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Home My WebLink About95-00499 \ ' EXHIBIT 3 Page 3 of 6 I I> I Harrisbura General Area Data (continued) The Harrisburg-York State Airport is located on the west shore within 10 minutes of downtown Harrisburg and it has been operating as a private and light freight airline service. I \ I I \ I b I \ I I I I \ ...J \ I .Local transportation is provided by the Capital Area Transit system and the Greyhound lines and Capital Trailways provide inter-urban transportation. The is a wide diversity of industry located in the Harrisburg metropolitan area. Some of the national concerns located in the area are Bethlehem Steel, Caterpillar Tractor, Quaker Oats, AMP Incorporated, American Can, RCA and Hershey Foods. Products manufactured by these concerns include steel, tractors, shoes, floor tile and acoustical ceilings, cereal preparations, solderless electrical terminals and tools, food canning, electrical appliances, chocolate candy, office equipment and tractor-trailer bodies. There is a wide variety of cultural facilities within the Harrisburg metropolitan area. These include the $10 million State Museum, the Forum which is the home of the Harrisburg Symphony as well as accommodating visiting artists, and the State Library. Entertainment is also provided in Hershey which is located within a few miles of the City of Harrisburg. The Hershey Arena is the home of the Hershey Bears ice hockey team and is used for events such as the Boston Pops, Ice Follies, Ice Capades, and English bands such as the Coldstream Guard Band and the Royal Grenadier Guard Band. Small types of entertainment such as plays and symphonies are presented in the Hershey Theatre and Founders' Hall. In addition, Hersheypark is a famous amusement park. The cumberland County area lies directly across the susquehanna River from Harrisburg and is a rapidly growing area as it is centrally located in the heart of the great eastern market. This area is convenient to all the amenities previously outlined for the Harrisburg metropolitan area as it is a part of that area. Cumberland County is located in the southcentral region of pennsylvania in the Great Kittatinny Valley and west of the Susquehanna River which forms its eastern boundary line. Adjoining counties include York and Adams ~o the south, Franklin to the west, Dauphin to the east and Perry County to the north. " I' I I") I Harrisbura General Area Data (continued) EXHIBIT 3 Page 4of6 b I I I I I I 1 1<D I CUmberland County is comprised of 550 square miles, 40th place by size, ranking among Pennsylvania's 67 counties. Twelve boroughs and 22 townships make up Cumberland County. Carlisle, which is the county seat, is its largest town and it lies approximately 18 miles from Harrisburg, the state capital. Cumberland County's population increased from 158,777 in 1970 to 179,621 in 1980, an increase of 13.6%. By the end of 1985 the population increased approximately 5.3% to 189,100. Through 1988 Cumberland County's population is expected to grow approximately 3% or 1% per annum. Other characteristics of the county's 1985 population include a median age of 33 years, 70,500 households and a median household effective bUYing income of 527,351. The latter figure represents an increase of only .2% above Cumberland County's 1983 median household effective buying income which was 527,298. Economic demographic, social and physical factors affecting the marketabilitv and value trend of real estate in the Subject locale include: A strong transportation center due to the location of the interstates and its advantageous location to the eastern markets. New construction of office bUildings, truck terminals, warehouses, industrial facilities, etc. Expanding population base including available skilled and unskilled workers. In summary, the rising population and income of the general area will aSSure the continued need for goods and services and the transportation system to provide them. i EXHIBIT 3 Page 5 0/6 Harrisbura General Area Dat~ (continued) Laraest Emclovers in Harrisbura Emolover Emclovees I I I I I , I 'Ix> Commonwealth of Pennsylvania Mechanicsburg Naval Depot AMP, Inc. Hershey Foods, Inc. New Cumberland Army Depot Pennsylvania Blue Shield HERCO Harsco Corporation Kinney Shoe/Service Corporation Hershey Medical Center Harrisburg Hospital Health Bethlehem Steel Corporation IBM, Inc. GPU Nuclear/Three Mile Island POlyclinic Medical Center Harrisburg Post Office Conrail Army War College Davenport, Inc. Giant Foods C.H. Masland Sears Holy Spirit Hospital Rite Aid Corporation Weis Markets Bell of Pennsylvania Dauphin Deposit Bank DuPont Electronics 23,000 7,800 7,700 6,154 4,489 3,725 3,590 2,900 2,570 2,475 2,230 2,100 2,000 1,989 1,950 1,734 1,650 1,550 1,500 1,449 1,400 1,400 1,390 1,382 1,261 1,240 1,207 1,080 (Source: Pennsylvania Bureau of Employment Security) I I I I -/ ,0 'I I . I: EXHIBIT 3 Page 6 of 6 I Harrisbura General Area Data (continued) ~ ll.!l..S. lla1. ~ I TOTAL EMPLOYMENT. 276,900 293,400 305,500 Manufacturing 52,000 52,000 49,100 Durable Goods 24,200 23,800 23,800 Non-Durable Goods 27,900 28,200 27,510 Non-Manufacturing 224,800 241,400 256,400 Mining 400 300 400 Construction 10,300 12,300 11,400 Transportation and Public Utilities 18,100 18,100 18,400 Wholesale Trade 16,000 17,300 18,400 Retail Trade 45,400 49,200 53,900 Finance, Insurance and Real Estate 15,100 17,100 17,500 Services 55,700 61,400 69,600 Government 63,900 65,700 66,000 Federal 14,400 14,400 15,000 State and Local 49,500 51,300 30,100 Source: Pennsylvania Statewide and Major Labor Market Areas Industry Trends and Outlook Non-Agricultural Wage and Salary Employment For 1985 and Projected 1995 Commonwealth of Pennsylvania Department of Labor and Industry Office of Employment Security Spring, 1987 I I I I I ;;""'\ '-" I I * Does not include self-employed persons and self-employed contractors. Wage and Salary employment includes approximately 92t of all employment on a statewide basis. Includes count of jobs and not number of employed persons I some individuals mey hold more than one job. Job count is based on full-time equivalents aa defined. . - Io1:L~L.... t "O_""_''"'''',""~'h..~~~~_:'<<<~'''"~''''.''~'''''-' I' ~Midstate's top employers Here is a list of the top employers in DauphIn, Cumbsrland and Perry counlles, northern York County and western Lebanon County and the number of theIr employees: EMPLOYER EMPLOYEES Commonw.alth 01 P.nnsYlvan'a ....... 27,589 Blue ShIeld ......................................... 6.585 H.rsh.y FOOds Corp. .......................... 6,500 H.rsh.y M.dlcal C.nl.r .......,............. 5.550 NaVY Ships ParIS Control C.nl.r ........ 4.900 AJAP Inc. ........................................... 4,500 H.rsh.y Enl.rlalnm.nl & R.sor' Ca. . 4,151 D.'.ns. Dlslrlbullon R.olan Easl ....... 4.136 Klnnev Shoes/Servlc:e Corp. ............... 2.600 Potycllnlc M.dlcot C.nt.r .................. 2.422 Capital H.alth Sysl.m ........................ 2,337 GianI Foods ........................,.............. 2.316 Dauphin D.poslt Bank & Trus' ,.......... 1.804 Copllal Blue Cross .....0........................ 1,800 Holy Spirit Hospital............................ 1.652 RIt. Aid Corp. .................................... 1.650 Unll.d Parc.t S.rvlce ........................ 1.530 B.,hl.h.m SI..t Corp. ........................ 1,500 'BM/Morrlson.Knudson ...................... 1.485 C.nlral Dauphin Schoot Dlslrlcl ......... .1,450 U.S. Army War ColI.g. ...................... 1,440 Harrisburg Pas' O/flc. ....................... 1,430 Wels Mark.,s ..................................... 1.412 Conrail ............................................... 1,325 I EI.clronlc Data 5vsl.ms .................... 1.300 q' C.H. MaSlond & Sons .......................... 1,300 orris burg School Dlslrlcl ................. 1.275 -. oOdway Expross .............................. 1.240 Carlisi. Hospllal ................................. 1.100 GPU Nucl.arlThr.. Mlto Islond ........ 1.100 Unll.d T.'.phon. ............................... 1,093 Carolina Frolghl Corp. .......................... 995 PNC Bank ............................................ 991 Clly 01 HarriSburg ................................ 988 W.st Short SChool Dlslrlcl .................... 961 P.nn Nallonol Roc. Cours. .................. 960 SUP.r RII. Foods ...................................925 B.It 01 Pennsylvania ............................. 904 Davenpor,s Inc. .................................... 900 Fry Communlcallons ............................ 896 Gannell F'.mlng Inc. ............................ 885 P.nnSylvanla Pow.r & Light Ca. .......... 812 ABF Fr.'ght Syst.m Inc. ...................... 800 Shlppensburg Unlv..,lty ,...................... 789 /~. i i.J.) EMPLOYER EMPLOYEI!S Rehab Svslems ..................................... n5 Sook-ot.lhf.Month Club ......................... 762 Nallonwld. Insuranu Group ................. 735 Inv,rsOIl Rond ...................................... 70S Commun'tv G.n.rat OSI.opathlc Hasp.. 700 Cumb.rland Valt.y School Dlslrlct ....... 619 DuPonl EI.clranlcs ............................... 675 Boscoy'S ............................................... 660 COPilot Aroo In'.rmOdlal. Unit ............ 650 Mellon Bank ......................................... 650 Waf.Mart Stores/Sam's ......................... 633 Dickinson ColI.g. .:............................... 619 Milton Hersh.y School.......................... 612 Penn Naflonal Insurance ..................00.. 600 Appl.'on Popers Inc. ............................ 600 Carlisi. School District ......................... 597 P.Opl.s Drug Slor.SlCVS ..................... 575 Phlco Insuranc. .................................... 560 Carll st. Tlr. & Rubb.r Co. ................... 550 Palrlol.N.w> Co. ,.................................. 549 Carlisi. Synt.c ...................................... S46 B.'slI. Co. ............................................ 540 I( mart .........00...................................... 532 PPG Induslrles ..................................... 530 S.ars .................................................... 530 HarriSburg Ar.o Community ColI.g. .... 510 Th. Bon. Ton ......................................... 508 Mossloh ColI.g. .................................... 500 Quok.r Ools Co. ......................,............ 500 P.nn Slal..Horrlsburg .......................... 500 Hollman Mills Inc. ................................ 500 Hollda., Inns ......................................... 498 K.yston. S.rvlc. Syst.ms Inc. ............. 460 Ov.rnll. Tronsporlollon Co. .................. 450 Fox's Mark.,s ....................................... 432 Hempt Brolh.rs .................................... 425 Blu. Rldg. Nursing Homos ................... 400 EII,ab.'htown Colleg. ................,.......... 400 M.chanlcsburg School Dlstrlcl .............. 399 L.od.r Nursing Ham.. ,........................ 399 F.deral BUilding ................................... 396 Colhollc DloCoson C.n'.r ...................... 388 Derry TwP. School Dlslrlcl ................... 382 Harris Savings Bank ............................. 377 EMPLOYER EMPLOYEES F.sllvol Foods ...................................... 37S Chromalloy Am.rlcon Corp. ................. 374 Low.r Dauphin School Dlslrlct ............. 373 Lltll. TlktSIRubbermold ....................... 370 Novlng.r's Group Inc. .........................., 366 Brubak.r Tool Carp. ............................. 358 Pennsy SUpply...................................... 347 Harsco Corp. ...........,............................ 343 Mlddt.tawn School Dlslrlct ................... 330 Am.rlcan Ttl.phon. & T.'.~raph ......... 330 Jack Gaugh.n R.allor Group ................ 310 L.B. Smith Inc. ..................................... 310 GS EI.ctrlc ........................................... 302 Po. Commul.r AlrllntS ......................... 300 Harrisburg Hilton ................................. 300 ICeland Food Corp. ............................... 300 Tru. T.mp.r Corp. ............................... 300 Capital Bak.rs ...................................... 299 Johnson Balli. Sho.. ..,......................... 296 AOW ..................................................... 276 Palhmork ............................................. 259 Harrisburg Marrloll Inn ....................... 257 DOYlon ParIs Inc. ................................. 253 East P.nnsboro School DIslrlcl ............. 250 H.ss's ................................................... 250 Harrisburg Pap.r Ca. ..,........................ 250 G.R. Sponaugl. & Son Inc. .................... 250 SuSqu.hanna Twp. School O'strlcl ........ 250 Froo Switch & Manulaclurlng ............... 248 Alpin. Nursing Ham. ............................ 247 John Wanamaker .................................. 240 UGI ......................................................231 H.B. AI.xonder Componl.s ................... 219 Gr.1t Co. 0' G.ntSca ............................. 215 H.rsh.y Cr.am.ry ...........:.....................210 Comm.rclal Union Insuronc. Co. ......... 203 CI.onl.om BUilding S.""c.. ................ 200 Conlln.nlal M.dlcal Systems ................ 190 Meridian Bank .......,..,........................... 186 Your Hair Connecllon ........................... 177 R.ev.s.Hollmon .................................... 160 Sources: Palrlot.NliWS Reosearch Depar', m.nt, UnltOd Way at Ihe Capitol R.glon. . . . , Ave",,:a 'l; ,\vCI'Jl:c '); MU"~lly a':mJ~c f,nnu.11 Ch;u,co Employmcne Fran, 1 ~~ I W.ea Fran, 1991 CUMOERLAND AcriClllwro. Foromy, ."d Fi.hInC 99,667 .6 24,113 5.8 ConltNctlon 4,194 .5.5 27,~02 3.5 Honur.ceurlnC 13,590 .3.~ 20,553 5.9 Tnn,pol'Cltlon 32,J25 ."d Public Uellitl.. 8,732 2.5 6.4 Ro~1I Trodo 21,210 ..8 12,500 7.4 Ananca, Inlunnco, ."d Ra>I Estlleo 11,321 7.9 26,700 7.0 SOrvlCDI 24,367 :1.6 23,236 4.3 DAUPHIN Acriculwro, Foronry, ."d Aahlne 150,290 0 25,745 5.2 Construction 5,939 -7.5 2~ ,000 3.7 Honur.cturlnc 22,040 .2.1 33MO 0.6 Tnn'pol'Cltlon ."d PubllcUtllltlo. 7,768 .3 32,550 3.9 Roall Trodo 20,771 1.3 12,510 5.6 Rn;ncc, InIU~CO ."d 11.0:11 E.~to 8,875 .11.6 25,340 .6 Servlccl J6,372 4.1. 21,9~9 6.1 LANCASTER Acriculwro, Foro.try, .nd FI.hlne 2.674 .5 19,179 0 Connructlon 10,352 .3.6 28.596 4,7 M~nu(:acturlng 55,651 .7 29,729 4.7 T~nsport:1llon ."d PubllcUtllitlc. 7,159 .1.9 30,262 5.4 Rotoll Trodo 36.162 ,9 12,623 4.3 Fln:ancc. Inlu~nco :and Re:1I Est:UD 0,950 5.2 25.359 6.9 Servlcel 37,779 J.1 20,750 4.8 <D LE8ANON Constr\lctlon 1,420 ..8 22.957 5.2 Honur.ceurlnC 10,700 .2,2 24,099 7.0 Tnn,pol'Clelon .nd Public Utilities 1.465 5.1 24.976 1.6 Rotoll Troda 0,114 1.1 12,758 3.0 Fln:anco, I"sunnee, ~d 11.0.1 EIl.eo 1,512 1.3 21,292 9.7 Services 6,074 3.6 20,106 5.1 PERRY Construction 5J1 9.0 21.583 14.5 M3nufacturlng 961 .7.1 17,650 10.5 Tnnsporcltion .nd Public Utlllt\c. 552 19.0 18,075 23.9 ROe.1I Trodo 1,390 2.0 10,990 5.0 Fln:anco, Inlur:mcc, ilnd 11.0.1 E...ea 250 1.2 16,712 5.6 Services 920 6.2 12.150 3.3 YORK A&r1culturo, Foronry,."d A.hInC 889 .2.6 - 13,480 -6.1 ConsU\lcdon 6,971 .7.9 26.408 .3 MonuraceurlnC 46,901 .2.9 30,310 6.4 Tnn,pol'Cltlon ."d Public U.IIi.lo. 8,041 16.6 34,271 .3.8 Whol...la Trodo 7,234 1.1 25,596 1.0 Reali Trod. 31,285 .1.2 13,687 4.3 Finaneo, In",~nco, ."d Ra>I E....e 4,796 5.0 25.682 10.2 ServlcDs 27.808 3.7 20,548 5.2 s.u,....,..."".,.."'LI U"lmp'oJIMM C:..."INaLion S",.Iuk~ P,....ld... by 'Irw)111'1"la D'plf'\lMnl Df Li... & 11'd",,'7. Dw,,,, 01 Au..rch I Sc,a'hUu. .z....... J _:_~......,-.......,.,~_'__.ri~....,._..."".~.,-_...'''.~,.~,.....~''''.,'~.",!"\.,,.>;-.l'!~""'-1'!1'i!"'f-Zf~~"''1!'~l<..t->-;~. .#.'..H"'''''''','_''''c._' . . I' I o I b '....J ! , CACI DE"OGRAPBIC AND INCO"E FORECAST HARRISBURG, PA Population Households Average HH Size Families Per Capita Income $ HOUSEHOLDS BY INCOME HH Income Base < $15,000 $15,000-$24,999 $25,000-$34,999 535,000-$49,999 $50,000-$74,999 $75,000-$99,999 5100,000-5149,999 $150,000+ Median HH Income Average HH Income POPULATION 9~ AGE 0-4 5-14 15-24 25-44 45-64 65-74 75-84 85+ Median Age POPULATION B~ RACE White Black American Indian Asian/pacific Other Races Hispanic Origin. 1990 Census 52376 21520 2.39 11829 11037 1993 5 53265 21992 2.38 11948 12862 1990 Numbe r \ 54596 22764 2.36 12073 $ 13228 SITE: Geographic Area 1998 1993-1998 Change 1331 772 -0.02 125 366 Annual Change 0.5\ 0.7\ -0.2\ 0.2\ 0.6\ 1993 Numbe r \ 1998 Numbe r \ $ $ 21992 6983 4418 3793 3329 2280 702 314 173 23663 30531 100.0 30.8 20.1 17.1 15.6 10.6 3.4 1.6 0.8 8.3 16.1 13 .1 31. 0 19.2 6.2 4.4 1.8 38.1 53.7 0.3 2.2 5.8 9.2 Income data from the 1990 Census are sample data; all other 1990 data are complete-count. Sample data are subject to sampling variability and may differ from complete-count totals. Income amounts are expressed in current dollars for 1990 and 1993; 1998 amounts are in 1992 dollars. · Persons of Hispanic Origin may be of any race. copynght 1993 $ $ 21450 8080 4572 3483 2744 1794 459 184 134 20329 26386 4619 7468 7529 17473 8491 3633 2412 751 31. 8 22306 26502 147 920 2501 4022 100.0 37.7 21.3 16.2 12.8 8.4 2.1 0.9 0.6 8.8 14.3 14.4 33.4 16.2 6.9 4.6 1.4 42.6 50.6 0.3 1.8 4.8 7.7 CACI (800) 292-2224 4633 8087 7150 17567 9018 3590 2379 831 32.6 21629 27704 145 1027 2759 4455 100.0 31. 8 20.1 17.2 15.1 10.4 3.2 1.4 0.8 22764 7021 4580 3885 3546 2424 771 356 181 24289 31124 $ $ 8.7 15.2 13.4 33.0 16.9 6.7 4.5 1.6 4536 8774 7137 16925 10498 3362 2386 968 34.0 40.6 52.0 0.3 1.9 5.2 8.4 20789 29303 139 1211 3153 5011 FAX: (703) 243-6272 9/17/93 I I o b: I I I I I I o I I 1123.01 1123.02 1123.03 1123.04 1IZ3.05 11 23.06 .. ..-.--......--.....-.---- ---~- ";.' ARTrCLE 1123 C CommerC:oll General Oistrict Comp If ance Per::!i ~~eoj uses Sui laing heig'"1t 1 :m;t Percentase of lot o:::verage Ocen space 'f arc s 1123.07 Screen planting 1123.08 Off-street parking, and access drives 1123.09 Plan and information appl fcation loading areas for permi t CROSS RE~~~ENCES District coundaries - see P. & Z. 1111.03 et seq. Uses not ~ro'tide-: for - see p, & Z. 1141.01 (j) Sisns - see P. & Z. 11.15.03 et seq. .' 1123.01 COMPL!ANCE In the Cc~mercial General District the following regulations shall applJ (Ore. ea-18 Passed 12-16-6a) " 1123.02 ?~~~I,i~J US2S ?!~~;t:=d uses shai: :e as fo~lows: (a) (, ) ,0 (c) (d) (e) (.., , , (g) (h) (I) (j) (k) (1 ) (m) (n) (0) (p) (q) (r) ~e:aii stOres and shoos Persona i ser',; ce shops. Susiness, professional or govern~ent offices,' ban~s, financial, or similar lending institutions. Clubs, lodges, theaters, and recreation centers, including indoor and outdoor uses and other places of assembly. Motels, hotels, restaurants, cafes and other places serving food and drink. Autcmotive garage, gasoline service station ( see Article 1141) and automobile sales lot, when accessory to a new car sales agencJ. Contractors or farm equipment sales and service Warehouses, and wholesale businesses. .ruck terminals and transfer and distribution centers. Mor~uary or undertaking establishments. .heaters, radio and television studios. Municipal or Federal buildings or uses. Public utility facilities. (See Article 1141) Signs when erected and maintained in accordance with the provisions or Art i cl e 11.1:;' Accessory uses and buildings customarily incidental to the above permi tted uses. . Mobil home parks, when in compliance with the applicable regulations of Article 1185 Parking lots, public or private No outside storage of materials or processing activity shall be permitted unless the activity is effectivelJ screened from the adjacent properties by a wall or fence. (Ord. 82-4 Passed 6-14-82) " I o I I 1123.03 BUILDING HEIGHT LIMIT No building shall be erecteo to a height in e.~cess of thirty-five feet. Howe'ter, this height 1 Imf t may be increased one foot for each additional foot that the width of each yard e~ceecs the minimum required (Ord. 6a-18 Passed 12-16-63 ) 11 23.04 PERCENTAGE OF LOi COVERAGE ihe principal and accessory !:uildings on any lot shall not cover more than fifty percent of the area of such lot. (Ord. 68-18 Passed 12-16-68) 1123.05 OPEN SPACE. No less than ten percent of the lot area shall be covered with lawns and planting (Ord. 68-18 Passed 12-16-68) I CD 1123.06 '(ARDS Yarcs of the following minimum depths and widths shall be provided. Howe'!e! in no case shall ;/ard depths be less than sht:! percent of the width of the legal right-of-way of the street on whiCh the lot or tract abuts, except that where the legal ri~ht-of-wa:l is 100 feet or ;nore in width, the :lard depth shall be sixty fe! (al :"in~mum front ;/ardcepth shall be thirt:l feet, e~cept as hereinbefore pravi ced. (b) ihe t:.o side :lards shall each ha'te a width of ten feet, provided that '..hen mutual agreement is provided in writing by the adjoining property owners, no side yard shall be required where two or more commercial uses adjoin side to side. Howe'!er, in no case shall common walls be permitted bet'fleen properties of separate ownership. In the case of a series of adjoining structures abutting and paralleling a public right-of-way, and open and unobstructed passage of at least twenty feet in width shall be provided at grade le'!el at intervals of not more than 400 feet. (c) Rear yard depth shall be thirt:l feet. . (e) Where a commercial use adjoins a residential district, a buffer yard s:! be required in addition to the above yards. The buffer yard shall be ~ a dimension not less than the minimum side vard reouired for the resier district and shall be covered with lawns and planting. The 'flideh of the required yard. (Orc. 78-3 Passed 4-10-78) 1123.07 SC~EEN PL~NTING . Screen planting shall be provided as required in Article 1141 (Crd. 6a-1S Passed 12-16-68) 1123.08 OFF-STREET PARKING, LOADING AREAS AND ACCESS DRIVES. :~~ Off-street parking and loading space and motor vehicle access shall be provided in accordance with the provisions of Articles 1147 and 1149. (Ord. 68-18 Passed 12-16-68) I , I I I ,C) I I I i I. i I I I I P ,. I o I I I I I 1 I'J , .' .' ., .. ......-"....... .... ........... 1123.09 PL..\," AllO I:IF'JRMATION FOR PE,~M1T APPLICATION All app! ICI:lons for use, whether for new ccnstr~ctlon. re~alr, remodeling of alteration, shail be subject to the re'lie\~ of the Planning C"'!r.mission and approval of the Ccmmissloners. The application for a permit shall be accompanied bl a plan for the development of the area drawn to scale, and shall Include among other things: (a) The location, boundaries, dimensions and ownership of the land to be Included. (b) The location. use and ground area of each proposed building and other structures. (c) The location. dimensions, arrangement and proposed use of ell open spaces. yards, accessways. entrances, exits. off.street parking facilities, loacing and unloading facilities. penestrian ways and buffer s tri ps. The capacity for all areas to be used for automobile access, parking, loading and unloading. The character of the buffer area and screening devices to be maintained Including the dimensions and arrangements of all areas devoted to planting lawns, trees or similar purposes. The provisions made for sewage disposal, water supply and stor:;'l drain- age Including a suitable contour map of the area. A description of the proposed operations in sufficient detalj to indicate the effects of those operations in producing noise. glare, air ponution, water pollution, fire hazards, traffic congestion or other safety hazards. . (h) Engineering and architectural plans or, at the discretion of the Planning Commission, a description of the methods to be employed In controlling any excess noise, air pollution, water pollution, fire hazard or safety hazard. En9ineering and architectural plans, or at the discretion of the Planning Commission, a description of the methods to be used for treat:;'lent and disposal of sewage and wastes. Oesignation of the fuel proposed to be used and any necessary architec- t~al plans, or at the discretion of the Planning Commission, a descrip- tion of the methods to be. used.Jar controlling smoke and fumes end other air pollutants. The proposed number of shifts to be worked and the maximum number of employees on each shift. The proposed ground water requirements stated in ter.ns of estimeted maximum usage per minute, per day or per week; seasonal variations sha 11 be sta ted. (Ord. 74-10 Passed 8-12-74) '. (f) (g) (i) (j) (k) (1 ) (d) (e) " I .Stock Indices TueodIy 1 Wftk AIO 5I3M5 51231i5 'IoCIl9 ('"\ : OJIA 437ua "3lI" -1.30 . S8P 500 523 58 5285e -(U5 I NYSE C"",, 281.87 263.80 .0.68 I Am.a Como 4e1.33 m.811 -4.07 . NAS~AQ COm. 85l1.70 87e.84 -2.38 . Economic Oats 199t 1995 1996 1991 . 5&J' \00.\15.\1 . EalNngI S3\.7e S35.25 135.50 137.00 I OMotnOl S\3.\8 S13.70 S\4.60 S\5.50 PIE IB.IOO. wr'IOo",1 16.51 1..Slx IU, 1..21 Curr.nt y"ld 2.5. 2.6. 2.S. 3.0_ I Money Rates n.," t,.t. ar. OutOthn.IIO general trend.. They do not repr.llnt aClull tranSlC. . lIOnS 01 tndMClUllltaJnll.l. TueodIy 1 "t'Ck Aao . \fC'Cu AIO 1 Year Ato 500'95 51231i5 5I2Ill5 512_ Pnmt RII. 900 9.00 eoo 7.25 Feoer.' Funes 8.1e 8.00 8.00 4.25 58 Mlrg'" Bill Rile 8.25 8.25 8.25 8.50 Monty Fundi Cllh Port 5.58 5,57 580 3" , Tal.Fr.1 MOtlty Fund 3.57 3.i7 3.97 2.28 MUIlI CA Monty Maru' 3.7 3.67 3.85 2.\7 Munu.l P,.Ierrles 510(1( 4,10 '.05 '.25 2.85 7.0.... MunICIPal FlOallr (AMTI 3.75 '.25 '.75 300 INon.AMT) 3.60 '\0 ..0 2.85 I . Bond Markets () I Treasury 8Uls. NOles 6: Bondi 3-Montn Bill 5.89 5.7' 5.55 '.\3 6-MontnBlll 5.72 5.74 5.81 4.84 2.Yllf Not. 5.78 5.811 8.28 5.78 SOY.., Not' 5.96 8.09 8.60 8.'9 llHear NOlI 8.28 8.38 8.88 7.07 3o-VII' Bond 8.64 6.74 7.19 7.35 , Municipal OBI ~."~ 5.9l 6.08 8.\3 ,58 Revenue Bond Indu" HOlQlt11 8.'0 8.50 8.50 8.85 Esslnllal Svc.. UliliTy 5.95 8.\0 8.35 8.30 EIKlnc Utlhfy 6.05 8.20 8.'8 8.35 Slngl. Fam. Mon;.o. IAMTI 8.30 8.'0 8.55 8.70 I INoOoAMT) 8.10 8.25 8.30 8.50 : Corpol'u: Bonds (InYlltm.nl.Gradl Quality) , ShOn. Tlnn 8.15 8.\5 8.45 6.10 , InlermeOlate 6.85 6.90 7.33 7.50 I ~g.T'rm 7.'5 7.50 7.85 6.00 I ! TIUlUry.Backtd lcToI : Snort.T'rm 5.74 5.65 8.62 8.5' Inf,rm'Oiale 8.'6 8.58 7.09 7.30 Long- Tlrm 8.73 8.62 7.17 7.'6 I Hlab YIeld Bondi (lOoyr. Avg. MalUmy) : BB 9.10 g.07 9.43 g.55 , B 10.65 10.57 10.95 11.30 CCC 11.65 1\.60 12.80 \3.00 I I Preferred Stock {AI Yanke' 8.00 8.00 8.50 7.25 P'fI)'IUalS 7.65 7.88 7.50 7.70 IJ A.RP 7.53 7.&8 7.&5 8.05 RillS IJ ",5r.JQ'iS OOt,IfIfd 'rom IOUtt'S DI~ 10 bf~. No ~ramHl I" 0""10 IS ,,, ,=utlCV Nor tlsoonSD' #01 rypogtIDnICII.notI 't> 199\ Snulh B.tmel' Inc. Member SIPC. t.....klAIO 5I2IIl5 'loChQ 431808 .2.7g 514,26 .2.711 2n.,. .2.40 480.'3 .2.42 841.63 <4.52 t l'ear "10 512"' 'OC"9 375348 .11.20 '57.06 .15.85 252.8\ .\2.35 43i,62 .".3<4 73\.84 .20.23 CDs Tuc:td.tv t l'ear AIO 5I3OIll5 ~ TenD lnlC1'ft1 Rale Annual....l'ldd lnlCtat a&IC I.n1cn::II PUd 3 mo. 5.50 U \ NlA AI MalUmy 8 mo. 5.55 5.63 '.00 AI MaIUmy 1 yr. 5.70 5.70 '.85 AI MalUrily 2 yrI. 5.70 5.70 5.30 SomoannuaI 3 yrI UO UO 5.60 - . yrI. NiA NiA 8.00 Som&annull 5 yrI. NlA NI~ 8.15 SomoaMuaI COI It. F01CoWlIur,C1 tor PMClPII and I"II,r'l1 uP to S100M ....1M wn'''ll per oepoSrtor. per ItlltrlubOtt $' ,000 n\INfnUf1\ oepolll is rtQUlrtd. I Annuities I lcn,u. of G\w'UU<< \ I yr. 3 yr. I 5y.. 7 yr. \0 yr. Rate 6.6()4'.. 5.90''- 5.75''- S.75~. tU~. Riles reDre,ent Itlt,resl tlllI currentty avPaIlI. with VinouS fu.eOoralllMlJlty eontnlctJ sold tnrougn Smith Barney. MoIlIMUIbII carry fNe 10 ......n 'flItS ollun,naer wrg... TMr. III 10'.. wMaflWlI penany pnof 10 Igt S9~ Cia your Smith Barney Finane..! Consuttant for d.taiil. Futures Tundar t "'"11.'\10 4 "'"kJAaO 3 MOl. AIO !.130195 512M5 5I2Ill5 212&'95 Jun. S6P 500 523.50 530.00 5\8.85 4lI8.55 I Juno T.Bond' 112.30 110.2\ 105-14 10:l-3\ I AllgGoldl51 387.90 38&.&0 394.0 384.80 I July 5'''' Ie) 529.50 541.5 596.0 '56.5 July Cruo. 0' (51 16.76 \g.77 20.09 18.'9 I CRB lno" 232.75 23l1.'8 235.64 224.25 Convertibles TueodIy t'C'"k^iO t .....kI o\ao ncor o\aO 6130'95 ~3!95 ~'2195 612e.'94 H'llh IlMIlII!lOnl Qualrty BBB. Of &tne, Ylfld 6.07 6.2\ 8.28 8.\3 Pr.nwm 28.\9 25.90 27.8 27.' Bre.k......n (VB.) '.77 4.65 4.90 5.& NOle to Flru1ncW eonsW\ant.s. 'Mar\cetWalch"ls approved for cxle.......... To send 10 cllems or prospectS. affix your' ,'11" _;ad to this space and phOlOCOpy the page. NlA meenl lIgur.. not eveUeble thle week. . I' I ~ I I I I I I b Willi a m J. Day lor Presentallon of QuaUncallons . 4701 Do.onlhl", Rood, Sullo 101 lIorrhbu'1l, Ponnl)'l.onlo 17109 (717) 657.3711 FOlll (717) 657.1045 EXPERIENCE " . Reat Estatc Brokcr Uccnsc Numbcr: RB022123 . Statc Certlficd . Gcncral Appralscr . GA.000451.L . Rcal Estalc Managcmcnt . Rcal Estatc Appraising slncc 1962 DESIGNATIONS 1967 . ASA . Amcrlcan Soclcly of Appralscrs 1967 . SRA - Scnlor Rcsldcnllal Appraiscr 1975 . SRPA - Scnlor Rcal Propcrly Appralscr 1975 - CRA - Certlficd Rcvlcw Appralscr 1976 . MAl - Mcmbcr of Amcrlcan Institulc of Rcal Estatc Appralscrs - Certlficatc Numbcr 5620 .~ i' i<: .. .. TEACHING EXPERIENCE Pcnnsylvanla Slatc Unlvcrsily - Bcrks Campus and Harrisburg Campus Rcal Estatc Managcmcnt and Rcal Estatc Appraising Harrisburg Arca Communlly Collcgc Rcal Estatc Appraising and Rcal Eslatc Managcmcnt and Financc Soclcly of Rcal Estatc Appraiscrs Coursc 101 - Assistant Instructor EXPERT WITNESS I I I I I I o I I Cumbcrland, Dauphin, Lebanon, Pcrry and York Counties. Board of Rcvicw Cumbcrland, Dauphin, Lebanon, Perry and York Countics . Court of Common Picas TRAINING St. Vinecnt Collcgc Bachelor of Arts Dcgree In Economics nnd Finance Harrisburg Area Communlly Collcge Centcr Rcal Estatc Appraising Rcal Estate Financc Rcal Eslatc Principles Rcal Estatc Law Ryder Collcgc A.I.R.E,A. . Coursc Numbcr 14 (Condcmnation) Unlvcrsily of Pennsylvania A.I.R.E,A. . Appraisal Course Number 1 - Principlcs of Rcal Estatc Appraising , Willi a m J. Day lor Presentallon or QuaUncallons Poge 'IWo TRAINING (conllnued) 0> Drexel Inslilute A.I.R.E.A. - Capitalization Course Number 2 Delaware County Board of Reallors A.I.R.E,A. - Residential Course Number 8 r Villanova University Investment Analysis - Course Number 6 Society of Real Estale Appraisers Course Number 101 - Principles and Techniques Course Number 201 - Capitalization Apartment House Course Demonstration Report Writing Regression Analysis Feasibility Analysis Malh - Statistics - Finance I roo .~ r\tiil ! Thompson Business College General Real Eslate Course MEMBERSHIPS I I il I I :p I' Society of Real 'Estate Appraisers, SRPA, Senior Member - President 1967 American Society of Appraisers, Senior Member - President 1972 Greater Harrisburg Board of Realtors Pennsylvania Realtors Association National Association of Real Estate Boards Appraisal Institute American Right-of-Way Association National Association of Review Appraisers r Willi a m J. 0 a y lor Presentallon of Quallncotlons raue Three CLIENT REFERENCES I , " Lenders: . Amerifederal Savings Bank,. Belco Credit Union, . Central Pennsylvania Savings Association, . Commerce Bank, . Commonwealth of Pennsylvania (Department of Communicy Affairs. Department of Transportation), . Cores State Residential Mortgage Company, . DAFCU, . Dauphin Councy Redevelopment Authoricy, . Dauphin Deposit Bank and Trust Co" . Equitable Mortgage Company, . Federal Housing Commission, . Fullon Bank, . Hamilton Bank (A Cores StBles Bank), . Harrisburg Redevelopment Authorlcy, . Harris Savings and Loan Association, . Horizon Financial, . Landmark Savings Association, · Lender Services, . Mechanics Savings and Loan Association, . Meridian Bank, . Pennsylvania National Bank, . Penn Federal Savings and Loan Associates, . Sovran Mortgage Corp" . Triumphe Financial Corp. .. I .1 I I Schonl Districts: Cumberland Valley School District Lower Dauphin Valley School District Susquehanna Township School District ! I Townshlns ond Munlclnalllles: Highspire Borough Lower Paxton Township Steellon Borough Susquehanna Township I G> , I Relocollon Comonnles: Caldwell Banker Relocation Company Prudential Relocation Company Nationwide Relocation Company I I I I '0' j I o ~- I . \ b " . .. .' I' ..' . . . '..~.. " <\ I r\l~ ~ 1 ,r......:ittful'~.~ '1fj~"I\U~ ~~......'t/[";'" J"i'~\.'~'} t /r';""(,';'~\ ~ t ,~" : c r H 1:~.f1 "lfmon~" W l P, s J.FY~ T-~~'" I q ) I'I. ;~~:,., ~I:r; H...... t t }If ~~:;, , ", , ) h' nn;)talC ~ .. ,'.. ..: " 0,..'.. ; ; " .... ...,;' f'\ ,",,' ~. , " "".:, ~,p . c:c~'\"r~,"'''' II" ,~. . u.:.:::. ',,' "., 1"1 ......' .,..,.' ;",' . ..." Ilweau of-pror"""OIllU'IIIII1Occut>>.nmu'IUl'U'. ,"".'. ;"\ .,JO'I,. .."..,. J'r,.),., '" ." '; ,i....p.o; BO:ic'Z649. Harrisburs P~ 117,tO~2649 ..: ," . L i:' '1/''''//'''''\; ;") :'\ ~ j," " ., . ,. .... ,. \' ,..1,1'" I,,, , " f ','. ' ", "..', , . .:', ,,,,' .,\\.,/::\ (' -'I ( 'I. C\asSlficatlon'., .' .;,;' .,<; L: ' .. ,'J Y'>.' ';"." l' ('~:111 , GENERAL APPRAISER I I .,j' '" 14t'..~'1.'" , \' I \~ I I J~. I ' '., ,.t. t......".', "-"..1,# \ ".i>, '" . , ~., ,(1 I.",,,' , ,,\,.... """"1' , . 'It.,.. . "f'."".." '.' ,. . [. 'i;"" . jt- '" ,',. ]::;~~i.'; ." . '. "", -'~' ,'" \ .... : : r") 'f_'.. €) ,t" ....., lll;-'i.l' "'t,'1,rj" ;\' ....'I. ~ ',' ,:': 'i "It.,,>-'- Cenlficale Number' Cenificatlon Dale Issued Expires JUN 30 1997 GA-00045l-L NOV 19 1991 JON 01 1995 I.lIuo4 To; a. 9J4 SI;~'U..IdIIt( . :v1--- WILLIAM JAMES PAYLOR 4111 CONTINENTAL DRIVE HARRISBURG PA 17\12 '''1 ' ~ j I ,. cl.J '" d' ..... "" ...~. .... ...,.",.-... ..... \ \ I o I> -~..~"..'.'" >.'., MENDED ~ARTNERSHIP AGREEMENT THIS AMENDED AGREEMENT, made as of the 1st day of January, 1995, by and between ROBERT L. GOODALL, of the Borough of New Cumberland, cumberland county, Pennsylvania, and ROBERT L. GOODALL, JR., of the Borough of Mechanicsburg, cumberland county, pennsylvania. , " i' I I I , WITNESSETH: WHEREAS, Robert L. Goodall and Robert L. Goodall, Jr., desire to amend the partnership Agreement dated January 1,' 1985, upon the terms and conditions hereinafter set forth. NOW, THEREFORE, for and in consideration of the premises, the parties hereto, intending to be legallY bound according to laW, mutually agree as follows: 1. The parties agree to be partners in the business of owning, buying, selling, and renting real estate. 2. The partnership will have its principal place of business at 3501 simpson Ferry Road, Camp Hill, pennsylvania, or such other place mutually agreed upon by the parties hereto. 3. The partnership shall transact business under the firm name and style of "Goodall Realty". 4. The partnership shall oontinue until terminated as herein provided. 5. The net income or loss of the partnership, as herein defined, shall be divided sixty-five (65%) percent for Robert L. ,~ Goodall and thirty-five (35%) percent for Robert L. Goodall, Jr. .... o o v The times and amounts of withdrawal of net income from the partnership shall be determined through the mutual consent of the parties hereto. No income 'shall be distributed to any partner in the event suoh distribution would impair the capital of the partnership, jeopardize the interest of any partnership oreditor, or be contrary to the provisions of the Uniform partnership Act, as amended from time to time. In the event that any partner shall be required to pay more than his share of any loss, such partner shall be entitled to contribution, exoneration, and reimbursement therefor by the other partner to the extent of such deficiency. In addition to the partner's right to share in the net income of the partnership as herein set forth, each partner shall be entitled to receive a salary as compensation for services rendered to the partnership in an amount to be determined by the mutual agreement of the parties hereto, which salary shall be charged against his share of the net income or considered a part of the share of the net loss of each of the partners. 6. Net income or loss is def ined in this partnership agreement to mean the gross income, as defined by the Federal Internal Revenue Code provisions relating to the taxation of individual incomes, received by the partnership, lesS the amount of all allowable deductions from grosS income under the Federal Internal Revenue Code provisions and less the salaries referred to in paragraph 5 hereof; provided, however, that the provisions of the Internal Revenue Code with reference to the limitations upon -2- .... (.0 () '....) the reoognition of gain or loss upon the sale or exchange of assets and any other provisions of such code which may be fairly construed as an artificial limitation upon the determination of net income or loss in the light of generally accepted principles of accountancy shall have no application in the determination of net income or loss under this partnership agreement. 7. Each partner shall use his best efforts to the end that the business of the partnership shall be conduoted in the most efficient manner practicable. 8. Each partner shall partioipate equally in the management of the business of the partnership. No one partner shall make any withdrawals of funds from the partnership payable to himself or for his personal benefit without the signature of the other partner. No partner shall, without the written consent of the other partner, (a) endorse any note, or act as an accommodation party or otherwise become surety for any person; (b) on behalf of the partnership borrow or lend money, or make, deliver, or accept any commeroial paper, or execute any mortgage, bond, or lease, or purchase or contract to purchase, sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business; (c) transfer, assign, encumber, mortgage, or sell his share in the partnership or his capital assets or property, or enter into any agreement as a result of which any person shall beoome interested within the partnership, or do any act detrimental to the best interest of the partnership, -3- ...~-~..,..... ,,- """,,-------..- , ... '1 ,::) '-.,) or which would, make it impossible to carry out the ordinary business of the partnership; (d) use any of the moneys or effects of the partnership for any purpose or use not conneoted with the partnership business; (e) release, purchase, sell, mortgage or construct any real estate, building or real estate improvements, or enter into any contract for any such purpose, on behalf of the partnership; (f) make, execute, or deliver any assignment for the benefit of creditors or any petition in bankruptcy; (g) confess a judgulent against the partnership; (h) obligate the partnership in an amount in excess of Five Thousand ($5,000.00) Dollars. 9. The partnership funds, until further designated by both parties, shall be kept on deposit in a mutually agreeable bank, under the firm name of the partnership, and such funds may be disbursed upon check signed by either partner, in an amount not to exceed Fifteen Thousand ($15,000.00) Dollars. Any check in an amount in excess of Fifteen Thousand ($15,000.00) Dollar shall be signed by both parties. 