HomeMy WebLinkAboutChilkat Cruises' Dock & Terminal 2005HowardéWing
Commercial Real Estate Appraisers
420 West Tudor Road, Suite 103
Anchorage, Alaska 99503
Telephone 907/561.1277
Facsimile 907/561.1209
LIMITED RESTRICTED APPRAISAL
Chilkat Cruises’ Dock & Terminal
Beach Road on Portage Cove in Haines, Alaska
RETECHS: LA04-18652-03-A.2
Effective Date - January 24, 2005
Prepared for:
Wells Fargo Bank - RETECHS
707 Wilshire Boulevard, 11th Floor Los Angeles, CA 90017
420 West Tudor Road, Suite Anchorage, Alaska 99503 Telephone 907/561.1277 Facsimile 907/561.1209
HowardéWing Commercial Real Estate Appraisers
January 24, 2005
Mr. James Finlay
Wells Fargo Bank - RETECHS
707 Wilshire Boulevard, 11th Floor
Los Angeles, CA 90017
RE: Market Value of the Chilkat Cruises’ Dock & Terminal, Beach Road, Haines, Alaska
RETECHS: LA04-18652-03-A.2
Dear Mr. Finlay:
We have prepared a Limited appraisal of the above-referenced property. Attached is a Restricted appraisal
report intended to comply with Standards Rule 2-2(c) of the Uniform Standards of Professional Appraisal
Practice (USPAP). This appraisal is limited because we only determined that market value is not less than the
value conclusion of $910,000 determined in our March 31, 2003 appraisal of the property.
As in the previous appraisal, we value the fee simple interest. Although the property is an integral part of a
going concern (Chilkat Cruises), we evaluated the real estate separate from the business operations and related
personal property. Operating data was not available for our analysis. Our conclusions are based on changes in
the local economy, the visitor industry and the commercial property market.
We assume that any reader of this report is aware of this property and its market or has access to the 2003
appraisal. By reference, the 2003 appraisal is made a part of this updated analysis.
The appraisal complies with Wells Fargo Bank’s instructions; the engagement document is in the Addenda.
The appraisal also adheres to the 2004 Uniform Standards of Professional Appraisal Practice (USPAP) as
formulated by the Appraisal Foundation, and the Appraisal Standards for Federally Related Transactions
adopted by the Office of the Comptroller of Currency (OCC).
Based on our research and analysis, we are of the opinion that market value “as is” of the fee simple interest in
the subject real estate, as of January 24, 2005 is as follows:
Not Less Than $910,000 (appraised value conclusion 3/2003)
The value conclusion is predicated on a marketing period of up to twelve months assuming diligent efforts.
Your attention is directed to the Certification, Assumptions and Limiting Conditions for an explanation of
restrictions and limitations of this appraisal.
Respectfully Submitted,
MY Howard, MAI
State Certified General Real Estate Appraiser AK #177
Disclaimer
This report is prepared for the sole use and benefit of Wells Fargo and is based, in part, upon documents, writings and information
owned and possessed by Wells Fargo. Neither this report, nor any of the information contained herein shall be used or relied upon for
any purpose by an person or entity other than Wells Fargo except as specifically allowed by Wells Fargo in writing.
CHILKAT CRUISES’ DOCK ¢» TERMINAL, HAINES, AK CERTIFICATION 2
I certify that to the best of my knowledge and belief:
1) The statements of fact contained in this report are true and correct.
2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions.
3) Ihave no present or prospective interest in the property that is the subject of this report, and no personal interest
with respect to the parties involved.
4) I have no bias with respect to the property that is the subject of this report or to the parties involved with this
assignment.
5) My engagement in this assignment was not contingent upon developing or reporting predetermined results.
6) 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.
7) My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with
the Uniform Standards of Professional Appraisal Practice (USPAP) and with the requirements of the Code of
Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute.
8) Ihave made a personal inspection of the property that is the subject of this report.
9) No one provided significant professional assistance to the person or persons signing this report, unless otherwise
stated in the Letter of Transmittal.
10) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
11) The Appraisal Institute has a continuing education program that is either voluntary or mandatory depending on
when the member was certified. Jolynne Howard, MAI has met the Appraisal Institute continuing education
requirements.
Restriction Upon Disclosure & Use
The By-Laws & Regulations of the Appraisal Institute govern disclosure of the contents of this appraisal report. Neither
all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the
firm with which (s)he is connected, or any reference to the Appraisal Institute) shall be disseminated to the public through
advertising media, public relations media, news media, sales media or any other public means of communication without
the prior written consent and approval of the undersigned. No part of this report or any of the conclusions may be
included in any offering statement, memorandum, prospectus or registration without the prior written consent of the
appraiser.
lynge Howard, MAI
RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DOCK ¢ TERMINAL, HAINES, AK ASSUMPTIONS ¢ LIMITING CONDITIONS 3
An assumption is that which is taken to be true (USPAP 2004 Edition).
1) The appraiser has made no survey of the property and assumes no responsibility in connection with such matters.
Any sketch or identified survey of the property included in this report is only for the purpose of assisting the
reader to visualize the property.
2) Itis assumed that there are no hidden or non-apparent conditions of the property, subsoil, or structures (including
asbestos, soil contamination, or unknown environmental factors) that render it more or less valuable. No
responsibility is assumed for such conditions or for arranging the studies that may be required to discover them.
3) Responsible ownership and competent management are assumed.
4) No responsibility is assumed for the legal description or for matters including legal or title consideration.
5) The information identified in this report as being furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
6) The appraiser is not required to give testimony or attendance in court by reason of this appraisal unless
arrangements have previously been made therefor.
7) The allocation of total value to land, buildings, or any fractional part or interest as shown in this report, is
invalidated if used separately in conjunction with any other appraisal.
8) The appraiser hereby certifies that the appraisal assignment was not based on a requested minimum valuation, a
specific valuation, or approval of a loan, and that the appraiser was competent and qualified to perform the appraisal
assignment.
9) Please refer to Page 6 for Hypothetical Conditions and Extraordinary Assumptions used in this appraisal.
RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DOCK ¢ TERMINAL, HAINES, AK TABLE OF CONTENTS 4
Transmittal Letter.
Certification
Restriction Upon Disclosure & Use
Assumptions & Limiting Conditions
Table of Contents
Summary of Facts and Conclusions.
Limited Appraisal
Exposure & Marketing Periods
Marketing Period
Appraisal Dates
Extraordinary Assumptions
Hypothetical Conditions
Current Market Conditions
Haines
Skagway
Value Approaches
Sales Comparison Approach
Cost Approach.
Income Capitalization Approach
Reconciliation
Value Conclusion.
Subject Photos (12/2004)
Addenda
Engagement Document
Appraiser Audit
Appraiser Qualifications
Appraiser Certification OMAN ANNANNADANADADAAAARAARAA HW &FwW NN SF B °o RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DC » TERMINAL, HAINES, AK SUMMARY OF FACTS AND CONCLUSIONS 5
Project Name: COL elm Oat oe ele at Mil ire] |
Purpose of Appraisal: Verification that “as is” market value is not less than the value
conclusion of our March 2003 appraisal of $910,000
Scope and Report Type: We have prepared a Limited appraisal assignment that is
presented in a Restricted report format. The scope of the
appraisal is limited in that we determine only if market value as of
January 24, 2005 is at least $910,000, the value conclusion of the
ptior appraisal in March 2003. The appraisal invokes the
Departure Rule of the Uniform Standards of Professional
Appraisal Practice.
Property Rights Appraised: Fee simple perty hig PP P.
Location: East side of Beach Road on the waterfront of Portage Cove in
Haines, Alaska. This location is just south of the cruise ship dock;
there is no street address. Haines is in the Southeast Region of
Alaska, about 80 miles north of Juneau.
Legal Description: Lot 5 and a fraction of US Survey 2716, Portage Cove Subdivision
(note that we believe this to be the correct legal description but
reserve the right to amend the appraisal should this information
prove to be false).
