Sewer Assessment for an - Town of Wilton
Sewer Assessment for an - Town of Wilton
Sewer Assessment for an - Town of Wilton
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May 8, 2012<br />
S<strong>an</strong>dy Dennies<br />
Chief Fin<strong>an</strong>cial Officer<br />
<strong>Town</strong> <strong>of</strong> <strong>Wilton</strong><br />
238 D<strong>an</strong>bury Road<br />
<strong>Wilton</strong>, CT 06897<br />
RE: <strong>Sewer</strong> <strong>Assessment</strong> <strong>for</strong> <strong>an</strong> Office Building Located at<br />
40 D<strong>an</strong>bury Road, <strong>Wilton</strong>, Connecticut<br />
Dear Ms. Dennies:<br />
At your request, I have made exterior inspections <strong>of</strong> the above-captioned property<br />
on various dates through April 5, 2012 <strong>for</strong> the purpose <strong>of</strong> estimating the<br />
retrospective sewer assessment <strong>for</strong> the property dating back to the original<br />
installation <strong>of</strong> sewers in 1976. The assessment reflects the recent construction in<br />
2009 <strong>of</strong> a 144,420 S.F. <strong>of</strong>fice building on the subject property. It is understood that<br />
the function <strong>of</strong> this <strong>an</strong>alysis is to support the sewer assessment <strong>for</strong> the subject<br />
property <strong>for</strong> internal purposes.<br />
In estimating the amount <strong>of</strong> the sewer assessment, the Capital <strong>Assessment</strong><br />
Formula adopted by the <strong>Wilton</strong> Water Pollution Control Authority <strong>an</strong>d in place as <strong>of</strong><br />
the 2009 construction date will be utilized. This <strong>for</strong>mula has three components,<br />
summarized as follows:<br />
1. $27.50 per $1,000 <strong>of</strong> Assessed Value in 1976<br />
2. $300 per Acre <strong>of</strong> L<strong>an</strong>d Area<br />
3. $1,050 per <strong>Sewer</strong> Unit<br />
The above assessment <strong>for</strong>mula will be utilized to arrive at the total sewer<br />
assessment applicable to the subject property. Any sewer assessment previously<br />
paid will deducted from this total amount to arrive at the sewer assessment now<br />
due.<br />
Briefly, the subject property consists <strong>of</strong> 10.84 ± acres <strong>of</strong> l<strong>an</strong>d improved with a<br />
144,420 S.F. <strong>of</strong>fice building. The property is identified in the <strong>Wilton</strong> Assessor’s<br />
Office as 40 D<strong>an</strong>bury Road, also known as parcel 68/33/1. The property is owned<br />
by <strong>Wilton</strong> 40 LLC.<br />
The highest <strong>an</strong>d best use <strong>of</strong> the subject property is <strong>for</strong> its continued present use as<br />
<strong>an</strong> <strong>of</strong>fice building. The recent <strong>of</strong>fice building construction was designed with the<br />
benefit <strong>of</strong> the sewer system.<br />
As a result <strong>of</strong> my inspections, investigations <strong>an</strong>d <strong>an</strong>alyses, it is my opinion that the<br />
sewer assessment now due <strong>for</strong> the subject property is $197,425. This sewer<br />
assessment conclusion is separate from the sewer assessment paid previously <strong>for</strong><br />
the property (if <strong>an</strong>y). The sewer assessment calculation is outlined as follows:
40 D<strong>an</strong>bury Road, <strong>Wilton</strong><br />
Assessed Value in 1976* $5,060,000 x 0.0275 = $139,150<br />
Acres 10.84 x $300 = $3,252<br />
<strong>Sewer</strong> Units 55.50 x $1,050 = $58,275<br />
Total <strong>Sewer</strong> <strong>Assessment</strong> $200,677<br />
Less: <strong>Assessment</strong> Previously Paid ** $3,252<br />
<strong>Sewer</strong> <strong>Assessment</strong> Now Due $197,425<br />
* Refer to historical assessment study <strong>for</strong> support.<br />
** 10.84 acres x $300 per acre<br />
This appraisal report has been prepared in a restricted <strong>for</strong>mat <strong>for</strong> the purpose <strong>of</strong> estimating the sewer<br />
assessment <strong>for</strong> the subject property <strong>for</strong> internal use solely by the <strong>Town</strong> <strong>of</strong> <strong>Wilton</strong>. The historical<br />
assessment study is summarized in the addenda, with further market data <strong>an</strong>d <strong>an</strong>alysis in support <strong>of</strong> this<br />
opinion retained in the <strong>of</strong>fice <strong>of</strong> the undersigned. A full-<strong>for</strong>mat, narrative appraisal report in support <strong>of</strong> the<br />
