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HomeMy WebLinkAbout06-03-10......~ REV-1500 Ex (06-05) 15 0 5 6 0 4115 8 PA Department of Revenue OFFICIAL USE ONLY Bureau of Individual TMxes County Cods Year File Number PO BOX 280801 INHERITANCE TAX RETURN 21 08 Hamsburg, PA 17128-os01 RESIDENT DECEDENT 0 9 3 3 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death 162-48-2443 Date of Birth 09082008 06281962 Decedent's Last Name j Suffix Decedent's First Name SEALOVER I MI JEFFREY D (if Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix I' Spouse's First Name ~I M 1 Spouse's Social Security Number _ _ THIS RETURN MUST BE FILED IN DUPLICATE WITH FILL IN APPROPRIATE BOXES BELOW REGISTER OF WILLS ^X 1. Original Return ^ 2. Supplemental Return ^ 3 Rem i d ^ 4. Limited Estate ^ 4a. Future Interest Com i . a n er Ret 6 ^ r m (date of death ) ^ 6. Decedent Died Testate ^ T prom se (date of death after 12-12-82) D d 5, F ederal Estat R eturn Required (Attach Copy of Will) ^ • ece ent Maintained a Liv(ng Trust (Attach Copy of Trust) ~ 8. Total Number of Safe Deposit Bones 9• Litigation Proceeds Received ^ 10. Spousal Poverty Credit (date of death between 12-31-91 and 1-1-95) ^ 11. Election to tax u ~, der Sec, 9113(A) CORRESPONDENT . THIS SECTION MUST ~ COMPLETED, ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION 30) Name RICHARD C . SNELBAKER, ESQUIRE Daytime Telephone Num LD BE DIRECTED TO: r. ~ Firm Name (If Applicable) 717 - 6 9 7 - $ . °- .-. o SNELBAKER & BRENNEMAN, P.C. First line of address 44 WEST MAIN STREET Second line of address P.O. BOX 318 City or Post Office State ZIP Code MECHANICSBURG PA 17055 REGISTER I-.,~~ I .~ Cn ~ t,.J ,- o~ ~ ~ QD DATE ~.; _j ~'i '_ ~ ~'.'! 'c1 t"x_ t`t"~ T ~ t~:.J c. _.:; _` - . ~" fri ~,~ ~ wr.responaent's e-mail address: Under penalties of perjury, I deGare that I have examined this return, including accompanying schedules and statements, and to the best of my knowled e a it is true, correct and compote, DeGaretion of preparer other than the personal reprosentative is based on all information of which preparer has am knowlede. SIGNA~E OF SON RESPON FOR FILING RF~TI tare 9 nd belief, THAN 1/~ IANICSBURG PA 17055 O IICS_B_U_ RG PA 17055 Side 7 15056041158 8M4847 3.000 1505604115 III _ __ ___ _ REV 1500 IX ~~~5604C159 Decedent's Socisi Security Number 162-48-443 RECAPITULATION 1. Reai estate (Schedule A) .. .. .. .. .. , ............1. 2. Stocks and Bonds (Schedule B) . .. .. , .........2. 3. Closely Held Corporation, Partnership or Sole•Proprietorship (Schedule C) .. .. . 3, 4. Mortgages S Notes Receivable (Schedule D). .. ..... .. . ......4. 5. Cash, Bank Deposits & Miscellaneous Personal property (Schedule ~ .. .. .. g, 6. Jointly Owned Property (Schedule F) ~ Separate Billing Requested . .. . 6, 7. Inter-Vivos Transfers & Miscellaneous Nan-Probate Property (Schedule G) ~ 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, 8~ Liens (Schedule I). . . . . • 10. 11. Total Deductions (total Lines 9 & 10) . . 12. Net Value of Estate (Line 8 minus Line 11) . 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which 12 an election to tax has not been made (Schedule J) . , . 13 . 14. Net Value SubJect to Tax (Line 12 minus Line 13) , . 1d rw~ cvMPUTATION -SEE INS TRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers un Sec. 9116 ~ (a)(1.2) X .0 16. Amount of Line 14 taxable 0 • D D 15. at lineal rate X .O~iS 17. Amount of Line 14 taxable D • D D 16. at sibling rate X .12 18. Amount of Line 14 taxable D • D D 17. at collateral rate X .15 D.00 18. 19. TAX DUE , . 19. 20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND.OF AN OVERPAYMENT L...._ 15056042159 D.00 0•DO 0.•DD 0.00 8916.75 0•DD D.oD Side 2 BM4848 2:000 u-- ~G • ( J 19066.92 59142.22 78209.13 -69292.38 0.00 ~~ 0.00 it !, 0.00 ~! 0.00 i '~ O.OD ~'~ 0.00 i~ 1505604219 J I REV 1500 EX Page 3 Decedent's Complete Address: fla Number DECEDENTS NAME 21 0 8 sTREETADDRESs s CITY STATE ZIP Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) 2. Credits/Payments (1) A. Spousal Poverty Credit ~ ~ ~ B. Prior Payments ~ Q o C. Discount o " o 0 3. Interest/Penalty if applicable Total Credits (A + e + C) (2) D. Interest Q ^ ^ E Penalty o . o 0 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT~UP~~y (D + E) (3) ', 0.00 Fill in box on Page 2, Line 20 to request a refund. (4) ^ 0 0 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DuE. (5) 0 0 0 A. Enter the interest on the tax due. c5A) '' o . 0 0 B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) 0 0 0 Make Check Payable to: ASTER OF WILLS, gGENT PLEASE ANSWER THE FOLLOWING QUESTIONS ~ BY PLACING AN "X" IN THE APPROP 1. Did decedent make a transfer and: RIATE B OCKS a. retain the use or income of the o pr party transferred; , b ~ o . retain the right to designate who shall use the property transferred or its income; c. retain a reversionary interest; or . .. ~ ~ ~ ~ ' ' d. receive the promise for Iffe of either payments ben f t , e i s or care? ... 2. If death occurred after December 12, 1982, did decedent transfer property within on e year of death without receiving adequate consideration? . .. .. 3 Did ^ . decedent own an "in trust for" or .payable upon death bank account or security at his or her death? . 4. Did decedent own an Individual Reti ^ x rement Account, annuity, or other non-probate property which contains a beneficiary designation? ^ X IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS P~4RT OF THE RETURN. 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 u~e of the survivin s is three (3) percent [72 P.S. §9116 (a) (1.1) (i)). 9 Pouse For dates of death ort or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the suMving s II use is zero 0 [72 P.S. §9116 (a) (1.1) (ii)j. The statute does no__ t_ exempt a transfer to a surviving spouse from tax, and the statutory requirements for~disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. (}Percent 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 user, of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116(a)(1.2)j. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal benefidartes Is four and one-half 4.5 72 P.S. §9116(1.2) p2 P.S. §9116(a}(1)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve 12 ( ) perr}snt, except as noted in under Section 9102, as an individual who has at least one parent in common w(th the decedent, whether by blo~odnto[r7~op ~ 9116(a)(1.3)j. A sibNng is defined, BM4671 1.000 I -- -- SCHEDULE C COMMONWEALTH OF PENNSYLVANIA CLOSELY-HELD.CORPORATION, INt$WTANCETAX RETURN PARTNERSHIrS d~ S~~E-p~~pFtl~7'bRSHIP ESTATE OF Schedule C-7 w C-2 (inGudinp all supporting information) moat he attached for each 1 0 B O ~ sdo-propdetorahip. See instructions ffoorr the supporting information to be submitted for ao~~~ ~Pwat~orUpartmsrahip interost W the ITEM o-ProPrietorships. NUMBER ~ DESCRIPTION Decedent's interest in general partnership known as "The Sealover Group" as more fully described in the addendum attached hereto. dent, other than a VALUE AT DATE OF DEATH 0.00 TOTAL {Also enter on line 3, Recapitulatbn) 3W0697 1.000 (if more space is needed, insert additional sheets Of the aatne size) S 0.00 REV-1506 EX+ (9.00 COMMONWEALTH OF PENN5YLVANIA INHERRANCE TAX RETURN RESIDENTDECEDENT •wr~ w~ SCHEDULE C-2 PARTIV~~~WIp INFORMATION REPORT FILE NUMBER 21 OB 093 1. Name of Partnership ~~ gealove*• Gro+•8 Date Business Commenced 'June 1989 Address C/o Beulah A G®; ~*e,- (,0 Cooycar g ,.me} Business Reporting Year December 31 City Mechanicsburc State PA Zip Code 2. Federal Empbyer LD. Number _25-1654061 3. Type of Businessland Dever o>~meat Product/Service 4. Decedent was a ®General ^ Limited partner. If decedent was a limited partner, provide initial investment 0.00 PAI~~'N~#~ NAME C. ~, D. 6. Value of the decedent's interest $_ 0 00 7. Was the Partnership indebted to the decedent? ......... ..^Yes ®No If yes, provide amount of indebtedness $ 0.00 j 8. Was there life insurance payable to the partnership upon the death of the decedent? , ^Yes ®Na I'~ If yes, Cash Surrender Value $ 0.00 Net proceeds payable $ Owner of the policy 9. Did the decedent sell or transfer an interest in this partnership within one year prior to death or within two years ~ the date of death was prior to 12-31-82? ^ Yes ®No If yes, ^ Transfer ^ Sale Percentage transferred/sold 0. 000 Transferee or Purchaser Consideration $ 'i Attach a separate sheet for additional transfers and/or sales. 0.00 Date ~ 10. Was there a written partnership agreement in effect at the time of the decedent's death? If yes, provide a copy of the agreement. ..... Q Yes [] ~o 11. Was the decedent's partnership interest sold?, , If yes, provide a copy of the agreement of sale, etc. ~ " ' ' ' ' ' ... ^Yes ^X too 12. Was the partnership dissolved or liquidated after the decedent's death?• , If yes, provide a breakdown of distributions received by the estate, including dates and am • ' ^Yes ®~lo ounts received. 13. Was the decedent related to any of the partners?, • , If yes, explain Sole artner at date of death ~ ~ ~ " • ' ' ' ' ' ®Yes ^ o 14. Did the partnership have an interest in other corporations or partnerships? .. , If yes, report the necessary information on a separate sheet, including a Schedule C-1 or C-2 for each interest ® ~o THE FOLLOWING INFORMATfON MUST BE SUBMITTED WITH THIS SCHEDULE A. Detailed calculations used in the valuation of the decedent's partnership interest. B. Complete copies of financial statements or Federal Partnership Income Tax returns (Form 1065) for the year of death and 4 precedin years, C. If the partnership owned real estate, submit a list showing the complete addresses and estimated fair market values. If real estate appraisals have been secured, attach copies. D. Any other information relating to the valuation of the decedent's partnership interest. SEE ADDENDUM FILED HER~WITH W~898 7.000 SUPPLEMENT TO SCHEDULE C-2 The following material is provided for informational purposes, in the i disclosure. It concerns the Decedent's interest in a general partnership for which t taxable value. BACKGROUND In June of 1989, Vernon R. Sealover (father), Dennis A. Sealover (son) Sealover (son) formed a general Pennsylvania partnership known as "The which each partner had an equal interest. The partnership was formed for Borough of Dillsburg, York County, Pennsylvania, primarily for residential use, wi commercial area, to be known as "Winfield". The partnership acquired the land in In May of 1996, Vernon R. Sealover withdrew from the partnership. Dennis and Jeffrey Sealover amended and restated their partnership partnership agreement dated Apri16, 2004, which indicated each was a 50% The development process was funded by loans from Integrity Bank and Sealover. Dennis Sealover died intestate on November 1, 2007. His wife, Robyn A. S of full is no Jeffrey D. Group", in ng land in the th some 1989. ,nt by a new partner. i Vernon ;alover was appointed Administratrix for his estate in proceedings docketed to No. 2007-1060, i~ the Office of the Register of Wills of Cumberland County. As surviving partner and pursuant to the partnership agreement, Jeffrey D. sought to conclude the partnership. His efforts culminated in an equity action again~t Dennis's Estate filed in the Court of Common Pleas of Cumberland County, docketed to No. Q8-3791, which remains pending. Jeffrey became ill during the pendency of the law suit and died intestate o~ September 8, 2008. His mother, Beulah Geiger, was appointed Administratrix on September 1 ~, 2008, by the Register of Wills of Cumberland County. The development of Winfield was financed on the credit of Vernon A. Sea~over (and his wife, Dorothy Sealover) in two ways: (a) as the guazantor of mortgage loans from ntegrity Bank, and (b) aslender-obligee (with Sealover Construction Co.) on a series of ap roxirnatel} 147 notes from the partnership. The real estate was the sole asset of the partnership. I~! VALUATION ~~ The proposed "Winfield" development was still in the planning sta eat thelltime o g f Jeffrey's (Decedent) death. An appraisal by Patrick F. Noone, MAI, made in accor ance with the partnership agreement (§ 14.06), indicated a value of $2,093,000.00, as of Denn~s's date of death. We believe the value of Winfield had declined as of Decedent's death beca se of the general decline in the real estate mazket. Again, the planning of the development h~d not been completed. Decedent's estate had only minimal assets as listed in Schedule E. It was financially impossible for the estate to complete the planning and service the debts. Accordingly, two major events occurred: 1. Vernon Sealover (and Sealover Construction Co.) took judgment aga#nst The Sealover Group on the numerous notes mentioned above in August 2 108 for a total debt of $1,784,465.48. ~ 2. Vernon Sealover (and his wife) obtained assignments of the Integrity Hank obligations in May 2009, and instituted foreclosure proceedings againllst The Sealover Group in September 2009, which resulted in a judgment of I, $1,323,931.88. See proceedings docketed to No. 2009-SU-004753-0~ in the ~I I - _ --- _~I .~ ,_ Interest continues to accrue on all of the foregoing obligations. Additionally, the partnership had other debts as shown on the attached stat Accounts Payable as prepared by the partnership's accountant. (It should be noted "Notes and Mortgages" reflect the obligations as of February 24, 2008.) CONCLUSION Based upon the foregoing, the following conclusions are submitted: As of Jeffrey Sealover's death (9/8/08), the value of the partnership's sole than $2,093,000.00. As of said date of death, there were liens on the sole asset based on the Ver. judgment of $1,784,465.48. As of said date of death (9/8/08), there were mortgage liens on the sole $862,884.11. Court of Common Pleas of York County, PA. A Sheriff s Sale of the Winfield real estate is being scheduled. Less: Judgment liens on notes: More than: interest. Stated in balance sheet form: Value of Real Estate: Less than $1,784,465.48 of the was less Sealover of at least 3,000.00 Mortgage liens: More than: $ 862,884.11 647 349.59 Value of partnership interest: More than (negative) This negative balance does not include the effect of other accounts payable aid accruing -~~ , ' ~~~~~~ THIS AMENDED AND RESTATED GENERAL PARTNERSHIP AGREEMENT ("Agreement") is made .and entered into this 6~' day of April, 2004 by and between DENNIS A. SEALOVER, ~n adult individual whose residence address is 211 Cherokee Drive, Hampden Township, Cumberland Coun Sealover") and JEFFREY D. SEALOVER, and adult individual whose resi ~' Pennsylvania ("Dennis deuce addr~ss is 609 East Coover Street, Borough of Mechanicsburg, Cumberland County, Pennsylvania ("Jeffrey Sealo~rer"). BACKGROUND A• Dennis Sealover and Jeffrey Sealover; together with their father Vemonj R. Sealover ("Vemon Sealover"), previously formed a Pennsylvania general partnership whereby each was n equal thirty-three and one-third (33 1/3%) percent partner of said partnership, said partnership being eviden ~ d b a art agreement dated June 25, 1989, a copy of which is attached to this Agreement as Exh~' y p nership reference. +fJit A fir purposes of B• Vemon Sealover withdrew from the partnership on May 10, 1996 by gra Il~ting and conveying all .of his thirty-three and one-third (33 1/3%) percent interest in and to, those certain four land located in the Borough of Dlllsburg, York County, Pennsylvania, evidenced b (~) tracts or parcels of recorded in the Office of the Recorder of Deeds for York County, Pennsylvania, in Reoco d Book )1D261 dP 6065 and Record Book 1261, Page 6069, to Dennis Sealover and Jeffrey Sealover, therreby vestin his thgrt - threeand one-third 33 1/3% g y ( )percent interest in said partnership equally with Dennis S~alover and Jeffrey Sealover, thus resulting in Dennis Sealover and Jeffrey Sealover each becoming equal tfifty {50%) percent general partners. C. Denrns Sealover, Jeffrey Sealover and Vernon Sealover now desire to cohftrm Vernon Seafover's May 10, 1996 withdrawal from the partnership. ~', D• Dennis Sealover and Jeffrey Sealover also now desire to amend and rest) to the June partnership agreement in whole, by replacing it with this Agreement. ~ 25, 1989 NOW, THEREFORE, in consideration of the mutual promises herein contained arld intending to be legally bound hereby, Dennis Sealover and~Jeffrey Sealover hereby agree that the June ~5, 1989 partnership agreement s hall be amended and restated as follows: CERTIFIES TRUE & E '!I SECTION 1 AMENDMENT AND RESTATEMENT OF GENERAL PARTNERSIi1P AGREEI1flENT Dennis Sealover and Jeffrey Sealover hereby amend and restate the part Sealover confirms his prior withdrawal.from the partnership by executing the Conf Partnership, attached as Exhibit 6 of this Agreement. The rights and duties of the as provided in the Pennsylvania Uniform Partnership Act. SECTION 2 NAME OF BUSINESS agreement. Vemon of Withdrawal From ng partners steal( be The business of the Partnership shall be conducted under the name of "The Se~lover Group." I'~, SECTION 3 DEFINITIONS "Act" means the Pennsylvania Uniform Partnership Act. "Agreement" means this Amended and Restated General Partnership agreement, as further amended, modified or supplemented from time to time. "Bankruptcy" shalt be deemed to have occurred with respect to any Partner si``~~~ happening of any of the followin ~~ry (60) days after the g: (1) the filing of an application by a Partner for,' or a consent to, the appointment of a trustee of the Partner's assets; (2) the filing by a Partner of a voluntary petition in b or the filing of a pleading in any court of record admitting in writing the Partner's inability to pay the Partner`s debts as they become due; (3) the making by a Partner of a general assignment for the enefit of credit the filing by a Partner of an answer admitting the material allegations of, or conserbt to 0 ors; (4) answering a bankruptcy petition filed a ainst the Partner in an bankru tc ! r defaulting in g Y p y proceeding; ~~or (5) the entry of an order, judgment, or decree by any court of competent jurisdiction adjudicating a Partner a bankru t or appointing a trustee of the Partner's assets, and that order, judgment, or decree continuing unstayed apd in effect for a period of sixty (60) days. -° - ii "Capital Account" means with respect to each Partner, the account estaf,~iished on the books and records of the Partnership for each Partner under Section 11.01. Each Partner's Capital Account shat( initially equal the initial Capital Contribution and during the term of the Partnership shall be (1) increased by the amount of (a) Taxable Income allocated to the Partner, and (b) any money subse luently contributed Partnership, and (2) decreased by the amount of (a) Tax Losses allocated to the artner, and (b) alltcash distributed to such Partner, and shall otherwise be kept in accordance with applicable reasury regulations. "Capital Contribution" means the amount of money contributed to the Partnership by a Partner. "Code" means the lntemal Revenue Code of 1986, as amended, modifred, o rescinded from time to time, or any similar provision of succeeding law. "incapacity" or "Incapacitated" means. incompetence, insanity, incapacity, as the case may be, of an individual Partner. "Interest" means the entire ownership interest of a Partner in the Partnership. "Majority in Interest", Partner or Partners whose aggregate Interest exceed Interest in the Partnership. death, disability or (50%) percent of ail "Net Cash Flow" with respect to any fiscal period means ail cash revenues of the Partnership Burin that period (including interest or other earnings on the funds of the Partnership), less tie sum of the foil ~ to the extent made from those cash revenues: ' f °wmg A• All principal and interest payments on any indebtedness of the B• All cash expenses incurred incident to the operations of the Partnership's ~usiness. C• Funds set aside as reserves for contingencies, working capital, debt se ' or other costs or expenses incident to the conduct of the Partnership's bu inessaxes, insurance, "Partners" mean Dennis Sealover and Jeffrey Sealover, and any other person or entity admitted as a Partner pursuant to Section 16. "Partnership Percentage" means as follows: PARTNER PARTNERSHIP EbERCENTAGE Dennis Sealover 50% II Jeffrey Sealover 50% IIII Distributions or allocations made in proportion to or in accordance with the P rtnership Percentages of the Partners shall be based upon relative Partnership Percentages as of the record d to for distrib accordance with Section 706(c) and (d) of the Code for allocations. 'I utions and in "Project" means the subdivision and development of a 34.00 acre (more or lel s) tract or tracts of land located in Dillsburg Borough, York County, Pennsylvania. "Taxable Income" and '?ax Losses," respectively, shall mean the net income or net losses of the Partnership as determined for federal income tax purposes, and all items required to Abe separately stated by Section 702 of the Code and. the Regulations thereunder. SECTION 4 BUSINESS OF THE PARTNERSHIP The general business of the Partnership is to invest in, acquire, hold, construct, maintain, improve, develop, lease, sell, exchange and otherwise own and deal with, for profit, real estate and to engage in any and all activities relating. or incidental thereto and engage in real estate projects as may be mutually agreed to, in writing, by and between the Partners from time to time. Such business activities shall nclude the Pro'ect. J SECTION 5 NAMES AND ADDRESSES OF PARTNERS The names and addresses of the Partners are as follows: Dennis A. Sealover 211 Cherokee Drive Mechanicsburg, PA 17050 Jeffrey D. Sealover 609 East Coover Street Mechanicsburg, PA X7055 SECTION 6 TERM The term of the Partnership shall begin on the date of this Agreement and sh II continue for a period of twenty (20} years or until dissolved by an act or event specified in this Agreeme t or by the law as one affecting dissolution. SECTION 7 BUSINESS OFFICES The principal place of business of the Partnership shall be 145 Big Oak Road Dillsburg, York Coun Pennsylvania, or such other place as the Partners may from time to ti ~ ~~ me determine. S1=CTION 8 CAPITAL AND CONTRIBUTIONS 8:01. tnitiai Capital Contributions. The Partners have made initial Capit III Contributions totalin Two Thousand ($2,000.00) Dollars, between them in accordance with their Partnershi Perce g ntages. 8.02. Partner's Assessments: In addition to the Capital Contributions require by Section 8.01, each Partner shall be obligated to make additional Capital Contributions, as called for by artners. All additio Capital Contributions shall be made in accordance with the Partnership Percents es an nal after it is determined by the Partners that said additional Capital Contributions wg be made.h'Anh' ncreaseays Capital Contributions of the Partners pursuant to Section 8.02 or otherwise shall be noted on Schedule 'n attached hereto and made part hereof. '4 8.03. Default in Payment of Capital Contributions. If any Partner fails to pay 11 or any portion of an additional. assessment called pursuant to Section 8.02 (an "Assessment Payment") wit in sixty 60 da s the non-defaulting Partner or Partners may advance an additional amount to the Partnership equal to the un aid Assessment Payment, which amount shall be deemed a loan to the defaulting Partn r and a subse cent Capital Contribution to the Partnership. Thereafter, distributions shall be withheld to which the defaulti Partner would otherwise be entitled and said distribution shall be paid to the other Pi~rtner or Partners n~ as applicable, until the entire Assessment Payment; together with interest computed a$ the rate of fiftee percent per annum shall have been repaid in full. n (15%) 8.04. Interest on Capital Contributions. No Partner shall be paid ~~nterest on any Ca ital Contribution. p ', 8.05. Withdrawal and Refurn of Capital Contribution ~' s. No Partner shall b~ entitled to withdraw any part of his Capital Contribution or to receive any distributions from the Partnership except as provided b th' Agreement. y is I SECTION 9 DISTRIBUTIONS 9.01. Distributions to Partners. Net Cash Flow, shall be distributed among the Partners in accordance with their respective Partnership Percentages at such times and in such a ounts a shall agree. ~ s the Partners 9.02. Timing of Distributions and Discretion of Partners as to Reinv stment. Partnershi distributions, if any, will be made to the Partners in accordance with their respective Pa nershi Percents p Net Cash Flow may in whole or in part be reinvested in the Partnership business or dist 'buted to the Pa ges. as the Partners shall determine. rtners, SECTION 10 ALLOCATION OF PROFITS AND LOSSES FOR TAX PURPOSE The Taxable Income and Tax Losses to be allocated among the Partners shall` b them in accordance with their respective Partnership Percents es, i' a allocated among 9 SECTION 11 BOOKS OF ACCOUNT, RECORDS AND REPORTS 11.01. Responsibility for Books and Records. Proper and ,complete records end books of shall be kept by the Partnership in which shall be entered fully and accurately all trajnsactions anaccount matters relative to the Partnership's business as are usually entered into records anjd books of ac ooher unt maintained by persons engaged in business of a like character, including a Capital Account for each Partner. The Partnership books and records shall be prepared in accordance with generally accepted accountin practices, consistently applied, and shall be kept on the cash method basis. The boobs and records shall at afgl times be maintained at the principal puce of business of the Partnership and shall be open to the inspection and examination of the Partners or their duly authorized representatives during reasonable business hours. 11.02. Reports to Partners. As soon as practicable in the particular case, by the Partners shall prepare or cause to be prepared the following: A• Such information concerning the Partnership after the end of each necessary for the preparation of Partner's income or other tax returns. B• An unaudited statement setting forth, as of the end and for each statement and a balance sheet of the Partnership and a state allocated to or against each Partner during that year. Partner as designated fiscal year as shall be i year, a profrt and loss. showing the amounts C• Other information as shall be reasonably necessary for the Partners to ble advised of the results of the operations of the Partnership. SECTION 12 FISCAL YEAR The fiscal year of the Partnesrship shall end on the thirty-first day of December in i SECTION 13 PARTNERSHIP FUNDS `a , s.- The funds of the Partnership shall be deposited in such bank accounts or acco irterest-bearing or non-interest bearing investments, as maybe determined by the P from such bank accounts shall be made as determined by the Partners. Partnership fi name of the Partnership and shall not be commingled with those of any other person, fi year. s, or invested in such pers. All withdrawals s shall be held in the or entity. , I ~, ,. '~I SECTION 14 RIGHTS OF PARTNERS 14.01. Incapacity. Within ninety (90) days after an individual Partner bet~omes .Incapacitated, the other Partner shall have the right (not the obligation) to acquire the Interest of the In Contract Price set forth in Section 14.06 which said Contract Price shall be paid in th timeaand na he mar the set forth in Section 14.07. If the Partner shall elect to purchase the Incapacitated Partner's Interest i nner Partnership the other Partner shall provide written notice within said nine 90 da n the Partner's executor, administrator, ~' ( ) Y P riod to the incapacitated committee or analogous fiduciary (the "Representati a"). If the other Partner does not elect to purchase the Incapacitated Partner's Interest in the Partnership he Representative sha retain the Interest and the Interest shall remain bound by all of the provisions of his Agreement and thel .Partnership shall continue. 