuutnuuunnnnnuuimiwunnumnmmuinnuunuunninnnuninnnnmm�uunnunImnnnunnnunnuunnuimnnnumuunnnnnnnnnnnununnnnnunIMmnunnninnunmuMMIIInnimnonnnununnmMmunnumnMmnnmimaxnnn 91U895 AUG- 1 - 91 1" 44 Li 1 E. 44 p _ Hg OCCUPANCY: STORAGE WAREHOUSE REPLACEMENT COST COMPCN7NT UNITS COST NEW ADDITIONS: 150,000 CASSIONS 1IVAC 415,350 Tura COST 6,380,724 IMPROVEMENSS NEW AS OF 5/90 7,754,807 Cost Data by MARSHALL S SWIFT nnnumnnnmumm�umrrrrnnnnnmxmmnnrnnnnnunnnnnrrrnnrrrrrrrrurrrrrnmrxrnumm�nnnnerxmmumnrumrummnnunnuuuuxmnnmxuuunnnmm�mm�nuuunnunnrxuuuummmunnnuumunurmwnunnumnuununnxwmu 911895 AUG- 1 - 91 THU 16 : 5 F . 1 l COST ESTIMATE FOR: C-15 PROPERTY OWNER: NA ADDRESS: NA SURVEYED BY: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE RARF3OUSE CLASS: B Reinforced .Cane. Frame COST RANK: 2.1 Above Average EFFECTIVE AGE: 20 YEARS CONDITION: 3.5 Good :NUMBER OF STORIES: 2.0 AVERAGE STORY HEIGHT: 10.0 FLOOR AREA: 502,038 Sq. Ft. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 2°51,000 0.15 37,650 FOUNDATION: Concrete, Bearing walls 502,038 1.74 873,546 FRAN S: Concrete, Reinforced 502,038 8.99 4,513,321 FLOOR STRUCTURE: Concrete on Ground 251,019 2.45 617 ,507 Steel Joists, Cell Deck & Cone 251, 019 7.65 1,920,395 sUBTOTAL 2,537,802 FLOOR COVER: Hardener & Sealer 476,936 0.46 219,391 CEILING: Acoustical, Mineral Fiber 25,102 1.41 35,394 Suspended Ceiling 25,102 0.96 24,098 8VsT PI'AL 59,492 INTERIOR CONSTRUCTION: Interior Construction, Masonry 251,019 0.73 183,344 PLUMBING: Plumbing 502,038 0.68 331,345 FIRE PROTECTION: Sprinklers 475,200 0.87 413,424 ELECTRICAL: Electrical 502,038 1.15 577,344 E3TERIOR WALL: Connorete,Precast 83,296 12.82 1,067,855 Pilaster 87,580 0.71 62,253 Concrete and Glass Panels 4,384 16.76 73,476 SUBTOTAL 1,202,584 ROOF STRUCTURE: Steel Joists, Concrete Slab 251,019 6.70 1,681,827 ROOF OVVER: Built-Up Composition 351,019 1.18 296,202 TOTAL 12,928,172 ARCHITECT*S BEES 5.7& 737,768 REPLACEMENT COST NEW 502,038 27.22 13,665,940 them .,,,,,,,,mmimmulim 11iont1mmimmummnllpll nimnnnlmmnmmummulmnmwninnnnnuunununnuummMinnml.milimiu nummnlll m,...lmllmunimmnu m u m i m mumnnmmlmu mllllimm mlm ummmin Si1,S35 AUG- 1 - 91 T A U 1 6 : 5 0 R - 1Z 3 OCCUPANCY: STORAGE VAMOOSE REPLACEMENT COST CoMPORIENT UNITS COST NEW ADDITI0NS: 854,250 7iVA!' 65°,000 TO ,per CAISSOCOgT NS 15,170,190 IMPR0'VEMENTS MEN AS 08 6/90 13,560,033 Coat Data by MARSEALL & SWIFT nmmmmmmm mmmmmmmwmmmmummmmnmmummummmm mwmmmmmm wmmwmmmmmmmwmmnnmmwmmm mmmw wwmmm mmmwmmwmw nmmnmmw mmmwm mmmmwmmm nnn 911.895 Q Ii C — 1 — 91 THIJ 1 e. _ 4e F• _ 1 0 COST ESTIVATE FOR: C-16 PROPERTY OWNER: NA ADDRESS: NA SURVEYED By: TAA DATE OF SURVEY: NA OCCUPANCY: STORAGE WAREHOUSE CLASS: B Reinforced Conc. Frame COST R1AWS: 2.1 Above Average EFFECTIVE .AGE: 20 YEARS CONDITION: 3.5 Good NUMBER OF STORIES: 1.0 A E RAGE STORY HEIGHT: 25.0 FLOOR ARIA: 254,027 Sq. Pt. COST AS OF: 8/91 REPLACEMENT COST COMPONENT UNITS COST NEW EXCAVATION & SITE PREPARATION: Site Preparation 254,027 0.15 38,104 FOUNDATION: Concrete, Bearing walls 254,027 1.74 442 , 007 FRAME: Concrete, ReinPerced 254,027 10.08 2,560,593 FLOOR sTRUCTURF,: Concrete on Ground 254,027 2.45 623 , 366 FLOOR COVER: Hardener & sealer 231,165 0.46 106,336 Vinyl Tile 12,701 2.64 33 ,531 SUBTOTAL 139,867 CEILING: Acoustical, Mineral Finer 22,862 1.40 32,007 Suspended Ceiling 22,862 0.96 21,948 SUBTOTAL 53,955 INTERIOR CONSTRUCTION: Interior Construction, Masonry 127,013 0..81 102,881 PLumEING: Plumbing 254,027 0.66 167,658 FIRE PROTECTION: Sprinklers 245,000 1..00 245,000 ELECTRICAL: Electrical 254,027 1.15 292,131 EXTERIOR WALL: Tilt-Up Concrete 48,714 11.33 551,930 Pilaster 51,275 0.71 36,407 Metal & Glace Panele 2,554 18.86 48,357 SUBTOTAL 636,694 ROOF STRUCTURE: Precast Joists and Deck 254,027 5.14 1,305,699 ROOF COVER: Built-Up Composition 254,027 1.18 299,752 TOTAL 6,906,706 ARCBITECT'S FEES 5.73 394,143 REPLACEMENT COST NEW 254,027 28,74 7,300,849 nwoimnnummnummnnnnOMMUIMUMHunuunuIMMIHNIMUMODIMUDI OUDIII unmmIMMO nn OOIMMm.mmmnmmmmmMUMUOI UMNIUMHMAI n UONMUMMUHHHOMOHNnnmmnnnm.®ennnnmuuuum : 11:895 ; 1 ,,, •A a r' -._ - 4 n ..y� . �{� �, x e'q T �� 1 1 4 ',we i r... 5 4 / .. yY 1... iY1. `^ [u� � 40. v t !I „I t III!..'h brio,Sr..,.., ,, ) 1/4 'A$ t.. 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