Sewer Assessment for an - Town of Wilton

May 8, 2012
Sandy Dennies
Chief Financial Officer
Town of Wilton
238 Danbury Road
Wilton, CT 06897
RE: Sewer Assessment for an Office Building Located at
40 Danbury Road, Wilton, Connecticut
Dear Ms. Dennies:
At your request, I have made exterior inspections of the above-captioned property
on various dates through April 5, 2012 for the purpose of estimating the
retrospective sewer assessment for the property dating back to the original
installation of sewers in 1976. The assessment reflects the recent construction in
2009 of a 144,420 S.F. office building on the subject property. It is understood that
the function of this analysis is to support the sewer assessment for the subject
property for internal purposes.
In estimating the amount of the sewer assessment, the Capital Assessment
Formula adopted by the Wilton Water Pollution Control Authority and in place as of
the 2009 construction date will be utilized. This formula has three components,
summarized as follows:
1. $27.50 per $1,000 of Assessed Value in 1976
2. $300 per Acre of Land Area
3. $1,050 per Sewer Unit
The above assessment formula will be utilized to arrive at the total sewer
assessment applicable to the subject property. Any sewer assessment previously
paid will deducted from this total amount to arrive at the sewer assessment now
due.
Briefly, the subject property consists of 10.84 ± acres of land improved with a
144,420 S.F. office building. The property is identified in the Wilton Assessor’s
Office as 40 Danbury Road, also known as parcel 68/33/1. The property is owned
by Wilton 40 LLC.
The highest and best use of the subject property is for its continued present use as
an office building. The recent office building construction was designed with the
benefit of the sewer system.
As a result of my inspections, investigations and analyses, it is my opinion that the
sewer assessment now due for the subject property is $197,425. This sewer
assessment conclusion is separate from the sewer assessment paid previously for
the property (if any). The sewer assessment calculation is outlined as follows:

40 Danbury Road, Wilton
Assessed Value in 1976* $5,060,000 x 0.0275 = $139,150
Acres 10.84 x $300 = $3,252
Sewer Units 55.50 x $1,050 = $58,275
Total Sewer Assessment $200,677
Less: Assessment Previously Paid ** $3,252
Sewer Assessment Now Due $197,425
* Refer to historical assessment study for support.
** 10.84 acres x $300 per acre
This appraisal report has been prepared in a restricted format for the purpose of estimating the sewer
assessment for the subject property for internal use solely by the Town of Wilton. The historical
assessment study is summarized in the addenda, with further market data and analysis in support of this
opinion retained in the office of the undersigned. A full-format, narrative appraisal report in support of the
above sewer assessment conclusion will be prepared at your request. If you have any questions or
comments, please advise.
Respectfully submitted,
Kerin & Fazio, LLC
Christopher K. Kerin, MAI, CCIM
Connecticut Certified General Appraiser No. 329
Expires April 30, 2013

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LIMITING CONDITIONS
The information contained in this report was obtained from reliable sources, but is in no sense
guaranteed. This restricted appraisal was made subject to the following conditions:
1) Title to the property is assumed to be good and marketable, free and clear of all encumbrances,
liens, mortgages and other indebtedness except as otherwise noted herein.
2) The surveys made, engineering and the boundary descriptions are assumed to be correct, as taken
from the land records of the Town of Wilton, Connecticut.
3) The appraiser is not responsible for any defect in title to the property.
4) No engineering tests of any kind were made of the property. Accordingly, no representation is
made and no liability is assumed with respect to the soundness or physical adequacy of the
improvements, mechanical, structural or electrical elements associated with the property, soil
conditions, water conditions, presence or absence of toxic waste or other deleterious materials or
similar matters except as expressly set forth herein.
5) This restricted appraisal makes no claims as to the ability of the property to meet the standards of
the Department of Environmental Protection and related pollution control regulatory agencies or the
ability of the property to earn title insurance. The value opinions developed in the appraisal
presumes such compliance but does not certify it.
6) Disclosure of the contents of this restricted appraisal report is governed by the by-laws and
Regulations of the Appraisal Institute.
7) Neither all nor any part of the contents of this restricted report (especially any conclusions as to
value, the identity of the appraiser or the firm with which such person is connected, or any reference
to the Appraisal Institute or to the MAI or RM designation) shall be disseminated to the public
through advertising media, public relations media, news media, or any other public means of
communication without the prior written consent and approval of the undersigned.
8) It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or
administrative authority from any local, state, or national government or private entity or
organization have been or can be obtained or renewed for any use on which the value estimate
contained in this report is based.
9) Unless otherwise stated in this restricted report, the existence of hazardous substances, including
without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals,
which may or may not be present on the property, or other environmental conditions, were not
called to the attention of nor did the appraiser become aware of such during the appraiser’s
inspection. The appraiser has no knowledge of the existence of such materials on or in the property
unless otherwise stated. The appraiser, however, is not qualified to test for such substances or
conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam
insulation, or other hazardous substances or environmental conditions, may affect the value of the
property, the value estimated is predicated on the assumption that there is no such condition on or
in the property or in such proximity thereto that it would cause a loss in value. No responsibility is
assumed for any such conditions, nor for any expertise or engineering knowledge required to
discover them.
KERIN & FAZIO, LLC