14.02. Bankruptcy. At the Bankruptcy of any Partner, that Partner (an "Inactive Partner") or his or its representative shall cease to have any voice in the conduct of the affairs of the P rtnership and all acts, consents, and decisions with respect to the Partnership shall thereafter be made by he other ~Partn Inactive Partner shall, nonetheless, remain liable for his or its share of any losse of the Partnershi Toe contributions to the Partnership as provided herein a ~ p nd shall be entitled to receive his or its share of Taxable Income, Tax Losses, and Net Cash Flow. For six (6) months from and after the date o the Bankru tc of an Partner, the other Partner shall have the irrevocable option to purchase the Inactive artner's Intere t in the Partnership. Should the other Partner exercise his or its option to purchase the Inactive Partner's Interest the shall notify the Inactive Partner or its representative of.their intention to do so within t Y The purchase price of any Interest purchased pursuant to this Section 14.02 shall be the Con ~~tpperiod. defined by Section 14.06 and shall be payable at the time and in the manner spec fled in S rice as Should the other Partners not exercise the option to purchase the Inactive Partner' ection 14.07. Partner shall remain such in accordance with the provisions set forth above. ~ Interest, the Inactive 14.03. Limitation on Sale of interests. If a Partner desires to offer for sale h~s or its Interest in the Partnership, such Partner (the "Selling Partner"} shall give written notice of all material t rms and conditions the offer to sell to the other Partner (the "Buying Partner"). Within ninet g ~ of notice, the Buying Partner shall notify the Selling Partner of his or its intent aiendar d~ys after receipt of the Selling Partner upon the terms and conditions contained in the offer. If the Buy nurPa nerhe Interest of the ,. Selling Partner that he or its elects to purchase the Interest within the nine 90 ~ fails to notify the Selling Partner shall have the right (1) to sell his or its Interest to the third a~ ( ) calendar day period, the p rtY on the sjame terms offered to I ~i the Buying Partner, if the other Partner consents to the specific sale pursuant to Section 14.04 or 2 this consent, to withdraw from the Partnership. If a Partner withdraws pursuant tot ()failing sentence, the Partner shall be entitled to a payment from the Partnership a ual t~ th mediately preceding payable at the time and in the manner set forth in Section 14.07. Any amounts eceiv won uract Price and Section 14.03 shall constitute complete and full discharge of ail amounts owing to the withdrawins~ant to this account of his or its Interest as a Partner in .the Partnership. ~ g Partner on 14.04. Assignment. Subject to the right of first refusal in Section 14.03, a P I rtner may assi n all or a portion of his or its Interest provided that the other Partner consents, in writin , t~ the a g consent may be withheld in his or its absolute discretion). ,The assignment shall onf r u on s,gnment (which right to become a substituted Partner, in the following manner and subject ~ p the assignee the 1 to following Conditions: A• Each assignment shall be effective as of the day on. which the otf-~er Partner accepts the transfer. B• No assignment shall be effective if the assignment would, in the opinion of counsel to the Partnership, result in the termination of the Partnership for pu oses~ o provisions of the Code. ~ f the then applicable i C• No assignment to a minor or incompetent shall be effective in an r II s Y ~ pect except that this limitation shall not apply to a transfer in trust for the benefits of a minor or in custodianship under the Uniform Gifts to Minors Act or similar legislation. i Unless an assignee becomes a substituted Partner, the assignee shall have no Ilri ht to interf management or administration of the Partnership's business or affairs; or to require any i 9 rmation oeac oune i of Partnership transactions, or to inspect the Partnership's books. The assignment mere) entitles assignee to receive the share of distributions, income and losses to which the as i nin Part the otherwise by entitled. ~ g 9 ner would 14.05. Transferees Bound by Agreement. Any assignee and any pe on admitted to the Partnership as a substituted Partner shall be subject to and bound by all the provisions df this A ree originally a party to this Agreement. 9 ment as if 14.06. Contract Price. The Contract Price shall be equal to the fair maulCet.value of the Sellin Partner's Interest as of the date of the event triggering the sale. The fair market value shall be determined within sixty (60) calendar days from the date triggering the sale b an a Y ppraisal (to be, performed by a qualified MIA Reai Estate Appraiser approved by the non-selling Partner) of the fair market v4alue of the Partnershi 's assets, less its liabilities, times the Selling Partner's Percentage Interest and distribl ted in ac p Selling Partner's Interest as if the net assets of the Partnership were sold for cash a ~ t cordance with accordance with Section 17.02 (dissolution). The Contract Price shall be reduce bh the am istributed in Capital .Contribution, together with interest, not paid by the Selling Parther. ~ Y ount of any 14.07. Payment-Time and Manner. A• Any Interest transferred to the Buying Partner pursuant to Section 14 of his Agreement shalt be paid for, at the Buying Partner's option, either (1) all in cash at the (time of transfer of the Interest, or (2) by a down payment computed in accordance with Secti~n 14.07-B and delivery of a promissory note signed by the Buying Partner, B• If the Buying Partner elects the second option in Section 14.07-A above] he or it shall pa as a down payment twen five 25% Y tY' ( )percent of the Contract Price. The re aining unpaid portion of the Contract Price shall be secured by a promissory note of the Buyin Partner in such form as shall be acceptable to the Buying Partner and providing for five (5) equal annual installments of the remaining unpaid portion of the Contract Price, each installment clue on the anniversary of the transfer of the Interest. The promissory note shall provide that with each payment of the Contract Price fixed interest shall also be paid, at the rate published in tf~e Wall Street Journal for U.S. Money Center for Commercial Banks, on the portion of the pro lisso note rem unpaid from time to time. The promissory note shall further provide that) the n ai ammg the Contract Price, together with interest thereon as provided herein, sha II be due and pa, able six (6) years from the date of the acquisition of the Interest. ~I Y 14.08. Continuation of Business. If a Partner withdraws pursuant to Section 1.03 or otherwise, the Partnership shall not be dissolved and the remaining Partner or Partners shall have they ri ht to contin Partnership business without interruption. g ue the 14.09. Voting. All decisions required to be,made or actions required to be ta~Cen by the Partners pursuant to this Agreement, except amendments hereof and except as otherwise provided in the A reement 9 , shall be made or taken by Majority in Interest. Amendments to this Agreement shall approval of the Partners, require unanimous SECTION 15 MANAGEMENT AND ADMINISTRATION OF BUSINESS 15.01. Management. The Partners shall manage the day-to-day operations a Partnership. Dennis Sealover is hereby designated as the "tax matters a rid affairs .of the Sections 6221 through 6232 of the Code and shall cause to prepare, or be prepared ra I within the meaning of for the Partnership. ~ tax returns and reports 15.02. Time to Be Devoted to Business. Each Partner shall devote such (time to business as is necessary to manage and supervise the Partnership business affairs • the Partnership Nothing in this Agreement shall preclude the employment, at the expense of the P in an efficient manner. third party to rnahage or to provide such services with respect to the Partner art ership, of any agent or duties, provided that the Partners shall agree. ship pr Iperty or administrative 15.03. Other Activities and Compe#ition. .The Partners shall not be re wired Partnership as their sole and exclusive functions. The Partners may have oth to manage the engage in other activities in addrtion to and in competition with those relating to the Pa nernterests and may Partnership nor any Partner shall have any right by virtue of this shrp• Neither the created hereby, in or to such other ventures or activities of any Partnee orr to th r the p rtnership relationship therefrom. a incom or proceeds derived 15.04. Liability. No Partner shall be liable, responsible, or accountable in da _la the Partnership or any Partner for any action take R1 9es or otherwise to scope of the authority conferred on any Partner by th sr Agreement ct on behalf of the Partnership within the rcrtormed or omitted fraudulently or in bad faith or constituted negligenceY law unless the act or omission was 15.05. Indemnification. The Partnership shall indemnify and hold harmless th I P against any foss, expense, damage, or injury suffered or sustained by them by reason ~ artners from and ~r alleged acts or omissions arising out of their activities on behalf of the Partnershi of ~ny acts' omissions, p orrh furtherance of the nterests of the Partnership, including but not limited to any judgment, award, settleme ses, and other costs or expenses incurred in connecfron with the defense of nt, reasonable attorneys' any actual or threatened action, proceeding, or claim, if the acts, omissions, or alleged acts or omissions upon which the actual or threat action, proceeding, or claims are based were for a purpose reasonably believed to be in the best int ened the Partnership were not pertormed or omitted fraudulently or in bad faith or as a resul erests of Partner and were not in violation of the Partner's fiduciary obligation to the ~Partnershiegligence by a indemnification shall be first from the assets of the Partnership, and then from the P~rtners and Any such them in accordance with their Partnership Percentages. I borne among 15.06. Insurance. The Partnershi I~ p shall cant' general liability insuranc times the number of general partners, or such other amount as may be specified 8206 as the "minimum coverage amount". SECTION 16 DISSOLUTION OF THE PARTNERSHIP The happening of any one of the following events shall work an im Partnership: of at least $100,000.00 15 Pa. C.S.A. Section dissolution of the A• The sale of other disposition of all or substantial II ly all of the assets of the lPartnership. B• The affirmative vote'of all Partners for dissolution of the Partnershi p C• The Bankruptcy or Incapacity of any Partner; provided that the remainii the business of the Partnership within the meaning of Section 38 Partnership is dissolved under Subparagraph B above. ~• The expiration of the term of the Partnership. SECTION 17 WINDING UP, TERMINATION AND LIQUIDATING DISTRIBUTIO Partner may continue the Act unless the 17.07. Winding Up. If the Partnership is dissolved and its business is not contin Iced.under S C, the Partners shall commence to wind up the affairs of the Partnership and to li uidate t action 16- assets. The Partners shall continue to share profits and losses during the period of gqui'' ation 1 Pa rtnership's vith Section 10. Followin th ~ ccordance g e occurrence of any of the events set forth in Section 1 ~, the Partners shall determine whether the assets of the Partnership are to be sold or whether the ass the Partners. If assets are distributed to the Partners, all such assets shall be v ~#s are to be distributed to value as determined by a!I the Partners and the difference, if any, of the fair market i~ at their then fair market adjusted basis of such property to the Partnership shall be credited (or charged to tli slue over (or under) the Partners in accordance with the prouts~ons of Section 10. Such fair market value sha I eapital Accounts of the determining the amount of any distribution to a Partner pursuant to Section 17.02. If t e P used for purposes of agree on the fair market value of any asset of the Partnership, the fair market valu artners are unable to (2) appraisals; each Partner shall select a qualified a e s all be the average of two qualified a ppraiser and each Partner shall bear the expense of the ppraiser selected by each Partner,.provided, that if fair market value appr isals are more th (10%) percent different, then a third qualified a an ten ppraiser shall be selected by the Part ers to do an appraisal. The "middle" appraised fair market value (not average) shall be fair market valu . appraiser is needed the expense of the third a q• y If the third qualified ppraiser shall be shared e uall between the Partners. 17.02. Distributions. Subject to the right of the Partners to set up such ca h resew deemed reasonably necessary for any contingent or unforeseen liabilities o ~ es as may be proceeds of the liquidating and any of the funds of the Partnership shall be distbbgatron~ of the Partnership, the nbuted: A• To creditors, in the order of priority as provided by law except those (iabil Ilties to P capacities as Partners. ~ artners in their B• To the Partners for loans, if any, including, but not limited, a loan b a I on pursuant to Section 8.03, made by them to the Partnershi , or re• y ~ -defaulting Partner expenses paid by them. p imburs~ment for Partnership C• To the Partners in proportion to their respective Capital Accounts until t amount equal to their Capital Accounts immediatel rior ~eY have received an adjustment for gain or loss with respect to the disposition of the Panne shi'stribution, but after the dissolution of the Partnership and the winding up of its affairs, whether or not the d1s'dent to occurs prior t~ the dissolution of the Partnership. ~, position ~• To the Partners in accordance with their Partnership Percentages. 17.03. Deficit Capital Account Restoration. If, upon the dissolution and liquidation of the Partnership, after crediting ail income upon sale of the Partnership's assets that have making the allocations provided for in Section 17.b1, any Partner has a negative capital Account then fter Partner shall be obligated to contribute to the Partnership an amount equal to the ne ative Capital Account foe distribution to creditors, or to a Partner with a positive Capital Account balance, in accordance with this Section. 17.04. Rights of Partners. Each Partner shall look solely to the assets ~f the Partnership for all distributions with respect to the Partnership and its Capital Contribution (including the return thereo ,and share of profits, and shalt have no recourse therefor (upon dissolution or otherwise ~ except as provided in Section 17.03. ) ~gainst any other Partner 17.05. Termination. Upon the completion of the liquidation of the P all Partnership funds, the Partnership shall terminate. SECTION i8 NOTICES All notices and demands required or permitted under this Agreement shall t sent by certified or registered mail or similar delivery service, postage prepaid, addresses as shown from time to time on the records of the Partnership, and shall mailed or delivered to the service. Any Partner may specify a different address by noti writing of the different address. and the distribution of in writing and may be the Partners at their s deemed given when ng the other Partner in SECTION 19 MISCELLANEOUS ', 19.01. Governing Law. This Agreement and the rights of the ar~d construed in accordance with the laws of the Commonwealth of Pennsyivan areunde~ shall be governed by __.19.02. Binding EfiFect. Except as herein otherwise specifically provided, thi I A reem binding upon and inure to the benefit of~the parties and their respective personal representatives, suc essors and permitted assigns. 19.03. Pronouns and Number. Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and prortiouns stated in either t masculine, the feminine, or the neuter gender shall include the masculine, feminine, arhd neuter. he 19.04. Captions. Captions or section headings contained in this Agreeme t are inserted onl as a matter of convenience and in no way define, limit, or extend the scope or intent o thi y provision hereof. ~ s Agreement or any 19.05. Partial Enforceability. If any provision of this Agreement, or the appli ation of the provision to any person or circumstance shall be held invalid, the remainder of this Agreement, r the application of that provision to persons or circumstances other than those with respect to which it is h Id invalid, shad not be affected thereby. 19.06, Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. This A reement m contain more than one counterpart of the signature page and may be executed by the a fixing ofghe si natures of each of the Partners to one of these counterpart signature pages. All the coiante a sin g be read as though one, and they shall have the same force and effect as though all oft e s gnetrsrhadse nehall single signature page. g d a 1N WITNESS WHEREOF, intending to be legally bound hereby, the undersign d have executed this General Partnership Agreement as of the day and year first above writt en. WITNESS: I i III D NNIS A. SEALOVE (SEAL) .. I JEFFREY D. SEAt_o R (SEAL) EXHlBlT A [COPY QF JUNE 25, 1989 PARTNERSHIP AGREEiVlENT~ ~- ' 1• The partnership agreement shall consist of a General those for•rnin partnership, g are as follows; Vernon F.. Sealover Dennis A. Sealover Jeff D. Sealover It is agreed upon , that within six months from tod ay's date, a fourth party, also known as Daren i ~. Sealover may join,the above nership by.contribut ing a like amoun± Part- of each individual's contri- bution. Be it further understood that he Daren Sealover may assist in the formulation of the general operating dail necessary for the success of the ~ Procedures, partnership, 2• The dame of the General partnership shall be ~'"he Sel 3. The capital investment of each partner shall be lover croup. for each partner and shall not be less than ~ ~ qual amounts a~1000 per p rtner, 4 • ~Y disbursement made b y the partnership shall be majorit vote.81I normal ex enses accrusin aPtiroved by .a Y P before ~ g monthly must) be approved Pa.lments are made. Checks for all payment will r~ signatures of two quire partners. 5• Obligation of debt will be sha.^ed equ~iY b a I' involved, Y 11 Par~ners As original debt is secured by mortgage on 2 owned b Properties y Vernon. R. Sealover, it is understood that secure will be satisf ied upon the Partnership becoming self sustair.in~. ~'r that point the obli ations wily 1 - om g be ~rqual.ly shared ~ • A11 fugture oblia by eac}~ Partner. oat ions and/or purchases will be the esponsibilit of all partners and shared e wall Y q Y• All major purchases an over ~5 000) suctz as capital expenditures must be Y purchase ma ority of the aPProved~, by the J Partners. 7. By January 1 of each calendar year there will be a financial statement prepared and Isn appraisal made of the investment and asse±s of the partnership. In the event of a dispute of valw.e a licensed appraiser will be selected by the majority and his figure will be final . It is suggested that we target an appraisal ever ~I Y 5 y~ars by a verified appraisal . Reason for this is to up-date th value because of the changin real es g tate market values. 8. In the event of the death of a partner the latest Ila pprais aI will be used to determine that partner's value in the r pa_ tnersh ip . The partnership agrees to pay the remaining heir that is ~' ' pure in real estate or cash within 18 months after the death. If ~ the pa-''tnership elects to negotiate a longer period of tim because of economic conditions it will not exceed 3 dears tota~ ~- payout to settle the ~e.ceased partner's estate as for the partnership involvement. 9. If a aartner becomes disabled b 500 Y ~ of their capad~ilities, the pat'tnersh ip will have the power and responsibilities tc~ buy out the partner in questioc. The method to buy out will be by using the latest appraisal figures of record and divide by t le number of partners to determine that partner's fair ~ .~ share . Paymen ~ zn this instance will be within 90 days after the determination of the disability. ', "'he disability shall b.e determined by a medical doctor d reviewed by the partnership attorney, for the direction of distt~ibution. If a question ;rises on the I~"/D determination the partnership may elect to get a second opinion for the protection of the',partnership. .va=e 3 10. The question of bu y and sell not covered in any of the above ~t`e as follows . If a partner elects to sell and the remain in elect to buy, the method of determinin val g ~~Partners must g ue will be the same as stated in paragraph 7. The sellin g partner can accept) real estate and cash if that is what can be offered at that time. II He al accept a cash bu out so can y- paid in increments that are dete.~mined accept able to the partnership at that particular time.', 11 • Financial statements of all partners must be revi~wed every 3 months. for the purpose of maintaining liquidity of e ch partner. The partnerships concern is to guard against a partnerdef aultin personal) and affectin the ~, g y g partnership. To avoid default, the partnership may take steps to correct the affected partl.,er' financ lal condition or buy out the partne ~` s r at than poirl~t. "'Pre buy-out precedures that will be followed '~ y are covered inlthe buy & sell agreement -Para. 7 & 20. ', 12. r^or the purpose of funding the ~' partnership it is hereby noted that all partners a~ '~ oree to provide the partnership funds in equal amounts such as if the needs are X50,000, the amo~nt would be ~• divided by the number of partners and each partner would ro ' e uall r vlde q y• In the event the partnership elects to borrow of money from time to time, each Icy am°unt partner will. be respons~.ble for his equal share . 13. If the partnership decides to dissolve the procedures set forth in par-, 7 ~ 10 shall apply. The a ppraisal of properties ''.from the latest appraisal shall app) Y• Each partner c.an accept real estate and cash or dissolve the partnership. The sharing of valjue in dis- solving the partnership shall a 1 PP y equally on as many parrtners as their is involved actively at the time of dissolving, t age 4 14 • All partners involved a gree to the terms and conditions set forth in the above paragraph and will be ~in~ing on each partner. If for any reason a change would ~~ ~--- -- - be amended and agreed to by all Witness: .~ ~~ `~ ~c~Q-~L ~~ .~ .. ~~, _ , __ - EXHIBIT B i, VERNON R. SEALOVER, do hereby confirm my withdrawal from the Penn I ytvania general partnership of Dennis A. Sealover, Jeffrey D. Sealover and Vernon R. Sealover, said withdrawai havin been effective May 10, 1996. 9 ' ~_..-_ VERNON R. SEALOVER APPRAISAL OF REAL ESTATE ICI ~i III i PROPOSED N'INFIELD SUBDIVISION SOUTH BALTIMORE ROAD AND WINFIELD DRIVE ' DILLSB URG BOROUGH YORE' COUNTY, PA ~~, III I PREPARED FOR III it I SEALOVER GROUP i'ERNONR SEALOVER ~', P. D.BOX 1366 MECHANICSBURG, PA 17055 ~', I I, '~ I . ._ ~ PREPARED BY NDONE ~ ASSOCL4TES I ~ 3 CROSSGATES DRIVE, SUITE IIO MECHANICSBURG, PA 17055 NOONE ASSOC .~ Mr. Vernon R. Sealover Jams Sealover Group 31, 2008 P.O. Box 1366 Mechanicsburg, pA 17055 III ~I Dear Mr, Sealo ver, At your request, Noone & Associates has pre azed a the real estate on the property known as: p complete, self-contained a~praisal report of I Proposed Winfield Subdivision South Baltimore Road and Winj~eld Drive Dillsburg Borough i York County, PA ~, The property that is the subject of this appraisal is a proposed adult II condominium ownership known as "Winfield" containing 120 attached dwelIin unit one 3.90 acre lot zoned convnercial. The Winfield pro osed residential c mmunity with lengthy subdivision approval rocess g son 5.84 acres and. completely revised two times, once in 2005 and p development plan has gone throuQ P starting back in 2003. This proposed developmen plan as been layout and member of proposed lots. The revised 200 gplan haseprel1m20a0r7v~ each tim ch conditions. The 2007 revised plan is still subject to review and possible chan e angmb the this point 1f final a .approvals with a I1st of pprovals will be obtained in the near future given its history.g and it is ery unclear at The purpose of this appraisal is to estimate the market value of the su condition as of November 1, 2007, (retros ective one of the roe bject prope in its "as is" P p rty owners. The p date), which is the date of death of De nis Sealover, establishing contract rice purpose of this appraisal is to determine fair mar et value for p under buy-out terms of a partnership agreement. The da e inspection is January 23, 2008. The p~opem, rights appraised in this re ort are fee simple interest. ~ of the site _ p those assoc'ated with the \ . The report that follows is a complete, self-c II essential data and detailed reasoning employed in estimatineained appraisal report, which provides the value estimate intended to comply~wi~ the regulations of FIR-REA. a the value. )n this report, we ha e provided a Patrick F. Noone, MAi • 3 Crossgates f)rive, Suite t 10 • Phone 717.458.0482 • FAX 717.458.0483 • Mechanicsburg, Pq 17050 pa't~nooneappraisals.com Mr. Vernon R. Sealover Janu~y 31, 2008 Page 2 Therefore, the estimated fee simple value of the proposed condition, as of the retrospective date of November 1 Sealover is $2,093,000 ~i~eld subdivi ion in its "as-is" ($1,783,000 + $310,000), which is broken down as fo lowdsate o death of Dennis SUBJECT PR ppERTY 25.84~Qcres 3.90 Acres v=4LUE $'I, 783, 000 ,8'3-- j0- ~0~ Total; ,8'2,093,000 For the purpose of this appraisal, it is assumed that there exists However, the a ppraiser is not qualified in determinin no hazardous aterials on-site. site. Therefore, it is suggested that a phase I Environmental professional if the existence of hazardous mat g the existence of any hazardous aterials on the site will require a re-evaluation of the roe anal is suspected. ~ udit be performed b }' discove y a Qualified P P rty, and this appraisal will become ull and v id terials on the This appraisal was prepared by Noone & Associates for the exclu ' to determine fair market value for establishing contract price uri agi'eement. The information and opinions contained in this a rai save use of The ealover Group judgment m light of the information available at the time der buy-out terms o a partnership this appraysal b PP sal set forth the , y another per"son or enti °f the Preparation of this repo prate r s best respansibili t3', or any reliance or decisions based on this apprai aI are the sole ty and at the sole risk of the third Y use of damages suffered by any third party as a resulpt of Noone & Associates accepts no re based on this report. the reliance on or decisions Ponsibility for made o actions taken This report has been re Appraisal Practice of the A P pared in accordance with the Uniform Standards o I~ with the Code of Ethics andpStandardsoof professional Prac ' Professional was not requested with a minimum valuation, a s ec' PPraisal has also been completed 'n conformity tice of the Appraisal Institute. P ific valuation, or the a his appraisal pproval of a loan. ~~ i i I Mr. Vernon R. Sealover January 31, 2008 Page 3 K Our compensation is in no way contingent upon the value es ' discuss the findings contained within the re ort with hmate and we ill be available to convenience. P the res .ective P parties at our request and Respectfully submitted, Noone & Associates Patrick F. Noone, MAI Pa. Certified General Real Estate Appraiser No. Ga 001272-L Allen R. Peffer Pa. Certified General Real Estate Appraiser No. Ga 001646-L .. . REAL ESTATE APPRAISAL SUMMARY PHOTOGRAPHS OF SUBJECT PROPERTY SCOPE OFREPORT ASSIGNMENT IDENTIFICATION YALUATIONANALySIS CUMBERLAND CO~yTpANALYSIS PORK COUNTYANALYSIS ,SITE DATA ZONING ASSESSMENT AND TAXES HIGHEST AND BEST USE T~ALUATION,QNALYSIS SALES COMPARISONAPPROACH RECONCILIATION CERTIFICATION ASSUMPTIONS AND LIMITING CONDITION ADDENDUMA Property Deed ADDENDUMB Development Site Plans ADDENDUM C Appraiser Qualifications PAGE I PAG],~' 2 - 9 PAGE IO PAGE II - Z3 PAGE l4 -1S PAGE X6-,~6 PAGE.