Tax ID No: C-ATS-55-0400
2004 Tax Assessment: $552,504 (no change from 2003). Taxes were $6,409.
Ostensible Owner: Chilkat Cruises, P.O. Box 509, Haines, Alaska 99827
Sales History: No sales in the last three years
Site: 76,033 SF; consisting of 10,200 SF of uplands and 65,833 of
submersed tidelands. The shape is an irregular "T".
Improvements: Improvements consist of a 2,837 SF retail building on an
expanded 395 foot dock. The building is two levels (main floor
and seating loft) and was completed in 1997 with an expansion in
2001. Condition is good with no deferred maintenance. Please
note that we inspected the exterior only. There have been no
material changes to the subject property since the 2003 appraisal.
Personal Property: Not included in our estimate are the business value, boats and
certain equipment.
Highest and Best Use: Continued use as a commercial dock and retail facility (owner
occupied)
Effective Date of Appraisal: January 24, 2005
Ure l lem elie ete n Not Less Than $910,000 “As Is”
RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DC » TERMINAL, HAINES, AK LIMITED APPRAISAL 6
EXPOSURE & MARKETING PERIODS
The property has not been listed for sale in the 21
months since the original appraisal. Exposure time is
zero. With an asking price close to market value, a
reasonable exposure time for the subject would have
been no more than 12 months.
Marketing Period
Our estimate of market demand is predicated on
continued positive trends in the Southeast Alaska
visitor industry. We estimate a reasonable marketing
period for the subject at approximately 12 months, but
we recognize that this period could be longer given the
nature of the asset.
APPRAISAL DATES
The subject was inspected by Jolynne Howard, MAT
on December 14, 2004. As requested by the client, our
effective date of the “as is” value of this appraisal is
January 24, 2005. The report was prepared on
approximately January 24, 2005.
EXTRAORDINARY ASSUMPTIONS
Definition: An assumption, directly related to a
specific assignment, which, if found to be false, could
alter the appraiser’s opinions or conclusions. (USPAP
2004 Edition)
It is an express assumption of this report that the appraised
property is not affected by hazardous material or contamination
of any Rind.
It is an excpress assumption that the existing pilings are adequate
to support the dock improvements over their remaining useful
economic life without penalty for corrective measures.
Operating information for the subject was provided for the 2003
appraisal, but was not available for this update. We reserve the
right to amend our conclusion should operating data become
available at a later date.
HYPOTHETICAL CONDITIONS
Definition: That which is contrary to what exists but
is supposed for the purpose of analysis. (USPAP 2004
Edition)
There are no hypothetical conditions in this appraisal.
Please see Page 3 for other important assumptions and
limiting conditions.
CURRENT MARKET CONDITIONS
Commercial buildings in Haines continue to show
occupancies above 90%, although rents have not
increased. No new construction was noted. For
properties like the subject (owner-occupied dock with
retail space) market trending since the previous
valuation is flat.
In the visitor industry, Southeast Alaska cruiseship
market continues to grow. Communities of
Ketchikan, Juneau and Skagway are the most popular
ports. Skagway visitor numbers were up in 2003 and
2004. This city has three new buildings and annual
upward movement in rents. Shown below are recent
visitor statistics for both Haines and Skagway.
Number of Cruiseship Visitors
Skagway
Haines
Where neighboring Skagway has had years of steady
growth, Haines visitor volume peaked in 2000 and was
only 13% of this figure in 2004. A controversial head-
tax is blamed for the sharp decline.
With a promising 122,907 cruise visitors in 2002, the
Haines number fell sharply in 2003 to only 21,923 and
the 55% increase in 2004 brought the number to only
34,021.
Skagway
Because Chilkat Cruises taps into the visitor market in
Skagway, the upward trend there is a good indicator
RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DOCK ¢” TERMINAL, HAINES, AK
is flat. 2004 was a record year for Skagway with an
estimated 670,000 cruise ship visitors. It is from this
pool that Chilkat Cruises draws its customers.