10. Proper and usual books of account shall be kept by the partnership, and such books shall disclose all of the assets and liabilities of the partnership as of the end of each accounting period, as well as the profits and losses of the business fixed and ascertained as of the close of each such period. The books of account shall be audited annually by an accountant after the close of each aocounting period, and a financial statement of the business of the partnership for such accounting period shall be -4- ... o o .:.J .prepared by such accountant and delivered to each of the parties hereto. The books, records, aocounts, securities and other documents, instruments or contraots belonging to the partnership shall be kept where the business of the partnership is being conducted and shall at all reasonable times be open to inspection by either partner or his lawfully accredited representative or representatives, and either partner shall have the right on demand to reoeive full and true information regarding any and all matters affecting the partnership. 11. Each partner shall be entitled to such vacations as the partners shall mutually agree upon. 12. The original capital of the partnership shall consist of the assets, subjeot to liabilities, contributed by Robert L. Goodall, which shall be credited to the capital account of Robert L. GoodalL Additional capital shall be contribu.ted by both parties when necessary to carry out the purpose of the partnership. The partners, by mutual agreement, may at the end of any partnership year transfer a portion of net income to the capital of the partnership in the proportions in which they share in the partnership net income. In the event of unequal withdrawals of net income, any such inequality withdrawals shall be treated as an account receivable or payable, as the case may be, by or to the partnership, by or from a partner. A separate capital account shall be maintained for each partner. .... -5- o event that the partner receiving such notice does not elect to purohase the partnership interest of the other partner, no further business shall be transacted in the name of the partnership except such as is required or neoessary for the winding up of the affairs of the partnership and the distribution or liquidation of its o 13. Neithe,r partner shall, voluntarily or involuntarily, during his lifetime, transfer, sell assign, encumber, or 9therwise dispose of his interest in the partnership unless he has first given sixty (60) days written notice of his intentions so to do to the other partner. For purposes of this agreement, the partner who desires or is forced to transfer, sell, assign, encumber, or otherwise dispose of his interest in the partnership shall be referred to as the "withdrawing partner". The partner receiving said notice shall have the right to purchase the partnership interest of the withdrawing partner for a periOd of sixty (60) days after receipt of said notice at a price determined in accordance with the provisions of paragraph 15 of this Agreement. In the assets. The assets and proceeds of the liquidation shall be applied in acoordance with the terms and provisions of the Uniform Partnership Act of Pennsylvania. 14. Upon the death of a partner, the partnership shall not terminate and the interest of a partner may be transferred by will or the laws of intestacy. 15. At the Signing of this agreement and not later than the last day of Maroh of each succeeding year, the partners shall -6- " SI . :!, ,-~""_.;'i_""_""'~""""---'-:---'''-''''~~'''''",,,-'''i'''''''''~'"'''''_i'N,i"""";oQ"i"~.:~~''',"''''_,>-,>_''''_'_ ....-..--..,-.. ~,_......"~. . -.- -~..-. .....t.' . - ....."-.-:.-- .____.-....u-_. -- -....> ..",.....,-...,.."...........,.".... t . .._1 ,_.... -~... ... I'") o ,determine and specify in the attached Sohedule A the values of their respeotive interests in the partnership. It is agreed that the value set forth in Schedule A is the fair market value of the interest of each partner in the partnership, taking into consideration all factors reasonably affecting the value thereof, including value of assets, unrealized receivables, potential Section 1245 of the IRe gain, goodwill, and trade name. The value 'of the withdrawing partner's interest in the partnership for the purposes of this agreement shall be the last valuation entered in Schedule A prior to the date the notice referred to in paragraph 13 is received, adjusted in the fOllowing manner as of the date the notice referred to in paragraph 13 is received. ' A. By adjusting the stipulated value of the withdrawing partner's interest in the capital account to reflect any net change therein between the date of the last stipulated value and date the notice referred to in paragraph 13 is received. B. NotWithstanding anything to the contrary herein provided, if no valuation has been stipulated and endorsed in said SchedUle A within fifteen (15) months prior to the date of receipt of the notice referred to in paragraph 13, then the value of the withdrawing partner's interest shall be the sum of the following: (1) The value of the interest of said partner in the capital account of the partnership as disclosed by the books of the partnership on the date of receipt of -7- .... -------..,....,...,--......,.,.."...<-.....,.,-.."..,k.'''''-s;'''''''.=~'+~...\'f'''''''.ri_~_T;;'."'s.;:,;,-'~.'-F_..'._.;.'\.D"._-."."'.~". o the notice referred to in paragraph 13, adjusted to reflect the fair market value of all tangible assets of the partnership and inventory using the first in and first out method, and (2) Said partner's share of excess earnings capitalized at ten (10%) percent, determined as herein set forth. The capital account of the partnership shall be adjusted to reflect the fair market value of all tangible assets of the partnership and inventory using the first in and first out method. The accountant shall then determine ten (10%) percent of said adjusted capital accounts, which resulting figure shall be called or known as "Normal earnings". The accountant shall then determine the average net income of the partnership using the three (3) most recent, consecutive, and complete calendar years ending with December 31 of the year preceding the year in which date of receipt of the notioe referred to in paragraph 13, but in no event shall years prior to January 1, 1983, be used, which resulting figure shall be called or known as "Average earnings". The accountant shall then deduct Normal earnings from Average earnings. The difference shall then capitalize said Excess earnings at a rate of ten (10%) peroent. c. For purposes of the aforesaid computations, all computations shall be made by the accountant or accounting -8- .... .....~"....-"....." o firm servioing the partnership at the date the notice referred to in paragraph 13 is received and the accounting principles,' practioes, theories and procedures previously employed by said aocountant or accounting firm shall be followed. All such computations shall be binding and conolusive upon the parties hereto in the absence of fraud, duress, or a mistake. D. In the event that the partners cannot agree upon the fair market value of assets, each partner shall appoint a competent appraiser, who together shall establish the fair market value of assets. In the event that the two appraisers so appointed cannot agree, they shall appoint a third appraiser, and the decision of the majority shall be binding on all the parties hereto. 16. In the event that the partner receiving notice elects to purchase the partnership interest of the withdrawing partner, the purchase price shall be paid in the following manner: A. Ten (10%) percent of the total purchase price shall be paid in oash at the time of election of exercise to purchase. B. The balance of' the said purchase price shall be paid in ten (10) equal annual installments, the first of which shall become due one (1) year after exercise of election to purchase or payment of the ten (10%) perce~t referred to in paragraph 16A hereof. The obligation to pay these installments shall be evidenced by a promissory note in the -9- .... o name of th~ purohasing partner. said notes shall bear interest at the prime rate of interest established by Mellon Bank and shall be adjusted as of the anniversary date of each year so long as the purchase price remains unpaid in full, shall provide for the acceleration of the unpaid balance of the note upon default for thirty (30) days in the payment of prinoipal or interest, shall provide for the right of prepayment in whole or in part at any time without prior notice, and shall provide for confession of judgment by the holder upon default for thirty (30) days in payment of prinoipal or interest. c. Upon payment of the ten (10%) percent down payment in cash and delivery of the aforesaid promissory note, the purchasing partner shall be deemed to be the owner of the interest of the withdrawing partner. The withdrawing partner shall forthwith transfer the withdrawing partner's interest in the partnership and all of its assets and business by such instrument or instruments as the purchasing partner may reasonably require. The purchasing partner shall at the same time covenant well and truly to indemnify the withdrawing partner, his heirs, personal representatives and assigns, against all debts, claims, demands, actions, causes of action, costs, damages, and expenses in respect of said partnership. D. The withdrawing partner, as part of said sale, if required by the purchasing partner, shall covenant that he has -10- ... n not at any time except as appears upon the books and records of the firm, contracted any debt or obligation which can or may charge or affect the firm or any of its assets or property, or received or discharged any of its credits. E. The purchasing partner may continue the business and may retain and continue to Use the firm name of "Goodall Realty" or may adopt another name that does not contain the name of the withdrawing partner. 17. The purchasing partner shall assume the debts, obligations and liabilities of the partnership. The purchasing partner shall covenant well and truly to indemnify and save harmless the withdrawing partner, his heirs, personal representatives and assigns against all debts, claims, demands, actions, causes of action, oosts, damages, and expenses in respect of the partnership and will execute and deliver any documents necessary to carry out this undertaking. lS. In the event of a purchase of the partnership interest of the withdrawing partner, the withdrawing partner agrees that, from and after the date of said sale, he will not directly or indirectly compete with, or become interested in any competitor of purchasing partner as an owner, employee, employer, partner, director, officer, or shareholder in the business of the former partnership for a period of two (2) years after the date of such sale within a geographic area of not less than a fifty (50) mile radius of the principal place of business of the former partners. -11- ~ ("'\ 19. This Agre~ment may be altered, amended or modified by mutual agreement of parties hereto. 20. This Agreement shall terminate: (e) if the partnership is dissolved by operation of law, other than by death or withdrawal of a partner; (b) if both partners die within thirty (30) days of each other; (c) voluntary agreement of both parties to terminate this Agreement; (d) the partner violates any provisions of this Agreement, at the option of the other partner who shall have not participated in the violation; (e) if a partner becomes embarrassed or insolvent, or makes an assignment for the benefit of the oreditors, or if a petition in bankruptcy is filed by or against a partner or a bill in equity or other proceeding for the appointment of a receiver for the partner is filed, or if proceedings for reorganization or for composition with creditors under any state or federal law be instituted by or against a partner, or if any real or pe~sonal property of a partner shall be sold or levied upon by any sheriff, marshal, or constable. The happening of any of the events or occurrences set forth in this paragraph 20 (e) shall constitute a transfer, sale, assignment, encumbrance, or other disposition of an interest in the partnership and the terms and provisions of paragraph 13 of this partnership agreement shall immediately operate, such occurrence or act constituting written notice by a partner of his intention to transfer, sell, assign, encumber, or otherwise dispose of interest in the partnership. .... -12- o 21. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, executors, administrators, successors and assigns, except as hereinbefore provided to the contrary. 22. This Agreement and the rights of the parties hereunder shall be construed in accordance with the laws of the Commonwealth 'of Pennsylvania. IN WITNESS WHEREOF, the parties hereto set their hands and seals the day and year first above written. Wi~f~ t,~. . fYlU' )1t'lA ,. q"'-- (SEAL) L (SEAL) Jr. ... " -13- ...--.-" . . BUY AND SELL AGREEMENT . THIS AGREEMENT, made as of the 1st day of July, 1989, among ROBERT L. GOODALL, of New Cumberland, ~erland County, Pennsylvania, and ROBERT L. GOODALL, JR., of camp Hill, Cumberland County, Pennsylvania, hereinafter sometimes called "stockholder" or "stockholders" and GOODALL POOLS, INC., a Pennsylvania corporation, having its principal place of business at 3501 Simpson Ferry Road, Camp Hill, Cumberland County, Pennsylvania, hereinafter called the "Corporation." o WITNESSETH: WHEREAS, Robert L. Goodall is the legal and equitable owner of 1500 shares of fUlly paid and non-assesable common stock, each having a par value of Ten ($10.00) Dollars per share, and Robert L. Goodall, Jr. is the legal and equitable owner of 500 shares of fully paid and non-assessable common stock, each having a par value of Ten ($10.00) Dollars per share of the corporation; and, WHEREAS, the parties to this Agreement believe that it is to their mutual best interests to provide for con~inuity and harmony in the management and pOlicies of the Corporation. NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and further valuable consideration, receipt of which is hereby acknowledged, the parties hereto intending to be legally bound, mutually agree and covenant as follows: . ,0 1. No stockholder shall during his or her lifetime sell, transfer, encumber, assign, or otherwise dispose of all or any part of his or her stock interest in the Corporation without first offering in writing to sell such stock interest to the . Corporation at a price determined in'accordance with the provisions of paragraph 3 of this Agreement. If such stock is not purchased by the Corporation within ninety (90) days after receipt of said written offer to sell at the aforesaid principal place of business of the Corporation, then the stock not purchased by the Corporation shall be offered for sale and shall be Subject to an option on the part of the non-selling stockholders to purchase equally such portion of the shares offered for sale at a price determined in accordance with the provisions of paragraph 3 of this Agreement, which option shall _ be exercised, if at all, within ninety (90) days after expiration of the aforesaid offer to the Corporation. If the offer to sell is not accepted by the Corporation and is not accepted by the non-selling stockholder within said one hundred eighty (180) days' period of time, the selling stockholder may transfer, sell, 1/03/89.4/REYPLD encumber, assign, or otherwise dispose of his or her stock interest to any other person, but shall not do so without giving the corporation and the non-selling stockholder the right for an . additional period of ten (10) days to purchase such shares at the price and upon the terms offered by such other person. .. 2. Upon the death of a stockholder, the Corporation shall purchase and the personal representative of stockholder shall sell all of his or her stock interest in the corporation at a price determined in accordance with the provisions of paragraph 3. said sale and purchase shall take place within ninety (90) days after appointment of personal representative of stockholder or within six (6) months after death, whichever date shall first occur. o 3. The purchase price to be paid for each share of capital stock of the Corporation shall be the Adjusted Stipulated Value per share as determined in the manner hereinafter set forth: A. For purposes of this Agreement, the "StipUlated Value" per share shall be determined in the manner hereinafter set forth. At the signing of this Agreement and not later than the last day of June of each succeeding year thereafter, the Corporation and the stockholders shall determine and specify in the attached Schedule A the value of each share of capital stock of the Corporation as of March 31 of the preceding year. This value has been agreed upon by the parties hereto as representing the fair market value of each share of said stock, including goodwill and other factors reasonably affecting the value of said stock as of March 31st of that particular year. The value per share as so determined and specified in the attached Schedule A shall be the "Stipulated Value" for purposes of this Agreement. The Stipulated Value as so determined shall be adjusted in the following manner as of the date of death, date of receipt of the written offer to sell, or the date of termination of employment, as the case may be: . (1) By adjusting the Stipulated Value to reflect any change in the net worth (total assets less total liabilities) of each share of stock between the date of the last Stipulated Value and the end of the quarter-annual accounting period preceding the date of death or date of receipt of said written, offer to sell by the Corporation, as the case may be. B. Notwithstanding anything to the contrary herein provided, if no valuation has been stipulated and endorsed in - such Schedule A within fifteen (15) months prior to the date of receipt of written offer to sell by the corporation, or date of death, the Adjusted Stipulated Value to be paid for each share of capital stock of the Corporation for purposes of this Agreement shall be determined in the following manner: <;l.J - 2 - 1/03/89.4/REYPLD (1) The accountant shall determine the net worth of the corporation by deducting the total liabilities from the total assets as of the end of the quarter-annual accounting . period preceding the applicable date. The value determined in the aforesaid manner, for purpose of this Agreement, shall be called or known as the "Net Worth of tlte corporation." (2) The accountant shall then determine any increase or decrease in the fair market value of assets of all tangible assets and inventory using the first in and first out. method over book value as of the end of the quarter-annual accounting period preceding the applicable date. In making the said determinations, the accountant shall emplOY a competent appraiser, the cost of whom shall be paid by the corporation. The value determined in the aforesaid manner, for purposes of this Agreement, shall be called or known as "Market Value Adjustment." I::::> (3) The accountant shall determine the goodwill of the Corporation which shall be an amount equal to $300,000 for- the first three fiscal years of the Corporation or at the end of any quarter-annual accounting period within said three years. Thereafter, said goodwill shall be an amount equal to twenty-five (25%) percent of the average gross sales to be computed using the three (3) most consecutive and complete fiscal 'years ending March 31 of the year preceding the year in which death occurs or receipt by the corporation of the written notice to sell. The resulting figure so obtained shall be called or known as "Goodwill". .. (4) The accountant shall then add together the Net Worth of the Corporation, Market Value Adjustment and Goodwill as determined in the manner set forth in this Agreement. The sum of these items shall be divided by the total number of issued and outstanding shares of capital stock of the corporation as of the end of ~he quarter-annual accounting period preceding the applicable date. The figure so obtained as a result of the aforesaid computations shall be the Adjusted stipulated Value of each share of capital stock of the corporation for purposes of this Agreement. C. For purposes of the aforesaid computations, all. computations shall be made by the accountant or accounting firm servicing the Corporation at the date of death or at the date notice of intention to withdraw is received and the. accounting principles, practices, theories and procedures previously - employed by said accountant or accounting firm shall. be followed. All such computations shall be binding and conclusive upon the parties hereto in the absence of fraud, duress, or a mistake. v - 3 - , ~ , 1/03/89.4/REYPLD . D. In the event that the stockholders cannot agree upon the fair market value of all land, buildings, and investments, or in the event of the death of a stockholder, the executor or administrator of the deceased stockholder and the surviving stockholder, or each surviving stockholder as the case may be, shall each appoint one compete~ appraiser, who, together shall agree upon the valuation of the lands, buildings, and investments of the corporation. In the event that the two appraisers so appointed cannot agree, the appraisers shall appoint a third appraiser and the decision of the majority shall be binding on all parties hereto. 4. In order to provide sufficient funds for such purchase, the corporation shall do such things and take such actions as the Directors may deem prudent. In the event of exercise of the right to purchase by the corporation, the corporation shall take such actions and do such things as may then be available to it under the laws of the commonwealth of Pennsylvania to enable performance of this Agreement. The legal representative of the estate of the stockholder or the stockholder, as the case may be, shall vote the shares of capital stock in such manner as will enable performance of this Agreement. 5. The corporation may pay the purchase. price of the shres of capital stock to the extent of the available cash, not required for reasonable working capital, in the opinion of its Board of Directors. Any portion of the purchase price in excess of said available cash to be paid by the corporation shall be paid with a negotiable promissory jUdgment note. In the event that the corporation does not exercise its option to purchase and any other stockholder or stockholders exercise the option to purchase, such stockholder or stockholders may pay the purchase price of the shares of capital stock purchased by him or her either in cash or by personal, negotiable promissory note. The said note shall bear interest at the rate of ten (10%) percent per annum from the date of issuance thereof. .Th~ note shall be payable annually over a period of years not to exceed five (5) years. Said note shall provide for the acceleration of the due date of all unpaid notes upon the default of any payment of principal or interest. Said notes shall also provide for the right to prepay principal and interest at any time in whole or in part without premium or penalty. 6. The stock certificates evidencing the shares of capital stock in the corporation of each stockholder shall 'be endorsed with a notation thereon that the shares of capital stock - represented thereby are subject to this Agreement as follows: - 4 - - 1/03/89.4/REYFLD . "This Certificate is subject to the terms of an Agreement executed the 1st day of JUly, 1989, between Robert L. Goodall and Robert L. Goodall, Jr., and Goodall Pools, Inc. .. Secretary" () 7. After the endorsement of the certificate as provided for in paragraph 6 of this Agreement, the certificate shall be returned to the stockholder who shall then have all the rights to vote said stock, to collect dividends thereon, if any, and to exercise all the rights as a stockholder except as restricted by this Agreement. 8. The terms and provisions of this Agreement shall apply not only to all the shares of common capital stock of the Corporation presently owned by the stockholders but also such shares acquired at any time and from time to time after the date of this Agreement. 9. The executor, administrator, or personal representative of a deceased stockholder shall execute and deliver any and all documents or legal instruments necessary or de~irable to carry out the provisions of this Agreement. 10. This Agreement shall terminate: . A. Corporation; Upon the bankruptcy or dissolution of the B. If the stockholders die under such circumstances that the survivor cannot be clearly determined; C. The cessation of the Corporation's business; D. The voluntary agreement of all the parties to terminate this Agreement; or, E. If the Corporation violates any provisions of this Agreement, at the option of any stockholder who has not participated in the violation. 11. A stockholder, within thirty (30) days after lifetime disposition of all his shares in accordance with provisions of this Agreement or upon the termination of this Agreement, may purChase any policy owned by the Corporation on his life upon paying the Corporation an amount equal to the cash surrender value computed as of the date such right is exercised. - v - 5 - '-"7.. ,.. ~c' 0:- ,.' o ,l1/03/89.4/REYPLD . 12. Except as herein otherwise provided, this Agreement shall be binding upon the parties hereto and their respective heirs, legal representatives, successors, or assigns, and upon the Corporation, its successors or assigns. IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by its duly authorized officers and its Corporate seal to be affixed hereto, duly attested by its Secretary, and the other parties have hereunto set their hands and seals the day and year first above written. "''''~SEAL) 1 (SEAL) Attest: :corporate sea?) \) j)a.J ~~ ~~/l Secretary GOODALL POOLS, INC. By W ~ -I....J1oer/,./lp , President .. .' - - 6 - .~~,......_-....~. GOODALL POOLS, INC. BUY/SELL AGREEMENT SCHEDULE "A" AND NOW, this 31st day of March, 1994, the stipulated value of each share of capital stock of Goodall Pools, Inc., a Pennsylvania corporation, as of March 31, 1994, for the purposes of Paragraph 3 of the BUy and Sell Agreement dated the 1st day of July, 1989, shall be as follows: Sr. (SEAL) Net Worth of Corporation Market Value Adjustment Goodwill Total $(109,484.00) 150,000.00 $ 300.000.00 $ 340.516.00' Stipulated value of each share of ital stock (2,000 shares) ~ cn't- .. $ P 132.70 (SEAL) Attest: or t:J Se 1) GOODALL POOLS, INC. .....-- B';~ ':;;f. . President ~ Secretar d) . , a , , I PARTNERSHIP AGREEMENT THIS AGREE~IENT made this /0 day 'of 'c&<..t'o?"~.u I. Name of Business: The parties above referenced ~ hereby form a general partnership under the name of PUCKERS UNLIMITED, to conduct the general business of owning, selling, leasing and improving real estate of all kinds and nature whatsoever. The principal office of the business shall be situate at 133 Beechwood 1982, by and between Robert Goodall and Joanne Geodall, husband and wife, together or the survivor of them, comprisi~g one (1) partner, AND Don Zimmerman and Diane Zimmerman, husband and wife, together of . the survivor of them, cooprising one (1) partner, all adult individuals, resid~nts of the Commonwealth of Pennsylvania, . HITNESSETH: Drive, Newtowne Square, Pennsylvania. , II. Term: The partnership shall begin on P/ieG'71/5t.1:! II':, I P'(>' 1982, and s~all continue until terminated as herein provided. III. Capital: The capital of the partnership shall consist of all 'the assets, subject to all the liabilities, of a. certain . tract of real estate with improvements situate in Stone Harbor, . Cape May Coun~y, New Jersey, more particularly known as Unit 205, Harbor Tower Condominiums., 9511 Sunset Drive, Stone Harbor, New Jersey. The initial capital accounts of the partners shall be equivalent to the following interests in the capital of the partner- J-J- ~,' , ~ . o o . ship: Zimmerman - 50%; Goodall - 50%. Any and all assets to be transferred or acquired by the partnership in the future as capital shall be held in the same proportions as set forth above. None of the partners shall withdraw any part of their capital account. If the capital account of a partner becomes impaired, their share of subsequent partnership profits shall be first credited to their capital account until that account or the shares thereof attributable , to said partner has been restored, before such profits are credited to th~ir income account. IV. Profit and Loss: The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account for the partnership shall be charged or credited to each partner in the aforesaid proportions set forth above. If the income account does not reflect a credit balance, each partner shall be equally responsible to carry the respective loss and by. charging the capital account; it being understood that the capital account consists of the real estate assets and as such does not have liquidity orl an immediate basis. V. Salaries and Drawin~s: Neither partner shall receive any saiary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in the income account of the partnership in proportion to their interest. No additional share of prof~ts shall inure to either partner by reason of their share of capital or income account being in excess of the capital or income account of the other. - 2 - \ ~ o ~ VI. Interest: No interest shall be paid on the initial contributions to the capital of the partnership or any subsequent contributions of capital. VII. Management, Duties and Restrictions: The partners shall have equal rights in the management of the partnership business, and each partner shall devote equal time to the conduct of the business. Neither partner shall, without the consent of the other partner, endorse any note, or act as an accomodation party or otherwise become surety for any person. Without the consent of the other partner, neither partner shall on behalf of the partnership, borrow or lend money, or make, deliver or accept any commercial paper, or execute any mortgage, security agreement, bond or lease, or purchase or contract to purchase, or sell or contract to sell, any property for or of the partnership other than the type of property bought and sold in the regular course of its business. Neither partner shall, except with the consent of the other partner, assign, mortgage, grant a security interest therein, or sell their share in the partnership or in its capital assets , or property, or enter into any agreement as a result of which an~ person shall become interested with' them in the partnership or do any act detrimental to the best interests of the partnership or which would make it impossible to carryon the oridinary business of the.partnership. VIII. Banking:. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either of the,partners upon mutual consent. - 3 - , I"""l "" () IX. Books: The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The fiscal year of the partnership shall end December 31 and continue on a calendar year basis. _ X. Voluntary Termination: The partnership may be dissolved at any time by unanimous agreement of the partners, in which event the partners shall proceed with ~easonable promptness to liquidate the business of the partnership. The partnership name shall not be soid with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order: -(a) to payor provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge to balance the income accounts of the partners; (d) to equalize the capital accounts of the partners; (e) to discharge the balance of the capital accounts of the partners. v XI. Retirement: Any partner shall have the right to retire from,the partnership at the end of any fiscal year. Written notice of intention to retire shall be served upon the other partner at the office of the partnership at least three (3) months before the date of anticipated date of retirement. The retirement of any partner shall have no effect upon the continuance of the partnership . business. T~e remaining partner shall have the right either to purchase the retiring pa~tner's interest in the partnership or to terminate and liquidate the partnership business. If the remaining partner elects to purchase the interest of the retiring partner, - 4 - .....-..-.-....- CI t""\ they shall serve notice in writing of such election upon the retiring partner at the office of the partnership within two (2) months after receipt of their notice of intention to retire. If the remaining partner elects to purchase the interest of the re.tiring partner in the partnership, the purchase price and.. method of payment shall be the same stated in paragraph XII with reference to the purchase of decedent's interest in the partnership. . If the remaining partner does not elect to purchase the interept of the retiring partner in the partnership, the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The procedure as to liquidation and distribution of the assets shall be the same as stated herein with reference to voluntary termination. XII. Death: Upon the death of a surviving spouse partner, the remaining partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the remaining partner elects to purchase the decedent's interest, they shall serve written notice of such election within thirty (30) days after the death of the decedent upon the executor, administrator or personal representative of the decedent, or at at the time of such election, no legal representative of the decedent has been appointed, upon any of .the known legal heirs of the decedent at the last known address of such heir. (A) If the rema~ning partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be the total of the following items: .-..-.-- - 5 - .~_._--.. '.~ ,'" '~'---'-'"T--__..,..:~_ --.w..... C\ o o . .. .-------.---..-.....- -,..~-. . , . (1) a sum equal to decedent's share of the fair market value of the real property remaining at the time of death, less the decedent partner's share of liabilities and outstanding encumbrances in proportion to the remaining real property. The fair market value shall be established by the average of the value , obtained from two (2) real estate appraisors, M.A.I. If the said two (2) appraisals are more than $3,000.00 apart, then the two . appraisors shall select a third appraisor, M.A.I., and the fair market value shall be obtained by averaging the three (3) appraisals accordingly. The partnership shall pay for any such appraisals. (2) a sum equal to the respective share of the decedent of the partnership income account as at the end of the prior fiscal year increased by their share of the partnership profits or decreased by their share of the partnership losses for the period from the beginning of the fiscal year in which their death occurred until the end of the calendar month in which their death occurred, or decreased by withdrawals charged to the income account during such period. (3) a sum equal to the respective share of the decedent's of any personal property acquired by the partnership less the decedent's share of expenses, liens or encumbrances pertaining to said personal property. (4) a sum equal to the respective share of the . decedent as pertains to any accounts receivable or contracts of sale executed by the par~nership prior to the date of death of said , . partner. - 6 - ....-.. -. - k.' . .. ---..-. ,-" ~ ..;.-;--. ':"r'>,':~"":' ''-', ~..--~ .:--_. '-., ~ , . No allowances shall be made for good will, trade name, patents or other intangible assets, except if those assets have been reflected on the partnership books immediately prior to the decedent's death, but the remaining partner shall nevertheless be entitled to the use of the trade name of the partnership. Payment of the purchase price shall be made in lump sum or by one of the following procedures: the aforesaid aggregate . purchase price shall be paid without interest in four (4) semi- annua~ installments beginning six (6) months after the end of the calendar month in which the decedent's death occurred, OR, the o aforesaid aggregate purchase price shall be paid together with interest thereon at the rate of nine (9%) percent per annum, in quarterly installments over a period of eight (8) ,years commencing six (6) months after the end of the calendar month in which the decedent I s death occurred. fk, 7}uu ~ 73E 7l"#~l='b-~E' 'h.'Tn- i3A/../tIJ/U; .IS .PI/lf) tAl FuU/ (B) If the remaining partner does not elect to purchase the interest of the decedent in the partnership, they shall proceed with reasonable promptness to liquidate the business of the partner- ship. The remaining partner and the estate of the deceased part~er shall share equally in the profits and losses of the business during the period of liquidation, except that the decedent's estate' shall not be liable for lossess in excess of the decedent's interest in u the pa~tnership at the time of the death. No compensation shall be paid to the remaining partner for their services in liquidation. Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph X hereof with reference to voluntary termination. - 7 - ~U' hI? . ~ XIII. Insurance: The parties hereto may elect to fund the purchase payment of a deceased partner in accordance with paragraph XII above through term insurance coverage with a local insurance company of each partner's choice. In accordance therewith, the parties hereto shall execute a separate agreement for the purchase of said term insurance necessary to acquire the interest of a deceased partner in the event said partner should to purchase said . insurance in the future thereby establishing partial or full death bcnef~t payments. XIV. Arbitration: Any controversy or claim arising out of or relating to this agreement or the breach thereof, shall be settled by arbitrator in accordance with the rules then in effect, I:) of the American Arbitration Association, and construed under the laws of the Commonwealth of Pennsylvania. XV. Invalid Provisions: If any provision of this agreement shall become illegal or declared invalid by a court of competent jurisdiction, said provision shall be severed and the remaining provisions o~ the within agreement shall not be affected thereby. XVI. Binding Effect: The'within described agreement shall become binding upon the parties hereto, their heirs, administrators, executors or personal representatives and benefits herefrom shall inure to the respective parties in the same manner. u XVII. Transferapility: Each partner warrants and guarantees they will not assign, sell, transfer or set over to any other person, corporation or other entity any part or the whole of their partner- ship interest, right and title created herein. - 8 - ...........- -- .~. , - ........-.-..,.." ,~..-:.- - . ., .... . ' "':;;~~~!;;~l~~~~J .......--.------- ----r--..-. .