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Appraisal Map 15B, Parcel 14, Dimock Street, Northampton 03-2016  APPRAISAL REPORT of  Map 15B, Parcel 14‐001  Dimock Street  Leeds (Northampton), Massachusetts  EFFECTIVE DATE December 31, 2015  INSPECTION DATE March 31, 2016  PREPARED FOR Alice M. Steidler  PREPARED BY Gary L. Aldrich, MA CGREA #75488         April 4, 2016 Alice M. Steidler 333 Old Mill Road #305 Santa Monica, CA 93110 RE: Map 15B, Parcel 14-001 Dimock Street Leeds (Northampton), MA 01053 3.05-Acres Dear Ms. Steidler: I have prepared the attached Appraisal Report for the purpose of providing an opinion of the “as is” Retrospective Fair Market Value of the fee simple interest for the property located along Dimock Street in Leeds, a section of Northampton, Massachusetts, as of December 31, 2015. According to the deed, the parcel contains approximately 3.05-acres of undevelopable woodlands with roughly 149.49-feet of contiguous road frontage along Dimock Street and 245-feet of frontage along Spring Street, both of which are paved city roads. The property is bisected by a perennial stream, which runs between Dimock Street to Spring Street and places the subject parcel just east of the Robert Hills Conservation Area. An inspection of the subject parcel was conducted on March 31, 2016. This Appraisal Report is based on site conditions that were evident at the time of the inspection and assumed to be an accurate reflection as of the Effective Date. According to municipal zoning maps the parcel is located in the SC-Special Conservatory Zoning District. It should be noted that the City of Northampton is reporting the subject is 4.80-acres. Since a formal survey has not been conducted, for the purposes of this Appraisal, the area reported in the deed will be utilized. The parcel is currently owned by the City of Northampton. The analysis and conclusions within the attached Appraisal Report are based on field research, interviews with market participants and publicly available data collected by the appraiser. The report has been prepared in accordance with the Uniform Standards of Professional Appraisal Practices (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation and the Department of the Treasury/Internal Revenue Service Real Property Valuation Guidelines. Included is a summary description and analysis of the real estate. All pertinent data, valuation methods and supporting, relevant exhibits are within the report. Page | 2    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 This is an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (a) of the Uniform Standards of Professional Appraisal Practice for an Appraisal Report. As such, it presents only summary discussions of the data, reasoning and analysis that were used in the Appraisal Process in order to develop the appraisers’ opinion of value. Supporting documentation concerning the data, reasoning and analyzes is retained in the appraisers’ file. The depth of discussion contained in the report is specific to the needs of the client. The appraiser is not responsible for unauthorized use of this report. INTENDED USE OF THIS REPORT This Appraisal is intended to assist the client, Alice M. Steidler (a/k/a Alyce Steidler), by offering an opinion of the Retrospective Fair Market Value for non-cash charitable contribution purposes. In the scope of this Appraisal, I researched the City of Northampton, as well as the surrounding Market Area and was able to locate adequate comparable sales of vacant, undevelopable land from which to develop the Sales Comparison Approach. Neither the Income Approach to Value nor the Cost Approach to Value was considered because the property is vacant land. This included an in-depth analysis of the Highest and Best Use for the subject. It is my opinion that the “as is” Retrospective Fair Market Value of the fee simple interest for the 3.05-acres, as of December 31, 2015 is: SIX THOUSAND DOLLARS ( $6,000 ) This opinion of value is subject to the Certification, Contingent and Limiting Conditions and Restriction upon Disclosure contained in this report. Respectfully submitted, ____________________________ Gary L. Aldrich MA Certified General Real Estate Appraiser License #75488 Exp. 05/14/2016 GLA/cvb Page | 3    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 CERTIFICATION I, Gary L. Aldrich certify that to the best of my knowledge and belief that:  The facts and data reported and used in the valuation process are true and correct;  The reported analyses, opinion and conclusions are limited only by the reported Assumptions and Limiting Conditions and are my personal, unbiased professional analyses and conclusions;  I have no present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved;  The value opinion found within was not based on a requested minimum valuation, a specific valuation or the approval of a loan;  My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this Appraisal;  My analyses, opinions and conclusions were developed and this report has been prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal Practices (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation;  Appraiser, Gary L. Aldrich, personally inspected the property that is the subject of this report;  No one provided significant professional assistance to the person(s) signing this report;  I have not performed any services regarding the subject within the prior three-years, as an appraiser or in any other capacity. ___________________________ Gary L. Aldrich MA Certified General Real Estate Appraiser License #75488 Exp. 05/14/2016 Page | 4    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 STATEMENT OF GENERAL AND LIMITING CONDITIONS This report has been prepared under the following Assumptions and Limiting Conditions: 1. Information furnished by others is assumed to be true, factually correct and reliable. No effort has been made to verify such information and no responsibility for its accuracy is assumed by the appraiser. Should there be any material error in the Assumptions within this report the results of this report are subject to review and revision. 2. All mortgages, liens and encumbrances (except lease documents) have been disregarded unless so specified within this report. The subject property is analyzed as though under responsible ownership and competent management. It is assumed in this analysis that there were no hidden or apparent conditions at the property’s subsoil or structures, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering, which may be required to discover them. No responsibility is assumed for legal matters existing or pending nor is opinion rendered as to title, which is assumed to be good. 3. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless non-compliance is noted. 4. It is assumed that all applicable zoning and use regulations have been complied with, unless a non-conformity has been stated, defined and considered in the analysis. 5. It is assumed that all licenses, consents or other legislative or administrative authorities from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based on. 6. Possession of this report or a copy thereof does not carry with it the right of publication. 7. The appraisers assume that there is no hazardous waste contaminating the sub-soils. The appraiser is not qualified to detect such substances on the site or to value the affects of such substances on the value of the property. 8. Unless prior arrangements have been made, the appraisers, by reason of this report, are not required to give further consultation or testimony or to be in attendance in court with reference to the property that is the subject of this report. Page | 5    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 9. The conclusions apply only to the property specifically identified and described herein. 10. The appraisers have made no legal survey nor have they commissioned one to be prepared. Therefore, references to a sketch, plat, diagram or previous survey appearing in this report is only for the purpose of assisting the reader to visualize the property. 