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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