above sewer assessment conclusion will be prepared at your request. If you have <strong>an</strong>y questions or<br />
comments, please advise.<br />
Respectfully submitted,<br />
Kerin & Fazio, LLC<br />
Christopher K. Kerin, MAI, CCIM<br />
Connecticut Certified General Appraiser No. 329<br />
Expires April 30, 2013
-<br />
LIMITING CONDITIONS<br />
The in<strong>for</strong>mation contained in this report was obtained from reliable sources, but is in no sense<br />
guar<strong>an</strong>teed. This restricted appraisal was made subject to the following conditions:<br />
1) Title to the property is assumed to be good <strong>an</strong>d marketable, free <strong>an</strong>d clear <strong>of</strong> all encumbr<strong>an</strong>ces,<br />
liens, mortgages <strong>an</strong>d other indebtedness except as otherwise noted herein.<br />
2) The surveys made, engineering <strong>an</strong>d the boundary descriptions are assumed to be correct, as taken<br />
from the l<strong>an</strong>d records <strong>of</strong> the <strong>Town</strong> <strong>of</strong> <strong>Wilton</strong>, Connecticut.<br />
3) The appraiser is not responsible <strong>for</strong> <strong>an</strong>y defect in title to the property.<br />
4) No engineering tests <strong>of</strong> <strong>an</strong>y kind were made <strong>of</strong> the property. Accordingly, no representation is<br />
made <strong>an</strong>d no liability is assumed with respect to the soundness or physical adequacy <strong>of</strong> the<br />
improvements, mech<strong>an</strong>ical, structural or electrical elements associated with the property, soil<br />
conditions, water conditions, presence or absence <strong>of</strong> toxic waste or other deleterious materials or<br />
similar matters except as expressly set <strong>for</strong>th herein.<br />
5) This restricted appraisal makes no claims as to the ability <strong>of</strong> the property to meet the st<strong>an</strong>dards <strong>of</strong><br />
the Department <strong>of</strong> Environmental Protection <strong>an</strong>d related pollution control regulatory agencies or the<br />
ability <strong>of</strong> the property to earn title insur<strong>an</strong>ce. The value opinions developed in the appraisal<br />
presumes such compli<strong>an</strong>ce but does not certify it.<br />
6) Disclosure <strong>of</strong> the contents <strong>of</strong> this restricted appraisal report is governed by the by-laws <strong>an</strong>d<br />
Regulations <strong>of</strong> the Appraisal Institute.<br />
7) Neither all nor <strong>an</strong>y part <strong>of</strong> the contents <strong>of</strong> this restricted report (especially <strong>an</strong>y conclusions as to<br />
value, the identity <strong>of</strong> the appraiser or the firm with which such person is connected, or <strong>an</strong>y reference<br />
to the Appraisal Institute or to the MAI or RM designation) shall be disseminated to the public<br />
through advertising media, public relations media, news media, or <strong>an</strong>y other public me<strong>an</strong>s <strong>of</strong><br />
communication without the prior written consent <strong>an</strong>d approval <strong>of</strong> the undersigned.<br />
8) It is assumed that all required licenses, certificates <strong>of</strong> occup<strong>an</strong>cy, consents, or other legislative or<br />
administrative authority from <strong>an</strong>y local, state, or national government or private entity or<br />
org<strong>an</strong>ization have been or c<strong>an</strong> be obtained or renewed <strong>for</strong> <strong>an</strong>y use on which the value estimate<br />
contained in this report is based.<br />
9) Unless otherwise stated in this restricted report, the existence <strong>of</strong> hazardous subst<strong>an</strong>ces, including<br />
without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals,<br />
which may or may not be present on the property, or other environmental conditions, were not<br />
called to the attention <strong>of</strong> nor did the appraiser become aware <strong>of</strong> such during the appraiser’s<br />
inspection. The appraiser has no knowledge <strong>of</strong> the existence <strong>of</strong> such materials on or in the property<br />
unless otherwise stated. The appraiser, however, is not qualified to test <strong>for</strong> such subst<strong>an</strong>ces or<br />
conditions. If the presence <strong>of</strong> such subst<strong>an</strong>ces, such as asbestos, urea <strong>for</strong>maldehyde foam<br />