11. The person signing this Appraisal is a fully qualified appraiser who has been involved in the valuation and/or review of many similar properties. The education and experience in valuing and reviewing similar properties satisfies the competency provision of USPAP. The qualifications of the appraiser are in the Addenda section of this report. 12. Extraordinary Assumptions or Limiting Conditions are the following: This Appraisal Report is based on the Assumption that the subject site was in similar condition on the Effective Date (December 31, 2015) as observed on the Inspection Date (March 31, 2016). ___________________________ Gary L. Aldrich MA Certified General Real Estate Appraiser License #75488 Exp. 05/14/2016 Page | 6    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Assessors’ Map IDENTIFICATION OF THE REAL ESTATE The subject consists of a parcel of undevelopable land located in Leeds, a section of Northampton, MA. The parcel is identified by the town assessors’ office as Map 15B, Parcel 14-001 and is currently owned by the City of Northampton. It should be noted that the City of Northampton is reporting the subject is 4.80-acres however, according to the deed the subject consists of approximately 3.05-acres. Since a formal survey has not been conducted, for the purposes of this Appraisal, the area reported in the deed will be utilized. A legal reference is recorded in the Hampshire County Registry of Deeds in Book 11994, Page 99. A copy of the deed is included in the Addenda section of this report. REAL ESTATE TAXES The subject has a FY2015 total assessment of $36,700. The FY 2015 tax rate is $15.80 per thousand dollars of valuation. In addition, there is a Community Preservation Act (CPA) tax assessed to all properties within the town. The rate is 3% of the tax based on the assessed value less $100,000 for residential properties and the full assessment for commercial properties. Page | 7    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 TRANSFER HISTORY The subject parcel most recently transferred from Alice M. Steidler (a/k/a Alyce Steidler) to the City of Northampton on July 7, 2015 for no consideration in lieu of tax title foreclosure by the City of Northampton via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 11994, Page 99. PURPOSE AND INTENDED USE The Purpose of the Appraisal Report is to offer an opinion of the “as is” Retrospective Fair Market Value of the fee simple interest for the subject. The Intended Use of the Appraisal Report is to provide an opinion of value that will assist the client, Alice M. Steidler with non-cash charitable contribution purposes. DEFINITION OF FEE SIMPLE ESTATE1 Absolute ownership unencumbered by any other interest or estate; subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, escheat. EFFECTIVE DATE OF THE APPRAISAL The Effective Date of this Appraisal Report is December 31st, 2015. An inspection was completed on March 31st, 2016. General Assumptions and Limiting Conditions applicable to this Appraisal Report are attached to this report. EXPOSURE PERIOD AND MARKETING TIME Exposure Time is the estimated length of time that the property interest being appraised would have been offered on the market prior to the Hypothetical Consummation of a sale at Market Value on the Effective Date of the Appraisal. Exposure Time is a retrospective opinion based on an analysis of past events, assuming a competitive and open market. An Exposure Time of six to nine-months is estimated for this property. This is based on the Market Value opinions developed within this report and the properties being actively offered for sale by a competent brokerage company familiar with this property type and the region. Marketing Time is an opinion of the amount of time it might take to sell a real property interest at the concluded Market Value level during the period immediately after the Effective Date of the value opinion. Based on the market conditions as of December 31st, 2015, a Marketing Period of six to nine-months is considered reasonable.                                                         1 The Dictionary of Real Estate Appraisal, 5th edition, Appraisal Institute Page | 8    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 DEFINITION OF FAIR MARKET VALUE2 Fair Market Value (FMV) is the price that a property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act and both having reasonable knowledge of the relevant facts. RETROSPECTIVE VALUE OPINION3 A value opinion effective as of a specified historical date. The term does not define a type of value. Instead, it defines a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiations, deficiency judgments, estate tax and condemnation. Inclusion of the type of value with the term is appropriate, e.g. “Retrospective Market Value Opinion.” DESCRIPTION OF THE APPRAISAL PROCESS The scope of work is the type and extent of research and analysis conducted in an Appraisal assignment. The scope of work includes, but is not limited to, the extent to which the property is identified, the extent to which the property is inspected, the type and extent of data researched and the type and extent of analysis applied to arrive at a credible opinion or consideration. The appraiser has completed the following investigations and analysis to determine the relevant characteristics of the general real estate market, the subject and the Market Value opinion. Scope of the Assignment:  An inspection of the subject parcel on March 31st, 2016 by Gary L. Aldrich  A review of the zoning ordinances that governs the subject parcel  Gathered information on comparable land sales of similar properties in Northampton and the surrounding Market Area as of the Effective Date of Appraisal  A review of the assessors’ map and legal description  The development of the Sales Comparison Approach in analyzing land sales to offer an opinion of the “as is” value  Determined that the Cost Approach and Income Approach were not applicable in the valuation of the subject parcel, due to the fact that the property is not amenable to either of these two approaches  Determined the Highest and Best Use for the subject  Arrived at a conclusion relating to a Retrospective Fair Market Value opinion and the writing of this report                                                         2 Department of the Treasury/Internal Revenue Service, Publication 561 (Rev. April 2007) 3 The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute  Page | 9    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 The information sources have included public records, city/town websites and commercial data collection services. I have also consulted reports concerning real estate and general economic conditions prepared by other professionals. I have spoken with other real estate professionals, owners, tenants and/or managers of other properties in the area as part of the ongoing survey of the market that is maintained for all appraisals. I have obtained some publicly available information from area governments, including other cities, counties and the State of Massachusetts. Regional and city data was also based in part on publicly available demographic information. Miscellaneous data pertaining to the local real estate market was researched through the local media. Comparable sales data was researched in the Franklin and Hampshire County Registry of Deeds, Banker and Tradesman and MLSPIN, as well as from appraisals I have performed. A reasonable attempt was made to confirm the comparable sales and market data with principals, representatives, informed third parties and/or public records. A drive-by of the comparables as well as other properties considered but not used was performed. An inspection of the subject was made for the purpose of describing it and considering its value relative to the comparable properties. This however is not to be construed as a formal building or site inspection or