~7- 30 i PAGE I ~3I - 3S PAGE ~6 - 37 PAGE .~g PAGE ~9 - 42 PAGE 4~3 - 44 PAGE 4S - 67 PAGE 6 PAGE 69 - 70 PAGE 7II ~- 76 REAL ESTATE APPRAISAL REPORT SOIJT~~MORE ROAD Property Name: Property Oruner: Property Tj,Pe: Location; Pffe~ve Date of Yalue: Date of Report: Property Rights Appraised.• Tax Map Parcels: Land Area: Site Description: Public Utilities: Competitive Position: ~'oning: Highest ~ Best Use, As L'acant: Subiect Prone~~ 25.84 Acres (Residential): 3.90 Acres (Commercial): Winfield Subdivision Sealover Group Proposed Adult Comrnunit3, I'~, South Baltimore Road and Winfield II ive Dillsburg Borough, York County, PAI November I, 2007 (Retrospective Date) JanuarS' 23, 2008 (Inspection Date) I, Fee Simple Interest (As-Is) '~, (I). 58-000-OC-0098 (16.65) Acres II (2). 58-000-OC-0098C (2.54) Acres (3)• ~8-000-OC-0098D & 0098E (6.65 Acres) (4). 58-O1-OC-098F (3.90 Acres - Co mercial) 25.84 Total Acres (SR-Residential) 3.90 Acres (Commercial) i, The site is rawland which has bee through a lengthy subdivision approval process starting back in 2003. The subject prop rly is a proposed residential adult communi condominium ownershi with containin 12 P known as W nfield" g 0 attached dwelling u its on 25.84. acres and one 3.90 acre lot zoxied commercial. All are available in close proximity to th ~ site. Given the recent decline in the housing arket, the subject property would appear to b in less than average competitive position. I a R-S, Residential Suburban & .PC p1 need Commercial District As-Proposed ', Final Value D inions $1,783,000 $31---x=000 Total: $2,093,000 $ ASSOGATES ~ 1 SOUT=MORE ROAD -_ ~'_~~i' _ L Su6jecf Property 9erYy Subject Property -Aerial defy and location map 4' ,a-~~~.3 .~ ~ ASSOCIATES ~ 2 ~,. ~ , µt . ~ '-~s; ,~ Subject .>aroper~' _ Aerial View and locrxfion mctp ynrl-t":,,.~.~. ••,~ASSL'S.SHIeRtM apping aaa1~ alas oaal `•~ 01 ~` ~ aoc2 `~~~., /~`~ aoa2a 9086M /// 0 4a96C iJ 91 72S v 1217 ~~ `~ / ~ aaD6`c 4126/~ ~',. ~•:' wg.8oar lam' '^"_--...,~. -~" 4 4949E ~~, ~ 9 ~!~'~ ~ 1~ 4'i 11K ~ T~ 9996E `71 1~1 t ~/ ~;\ 194 111 % ~ .a a 9a9a '~ 0749J~ 111 4147 19 4 9a97A a9fl 19 1a6 " 1Q0 4 kbd bM York Ceun{y 9497 4 ~~ NO NE ~ ASSOGATES ~ 3 REAL ESTATE APPRAISAL REPORT SOUT~ORE ROAD York County Tax Assessment Mapping ~~ ~~~ Subject Property -South Baltimore Street V' teing Nvrth $ ASSOpATE514 REAL ESTATE APPRAISAL REPORT BALTIMORE Rnen 8< ASSOCIATES ~ 5 REAL ESTATE gppRA1SAL REPORT SOOT=MORE ROAD ._ ~ _ ,_,. ... _~ ,. ,~,~-~_ Subject Property _ v1e y,ing N,e~ at Entance ,~ as :~ax~ A +; 7 ~ . ! ,~ Suhject PropeT~, _ BomarAlle v' Y sewing North ~ ASSOGATES ~ 6 REAL ESTATE APPRAISAL REPORT a SOUTH }{MORE ROAD & ASSOCIATES ~ 7 w _ , .. T ., ~. REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD Subject Property -Northeast Corner viewing southwest near 2" Street Acc s Point Subjecf ,~ Subject Property -dewing North from the Ad~ joining Property to the & ASSOGATES ~ 8 REAL ESTATE APPRAISAL REPORT SOUGH BALTIMORE Rnen E $ ASSOCIAT:S ~ 9 REAI ESTATE APPRAISAL REPORT SOU'F_~N _gq~T~MORE ROAD scoP~ of ivonx Determining the appropriate scope of work requires jud assignment elements and understanding of what is requ~ed to solve ~ the appraiser's identification of the work performed in the development of a market value estimate for the subject e identified pr~bletn_ The scope of Description of the Process ~ property i~ Presented below. ••K The appraisal process included an inspection of the subject roe _ R. Peffer on January 23, 2008. This appraise includes an e P ~ site by Patrick F. N' one on both a local and a regional basis; a curve ~arnination. of economic and demo and Allen research and collection of data on simi:laz land com arable sales. A hi gTaPhic factors Y an analysis of the market factors impac ing the subject; and, the legal, physically possible, and feasible uses of the subject roe ghest and best use anal of valuation analyses using the Sales Comparison Approach for the land valuesoped. As as ysis considering for the subject pr pert eSPment Property Identification & Description The property identification and description is based on public inform maps, deeds, and other information, physical Inspection of the ro e anon, includin sketches, and other information provided by the client or g ~ assessment data; tax P P m', and available sit and building plans, property owner/manager. Market Data Regional, neighborhood, and Indus II' county, and municipal agencies, comrnissionst and de as °btained from a vane Transportation, and other government entities, as well as real estate ~ °f sou~•~ceS including state, partrnents, including tl.~e Census B,_,",I}eau, other sources. sales brokers, mark~tinaDePartment of ~ agencies, .and .1<lighest and Best Use Analysis The highest and best use analysis is the determination of the maximall property, as vacant and/or as improved, based on the h Y productive legal regulations impactin P Ysical attributes of the roe {use °f the subject property uses, and other facgto Sie Property' and the financial feasibility based neighborl~'oodndevelo~me er p nt, Approaches to Value The market value of the subject pro e separate approaches, where app P rh' is estimated by applying specific appraisal proc~'dures of the three Comparison A roach. Iicable, which include the Cost Approach, the Income A ro ch PP In this case, the Cost Approach and Subdivision Income A considered since the subject is essentially rawland with no final subdivision a r PP 'and the Sales ' Compal'ison Approach for the land value was considered the most a lica Proach were not subject property. Pp ovals. H wever, the Sales Pp ble to estimate m~.rket value of the Reconciliation and t/onclusion The final step is the recoLiciliation of the indicated value resulting on the relative applicability of each of the a a from each of the approaches utilized, based fnal value conclusion, pproaches to the subject pxo e P ?~} , and the det~rrnination of the & ASSOaAres ~ I o REAL ESTATE APPRAISAL REPORT SOU T=AL7IMORE ROAD ASSIGNIVIENT IDENTIFICATION Appraisal Report Format This is a complete appraisal report in aself-contained format, whic ' requirements set forth under Standards Rule 2-2 of the Uniform Staridar As such, it presents a complete discussion of the da his intended to coin~ly with the re process to develo ds of Professional A Parting p the appraisers opinion of value. reasoning, and ailaiyses that wer usedp~is~ practice. consider all applicable approaches to value, but to develoient, Sealover Group has ked m the appraisal necessary to produce a credible and persuasive appraisal. P and report onl ~e aPPr~sers to Y the ap roach or approaches Purpose of the Appraisal Report '~ The Purpose of this appraisal is to in its "as is" condition as of the retrospective date of November I '~ PP rtable estimate of the market value If the subject property Sealover, one of the property owners. , 2007, which is the d to of death of De ' In ~ nnis tended User of Report ~ This appraisal is prepared at the direction of the Sealover Grou establishing contract price under buy-out terms of a partnership agr'eemen our client for this a P, to determine f ' market value for ppraisal. t. Sealover Grota~pr is considered The undersi ed to be gn Appraisers iii this report have rio present or contem toted appraised. Our compensation is not contingent upon the reporting of a value that favors the cause of the client the P mature int rest in the propert3~ or the occurrence of a subsequent event am°unt of the value estimate, theda teimiiied aIue or direction in ttainment f a stipulated result, Effective Date of the Appraisal I' The effective date of the "as is" value of the subject property is Noveni is the date of death of Dennis Sealover. The date of the site ' ber 1, 2007, (retrosp I ctive date), which inspection is January. 2J, 2008. Date of the Report. The date of the report, which indicates the perspective from which. January 23, 2008, which is the date of inspection. the appraiser examines the market, is Identification of the Property '~ The subject property consists of four adjoining separately identif Dillsburg, York Count}, pA, led tracts located in coinmerciai. The total combined land areahwhichaistzoned res'R the Borough of tract contains 3.90 acres. The four tracts are ~ Residential Suburban and one tract zoned idential is 25.84 acres and the one commercial 000-OC-0098C, S8-000-OC-p98D ~OV'n and numbered as Tat Map parcels S8-~ available to the site, and 098E by the York County 00-OC-098, S8_ which includes pubIie water Tax Mapping Office, All subject property is a proposed adult communi and sewer' gas, telephone, electric and ~itslic utilities are site is rawiand containing rS' with. condominium o ~'V cable. The utilities. ~ no site iriiprovements such as buildings, si~ership to be known a~ Virinfield. grading, streets, cur sand/or publhc It should be noted that the Winfield development 1 P an has already gone through a ten The 1 ~` deveIopment plan was originally submitted in 2003, containen two commercial lots. The development tan w g 131 semi-deta.ch~ed residential lots and lot and two commercial lots. P as revised in 2005 proposed construction are However, recently discovered wetlandsrand aestrpeammyere loc ted a, which caused the entire subdivision plan to be re-co ~ aP~rovals for I20 semi-detached townhouse units on 2 within the development plan is currentl 5'84 acres and one co ~gured,nowcontaining I20 y under review by the York Commercial lot containing 3,gb acres. 'D1e ty Conservation District end perm Dot ~ ASSOCIATES ~ j 1 REAL ESTATE APpRAlSA1 REPORT SOU~'H BALTIMORE ROAD regarding driveway permits. The current plan has prelimin a assumes that final approval will be obtained in the the history of this project, which may result in the loss of ad • ~ PProvals with coniditions. ire. The fact is there may be add~Utional changes gpen Income Approach in this report. dittonal lots, therefore ne atin g g the Subdivision Owner/Developer ••< The subject property is owned by Dennis A Sealover and Jeff D. from Vernon R. Sealover on May 10, 1996, and April 6, 2004, for totalaeover, Co- the York County Courthouse in Deed Book 1647, pa e p~~s' which transferred nsiderations o $1.00 as recorded at more than five years. The property is not currently g s ed3on the o ben maro e sale and/or for rent. No other transfer has occurred since the above trans P ~ has be n family owned for P ket for sale c}r under contract for Pro a actions. P ny Rights Appraised The propel, rights under appraisal in this re ort P wnership is defined as "absolute ownershi sim le o p are the fee simple ownership in the sub~ect properties. Fee only to the Iimitations imposed by the governmentalpower ~b aaa ion enmi other tntere$t or estate, subject escheat. "1 nent domain police power, and Definition of Market Value Market value is the major focus of most real property appraisal assi definitions of market value have been developed and refined. A federal financial institutions in the United States is: gnments. Both e~onomic and leeal current economic defmitipn agreed upon by "The most probable price which a property should bring in a competitive and open market under all the buyer and seller each acting prudently and knowledgeably, and assumin the this definition are the consummation of a sale as of a specified date and the conditions~equisite to a fair sale, whereby: g price is not affected by undo stirnuius. Im licit in passing of title from seller to b~ er p iJ buyer and seller are y under conditions ii) both typically motivated; Aarties are well informed or well advised and acting in what they consider their best in~erest; 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 of fi compatible thereto; and v) the price represents the normal consideration for the prope so nanciai arrangements f nancing or sales concessions granted b m' ld unaffected b y anyone associated with the sale. y special or creative Most Likely Buyer There would be a limited buyer pool given this fringe location. for multi- local residential market and lack of approvals. .family development, the weakening builder/developer. T'he most Iilcely buyer would be a Iocal~'~ investor and/or Competitive Positio~z Residential growth has been pushin Couni,,. Most all residential develop ent/pre sue olcated inCumberland Coun ~~'~~,, Township, Newbe Northen~ York County las oent~red in Fairview rry Township and. Carroll Townshi followed the course of public water and sewer throughout the region. family residential development is a rare co P• Residential development pressure typically have County. Over the past year there has been a weakening in all Rawland which is zloned for muIti- ty in the core areas of Cumberland Coin recent decline in the housing market, the subject sectors of the residential marl~et~ and York competitive position. J property would appear to be in a les$ Given this than average 1 Appraisal Institute 1 ~ The A sisal of Real Estate, 12th Edition, (Chica o: 2003 p Appraisal Institute, Th~Draisal of Reat Estate 12th Editio g )~ ~e 69. n, (Chicago; 2003), page 23. & ASSOGATES l 12 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD Risk Analysis The current economic conditions throughout the Central Pennsylvania mar . the local real estate market. Most all real estate se ket has had have remained strong. 'The most active have been nthel residentialemazlv~a over~~ stabilizing affect on professional office se the last several years Year there has been a de line inlall sectorsno themeside tial m kets followled by industrial and g witnark ~d in each category. However, over the past The subject property is located in a rural neighborhood tend' pressure. The subject prope ing to have moderate res'dential development residential development. For this reason adlonger holding n de outer fringes fora r~o expected for the subject property. In this case, given this location there would b P posed multi-family P and slower absorption ~f the units would be family development. a g~eater risk for multi- Exposure Time 3 ', Reasonable exposure time is one of a series of conditions in most market val always presumed to precede the effective date of the a ue definitio I s. E Yposure time is Ppraisal: Exposure time may be def~ned as: "The estimated length of time the property interest bein a g ppraised would have been offered on the market p' rior so the hvp consummation of a sale at market value on the e, f, j"ective date of the appraisal; a retrospective estimate base o . events assuming a competitive and open market. " othetical n an analvsis of past Exposure time is different for various types of real estate and under various mark the overall concept of reasonable exposure encompasses not onl ade u also adequate, sufficient and .reasonable effort. Thi et conditions. It is noted that Y q ate, sufficient and $•easonable time but may be expressed as a range and can be based on one or morenof the follow nle:time coin o ent. P {n The estimate g • Statistical information about days on market; • Information gathered through sales verification; and • Interviews with market participants. j Based. on the information presented in the body of the report whic the subject property is estimated at one to two years. This exposure timleows, a reasonable I' exposure time for opinion for the subject property. period is based orh our market value Marketing Time Marketing time is the period a prospective investor would. forecast to sell the after the date of value, at the opinion of value. The marketing time is an estimate will require to sell the subject from the date of valu subject pro~rty immediately essentially a measure of the perceived level of risk associated ~,~,i of the nu ber of months it subject property. The marketing time is based e' into the future. The anticipated t~arketina th the marlcetabili ~, ~ time is on the data used in estimating the reasonable x o addition to an analysis of the anticipated chances in market conditions followinv t ~ or+, liquidity, of the ~ p sure time, in The future price for the subject (at the end of the marketin time ~ he date of appraisal. of value.:~'i'he future price depends on unpredictable chanm economic trends, real estate markets in o g )may or may not equal the appraisal opinion aes in the physical real estate, e many other factors. Based on the premise thathpresentymarketc oihditions sties for the ~ moln'aphic and • performance, a prudent investor will forecast tha p ~perty fie' and t, under the conditions descr bed aboved~cators of future require a marketing period of 1 to 2 years, or Iess. .;the subject will APP~sal Standards Board of the A Exposure Time in PPraisal Foundation, "Statement on Appraisal Standards No. 6; Re~onable Market Value Estimates". 8. ASSOQATES ~ 13 REAL ESTATE APPRAfSAI REPORT SOUT= gALT~MORE ROAD i'AL UATION,41Y,q~ ySI,S The relative strengths of the site include: There is adequate lot size and shape allowing for flexibility in develo ent. ..., There is adequate access fronting along South Baltimore p~ additional driveway access with South Second Street, Street'i with already grading with gravel and curbs at South Baltimore Str ete entran~c e is • All public utilities are available and located close to the site. ~~ • There appears to be favorable terrain ranging from 0% to 8% slo es. p Zoning is geared toward residential development, which includes si le family detached l.ot development and higher density development suc as townhouse. i The site is located .approximately %z mile north of the Northern. York. School District High School and Mi Co I n ddle School Campus. ~ ~ • The site would also appear to be suited for asingle-family resid ~I detached lot development being located '/ mile north from the No e~ern York County School District Campus. The property weaknesses lie primarily in the site and include: I' • The 3.90 acre commerciaaI tract contains wetlands I~' is estimated to be 2.50 +/_ ,Yet the useable land a~•ea acres. • The 25.89 acre residential tract is viewed to be located in the outer frin e ~~~I,,c a high density residential development. Few sites have been purcha g d ~i this market neighborhood for high density residential development. There has been a decline in most all sectors of the residential. housino over the past year, which includes the new townhouse develo ° mark density developments closer to the core areas have dis pments. Hi~l the past year, played weal: sales ova • The subject property has been throua process with the original plan submitted ? a lengthy subdivision approval +., lots and two co 003 containing 13l semi-detached mmercial lot, which was later revised. in 2005 now containing. . 120 semi-detached Lots and two commercial •lots, which later receive preliminary approvals. d E 8~ ASSOGATES ~ 14 REAL ESTATE APPRAISAL REPORT SOU?N BALTIMORE ROAD VALUATION,41V~ysIS Continued • However in 2007, due the discovery of wetlands and a seasonal sltream located in the construction areas the 2005 tan w again; site improvements and the lots werere-confi required to be revised the lose of one commercial lot and application for rezorungWn o eraiea~e'The current status is that the 2007 revised plan has preliminary approvals with conditions and is still subject to review. The fact is there are major con'gerns whether a final approval will be obtained in the near future This report assumes that final approval will be obtained in the future, but the time able is unclear. The fact is there may be additional changes to the 2007 ~ Ian given the history of this project which may result in the loss of additional lots. $ ASSOGATES ~ 15 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD CUM$~~gN~ CD£T1V~^y,gNALYSIS Land Use The subject property is located in the Dillsbur Borou Cumberland Coun ''~~ ~' in the northwest portion of Y rk Coun t3'• Although situated in York Coun ~ t3'~ adjoining more readily associated with the H t3'~ the DilIsburg area is eo asrisbur g 81' hically closer to and will commute to York or A , g market area than the York market area. dams Counties for em to Al °Ugh some residents as shopping, recreation, etc., su P yment, much of the employment an pporting the Dillsbur ~ mfi'~structure, such g area is within the greater Harrisburg area.. The general pattern of existing land uses in Cumberland Coun is c development in the east, and rural/agricultural uses in the westy haracterized by high ensi t-y, mixed urban and Heal' the boroughs of Cam The Population densitie are .concentrated in development occurs alon U•S. P Hill, Mechanicsburg, Carlisle, and Shi g Route 11 between Cam PPensburg, on-residential strip p Hill and Carlisle. Cumberland Count<,'s location on the eastern. seaboard '~ Turnpike near Carlisle has encouraged the location of a large numbertorsection of I-81 ana~ the Pennsylvania f distribution faciIit~es. region has attracted one of the highest concentrations of warehouse and ' As a result, the A~'icuItural activities are generally located in areas containin distribution facilities in the nation. These activities are concentrated in the central and western portions of ~ agricultural or sta e i ~ mportant soils. the County, The Cumberland County planning Commission Comprehensive L II locate the majority of new development in or near areas with exist and-Use Plan for the C un ~ ty proposes to intent is to maximize the investment of the existing infr g public services and ' infrastructure, The to develo ~ astructure systems, which will also r duce p prime farmland, Strict develo meat criteria are reco ~ the pressure soils. This includes agricultural preservation zoning tra ended in areas containin Ig prime farmland and easement rog a> nsfer development rights, asricult~ire p rams. Mixed uses and traditional villa e security area g evelopment are encouraged ~t congestion and reduce sprawl. Business park/office development is ro os "'9, 57 ~ o relieve traffic - ,and 61. P p ed at three 1-81 in~:erchanges, exits Population Growth Factors Population growth in Cumberland .County can be broken do and natural growth. Net ' wn into two general categories: I et ' urimigration is created when immisrants outnumber out-mi ~ migration population increase. Natural growth is attributed to the number of birth grants' resulting in a net number of deaths. The U.S. Census defines forei sin air area bein gn-born persons as those who were not U.S d 'zens at birth. & A550C1A- TE-S ~ ~ 6 .REAL. ESTATE AppRA~SAL REPORT SOU TH BALTIMORE ROAD Native persons were born in the United States, a U.S. Island 1990 and March of 200.0 3 189 forei ~ or born abroad of a citizen ' ' gn born persons migrated to Cumberland Coon pent. Between S. Census data, the native population accounted for 206,751 or 9 0 ~''' Based on In 1990, births outnumbered deaths by 4 to 1 6.8 /o of Cumberland Coun the 2000 jJ. '~~ per 1000 people in Cumberland County,. *y's population. In 2000, the number of births outnumbered deaths b '' over the ten year period it y 1.1 per 1000 people. 1f these yields a net population .orates are averaged That amount accounts for about'30 ~°~ of about 5,500 persons bet~bveen percent of the overall 1990 and 2000. county's growth between 1990 and 2000 is the result of ne ~ e n,~ is md1Oates tha~ the majority of the ~°wth may be attributed to the coon moving to the ~'egion, This live and work t3''s healthy economy makin C ~N type of g umberland County ~/1 at~'active place to PoPulalion Density Cumberland County contains about 550 square mil 2000. with a es of land area and was inhabited b II'~ population density of 3gg y'I~13,674 persons in Coon persons per square mile, it w ty in Pennsylvania. Although the b' as the 16th 2nos~ densel continues throughout the Coun trth rate has recen.tiy increased, the trend towards smaller household tY• The 2000 Census revealed another decrease in the nu household from 2.57 persons in 1990 to 2.41 persons per household rL~ber of persons per m 2000. The County's eleven boroughs contain the greatest persons per square mile to Shiremanstown at 5,070 persons per s uarsities ran in g g from ~ewburg at 1,240 is the largest borough. The average. size of a Cumberland Cows , B e mile. Carlisle, with 5.4 square miles, t} orough is 1.6 square rnil~s. Among the townshi s, p , the highest density of 1,802 ersons Township, which surrounds Shi p Per square mile belong ~, ppensburg Borou ~s to Shippensburg hi;h-density townshi s are gh at the southwestern boundary of the CC~LII] ` P Iocated within the Harrisburg tY. The ot3~er Township at 1,1.62 persons per s ware ~ Urbanized Area; rang' q mile, Hampden Townshi oing fi•c~n~ Upper Allen Pennsboro Townshi ~ persons per square mile, to Lower A at 1,356 persons er sc~ p;~,t 1 675 P ware mile, East of a Cumberland County townshi is ~ llen Township at 1,693. ~[' P X4.2 square miles, he avera~Te size The general trend throughout the County is that the townships becoming eastern townshi s a less densely po ulated in a westward directionP have the greatest) densities, .with generated in the H p arrisburg Urbanized Area cause the greater densities. H'burban development pressures have also developed along the major transportation co ' gh population density patterns rndors~ connecting Cazlisle with ithe Harrisburg & ASSOGAT-- E-S ~ ~ 7 REAL ESTATE APPRAISAL RETORT ' SOUTH BALTIMORE ROAD Urbanized Area. Suburban development pressures in • the Population densities of adjacent townships. areas sounding Carlisle Borou gh have also increased Population Trends and Pro, jections Between 1990 and 2000, the population of Cumb ~ 213,674. Cumberland Coun erland County increased 9.4 ty's increase was much higher than Pennsylvania' perc~nt, from 195,257 to However, the overall trend within the State: urban areas, incIudin b s growt)~ rate of 3.4 percent. or outlying suburban or rural areas. $ oroughs, are losing opulation to adjacent This results in an eroded tax base, an older populati n and sta use patterns for the boroughs, 'T'his trend is expected to continue. grant land .Three municipalities, all boroughs, experienced a moderate loss of o u 1980, 199, and 2000. These were Cam r r lat~on during the ast t~u-ee censuses - eight municipalities experienced a loss in poplulat on.ome' and New Cumberland. Be een 1990 and 2000 HiII Borou Six were boroughs and two wer ' t gh, Carlisle Borough, Mechanicsburg ownships -Camp Borough, Wormleysbur o Borough, New Cumberland Borou h, g Borough, Lower Mifflin Townshi Shiremanstown surrounding municipalities recorded substantial o Lilation ' and Shippensburg Towns i p• In all cases the suburbanization trend. P p hams, providing evidence of the continuing The following municipalities, al] townships, experienced moderate to s 2000: Cooke, Dickinson Lower Frankfor ubstantial growth (between 1990 and ' d, North Newton, Silver S rin and Upper Mifflin. Two of the eight townships are adjacent to the urb~. Southampton, South Middleton, Carlisle Boroughs. These municipalities will continue to experience c ized areas of echanicsburg and future. This population growth trend is expected to spread westward into onsistent populationp ~'owth into the of the County, the less densely po~ulated townships Cumberland Coun 's ro ~' ~' g wth rate was very substantial between 1940 and 1.970. Between 1 I~'4 County population increased b ~ ~ ., 0 and 190, the 19,64 or 26,, percent. From 1950 to 1960, the 30,368 or 32? percent; and between 1960 and 1970, the o population increased by County's population increase beg P pulation increased by 3;,361 or aan t0 SI01~~ between 1970 6.7 Percent. The population increase of 18,417 or 9.4 and 1990• Between 1990 and 000 there was a percent. NOON $ A$5O- qq~~ B REAL ESTATE AppRAISAL REPORT SOUT-y BALTIMORE ROAD Cumberland County is expected to experience a higher rate of o ulati to the period between 1990 and 2000. B p p on ~°~ thr°ugh 20 ~ 0 as compared y 2020, the growth rate is expected to moderate and become more consistent with the rates that occurred between 1970 and 2000. Cumberl higher growth rate than Dauphin Coun and County is expected to have a ty and slightly lower than Perry County. •. K; _. rv~ULAT/ON PROJECTION County-: 2000.'Datci. 