insulation, or other hazardous subst<strong>an</strong>ces or environmental conditions, may affect the value <strong>of</strong> the<br />
property, the value estimated is predicated on the assumption that there is no such condition on or<br />
in the property or in such proximity thereto that it would cause a loss in value. No responsibility is<br />
assumed <strong>for</strong> <strong>an</strong>y such conditions, nor <strong>for</strong> <strong>an</strong>y expertise or engineering knowledge required to<br />
discover them.<br />
KERIN & FAZIO, LLC
I certify that, to the best <strong>of</strong> my knowledge <strong>an</strong>d belief:<br />
-<br />
CERTIFICATION<br />
• The statements <strong>of</strong> fact contained in this report are true <strong>an</strong>d correct.<br />
• The reported <strong>an</strong>alyses, opinions, <strong>an</strong>d conclusions are limited only by the reported assumptions <strong>an</strong>d<br />
limiting conditions, <strong>an</strong>d are my personal, impartial, unbiased pr<strong>of</strong>essional <strong>an</strong>alyses, opinions, <strong>an</strong>d<br />
conclusions.<br />
• I have no present or prospective interest in or bias with respect to the properties that are the subject<br />
<strong>of</strong> this report <strong>an</strong>d have no personal interest in or bias with respect to the parties involved with this<br />
assignment.<br />
• My engagement in this assignment was not contingent upon developing or reporting predetermined<br />
results.<br />
• My compensation <strong>for</strong> completing this assignment is not contingent upon the development or<br />
reporting <strong>of</strong> a predetermined value or direction in value that favors the cause <strong>of</strong> the client, the<br />
amount <strong>of</strong> the value opinion, the attainment <strong>of</strong> a stipulated result, or the occurrence <strong>of</strong> a<br />
subsequent event directly related to the intended use <strong>of</strong> this appraisal.<br />
• This appraisal assignment was not based upon a requested minimum valuation, a specific<br />
valuation, or the approval <strong>of</strong> a lo<strong>an</strong>.<br />
• My <strong>an</strong>alyses, opinions, <strong>an</strong>d conclusions were developed, <strong>an</strong>d this report has been prepared, in<br />
con<strong>for</strong>mity with the Uni<strong>for</strong>m St<strong>an</strong>dards <strong>of</strong> Pr<strong>of</strong>essional Appraisal Practice <strong>of</strong> The Appraisal<br />
Foundation <strong>an</strong>d the requirements <strong>of</strong> the Code <strong>of</strong> Pr<strong>of</strong>essional Ethics <strong>an</strong>d the St<strong>an</strong>dards <strong>of</strong><br />
Pr<strong>of</strong>essional Appraisal Practice <strong>of</strong> the Appraisal Institute.<br />
• The use <strong>of</strong> this report is subject to the requirements <strong>of</strong> the Appraisal Institute relating to review by<br />
its duly authorized representatives.<br />
• As <strong>of</strong> the date <strong>of</strong> this report, Christopher K. Kerin has completed the requirements <strong>of</strong> the continuing<br />
education program <strong>of</strong> the Appraisal Institute.<br />
• Christopher K. Kerin has made personal inspections <strong>of</strong> the property that is the subject <strong>of</strong> this report<br />
on various dates through April 5, 2012.<br />
• No one provided signific<strong>an</strong>t real property appraisal assist<strong>an</strong>ce to the person signing this report.<br />
• Christopher Kerin has extensive experience in the appraisal/review <strong>of</strong> similar property types.<br />
• Christopher Kerin is currently certified in the state where the subject is located <strong>an</strong>d has completed<br />
the continuing education requirements set <strong>for</strong>th with the State <strong>of</strong> Connecticut.<br />
• Christopher Kerin has per<strong>for</strong>med no services, as <strong>an</strong> appraiser or in <strong>an</strong>y other capacity, regarding<br />
the property that is the subject <strong>of</strong> this report within the three year period immediately preceding the<br />
accept<strong>an</strong>ce <strong>of</strong> this assignment<br />
Christopher K. Kerin, MAI, CCIM<br />
KERIN & FAZIO, LLC
-<br />
ADDENDA<br />
KERIN & FAZIO, LLC
OUTLINE OF QUALIFICATIONS, EDUCATION, AND<br />
EXPERIENCE OF CHRISTOPHER K. KERIN<br />
A-1a<br />
BIOGRAPHICAL DATA<br />