Passenger numbers were not available from Chilkat,
other than a statement that the number of customers
increased in 2003 and 2004. An increase appears
reasonable given the trends in Skagway.
VALUE APPROACHES
Sales Comparison Approach
Since the subject is a special-purpose property in a
small market, it is not surprising that no comparable
sales were found for the original appraisal or for this
updated valuation. We omitted a Sales Comparison
Approach.
Cost Approach
Market value through the Cost Approach resulted in a
value conclusion of $1,300,000 in the original appraisal
because no adjustment was applied for external or
economic obsolescence. We reconciled at the income
approach value.
For this update, we found no oceanfront land sales in
Haines. Given market trends, land value as if vacant is
at or near the previous conclusion of $210,000.
With sharp increases in building materials in the last
two years, the Cost Approach value would be higher
than the original appraisal, even with an added year or
two of depreciation. Thus, the Cost Approach
conclusion today is not less than $910,000.
Income Capitalization Approach
Valuation in this approach was based on commercial
rents of $1.75/SF for the ground floor commercial
space and $1.00/SF for the loft. Commercial rents in
Haines are unchanged from March 2003, and our
forecast was at the top of the market. Market rent has
not changed.
Other revenue for the property originates from use of
the dock and fuel sales. We used a $1 per person gross
user fee for passengers on Chilkat Cruises. Revenue
also included $40,000 from moorage and nef fuel sales.
No operating information was available from the
owner other than a statement from the general
manager that income had improved over the last two
LIMITED APPRAISAL 7
years. Wells Fargo Bank representatives confirmed
that income had increased. Ideally, operating data
would be provided for an accurate appraisal.
Notwithstanding the lack of information on the
property, it is reasonable to conclude that market value
is at least equal to $910,000 as concluded in 2003. A
copy of the Stabilized Income Estimate and Income
Capitalization calculation is in the Addenda.
RECONCILIATION
Replacement cost analyses are often applied to special
purpose properties, such as docks. The weakness in
the approach is the measurement of depreciation from
all sources.
The Income Capitalization Approach used rental data
and user fees to develop a value estimate. This type of
property is not often purchased based on rental income
potential, however. The nature of the property is such
that there are no comparable sales to consider. Thus, a
buyer would develop an income analysis for this
property and we find it the better of the two
approaches applied in this appraisal.
VALUE CONCLUSION
The Cost and Income Approaches provided a range of
values. The difficulty in accurately measuring
depreciation is a weakness of the cost analysis. We
reconcile at Income Capitalization Approach value.
Based on our analysis, we are of the opinion that
market value of the appraised property, as of
December 14, 2004 is as follows:
Not Less Than
$910,000 Market Value “as is”:
The value estimate is predicated on a marketing period
of up to twelve months, and is subject to the
assumptons and limiting conditions contained herein.
Note that we reserve the right to amend our
conclusion should operating data become available
later.
RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DOCK ¢ TERMINAL, HAINES, AK SUBJECT PHOTOS 8
SUBJECT PHOTOS (12/2004
View of property from Beach Road FR MAL/ : “ a = i
Back side of the improvements Floating dock and view of Lynn Canal
Dock-side entrance to retail space Main level retail space
RETECHS: LA04-18652-03-A.2
CHILKAT CRUISES’ DC -.. TERMINAL, HAINES, AK SUBJECT PHOTOS 9
UBJECT PHOTOS (12/2004)
Passenger waiting area on main deck View of dock and moorage dolphin
Upper level and new deck Street scene from subject looking toward
downtown Haines
Area for bus parking Street scene looking toward subject (on left) away
from downtown
RETECHS: LA04-18652-03-A.2
Name
Address
Year Built / Type
Commercial Rent Comparisons
Haines Rental Comparison 1 Haines Rental Comparison 2
Haines Rental Comparison 3
Retail / Offices
213 Willard Street
Retail Building
402 East Main Street
1995 / retail building
Gateway Building
259 Main Street
1954 / retail & offices
1995 / multi-tenant office & retail
Description Adjustment Description Adjustment Description Adjustment
Leased Area 600 to 1,408 SF 648 SF 238 to 2,275 SF
Term 1 to 3 Year Year to Year 1 to 5 Year
Begin Date Current Current Current
1st Year Rent $1.00/SF to $1.00/SF $1.10/SF
$1.10/SF
Tenant Expenses | Electric & interior mntc. Electric & interior mntc. None
Adjusted Rent $1.00 to $1.10 $1.00 $0.90
Comments Same rents as in 1997. Has 216 SF of vacant office at same No rent changes in 7 years.
rate.