I certify that, to the best of my knowledge and belief:
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CERTIFICATION
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are my personal, impartial, unbiased professional analyses, opinions, and
conclusions.
• I have no present or prospective interest in or bias with respect to the properties that are the subject
of this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined
results.
• 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.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal
Foundation and the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• As of the date of this report, Christopher K. Kerin has completed the requirements of the continuing
education program of the Appraisal Institute.
• Christopher K. Kerin has made personal inspections of the property that is the subject of this report
on various dates through April 5, 2012.
• No one provided significant real property appraisal assistance to the person signing this report.
• Christopher Kerin has extensive experience in the appraisal/review of similar property types.
• Christopher Kerin is currently certified in the state where the subject is located and has completed
the continuing education requirements set forth with the State of Connecticut.
• Christopher Kerin has performed no services, as an appraiser or in any other capacity, regarding
the property that is the subject of this report within the three year period immediately preceding the
acceptance of this assignment
Christopher K. Kerin, MAI, CCIM
KERIN & FAZIO, LLC

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ADDENDA
KERIN & FAZIO, LLC

OUTLINE OF QUALIFICATIONS, EDUCATION, AND
EXPERIENCE OF CHRISTOPHER K. KERIN
A-1a
BIOGRAPHICAL DATA
A graduate of the University of Connecticut, Chris holds a degree in Finance with a concentration in Real
Estate and Urban Economic Studies. He has earned the Appraisal Institute's distinguished MAI
membership designation, indicating an advanced level of expertise in the valuation of commercial,
industrial and other property types. Chris is one of only 4% of commercial professionals to have earned
the elite CCIM designation. CCIM’s are nationally recognized as experts in all phases of the real estate
investment process. As an MAI, CCIM, licensed real estate broker and appraiser, Chris has the
experience, market knowledge and negotiation skills that are critical for advising clients on important real
estate investment decisions.
PROFESSIONAL AFFILIATIONS
Appraisal Institute – MAI Designation, Certificate No. 10693
CCIM Institute – CCIM Designation, Certificate No. 8949
Member – International Council of Shopping Centers
Member – Real Estate Finance Association, Fairfield County
Member - National Association of Realtors
Connecticut Office of Policy and Management – Certified to Perform Revaluation Functions
for Land/Residential/Commercial/Industrial/Supervisor - Certificate No. 790
Connecticut Certified General Appraiser No. 329
Connecticut Broker License No. 750623
EDUCATION AND TRAINING
University of Connecticut, B.S. Degree, Business Administration, May, 1989, Finance, Real
Estate and Urban Economic Studies, Cum Laude
Completed numerous courses and seminars offered by the Appraisal Institute, CCIM Institute,
National Association of Realtors, University of Connecticut, Wharton School of the University of
Pennsylvania, as well as other real estate institutions, including the following:
• Pension Fund Investment in Real Estate
• Debt Workout, Transactions and Re-
Positioning of Distressed Assets
• Hotel Valuations
• Analyzing Commercial Lease Clauses
• Environmental Risk and Real Estate
• Commercial Brokerage Techniques
• Affordable Housing Valuation
• Valuing Commercial Green Buildings
• Eminent Domain and Condemnation Appraising
• Marketing Commercial Property
• Principals of Income Property Appraisal
• Standards of Professional Practice
• Valuing Local Retail Properties
• Separating Real & Personal Property from
Intangible Business Assets
• Appraisal of Nursing Facilities
• GIS Applications for Real Estate Appraisal
• Case Studies in Real Estate Valuation
• Tax-Deferred 1031 Property Exchange
• The Appraiser as an Expert Witness
• Valuing Residential Green Buildings
• CT Real Estate Appraisal Law
• Ethics in Real Estate
• Real Estate Finance
• Principles of Real Estate
KERIN & FAZIO, LLC