survey. Throughout this Appraisal, nominal dollar and square foot figures are used. All amounts and figures are believed and assumed to be accurate, but are to be considered as the amount stated more or less, approximately or plus or minus, as appropriate, even when not specifically expressed as such. All information used in the preparation of this report is believed and assumed but not guaranteed, to be fully and completely accurate. It is assumed that the data, statistics, estimates and opinions furnished by others is correct. Sales comparable data is assumed to be reliable. In some cases I have received data on sales from parties not directly involved in the transactions, but whom I believe are reliable. However, buyers and sellers and others involved in real estate transactions will often not discuss the pertinent facts with outside parties and when they do they do not always relate complete or totally accurate information. Page | 10    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 STATE ECONOMIC ANALYSIS SUMMARY Mass economy slows but continues to outpace the nation in Q4, UMass journal reports Massachusetts real gross domestic product grew at an annual rate of 1.3 percent in the fourth quarter of 2015 according to the MassBenchmarks Current Economic Index, released today by MassBenchmarks, the journal of the Massachusetts economy published by the UMass Donahue Institute in collaboration with the Federal Reserve Bank of Boston. In contrast, according to the U.S. Department of Commerce, national real gross domestic product grew at an annual rate of 0.7 percent during the same period. The pace of the state’s economic growth moderated significantly in the third quarter following an exceptionally strong second quarter. The rate of growth in the U.S. economy also slowed in the third quarter. Much of the decline in the pace of growth was due to slower productivity growth rather than a weakening in the fundamental underlying strength of the regional economy. Although Massachusetts payroll employment fell by an estimated 7,100 jobs in September, the state job market remains strong. Over the entire third quarter, the state's payroll employment grew at a 2.2 percent annual rate, down from 3.0 percent in the second quarter. In contrast, U.S. payroll employment grew at a 1.7 annual rate in the third quarter, the same pace as in the second quarter. The Massachusetts Leading Economic Index for December is 3.3 percent and the three-month average for October through December is 4.3 percent. The leading index is a forecast of the growth in the current index over the next six months, expressed at an annual rate. Thus, it indicates that the economy is expected to grow at an annualized rate of 3.3 percent over the next six months (through June 2016) if productivity were at long-term average rates. Page | 11    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Recently revised data now reveal that in 2015 the state economy grew faster than the nation in all four quarters. MassBenchmarks now estimates that the Massachusetts economy expanded at annual rates of 3.1 percent in the first quarter, 5.7 percent in the second quarter and 2.5 percent in the third quarter. The corresponding rates of growth for the nation according to the U.S. Bureau of Economic Analysis were 0.6 percent in the first quarter, 3.9 percent in the second quarter and 2.1 percent in the third quarter. In the fourth quarter of 2015, the Massachusetts economy continued its expansion, but some key economic indicators are sending mixed signals. Job growth and spending were strong in the final three months of the year. But the unemployment rate rose a tenth of a point during the fourth quarter, even as it remained near pre-recession levels. However, wage and salary income appeared to decline in the fourth quarter following robust growth in the third quarter. Payroll employment expanded at a 1.8 percent annual rate in the fourth quarter, following a 2.4 percent rate of growth in the third quarter. Nationally, job growth was also strong, growing at an annualized rate of 2.0 percent in the fourth quarter, up slightly from a 1.8 percent rate in the third quarter. For the year as a whole, between December 2014 and December 2015, the number of payroll jobs in Massachusetts increased by 2.1 percent while the number of jobs in the U.S. increased by 1.9 percent. While these jobs figures are subject to revision when the annual benchmark revisions are released in March, this represents the fastest job growth in Massachusetts since the end of the 1990’s expansion in 2000. The state’s headline unemployment rate — the U-3 measure — was 4.7 percent in December, up slightly from 4.6 percent in September. During the same period, the U.S. unemployment rate declined modestly, falling from 5.1 percent in September to 5.0 percent in December. Both rates are close to pre-recession levels. The broader U-6 measure of unemployment, however, which includes those who are working part-time but want full-time work, remains significantly above pre-recession levels. The Massachusetts U-6 unemployment rate in December was 9.8 percent while the U.S. rate in December was 9.9 percent. Prior to the recession, the Massachusetts rate was as low as 7.1 percent (in August and September 2007) while the U.S. rate reached its pre-recession nadir of 8.0 percent in March 2007. “In the fourth quarter, Massachusetts wage and salary income declined at a 6.9 percent annual rate after expanding at a 7.5 percent rate in the third quarter,” noted Alan Clayton-Matthews, MassBenchmarks Senior Contributing Editor and Associate Professor of Economics and Public Policy at Northeastern University, who compiles and analyzes the Current and Leading Indexes. “Part of this decline may be attributable to lower-than average bonus payments, as December is the beginning of the bonus season and stock market returns for the year were much lower than in recent years,” Clayton-Matthews added. “Wage and salary income in the fourth quarter was 2.6 percent higher than in the fourth quarter of last year so it is clear that the trend remains positive,” he concluded. Nationally, wage and salary income is on track to record an annualized growth of 4.9 percent in the fourth quarter, following growth of 5.4 percent in the second quarter. Page | 12    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Spending on items subject to the state regular sales tax and the motor vehicle sales tax both rebounded strongly in the fourth quarter, expanding at a 9.5 percent annualized rate after declining in the third quarter at a 3.2 percent rate. Year over year, this measure of spending indicates a 5.7 percent rate of growth between the fourth quarter of 2014 and the same period in 2015, reflecting both strong job growth and high consumer confidence. The latest MassInsight consumer confidence measure for Massachusetts was 121 in October, its highest level since October 2000. The MassBenchmarks Leading Economic Index suggests that the state economy will continue to expand but will grow at a more restrained pace in the first half of 2016 than in the first half of 2015. The Leading Index is predicting a 2.4 percent annualized rate in the first quarter and a 2.2 percent rate in the second. Three factors account for this expectation of a more moderate pace of growth. The first is the tightening labor market. As the number of unemployed workers continues to decline and as more baby boomers retire, it is becoming more difficult for employers to find the workers they need. This is reflected in historically low levels of initial unemployment claims, a sign that employers are reacting to the tightening labor market by holding on to the workers they have. Another factor is expected slower global economic growth in 2016 as a result of slowing growth in China and continued sluggishness in the European economy. A third is recent financial turmoil in global markets in response to the weakness in the global economy and significant declines in commodity prices, especially