2UX 0 CumberlandCounry_ 213,674 49, 8I4 Dauphin County 251,798 264,378 Perry County 43, 602 Ste, 785 Source: Pennsylvania State Data Center THE TRI-COUNTY REC10N Cleunge ZQ2p . +1 269, 373 +S% 273, 483 +21. I % SS, 784 However, since there are many factors, which influence population o significantly from the predicted levels. ~ ~' actual +7.8% -~--_ +3.4% +--s ;o rates could deviate Income Trends !, There is an apparent eo municipalities in Cumber and Co Wend evident in family and household median income statistics. E ty benerally have hi astern western municipalities. Within the Tri-Coun gher family and household. incom s than central and median income between 1990 and 2000 The increases werCounty obtained the largest increase in family Dau hin e 41.9/°, 34%, and. 35.4% percent for Perry, P ,and Cumberland Counties, respectively. The percentage increase in per capita income varied from 21.6 percent i percent in Silver Spring Township durintr n Wormleysburg Borough to 80.1. a the 1990 - 2000 surve region municipalities have the highest per capita income levels atld the Cu ~ general, the ~ICu mberland East lowest levels. mberland West I~lunicipalities the Al] of the counties experienced an increase in the percent of persons below III County, Parry vvas the only Coun the poverty leve I except Dauphin healthier than the other two Counties i htiWSn ate decrease in family pove m'• Cumberland. appears much persons and families below g°~'~ The municipalities with the him poverty level are concentrated in the western portion of the ~es'~ percentages of Borough is an example kith 29.5 percent of all persons below pove l Coun families are below ~'• Shippensburg poverty level. A rty evel, while only 9.14 percent of all University students in such a small town has skewed theaindi for this is that the presence df Shi income data. vrdual income data while not affekrting the family & ASSOpq-- TES ~ j 9 REAL ESTATE AppRAISAL REPORT Age Distribution SOUTH BALTIMORE ROAD Age distribution trends and patterns within Cumberland Coun statewide characteristics, t3' reflect a strong s~~ilari The county is not isolated from the factors that are shaping the fat*~ national and age structure of the future, The preschool age group (0~. e s and nation's 11,662 persons in 2000. years) increased from 11,63 persons in 1990 to This reverses a trend, which showed a decrease between 197 and though, are still choosing to have fewer children, and are general] '~ 1990. Families significant to future population structures and projections. The sc having them later in Life. This trend is size between 1990 and 2000 from 39,439 persons to 42,gg3 erso ool age group (5.1'9 e Y ars) increased in P ns. The popuIatiori in this age group is expected to increase at a consistently slow pace as the slightly hi levels. gher birth rate starts affe tin ~ g the upper grade The work force age group 20.6 I~~~ 127,265 between 1990 and 20004 Thes) is the lamest age group, It increased 7.9 perc nt, fro se numbers reflect the fact that the "bab „~ m 117,904 to age group and that an increasinm y boom generation is in this a number of their children ai•e as well. The elderly age ou over) increased by 21..5 percent in the ten ears receding o y p P (65 years and segment of the b -000; from 26,14] persons to 311,754 persons. This population is projected to increase by more than. 20 percent between 20 estimated that the elderly will com rise at least 15 ercent of p0 and 2010' 2010. P P the total o It is The median age within Cumberland County was 34.6 years in 1990PuIation of the coup t3' by the year a broad spectrum of aae and 38. l in 20 0, groups, but it ranked very high with the 18 to 64 `~ The county has has 63.1 percent of its population in this ran e Year old group in2000: The county g ,which was the sixth highest percentage w~thin the state pf the 67 counties in Pennsylvania, the under 18 group (22 percent ran 14.9 percent, ranked 48th. ) ked S 1st and the 65 a~d older group, at On the municipal IeveI, the boroughs and townships share an a ~I boroughs C .qua] average median a e ~p Hill is oldest with a g of 317.2 years. Of the The presence of Shi ensburm median age of 43.3 years, while Shippensbura is the PP ,University is a significant factor to help ex lain S ~ ~°ungest at 27.7, Population. Of the townships, Shi P hiPPensbur~ 'S ppensburg is youngest at 20,5 ~ more youthful years. w .. ,while Cooke and Monroe ~' e oldest at 40. All of the figures, given in this paragraph were o percent of the..65 years and older population was femaale.d6 om U.S. Census Bureau, 2000.x, In 1990, 60.4 female. The characteristic of females outnumbering Y 2000, 60.0 percent of the s a males in ~~ age group was level as well. This phenomenon is explained b tlus ~e gr°U exists at the s to P and national y the fact that women have a longer life span than men. ~ ASSOOATES ~ 20 REAL ESTATE APPRAISAL REPORT SOU TH BALTIMORE ROAD Cumberland County New Construction Cumberland County's housing stock increased by 9,843 dwelling units be This is a greater p~'Centage increase than both Dauphin and pe ~ tween 1890 and 2000, or by 12.8%. During this period, the Ieadin residential IT3' counties during the same g growth municipalities were the townshi' s of t~rne perzod. Pennsboro, and South Middleton. Hampden, E~ The predominant residen ' ~I teal unit design in the county is the single-family detacheddwellin co about 61 % of the housing stock. The medium housing value in 2000 was g, mprising Bureau of Census. Housing needs for Cumberland. Coun $120,500, ccording to the U.S. based on population projections. A ro ~' were projected in five-year increments to 2020, pp xunately 23,365 additional dwelling units will b needed to house the projected population. Of that total, approximately 4,200 low-income dw ' constructed. The majority of these new residences axe recommended to be con erring un ~ w>11 need to be services exist and are readily available. The County has more than 3,000 tr'ated i~ areas where public located within these service areas. acres of vacant, buildable land Housing Inventory '~, Census data indicates that the County's yeaz-round hou ' II' between 1990 and 2000, or by 12.8 percent. As indicat d uito the follow'sad by some 9 843 dwelline units in the County has increased during this period. b a ina table, the t tal housing Y greater percentage than both Pe a supply " ~' and auphin Counties. Since 1970, Cumberland County's housing supply has increased by about 2 is noted that year round housing units consist of all occupied units 7'500 dwellin g , or 55 percent. It year-round use. plus vacant units avails le or intended for Units intended for seasonal occupancy anal migratory labor are not include ' ul the totals. YEriR_ROL/ND ~~':ELLING UNITS 1990-200(1 .,1990 ' ?000 Tri-County Region Change Percent: 196, 85.i 217, 025 Cumberland County I 20,170 i 77108 b'6, 951 i 10.2 Dauphin County 9, 843 I, 102, 684 111,133 12.8 Pen7~ County 17, 063 8, 449 8.2 18, 941 1, 878 SOURCE: U.S. Census Bureau, 1990 ~ ZpOQ. ', 11.0 The tenure and occupancy characteristics for occupied dwellings in 2000 in 1990, are reflected on the foliowin table. ' as Compared to that Which existed g The total number of occupied dwellings increased by some 9,843 units, or 12.8 percent over that decade, with renter-occupied units in creasing by 1,627 ('~,g percent) anal E $ ASSOCIATES ~ 21 i REAL ESTATE APPRAISAL REPORT j 50U 7H BALTIMORE ROAD owner-occupied units by 7,936 (15.1 percent). The number of the gross vacancy rate decreased from 4.7 percent in 1990 to 4,5a ~ t units increased b 280 7 y ( 7 percent), but P ent in 2000. •• K HOUSING INVENTORY- 1990-2000 CUMBERZ„gND COUNTY 199¢ 2000 Total Dwelling ,lYunr6er..L:cre •p 77,108 ,Percent Occupied Dwellings 86, 951 +9, 843 ` 73, 452 -~ i2.8% Owner Occupied 83, 01 S +9, 563 S2, 709 60, 645 13.0% Renter Occupied +7,936 I IS.1 20, 743 22, 370 Vacant +1, 627 0 3,656 3,936 7.8/0 Gross vacancy Rate +280 i~ 4.7% 7.7 % Source: U.S. C 4.5% ensus Bureau, I99U ~ 2000 The Cumberland County housing vacancy rate was Iower neighboring counties of Dau hin and Pe than that of the Tri-Co n p n'Y• The Coun ~ ~' Region and its than the region and Dauphin Coun t3' had a smaller percentage of. r~nter-occupied units the Re ion .h', and a comparatively greater percentage of owner- ccupied units g and Dauphin County. As min aht be expected, the boroughs contained a h gher percentage of renter-occupied dwelling units as part of their total housing than did the to wnships, The Townships of East Pennsboro, Lower Allen, North Mid ~I 30 and 47 percent of their housing stock comprised of rentaltuni and Shippensburg, hovrever, had between Lower Frankford 80.7 ts• The Townships of~ Dickinson (89.3), ( ), Lower Mifflin (87.2 Spring (90.7), Southam ton 89.6 )~ Middlesex (88.8), Monroe 88.1 p ( ), South ( ), North Ne l.1ad between 8p Middleton (85.2 ~On (85.4), Silver percent and g p )~ South Newton (85.3); and Wes>L Pennsboro (84.3) 1 ercent of their housing supply comprised of owner-oc~upied following table compares the 2000 vacancy rate and tenure status of d units. The County Region, Dauphin Coun welling units in the C un. ty, and Perry County. °~ t3' with the Tri- YE,I.R-ROL~NI? I)rd'ELLING UNI3:s BYOC'CZ/Yq/~CI'- 2 ~I Renter Ocru ied OOt1(PFRC'ENT,9GE p ~' Owner Occupied`.... Vacant (%f~ Tri-Coun~,~ Region ~ 30.3 ~.. X9.7 Cumberland Counl)~ ~ ~ ~ G.7 % 6 9 73,1 Dauphin County 4.S% ~ ' 34.6 Perry Counts, ~ 65'4 7.6% 20.2 I '79.8 Source: U.S. Census Bureau, 2000 11.'9 % ~ ASSOGATES ~ 22 t REAL ESTATE APPRAISAL REPORT SOU 7H BALTIMORE ROAD Housing Characteristics The predominant residential unit design in the County is the si about 61 percent of all occu ied housin ngIe famil detache dwellin p y ~ g, comprising g in 2000. As illustrated in Table 9.4 a , partrnezit units comprised 15.4 percent, townhouses 12.7 percent, mobile homes ?.0 percent, and two- additional category of "offer" was added to the 1990 Census an family ~~ 3.6 percent. The housing units, Houseboats, railroad cars c d includes less th ampers, and vans are examples of the "oth ~i 1% of the occupied er" category. OCCUPIED HOUSING INTiENTOR y,• RESIDENTIAL DESIGN -1'990-2 Q TYPe of D'wellin~. L990.; p Single Family Detached Z99U Percent 2Q00;: 2(/00'~ ercenY 47, 042 61.0 Two-Family 53,203 61.2 3,151 41 Townhauses 3, LOS 3 8, 570 11. I Apartment .Units I1, OS4 1217 I1, 892 I S. 4 Mobile Rome 13,431 IS 4 Other* S>7~3 7.S 6,126 700 0.9 7 To~nl 32 , 0 - 77,7Ut3 10(1.0 ' Source: U.S. Census Bureau, 1990-2000 SG;951 111(1.(1 "`Other - 7$is category is for any Living quarters occupied as a housing unit that does category are houseboats, railroad cars, campers, and vans. not fit the previous rnro~.,.:.~.. ---~~•-•r~. ~acamples that fit this Population Distribution by Household The distribution of persons among all occupied housin 1! and the type of housing g units Ls an Important index of gene~al household sizes b that might be needed. In 2 2.41 persons per household than the 000, Cumberland County had a smalle~ household size at than Dauphin Coun t3'pical Pew' County household at 2. " ty at 2.39 ~8 persons, and a (slightly larger one persons per household. decreased from 3.1 in 1970 ~ The typical Cumberland Count) 1~ousehold size has < 7 in 1980, and 2.5 in 1990 decline in the number of persons per household has beenacommoni] le 2000. Accordin t g ~ Census figures, a. Region. Several factors ma ~ y ~perienced througho~~ut the Tri-County 3 account for this trend, including the decision. to have fewer supported by the Pennsylvania. De parhnent of Health, which reports the number of births ~n the counThis is declined by about 9 percent between 1990 and 2000. i h has Also, rising personal incom II e allows more single persons to maintain a household. alone. indicates that the number of one-person households in Cumberland C , ~ to 22 } he U.S. Census ,20~ in 2000, orb about 25 ercent. F ounty has increased fronn 17,824 in 1990 y p amity households comprised the largest percents a of h in 2000, at 67.6 percent. The U.S. Census data further indicates tha ~ ouseholds t 56.5 percent of family households are ~ ASSOCIATES ~ ~3 REAL ESTATE APPRAISAL REPORT SOUTH ggLT1MORE ROAD comprised of married couples, followed by households with children under 18 and households without children under 18 at 29.5 percent. years of age at 31.3 percent, Size and Age of County Dwelling Units The predominant type of dwelling is the standard six-room house. Based on inform I, 2000 U.S. Census Bureau, over 20 percent of all dwellings in the coon 2000, followed by 5 rooms (19.5 percent), and two or fewer rooms (2 ercentcontained per dwelling in Cumberland County is 5.9 rooms, p ~~ The me The bulk of the County's residential construction took place since 1940• wi constructed between 1940 and 1959. ~ ~ about 19 The larger increases were initially experienced aloz of Cumberland County as the suburban movement traveled west from H surrounding Carlisle and Mechanicsburg an'isburg Ci „Boroughs. Between 1990 and. 2000, Cumberland County experienced an increase of 9 84^ older dwelling units, constructed prior to ].940, are primarily located in the boJ d aelIi leading residential growth municipalities were: roughs. ~r~un~crpaiit~es Number of Dwelln U. Hampden Township '~ „, S' ,1 US dwelling units East Pennsboro Township 1,686 dwelling units South Middleton Township 1,363 dwelling units Silver Spring Township 931 dwelling units Upper,411en Township 659 dwellinry o units Transportation --J Cumberland County has an extensive highway system due to its proximi location in the northeastern United States. ~' tO Han'isbur Major population centers in other parts of the nog within a day's drive of the county .and several Interstates traverse Cumberl attracted the distribution industry to the region and impacted the amount o and County. congestion is common durinP f through traffic "~ a peak commuting periods, especially in the eastern portion of th Some of the largest traffic generators in the county are the Na office complex, and the Cam ~'y Inventory Control Point, p Hill/Capital City shopping malls. The distribution and ware} n provided by the or more rooms in . number of rooms ercent having been the eastern portion and in the areas Concentrations of ng this period the and its relative ~.st are located ~se both have well. Traffic county, Pennsboro g facilities ~ ASSOCIATES ~ 24 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD near I-81 and the Pennsylvania Turnpike generate significant volumes provided through bus service for the eastern half of the coon of truck tr~c• public t: ransportation is Department provides transit service for elderl Ty• The Cumberland bounty 't'ransportation proposed commuter-rail service between Carlisle and handicapped residents. The caun „~ and Hamsburg• tY is considering a Economic ~er'view Southcentral Pennsylvania has historically maintained very consiste continues to have one of the lowest un nt growth, and today Cumberland County matched with strop access to labor th employment rates in the state. And yet the 1 w g arks to the continuing influx of new residents, an ~~ ~ernployment is regional workforce. e flexibility of our The region's sources of economic success. are well documente government stabilizes em to d• rt does not rely on a dott~inant Indus natural distribution hub. Between 1990 and d the county°s proximity to major metropoli~a.n areas mtrY, state 1996, employment in the area increased more than 5 /o, c mes 1t a to less than 2% statewide. ° paced According to the U,S, Ce nsus Bureau, the majority of jobs in Cumberland Coun professional and related (34.6 % , The full breakdown in worker classifications is: servi~e a management, health, educational, social, engineering, busuiess, automotive, travel (public utilities, 29'~%~ f~ing, fishin and recreation), 13.3° g and forestry, 0,5%; construction, extraction and ~' sales and office, transportation and material movin o maintenance h ^o g, 14.5 /o. ~ I •~ /o; production, In Cumberland County, the lion's share of em to II four employees '46.1;0 , P Yees work for small companies, those with~ii between one and ~ °) Other statistics are as follows: 5-9 em to ees ~ o or more employees, 16.9%, p Y > _ 1..9 /0; 10-19 em ] o County government and P IbYees, 15.1 /o; 20 the Coun military installations are among ty, employing almost 7,000 civilians and ~ the lamest employers in military personnel, According to Census ?..000 figures, 64.5% of workin - ~~' force. per capita personal income (total income its workinae people m Cumberland Coun b residents generated divided b ty'are m the labor $32,445 in 2001. This is the highest among the largest South Cen y its population) was Dauphin, Lancaster, Lebanon, Y:ork). per capita personal income for p 1 Pennsylvania counti s (Cumberland, A number of nationally recognized firms are located in ennsylvania was $30 7~0 Cumberland Coun `" m 2001. Industries, Land O'Lakes, Carlisle S ~• Among them ire Sprint, ppG Industries, Delta Dental, EDS YnTec Systems, IBM, Roadway Express, Giant Poo ' s ,and Highmark B1ueShield. ~ , •Ciber, Lear ~ ASSOCIgTES ~ 25 f REAL ESTATE APPRAISAL REPORT SOUTH Bq~TIMORE ROAD Cumberland County's location in the scenic Cumberland Valle Attractions such as the Carlisle Productions' car and anti ue sh makes it a major thorou f gh are for travelers. from around the world. plus q ows draw hundreds oaf thousands of visitors the equidistant proximity to Hershe Lancaster, and Harrisburg has generated a significant and sustainable e' Gettysburg, th~ Amish attractions in conomlc impact., Conclusion The national trend of population movement from centr suburban development into surrounding rural fringes arecevidenot suburban azeas and th~ subsequent spread of movement is expected to continue in the near future given the a . n the Tr7-County Re ion This population socioeconomic forces generated b varlable vacant land with' y the Harrisburg Urbanized Area have been, and will c~ntin er to be a . The influence on population groom in Cumberland County, major Cumberland County is at .a point of relative econ communities, and successful businesses, the coup ,s omit sta.bilit3~ with low unert~ployment, thriving riy-three municipalities boast some of the most prestigious communities in the Harrisburg metropolitan area. Cu base, employment oppo~ities, and location within the mberland County has a diversified economic continue to contribute to the stren Vowing Harrisburg Urbanized '' re gth of the county's economy in the future. ~ a' which should & ASSOCIAT- Eg ~ 26 REAL ESTATE APPRAISAL REPORT YORK COUNTY SOU T= ARE ROAD York County is located in the South Central Region of Penns lv . ~TT'~n ranging from relatively flat stream vane Y ania and contains over 900 s east b Y areas that gently roll to steep uplands It is bordered on the Y the Susquehanna River and Lancaster Coun Adams County and on the south b tS', on the north by Cumberland C~ Y the State of Maryland. Units of local ove "MI ~~~ on the west by the City of York, 36 boroughs and 35 townshi s. g rnment LL~ york Coun P There are 16 school districts within Y~rk County. ~ include SitGjecx Pm e " ---~ n ~ ~ ~~>~.~r of Ymri~ ~a>t;~ ~. ~ ~~ ~F ~.r ~ •~r I J ~ s a -- _. ~.Y~ ~ ~ `f ~ ~~~~ III ~9 I ~ ~ AF r f ••• ~`. maae,,.~~r~4. A. i ~ i ~ ~ 1~. tY**CC ~ I t pD r- s Tr.~ ~ ~F~dom N%7id3'M~yr ~ ~~~ ~ ~ Wr.rn i. 11 II ,~ 2 y~ RAAT' York CountSr in recent decades has been an area of d n ~ county in terms of Y amic growth. Not onl population, York Coun Y is it the second fastest growing construction. The population of York Coun Ty leads the Commonwealth of pe nnsylvani~ in new home reflects a 75% increase over a 46 year period has increased from 238,336 in 1960 to 416 3~ ~' _2~ in 2006; which & ASSOCIA- TES ~ 27 REAL ESTATE APPRAISAL REPORT Between the yeaz 1980 and 1990 there was ° SOUTH BALTIMORE ROAD the next ten ear an 8.50 increase in Population followed by a 12,4/° increase ov . Y period ending in 2000. Gver the next six e increase in er population. Y ars ending in 2006, there wa.s another 9.1% York County Po uhrtion Trend I • • " ~9&0 ,; 1990.: . York County 2000 :', ,2006 312, 963 339, 574 381, 751 Percentage Increase 416, 322 8.5% IZ.-1% o 9.1/0 Residential use is by faz the predominant cafe o development azea in York Coun g ~' of building activity in York Co I n for neazl tY is focused on the City of York and adjacent rnun• ~ tY The Principal y half of the population. These m iclpal~ties tiv unicipalities include Manchester To hich accounts Township, Springettsb m'Y Township, York Townshi vvnshl~~ West Manchester northern tier municipalities that include Fairview Towns p1nandriV o~'nshi p and Dov r Township. The increases in population growth m the ear ewberry Townsh~ lY 90's, which started s reading p lso reflected sharp areas of Monaghan and C p a Westward in 2 arr'oIl Townships. An e uall d 000 into urbanized Borough ~ Y ynamic development al'ea s centered on the b of Hanover, Located in Penn Township and the southern tier m Township, Hopewell Township acid New Freedom To unicipalities s ch as Shrewsbury wnship. A major contributing factor to York County's strong economic it Route 30, U.S. Route 15, Interstate 83 and the Pennsylvania Tu~'owth is the highways v~hich include U.S. activity in York Co rnPike. Manufactu ' qty. In terms of value added b ~g is sti 11 an important important county in the state, Some of York Coun Y manufacturing, York County ranks as Coffee, Johnson Controls (York International I the sixth most ty's better known manufacturing firms include Starbuck's in manufacturing )' HarIey-Davidson, and York Barbell. With s>,~ch rich diversi ~, York County has recently seized the brand of " Yorl: companies were named to the Facto ~ ~ ~ Tour Capital of tl~e World . "Best Places to Work in Pennsylvania ~~ Five large companies in 2005, including Memorial Hospital and Glatfe ~~ list of 100 m~dium-sized and lter Insurance Group. The figures for the number of workers traveling I " b outside the County for work have fluctuated over years, v'ith the smallest percentage working out of the Cou the last 20 (22.6°~)• The 2000 United States Census reported that there ~. >.n 1980 (14.5%) and the older in a 193,126 total lghest n' 1990 • York County. A total of 33 597 workers ag works outside the County, ~ or almost one 1 ( le 16 Years and () in five (5) workers over the ale of 16 years, NOONE& ASSOOATES 128 REAL ESTATE APPRAISAL REPORT SOU~'H ggLTIMORE ROAD Despite the steady growth experienced within York metropolitan areas ands C°untY, the cost of living remaims belo-w urrounding counties. Perha s this is wh many nearby home construction and is the second fastest P Y York County leads Pennsylvania in new growing county in the Commonwealth. Over the past several years, residential development in ru ~ ~! of productive f rat areas has proliferated som times at the expense arms or other green spaces and natural areas in York Coun to new residential pressure from the $ i3'• Part of s awl c arrisburg and Baltimore metropolitan areas. p an be attributed and bucolic character of York County a Th~ lower cost of living areas for work. The development trend continues to InY who are willing to commute tl tar y~ ger metropolitan density developments where lot size has increased. ove away from the traditional bo ou As population continues to ~ ~ centers to low steadily decreases. grow the amount of farmland A good indicator of actual development taking place is buildintr ', for 34,116 residential units were a Permit activi granted coup ~ ~'• From 1991. to 2006, permits average is less than the averse Fide for an average 2,132 units per ye I g for subdivision. activi As expected the comparison, From 2002 to 2006, the e tY> reflecting an "actual„ Y arty average has increased to 2,482 units er ve sus a "proposed" increase in new housing demand. p year ue to the a ppar,,nt The housing strength of the suburban townships surroundin ~I Township leading the wa with 2, g the City of York is eviden with. Manchester Y 970 residential buildin followed by Windsor Tov'nshi re ortine 2 - ,, g Pe1'mits issued in 2006. P p a ,~4~ residential buildin Manc ester Township is reporting 2,360 residential building g permits and then b b permits in 2006. York To Y Dover Township 2,082 residential buildin wnship settled into the 4th g permits in 2006, osition reporting ••`'"u~/~`~ d5l[llCtlilo ~"G'P'IYLll,4' 1SSllett` )j ~ 141uniciprrlit~r l~fanelcester t Municr.' of in 2006 Wi~zdsae- Inver York Newfie~ # ofPermits 2,970 ~ r • ~, 543 ?, 360 i ? ~ 08.. 1, 781 Two northern tier townships reflected the 5`" and 6"' position r Newberry 'T'ownship (5th) re orted 1,781 residential e ep°rt'ng similar new P P rmits followed closet. b 1,752 residential building permits. Y y Fairview T. 1, 7S2 I ermit numbers. reship (6th) with ~ ASSOOATES ~ 29 REAL ESTATE APPRq~SA1 REPORT SOUTH BALTIMORE ROAD Municipalities near the subject property showed subs • ranging from 227 to 409 a tant~ally louver activi re o in buildin P rmits in 2006. Mod new residential construction include g g pelts consisting of large lots, Adjoining municipalities including Franklin T d Iow density ventures following table: ownship area sumrnari~ed on the ,•,~ Munic' rrl I'OC~ Permits Issued in 20(16 tP ~ Ety' Franklin Twp ` W'arringtun.;Tw ~ 1f1'a . # of Permits P ` N'asfi~n~ton T 409 333 aghari :Twp ZZ7 228 Although all land being subdivided is not productive f ~~ lost to development over the armland, a close look at the num 'er of f past fifty years, from 468,058 acres in 1940 to 252 OS eland acres startling picture of h.ow the overall landscape of York Coun m 1992 reveals a cooperative comprehensive planning effort which will accom is changing and points to tl~e critical need for a time preserve and protect unique and special Lands, modate growth and develo pnhent and at the same A thirty year history presents a stri R ~,I acres off kma Picture of farmland loss in York County. In 1960, {there were 408 ~ annland in York County, cornprisin 70% of all Coun Ind, B ,-00 g o farmland, equaling 43.2%, ~ y 1992, there wee 252,052 acres of In other words, in 30 years almost 30% of York Coun Sometime between 1982 and 1987 farmland in York County went from a majority to a eland was Iost. Whereas in 1960 the farmland/non-farmland split was 70%/30%; b 19 minority position. If this trend continues it is possible that in 25 y 92 the split had rev~rsed to 43%/5 0 Years the total percentage of farmland in Yo~k 7/0 less than 20%. Forested area land cover in York County makes u le o County may be area. p ss than 35 /o of the total Coun ty Iand With the amount of growth occurring in York C oun J, development on the natural environment has become a majopconca m rural areas, the ef~'eet of increased problems, such as excessive erosion and siltation from the rolif rn. Lack of proper pia ins can lead to of surface and groundwater drinking p eration of impervious sui•fac s• cont• supplies; loss of native plant and animal species; increas' `aninarion from dependence on motor vehicle traffic; accelerated water consum ed air pollution agricultural and open space' resources irrevocably alters the visual and n and light polluti~n, The loss of thereby threatening the very distinctions that contribute to the quality of aesthetic appeal o$' the 1 andscape, life in Yorl. County. 