HomeMy WebLinkAbout05-04-07
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15056051058
REV-1500 EX (06-05)
PA Department of ReV8f1l8 .
Bureau of Individual Taxes
PO BOX 280601
HarrisIug, PA 17128-<l601 ~ IJII!'"
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death
OFFICIAL USE ONLY
Coooty Code Year
INHERITANCE TAX RETURN ...., I
RESIDENT DECEDENT 21 I : 06
File tunber
I
i 1021
Date of Birth
191-18-3536
10/26/2006
10/05/1912
Decedent's Last Name
Suffix
Decedent's First Name
HOOVER
Catherine
MI
P
(If Appllcabl.) Enter Surviving Spou.... Information Below
Spouse's Last Name SuffIX
Spouse's First Name
MI
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPUCA TE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
C8J 1. Original Return
C)
2.Su~~mIR~um
c:::> 4. Limited Esmte
c::::> 3. Remainder Retum (date of death
prior to 12-13-82)
C) 48. Future Interest Compromise (date of c::::> 5. Federal Esmte Tax Return Required
death after 12-12-82)
c:::> 1. Decedent Maintained a Uving Trust
(Attach Copy of Trust)
c::> 10. Spousal Poverty Credit (date of death c::> 11. Section to tax under Sec. 9113(A)
between 12-31-91 and 1-1-95) (Attach Sch. 0)
CORRESPONDENT - THIS SECTION MUST BE COMPLETED. All CORRESPONDENCE AND CONfIDENTIAL TAX INFORIIAnON SHOULD BE DI~<<;!JO TO:
Name DaytirTl4!!~lep~~~nber c- '.,
M & T Bank (717) 240-450i g
8. Toml Number of Safe Deposit Boxes
~ 6. Decedent Died Testate
(Attach Copy of W,")
c:::> 9. Utigation Proceeds Received
Firm Name (If Applicable)
~.:::-~-
:I~~
...
REGISTER OFWIt.~:USE O....LY
..r.-
. I
j
First line of address
One West High Street
Second line of address
~~~
ZIP Code
CJ
-.l
City or Post Office
Cart isle
Smte
DATE FILED
PA
17013
Correspondent's e-mail address:dgority@mtb.com
Under pendles d peIjufy, I declare that I haw examined this reU'n, IncWc:tIng aocompenylng sc::heduIeI and statements, and to the best d my knowledge and belief,
It 18 true, and complete. 0ecIaratI0n of preparer other than the personal repreMntatlve 18 beNd on ell information d whIc:h pl'8p8I'8I' has any knowledge.
SI RE Of: RE FOR f~NG ~RN .-DATE
',P IT ~H~" ~ /1 - Lj-(}
DATE
ADDRESS
PLEASE USE ORIGINAL FORM ONLY
L
15056051058
Side 1
15056051058
-I
1
~. ~
~
c&~. ~
4!~~
-I
15056052059
REV-1500 EX
Decedent's Name:
RECAPITULATION
Catherine
P HOOVER
1. Real estate (Schedule A). ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1.
2. Stocks and Bonds (Schedule B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., 2.
3. Closely Held Corporation. Partnership or SoIe-Proprietorship (Schedule C) . . . .. 3.
4. Mortgages & Notes Receivable (Schedule D) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4.
5. Cash. Bank Deposits & Miscellaneous Personal Property (Schedule E) . . . . . . .. 5.
6. Jointly Owned Property (Schedule F) c::> Separate Billing Requested . . . . . .. 6.
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) c::> Separate Billing Requested.. . . . . ., 7.
8. Total Gross Assets (total Lines 1-7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 8.
9. Funeral Expenses & Administrative Costs (Schedule H). . . . . . . . . . . . . . . . . . . ., 9.
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I). . . . . . . . . . . . . . . . 10.
11. Total Deductions (total Lines 9 & 10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
12. Net Value of Estate (Line 8 minus Line 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
13. Charitable and Governmental Bequests/See 9113 Trusts for which
an election to tax has not been made (Schedule J) . . . . . . . . . . . . . . . . . . . . . . . . 13.
14. Net Value Subject to Tax (Line 12 minus Line 13) . . . . . . . . . . . . . . . . . . . . . . . . 14.
191-18-3536
Decedent's Social Security Number
292,500.00 i
...~~~~~
0.00 I
~, ..,-,-----,-----1
0.00 !
-,...~-----J
I
64,877.83 I
. -~"...._..,.,--_._'-~._-~
0.00 I
~. ___J
I
0.00 I
-. --_._~
650,451.61 (
47,803.83 i
,,_.~ ',' .-_. "'~-~._------,~i
8,624.43
56,428.26 !
--.., -. -"'.~_.."" ""-"---"'-' .. -.. ....._......~
594,023.35 i
_~.~._ <._n_..._",
594,023.35 i
TAX COMPUTATION. SEE INSTRUCTIONS FOR APPUCABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate, or
transfers under Sec. 9116
(a)(1.2) X .0_
16. Amount of Line 14 taxable
at lineal rate X.O_
17. Amount of Line 14 taxable
at sibling rate X .12
18. Amount of Line 14 taxable
at collateral rate X .15
0.00
0.00
15.
16.
594,023.35
17.
0.00
18.
19. TAX DUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
L
15056052059
Side 2
0.00
0.00
71,282.80
0.00
71,282.80
.,
15056052059
..J
REV-1500 EX Page 3
Decedent's Complete Address.
r----:-u---J ~_--. f.HJ_~.L
~1 L.~~.~J 11021
. : I
DECEOENrS NAME DECEOENrS SOCIAl SECURITY NUt.eER
Catherine P HOOVER 191-18-3536
STREET ADDRESS
80 North Dickinson School Road
CITY I STATE I ZIP
Carlisle PA 17013
Tax Payments and Credits:
1. Tax Due (Page 2 line 19)
2. CreditslPayments
A. Spousal poverty Credit
B. Prior Payments
C. Dismunt
(1)
71,282.80
69,000.00
3,631.58
Total Credits ( A + B + C ) (2)
3. InterestJPenaJty if applicable
D. Interest
E.PenaIty
72,631.58
TotallnterestlPenalty ( 0 + E ) (3)
4. If Une 2 is greater than Line 1 + Une 3, enter the difference. This is the OVERPAYMENT.
flU In oval on Page 2. Unt 20 to request a refund. (4)
1,348.78
5. If Une 1 + line 3 is greater than Une 2, enter the difference. This is the TAX DUE.
B. Enter the total of Une 5 + SA This is the BALANCE DUE.
(5)
(SA)
(58)
A. Enter the interest on the tax due.
0.00
Make Check Payable to: REGISTER OF WILLS, AGENT
~J.~"'lI~~lli'mW.~lg""~I.Uli~[U ~1[l~lllm -. -.,
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;.......................................................................................... D ~
b. retain the right to designate who shan use the property transferred or its income; ............................................ D ~
c. retain a reversionary interes~ or.......................................................................................................................... 0 Iil
d. receive the promise for life of either payments, benefits or care? ...................................................................... 0 Iil
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .............................................................................................................. 0 [i]
3. Did decedent own an -in trust for" or payable upon death bank account or security at his or her death? .............. 0 ~
4. Did decedent own an Individual Retirement Accoun~ annuity, or other non-probate property which
contains a beneficiary designation? ........................................................................................................................ 0 [i]
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
. ~-~~~~~fJRtllll.JL.,l(mrm..II.ltlln~~.I~ JJJJIi~II~ ~~j' ~~m
For dates of death on or after July 1. 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is three (3) percent (72 P.S. i9116 (a) (1.1) (i)l.
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (O) percent
[72 P.S. i9116 (a) (1.1) (ii)). The statute does not exemDt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are stiD applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1. 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an
adoptive parent, or a stepparent of the child is zero (O) percent (72 P.S. ~9116(a)(1.2)].
The tax rate imposed on the net value of transfers to or for the use of the decedenfs Hoeal beneficiaries is four and one-half (4.5) percent except as noted in
72 P.S. ~9116(1.2) [72 P.S. ~9116(a)(1)J.
The tax rate imposed on the net value oftransters to or for the use of the decedenfs siblings is twelve (12) percent [72 P.S. i9116(a)(1.3)).Asibling is defined. under
Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-1502 EX+ (6-96.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE A
REAL ESTATE
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
All real property owned solely or as a tenant In common must be reported at fair market value. Fair market value is defined as the price at which property would be
exchanged between a willing buyer and a willing seller, neither being compeRed to buy or sell, both having reasonable knowledge of the relevant facts.
Real property which II Jolntly-owned with right of lurvlvorshlp mUlt be disclosed on Schedule F.
ITEM
NUMBER
1.
DESCRIPTION
1/4 interest in 80 North Dickinson School Road, Cumberland County, Carlisle, PA
VALUE AT DATE
OF DEATH
292,500.00
TOTAL (Also enter on line 1, Recapitulation) $
(If more space is needed. insert additional sheets of the same size)
292,500.00
REV-l503 EX. (6-98.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
All property Jolntly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
VALUE AT DATE
OF DEATH
10
11
12
13
14
15
16
17
DESCRIPTION
15,000 par Ford Motor Credit Co 4.95% due 1-15-08 CUSIP 345397UE1 @ DOD
14,612.30
208.31
2
3
Interest Accrued to DOD on Item # 1
311.952 shares CRM Mid Cap Value Fund CUSIP 92934R769 @ DOD
876.112 shares MTB LCP Stock Fund CUSIP 55376T692 @ DOD
722.289 shares MTB LCP Value Fund CUSIP 55376T668 @ DOD
957.053 shares MTB Small Cap Stock Fund CUSIP 55376T114 @ DOD
253.492 shares Thompson Plumb Growth Fund CUSIP 884891300@ DOD
86.048 shares Vanguard S & P 500 Index Fund CUSIP 922040100@ DOD
173.893 shares Alpine Equity Infl R1E Fund CUSIP 020940409 @ OOD
1509.476 shares MTB Infl Equity Fund CUSIP 55376T775 @ DOD
270.728 shares The Boston Company Infl Small Cap Fund CUSIP 58552D762 @ DOD
1063.994 shares Evergreen Select FII Fund CUSIP 299908830@ DOD
537.582 shares Goldman Sachs High Yield Trust CUSIP 38141W679 @ DOD
6036.874 shares MTB Intermediate Term Bond Fund CUSIP 55376T817 @ 000
6784.219 shares MTB Short Duration Bond Fund CUSIP 55376T221 @ DOD
4329.293 shares MTB Short Term Corporate Bond Fund CUSIP 55376T189
571 shares Northeast Investors Fund CUSIP 664210101 @ 000
9,536.37
7,788.64
9,613.67
9,493.97
12,608.69
10,933.26
6,515.77
19,109.97
6,849.42
11,108.10
4,316.78
58,919.89
64,721.45
42,340.49
4,396.70
4
5
6
7
8
9
293,073.78
TOTAL (Also enter on line 2, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
REV-15Q4 EX. (~.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE C
CLOSELY-HELD CORPORATION,
PARTNERSHIP OR
SOLE-PROPRIETORSHIP
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
Schedule C-1 or C-2 (including all supporting information) must be attached for each c1osely-held corporation/partnership interest of the decedent other than a
soIe-proprietorship. See instructions for the supporting information to be submitted for sole-proprietorships.