oil prices. The Bloomberg stock market index for Massachusetts is down 12.7 percent year to date (through January 25th). Market volatility tends to dampen business confidence and investment. Therefore a prolonged market downturn, should it occur, can be expected to put downward pressure on consumer confidence and by extension consumer spending in coming months. Bonuses in the state's financial industry could also be negatively affected, which in turn could lead to lower than expected capital gains tax revenues, which the Commonwealth relies upon to close what has become its annual budget gap and to replenish its “rainy day fund”. MassBenchmarks is published by the University of Massachusetts Donahue Institute in cooperation with the Federal Reserve Bank of Boston. The Donahue Institute is the public service, outreach and economic development unit of the University of Massachusetts Office of the President. The Current and Leading Indexes are compiled and analyzed by Dr. Clayton- Matthews, Associate Professor of Economics and Public Policy at Northeastern University and released quarterly by MassBenchmarks. Page | 13    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Area Analysis Northampton is located in Hampshire County, in western Massachusetts. It is bordered to the east by the Connecticut River and Hadley, the south by Easthampton, the west by Westhampton and the north by Williamsburg and Hatfield. The city covers an area of 34.69 square miles. Northampton was founded as a town in 1654 and was granted a city charter in 1883. The cities elected officials who oversee its day to day operation are the mayor and the nine- member city council. According to the 2010 United States Federal Census, the population of Northampton was 28,549, a 2.1% decrease from the 2000 United States Federal Census figure of 28,978. This calculates to a density of 823 people per square mile. According to information provided by the Department of Housing and Community Development, there are a total of 19,575 registered voters in Northampton, with Democrats comprising (48.5%), Republicans comprising (7.4%), other parties (.02%) and unenrolled voters comprising (43.9%) people. Additional DHCD information puts the total number of housing units at 12,405, with 11,880 of the housing units occupied, which is a 95.8% occupancy rate. There are 508 state subsidized housing units and 110 federally subsidized public housing units. In terms of rental assistance, there are 41 state subsidized rental units and 128 federally subsidized rental units. Of Northampton residents, approximately 77.5% work in Hampshire County and 57% work within their own community. Approximately 4,110 people work in Northampton who commutes from other towns. Williamsburg, Hatfield and Easthampton supply the highest proportion of commuting workers. Of the counties within Western Massachusetts, Hampshire County has the lowest unemployment rate. The Pioneer Valley Planning Commission has been the designated regional planning body for the Pioneer Valley region, which encompasses 43 cities and towns in the Hampden and Hampshire county areas. PVPC is the primary agency responsible for increasing communication, cooperation and coordination among all levels of government as well as the private business and civic sectors in order to benefit the Pioneer Valley region and to improve its residents' quality of life. Page | 14    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 The following table represents findings from the Pioneer Valley Planning Commission (PVPC)4 for the City of Northampton.                                                         4 2014 Data Page | 15    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Page | 16    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 The city offers a variety of employment opportunities. According to the Division of Employment and Training (DET), over the past year, the labor force in Northampton has ranged from a low of 15,813 to a high of 16,366 people. The non-seasonally adjusted unemployment rate in December 2015 was reported to be 3.3%, which was lower than the 3.6% rate in December of 2014. This rate has been consistently lower than the state average, which was 4.6% in December 2015 and 4.9% in December 2014. Below are the most recent thirteen-months of non-seasonally adjusted data: Historically, the three major employment sectors in Northampton have been government agencies at all levels, manufacturing jobs and trade jobs. Northampton is serviced by a good highway system. Interstate Route 91, which runs north and south, offers access in three locations within the city. Route 9 runs east and west, connecting Northampton with other surrounding communities and employment centers. Northampton is a member of the Pioneer Valley Transit Authority (PVTA), which provides fixed route service and offers para-transit services to the elderly and disabled. The school system is regarded as one of the best in the state. There are nine schools, with grades ranging from kindergarten to grade-twelve of high school. Smith College, one of the oldest and most prestigious women’s colleges in the country, is located in the heart of the city. Other colleges located less than fifteen-miles away include the University of Massachusetts, Amherst College, Hampshire College and Mount Holyoke College. Page | 17    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 The city provides an attractive location for retail firms, business support services and restaurants. The Hampshire County Courthouse not only brings people into the city, but its activities necessitate the location of professional offices and services nearby. Location Map5 Market Area The subject is located in Leeds, a village of Northampton, which is just south of the Northampton/Williamsburg line. The Market Area is approximately five-miles northwest of downtown Northampton and consists mainly of single-family homes with some multi-family residences and a limited commercial influence. Leeds is located in the northwest corner of the city confines and it occupies approximately one and a-half square miles. The village offers a scattering of commercial and industrial properties, however there is no real commercial concentration or downtown area, as is the case with Florence, (another village of Northampton). Chartpak, Inc. and Berkshire Electric Cable are the only two industrial properties located in the village. Exposure to existing business is generally limited to local traffic with the exception of the few commercial enterprises located directly along Route 9. Leeds has its own post office and a different zip code than Northampton.                                                         5 Courtesy of Google Maps Page | 18    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Main Street runs along the east side of the Mill River and parallels Route 9, which is to the east. The subject is nestled in an area of mainly single-family and multi-family homes with very few commercial use properties in the immediate area. To the south, along Route 9, is Look Park, a popular recreation area for both local residents and visitors from other communities. Open all year, this is a public park with open areas and facilities for active, passive and cultural recreation. The park has 157-acres of quiet wooded areas, ponds, waterways and recreational facilities. Also along Route 9 is the Veterans Administration Medical Center. This facility occupies 105- acres on “Old Bear Hill”, has twenty-five permanent buildings and 6.25-miles of roads. The medical center has 618-beds for medical and psychiatric treatment and an outpatient clinic building of 23,000 square feet. Like many veterans service facilities this center has been struggling with reduced federal funding and a continued threat of possible closure. Northampton was settled in 1654, but since Leeds and Florence’s history’s are so intertwined with that of its parent town, it’s difficult to pinpoint their exact beginnings. It was industry that put