8~ ASSOGA- ~S ~ 30 REAL ESTATE AppRAISAi, REPORT SOUT=MORE ROAD SITE I3A TA Location: The subject pro e Dillsbur p rtY is located in the northwest conf-fines of York Coun .. K g. The site is located in the southern ~'~ ~ the Borough of the northeast ua portion of the Dillsburg Borough, '/< eas of State Route 1 S in q dram of South Baltimore Road (SR 74) and Golf Course Road and 'u York County High School and Middle School Campus, J st north of the Northern - - - - ~ ---,.~G„ uaa 1.ot Sizes: 'T'here are three (3) se Residential Suburban and one tax ma Parate tax ma p Parcel zoned commercial, as shown. on the ~ls which ai•e zoned SR- The development plan has combined tax map parcels 58-000-OC-0098 map of York County. lot sizes are. summarized on the followin D and 0098E. The parcel numbers and g table: Sctmmar' ofSub'ect aro ert I~I ResidenticiZ ' v Tcca 11'lap Parcel ~I Lnt. Size I ~1> ss-oo0-oc-o9s I' (~) ~ 16.65 Acres I 58-000-OC-00.98C 2.54 Acres ('"4) 58-000-OC-0098D & 0098E ~I~' 6,65 Acres Total: 25.84 Acres Commercial 58-000-OC-0098F ~I 3.90 Acres The subject property consists of three parcel which is zoned commercial. Total~combinedllang 16.65 acres ~ ...54 acres and 6.5 acres land a 3.90 acre d area is 29.74 acres. ~ ASSOUA- TEg ~ 3 j REAL ESTATE APPRAISAL REPORT SOOT= gA~ ~T~ORE ROAD York County Tax Mapping Exhibit saooaoc-oo98 s8-ooo-oc-oo9sc Current Use: The site is currently fallow land with volunteer ~'o~ and no building __r-„_ ~.,ciu,s. Proposed Use: The subject ro~ p Perty is a proposed adult community in a condominium form 25.84 total acres. The development plan indicates three with proposed dwellin 4f ownership on phases consisting of 120 semi-detach~d building lots . g unit sizes ranging from 1,400 to 1,600 square feet and one 3.90 acre cgmmercial Iot. NOON 8. ASSOCIATES (32 1 _.... REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD The adult communi is known ~' as Winfield, which will be improved with interior e street lights and one community center. This information was derived ~ ets c wbs, sidewalks, Plans dated November 26, 2007, for the from Prelimin "Winfield" subdivision re aced b ~ Lan.d Development P.C. located at 2403 North Front Street $ p P Y H. Edwardl Black arrisburg, p~, 17110 and Associates, APproval Status (R'infield): The development laps ~I District and Penn Dot re P is under review b garding driveway permits. Tt should be noted that thee on York (County Conservation submitted in 2003, consisting of 131 semi-detached residential lots final evelopment plan was 2003 plan ~,~ required to be revised ad'ustin then and ~'0 conlmerc al lots. with two co ~ g umber of lots down to 120 semi-de ched residentia.l'to e mmercial lots and received preliminary approvals. is However, the 2005 plan again was required to be rev' seasonal stream located in the construction areas. The 20071rev00d due to the discove of wetlands and a 25.84 acres and one 3,90 acre commercial lot located at the entrance plan contains 120 s mi-detached lots on loss of one of the commercial lots and a total reconfi °f Winfield. This re~ision resulted in the commercial now contains designated wetlands guration of the residential lots. Tl~e 3. ,yet there a I 90 acres zoned ppears to be approximately 2.50 ~-/_ useable acres. The Winfield development plan has already gone throu > development plan is under review b gh a lengthy approval roce~s y the York Coun p and the current driveway permits The fact since the ~r• t}' Conservation District and p~ infield develo ~ Dot regarding approval process and there are majors concerns whethepa fmapap oasallready gone thro>,~ gh a very lengthy the near future. ~ P will be and/or co~ild be obtained in I Shape/Orientation; I' The site is irregular in shape aild supports an interior lot position ]o of South Baltimore Street. The site also has roa cater on the west side d frontage along Bomar Alley at Butler Stree~. Access: There is a rough graded two lane entrance with gravel and Baltimore Street. There is addition access proposed on then curbs at the road front~a.` Street. orth side of the site to extend o e along South ~ South Second -- Terrain; The site is level at street I~! into the roe grade at the road South Baltimore Street frontage with a~cendin terr ' P P rty followed by level and gently sloping topography, The terrain e g ain 8% slope over the site. g nerally ranges from 0% to ~ ASSOCIAT I _ REAL ESTATE APPRAISAL REPORT SOU?H BALTIMORE ROAD Public Utilities; public water, sewer and gas aze available along South Baltimore Street and South Second Street. to the subject site and in close proximity located Impr°ve~~s: There are no buildings and/or other site.im r p ovements located on the sl~bject property. Soils Description; 'There are four different soils located on the su I ! provided b Y the U.S. De b~ect property site based on information. partrnent of Agriculture Soil Conservation Service. The soils located on the property are smnmarized on the following table: subject . Soils Descri tton Slope: ,. Solt Tl'Pe Soil ;:. Mafur ~li7er Depth ;. Range Cl«sa ' Wes, watchung Silt Loam f!Ydrle` T~itile 0 to 3% to E3'e~rnek: LgC, Legore Channery Silt Loam 4W Yes 0-12" 3 to 8% 3e I Very deep Mme, Mount Lucas Silt Loam N0 >60" 3 to 8% 2e Very Dcep LgB, Legore Channery Silt Loam N° ''36„ Deep 3 to 8% 2e No >60" ~r 7~,~ Very Deep ~f-"~ r t7°Il1Yl Qn ~~I Subject The MdB and LgB soils are considered to be . soils and ai-e identified as major hydric soils, ~,}Pclmare aria d soils. The W aA soil series ~s poorly drained cteristic of wetlands. Environmental Impairments: No h azardous waste materials were indicated or observed onlthe subject site. Further inquiry may be warranted. There may be environmental concerns associated with e qum'ry located on the subject property, which has been used for fill over t ~ former stone inquiry may be warranted. he past several ~ years. Further ASSOCIATE5134 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD Easements and Encroachments; No other easements or encroachmen subject property. A title search has not been conducte ~ Were indicated or observed at the appraisal. ~ and is considered to be beyo}~d the sco e p o~ this Wetlands/Surface Water: ~ "` areas of wetlands and a small seasons,) strew of the site by the York County Conserva ion Distric . am located within the proposed constructi ~ t revealed ponds, rivers, watersheds and/or creeks observed during our inspection. on areas There were no Flood Zone: The site is located in Flood Zone C, which is not a desi a National Flood Insurance Communi p gn ted flood hazard one as indicated by ty aneI Number 4209190001B, dated September 30, 992 ',~' _ .i ~' ., , II _ _ .._. _.._.......~.~ ~.~ n. I 7~.. ~ :. ' ~' ~,, ,~ a#wk~j. R7C 5t 9~~, ~~ p.y r ~:.~ J' " ~F=m• ".T•'tr--•~-...>._.:.._....~r/JU FE E'. y, .._ ...,.. '"~'~~a ~.._..~ _ '° ; t 1~ .. ~, ~ ~ ~ llpNr[~q, 1111Ai IN0011ANiR #gy~;~y~i ~~y -~..~.~ ' ~ t -.~ ' U00 pMSU~p 17sR7E y{1,iR 4 SubjrcCProperty M1 ~~ ~ ~- n..:>r,~.ec asrr r.Las~urat~a 'S''•., EdMUg C ~` d/-A X -P~A4E2 Nlfl'.INk'f'fU ---.~~ ~, r. ~ .w .. ..,. --I ~~~~~. ~~- l:l.{i'n.1bIKV'Miw~AMH4 ARC~iIh'Y' _•~ •••~~ aTm. N - -•••-••~r' rnwe FY -_ •••••+r: en fw l'YRK ~;OaY M14a y.~~. ~q'~ Peres. Ywrua.e .M..M.1w.YRt Functional Utila t1'~ There is adequate size, depth and width that would physical) e ~, development. There are recently discovered designated wetlands and y p rmi~ flexibility m that constrains development in these areas. The terrain would not a seasonal stream loca~ed on the site appears to be no other physical hindrances that would interfere with develo to be a constr ~.int and there recently discovered wetlands located on the 3.90 acre commercial ~.ac pment of the si e. ~ There are estimated to be 2.50 +/_ acres. ~ and the useable I land area is $ ASSOGATES ~ 35 REAL ESTATE APPRAISAL REPORT SOU'T=-ORE ROAD ZD'~ (i The subject property 25,48 acres is located in the R_S the zonin ( ), Residential Suburban Zonin I' D~,strict g map of Dillsburg Borou ~' , as shown on gh• The.Purpose of this district is to provide for the orderly ex an ' typical residential development, to authorize conditional or supplement to assume the efFicient use of land available for such de P sion of al uses incidentallwith suburban living, Residential Suburban zo velopment within the boro~l Ong district regulations is included in the Addendum. Uses e I ~ A copy of the district are summarized as follows: P r~nitted by right in this ~~ Permitted Uses; Bed & Breakfast Inns Crop farming & Gardening Dornzciliary Care Nomes Family Dav Care Homes Group Homes Single-Family Attached Dwellings 5ubject.Properfy ' 1'j'P3` ~ Wp~K„ «r~ a r.. ~ ~. r r. `nip, . ;' I Single-Family Semi-Det Two-Family Dwellings Single Family Detached Public/Semz-Public Builc Utility Buildings and Stn 3>: ~/1:. nrrnc•. 1 The main purpose of this Zone is to promote, protect and facilitate historic values in the environment and preservation of the forests, the preservation of the Dwellings scenic and -- Conditional Uses, which are subject to a review and approval process and the Borough Council, includes authorized by the Planni'~ Co- professional/business office.compleX, mobile home parks, multi-famiy g mmission • y in coTZYbination with & ASSOGATES (36 REAL ESTATE APPRAISAL REPORT SOUTH ggLT1MORE ROAD Yard ResoujalionS~ public Water/Sewer) Uses:' ~ . , Mtttrntum Mintnucrn . Mizr=Lot Front-. Lot size: Side Rear Sin le Farm! Detached Dw Lot'Wlrlth ellin s Govern e: ym:~ 10, 000 SF Yard.' Yard' Sin !e Family Attached Dwellin s - -- 30% I' 30 Fr IS' 30 Ft Sin le-Famil Semi-Detached 2.000 SF 6S Feet o 30% 30 Ft /Lfulh'-Family Dwellin 6, DOO SF 20 Feet o I S 30 Ft 30% 30 Fr 1S' I -1, 000 SF 30 Ft 65 Feet 30/ Zonin 30 Ft IS' 30 Ft g permits a maximum density of 8.0 dwelling units per acre for multi- average density for al] three p}~aSes ~ the proposed Winfield develo ment ' family evelo pment. The P is 4.64 dwell;,, ,,...~_ r ----w r.,~ ac;re. The subJect properly 3.90 acres is located in restaurants, excludin drive- the PC, Planned Cammerciu! Distri t g thru facilities, indoor commercial recreation, ~ which permits professional office, business office, professional business office com personal service business, retail store and shops. The minimum iot area in the PC Plex, public buildi~l~ district is 0.46 acres or ?0,000 ~s and facilities, minimum lot width of 100 feet. There are 50 foot minimum front a quare feet with a yard setbacks and 50 feet y rd setbacks and 50 f of minimum rear yard setbacks. The maxim rninunum side maximum building height is 35 feet. um building eoverag is 40% and the 8, ASSOCIATpS ~ 37 i REAL ESTATE APPRAISAL. REPORT SOUTH BALTIMORE ROAD ASSESSIY~ENT AND z~S The York County Tax Assessment office identifies and a current assessment for PPhes different assessments fcbr the five tax map parcel number 58-000-OC-0098, which allocates $19 ,940 t PazceIs. The and $0.00 for the improvements. The assessment for parcel number awards the land towards the land and $0.00 for the im rovements. 58-000-OC-0 8C allocates $37,550 allocates $57,120 towards the land P The assessment for and $0.00 for the ' Parcel number 58-000-OC-00980 000-OC-0098E allocates 41,240 towards the land unProvements. The assessment or $ parcel number 58- parcel number 58-000-OC-00980 allocates $57,120. towazd~ ref and e improvements. parcel 58-000-OC-0098F has not been iven The assessment for and $0.00 for th~II improvements. Tax summarized on the followin g an assessment at this time. The cui1rent g table: I assessments are _ Tux llfi~ parcel # Lots SS-000-OC-0098 SizL~ 16.65 Acres 58-000.00.00980 2 • 54 Acres S8-ODO-OC-00980 3.87 Acres 28-000-OC-0098E 2.79 Acres 58-000-OC-DU98F 3.90 Acres Suh-Total: 29, 75 Acres Lund: Buzldrn ~' Tofu I - :Assessment Assessment ; , Assessm nt _ Per acre' 5'190.940 $0.00 5'190 9 0 5'37,550 5'0 00 , ' $11, 46b' 5'57 210 . ' 37,55 5 $l;r 784 , 5'41 240 5 0.00 ' $57,21 $14783 , $0 DO 5 0.00 $41,24 5'14, 781 . X0.00 5'0.00 5'O.OU Taial: R'2AC ~.,. 6 The State Tax Equalization Board establishes a Common Level Ra derived using statistical analysis of valid sales and is used t10 annually for each cc~un to relate all assessments to a base also used to approximate the current market value, The 2 ~' T'he ratio is 72.2% and represents a market value of a r 007-2008 common level ratio in yeaz The ratio is pp oximately $3y+5',7/1( ark Counn~ is at ($285,700 _ 0.722), i - ~.~.,~u~,~ix: Count u Munici aL 5'clivuC ~ Rates -> ~ i Total?Mills 0.00391 0.00237 0.01387 . (~'et-Zl/ll7) 0.0201.50 The current assessments and millage rate yields total real estate 0.02015°0-mills), is summarized on the following table. ire ha taxes face ( amount) of $8,~pg ($395,706 x indication of the subject roe ve not relied u P P rty's market value, Pon the assessgd value to be an & ASSOpATES { 3 8 REAL ESTATE APPRAISAL REPORT HIGHEST AND BEST USE SOU'r=RE ROAD Highest and best use is defined as "'The reasonably probable and le property, which is physically possible, appropriately su gal use of vacaajt land or an improved highest value. "4 pported, financially feasible, d that •results in the __ Implied in these definitions is that the determination of hi e ICI contribution of a specific use to the communi ~ ~ and best use ty and community develo ~ s into account the that use to individual property owners. Pment goals as w 11 as the benefits of In appraisal practice, the concept of hi he I! derived. The market values of land and improved prose use is the basis upon which ~I purchasers will pay a price that reflects the most profitable use ofttheated under the assum land or property a v The highest and best use analysis requires the a pPlication of various categories of use-c To conclude that a given use is the highest and best use of the land criteria: as vacant must meet 1 1) legally permissible 2) physically possible 3) financially feasible 4) most profitable Since the subject ro e P P rty consists of rawland the analysis estimation of the highest and best use of the site as vacant as of theVements effective date of the ar Pageml7ncan Institute of Real Estate Appraisers, The Dic tionary of Real Estate Appraisal, 3RD Edition; value estimate is `.ion that potential proved. nrted decisions. following four y requires an sal report, 2002), NOO-.~~ ~ ASSOOATES (39 F REAL ESTATE APPRAISAL REPORT SOIJFTIi BALTIMORE ROAD Highest and Best Use Of The Site As Vacant An analysis of highest and best use as vacant requires an analysis of ' physically possible, financially feasible, and most ro those uses, which are legal] p ftable. An analysis of highest amd best u e as vacantlis' necessary to identify comparable land sales that profile this use. The four to sts are as fgllows: Legally Permissible Uses, which are legally permitted at the subject roe the property is located. p p ~'° are largely control]ed by the z~nin Other factors which may affect the categories of e g district in which restrictions, easements and encroachments, covenants, etc. As mentio p mitt d uses include deed the subject property 25.48 acres is zoned R_S ned in the Zoning (section of this report, PC, PlanneJ Co ,Residential Suburban District and the 390 acre site ' mriiereial District. Ls zoned The intent of the R-S, Residential Suburban D~tr'ict most forms of residential develo men ' Which is geared toward residential ~x P t, which includes sin le famil detached attach mansion permitting dwellings. Zoning also e g Y p rmits group care homes, famil da a semi-detached breakfast inns, cro f Y Y c~'e, public building a~d facilities, bed & p arrnmg, gardening, no-impact home based businesses and custom' The PC zoning district is geared toward personal services, restaurants (excluding ~ry accessory uses. store and shops and public buildings. There do not a a drive- ~hru), offices,. retail this time and the public restrictions are zoning, pPear to be any deed restrictions or p vate restrictions at The subject property is a proposed adult community with co 25.84 acres. The Winfield proposed development l ndominium ownership know} as Winfield on approval process starting pan has already gone through a ve back in the year 2003. This proposed develo rY lengthy subdivision revised two times, once in 2005 and ag pment plan. has ~een completely Bain in the year 2007, each time chap >ng proposed lots. The current g~ ~ the layou~ and number of plan status is there are 120 semi-detached residential townhou' e to ~ - acres and one 3.90 acre commercial lot located at the entrance. ~ is on -x.84 approvals with a list of conditions. The ( The revised 2007 Ian Zas p an is still subject to review p preliminary at this point given its history that final a ~ and possible chaalge. I is ve pprovals wiI] be obtained in the near future. n'" unclear Phvsically Possible The site contains 25.84 total acres seeking approval for lotr and one commercial an adult community consisting of 12ID semi-detached parcel containing 3.90 acres. The 2 access and road frontage 5.84 acres is irregular shaped v~ith the primary a along South Baltimore Street. The 3.90 acres supports a corner lot at the entrance. public water, sewer, gas, and electric are available at position located the site. NOON $ ASSOCIATES ~ 40 _ _ - __ REAL ESTATE APPRAISAL REPORT SOU TH BALTIMORE ROAD Adjacent land uses in the neighborhood include older established residential detached lot subdivisions mature woodlan c neighbothoods, new residential ' d, emetery, mobile home ar residential dwelling to the south and the Northern york Coun p ~ scattered older established School Campus'/z mile south, tY School District High School and Middle Physically the site permits flexibility in develo meat. I! adequate land area for the 25.84 acres to physically allow a~aphy would not be a ~onstr'a.int and there is characteristics are generall similar to most in the neighborhood. ariety of uses. Thel, 25.84 acres physical Y that will constrain development and there appears to be no other a ere are wetlands end a seasonal stream site. The physical characteristics of the site and neighborhood su Pparent existing ha~ards du'ectly on this die most com atible land use. ggest drat residential development would be p .The 3.90 acre commercial site contains wetlands that res 'ct the use The useable area is estimated to approximately 2.50 +/_ acres and a ~ abie area. delineate wetlands areas on the site. potential. buyerll ma Y be required to Financially Feasible The appraisal principle of conformity holds that real roe ~~~! characteristics of a property conform to the demands of the market aResidenteated and sustained when the been pusi2iiig duough Cumberland and Northern york Counti ial devetop}nent pressures have areas of the mountain ranges. However, there has been a slow down inpthe to sears even in the woodland Year, which includes most sectors of the housing market. Real Estate br 1 hous~g market this past sales located in the new townhouse/mufti-family developments in 2007knrs have repor~ed a slow down of developers are still seeking vacant sites where zonin e the subject ~ market area. g p rmits high densi Yet this housing sector has been one of the driving tY multi-family (development since Reason being multi-family development yieldsogreater the local housing market over th$ past two decades. potential returns given the higher densities for a developer compared with traditional single family detached lot develo ment. p As such, given this demand it would appear that the III'( feasible, yet a loner proposed Winfield development world be financially per holding period at the start may be expected until the local market reb unds. assumes that final approval will be obtained in the future, but this time table is ve This report subject property development plan is still under review and may be subject t ry uncleair. 'The fact is the past history. J o additional ~hanges given its & ASSOdATES ~ 41 j REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD Maximally Productive Of the uses, which are considered financially feasible, those uses mu the longest period of time in order to be considered the ~ st Provide the highest rate of return over _ analysis under the test of financially feasible, discussions de onnd best use of the ro e P m'• Based on the subdivision known as Winfield would a clusions im 1 P Y that] proposed multi-family ppear to be its optimum use. I~, 8. ASSOGATES ~ 42 REAL ESTATE APPRAISAL REPORT - SOUTH BALTIMORE ROAD THE v`~ ~'47'rpN PROCESS The valuation process is used to develop swell-supported estunate of a consideration of pertinent data. ~ defined value Typical] ,Which is based on the investigation of the subject prope mar Y, after defining the appraisal problem an m', ket value is estimated by a I ~ making a detailed which reflect three distinct methods known as the Cost A roac pp Ymg specific pprais al procedures, Income Capitalization A Pp h, Sales Compari on A pproach: 'T'hese approaches pproach, and methods and the use of different an-ive at a value indication through dissimilar types of data. The Cost Approach is developed by adding the estimated value rerroduction cost of the improvements. This approach assumes tha ~ subject site to the depreciated potential buyer will not a >; under norma circumstances, a P y more for a property than the combined cost of obtaining a similar site constructing similar building improvements, and. The site is valued separate] i Y by the Sales Comparison q consulting Marshall Valuation Service for the subject pmror eh. Reproduction costs are estimated by functional or external causes is subtracted out of the reproduction c st nts. Depreciatio~l fro condition. The resultant estimate of value derived II m physical, to reflect the imprbvernent's current from this approach is the sum of th site's value, the depreciated value of the improvements, and an appropriate amount of entrepreneurial profit The Sales Comparison A ~I pproach is developed by identifying sales of improved properties with utility to the property bein a g ppraised. This approach is based on the ~ similar as replaceable in the marketplace, tends to be set by the cost of ac 1Prnciple that the vale of a roe p P m, property' q ng an equally des~,irable substitute Comparisons can be made based on physical characteristics where adjustments are m.ad~ degree of similarity or difference between the subject and the sales. ~ based on the which the value estimate of the subject will fall. Comparisons canThe adjusted sales ind cate a range in •. expense characteristics such as the Potential Gross Income Multiplier aPG be made based n income and (NIM) or the Effective Gross Income Multiplier (EGIM). ~ ~)' the Net Inc me Multiplier The Income Approach to value is a method of analyzin a r and converting these benefits into an indication of valueg This ae osac bility to generate mo e rP ~ry benefits shoes of the typical investor-buyer, being concerned with pp hallows the analyst t~ ste ~ o the roe pinto th„ p p rty's income potenti~.l, and future & A550CIATES X43 __ I REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD marketability. The investor trades present dollars far the ri making a profit. This is the Principle of Anticipation, which ig fundam eive future dollars in anticipation of ental to the Incomme Approach. Each of the approaches seeks the same answer through the anal sis reliability of the indicated value produced by each approach ma v of different es ~I of info rmation. The a single. value indication as shown in y ~'• Therefore, it m~LSt be reconciled into the Reconciliation Section of the appraisal report, I, Valuation Process Sum;fnary In this case, the Cost Approach and Subdivision Income A ' essentially rawland with no final subdivision a pproach were not considers since: pprovals. g ~, the subject is twice and there are concerns that a final approval will be obtained in nal plan has been ~ completely revised be additional changes resulting in the loss of lots, then the near future' T~e fact is there ma this report. efore negating the Subdivision I come A y pproach in i However, the Sales Comparison Approach was includ acres zoned commercial given the ed far the 25.84 acre parcel and o ample sales data available in this to ~e 2'J~ +~' useable reconciled into a single value indication as shown in the Reconciliation Searke lace: tP Th refore, it must be ctron of the app aisaI report, i ' ~ • ~, & ASSOCIA- T- Eg ~ d4 _ ___ _ REAL ESTATE AppR,,~iSAL REPORT i SOUTH BALTIMORE ROAD LAND Vf1LUE.~ 25,84ACRES -AS-IS (RES7DENTL4L The value of the land is determined by its potential hi ies development. .There are several methods of estimating land albest use as if it were vac t ~ and available for ue including: Sales ComPa~'rson ', Allocation Ground Rent Capitalization '~ Extraction Land Residual ', Subdivision Development ~I The value of the land is determined by its potential. highest and best us I~ prevalent method is the Sales Comparison Approach due a available for dev~lop;Went, The most market data.. In primarily to the quantity and ~~Iquality of available this analysis, sales of similar sites are researched, analyzed, com are at an indicated value. Adjustments are made for differences in the sales p d as~d adjusted to arrive valuation of the subject property, the Sales Comparison Approach was u that reflect ma>¢'ket reaction. In the sed for land valua~ion. Subject Property: (25.84 Acres) The subject property contains 25.84 total acres and best o development would be antici ated w n the Highest and Best Use molt#-family residential subject property. P hick conforms to the physical characteristics, size and the zonin fo g r the i Units of Comparison Vacant resident, commercial and industrial land is typicall v foot basis, depending on the size of the roe y clued on a price per acre or p p ny while residential land is ~n ce per square acre, price per lot or per dwelling typically value on a o unit basis. In the analysis of the subject site, the price price per as the appropriate unit of comparison. per ~cre was chosen Comparable Land Sales• I!, Comparable land sales were identified in the market. The si.~; s i most comparable to the subject pro e ales summarized below are cgnsidered to be listed in order of date of sale beg' p ~ and reflect a similar highest and best use as if vacant II awning with the most recent sale. ~ ,The sales are NOONE & ASSOGIAT REAL ESTATE APPRAISAL REPORT COMPARABLE SALE NO.1 LOCAy'ION.• Address• 707 Shepherdstown Road .. ~ UPPer Allen Township & ~ LEGAL Cumberland County Pen INFOR1~gTION. , ns Date of Sale: Grantor: October 18, 2007 Grantee: Mate of Hazel G. Wevodau Deed instrument: The Hollinger Group Tax Map: 2007-39829 CONSIDER<gTION 42-09-0543-OOIA Sale Price: Financing: $749,475, (Ver fed Sale Pria Property Rights: Cash-to-Seller Verified.• Fee Sim le P SITE Site plan & County Records DESCRIPTION. Site Size, Gross.• Wooded: 8.56 Acres (As Per Deed) Shape: None Utilities: Irregular ZONING • Public Water, Sewer ak Electr . DZStrrct.' R- 2, Medium Density Resident IMPRO t'EMENTS: Residential Low Density Dwelling or Other: None PROPOSED USE: -Over SS Adult Townh ouse Community APPRAISAL MEASURES: Price Per Acre: ' ~_ •8 87,555 #7 ..