Comparability Location is behind Main Street Build- Just outside retail core on Main St. Downtown core in an older, multi-
ings. Average access & exposure Offers on-site parking. level buildinng.
Skagway Rental Comparison 4 Skagway Rental Comparison 5 Skagway Rental Comparison 6
Name Skagway Bazaar Skagway Shirt Co. Lynch & Kennedy
Address Broadway near 6th Avenue NWC Broadway & 1st Avenue Broadway between 3rd & 4th Aves
Year Built 1908-10 retail building 2004 retail & apartments 1999 retail and storage
Description Adjustment Description Adjustment Description Adjustment
Leased Area 840 SF and 860 SF 7,820 SF 3,646 SF
Term 5 Year 5 Year 10 Year
Begin Date 2004 2002 2004
1st Year Rent $6.00/SF on 1 $5.21 on 1st $3.02 on 1st
$1.00/SF on 2 $0.50 on 2nd $1.00 on 2nd
Tenant Expenses All expenses I ($0.00) All but insurance i $0.05 | NNN ($0.00)
[Adjusted Rent $6.00/SF L $5.26/SF_and__$0.55/SF L $3.02/SF_and_$1.00/SF
Comments New building at time of lease; side Expansion of successful tenant. Park Service lease based on open
restaurant lease pending at $4.00/SF. |_Second floor leased unfinished. bids and strict use requirements.
Comparability North end of retail district, sets low end Low end of Skagway new construction Lease prevents remodeling. Park Svc
of 2003-2004 new construction rent. market. Slightly off main traffic pattern. rents are usually at market bottom.
STABILIZED INCOME ESTIMATE
Chilkat Cruises Dock & Terminal
Rental Income:
Ground Floor 2,357 SF $1.75 /SF/month $49,497 ~-
Loft 480 SF $1.00 /SF/month $5,760
Total Leasable 2,837 SF
GBA 2,837 SF
Potential Gross Income: $1.62 /SF month avg. $55,257
Vacancy and credit loss 5.0% ($2,763)
Effective Gross Income: (Retail) $1.54 /SF month avg. $52,494
Gross User Fee Revenue: $1/per person per trip $90,000
Moorage and NET Fuel Sales: $40,000
Total Gross Effective Income: $182,494
Less: Expenses
Variable Expenses $16.32 /SF GBA $46,300
Fixed Expenses $9.31 /SF GBA $26,400
Total Expenses $72,700
Total Expenses/SF GBA $25.63 /SF GBA
Expense Ratio 40%
Net Operating Income $38.70 /SF GLA $109,794
INCOME CAPITALIZATION
NOI Capitalized by the Direct Capitalization,
Property Residual Technique at an Rog Of: 12.00%
indicates a "stabilized" market value of: $914,951
Rounded to: $910,000
“View Award Page 1 of 1
View Award
RETECHS # LA04-18652-03-A.2
Back
Award Information Date Awarded 1178/2004
irectly Awarded es Fee 81.000 2/6/2004
iComments iew Award Contract |Misc. Services Contract (3/25/04)
Attachment Files
Bid Information
Signatory Information| eS SSCSCSC~C~C~CSC*dO fic@ Location ESTE Prior Services
RFP Information
Purpose Of Request Other (Enter comments below)
Response Deadline ASAP IRETECHS Contact Finlay (LA), James
esired Delivery Date | 12/6/2004 iContact Phone 213/614-4850 terest Appraised [| CA p ee Appraisal Premise ‘eport Type EEE TELE LEC CI Ht Of Hard Copies ormat Cao omments
General Performance
tandards
Go o
' nal
APP-A GENERAL APPRAISAL REQUIREMENTS (Revised 09/09/03)
Bldg and land area and year built
are unknown at this time. Facility is a
ourist excursion business for arrival
Property Description
Construction Type
F Port Chilkats Portage Cove Project Name Development 9
: Address [NHN Beach Raq Property Type __[ ML1 - Special Purpose - Other uite/Floor/Unit# OO SEI ity and State Improvement Size fi
Improvement Size :
EEE EEE EEE z Cc 3 ss @ 5 ° g 4 @ s > s a Qo ExcessLand [0 Acres «Stories Cd Number of Buildings [7 Occupancy «100% ——~—SCSC‘C~;~S~S~*~* YearBuilt J Property Status ‘(Existing SSCS
https://wellsfargo.exactbid.com/vendors/AcceptAward.asp?Cmd=aView&ProjectID=38588&... 1/24/05
RETECHS Appraisal Audit
(To be completed by appraiser; examined by reviewer.)