both villages on the map. In the 1830’s, Leeds and Florence became a major silk manufacturing center, an industry that was a mainstay of the area’s economy for 100-years. The machine twist process developed by a local manufacturer, Samuel Hill, enabled the Nonotuck Silk Company to fuel a worldwide demand created by the newly invented sewing machine. Modern day Leeds and Florence have stayed true to their working class roots. Most of the major industry has gone, but in its place are artisans and organizations that have located in Florence because of its neighborhood feel and its proximity to downtown Northampton. In the early 1900’s the old Florence Manufacturing Company, located along Pine Street, was transformed into the Arts & Industry Building. One of the most successful examples of a rehabbed mill, the building currently houses more than 160 people working in light industry, commercial and arts and crafts operations. But businesses are tucked into buildings and homes all over Florence and Leeds. It’s an industrial Renaissance of sorts that ensures the future of these thriving villages. The immediate Market Area is stable and well established in terms of residential and commercial uses. The site is located in the middle of an established residential area. According to MLS Property Information System the average price and days on the market (DOM) for land in Northampton for 2010 through December 2015 is as follows: Year # of Land Sales Average Sale Price DOM 2010 9 $296,133 54 2011 8 $117,238 179 2012 12 $126,633 196 2013 6 $99,850 347 2014 14 $137,093 269 2015 6 $151,067 158 According to MLSPIN and The Warren Group statistics, there is a relatively stable demand from year to year. Page | 19    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 SITE DESCRIPTION According to the deed, the parcel contains approximately 3.05-acres of undevelopable woodlands with roughly 149.49-feet of contiguous road frontage along Dimock Street and 245-feet of frontage along Spring Street, both of which are paved city roads. The property is bisected by a perennial stream, which runs between Dimock Street to Spring Street and places the subject parcel just east of the Robert Hills Conservation Area. An inspection of the subject parcel was conducted by Gary L. Aldrich on March 31, 2016. This Appraisal Report is based on site conditions that were evident at the time of the inspection and assumed to be an accurate reflection as of the Effective Date. According to municipal zoning maps the parcel is located in the SC-Special Conservatory Zoning District. It should be noted that the City of Northampton is reporting the subject as 4.80-acres. Since a formal survey has not been conducted, for the purposes of this Appraisal the area reported in the deed will be utilized. The property is currently owned by the City of Northampton. Dimock Street and Spring Street are both publicly maintained, paved city roads. The subject parcel is mainly wooded with rolling terrain and as noted above, a perennial stream runs through the center from Dimock Street to Spring Street. Services available at the street include city water, city sewer, electric, natural gas, cable television and broadband internet. According to the deed as of the Effective Date, there are no adverse easements of record. There is an easement recorded within the deed granted to Northampton Electric Lighting Company, Inc. Based on the site inspection and a review of the city’s zoning regulations the site is best utilized as vacant recreational land with no development potential. The site is bordered by residential single family properties and conservation land. It is unknown whether or not an environmental study has been performed on the site. This Appraisal Report and the value opinion contained herein assumes no potential liability resulting from any soil contamination due to the storage of hazardous waste materials and/or chemical spills or possible contaminants that may have occurred on this site over the years. No evidence of contamination or hazardous materials used in the construction or maintenance of any improvements was observed on the date of inspection. The appraiser however is not qualified to detect such substances, including the existence of urea-formaldehyde, radon gas, foam insulation, asbestos or other potentially hazardous waste materials that may have an effect on the value of the site. I urge the client to retain an expert in this field, if desired. Page | 20    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 According to the Flood Insurance Rate Map, the subject is located in Zone C, Map 250167-0001- A, which is not considered a flood prone area. Flood Insurance Rate Map Page | 21    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 SUBJECT PHOTOGRAPHS Dimock Street frontage Spring Street frontage Dimock Street looking south Spring Street looking north Page | 22    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 FACTORS AFFECTING THE USE OF THE PROPERTY Three types of factors affect the development of raw land, i.e. Physical, Legal and Economic. Physical Characteristics include wetlands, the drainage classification, structure of the soils and topography. If city water and/or sewer are available, poor soil conditions or difficult topography is less of an impediment to potential development. It is equally important to understand the Legal and Economic constraints imposed by state and municipal regulations and the influences of the local real estate market. Zoning, subdivision regulations, building permits and residential lot transfers are important guidelines for determining the Highest and Best Use for this type of property and also for gauging supply and demand. Zoning and Subdivision Regulations The parcel is located in the SC-Special Conservatory Zoning District, which does not allow for any new development. Dimension Requirements Existing Residential with public water: Min. Lot Size 8,000 sf (with public sewer); 80,000 sf (with private water/sewer) Min. Frontage 75-feet Min. Front Yard 10-feet Min. Side 15-feet Min. Rear 20-feet Max. Building Height 35-feet Max. Lot Coverage 50% New Use: Min. Lot Size 40 acres Min. Frontage 175-feet Min. Front Yard 40-feet Min. Side 50-feet Min. Rear 80-feet Min. Depth 200-feet Max. Lot Coverage 1% The subject site conforms to the dimensional and use requirements of the zoning district as recreational land. Board of Health Regulations The board of health follows the Massachusetts State Sanitary Code, Title V for septic systems. The Title V regulations in affect as of March of 1995, requires greater distances between wells and septic systems and requires larger leach fields. The subject area is serviced by public water and sewer. Page | 23    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Wetland Regulations The local conservation commission enforces the Massachusetts Wetlands Protection Act that regulates all construction activity within 100-feet of wetlands, streams and water bodies. Permits must be obtained for all activities including well drilling, excavations and driveways before construction can take place. The wetlands district shall consist of land defined as wetlands by the provisions of the Massachusetts Wetlands Protection Act, M.G.L. Chapter 131, Section 40. The purpose of this district is to protect the wetlands for the City of Northampton by controlling activities deemed to have a significant effect on wetland values. For work proposed to take place in the wetlands district a site plan review must be obtained in the following manner: a submission to the planning board for a determination of non applicability for the Massachusetts Wetlands Protections Act issued by the conservation commission or an order of conditions covering the work proposed as issued by the conservation commission. Anyone intending to fill, dredge, grade, drain or otherwise alter land within the wetland district must obtain a permit from the building commissioner. Wetland areas were observed on the parcel with an active