~ SOU~T~MORE ROAD urg Boro & R-L, & ASSOCIA7E5 ~ 46 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD CO~P`4RABLE' SALE NO. 1-PHOTOS .. ~~j~k~~ + - F L :d...[' . 3 II 1' E~y.~ i ~4?L .~ ~ ~'~Sti'~ is a 1 !I t_. ~ .:,r.c ~ d COMMENTS: The site is located along the east side of She herdsto from the Mechanicsbur Eleme p ~'n Road dire by across g ntary School in Upper Allen Tow ship with part located in the Mechanicsburg Borough. The site is level at s eet grade with gently sloping terrain towards the south. There is ample stree frontage (942') and all public utilities are located. at the site along Shepherdsto Road. Most of the land area is located in Upper Allen. Township, which is z I ned R-2, Medium Density District. This zoning district is geared toward reside tial uses, including townhouse development. The part located in the Mech icsburg Borough is zoned R-L, Low Density Residential which permits single family detached dwellings, accessory apartments. family day care homes, cemeteries, municipal uses, public libraries, fi1•ehouses, hunches, name a.few. parks, playg ounds to I II ..~ .. II & ASSOCIATES ~ 47 REAL ESTATE APpRAlSAL REPORT SOU'T~ORE ROAD COMP,q,~gBLE SALE N0.2 LOCATION.• Address: Overfreld Drive South Middleton Township LEGAL Cumberland County, pennsvl~ ania .. ~. INFOR111ATION.• Date of Sale: Grantor; March 2006 Grantee: Ralph Otto Deed/Page: T Penndel Land Co. and 6044 D Deed Book 267 Pa 2 nver Associates ax Map' , ges 559 40-10-0636-D01 260 CONSIDER gTION.• Sale Price: ' Financing; .8 3,529,8110, (Verged Sale Pri Cash-to-Sell e) Pro er P ty Rights: Verified.• er Fee Simple SITE Grantor, Site plan c~ Coun ty R cords DESCRIPTION. Site Size, Gross: Wooded.' 61.24 Acres (As peT• Deed) Shape. Fence Rows Utilities: Irregular Lots Approved.• Public Water, Sewer cY~ Electric No Approvals Density: NA ZONING: ' District: A-C, Agricultzrral ~ ~ IMPROVEMENTS.• Dwelling yr Other: b Two-Story Farm House (Fair C Shed (Poor Condition) ~ c ndition) PROPOSED USE: Future-Single famil oncre att h ~ e stave SO' silo APPRAISAL MEASURES y ac ed lot residential develo ' Pment : Price Per Acre: ~~ 7, tS39 & ASSOGATES X48 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD COMPARABLE SALE NO. 2 -PHOTOS --- ,3-. .,_, COMMENTS; The site was is located along Middleton Township the Carlisle Borough bThisesectBionlof Fore gs iri South primary residential growth corridor in South. Middleton Township. R he s t his located several blocks west of Forge Road adjoininm residential subdivisions. The site is located at the end Overview Drivr at a c ig- de-sac. There is access onto Forge Road tlu-ough two subdivisions. 'i The site is generally level with gently sloping terrain and is improve with an older 2-story farm house, shed and silo. Al] public utilities are av ilable at Overview Drive. Zoning permits single family residential developme t. it ~, i N001~1E & ASSO- G- A~49 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD COMpA~4BLE SALE NO 3 LOCATION.• Address.• Trindle Spring lyei hts ..,,, , g S. Salem Church Rd ~ Carli,~le Pik e Hampden Township LEGAL INFOR1t1ATION • Cumberland County; Pennsylvania " Date of Sale.• Grantor.• ~~~ February 8, 2005 i Grantee: Deed/Pa e; Smith. Land and Improvement Corp. Silver Creek Develo m C m g Tom, Map • p ent o pany Deed Book 267 Page 750 CONS'tDER,,q q'ION • 10-I 5-1325-003 (new parcel) ', . Sale Price: Financing: $?,4I5 750 I ~ > (l'erifred Sale Prue) h C Pro er Rtghts • p as -to-Seller . Ver ed ~ Fee Simple SITE Grantee, Site plan & County R~cords DE'sCRIPTION.• Site Size, Gross: Wooded.' 24.5175 Acres (Site Plan) ~I Shape.• Part Wooded Utilities.• Irregulcn" Lots Approved.• Densit • Public Water, Sewer & Electric 163 -Lots Pre-ap ro d ~ ZONING: y. p ve ~ 7.599 trnits/acre (21.45 acres) District; . i IMPROYEME~S A-O-L, Apartment Office Limited & Co . Dwelli Q mmercial no or Other: None ~ PROPOSED USE: Future-Single famil ~, y attached lot residential development ~PRAISAL MEASURES; Price Per Acre: III $98,5.;2 .~- NOON $ ASSO~ ~ ~p REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD COMPARA,gLE SALE N0.3 -PHOTOS 5 ; ~=. -f ~. eDMMENTS: The site was purchased for multi-family residential developmen to be improved with 163 attached townhouse units, known as "Tr' Hc'r~ ~~+" on 21.45 net acres. agreement dated October 2 ~ The entire zndle Sprinn 9, ~00,. The pr Amina was purchased b a sale Cumberland County Planning ~' plan was a r Hampden Tow ~ Commission in September 2004 e by the nship Board of Commissioners in March 2005. The site d by supports a back lot position along the Carlisle Pike commercial uses along I mostly a the Carlisle Pike and residential) use e aloe lghway Church Road. The site has a lon ,... Road. There is a g driveway connectin with Salem Salem zoned ppTOUmately 2 acres fronts e g hurch Highway Commercial. Direct accesg onton the eCC lisle Pike, that is permitted being close to a ma or intersection. purchase price of $100,000 er J arlisle Pike ', is not p gross usable acre o The agreement stipulated a $2,451,750. NOOttE ~ ASSO- ~I~S 15 ~ REAL ESTATE APPRAISAL REPORT SOU TN BALTIMORE ROAD LOCATION., LEGAL INFORMATION, COMPA,1~gBLE SALE Np. 4 Address: Locust Run Canal Road Conewago Township York County, Pennsylvania !, • Date S of ale.• Grantor: January 7, 2005 ~ Grantee: Deed/pa e . Robert H. Conley & Anna M Canal Road Associates LL e g Tax Map' , C • G• Stoltzfus) CONSIDERAT'ION • 23-000-LH--0143 ' . Sale Price., Financing:. I ~1, 700, Of90 (Verifted Sale Pric e) Pro er P ty Rights: Cash-to-Seller Yer~ed.• Fee Simple Lots Approved Land Development Plan and Y 153 -Units ap ro d rk Coon ~' Records SITE DESCRIPTION . Site Size; p ve after sal ~ date , Wooded: 23.96 Acres (Net) !~ sy~ pe: None Utilities: Irregular l~ IMPROVEMENTS: Public Water, Sewer, Gas cg Ele ctric Dwelling or Other: Bank Barn: None i None I PROPOSED USE: Townhouse Development `~P~SAL MEASURES,, Price Per Net Acre.• e••,,, ,,,.,, REAL ESTATE APPRAISAL REPORT SOUT=_ORE ROAD COMp~4BLE SALE NO, 4 PHOTO ,;,<, ~., ~ - ~!: ti ~ J,±~- __ - .y ~ (: "'~ a F~ 1, ~.. WIII7 fi o ~ - 1 ~r `~ + r ,.,r Sl t ..~~i.~'." t .; t. ``~ _ _ - a L "r% -' , ~ x~? COMMENTS: The site is located along the west side Road and a of Canal Road just south of L~ wisberry pproximately 2 miles south of Exit 2 -~ site is located close to the Manchester Townshi nand 8' 4 York Co n City. The site wasp P ~'~ T1ie urchased for townhouse developmentileWhich requ' ed approval by special exception prior to the sale date. approvals were obtained after the sale date. Preluninary nd final along Lewisberry Road and all public utilities were ava lable at the s tfrontage site is level at street grade generally level to gently sloping terrain. e• The Zoning permits agricultural uses, home occu ations and since dwellings. Uses permitted b ~ P ale family ~etached dwellings, semi.-attached 3 special exception include single famil care and cemete aad multi-family dwelling, Y ~ttached ry to name a few, a. echo housing, a ult day Based on the Land development plan tl~e site will be dsvelo ed 1 2-story townhouse units. Proposed density is -6.39 units per acre, 55 lots ~, nd 153 ~i & ASSOGATES ~ 53 I REAL ESTATE APPRAISAL REPORT SOUTH ggLTiMORE ROAD COMp~4RABLE SALENO S LOCATION.• . Address: Arhorfield 450 Gettysburg Pike ' •~~` Upper Allen Township LEGAL INFOR1VI,gTION . Cumberland Coun ty, Pennsylvania • Date of Sale: Grantor; .Tune 10, 2004 Grantee: Deed Instrument: Adam W. Thomas and Arlene Gus Bailey, LLC ~• Thomas Tax Map; 200739829 CONSIDERATION . 42-29-2458-013 , Sale Price: Financing.• $519'750 (Verified Sale Price)I Pro er p ~ Rrghts; Cash-to-Seller Verified.• Fee Simple SITE Stte Si Grantee, Land Development Pan, County Records DESCRIPTION.. ze, Gross: Net Acreage; 11.05 Acres. (Survev plan) I Wooded,• _ , 10.06 Acres ', ' Shape.• none i Utilities: .Irregular I Lots Approved • I `411 Available . Density; 74 -Lots ~'I ZONING: 2.39 Units/Net Acre, Proposed 'I IMPRDI~EMENTS• District: R= 2, Medium Densi ty Residential District Dwelling or Other: None PROPOSED USE: High Density Resid APPRAISAL MEASURES ential Development - Duplexs , .price Per Net Acre: '' A'S7 its 8~ ASSOCIAT- ES ~ 54 ' REAL ESTATE APPRAISAL REPORT .-K SOUT~TIMORE ROAD COM11T,g~s. The property is located at the northwest corner of Ge Road in Upper Allen Townshi .Cumberland Coun ~'sburg Roa and. Fisher for multi-family development~a r ~'~ The site wa pp oved for 23 townhouse uni and one commercial lot. The site is located in the R_~ Purchased which is geared toward residential uses, includ glt wnhouse zT e P vise ict contained improvements that the grantee was required to remove. ~ p ~ $ ASSOCIATES ~ 55 C011~'A~4BLE SALE NO. S -PHOTOS REAL FSTATE APPRAISAL REPORT ' COMPARABLE SALE Grp 6 LOCATIDN.• Address: MeadowCroft Fisher Road Upper Allen Township LEGAL Cumberland County, Pennsy~• INFORMATION.• Date of Sale: Grantor: November 7, 2003 Grantee: St. Lukes Episco al C h Deed/Page: T Classic Communities, Cor Deed Book 260 P r ax Map. , age 13S 42-11-0276-013A CONSl73ER,gTION.• Sale Price: Financing: $323,000, Verifaed Sale Price Property Rights: Cash-to-Seller Verified. Fee Simple Selling Agent, Frank Tamani SITE , and Cumberland County Reco DESCRIPTION.. Site Size, Net Wooded.• S. p0 ,gcres, (Survey plan) i~ Shape: None Utilities: I~'"eg ular Lots Approved.• D Public WateJ•, Sewer & Electri 48 -Lots Afte S l ensity: r a e Date 9.60 Units/acre P ZONING: District: , roposed ~I IMPROVEMENTS: R- ~ Medium Density Res identic~, Dwelling or Other.• None PROPOSED USE: Townhouse Development APPRAISAL MEASURES: Price Per Net Acre: ~'~SS,1IC10 .~ ~ SOUTH BALTI/v10RE ROAD Development Plan $ ASSOCIATES ~ 36 REAL ESTATE APPRAISAL REPORT COMPARABLE SALE NO. 6 PHOTO SOU~LT~MORE ROAD COMMENTS: The site is located along the south side of Fisher Roa II Gettysburg Road in. the heart of U _ d dust w st of OId site is Iocated near State Route 15,psouth lof Mechanicsbu~r° wth co 'dor. north of Dillsburg. The The site is located in the R_2 a and 8 t 10 miles district which is geared toward residential uses, including townhoD e srty Zoning The site was purchased with subdivision a The site was approved for 48 townhouse lots and it wl towel Dose tc ~nstrucdate. was price (at start) from $165,000 to $180,000, which includes the 1ot~, on The site was improved with six 6-plea buildings, on.e 4-pleY building, Ine 6- to building and one 8- Townhouse units are three sto 1eg Public water was available at the pite. garage and family rooms; first floobgreat rooms kit hen and dundale el ?_c~. second floor ? or 3 bedroom. ~ eas with. $ ASSOdATES ~ 57 _ _ __ REAL ESTATE APPRAtSA1 REPORT • i SOUTH BALTIMORE ROAD • Discussion of Comparable Land Sales In general, an upward adjustment will be made if the comparable is inferior t • element of comparison and downward where the comparable is ° ~~' subject for a given comparison. Comparable sales range in size from 5.0 acres oe 61.24 acres bwict fir a given element of consisting of 25.84 acres. Coin ""` ~~he subject property parable sales price per acre range from $51,665 to $87 556 er a median of $67,976 per acre. ~ P cre with a Summa o Co arable Sales Lot `.SIZe Pl ~FP PP.f' Sale Date Z;oeation Consrilerat~on Sale #I Oct-2007 (Aires} Ae a,, Upper Allen Twp $749 475 • :Zonutn,: Sale #2 March 2006 8.56 $87, SS R-Z, RL S. Middleton Twp $3,529,800 Sale #3 Feb 2005 61.24 $S7, g Hampden Twp $2,415,750 A-C Sale #4 Jan_2005 24.5175 $98, I Conewago Twp $1,700,000 A-O-L Sale #S June 2004 13.96 $70,9 2 Upper Allen Twp $519,750 R Sale #6 Nov 2003 10.06 $SI,6 S t/pperAllen Twp $315000 R-~ ' 5.00 $6S, 0 0 R_ ~ Meclirrn:. ".$67,9 6 ;., '`:.. The adjustments to the comparable sales are indicated on the Land on page 62 of this report. Sales Adjustment Tab~e, which is shown Elements of Comparison Key value elements under scrutiny that may require adjustments I' terms, conditions of sale, time, .location, physical characteristics ~ncludtng t orights con{,veyed, financing size. These factors are the primary influences on site prices and tend to affe p ~ phy~ sfape, zoning and ct the differences in price levels. ProPeny Rights Conveyed A transaction. price is always predicated on the real property interest conve included fee simple interests and no adjustments are warranted, yed. A1J of the ~ornparable sales Financing Adjustments • The comparable sales have been adjusted first for financing terms if II ' sales price to cash a uivalent terms, applicable. This adjustr.~ent renders the q Where favorable (below market rate fnancin to available by the seller, the difference between the favorable terms and the market rate g ~s were made terms i~ estimated. & ASSOCIATES ~ 58 RfAI fSTA7F APPRAISAL REPORT SOU TH BALTIMORE ROgD Conditions o, f Sale This adjustment is applied if there are any unusual circumstan foreclosures, bulk sales related ces surrounding the ',transaction, such as parties, assemblages and the Like. All of the sales were transactions and no adjustments were warranted for conditions of sale. arms length ..t Tune Adjustment After adjusting the land sale compai'ables for f I~ current by means of a time ad'ustment if the mazk~~,~, g and c°ndi~ions of sale, the saI~ s mta~st be brought J arrants. The sales occurred betwe and October 2007. An annual adjustment of 4.0% is estimated for a t' November 200; property and applied to the comparable sales. ime adjustrnnt for this class of Location and physical Characteristics '~ Sale 1 is a October 2007 transaction of a 8.56 acre parcel loca II Allen Township, Cumberland Coun ted along Shepherdsto t3'• The property was purchased for a total considerati n of $74q mapper $87,S~S per acre. The site is located directly east of the Mechani ~ ~ or established residential neighborhood of the Mechanicsbur Boroua csburg Elemen Lary ~'ISchool adjoining family residential deveIo meet and did not have relimin g ~ The site was pur hased for . p p multi- ~y and final subdivision appro als at the time of sale. The site is level at street grade with ample raad fronts, e. the zonin is Q g All. public utilities are loca ed at the site and g ~ Deared toward residential development. This sale is adjusted for superior location and for small III indication of $70,044 per acre is implied, er lot size. Followm g all adju~trrients, a value Sale 2 is a March 2006, transaction of a ~ Cumberland Coun 61.4 acre parcel located in South Middl ton Township, tS'• The properly was purchased for a total consideration of acre. The site was purchased for multi-family residential development and di ~.~,SZ~.B(K) or ~ti7,{~3g1 per final subdivision approvals at the time of sale. d not have relimma • The site is situated in South r1' and groom corridor just off Forge Raad adjoining established residential neiohb uidleton Town hip residential with an older 2 sto ~ • ~ orhoods. The s~te is improved ~ farmhouse (fair condition) and shed. Access is via Forge Ro t established residential neighborhoods and public water and sewer is availab hrough ~,o le at the site. This sale is adjusted upward for date of sale given the II adjusted for superior location, for inferior access and for larger Iotrs Z~kF °onditions today.', This sale is indication of X58,475 per acre is implied. ollowing all ad'ustc~n J I ents, a value NOONI~ $ gSSOGATFS ~ 39 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD Sale 3 is a February 2005, transaction of 24.5175 total acres 1 County. The site was purchased for tots] consideration of $2,415e750 Hampden Tawnshi P, Cumberland located just off the West. Shores °T $98,532 per acre, primary commercial corridor in the center of Hampden ownshiis ...~ P residential growth corridor. The site was purchased for residential townh approvals were obtained prior to the sale date, ouse development. PreIiruinary Carlisle Pike and 22.5 The site contains 2 acres zoned co'~rnmercial along the acres zoned A-O-L, Apartment Office Limited, which residential development. There is no access permitted onto P~rmits multi-family available and zoning permits single-family development with a minimum Pie Public water anal sewer not lot size of 1 ace. This sale is adjusted upward for date of sale given the superior marke adjusted downward for superior location. Followin t conditions t da . ~ Y This sale is is implied. g all adjustments a value indication ~f $71,73 per acre Sale 4 is a January 2005, transaction of a 2 3.96 acre parcel located in Conewago Towns i P, The site was purchased for a total consideration of $1,700,000 or $70,952 York CountS~, southwest corner of Canal Road and Lewisbe Per acre. The silte is located at the This section of York County is one of the counties d 4m files north of the Ciry of York in York County. purchased for to P azy residential growth corrido s. wnhouse development, which re wired a ~ The site was The preiimin 9 PProval by special exception prio~ to the sale date. ary and final. subdivision app ovals were obtained generall level to Q r after the sale date. Y gently sloping terrain containin ~e site contains were available at the site. g ample road frontage alon Zoning permits agricultural uses, single family detaoched s t~l,ll public utilities occupations. dw~lIinas a and home This sale is adjusted upward for date of sale, for su eri inferior zoning. Following all adjustments a value indication of $~7 ~~uperior physical characteristics and per acre is implied. ~, Sale 5 is a June 2004, transaction of 10.06 acres located alon in U County, The site was purchased for a total consideration g Peer Allen Townsh'I lp, Cumberland located at the northwest corner of Fisher Road and Old ~Getrysbu~tr770 or S,oi,b6~ er ac e. p #' The site is a Road adjoining esta,b~ished and new residential developments. The site was purchased for multi-family reside ' 1°~) and one lot (1.7; acres) was a roved for co nt~al development k2; townhouse pp mmercial use after the sale date. Prelimi~ were in place at the time of sale. ~' approvals E $ ASSOpATES ~ 60 REAL ESTATE AppRgISA! REPORT 50UTH BALTIMORE ROAD The site contained improvements that the grantee was re uir Zoning is geared toward median densi 9 ed to remove along with subs ty residential development, which includes multi-f tantial clean-up public utilities were available at the site. wily uses. All This sale is adjusted upward for date of sale given the sue ' adjusted for superior location and upward for additional cost fnor market conditions tbda . adjusted for smaller lot size. Following all ad'u or demolition and site cl an_u This sale is J stments a value indication. of $68,921 pe nacre P .This Sale is Sale 6 is a November 2003 is lmplied. , transaction of a 5.00 acre County, The site w Parcel located in. U er as pwchased for a total consideration of $325,app or X65 Coen Township, Cumberland Iocated along the south side of Fisher Road just west of OId Ge per acrd. The property is residential developments. The site w ttysbwa a Road adjoining eslta.blished and new as purchased for townhouse development and preI~mu1 were in place at the sale date. Zoning is geared toward ~' approvals includes multi-family uses. All public utilities were available adYan density residential dewelo pment, which t the site. This sale is adjusted upward for date of sale, for superior locat' adjustments a value indication of ~66,3p0 per acre is implied. Ion and for smaller lot size. Following all Land Value Conclusion - 25.84 Acres The adjustments to the comparable sales are indicated on the following page, The adjusted rice er acre ranged from Land Sales Adjustment Table shown on the ~ p P acre and a mean of $68,836 per acre. The weighted average vaIuoOsto $71 731, with median of $68,698 per $68,720 per acre. All six sales are considered valid indicators of the m the greatest weight is laced on Sale #l. #2 arket value of the subject ro e p and #3 and a p p rt}'. In the final analysis subject property, The value indication a price per acre of $63 OUO is est" ppears reasonable ;' ' mated for the presented. ~lven the current market data and analysis Therefore, the estimated fee simple value of the subject land "as-' " November 1, 2007, which is the date of death of De >s condition, as of the retrospective date of 25.84 acres) nnis Sealover is expected to be $g,'78Z~q~~ which is rounded to: ($69,000 x '~ '~ '~ ONE 111ILLIONSEVE1y,F~~~~D ~,D -' ~IGHTYTi~RZ'~' ~af1SAND DOLLARS * ~ ~: (x'1,7&3,QU0} NOONE ~ gSSOOATES ~ 61 . _ • REAL ESTATE AppRAISAL REPORT ,-. SOUTH BALTIMORE ROAD ~~ SALES'9.D'TUSTMENT TABLE - ?S 8 ~~C1~ES c.onrparableSa/es > 1 Ad&esfl S1~epherdslowR~~d =,; 2 3 OVetftelrlDr Sal 4 5 ' T¢~M~ Borcel '42-09 .f93 OL4 an Chrtrch Rd:' Gairal~Rnrid . 6 .. ~'~uxf" ~ al N 40J10=634.01 r Fi her~C Plke, .• ' ' 10-}87325 0.? '. Fri{teriloatl ~ ~ per~:9lldt Twp :.r S:"Mtddletonz 23,I:H--0143• •~ ; oleFrice: $$8$ ,8749,475 gy`p'' 'y ~ Twp ;Con 42~29~245$1~3:r 4211=017G.'13A Demolition Costs: $3,529,800 $2,415,750 e-en o gip, ` W `:Allen T~ ~ppet=Allen Tw Toto! Cons' 80 $0 $1,700,000 i9,7S0 ° I ulerotion: 8749475 SO 80 $325,000 LatSue (Acre 8560 8,529,800 $2,415,75U SO S0 51,700,000 9,750 • eP~Acre; ~:~ 61.240 245175 ,.. 88fiSS5 ~ 23.960 ~ 0.060 $325,000 Date ofSale .&57;6.39 598;532 5.000 ,. :• -. ... Oct-07 Mar-06 •870;952 S ,lG4S . ~~ ~'iustment Feb-0S , • 0.0•~ Jan-OS 565000 '' 8.0% yun'09 Nov-03 "` ~'~" ~e6lue ° 12.0% '' a8T333 i 11,0% Corulrtrons of Sale 'SG2;250 ;,,'' 6.0% Corry. Mt $~It'1n3S5 $7.9"46( 20.0% Fi nancin A 'ustment g Conv. Mtg Cortv,Mtg Conv.Mt ~ q`931 ` ` $78000 0 0% 0.0% ° 8 Cdrty g Ad}usterl•Prtce/i9cre ~ DO% '~ Canv.Mtg S8T SS 561:2:50 0.0% .0% ' °~ :=~ a~+.. , ; s ... ; , . $110;355 0.0% Location <<• "` = Sa ;931 $78y~Q00 Adjustment (%) Superior Superior `. ry'- - ; . -10.00% Superior Superior _ ~ '° Physical Cnaracter~ics -10.00% -35.1!0% Superior Superior Adjustment ~%) Similar Inferior -?5.00% -S.i00% 0,00% Similar Superior -5.00% Zoning/Utilities 10.00% 0 DO% Similar Similar Adjustment N/o) Similar Similar -IS'00% 0.1)0% 0,00% .Similar f D.00% Other 0.00% In erior Similar Similar 0.00% ~S 00% Similar Adjustment (%) Similar Similar O.QO % U.00% Subject Sue: A 0'00% 0.00% Similar Similar ores) Smaller 0.00% 0.00 % ~ ° Similar 15.84 Larger Similar S• 0% 0.00 % Adjustment (%) 8.56 61.2¢ Similar Smq'ller -10.00% 10.00°10 24'5`° 23.96 Smaller '' ~' O.OOro 0.00% 1 U. b6 ~ 5.00 ToralAdjustmentti:• ~ „ -S.O~I% -10.00% - 0.00/ -1o.rr0 % ;~ .llD'% -1.5.11(/% ° ' gOluelndicafion;(Acre) 5`7(1,•044 IS.II -1 S.llll Sales Weighting 3 .8/x8.475" 571,731 1 Sh7,~4b .568 9 };r!. Weighted Average Value > 4 ~ _ 566;300 >: _ I,775,7I4 6 - , . .::.,, ~~:- $bS;720 /ACME S ,. ,_.. STATISTICAL MEASURES Per Acre Range,' ShD.3DD Midpaint: 571; 731 Variance: +,! ~, SG9.016 3.93 ~„ 3.7J Median.• ~ S68;G98 Mean : ~ '.868 8 ~-~,- '_ i' 3Y NOON E !,$ ASSOGATES ~ 62 REAL ESTATE APPRAISAL REPORT SOOT= gA~TIMORE ROAD LAND VALUE - 3.90 ACRES C011fMERCI,4.L The value of the land is determined by its potential highest and bes development usin t use as if it were vaaant anti available for g the Sales Comparison Approach. In this analysis, sales of similar ' analyzed, compared and adjusted to ~~" arrive at an ' sites ase researched, the sales that reflect market reaction. indicated value. Adjustments are made for differences in The Sales Comparison method is based on the Principle of Sub ' strtution, which states that when several sun,;Iar' commodities, goods, or services are available, the one with demand. This method is predicated u on two factors: 1 the lowest p~Ce will'... attract the bein a P greatest g ppraised and, 2) the data available on comparable proeertis an active market for tlhe type of property approximately 3.90 acres which is zoned for co P es is adequate, 'The sub~ect site consists of ' mmercial use based on the Hi However, it should be noted that the subject ro e ghest and ,Best Use analysis. useable area is estimated to be 2. ~ P P m' contains wetlands that limits the useable area, 50 acres. The Units of Comparison Vacant Land is typically valued on a price per acre or rice the property. In the local real estate P Per square foot basis, de ending market, parcels less than 2.0 acres are P ° °n the size of acre basis. As such, the price per acre was selected as the basis for tom ~'PicaIly valued on a price per parson. Comparable Land Sales Comparable land sales were identified in the market and are summar' market sales are considered to be most comparable to the subject roi eed on the followin g pages. The five best use of tl~e subject as if vacant, P P m' and reflect a similar highest and recent sale. The sales are listed. in order of date of sale, beginning with the most .r/lements of Comparison The comparable land sales are adjusted for property rights c (if warranted). Additional adjustments are made for locationol t orid, conditions of sale, fnancina and time and public utilities and lot size, entation, physical characteristics, zoning $ ASSOCIATES ~ 63 REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD Comparable Land Sale #1 Grantor: 1031 Development Corp Grantee: SLE Realty Partners, LP T~ Map: 20-000-PC-OOSSN Address: Tristan Lane, Carro]1 Twp, Dillsbwg, York County, Pa Sale DateK March 2007 Sale Price: $310,000 Lot Size: 1.05 Acres (based on Subdivision plans) Price Per Acre: $295,238 per acre Zoning: CH, Commercial Highway Comments: The site is located on the north side of the D' intersection. of Rt 15, Old Ge ll~bm'g Borou h in C consistin of ttysburg Road and Spring Road. The sites alrt'°ll 'Township at the g nine lots many of which were im roved with. co p~ ~f a srx~all o~Ce park level at street grade kith all public utilities at the site. mmercial uses. ~, The site terrain was unimproved. This was the la lot that remained Comparable Land Sale #2 Grantor: Wilbur Fisher Grantee: Timothy F. Merrits Tax Map: 58=000-02-019, 001.8 & 0018A Address: North Second Street, Dillsburg, York County, Pa Sale Date: Feb 2006 Sale Price: $270,000 Lot Size: 2.98 Acres Price Per Acre: $90,604 per acre Zoning: Mixed Use District Comments: The site is located less than %z mile due north of the s Borough. The property was marketed b ub~ect pro e at $390,000 offered for sale as land value only. There were several b p ~ in the DilIsburg Y CIR, Commercial Real Estate Brokers lifted on the market terrain was Level at street grade with all public utilities at the site. uildings on', the site. The site Comparable Land Sale #3 Grantor: Romer, Inc Grantee; Fishing Creek R.E. Management L.P. • Tan Map: 27-000-QG_0003L Address: Financial Way, Fairview; Twp York County, pA Sale Date: December 14, 2005 Sale Price: $250,[100 Lot Size: .1.32 Acres Price Per Acre: SlSg,394 der acre- Zoning: CH, Commercial Highway Proposed Use: Car. Wash Comments: The site is located less than 4 mile due sou development ready consisting of level terrain at street site was consequently improved with a car wash. th of the subject propertjr. The site was grade with all public utilities dt the site. The from I-83 and Fishing Creek Road, The site fronts a col-de-sac street, !which is visible 8 ASSOOATfS ~ 64 REAL ESTATE APPRAISAL REPORT SOL! 7'H ggLTIMORE ROAD Comparable Land Sale ~ Grantor: Bowden Faust Grantee: 359 Gettysburg Road, LLC Tax Map: 20-000-OC-0095H and 0095G Address: Old Gettysburg pike, Carroll Township, York Coun p Sale Date: December 21, 2004 ty, A Sale Price: $250,000 Lot Size: 2.31 Acres Price Per Acre: $108,225 per acre Zoning: CH, Commercial Highway Proposed Use: Unknown Comments: The site is located less than ~_ included two adjoining Lots at the intersection~lof O1dsG thwest of the sub'ec Course Road. The site terrain was level at street ~ ~ prop ems' This sale ettysburg Road, Stat$ Route 15 and Golf grade with all public utilities at the sirte Comparable Land Sale #S Grantor: Dick Family Trust Grantee: Dwight W. Gochenaur Tax Map: 20-000-OC-0095P Address: Range End Road, Carrot] Townshi Sale Date: May 15, 2002 P~ York County, pA . Sale Price: $b0,000 Lot Size: 0.431 Acres Price Per Acre: $R3y~11 per acre Zoning; CH, Commercial Highway Proposed Use: Car Wash Comments: The site is located less than ~~, mile due southwest of the subject prose development ready consisting of Ievel terrain at street consequently improved with a car wash. '~3'• The site was The site also fr ots State Route 15r on thel site. The site w~ ~ Assoc s'- REAL ESTATE APPRAISAL REPORT SOUTH gA1.T1MORE ROAD Land Value Conclusion The adjustments to the comPazable sales are shown on the follow' Table. After adjusting the compazable sales, the prices ran ed fromg page m the Land Sales Adjustment area. The serve g m $121,212 to $167,252 per acre of land y mean is $132,076 per acre, median is $123,864 per acre and the wei $127,420 per acre. ghted average is . „. All five sales are considered reliable indicators of the market vale analysis, greatest weight is placed on the market sales #2, #3, #4 and of the subject rb e ~ p p rt1'- In the final estimated for the subject properl3'• The value indication appears reaso #5 and a price per acre of $124,000 is this neighborhood, current market data and analysis presented. nabie given the hisitory of land sales in Therefore, the estimated fee simple value of the subject land ``as_is" November 1, 2007, which is the date of death of Dennis Sealover isondition, as of the retrospective date of 2.50 useable acres). expected to be $31~4,00{j ($124,000 + * ~: ~ T.IdR.e~'E HYIND ~~ ~fl1VD 7'~N THOUSAND .D+~.LLARS ~ ($310,000) $ A550CIA- T- E5 ~ bb ........... _ REAL ESTATE gppRAISAI REPORT __ ND'St Con arable Sales....