ITEM NUMBER
NUMBER DESCRIPTION
1. None
VALUE AT DATE
OF DEATH
0.00
TOTAL (Also enter on line 3, Recapitulation) $
(If more space is needed. insert additional sheets of the same size)
0.00
REV-'507 EX. (....) ..
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE D
MORTGAGES & NOTES
RECEIVABLE
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
All property jolntly~wn.d with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
DESCRIPTION
VALUE AT DATE
OF DEATH
None
0.00
TOTAL (Also enter on line 4, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
0.00
REV-1508 EX. (6-98) ..
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
Include the proceeds of ltigation and the date the proceeds were received by the estate.
AU property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
DESCRIPTION
M & T Bank Guardian for Catherine P. Hoover, Principal Cash
2 M & T Bank Guardian for Catherine P. Hoover, Income Cash
VALUE AT DATE
OF DEATH
3 Refund of Personal Cash Fund
14,397.19
14,295.61
256.27
35,659.01
269.75
4 36,000 Face Value Flagstar Bank CD 4.15% due 8-21-07
5 Interest Accrued to DOD on Item # 4
TOTAL (Also enter on line 5. Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
64,877.83
REV-l509 EX> (......
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE F
JOINTLY-OWNED PROPERTY
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
" an a..et WlS made Joint within one year of the decedenr. date of death, It must be reported on Schedule G.
SURVIVING JOINT TENANT(S) NAME
ADDRESS
RELATIONSHIP TO DECEDENT
A.
8.
C.
JOINTLy.owNED PROPERTY:
LETTER DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH
ITEM FOR JOINT MADE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR DATE OF DEATH DECO'S VALUE OF
NUMBER TENANT JOINT IDENTIFYING NUMBER. ATTACH DEED FOR JOINTLY-HELD REAl ESTATE. VALUE OF ASSET INTEREST DECEDENT'S INTEREST
1. A.
TOTAL (Also enter on line 6, Recapitulation) $ 0.00
(If more space is needed, insert additional sheets of the same size)
REV-1S10 ex- <.....
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHIDULI G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
ITEM DESCRIPTION OF PROPERTY
INCLUDE THE NAME OF THE TRANSFEREE. THEIR RELATIONSHIP TO DECEDENT AND DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBEF THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE. VALUE OF ASSET INTEREST OF APPUCABlEl VALUE
1. 0.00
TOTAL (Also enter on line 7 Recapitulation) $ 0.00
(If more space is needed. insert additional sheets of the same size)
, "
REV-1511 EX+ (12-99)
*'
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULI H
FUNERAL EXPENSES &
ADMINISTRAnVE COSTS
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
Debts of decedent must be reported on Schedule L
ITEM
NUMBER
A.
AMOUNT
B.
1.
DESCRIPTION
, .
FUNERAL EXPENSES:
Hoffman Roth Funeral Home, Services Rendered
Carlisle Memoral Service, Grave Stone @ Mowersville Church Cemetery
6,262.80
3,315.00
2
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative(s) M & T Bank
Social Security Number(s)/EIN Number of Personal Representative(s)
StreetAddress One West High Street
City Carlisle State PA Zip 17013
Year(s) Commission Paid: 2007
24,000.00
2.
Attorney Fees
11,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City
State
. Zip
Relationship of Claimant to Decedent
4.
Probate Fees
514.00
5. Accountant's Fees
6. Tax Retum Preparer's Fees
7.
Cumberland Law Journal - Advertising Letters Testamentary
Sentinal - Advertising Letters Testamentary
Filing and Accounting Fees
75.00
137.03
2,500.00
8
9
47,803.83
TOTAL (Also enter on line 9, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
I ..
REV-1512 EX+ (12..()3)
*'
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE UABILITIES, & UENS
COMMONWEALTH OF PENNSYlVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Catherine P. Hoover
FILE NUMBER
21-06-1021
Report debts Incurred by the decedent prior to death which 18malnecl unpaid as of the date of death, Including un18lmbursecl medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1.
Alert Pharmacy Services, Balance due
82.05
2
Messiah Village, Balance due for care
3,220.28
903.35
3.
Mary H. Means, Services as Guardian of the Person
4
Patrick F. Noone, Balance due for services
3,200.00
149.73
5
Met Ed - Balance due for services
6
Mobile X-Ray Imaging, Inc. Balance due for service
22.81
7
Pennsylvania Department of Revenue, Balance 2006 State Income Tax
627.00
8
Smith Elliott Kearns & Company, Preparation 2006 Tax Returns
215.00
204.21
9
Carolyn McQuillen, Pro-rated share of Real Estate Taxes
TOTAL (Also enter on line 10, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
8,624.43
, ....
REV-1513 EX+ (9-00)
.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFICIARIES
FILE NUMBER
21-06-1021
ESTATE OF
Catherine P. Hoover
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
I TAXABLE DISTRIBUTIONS pnclude outright spousal distributions, and transfers under
Sec. 9116 (a) (1.2)]
1 Miriam E. Hoover, C-Q 5 South Hanover Street, Carlisle, PA 17013 Sister 100%
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18. AS APPROPRIATE, ON REV-1500 COVER SHEET
II NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $
(If more space is needed, insert additional sheets of the same size)
Estate Valuation
Date of Death: 10/26/2006
Valuation Date: 10/26/2006
Processing Date: 11/08/2006
Shares
or Par
Security
Description
High/Ask
Low/Bid
99.05280 Mkt
97.41530 Mkt
30.57000 Mkt
8.89000 Mkt
13.31000 Mkt
9.92000 Mkt
49.74000 Mkt
127.06000 Mkt
37.47000 Mkt
12.66000 Mkt
25.30000 Mkt
Estate of: Catharine P. Hoover, GDN
Account: 2002162
Report Type: Date of Death
Number of Securities: 17
File ID: Hoover, Catherine P, GDN
Mean and/or Div and Int
Adjustments Accruals
Security
Value
35,659.01
14,612.30
9,536.37
7,788.64
9,613.67
9,493.97
12,608.69
10,933.26
6,515.77
19,109.97
6,849.42
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4)
I}
36000 FLAGSTAR BK BLOOMFIELD HLS MI (33847ENC7)
Financial Times Interactive Data
OTD: 08/21/2002 Mat: 08/21/2007 4.15%
10/26/2006
Int: 08/21/2006 to 10/26/2006
2}
15000 FORD MOTOR CR CO (345397UE1)
Financial Times Interactive Data
DTD: 01/12/2005 Mat: 01/15/2008 4.95%
10/26/2006
Int: 07/15/2006 to 10/26/2006
3}
311.952 WT MOT FD (92934R769)
CRM MDCP VAL I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
4}
876.112 MTB GROUP FDS (55376T692)
LCP STK I I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
5}
722.289 MTB GROUP FDS (55376T668)
LCP VAL INST I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
6}
957.053 MTB GROUP FDS (55376TI14)
SMCP ST INST I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
7}
253.492 THOMPSON PLUMB FDS INC (884891300)
GROWTH FD
Mutual Fund (as quoted by NASDAQ)
10/26/2006
8 }
86.048 VANGUARD INSTL INDEX FD (922040100)
SH BEN INT
Mutual Fund (as quoted by NASDAQ)
10/26/2006
9}
173.893 ALPINE EQUITY TR (020940409)
INTL R/E EQT Y
Mutual Fund (as quoted by NASDAQ)
10/26/2006
10)
1509.476 MTB GROUP FDS (55376T775)
INTL EQTY I I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
11)
27Q.728 MELLON INSTL FOS INVT TR (585520762)
BO INTL S CAP
Mutual Fund (as quoted by NASDAQ)
10/26/2006
Page 1
99.052800
269.75
97.415300
208.31
30.570000
8.890000
13.310000
9.920000
49.740000
127.060000
37.470000
12.660000
25.300000
Date of Death: 10/26/2006
Valuation Date: 10/26/2006
Processing Date: 11/08/2006
Sha:res
or Par
security
Description
High/Ask
12)
1063.994 EVERGREEN SELECT FIXED INCOME (299908830)
SELECT INTL I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
13)
537.582 GOLDMAN SACHS TR (38141W679)
HI YLD INSTL
Mutual Fund (as quoted by NASDAQ)
10/26/2006
14)
6036.874 MTB GROUP FDS (55376T817)
INTRM BD I I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
15)
6784.219 MTB GROUP FDS (55376T221)
SHR OUR GV I I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
16)
4329.293 MTB GROUP FDS (SS376T189)
STRM CORP BD I I
Mutual Fund (as quoted by NASDAQ)
10/26/2006
17)
571 NORTHEAST INVS TR (664210101)
SH BEN INT
Mutual Fund (as quoted by NASDAQ)
10/26/2006
Total Value:
Total Accrual:
Total: $329,002.54
Page 2
Low/Bid
10.44000 Mkt
8.03000 Mkt
9.76000 Mkt
9.54000 Mkt
9.78000 Mkt
7.70000 Mkt
Estate of: Catharine P. Hoover, GDN
Account: 2002162
Report Type: Date of Death
Number of Securities: 17
File 10: Hoover, Cathe:rine P, GDN
Mean and/o:r Div and Int
Adjustments Accruals
Security
Value
11,108.10
4,316.78
58,919.89
64,721.45
42,340.49
4,396.70
$328,524.48
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300 or www.evpsYS.com. (Revision 7.0.4)
10.440000
8.030000
9.760000
9.540000
9.780000
7.700000
$478.06
LA~ 1 VV ILL ANU TE~TAMENT
OF
CATHERINE P. HOOVER
I, CATHERINE P. HOOVER, of Dickinson Township, Cumberland County,
Pennsylvania, being of sound and disposing mind, memory, and understanding, do hereby make,
publish, and declare this as and for my Last W'ill~nd Testament, hereby revoking and making void
any and all Wills by me at any time heretofore made. ~
o g
1. I direct my hereinafter named Executor to pay all of my just debts and fu~expen~
as soon after my death as may be found convenient to do so. ~~g ~
2. I declare that I am currently unmarried and that I have no children. =?; en ~ -..s
. i.::Jc;o -0
3. All of the rest, residue, and remainder of my estate, real, personal, or mixe~"-n 3:
wheresoever the same may be situate, I give, devise, and bequeath to my sister, Miriani"}itibver, h~
heirs and assigns, provided my said sister shall survive me by a period of ninety (90)~ys. In thf:
event that my said sister should predecease me or fail to survive me by the aforesaid period of
ninety (90) days, then in such event all the rest, residue and remainder of my estate, real, personal
and mixed, and wheresoever the same may be situate, I give, devise and bequeath to the Trustees of
Carlisle Area Health and Wellness Foundation, their suc~essors and assigns, of 274 Wilson Street,
Carlisle, P A 17013, to be used for such purpose or purposes as said Trustees shall deem
appropriate.