perennial stream running through the middle of the parcel from east to west. Massachusetts Rivers Protection Act The Rivers Protection Act, Chapter 258 was enacted in 1996. The law creates a 200-foot buffer that extends on both sides of rivers and streams. The law does not create a new permitting process, but acts on the strength of the existing procedures under the Wetlands Protection Act. As noted previously, a perennial stream bisects the subject parcel from west to east, which would hinder the development potential of the parcel. Page | 24    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Soil Conditions and Topography Soils and topography affects the adaptability of a property to be developed. The inspection of the subject site revealed that both soil and topography restraints would likely have a negative impact on the development potential for residential use. The topography of the site is severely sloping with significant elevation changes. The majority of the site falls within the following soil classification. Soil Map of Approximate Site Area Page | 25    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Page | 26    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Walpole Sandy Loam, 0–3 percent slope makes up the majority of the site. This soil has the following components: Supply and Demand As described in the Market Analysis, there appears to be a moderate demand for single-family development within Northampton at the present time. However, given that the subject parcel does not meet current zoning requirements for development, the subject is best utilized as vacant recreational land. Page | 27    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 HIGHEST AND BEST USE Real estate is valued in terms of the Highest and Best Use. The Highest and Best Use of the land or site, “if vacant” and available for use, may be different from the Highest and Best Use of the improved property. This will be true when the improvement is not an appropriate use and yet makes a contribution to total property values in excess of the value of the site. Highest and Best Use may be defined as that reasonable and probable use that will support the highest present value as of the date of the Appraisal. Alternatively, it is the most profitable, likely use to which a property may be put; it may be measured in terms of the present worth of the highest net return that the property may be expected to produce over a stipulated long-range period of time. The Highest and Best Use is that use from among one or more proposed uses that has been found to be legally permissible, physically possible, appropriately supported and financially feasible that is expected to generate the highest rate of net return over a given income forecast period, at the time the decision is made. The appraiser must estimate the highest, best and most probable use for the property with its existing improvements unless cessation of uses and/or demolition of existing improvements appear necessary. Although the public sector establishes the pool of possible uses, the imperfect market determines the feasible uses, the probable uses and actual use. The market in terms of supply and demand also influences which specific use or typical uses would be most needed in the market analyzed. The Highest and Best Use of the property both “as vacant” land and “as improved” must meet criteria that are identified and described as follows: Physically Possible This reflects those uses for which the subject site is physically suited. Factors such as size, shape, terrain, availability of public utilities and soil conditions are relevant in determining the Highest and Best Use for land “as though vacant”, since they affect its physical utility and adaptability. For improved properties, physical characteristics such as size, design and condition of the improvements are also analyzed. Legally Permissible This concerns those uses that are physically possible and permitted on the site. Legal permission depends on public and private restrictions, zoning, building codes, environmental regulations and any other governmental law and/or regulations that pertain to the property. Page | 28    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Financially Feasible This relates to an examination of alternative uses that are physically possible and legally permissible in order to determine which will produce an income or return equal to or greater than the amount needed to satisfy operating expenses, financial obligations and capitalization amortization. All alternative uses anticipated to produce a positive return are regarded as financially feasible. Maximally Productive Among financially feasible uses, the use that produces the highest price or value consistent with the rate of return warranted by the market is the maximally productive use. Subject Property “As Vacant” The subject is 3.05-acres of undevelopable land that is accessed via frontage along Dimock Street and Spring Street in the SC-Special Conservatory Zoning District. This district does not allow for any new development. That being said, I am of the opinion that the subject’s Highest and Best Use is as vacant recreational land. Page | 29    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 METHODS OF APPROACH TO VALUE Cost Approach to Value In the Cost Approach to Value estimation, the purchaser/investor is assumed to consider producing through new construction a substitute, competing property with the same utility as the property being appraised. To estimate the present worth of the improvements, it is necessary to identify the size, condition, effective age and the estimate of Accrued Depreciation. The estimated site value is then added to the Depreciated Value of the improvements in order to yield an overall value for the subject. Sales Comparison Approach The Sales Comparison Approach to real property valuation is based on the premise that the informed, prudent and rational purchaser will pay no more for a property than the cost of acquiring a similar, competitive property with the same utility as of the valuation date. This approach is predicated on the assumption that there is, in fact, an active market for the type of property being appraised. This approach involves selecting a number of sales of similar properties that have recently transferred on the local market. These are then adjusted to provide indications of the most probable selling price for the subject under specified market conditions. Income Approach to Value In the Income Approach to Value, the purchaser/investor assumes that the property will generate a net income in order to support their investment and to provide them with at least a competitive rate of return on that investment over the projected investment holding period. The emphasis in valuing those future income receipts rests in the Capitalization Process. The value of income property is the present worth of the anticipated future net income receipts forecasted to be produced by the property over at specified period of time. The Capitalization Technique is generally a fundamental measurement of income property value. Page | 30    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 VALUATION OF THE SUBJECT I have considered all three approaches to value and one of the three will be used in this Appraisal Report. The Cost Approach to Value is a meaningful method of analysis when appraising vacant land with proposed new construction. This approach is typically used to test the feasibility of a property that is relatively free of Accrued Depreciation or to test the reliability of a developer’s construction cost estimates. Because cost and Market Value are usually closely related when properties are new, the Cost Approach is a valid and highly reliable approach. This approach is not valid for the subject because it is vacant land. The Sales Comparison Approach will be used because there are adequate sales of properties similar to the subject that required sufficiently few adjustments in order