___~_. LAST WILL AND TESTAMENT OF ROBERT L. GOODALL I, ROBERT L. GOODALL, of the Borough of New cumberland, cumberland county, Pennsylvania, make, publish and declare this to be my Last Will and hereby revoke all Wills and Codicils previously made by me. ITEM I. I direct that my legal debts, funeral expenses, costs of suitably marking my grave, and the costs of the administration of my estate be paid as soon as practicable after my death. to ~ ITEM II. I give and bequeath to my beloved wife, JOANNE P. GOODALL, all of my ,furniture and furnishings, clothing, jewelry, personal effects, all of my other articles of personal use or adornment, and all automobiles of mine kept for family or personal use, together with any insurance existing thereon, if.she survives me; but if she does not survive me, then to my beloved children, ROBERT L. GOODALL, JR. and TRACEY G. LEWIS, nee Goodall, to be ~ . I I divided among them as they shall see fit; but if said children fail to agree upon suoh division within a period of two (2) months after my death, then said items shall be sold and the proceeds therefrom / shall be added to, become a part of, and be, administered with my residuary estate as set forth in Item III of this Will. ITEM III. .. I give, devise, and bequeath all the rest, . .,.t', ,,: residue and remainder of my property and estate of every kind and ;i '. ,. ---. .' -~ ..-..- ~.~ _._.~.._----- .' . - ~~ -_. _. 'h.._ - -------._~.. nature and wheresoever situate, inoluding any property or interest in' property over which I may have a power of appointment as follows: A. If my beloved wife, JOANNE P. GOODALL, survives me, to' her absolutely and forever. B. If my beloved wife, JOANNE P. GOODALL, predeceases me, as follows: (1) One-half (1/2) thereof to my beloved daughter, TRACEY G. LEWIS, nee Goodall, if she survives me, but if she is not then living, to her issue per stirpes and not per capita. . (2) The remaining one-half (1/2) thereof to my beloved son, ROBERTL. GOODALL, JR., or if he predeceases me, to his . issue per stirpes and not per capita. (3) If no such child of mine shall then be living and no issue of suoh child shall then be living, the share to which . suoh ohild would have been entitled shall be distributed to the other ohild of mine then living, or if such other child of mine is not then living, to the issue of suoh other child of mine per stirpes and not per capita. C. If my wife predeceases me and there are no children of mine then living and no issue of such children then living, to CHIT-CHAT FOUNDATION, a non-profitoorporation of Wernersville, Pennsylvania, to be used for the educational and charitable purposes of said foundation. -2- .. " ...-.---.--.---------- ~'------"-'-'. --..... ..._--------_.~ ~- - - " ' .....\""'lI!.~.~.. , '.I. '( ~'" .....,' '.~l~,"" ~ ", ..' A' .. ~ .. ..' "Vi'., ,fl. ,. -,.'t. .,~. ...V_ ',.... ITEM IV. All estate, inheritanco, legacy, suooesslon, or transfer taxes, inoluding any interest and penalties thereon, imposed by any domestic or foreign law with respect to all property taxable under such laws by reason' of my death, whether or not such property passes under this Will, by operation of law, by contract, or otherwise, shall be paid without any right of reimbursement from any reoipient of any such property, without any right of - apportionment, and without postponement. ITEM V. Should any person entitled to a share of my " i: estate be a minor, at the time of distribution to him or her, and should the value of such property be more than the amount which may be paid and delivered to him or her or in his or her,'behalf without the appointment of a guardian or other fiduciary or the delivery of security, such share'shall be paid and distributed to my trustee hereinafter named to be held, IN TRUST, and managed, invested, and reinvested, together with the accumulation of income thereof, and the trustee shall use and apply from time to time suoh portion of the income or principal thereof as it deems necessary or desirable for the minor's reasonable maintenance,. support, and complete eduoation, including preparatory, college, post-graduate, or professional training, or to make payment for suoh purposes to the guardian or person with whom suoh minor resides and directly to or for the benefit of the minor without further responsibility to such minor or any person taking care of such minor, and when such minor attains the age of thirty (30) years, ,any prinoipal or income not -3- " " . . .t;, ." .... \ \ \ E. To retain as an investment for the trust estate, any and all property, real, personal, or mixed, received by the trustee by so paid or applied shall be distributed to such ~inor 'or i~, he or she dies prior thereto, to his or her personal representative. ;J:TF.M VI.. In addition to the powers granted by laW, my pers.nal reprss.nt.t'v. nnd trust.. sh.ll h'v. thO <.now,ng powers: A. TO hold, possess, manage, and control. the trust estate for the uses and purposes herein set forth. B. To sell at public or private sale, to exchange, to release, to pledge, to mortgage, to transfer, to convert, or otherwise dispose of, or grant options with respeot to, any and all property, real, per.sonal, or mixed, at any time forming part of the to trust estate, in such manner, at such ti~e or thnes, for such purposes, for suoh prioe or prioes, and upon such termS, credits, . and conditions as shall be deemed advisable or neoessary under the circumstanoes. c. To assent to, join in, or vote in faVor of any merger, reorganization, voting trust, plan, lease, mortgage, consolidation, exchange, or foreolosure of any corporation or other investment in which the trust estate may hold stookS, bondS, invest~ents, or any interests. D. To vote in person or by general or limited proXY with respect to any share of stook or other investment held by the trust estate. -4- ! \ _._,-----~.__..-.~- -.-. ....- .-~._------_._- ii . .'- ....}.::.--'.L...':.l .... ',.' ',' . "l; ',_ ~ '1 \'/'. . .. . I "u .,' ,~t .:,,~~r.'~"'" ".&:~'I';.. I.... transfer, devise, bequest, or otherwise,"or any undivided'interest ~~g.:.~.l, ':.... therein regardless of laok of diversity, risk, or non-productivity. F. '1'0 make loans, secured or unsecured, to the administrator or exeoutor of my estate, or to any other person, without responsibility or liability for any loss resulting to the trust estate from any such loans. G. '1'0 borrow money from any person or institution including the trustee hereunder, for any purpose connected with the protection, preservation, or improvement of the trust estate. H. To purchase securities or any other property of any kind '. from the administrator or executor of my estate. . To distribute artioles to a minor or to h~s parent or any I. pe~Bon taking care of the minor, to hold for the minor, within the limits of the statute or rule of law. J. To compromise any claim or oontroversy. I ,. ,. K. To apportion between prinoipal and inoome any receipts amI disbursements and to ascertain income and . principal in aocordance with the statutes and rules of law of the commonwealth of Pennsylvania, and to determine, in a fair and equitable manner, in cases not covered by suoh statutes and rules of law, how receipts and disbursements shall be credited, apportioned as between principal and income. L. To keep property in the name of a nominee with or without charged, or disclosure of any fiduciary relationship. -5- , . .' ....t..'::,' "" ,.., M. .. ~ ...~,', '.'.'. ~ r., ;i'wI'*': .'.:..1 :". . ......}:,o:'.'!'o".:-:;-& \:.I.t.:lo~,. To employ attorneys, agentsi-'auditors, depos:1.tor:1.es, and ";,r::H~'" . proxies with or without discretionary power. N. To make, execute, acknowledge, and deliver any and all instruments which may be deemed advisable and necessary to carry out any of the powers herein granted or provided by law. o. To invest and reinvest the principal of ' the trust estate, together with any accumulated inoome thereon whenever such acoumulations have been permitted by the terms hereof, in all forms of property, real, personal, or mixed, inclUding but not limited to stocks, bonds, common trust funds, mortgages, investment funds, insurance policies, and annuities, except that such power shall not .. be exeroised in such a manner as to cause my estate 'to lose any part of the tax benefit afforded by the marital deduct:1.on under federal or any state tax law. P. To carry out the terms of any agreement which I may have entered into to sell all or any part of any property or any interest in property which I may own in any business' or partnership at the time of my death. ITEM VII. Although my wife and I are executing our wills at or about the same time, they are not intended to be and shall not be construed to be contractual even though certain provisions are reciprocal. Each will shall be subject to revocation by its maker. ITEM VIII. In the event that my wife and I shall be killed in a common accident or as a result of a common disaster, or undeI -6- , " county of Dauphin . . 1:, the Testator, whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that 1: signed and executed the instrument as my free and voluntary act for the purposes therein expressed. ~.~ n BERT L. GOODALL SWORN to or affirmed to and acknowledged before above named Testator this .~'day 0~,2-'~. -' Nota~pub~ by the , 199.5"': me My commission Expires: (SEAL) NOTARlAl,SEAl JO ANti AlWMN. tlolaly Public OaIlphln County My Commission Elqllres Marth 8.1 ~7 commonwealth of ,pennsylvania : ss . . county of Dauphin , . . We, the undersigned witnesses whose names are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw Testator sign and exeoute the instrument as his Last will; that he signed willingly and that he executed it as his free and voluntary act for the purposes therein expressed; that each of us in the hearing and sight of the Testator signed the wi as witnesses and that to the best of our know.....,.dge the Testato was at the time eighteen (lS) or more years of age, of sound min and no constraint or undue influence. SWORN or affirmed to and acknowledged before me by the above named witnesses this suJ- day of ?f'-' ':~' 19905-: Not~~ My commission Expires: ( SEAL) NOTARlAl,SEAL JO ANN ALLEMAN. Notary Public D1I1Jpnln Counly My Cllmmlsslon expires March 8,1997 -9- .. II ., ."~,-,._,.,---,,, i ," STATEMENT OF CLAIM ~~ 0-', CD I" IN THE PROBATE COURT~_' J . CUMBERLAND COUNTY a. " ESTATENO.21-9S-499 9::" · b ~s ~ :0:0 CDlll ft:lO ~ -,~ !!'O ,:' 8 .. A. (.) 1--- -~~ " ~(>' =-'1> ~ Iii 0 {.j - ~ STATE OF PENNSVLVANIA IN RE: ESTATE OF ROBERT GOODAI.I. SR I. MBNA America hereby presents for filing against the above estate this statement of claim in the amount of S 8,879.16 2. The basis for the claim is MBNA account number 5329031999708587 whieh was opened on 11I14/86 3. The tax identification number of the claimant is 510331454 4. The name and address of the claimant is MONA America. 655 Milford Crossings. Newark. DE 19711, 5. This claim IS NOT contingent or unliquidated, 6. This claim IS NOT secured. 7. The last payment made on the account was S 1.000.00 on 6121195. '- Under penalties of perjury, I declare that I have read the foregoing, and the facts alleged are true, to the best of my knowledge and belief. E><~I d'yof HtJ1~/' . II{'DIJIJ. kr,'tJA Claimant ,192t -- State Of Delawnre, County of New Castle IN WITNES~ WHEREOF, I have set my hand and notarial seal this ...c2Ldayo~flu.J-" ,I9~ J rA.J My Commission Expires: 4frx;)C1'J ..... 2006 23 9590 Natlonal Association of SCAN ACCOUNT 5329 0313 1806 3003 Home nUilders I MJlSTEIICARD 5329 0313 1006 30031 PAVM[Nt Dut DAlE. N[W BALANCE I 07/20/95 I I $8,019.16 I ".... _\I dleC" Of rnontY ordtf ptpbIt 10 UlNA AtfIttlC.I. WfU Ir.IlffU,IUM 'AYM[fr(I OUr. AMOUNT lHClO6fO AooOunI HlIII'IW Oft ct<<\. DtWJh "" pcrilln MI nun "'" PIl"'*i 1 $1Tl.00 I 1 I CARDHOLDER SINCE 06 MONA. MericA 20 P.O. 00l< 15019 ROBERT GOODALL SR Wl1rnln;ton, DE 190B6-5400 GOODALL POOLS INC 3501 SIMPSON FERRY RD .1988654081. CAMP HILL PA 17011-640601 36PLAINM003R90000 S 000971711000955094000000000000000000000791600177000005329031310063003 """"",.-. CNCl'tIN r.llH M ONDn AVA&All.r DAYlHC'l'tlr aCllPfOOA" UN'tAJU."nc""N. .A'f\lUn~""" MC 5329 0313 1006 3003 I $21,000 \ $12,920.04 \ 31 I 06-23-95 I $177.00 -\ 07/20/95 ~ffO'l'JHS :Mil" .... tIW$CIONS JUNE 1995 STATEMENT 0."" """,. "" .. 0620 06219555100193 Ie ?AYMENT - THANK you 1,000.00 TOTAL $.00 $1,000.00 IMPORT NIl CONGRATULATIONS I H(WS YOUR CREDIT LIMIT liAS BEEN INCREASED TO THE AMOUNT SHOWN JlBOVE. WE VALUE YOUR PATRONAGE, AND THANK YOU FOR TilE OPPORTUNITY TO CONTINUE TO SERVE YOU. WANT TO GET CASU FAST? ACCESS CHECKS CAN TURN YOUR CREDIT LINE INTO A PERSONAL CIlECKING ACCOUNT. AND, WITIl A PERSONAL IDENTIFICATION NUMBER (PIN) YOU CAN GET CASH FAST, 24 HOURS A DAY t AT OVER 200,000 ATMS WORLDWIDE. CALL NOW TO ORDER A FREE SUPPLY OF PERSONALIZED ACCESS CHECKS AND YOU~ HANDY PIN. Nt " ~ ..... 'm " .....- . . PURCHASES CASH ADVANCES ~Iara'fl""""""""'''''''''''' 9 717 l~ ClII........... . ,...,~.:'~~~.:.:. r $177.00 PM:dc"", . .054520% DLY .018904% nLV ,."...,....,~..................-. - _....................r $177.00 ~ 19.90% 06.90% ~1tllI~.........."..... + SO.OO AI YOUR SUMC( MAY HOUR, MAY DAY :U-' $9 588.07 $0.00 CaIh~,...."""""""""""."'" + $0.00 . f........_.................... 1OIl'...t~R" I I fI'NICIl;tINIIU-"""-" S162.0!) ~aI~()IINCI"'''''- E=r ... 19.90% $0,679.16 . D ........_..c..-r..-- "'" .... ,. ........................... ........... III ,.-a,""" ~~PICA.'_O ~r;':"'...:a--=~t_- I "._....1,.".. _MBNA- lunerlca 5329 0313 1006 3003 P.o. BOl< 15019 I M.M'l,"'.......,O ,......,..frG.IIn' Wilmln<;ton, DE 19066-5406 PAGE 1 OF 1 PlEASE BEE REVERSE BIDE FOR IMPOMANT INFORMATION, REV-1547 EX AFP (12-951* COHMOHWEAlTH OF PENNSYLYANIA DEPARTHEHT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPf. reD6DI HARRISBURG, PA 1712a-0601 ESt TE 0 FILE NO. DATE OF DEATH 06-16-95 COUNTY CUMBERLAND NOTE. TO INSURE PROPER CREDIT TO YDUR ACCOUNT, SUBHIT THE UPPER PDRTION OF THIS fORH WITH YOUR TAX PAYHENT TO THE REGISTER OF WILLS. HAKE CHECK PAYABLE TO "REGISTER Of WILLS, AGENT" REMIT PAYMENT TO: / /5 . '1/ - 10 e~ ACN 101 NOTICE Of INHERITANCE TAK APPRAISEHENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSHENT OF TAX FINANCIAL TRUST SRVCS CO 1 W HIGH ST PO BOX 220 CARLISLE PA 17013 DATE 06-24-96 REGISTER OF WILLS CUMBERLAND CD COURT HOUSE CARLISLE, PA 17013 Allount Rellitt.d CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~ iiEV=isW-EX-"FP-n:;r=9sY-iliificE--Oj:-YNHEiiiTANCi-TAX-iiPPRiiisEHEilr-;-"LLOWANcE-olinn-n-mn---- DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX ESTATE OF BLUMBERG GLENN M FILE NO. 21 95-0490 ACN 101 DATE 06-24-96 TAK RETURN WAS, (X I ACCEPTED AS fILED RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN 1. R..l E.t.t. (Schedule Al (1) 2. Stock. and Bond. (Schedule BJ 12) 3. Cloally Held stock/Partnership Int.r..t (Schedule C) (3) 4. Horta_a../Hot.. Receivable (Schedule DJ (41 S. C..h/Bank Depollta/Hllc. Perlon.l Property (Schedule E) (Sl 6. JointlY Owned Property (Schedul. F) (6) 7. Tranlfll"'l (Schedule OJ (7) 8. Tot.l A...t. APPROVED DEDUCTIONS AND EXEMPTIONS: 9. Funaral Expen.../Ad... Co.t.'"I.c. E~pen.e. (Schedule H) (9) 10. Dabt./Hortgaga Llabl1iti../Lien. (Schadule I) (10) 11. Total Deduction. 12. Hat Valua of Tax Raturn 15. Charitable/Govarn.antal eaqua.t. (Schedule J) 14. Hat Value of E.tata Subjact to T.~ If an assessment was issued previously, lines reflect figures that include the total of ALL ASSESSMENT OF TAX: 15. Anaunt of Lln. 14 at Spou.al rat. 16. Anount of Line 14 t.xable at Lln..l/Cla.. A rat. 17. Anount of Lln. 14 taxable at Collateral/Cla.. Brat. 18. Principal Tax Due TAX CREDITS: PAYHENT DATE 09-15-95 03-14-96 NOTE: 1151 1161 (171 RECEIPT HUMBER AA082l38 AA1l2616 DISCOUNT (+1 INTEREST (01 421,05 .00 I CHANGED 37,000,00 ,00 .00 .00 34,991.10 ,00 .00 181 71,991.10 12,513.84 1.036,76 (Ill IUI (131 (141 1~ . CiCiO liD 58,440,50 ,00 58,440,50 14. 15 and/or 16, 17 and 18 will returns assessed to date. .00 X .00: ,00 X .06: 58,440,50 K .15: U81 ,00 .00 8,766.08 8,766.08 AHOUNT PAID 8,000.00 345.03 TOTAL TAX CREDIT BALANCE OF TAX DUE INTEREST AND PEN. TOTAL DUE 8,766,08 ,00 ,00 .00 . If PAID AfTER DATE INDICATED, SEE REVERSE fOR CALCULATION Of ADDITIONAL INTEREST. If TOTAL DUE IS LESS THAN '1, NO PAYHENT IS REQUIRED, If TDTAL DUE IS REFLECTEO AS A "CREDIT" (CRI, YOU HAY BE DUE A REfUND, SEE REVERSE SIDE Of THIS fORH FOR INSTRUCTIONS,I - ~~ - - Q !ll ., In: - ..:> ~, :-:: ~ '-J ~ ('") ':;... ., :) - N " ., ~-l ~ . ';-" ( .1. <) , _J L> OJ ~ ~~ We: a: RESERVATIONI E...t.. 0' decedent. dying on O~ before o.c.-b.r 12, 19.2 .- If BnY future Int.r..t In the I...t. 1. tren.flrred In po.....lon or enJoy.-nt to el... I (col1e',r,1) beneflc.,r..' of the ~c.d.nt ,'t.r the I.plr.tlan of any .,t.t. for 11', or 'or y..r., the Co..onw..lth hereby I.pr...ly r...rv.. thl right to IPor.I.. ~ ...... tran,'.r Inherlt.ne. 'a..' It the lew'ul el... a (calll'.r.l' r.t. on any .uch future Int.r..t. PUR90st Of NOTICE I To fulfill the requlr..-nt. of Slctlon Z14D of the Inh.rlt~. and E.t.t. T.x Act, Act 22 of 1991. 72 P.S. SHUon ZlU. PAYHEHTI DltKh the top portion 0' thh Hatlc. and .ubIIlt with your ply..,t to the Regllt'l" of Will. printed on the nv_'" .Ide. ...".... check or MMY order plyllbl. tal REGISTER OF MILLS, AGENT All Plv-ent. r~.lved .h.ll flr.t be eppll~ to ~w Int.r..t which .aw b. ~ with any r...lnd.r appll.d to the ta.. A r.fund of a tax credit, which WI. not raqu..t.d on the Ta. Aaturn, .aw b. requ..t.d by coapl.tlng an "Appllc.tlon for bfund of P.nn.vl"anl. Inheritance Met E.tat. T.x" (REV-IJlS). Application. .ra avall.bla at the Office of the Aagl.t.r of Will., any of the 23 A.venue DI.trlct Offlc.., or bV callIng the .p.cl.1 Z'-hour an.NlrlRl ..r"lca nuabar. for for.. ord.rlng. In P.nn'Vlvanla l-100-56Z-2050, out.lde Pann.ylvanl. and within locII H.rrhbur. ar.. (717) 717-eoM, TOOl (717) nZ-22iZ (H..rlng I.alred Only). REfUND (tA) t OBJECTIONSt Any p.rtv In Int.r..t not ..tl.fled with the .ppr.I....nt, allowanc. or dl..llowance of deduction., or ......lInt of t.. (Including dl.count or Int.r..t) .. .hown on thl. Hotlc. au.t obJ.ct within .Ixtv (60) daya of r.c.lpt of thl. Notlca bV' --written prot..t to the PA D.p.rt..nt of Aav.nu., loard of APP..I., D.pt. 211021, Harrl.bUrg, PA 11121-1021, OR --allctlon to have ttMi .attar d.taralned at audit of thl .ccount of thl per.on.l rapnllntaUvl, OR --app..l to the Orphan'" Court. AD"I" ISTAATlVE CORRECTIONSI Factual .rror. dl.cov.rad on thl. ........nt .hould b. .ddr....d In writing tOI PI D.p.rt..nt of A.vanue, Jur.au of Indlvldu.l T...., ITTNI Po.t I.......nt R.vlaw unit, D.pt. 21D6Dl, H.rrl.burg, PA 17121-D601 ~ (717) 787-6505, Sa. p.g. S of the bookl.t "In.tructlon. for Inherltanc. T.. A.turn for I R..ld.nt D.c.dent" (REV-1501) for an ..plan.tlon of adalnl.ttatlv.lv corr.ct.bl. .rror., DIICOI.ItTl If ~v t'M dua I. paid within thra. (S) oel.ndar lonth. aft.r the d.c.d.nt.. d..th, a flva p.roant C5~) dl.count of ttMi t'M p.ld Is .Uowad. PENALTY. Tha 15X t.x -.ne.tv non-p.rtlclpatlon panaltv la coaput.d on the tot.1 of the t.. .nd Int.r..t .......d, and not p.ld b.for. Januarv II, 1996, the flr.t d.v .ftar tha Ind of thl tax ..n1.tV plrlod. Thl. nan-p.rtlclpatlon panaltv I. appa.labl. In the .... .~.r and In the tha .... tlaa parlod a. you would appaa. thl tax and Int.r..t that hla b.en .......d .. Indica tad on thl. notlca. INTERUTt Int.ra.t I. ch.rged b.glnnlng with flr.t d.v of dlllnqu.ncy, or nln. (9) .onth. ~ on. (I) d.y fro' the d.t. 0' daath, to the; d.t. of p.w-ant. Ta... which b.ca.. daUnq\Mnt b.fara January 1, 1912 b..,. Inter..t at the rat. of .I~ (6~) parcent p.,. annua calculatld .t a dallV rat. of .00DI64. All t.... which bee... d.llnquent on ~ aft.r Jenuary 1, 1982 will ba.r Int.r..t at . rat. which will vary fraa cal.ndar v..r to calandar V'." with that rata announc.d by the PA Dap.rtaent of R.vlnua. Tha .ppllc.bla Int.r..t rat.. for 1982 through 1996 .ra. '!.!.!r. Inte,.ast Aat. D.IIY Inta,...t Flcto,. :t!!! Inter.. t R.t. D.U" Int.r..t Flcto,. 1912 "X ,ODDS" 1917 'X .0002" I'as lOX ,ODDUI 1911-1991 Iii .0aOSOl 191' \IX .00OSDl 1992 OX .0002" 1'15 lSX .00OSS6 1995-1994 7X .DDOl9Z 191' lOX .OODZ" 1995-1996 OX .00Ult7 --Intar..t II c.lculatad .. follow'. INTEREST a BALANCE OF TAX UNPAID X NUNBER OF DAYS DELINQUENT X DAILY INTEREST FACTOR --Any Motlc. I..uad aftar the t.x baco-.. d.lInquent will rall.ct an Intarut calculation to flftaan CIS) d.V' b.vond the data of the ........nt. If pay..nt II ..d. aft.,. the Int.r..t cDlPUtatlon data .hown on the Hatlca, addltlunal Int.r..t lU.t ba c.lcul.t.d. v/ REV-lS47 EX AFP (12-95)* C~ALTH OF PENNSYLVANIA DEPARTHENT OF REVENUE BUREAU OF INDIVIDUAL TAXES MPT. Z80601 HARRIS'URa, Pi 1712e-0601 ESTATE OF GOODALL ROBERf FILE NO. DATE OF DEATH 06-19-95 CDUNTY CUMBERLAND NOTE. TO INSURE PROPER CREDIT TO YOUR ACCOUNT, SUBHIT THE UPPER PORTION OF THIS FORH WITH YOUR TA~ PAYHENT TO THE REOISTER OF WILLS. HA~E CHECK PAYABLE TO "REGISTER OF WILLS, AGENT" REMIT PAYMENT TO: ) '/ ~ ---------.--.-. - --- /,")- - Y.::? - G . ct/' ACN 101 NOTICE OF INHERITANCE TA~ APPRAISEHENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSHENT OF TA~ CUT ALDNG THIS LINE ~ RETAIN LDWER PORTIDN FDR YDUR RECDRDS .... iiifli=isW-iix-iiFP-iiz-':9Frn:jiificii--oFuiriHiiii'iTANc'E"'fA'in-ppRiiisiiHEii'r;-iiti."OWA;fcE-OR---uu---------- DISALLOWANCE DF DEDUCTIDNS AND ASSESSMENT DF TAX RDBERT L FILE ND. 21 95-0499 'ACN 101 TA~ RETURN WAS. I ACCEPTED AS FILED ( XI CHANGED SEE RDBERT E YETTER ESQ METZGER ETAL PO BDX 5300 HBG PA 11110 ESTATE DF GDODALL RESERVATIDN CDNCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE DF RETURN BASED ON: DRIGINAL RETURN 1. Rod Eototo (Schodulo AI III 2. Stocke and Bond. (Schedule 8), (2) 3. Clo..ly Hald stock/Partnership Int.r..t (Schedule C) (3) 4. "artoaga./Not.. Receivable (Schedule DJ (4) 5. C..h/Bank Depoaita/Hilc. Parlonal Property (Schedule EJ (5) 6. Jolnt11 Owned Property (Schedul. f) (6) 7. Transfara (Schedul. OJ (7) a. Total AI.at. . . APPRDVED DEDUCTIONS AND EXEMPTIDNS: 9. Funeral Exp.n.../A~. Co.t./HI.o. Expen.e. (Schedul. H) (9) 10. nebt./Hortg.g. LJabJlltJe./LJena (Schedula X) (10) 11. Total Deduotlon. 12. N.t Valua of Tax Raturn 13. CharJtabla/GoVernMental aaqu..t. ISchedule ~) 14. N.t Valua of E.t.t. Subjeot to Tex DATE 08-19-96 REGISTER DF WILLS CUMBERLAND CO CDURT HOUSE CARLISLE, PA 11013 AMount RaMJtted DATE ATTACHED 08-19-96 NOTICE ,00 58.188.45 199.050,00 28 .326.11 22.389.00 .00 .00 (81 301,954.00 16,615.91 39.026,18 1111 1121 1131 1141 GG.7n? 69 252,251.31 .00 252,251.35 NDTE: 14, 15 and/or 16, 17 and IB will returns assessed to date. I~ an assessment was issued previously, lines re~lect ~igures that include the total o~ Ahh . ASSESSMENT DF TAX: 15. AMount of LJ~a 14 at Spou.al rat. (15) 16. Aaount of Lln. 14 taxable at Llneal/Cla.. A rate (16) 17. A.aunt of LJna 14 taxabla at Collataral/Cla.. a rat. (17) 18. Prlnolpal Tax Du. TAX CREDITS: PAYHiNT DATE RECEIPT WUNBER DISCOUNT (+1 .INT~REST (-I 252,251.35 ~ .00. ,00 ~ .06. ,,00 ~ .15. 1181 .00 .00 .00 ,00 AHOUNT PAID TDTAL TAX CREDIT BALANCE DF TAX DUE INTEREST AND PEN. TOTAL DUE . IF PAID AFTER DATE INDICATED, SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. .00 .OD .OD .OD IF TOTAL DUE IS LESS THAN fl, NO PAYHENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CRI, YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS. I RESERYATIDHl Elt.tll of dlcldant. dvlna on or before Olc'~'r 12, 1912 -- If any futur. Int.r..t In ~ ..t.t. I. trsn.f.rr~ In po.....lon or snJov-ent to CI... . (coll.t.r.l) b~flcl.rl.. of the dlcedsnt .ft.r the .xplratlon of any ..t.t. for 11f. or for v..r., the Co.-anw..lth her.by .xpr...ly r...rv.. thl right to appral.. 8nd ...... trln.f.r Inhlrltanc. T'M" at the I.wful Cia.. . (collat.r.l) r.t. on any .uch future Int.r..t. PUlPOSE OF NOTICE I To fulfill thl rsqulrlasntl of slctlon 2140 of thl Inherltancl ~ E.tat. T.M Act, Act 22 of 1991. 72 P.S. SIOtlon 2140. PAYMlHTI aatach the top portion of thl, Hotlc. 8nd .ub.lt with your p.y..nt to thl R.gl.t'r of Will. prlntad on thl r.v.r'l .Id.. ._"ak. check or ltOMy order plyllbll tal REGISTER OF MILLS, AGENT All p.v-ent. r.c.lvld .hlll flr.t b. appllld to any Int.rl.t which .ay b. dua with any r...lnd.r appll.d to the tax. REfUr(D (CRh A nfund of a t.. credit, .....Ich WII not nqtHl.t.d on thl TI. R.turn, "V ba raqulltad by coapllUna an'''Appllcatlon for Rafund of pann'Ylvanla Inharltanca and E.t.t. T.... (REV-IS1S). Application. arl av.ll.bl. .t thl afflca of thl RIGI.tar of Will., any of thl ZS R.venue al.trlct afflc.., or by c.lllng th. ,plcl.1 Z4-hour en.warlng ..rvlcl ~r' for for.. ord.rlnDI In P.nn.ylvanl. l-IDD-!6Z-ZD50, out.ld. Pannlylvanla 8nd within 10c.1 H.rrllbUr, ar.. (717) 717-1094, TOO' (717) 77Z-ZZS2 (H..rlng 1.,.lr.d Only). OBJECTIONS I Any party In lnt.r..t not ..tl.flad with thl .ppr.I....nt, .llowanc. or dl.allowancl of deduction., or a.,..'asnt of t.x (IncludlnD dl,count or Int.r..t) .. ".hown on thl. Hotlc. lU,t obJ.ct within .Ixty (60) d.y. 0' r.c.lpt of thb Hotlc. bYI .-wrlttan prot..t to th. PA Dlpaet.ant of R.vanu., Bo.rd of ApPlel., o.pt. 281021, Harrl.bUrg, PA 17121-1021, OR --.Iactlon to haY. th. ..tt.r d.t.r.ln.d at BUdlt of thl account of the par.anal r.pr..antatlv., OR --.ppe.l to thl OrPhan.' Court. ADHIH ISTRATlYE 'CORRECTIONS' Factual .rrora d..coy.r.d on thl. .,......nt ,hould b. addr"'ld In writing tal PA O.part.ant of R.ylnUl, Bura.. of Indlyldual T,MII, ATTHI Poat A......ant R.vl.w Unit, D.pt. 21D6DI, tt.rrltburD, PA 17128-0601 Phon. (717) 787-6505. S.. pag. S of th. boOkI.t "In,tructlon. for Inh.rltenc. T'M R.turn for a R..ld.nt a.c.dent.. (REY-1501) for an .Mplan.tl!" of a~lnl.tretly.lY corr.ctabl. .rror.. If any tax du. I. paid within thr.. (S) cal.nd.r IOnth. aft.r th. d.cad.nt'. d..th, a flv. parc.nt (5X) dl.count of the t.x paid I, allowed. ThI 15~ t.M .-ne.ty non-p.rtlclp.tlon p~lty I. c~tad on th. tot.1 of thl taM 8nd Int.r..t .......d, ~ not p.ld b.for. Jenu.ry II, 1996, thl flr.t d.y .ft.r th. .nd of th. teM aan.,ty p.rlod. Thl. non.p.rtlclp.tlon pan.lty I. appa.l.bl. In the ,... .ann.r and In th. th. .... tt.. p.rlod a. you would epp..1 thl tax and Int.r..t that hll b.~ .'.....d .s Indlc.ted on thl. notlc.. Int.r..t I. charDad bag InnIng with first dlY of dlllnquancy, or nln. (9) .onth. and on. (1) dlY frol thl d.t. of dllth, to thl d.t. of peYlant. T.x.. which bac... dllinquent bl'or. Januery I, 191Z b'lr Int.r..t et thl r.t. 0' .Ix C6X) p.rcant par annue c.lculated It a d.lly r.t. of ,GOOI6'. All taM" which bec... dlllnquant on and .ft.r Januery 1, 19.2 will ba.r tnt.r..t at a rat. which will very frD' cllandlr ye.r to cllend.r y.er with th.t rat. announc.d by thl PA Oep.rtaant of R.ytnUl. Th. eppllCabl. Int.r..t ret.. for-1982 through 1996 er'l DISCDlltTI PENAL TV , INTEMSTI '!!!! Intar..t R.t. o.lly Interllt Fletor X!!r tnhr..t RII. Ually tnt.ra.t FeetDr 1982 2DX .ODD541 1987 'X .OOon7 1915 I'X .GDDUI 1981-1991 IU .ODOSDl 1964 IU .DDUDI 1992 'X .00D247 1915 IU .GOUS6 'I99S.1994 ]X .DDDI9Z 1.16 I'X .000274 1995-1996 'X ,OOD247 "Intar..t It c.lculltad .. follow.. INTEREST . BALAHCE OF TAX UHPAID X HUKBER OF DAYS DELIHQUENT X DAILY IHTEREST FACTOR ..,"y MoUca luuad .ft.r the t.M bSCOMI d.Unquant will rafleet .. Int.rllt calcul.tlon to ,lft.an (15) d.V' beyond th. dlt. of thl .....,-.nt. tf plyaent I. _ad. aft.r th. Int.r..t co.putallon d.t. ,hown on thl Hotlca, .ddltlonal Int.r..t au.t ba c.lcul.ted. .,h .i''''''' lRD/June 30, 1992/17858 REGISTER OF WILLS Cumberland County Courthouse One Courthouse Square Carlisle, PA 17013 .- NOTICE PURSUANT TO RULE 6.12 PENNSYLVANIA SUPREME COURT ORPHANS' COURT RULES To: Personal Represenlative Counsel: ROBER'l' E. YE'!''l'ERS, ESQ., RE: E&late of RORER1' I.. GOODAI,I. , Deceased, Late of NEW CUMBERI.AND BOROUGH E&late No.: 21-1995-499 Date of Decedent's Death: JUNE 19, 1995 Pursuant to Rule 6.12, the above named personal represenlative or the above na,"ed attorney, if applicable, within two (2) years of the decedent's death, and annually thereafter until administration Is completed, is required to file with the Register of Wills a Status Report as required by Rule 6,12, In substantially the prescribed form, showing the date by which the personal representative, or attorney, as applicable, reasonably believes administration will be completed, The purpose of this Notice is 10 advise you that unless the requisite Status Report is filed with the Register of Wills or Clerk of the Orphans' Court, as appropriate, within ten (10) calendar days after the date of this Notice that the Register of Wills Is required to notify the Orphans' Court Division, Court of Common Pleas of such delinquency and 10 request that said Court conduct a hearing to detennlne whether sanctions should be Imposed upon the delinquent personal representative and the delinquent personal representative's counsel, If any. Accordingly, If !be requisite Status Report Is not filed by AUGUS1' 6 , 192], you arc hereby advised that a request will be submitted to the Court in accordance with Rule 6.12. YYllL\.t. 0 ".t'-fl,/n.(J Date: QptLf JULY 23, 1997 Distribution to Estate File . . ~ . STATUS REPORT UNDER RULE 6.12 Name of Decedent: ROBERT L. GOODALL Date of Death: June 19, 1995 will No. Admin. No. 21-1995-499 Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: Yes x No 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: 3. If the answer to No. 1 is Yes, state the following: a. Did the personal representative file a final account with the Court? Yes No x b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? Yes x No d. Copies of receipts, releases, joinders and approvals of formal or informal accounts may be filed with the Cerk of the Orphans' Court and may be ached to this report. Date: July 31, 1997 L/;IJ .:.. J? co ';; ':,~ ,; .. N 0_ ~ I t=1 ..'" .;1": r- J!:5 f" uu Robert E. Yetter, Esq. Name (Please type or print) 3211 N. Front St., P.O. Box 5300 Address Harrisburg, PA 17110-0300 ( 717 1 238-8187 Tel. No, \)L.L: a: Capacity: Personal Representative i Counsel for personal representative (MAH: rmU AM3) -, ','.r .' \> ;":;",~~ -'"0; i,;,,:o,:- ,~~\~..:-~ _:":-~':\i: .-" , -" ",,' .t'i~~;~,.^ ., c. ,""..;,. , ~ ~"- "'" -"~ ~. -~:<:-,,- ',.,,,.,' '.." , "~T '.... .' S," : ~fi ~ . ; ".- lf~: ~t':'i:rl 'e.', '...- "'~..,._'."'" "". ~ -".-', ~. ~ ra.. 0 . H tl. r.:l ~ ~ t.,' <;' ....'!".... "'''fl.',,,.., "".,", .. ""',,' '. . ~ ~.I 0 Z i},:l~~~~~yr!!;t. ,j Iffi.<.,i!ii =~:ig C"';'j',.' _ . <"" I 9 ' ~ B X ':E , .1;: ," 't'...l'" :; .j- .- '...: " " 'i' ;f ., " "1 ., '''- 1)- ", - ',.-,- ';, -'-'(, .', . ~= , ,J:,' ~ 1: '-\' "':',f.." " ., .:' ~., }~f1 -",. ',~l,: :--:;' ..t. '~L ,,..;. '.._,'.'- ~: .",.' " -:~.:~~-'-~'" :'{:- '~~ ''/!', ':. -" , .<. :~~;~~:.j.; ,,,(-:' 'Le~l. ,. . ,- ., _ , . .~ ;~~';{ . ':. ~~- ~; - .~ ': " 1-'~ ", -t,' . f.~ .' ! ;~':~:';;,:~',:. '. .~\ \ ~ . ";t'- , 0:: " "~': . ", -,\ v . . . ~ . . t. ., . .,. . LAST WILL AND TESTAMENT OF ROBERT L. GOODALL I, ROBERT L. GOODALL, of the Borough of New Cumberland, Cumberland County, Pennsylvania, make, publish and declare this to be my Last will and hereby revoke all wills and codicils previously made by me. ITEM I. I direot that my legal debts, funeral expenses, costs of suitably marking my grave, and the costs of the administration of my estate be paid as soon as praoticable after my death. ITEM II. I give and bequeath to my beloved wife, JOANNE P. GOODALL, all of my furniture and furnishings, clothing, jewelry, personal effects, all of my other articles of personal use or adornment, and all automobiles of mine kept for family or personal use, together with any insurance existing thereon, if she survives me; but if she does not survive me, then to my beloved ohildren, ROBERT L. GOODALL, JR. and TRACEY G. LEWIS, nee Goodall, to be divided among them as they shall see fit; but if said children fail to agree upon suoh division within a period of two (2) months after my death, then said items shall be sold and the prooeeds therefrom shall be added to, become a part of, and be administered with my residuary estate as set forth in Item III of this will. ITEM III. I give, devise, and bequeath all the rest, residue and remainder of my property and estate of every kind and nature and wheresoever situate, inoluding any property or interest in property over whioh I may have a power of appointment as follows: A. If my beloved wife, JOANNE P. GOODALL, survives me, to her absolutely and forever. B. If my beloved wife, JOANNE P. GOODALL, predeceases me, as follows: (1) One-half (1/2) thereof to my beloved daughter, TRACEY G. LEWIS, nee Goodall, if she survives me, but if she is not then living, to her issue per stirpes and not per capita. (2) The remaining one-half (1/2) thereof to my beloved son, ROBERT L. GOODALL, JR., or if he predeceases me, to his issue per stirpes and not per capita. (3) If no such child of mine shall then be living and no issue of suoh ohild shall then be living, the share to whioh such child would have been entitled shall be distributed to the other ohild of mine then living, or if suoh other child of mine is not then living, to the issue of such other ohild of mine per stirpes and not per capita. C. If my wife predeceases me and there are no ohildren of mine then living and no issue of such children then living, to CHIT-CHAT FOUNDATION, a non-profit corporation of Wernersville, Pennsylvania, to be used for the educational and charitable purposes of said foundation. -2- ITEM IV. All estate, inheritance, legacy, succession, or transfer taxes, including any interest and penalties thereon, imposed by any domestio or foreign law with respect to all property taxable under such laws by reason'of my death, whether or not suoh property passes under this Will, by operation of law, by contract, or otherwise, shall be paid without any right of reimbursement from any recipient of any such property, without any right of apportionment, and without postponement. ITEM V. Should any person entitled to a share of my estate be a minor, at the time of distribution to him or her, and should the value of such property be more than the amount which may be paid and delivered to him or her or in his or her behalf without the appointment of a guardian or other fiduciary or the delivery of security, such share shall be paid and distributed to my trustee hereinafter named to be held, IN TRUST, and managed, invested, and reinvested, together with the accumulation of income thereof, and the trustee shall use and apply from time to time such portion of the inoome or principal thereof as it deems necessary or desirable for the minor's reasonable maintenance, support, and oomplete education, including preparatory, college, post-graduate, or professional training, or to make payment for such purposes to the guardian or person with whom suoh minor resides and directly to or for the benefit of the minor without further responsibility to such minor or any person taking care of such minor, and when such minor attains the age of thirty (30) years, any principal or income not -3- _n____".,__~.',..."=_..~.p,,_._~_.__._~..___.._ '__"'__'_'~_'" , .. so paid or applied shall be distributed to suoh minor or if he or she dies prior thereto, to his or her personal representative. ITEM VI. In addition to the powers granted by law, my personal representative and trustee shall have the following powers: A. To hold, possess, manage, and control the trust estate for the uses and purposes herein set forth. B. To sell at public or private sale, to exchange, to release, to pledge, to mortgage, to transfer, to convert, or otherwise dispose of, or grant options with respeot to, any and all property, real, personal, or mixed, at any time forming part of the trust estate, in such manner, at such time or times, for such purposes, for such price or prices, and upon such terms, credits, and conditions as shall be deemed advisable or necessary under the circumstances. C. To assent to, join in, or vote in favor of any merger, reorganization, voting trust, plan, lease, mortgage, consolidation, exohange, or foreclosure of any corporation or other investment in which the trust estate may hold stocks, bonds, investments, or any interests. D. To vote in person or by general or limited proxy with respect to any share of stock or other investment held by the trust estate. E. To retain as an investment for the trust estate, any and all property, real, personal, or mixed, received by the trustee by -4- transfer, devise, bequest, or otherwise, or any undivided interest therein regardless of laok of diversity, risk, or non-productivity. F. To make loans, secured or unsecured, to the administrator or executor of my estate, or to any other person, without responsibility or liability for any loss resulting to the trust estate from any suoh loans. G. To borrow money from any person or institution including the trustee hereunder, for any purpose connected with the protection, preservation, or improvement of the trust estate. H. To purchase securities or any other property of any kind from the administrator or executor of my estate. 1. To distribute articles to a minor or to his parent or any person taking care of the minor, to hold for the minor, within the limits of the statute or rule of law. J. To compromise any olaim or controversy. K. To apportion between principal and income any receipts and disbursements and to ascertain income and principal in acoordanoe with the statutes and rules of law of the Commonwealth of Pennsylvania, and to determine, in a fair and equitable manner, in cases not covered by such statutes and rules of law, how receipts and disbursements shall be credited, charged, or apportioned as between principal and income. L. To keep property in the name of a nominee with or without disclosure of any fiduciary relationship. -5- M. To employ attorneys, agents, auditors, depositories, and proxies with or without discretionary power. N. To make, execute, acknowledge, and deliver any and all instruments which may be deemed advisable and necessary to oarry out any of the powers herein granted or provided by law. O. To invest and reinvest the prinoipal of the trust estate, together with any acoumulated income thereon whenever such acoumulations have been permitted by the terms hereof, in all forms of property, real, personal, or mixed, inoluding but not limited to stooks, bonds, oommon trust funds, mortgages, investment funds, insurance polioies, and annuities, except that such power shall not be exercised in such a manner as to cause my estate to lose any part of the tax benefit afforded by the marital deduction under federal or any state tax law. P. To carry out the terms of any agreement which I may have entered into to sell all or any part of any property or any interest in property which I may own in any business or partnership at the time of my death. ITEM VII. Although my wife and I are exeouting our wills at or about the same time, they are not intended to be and shall not be construed to be oontractual even though certain provisions are reciprocal. Each will shall be suhject to revocation by its maker. ITEM VIII. In the event that my wife and I shall be killed in,a common accident or as a result of a common disaster, or under -6- such circumstanoes that there is no sufficient evidence that we died other than simultaneously, it shall be presumed that my wife survived me, and this presumption shall apply throughout this Will. ITEM IX. I nominate and appoint my beloved wife, JOANNE P. GOODALL, but if she predeoeases me, fails to qualify, or ceases to act, I nominate and appoint my beloved son, ROBERT L. GOODALL, JR., but if he predeceases me, fails to qualifY, or ceases to act, I nominate and appoint my beloved daughter, TRACEY G. LEWIS, nee Goodall, but if she predeceases me, fails to qualify, or oeases to act, I nominate and appoint MERIDIAN BANK as the sole executor of this my Last Will, to serve without bond for the faithful performance of duties in any jurisdiction. ITEM X. I nominate and appoint MERIDIAN BANK as the sole trustee of all trusts created by this my Last will, to serve -7- Commonwealth of Pennsylvania County of Dauphin ss I, the Testator, whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my free and voluntary act for the purposes therein expressed. ,-~.