A graduate <strong>of</strong> the University <strong>of</strong> Connecticut, Chris holds a degree in Fin<strong>an</strong>ce with a concentration in Real<br />
Estate <strong>an</strong>d Urb<strong>an</strong> Economic Studies. He has earned the Appraisal Institute's distinguished MAI<br />
membership designation, indicating <strong>an</strong> adv<strong>an</strong>ced level <strong>of</strong> expertise in the valuation <strong>of</strong> commercial,<br />
industrial <strong>an</strong>d other property types. Chris is one <strong>of</strong> only 4% <strong>of</strong> commercial pr<strong>of</strong>essionals to have earned<br />
the elite CCIM designation. CCIM’s are nationally recognized as experts in all phases <strong>of</strong> the real estate<br />
investment process. As <strong>an</strong> MAI, CCIM, licensed real estate broker <strong>an</strong>d appraiser, Chris has the<br />
experience, market knowledge <strong>an</strong>d negotiation skills that are critical <strong>for</strong> advising clients on import<strong>an</strong>t real<br />
estate investment decisions.<br />
PROFESSIONAL AFFILIATIONS<br />
Appraisal Institute – MAI Designation, Certificate No. 10693<br />
CCIM Institute – CCIM Designation, Certificate No. 8949<br />
Member – International Council <strong>of</strong> Shopping Centers<br />
Member – Real Estate Fin<strong>an</strong>ce Association, Fairfield County<br />
Member - National Association <strong>of</strong> Realtors<br />
Connecticut Office <strong>of</strong> Policy <strong>an</strong>d M<strong>an</strong>agement – Certified to Per<strong>for</strong>m Revaluation Functions<br />
<strong>for</strong> L<strong>an</strong>d/Residential/Commercial/Industrial/Supervisor - Certificate No. 790<br />
Connecticut Certified General Appraiser No. 329<br />
Connecticut Broker License No. 750623<br />
EDUCATION AND TRAINING<br />
University <strong>of</strong> Connecticut, B.S. Degree, Business Administration, May, 1989, Fin<strong>an</strong>ce, Real<br />
Estate <strong>an</strong>d Urb<strong>an</strong> Economic Studies, Cum Laude<br />
Completed numerous courses <strong>an</strong>d seminars <strong>of</strong>fered by the Appraisal Institute, CCIM Institute,<br />
National Association <strong>of</strong> Realtors, University <strong>of</strong> Connecticut, Wharton School <strong>of</strong> the University <strong>of</strong><br />
Pennsylv<strong>an</strong>ia, as well as other real estate institutions, including the following:<br />
• Pension Fund Investment in Real Estate<br />
• Debt Workout, Tr<strong>an</strong>sactions <strong>an</strong>d Re-<br />
Positioning <strong>of</strong> Distressed Assets<br />
• Hotel Valuations<br />
• Analyzing Commercial Lease Clauses<br />
• Environmental Risk <strong>an</strong>d Real Estate<br />
• Commercial Brokerage Techniques<br />
• Af<strong>for</strong>dable Housing Valuation<br />
• Valuing Commercial Green Buildings<br />
• Eminent Domain <strong>an</strong>d Condemnation Appraising<br />
• Marketing Commercial Property<br />
• Principals <strong>of</strong> Income Property Appraisal<br />
• St<strong>an</strong>dards <strong>of</strong> Pr<strong>of</strong>essional Practice<br />
• Valuing Local Retail Properties<br />
• Separating Real & Personal Property from<br />
Int<strong>an</strong>gible Business Assets<br />
• Appraisal <strong>of</strong> Nursing Facilities<br />
• GIS Applications <strong>for</strong> Real Estate Appraisal<br />
• Case Studies in Real Estate Valuation<br />
• Tax-Deferred 1031 Property Exch<strong>an</strong>ge<br />
• The Appraiser as <strong>an</strong> Expert Witness<br />
• Valuing Residential Green Buildings<br />
• CT Real Estate Appraisal Law<br />
• Ethics in Real Estate<br />
• Real Estate Fin<strong>an</strong>ce<br />
• Principles <strong>of</strong> Real Estate<br />
KERIN & FAZIO, LLC
QUALIFICATIONS OF CHRISTOPHER K. KERIN (Continued)<br />
A-1b<br />
EXPERT WITNESS BACKGROUND<br />
Qualified as expert real estate witness in Federal Court <strong>an</strong>d in State Courts in Fairfield, Hart<strong>for</strong>d, Litchfield<br />
<strong>an</strong>d New Haven Counties.<br />
TEACHING EXPERIENCE<br />
Course instructor <strong>for</strong> the Connecticut Bar Association, New Haven County Bar Association, Connecticut<br />
Association <strong>of</strong> Assessing Officers, Northeast Regional Association <strong>of</strong> Assessing Officers, <strong>an</strong>d other local<br />
org<strong>an</strong>izations.<br />
EMPLOYMENT<br />
2004 - Present: Member <strong>of</strong> Kerin & Fazio LLC, Fairfield, CT<br />
2006 - Present: Member <strong>of</strong> Municipal Valuation Services, LLC, Fairfield, CT<br />