to yield a defensible and convincing indication of Market Value. This method of valuation is considered to be highly relevant, when applicable, as it best reflects the actions of the buyers and sellers who constitute the market for properties such as the subject. The Income Approach to Value will not be used in this report because this type of property (vacant land) is not typically rented on the open market. This approach results in an indicated value for the property by determining and then applying a Capitalization Rate to the projected Net Operating Income for the subject. Page | 31    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 THE SALES COMPARISON APPROACH TO VALUE The Sales Comparison Approach to Value is based on the premise that the informed, prudent and rational purchaser will pay no more for a property than the cost of acquiring a similar, competitive property with the same utility as of the valuation date. This approach is predicated on the assumption that there is, in fact, an active market for the type of property being appraised. This approach involves selecting a number of sales of similar properties that have recently transferred on the local market. These sales are then adjusted to provide indications of the most probable selling price for the subject, under specified market conditions. As mentioned earlier, I have determined a likely buyer would consider this land as non- developable vacant recreational land I have conducted a thorough investigation of the real estate market for similar land sales in Northampton and competing Market Areas in order to identify transactions of properties offering similar physical characteristics to those of the subject. I have identified the following sales for analysis in this report. # Location Sale Date Sale Price Size $/Acre 1. Off Amherst Road, Pelham 09/06/2013 $5,500 4.71-acres $1,168 2. Chestnut Mountain Road, Hatfield 06/27/2014 $42,380 20.13-acres $2,105 3. Off Batchelor Street, Granby 06/12/2015 $12,000 10-acres $1,200 4. Off Chmura Road, Hadley 06/29/2015 $4,500 3.75-acres $1,200 5. Off Bay Road, Amherst 06/29/2015 $70,000 20.00-acres $3,500 6. Shaw Road, Westhampton 07/20/2015 $275,000 142.41-acres $1,931 Page | 32    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Comparable Sale #1 is located off Amherst Road, Pelham, MA. This property is comprised of 4.71-acres of land with access via a right-of-way over an abutting property. The location of the site and its limited access precludes the possibility for development. The parcel is located in the Residential Zoning District and is currently being used for hiking and recreational use. The parcel was purchased by The Kestrel Land Trust from Judson W. Spalding, Mark J. Spalding, Linda Wolfe, Warren Spalding and Violet Savage for $5,500 consideration on September 6, 2013 via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 11454, Page 89. The prior sale occurred more than three-years ago. Page | 33    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Comparable Sale #2 is located along Chestnut Mountain Road, Hatfield, MA. Map 208, Parcel 8 consists of 20.13-acres of unimproved land with approximately 720-feet of frontage along the easterly side of Chestnut Mountain Road in Hatfield, MA. The parcel is wooded and elevated with a moderate slope up from west to east. With some clearing the site offers distant views to the east. Chestnut Mountain Road is a non-maintained public road that is little more than a logging road that runs north off of Rocks Road. The closest access to electrical power is to a house lot located to the south side of Rocks Road, which runs underground. There is no electric power running along Chestnut Mountain Road and no other public utilities available to the parcel. Based on the site inspection, a review of the town’s zoning regulations and discussions with the superintendent of public works and the chairman of the planning department, there appears to be very limited development potential even though the parcel exceeds the minimum frontage and size requirements of the zoning district. The property was purchased by The Kestrel Land Trust from Ellen P. White for $42,380 consideration on June 27, 2014 via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 11678, Page 329. The prior sale occurred more than three-years ago. Page | 34    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Comparable Sale #3 is located off the northerly side of Batchelor Street, Granby, MA. This is a 10-acre parcel of land with no public road access. This recreational parcel is wooded with a moderate slope. The parcel is referenced as assessors’ Map 13, Lot 34. There is no indication in the deed that there is any right-of-way access, therefore it is perceived to be landlocked. The parcel was purchased by The Kestrel Land Trust from John Rodman Besse, Jr. for $12,000 consideration on June 12, 2015 via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 11968, Page 174. The prior sale occurred more than three-years ago. Page | 35    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Comparable Sale #4 is located off the southerly side of Chmura Road, Hadley, MA. This 3.75-acre parcel is located along the northern border of South Hadley and the Mount Holyoke Range. This elevated parcel is heavily wooded. This long and narrow parcel is surrounded by other Conservation Restricted land with no recorded access. Its primary use is for hiking and other passive recreational uses. The property was purchased by The Kestrel Land Trust from Stanley M. Niedziela for the Estate of Helen Niedziela for $4,500 consideration on June 29, 2015 via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 11985, Page 203. The prior sale occurred more than three-years ago. Page | 36    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Comparable Sale #5 is located off Bay Road, Amherst, MA. This 20-acre parcel of wooded land of various slopes has no public road frontage and is accessed via walking trials from adjacent properties that are used for passive recreation. An easement for Western Mass Electric Company runs along the eastern property line. The property was purchased by The Kestrel Land Trust from Lisa B. Epstein and Martha L. Epstein for $70,000 consideration on June 29, 2015 via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 11985, Page 173. The prior sale occurred more than three-years ago. Page | 37    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Comparable Sale #6 is located along Shaw Road, Westhampton, MA. This parcel is located west and north of Shaw Road, which is a dead end gravel road. According to the seller, the property was purchased by an abutter for recreational use. The 142.41-acre parcel has frontage along Shaw Road and Chesterfield Road but offers limited access due to the location of Roberts Meadow Brook. The wooded parcel slopes up, heading north. No percolation tests were conducted prior to the sale. The parcel was purchased by Pandora C J Redwin and Melissa A P Redwin from Dennis R. and Arlene T. Nolan for $275,000 consideration on July 20, 2015 via Quitclaim Deed. This transaction is recorded in the Hampshire County Registry of Deeds in Book 12009, Page 4. The prior sale occurred more than three-years ago. Page | 38    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 All of the comparable sales have a bearing on the subject site in one way or another. They are fairly recent sales requiring no market adjustment. Terms of the sale were all arms length transactions with no special or unusual financing arrangements. However, there are some differences, which I adjusted for as follows: The land sales presented above range in price per acre from $1,168 to $3,500. The unadjusted weighted average price per acre is $2,036 and the unadjusted median price per acre is $1,658. ADJUSTMENT GRID Subject #1 $/AC #2 $/AC #3 $/AC #4 $/AC #5 $/AC #6 $/AC $1,168 $2,105 $1,200 $1,200 $3,500 $1,931 