4. I hereby nominate, constitute, and appoint M & T Bank, and its successors, One West
High Street, Carlisle, Pennsylvania 17013, as Executor of this my Last Will and Testament, and I
further direct that it shall not be required to post any bond to secure the faithful performance of its
duties in the Commonwealth of Pennsylvania or in any other jurisdiction.
~N"TITNESS WHEREOF, I have hereunto sel my hand and seal to this Iny Last Will and
Testament written on one (1) page this Jr-nay of August~ 2003.
~~~ !f';f~ (SEAL)
Cathenne P. Hoover
Signed, sealed, published and declared by Catherine P. Hoover, the Testatrix above named,
as and for her Last Will and Testament, in our presence, who, in her presence, at her request, and in
the presence of each other have hereunto subscribed our names as attesting witnesses.
__:c::
m~
C) C)
-- -I =;-:.l
C~)
r-r-1
;::"":J ~~
REAL EST ATE APPRAISAL REPORT
HOOVER FARM
80 NORTH DICKINSON SCHOOL ROAD
DICKINSON TOWNSHIP
CUMBERLAND COUNTY, PA
Complete Summary Appraisal Report
Of The Hoover Farm
80 North Dickinson School Road
Dickinson Township, Cumberland County, PA
Effective Date: October 27, 2006
Prepared For
M & T Investment Group
Prepared By
Noone & Associates, Inc.
3 Cross gates Drive, Suite 110
Mechanicsburg, P A 17050
NOONE~
ASSOCIATES
REAL ESTATE VALUATION & ANALYSIS
Mr. Ryan M. Leppo
M & T Investment Group
Trust Real Estate Department
3607 Derry Street
Harrisburg, P A 17111
November 13,2006
RE: Appraisal of the Hoover Farm located at 80 North Dickinson School Road
Dickinson Township, Cumberland County, P A
Dear Mr. Leppo,
Weare pleased to present the attached report of our appraisal of the referenced real estate
as of October 27, 2006. The report sets forth our opinion of market value along with supporting
data and reasoning which form the basis of our opinion.
The value opinion is qualified by certain definitions, limiting conditions, and
certifications, which are set forth in this report. This report was prepared for and only intended
for the use of M & T Investment Group. It may not be distributed to or relied upon by other
persons or entities without our written permission.
As a result of our analysis, we have formed an opinion that the market value of the
subject property, as defined in the report, subject to the definitions, certifications, extraordinary
assumptions, hypothetical conditions and limiting conditions set forth in the attached report, as of
October 27,2006, is:
* * * ONE MILLION THREE HUNDRED THOUSAND DOLLARS * * *
($1,300,000)
In addition, we have determined that the value of Ms. Catherine Hoover's partial interest
in the subject property, as of October 27, 2006, is:
* * * TWO HUNDRED NINETY TWO THOUSAND FIVE HUNDRED DOLLARS * * *
($292,500)
The property was inspected by Patrick F. Noone, 1v1AI, and Virginia L. Daley. Please
call if you have any questions or comments regarding this report.
Respectfully submitted,
Noone & Associates, lnc.
.iv-~ ~. ~r vvvv--
Patrick F. Noone, MAl
P A Certified General Real Estate Appraiser
PA GA 001272-L
Patrick F. Noone, MAl · 3 Crossgates Drive, Suite 110. Mechanicsburg, PA 17050
Phone 717.458.0482. FAX 717.458.0483. pat@nooneappraisals.com
80 North Dickinson School Road
TABLE OF CONTENTS
REAL EST ATE APPRAISAL REPORT SUMMARy......................................................... 3
PHOTOGRAPHS OF SUBJECT PROPERTy..................................................................... 4
INTRODUCTION .................. ....... ........ ........ .............. ................................ ................. ........ ..... 5
SCOPE OF WORK.......................................................................................8
RE G ION AL ANALYSIS .... ........... ............... .......... .............. ........... ........ ............ ........... .......... 9
NEIGHBORHOOD ANALYSIS ......... ........ .......... ............ ...... ............ ....... ......... .................... 12
SUBDIVISION & DEVELOPMENT ACTIVITy................................................................. 14
SITE DATA ................ ..... ........ ......... ..... ....... ........... ........ ................ ..... ........... .............. ........ .... 15
ZONING .... .............. .... .............. .................. .............. ........... .................. ................ ............... ..... 17
ASSESSMENT AND TAXES.. ..... .... .... ........ ... ................ ................... ...................... ...... .... ...... 18
ill G HEST AN"D BEST USE. ............. ........... ........ ..... ......... ............ ........ ...... .... ........... ............. 19
THE VAL U A TI ON PROCESS........................ .............................................. .......................... 21
SALES CO l\1P ARISO N APPRO A CH ........... .................... ........ ...................... ....................... 22
CONCLUSION.. ..... ............. ..... ..... ........ ....... ........ ............ ..... .......... ................. ..... .......... ...... .... 27
CE.R TIFI CA TI 0 N .... .............. .............. ........ ...... ............. ........................... ................. ............. 30
ASSUMPTIONS AND LIMITING CONDITIONS............................................................... 32
ADDENDUM A
ADDENDUM B
ADDENDUM C
ADDENDUM D
DEED
SUBJECT TAX MAP
COMPARABLE SALES MAP
APPRAISER QUALIFICATIONS
Noone & Associates I 2
80 North Dickinson School Road
REAL EST ATE APPRAISAL REPORT SUMMARY
Property Type:
Agricultural Land & Misc. Improvements
Owner:
Samuel L. Hoover Trust, Catherine and Miriam
Hoover
Location:
80 North Dickinson School Road
Dickinson Township, Cumberland County, PA
Effective Date of the Appraisal:
October 27, 2006
Date of the Report:
October, 27, 2006
Property Rights Appraised:
Fee simple
Subject Site:
The subject land area consists of 122.79 acres
Subject Improvements:
The subject property is improved with a
farmhouse, a barn and misc. outbuildings.
Competitive Position:
The subject property is located in Dickinson
Township. The area is semi-rural and in close
proximity to Carlisle. The area is attractive for
continued growth as residential and commercial
development continues to push outward from
Carlisle and Harrisburg.
Zoning:
Agricultural Dickinson Township
Utilities:
Private Well and Septic
Highest & Best Use:
Single-family residential development
Value Indications:
Subject Property:
$1,300,000
Catherine Hoover's Partial Interest:
$292,500
Noone & Associates I 3
80 North Dickinson School Road
PROTOGRArRS OF SUBJECT PROPERTY
View of the farmhouse from Dickinson School Road
View of barn and outbuildings
Dickinson School Road looking north
View of cultivated fields Looking North
View of barn and cultivated fields
Noone & Associates \ 4
80 North Dickinson School Road
INTRODUCTION
Identification of tbe Property
The subject property is agricultural land, which is improved with a farmhouse, barn and outbuildings
located at 80 North Dickinson School Road in Dickinson Township, Cumberland County, PA, and
known as tax parcel # 08-11-0292-002. The subject property encompasses 122.79 acres, and includes
road frontage along North Dickinson School Road.
Subject Improvements
The subj ect property is improved with a farmhouse/residence of approximately 3,200 square feet of gross
living area and various barns and outbuildings.
Purpose of the Appraisal
The purpose of the appraisal is to arrive at a supportable estimate of the market value of the subject
property as of the effective date of this report and to estimate the value of a portion of the estate due to
the recent passing of Ms. Catherine Hoover.
Intended Use of the Appraisal Report
The appraisal report will be used by M&T Investment Group for estate (trust) planning purposes.
Intended User of the Appraisal Report
The intended user of the appraisal report is M&T Investment Group, the trustee for the Hoover Trust.
Appraisal Type and Format
This is a complete appraisal reported in summary format, which is intended to comply with the reporting
requirements set forth under the Uniform Standards of Professional Appraisal Practice Standards Rule 2-
2. This report has been completed in conformity with and adherence to the revisions to the Standards
effective January 1,2005.
Effective Date of the Appraisal 'As Is'
The effective date of the appraisal of the subject property in its 'as is' condition, is October 27, 2006, the
date on which the property was inspected. The date of death of Ms. Catherine Hoover was October 26,
2006.
Date of the Report
The date of the report is October 27, 2006, the date on which the subject property was inspected. The
date of the report indicates the perspective from which the appraiser is examining the market.
Ownership
The current owner of the subject property is The Samuel L. Hoover Trust, Catherine Hoover and Miriam
Hoover, according to a deed dated September 16,2003, in Deed Book 259, Page 1914, as recorded in the
Cumberland County Recorder of Deeds Office. The subject property was conveyed from Vada Hoover
Weber et aI, January 15, 1950, for the consideration of $18,000. The property originally came into the
Hoover family in 1920, when Samuel S. Hoover purchased the property from a Michael Ickes. It has
passed from family member to family member since that time.
Noone & Associates , 5
80 North Dickinson School Road
Definition of Market Value
Market value is the major focus of most real property appraisal assignments. Both economic and legal
definitions of market value have been developed and refined. A current economic definition agreed upon
by federal financial institutions in the United States is:
"The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a
sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
i) buyer and seller are typically motivated;
ii) both parties are well informed or well advised and acting in what they consider
their best interest;
iii) a reasonable time is allowed for exposure in the open market;
iv) Payment is made in terms of cash in United States dollars or in terms offinancial
arrangements compatible thereto; and
v) the price represents the normal considerationfor the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale. 1
Property Rights Appraised
The property rights under appraisal in this report include the fee simple ownership rights of the subject
property .
Fee simple ownership is defined as; "absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police
power, and escheat. "2
Exposure Time
Reasonable exposure time is one of a series of conditions in most market value definitions. Exposure
time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as;
"The estimated length of time the property interest being appraised would have been offered on the
market prior to the hypothetical consummation of a sale at market value on the effective date of the
appraisal,' a retrospective estimate based on an analysis of past events assuming a competitive and open
market. " 3
Exposure time is different for various types of real estate and under various market conditions. It is
noted that the overall concept of reasonable exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort. This statement focuses on the time
component. The estimate may be expressed as a range and can be based on one or more of the following:
· Statistical information about days on market;
· Information gathered through sales verification; and,
· Interviews with market participants.
1 Appraisal Institute, The Dictionary of Real Estate Appraisal, Third Edition, page 222.
2 Appraisal Institute, The Appraisal of Real Estate, 11 th Edition, page 137.
3 Appraisal Standards Board ofthe Appraisal Foundation, USPAP 2004 Edition, Statement on Appraisal Standards No.6, page
93.
Noone & Associates I 6
80 North Dickinson School Road
Based on the information presented in this report, a reasonable exposure time for a property such as the
subject property is six to nine months. This exposure time period is based on the estimated market value
included in this report.
The reader should note that exposure time is different than marketing time in that exposure time is
always presumed to precede the effective date of an appraisal, whereas marketing time is a time period
immediately subsequent to the date of the appraisal.