Date of Appraisal Report: Limited, Restricted Date of Value: January 24, 2005 RETECHS No.: LAO4-18652-03-A.2
Subject Property Address/Description: Haines Chilkat Dock, Beach Road on Portage Cove, Haines, Alaska
Name of Appraiser: Jolynne Howard, MAI (& FEE O STAFF
General Certification No.: 177 STATE: Alaska Expiration Date: _ 6/30/2005
THE PURPOSE OF THIS AUDIT Is TO ENSURE THAT ALL REQUIRED ELEMENTS AND COMPONENTS ARE
INCLUDED IN THE NARRATIVE APPRAISAL REPORT.
YES NO N/A
1. Does the appraisal fully comply with FIRREA? Oo
2: Has the subject property been properly identified with all individual building
addresses, an independently verified zip code, and a legal description? Oo Oo
3. Has the Summary of Salient Facts been stated similar to that shown in the
RETECHS appraisal requirements? (N/A for Summary/Restricted reports) & o Oo
4. Have all appropriate property rights/legal constraints been noted in the
appraisal report? &) oO
St Has all appropriate property data (environmental checklist, flood zone,
earthquake zone, unpaid bond debt, remaining economic life, etc.) been
noted in the appraisal report? Oo
6. For income producing properties, has existing, proposed and under
Construction product that directly completes with the subject property
been identified and discussed? Oo o
qi ls a separate Insurable Replacement Cost estimate for each stand-alone
improvement included in the appraisal report? Oo Oo
8. Is a full set of all Discounted Cash flow (DCF) backup reports included
in the appraisal and is a computer diskette containing the DCF immediately
available to the reviewer of the appraisal? o Oo &
9. In a subdivision, have lot by lot (parcel by parcel, if applicable) valuation
conclusions been provided, allocating between base land/site value, lot
premiums, bonded indebtedness (if known), and improvement contribution? Oo oO x
10. Does the appraisal report contain exhibits for a plat (or similar) map of the
site, a sketch of the subject improvements, and photos of the subject, all
sale and all rental comparables? oO o &
AppAudit
PAGE 1 OF 2 APPRAISAL AUDIT (rev. 4/98)
11. Does the addenda contain the engagement letter, the appraisal audit, the
appraiser's certification, the environmental checklist, and the details of any
major item referenced in the appraisal report? & Oo
12. Have any Additional Requirements listed in the Request for Proposal
or Specific Requirements been provided? oO Oo
13. Has a digital copy of the appraisal text and comparables been provided on a
3.5-inch computer disk, preferably in PDF format,
OR
commuted via email to RETECHS@wellsfargo.com? oOo
| have completed this RETECHS APPRAISAL AUDIT to the best of my knowledge and understanding of the requirements of
FIRREA/USPAP and WELLS FARGO. | understand that this appraisal report may be returned for correction of any deficiencies or
that | may asked to provide corrected pages. | will provide the corrected materials in a timely manner.