> I `~~'~ Tristan Ln ' Tax Map Purael 2RPC SS1V Yltrnici irlifyr Cdrroll:Z'wp Sale Price: $,~gg ¢a,,, ,,,,,; ILESADJUST1t1ENT TABLE 2 3 11`2ndSt Finartctal Way' S8 OZ-U01 Q+ ' . D;Usbu Z7 QC D03L;' ,rb' Fin.i;;e. T .. SOUT=ORE ROAD 4 S 5u =Rt1 Ranger~nrl , -. ,,,,,,,~ X250,000 rl• ,wp.• CarrollsTw~ Total Consideration: $31 ,000 $D $0 ~G0,000 Lot Site: (Acre) 1. DS $270,000 ~250,DOU $D I SO ' -- 2.98 L32 50,00 $GO,000 $245,288:: ~ 2.310 Date of Sale , Mar-07 $90 604 ;;:>, ' S18~f394 ,. D 431 Time A 'ustment Feb-OG ' $108;22 '^ $139' o Dec-04~ 3 0% 9 0 ° 12.0' ~21I, . ` TiereA` isterl•V~e ;:• GO% Mgv-02 Conditions of Sale '$30q;095 . > ,$9ry;`04Q;_. -820643 ~,. Corry. Mt .;$121;21 18.0% Financin Ad ustment ~ ~ , g Conv. Mtg Conv. Mtg Conv.Mt S1G92G9' 0.0% 0.0% Conv.Mtg ArfjustedPrice/ Acre $3gq,D95 t7.0% D 0% 0. k::; $9G, U40', ~ $20(;439 Location .. ; .; . ..~. 0% $1.21,212 ,. Superior ~'IG4,269 Adjustment (o/) Inferior Superior ` -30.00% 15.00% Superior Physical Characteristics -25.00% Superior Adjustment (%) Similar Similar -15.00 % '~ 0.00% Similar -IS.00% Znning/Utilities 0.00 % Similar Similar Similar 0.00°0 200% Adjustment (%) Similar Similar 0.00% Other 0.00% 0 00% Inferior Similar 0.00% IS. DO% ~I In. ferior Adjustment (%) Inferior IS.00 % Subject See: (Acres 0.00% Similar Similar 5.00 % 0 00% Similar 2 SO Smaller Similar 0.00 I,OS Smaller 0.00% Adjustment (%) 2.98 Similar Smaller ,,, -15.00% 0.00% 1.32 2.31 ` ` :. _ -I S. 00% 0.00% 0.43 Total Adjustments; _ D% `' ~ -25.00% 45.0 3U.OU% -4D.OU% , `lfalue;lnrftcuhgn•(Acre) ?:' ,~1G7,252 0110:;; -250Uio Sales Weighting S X124,852 `::$IZ3;869 1 $121;21,3 $'IZ3;702 Wet hied Avera Te Litl~se-> ~ 4 ~ ~'~I~Y,.S = $127,420 /AC,~ ,.. <_ ~. STATISTICAL ME,4SURBS i PerAcre Range: $171.212 Midpoini: ~''I G7,252 Y'ariance: +/_ o, $1¢4' 2'2 13: 9G in Median: 13.7G°„ ~i ~ZZ3,8G4 '~ Mean : ,3'132,076 NOON $ ASSOGATES 167 REAL ESTATE APPRAISAL REPORT SOOT-MORE ROAD SUMMA,It y OF FINAL rr~ UE OPINIONS SUB.TECT PROPERTY 25.84Acres ' ~ ~ V-~ UES 3.90 Acres ~1, 783; 000 310 ODO Total: .8'2, 093, D00 Therefore, the estimated fee simple value of the proposed the retrospective date of November 1 ~ Winfield subdivision in its " > 007, which is the date of death of Dennis Sea1o er is a ndition, as of 52.,043,000 ($1,783,000 +$310,000 . ~ ~ xpected to be '` * * TWO MILLION AND NDVETY T.H,.RFE THOUSAND DOL ~ ,~ A550G- ~ 68 REAL ESTATE APPRAISAL REPORT SOU T=ORE ROAD 2. 3 4 5. 6 7. 8. 9. 10. 11. ]?. Signature: CERTIFICATION OF VALUE I certify that, to the best of my knowledge and belief.• 1 • The statements of fact contained in this report are true and ..'~ correct. The reported analyses, opinions, and conclusions are limited only b th conditions, and is mY Personal, impartial, unbiased professional analyses o ' Y e reported assump~ons grid limiting I have no present (or the specified Pons, and co4nclusic~ns. report, and no (ors ecified ~ Present or prospective interest in P )personal interest with res ect to the the Property that is P parties involved. ~e subj ect of this I have no bias with respect to the property that is the subject of this re this assignment. port or to the parties thvolved with My engagement in this assignment was not contingent u Pon developing or reporting predetdrrtdned results. My compensation for completing this assi predetermined value or direction in value that favors the cause of th gnment in not contingent upon the development o~ reporting of a opinion, the attainment of a stipulated. result, or the occurrence of a subse intended use of this appraisal. a client, the amount of the value quent event directl related to the MY analyses, opinions, and conclusions were develo ed with the Uniform Standards ofprofessivnal A P 'and this report has been prepared, 'in con ppraisal Practice, fortuity I have made a personal inspection of the property that is the sub'eci o '~ J f this report. No one provided significant personal property appraisal assistance to the person(s) signing this) report. The reported analyses, opinions, and conclusions were developed .and conformity with the requirements of the Code of Professional Ethics an Appraisal Practice of the A ~ this report has been 'prepared, in ppraisal Institute. d the Standards of professional The use of this report is subject to the requirements of the A authorized representatives. ppraisal Institute relating to review, by its duly As of the date of this report, I have completed the requirements Appraisal Institute, of the continuing education. pro~r-atu of the Pa~'ick F. Noone, ~ Pennsylvania Certified General Appraiser No Date: = ~ '' ~ Q GA-0001 ? 72-L NOONE& ASSO- C~ 169 REAL ESTATE Appgq~SAl REPORT SOU T--ORE ROAD 2. 4. 5. 6 7. 8. 9. 10. ]1. 12, CERTIFICATION OF T'AL UE I certify that, to the best of my knowtedge and belie I• The statements of fact contained in f this report are true and correct. The reported analyses, opinions conditions, and ism ~ and conclusions are limited onl b y Pers°nal, n'nParhal, unbiased professional y y the reported assum analyses, o P 10ns acid limiting I have no present (or the specified)' present or rose pons, and c nclusions. report, and no (ors ecified P P cove interest in p )personal interest with res ect to the the properly that is the subject of this I have no bias with respect to the roe P Parties involved. this assignment. P p rtY that is the subject of this report or to the parties involved With My engagement in this assignment was not contingent u on d p eveloping or reporting predet.~rrnined results. My compensation for completing this assia predetermined value or direction in anent in not contingent upon the develo opinion, the atta' value that favors the cause of Pment r re mment of a stipulated result, or the occun'ence of a subsequent event a portuig of a intended use of this a the client, the amourpt of the value ppraisal. directly related to the MY analyses, opinions, and conclusions were develo ed with the Uniforyn Standards o, f'pra fessional ,Appraisal Practice. I _ P ,and this report has been prepared,' in conformity I have made a personal inspection of the property that is the subject of this report, No one provided signi$cant personal property appraisal assistance to t he person(s) signing thi$ report. The reported analyses, opinions, and conclusions were develo ed conformity with the requirements of the Code of Professional. Ethics and Appraisal Practice of the A p ~ and this report has been ~, prep~'ed, in ppraisal Institute. the Standards of'Professional The use of this report is subject to the requirements of the authorized representatives. Appraisal Institute relating to revie '~ vl by its dul}~ As of file date of this report, I have completed the requirement Appraisal Institute. s of the continuing b education program of the Signature: ` '" ,j~~ ~ .. d ~- .~- Allen R. Peffer '--- Date: ~--~~ -~-~~ Pa.Certified General Real Estate Appraiser No. GA-001646-L ~ 8~ ASSOQAT~S 7070 REAL ESTATE APPRAISAL REPORT SOU= g~lMORE ROAD AS,SUMPTIONSANn r r~~~•~~.r„ ~ _ _ __ ="'l l 11 v y wn'DITIONS 1 • Unless otherwise specifically noted in the body of the report, it is ass or properties appraised is clear and marketable and that there are n umed that title to the pro or exceptions to total that would adversely affect mar'ketabili or Ply a~'"m'e of any title defects nor has it been advised of an o recorded or nreco'rc~ed matters report. Noone & Assoc' ~' value. Noone ~ Associates is not sates has not examined title andymakessno re ress necifi all condition thereof. ~ Y noted in the P tat~dns relative to the Documents dealing with liens, encumbrances, easements, dee conditions that ma d restrictions, clouds Y affect the quality, of title have not been reviewed. Insurance!, against d other loss resulting in claims that may arise out of defects ui the subject ro from a qualified title coin an financial P y that issues or insures title to real P Perry's title ~~Should be sought 2• Unless otherwise specifically noted in the bbd Pi'°perty improvements on the roe Y of this re o and code conformin P P rt3' or Properties bein a P rt' rt ~s assumed: hat the existing g ppraised aze structurally sound,l, seismically safe etc.) are in good workingao de rvrithlno major deferredanlc~/electrical and exterior are in g , HVAC, elevator, plumbing, ood condition and free from intrusiaontbya the elementsr tghat~thethat the roof properties have been engineered in such a m conform to all applicable local, state, and federal building codes and ordina property or anner that the improvements; as curre$~tly constituted, Noone & Associates are not en nces. nature. gineers and are not competent to judge matters of', an engineerin Noone & Associates has not retained independent structural, mechanic engineers in connection with this appraisal and g condition of improvements. ~ therefore, makes no representation relativve to .the problems were brought to the attention f Noone & Associaty noted in the bod of '~, & Associates inspected less than 100% of the entire interior an Y the report: no es by ownership or mana' etnent; Noone improvements; and Noone R by the Associates was not furnished any en d exterior p~rtions of the Party requesting this appraisal. If gineering studies b questions in these areas are critical to the d~ 2'sio process o the reader, tl~e advice of competent engineering consultants should be o - It is specifically assumed that an btamed anal #•eIied upon. closing a sale, obtain a satisfac oknowledgeable and prudent purchaser would, as a property and the integ ' rY engineering report relative to the s precondition to may not be visu.all ~ brity of building systems. Structural problems and/or b ~ gals ~ stem 1 y detectable: ~' of the g Y problems If engineering consultants retained should re ort neg later discovered, relative to the condition of improvements, such ' P native factors of a material nature, 'or if such are substantial negative impact on the conclusions reported in this a raisa information could have a findings are reported by engineering the appraisal conclusions reported herein. sultants, Noone & Ass. dates reserves d e gi~ht to egative '~ amend E & ASSOGA- T- ES ~ j ~ REAL ESTATE APPRAISAL REPORT SOUT~MpRE ROAD 3 • Unless otherwise stated in this report, the existence of hazardous mate be present on the property, was not observed b - nah which may or may not Imowledge of the existence of such materials on or in tthe PPo tiers. Noone & is not qualified to detect such substances. Pr P ny. Noone & A~socoiates howeve>° The presence of substances such as asbestos, urea formaldeh d groundwater or other potentially hazardous materials ma y e foam insulation, contaminated y affect the value of tl~e property 'The value estimate is predicated on the assumption that there is no such material o that would cause a loss in value. No responsibili expertise or engineerin t3' is assumed for any such conc~itionsho P oPany g knowledge required to discover them. The client is urged to retain an expert in this field, if desired. W possible by observation, the land; however i.t was e have inspected,'as thoroughly as beneath the soil. Therefore, no representation is ~eossible to personalI considered in the a Y inspect conditions ppraisal. ~ to these matters unless specifically 4• All furnishings, equipment and business operations, e considered as part of real roe xcept as specifically stat d and P P m', have been disregarded with only real roe ~'P~cally in the report unless otherwise stated. well as an P P P rty eing considered Any existing or proposed improvements, oh or off-site, as y alterations or re airs considered are manner according to standard practices based upons thedinformationpsubmitte la t Associates. This report may be subject to amendment upon re-inspection of °rkmanlike subsequent to repairs, modifications, alterations and completed new co ~ o Noone & Market Value is as of the date indicated; based u the slubject property Ievels of operation. nstruction. Any estimate of pon the information, conditions and, projected 5• It is assumed that all factual data furnished by the client persons designated by the client or owner to supply said data par accurate s representative, or otherwise specifically noted in the a appraisal re o ppraisal re ort. and',correct unless P rt, Noone & Associates has no reason to belielve that y of theedc$fiacall~ noted in the any material error. Information and data referred to in this paragraph include, withou to, numerical street addresses, lot and block numbers, Assessor's Parcel furJnisl~ed contain square footatre area of the land, dimensions of the improvements, gross bui ~ ~ ~ being Iimited areas, usable areas, unit count, room count, rent schedule Numbers, land dimensions, expenses, budgets, and related data. ldm~ areal, net rentable s, .income data, historical operaiing Any material error in any of the above data could have a substan reported. Thus, Noone & Associates reserves the right to amendtconmpact on the conclusions aware of any such error. Accordingly, the clienr`addressee.should care#'ully review a data, relevant calculations, and conclusions within 30 days after t lusions reported if made and should immediately notify Noone & Associates of an Il assumptions, he date of delivery bf this report y questions or errors. NE 8 ASSOGATES~72 REAL ESTATE APPRAISAL REPORT SOUT=ORE ROAD 6• The date of value to which any of the conclusions and o forth in the Leger of Transmittal. F Pinions expressed in this re ort a rendered is based upon the urchasin urther, that the dollar amount of an P PPIY, is set P g Power of the American Dollar on that dMlle opinion herein based on market conditions existin as' g of the date of this appraisal. Under~ th~ t~aPPralsal is engagement, we will have no obligation to revise occur subsequent to the date of the appraisal. However, Noone & rms of the this report to reflect events o>• conditions which discuss the necessity for revision resulting from changes in economic or subject. Associates vy~ill be available to market fa~etors affecting the ~• Noone & Associates assumes no private deed restricti any ~'~'aY• ons, limitin the use of the shib'ect ro e g ~ P P ri3' in 8• Unless otherwise noted in the body of the report, it is assumed th subsurface rights of value involved in this appr~s~~ whether they are the rights associated with extraction or ex to at there are no mineral deposits or stated in this appraisal re ort, gas, liquid, pr solid. Nor are p ration of such elements considered unless otherwise P Unless otherwise stated it is also assumed that t ere development rights of value that may be transferred. az"e no air or 9• Noone & Associates is not aware of any contem lated controls, or rent controls that would significantl P Public initiatives Q y affect the value of the subject, mental development 10. The estimate of Market Value, which may be defined within change with market fluctuations .over time, the body of this report, is subject to promotion effort, terms Market value is highly related to exposure, time estimate(s) consider the product vation, and conclusions surroundin economicall ~, tY and relative attractiveness of theg roe °fferm~. The value S on the open market. P P rty, bo ~ Physically and 11. Any cash flows included in the analysis are forecasts of are predicated on the information and assumptions contained within the re o income, expenses and economic conditions utilized estimated future operating) characteristics Rather, they are estimates of current market expectations of p rt' Any, Projections of achievement of the financial projections well be m this report are not predictions of the future. dependent upon other future occurrences that cannot b f u~re mcome and e~;penses. The affected by fluctuating economic conditions and is projections considered herein. Noone e assured. Projections may be affected by circumstan essbey led tdhe c not wAchial results maylwary from the Noone & arrant these forecasts will occur. Associates. urrent realm. of knowIed~' ~ or control of 12. Unless specifically set forth. in the body of the report, noth• represent any direct or `indirect reco mg contained herein shall b~ construed to mmen ation of Noone & Associates to bu properties at the value stated. Such decisions involve substantial investrrie must be specifically addressed in consultation form.~••• Y, sel~, or hold the nt strategy questions and & ASSOOATES ~ 73 REAL ESTATE APPRAISAL REPORT SOUTH y g_ ALTIMORE ROAp 13. Also, unless otherwise noted in the bod of '~" zoning ordinances or regulations governing use, densi Y this report, it is assumed that no chainges ~ the present property is appraised assuming that all required Iicenses,~ cert'ficates of occn considered. other legislative or administrative authori ~ The private entity or organization have been ortcan be btained or renewed u ancY> consents, or value estimates contained in this report is based Y local, state, nor national government or for anyj use on which the unless otherwise stated. I4. This study may not be duplicated in whole or in ~I & Associates, nor ma P~ without the specific written'iconsent of Noon y this report or copies hereof be transmitted to third consent, which consent Noone & e restriction is duplication for the in~rnalause of thes cent ght to den ,Pies without said attorneys, accountants, or advisors of the client-addressee, y $xempt from this ddressee and/or transmission to Also exempt from this restriction is transmission of the re ort or regulatory agency havin P to any court, ove prepared, provided that this re ort sdiction over the g rnniental authority any public document without the ex ress PPraisal was P and/or its contents hai / o be publisl d, in whole or ' ' Noone & Associates reserves the ri P written consent of Noone cYc m Part, m ght to deny. Associate's which consent Finally, this report shall not be advertised to the purchase the property or to make a '~ Public or otherwise used to induc defined and used in the Securities Act of 1 g 3 aSr for sale" of an ~ a third party to exemptions herein, who ma a amended. Y "security", a~ such. terms are independently secured advi epforeanvhdec sion in c Any third party, no~ covered b P rt, is advised that they should rely on Y the Associates shall have n.o accountabilityror responsibility t anyl~UCh th~• this roe ~elr own P P ~.y. Noone & 15. An d per'' y value estimate provided in the report a 1' division of the title into fractional interests willp inval date the value es 'e or division of interests has been set forth in the report. P P rty. and an~ Pro ration or timate, unless such pro ration 16. The distribution of the total valuation in this report be . under the existing program of utilization. Veen land and improvemen s a intended to be used ui conjunction with any other roe PPlies only Component values for land and/or bui~dings are not P p rty or appraisal and are invalid if so used. 17. The maps. plats. sketches, ! illustration ~aPl?s, Photographs and e. Purposes oily arfd ~.~ fo b • `chibits included in this report are for within this report. Exce . • ~ util-izedonly to assist in visualizin ,,, p~ as_ specificlally stated, data relative. to size or area of the subject and comparable properties has'been obt~:ined from sources deemed accurate g mars discussed exhibits are to be removed, reproduced, or used apart from this re ort, and relrable.', None of the .~, P & ASSOGA- T- ES j 74 REAL ESTATE AppRA15AL REPORT SOOTSOUT-MORE ROAD ASSUMPTIONS,gly„~ LIMITING CONDITIONS CONTI ED 1 g• No opinion is intended to be expressed on matters w investigation or ~ovaledge beyond that c hich may require legal ex and opinions expressed presume that environmoent~ailly employed by real estate ~Se or specialized by applicable agencies have been me and other ove ~PPraisers. Values decibel' levels/noise envelopes, fire h including but not Iimited to s~mnc h res~rictions/conditions codes, permits, licenses, etc. ~~> hillside ordinances, densi ds' flight patterns, ty, allow ble uses, building No survey, engineerin Associates unless otherwise stated i~hnt ~teural analysis has been made known to supplied with a termite ins echo body of this report. ~ the Consu Noone & is assumed or made for an pC0 n' survey or occupancy permit, no responsibility, or r presentation before or ~~• the y ~ associated with obtaining same or for any deficiencies discovere y are obtained. d No representation or warranty is made concern for flood h g °btaining these items. Noojne & assumes no responsibility for any costs or consequences arising due to the azard insurance. An Associates to determine the actual need for Flood Hazard Insurance. agent for the Federal Flood Insurance Program shduid be contact d' 19. Acceptance and/or use of this report constitutes full acce t Conditions and special assumptions set forth in this report. It is th client's desi ~ p once of the Contingent and Limiting gnees to read in full, comprehend and a responsibili contingencies and. limiting conditions, thus ,become aware of fl e of ementioned Neither the Appraiser nor Noone & Associates assumes res onsib' ' of the Client's failure to become familiar with and understand the p iIity for any situaltion arising out retain experts in areas that fall outside the scope of the real estate a so desired. s~e• The Clie~it is advised to ppraisal/consulting profession if '~• Noone & Associates assumes competent manag that the property anal zed ement and ownershi Y herein will he undeit p; neither inefficient nor super-eff cient. pi`udent and 1 • It is assumed that there is full compliance with all a Iic pp able federal, state, and local regulations and laws unless noncompliance is stated, defined and consid environmental ~~ ered in the appraisal report. -• -No survey of the boundaries of the are presumed to be correct. It is furthe~as med th t no encroachments to All areas and diiTiensipns furnished the realtt~ exist. & ASSOCIATES ~ 7g ~ - _. REAL ESTATE APPRAISAL REPORT SOUTH BALTIMORE ROAD ~~ ~ The Amencans with Disabilities Act any discussion of possible readily achAienva,bleebaxne effective Jan Noone & Associates has not made a specific com Tian ~' 26' 199, Not<'~'ithstanding determine whether it is in conformance amer removal construction its~ P ce survey and analysis'F° f thils thjs report, vvjth the various detailed requirements off the ADproPerty to It is possible that a compliance sun,e ' A' requirements of the Y °f the ProPertY together with a detail~d analysis of the the requirements of the AD ADA could reveal that the properly is not in compliance with one herein. Since Noone & Associ tes has no specific informs ' °r more of ,this fact could have a negative effect on a value estimated & Associates qualified to make such an hon relating to this i~sue, nor is Noone the requirements of the assessment, .the effect of any possible no -compliance with ADA was not considered in estimating the value of the su ject ro 24. Client shall not inde ~ P perty. ~1fY Appraiser or hold Appraiser harmless unless and onl ~~ the Client misrepresents, distorts, or provides incomplete or inacc which acts of the Client proximately result in dams e to A Y,to the extent that hold A armless from any claims, ex enses ud Fate appraisal results to others, ppraiser h g ppraiser. The CIient shs~.ll indemnify and result of the Client's failure or the failure of any of the Client's agents to gments or other items or osts arising as a the appraisal report to any third parry, provide a ~omplete copy of In the event of any litigation between the entitled to recover from the other reasonable attolrney feeSrandjcosts. g Pasty to such li~igati on shall be ~ ASSOCIAT- ES ~ jb ~~fi. _a.:,Ba~~ PA~~ ~ ~~ ~ ~ a 6 0 ~ Y~~~N~ ~~~ 1 "~~-+~uroFF,ce .~ ...~ X354747 . T A ~° Tray No is ~8ooa0 w'~v#. 00088 Tract. No. ~ 560 Wf~10i 26,q '~. :, . ~,~~ - . ~~R~T~~ ~ . ~. n~rs ~ :- : r-. ~... ' /,,~ • rrtad@ ttUS "`~--- ~Yof April In the Year of our BEfVt/EFN '' '•' f• , . Lord iwp thougand•:fpur (2004) ,~ ; r G~~ reinaftsr nsfer s~'ad~ng and doing t3usige~ ~ Tire A-VD and J ~~ ~ ~= ng ~~~~ E~~y ~ Hass as Tfa~ r ~ ~, hera~a~ ~~ fr~din9 o as, .. ti G~n~ In ~• ~"~f TNESSETIf; +~ration of the su h~Y a~O~ed9ed, ttie said Grantor •~~ ~~~) Do1f~ in hard dog _"""~ 9rdrft aRd Cpn~y urn ~, ~ ~0~ is ~ a~Mp RD lend (113) INT'EFt~T. in`~ to tees: ~, ~~~ ire Rartic~dy ~ bed as : ~ Borough(3~ D~b ~~ or parcels' or" lMQ, i urt3~ York Coun~ BcGINNING ~ a ~~ at corner of r~d~ete monument on ~ and t r'OM' or western and now ~- ~Te fiery L Sto ode of Baffimo~ ~~conds yy~ a diatar~ o~ w~ weaver goutf~9h; tfien 9 land of Dennis G by ~rtd nor or fo 4i d89feee!'rl4 minutes '~ mterty ~ 25D tweet to a ~erte seconds W MawhinnBY and ~ry ~ n~n w~1"e''~ land non1,~~~ ~~ ~~pohta ~' ~son~~ ~ b ~Oand of ~ to a Po nt at degrees 46 rt1ISY of carne and ~ Iand ncwcr fow or formerly pf ~~Y of Francis - .My ~mthn: Vigyg - 1?/07rtDO5 2:08:34 r~AA ~~ YQRK COUMrY ~~~ 2004035391 -Page 1 - - BOQ~ PAGc North 56 deg ~ ~ 6 " ~ O 6 monk ~~ ~ X014 ~s west a ~~~ of 1 Comp~Y and Karnpa ~' ~r1Y of Prod ~ ~z) ~de) to a ~8' 13 a ~noa flt 840' Inc; North 30 9 Tn~t of ~ 58 ~~Y i.D.A; thenc ~b ~,s 000 ~`~' m~-~t>ent ar ~ °° s m ~ j'ai` 350?23 ~a~ SD d ~rr f~~ of degrees 50 mite ~ $ ~~~ce of 318.97 feet to a~ 1Vo~ ~~~ 07 ~_ 10 ~~ a ~noe of 3'TS T4 ~~t 25 Scptt Ft..1~~ god ~ ~~ ~~ 15,00 {eel t ~ ~~ t . . 48.50 fisst to $'P~rt ffi ~ ~ d now or 00 ~~ of ~~ ct same Amer ~ now ar ~°°'~ Erik a feet t a gout ~ e 28 of David R of 0Q k thence • ~ ids Ems, a by se~ . a ~ ~ ~ . aide oi' ~~ ~ dish of f 97,90 {~ to e ~ d~bes 8a ltimore' ooncx~ won 132.78 fae~ ~ ~ d ~ a~9 ~ m side d~stanca of 120.07 fester a~ S°u~ 28 deg~ea 3d ~~ ~ , a d °~ Robert L 3bnugh bin ~~ rnent at s East. a S to first rr~b~~ °p1n'~' of lands ~, a. O~'A1IVING 31.42 aa~, any ar tags. Point a~ ~~ ~ GINNING, 's~ N0.2 ~ . . ' ~ .i: ~.