Valuation Issues
F arm properties similar to the subject, are typically bought and sold on a price per acre basis even though
they normally contain a farmhouse, barn, silos and miscellaneous outbuildings. In this report, the value
of the subject property was determined on a price per acre basis.
Noone & Associates I 7
80 North Dickinson School Road
SCOPE OF WORK
Determining the appropriate scope of work requires judgment based on the appraiser's identification of
the assignment elements and understanding of what is required to solve the identified problem. The
scope of work performed in the development of a market value estimate for the subject property is
presented below.
Property Identification & Description
The property identification and description is based on an inspection of the subject property on October
27, 2006, public information, including tax assessment data, tax maps, deeds, and other information,
physical inspection of the property, and available site and building plans, sketches, and other information
provided by the client or property owner/manager.
Market Data
Regional, neighborhood, and industry market data is obtained from a variety of sources including state,
county, and municipal agencies, commissions, and departments, including the Census Bureau, P A
Department of Labor and Industry, and other government entities, as. well as real estate sales brokers,
marketing agencies, and other sources.
Highest and Best Use Analysis
The highest and best use analysis is the determination of the maximally productive use of the subject
property, as vacant and/or as improved, based on the physical attributes of the property, the zoning and
other legal regulations impacting the property, and the financial feasibility based neighborhood
development, property uses, and other factors.
Approaches to Value
The market value of the subject property is initially estimated by applying specific appraisal procedures
of the three separate approaches, where applicable, which include the Cost Approach, the Income
Approach, and the Sales Comparison Approach. For the subject property, only the Sales Comparison
Approach has been utilized.
Reconciliation and Conclusion
The final step is the reconciliation of the indicated value resulting from each of the approaches utilized,
based on the relative applicability of each of the approaches to the subject property, and the
determination of the final value conclusion.
Noone & Associates I 8
80 North Dickinson School Road
REGIONAL ANALYSIS
The ever changing nature of the basic forces that motivate buyers and sellers within a given market area
have a direct impact on the area's real estate values. The forces are usually considered in four major
categories: 1) social standards and ideas; 2) economic conditions; 3) government controls and standards;
and 4) environmental conditions. The following analysis outlines the general economic conditions,
trends, and future outlook of the subject market area.
Cumberland County
Cumberland County consists of about 547 square miles and is located in south central Pennsylvania,
directly west of Harrisburg. The county is surrounded by the Susquehanna River and Dauphin County on
the east, York and Adams Counties on the south, Franklin County on the west, and Perry County on the
north. Of the present 67 counties in Pennsylvania, 48 were carved from the original Cumberland County.
Cumberland County consists of 12 boroughs and 22 townships. The accompanying map shows both the
Townships and Boroughs (in blue) of Cumberland County. The eastern portion of the county is primarily
a suburban area in close proximity to the City of Harrisburg, while the western portion of the county is a
combination of small towns, suburban areas, and rural areas. Cumberland County ranks 40th out of 67
Pennsylvania counties in size.
TOWNSHIPS and BoroughS
of
CUMBERLAND CO,. PA
RO<fflll"I'> "om A.n<>5.',.7<,.,'t AJi.... c!I Qanllt60r rDoLor",.. ;?ul);)j
Note: West Fairview Borough is now part of Eas! Pennsboro Township
002000 Dhllt's (;sl", ilJ31""~e....'
Harrisburg MSA
Cumberland County together with Dauphin, Lebanon, and Perry Counties form the Harrisburg-Lebanon-
Carlisle Metropolitan Statistical Area (Harrisburg MSA). At the heart of the Harrisburg MSA is the City
of Harrisburg, the Capital of the Commonwealth of Pennsylvania, \\ hich is conveniently located 70 miles
from Allentown, 80 miles from Baltimore, 90 miles from Philadelphia, 110 miles from Washington D.C.
and 200 miles from Pittsburgh. Interstate highway routes 76, 78, 81 and 83, and US routes 11, 15, 22,
and 322 run through the MSA and provide access to these markets.
Noone & Associates I 9
80 North Dickinson School Road
Population
The historic population growth for the Harrisburg MSA is summarized as follows:
lI,u l'i,I1I11';; \IS I /'O!'lJIOI;IJI1, I (ro - ;fj(1fJ
- - - - - - - - -- --- - -- - - - - - -1
__ ( ()lIIli.~ _ _____~-:!!__~_/lJ8(~_____~___ .:f}f)() ___ ___
Dauphin 223,713 232,317 237,813 251,798
Cumberland 158,177 179,625 195,257 213,674
Lebanon 99,665 108,582 113,744 120,327
Perry 28,615 35,718 41,172 43,602
Total- Harrisburf! MSA 510,170 556,242 587,986 629,401
Dauphin County is the most heavily populated county in the Harrisburg MSA, while Perry County has
experienced the highest rate of growth since 1970. Overall the Harrisburg MSA has experienced steady
population growth over the last 30 years, and each of the counties in the Harrisburg MSA are expected to
experience continued growth through 2010 based on current population projections. 4
Employment and Income
Historically, unemployment rates in the Harrisburg MSA are typically lower than the statewide and
national averages due to the large number of state and federal jobs in the area. For November 2004, the
unemploYment rate for the Harrisburg MSA was 3.6%, which was among the lowest MSA
unemployment rates in the state, compared to 5.4% for the Commonwealth of Pennsylvania and 5.40/0 for
the U.S. The November 2004 unemployment rate for York County was 4.5%, which is above the
Harrisburg MSA rate, but well below the Pennsylvania statewide rate5. The top five employers in
Central Pennsylvania are the Commonwealth of Pennsylvania, the U.S. Government, Hershey Foods
Corporation, Penn State Milton S. Hershey Medical Center, and Highmark Inc..6
Job grov..rth in the Harrisburg area is expected to continue into the future as the Harrisburg MSA is
projected to experience a 14.0% growth in jobs between 2000 and 2010. This projected growth is
expected to be driven by a 16.0% increase in service industry jobs.7 The steady employment base in the
Harrisburg MSA has helped to maintain steady income levels throughout the MSA, The 2000 median
family income for the Harrisburg MSA was $51,892, compared to $49,184 on a statewide basis.8
4 Pennsylvania State Data Center, Census Data and Projections
5 Pennsylvania Labor Force - January 2005 (Monthly Report) - Based on preliminary November 2004 data (seasonally
adjusted), PA Department of Labor & Industry
6 Central Penn Business Journal's Book of Lists, 2005 Edition, Largest Employers (based on full-time employees within
Cumberland, Dauphin, Lancaster, Lebanon, and York Counties), page 17
7 Harrisburg-Lebanon-Carlisle MSA Industry Employment Projections (non-farm jobs), P A Department of Labor & Industry
8 Pennsylvania State Data Center, Census Data and Projections
Noone & Associates I 10
80 North Dickinson School Road
Regional Access
The Harrisburg area is supported by a comprehensive railway system, major highways, and an
international airport. Harrisburg is centrally located between many of the major Eastern U.S. markets
and serves as a primary distribution center due to its location. Approximately 250/0 of the U.S.
population lies within 250-mile radius of the Harrisburg area. The approximate driving distances from
Harrisburg to some of the major Eastern U.S. cities are as follows:
Baltimore, NID
Philadelphia, P A
Washington D.C.
New York, NY
Pittsburgh, P A
80 miles
100 miles
120 miles
170 miles
200 miles
The major traffic arteries that run through the Harrisburg NISA provide important links to other primary
and secondary markets in Pennsylvania and the Eastern U.S. Interstate 81 (1-81) runs north to New York
State and Canada, and south to Maryland, West Virginia, Virginia, and Tennessee. 1-76, also known as
the Pennsylvania Turnpike, links the area with Pittsburgh to the west and Philadelphia to the east. 1-78
runs from Interstate 81 in Lebanon County, eastward to Allentown and northern New Jersey. 1-83 runs
from Harrisburg to Baltimore. PA-581 serves as a connector between 1-81 and 1-83 south of Harrisburg.
Collectively, 1-81, 1-83, and P A-581 serve as the Capital Beltway of the Harrisburg area. In addition, the
MSA is also traversed by US-II and US-15, traversing north/south, US-22 and US-322, traversing
east/west, and P A-283, traversing east/west.
The region is also supported by an extensive freight railway system, and is within commutable distance
of Harrisburg International Airport, Baltimore/Washington International Airport, and Washington Dulles
International Airport.
Conclusion
Overall, the economic outlook for Cumberland County and the Harrisburg MSA appears to be favorable
with steady population growth and with unemployment rates below the statewide average. More
importantly, the Harrisburg MSA is projected to experience increasing employment growth through
2010. The Harrisburg MSA is projected to continue in the shift from manufacturing or goods producing
employment to service industry employment. The outcome of this shift should result in a more
diversified and stable economy.
Noone & Associates I 11
80 North Dickinson School Road
NEIGHBORHOOD ANALYSIS
Description
The subject property is located along North Dickinson School Road in Dickinson Township, Cumberland
County, approximately 7 miles southwest of Carlisle. The section of North Dickinson School Road near
the subject receives moderate traffic and property uses in the area includes residential, agricultural, and
commercial.
Dickinson Township encompass approximately 45.6 square miles in the central portion of Cumberland
County, and the setting within the Township ranges from semi-rural to suburban and is considered part of
the greater Carlisle area. Much of the Township is residential and agricultural areas, with pockets of
commercial development near Carlisle and along the 1-81 corridor. Due to its close proximity to Carlisle,
the availability of vacant land in many area of the Township, and the substantial highway and road
system in the area, Dickinson Township is a prime area for residential and selective commercial
development.
Dickinson Township is bordered: to the north, by West Pennsboro Township, to the east, by Carlisle
Borough and South Middleton Township; to the south, by Cooke Township and Adams County; and to
the west, by Penn Township.
Demographics
With a 2000 population of 4,702, Dickinson Township remains among the more sparsely populated
municipalities in Cumberland County. The Township experienced population growth of 21.5% from
1990 to 2000, which was well above the county-wide average population growth of 9.4%, and the state-
wide growth of 3.4%, over that same period.9
The population growth in many of the suburban areas of Cumberland County is a result of a continued
development and expansion outward from both Harrisburg and Carlisle. The neighboring municipality of
South Middleton Township experienced similar growth with a population increase 25.1 % over that same
period. The significant growth in the greater Carlisle area can be attributed to the stability afforded by
the two colleges in town, Dickinson College and the US Army War College, as well as the significant
commercial development that has occurred along the 1-81 corridor, particularly in the warehousing and
trucking industry.
The 2000 median family income level for Dickinson Township was $54,844, below the median family
income level of $56,406 for Cumberland County, and near the level of $51,892 for the Harrisburg MSA.