Location Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Utilities Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Amenities Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Similar -0- Access Inferior +5% Similar -0- Inferior +25% Inferior +25% Similar -0- Similar -0- Net Adj. +5% -0- +25% +25% -0- -0- Adj. SP $1,226 $2,105 $1,500 $1,500 $3,500 $1,931 The adjusted sale prices for the six comparable properties range from $1,226.00 to $3,500.00 per acre. The adjusted average sale price per acre is $1,960.00 and the median is $1,715.00. Given all of the above factors it is my opinion that the land value on a per acre basis is within the mid-range of the adjusted average of the comparable sales with less weight given to sales #3 and #4 due to inferior access. Therefore, after analyzing the above data it is my opinion that the Market Value via the Sales Comparison Approach for the 3.05-acres is $2,000 per acre. The calculation is as follows: 3.05-acres @ $2,000/acre = $6,100 Rounded to: $6,000 INDICATED VALUE VIA THE SALES COMPARISON APPROACH SIX THOUSAND DOLLARS ( $6,000 ) Page | 39    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 RECONCILITON AND FINAL VALUE OF OPINION INDICATED VALUE VIA THE SALES COMPARISON APPROACH SIX THOUSAND DOLLARS ( $6,000 ) The valuation of the subject based on this Highest and Best Use Premise was accomplished with the use of the Sales Comparison Approach. I have considered the quality of the data used and the perceived strengths and weaknesses of the different approaches to value. I have weighed the degree of emphasis to be accorded each. The Sales Comparison Approach was used because I was able to locate a sufficient number of comparable sale properties that required sufficiently few adjustments in order to yield a defensible and convincing indication of Market Value. This method of valuation is highly relevant, when applicable, as it best reflects the actions of the buyers and sellers who constitute the market. It is my opinion that the “as is” Retrospective Fair Market Value of the fee simple interest for the 3.05-acres as of December 31, 2015 is: SIX THOUSAND DOLLARS ( $6,000 ) This opinion of value is subject to the Certification, Contingent and Limiting Conditions and Restriction upon Disclosure contained in this report. Page | 40    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 ADDENDA Page | 41    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 COMPARABLE SALES MAP Page | 42    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 DEED Page | 43    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 DEED Page | 44    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 DEED Page | 45    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 DEED Page | 46    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 DEED Page | 47    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 NONCASH CHARITABLE CONTRIBUTIONS Page | 49    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 NONCASH CHARITABLE CONTRIBUTIONS Page | 50    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 QUALIFICATIONS OF THE APPRAISER GARY L. ALDRICH Education: Bachelor of Science (1996) Westfield State College, Westfield, MA Major: Business Management Minor: Commercial Recreation & Tourism Appraisal Courses: USPAP Update 2016-2017 12/2015 MBREA Book of Adjustments 04/2015 MBREA USPAP Update 2014-2015 12/2013 MBREA Valuation of Conservation Easements 11/2013 Appraisal Institute And Taxes Supervising Beginning Appraisers 10/2013 JMB Acad. Residential Appraisal Review 09/2013 MBREA Environmental Awareness 04/2013 Calypso for Appraisers: Environmental Hazards USPAP Update 2012-2013 02/2012 MBREA USPAP Update 2010-2011 04/2011 MBREA Advanced Income Property Appraising 11/2009 JMB Acad. General Sales Comparison 10/2009 MBREA General Market Analysis and 05/2009 MBREA Highest and Best Use General Report Writing 05/2009 MBREA USPAP Update Version 2008 04/2009 MBREA Fannie Mae Form 1004MC Seminar 01/2009 MBREA Appraisers New England Expo. – 12/2008 MBREA Commercial Program General Appraiser Income Approach I 11/2008 MBREA General Site Valuation and Cost Appr. 10/2008 MBREA USPAP Update Version 2006 06/2007 MBERA USPAP Update Version 2005 06/2006 MBREA Appraising Complex Residential Properties 05/2004 MBREA Practical Residential Appraising 05/2004 MBREA Appraising Single Family Residence 05/2003 MBREA Uniform Standards of Appraisal Practice 05/2003 MBREA Real Estate Appraisal Basics 04/2003 MBREA Page | 51    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Business Experience: FSI Appraisal Company, Inc., Northampton, MA, President November 2012 – Current Aldrich Appraisals, Agawam, MA, Owner/Founder June 2008 – Current Contract Appraiser for various local and regional Appraisal Firms 2003-2008 Area Remarketing Mgr, Enterprise Rent-A-Car, Windsor Locks, CT 1996-2003 Organizations and Affiliations: Massachusetts Certified General Real Estate Appraiser MA License #75488, Expiration Date 05/14/2016 Massachusetts Board of Real Estate Appraisers (MBREA) – Associate Member MLS Property Information Network, Inc. Northampton Chamber of Commerce PARTIAL LIST OF CLIENTS Banks and Financial Institutions: Bank of America Berkshire Bank BankNorth Mortgage Chicopee Savings Bank Citizens Bank Florence Savings Bank FNMA-Federal National Mortgage Association Greenfield Co-Operative Bank Family First Bank Greenfield Savings Bank Hampden Bank Monson Savings Bank Alden Credit Union Albank Northampton Co-Operative Bank Peoples Bank Sovereign Bank Southbridge Savings Bank U/Mass Five College Credit Union United Bank W. Mass Telephone Workers Credit Union Citi Mortgage Mass Mutual Credit Union People’s United Bank First American Title North Brookfield Savings Bank Option One Mortgage Corporation TD Bank Community Economic Development Assistance Corp. (CEDAC) Page | 52    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Companies and Institutions: College of our Lady of the Elms Almer Huntley, Jr. & Associates, Inc Berkshire Gas Company Colebrook Realty Services, Inc. Echo Village Corporation Hampshire Property Management Group Kollmorgan Corporation Merrill Lynch Relocation US Small Business Associations Fidelity Valuation Services Northampton Manufacturing PHH Homequity Pro-Tech Services Ltd. Prudential Relocation Sterling Mortgage Corp. Smith College University of Massachusetts Travelers Relocation Co U.S. Trust/Essex Valley Design & Development Corp. Zee Enterprises Easthampton Dye Works, Inc. Wright Builders Oasis Development Enterprises, Inc. Trident Realty U.S. Appraisal, Inc. Lloyd’s of London Kestrel Land Trust Massachusetts Housing Partnership Fund University of Massachusetts-Amherst Amherst College Hampshire College Nonotuck Land Fund The Trust for Public Land Six Flags New England W.D. Cowls Valley CDC ServiceNet WD Schock Company, Inc. Lawyers and Legal: Various Attorneys throughout Massachusetts Page | 53    Map 15B, Parcel 14-001 Dimock Street, Northampton, MA 03-2016 Municipalities and Government Agencies: Town of Amherst - Conservation Commission/ Department of Public Works Town of Belchertown - Highway Department and Conservation Commission Town of Chester – Town Administrator City of Easthampton – Mayor’s Office and Planning Office Town of Granby – Town Administrator Town of Hatfield – Selectperson’s Office Town of Longmeadow – Conservation Commission Town of Monson – Conservation Commission Town of Hadley – Town Administrator City of Northampton - Planning Department/Department of Public Works Massachusetts Department of Environmental Management Town of Palmer - Planning Department Town of South Hadley - Water Commissioners Town of Southampton - Conservation Commission/Town Administrator Town of Sunderland – Selectperson’s Office Town of Whately - Recreation Department Town of Williamsburg – Selectperson’s Office Deerfield Economic Development and Industrial Corporation U.S. Army Corp of Engineers U.S. Fisheries and Wildlife Franklin Regional Transit Authority Greenfield Redevelopment Authority Westover Metropolitan Development Corp. Whately Housing Committee