~,, '~i.:. r .:~ .r.! ~i:.S: j11 NGatg °'~ ~~ ~~ 25010 3oufh ~ 1e of Bout ;~:-'t e °f S°~' m pt~ ~ ~ , met 'said g ~, w~. a ~ ~~ a~ ~~ abRB ~~r~ ~ ~' Est II Y of RL •~ ~ ~ ~e ~tY. Soot T2 ~f ~~ ~ or ~~~' a~~ce 1 ~said~don ~fattd n~~ t a soufb 14 r~ d~noe cif ~ p bong at ate '' ts~ ~ ~ 1 S~~ ~tice ~~p~ ~ Wei siaie ~ ', Puce o f g~~~ Vyest, a dr~Y °f Spin '~ 165.00 ~ ~ Pe~~y and . niaT ~ ~ ~ '~'- ~At ~ ~it>rnore Strom;=; Ditisbt~ dated p s~~7342 sq~ :~ _ 1~+ ^aeocrJed iri:#?i~, to a s~pyeY b ~ y . certain '"itt' . t~ ~ht ot~-tr~8ross ~` 456. Y John C...~ ~. h -n c~~ Wort ~ ~9ress, imp. ~ ~ u wtFe- .te adjpinirrg °f ~ harem - }• ~~a. owner, i:u®°~ Cdr ate, _2 ' ..~ •• Stetipn; Yiewg -1?JOTl2pp3 2:OQ~:34 PM YORK Cp{~Y .~ ~~~ 25.391 • Faae 2 _ _ _ I aoo~ ~~ 1647 ~ Hook ~s, v w ~ ~ ~D `~' ~- a .,.. P°"neyr ~, o~ at a ory tf~e , III of t fide of ~ Bette F. ~ Bulisr ~ ~, eec~r>ds E~t,~~ alon0 lend at 2 ~ ~ I'~~ 1d tt~ Eby ~ rw r ~ 'tset to a ant at ~ m ~ r~ees w of t5 teat to a ~ ~ a ~ ~ d0~'°°~ Yo r„~,~,e o ,~ 0~ too oa ~ a at ~rtds ~e of on, 9~ F. Lelxner, ~'~ ~ 'I5.00 ~ >~ ~bo~ed popttt and P~ man ~ ' v'~G ~ dns ~ ~ fatal 3ubdn Plan of Founder once ~ ~ unn~~ Ju~kinsAssociete,, lnc, s HNI', dsted,q~ 45, i~987 Subja 'rti v~ P~n3d by C.V{I ~ Deed ~71E SAME ~~SES wFtich ,. '' YivaMMJtme ~, t~69, r~~.~amder'~gf i/i(~iq~. a Peace ~ Mt ~ amt- ~ ~S17. t1I_~.. IS ~!~:. ~ ~• Yll3 :. ~1 ~, A mover ~, ~~ ...~~ ,:?=.~ee 406/ g a ~ ~ ~ nr~1c hr~ The Gtoup elfl~~'ver conveyed ~ .~ , ,: an'zfi~r:., ' CO.p~,a end ~ R. aaso ~~ ,,t^~ as Y t0, 77iE s~0-ME +~ ' ~' ~, 7986, fiord ~'RE~IIS~g V Record .panic t2r;'l, ~ m ~ ~Qe of ~e Rr ~ errton R ~alover b Page 6069, pseds ~ y Y his tyeed, ds,1~, ork °~ boned Anxrr~ wtto pe~~ and c~onyeyad ~ ~rnY~ F'endayj. ltt dO~B business as The ~lowsr Group G 6aala,~ a~ Jed D. ~~ ~(1/3} in f~, `a"~ `'. "`~ s ~ ~ ~uRpasl= pR~s oi= i'7i1S p pl~'ANC~ 1N ~E ~~ ' E~ ~ TQ; ~ ~~?' C ~ TR'O'T NQ. 9 pF "~` . P rR10R D .. ~ -RRpR pF TH AIMD ~Q ~ ~E''i ~ ~~ INC.t~~ Gc T H RRECT '~tE w41NE C~' ....., ~~~DHy~D TMt~ ~-Y ~AT1Na ,q 'Y ~F ~~~ T~ ' `~ ~ jT IS j~ ~~. 3 I ~~' V~ - 72/07/Zppg 2:08:34 PM PAGE o~a~ YORK ~Y ~I .. Irtet#91 -Fags 3 50OE~ PAGE aP, i~ sr,~~ STATE ~~ AND SUDdFC1- to any and 8q ~ 6 ~ ~ U 6 0 d~s~dose~ and tenants of nsoord atut that pt~Ysicalr ~' ea~°r'!s, ~' ~9hts-a~ irTSpec~pn of the Y wauid .-~: And the said G+at~tor ;' ~~ ~°~' Y oonvsy+ed, ~: ; ;':. ~ .,~,t~ a~ agr+~es that ire yv~! .~• ;, !N WlT/YEegs ~, and ~~ F, motor ~ !, ~ ', h Asa abase wry, ttfl s~ ~ ~~ ~ °n ~ ~Y in p~ ~v~nd , '' o#: Witness ;~ emon R. ~a~ar (~ Ott OF YOPJ; CO(~Y~ ~ ~ ~4=a TAX TD ~~OIK6 PII! ~~'~' ARG ~ ARCFQ3 f~ lidtTl~ ~Ii'T An T ~32.d9 ~II.~ ~1II.~ tig.~ ~ tii.$p ~_Op ~ i3.Op C3.Op ~~ ~taiat 1 si INi-: T6fn1~~~; ~ ~__ ~I ~ 'VtrOfl: ViawB -12/Wf1006 2:06:34 PM ~ta~`~ t ~~"~• ,~ ~, ~~ s .r~' -oercc ' ~. oa Q~q ~ ~ ~ p ~w.O '-~A ~ v ~'~ i'~T~N[G ~ ~s~~~'~`+Sy' ~ ro .„ ¢N ~ ~ ~ ~ .. i? ~ ~ ~ + r ~ ~ ~ ~' n. ~ ~ L N ~ ~ •• ~ ~~ ~ ~ ~ ~ ~ ~ ~ o ~~ ~ w ~ ~ ti ;.:;: YORK COtJN(TY 'r ~~-~ 20.35395 -Page 4 +:: i' BOOK R~•OE a°"~'"'w~~ of ~ ~~~ 7 0 6 7 - ~~~LVANiq cock of 6 ..~ subscx~ ~ ~' ~+,owr, ~ ~~ ~~ ~ ~ meat ~ ~ ~~ P~'poses for>~,a~ ~, a~Y oor ~ttd be !~ Y ~N w ~ ~ ~° Erma ~ '~ :~~~~~~ seas, ,~ ~ ~ -- ~ "t""berpnsd,,,rq,~i~1"°"Q'•200e .,,. •:;:. .. ~ `` 1. • ?•~~: /~ ttyt the p~ ~~ ~ ., _„' .~: •' + ~ N ~'• Pq 17018 . ., r'• ~MINpNyYFr~TH OF Amt for ~~ OF Yp~ '~VANU~ ~I :: `... ~, ~carder'S ~ ~ this ~_ cf said ~~. aY of . . in .. Gin under my end and ~ ^---~. A' ~" 2~. in '~ ,... ... fir. '~ a°~ v~ • 12!072008 2:OQ;34 PM ... Vp~ COUtYTy ,' Insti ss397 _ page 5 `t'it j i ~i .•~ .BQO~i PkG~ ~,~q~ 1:643 0608 _ "~. M »r~, ALOE wr CO w 'w'"~ ~ ~ 4 301 t s ,,.~~... Stet 'z ~~~ ~s ~ ~ ~~ C ~...-- PA 0 L ~ro.~6 in d ~~ '~'° c.,~. ! 717 ~ i~s~.~ . aills~~ aytr ~~ ~~~ SI.flO _ - a _. --~-....~,v7ts ~.. $l.OQ CfG ~ .. a . Rs•_ vyi ~ i~~ ~ ~iwr i~r ~+4. ~+ ... .D =,~bQ~~ ~,,. ^ v~ ~. err ~~ T'°yi~r. ' ~ °"r~{-.oPp ef,..~,i,~.~ 4 vas, d'°~a: :._ ~~ er "~Wp°r to ° l~diier pF s ~~P io m"O~natiosar 4 Gw e{ ti. ~°.~. ate. ~+. mp,, of tir~'• ----~_ ~.r (Pi.m. gPia;,; °!rv~r or °G"i`i°e- (a+o~1; ~°"~ °"~nma.f . "",----~-~ . ao;.,,~, n per, , Y~ ~-~•~ ::_ ,:.~,~.. F _._, .-- _ ~ _-- ~'...~ -~ 1 Station: Visw6.12/07/ZO05 2:08:34 PM _ • YORK ~NTY I ,~,4 ~~ ~0.9b38'1 -Page 6 a.-~... ~,~-,~ RW:nr .~ ~ ~. shit ~~~ ~~ ~bcrt y, . ,~ '~ .. •r..r Est ~ ...._ . ~ ~ 1'!~3 Oak '~ 145 p~_I702g _ _ `°'~` mouth B~~ Stet xortc y~wrcn ,. ON Q~sq $1.00 ~~ ~-330•pQ YorJc ..c,,,,i ra„ ,~;~~ ~ ~. '~^': U m, 'p. +`. J - i -- +~~.~-~ ~'+'~, ~, -wiM. ~ ~-- ~ _ 717 ~ ~ 761-9 '90 :e. Oe1c ~,~ pA ~ ..~ taro. - ~„~ 58000010~sA ~~ r ~; "' ~ ~~ = ~~ lzs ~T° I ;~.; T~+~sr to j~~nial / I~, [~ irk _ ""~nat~t ,4~r. ~-~ac ~ ~~ traaairra ~ P+~ ooh o0~nt ~ d~'~ti°riyl ~p 0°"d~"~+iaaCo,^~,,,,~y ~ u~d ~ ~+d c0P)' of op~crlaotow ~~, •' _ 7rp~ freer ~9~por a a~ o!lCCb O0l~'Y by 9~. ~icvlioq~ w 'I [~ Stogy ~~~"-"..J' da.d. ~p~ ~ ~ ~' p• fioaE ~jqa~ ~_ , .. -'~wae°ria~l' p ~,~ ~ ~ ~~' ~Pi.oa. ~pkatr "r'~ er ~isiea, ~ - °°r"''bd er ~+eRra.d,1 _- `---~~ . ~~ rrra. ~ '~..at~1i~~~~ _ '.rti0n: Vrew6 - 72/07J2ppg 2.'08:34 pM YORK CpV~y ;4 k ~~ 20~'S391 -Page 7 t3r~ik PAGc i26i 6065 ,~ ~~ DEED `` ` Ol,~ '.aA r,~~ ~. .. k, ~-DE TSZS D ~Y ;~`' , 1996 ' ~ s, ~ , i•~•~~ wlo~r Broup,~ a f .. j~~Q ana ~ PsnnsYlvania, l~~p~,~;,,_ Tar~shiP. bas#aaas ~t land . __ k ~ ~ ~iiD ata/,lbt ~rl~isess as ~ dasiatrrr~ lar~ars traii~ aad C°~unty, ~Y1v:ztia, ~~''Vaf 8a~n iP, ~ •- ', ~ «3 arful the grantor, for and ~entar in mo~Y oi~,: the III. ~ aonaidaration of ~ a~ hand wrll and tad Stataa of America the sealing aad deli t~'u],y' 7paid by the , to then ~~very •`bf thye Presonts ~~~, at ~•or ores s~i~-iadcicno~-1 ~, ~ ~ ,~..~. grantor the receipt s+het: eo f is unto the dog by ~°m `presents being ~theretrit#i y grantees faravaRt, th!!ir bs~gsstand~a~~ sell vey ALL OF liY CNg '~ .3'r".~~' atsigns; sftustte X1/3? ~da ', is the ~ ~ in that wealth of Hoe; a f..~ 'D Main tract o f vief ~y1 York ~ ~~i~ cc Yorl~t play for ~s otY by Cbar~ ~ ,. Ra~gt iste ~~Bo °~~ t star l 29s7 f7, as foll~~y in Plan Book ~~ ~ five of the hesa~order of to wit., 4e 335, designate as t: ~ZN112NG at a Point an the _ corner of lands aoAt er f son'thern side of Fr h~lup~o s Beetle ~ C~ d~e~ thirtyL ~ ~ ~`~ ~ I ng on ~~ C~25. asj feet to twantY-five ~ g) m3'nutec ~9nes above mentioned pl~~ °bn°rate aonum,~=yt at ~~ $ -ei ~ ~ Thirteen (L3} sf,nutes~. thence along Lot #3 8 esz of Lot #3 continuintY'-three h~redths, rt 23t 30) seco~ y~est~.~~ ( 6 ) minutes aero 1 9'.., Lot ~3 g ~ 37 . ) feet to a Y-se eta four ~) seconds *~ tvo~e ~~1j de4rse fcity ~~yr os fvraerl of F(247.74j Pe~~:tiy ed fartY"seven and t4 ~j j ~'®es ce~~ate at la diva and n~b~' ~ •.'(22) aunty zero 1 p~ °~ N°r•-hE'eti= oornar of Lot ~`1 on the~abave5~tionod to aj stconds ~ Y . ~arete p1~: theasae along y~ i ~.v: ' 5tatrorc v~ - tsror2o05 2:toza ~t `t• i'CT ,•~ ~ ~ 18BQp~ggag _ Paps 1 .- t .. i .~,,. I •~ .~. .. ', .'^ ~g~~k PAGF ~~ ~ ~v. ~~' ~ Borth ones (O1) dsg=~ f - ~ ~~rad swan •and f ty-sfY) ilAtitOC Zsro {Op) ss twn'~" left havingsv a~n ~• continuing by sass ~(a87c 2utve f ~ dsgres t ty ors { s i ~ ~ ~~ h•arinq~ a~ p ~': asd ae~ro four and - ) ainutes ~-ightaeu ortbT fog (c4 ) y five h C1$) seconds West arc of s :74.35} feet for a dist~~ tthQ ~~~ ~sWt • .r.~.'_~ft ' ~~ ev~ty_ o;~r ~..~.~redths ~74.5i} f#t o 3 and tsestY hvadr~edtba {69nd~~o1'ty (40) eCOnds asst ss~ (Zi} nth ~tl--ones (71) A`~' `fit to a cats f K nines Bast niua and lift -f degs~~.",~+'~Y (goI afnutss aert, ence: lid ps ~ct~ South secc,~dg~t a~~ f f~ to. a paint aq~ the line ar lfn ~~9 thoncs al the soatthem right-o f, ._ s z~er~ o ; ~s,~ntYt ~ (7ts9a-aas t~t-of ~8y ( . 77} fast to .a corner c! Y-threa aAd sGyeA,t~ ) H~IPNING.~ get ~'A4 the first wnti~ Point ~a ~! o~ plaa~ ofs ~~ Z0,05I square feet. "+. =T BgZNG the s .~'~ p~lvY~, ia€ the City o s Y him Y~ Corn and s. °~ tY of y~k~trial~Devel t Borough of D~lsbnrQ, ~:,; ~+9~'iE'roducts ~ B~i~Caal o~ ~SYlvania by ~~ fir.. of ~ York and ate. of thQ Oftice a! the Raoordsr..~tted Jute 76, 1988 ~~'s~alth 'i of Book i03 E Pages 04ti1, a~i~j,~s Ycuk Cptip ~~ in tennis 11. 3ealover grant~~,, oartwy,.~ u i~toyivan~f,q doiAg beis~ys as Tb~ Jet~,.r,,~;e.8eslaver ~- eraou R. R h~~ h Sealovgr~• 7~s said trad3;,~ interest in the abov~~~~an~~-ate M ys his ~e~~, er ~s ~ a ~1 3} ss~srr rir~ awo ~aaw aao ~ .~ ~a~s ~~ axe ~~'~. restrictions of prior~e~rd~ a$~ tO ~se~ts. conditions with all ands ~~9 to said premises. her~• waters ~ j++dtercoi~Iar the builds s . tents :mod u~aaa, rights ~ ~ ~rQVeatents a~peita~~3: and a ~~~s- ~ the ~e ~ iss, ~;. psivf logy ~ and adera' rents. issues~On and ~ss'sionnag. ~"~ ~ an Y Pasrei thereof . ~-' Profits ~ reminder inteprraasat, use, possessi~ ~~' all ~ eOt ~ and of ~tnv~ h ee~reiti to= both j,n 13Y: ~~~4~rtYr a,I,aia ~estats, rigor titl ~ : Ssscribed. and $~~ tYa, ..of, in ~n~ ~ ~vsr' t ~rdr.°;;cr,~;, °~ Parcel thereof s •y ~:, • . ~,:~ .~ -fi.. t ~, SvGon: Views - f2roT/2p05 2:10:2< PIN ., Y¢iRK COUNI'1' ~ ;~ ~~i 7BBC02ggM18 _ PBge 2 i ~~....-~ _n 80Of; PACs ~ 2~ ~ cos tO4at~ with ~ all and a~Rtlst tha and ~ tba 9rantpa~it~nts aAd a~ncas h!~~.n iba~ aa~ sp ~ ~~r and wit ta~rava~ ~~gx~s dyes Y harabY ~xnvaytb • ~ r, ~ vaZrant ~aially '' rau first ~~~ brontc eat pis hand s a~ts~. ~I toa 1 4~ :. ~ ~~a ~. ,.. ~ s• s ~~ RECORDER OF DEEDS RS~VAkIR 2 99 ~IIER ~ Y i D: ~ 99~ ~'._~ 3 = 'r-O : S8 p'F! x - ~'~ `ice Dlit9 FEES (13.50 •,a~"~.i ~,,~,~~ STATE t~{Ft TAX +~ ~, '"~:i f0.50 . t .~~ ', ~~ !6 111.50 ... ..; i. r ~~ ;. w Y iY .. ...~... '. • ~Ir V! '5.. ', t~$ ,..., •.} ~'9Son. Y~ ~ 1210T/2pQ5 21 p:24 Pla YORK COtJPlTY I~t~'~ _ Pape 3 ~i ..~ {261 FAGE p6~ eaet+o~a o~ la~~~ : comic of ~~,~ = u betor this ~ the ___(~`.. ;~ . _ ~ o ', known ,~ ~ a nota=^Y~ 1pab~c PexsOrtall r ~eA' 9~6 ~ Or ~tf sf ' Y s ~~ ~ th~a vithd~ ~ ea tO ~ ~ person $ • sate for the P~Posas ~~,~ ~l~d that he ~t ~ ~s the ~s • aY band and nota~.ial seal the a~... ,..~ .-- _ I~ - -.. I'!y CO~ssion bcpires: ~° undsrsign~ ~MriM~oaMrondMewls Pmt of=ics a~res~fl f ~t ~ Pr"ecice residences az~d isi / 5Q1O Ri t~ Q..~.a ~tg ~ r~:r~x:~. Y '-' Fre :r.~ +°r, L?~ Or ~~ ' Off' ~:. ,/ '~1Z: :$i Iii tad x.996 °n this ' the 8scord~.. Q cf day of Page ce o~ the saidt cogity n De ~~.ven under my viand . a~ lraar mYoreeaid. aAd the seal o~ ~,,~ said :n og~ice . f ;he d~Y' ~: _~~ y.Z ~ • ~ 5= :.. :~'~.....,r~,~~' . Sbbort.l~isw6-12/0720p5 2:90:24 PM YORK COUMY .. In~eis 1Dpgp2884& -Page 4 .', ~i, ~i 1 ~ 3t '+ !1 ? 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J~ ~ ~~ 1 +O I \ \ ~ /~ _ / Z ``\\ ~ ~- ' I ~ •~T w~ ~ I 1` ~, ~ E \ ;moo r + r t i ~ ~, _~ t.rli~ t ~ ~ ~ ~~ ~ ~ i~ ~' \ rf ~ ` 1 ~i o ~ o ::•,. ~'~~ ~ ~ e ''~ ' ~"' h -'~~ ~ e 0 -., ~ l~yl ~~ o r,r ~~. ~ ~ ~~~ '' ~ ~ a o -~ ~~ ~„~v r aN ~ ~~ tl -~ '~ •Fi: ~ ~' ~~ •1soNmss ~, ~ ,, , n .t+- ~ . a o ~ f~ . a a ~ ~ 1=, ggi t~~ ' `~~ ~ d~ p ~ ' b~'• / .li ~~ YclriNi `1a ~ ' ~ ~ ! ~ ~ a a t c a o ~ v St; v k\ ' ',, ° ~ If! 1 `~NIY;I3NIDD!!O 7L~VIYOriMQi'N ~~ AlOJ Dpy~p a u P IAOiLIt VidVJSONVIO YNNAkprAA .tli ~ ,E DNMNVy1~31150NV ONY1iA1p~g~glytM4>O __ _IblbWi Ld-EO-s 1~ :~~ , .~• ~:, p= `-' _J/_~f O/' ~.. ~JalTii~tVlP ~~~~~ O7/HNIM,' 'Irn u~wr+o .. '%.::i 1N3Wdml3A30 bOd ..Zr;>I 1 ~ P lON ~~ , . ~ - ttLry: .. 3 ,. ~ ~ ~ 1' :,• '' . • ~ • ~ I •~ I I,}r \:~~ / ~ ;, 1~° t~t= \ F!~ \ to .~',~'''' ~1, _ , ~,'• ~l~ e s ' • --... _ .• ~f ~ • ., ii f 1 ~:~ • 1 ~ , ~ ... ... ' .... ...~~j,~.. l \ 1 1 . .__.. • .- , • ' ~ :,, `, ~. ~ '~ ' _ F - • , I. ~. .._.._. _~~ ~ ~ ~ ........~. 1 /,.\. 1 ~ 1 / ~/. '~.........' .~~ '~' r .`w ~ dad?/ ~ ' % ~ ~~~~p ~ r/ 1 L~ Sr ~. ~. '~ ~ A! J .... ' ~Y .1, . ~ I • • ~fi@ ~~ i i \ . •-r--- -•'~r .tee:,:- .r~"..,~4 ~ is 6t+~lc~rt ' I.. J s ~+~ EIS t~ I : ... j•~.~-- -~wie~lil~~- 3 ~ t =Y r,~ t ~~ g'~ I ~ ~~; ;X.. - tip ,~~ ,,\..• ...~ ,.•,~~ , ~\ .. ~ ~ til~ ,-' ::;..~.• •,x',:11 p -• ,, j ~,-~ ~ j!• +~t 'III \ lE] Mr EdIUL [OOCLL2ilI dtlP'1S1x3-LtpELI2e~B~p\PH!J~ln- G7L[IiD\Sl]Ypntl\.n i _I Experience Patrick F. Noone has been engaged in the real estate valuation president of Noone and Associates, Inc. and consulting estate valuation and ~ Mechanicsburg,.•pq,, a com an ° Professio assessment a an~ysis. Appraisal a.ssi P y specializing PPea1s, asset management, acquis~ ons,~Iit gationcsu e o those required estate planning and eminent domain proceedin s. Court of Common Pleas in C PP rt' bankruptcies Cumberland, Dauphin, Lebanon and Buc g ~~ Noone has served as ail expert timberland and Dauphin Counties and the Assessment ks Counties. From 1993-2000, Mr, Noone was employed as the appraisal servic Analysts, Camp Hill, PA. In this ca aci preparation of appraisals for most P ~' he mana ed a s es manager for R~ g taff of six appraisers and was ; hotels, as well as man P types of real estate including retail, office, wai'ehou subdivisions, mobile homeeC ~ Pm'pose properties such as congregate care facilities, ho P ~ and mini-storage warehouses. From 1991 to 1993, Mr. Noone was employed b In this capacity, Mr. Noone re Y Republic Real Estate A throughout Northern Virg P pared real estate appraisal reports on commercial land ~ ~mia, District of Columbia aa~d Maryland. From 1986 to 1991, Mr. Noone worked in real estate develo me president of real estate development for Storage USA senior development coordinator for Public Storage, Inc. Alp nt From 1988 to 1S Columbia, MD, From 1986 to responsible for site acquisition and development of warehouse facilities thro eaandria, VA. In both p, From 1978 to 1986, Mr, Noone worked for an architectw'al-en inee ' ughout the sou capacity he was a project manager responsible for preparation of site d g nog firm in northern comrnercial development. evelopment and Edu- ca-- flop University of Virginia, M.S., Urban PIannin pennsylvania State University g. g~ 1983 S., Landscape Architecture, 1978 Professional Affiliations Appraisal Institute, MAI Designated Member Central PA Chapter of the A (1998) Central PA Chapter of the Appraisal nstitute, Educat onrChaent ~ International Rioht Of Wa (-003) Pennsylvania Builder's Association tion rman (1997 - 2000 Certifications Certified General Real Estate A Certification Number GA-Op12p2 Liser, Commonwealth of Pennsylvania (1994) Certified Landscape Architect, State of Maryland (1981), State ofN ew York (1984) since 1991. He is commercial real 'or financing, tom, bank work-outs, ritness before the ,ppeal Boards in APPraisers and ~onsible for the industrial, and tals, residential Vienna, VA. rial properties 1 ~ he was vice 988, he was a itions, he was inia. In this tit Plans for Edu--~on (Real Estate Appraisin~l Completed ail required Appraisal Institute courses for the MAI designation includin ; Appraisal Principles (Course 110) g Appraisal Procedures (Course 120) Basic Income Capitalization (Course 310) Standards of Professional Practice Parts A&B (Courses 410/420) Advanced Income Capitalization (Course 510) Report Writing and Valuation Analysis (Course 540) Advanced Applications (Course 550) An sisal Continuin Education Seminars Partial Interest Valuation: -Divided, Appraisal Institute (2000) Appraisal ofNon-Conforming Uses, Appraisal Institute (2000) Appraisal of Local Retail properties, Appraisal Institute (1999) Dynamics of Office Building Valuation, Appraisal Institute (1998) Litigation Skills for the Appraiser, Appraisal Institute (1998) Analyzing Operating Expenses, Appraisal Institute (1998) Valuation of Leased Fee Interest, Appraisal Institute (1997) Appraisers Complete Review, Appraisal Institute (1996) Subdivision Analysis, Appraisal Institute (1994) Prone Tvnes Annraised Profession Offices Medical Offices Distribution Warehouses Retail Stores Manufacturing Facilities Shopping Centers ``~A~ments Subdivisions Mobile Home Parks Multi-Plea 'theaters Mini"Storage Facilities Hotels Auto Dealerships Truck Terminals Partial List of Clients Mellon Bank Harris Savings Bank Allfrst Bank Bank of Lancaster Co. M&T Bank HUD Hershey Trust United Water Co. Bast Pennsboro Twp. Holy Spirit Hospital Motorola First Union Bank PNC Bank Fist National of MD Lebanon Valley Bank PA Housing Finance Agency Harrisburg Parking Authority Red. Rose Transit Authority Buchanan Ingersoll Leader Nursing Homes Arnold Distribution Waste Management Congregate Care Fa~iIities Hospitals Truck Stops Restaurants '' Right-of--Ways ', Golf Courses ~I Special Use Properties I Financial Trust Corestates Bank Springrove Bank Commerce Bank PA Dept. of Tr~iispor~ation U.S. Postal Service Dauphin Co. Assess. Q~~ce Pa»State Attorney Ge~'eral Iarrisburg Area Comm. College United Church of Chril t Homes Leisure Properties Ex erience Allen R. Peffer has been engaged in the valuation and consultation profession sinc¢ 1992 _ currently employed with Noone & Associates, Mechanicsburg, PA, , a com an commercial and industrial real estate valuation and analysis. Ap sisal He is included those required for financin P Y pecializing in g, tax assessment appeals, asset manage en ~ quisitionse litigation support, bankruptcies, bank work-outs, estate planning, highest and be use and eminent domain proceedings. s~ analysis Mr. Peffer is a native of Carlisle, Pennsylvania, and a graduate of Boilin S rin Mr. Peffer attended Auburn University, Alabama, where he completed a de a in Science.' Mr. Peffer was raised on a farm and still g P g ~~ School. consisting of 120 acres. Mr. peffer is a licensed real es ~~ -Animal operates one of the family awned farms Appraiser" for the Commonwealth of Pennsylvania. tate "Broker" and "Cert~fied General. Mr. Peffer was a member of the Auburn University Track & Field team rec ' ~, and All-SEC honors in 1977 anal 1978. Mr. peffer established two new sch eivmg ' II American meter indoor and 800 meter outdoor events, and was part of four (4) relay school re ords . All was a member of the nationall ool recor in the 800 1988 and at~international events li nti~9871or1VIr, peffe1- qua~fi d fopthe g on a nation 1 level until Olympic Track & Field Trials, in the 800 meter event. 1980 (boyco~t year), U.S. Stuart Den-ick Real Estate, Camp HiII, Pennsylvania (1984 - 85 Mr. Peffer vlrorked as a licensed residential real estate agent covering the Central Pennsylvania area. Jack Gaughen Real Estate, Camp Hill, Pennsylvania (1985 - 1982 Mr. Peffer forked in a broader capacity as a real estate sales agent including single family and multi-famil re ' Property sales, commercial and farms. Mr. peffer was a member of the Jack Gaugh~n Realtor' "Million Dollar Sales Club". sidential s Joseph J. McGraw, Inc., Lemoyne, Pennsylvania 1992 - ~, assistant appraiser preparing real. estate appraisal reports on commercial, industria subdivision, office subdivision, s ecial u ( 1999) ~' Peffer worked as an properties. The Q P P rpose properties, tax assessment, a 1, ~ residential beographical area covered South Central. Penns Ivani P~nent~ and farm CountS~, Dauphin County, Perry Coun y ~ includin Ada.lns County and Franklin Coun ~' Lebanon CountS~, .Lancaster Coun ,, g C,'umberland Coun ty• Other areas included Snyder County~Northumbei- and ty and Mifflin County. During this period serving Cumberland and Dauphin Coun bas an expert witness ~efore the ty Assessment Appeal Boards. L. G. Connor Real Estate Appraisers, Ltd., Camp Hi11, Penns lvania (1999 - 2001). ~vlr. Peffer, worked as an appraiser preparing real estate appraisal reports on commercial, industri 1 Purpose properties, tax assessment, apartments and farm ro erties. ,~ special covered South Central Pennsylvania, including Cumberland County, Dau i P P The geograp,ical area County and York County. Mr. peffer served as an expert witness before the Comb' Lebanon Dauphin County Assessment Appeal Boards. •~. elrland and Noone & Associates, Mechanicsburg, Pennsylvania (2001 to present). Mr. Peffer cjirrently works for a regional appraisal company specializing in commercial real estate valuatioiX and anal sis. Appraisal assignments have included those required for bank financing, tax asses ment appeals, acquisitions, right-to-way and estate planning. Appraisal reports included commercial, industrial, farms, residential subdivision, apartments, equine facility, thoroughbred race trac acid research and development (R & D) facilities, medical offices, commercial lot subdivision, mob'le home park, manufacturing and industrial land. Certift_ cations 1999 -Pennsylvania State Certified General Appraiser, Certification Number GA-001646-L, (Expires: June 30, 2009) 1990 -Pennsylvania Real Estate Broker Broker License Number AB-051522-L (Currently in Escrow) Education (Real Estate A raisin Fundamentals afRea] Estate Appraisal Real Estate Appraisal Principles (1A-1) Appraisal of Income Producing properties P.A. Assessment Law and procedures Partial Interest Valuation -Divided Dynamics of Office Building Valuation Retail Valuation. Rates and Ratios (Overview of Value Determination and Income Capitalization Approach Mop els) Land Valuation and Development kl Hotel Appraisal Issues on the East Coast Real Estate Property Management Pro erty 1'v es A raised Professional Offices Medical Offices Retail Stores Neiehborhood Shopping Center Residential Subdivisions Distribution Warehouse Industrial Flex Manufacturing Facilities Research & Development Dairy/Beef Fanns Apple Orchards Poultry Farm Swine Confinement Facility Church -~ Tavern bar Food Manufacturing (Hershey Foods} Apartments Mobile Home Parks Private Schools Regional Library (New Construction] Mini-Storage Facilities Auto Dealerships Industrial Land Office Park Fast Food Restaurants Diner-house Restaurants Thoroughbred Race. Track & Stables (Penn National &, Pocono Downs) Equine Facility Motel Right-of-ways/Easements Auto-Parts Store Community Theater (Hershey Community Theater R L JONES ASSOCIATES 1508 HIGH MEADOW LN MECHANICSURG, PA 17055 ' 717-697-9262 .FEBRUARY 24,2008 THE SEALOVER GR©UP; BASED ON MY REVIEW OF THE BUSINESS RECORDS OF THE SEALOV~R GROUP, I HEREBY CERTIFY THE FQLLOW(NG OBLIGATIONS , NQTES ~ MORTGAGES; VERNON BEACON AS taF 10/31// 07 51 763 232 9 INTEGRITY 6ANK ACCOUNT 001500043385 AS OF 10115/107 , , . 768 640.3 INTEGRITY BANK ACCOUNT 041500464154 AS OF 14/1b/07 , 94 243 8 ACCOUNTS PAYABLE , . NddME ~ ASSOCIATES ~ 4,504.0 E EDWARD BLACK 41 599 2 ~ GROVE MILLER ENGINE>=RS 4 ~g 7 DILLSBURG AREA AUTHORITY .2 493 4 WIX WENGER & WE(DNER , 7174 0 DILLSBURG BOROUGH 8 597 1 TOTAL $2,695,147 13 SINCERELY'-6~aURS, .~' ,!~ `,' i .~ ROQ~RT JONES,PA REV-1508 EX • (8.88) CONMONVVEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT' ESTATE OF SCHEDULE E CASH, BANK DEPOSITS, 8~ MISC. PERSONAL PROPERTY maude the proceeds of litigation and the date the proceeds ~,~~ ~, ~ estate Au P-oPeKY of -owned wtth the rl ht of survivorshi must be disclosed on Schedule F. REM NUMBER DESCRIPTION 1 Cash from Vernon Sealover for payment on account of Decedent's attorney fees 2 Household goods sale proceeds 3 M&T Bank checking account ;Ik3741282085 4 Refund received for cancelled airline ticket from EaPedia.com 5 Check from the Sealover Group 6 Snebaker & Brenneman, P.C, distribution of balance of funds held in firm's trust account on behalf of the decedent re litigation expenses 7 State Auto Insurance Company refund unused insurance premium 8 Unclaimed property consisting of $5.50 in cash from the closing of a safe deposit box at Citizens Bank 3W48AD 7.000 - -----~ -......•• •, •• ~u~ainm (It moro space is needed, insert addMional sheets of the same size) . _ _ _ _ __ FILE NUMBER 0810933 VALUE AT DATE OF DEATH 4,000-00 1,111.18 2,369.16 571.00 500.00 239.91 120.00 5.50 8,916.75 REV-1511 EX+(16-08) COMMONVyE,gLTH OF PEt~ISYLVANIA INHERITANCE TAX. RETURN RESIOENroECeDENr CJIAIC pF ~effra~ SCHEDULE H FUNERAL EXPENSES 8~ ADMINISTRATIVE COSTS fTEM NUMBER A• FUNERAL EXPENSES: ~ • None Debts of decedent must be reported on Schedule I. DESCRIPTION AMOUNT B• ADMINISTRATIVE COSTS: ~ • Personal Representative's Commissions Name of Personal Representative(s) Beulah A ~; ver Street Address 609 E . Coover Street City Mechanicsburc State PA Zip 17055 Year(s) Commission Paid: 2• Attorney Fees Snelbaker & Brenneman, P.C. 3• Famiiy Exemption: (If decedent's address is not the same as daimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant to Decedent 4• Probate Fees 5• Accountant's Fees s• Tax Retum Preparer's Fees 7. 1 Cumberland Law Journal advertising Administratrix Notice 2,500.00 14,272.75 67.00 240.00 75.00 Total from continuation schedules , TOTAL (Also enter on line 9, R ~wasAC 1.000 (If more space is needed, insert addtional sheets of the same size) 1,912.17 19 II, I Estate of: Jaffrey D. Sealover 21 08 0933 Schedule H Part 7 (page 2) 2 Patriot Newa advertising Administratrix Notice 148.17 3 Snelbaker 6 Brenneman, P.C. costs advanced for short certificates ($4.00) and consultation fees with accountant ($260.00) 264.00 4 Reserve for filing fees and other miscellaneous costs associated with the administration of the Decedent's estate II 1,500.00 I Total (Carry forward to main schedule) II, j 1,912.17 __ I - - _ _ _ REV-1512 EX+ (12-OB) Pennsylvania SCHEDULE I OEP~ENTOF REVENUE DEBTS OF DECEDENT ~ ~RN , RESOFM oECEOENT MORTGAGE LIABILITIES & LIENS ESTATE OF Jeffrey D. Sealover FILENUNBER 21 08 093 Report debts incurred by the decedent prior to death that remained un aid at th ITEM p e date of death, including unreimburs~}d medical expenses. NUMBER DESCRIPTION VALUE AT DATE ~ ~ Andrews ~ Patel Associates , P , C , OF DEATH medical expenses 121.00 2 Cardiology Diagnostic LLC , medical expenses '~ 3 Commonwealth of Pennsylvania I 70.00 tax claims for following years; ' 1. 1995 $2,268.18 2. 1996 $1,174.21 3. 1998 $ 68.98 4. 2003 $1,005.25 5. 2006 $1,764.12 6. 2007 $ 815.27 7. 2008 $ 342.95 ', 7,438.96 4 Department of the Treasury ~' tax claims for following years; ', 1. 2000 $5,402.33 2. 2001 $6,591.76 3. 2003 $3,672.84 4. 2006 $7,880.19 5. 2007 $7,582.99 6. 2008 $ 371.00 31,501.11 5 Holy Spirit Hospital medical expenses 2,929.65 6 Pathology Associates of Central Pennsylvania medical expenses ~ 1,016.00 , 7 Pinnacle Health Emergency medical expenses 8 Pinnacle Health Hospital 451.00 medical expenses 6,153.35 9 Quantum Imaging & Therapeutic Asso i c ates medical expenses ', 10 Riverside Ares Assoc LTD 509.00 medical expenses Total from continuation schedules , 8W48AH 2.000 ~+~. nisv enter on Line 10, Re If more space is needed, inser} additional sheets of the same size. 1,400.00 7,552.14 59 142 21 I Estate of: Jeffrey D. Sealover Schedule I (Page 2) Item No. Description 21 08 0933 Amount 11 Snelbaker & Brenneman, P.C remaining balance due for attorney services provided ri p or to death as follows: Invoice total $13 332 37 Less Pa yments on account: , . a• Funds held in Snelbaker ~ Brenneman Trust Account -$239 91 b. Payment by Administratrix . -$4,000.00 e. Payment by Vernon Sealover -$2,500.00 Remaining balance due $6,592.46 12 West Shore EMS ambulance services Total (Carry forward to main schedule) 6,592.46 ~, 959.68 7,552.14 REV-1513 EX+ (11_08) pennsyivania DEPARTit~ENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE J BENEFICIARIES JMBER NAME AND ADDRESS OF PERSON(S) RECEMNG PROPERTY [ TAXABLE DISTRIBUTIONS [indude outrfyM spousal distributions, and transfers under Sec. 2116 (a) (1.2).] 1. Heather N. Sealover R.R. 2 Box 133-D Harrisville, WV 26362 1/2 of residue 2 Kelli R. Sealover R.R. 2 Box 133-D Harrisville, WV 26362 1/2 of residue FIyE NUMBER - 21 0 10933 RELATIONSHIP TO DECEDENT ~ AMOUNT OR SHARE Do Not List Trustee(s) OF ESTATE Daughter Daughter ENTER DOLLAR AMOU-~S FOR DISTRIBU110NS SHOWN ABOVE ON LINES 15 T~20UGH 18 OF REV 1500 COVER SHEET AS II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 2113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN L M<~. I B• CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 1. TOTAL OF PART II _ ENTER TOTAL NONTAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. ewaenl 2.000 If more space is needed, insert additional sheets of the same size. 0.00 0.00 00