APPRAISER'S SIGNATURE: Date: eros
COSIGNER (IF ANY): Date:
AppAudit
PAGE 2 OF 2
APPRAISAL AUDIT (rev. 4/98)
e Anchorage Business Park, Building A 420 West Tudor Road, Suite 103 Howard& Wing eres
Commercial Real Estate Appraisers peer ara
Jolynne Howard, MAI Appraiser Qualifications
State of Alaska Certified Real Estate Appraiser - General
Certificate No. 177
Expiration Date: June 30, 2005
+ Partner, Howard & Wing (1997 to present)
+ 2000 President of Alaska Chapter of the Appraisal Institute
Nine years (1988-1997) as staff appraiser at Anchorage office of Shorett &
Riely (later Kincaid & Riely) one of the Northwest’s largest commercial real
estate appraisal firms
« Graduate of University of Alaska Anchorage 1988 (BBA in Accounting)
+ Alaska resident since 1978 ° Appraisal experience includes assignments in Anchorage and various communities
throughout Alaska, as far reaching as Ketchikan, Kotzebue and Dutch Harbor.
This experience involved numerous property types: apartment, office, retail and
warehouse buildings, complex properties, special-purpose facilities and raw land.
Previous clients include banks, insurance companies, attorneys, government
agencies and private property owners.
In July 1994, Ms. Howard earned the MAI professional designation of the Appraisal
Institute, one of 5,900 members internationally. Only 5% of commercial real estate
analysts achieve this designation. The mandatory continuing education require-
ments of the Appraisal Institute are fulfilled through December 31, 2004. From
1993 to 2004, Ms. Howard served as a member of the Anchorage Board of Equali-
zation, citizens’ panel formed to mediate property tax assessment disputes.
The following list provides examples of the appraisals completed:
INDUSTRIAL PROPERTIES
Odom Company Office /Warehouses Keller Supply
Arctic Center Thomson Industrial Complex and Freezer
Carrs C Street Warehouse/ Freezer American Fast Freight Warehouse
Midtown Business Park Northland Business Park
Western Insulfoam Plant AMFAC Warehouse (Fairbanks)
ArctiCorp Building Sadco Industrial Malls (Fairbanks)
Baker Aviation Hangars (Nome & Kotzebue) FAVCO Warehouse
Highliner Square (Kodiak) NC Machinery (Anchorage, Fairbanks, Juneau)
Seekins Ford (Fairbanks) Hutchings Chevrolet (Soldotna)
Rig Tenders Warehouse & Dock (Nikiski) Southgate Hub (Fairbanks)
RETAIL PROPERTIES
Barnes & Noble Booksellers Skagway Mercantile
Eagle (Lowe’s) Hardware & Garden Bentley Mall (Fairbanks)
Regional Park Plaza (Eagle River) Carr’s Foodland (Fairbanks)
Plaza Mall (Ketchikan) University Center (Fairbanks)
Sadler’s Furniture Carr’s Eagle Quality Center (Dutch Harbor)
Carr’s Pioneer Square (Palmer) Red Dog Saloon (Juneau)
Peninsula Center Mall (Soldotna) Value Village (Fairbanks)
Yukon Traders (St. Mary’s) N & N Market (Dillingham)
JOLYNNE HowarbD, MAI APPRAISER QUALIFICATIONS, CONT.