Access
The Carlisle area is supported by an extensive highway and road system. The major highways that
traverse through the area include 1-81, US-ll, and 1-76 (the PA Turnpike). These highways serve as
major arterials for shipping throughout the eastern seaboard. Local and regional thoroughfares in the
greater Carlisle area include PA-74, PA-641, and PA-34, with Average Annual Daily Traffic (AADT)
volumes that range from 8,600 to 17,000.10
9 Pennsylvania State Data Center, Census Data and Projections
10 2003 Traffic Volume Map of Cumberland County, PA Department of Transportation
Noone & Associates I 12
80 North Dickinson School Road
Neighborhood Development
Although it is within easy access to Harrisburg, the Carlisle area is somewhat self-sustaining, with
various types of commercial businesses, shopping, restaurants, and other businesses. The Carlisle
Fairgrounds is one of the larger fairgrounds in the east coast, hosting several large scale events annually.
In addition, Carlisle is a college community, with Dickinson College and the US Army War College
located in the to\VTI. Also, due to the extensive highway system in the area, the Carlisle area is a
significant warehousing and distribution hub, with numerous warehouses and trucking terminals. As a
result, the Carlisle area, particularly along the 1-81 corridor, continues to experience commercial
development of all types.
Conclusion
Overall, the economic outlook for Dickinson Township and the greater Carlisle area appears to be
favorable due to its proximity to Harrisburg, the stability of being a college community, the substantial
highway and road system in the area, and the availability of land for development in many areas. Based
on the growth trends in population, average income levels, and pattern of commercial and residential
development, the Carlisle area should continue to prosper.
Noone & Associates I 13
80 North Dickinson School Road
SUBDIVISION & DEVELOPMENT ACTIVITY
Like many areas in south-central Pennsylvania, the development of vacant land for both residential and
commercial property uses is occurring throughout Cumberland County, particularly in the areas
surrounding the heavier population centers of Harrisburg, Carlisle, and Shippensburg. The development
pattern throughout south-central Pennsylvania since the 1980's is best characterized by continued
decentralization and a tendency towards sprawl. This overall pattern reflects a dispersal of development
throughout the rural areas of the county.
Based on data from the Cumberland County Planning Commission 2005 Annual Report, subdivision and
land development activity for North Middleton Township and the other four municipalities which border
the Borough of Carlisle, is summarized below:
2005 Propo,(>d '\ t'\\ Rl" Idt'1l t fa I I)" l'll in:.! l nit,
:\'I U II u: . ()(I lit ~ I3lllldlll~ Ltlh .:!UIL2 2003 ~(HI-t .:!OO5
North Middleton 107 58 78 96 138
Dickinson 35 42 46 59 40
Middlesex 7 19 25 35 31
Penn 21 20 12 12 29 '
South Middleton 194 118 154 99 119
West Pennsboro 12 25 31 27 62
Cumberland County 2586 1,648 1,569 1,407 1,502
Based on this data, the proportion of building lots and new dwellings in these six municipalities has
accounted for approximately 15% of the total activity in Cumberland County. In addition, the number of
new residential dwelling units in many of these municipalities has increased annually since 2000.
Noone & Associates I 14
80 North Dickinson School Road
SITE DATA
The site description is based on physical inspection of the subject property, a survey map and other
information provided by the pending property owner, and public records.
Location
The subject property is located along the east side of North Dickinson School Road, approximately 7
miles southwest of Carlisle, in Dickinson Township, Cumberland County and is identified as
Cumberland County tax parcel # 08-11-0292-002. According to the Cumberland County Tax Assessment
Database, the subject property includes 122.79 acres
Current Use
The Property is currently farmed by a third party, who leases the land. The existing improvements have
not been used for over ten years.
Shape & Area
The subject property is nearly rectangular in shape and includes approximately 122.79 acres.
Frontage and Lot Orientation
The subject property has road frontage along the east side of North Dickinson School Road, a moderately
traveled local thoroughfare.
Topography
The subject property has gently rolling topography that is primarily open agricultural fields with small
patches of trees and rocks. There are no apparent streams or ponds on the subject property.
Utilities
No public water or sewer is currently available at the subject property according to Dickinson Township.
The farmhouse utilizes a private well and septic system.
AccessNisi bility
The subject property has average access and visibility from North Dickinson School Road, a moderately
traveled local thoroughfare. The subject has a relatively private setting yet is still within close access of
shopping, schools, churches and other amenities, and area highways, which is considered appropriate for
a residential property.
Improvements
The subject property is improved with an unoccupied farmhouse/residence of approximately 3,200
square feet of gross living area. There is also a barn and seven various other farm buildings and sheds.
Easements and Encroachments
Easements on the property appear to include typical easements for utilities. The existing easements do
not appear to have an adverse effect on the development of the property. No other easements or
encroachments were indicated or observed at the subject property. A title search has not been conducted,
and is considered to be beyond the scope of this appraisal.
Noone & Associates I 15
80 North Dickinson School Road
Subsurface Conditions
It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which
would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in
this report.
Flood Zone
Tp.e subject property is located within Flood X, an area of minimal flooding and an area outside of the
500-year flood plain, according to the National Flood Insurance Map; 421580 0001 B dated December
19, 1995.
~
1000
^PI'ROXIM^H SC:^Ll
o
'000 FEET
,
IIA T1D1lL IlOOl IISUUICl PI"I&II
80 North
Dickinson
School Road
COIIUIUYY-PANElIIUIIIEI
4215800001 8
MAP REVISED:
DECEMBER '9. '995
ThI. t. ." allel. COPi' of. I)Ofticn 01 the .bow ,"',anc.cJ flOOd m.p. It
WIIa extract" ~ing F-MIT O".Lintl. llu. map doM; not rwt.:;Il;l\anv-
or .me~em. ~ch m.., ~ tleen mea. al..lt>>,.quant to the o.t. on the
tltI. block For ,,,. l.t_t produ<:t lnb'm_jon aboUt NMlot\tII Flood IMUI'enclf:
Program tGOd ",apt check tMl FEMA Flood Map 9tor. at .mac."ma goy
Summary of Nearby Development
The area in the immediate vicinity of the subject property is semi-rural, with property uses that are
primarily residential and agricultural, with a few scattered small commercial properties.
Noone & Associates I 16
80 North Dickinson School Road
ZONING
The portion of the subject property located in Dickinson Township IS m the Agricultural District
according to the Dickinson Township Zoning Office.
The permitted uses and yard regulations in the Dickinson Township Agricultural District Zoning
Ordinance, which is hereby incorporated into this report by reference, are summarized below.
Permitted Uses
Permitted uses in the Dickinson Township Agricultural District include conservation, agriculture,
agriculturally related operations, single-family detached dwellings, mobile homes, churches, home
occupations, government buildings, day care centers, and other similar uses.
Yard Regulations
The yard regulations in the Agricultural District are:
Minimum Front Yard Depth:
Minimum Rear Yard Depth:
Minimum Side Yard Depth:
Maximum Coverage:
Maximum Height:
Minimum Lot Width/Depth
Minimum Lot Size
35ft.
35 fl.
25 fl. each
20%
35ft.
150 ft ./200 fl.
60,000 sq. fl.
Subdivision Limitations
Dickinson Township has Subdivision and Land Development Ordinances, which establish the
requirements for the subdivision of land within the Townships.
Noone & Associates I 17
80 North Dickinson School Road
ASSESSMENT AND TAXES
Each county in Pennsylvania has a predetermined ratio that equates the assessed value to a corresponding
"base year" market value. This base year is usually the year of the last reassessment. In addition, the
State Tax Equalization Board (STEB) assigns each county an annual common level ratio, which is the
ratio between the current assessment and the implied market value.
Both the predetermined ratio and the common level ratio can be used to equate an assessment to an
indication of market value. By law, assessment boards throughout the state must use the predetermined
ratio unless the common level ratio varies by more than 15% of the predetermined ratio. If this occurs,
the assessment board must apply the common level ratio.
The current predetermined ratio for Cumberland County is 100% and the common level ratio is 87.8%
(2006). The difference between the predetermined ratio and the common level ratio is 12.2%. Since the
difference is less than 15%, the predetermined ratio is used to equate the assessment to an indication of
market value.
According to the Cumberland County Tax Assessment Database, the subject property is currently
assessed at $334,270 ($349,050 for land and $256,680 for improvements), which, based on a
predetermined ratio of 100%, yields a market value indication of $334,270. Based on the estimated
market value included in this report, the assessed value for the subject property appears to be low.
According to the Cumberland County Tax Assessment Office the subject property is enrolled in the
Clean & Green program.
The current real estate taxes are estimated based on total millage rates (1 Mill = $1 of Tax per $1,000 of
Assessed Value) for county, municipal, and school taxes. For the 2006 fiscal year, the Dickinson
Township millage rates total 14.98557. Based on the assessed value of$334,270, real estate taxes for the
subject property are estimated at $5,009 ($334,270 x 14.98557 -;-. 1,000).
NOTE: The subject property is currently assessed under Act 319, Pennsylvania Farm Land and Forest
Assessment Act, known as the Clean and Green Program. The Clean and Green Program is a state law
passed in 1974, that allows land parcels which are 10 acres and over which are devoted to agricultural
and forest land use, to be assessed at a value for that use rather than "Pair Market Value". The "clean
and green" benefits only the land portion of the assessment and the value of the dwelling and farm
buildings are not affected by "clean and green".
When a property is withdrawn from the clean and green program for an alternative use, back taxes are
owned along with interest. When a property owner enrolls under Clean and Green, they promise to use
the land for one of the allowable uses and not develop the land, in exchange for a reduced assessment. If
they violate the rules of the program by changing the use of their property to one that is unaccepted by
the program or split off more land than allowed by the program, they are levied a roll-back tax, which
includes 6% interest penalty. This tax is calculated based on the length of time the property received the
preferential tax assessment, not to exceed seven years. The rollback tax amount estimated by the
Cumberland County Tax Assessment Office as of the effective date of November 9, 2006, is estimated to
be approximately $21,310.
Noone & Associates I 18
80 North Dickinson School Road
HIGHEST AND BEST USE
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is
physically possible, appropriately supported, financially feasible, and that results in the highest
value. "11
Implied in this definition is that the deternlination of highest and best use takes into account the
contribution of a specific use to the community and community development goals as well as the benefits
of that use to individual property owners.
In appraisal practice, the concept of highest and best use is the basis upon which the value estimate is
derived. The market values of land and improved property are estimated under the assumption that
potential purchasers will pay a price that reflects the most profitable use of the land or property as
improved.
The highest and best use analysis requires the application of various categories of use-oriented decisions.
To conclude that a given use is the highest and best use of the land as vacant must meet the following
four criteria:
1) legally permissible
2) physically possible
3) financially feasible
4) most profitable
Highest and Best Use As Vacant
An analysis of highest and best use as vacant requires an analysis of those uses, which are legally
permissible, physically possible, financially feasible, and most profitable. An analysis of highest and
best use as vacant is necessary to identify comparable land sales that profile this use. The four tests are
as described below.
Legally Permissible
Uses that are legally permitted at the subject property are largely controlled by the zoning district in
which the property is located. Other factors, which may affect the categories of permitted uses, include
deed restrictions, easements and encroachments, covenants, etc.
As mentioned in the Zoning section of this report, the subject property is in the Agricultural District.