(-~ ( R~BERT L. GOODALL SWORN to or affirmed above named Testator this to and acknowledged before me ,{7P day of '(]...;-.u~A<2'<- 1/ ,t:/ /1' Ck Ct!.~ u:.t .,,<.~.'-'" Nota~publ io by the 199.s-: My Commission Expires: (SEAL) NOTARIAL SfAL JO ANN ALLEMAN, Nolaly Public Dauphin County My Commission Expires March 8, 1997 Commonwealth of Pennsylvania county of Dauphin We, the undersigned witnesses whose names are signed to the attached or foregoing instrument, being duly qualified acoording to law, do depose and say that we were present and saw Testator sign and execute the instrument as his Last Will; that he signed willingly and that he executed it as his free and voluntary aot for the purposes therein expressed; that each of us in the hearing and sight of the Testator signed the~i as witnesses and that to the best of our knowledge the Testato was at the time eighteen (18) or more years of age, of sound min and ~nd~ no constraint or undue influenoe. . 'If! '-) \ 1 t ss SWORN or affirmed to and acknowledged before me by the above named witnesses this svJ.. day of dol", <,,".{~,I, , 199.5-: '/1 .0. cl ~ u,,-,,-/ {L.<::t."'.'J'-<f',,,,,,,, Not Y PUblic I My Commission Expires: (SEAL) NOTARIAL SfAL JO ANN AlIJMAN, Nolaly Public Ilduunln County My Commission Expires March 8, 1997 -9- _.._'.....~m_<.."~..__"".,_.".,. *' .__,....__'.....~,.... If;Y.ISOO EX. 11.9"1 Iii ~ .. l!! i:5~ ..I- ~Iii ...!il B~ '" ~ ...-! ... '*' /5-42.- (y ~'~ INHERITANCE TAX RETURN RESIDENT DECEDENT (TO BE FILED IN DUPLICATE WITH REGISTER OF WILLS) FOR OATIS OF DIATH AnlR 12/31/91 CHICK HIRI IF " SPOUSAL POVIRTY CRIDIT 15 CLAIMID 0 FIll NUMBIR 21-95-01.99 COMMONW\ALTH 0' ,ENNnlVAHIA 01,.... MfNT 0' UVENUf HmlS~J:& wm..<l6O. H' . I . DMIDo Goodall, Robert L. AL IICUalll' HUMUl 200-24-2022 INITIAL YEAR NUMBER COUNTY CODE D CIDIN 'I COM'U I ADDlU 808 Linwood Street New Cumberland, PA 17070 Cot,/nl Cumberland AMOUNt llCflVID IIn IHI'fluctIONII Entire Estate o 3. Remainder Relurn (lor do... 01 doo,h prior to 12.13.82) o 5. Federal Ellale Tax Relum Required DAn 0' OIAl" 6/19/95 DAn 0' IlltH 11/30/31 C" "",,1C.uI.'I'UlYmNO 'POUU" H...... IlAU. 'IU' AHO "1OOl' INltlAQ Goodall, Joanne P. Ia l. Orlglnol Ro'um OA, B6, Umlted Ellale o 2, Su, o Aa. Future Inlerll' Compromhe Ilor do'o, 01 d.o,h alt.. 12.12.821 o 7. Decedent Maln/alned a Uvlng Trult (AHach copy a Tru"1 & Erb '" '" !;i ~ :II '" .. a l. Roal E.'a'o (Schodulo "I ( 1 I 2, Slack. and Band. (Schodul. BI (21 3, ~a\'l!nlj,'J..'\,~icklPf~~i,'~lfll'l!..t'sbSt,"Jg~\~1 CoN I A, ~~~~~k~K~~Kg~ (AI 5. Calh, Bank Oepolll1 & Mlleellaneou. Penonol Property ( 5 I (Schodulo EI 6. Jaln.ly Ownod Prap.rty ISchodul. F) 16} 7, Trantlo" (Schedulo G}ISchedul. l) (71 8. T otnl Gro.. A..e" (10101 Un.. 1.7) 9. Funeral bpen"l, Admlnhlrollve COlli, MheellaneauI (91 hp.n"l (Schedule HI 10, D.b.., Mortgag. lIoblllllo., lion. ISch.dulo I) (10) 11, T 0'01 Doductlon. (.o.allln.. 9 & 10) 12. Net Valu. of Ellale (Une 8 mlnuI Une 11) 13. Charilable and Governmental Bequel" (Schedule J) lA. Nel Value Sub eel 10 Tax (Line 12 mlnu. Une 13 IS, Spou.al Trantlon Ilor do'.. 01 d.a.h aft.. 6,30,941 See Inllruellon. far Applicable Pereentog. on Revene (15) Sid.. (Indude value. from Schedule K or Sclledule M.) 16. Amounl of LIne 14 laxable 016% role (16) (Indude yolu.. from Stlledule K or Schedule M.I 17. Amounl of line 1A laxable 0115% role (17) (Include yalu.. from Sthedule K or Sthedule M.) 18. Principal tax due (Add lox from lIn.. 15. 16 and 17.) 19. Cr.dill Spoulal Panrty Credil Prior Paymentl _8. Tolol Numb.r of Safe O'pollI Box.. 3211 North Front Street P.O. Box 5300 -0- 58.188.45 199.050.00 28.326.71 22,389.00 -0- -0- (81 307.954.00 16,675.91 39,026.78 252,251.35 (11) 55.702.69 (l2) 252.25 \. 31 (131 -0- (14 252,251.35 x.~a -o- x .06 iii -O- x .15 iii -0- (181 -0- (19) -0- (20) -0- 121) -0- (21"1 -0- 121B) -0- Oheaunl Inler..t + + 20. If line 191. grealer Ihan line 18, .nter tile dlfferentt on line 20. This Is Ih. OVERPAYMENT. iii D."rr.r:I~II"''''I_'I'II.'II'''I'''III~''IIIII-,-...nr.nIl='l''''I'I'I_,~"".~"..I"II 21. ADD"n~ 17110-0300 3/ I~ /96 OAlf 3/ I 'I /96 r, , Act '48 of 1994 provld.. for the r.ductlon of the tax rat.. Impo..d on the n.t value of trand.r. to or for the u.e of the .pou... Th. rat.. 01 pr..crlb.d by the .tatut. will b.1 . 3% (.03) will b. appllcabl. for ..tat.. of d.c.d.nt. dying on or aft.r 7/1/94 and b.for. 1/1/96 . 2% (.02) will b. appllcabl. for ..tat.. of d.c.d.nt. dying on or aft.r 1/1/96 and b.for. 1/1/97 . 1% (.01) will b. applicable for ..tat.. of d.c.d.nll dying on or aft.r 1/1/97 and b.for. 1/1/98 . Spou.al tranlf.r. occurring on or aft.r 1/1/98 will b. .x.mpt from Inh.rltanc. tax. PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING A CHECK MARK ("') IN THE APPROPRIATE BLOCKS. YES NO 1. Old decedent make a transfer and: a. retain the use or Income of the property transferred, ....................................................... b. retain the right to designate who shall use the property transferred or lis Income, ............... x (" x c. retain a reversionary Interestj or ................................................................................... x d. receive the promise for life of either payments, beneflls or core' ....................................... 2. If death occurred on or before December )2, 1982, did decedent wllhln two years preceding death transfer property without receiving adequate conslderotlon' If death occurred after December 12, 1982, did decedent transfer property within ane year of death wllhout receiving adequate ,conslderallon' ..... ............. IO... .....,......lO.. to......oo......o .................. ........ ........... ...... x x x 3. Old decedent own an 'In trust for'. bank account at his or her death'...................................... x IF THE ANSWER :TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. J .,"j .' V If:V.ISO) u+ 1..161 * COMMONWfAlTH 0' PlNNSYlVANIA lNHUIfANC( TAX lUUlN II:UIDlNT DlClDlNI ESTATE OF SCHEDULE B STOCKS AND BONDS FILE NUMBER Robert L. Goodall 21-95-0499 IAII proporty lolntly-ownod wllh RighI of Survivorship mu.1 bo dl.c1o..d on Schodulo F.I ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH I, Account 872-74390, Merill Lynch, IRA per letter dated June 29, 1995 100 Shares General Electric, common stock, at $57.57 per shore 5,757.00 $29,808.15 2. 3 401(K) Plan with Ohio Notional Life Insurnace Co. Annuity No. E5018797, paysb1e to Josnne P. Goodsll 19,645.17 4 IRA with Ohio Nations1 Life Insurnace Co., Annuity No. E5018951, psyable to Joanne P. Goodall 2,978.13 . . 558,188.45 111_................. t. .......~....J t........ ....1..1:.:......,........,....,..._...1...1 ..0 In.1J05'" ......1 . SCHEDULE "C-l" CLOSELY HELD CORPORATE STOCK INFORMATION REPORT COMMONWEALTH Of PENNSYlVANIA BURIAU Of IllAMINAnON INHERITANCE TAX RETURN RESIDENT DECEDENT P.O. lOX 8327 HARRISBURG PA 171DS ISlATR Of Robert L. Goodall 1. Nom. 0' Corporation Goodall Plea Ie T e or Print flU NUMBIR 21-95-0499 Slat. o' Inc. Pennsylvania June 26. 1989 Two Pools. Inc. 2, Sir'" Add,... 3501 Simpson FErry Road 01)' Camp Hi 11 Slaf. fed.,all, D, Numb., 25-1606078 (Same A. fed.ral form 1120) T)'p.D'lu.lo... Sale and installation of swimming pools and related 5. Estlmal.d Volu. of Deced.nt'. Inl.r..t Dot. of Inc. Zip Cod. PA Tolal Numb.r of Sharehold.rs ausln... Reporting V.ar ta 3. Produd products. A. STOCK TYPI T8ltJTU~MAS x 2.000 · sB'V'~RI~r.nID 1.500 PAR VALUI UNIT VALUI TOTAL $199.050.00 $132.70 10 Com_ 'refer"d Provld. 011 rlghll and r..lrldlon. p.rtalnlng to each don of stadt. 6. Was dlC'ld.nt .mployed by the Corporation' ~y.. oNo lIy..,Pall,IDo President AoouDISalaryS 55.555.70 nm. DovD,edla bu.lo... 100% 7. Amount and type of company Ind.bl.dn... to d.ced.nl 01 dol. of d.Olhl Snone 8. Was th". Ilf. In.uronc. payable to the corporation upon d.olh of d.c.d.nt' ~y.s 0 No . If yll, Cosh Surr.nder Volu.: S Term N.t Procllds Poyabl'l S 200 fOOD Owner of Policy Goodall Pools. Inc. 9. Old th. d.c.d.nt sin or tran"., slock of thll company within on. y.ar prior 10 d.alh If th. dall of d.alh was on or oh.r 12113/82 or within two Ylar.1f the dol. a. d.alh was prior to 12/13/82,0 V.. ~ No Ifylll . Of SHARES TRANSfERIE OR PURCHASER AMOUNT DATE 10. Old Ih. corporallan ha.... on Int.rl'lln olh" corpora lion. or portnlnhlp.' V'I No If yll, IIport Ihl nlclnory In'ormallan on a ..porat. .h,,', Indudlng Schldul. "C.l" or "C.2" for .ach Inlllllt. 11. Was Ihll. 0 wrlnl" .hollhold".' agrllm.nlln .Hld Ollhl 11m. of Ih. decld.nl'. d.alh' eV.. oNo If yll, anoch copy of agrllm.nl. 12. Was the dlud.nl'. .toclt .old' By.. DNa If Y", pro...ld. a copy of the ogrelm.nt of ,01., .Ic. 13. Wo. th. corporallon dluol....d or IIquldolld ah.r the dlCldlnt'. dlalh' oV..t!No If yll, provld. 0 breakdown o. IIquldollan dhlrlbutlan., .Ic. Anach 0 ..parOl' .h"l. lA. Plea.. .ubmlt Ih. following Information with thl. .ch.dulll A. A d.tall.d d..crlpllon .howlng Ih. m.thad of compulatlon ullIlnd In the valuation a. Ih. decld.nt'. stock. B. Compl.t. copl.. of Anandal. .Iotlmlnt. or compl"1 copl.. of the fedllol To. R.lurn. (fldllal form 1120) 'or Ih. ylor of d.olh and A prlC.dlng y,oll. C. A .tal.mlnt of dlvldlnd. paid loch Ylor. L1.1 tho.. d.clared and unpaid. \.J D. lbt nom.. of OHlUII, .olarlll, bonu... and any olhll b.nlfilt reul....d from Corporation. E. If Ihl Company own.d real ..101., .ubmlt a 1111 .howlng Ih. compl'll addre..l.. and IIllmat.d fair Mark" Volu.I.. If Rial Ellal. Appral.als ha.... blln ..cured, pl.a.. anam copl... f. Ust prlndpalslo<khald," at dol. of d.ath, number of .hor.. h.ld, and "Iatlon.hlp to decld.nt. 15, ALL OTHER INFORMATION RELATIVE TG AffiXING THE TRUE VALUE Of THE DECEDENT'S INTEREST SHOULD ACCOMPANY THIS SCHEDULE, .,V.IIUU.,1U1J *' SCHEDULE C-2 PARTNERSHIP INTEREST REPORT COMMONWfAlTH 0' 'fNNIVlVANIA INHUIIANCf TAX UTUIN ...... RUICfNT OfCfOfNT ! j · ESTATE OF If yel. ..plain: Father Wallhe partnership dl..alved or liquidated aher decedenl'. deatM DYe. (]JNa If YI', rlport 011 the relal.d Informallon, Including copies of Ihe Sale. Agreement andlor Selllemenl Sheet. Wa'lhe decedenl'. .Iack .old! DYe. DNa n/a If Y", provIde a copy of the agreement of .ole, elc. Pleo.e submit the following Informallon: A. A delalled de.crlptlon showing the melhod of computation ulillzed In the valuallan of the decedent's Interest. t.I R. Complete coplll of flnandal statemenls or complele caple. of Ihe Federal Tax Returns (Form 1065) for the year of dealh and .4 preceding Ylon. C. If the Company owned Rial E.tale, furnish a li.t showing Ihe complete addre../e. and 1I,lmaled Folr Mor~lt Value/s. If Reol Ellole Appraisals hove been IIcured, plea II aUach coplll. l,5, 6, FILE NUMBER Robert L. Goodall 21-95-0499 \, Goodall Realty Federal I, 0, Number 23-2201924 (A. per Farm \0651 Dale 8u.lne.. Commenced Janusry 1, 1985 B I A I' Own and 1eaoe real estate u. ne.. d 'Illy to ~oodn~~ ~OO~St Inc. Name of Partnership Addre.. 3501 Simpoon Ferry Road Camp Hill, PA 17011 2, Cla..lllcollon of Partnership: Decedenl was a 65% lQroeneral DOlher DUmUed partner. If decedenl wa. 0 IImlled partner, provide Inlllollnvlltmenl S -0- 3, PARTNER'S NAMIS SALARY BALANCE OF CAPI!AL ACCOUN! $28,326.71 * $15,252.85 * % OF INCOME % OF OWNERSHIP A. Robert L. Goodall B, Robert L. Goodall Jr. 65% 35% 65% 35% -0- -0- C, D. * Date of Death ~, estImated Value of deced.nl's Interllt: S Amount and type of partnership Indebtedne.. 10 decedent at date of dlath: S none Wallhe,. life Insurance payable, upon the death of decedlnt, to the partnership' DYes ~o If ye., Cosh Surrender Valuel S Nel proceed. payablel S Owner of Policy: Was there a written partnenhlp agreement in effed allhe lime of the decedent's death' [KJVe. DNa If y", ottach copy of agreement. Did the partner.hlp have an Interllt in any olher partnership. or corporallon' DVe. 6ilNo If y", r.port Ihe nlClllary Inrormallon on a ..parate shlet, Including Schedule "C.I" or "C.2" for each Int.,lIl. Old Ihe decedent'. Inlerell In Ihe partnersh.!f. change In Ihe year berore death If Ihe dote of dealh was an or after 12/13/82 or If deolh occurred prior 10 121\3/82 In the 10 It Iwo yea,"' UYe. ~Na 7, 8, 9, 10, If y", explalnl Wa. the dlc.dent r.laled to any of th. other partnen' ~Y.. DNo 11. 12, 13, 1~, ALL OTHER INFORMATION RELATIVE TO AFFIXING THE TRUE VALUE OF THE DECEDENT'S INTEREST SHOULD ACCOMPANY THIS SCHEDULE. I'VUOU..CU1) ,. SCHEDULE E CASH, BANK'DEPOSITS AND MISCELLANEOUS PERSONAL PROPERTY Ploa.. P,lnt or l' 0 'FILE NUMBER 21-95-0499 COMMaNWlAlJH 0' PrNNmVANIA INHIIIIANtl TAX lnulN IUIDIHT DICIDINT GESTATE OF Robert L. Goodall (All preperty lolntl.,...wn,d with the Right of Survlvor,hlp mUlt be dllc....d on Sch,dul. '1 ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 1995 Dodge Truck, No. 1B7KF26C5SS150813 $22,389.00 . 6.":' .. TOTAL Also entor on IIno 5, Roea $22,389.00 (Altac:h addUlonallJYJ" lC 11" .h,," If more .pa" h n..dld.) ...........I".q'*' COMMOHWlAU'H o. peNNSYlVANIA INHERITANce TAX UTuaN .tlIDEHT DEClDENT SCHEDULE F JOINTLY-OWNED PROPERTY FILE NUMBER 21-95-0499 !it. STATE OF Robert L. Goodall Join' '..an'(.l' RELATIONSHIP TO DECEDENT NAME A. Joanne P. Goodall ADDRESS' 808 Linwood Street New Cumberland, PA 17070 Wife B. C. Joln,ly-aw.ld proplrty. ITEM LmER DATE NUMB!:I FOR MADE DESCRIPTION OF PROPERTY ' TOTAL VALUE DECO'S DOLLAR VALUE OF JOINT OF ASSET 'MJINT. DECEDENT'S INTEREST TENANT JOINT 1. A 30 yra Account No. 5140023901, PNC Bank $ 1.052.64 50% Exemp t 2. A 30 yrs Interest on Item No. 1 .56 50% Exempt 3. A 5/22/94 Account No. 872-45249, Merrill Lynch. per letter dated June 29, 1995 8,172.05 50% Exempt 4. A 1993 Account No. 09879254680, " Wellington Mutual Fund Vangard, 364.717 8,253.53 50% Exempt 5. A 5/23/94 100 shares. llershey Food Corp., common atock at $,~3. 50 5.350.00 50% Exempt 6. A 30 yrs Household goods and furnish- ings. per appraisal of Harry M. Wimer dated 7/24/96 18.000.00 50% Exempt 7. A 12/16/8: One-half interest el) in Unit 205, Harbor Tower Condominum. 9511 Sunset Drive. Stone Harbor, New Jersey owned as Tenants by Entirety under Partnership Agreement dated 12/1061581 ~net value $90.000- 18.000.00 50% $54.0 0 36,000) Exempt Total: $42.646.78 TOTAL (AI.o Inlor on IIno 6, Rocapltulatlan) . \J (II more 'pace is needed ins.rl oddilionol .heeh or same size' .' . 11'111111 lit 1'.11, ~'~'~l\ '- Wu.: COMMONWEAltH Of .ENNinVANIA INHERI1ANCf tAX REtURN .UIDENt DECEDENt SCHEDULE H FUNERAL EXPENSES, ADMINISTRATIVE COSTS AND MISCELLANEOUS EXPENSES Ploa.o Print or Typ. B 21-95-0499 T Robert L. Goodall ITEM NUMBER A. Funoral Expon.o.. DESCRIPTION AMOUNT 1. parthemore Funeral lIome Rolling Green Cemetary $ 6,838.20 1. 504.00 $ 7,342.20 B. Admlnl,'ratlv. CO""' 1. Penonol Repre.enlotlve Comml..lon. Sadol Securlly Numbor al Pe"anol Ropro.onlatlve, Year Camml..lon. paid -0- 2. Allorney Feo. Metzger, Wickersham, Knauas & Erb $ 3,750.00 o 3. Family Exomptlon Clalmonl Joanne P. Goodall Relotlon.hlp Wife Addre.. af Clalmont 01 docedenl'. dooth Slreet Addre.. 808 Linwood Street Clly New Cumberland Slale PA Zip Code 17070 3,500.00 4, Probolo Feo. C. MI.e.llan.ou. Expon.o.. 1. Register of Willa, file inventory and inheritance tax 27.00 2, Cumberland Law Journal, legal advertiaement 40.00 3, Patriot-Newa Co., legal advertisement 62.71 4, Harry M. Wimer, appraiaal household goods 125.00 5. Register of Wills, fiUng fee for account 110.00 6, Real Estate Appraiaal Specialiata. Inc. , appraissl of real estate 1.300.00 7, 0 8, 419.00 1,664.71 TOTAL (AI.o onlor on IIno 9, Rocapllulotlon) (II mar. .paco I. n.odod, In.ort addlllonal Ihoo" al .am. 11.0.1 S 16,675.91 ...UUII.II'''IW COMMONWfAUH Of PI""In""IA I"HIIIIANe. u.. InUI,.. IUIDIHI DICIDfN' 0, \-. ESTATE OF Robert ITEM NUMBER 1. 2. 3. 4. 5. 6. 7. 8. 0 o SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES AND LIENS Ploa.o Print ar T 0 FILE NUMBER 21-95-0499 L. ~opdall DESCRIPTION Mellon Bank, Visa, Account No. 5256-0120-0001-5169 American Expreas, Account No. 3728-770771-91006 Optima Card, Account No. 3737-257351-020007 First Bank Card Center, Mastercard, Account No. 5401 6390 0005 2307, joint with wife (1/2 of $4,246.34) CoreStates, Mastercard, Account No. 5436-8140 1040 3712 MBNA America, Mastercard, Account No. 5329 0313 1806 3003 Chrysler Credit Corp., encumbrance on 1995 Dodge Truck Commonwealth National Bank, now Mellon Bank, mortgage from Robert L. Goodall and Joanne P. Goodall, hia wife, dated 10/19/1993, recorded Cumberlsnd County Record Book 1173, Page 51, principal amount $50,000.00, on 808 Linwood Street, Now Cumberland, PA. balance $4,898.35 (1/2 of $4.898.35) TOTAL IAho onlor on IIno 10, Rocopilulollon) $ '" mo,.. spoce is n..eled, ins.rt acJclilio,!ol sh,,'1 o( some dn.} AMOUNT $ 2,214.92 175.18 15.00 2,123.17 1.848.20 8,879.16 21,321.98 2,449.17 . .... ._,---".,-~' IlV.UIS... P"7J '* COMMONWIAUH or "NNlnYANIA INHnnAHCI fAX tIN'N IIIIDfHY DfCIDlHf SCHED'ULE J BENEFICIARIES TATE OF Robert L. Goodall FILE NUMBER 21-95-0499 ,,~...-' ITEM NUMBER NAME AND ADDRESS OF BENEFICIARY RELATIONSHIP AMOUNT OR SHARE OF ESTATE I. A, Taxablo Boquo.11I Joanne P. Goodall 808 Linwood Street New Cumberland, PA 17070 Wife Entire not eatate. o ITEM NUMBER NAME AND ADDRESS OF BENEFICIARY AMOUNT OR SHARE OF ESTATE B. Charltabl. and Governmental Beque'lll 1. ,..., V TOTAL CHARITABLE AND GOVERNMENTAL BEQUESTS (Aba ontor an IIno 13. Rocapltula'lan) S (If more 'pac. I, "tldld, In,ert additional ,h.... of .am. 1111) ----. REV.1649 EX+ (1195) '* SCHEDULE 0 TRANSFERS TO SURVIVING SPOUSE ~ct'....-n.VAMA ...-rrAHl2TIlIut\11)4 -- ESTATE or Goodall. Robert L. FUcNwnbtr 21-95-0499 PART : EoI<rlho~OlI and val.. ol'all WeraU. bolh 1&Xab1. and non-tuablc, repnll... orlo<&llon, (netorcleductl....) .mJds Iolho~ourvIvIn b wll~ lIanol'l.w, orolhawls<, DcscrI Uon of Items Amounl I ee c e u e B. Stoc s and Bonds 2 See Schedule C-l. Closely Held Corporate Stock Informstion Report 199.050.00 3 See Schedule C-2. psrtnership Interest Report 28.326.71 4 See Schedule E. Cash. Bank Deposits snd Miscellan- eous Personal Property 22.389.00 o Pill AT....: Elllcrlho omounlabolmanlho.... Itulallanaheclln \he Pmd.nl loronn.nooSedlo... 307 954.00 Election To Subject Properly To Tax Undcr Section 2113(A) As A Tasable Transfer By This DecedenL If . uuaI or IImIIar arnnaement meda \he requlrementa orSedion 11IJ(^), and: .. Tho tnlIl or dmllar arran&emenlll liIIed on Schedul. 0, and b. 1he value oflho tn1Jl 01' IlmUu am.ngemmt b entered In wholo or in part u an wet on Schedule 0, \hen \he tranIC...... penonaI repmentaUve may 1pe<lfically IdenlllY \he lIUS\ (III or. rro<lional portion or perccntas.) 10 be lodueled In the .1edloo 10 I"v. such tnlIt or .lm1lu property treated u. taDblo transfer In thl. tlUte. If leu than the entire value of the trult or .imll., property 1. included u a 1&Xab1. tranlCcr an Scboclul. O,\he penonaI_tallv. ahall be <onSldered to have ",ade \he .Iedloo only.. 10 .lia<tloo or \he tnlIl or IlmIlar unnSemcnL The numerator oflhb tiaet10n 11 equallo tho amoun! orthe Wit or .lmilar arrangement Included u . taxable a.ud on Schedule O. The denomlnator is equal to the total value orthe trust or .imllar arrangcmcnL ELECI"IONJ Do 70G eItd arulcr SedSoa. 2113(A) to treat ... tauble IraNrer In OW estate all or I portio.. or. tnut or ,lmUar arnnlemcnl n/a cnaltd. ror the IOle all orow decedent', lurvtvlnl'poUJC durinC tht .urvtvlnllpouael. enUre lltcllmc'7 DNO D Part B: Elllcr \he deaaiptloo and value or alllntcresla, both taxabl. and noo,taxabl., resudl... or location, (net or dodUell....) which to the dccedcr4',auMVln& Ie for which a Section '21 13 (A) election is belng made. Dcscrl tlon of items I None Amounl None v PIllBT.... '0 ,. "_~>___"_.__"""""""'_-t__,,,,,,',,,.......~~:~,",,'~,,"'i.".4.~,,*"c:.,.."'~.''''''f'''''..r.:... :"..'; Rob.r~ L. Goodall and Rob.r~ L. Goodall. Jr. ~/. 0004al1 R.al~v. A Partner.hiD . . Assets Cash $ 510.60 Real Estate 3501 Simpson Ferry Road, Lower Allen Township, CUmberland Coun~y, Pennsylvania, acquired from Eugene B. Johnston and Doris s. Johnston, his wife, in name of Robert L. Goodall and Rober~ L. Goodall, Jr., t/a Goodall Pools, a partnership, by deed dated 11/17/1988, recorded 11/17/1988, in CUmberland county Deed Book R-33-229. Value per appraisal of William J. Daylor, dated 8/25/1995 $170,000.00 1228 Maple Avenue, New Cumberland, CUmberland County, Pennsylvania, acquired from John V. Voystock, Jr., and Vera Kern Voystock, his wife, in name of Goodall Pools, a partnership, by deed dated 4/3/1987, recorded 4/6/1987, in Cumberland County Deed Book 0-32-771. Value per appraisal of William J. Daylor, dated 8/23/1995 $105.000.00 Total Real Estate TOTAL ASSETS 275.000.00 $275.510.60 i I I ~ '\ '~ , "'. IlvW_'~\r\r""""", .e .,;.~ \1'1 ~. Ill,:"', . ,,' \\1;. t.1 1'. to", ~ij~..\:\~ ", ....' I _,J... , ....\ ,. ~ '. . t . " \....~., ,. I .~:, ",' . i .~\ ,.J .\~ \ '. .t2 ;:/~i ,~ "'.\\'\..\~~lfJ......~U~.~~. _ . ....,., . '0;: '-":-ft ).'{, ..... ..t.".....fr('I'., ' ......;. -", I,~\o(\ . . .....lfl~". I' WHEREAS, on dated January was admitted to Register of Wills of CUMBERLAND County, Pennsylvania Certificate of Grant of Letters Testamentary No. 1995-00499 PA No. 2l95-0499 ESTATE OF GOODALL ROBERT L '~b~, ~~K~~I M~UUu~} Late of NEW CUMBERLAND BOROUGH ~UM~~KUAnu ~uun~I, , Deceased Social Security day of Julv No. 200-24-2022 the 6th 5th 1995 probate as the last will of GOODALL ROBERT L (~~~, ~!X~~, M!UU~~I 1995 an instrument late of NEW CUMBERLAND BOROUGH ~19th day of June .!.2.lland, WHEREAS, a true copy of the will as probated is annexed hereto. THEREFORE, I, MARY C. LEWIS , Register of Wills in and for the County of CUMBERLAND in the Commonwealth of Pennsylvania, hereby certify that I have this day granted Letters TESTAMENTARY to JOANNE P. GOODALL who ~ dUly qualified as Executor(rixl and ~ agreed to administer the estate according to law, all of which fully appears of record in my Office at CUMBERLAND COUNTY COURT HOUSE, CARLISLE, PENNSYLVANIA. IN TESTIMONY WHEREOF, of my Office the ~ day o , CUMBERLAND County, who died on the I have hereunto set of Julv 1995. my hand and affixed th;: seal 'ma":} (1" ~~s& 'ii W{ **NOTE** ALL NAbIES ABOVE APPEAR (LAST, FIRST, MIDDLE) ... ,-~_. , r-- ...,0..__._________.__. __. ,~ LAST WILL AND TESTAMENT OF ROBERT L. GOODALL I, ROBERT L. GOODALL, of the Borough of New cumberland, cumberland county, Pennsylvania, make, publish and deolare this to be my Last will and hereby revoke all Wills and codioils previously made by me. ITEM I. I direct that my legal debts, funeral expenses, costs of suitably marking my grave, and the oosts of the administration of my estate be paid as soon as praotioable after my death. t . ITEM II. I give and bequeath to my beloved wife, JOANNE , :1 P. GOODALL, all of my.furniture and furnishings, clothing, jewelry, personal effeots, all of my other artioles of personal use or adornment, and all automobiles of mine kept for family or personal use, together with any insurance existing thereon, if.she survives me; but if she does not survive me, then to my beloved ohildren, ROBERT L. GOODALL, JR. and TRACEY G. LEWIS, nee Goodall, to be divided among them as they shall see fit; but if said ohildren fail to agree upon suoh division within a period of two (2) months after my death, then said items shall be sold and the proceeds therefrom I shall be added to, become a part of, and be. administered with my residuary estate as set forth in Item III of this will. r" "'- ITEM III. I give, devise, and bequeath all the rest, residue and remainder of my property and estate of every kind and J .. .--. ...--. ...-.. .~~._._. . _.. . - .~. ....- ---.... ..-- " ~, nature and wheresoever situate, including any property or interest in property over which I may have a power of appointment as follows: A. If my beloved wife, JOANNE P. GOODALL, survives me, to' her absolutely and forever. B. If my beloved wife, JOANNE P. GOODALL, predeceases me, as follows: (1) One-half (1/2) thereof to my beloved daughter, TRACEY G. LEWIS, nee Goodall, if she su=vives me, but if she is not then living, to her issue per stirpes and not per capita. .. (2) The remai~ing one-half (1/2) thereof to my beloved son, ROBERT L. GOODALL, JR., or if he predeceases me, to his issue per stirpes and not per capita. (3) If no such child of mine shall then be living and no issue of such child shall then be living, the share to which r 'r I . such child would have been entitled shall be distributed to the other child of mine then living, or if such other child of mine is not then living, to the issue of such other child of mine per stirpes and not per capita. C. If my wife predeceases me and there are no children of mine then living and no issue of such children then li'ling, to CHIT-CHAT FOUNDATION, a non-profit corporation of Wernersville, Pennsylvania, to be used for the educational and charitable purposes of said foundation. -2- r - ..... -..---.----- ....--.---..-....---... . 1 i " J ,., ,-.. . -~' _.. \ 1 - . . :_~';::~'i,'\<' '}l':'::,"~' !':'. " ITEM IV. All estate, inheritance, legacy, succession, or transfer taxes, including any interest and penalties thereon, imposed by any domestic or foreign law with respect to all property taxable under such laws by reason'of my death, whether or not such property passes under this Will, by operation of law, by contract, or otherwise, shall be paid without any right of reimbursement from any recipient of any such property, without any right of apportionment, and without postponement. ITEM V. Should any person entitled to a share of my estate be a minor, at the time of distribution to him or her, and should the value of such property be more than the amount which may be paid and delivered to him or her or in his or her/behalf without the appointment of a guardian or other fiduciary or the delivery of security, such share'shall be paid and distributed to my trustee hereinafter named to be held, IN TRUST, and managed, invested, and reinvested, together with the accumulation of income thereof, and the trustee shall use and apply from time to time such portion of the income or principal thereof as it deems necessary or desirable for the minor's reasonable maintenance, support, and complete education, including preparatory, college, post-graduate, or professional training, or to make payment for such purposes to the guardian or person with whom such minor resides and directly to or for the benefit of the minor without further responsibility to such minor or any person taking care of such minor, and when such minor attains the age of thirty (30) years, any principal or income not -3- ., so paid or applied shall be distributed to such minor 'or if he or she dies prior thereto, to his or her personal representative. ITEM VI. In addition to the powers granted by law, my personal representative and trustee shall have the following powers: A. To hold, possess, manage, and control the trust estate for the uses and purposes herein set forth. B. To sell at public or private sale, to exchange, to C', release, to pledge, to mortgage, to transfer, to convert, or otherwise dispose of, or grant options with respect to, any and all property, real, personal, or mixed, at any time forming part of the .. trust estate, in such manner, at such time or t.tmes, for such purposes, for such price or prices, and upon such terms, credits, and conditions as shall be deemed advisable or necessary under the circumstances. ~ 1 I I c. To assent to, join in, or vote in favor of any merger, reorganization, voting trust, plan, lease, mortgage, consolidation, exchange, or foreclosure of any corporation or other investment in which the trust estate may hold stocks, bonds, investments, or any interests. D. To vote in person or by general or limited proxy with respect to any share of stock or other investment held by the trust estate. E. To retain as an investment for the trust estate, any and all property, real, personal, or mixed, received by the trustee by -4- '-J " I transfer, devise, bequest, or otherwise," or any undivided interest therein regardless of lack of diversity, risk, or non-productivity, F. To make loans, secured or unsecured, to the administrator or executor of my estate, or to any other person, without responsibility or liability for any loss reSUlting to the trust estate from any such loans. G. TO borrow money from any parson or institution including' the trustee hereunder, for any purpose connected with the protection, preservation, or improvement of the trust estate. H. To purchase securities or any other property of any kind from the administrator or executor of my estate. I .1 'f;~/.!t~ -. I , Ii - I .........-' i 1 .. I. To distribute articles to a minor or to his parent or any person taking care of the minor, to hold for the minor, within the limits of the statute or rule of law. J. To compromise any claim or controversy. K. To apportion between principal and income any receipts and disbursements and to ascertain income and 'principal in accordance with the statutes and rules of law of the Commonwealth I , , I Ii of Pennsylvania, and to determine, in a fair and equitable manner, in cases not covered by such statutes and rules of law, how receipts and disbursements shall be credited, charged, or apportioned as between principal and income. L. To keep property in the name of a nominee with or without disclosure of any fiduciary relationShip. -5- o " M. . . ~1~"J,t _ .:.,,/',. ., '. .''=. . ";""1' ';"~"i~.~,.\:t'" ,~.' '~-:':"'i..'.:\:r:' , . To employ attorneys, agents, 'audi.tors, depositories, and .. proxies with or without discretionary power. N. To make, execute, acknowledge, and deliver any and all instruments which may be deemed advisable and necessary to carry out any of the powers herein granted or provided by law. O. To invest and reinvest the principal of ,the trust estate, together with any accumulated income thereon whenever such accumulations have been permitted by the terms hereof, in all forms of property, real, personal, or mixed, inclUding but not limited to I "-- I \ ; stocks, bonds, common trust funds, mortgages, investment funds, insurance pOlicies, and annuities, except that such power shall not .. be exercised in such a manner as to cause my estate to lose any part of the tax benefit afforded by the marital deduction under federal or any state tax law. P. To carry out the terms of any agreement which I may have entered into to sell all or any part of any property or any interest in property which I may own in any business'or partnership at the time of my death. ITEM VII. Although my wife and I are executing our wills at or about the same time, they are not intended to be and shall not be construed to be contractual even though certain provisions a_e reciprocal. Each will shall be subject to revocation by its maker. ITEM VIII. In the event that my wife and I shall be killed in a common accident or as a result of a common disaster, or under -6- . . " ,.--- County of Dauphin I, the Testator, whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my free and voluntary act for the purposes therein expressed. t:2J1 <e ~BERT L. GOODALL SWORN to or affirmed above named Testator this to and acknowledged before ~ day of ;Z;-';;;2: . ~ Nota~PUbi# me by the , 1995": My commission Expires: (SEAL) NOTARIAL,Sf.AL JO ANN ALWMN, Nolaly Publtc Oauphln County My Commission expires Marth B,l9!l7 Commc"Mealth of Pennsylvania ss "I i,,_ . county of Dauphin . . We, the undersigned witnesses whose names are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw Testator sign and execute the instrument as his Last will; that he signed willingly and that he executed it as his free and voluntary act for the purposes therein expressed; that each of us in the hearing and sight of the Testator signed the wi as witnesses and that to the best of our knowledge the Testato was at the time eighteen (18) or more years of age, of sound min and no constraint or undue influence. SWORN or affirmed to and acknowledged before me by named witnesses this ,SUJ- day of ~;;un~ ~, ~ Not~ ~ My commission Expires: the above - , 199~. (SEAL) 'r I -9- NOTARIAL.SEAL JO ANN ALLEMAN, Nolary Public Oalpnln County My Commission expires March B, 1997 " \ .. ._.-__-....-...-~- ~.i._ 83/13/1996 11:28 717-763-2070 GOODALL f'OCLS INC PAGE 02 ,,,; ~~ ~\ 'i', Q The Ohio National LJk /nsunnce Company p.o. Box 2,i7 - Clm:IM"I. Ohio 4S201 - (H,f) 8M.Jt\()() Dt:di('ilt('d w Q,J;JIiI," ,'iint'(' lYO!). July 27, 1995 MRS JOANNE OOODALL 808 LINWOOD STREET NEW CUMBERLAND PA 17070 REI AnnuIty Conb'act No. ES018952 8: ES018197 Robe" L. Ooodall, Sr" Deceased Dear Mrs. Ooodall: The claim under annuity contract E5018952 has been approved for payment ohhe death benefit of $2,978.13. An Annuity Contract Conftnnadon and Statement Is enclosed for your records. We have transferred this amount to our Pensions and Annuldes Depanment to fund the ro, annuity appllcadon that we have received. They will be In lOlIch shortly. , '-" Annuity Contract ESO 18 797 will uke a few extra days to value the conb'act and we will be In touch within the next week. Sincerely, r U. L?'Yt~' ~1U1 ,', Life Calms ExamIner I KS Enclosure ,8 QMIiry,."."....,..""._''"'''/'IrIIMM7IrI>'''.flur """ll'tI._~ omo NA110NAL tm! ASSURANCE CORPORAtION Q, "') The Ohio National 1.Jk Insurance Company p.o. Box 2.i7 - CindM.r/. 0111" 41201 - (H,f) 8(11'.1600 Dt:cJl",'1rt'd to (;bJ:Jllry.'i/",'" 1909. Aueustl,1995 MRS JOANNE GOODALL 808 LINWOOD STREET NEW CUMBERLAND PA 1 7070 RE: Annuity Contract No, E5DI8952 lit E5018797 Robert L, Goodall, Sr., Deceased ,....... .~ Dear Mrs. Goodal/: The claIm under annuity contract ES018797 has been approved for payment of the death benefit of $19,645.17, An AnnuIty Contract Confirmation and Statement Is enclosed for your records. We have transferred this amount to our Pensions and Annuities Department to fund the annuItY application that we have receIved, They will be In touch shortly, Your receipt of these proceeds fully satisfies our obI/rations under annuIties E50 18951 and E5018797, but we do want the contracts reOlmed to thIs omce and we are encloslni an envelope for your convenIence, ~. Mrs. Karen Sm Ure Clilms ExamIner I ..,:-.L II:::::::> KS Enclosure ":1 QIoIMIy-.rAM._,AIm __ n.....,. lIur HnI/l'"'''''''' $MI,II~ 011I0 NA110NAL un A5StlJIANCE COIU'ORAJ10N Qr .~ PrIvate Client Group 214 Senate Avenue, 5ulle SOl P.O. Box O81U Camp Hili, Pennsylvania 17001.()810 7179754600 800 937 0735 ~ Merrill Lynch June 29, 1995 Robert E. Yetter, Esq. P.O. Box 93 Harrisburg, PA 17108 ReI Account 872-45249 Joanne Goodall & Robert L. Goodall, Sr., JTWROS Purchase Date Cost Quantity 6-19-95 Value $ 3,588.80 3588.80 ML Ready Assets $3,588.80 $ 5,000.00 433 ML Intl Equity CLa) ~$4,584.05 $ 261.93 25.405 ML Intl Equity CLB 05-23-94 12-22-94 o $8,172.85 Also, the following security was registered in Mr. Goodall's name and delivered to him: 04-07-95 $ 5,597.35 100 General Electric $5,757.00 Sincerely, 0/1 /lj, -7 \ J '~-t(la D....,dl~lItl ~~ia G. Walter Assistant Vice President cc: Joanne Goodall (,~ r:l\ .'~ ."") ...'" ~MBrrlll Lynch JUne 29, 1995 Robert E. Yetter, Esq. P.O. Box 93 Harrisburg, PA 17108 ReI Account 872-74390 Robert L. Goudall, Sr. IRA Dear Mr. Yetterl Purchase Date Cost Quantity .08 .08 ML Retirement Money FUnd 06-12-95 $22,086.15 743.892 ML Capital Fund CLD 0 09-22-92 $ 2,700.00 226 ML Global Allocation CLB 12-01-92 $ 3,000.00 249 n 12-08-92 0 1. 991 " 12-24-92 329.15 29 " 07-15-93 75.72 6 " 12-23-93 233.64 18 " 08-10-94 79.32 6 " 12-22-94 242.60 20 " Prlvale ClIenl Group 214 Senate Avenue, Suite SOl 00 80x 0810 Camp Hili, Penl\l)'lvanla 1700I.oB10 7179754600 800 937 0735 6-19-95 Value .08 $22,391.15 $ 7,416.92 $29,808.15 zJi cerely, ....." II If). infG. Walter Assistant Vice President cc: Joanne Goodall 111-694-'19' o JltVIIUJ AI. 'JtJ "'""" ",,,,,./HI ~ ,t"ti1'lU ~ 1't/rUfUf( ~ 1919 ~'1.dw_ S6uet ~ 1'4. IlIO" -2- SECOND FI.OOR Bed Stand lIhi te lamp Television Desk and chair Rooker F.l.oor lamp Jug Dreseer Aest. pictures Odde & ends o roTAL 25,00 15.00 :5.00 35.00 20.00 25.00 5.00 10,00 15.00 25.00 20.00 $ 1818,00 Col. Harry M. Wimer , Appraiser & Auctioneer ;) ~. .-~._... ----' - e , I l I (;7>- ;;,\ ::'~'" . : ~..- :: j '-~ kl I I I :.<@ I I I I I I I 1'3 I Appraisal Prepared by: William J. Daylor Property Location: 1228 Maple Avenue '. New Cumberland Cumberland County, PA .J \1 ,. , '.... I I ,. .; r) I I I I I I 1-. ,_J I I, I I I I I r~ I William J, Day/or Realtor-Appmiser 4701 Devonshire Road, Suite 101 Harrisburg, PA 17109 (717) 657-3722 "',mb", Apprais./lnstiJUII Cml/frall N.. '6JO CERTIFICATE OF APPRAISAL WILLIAM J, DAYLOR DOES HEREBY CERTIFY THAT UPON APPLICATION FOR VALUATION BY: Estate of Robert L, Goodall HE HAS PERSONALLY EXAMINED THE FOLLOWING DESCRIBED PROPERTY: 1228 Maple Avenue New Cumberland, Cumberland County, PA AND THAT HE IS OF THE OPINION ON: June 19, 1995 TIlE MARKET VALUE OF THE LAND AND IMPROVEMENTS lliEREIN WAS: $105,000 Market Value This valuation Is contingent upon the following conditions: This appraisal Is to be used in whole and not In pan. No pan of it shall be used in conjunction with any other appraisal. No responsibility Is assumed by the Appraiser for malters which arc of legal nature, nor Is any opinion on the title rendered herewith, Good title Is assumed. This property has been appraised as though free of liens and encumbrances, except as herein described, The Appraiser herein, by reason of this report, Is not required to give testimony In Court with reference to the property appraised, unless arrangements have been previously made therefore. The undersigned Appraiser has no present or contemplated future Interest In the property appraised. My compensation is not contingent upon the reporting of a predetennlned value or direction In value that favors the cause of the client, the amount of the value estimate, the altainment of a stipulated result, or the OCCUlTence of a subsequent event. The undersigned docs hereby certify that to the best of his knowledge and belief that the analysis, opinions, and conclusions were developed, and this report has been prepared In confonnity with the Unlfonn Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this /" " Date: August 23, 1995 'MINn, TII, AI1NlJ.J IlIuiIu" "S".", .,.J Pro,t", Apprah" /lh,."I\"""I,, /.' 