SPECIAL PURPOSE PROPERTIES
Tanglewood Lakes Golf Club
Shoreside Petroleum (Seward)
Mudbusters Carwashes (Wasilla)
Frosty Fuels (Cold Bay) Baker Aviation Hangars (Nome & Kotzebue) Columbia Ward Canneries (Kenai & Ketchikan) Dillingham Tank Farm
Captain Cook Parking Garage
Hames Center, Sheldon Jackson College (Sitka)
Salmon Falls Resort (Ketchikan)
Ingersoll Hotel (Ketchikan)
Southside Senior Center
Southwood Manor Mobile Home Park
All Alaskan Seafoods (Kodiak)
A Sentry Mini-Storage
Juneau Mobile Home Parks
Captain Cook Hotel
Bidarka Best Western Motel (Homer)
Bethel Washeteria (Bethel)
BP Early Learning Center
OFFICE BUILDINGS
Calais I and II Office Buildings
Peterson Tower Office Condominiums
Alaska Legal Center
Alaska Railroad Headquarters
Anchorage School District Building
Inuit Office Building at Tudor Centre
Arctic Slope Regional Corporation Offices
711 H Street
West Valley Medical Campus (Wasilla)
Sealaska Plaza (Juneau)
Skyline Building
Bill Ray Center (Juneau)
Westflight Building (Ketchikan)
Tongass Commercial Center (Ketchikan)
Fish & Game Building
Yukon Pacific Office Building
Northrim Bank Headquarters
Wilder Construction Offices
APARTMENT PROPERTIES
Lakeshore Park Apartments
Woodland Apartments
Tudor Park III Apartments
The Village Commons
Boniface Plaza
Fairview Apartments (Fairbanks)
Marineview Center (Juneau)
Campbell Creek Apartments
Russian Jack Apartments
Independence Park Apartments
Romig Court Apartments
Kinnear Park Apartments
Dixon Apartments (Fairbanks)
Lawson Creek Apartments (Juneau)
VACANT LAND
Chevron Station Sites
Potter Creek Subdivisions
Legacy Park Subdivision
Alaska State Fairgrounds (Palmer)
Eklutna Corporation Land (Eagle River)
KPU Beaver Falls Plant Site (Ketchikan)
Astoria/Walden Estates (Fairbanks)
Meadow Wood Subdivision
Sahalee Subdivision
Fire Eagle Condominiums Site
Previous appraisal clients:
A.I.D.E.A.
ALASKA STATE COURT SYSTEM
ARCTIC SLOPE REGIONAL CORPORATION
BANK OF AMERICA
CROWLEY MARITIME, SEATTLE, WA
EKLUTNA CORPORATION, ANCHORAGE, AK
FIRST BANK OF KETCHIKAN
FIRST NATIONAL BANK ALASKA
KEYBANK OF ALASKA
KEYBANK OF WASHINGTON
Heather Island, Prince William Sound
68 Acres Vacant Land, Homer Spit
Kidco Log Sort Yard (Klawock)
DeBoer Homestead (Gustavus)
Juneau Cold Storage Site
Sockeye Sam’s Site (Ketchikan)
Dimond Center Excess Land
Sky Hills Estates Subdivision
Powder Ridge Subdivision (Eagle River)
Brookshire Condominiums Site
NATIONAL BANK OF ALASKA
NEW YORK LIFE INSURANCE, NEW YORK, NY
NORTHRIM BANK, ANCHORAGE, AK
OUNALASHKA CORPORATION, UNALASKA, AK
3ALASKA CORPORATION, JUNEAU, AK
SECURITY PACIFIC BANK, LOS ANGELES, CA
TATITLEK CORPORATION, CORDOVA, AK
TEACHERS INSURANCE AND ANNUITY, NEW YORK, NY
UNIVERSITY OF ALASKA, ANCHORAGE, AK
WELLS FARGO BANK
No. 177 STATE OF ALASKA
sisi dnannnanianed DEPARTMENT OF COMMUNITY & ECONOMIC DEVELOPMENT
Expires: 06/30/2005 Division of Occupational Licensing
P.O. Box 110806, Juneau, Alaska 99811-0806
BOARD OF CERTIFIED REAL ESTATE APPRAISERS
Certifies that
JOLYNNE HOWARD
ls a Certified
GENERAL REAL ESTATE APPRAISER
Commissioner: Edgar Blatchford saasteiddy a3¥}sq [vay [Bl1aUIUIOD SUI PPASMOH LLZT'T9$/L06 2uCYd>]>,7, £0866 eASeTy ‘OSes0youy £0T 221g ‘proy sopny, 38344 OZ 60ZT'T9S/L06 aHUNsoR.y V Surpying Spe ssoursng a3eoyouy