1999 - 2004: President <strong>of</strong> Kerin Commercial Real Estate, Newtown, CT<br />
1999 - 2001: Executive Vice President, Wilson Commercial Real Estate, <strong>Wilton</strong>, CT<br />
1995 - 1999: Executive Vice President, New Engl<strong>an</strong>d L<strong>an</strong>d Comp<strong>an</strong>y, Greenwich, CT<br />
1989 - 1995: Lesher-Glendinning & Comp<strong>an</strong>y, Inc., Ridgefield, CT<br />
1985 - 1987: Coldwell B<strong>an</strong>ker Commercial Real Estate, Stam<strong>for</strong>d, CT<br />
REFERENCE OF WORKING EXPERIENCE<br />
Individuals, attorneys, corporations, municipalities <strong>an</strong>d State Agencies, including: U.S. Department <strong>of</strong> the<br />
Interior, CT Department <strong>of</strong> Tr<strong>an</strong>sportation, CT Department <strong>of</strong> Public Works, Connecticut Light <strong>an</strong>d Power<br />
Comp<strong>an</strong>y, Nature Conserv<strong>an</strong>cy, Trust <strong>for</strong> Public L<strong>an</strong>d, Chase B<strong>an</strong>k, Webster B<strong>an</strong>k, IBM Corporation,<br />
Exxon/Mobil Corporation, Marriott Corporation, Stop & Shop Supermarket, Prudential, Sk<strong>an</strong>ska (U.S.A.),<br />
Inc., Stam<strong>for</strong>d Hospital, Burger King, Pizza Hut, W & M Properties, A.D. Phelps, Inc., etc.<br />
KERIN & FAZIO, LLC
REPRESENTATIVE CLIENT LIST<br />
A-1c<br />
Albert D. Phelps<br />
Aquarion Comp<strong>an</strong>y<br />
Archon Fin<strong>an</strong>cial<br />
Ash<strong>for</strong>th Properties<br />
Basser-Kaufm<strong>an</strong><br />
Belgravia Capital<br />
Berkshire Corporate Park<br />
Building & L<strong>an</strong>d Technology<br />
Burger King<br />
Contracting Advisors<br />
D'Addario Industries<br />
Deloitte & Touche<br />
Dorcal Associates<br />
Enterprise Rent-A-Car<br />
Enviro Express<br />
Comp<strong>an</strong>ies<br />
Executive Air Service<br />
Fairfield Investors<br />
Fuss & O’Neill<br />
Hawley Construction<br />
Heller R.E. Fin<strong>an</strong>cial Services<br />
Hewitt Associates<br />
H<strong>of</strong>fm<strong>an</strong> Brothers<br />
IBM Corporation<br />
Konover & Associates<br />
M<strong>an</strong>ley-Berenson<br />
Marriott Corporation<br />
Mobil Oil Corporation<br />
New Castle Hotels<br />
NewsB<strong>an</strong>k<br />
O.S. Shipping & Trading<br />
Oaktree Capital M<strong>an</strong>agement<br />
Photronics<br />
Pilon Pen Corporation <strong>of</strong> America<br />
Pizza Hut <strong>of</strong> America<br />
Prudential Mortgage Capital Co.<br />
Ring’s End<br />
Rosel<strong>an</strong>d Development<br />
Sk<strong>an</strong>ska (U.S.A.)<br />
Spinnaker Comp<strong>an</strong>ies<br />
Stam<strong>for</strong>d Hospital<br />
Starwood Ceruzzi<br />
Stop & Shop Supermarket<br />
Texaco<br />
W & M Properties <strong>of</strong> Connecticut<br />
Young’s Nurseries<br />
Governmental <strong>an</strong>d Non-Pr<strong>of</strong>it Agencies<br />
U.S. Department <strong>of</strong> Interior<br />
CT Department <strong>of</strong> Public Works<br />
CT Department <strong>of</strong> Tr<strong>an</strong>sportation<br />
CT Development Authority<br />
CT Light <strong>an</strong>d Power Comp<strong>an</strong>y<br />
CT Resources Recovery Authority<br />
<strong>Town</strong> <strong>of</strong> Brookfield<br />
City <strong>of</strong> D<strong>an</strong>bury<br />
<strong>Town</strong> <strong>of</strong> Darien<br />
<strong>Town</strong> <strong>of</strong> Easton<br />
<strong>Town</strong> <strong>of</strong> Fairfield<br />
<strong>Town</strong> <strong>of</strong> Greenwich<br />
<strong>Town</strong> <strong>of</strong> New C<strong>an</strong>a<strong>an</strong><br />
<strong>Town</strong> <strong>of</strong> New Mil<strong>for</strong>d<br />
<strong>Town</strong> <strong>of</strong> Newtown<br />
City <strong>of</strong> Norwalk<br />
<strong>Town</strong> <strong>of</strong> Ox<strong>for</strong>d<br />
<strong>Town</strong> <strong>of</strong> Redding<br />
<strong>Town</strong> <strong>of</strong> Ridgefield<br />
<strong>Town</strong> <strong>of</strong> Southbury<br />
City <strong>of</strong> Stam<strong>for</strong>d<br />
<strong>Town</strong> <strong>of</strong> Strat<strong>for</strong>d<br />
<strong>Town</strong> <strong>of</strong> Weston<br />
<strong>Town</strong> <strong>of</strong> Westport<br />
<strong>Town</strong> <strong>of</strong> <strong>Wilton</strong><br />
Darien L<strong>an</strong>d Trust<br />
Roxbury L<strong>an</strong>d Trust<br />
Southbury L<strong>an</strong>d Trust<br />
Nature Conserv<strong>an</strong>cy<br />