The Dickinson Township Agricultural District allows for property uses including; conservation,
agriculture, agriculturally related operations, single-family detached dwellings, mobile homes, churches,
home occupations, government buildings, day care centers, and other similar uses. There were no other
identified restrictions on the use of the subject property.
11 American Institute of Real Estate Appraisers, The Dictionary of Real Estate Appraisal, 3rd Edition; page 171.
Noone & Associates I 19
80 North Dickinson School Road
Physically Possible
The subject property is 122.79 acres in size and nearly rectangular in shape with gently rolling
topography and primarily open terrain. The property has road frontage along the east side of North
Dickinson School Road. The subject property is in a semi-rural location that is accessible to Carlisle,
Shippensburg, and Harrisburg. The property appears to be physically suitable for residential subdivision
and development.
Financially Feasible
The appraisal principle of conformity holds that real property value is created and sustained when the
characteristics of a property conform to the demands of the market. Land uses in the subject's immediate
neighborhood are primarily single-family residential and agricultural. Some residential subdivision is
occurring in the surrounding area, and is primarily single-family development. As a result, development
of the subject for single-family residential building lots would appear to be financially feasible.
Maximally Productive
Of the uses which are considered financially feasible, those uses must provide the highest rate of return
over the longest period of time in order to be considered the highest and best use of the property. Based
on the analysis of the legally permissible, physically possible, and financially feasible uses, it would
appear that development of the subject site for single-family residential building lots, as permitted under
current zoning and consistent with the surrounding development, would be the highest and best use as
vacant of the subject property.
Noone & Associates I 20
80 North Dickinson School Road
THE VALUATION PROCESS
The valuation process is used to develop a supportable estimate of market value based on the
consideration of pertinent data. Typically, after defining the appraisal problem, performing a visit of the
subject property, and analyzing the marketplace, market value is estimated by applying specific appraisal
procedures that reflect three distinct methods known as the Cost Approach, the Income Approach, and
the Sales Comparison Approach.
The Cost Approach, premised upon the principle of substitution, presumes that a reasonable buyer would
not pay more than the cost to produce a substitute property having similar utility. This approach is
developed by adding the estimated value of the land to the cost of the improvements.
The basic steps of the Cost Approach are to estimate land value as if vacant and to estimate the
replacement or reproduction cost new of the improvements. Accrued depreciation caused by the physical
deterioration, functional obsolescence, and economic obsolescence is estimated and deducted from the
cost new to arrive at a depreciated replacement or reproduction cost. The land value estimate is added to
the depreciated cost, which yields a value indication by the Cost Approach.
The Income Approach is a method of analyzing a property's ability to generate monetary benefits and
converting these benefits into an indication of value. This approach is predicated upon the principle that
value is created by the anticipation of benefits to be derived in the future.
The two most common methods to estimate market value by the Income Approach are direct
capitalization and yield capitalization. Direct capitalization is based on applying an overall capitalization
rate to one year's net operating income to derive an overall value. Yield capitalization quantifies the
present value of cash flows and future sale proceeds over an investment holding period into an indication
of value.
The Sales Comparison Approach uses sales of similar properties as the basis for an indication of value.
This approach is also based on the principal of substitution whereby the value of a property, as
replaceable in the marketplace, tends to be set by the cost of acquiring an equally desirable substitute
property.
This approach is developed by identifying comparable sales of properties with similar utility to the
property being appraised. Adjustments are made to the comparable sales on various elements of
comparison based on the degree of similarity or differences between the comparable sales and the
appraised property. The adjusted sales indicate a value range for the appraised property.
The final step in the appraisal process is the reconciliation of the indicated value resulting from each of
the approaches utilized. Consideration is given to the relative applicability of each of the approaches
prior to concluding with the final value estimate.
The Cost, Income, and Sales Comparison Approaches were each considered in the estimation of market
value of the subject property. However, in the valuation of a farm property like the subject, the Sales
Comparison Approach is the only applicable approach.
Noone & Associates I 21
80 North Dickinson School Road
SALES COMPARISON APPROACH
The Sales Comparison Approach is a method of estimating market value where the subject property is
compared to similar properties which have been sold. This approach is based on the principle of
substitution, which states that if several competing commodities, goods, or services are available, then
the one with the lowest price will attract the greatest demand and receive the widest distribution. When
applied to real estate, this comparison focuses on those elements of comparison, which cause prices to
vary.
The Sales Comparison Approach is considered important to most appraisal problems since it is based on
the price paid for similar properties by typical buyers in the open market. It is applicable to the appraisal
of all properties for which there are a sufficient number of comparable sales. This approach is most
reliable when the property type under analysis is bought and sold regularly.
Applying this approach is a systematic procedure where similar sales are researched and analyzed
through the most relevant elements of comparison. Adjustments are made for differences in the sales that
reflect market reaction.
Subject Property
The subject property is a 122.79 acre tract of land with an old farmhouse and several outbuildings. The
property is primarily open agricultural fields. Based on the Highest and Best Use analysis in this report,
the property would most likely be developed for single-family residential use, as permitted under current
zoning and consistent with the surrounding development.
Units of Comparison
An important step in this approach is the selection of an appropriate unit of comparison as it pertains to
the comparable sales, such as, price per square foot, price per acre, or price per lot. Farm properties like
the subject property are normally valued on a price per acre basis even though they typically contain a
farmhouse, barn, silos, misc. outbuildings, etc. In the analysis of the subject property, the price per acre
is selected as the most appropriate unit of comparison.
Elements of Com parison
Key value elements under scrutiny that may require adjustments include property rights conveyed,
financing terms, conditions of sale, time, location, zoning, physical characteristics (shape, topography,
utilities, etc.), and size. These factors are the primary influences on land prices and tend to affect the
differences in price levels.
Comparable Sales
A search for comparable land sales was conducted in the subject's market area. This search focused
primarily on large tracts of residential/agricultural land. The comparable sales presented in the Land
Sales Analysis table are considered to be comparable to the subject property and reflect a similar highest
and best use. The sales are presented in order of their date of sale, beginning with the most recent sale.
Noone & Associates I 22
80 North Dickinson School Road
Address:
Comparable Land Sale #1
1 South Locust Point Road, Monroe Township, Cumberland
County
22-09-0539-016
Samuel M. and Suzanne W. Simmons
Five Way Partners LP
$2,295,000
July 6, 2006
Book 0275 Page 2582
155.68 :tcres
Basically level
Agricultural
No Public Water or Sewer Available
Tax Map Number:
Grantor:
Grantee:
Sale Price:
Sale Date:
Recorded:
Land Area:
Topography:
Zoning:
Utilities:
Sale Price/Acre:
$14,742
Comments: This Agricultural property is located east of the subject in Monroe Township. The site is
primarily open, rolling farmland. The property includes a farmhouse of similar age and condition to the
subject with a barn and several outbuildings. There were no subdivision approvals in place at the time
of purchase. The Property is enrolled in the Clean and Green program.
Address:
Tax Map Number:
Grantor:
Grantee:
Sale Price:
Sale Date:
Recorded:
Land Area:
Topography:
Zoning:
Utilities:
Comparable Land Sale #2
125 Hill Lane, Lower Mifflin Township, Cumberland County
15-03-0059-042
Zane R. and Vicki L. Highlands
Julie A. Charles
$1,650,000
January 24, 2006
Book 0272 Page 4413
166.26 acres
Basically level
Agricultural
No Public Water or Sewer Available
Sale Price/Acre:
$9,924
Comments: This Comparable Sale is a horse farm west of the subject in Lower Mifflin Township.
The property has sloping topography and open agricultural fields. The property has a large, modem
horse barn and several other outbuildings.
Noone & Associates I 23
80 North Dickinson School Road
Address:
Comparable Land Sale #3
1040 Waggoners Gap Road, North Middleton Township,
Cumberland County
29-07-0471-031B
James S. and Mabel S. Brubaker
Snyder's Hardware Inc. and Snyder Developers
$750,000
December 21,2005
Book 0272 Page 2245
98.72 acres
Basically level
R-l Suburban Residential District
Public Water and Sewer Approvals in Place
Tax Map N urn ber:
Grantor:
Grantee:
Sale Price:
Sale Date:
Recorded:
Land Area:
Topography:
Zoning:
Utilities:
Sale Price/Acre:
$7,579
Comments: This Comparable Sale is a former dairy farm that has level, rolling, and gently sloping
topography with open agricultural fields. The west side of the property borders the Conodoguinet
Creek and has some flood hazard area. The property includes a farmhouse of similar age and condition
to the subject with a barn and several outbuildings. The sales agreement was reached in 2003 and the
sale was closed in 2005. The site was purchased for future residential development and had
preliminary subdivision plans and public water and sewer approvals in place at the time of sale.
Tax Map Number:
Grantor:
Grantee:
Sale Price:
Sale Date:
Reco rd ed:
Land Area:
Topography:
Zoning:
Utili ties:
Comoarable Land Sale #4
2513 Walnut Bottom Road, Dickinson Township, Cumberland
County
08-10-0626-011
Reza G. and Helga M. Azizkhan
John E. and Janice M. Mumma
$1,100,000
March 16,2005
Book 0267 Page 4861
142 acres
Basically level
Agricultural
No Public Water or Sewer Available
Address:
Sale Price/Acre:
$7,746
Comments: This Comparable Sale is an operating farm located just a few miles west of the subject
property. The property is improved with a modem farmhouse, and barn and several other outbuildings.
The property has level, rolling and sloping topography with open agricultural fields. There were no
subdivision approvals in place at the time of purchase. The property will be enrolled in the Clean and
Green program in the 2007 tax year.
Noone & Associates I 24
80 North Dickinson School Road
Land Sales
Subiect Sale #1 Sale #2. Sale 1.6 Sale ~
80 N. Dickinson School Rd. 1 Locust Point Road 125 Hill Lane 1040 Waggoners Gap Road 2513 Walnut Botlom Road
Localion : Dickinson Township Monroe Township Lower Mifflin Township Norttl Middleton Township Dickinson Township
Cumberland County Cumberland County Cumberland Coonty Cumberland County Cumberland County
Parcel # nR-tn-mCj)-nn2 2)_n01\C~01\1 " 1r:;..l11..l1nr:;Q~ )Cj-07-0471-n11A OR-' 01\';'''';.11''
G ranlor: n/a Samuel M. and Suzanne Zane R. and Vicki L. James S. and Mabel S. Reza G. and Helga M.
c;immmc; Hinhl;uv1c; Brubaker Azizkffin
G ranlE!e: n/a Five-Way Partners LP Julie A. Childs Synder Developers John E. and Janice M.