'S 11,1/'/" 1\,'/11"', / / /' I \,'\1 111111/',., ''", . @ o . . . ' --~ . "'It... ~ ,,,-.."~~'(4t':_-~...t,.:~~ .... "'. ... .~,.:t::..:~,."",-..,..-: ,"t:"" ..'.:-:~ "~:~,,. ~'.'..:- ._,....~~~~~~.~~~:~~:~i* ", ."'-~~ '. "........ .,.;~..;..,.~....:.......~.;.,-~-.'\_~~I,;f..4' ~t". :.~, . . .'::\,: .'... ':i ~'.,. ,,~'.' ;,~N"~' ;-\,':','~~.:::\~;~~_:;~~'. . '., '.' ',' "~J~' ;t,~; ,-."..1.,\"., J /'II,U,I:",:nl1, I "S 1/''''1.' 1 \','/I/1t' \','11 ('/I/II/I.'/'/O/ltl, 1'1 ~ I~~~"'~I("""!'% tr ~-~b,:\,~~~,~:1.~q~,!i'J--;1ti r,:_-'.f{~,:/,,~~~'~I~', ',< (',.', CI ,.~~' OJ ,. William J. Daylor . Appraisal. 1228 Mopl~ AVtllll~, New Cumb~rland, PA LOCATION .., to.....................,...... to.. .................. 0.. )D OWNERSHIP ........ 0.................... .... t.,.................. VALUATION DATE .......... t............. ....................... to PURPOSE OF APPRAISAL .. It................... .0....................... FUNCTION OF APPRAISAL ........ t......... ..... ........ ........... 00' Of' PROPERTY RIGHTS APPRAISED ............... ..... tf.. fl.. .f.... It... to. to. 2 FLOOD DATA ",.',.". ....... It........ .0... t... .0..0......... .0.. to. 2 HAZARDOUS WASTE DATA ....... to........ ..... It.. of.. ........... to. to. 2 HISTORY. . . . . . . . . . . . . ....,............. .0....... .... ...... to.... ,.... 3 SCOPE OF THE APPRAISAL It.............. ..... If.. .0.. ...... It...... 0" 3 MARKET VALUE DEFINITION ................ .0... II.. .... .t..... I" .... 0" 4 ASSUMPTIONS AND LIMlTlNG CONDITIONS '0' It...... .f.. .t.. t......... ,....... s NEIGHBORHOOD '" , , , ........... .,...... 0... t......... to..... 8 k) DESCRIPTION OF TRACT .......................................10 SERVICES/ZONING , , . , , ........,......... ..... .... I.... ,...............11 TAXES AND ASSESSMENT . . .. . . . . . . . . ... . . .. . . .. . . . .. . . . . . . . . I . . . .. 12 DESCRIPTION OF IMPROVEMENTS """".""",."",.""""""""", 13 THE APPRAISAL PROCESS ......... I . . . . . I . . . . . . . . . . . . . . . . . I . . . . . . . . . . I , . . 14 HIGHEST AND BEST USE .,........ I . I . I . . . . . . . . . . . . . . . . I . . , , , . . , . . . . , . , . . 16 MARKET ANALYSIS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 INCOME ANALYSIS ............ ........... ......... ..................... 28 COST ANALYSIS ................,........ ......... .... ................. 36 CORRELATION AND FINAL VALUE ................. ........ ...... ........... 39 CERTIFICATE OF APPRAISAL .", ....... .................... ........... 40 ADDENDUM I (--) Exhibit I . Tax Map Exhibit 2 - Location Map Exhibit 3 . General Area Data Exhibit 4 . Legal Description Exhibit S - Zoning Qualifications. William J. Daylor f"i'. 1 I I I I I I C I I I I I , I IJ APPRAISAL PROPERTY AT 1228 MAPLE A VENUE NEW CUMBERLAND, CUMBERLAND COUNTY, PA LOCATION The subject property is situated along the eastern side of Maple Avenue in the Borough of New Cumberland being known and numbered as 1228 Maple Avenue, New Cumberland, Cumberland County, Pennsylvania, The subject property is further identified as being Cumberland County Tax Map Parcel Number 26-23-541-247 and 248. A Cumberland County tax map is included in the addendum (Exhibit 1) for the purpose of identifying the perimeter boundaries of the subject property as well as its overall size and shape and its relationship to the surrounding parcels, A location map is included in the addendum (Exhibit 2) for the purpose of identifying the locational features of the subject property as it relates to the present road system and proximity to amenities and support facilities, OWNERSIDP Goodall Pools VALUATION DATE June 19, 1995 PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate the present day (Retrospective Value Estimate) of the subject property which consists of a one-story, detached, masonry and frame structure which accommodates an office/warehouse for a pool company The structure contains 4,780 square feet. The structure is situated on a rectangular shaped parcel which contain 16,875 square feet, Retrospective Value Estimate: An estimate of value that is likely to have occurred at a specified historic date, A retrospective value estimate is most frequently utilized in connection with appraisals for estate tax, condemnation, inheritance tax, and similar purposes. FUNCTION OF APPRAISAL The function of this appraisal report is to provide a market value estimate that will be used for the explicit use of the client. To the best of my knowledge this appraisal confonns to the Unifonn Standards of Professional Appraisal Practice (U,S,P.A.P,) adopted by the Appraisal Standards Board of the Appraisal Foundation as well as the rules of professional ethics of The Appraisal Institute. , , 1 l I n 'I I I I I I I J.- '-,- I I I...) I William J. Daylor . Appraisal. /228 Map/~ AI'~nu~, N~w Cumbuland. PA PROPERTY RIGHTS APPRAISED The property rights appraised are assumed to be fee simple in ownership, subject to easements and restrictions of record, Fee Simole Estate: The absolute ownership unencumbered by any other interest or estate, subject only to the limitations of eminent domain, escheat police power and taxation, Leased Fee Estate: A leasell fee interest is an ownership interest held in fee by a landlord with the right of use and occupancy conveyed by lease to others; the rights of the lessor (lease fee owner) and the leased fee are specified by contract terms contained within the lease. FLOOD DATA The subject property is not situated in a designated flood hazard zone based on flood maps and knowledge of the area. The community in which the subject property is situated participates In the National Flood Program (Panel Number 420366B, Effective 02/16/77), HAZARDOUS WASTE DATA In this appraisal assignment the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of urea-formaldehyde foam insulation and/or the existence of toxic waste which mayor may not be present on the property was not observed by me; nor do I have any knowledge of the existence of such materials on or in the property, The appraiser. however, is not qualified to detect such substances, The existence of urea- formaldehyde foam insulation or other potentially hazardous waste material may have an effect on the value of the property, I urge the client to retain an expert in this field if desired. The existence of underground storage tanks and their contents, which mayor may not be present on the property, have not been considered, The appraiser is not qualified to detect such substances, An expert in this field should be retained by the property's owner if deemed appropriate, No environmental impact study has been ordered or made, The appraised property is assumed to be in compliance with all applicable regulations unless otherwise noted in the report. 2 ,,""",,, I I I I I I L-, ( , ,_.-- s. I 6, I 7, I I .,'.'-, 10 I William J. Daylor. Appraisal. 1228 Maplt Avtnut. Ntw Cumbtrland. PA HISTORY There have been no recent transfers associated with the subject property (past three years). I am not aware of any agreements of sale or options to purchase as of the effective date of this appraisal assignment. SCOPE OF THE APPRAISAL The extent of the appraisal services rendered in this assignment encompasses all of those activities considered necessary to pennit me to fulfill my ethical responsibilities in arriving at and reporting an objective, unbiased opinion of value for the subject property as of the stated appraisal date. These activities include, but are not limited to: }, The collection of data regarding the physical property, its general location, neighborhood trends and influences, observed relative condition and effective age of improvements, available amenities and utilities, zoning and related controls, existing state of leasing and occupancy and the property's assessment status and annual real estate tax obligation, 2, A consideration and analysis of those factors effecting the subject property's highest and best use and state of same. 3, A consideration of the three traditional value approaches (Cost, Income and Market Data Approaches) in an effort to detennine which of these is (or are) most appropriate and relevant, and therefore should be developed in arriving at a value conclusion for the subject property, 4, A thorough examination of those market areas which, in my opinion, will reveal evidence of relevant comparable market data for consideration in the value approach(es) to be developed, Confinnation of comparable data relied upon in the approaches, developed preferably with one of the parties to the transaction, if possible. Analysis of the subject property in light of available comparable data within each value approach developed, Communication of a written value opinion in a clear, non-misleading manner, 3 William J. Daylor - Appraisal. 1228 Maplt A\'tnut. Nt... Cumbtrland, PA ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for matters which are legal in character, nor is any opinion rendered as to title to the subject property which is assumed to be good and marketable, The property has been appraised free and clear of all liens and encumbrances, unless otherwise stated. 2. Average competent management has been assumed in the analysis of the present and proposed operative aspects of the property. We are not responsible for the creditability of management, nor their proposed operating policies, 3, This appraisal is made on the assumption that all public improvements of any kind related to the property are fully paid for, unless specifically set forth otherwise in the body of this report, 4. Any apportionment between land and improvements in this report applies only under the existing program of utilization. The separate valuations may not be used in conjunction with any other appraisal, and are invalid if so used, Value is reported in current dollars, or cash equivalents (nonnal financing, etc,). s. The submission of this report does not carry with it a requirement to give testimony before judicial or quasi-judicial bodies, or to anend conferences. without prior specific arrangement for such services. ,I 6. Intensive efforts were made to ascertain that opinions, estimates, and data obtained from sources outside the records of the author, and identified in this appraisal, were correct. 7. Possession of this report, or copy thereof, does not carry with it the right of publication without the written consent of the author, Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or othcr media, without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or finn with which he is connected or any reference to The Appraisal Institute, 8, The data gathered in the appraisal process (except that supplied by the client), and this report, remain the property of the appraiser. The appraiser will respect the confidential nature of all data furnished by the client. 9, No opinion has been rendered concerning the existence or possible impact on value of potentially hazardous construction materials, toxic waste or the ability of any portion of the site to meet percolation tests. No responsibility is assumed for the subject to meet approvals (whether local, state or federal) for subdivision, land development or environmental. Detection of hazardous substances is beyond the appraiser's scope and requires consultation with an expert in this field, Nor was any study made of the structural soundness of the existing improvements which are expected to remain. No responsibility is assumed for these or other hidden defects. I I 1-/ I 5 , I I ~ I , I I I I t~ P I William J. Daylar - Appraisal - /228 Mapl. AI'lnu" Ntw Cumbtrland. PA ASSUMPTIONS AND LIMITING CONDITIONS (continued) 10, Any financial infonnalion or projeclions provided by the owner, developer, or outside consultant, which are included in this report were represented to us as being accurate and reasonable, Infonnation was verified to the greatest extent possible. We take no responsibility for the achievability of projections. 11, Recent changes in lending policies and concerns in regard to the current economic climate have tended to reduce activity in most real estate markets, However, I assume that economic conditions will not deteriorate to a point or level that will further adversely impact the market. Further, I assume a buyer could be found who would be willing to pay market value as defined in the report and who could obtain financing in the market place, 12, In completing this appraisal, it is understood and agreed that the report is not now intended, and will not be used in connection with a Real Estate Syndication or Syndicates, The report and any liability or obligation on the part of the appraiser is invalid if used in connection with a syndication. A Real Estate Syndicate means a general or limited partnership, joint venture, unincorporated association or similar organization fonned for the purposes of. and engaged in, investment or gain from interest in real property. including but not limited to sale, exchanges. trade or development of such real property, on behalf of others, or which is required to be registered with the United States Securities and Exchange Commission or any state regulatory agency that regulates investments made as a public offering, 13, The appraisal is made for valuation purposes only. It is not intended nor to be construed to be an engineering report. The appraiser is not a qualified structural engineer. therefore is not qualified to judge the structural integrity of the improvements. Consequently. no warranty, representations or liability are assumed for the structural soundness, quality. adequacy or capacities of said improvements and utility services, including HV AC systems. Should there be any questions concerning same, it is strongly recommended that an Engineering/Construction inspection be obtained. The value estimate(s) is predicated on the assumption that all improvements, equipment and building services are structurally sound and suffer no concealed or latent defects or inadequacies, 14, The client(s) by receipt of the appraisal, shall indemnify and hold hannless William J, Daylor and/or his individual staff members from and against all damages, expenses, claims, demands and costs, including legal fees incurred in investigating and defending any claims arising from or in any way connected to the inclusion of the aforesaid reference to William J. Daylor and/or its individual staff member's opinion(s) of value, 6 r I- ,-. I I 1 I I J..-. u I I I I 1_- IV Will/am J, Day/or - Appra/sal- 1228 Maplr Avrnur, Nrw Cumbtrland. PA ASSUMPTIONS AND LIMITING CONDITIONS (continued) IS, The Americans WiUt Disabllilies Act (ADA) was effective January 26, 1992, I have made no specific compliance surveyor analysis of Utis propeny in order to detennine wheUter or not it is In confonnity wilh the various detailed requirements of the act, I assume Ute propeny will confonn to Utis act. In any event, Ute maximum damages recoverable from William J. Daylor, or Its employees relative to Utis engagemenl shall be the amount of the monies actually collecled by William J, Daylor for Utis assignment and under no circumstances shall any claim for consequential damages be made. In addition, there is no accountability or liability to any Utird pany, 16, This appraisal was perfonned, to Ute best of my knowledge, in confonnity wiUt Ute Unifonn Standards of Professional Appraisal Practice Utat were adopted and promulgated by Ute Appraisal Standard Board of Ute Appraisal Foundation and that were in place as of Ute effective date of this appraisal assignment, wiUt exception of Utose depanure provisions of Utose standards which does not apply, I acknowledge Utat an estimate of a reasonable marketing time for exposure is a condition in Ute definition of Market Value and the estimate which I developed is consistent wiUt Ute marketing time as noted in this repon unless oUterwise stated, 17, I have taken inlo consideration Ute factors that have an impact on value in the development of my estimate of market value in the appraisal repon, I have not knowingly withheld any significant information from Ute appraisal repon and I believe, to Ute best of my knOWledge, Utat all statements and infonnation in the appraisal repon are true and correct. 7 -, ',- --._"~--,---~,--~ I \- C\ I I I I I I I 1_- ( " '''-.' William J. Da)'/or - Appra/Ja/ - /228 Map/~ Awnu~, Ntw Cumb~r/and. PA GENERAL AREA DATA The general area data (Ellhibit 3) is included in the addendum of this appraisal. NEIGHBORHOOD The subject propeny is situated in the central ponion of the Borough of New Cumberland lying within seven blocks of the Central Business District of New Cumberland. The neighborhood has well defined boundaries. The predominant use within the neighborhood is residential. In addition to the residential uses there are commercial related uses such as office, funeral home, service stations. etc. Additional uses consist of institutional, recreational and multi.family, The uses within the neighborhood are in balance and as such provide malllmum value, A neighborhood is defined as a ponion of a larger community, or an entire community, in which there is a homogeneous grouping of inhabitants, buildings, or business enterprises. Inhabitants of a neighborhood usually have a more than casual community of interest and similarity of economic level or cultural background, Neighborhood boundaries may consist of well-defined natural or man-made barriers or they may be more or less well-defined by a distinct change in land use or in the character of the inhabitants. The present neighborhood falls within the above-indicated neighborhood definition, The neighborhood can be classified as being stable with continued stability anticipated, There are no apparent adverse trends that would impact the overall utility of the subject propeny. The neighborhood has convenience to amenities such as churches, shopping and schools, The present road system is more than adequate. Both police and fire protection area available to the neighborhood. In analyzing the subject propeny your appraiser gave consideration to the following principles: Princiole of Conformitv - The Principle of Conformity holds that the mallimum of value is realized when a reasonable degree of homogeneity, sociological as well as economic, is present. Thus conformity in use is usually a highly desirable adjunct of real propeny since it creates and/or maintains maximum value. Princiole of Balance The Principle of Balance holds that value is created and maintained in proponion to the equilibrium attained in the amount and location of essential uses of real estate, The degree of value of a propeny is governed by the balance or apponionment of the four factors in production which are labor. management, capital and land or natural resources, 8 I' I- William J. Day/or - Appraisal- /228 Map/I! Awnut. Ntw Cumbuland, PA NEIGHBORHOOD (continued) r'\ r The desirability of the location for the present use is determined by: 1. Proximity to amenities (shopping, churches, transportation, etc,) 2, The caliber of roads that serve the general and immediate area, 3, Pollee and fire protection, 4, Land use controls, zoning and the general development trend. In analyzing the general area I have given consideration to the following: I I I 1.-, u 1. Source Of Emulovment: The general Harrisburg market area enjoys a diversified economic base with stable employment, 2, Pouulatlon Trends: The positive population trends within the general Harrisburg area which has shown a steady upwardly growth trend. These trends generally follow employment trends, 3, Trend Of Disuosable Income: As indicated by the demographlcs of the area the disposable income has been increasing and is anticipated to continue, In analyzing the neighborhood for commercial use the following rating analysis was considered: Road system: Accessibility: Site Identity: Neighborhood trends: Proximity to amenities and support facilities: Balanced land use pattern: Growth trend: Adequate Adequate Adequate Adequate Adequate Adequate Adequate In summation, it can be said that the neighborhood is stable, the uses within the neighborhood are in balance, and the road system adequately supports the neighborhood, The present use of the subject property as a office/warehouse for a pool company is a use that is compatible with the existing land use pallern, J 9 I-' \- f I I I I I I b I , I I 10 I , '''-'-'', William J. Daylor - Appraisal - 1228 Maplt A~nut, New Cumbtrland, PA TAXES AND ASSESSMENT The subject propeny has been assessed by Cumberland County as follows: Tax Map Parcel Assessment Taxes 26-23-541-247 26-23-541-248 $ 370 8,980 $ 70,00 $1,769,02 Represents an assessment ratio of 25 %, The current Common Level Ratio is 7,3, The Common Level Ratio Is a statistical multiplier developed from all of the sales occurring within the subject county over a given period of time, It reflects the relationship between the base year for the assessment and present day market value, The mtlo is published by the Commonwealth of Pennsylvania's Department of Revenue, If the Common Level Ratio is applied to the existing assessment, the indicated present day market value as detennined by the assessor would be $128,082. Based on current millage mtes of: County Township School 24.500 Mills 25.000 Mills 139.700 Mills 189,200 Mills the annual Real Estate Taxes are: $1,839,02 12 I.' I- t I I I I I I b \ I I I (~ \ William), Da)'lor _ Appraisal - 1228 Maplt Avtnut. Ntw Cumbtrland. PA DESCRIPTION OF IMPROVEMENTS The subject Improvement consist of a one-story, detached, concrete block and frame structure which contains 4,780 square feet of gross utilitarian space of which the bulk of the area accommodates warehouse. The structure has a concrete foundation and floor slab, gabled, shed and flat roofs surfaced with a composition paper roofing material. The roof areas are served with spouting, Along the rear of the structure Is a tailgate loading dock, ,t r' I The interior layout consists of a general office with adjacent restroom and warehouse area, The office has a carpet floor, panel1ed wal1s and finished ceiling and is served with a built-In air conditioning unit. The adjacent restroom contains a commode and a lavatory as wel1 as an automatic electric water heater, The balance of the space consists of warehouse area having concrete floor, exposed masonry walls and Is partly ceiled, In 1987 a 40' x 50' concrete block addition was appended to the original structure, The original portion structure accommodated a beer distributor, This portion of the structure has varying floor levels and Inadequate ceiling heights, The warehouse is unheated, The addition has adequate ceiling heights (18') and is served by an overhead door and a tailgate loading dock, The office and the restroom are heated by an oil-fired hot air heating unit, The structure Is In an average state of repair evidencing a limited level of maintenance and care, The original structure was erected in 1939 and appended in 1988, Functional obsolescence Is related to varying floor levels, unheated warehouse space, etc, 13 I~ I- r I I I I I I b I I I I ;-...J Will/am}, Day/or - Appro/sol - 1228 Maplt A.'tnut, NtII' Cumbtrland. PA THE APPRAISAL PROCESS The Appraisal Institute recommends that the estimate of market value of a parcel of real property be accomplished through the use of three approaches 10 value; namely, the cost approach, market approach and income approach. The resulls of the three approaches to value are studied and correlated into a final value estimate, with the approach most adequately reflecting the circumstances connected with the property under appraisement and is given the greatest consideration. The cost approach consists of an estimate of the land value based on comparable vacant land sales within the area of the property under appraisement and the value of the improvements based on their replacement cost less applicable depreciation. The Income approach represents the capitalization of net income by a rate established by the terms of the mortgage, namely the mortgage ratio, equity ratio, etc, If the actual Income and expense figures are available and reflect the market, they are utilized in this approach, However, if they are not available, typical figures derived from the market are utilized, or eslimated figures are utilized, As indicated, in this technique expected income is converted inco a value estimate generated from the property over the projected holding period, Anticipated future Income and/or reversion at resale is discounted to present wonh through the capitalization process, This approach is applicable for income producing properties, The market approach consists of the comparison of recently sold properties similar to the property under appraisement in order to arrive at an estimate of market value, If there are no sales of properties having some of the same characteristics, adjustments are made to compensate for the differences, This is the most direct approach to property valuation, This technique involves the direct comparison of the properties which have sold. The reliability of this approach is interdependent upon the following: A. The availability of comparable data. B, The verification of data. C. The degree of comparability based on the extended adjustment required for creditable differences, D, The lack or absence of non-typical conditions that would impact the sales price. 14 ~ I' 'ht.crr_W,,,onl1llMd-8hort 'o,rn-Ioct lm-OOUbl' ahHI \~ H.n~ HIU, Inc., Indian., PI. tEbf~ 1JBttb, MADE THE \8rJ:..~ Mil of April of our Lora anB tholl8ana nina hundrea eighty-seven (19B7) BETWEEN John F, Voystock, Jr., and Vera Kern Voystock, his wife, of CUmberland County, pennsylvania in thB lIear Grantor s and Goodall POOls, a Pennsylvania General Partnership GranteB : WITNESSETH, that in oonsicLeratian of Forty Five Thousand Five Hundred and nollOO ---------------- ($45,500.00) ------------------- DollarB, in 1I4nd paw, thB reoBipt whereof is hBrBln/ acknowledged, thB Baw grantor s do nB'rBbll grant ana conl/BII to tnB Baid granteB s , ALL THAT CERTAIN piece ot" parcel of land, with the improvenents thereon erected, situate in the Borough of New CUmberland, County of CUmberland and State of Pennsylvania, more particulary bounded and described as fOllOWS, to wit: BEGINNING at a point on the westerly side of Martin Street at the southerly line of a 15 foot wide public alley, said point being One Hundred Fifty (150) feet south of the southwest comer of Park Avenue and Martin Street, measured along the westerly line of ,Martin Street: thence continuing along the westerly line of Martin Street in a southerly direction One Hundred (100) feet to the northerly line of Lot No. 56, said Plan of Lots: thence along the northerly line of Lot No. 56, westwardly at right angles to Martin Street: One Hundred thirty-five (135) feet to the easterly line of a 15 foot wide alley: thence northwardly along the easterly line of the last mentioned fifteen (15) foot wide alley patallel with the line Martin Street: One Hundred (100) feet to the southerly line of an intersection fifteen (15) foot wide alley: thence along the southerly line of said last mentioned alley, eastwardly one hundred thirty-five (135) feet to Martin Street, the place of BEGINNING. BEING Lots Nos. 52, 53, 54 and 55 on the Plan of Lots of Willett Heirs, as recorded in the CUmberland County Recorder's Office ~ Plan Book 2, page 24. HAVING 'l'IIERECN mmrED a warehouse used as a distributing plant. 'l'OGEl'HER with the right of egress, ingress and regress over and upon Lot No. 56 on the Plan of Lots of Willett Heirs as recorded in the CUmberland County Records at Plan Book 2, page 24. See Civil Action No. lB40-Civil B3, action of quiet title in the Court of Canron Pleas of CUmberland County, Pennsylvania. BEING the same pranises which 122B Maple Avenue Associates, a Pennsylvania General Partnership, by deed dated October lB, 19B4 and recorded in CUmberland County Recorder of Deeds Office in Deed Book X-30, Page 1156, granted and conveyed unto Grantors herein. The property herein described is known and numbered as 122B Maple Avenue in the Borough of New CUmberland, pennsylvania. ~.Street is rv;;M Maple Avenue, ALL that certain lot or parcel of ground in the Borough of New Cumberland, CUmberland County, Pennsylvania, known as Lot No. 56 on the Plan of Lots of Willett Heirs as recorded in the CUmberland County Records at Plan Book 2, Page 24. eOOK 032 FAGE 770 ," " -:" .v;":'," ;', ,'", "",',' ,,:~ '. ',",:': ;,:', ',.. ;:.'; "::y,' "~/ :, ' " \'~ :,' '/':;" >- 'f,y ,',,';:' ',"',,';' _'"' "':', '<:"':; ,! ',':': " . :' ":" ',," " "" ", ";' ,', ~. <, . , ,'",: ;'~):::':,' '-, '<"/',:: ; ',' , ~ ':': ',":', , " c' ' ,"" " ',' ','" , ,,' ,<'~::" " " ,:; ':;,/ "'i ", :,',':,,::., ~,) ,,' :~'~ , "',.',:,,' ,,' ",. ',' :',:, : ,', "';,, ' ";i,/:.,,"',, t,' "<:, >\' - ,';' ,',',,',.:.?' ;0;:;:<:,';('>, + ";\'<: "" ".,"X{::::','":,,,: "".>, " ',', , ',,: ,:':de;;:: :',,"" :,'" ': ",'- '.' 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',.'..::,:"/':"", ,"" . " '''-'><: ,:" ',,':";':, ,;' .. - , '::": ,,' ;': :':,"':j' '",:' ,,: '" . "" ';', ':0, "1 ";', " ' .:, . ",' .. :'';. i', . . .' ",.'....:, :" i" ': .', ::. ""'," ,,:<',.::' . .-'::':",:,.,.;\.' " , , ,;-;,,-, ~r-:'.:~' -, !-.: l>~V !( ~I-'<; i7;--', - ~o'_-, ,I "- " '" COMMONWEAWH OF PE,/f!!SYLVANIA . }",., ,,' COIlntv 01 .; c,f...)r!1acIfJl7t1- ,.' , ,_, 7Jliy.-rr,., " RECORDED on thi8 . 'P Mil 01 __.~.~_..;... A. D. 19.:[/in t1&e RecorrJeoi,-o/ftce' 01 the ,aiel COIlntll, in Deed. Bo~k Q Vol. . 3;)." Page 770 ,,' ,'.,'.. Gillen, undlr mil hand. and.~d. ~ ~abOlle writtm. --_.__._..__._..._-~: JeCOnl,r. Ie '..,r. -., ,J},' ',~-, - ~~ -- ... ~i ~ _ 'j-'.:' , .' .. ~ -. ' ,-, - . I;"~::}. ',' I':::',' :i,," :'," ' _!. ,- I~ I. 1'""'\ I I I I \ [ I b I I I I I 10 I William J. Daylor. Appraisal. /228 Maplt Avtnut, Ntw Cumbtrland, PA IDGHEST AND BEST DEFINITION The highest and best use of a propeny is that use to which the land can be put which will create the greatest return for the land (be it in profit or in amenities), that which is permitted or would be permitted by the local municipal or township authorities, and that which would not be unduly objectionable to the character of the surrounding propeny in keeping within the scope of the general neighborhood development, IDGHEST AND BEST USE The highest and best is that most reasonable use that supports the highest present value as of the effective date of the appraisal. The highest and best use of the land (site) if vacant and available for use may be different from the highest and best use of a property with improvements, This is normally true when the improvement is not an appropriate use and yet makes a contrihution to the total propeny value in excess of the value of the site, Alternately, it is that use from among reasonable, probable and legal alternate uses found to be physically possible, appropriately supported, financially feasible and which results in the highest land value, Land value is always dependent on the uses to which it can be put, In appraisal practice, the concept of highest and best use represents the premise upon which value is based, This definition implies specifically to the highest and best use of the land. The highest and best use is always estimated as though the land was vacant. However, it is to be recognized, in cases where a site has existing improvements, the highest and best use may be different, The market value of land or of an improved propeny, or both, are estimated under the assumption that a potential purchaser and would reflect their analysis of the most profitable use of the land or propeny as improved, As such, the most profitable use assumption tends to produce the highest offering price. The Highest and Best Use analysis requires the employment of various categories of use oriented discussions to conclude that a given use is the Highest and Best use of the land, The uses m'Jst meet four criteria: 1. Legally permissible. 2, Physically possible, 3, Financially feasible. 4. Most profitable, In sequential order using from the most general to the most specific, each criteria is considered, in turn, clearly estimating each proposed use of the site, 16 I. I. ("'\ I , ('\ '-/ .J William J. Daylor - Appraisal - J 228 Maplt Avtnut, Ntw Cumbtrland, PA HIGHEST AND BEST USE (continued) Legally permissible: The subject property does not conform to the current zoning ordinance. There are no known private restrictions, building code limitations, or environmental controls which would restrict the use, The site is currently improved with an office/warehouse use which permitted to continue. The property does not conform to all of the setback, sideyard and parking requirement as mandated under the zoning. PhysIcally possible: Under the present zoning ordinance the permitted uses are residential in character, The site has been developed for office/warehouse use which is permitted to continue, The site has sufficient size and acceptable topographical features providing a suitable location for it present use, The shape of the property does not diminish its utility, The availability of public utilities enhances the property, The site is not impacted by flood plain or wetlands, Access to the property is unrestricted and the property enjoys site Identity at its present location. The physical layout of streets and utility connections provide utility to the site, The site is physically adaptable to support its present use, Financially feasible: Of the uses which are legally permissible and physically possible, the use which is capable of generating a positive cash flow is considered financially feasible, Real estate performance as an invesunent is generally driven by fundamental factors in the market, The analysis for retail use (Central Pennsylvania) is as follows: Vacancy: New Construction: Existing Demand: Above average, Slow, Average. The real estate market is cyclical in nature and consequently as markets change, invesunent results vary accordingly. The subject property is an office/warehouse for a pool company which is a destination use, The types of amenities offered affect price and vacancy, Therefore, under present market conditions, the site as improved is considered to be financially feasible, The financially feasible possibilities are based on returns in the marketplace in relation to competing invesunents and considered market demand, the physical and environmental impact and the financial impact as acceptance in the market place. Most profitable: Of the uses which are considered financially feasible, this use must provide the highest rate of return over the longest period of time in order to be considered the highest and best use of a property, The only use capable of generating a positive net income is the present use. In the highest and best use analysis the profitability test assumes competent management. Implied within these definitions is the recognition of the contribution of that specific use to community development goals in addition to wealth maximization of the adjacent property owners and the development trend associated with the general area, 17 I-' I. 1'1 I I I I I I I ,8 I .::) William J, Daylor - Appraisal- 1228 Maplt Awnut. Ntw Cumbtr/and. PA mGHEST AND BEST USE (continued) It should be noted that the determination of the highest and best use for the subject propeny is a result of the appraiser's judgment and analytical skill and represents an opinion, not fact, and in the appraisal practice the concept of highest and best use represents the premises upon which value is based, The legal possibilities that place controls on the potential use are zoning, deed restrictions and setback regulations. It can be said that the present use of the subject property as an office/warehouse for a pool company is a pre-existing, non-conforming use which is permitted to continue and represents the Highest and Best Use of the subject propeny as of the effective date of this appraisal assignment, Weighing all of the aforementioned, I have concluded that the Highest and Best Use of the subject property is for continued use as stated above, In the highest and best use consideration was given to the uses for which the subject propeny could be utilized. Other factors consist of neighborhood characteristics, traffic patterns, access, visibility, land area, frontage, shape, topography, availability of public utilities and locational features, In determirJng the most profitable use of the site such factors were considered as the type of improvements, the quality of material and workmanship, layout and floor plan, mechanical system including plumbing, heating, electrical and air condition as well as any special features, etc, Other factors weighed in the highest and best use were the supply/demand relationship, mortgage interest rates, economy trends, etc, 18 1-' I' 0.. f I \ I I b I \ I I i I I '/ 'II I 'l i ' ' :111....,) \ I I ~:l! I +, - ,r,' William J. Daylor _ Appraisal - 1228 Maplt Avtnut, Nnv CUmbtrhutd. PA MARKET ANALYSIS The market data approach is a comparison approach which compares the price paid for a similar type property, The market data approach as defined by The Appraisal Institute's Appraisal Tenninology Handbook Is defined as fol1ows: " An appraisal technique in which the market value is predicated upon price paid In actual market transactions and/or current listings. the fonner fIXing the lower limit of value in a static or advanced market, and fIXing the higher limit of value In a declining mark:.:t; and the latter fixing the higher limit in any market," It consists of a process of correlation and analysis of similar type sold properties, In the valuation process the market area was studied In order to find properties that are similar in characteristics to the property under appraisement, Sufficient data was gathered in order to make a reasonable comparison, In applying the "comparison analysis" a unit of measure was utilized as the comparing unit of measure, The adjustment factors considered were as fol1ows: A, Location dissimilarities and the location in the land use pattern, as wel1 as the nature of the surrounding facilities and development, B, The availability of comparable facilities, C, Physical characteristics of the tract such as frontagl:, size, shape, depth, topography, etc, D, Proximity and availability of utilities. E. Current zoning and other restrictions, F, Time differential in the marketplace. G, Any specific motivation of the parties in the transaction that would differentiate a sale from a typical market transaction, The cash equivalency value of a property is the price that results in a typical market sale, that is where there is no undue influence or pressure and the buyer utilized typical fmancing, The cash equivalency value is found by discounting the mortgage payment at an appropriate discount (opportunity) rate, 19 I: I' f 1 I I I I :-1' ~.' . 