Trust <strong>for</strong> Public L<strong>an</strong>d<br />
Diocese <strong>of</strong> Bridgeport<br />
Feile, Inc.<br />
New Pond Farm Education Center<br />
Red Cross<br />
The <strong>Wilton</strong> Historical Society<br />
United Way<br />
Abate & Fox<br />
Albert, Ward & Johnson<br />
Cacace, Tusch & S<strong>an</strong>tagata<br />
Church & Church<br />
Cohen & Thomas<br />
Cohen & Wolfe<br />
Cummings & Lockwood<br />
Curtis, Brinckerh<strong>of</strong>f & Barrett<br />
B<strong>an</strong>k <strong>of</strong> America<br />
The B<strong>an</strong>k <strong>of</strong> Fairfield<br />
B<strong>an</strong>k <strong>of</strong> New C<strong>an</strong>a<strong>an</strong><br />
Citizen’s B<strong>an</strong>k<br />
Commerce B<strong>an</strong>k<br />
Darien Rowayton B<strong>an</strong>k<br />
Dime B<strong>an</strong>k<br />
Fairfield County B<strong>an</strong>k<br />
Law Offices<br />
Day, Berry & Howard<br />
Fitzmaurice & Freem<strong>an</strong><br />
Gregory & Adams<br />
Ivey, Barnum & O'Mara<br />
Lovejoy & Rimer<br />
Murtha Cullina<br />
Owens, Schine & Nicola<br />
Pepe & Hazard<br />
Lending Institutions<br />
HSBC B<strong>an</strong>k<br />
Hudson United B<strong>an</strong>k<br />
JP Morg<strong>an</strong> Chase B<strong>an</strong>k<br />
Liberty Savings B<strong>an</strong>k<br />
New Alli<strong>an</strong>ce B<strong>an</strong>k<br />
NewMil B<strong>an</strong>k<br />
Newtown Savings B<strong>an</strong>k<br />
Patriot National B<strong>an</strong>k<br />
Pinney, Payne<br />
Pullm<strong>an</strong> & Comley<br />
Tierney, Zullo, Flaherty & Murphy<br />
Updike, Kelly & Spellacy<br />
Yamin & Yamin<br />
Whitm<strong>an</strong>, Breed, Abbott & Morg<strong>an</strong><br />
Wise & Wise<br />
Zeldes, Needle & Cooper<br />
Peoples United B<strong>an</strong>k<br />
TD B<strong>an</strong>knorth<br />
Union Savings B<strong>an</strong>k<br />
Wachovia B<strong>an</strong>k<br />
Webster B<strong>an</strong>k<br />
Wells Fargo B<strong>an</strong>k<br />
Westport B<strong>an</strong>k & Trust<br />
<strong>Wilton</strong> B<strong>an</strong>k<br />
KERIN & FAZIO, LLC
A-1d<br />
REPRESENTATIVE ASSIGNMENT LIST<br />
Property <strong>Town</strong> Property Type Size<br />
Merritt Seven Norwalk, CT Office 1,000,000+ S.F.<br />
Stam<strong>for</strong>d Plaza Stam<strong>for</strong>d, CT Office 950,000 S.F.<br />
IBM Southbury, CT Office 850,000 S.F.<br />
GE World Headquarters Fairfield, CT Office 830,000 S.F.<br />
Greenwich Americ<strong>an</strong> Center Greenwich, CT Office 650,000 S.F.<br />
Greenwich Office Park Greenwich, CT Office 430,000 S.F.<br />
C<strong>an</strong>terbury Green Stam<strong>for</strong>d, CT Office/Apartment 350,000 S.F.<br />
Greenwich Plaza Greenwich, CT Office/Retail 330,000 S.F.<br />
Pickwick Plaza Greenwich, CT Office 240,000 S.F.<br />
Lee Farm D<strong>an</strong>bury, CT Office 220,000 S.F.<br />
Brass Mill Center & Commons Waterbury, CT Super Regional Mall 1,250,000+ S.F.<br />
Crystal Mall Water<strong>for</strong>d, CT Super Regional Mall 1,000,000+ S.F.<br />
Ridgeway Shopping Center Stam<strong>for</strong>d, CT Community Center 400,000 S.F.<br />
The Dock Strat<strong>for</strong>d, CT Community Center 190,000 S.F.<br />
S<strong>an</strong>d Hill Plaza Newtown, CT Community Center 160,000 S.F.<br />
Kohl’s Plaza Norwalk, CT Community Center 150,000 S.F.<br />
Target Or<strong>an</strong>ge, CT Big Box Retail 125,000 S.F.<br />
Somerset Marketplace Glastonbury, CT Community Center 110,000 S.F.<br />
Whole Foods Center Fairfield, CT Neighborhood Retail 86,000 S.F.<br />
Sports Authority/Bed, Bath & Beyond Norwalk, CT Power Center 75,000 S.F.<br />
Stop & Shop Norwalk, CT Grocery Store 75,000 S.F.<br />
New C<strong>an</strong>a<strong>an</strong> Raquet Club New C<strong>an</strong>a<strong>an</strong>, CT Racquet/Fitness Club 70,000 S.F.<br />
Walgreens Southbury, CT Drug Store 13,500 S.F.<br />
Hyatt Regency Greenwich, CT Upscale Hotel 373 Rooms<br />
Doubletree Hotel Norwalk, CT Hotel 265 Rooms<br />
Crowne Plaza Hotel Southbury, CT Hotel 197 Rooms<br />
Dolce Hotel <strong>an</strong>d Resorts Norwalk, CT Conference Center 120 Rooms<br />
Delamar Hotel Greenwich, CT Upscale Waterfront Hotel 82 Rooms<br />
Sikorsky Aircraft Strat<strong>for</strong>d, CT Industrial 1,900,000 S.F.<br />
Army Engine Pl<strong>an</strong>t Strat<strong>for</strong>d, CT Industrial 1,550,000 S.F.<br />
Housatonic Avenue Bridgeport, CT Industrial 680,000 S.F.<br />
Greenwich Oaks & Place Greenwich, CT 363 Unit Apartment 700,000 S.F.<br />
Newbury Commons Stam<strong>for</strong>d, CT 260 Unit Apartment 330,000 S.F.<br />