Mllmm;\
Sale Price: nla $2 295 000 $1650000 $750 000 $1 100000
Sale Date: n/a Jul-06 Jan-06 Dee-OS Mar-QS
Deed BookJP aae: nfa 275- 2582 272-4413 272-2245 267-4861
T erms/C onditions : n/a Arm's Lengttl, Fee Simple, Arm's Lengtll, Fee Simple, Arm's Lengttl, Fee Simple, Arm's Lengttl, Fee Simple,
r ;lc;hK' nnvenlional c: ac;h/C' M\of>nbmal Cash rac;hK"'nn\JPnnnnal
Verified: n/a Public Records Public Records Ottler Appraiser's Files, Public Ottler Appraiser's Files, Public
Recnmc; R p(' nmc;
AgriculllJralland located west Former dairy farm has level, Farm purchased by a farmer.
of Dickinson Township. Site is rolling and gently sloping Located just a few miles west
Agricultural land 7 miles Hooe farm in ttle Newville of ttIe subject Property is
soottlwestof Carlisle. Site IS primarily open, rolling area. Property has sloping topography wittl open improved with a modem
primarily open gently rolling farmland. Property includes a topography and open agricultural fields. Some flood farmhouse, a bam, and other
farmhouse of similar age and hazard area. Property includes
Description: terrain wi no apparent flood condition to ttle subject, bam agricultural fields with some farmhouse, a barn and several out-buildings. Property has
plain. Area is primarily and several outbuildings. wooded areas. There were no outbuildings. Purchased for level, rolling and sloping
agrtcultural and single-family There are were no subdivison s ubdivis ion approvals in place future res idential development, 1Dpography IMth open
residential. approvals in place at time of at time of purchase. wi preliminary subdivision agricultural fields. There were
purchase. approvals in place. no subdivision approvals in
place at lI1e time of purchase.
Zonina: Aartculrural A;:;-,;,- ,;r" ,,.;., Rllral Anri~lllh;';1 SlJhuman Rp~irlpnli;)1 Al1rirllllilr.:l1
Utilities: No public water and sewer No publiC water and sewer No public water and sewer Public water and sewer No public water and sewer
annmv::tlc; in nla~..
Land Size (Acres): 122.79 155.68 166.26 98.72 14200
PriceAcre: n/a $14,742 59,924 $7 ,597 $7 ,746
Transaction Adjustments
Property Riahts Conveved 0 0 0 0
Financino Terms 0 0 0 0
Conditions of Sale 0 0 1,216 0
Adi Price Acre $14,742 $9,924 $8,813 $7,746
Market Conditions $1~7 397 764 1033
Adi Price,Acre $14,938 $10,321 $9,577 $8,779
Site,Physical Adjustments
Location -20% 5% -10% -5%
Zenino 0% 0% -5% 0%
PhvsiCal C haractertstics 0% 5% 10% S%
Size 5% 5% -5% S%
Net Site,Phvsical Adiustments -15% 15% -10% 5%
Ifinal Adjusted Price!Acre
$12,698 I
$11,869 I
$8,619 I
$9,218 I
Sub' t Value Estimate
Min. Adjusted Sale ($/Acre):
Max. Adjusted Sale ($/Acre):
Mean Adjusted Sales ($/Acre):
$8,619
$12,698
$10,601
Noone & Associates I 25
80 North Dickinson School Road
Discussion of Comparable Sales
In general an upward adjustment will be made if the comparable is inferior to the subject for a given
element of comparison and downward where the comparable is superior to the subject for a given
element of comparison. The intent of this process is to bring the comparable sales to approximate parity
with the subject.
Property Rights Conveyed
A transaction price is always predicated on the property rights conveyed. Many types of real estate,
particularly income-producing property, are sold subject to existing leases. In these situations the real
property rights conveyed is the leased fee interest. All of the sales included fee simple interests and no
adjustments are warranted for property rights.
Conditions of Sale
This adjustment is applied if there are any unusual circumstances surrounding the transaction, such as
foreclosures, bulk sales, related parties, assemblages and the like. All of the sales were considered arms
length, having taken place under conditions requisite of a market transaction. Therefore, no adjustments
are warranted for conditions of sale.
Financing Adjustments
The comparable sales have been adjusted for financing terms if applicable. This adjustment renders the
sales price to cash equivalent terms. Where favorable (below market rate) financing terms are made
available by the seller, the difference between the favorable terms and the market rate terms is estimated.
The sales agreement was made for Comparable Sale #3 in 2003 but not closed until 2005 so an
adjustment was made to bring the sale price current with 2005 sales.
Market Conditions (Time)
After adjusting the sale comparables for financing and conditions of sale, the sales must be brought
current by means of a time adjustment if the market warrants. Based on overall appreciation in land
values in the subject's market area over the past several years, an adjustment of 8.0% per year is deemed
appropriate to bring the comparable sales current.
Location
Adjustments are applicable if there are advantages/disadvantages between the comparable sales and the
subject regarding the property location. Sale # 1 is considered superior to the subject due to its closer
proximity to the Harrisburg metropolitan area. Sale #3 is considered superior to the subject due to its
proximity to residential development and the local school. Sale #4 is considered superior to the subject
due to its location on a more well traveled road. All three sales, #1,#3,#4, warranted a downward
adjustment. Sale #2 is considered inferior to the subject due to its more remote location, warranting an
upward adjustment.
Zoning
Adjustments are applicable if there are advantages/disadvantages between the comparable sales and the
subject regarding zoning. Sale #3 is considered to have more flexible zoning, which is considered to be
superior, warranting a downward adjustment. All other sales are considered to have similar zoning to the
subject, and, accordingly, no adjustment is warranted.
Noone & Associates I 26
80 Nortb Dickinson School Road
Physical Characteristics
Adjustments are applicable if there are advantages/disadvantages between the comparable sales and the
subject regarding physical characteristics such as topography, shape, utilities, etc. Sale #2 is considered
inferior to the subject as part of the property is sloping and wooded, thus an upward adjustment was
made. Sale #3 is considered to be inferior to the subject due to the flood hazard area and the property's
irregular shape, warranting an upward adjustment. Sale #4 is considered inferior to the subject due to its
lesser road frontage, warranting an upward adjustment. Sale #1 is considered similar to the subject thus
no adjustments are necessary.
Size
Normally, economies of scale dictate that a larger property will sell for a lower unit value than a small
property. Sales #1, #2, and #4 are larger than the subject, warranting an upward adjustment. Sale #3 is
smaller than the subject, warranting a downward adjustment.
Conclusion - Sales Com parison Approach
The Land Sales Analysis table summarizes the adjustments and estimate of market value of the subject
property residual land. After adjusting the comparable sales, the prices ranged from $8,619 to $12,698
per acre, with a mean of $10,601 per acre.
All sales were considered reliable indicators of the market value of the subject property and in the final
analysis the greatest weight was placed on the central tendency of the adjusted sales. As a result, a price
per acre of$10,500 is chosen for the subject property.
Based on the data presented above, the estimated fee simple market value of the subject property land, as
of October 27, 2006, based on the 'Sales Comparison Approach, is $1,289,295 ($10,500 x 122.79 acres),
rounded to:
* * * ONE MILLION THREE HUNDRED THOUSAND DOLLARS * * *
($1,300,000)
Valuation of Partial Interest
Property valuation methodology generally recognizes that partial interests are valued at a discount due
primarily to their limited marketability resulting from the following factors:
o partial interests have limited value in use as collateral;
o the absence of autonomous control;
o the possible restrictions imposed in transferring partial interests.
Non-controlling partial interests in real property do not benefit from the same bundle of rights that would
accrue to the 100% or controlling ownership position. A non-controlling partner has no control over
financing and cannot obtain conventional financing secured only by his or her specific property interests
even if the property is debt free.
A partial interest is less liquid than 100% or controlling interests. The lack of liquidity stems from the
very limited resources through which partial interests can be marketed. Thus, partial interests cannot
receive the same exposure to the market that is available to the 100% or controlling position through the
vast network of real estate brokers.
Noone & Associates I 27
80 North Dickinson School Road
Partial Interest Discount
The amount of the discount is often affected in part by the degree to which the parties are related, either
by blood or by contract. Typically partial interests discounts between blood relatives is less then
between unrelated parties. Another factor affecting the amount of the discount is the extent of the
interests being valued. The size of the interest is expected to have an inverse relationship on the size of
the discount; that is, as the amount of interest owned increases, the size of the discount decreases. A
third factor affecting the size of the discount is the value of the property in question. As the value of the
property rises, so does the size of the discount when valuing a partial interests.
Market studies have shown that discounts for partial interests typically fall in the range of 25% to 45%.
Again, the amount of the discount depends on the degree to which the parties are related, the amount of
the interests being valued and the value of the property in question.
With this mind, given the relationship between The Samuel Hoover Trust, Miriam Hoover and Catherine
Hoover, a 10% discount is deemed an appropriate partial interest discount.
The partial interest discount for Ms. Catherine Hoover's 25% share of the property is estimated at 10%
and the value of her share is calculated as follows:
Estimated Market Value:
Ms. Catherine Hoover's Interest Share:
Value Allocation:
Adjustment of Partial Interests Discount (10%):
Value of Ms. Catherine Hoover's Interests:
$1,300,000
X 25%
$325,000
X 90%
$292,500
Based on the data presented above, the value of Ms. Catherine Hoover's partial interest in the subject
property, as of October 27,2006, is:
* * * TWO HUNDRED NINETY TWO THOUSAND FIVE HUNDRED DOLLARS * * *
($292,500)
Noone & Associates I 28
80 North Dickinson School Road
CONCLUSION
Final Property Value
The final estimate of the fee simple market value of the subject property, in its 'as is' condition, as of
October 27, 2006 is:
* * * ONE MILLION THREE HUNDRED THOUSAND DOLLARS * * *
($1,300,000)
Catherine Hoover Interest
The final estimate of Ms. Catherine Hoover's partial interest in the subject property, as of October 27,
2006 is:
* * * TWO HUNDRED NINETY TWO THOUSAND FIVE HUNDRED DOLLARS * * *
($292,500)
Noone & Associates I 29
80 North Dickinson School Road
CERTIFICA TION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. 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.
3. 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.
4. My compensation in not contingent upon the reporting of a predetermined value of 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.
5. My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice.
6. I have made a personal inspection of the property that is the subject of this report.
7. No one provided significant professional assistance to the person(s) signing this report.
8. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute.
9. The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
10. As of the date of this report, I have completed the requirements of the continuing education
program of the Appraisal Institute.
Signature:
~~j3 e~~ Date:
Pennsylvania Certified General Appraiser No. GA-0001272-L
It.. \~..ob
Noone & Associates I 30
80 North Dickinson School Road
Assistance in performing this appraisal was provided by:
~~~~
V irgi a L. Daley .
Assistant to the Certified General Real Estate Appraiser
Noone & Associates I 31
80 North Dickinson School Road
ASSUMPTIONS AND LIMITING CONDITIONS
1. No responsibility is assumed for the legal descriptions provided or for matters pertaining to legal
or title considerations. Title to the property is assumed to be good and marketable unless
otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise
stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable, but no warranty is given for
accuracy.
5. All engineering studies are assumed to be correct. The plot plans and illustrative material in this
report are included only to help the reader visualize the property.
6. No survey has been made by the appraiser and no responsibility is assumed in connection with
such matters.