'b 'I I I I Wlllla", J. Da)'lor. Appraisal. 1228 Mopl, Avtnu" N~ CUmb"Iand, PA MARKET ANALYSIS (contlnued) The market dalll approach. when data Is good, can be considered to be the most defmltlve indicator of value as It represents the Interactions of the market participants, Market value can be measured by the price of acquiring an existing substitute property with the same utility as the subject property, , ., . I 20 I.' I. o I I I I I I I I o I I I I I I I ~. f. . ,\0 , , William J. Daylor. Appraisal. J 228 Map/~ Awnu~. N~ Cumb~r/and. PA MARKET VALUE TECHNIQUE In order to value the subject propeny, your appraiser studied a series of market sales that were reduced to a price per square foot for analytical purposes. The technique of the market data approach is a method which explores the function of the marketplace as the market data relates to the propeny being appraised, The market data approach to value involves the use of comparative data of all kinds in order to find similarities between the propeny being appraised and other comparable propenles, The market data approach is based on the economic Principle of Substitution, The Principle of Substitution is a valuation principle that states that a prudent purchaser would pay no more for real propeny than the cost of acquiring an equally desirable substitute on the open market. The Principle of Substitution presumes that the purchaser will consider the alternatives available to him, that he will act rationally or prudently on the basis of his infonnation about those alternatives and that time is not a significant factor. Substitution may assume the fonn of the purchase of an existing propeny with the same utility or of acquiring an investment which will produce an income stream of the same size with the same risk as that involved in the propeny in question, Very seldom can an identical propeny be found in the marketplace that has sold subject to the same physical, legal and economic characteristics of the subject propeny, Due to this fact, a better comparison can be drawn from competitive propeny sales by utilizing units of comparison common to both the subject and the comparable sales, The unit of comparison selected for this approach was a price per square foot of building area, Consideration was given for differences - location, topographical features, time, etc, The sales as adjusted provide traditional indicators of value which are believed to be reliable when applied to the subject propeny, The following market comparable sales were considered in the market analysis with the market sales being reduced to a unit of comparison for analytical purposes, 21 I. I, r I William J. Daylor. Appraisal. 1228 Maple Avenue. New Cumberland. PA MARKET ANALYSIS - Comparable Building Sales Sale # 1 - Location: 404 South 29th Street Harrisburg, PA Grantor: B & R Partnership Grantee: Michael], Bogar Sold: 10/20/94 I I b I Sale Price: $144,000. Troct: Comer, rectangular shaped parcel containing 10,500 square feet, Improvements: One-story masonry structure containing 5,600 square feet, Condition: Average, Price per square foot: $25,71 Verified: Grontee, Condition of Sale: Typical anns length transaction, 22 I-' I, o I I I I I I I 'CD I William J. Daylor - Appralsal- 1228 Maple Avenue, New Cumberland. PA MARKET ANALYSIS - Comparable Building Sales Sale # 2 - Location: 224 South Second Street Wonnleysburg, PA Alex and Dona DiSanto Grantor: Grantee: Scott Harvey Sold: 09/08/94 $155,000, Sale Price: Tract: 28' x 171' containing .13 of an acre - irregular in shape, Zoned: Residential. Improvements: One-story concrete block structure containing 4,300 square feet, Tail- gate loading dock, Price per square foot: $36,04 Verified: Grantor, Condition of Sale: Typical anns length transaction, I , CD I I 23 , i I:. I I: . h : "' I ~"""l.'~' "~,_,,,,,,,,--,,,,._,~_,__,,_,_,,..__,,,,,'~..,,,,,_"_~.._~,,.~..--':__,..".n.- --- 'I, o / :/ .,.. MARKET ANALYSIS - Comparable BuUding Sales William J, Day/or - Appraisal - 1228 Mapt~ Awnu~. Nnv Cumb~rIand. PA Sale # 4 - Location: 2395 State Street Harrisburg, PA Grantor: Lawrence H, Romberger Grantee: Steven A, Baumgardner , Date of Sale: 08/04/93 $90,000. Sale Price: Tract: Somewhat rectangular shaped parcel containing 4,500 square feet. Zoned: Commercial. Public utilities, Improvements: One-story masonry structurc containing 3,538 square feet, Price per square foot: $25,43 Verified: Grantor. Condition of Sale: Typical anns length transaction, 25 I. , William J. Daylor. Appraisal - 1228 Mapl~ AI'~nu~. NfiV Cumbtrland, PA I. SALES COMPARISON CHART - Building Sale~ 0 Sale Number Sale I Sale 2 Sale 3 Sale 4 Sale 5 I Sale Price $144,000 $155,000 $51,000 $90,000 $170,000 Price per square foot $25.71 $36.04 $34.00 $25.43 $53.12 I Date Sold 10/94 09/94 08/93 08/93 06/95 Number of Square Feet: 5,600 sf 4,300 sf 1,500 sf 3,538 sf 3,200 sf Adjustments: I Property Rights 0 0 0 0 0 Market Conditions 0 0 0 0 0 Financial Concessions 0 0 0 0 0 I Condition of Sale 0 0 0 0 0 Adjusted Price $25.71 $36.04 $34,00 $25.43 $53,12 Location 0 0 0 0 - 10% ! Physical Characteristics - 10% - 25% - 25% - 10% - 35% Other 0 0 0 0 0 Total - 10% - 25% - 25% - 10% - 45% Adjusted Value $23,14 $27,03 $25,50 $22,89 $29,21 b Five comparable building sales were studied for the purposes of detennining a value for the subject property. All the sales were located within the general market area, All the sales bi!d a similar Highest and Best Use, The sales were reduced to a unit price per square foot for analytical purposes. Individual adjustments were considered for each sale as compared to the subject property, The comparables developed an adjusted range from a low of $22,89 to $29.21. From the range I selected a price per square foot of $23,00, as the best representative of the unit cost for the subject property. The mean of the range is $25.55, The price selected is slightly lower than the mean ($23.00 x 4,780 square feet = $109,940 - $4,500 (deferred maintenance) or $105,440 Say: $105,000, Market Value: $105,000 o : 27 \. \- o \ I I I o , I \ I \ I I \-- J I I William J. Daylor _ Appraisal. 1228 Mopl~ Av.nUt. N~ Cunlb~rland. PA INCOME ANALYSIS TECHNIQUE In the income analysis the capitalization process translates net operating income into a present day value, assuming a present value of expected future benefits, In this approach the Principle of Anticipation affinns that value is created by the anticipation of future benefits, The band of investment technique was utilized in order to convert the net operating income into an indication of value. The following factors were considered in the analysis: The discount rate applied to the pro fonna cash flow mathematically expresses risk, Risk represents uncertainty, A, financial Risk relates to the use of debt on the subject property, B, Business Risk relates to factors which affect the Net Operating Income and the resale price of the property and include changes in interest rates, changes in the supply/demand relationship for the particular type of property, etc, In the investment market the investors weigh the perceived levels of financial business risk against the future benefits he expects to receive from the investment. Giving weight to this consideration the investor would compare his expected return to the return available from alternative investment opportunities such as governmental securities. A copy of the returns in the financial market are summarized below, _._.._n' II r..:..v ~ TuoL 1"-' _ Yr,_ 3omo. T-bll1I1CXlUI1I 5.&1 +0-01 5.75% 4.11% &<no. T -Ill cIIIcOUnl 5.38 +0,01 I.Z!% 4.48'110 11D-\'t. .- 1_09 +0.02 7.74% 1,94% 3Q.Yr. bond 8.5111'd1. 7.87% 7.28% ~ ,.......... 7-d1rt ....gM Mcny rruL lLI1do 5.51% 4.84% 3.51% ,..._ money Mdo 3.11% 3,10% 2.35% Bonk money _ 2.84% 2.84% 2.35% &<no. CllI 5.07% 4.28% 3.23% 1.yr. CllI 5.52% 5.28% 3,78% ~. Clll 8.14% 8.48'110 5.28% ...-- 3Q.yt, lb<ed~LMe) 1~, tIxed LMC). AdI. ... LMe) , 1.yr. T...., ARM Index' Ifill dill. ARM nlox 0lIlW - Pl1me IondIng 9,00% ' B.5O% 7.25% Fed. cIICOlI1I 5.25% 4.75% 3.50% F<<*II Mdo . 5,94% 4.75% 4.00% 1__oIJunoS _1llC_Rnd_;-- _;__L-.lII/'llolSonF_ .7.71% 7.24% 5.95% 5.71% 5.084% 9.23% lI.55% 8.7B% 8.02% 8AN 5.52% 1.89% 5.31% 4.187% 3.1172% 28 l-' I- f I I I I I , I b I , i , C) William J, Day/or _ Appraisal - 1228 Map/~ Avenu~. Ntw Cumb~rland. PA INCOME ANALYSIS TECHNIQUE (continued) The returns on United States three-month Treasury bonds and six-month Treasury bonds reflect the risk-free rate of return, United States three-month Treasury bonds were yielding approximately 5,60% and six-month Treasury bonds were yielding 5,55% as of the week ending June 5, 1995, In the market, based on standards, an investor expects a premium over the return received by owners of United States Treasury bonds, However, there are wide variations of relative risk associated amongst the multitude of equities in the marketplace, An equity relative risk can be analyzed by considering both business risk (risk unique to the industry) and risk that is associated with the equity capital sttucture (the higher the debt to equity ratio, the higher the risk), The subject property is an investment with an average level of risk. j' 29 I. I, tl I I I I I I I William J. Daylor. Appraisal. /228 Mapl~ Avmu~, Ntw Cumbuland. PA INCOME ANALYSIS A parcel of real estate which produces net income can be analyzed and valued from the fonnat that relates to income generated by the property which can be converted to an indication of value by the use of capitalization rate, The basic underlying principle is "anticipation." Property is generally purchased and held with the expectation of future income that the property will generate, An overall rate has been developed from the market and this rate Incorporates the market's and the investor's expectation on return to equity future income flows and reversion value, The quality and quantity of the income stream, projections on future income flows and expected changes In value of the property are weighed in the detennination of the overall rate, In detennining an overall rate the first method is to use an overall rate derived from comparable sales, One limitation to this method stems from existing tenns of financing for the comparable sales. Lower interest rates on mortgages and the ratio of debt to value are possibly not representative of current market conditions, The biggest question is, "What is typical of the market?", The typical real estate investment is a combination of two segments of capital, the mortgage contribution and the investor equity contribution. This technique is a method which blends the current cost of acquiring these two component items of capital, b I The components of the rate consist of the equity component and the debt component. The overall rate provides for the required return on the investment capital during the capital recovery period. During the capital recovery period (investment holding tenn) the overall rate reflects all of the anticipated income potential, risk, alternate investment returns and future of the property during a finite period of time. I I I I o The mortgage/equity method dictates the use of a band of investment method for the rate selection. The overall rate consists of the blended rate, the mortgage tenns with a typical investor's requirements for a return to equity. In order to convert the net income into an indication of value appraiser completed a study in the market as to the best available tenns and mortgage rates, In the income approach an analysis of comparable rentals and competing market areas for the type of property under appraisement must be given consideration, Economic rent is defined as the rental income that a property would most probably command on the open market as of the date of the appraisal. 30 ..., I- I- r) I I I I I I b I , I I I I ,1';" \J.; I Will/am J, Daylor - Appraisal. 1228 Maple Avenue, NtIV Cumberland, PA INCOME ANALYSIS (continued) Foreca.sled Gross Income $ 14,400,00 Vacancy and Credil Loss (5%) 720.00 Adjusted Gross Income $ 13,680.00 Reimbursements 0.00 Total Adjusted Gross Income: $ 13,680.00 Expenses . Fixed: Real Estate Taxes $ 1,900.00 Insurance 700.00 Operating: Heat/Electriclly/Refuse 0.00 Tenant Water/Sewer 0.00 Tenant UllIlIles 0.00 Tenant Maintenance: General 500.00 Snow/Lawn 0.00 Tenant Reserves 0.00 Not applicable. ManagemeDl 700.00 Miscellaneous 100.00 Total Expcnses: $ 3,900.00 Net Operating Income $ 9,780.00 33 I' William J. Daylor. Appraisal - 1228 Mopl~ Av~nu~. N~ Cumb~rland. PA \. n r" I I I. I I I b I I I I I INCOME ANALYSIS (continued) PROJECTIONS. Debt Portion Eouitv Portion Mortgage Tenn - 20 years Mortgage Int, Rate - 9% Mortgage ratio - 75% Annual constant - ,10797 Loan Tenn - Fixed (20 yr, amort,) Equity Ratio - 25 % Equity Dividend - 10% CONCLUSION. The rate developed is an average which will satisfy both the mortgage constant requirements of the lender and the equity dividend requirements of the investor. fonnula is: R., = M x R". + (I-M) x R., The R" = M = R". - R. - R" = Overall Rate Loan to Value ratio Mortgage Capitalization Rate Equity Dividend Rate R" (,75 x ,10797) ,08098 ,10598 + + (.25 x ,10) .02500 I selected an overall rate of 10% NO! = $9.780 = $97,800, OR = .1??oo Say: $98,000 INDICATED VALUE BY INCOME ANALYSIS - $98tOOO I P I 35 I. I. t""\ I , b I I I I I I I , ::...J 1 I COST ANALYSIS DEFINITION William J. Daylor. Appraisal - 1228 Map/~ Av~nu~. N~ Cumb~rland. PA The cost approach is an analysis that incorporates the replacement value of the structural improvement, as if new, deducts depreciation and adds the land as improved, The Appraisal Institute defines the cost approach as that approach in appraisal analysis which is based on the proposition that the infonned purchaser would pay no more than the cost of producing a substitute property with the same utility as the subject property, It is particularly applicable when the propeny being appraised involves relatively new improvement which represents the highest and best use of the land or when relatively unique or specialized improvements are located on the site and for which there exist no comparable properties on the market. The Principle of Substitution underlies the theory of the cost approach. The Principle of Substitution is defined as follows: The Principle of Substitution presumes that the purchaser will consider the alternatives available to him, that he will act rationally or prudently on the basis of the infonnation about those alternatives and that time is not a significant factor, Substitution may assume the form of the purchase of an existing property with the same utility or of acquiring an invesunent which will produce an income stream of the same size and with the same risk, The land value is as improved plus the reproduction cost of a new building without consideration for accrued depreciation establishes the upper limit of the value range, Depreciation is defined as follows: Physical Depreciation - loss in value due to physical deterioration, wear and tear and/or deferred maintenance. Functional Obsolescence - loss in value due to the lack of utility or desirability of part or all of the property inherent to the improvement. Economic Obsolescence - loss in value due to causes outside the property and independent of its intrinsic factors, 36 \.' I. f I I I. I I I ~ v I I I I I I I P I William), Daylor - Appraisal. 1228 Maple Avenue, New Cumberland. PA COST ANALYSIS DEFINITION (continued) Based on current cost data, the fol1owing calculations summarize the estimated cost involved in constrUction of the subject property. These calculations would take into consideration the accrued loss in value from replacement cost new which has been created by obsolescence and physical deterioration, The reproduction cost, as listed, includes all direct and indirect costs, The items of indirect cost can include mortgage loan fees, interest during constrUction, soil tests, engineering costs, inspection fees, insurance and real estate taxes, accounting fees, developer's overhead and profit, etc, The Marshal1 Valuation Service was utilized in this appraisal. 37 I ~ I' P I I I I I I I o Will/am J. Daylor - Appraisal - 1228 Maplt AI'tnut. Ntw Cumbtrland. PA COST APPROACH , I , l. ~ I I I ; LAND: Land Value: $ 30,000 Site Improvements: 12,000, TOTAL VALUE LAND AS IMPROVED: STRUCTURAL IMPROVEMENTS: $ 42,000 The Marshall Valuation Manual was used in order to establish an estimate for the reproduction costs, The applicable section is Section 14, Warehouse. For this appraisal I selected Class D "Low" cost which was $24,49 per square foot, Refinements were added to the base cost for both local and current multipliers and floor area perimeter multiplier added respectively, The total adjusted cost would be $25,28, 4,780 s,f, @ $25,28 per s,f,: $121,316 Indirect Cost (Architectural Fees, Loan Fees, Closing Costs and Other Contingencies) Included in base cost: o :entrepreneurial Profit/Overhead 10% of Direct/Indirect Cost: Total Replacement Value: Depreciation (50%): Total: 12.131 $133,447 66.723 $ 66,724 I INDICATED VALUE BY COST ANALYSIS: $108,724 Say: $110,000 I I I I o I i , 38 , \. ,. I P I I I I I I o I Ij [ William ), Day/or. Appraisal. /228 Maplt A vtnut, Ntw Cumbtrland, PA CORRELATION AND FINAL VALUE For the purpose of arriving at a final value conclusion for the subject property the three traditional approaches to value were considered, with each approach independenlly processed. Each approach established an individual value with these values then correlated into one final value, The approaches and their respective values are as follows: Market Approach Income Approach Cost Approach $105,000 $ 98,000 $110,000 Of the three approaches indicated above the market approach is the most dominant as it reflects the interactions of buyers and sellers in the open market, The market was researched for sales which had similar characteristics to the subject property and were deemed to be the best available, Adjusunents were considered for any differences so that comparisons between the comparable and subject property could be made, The market approach was given considerable weight in arriving at the final value conclusion as the data was good and reflective of the present market, The subject property is not an income-producing property, The income approach was developed into a indication of value only as a cross check against the market and the cost approaches to value, The cost approach was processed into an indication of value and there was sufficient data available for this purpose. Construction costs were obtained from Marshall Valuation Manual and correlated with contractors' costs, Generally speaking, the cost approach, when the land is being developed to its highest and best use, sets the upper limit of the value range. The cost approach was given some weight in arriving at a final value conclusion. Taking the foregoing factors into consideration, it is my opinion that the subject property as of the effective date of this appraisal would have a present day fair market value of $105,000, At the appraised value of $105,000. the estimated marketing period for the subject property would be from 8 to 12 months, The factors weighed in this determination were the current economic conditions as of the date of the appraisal, the type of improvement and its ability to absorbed into the market place, discussions with infonned market participants as well as commercial brokers and the uncertainties currently associated with the market, There were no items of personal property included in the value of this parcel of real estate, 39 .' I. William J. Daylor - Appraisal - /228 Maplt Avtnut, Ntw Cumbtrland, PA CERTIFICATE OF APPRAISAL ~ I certify that, to the best of my knowledge and belief - A, The statements of fact contained in this report are true and correct, B, I I I I I b I I I I I I I I-J c I e. D, E, F, WID/Toe 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. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved, My compensation is not contingent on an action or event resulting from the analyses, opinions or conclusions in, or the use of, this report, My analysis and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, The use of this report is subject to the requirements of The Appraisal Institute relating to review by its duly authorized representatives, Q, As of the date of this report, William 1, Daylor has completed the requirements of the continuing education program of The Appraisal Institute. H, My assignment is not contingent upon the reporting of a predetermined value or a 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. I. No one provided significant professional assistance to the person signing this report. 1. The appraisal assignment was not based on a requested minimum valuation, specific valuation, or the approval of a loan. K, I further certify that I have inspected the subject property, In my opinion, the market value of the property which is the subject of this appraisal report as of 1une 19, 1995 would be $105,000, ~~ 40 ; ,. I" '-, I I I I I Lo-., -' -< ....... z z - - --- ..... ...... Q.. 1 ;:;l i > -< j ...J Q ~ t ~>- C/) ~ /l ~Z I i Z i~ J ~J i ~H v P-1iig lID ...J I -< I ~ ! E-- I z ) -' ~ U :z o :z < := ~ ~ e::: l:;l;:l E-c r:.IJ < U :z < ~ ~ :z < ....::I e::: ~ := ~ ;:;l U To ]! f~ f~ t~ ]!!!!I. '" ~ - D ~ ~s ::;s ...... IJ I'~ ~ .a 1 W: :; ., . II III hl] Inn t . H hl] Inn ! -- . I <~ I ~ Ih 1- l Jhl IHn I I., ~ a= . .. ~ ~ . . ~. ; ~~ 1 illl Inn I " I., ;; '0:: _. , - . fl I Jhl IHn t D l: . C . r: _ ::I f 1:; i 8 ~ h ; ... to 1 ~ hlJ - "ifl ~ J hJl ~ 1 ~ ! :i: /. /. /"j I I I I EXHIBIT 3 Harrisbura - General Area Data The subject property lies within the Harrisburg SMSA area. Harrisburg is the capital of Pennsylvania and is also the county seat for Dauphin County. The standard metropolitan Harrisburg area encompasses three counties, namely Dauphin County on the east shore of the Susquehanna River and Cumberland and Perry Counties which are on the west shore, Harrisburg is ideally located, being 100 miles from Philadelphia which is accessible by the Pennsylvania Turnpike and the Schuylkill Expressway, 200 miles from Pittsburgh which is also accessible by the Pennsylvania Turnpike, and Baltimore which is accessible by I-83. Philadelphia lies to the east of Harrisburg, PittSburgh to the west and Baltimore to the south. Baltimore is approximately 75 miles from Harrisburg. In addition, Washington D,C, lies approximately 135 miles south of Harrisburg. The Harrisburg Metropolitan Area has a total population of 496,066 which inclUdes CUmberland, Dauphin and Perry Counties. According to 1990 statistics there were 181,946 households. The population in the City of Harrisburg itself did suffer a decrease due to slum clearance and the Redevelopment program which is still underway, There has, however, been a trend within the City for self-rehabilitation of residential properties, particularly in the Historic District of the City. ::) I b The City proper is 100% built up and thus the growth within the area has occurred within the suburbs, which is a common condition throughout the entire country. There are various military installations situated in the three counties comprising the Harrisburg metropolitan area and these include the U,S. Naval Supply Depot at Mechanicsburg, the U,S. Army New Cumberland Depot located near New CUmberland, and the U.S, Army War College located in Carlisle, In addition, Fort Indiantown Gap Military Reservation also lies within close proximity of the metropolitan area and it is the headquarters of the U.S. Army Corps and the Pennsylvania National Guard. This facility is utilized for summer training. There is also a military cemetery located at Fort Indiantown Gap. It is evident from the above that the largest employer in the HarriSburg SMSA is government, which provides employment for approximately 25% of the work force. In addition, employment is provided by manUfacturing facilities, services and trade, '~""""-~._~--.-~. .^-_~__~_.n."'" I. /, I) I I I I I i I 8 I I I I I~ ,~ I I EXHIBIT 3 Page 2 01 6 Harrisburq General Area Data (continuedl Employment has been rather stable below state and national levels. relative to the unemployment rate with unemployment levels The most recent statistics are: Cumberland County Dauphin County Pennsylvania United States 2.4% 3.9% 5,2% 5.6% The median effective buying income per household is $28.373. with the median age 33.8. Approximately 56.9% had incomes in excess of $25,000. and approximately 36% in excess of $35,000. 1990 population households 496,060 181,946 With the expansion of the Olmsted Airport to an International Airport, it is anticipated that new industries will be attracted into the area, At the present time the airport is served by TWA, American, United, Northwest and Eastern besides several local commuter lines, Within the last 5 years a new modern terminal has been constructed. Due to the fact that the City of Harrisburg is centrally located, it is a hub of transportation for swift and efficient distribution in all directions, Interstates I-81, I-83 and I-76 (the Pennsylvania Turnpike) all serve the Harrisburg area, with the result that there is a host of trucking firms located in the area, particularly at the juncture cf I-81 and the Pennsylvania Turnpike in the Carlisle area, Within the past several months Roadway Express has completed construction of a new distribution terminal and ABF is anticipating construction of a new and larger terminal, both of which are located in the Carlisle area, Harrisburg is on the main lines of Conrail and Amtrak, Freight service is provided by Conrail to the north, southeast and west and Amtrak provides passenger service. The Enola yards are located northwest of the City of Harrisburg and when rail service was at its peak this was one of the largest rail yards in the world, In addition to the above-mentioned interstate routes, Harrisburg is served by U,S, Routes 11, 15, 22, 322, and 422, Local service routes provide access to the wholesale distribution and major transfer terminals. --~,---,_.",,,,-,-----,,,--,..,^.,-,._.,.- .- \. I" (1 f I EXHIBIT 3 Page 3 of 6 Harrisbura General Area Data (continued) The Harrisburg-York State Airport is located on the west shore within 10 minutes of downtown Harrisburg and it has been operating as a private and light freight airline service, Local transportation is provided by the Capital Area Transit System and the Greyhound lines and capital Trailways provide inter-urban transportation, The is a wide diversity of industry located in the Harrisburg metropolitan area, Some of the national concerns located in the area are Bethlehem Steel, Caterpillar Tractor, Quaker Oats, AMP Incorporated, American Can, RCA and Hershey Foods, Products manufactured by these concerns include steel, tractors, shoes, floor tile and acoustical ceilings, cereal preparations, solderless electrical terminals and tools, food canning, electrical appliances, chocolate candy, office equipment and tractor-trailer bodies, C) I There is a wide variety of cultural facilities within the Harrisburg metropolitan area. These include the $10 million State Museum, the Forum which is the home of the Harrisburg Symphony as well as accommodating visiting artists, and the State Library, Entertainment is also provided in Hershey which is located within a few miles of the City of Harrisburg, The Hershey Arena is the home of the Hershey Bears ice hockey team and is used for events such as the Boston Pops, Ice Follies, Ice Capades, and English bands such as the coldstream Guard Band and the Royal Grenadier Guard Band, Small types of entertainment such as plays and symphonies are presented in the Hershey Theatre and Founders' Hall, In addition, Hersheypark is a famous amusement park. I I I I I I I J I I The cumberland County area lies directly across the Susquehanna River from Harrisburg and is a rapidly growing area as it is centrally located in the heart of the great eastern market, This area is convenient to all the amenities previously outlined for the Harrisburg metropolitan area as it is a part of that area, Cumberland County is located in the southcentral region of Pennsylvania in the Great Kittatinny Valley and west of the Susquehanna River which forms its eastern boundary line. Adjoining counties include York and Adams to the south, Franklin to the west, Dauphin to the east and Perry County to the north, l- I' n I I I I I I I E.YH/BIT 3 Page 40{6 ~isbura General Area Data (continuedl Cumberland County is comprised of 550 square miles, 40th place by size, ranking among Pennsylvania's 67 counties, Twelve boroughs and 22 townships make up cumberland County, Carlisle, which is the county seat, is its largest town and it lies approximately l8 miles from Harrisburg, the state capital, Cumberland County's population increased from l58,777 in 1970 to l79,62l in 1980, an increase of 13,6%, By the end of 1985 the population increased approximately 5,3% to 189,lOO, Through 1988 Cumberland County's population is expected to grow approximately 3\ or l\ per annum. Other characteristics of the county's 1985 population include a median age of 33 years, 70,500 households and a median household effective buying income of S27,351, The latter figure represents an increase of only .2% above Cumberland County's 1983 median household effective buying income which was S27,298. p Economic demographic, social and physical factors affecting the marketability and value trend of real estate in the subject locale include: A strong transportation center due to the location of the interstates and its advantageous location to the eastern markets. New construction of office buildings. truck terminals, warehouses, industrial facilities, etc, Expanding population base including available skilled and unskilled workers, In summary, the rising population and income of the general area will assure the continued need for goods and services and the transportation system to provide them, I,. J ! . " EXHIBIT 3 Page Sof6 I. f) I I I I I I I P I I I I I I IJ I I Harrisbura General Area Data (continued) Laraest Emolovers in Harrisbura Emclover Emolovees Commonwealth of Pennsylvania Mechanicsburg Naval Depot AMP, Inc, ,Hershey Foods, Inc, New Cumberland Army Depot Pennsylvania Blue Shield HERCO Harsco Corporation Kinney Shoe/Service Corporation Hershey Medical Center Harrisburg Hospital Health Bethlehem Steel Corporation IBM, Inc, GPU Nuclear/Three Mile Island polvclinic Medical Center Harrisburg Post Office Conrail Army War College Davenport. Inc, Giant Foods C,H, Masland Sears Holy Spirit Hospital Rite Aid Corporation weis Markets Bell of Pennsylvania Dauphin Deposit Bank DuPont Electronics 23,000 7.800 7.700 6,154 4,489 3,725 3,590 2.900 2,570 2.475 2,230 2,100 2,000 1,989 1.950 1.734 1.650 1,550 1.500 1.449 1.400 1,400 1.390 1.382 1,261 1,240 1.207 1,080 (Source I Pennsylvania Bureau of Employment Security) , .,\ ""'2<hif,,":'H<:"'.L" .,";.--"-"-'" \, EXHIBIT 3 Page 6 0/6 \' Harrisbura General Area Data (continued) 0 ~ llU llll \ TOTAL EMPLOYMENT. 276,900 293,400 305,500 I Manufacturing 52,000 52,000 49,100 Durable Goods 24,200 23,800 23,800 Non-Durable Goods 27,900 28,200 27,510 I Non-Manufacturing 224,800 241,400 256,400 Mining 400 300 400 Construction 10,300 12,300 11,400 I Transportation and Public Utilities 18,100 18,100 18,400 Wholesale Trade 16,000 17,300 18,400 Retail Trade 45,400 49,200 53,900 I Finance, Insurance and Real Estate 15,100 17,100 17,500 Services 55,700 61,400 69,600 I Government 63,900 65,700 66,000 Federal 14,400 14,400 15,000 State and Local 49,500 51,300 30,100 Source: Pennsylvania Statewide and Major Labor Market Areas Industry Trends and Outlook Non-Agricultural Wage and Salary Employment For 1985 and Projected 1995 Commonwealth of pennsylvania Department of Labor and Industry Office of Employment Security Spring, 1987 o ! . Does not include self-employed persons and self-employed contractors. Wage and salary employment includes approximately 92' of all employment on a statewide basis, Includes count of jobs and not number of employed persons I some individuals may hold more than one job, Job count is baeed on full-time equivalents as defined, I I L~ ..) I I I.' EMPLOYER EMPLOYEES Fesllval F.ods ,................,..,.............,.., 375 Chr.mall.y American C.rp. ,.........,...... 374 L.wer Dauphin Sch..1 DI.lrlct ............. 373 Lltlle Tlkes/Rubbermald ....................... 370 NovInger's Group Inc. ....................,...... 366 Brubaker T.al C.rp, ..,..,....,................., 358 PennsV' SupplY .............................,........ ~7 Horseo Corp. ........................................ 343 Mlddlel.wn Sch..1 DI.trlct .................., 330 American Teleph.ne & Tele~raph ......... 330 Jock G.ughen Realt.r Gr.up ................ 310 L.B. Smith Inc, ..,.................................. 310 GS Electric ............,...................,....,...., 302 P.. C.mmuter Airlines ....,...................' 300 Harrisburg HIII.n ...,............................. 300 Iceland F..d C.rp. ...,..,...........,............ 300 True Temper C.rp. ....,.....,................,... 300 Capitol Bakers ........,............................, 299 J.hns.n Bailie Sh.e. .....,..,............,...... 296 ADW ................................,......,............. 276 Palhmark ,...........................,............,.., 259 Harrl.burg Marrl.U Inn ............,..,....... 257 DaYI.n Ports Inc. ................................. 253 East pennsb.r. Sch..1 District ,............ 250 Hess's ........................................",........ 250 Harrl.burg Paper C.. ................'.......... 250 G.R. Sp.naugle & Son Inc. ,................... 250 SU.Quehanna Two. Sch..1 DI.lrlcl ........ 250 Fr.g Switch & Manutaclurlng ,.............. 248 Alpine Nursing H.me .............,.............. 247 J.hn W.namaker ............................,..... 240 UGI...........................,........,..,...........,.. 231 H.B. Alexander C.mpanle. ................... 219 Grell Ca. .f Genesta ...,.................,....... 215 Hershey Creamery...........:..................... 210 C.mmerclal Unl.n In.urance C.. ......... 203 Cleanleam Building Service. ,............... 200 C.nllnenlal Medical Syslems ....,........... 190 Meridian Bonk ,.................................,... 186 v.ur Hair C.nnecll.n .......................,.., 177 Reeve..Halfman ............,....................... 160 S.urc..: Palrl.I.News Reasearch Depart, ment, United Way 01 the Capital Regl.n. bMidstateis top employers I Here Is a IIsl of the top employers In Dauphin, Cumberland and Perry counties, northem York County and westem Lebanon Ccunty and the number of their employees: EMPLOYER EMPLOYEES Camm.nweallh ., Pennsylvania ....... 27,589 Blue Shield ...........................,............. 6.585 Hershey FoodS Corp. .......................... 6.500 Hershey Medical Cenler .................,.., 5.550 NaVY Ships Ports C.nlr.1 Center ........ 4.900 AMP Inc. .........................................,. 4,500 Hershey Entertainment & Res.rt Co, , 4.151 Defense Dlslrlbull.n Regl.n East ....... 4,136 Kinney Shoes/Service C.rp, ,.............. 2.600 p.lycllnlc Medical Center ................., 2.422 Capllal Health System ........................ 2.337 Giant FoodS ........................'............... 2,316 Dauphin Deposit Bank & Trust .........., 1.804 Capital Blue Cra.. ..,........................... 1.800 H.,y Spirit Hospital.................,........., 1,652 RUe Aid Carp. ,..,.....,..........,.............., 1,650 United Parcel Service ......................., 1.530 Belhlehem Sleel C.rp, ......................., 1.500 IBM/M.rrlsan.Knuds.n ....,....,............ 1,485 Cenlral Dauphin Sch..1 District ........, .1.450 U,S. Army War C.lleae .............,........ 1,440 HarriSburg P.st Dlllce ....................... 1.430 Wels Markets .......,........,................,.., 1.412 Canralt ...........................................,... 1,325 (~Iectr.nlc Data Systems .................... 1.300 1,....l.H, Masland & S.ns .............,.........,.. 1.300 ; HarriSburg Sch..' Dlslrlct ................. 1.275 Roadway Expre.. ...................,.......... 1.240 Carlisle H.spltal ,.................,......,..,.... 1.100 GPU Nuclear/Three Mile Island .......' 1.100 UnUed Telephone .............................., 1.093 Car.llna Freight C.rp. ......................,.., 995 PNC Bank .....,.....,..................,............, 991 City .1 HarriSburg ............,....,....,........, 9B8 west Sh.re Sch..1 Dlslrlct .................... 961 Penn Nall.nal Race C.urse ....,............, 960 Super Rite F..ds ..............................,...' 925 Bell at PennsYlvania ............,................ 904 Davenp.rts Inc. ....,....,...........,....,......... 900 Fry Communications .......................,.... 896 Gannett Fleming Inc. ............................ 885 PennsYlvania P.wer & Light C., ........., 812 ABF Freight System Inc, ..,................... 800 Shlppensburg Unlverslly ....................... 789 I I y \ EMPLOYER EMPLOYEES Rehab Systems ..................................... n5 B..k-o,.the-M.nth Club ........................, 762 Nall.nwlde In.urance Gr.up ................. 735 Ingersoll Rand ...................................... 705 C.mmunlty General Oste.pathlc H.sp. , 700 Cumberland Volley Sch..1 District ....'.. 679 DuP.nt Electr.nlcs ,................,....,........ 675 Boscov's ............................................... 660 Capllal Area Intermedlale Unit ............ 650 Mellon Bank ......................................... 650 Wal.Mart SI.res/Sam's ............,....,....... 633 Dickinson COllege .:............................... 619 Milian Hershey Sch..1 ..................,....... 612 Penn National Insurance ...................... 600 Applet.n Papers Inc. ...............,....,......, 600 Carlisle Sch.al District ,......................., 597 Pe.ples Drug St.res/CVS ..................... 575 Phlca Insurance ,..,..............,................. 560 Carlisle Tire & Rubber C., .....,............, 550 patrl.t.News C.. ....,....,..,..,..........,........ 549 Carlisle Syntec ..,..,..,..,..,........,.............. 546 Belstle C.. ....,......,............,................,.. 540 K mart ,..............,.....,..,...........,......,...., 532 PPG Industries ............,....,................... 