Putnam Hill Greenwich, CT 195 Unit Cooperative 330,000 S.F.<br />
The Classic Stam<strong>for</strong>d, CT 144 Unit Apartment 230,000 S.F.<br />
Heritage Village Southbury, CT Senior Housing 2,580 Units<br />
Meadow Ridge Redding, CT Retirement Community 382 Units<br />
Edgehill Stam<strong>for</strong>d, CT Retirement Community 287 Units<br />
S<strong>an</strong>d Pit Road D<strong>an</strong>bury, CT Senior Housing 345 Units<br />
Mount Pleas<strong>an</strong>t Road Newtown, CT Senior Housing 298 Units<br />
The Preserve Old Saybrook, CT Residential L<strong>an</strong>d 1,000 Acres<br />
Trout Brook Valley Easton/Weston, CT Residential L<strong>an</strong>d 730 Acres<br />
Route 202 Washington, CT Residential L<strong>an</strong>d 280 Acres<br />
Old Farm Hill Newtown, CT Residential L<strong>an</strong>d 150 Acres<br />
Sail Harbour Club Sherm<strong>an</strong>, CT Waterfront L<strong>an</strong>d 130 Acres<br />
Treetops Greenwich, CT Residential L<strong>an</strong>d 110 Acres<br />
The St<strong>an</strong>wich Club Greenwich, CT Country Club-Golf 186 Acres<br />
Greenwich Country Club Greenwich, CT Country Club-Golf 165 Acres<br />
95 Country Club Road New C<strong>an</strong>a<strong>an</strong>, CT Country Club-Golf 150 Acres<br />
Beacon Point Marine Greenwich, CT Marina 300 Slips<br />
Riverside Yacht Club Greenwich, CT Yacht Club 125 Slips<br />
KERIN & FAZIO, LLC
DEFINITIONS<br />
A-2a<br />
Market value is defined by the Uni<strong>for</strong>m St<strong>an</strong>dards <strong>of</strong> Pr<strong>of</strong>essional Appraisal Practice (USPAP), as stated<br />
in The Dictionary <strong>of</strong> Real Estate Appraisal, Fourth Edition, published by the Appraisal Institute, as follows:<br />
"The most probable price which a property should bring in a competitive <strong>an</strong>d open market<br />
under all conditions requisite to a fair sale, the buyer <strong>an</strong>d seller each acting prudently <strong>an</strong>d<br />
knowledgeably, <strong>an</strong>d assuming the price is not affected by undue stimulus. Implicit in this<br />
definition is the consummation <strong>of</strong> a sale as <strong>of</strong> a specified date <strong>an</strong>d the passing <strong>of</strong> title<br />
from seller to buyer under conditions whereby:<br />
1. Buyer <strong>an</strong>d seller are typically motivated;<br />
2. Both parties are well in<strong>for</strong>med or well advised, <strong>an</strong>d acting in what they consider<br />
their own best interests;<br />
3. A reasonable time is allowed <strong>for</strong> exposure in the open market;<br />
4. Payment is made in terms <strong>of</strong> cash in U.S. dollars or in terms <strong>of</strong> fin<strong>an</strong>cial<br />
arr<strong>an</strong>gements comparable thereto; <strong>an</strong>d<br />
5. The price represents the normal consideration <strong>for</strong> the property sold unaffected by<br />
special or creative fin<strong>an</strong>cing or sales concessions gr<strong>an</strong>ted by <strong>an</strong>yone associated<br />
with the sale."<br />
PROPERTY RIGHTS APPRAISED<br />
"Fee Simple Estate" subject to <strong>an</strong>d/or together with such easements or other non-possessing interests as<br />
<strong>of</strong> record, which may appear. Fee simple estate is defined in The Dictionary <strong>of</strong> Real Estate Appraisal,<br />
Fourth Edition, published by the Appraisal Institute, as follows:<br />
"Absolute ownership unencumbered by <strong>an</strong>y other interest or estate, subject only to the<br />
limitations imposed by the governmental powers <strong>of</strong> taxation, eminent domain, police<br />
power, <strong>an</strong>d escheat"<br />
The above assumes that title is good <strong>an</strong>d marketable, free <strong>an</strong>d clear <strong>of</strong> all liens, mortgages <strong>an</strong>d other<br />
indebtedness.<br />
KERIN & FAZIO, LLC
SCOPE OF THE APPRAISAL<br />
A-2b<br />
This is a restricted appraisal report prepared in con<strong>for</strong>m<strong>an</strong>ce with the requirements <strong>of</strong> the Uni<strong>for</strong>m<br />
St<strong>an</strong>dards <strong>of</strong> Pr<strong>of</strong>essional Appraisal Practice (USPAP) <strong>an</strong>d the Code <strong>of</strong> Pr<strong>of</strong>essional Ethics <strong>an</strong>d the<br />
St<strong>an</strong>dards <strong>of</strong> Pr<strong>of</strong>essional Practice <strong>of</strong> the Appraisal Institute. The extent <strong>of</strong> the process <strong>of</strong> collecting,<br />