7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such conditions
or for obtaining the engineering studies that may be required to discover them.
8. It is assumed the property is in full compliance with all applicable federal, state, and local
environmental regulations and laws unless the lack of compliance is stated, described, and
considered in the appraisal report.
9. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless
noted within the report.
10. The distribution of the total valuation in this report between land and improvements applies only
under the stated program utilization. The separate allocations for land and buildings must not be
used in conjunction with any other appraisal and are invalid if so used.
11. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing
Assumptions and Limiting Conditions.
12. The appraiser of this property will not be required to give testimony or appear in court because
of having made this appraisal, unless arrangements have been previously made.
Noone & Associates I 32
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'~B~fE$IfiA11fu~ 05
SAJ\JUEL L. E:OOVER, DECEASED
IN THE COURT OF COMMON PLEAS OF
Cul\1BERLAND COlJNTY, PENNSYLVANIA
ORPH.ANS' COURT DNISION
NO. 21-02-0163
DE~ AWARDING REAL ESTATE
ANDNOW,thisJlo I day of 5~lem8~ , 2003, it appearing that the
First. and Final Account and Statement of Proposed Distribution of Manufacturers and Traders Trust
Company, Executor of the Estate of Samuel L. Hoover, late of Dickinson Township, Cumberland
County, Perms)' lvania, have been filed and advertised in accordance \vith law and rules of Court and
the same have been confimled by the Orphans' Court of CUlnberland County, Pennsylvania, on
August 26,2003, and it appearing that said Executor, Ivlanufacturers and Traders Trust Company
in its Statement of Proposed Distribution claim the distribution of the real estate in kind to
Manufacturers and Traders Trust Company, Trustee, it is ordered, adjudged and decreed that the
hereinafter described real estate is hereby awarded to Manufacturers and Traqers Trust Company,
Trustee under Revocable Living Trust of Samuel L. Hoover dated August 21, 1991, as amended
August 4, 2000, and its successors and assigns, decedent's undivided one-half interest in and to:
Parcel No. 08-11-0292-002
ALL that certain fann loca.tedin Dickinson Township, Cumberland County,
Pennsyl vania, containing 132 acres and 126 perches, and more particularly bounded
and described as follows:
BEGINNlNG at a comer on road leading from \Valnut Bottom Road and York Road
near the lime kiln; thence along said road, North 35-1/2 degrees West 241.2 perches
to stones; thence North along lands fonnedy o[George Kissinger 34 degrees East 57
perches to a hickory; thence North 80 degrees East 37 perches to stones; thence along
lands now orfonnerlyofS. Sprole Woods and John Hays, South 22-3/4 degrees East
272 perches to a post at lands now or formerly of John S. Vloods and others and U.G.
Barnitz, deceased; thence by said lands South 73 degrees "vVest 76.3 perches to the
place of BEGINNING. CONTAINlNG 132 acres and 126 perches, neat measure.
LESS, HOWEVER, ten (10) acres whIch \vcre conveyed to Dickinson Township
School District by Deed dated Septelnber 2, 1952, and recorded in Cumberland
County, P A, Deed Book "e", V OlU111e 15, Page 163.
BEING the same premises vvhich Vada Hoover Wcb~r, ct al., by Deed dated
January 1 5, 1950 and rec.orded in Cumberland County, P A, Deed Book "H", Volume
B""..,.. ~.:n r.:' n-:1Q"'4
..u.. ~ . ,,"'- ""4-
14, Page 351, granted and conveyed unto Paul J. Hoover and Samuel L. Hoover. The
said SaInuel L. Hoover having died January 19, 2002, Letters Testamentary were
granted unto Manufacturers and Traders Trust Company by the Register of Wills of
Cumberland County.
The Recorder of Deeds in and for said County of Cuxnberland is directed to record this'
Dec;:-ee among ~he deeds in his offic::al capacity and to index the same in the Grantor index against
thc Estate of Samuel L. Hoover and in the Grantee index to Manufacturers and Traders Trust
Company, Trustee under Revocable Living Trust of Samuel L. Hoover dated August 21, 1991, as
amended August 4,2000, in accordance with the Pennsylvania Probate, Estates and Fiduciary Code
of 1972, as amended, Sections 3534..3536.
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ADDENDUM B
Subject Tax Map
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ADDENDUM C
Comparable Sales Map
-
~
Street Atlas USA@ 2006
80 North Dickinson School Road and Comparable Sales
Data use subject to license.
@ 2005 DeLorme. Street Atlas USA@ 2006.
www.delorme.com
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i /'::::>;::..-.--- /..--r--" ~., ',.. .....--- :,' ,.......,......., .)....:lo\ . Yocumtown
,,-:.;/~~ ....--r/ 2513 Walnut Bo~tom Rd h i~.~jIih9-s~.rings . ._.i..-G~antham--' \ .):~\:.'
"':2;.' ,/' "'" '... Newburg- / '):(. ,/ .-,r .' . 'Mount' PJeasant Lewisberry-' "'~"
/ t...,...........:.-. , ',,' ../ .........../, .~ I -,. ,...~;-.
j /,....;..'.." "\ / ,?? X. p.' ~. . . \ .Mount Holly Springs .,./ .\./ ;' '-~-- "
.'<---.'.-- \ / /" _~.. I I\lnson ~. Beavertp""n !fDillsburg \
,- i. / ./ /..... \ ..- \ ... _ u. M' aytown
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urgan C, J / 'y./a1nut Bottom J '-.... .,/ n \ /-
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j ," #"~/ ". / .~p.... \ 1':.' "'" \ Airpark
.\,../ " y '. -- .... . ... -..- ! Idavllle '\ ,,.j( . .......,,_.., ~
-, .. ./~. .../v ~'/~ \\, / ... _.....- '. .~G d '\~ Y lk Springs' ,.\,~
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//i r= "'-, (' . ,------, \ ; _-,;------;;---....,--~ _' ;,east Berlin . _...__;"" __.' i:
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,....,~~ ~etteville ~ .--'."/ ../ ArendtSVil~~----'---~.\::""''-... j..j /\ / :~r ~~;"~~'--m~:;~7"'-"\';
d _ ~ ..( / , /-/ \ ... c.Q~" ..
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\ / \ '+", " 394 .-// \ .;~bbottstown ./
L; .Ca~,~town \ l J~ \. ..-Y;~--:;; Ii,. Spring Grove .....
). . /;/ '.~...cKnightstowr /II "_'_.._' ~.~w:?xfordl ''''\ Hi h ·
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'; t'~':~"J~ · sth Moun",;n · ONtanna 'b~=!1;~\t:':' \./\., /' port~i. S;deling
.\ \ . .~~.-. --r., 'i f" .'
TN Scale 1 : 400,000
MN (11,O'W) T ~. ,;~o ~ '-1
~ 1" = 6.31 mi Data Zoom 9-0
PillO~....
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ADDENDUM D
Appraiser Qualifications
Patrick F. Noone, MAl - Professional Qualifications
Experience
Patrick F. Noone has been engaged in the real estate valuation and consulting profession since 1991. He
is president of Noone and Associates, Inc., Mechanicsburg, P A., a company specializing in commercial
red estate valuation and analysis. Appraisal assignments have included those required for financing, tax
assessment appeals, asset management, acquisitions, litigation support, bankruptcies, bank work-outs,
estate planning and eminent domain proceedings. Mr. Noone has served as an expert witness before the
Court of Common Pleas in Cumberland and Dauphin Counties and the Assessment Appeal Boards in
Cumberland, Dauphin, Lebanon and Bucks Counties.
From 1993-2000, Mr. Noone was employed as the appraisal services manager for RSR Appraisers and
Analysts, Camp Hill, P A. In this capacity, he managed a staff of six appraisers and was responsible for
the preparation of appraisals for most types of real estate including retail, office, warehouse, industrial,
and hotels, as well as many special purpose properties such as congregate care facilities, hospitals,
residential subdivisions, mobile home parks, and mini-storage warehouses.
From 1991 to 1993, Mr. Noone was employed by Republic Real Estate Appraisal Company, Vienna, VA.
In this capacity, Mr. Noone prepared real estate appraisal reports on commercial and industrial properties
throughout Northern Virginia, the District of Columbia and Maryland.
From 1986 to 1991, Mr. Noone worked in real estate development. From 1988 to 1991, he was vice
president of real estate development for Storage USA, Columbia, MD. From 1986 to 1988, he was a
senior development coordinator for Public Storage, Inc., Alexandria, VA. In both positions, he was
responsible for site acquisition and development of warehouse facilities throughout the southeast.
Education
University of Virginia, MS
Pennsylvania State University, BS
Urban Planning
Landscape Architecture
1983
1978
Professional Affiliations
Appraisal Institute, Central P A Chapter
Appraisal Institute, Central P A Chapter
Appraisal Institute
International Right Of Way Association
Pennsylvania Builder's Association
President 2003
Education Chairman 1997-2002
MAl Designated Member 1998
Certifications
Certified General Real Estate Appraiser
Certification Number GA-001272-L
Certified Landscape Architect
Pennsylvania
1994
New York
Maryland
1984
1981
Patrick F. Noone. MAl - Professional Qualifications (cont.)
Education (Real Estate Appraising)
Completed all required courses for the MAl designation including:
Appraisal Principles (110) Appraisal Institute
Appraisal Procedures (120) Appraisal Institute
Basic Income Capitalization (310) Appraisal Institute
Standards of Professional Practice Part A (410) Appraisal Institute
Standards of Professional Practice Part B (420) Appraisal Institute
Advanced Income Capitalization (510) Appraisal Institute
Report Writing and Valuation Analysis (540) Appraisal Institute
Advanced Applications (550) Appraisal Institute
Appraisal Continuing Education Seminars
Partial Interest Valuation - Divided
Appraisal of Non.Conforming Uses
Appraisal of Local Retail Properties
Dynamics of Office Building Valuation
Litigation Skills for the Appraiser
Analyzing Operating Expenses
Valuation of Leased Fee Interest
Appraisers Complete Review
Subdivision Analysis
Property TYlJes Appraised
Assembly/Meeting Place
Health Care
Industrial
Land
Partial List of Clients
Bank of Lancaster County
Commerce Bank
Hershey Trust
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
2000
2000
1999
1998
1998
1998
1997
1996
1994
Lodging & Hospitality
Multi-Family
Office
Retail-Commercial
Senior Housing
Shopping Center
Special Purpose
Sports & Entertainment
Legg Mason
M&T Bank
PNC Bank
Prudential Mortgage Capital
Wachovia
Waypoint Bank
Dauphin Co. Assessors Office PA Housing Finance Agency
Harrisburg Parking Authority P A Dept. of Transportation
P A Attorney General's Office Red. Rose Transit Authority
Arnold Logistics
Buchanan Ingersoll
CVS Corporation
Diakon Lutheran Services
United States Postal Service
U.S. Department of Housing &
Urban Development
Harrisburg Area Com. College United Church of Christ Homes
Holy Spirit Hospital United Water
Leader Nursing Homes Waste Management
Motora la