530 Sears .................................................... 530 HarriSburg Area C.mmunlty C.llege ...' 510 The B.n.Tpn ..................,..,..............,.... 508 Me..lah College ,....................,..,........... 500 Quaker Oals C., ,................................., 500 Penn Slal..Harrlsburg .........,................ 500 H.lIman Mills Inc. ,............................... SOO H.llday Inns ............,.......,...........,........ 498 Keyst.ne Service Systems Inc. .........,.., 460 Dvernlle Transp.rtatl.n C.. ..,............,.. 450 F.x's Markets ,...................................... 432 Hempt Br.thers ,....................,....,........, 425 Blue Ridge Nursing H.mes ................,.. 400 Ellzabethtawn C.llege .........................., 400 Mechanlcsburg Sch..1 Dlslrlct ....,......... 399 Leader Nursing H.mes ...................,..... 399 Federal BUilding ........,..,..,......,..,..,....... 396 Cath.llc DI.cesan Center .........,............ 388 Derry Two. Sch..1 Dlslrlct ................... 3112 Harris Savings Bank ........,.................... 377 I,' . AvcrJt:v ',I; ,. AVl:I'.II:l: M011lhlr Ch:lnl~C t..nnu..1 Chanco I' Eonployn,OI" Fro", 1991 Wace Fro", 1991 CUMBERLANO A,rlC\llturo, ,0 Fare.lIY, and Fhhln~ 99,667 ,6 11,113 5.8 I COI\IU\,lct!on 1,191 .5.5 17,901 3.5 MonUrSClurlnC 13,590 .3.9 10,553 5,9 Tnn'polQ~on and Public Ullliclu 0,731 1.5 31,315 6.1 I Reali Tnde 11.110 ..8 11,500 7.1 Finance, lnsurw1ca, and Real Esale 11,311 7,9 16,700 7,8 Sorvlces 11,367 1.6 13,lJ6 103 I OAUPHIN AcrlC\llcure, ForDlllY, and AIhInC 150.190 0 15,715 5.1 Construction 5,939 -7.5 19,000 3,7 Monuls..urlne 1l,O10 .1.1 33,110 0.6 I Tnn,polQclon and PubllcU~lIdo. 7,768 03 31,550 3,9 Reull T",de 10,771 103 11,510 5.6 Finance, Insurance and Real E.me 8,875 -11.6 15,310 ,6 Services 36,371 1.1 11,999 6.1 LANCASTEI\ A,rlC\lIIUre, ForDllry, snd Fi.hlng 1,671 .5 19,179 0 Consuuctlon 10,351 -3.6 18,596 1,7 Manu(aclurlnJ: 55,651 ,7 19,719 1.7 T~sporatlon I and PubllcUlIlIllo. 7,159 -1.9 30,161 5.1 ROlSII T",do 36,161 .9 11.613 1.3 Finance, Inlu~ncQ :and Re.11 Estate 0,950 5.1 15,359 6.9 P Services 37,779 3.1 10,750 1.8 LEIlANON Construction 1,110 -.8 ll,957 5.1 MonulscNrlne 10,700 -2.1 11,B99 7,0 Tnn,polQdon snd Public Ullliclc. 1,165 5.1 11,976 1.6 Roull T ",de 0,111 1,1 11,758 3.0 Finance, Insul"01ncc, :and Rosl EsClle 1,511 103 11.191 9.7 Services 6,071 3.6 10,106 5.1 PERRY Construction 531 9.0 11,563 H.5 Manufacturln! 961 -7.1 17,650 10.5 Tnnlporcn.lon snd Public U,III.lc. 551 19.0 16,075 13.9 Roull Tnde 1,398 1,0 10,990 5.0 Flntlnco. Insurance, ilnd Rosl E.UlO 250 1.2 16,712 5.6 Services 910 6,1 12,150 3.3 YORK A&ricultura, Farenry, .nd FI.hlne 889 -1.6 ~ 13,180 -6.1 Con'lnIcclon 6,971 .7,9 16,108 03 M.nurscturlne 16,901 -2.9 30,310 6.1 T""upolQdon and Public U,lhclo. 8,011 16.6 31.171 -3.8 Whot...'o T",de 7,lJ1 1,1 15,596 1,0 RotlllT",de 31.185 -1.1 13,687 103 Rn1l\ca. Inwrar\ca, and RcoJ E...lO 1,796 5.0 15,661 10.1 5ernco. 27,808 3.7 10,518 5.1 SvvrUI """''''''&11'- Unl""P'oJIMM. CDft'lPINILIon SmJulc.u rnn-',.s by 'Innarl..Ala O.p.rvnc,,, af LA..... & Indv"".. aWl." of Rcu.rc.h I s..a".Lka., POPULATION 9Y AGE 0-4 5-14 15-24 25-44 45-64 65-74 15-84 85+ Median Age 4619 7468 7529 17473 8491 3633 2412 751 31.8 POPULATION BY RACE White Black American Indian Asian/pacific Other Races 22306 26502 147 920 2501 Hispanic Origin- 4022 8.a 14.3 14.4 33.4 16.2 6,9 4.6 1.4 4633 8087 7150 17567 9018 3590 2379 831 32.6 ., 8.7 15.2 13.4 33.0 16,9 6.7 4,5 1.6 4536 8774 7137 16925 10498 3362 2386 968 34.0 8,3 16.1 13.1 31. 0 19.2 6,2 4.4 1.8 38.1 53.7 0,3 2.2 5.8 9.2 Income data rrom the 1990 Census are sample data; all other 1990 data are complete-count, Sample data are subject to sampling variability and may differ from complete-count totals. Income amounts are expressed in current dollars for 1990 and 1993; 1998 amounts are in 1992 dollars. . Persons of Hispanic origin may be of any race. 42.6 50.6 0.3 1.8 4.8 21629 27704 145 1027 2759 i.i 4455 40.6 52.0 0,3 1.9 5.2 8.4 20789 29303 139 1211 3153 5011 copyright 1993 CACI (BOO) 292-2224 FAX: I 703) 243-6272 9/17/93 Zoninl> R-l-A " l .l 1/ (;' " ~ " l: .' . z. , -I j I .J ~ I ,,~ ;1 . -, .. , " . I ., . i I m~ -. o I .. ;1. ~I\: :~ H -- . I.' , . I ARTICLE 200 RESIOENTIAL DISTRICTS CD In addition to the specific Intent for each residential district, the distrIcts established In this regulation are Intended to achieve the followlngl To provide sufficIent space In approprIate locations for resi- dential development to meet the housing needs of the community. To protect residential areas against hazards created from uses more appropriately conducted In IndustrIal and commercIal dis- trIcts, To group resIdential areas according to an overall Comprehensive Plan In those areas whIch can be effectIvely serviced by those public and private facIlitIes deemed necessary so that they will become stable communities. SECTION 202 R-I RESIDENTIAL DISTRICT I b I I I I I I I ,-.) Spec! fie Intent In additIon to the general goals listed In the preamble, It Is the purpose of this district to permit single-family residential development whIch provIdes suburban housIng with all public utilitIes. Non-residential uses are restricted In this area. 202,\ Use RegulatIons Uses by Right - Any R-l dIstrict land, buildings, or premises shall be used by right for only one or more of the following: Single famIly detached dwelling Church School Public LIbrary Pub II c Museum MunIcIpal buIldIng wIth the exception of sewage dIsposal plant, garbage IncInerator, warehouse, garage, gasolIne fIllIng station, shop. Public recreational facilitIes 202.2 Area and Bulk Regulations - The followIng regulations shall be observed for each lot: Building Lot Area Lot Width Open Area Maximum RegulatIons Building Height 35 feet Building Coverage 30 percent Building plus paved coverage 40 percent MInimum Regulations Setback LIne 25 feet 5.000 sq ft - street frontage 50 feet 70 pe rcen t I: I' ~ I Hlnlmum RegulatIons (continued) Rur Yud SIde Yard (each sIde) 5 feet 5 feet 202.3 Corner Lot RestrIctIons On a corner lot, the side yard abuttIng the street shall have a wIdth equal to the depth of the front yard requIred In the dIstrIct and shall be subject to all front yard requirements of this ordinance. b 202,~ DrIveway RegulatIons No drIveway shall be constructed or maintaIned which does not meet the followIng regulations: Entrance to the street shall be at an angle of 75 degrees to 105 degrees with the IntersectIng street. The roadway between the right-of-way of the street and cartway shall be paved. All curb cuts shall be properly constructed to the satisfactIon of the municipal engineer. Driveways shall have an all-weather paved surface, In residential dIstricts, driveways, at the rIght-of-way line shall have a minimum width of 10 feet and a maximum width of 16 feet, excluding any parking bay or turn-around, and the maximum curb cut shall be 18 feet, Driveways may be placed on the property lIne and shall be constructed with acceptable drainage, No drIveways shall be constructed 50 that there '5 an access within 100 feet of another entrance or exit of the same property, No driveway shall be less than 10 feet In wIdth, I I I .:) , 202,5 Outdoor Storage Outdoor storage of any type shall not be permItted unless such storage Is a part of the normal operatIons conducted on the premises, subject to the requirements of the prevailing zoning dIstrIct. 202.6 Fences WIthin the resIdentIal distrIcts, fences may be erected as follows: INTERIOR LOTS WIthIn the front yard area a see-through open fence (I. e., a fence contaIning openings thereIn equal to 75% of the fence area) may be erected to a heIght nc:texceedlng four feet. -23- ~ II WIthin the yard area to the rcar of the front buIldIng setback Ilnc, a solId or open fence or wall may be erected to a height not exceeding four feet; WIthIn the yard area to the rear of the rear buildIng line, a solId or open fence or wall may be erected to a height not exceedIng sIx feet: I I I I I I b I I I I I I I 10 All InterIor lots wIll be subject to the requIrements of SectIon 104,1 vlslbll Ity at IntersectIons: lIS applicable at cartway and drIveway IntersectIons. CORNER LOTS WIthIn the front yard area a see-through open fence (I.e., a fence con- tainIng openIngs thereIn equal to 75% of the fence area) may be erected to a he Ight net exceed Ing four feet. WIthIn the yard area to the rear of the front buildIng setback line, a solid or open fence or wall may be erected to ~ heIght not exceeding four feet, WIthIn the yard area to the rear of the rear building line, a solid or open fence or wa II may be erected to a he Ight net exceed ing four feet on those sIdes adjacent to a Borough right-of-way. WIthIn the yard area to the rear of the rear building lIne, a solId or open fence or wall may be erected to a heIght not exceedIng six feet on those sides not adjacent to a Borough rIght-of-way. All corner lots will be sllbJect to the requirements of Section 104,1, visibIlity at IntersectIons; as applicable at cartway and driveway Intersect ions. ALL LOTS Other fences may be erected in resIdentIal dIstrIcts up to a maximum heIght of 8 feet behind the rear yard line, These fences shall not be closer than 15 feet from any of the side and rear lot lInes and may encompass an area not greater than 400 square feet, Fence regulations for the non-conforming uses In residentIal distrIcts will be the same as for resIdentIal distrIcts. 202.7 Off-Street ParkIng Regulations For residentIal uses, a parkIng space for one vehIcle shall be equal to at least 200 square feet wIth dimensIons of at least ten by twenty feet for sIngle famIly residentIal use. 202.8 ResIdential ParkIng Requirements At least one (I) off-street parking space shall be provIded for each single ,. -24- I.' I' P I I I I b I I I I ! famIly dwellIng unIt. Other approved uses shall comply with Section 302.12. 202,9 ResIdential Accessory Use RegulatIons An Ima I She 1 ters No structure shall be a part of any residential buIldIng, No structure shall be located within fIve (5) feet of any property line. No structure shall be permitted between the buildIng setback lIne and the rIght-of-way, Oetached Garage No temporary structure shall be permItted. No structure shall be within fIve (5) feet of any street line or property lIne. No structure shall be permItted between the buIldIng setback lIne and the street lIne. Greenhouse No structure shall be withIn fIve (5) feet of any property line. No structure shall be permItted between the buIldIng setback lIne and the street line. Other OutbuIldings Maximum height - ten (10) feet No structure shall be attached to a buIlding. No structure shall be withIn fIve (5) feet of any property lIne. No structure shall be permitted between the buIldIng setback and the street line. Swlrrmlng Pools No permanent structure shall be permItted wi thaut a fIltering system utIlizing chlorInated water, No permanent structure shall be permitted unless a permanent contInuous fence which Is at least four (4) feet mInImum In height completely surrounds the facility. No structure shall be withIn five (5) feet of any property line. No structure shall be permitted between the building setback line and the street line, Tennis Court No facilIty shall be permitted unless It Is protected by a permanent fence ten (10) feet In heIght behInd each baselIne extending ten (10) feet beyond the playIng area In each directIon. No facIlIty shall be permItted wIthin ten (10) feet of any property line. No facIlIty shall be located In between the buIldIng setback lIne and the street lIne. I I ( ) I""' I Patios. Paved Terrace. Open Porch None of the above shall be permItted between the buildIng setback lIne and the street line. No Impermeable surface shall be withIn fIve (5) feet of any property line except a drIveway or walkway. 202.10 Flood PlaIn Regulations All applicable flood plaIn regulations shall be compIled wIth. -25- F /' f' I I I I I I b ! I I r r ! I CD I ART! CLE 200 RESIDENTIAL OISTRICTS In additIon to the specifIc Intent for each residential distrIct, the districts established In the regulation are Intended to achieve the following: To provide suffIcIent space In appropriate locatIons for resi- dentIal development to meet the housIng needs of the communIty. To protect resIdential areas against hazards created from uses more approprIately conducted In IndustrIal and commercIal dIstrIcts. To group residential areas according to an overall ComprehensIve Plan In those areas which can be effectively servIced by those publIc and private facIlitIes deemed necessary so that they will become stable communItIes. SECTION 203 R-2 RESIDENTIAL DISTRICT Spec I fI c Intent In addition to the general goals lIsted In the preamble. It Is the purpose of thIs distrIct to permIt residentIal development which provides urban . housing In older resIdential areas, 203.1 Use Regu I at Ions Uses bv RIght - Any R-2 dIstrIct land, buIldIngs, or premises shall be used by rIght for only one or more of the followIng: SIngle family detached dwellIng SIngle family semI-detached dwellIng Two family detached dwelling Two family semi-detached dwellings (4 unIts maxImum) Apartments not to exceed 3 storIes Church School Public LIbrary Pub II c Museum MunIcipal buIlding wIth the exceptIon of sewage disposal plant, garbage IncInerator. warehouse, garage, gasoline filling statIon, shop. PublIc recreatIonal facilitIes 203.2 Area & Bulk Regulations - The following regulatIons shall be observed for each lot: *Bulldlng heIght BuildIng coverage BuIldIng plus Paved Maximum Regulations Other than apartments 40 feet 30% Coverage 55% Apartments 3 storIes 30% 60% *For each 2 feet of setback provided whIch results In an Increase above the required open area, the buildIng heIght may be Increased by one (I) foot. -26- I. MAR K 'E T , W AT' C H I' r'\ l' !Stock Indices Tuaday &3(1195 4378.118 523.58 281.87 491,33 858,70 I _HI" ~3195 %CnQ. "36," -1.30 528,59 -l),95 283,8lI .0.68 491,118 -l),07 879.6< -2,38 : DJ1A , SBP 500 NYSE COm. j AmIJ. Comg NASDAO Como ; Economic Data 1994 1995 1996 1997 535,25 535,50 537,00 513,70 51UO 115.50 '4,9. '04,7. 1.,2x 2.6. 2.81 3.01 , SAP \00. 51j.\8 , Elmmg. 531.79 ,DMellne. 513.18 ,PIE ISetor. wrneotlll 16.5. Current Yi,ld 25. , Money Rates Rill. t.tr. Ira gulCltllo"\lI to Otntral trends. Tney 00 not reprllent actuII transit. llOnl or InClMdua! seeuntles. Tuescbl' 1 Week AIlO . lft'CU AIO ll'ear AIO 5I3ll'95 5I2~'95 512195 ~W Pnm. Ral" 9.00 9.00 9.00 7.25 Feoeral Funes 6,19 6.00 6,00 4.25 S8 Marg'" Base RII. 8.25 8,25 8,25 6,50 Money Funas Cash Port, 5,58 5.57 560 3'" Ta.,Frlt Money Fune 3,57 3,77 3,97 2.28 Mum CA Money MarKel 3.47 3,67 3.85 2.17 MunletDal Pr"'''ed Slock 4,10 4.0S 4.25 2.85 7,Oay MUniCIPal FlOalef IAMTI 3.75 4,25 4,75 3.00 (Non.AMYI 3.60 4,10 4.40 2.B5 y-) : Bond Markets ,'k....- I Trcuury BU1s, NOlet A Bondi 3,Montn Bill 5.69 S,74 5,55 4,13 6-Montn eill 5,72 5.74 5.61 4,6< 2, Velr NOI. 5,7B 5.B8 B,26 S,7B SoYear Nolt 5.98 6,09 B.60 649 ,o-YearNoll 8,26 6.38 6,B8 7,07 3o-Year Sond 6.64 6.74 7.19 7.35 I Municipal D81 ~,H~ S.9J 6,06 6,13 j 58 Revenue Bond Induct HOSpital 8.40 6,50 6.50 8.65 EII,nllll Svee. Utlllty 5.95 6,10 B,35 6,30 ElectriC Utdlty 8.05 6,20 8.48 6,35 Sit\9l. Fam. MonOagl IAMTI 8,30 8,40 6,55 6,70 (Non-AMT) 6,10 6,25 8,30 8.50 i I Corponte Boncb llnvestment.Grade Quality) , snon,T.rm 6,15 8.15 6,45 6,10 , Int,rm.<:I1Ilt 8.B5 6,90 7.33 7,50 1 Long.Term 7,45 7.50 7.B5 B.OO I ! Trcuury,Badr.ed Z.crot 5,74 5.85 8,&2 6,54 , Shon'T.rm ("t,nneCSI." 646 6,5B 7,09 7.30 Long-Tlnn 6,73 6.82 7.17 7.46 1IDah Yield Bonds 1100yr, AIHl. Malumyl , BB 9,10 9,07 9..3 9,55 , B 10,55 10,57 10.95 11,30 , CCC 11.85 11,BO 12.80 13,00 , I Prclcn-ed slock (AI Yankee B.OO BOO B,50 7,25 ) PtrottuI11 7.B5 7.B8 7.50 7.70 , '- A,AP. 7,53 7,66 7,55 6,05 ~"'IJ 0IS'311'95_ OOuun.d'rom JOUtrll bel~ 10 be ,..,Cff. No PWflnlH' Ir, on.rta.. to 'CCUllcy No' ft.DOIUdJllIl' tor rypogrID/'U.:JJf'fOl1 1[' 1995 Smllh 1lam<)'ln:. ,",ember 51 PC, ._ksAI" ~5 %Chll 4318.08 +2.79 51..26 +2,79 2n,,4 ..2..0 <480,13 .2,.2 841,63 +4,52 1 Yat Aao ~- %Cng. 3753.46 +IB.20 457,06 +15,85 252.81 +12.35 .39.62 +11,3-* 731,6< +20.23 CDs IY...."'" ~m- Term LDta'CSt IR.IIC Annual ~ Vicki lnlUUI awe lataul PaId 3 mo, 5,50 5.61 NlA AI Malumy 8 mo. 5,55 5,83 4.00 AI Matumy 1 yr, 5,70 5.70 4.85 AI Maturity 2 yl1. 5,70 5,70 5,30 Slmoannual 3 yl1. 5,80 5.BO 5.60 SemiaMuaI 4 yl1. NlA NlA 8.00 SemoannuaJ 5 yl1. NlA NlA 8.15 Serruannual COllf' FOIC,lt\Iured for Pl'lOCtPlt Inclll'1ltreSI up to SlooM lIu the ,ru,rest per tl,pasnor, PIr inslrtuuon, $1,000 mll\lmum diDOS"" rtQum T= 1 . i Annuities I Lenl'h or Guaranttt' Rate , 1 yr. 6,80'. 3 yr. 5,901" 5 yr, 5,75~. 7 yr. 5,75~. tOyr, 6.1~. Rale. represent ml,rest rllIl culTentty available with VinouS fJxed.rall annuity c:cntrlctllold tnrough Smith Barney. Most annurbts carry hvt to .....n yurs olsurrend,r cnargtl. Ther. II . 10-.. wrtndr,wal penally pnor 10 age 59;.s, can I your Smith Barn.8Y Flt\&nCaal Consultant tor Ottail1. I Futures Tuaday 1 Week AIO .. "'rells AIO 3 Mos. Aro 5.'3G'95 ~:W5 512195 212&'95 Junl S&P 500 523.50 530,00 516,65 488,55 I June T,Bonds 112.30 110.2' 105-14 103-31 Aug GOld {51 3B7,90 3B6,BO 394.0 384,80 I July Silver lei 529,50 541.5 596,0 4$6,5 I July CruOI Oil (51 18,78 19,77 20.09 lB,49 CRB lnaex 232.75 235,48 235.84 224.25 Convertibles Tuada" 1 'Week Aao .. "''cocks AIO 1 'rQl' AIO 5.'3d'95 ~3-'9S 5.'2/9S ~'9' HIgh Investment Oualrty 8BB+ Of Bener Yield 8,07 8.21 6.26 8,13 PrtnUum 28.19 25,90 27.6 27,4 Brelk..vtn (Yrs.) 4.77 4.65 4,90 5,6 Note to Financial Conmltan15: 'Mmet Watch. Is approved for exte~.1 ..... To send to clients or prospcC15. affix your' .,"," -",d to this space a.nd phOIOCOPl' the page. WA meana Ilgurea notavaUable thla week. Photograph\' - 350/ Simpsol/ Ferry Road, Camp lIiI/. I'll o o I I I . :, , , i\ I o I I I I ! I I b I 1 I I I I I ---. /u I APPRAISAL PROPERTY AT 3501 SIMPSON FERRY ROAD CAMP HILL, CUMBERLAND COUNTY, PA LOCATION The subject property is situated along the southern side of Simpson Ferry Road in Lower Allen Town ship being known and numbered as 3501 Simpson Ferry Road, Camp Hill, Cumberland County. Pennsylvania, The subject property is funher identified as being Cumberland County Tax Map Parcel Number 13-23-553-14, A Cumberland County tax map is included in the addendum (Exhibit 1) for the purpose of identifying the perimeter boundaries of the subject property as well as its overall size and shape and its relationship to the surrounding parcels, A location map is included in the addendum (Exhibit 2) for the purpose of identifying the locational features of the subject property as it relates to the present road system and proximity to amenities and support facilities, OWNERSHIP Goodall Pools VALUATION DATE June 19, 1995 PURPOSE OF APPRAISAL The purpose of this appraisal is to estimate the present day (Retrospective Value Estimate) of the subject property which consists of a part two, part one story structure which accommodates a salesfservice facility for a pool company The structure contains 2,709 square feet. The structure is situated on a somewhat rectangular shaped parcel which contain 13,950 square feet. Retrospective Value Estimate: An estimate of value that is likely to have occurred at a specified historic date, A retrospective value estimate is most frequently utilized in connection with appraisals for estate tax, condemnation, inheritance tax, and similar purposes, FUNCTION OF APPRAISAL The function of this appraisal report is to provide a market value estimate that will be used for the explicit use of the client, To the best of my knowledge this appraisal conforms to the Uniform Standards of Professional Appraisal Practice (U,S,P,A.P.) adopted by the Appraisal Standards Board of the Appraisal Foundation as well as the rules of professional ethics of The Appraisal Institute. \' I r I I I I I I b Q I William J. Daylor - Appraisal - 3501 Simpson Ftrry Road, Camp Hili. PA PROPERTY RIGHTS APPRAISED The property rights appraised are assumed to be fee simple in ownership, subject to easements and restrictions of record. Fee Simole Estate: The absolute ownership unencumbered by any other interest or estate, subject only 10 the limitations of eminent domain, escheat police power and taxation, Leased Fee Estate: A leased fee interest is an ownership interest held in fee by a landlord with the right of use and occupancy conveyed by lease to others; the rights of the lessor (lease fee owner) and the leased fee are specified by contract tenns conlained within the lease, FLOOD DATA The subject property is not situated in a designated flood hazard zone based on flood maps and knowledge of the area, The community in which the subject property is situated participates in the National Flood Program (panel Number 420357-0001-8, Effective December 11, 1981), HAZARDOUS WASTE DATA In this appraisal assignment the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of urea-fonnaldehyde foam insulation andlor the existence of toxic waste which mayor may not be present on the property was not observed by me; nor do I have any knowledge of the existence of such materials on or in the property, The appraiser, however, is not qualified to detect such substances, The existence of urea- fonnaldehyde foam insulation or other potentially hazardous waste material may have an effect on the value of the propeny, I urge the client to retain an expen in this field if desired, The existence of underground storage tanks and their contents, which mayor may not be present on the property I have not been considered, The appraiser is not qualified to detect such substances, An expen in this field should be retained by the property's owner if deemed appropriate, No environmental impact study has been ordered or made. The appraised property is assumed to be in compliance with all applicable regulations unless otherwise noted in the repon, 2 ",-"C_'>_.' '"" '_ L-~ I P I I I I I I b I ,) s, I 6, I 7, I [ P I William J. Daylor . Appraisal - 3501 Simpson F~rry Road, Camp Hili, PA mSTORY There have been no recent transfers associated with the subject property (past three years), I am not aware of any agreements of sale or options to purchase as of the effective date of this appraisal assignment, SCOPE OF THE APPRAISAL The extent of the appraisal services rendered in this assignment encompasses all of those activities considered necessary to permit me to fulfill my ethical responsibilities in arriving at and reporting an objective, unbiased opinion of value for the subject property as of the stated appraisal date, These activities include, but are not limited to: }, The collection of data regarding the physical property, its general location, neighborhood trends and influences, observed relative condition and effective age of improvements, available amenities and utilities, zoning and related controls, existing state of leasing and occupancy and the property's assessment status and annual real estate tax obligation, 2, A consideration and analysis of those factors effecting the subject property's highest and best use and state of same, 3, A consideration of the three traditional value approaches (Cost, Income and Market Data Approaches) in an effort to determine which of these is (or are) most appropriate and relevant, and therefore should be developed in arriving at a value conclusion for the subject property, 4, A thorough examination of those market areas which, in my opinion, will reveal evidence of relevant comparable market data for consideration in the value approach(es) to be developed, Confirmation of comparable data relied upon in the approaches, developed preferably with one of the parties to the transaction, if possible. Analysis of the subject property in light of available comparable data within each value approach developed, Communication of a written value opinion in a clear, non-misleading manner. 3 I I r I I I I b I I I I I P William J. Daylor. Appraisal - 3501 Simpson Ftrry Road, Camp Hill. PA ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for mailers which are legal in character, nor is any opinion rendered as to title to the subject property which is assumed to be good and marketable. The property has been appraised free and clear of all liens and encumbrances, unless otherwise stated, 2, Average competent management has been assumed in the analysis of the present and proposed operative aspects of the property. We arc not responsible for the creditability of management, nor their proposed operating policies, 3. This appraisal is made on the assumption that all public improvements of any kind related to the property are fully paid for, unless specifically set forth otherwise in the body of this report. 4, Any apportionment between land and improvements in this report applies only under the existing program of utilization, The separate valuations may not be used in conjunction with any other appraisal, and are invalid if so used. Value is reported in current dollars, or cash equivalents (nonnal financing, elc,), 5, The submission of this report does not carry with it a requirement to give testimony before judicial or quasi-judicial bodies, or to allend conferences, without prior specific arrangement for such services. 6. Intensive efforts were made to ascertain that opinions, estimates, and data obtained from sources outside the records of the author, and identified in this appraisal, were correct. 7, Possession of this report, or copy thereof, does not carry with it the right of publication without the wrillen consent of the author. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media, without the wrillen consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or finn with which he is connected or any reference to The Appraisal Institute, 8. The data gathered in the appraisal process (except that supplied by the client), and this report, remain the property of the appraiser, The appraiser will respect the confidential nature of all data furnished by the client. 9. No opinion has been rendered concerning the existence or possible impact on value of potentially hazardous construction materials, toxic waste or the ability of any portion of the site to meet percolation tests. No responsibility is assumed for the subject to meet approvals (whether local, state or federal) for subdivision, land development or environmental. Detection of hazardous substances is beyond the appraiser's scope and requires consultation with an expert in this field. Nor was any sn:dy made of the structural soundness of the existing improvements which are expected to remain, No responsibility is assumed for these or other hidden defects, 5 , .") I I I J~, " } - 1..1 William J. Daylor . Appro/sol. 3501 Simpson Ferry Road, Camp Hili, PA ASSUMPTIONS AND LIMITING CONDITIONS (continued) 10. Any financial infonnation or projections provided by the owner, developer, or outside consultant, which are included in this report were represented to us as being accurate and reasonable. Infonnation was verified to the greatest extent possible. We take no responsibility for the achievability of projections. 11. Recent changes in lending policies and concerns in regard to the current economic climate have tended to reduce activity in most real estate markets. However, I assume that economic conditions will not deteriorate to a point or level that will further adversely impact the market. Further, I assume a buyer could be found who would be willing to pay market value as defined in the report and who could obtain financing in the market place. 12. In completing this appraisal, it is understood and agreed that the report Is not now intended, and will not be used in connection with a Real Estate Syndication or Syndicates. The report and any liability or obligation on the part of the appraiser is invalid if used in connection with a syndication. A Real Estate Syndicate means a general or limited partnership, joint venture, unincorporated association or similar organization fonned for the purposes of, and engaged in, investment or gain from interest in real property, including but not limited to sale, exchanges, trade or development of such real property, on behalf of others, or which is required to be registered with the United States Securities and Exchange Commission or any state regulatory agency that regulates investments made as a public offering. 13. The appraisal is made for valuation purposes only. It is not intended nor to be construed to be an engineering report. The appraiser is not a qualified structural engineer, therefore is not qualified to judge the structural integrity of the improvements. Consequently, no warranty, representations or liability are assumed for the structural soundness, quality, adequacy or capacities of said improvements and utility services, including HV AC systems. Should there be any questions concerning same, it is strongly recommended that an Engineering/Construction inspection be obtained. The value estlmate(s) is predicated on the assumption that all Improvements, equipment and building services are structurally sound and suffer no concealed or latent defects or inadequacies. 14. The cllent(s) by receipt of the appraisal, shall indemnify and hold hannless William J. Daylor and/or his individual staff members from and against all damages, expenses, claims, demands and costs, including legal fees incurred in investigating and defending any claims arising from or in any way connected to the inclusion of the aforesaid reference to William J. Daylor and/or its individual staff member's opinion(s) of value. 6 I) I P IS. I I. I 16. I b William J. Dt1)'lor . AppraIsal. 3501 SImpson Ferry Road, Comp Hili, PA ASSUMPTIONS AND LIMITING CONDITIONS (continued) The Americans With Disabilities Act (ADA) was effective January 26, 1992. I have made no specific compliance surveyor analysis of this property In order to detennine whether or not It Is in conformity with the various detailed requirements of the act. I assume the property will confonn to this act. In any event, the maximum damages recoverable from William J. Daylor, or its employees relative to this engagement shall be the amount of the monies actually collected by William J. Daylor for this assignment and under no circumstances shall any claim for consequential damages be made. In addition, there is no accountability or liability to any third party. This appraisal was performed, to the best of my knowledge, in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standard Board of the Appraisal Foundation and that were in place as of the effective date of this appraisal assignment, with exception of those departure provisions of those standards which does not apply. I acknowledge that an estimate of a reasonable marketing time for exposure is a condition in the definition of Market Value and the estimate which I developed is consistent with the marketing time as noted in this report unless otherwise stated. 17. I have taken into consideration the factors that have an Impact on value in the development of my estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that ali statements and information in the appraisal report are true and correct. I I I I P I 7 II, . I P I I I I ~ I I I I I I ~ I - -. - ~.~ -. '.~ . . - Will/am J. Daylor . Appraisal. 3501 Simpson Ferry Road, Camp Hili, PA GENERAL AREA DATA The general area data (Exhibit 3) Is included in the addendum of this appraisal. NEIGHBORHOOD The neighborhood analysis provides a bridge between area analysis and a study of the subject property. The goal of the neighborhood analysis is determined how the operation of social, economic, govemmental and environmental factors inOuence the value of real estate within the neighborhood. The subject property is situated in a well established neighborhood that enjoys a balanced land use paltem with the predominant use in the immediate area being commercial in nature. The neighborhood is situated in the northem quadrant of Lower Allcn Township, lying in an area which is easily accessible by the present road system. The subject property is prominent and visible in its present environs as it lies along the southern side of Simpson Ferry Road just west of U.S. IS. The subject property lies within the shadows of the Camp Hill Mall. A neighborhood is defined as a portion of a larger community, or an entire community, in which there is a homogeneous grouping of inhabitants, buildings, or business enterprises. Inhabitants of a neighborhood usually have a more than casual community of interest and similarity of economic level or cultural background. Neighborhood boundaries may consist of weli-defined natural or man-made barriers or they may be more or less well~efined by a distinct change in land use or in the character of the inhabitants, The present neighborhood falls within the above-indicated neighborhood definition. The neighborhood has weli defined boundaries and it can be said that the neighborhood enjoys stability and desirability. both of which are anticipated to continue. There are no apparent adverse trends that would have an effect on marketability or rentability of the subject property. Within close proximity to thr. subject property are amenities such as shopping facilities, services stations, restaurants, ,Ic. Access to the neighborhood is enhanced by U.S. Route IS and the bypass. The road system is more than adequate and adequately supports the neighborhood and general area. The immediate neighborhood is dominated by office and retail uses which are located along both sides of Simpson Ferry and Old Gettysburg Roads. Most development on the West Shore has centered around these corridors and a large amount of development has occurred in recent years. The residential stock within the subject neighborhood is a blend of good and average single family detached single family homes. Most of the dwellings within thc neighborhood appear to be in an average to good state of repair. 8 ! I'... I ") I I b I I I [ P I William J. Dt1)'lor - Appraisal. 3501 Simpson Ferry Road. Comp Hili, PA NEIGHBORHOOD (continued) The road system Is exceptionally good with Simpson Ferry Road being a major connecting link which provides access to the interstate system, the Pennsylvania turnpike and U,S. Route Il11S. Both fire and police protection are available to the subject neighborhood with the fire station and police headquarters lying within a reasonable distance of the subject property. Public transportation is also available to the subject neighborhood. In analyzing the subject property your appraiser gave consideration to the following principles: Princlole of Conformitv - The Principle of Conformity holds that the maximum of value is realized when a reasonable degree of homogeneity, sociological as weli as economic, is present. Thus conformity in use is usually a highly desirable adjunct of real property since it creates and/or maintains maximum value. Princlole of Balance The Principle of Balance holds that value is created and maintained in proportion to the equilibrium attained in the amount and location of essential uses of real estate. The degree of value of a property is governed by the balance or apportionment of the four factors in production which are labor, management, capital and land or natural resources. The desirability of the location for the present use is determined by: 1. Proximity to amenities (shopping, churches, transportation, etc.) 2. The caliber of roads that serve the general and immediate area. 3. Police and fire protection. 4, Land use controls, zoning and the general development trend. In analyzing the general area I have given consideration to the following: 1. Source Of Emolovment: The general Harrisburg market area enjoys a diversified economic base with stable employment. 2. Population Trends: The positive population trends within the general Harrisburg area which has shown a steady upwardly growth trend. These trends generally follow employment trends. 3. Trend Of DisDosable Income: As indicated by the demographics of the area the disposable income has been increasing and is anticipated to continue. 9 William J. Daylor - AppraIsal. 3501 Simpson Ferry Road. Comp Hili. PA ,....;~. ';; *~'- ~. 0 ,\ I DESCRIPTION OF TRACT I I I I The subject tract consists of an inside, rectangularly shaped parcel which Is on grade with its street frontage and slopes slightly upwardly towards Its rear property line. The tract has no apparent adverse terrain conditions which would effect Its utility. The subject tract is dimensioned 93' x ISO' containing 13,9S0 square feet. A copy of the legal description is included in the addendum (Exhibit 4), The subject tract has been Improved with a macadam driveway, service walks, fencing, slgnage, and site lighting. Situated on the tract is a built-in swimming pool (free form). The land to building ratio is S,lS:l (based on gross building area). Exclusive of the area occupied by the site improvements as weil as the structural Improvements, the remaining portion of the tract is grass covered and evidences formal landscaped areas. Improvement orientation is such that the Improvement built at the front property line and extends in dept from that point. Simpson Ferry Road at this point has a macadamized cartway having no curbs or sidewalks in the area of the subject property. I I I P i. , ' )"'>:" 'I' J J , , William J. Dt1)'lor . Appraisal - 3501 SImpson Ferry Road, Comp Hili. PA TAXES AND ASSESSMENT a I~ The subject property has been assessed by Cumberland County as follows: Tax Map Parcel Assessment Taxes I I I I 13-23-SS3-14 $12,7S0 $2,238.90 Represents an assessment ratio of 2S%. The current Common Level Ratio is 7.3. The Common Level Ratio is a statistical multiplier developed from all of the sales occurring within the subject county over a given perlodof time. It reflects the relationship between the base year for the assessment and present day market value. The ratio is published by the Commonwealth of Pennsylvania's Department of Revenue. If the Common Level Ratio is applied to the existing assessment, the indicated present day market value as determined by the assessor would be $174,6S7. ' Based on current millage rates of: I 6 County Township School 24.SOO Mills 19.000 Mills 132.100 Mills 17S.600 Mills the annual Real Estate Taxes are: $1,839.02 .. 