confirming <strong>an</strong>d reporting the market data utilized in this report is outlined as follows:<br />
• Inspections <strong>of</strong> the subject property were made on various dates through April 5, 2012.<br />
• Pertinent in<strong>for</strong>mation regarding the subject property <strong>an</strong>d comparables was collected from Assessor's<br />
records <strong>an</strong>d deeds <strong>of</strong> record. Available survey pl<strong>an</strong>s were reviewed <strong>an</strong>d the governing zoning<br />
regulations were studied.<br />
• Municipal assessments <strong>for</strong> comparable properties in <strong>Wilton</strong> originally set as <strong>of</strong> the October 1, 1974<br />
townwide revaluation were <strong>an</strong>alyzed.<br />
• Descriptive in<strong>for</strong>mation <strong>for</strong> each comparable property was verified with the applicable documents <strong>of</strong><br />
record.<br />
• Final sewer assessment conclusion was arrived at <strong>an</strong>d reported in a restricted <strong>for</strong>mat.<br />
KERIN & FAZIO, LLC
A-3a<br />
HISTORICAL ASSESSMENT STUDY<br />
The subject property was constructed in 2009 <strong>an</strong>d was not in place in 1976. In order to arrive at <strong>an</strong><br />
assessed value <strong>of</strong> the improvements as <strong>of</strong> 1976, a comparison was made to assessments <strong>of</strong> existing<br />
Class A <strong>of</strong>fice properties in place around that time. A detailed study <strong>of</strong> the <strong>Wilton</strong> <strong>of</strong>fice market has<br />
revealed six properties considered comparable to the subject property. These buildings are compared<br />
<strong>an</strong>d adjusted to the subject property in the table appearing on the following page.<br />
Note that the assessments in place in <strong>Wilton</strong> as <strong>of</strong> 1976 were established during the October 1, 1974<br />
townwide revaluation. Historically, revaluations occurred every 10 years, so the October 1, 1974<br />
revaluation figures remained in place through the October 1, 1983 Gr<strong>an</strong>d List. Any property constructed<br />
up to October 1, 1983 would have been assessed based on a trend back to 1974 values, <strong>an</strong>d would be<br />
eligible <strong>for</strong> this study. Real estate assessments reflect 70% <strong>of</strong> market value according to State statutes.<br />
The historic assessments <strong>for</strong> the six studied buildings were broken down between l<strong>an</strong>d <strong>an</strong>d building<br />
components. Since the l<strong>an</strong>d component is assessed separately, this <strong>an</strong>alysis focuses on the building<br />
assessments. The properties were studied on <strong>an</strong> assessment per square foot <strong>of</strong> building basis, with<br />
adjustments made based on the overall superiority or inferiority <strong>of</strong> the comparable as indicated by the<br />
current vari<strong>an</strong>ce in relative building assessment. Refer to the following page <strong>for</strong> this <strong>an</strong>alysis.<br />
KERIN & FAZIO, LLC
A-3b<br />
HISTORICAL ASSESSMENT STUDY SUMMARY - 40 DANBURY ROAD<br />
October 1, 1983 <strong>Assessment</strong> Adjustment Adjusted<br />
Property Address Owner Use Year Built L<strong>an</strong>d Area Building Area L<strong>an</strong>d Building Total Bldg Assmt/SF to Subject * Bldg Assmt/SF<br />
187 D<strong>an</strong>bury Road High Clear Acres Associates Office 1978 9.93 130,102 $278,600 $3,237,500 $3,516,100 $25 28% $32<br />
206 D<strong>an</strong>bury Road Ralph Arg<strong>an</strong>ese Office 1980 1.503 16,556 $111,100 $343,500 $454,600 $21 36% $28<br />
241 D<strong>an</strong>bury Road Judith Lavin Office 1969+ 5.138 36,263 $228,100 $893,700 $1,121,800 $25 106% $51<br />
15 Old D<strong>an</strong>bury Road Judith Lavin Office 1978, 1981 4.29 78,610 $188,400 $1,485,600 $1,674,000 $19 20% $23<br />
15 River Road St<strong>an</strong>dard Br<strong>an</strong>ds R & D 1979 10.83 62,485 $280,100 $1,765,900 $2,046,000 $28 55% $44<br />
10 Westport Road (Bldgs A-C) Richardson-Vicks Office 1974 57.223 173,136 $1,570,300 $3,914,700 $5,485,000 $23 46% $33<br />
<strong>Assessment</strong> / SF $35<br />
Subject Building SF 144,420<br />
Assessed Value <strong>of</strong> Improvements $5,060,000<br />
* Ratio <strong>of</strong> current replacement cost new per square foot <strong>for</strong> comparable to replacement cost new <strong>for</strong> the subject (be<strong>for</strong>e depreciation).<br />
KERIN & FAZIO, LLC