13 :!,~;:-:;_r-,;;-/ I : \ I P I I I I I 6 I J I Wi/J/am J. Daylor . Appraisal - 3501 Simpson Ferry Road. Camp Hili, PA DESCRIPTION OF IMPROVEMENTS The subject improvement consists of a part two, part one-story detached frame structure which contains 2,709 square feet and accommodates a retail use. The structure has a masonry foundation, asphalt shingled and rubberized roofing system which is served with gutters and downspouts. Along the eastern side of the structure is a wooden handicapped ramp and a night of wooden stairs. The structure was originally designed and built as a single family residential structure. The structure was appended with an additional and upgraded to accommodate a retail use. The main entry to the structure is along its eastern elevation wall. The interior floor plan consists of sales and service area which is at two different grade levels plus a partitioned area which houses a retail store (swim suits). The upper level basically is devoted to office use. The interior finish consists of carpet and vinyl flooring, painted, panelled or peg board walls and finished ceilings with fluorescent or spot type lighting. The area designed for the retail shop is served with private changing booths and an office area. Situated at the first level is a partitioned area which houses a restroom containing a commode and a lavatory. There is an integral stairway which provides access to the second level. The second level accommodates private and general offices with restroom area. There is a full basement under the original structure which is unfinished and used for storage purposes, Heat and air conditioning is provided a central hot air heating system. Domestic hot water is furnished by an automatic water heater. The building has been completely rewired and replumbed. The wiring consists of Romex with adequate amperage. The basement has a concrete floor and masonry foundation walls. The original structure was constructed in 1929 and converted and upgraded in 1988. A building permit was taken out In December of 1988. The structure is in a reasonably good state of repair evidencing an acceptable level of maintenance and care. In my opinion there is some evidence of functional obsolescence as related to floor plan for the present use and the over improvement (pool) of the lot. 14 r Ii L ,,,",, I !---, . , v' I I I I f--.J I William J. Da)'lor - Appraisal - 3501 Simpson Ferry Road, Comp H/JI, PA THE APPRAISAL PROCESS The Appraisal Institute recommends that the estimatc of markct value of a parcel of real property be accomplished through the use of three approaches to value; namely, the cost approach, market approach and income approach, The results of the three approaches to value are studied and correlated into a final value estimate, with the approach most adequately reflecting the circumstances connected with the property under appraisement and is given the greatest consideration, The cost approach consists of an estimate of the land value based on comparable vacant land sales within the area of the property under appraisement and the value of the improvemcnts based on their replacement cost less applicable deprcciation. The income approach represents the capitalization of net income by a rate established by the terms of the mortgage, namely the mortgage ratio, equity ratio, etc. If the actual income and expense figures are available and renectthe market, they are utilized in this approach. However, if they are not available, typical figures derived from the market are utilized, or estimated figures are utilized. As indicated, in this technique expected income is converted into a value estimate generated from the property over the projected holding period. Anticipated future income and/or reversion at resale is discounted to present worth through the capitalization process. This approach is applicable for income producing properties. The market approach consists of the comparison of recently sold properties similar to the property under appraisement in order to arrive at an estimate of market value. If there are no sales of properties having some of the same characteristics, adjustments are made to compensate for the differences. This is the most direct approach to property valuation. This technique involves the direct comparison of the properties which havc sold. The reliability of this approach is interdependent upon the following: A. The availability of comparable data. B. The verification of data. C. The degree of comparability based on the extendcd adjustment required for creditable differenccs. D. The lack or absence of non-typical conditions that would impact the sales price. 15 I I ,~ I William J. Dt1)'lor - Appraisal - 3$01 Simpson Ferry Road. Comp Hili, PA THE APPRAISAL PROCESS (continued) The above-Indicated approaches were processed and were used In order to make an estimate of the property's market value. The logic of the approaches has been set forth in the following pages. I 'I I I I. b ;.1 16 I I Q I I I 1 I 6 I ; .j William J. Dt1)'lor . Appraisal - 3501 Simpson Ferry Road. Comp Hili. PA lliGHEST AND BEST DEFINITION The highest and best use of a property is that use to which the land can be put which will create the greatest retum for the land (be it in profit or in amenities), that which is permitted or would be pennlued by the local municipal or township authorities, and that which would not be unduly objectionable to the character of the surrounding property in keeping within the scope of the general neighborhood development. lliGHEST AND BEST USE The highest and best is that most reasonable use that supports the highest present value as of the effective date of the appraisal. The highest and best use of the land (site) if vacant and available for use may be different from the highest and best use of a property with improvements. This is normally true when the Improvement is not an appropriate use and yet makes a contribution to the total property value in excess of the value of the site. Alternately, it is that use from among reasonable, probable and legal alternate uses found to be physically possible, appropriately supported, financially feasible and which results in the highest land value. Land value is al\-.IYs dependent on the uses to which it can be put, In appraisal practice, the concept of highest and best use represents the premise upon which value is based. This definition implies specifically to the highest and best use of the land. The highest and best use is always estimated as though the land was vacant. However, it is to be recognized, in cases where a site has existing improvements, the highest and best use may be different. The market value of land or of an improved property, or both, are estimated under the assumption that a potential purchaser and would reflect their analysis of the most profitable use of the land or property as improved. As such, the most profitable use assumption tends to produce the highest offering price. The Highest and Best Use analysis requires the employment of various categories of use oriented discussions to conclude that a given use Is the Highest and Best use of the land. The uses must meet four criteria: 1. Legally pennlssible. 2. Physically possible. 3. Financially feasible. 4. Most profitable. In sequential order using from the most general to the most specific, each criteria is considered, in turn, clearly estimating each proposed use of the site, 17 I William J. Da)'lor - AppraIsal - 3501 Simpson Ferry Road. Camp H/IJ. PA IDGHEST AND BEST USE (continued) () Legally permissible: The subject property does conform to the current zoning i ordinance. There are no known private restrictions, building code limitations, or environmental controls which would restrict the use. The site is currently improved with a retail use which pennilted to continue. The property does conform to the setback, sideyard and parking requirement as mandated under the zoning. Physically possible: Under the present zoning ordinance the pennilted uses are retail, office, and commercial application. The site has been developed for retail use which is permitted to continue. The site has sufficient size and acceptable topographical features providing a suitable location for it present use. The shape of the property does not diminish Its utility. The availability of public utilities enhances the property. The site is not impacted by flood plain or wetlands. Access to the property is unrestricted and the property enjoys site identity at its present location. The physical layout of streets and utility connections provide utility to the site. The site is physically adaptable to support its present use. I ~ Financially feasible: Of the uses which are legally permissible and physically possible, the use which is capable of generating a positive cash flow is considered financially feasible. Real estate perfonnance as an investment is generally driven by fundamental factors in the market. The analysis for retail use (Central Pennsylvania) is as follows: Vacancy: New Construction: Existing Demand: Above average. Slow. Average. The real estate market is cyclical in nature and consequently as markets change, investment results vary accordingly. The subject property is a destination retail use which is located in a commercial area, The types of amenities offered affect price and vacancy. Therefore, under present market conditions, the site as improved is considered to be financially feasible. The financially feasible possibilities are based on returns in the marketplace in relation to competing investments and considered market demand, the physical and environmental Impact and the financial impact as acceptance in the market place. Most profitable: Of the uses which are considered financially feasible, this use must provide the highest rate of return over the longest period of time in order to be considered the highest and best use of a property. The only use capable of generating a positive net income is the present use. In the highest and best use analysis the profitability test assumes competent management. ..J Implied within these definitions is the recognition of the contribution of that specific use to community development goals in addition to wealth maximization of the adjacent property owners and the development trend associated with the general area. 18 Will/am J. Dt1)'lor. AppraIsal - 3501 Simpson Ferry Road, Camp Hili. PA HIGHEST AND BEST USE (continued) It should be noted that the detennination of the highest and best use for the subject property is a result of the appraiser's judgment and analytlce' skill and represents an opinion, not fact, and in the appraisal practice the concept of highest .utd best use represents the premises upon which value is based. The legal possibilities that place controls on the potential use are zoning, deed restrictions and setback regulations. The highest and best use of the subject site as if vacant would be the same as Improved. It can be said that the present use of the subject property for a retail use is a legal, confonning use that would represent the Highest and Best Use of the subject property as of the effective date of this appraisal assignment. Weighing all of the aforementioned, I have concluded that the Highest and Best Use of the subject property is for continued use as stated above. I b In the highest and best use consideration was given to the uses for which the subject property could be utilized. Other factors consist of neighborhood characteristics, traffic patterns, access, visibility, land area, frontage, shape, topography, availablllty of public utilities and locational features. In detennlning the most profitable use of the site such factors were considered as the type of Improvements, the quality of material and workmanship, layout and floor plan, mechanical system including plumbing, heating, electrical and air condition as well as any special features, etc. Other factors weighed in the highest and best use were the supply/demand relationship, mortgage interest rates, economy trends, etc. I I I I 10 I 19 William J. Day/or - Appraisal - 3501 Simpson Ferry Road, Camp Hili, PA MARKET ANALYSIS The market data approach is a comparison approach which compares the price paid for a similar type property. The market data approach as defined by The Appraisal Institute's Appraisal Terminology Handbook is defined as follows: "An appraisal technique in which the market value is predicated upon price paid in actual market transactions and/or current listings, the former fixing the lower limit of value in a static or advanced market, and fixing the higher limit of value in a declining market; and the latter fixing the higher limit in any market." It consists of a process of correlation and analysis of similar type sold properties. In the valuation process the market area was studied in order to find properties that are similar in characteristics to the property under appraisement. Sufficient data was gathered in order to make a reasonable comparison. I 6 ! In applying the "comparison analysis" a unit of measure was utilized as the comparing unit of measure. The adjustment factors considered were as follows: A. Location dissimilarities and the location in the land use pattern, as well as the nature of the surrounding facilities and development. B. The availability of comparable facilities. C. Physical characteristics of the tract such as frontage, size, shape, depth, topography, etc. D. Proximity and availability of utilities. E. Current zoning and other restrictions. F. Time differential in the marketplace. G. Any specific motivation of the parties in the transaction that would differentiate a sale from a typical market transaction. The cash equivalency value of a property Is the price that results in a typical market sale, that is where there is no undue influence or pressure and the buyer utilized typical financing. The cash equivalency value is found by discounting the mortgage payment at an appropriate discount (opportunity) rate. o 20 William J. Daylor - Appraisal - 3501 Simpson Ferry Road, Comp Hili. PA L ~ I I I MARKET VALUE TECHNIQUE In order to value the subject propeny, your appraiser studied a series of market sales that were reduced to a price per square foot for analytical purposes. The technique of the market data approach is a method which explores the function of the marketplace as the market data relates to the property being appraised. The market data approach to value involves the use of comparative data of all kinds in order to find similarities between the property being appraised and other comparable properties. The market data approach is based on the economic Principle of Substitution. The Principle of Substitution is a valuation principle that states that a prudent purchaser would pay no more for real property than the cost of acquiring an equally desirable substitute on the open market. The Principle of Substitution presumes that the purchaser will consider the alternatives available to him, that he will act rationally or prudently on the basis of his infonnation about those alternatives and that time is not a significant factor. Substitution may assume the form of the purchase of an existing property with the same utility or of acquiring an investment which will produce an income stream of the s~mp. size with the same risk as that involved in the property in question. I f) Very seldom can an identical property be found in the marketplace that has sold subject to the same physical, legal and economic characteristics of the subject property. Due to this fact, a better comparison can be drawn from competitive property sales by utilizing units of comparison common to both the subject and the comparable sales. The unit of comparison selected for this approach was a price per square foot of building area. Consideration was given for differences - location, topographical features, time, etc. The sales as adjusted provide traditional indicators of value which are believed to be reliable when applied to the subject property. The following market comparable sales were considered in the market analysis with the market sales being reduced to a unit of comparison for analytical purposes. () 22 ,t , " I ~ _. .. .-----,--.---- " ........ ~, ': .-....,.,'1", <<- ...., I' I " -:1 I I " ~c': I ~ -.:. ' 1;'1" ~'. ~7. " ~-I' ,<~ :~ i b I I I I r Will/am J. Dt1)'lor . AppraIsal. 3S0J Simpson Ferry Road. Comp Hili, PA MARKET ANALYSIS - Comparable Building Sales , , I , . Sale # 2 - 1\ I'. i ~ I.': Location: 6 South 18th Street Camp Hill, PA Grantor: , Johnson Whiteprint, Inc. Grantee: John and Beverly Clements Sold: 0l/11/9S Sale Price: $16S,OOO. Tract: Corner, irregular shaped tract containing 6,720 square feet. Improvements: Two-story office/print shop containing 2,400 square feet (excludes fmished basement). Condition: Average. Price per square foot: $68.7S Verified: Grantor. Condition of Sale: Typical arms length transaction. I 10 I I 24 r' I. . I I I Will/am J. Dt1)'lor . AppraIsal - 3501 Simpson Ferry Road, Comp Hili, PA MARKET ANALYSIS - Comparable Building Sales Sale # 3 - Location: 2331 Chestnut Street Camp Hill, PA Grantor: George and Alice Holmes Grantee: Gudlang Olafsson Date Sold: 03/07/9S I I b I I Sale Price: $160,000. Tract: Rectangular shaped parcel containing 4,000 square feel. Improvements: Two-story mixed use structure containing a retail use first level and apartment second level - 4,300 square feet. Price per square foot: $37,20 Verified: GrantDr. Condition of Sale: Typical arms length transaction. I 10 I 2S /" I ~ I I I I I I b , , William J. Day/or - Appraisal - .350/ Simpson Ferry Road, Camp Hili, PA MARKET ANALYSIS - Comparable BulldJng Sales Sale # 4 - Location: 3S60 Gettysburg Road Camp Hill, PA Grantor: SRL Associates Grantee: Alternate Solutions Date of Sale: 01104/95 Sale Price: $227,Soo. Tmct: 7S' x 140' - irregular in shape containing 11,100 square feet, Public utilities available. Improvements: Part one, part two-story structure containing 1,800 square feet. Condition: Average. Price per square foot: $126.39 Verified: Grantor. Condition of Sale: Typical arms length transaction. u. ,- , 26 i L' !I iiI :1. ~- William J. Dt1)'lor - Appraisal - 3501 Simpson Ferry Road, Comp Hili, PA MARKET ANALYSIS - Comparable Building Sales ("I I Sale # 5 - Location: 3912 Market Street Camp Hill, PA Grantor: Walter C. and Helen Milewski Grantee: Edward and Karen McDermott Date of Sale: 10/0S/94 Sale Price: $210,000. Tract: 2.04 acres - excess land. I b Improvements: Two level masonry structure converted from a residential dwelling to an office/retail use. The structure contains 3,200 square feet (usable area). Price per square foot: $6S.22 (adjusted to reflect the excess land). Verified: Grantor. Condition of Sale: Typical arms length transaction. I I, I I o I I 27 II William J. Daylor - Appraisal - 3501 Simpson Ferry Road, Comp HII/. PA I SALES COMPARISON CHART - Building Sales '? Sale Number Sale 1 Sale 2 Sale 3 Sale 4 Sale S Sale Price $370,000 $165,000 $160,000 $227,SOO $210,000 Price per square foot $84,09 $68.75 $37.20 $126.39 $65.22 Date Sold 12/94 0l/9S 03/9S 01/9S 10/94 Number of Square Feet: 4,400 sf 2,400 sf 4,300 sf 1,800 sf 3,200 sf Adjustments: Property Rights 0 0 0 0 0 Market Conditions 0 0 0 0 0 Financial Concessions 0 0 0 0 0 Condition of Sale 0 0 0 0 0 Adjusted Price $84.09 $68.7S $37.20 $126,39 $65.22 Location 0 - 10% + 10% 0 - S% Physical Characteristics - IS% + 10% + 20% - 10% 0 Other 0 0 0 0 0 Total - IS% 0 + 30% - 10% - S% Adjusted Value $71.48 $68.7S $48.38 $113.7S $61.96 Five comparable building sales were studied for the purposes of determining a value for the subject property. All the sales were used for retail purposes and were reflective of the market. All the sales were located within the general market area. All the sales had the same Highest and Best Use. The sales were reduced to a unit price per square foot for analytical purposes. Individual adjustments were considered for each sale as compared to the subject property. The comparables developed an adjusted range from a low of $48.38 to $113.7S. If sale number four were eliminated the range would narrow from $48.31! .\.1 $71.48. From this range I selected a price per square foot of $62.7S. as the best representative: of the unit cost for the subject property. The mean of the range is $62.64. The price seJecte:d is slightly higher than the mean ($62.7S x 2,709 square feet = $169,989 Say: $170,000. Market Value: $170,000 I IJ I 28 . I' I ., \ I I William J. Da)'lor . Appraisal - 3501 Simpson Ferry Road, Camp Hili. PA INCOME ANALYSIS TECHNIQUE In the income analysis the capitalization process translates net operating income into a present day value, assuming a prescnt value of expected future benefits. I I I I \ I IJ I In this approach the Principle of Anticipation affirms that value is creatcd by the anticipation of future benefits. The band of investment technique was utilized in order to convert the net operating income into an Indication of value. The following factors were considered in the analysis: The discount rate applied to the pro forma cash flow mathematically expresses risk, Risk represents uncertainty. A. Financial Risk relates to the use of debt on the subject property. B. Business Risk relates to factors which affect the Net Operating Income and the resale price of the property and include changes in interest rates, changes in the supply/demand relationship for the particular type of property, etc. In the investment market the investors weigh the perceived levels of financial business risk against the future benefits he expects to receive from the investment. Giving weight to this consideration the investor would compare his expected return to the return available from alternative investment opportunities such as governmental securities. A copy of the returns in the financial mai'ket are summarized below, MONEY. RATES ......._y,.- 5.75% 4.11% 8.22% 4._ 7.74% 8.94% 7.1l7% 7.28% T......,y _ ,...., 3-mo. T-bII clocount 5.51 +0.01 llomo. T -bII cIICOUI1l 5.38 +0.01 ll).yr. not8 8.09 +0.(2 3l).yr. bond e.&l unch. ~__7od1y._ Maney mut.1\.ndo 5.51% T.._ money Mds 3.81% Bank If!C1NlY _ 2.&4% lkno. COo 5.07% 1.yr, CDs 5.52% &-Yr. COo 8.14% ......1QI.g.m. 3l!-yr. _~LMC) 7.71% 150yr. _ FHLMC) 7.24% Adj. ... LMC) '5.95% 1.yr. T..... ARM index' 5.71% lflh dIot. ARM Indox 5.084% 0Ih0r ..- Prtmo IlIndng 9.00% . 8.50% 7.25% Fed. cIICOUI1l 5.25% 4.75% 3.50% _ Mds ' 5.94% 4.75% 4.00% 1-_olJuno5 ~18C_FindRoport:__ M:n'IDr. ~ Home &..oM BInk of.~ FrII'dIco 4.&4% 3.10% 2.84% 4.28% 5.211% 8.48% 3.51% 2.35% 2.35% 3.23% 3.711% 5.28% 9.23% 8.55% 8.711% 8.02% 8.47% 5.152% 8.89% 5.31% 4.11l7% 3.872% 29 . II L ~ I. l. I William J, Dt1)'lor _ AppraIsal - 3501 Simpson Ferry Road, Comp Hili, PA INCOME ANALYSIS TECHNIQUE (continued) The returns on United States three-month Treasury bonds and six-month Treasury bonds reflect the risk-free rate of return. United States three-month Treasury bonds were yielding approximately S.60% and six-month Treasury bonds were yielding S.SS% as of the week ending June S, 1995. In the market, based on standards, an investor expects a premium over the return received by owners of United States Treasury bonds. However, there are wide variations of relative risk associated amongst the multitude of equities in the marketplace. An equity relative risk can be analyzed by considering both business risk (risk unique to the industry) and risk that is associated with the equity capital structure (the higher the debt to equity ratio, the higher the risk). The subject property is an investment with an average level of risk. \ o I I ;'} < 30 I I r\ "1 I IJ I William J. Dt1)'lor - Appro/sol - 3501 Simpson Ferry Road, Camp Hili, PA INCOME ANALYSIS A parcel of real estate which produces net income can be analyzed and valued from the format that relates to income generated by the property which can be converted to an indication of value by the use of capitalization rate, The basic underlying principle is "anticipation." Property is generally purchased and held with the expectation of future income that the property will generate. An overall rate has been developed from the market and this rate incorporates the market's and the investor's expectation on return to equity future income flows and reversion value. The quality and quantity of the income stream, projections on future income flows and expected changes in value of the property are weighed in the determination of the overall rate. In determining an overall rate the first method is to use an overall rate derived from comparable sales. One limitation to this method stems from existing terms of financing for the comparable sales. Lower interest rates on mortgages and the ratio of debt to value are possibly not representative of current market conditions. The biggcst question is, "What is typical of the market?". The typical real estate investment is a combination of two segments of capital, the mortgage contribution and the investor equity contribution. This technique is a method which blends the current cost of acquiring these two component items of capital. The components of the rate consist of the equity component and the debt component. The overall rate provides for the required return on the investment capital during the capital recovery period. During the capital recovery period (investment holding term) the overall rate reflects all of the anticipated income potential, risk, alternate investment returns and future of the property during a finite period of time. The mortgage/equity method dictates the use of a band of investment method for the rate selection. The overall rate consists of the blended rate, the mortgage terms with a typical investor's requirements for a return to equity. In order to convert the net income into an indication of value appraiser completed a study in the market as to the best available terms and mortgage rates. In the income approach an analysis of comparable rentals and competing market areas for the type of property under appraisement must be given consideration. Economic rent is defined as the rental income that a property would most probably command on the open market as of the date of the appraisal. 31 ',. I' I I I I I I I b I I I I I I o I Will/am J. Day/or - Appraisal - 3501 Simpson Ferry Road, Camp Hili, PA INCOME ANALYSIS (continued) Forecasted Oross Income $ 26,400.00 Vacancy and Credit Loss (5 %) 1.320.00 Adjusted Oross Income $ 25,080.00 Relmbunements 0.00 TOlal Adjusted Oross Income: $ 25,080.00 Expenses - Fixed: Real Eslate Taxes $ 2,300.00 Insurance 800.00 Operating: Heat/Eleclriclty/Refuse 0.00 Tenant Water/Sewer 0.00 Tenant UIUltles 0.00 Tenant Maintenance: General 1,200.00 Snow/Lawn 0.00 Tenant Reserves 1,500.00 Management 1,500.00 Miscellaneous 500.00 Total Expenses: S 7,800.00 Net Operating Income $ 17,280.00 34 I'") I I I I I b I I I I /..) William J. Daylor - Appraisal - .350/ Simpson Ferry Road, Comp Hill, PA INCOME ANALYSIS (continued) There are two indirect methods, one of which is the debt coverage ratio. This method is frequently used as a measure of risk by lenders wishing to determine the margin of safety and by purchasers who are analyzing a leverage position. The debt coverage method can be used to test the reasonableness of a project in relation to a lenders loan specifications. Lenders, typically, utilize the debt coverage ratio as a quick test to determine feasibility. The debt coverage ratio has two basic components. net operating income (NOI) and annual debt coverage (DCR). The formula Is R. = DCR x R", x M. Area lenders indicate a required debt coverage ratio of at least 1.25. More risky investments requires a higher ratio, Based on the above indicated fonnula the indicated overall rate would be .1??oo (.10797 x 1.2S x .7S = .10122). Based on conversations with lenders, a rll'st mortgage can be obtained on a 7S% 10an-to- value ratio for a 20-year amortization term with a lIxed rate for a stated term. Currently interest rates have been ranging from 9% to 10.S% with the typical rate being basis points above prime. Some lenders are utilizing the treasury bills as a base plus basis points or S year T-Bills plus basis points. The current prime rate is 8.7S%. The rate used for the mortgage term would indicate an annual constant of .11186. The pre-tax equity dividend rate reflects the anticipation of the investor's concerns. A. Risk of recovering the cash flow. B. Probable change in property value due to mortgage amonization and appreciation in value over the holding term. Equity dividend rates in recent years have been low for favorable income-producing properties, generally at pre-tax break-even point or below. Giving consideration to the overall characteristics, particularly the income characteristics of the subject property and interest rates of competitive investments, the pre-tax equity rate was detennined to be 10%. 3S r I Cf I I. I William J. Dt1)'lor - Appraisal - 350/ Simpson Ferry Road, Comp Hili, PA INCOME ANALYSIS (continued) PROJECTIONS. Debt Portion Eauitv Portion Mortgage Term. 20 years Mortgage Int. Rate - 9% Mortgage ratio - 7S% Annual constant - .10797 Loan Tenn - Fixed (20 yr. amort.) Equity Ratio - 2S % Equity Dividend - 10% CONCLUSION. The rate developed is an average which will satisfy both the mortgage constant requirements of the lender and the equity dividend requirements of the investor. The formula is: R., = M x R.n + (I-M) x R". I b I I I I I I I 10 I R. - OveraU Rate M - Loan to Value ratio R.n - Mortgage Capitalization Rate R" - Equity Dividend Rate R. - (.7S x .10797) + (.2S x .10), .08098 + .02500 R. - .10598 I selected an ovemU rate of 10% NOI = $17.280 = $172,800. OR == .1??oo Say: $173,000 INDICATED VALUE BY INCOME ANALYSIS - $173,000 36 Willlanl J. Da)'lor - Appraisal - 3501 Simpson Ferry Road, Camp Hill, PA CORRELATION AND FINAL VALUE For the purpose of arriving at a final value conclusion for the subjcct property the three traditional approaches to value were considered, with each approach independently processed. Each approach established an individual value with these values then correlated into one final value. The approaches and their respective values are as follows: I I I Market Approach Income Approach Cost Approach $170,000 $173,000 $180,000 Of the three approaches indicated above the market approach Is the most dominant as it reflects the interactions of buyers and sellers in the open market. The market was researched for sales which had similar characteristics to the subject property and were deemed to be the best available. Adjustments were considered for any differences so that comparisons between the comparable and subject property could be made. The market approach was given considerable weight in arriving at the final value conclusion as the data was good and reflective of the present market. b , I The subject property is not an income-producing property. The income approach was developed into a indication of value only as a cross check against the market and the cost approaches to value. The cost approach was processed into an indication of value and there was sufficient data available for this purpose. Construction costs were obtained from Marshall Valuation Manual and correlated with contractors' costs. Generally speaking, the cost approach, when the land is being developed to its highest and best use, sets the upper limit of the value range. The cost approach was given somc weight in arriving at a final value conclusion. Taking the foregoing factors into consideration, it is my opinion that the subject property as of the effective date of this appraisal would havc a present day fair market value of $170,000. At the appraised value of $170,000. the estimated marketing period for the subject property would be from 8 to 12 months. The factors weighed in this dctermination were the current economic conditions as of the date of the appraisal, the type of Improvement and its ability to absorbed into the market place, discussions with informed market participants as well as commercial brokers and the uncertainties currently associated with the market. There were no items of personal property included in the value of this parcel of real estate. , J 40 Will/am J. Da)'/or - Appraisal. 3501 Simpson Ferry Road. Comp Hill. PA CERTIFICATE OF APPRAISAL I certify that, to the best of my knowlcdge and belicf . D. E. F. b G. H. A. The statements of fact contained in this report are true and correct. B. 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. C. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the analyses, opinions or conclusions in, or the use of, this report. My analysis and conclusions were developed and this report has been prepared in confonnity with the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of The Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, William J. Daylor has completed the requirements of the continuing education program of The Appraisal Institute. My assignment is not contingent upon the reporting of a predetermined value or a 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. I. No one provided significant professional assistance to the person signing this report. J. The appraisal assignment was not based on a requested minimum valuation, specific valuation, or the approval of a loan. K. I further certify that I have inspected the subject property. In my opinion, the market value of the property which is the subject of this appraisal report as of June 19, 1995 would be $170,000. ~" // ~ ~~ I I 10 WJD/TOC 41 3501 Simpson Ferry Road Camp Hill, Cumber/and County, PA '."- .:,; .j " I ~ ,) ,'/ ',' .' , . ., r'r-'l · .--1-'. _.... :r' ""-T'-~r-. ,.-. r--,.-Y-"I' ~.." .~ a', . .. ,. . ., . i,_ --- I o I I .~ 0" ~ .c ~.l' , " , ~ ,~ . ~~- .- \ -- -----._~... t, 'I I. I,' . I , rl I I ( " I' I' . , . ~. . :' '-" .1:\" ': Jl'f 'l~~~ TONr::HIP .,. .- . EXHIBIT 1 (li .' .. ax Map) 'I!: i';~ If.... ~l- a . LO"![A i'! ;r -. ,- r'T"''1 ~r- '"~ . ~.. t' \ .. '. . . ..\. , . .;..'~. t .. _~.J"' "'I' ',.' . I to .~\. k.' ~'.' .,"; p-. '. . .... , i' . 'tl' . ,. .~. .t . .. .:..,~.~' '. "ItJ"1'!; ,..' "It"" . \ ,.... . " ,.JJ. .', R."'- lOIl':n /I..L-:t: f'-- : \{ · r iI, ....::;,1, r . -IS" . _ '.~r ... ,,'\I.'~.' I . ,~, , , .. .....1 .} J , . ..!.!. I'r ~'4~: .J, I '" ... ... Uta: : till. A' I ~ ,....c I ; !! l.!. . ",' II.", o.UAC. .. . . a : ~ . . s . .. s s .. .u" " \,,,, .." " ".M ",114 .... ,.," ,-9' ..Ai ... A~- , 'l ~ ...~... . '\ \ ..... \~ / ~I '.JUt. r , , . .Il'~ .... ~..\ ,,' " ta ~ ,. . . . .JL I / \ ,\ . .. . .. " :z~ ~ ,,""( - n-o-~ :l __, _ 1.1.)::; , -- ....'"'" " I () -') ''--.-'.~ -< ...... z z - ::c -< :.. 1 ;J ~ > -< 1 ...J Q . , i ~>- I I ....:l I -< ~ I E- i Z ,-.....I r.a U z o z < co ~ ~ c:::: ~ Eo-- cr.J < U Z < ~ Cl ;z < ....:J c:::: ~ ~ :; ;:;;;l u To ] ,W ~j ~~ H le. ia 2 52 ~ 2 l~ I ht] lHn 1 I T t. 1 Ht] lHn t .- . l.s I , " l~ T ji- J - l it] Inn I ,n ! ~ as :s " ~ i-~ t -! 1 hl] lHU I ". . I'! 5 , " ~l I hl] IHn i ~ '": 'il ::J !~; C 1 _ u "It T ... l' 1 ~ hl] ~ IHn i:i ~ f 5: " Harrisbura - General Area Data EXHIBIT 3 t""\ I I I I I The subject property lies within the Harrisburg SMSA area. Harrisburg is the capital of Pennsylvania and is also the county seat for Dauphin County. The standard metropolitan Harrisburg area encompasses three counties, namely Dauphin County on the east shore of the SUsquehanna River and Cumberland and Perry Counties which are on the west shore. Harrisburg is ideally located, being 100 miles from Philadelphia which is accessible by the Pennsylvania Turnpike and the Schuylkill Expressway, 200 miles from Pittsburgh which is also accessible by the PennsYlvania Turnpike, and Baltimore which is accessible by I-83. Philadelphia lies to the east of Harrisburg, Pittsburgh to the west and Baltimore to the south. Baltimore is approximately 75 miles from Harrisburg. In addition, Washington D.C. lies approximately 135 miles south of Harrisburg. The Harrisburg Metropolitan Area has a total population of 496,066 which includes CUmberland, Dauphin and Perry Counties. According to 1990 statistics there were 181,946 households. The population in the City of Harrisburg itself did suffer a decrease due to slum clearance and the Redevelopment program which is still underway. There has, however, been a trend within the City for self-rehabilitation of residential properties, particularly in the Historic District of the City. o () The City proper is 100% built up and thus the growth within the area has occurred within the suburbs, which is a common condition throughout the entire country. There are various military installations situated in the three counties comprising the Harrisburg metropolitan area and these include the U.S. Naval SUpply Depot at Mechanicsburg, the U.S. Army New Cumberland Depot locaLed near New CUmberland, and the u.s. Army War College located in Carlisle. In addition, Fort Indiantown Gap Military Reservation also lies within close proximity of the metropolitan area and it is the headquarters of the U.S. Army Corps and the Pennsylvania National Guard. This facility is utilized for summer training. There is also a military cemetery located at Fort Indiantown Gap. It is evident from the above that the largest employer in the Harrisburg SMSA is government, which provides employment for approximately 25% of the work force. In addition, employment is provided by manufacturing facilities, services and trade. ( . < .~. ~ ,...---........-.",-.--.....-.. --- '- EXHIBIT 3 Page 2 0/6 Harrisbura General Area Data (continued) Employment has been rather stable below state and national levels. relative to the unemployment rate with unemployment levels The most recent statistics are: Cumberland County Dauphin County Pennsylvania United States 2.4% 3.9% 5.2% 5.6% I I I I I b I The median effective buying income per household is $28,373. with the median age 33.8. Approximately 56.9% had incomes in excess of $25,000. and approximately 36% in excess of $35,000. 1990 population households 496,060 181,946 With the expansion of the Olmsted Airport to an International Airport, it is anticipated that new industries will be attracted into the area. At the present time the airport is served by TWA, American, United, Northwest and Eastern besides several local commuter lines. Within the last 5 years a new modern terminal has been constructed. Due to the fact that the City of Harrisburg is centrally located, it is a hub of transportation for swift and efficient distribution in all directions. Interstates 1-81, 1-83 and 1-76 (the Pennsylvania Turnpike) all serve the Harrisburg area, with the result that there is a host of trucking firms located in the area, particularly at the juncture of 1-81 and the Pennsylvania Turnpike in the Carlisle area. Within the past several months Roadway Express has completed construction of a new distribution terminal and ABF is anticipating construction of a new and larger terminal, both of which are located in the Carlisle area. Harrisburg is on the main lines of Conrail and Amtrak. Freight service is provided by Conrail to the north, southeast and west and Amtrak provides passenger service. The Enola yards are located northwest of the City of Harrisburg and when rail service was at its peak this was one of the largest rail yards in the world. In addition to the above-mentioned interstate routes, Harrisburg is served by U.S. Routes 11, 15, 22, 322, and 422. Local service routes provide access to the wholesale distribution and major transfer terminals. , -....I '"