QUALIFICATIONS OF CHRISTOPHER K. KERIN (Continued)
A-1b
EXPERT WITNESS BACKGROUND
Qualified as expert real estate witness in Federal Court and in State Courts in Fairfield, Hartford, Litchfield
and New Haven Counties.
TEACHING EXPERIENCE
Course instructor for the Connecticut Bar Association, New Haven County Bar Association, Connecticut
Association of Assessing Officers, Northeast Regional Association of Assessing Officers, and other local
organizations.
EMPLOYMENT
2004 - Present: Member of Kerin & Fazio LLC, Fairfield, CT
2006 - Present: Member of Municipal Valuation Services, LLC, Fairfield, CT
1999 - 2004: President of Kerin Commercial Real Estate, Newtown, CT
1999 - 2001: Executive Vice President, Wilson Commercial Real Estate, Wilton, CT
1995 - 1999: Executive Vice President, New England Land Company, Greenwich, CT
1989 - 1995: Lesher-Glendinning & Company, Inc., Ridgefield, CT
1985 - 1987: Coldwell Banker Commercial Real Estate, Stamford, CT
REFERENCE OF WORKING EXPERIENCE
Individuals, attorneys, corporations, municipalities and State Agencies, including: U.S. Department of the
Interior, CT Department of Transportation, CT Department of Public Works, Connecticut Light and Power
Company, Nature Conservancy, Trust for Public Land, Chase Bank, Webster Bank, IBM Corporation,
Exxon/Mobil Corporation, Marriott Corporation, Stop & Shop Supermarket, Prudential, Skanska (U.S.A.),
Inc., Stamford Hospital, Burger King, Pizza Hut, W & M Properties, A.D. Phelps, Inc., etc.
KERIN & FAZIO, LLC

REPRESENTATIVE CLIENT LIST
A-1c
Albert D. Phelps
Aquarion Company
Archon Financial
Ashforth Properties
Basser-Kaufman
Belgravia Capital
Berkshire Corporate Park
Building & Land Technology
Burger King
Contracting Advisors
D'Addario Industries
Deloitte & Touche
Dorcal Associates
Enterprise Rent-A-Car
Enviro Express
Companies
Executive Air Service
Fairfield Investors
Fuss & O’Neill
Hawley Construction
Heller R.E. Financial Services
Hewitt Associates
Hoffman Brothers
IBM Corporation
Konover & Associates
Manley-Berenson
Marriott Corporation
Mobil Oil Corporation
New Castle Hotels
NewsBank
O.S. Shipping & Trading
Oaktree Capital Management
Photronics
Pilon Pen Corporation of America
Pizza Hut of America
Prudential Mortgage Capital Co.
Ring’s End
Roseland Development
Skanska (U.S.A.)
Spinnaker Companies
Stamford Hospital
Starwood Ceruzzi
Stop & Shop Supermarket
Texaco
W & M Properties of Connecticut
Young’s Nurseries
Governmental and Non-Profit Agencies
U.S. Department of Interior
CT Department of Public Works
CT Department of Transportation
CT Development Authority
CT Light and Power Company
CT Resources Recovery Authority
Town of Brookfield
City of Danbury
Town of Darien
Town of Easton
Town of Fairfield
Town of Greenwich
Town of New Canaan
Town of New Milford
Town of Newtown
City of Norwalk
Town of Oxford
Town of Redding
Town of Ridgefield
Town of Southbury
City of Stamford
Town of Stratford
Town of Weston
Town of Westport
Town of Wilton
Darien Land Trust
Roxbury Land Trust
Southbury Land Trust
Nature Conservancy
Trust for Public Land
Diocese of Bridgeport
Feile, Inc.
New Pond Farm Education Center
Red Cross
The Wilton Historical Society
United Way
Abate & Fox
Albert, Ward & Johnson
Cacace, Tusch & Santagata
Church & Church
Cohen & Thomas
Cohen & Wolfe
Cummings & Lockwood
Curtis, Brinckerhoff & Barrett
Bank of America
The Bank of Fairfield
Bank of New Canaan
Citizen’s Bank
Commerce Bank
Darien Rowayton Bank
Dime Bank
Fairfield County Bank
Law Offices
Day, Berry & Howard
Fitzmaurice & Freeman
Gregory & Adams
Ivey, Barnum & O'Mara
Lovejoy & Rimer
Murtha Cullina
Owens, Schine & Nicola
Pepe & Hazard
Lending Institutions
HSBC Bank
Hudson United Bank
JP Morgan Chase Bank
Liberty Savings Bank
New Alliance Bank
NewMil Bank
Newtown Savings Bank
Patriot National Bank
Pinney, Payne
Pullman & Comley
Tierney, Zullo, Flaherty & Murphy
Updike, Kelly & Spellacy
Yamin & Yamin
Whitman, Breed, Abbott & Morgan
Wise & Wise
Zeldes, Needle & Cooper
Peoples United Bank
TD Banknorth
Union Savings Bank
Wachovia Bank
Webster Bank
Wells Fargo Bank
Westport Bank & Trust
Wilton Bank
KERIN & FAZIO, LLC

A-1d
REPRESENTATIVE ASSIGNMENT LIST
Property Town Property Type Size
Merritt Seven Norwalk, CT Office 1,000,000+ S.F.
Stamford Plaza Stamford, CT Office 950,000 S.F.
IBM Southbury, CT Office 850,000 S.F.
GE World Headquarters Fairfield, CT Office 830,000 S.F.
Greenwich American Center Greenwich, CT Office 650,000 S.F.
Greenwich Office Park Greenwich, CT Office 430,000 S.F.
Canterbury Green Stamford, CT Office/Apartment 350,000 S.F.
Greenwich Plaza Greenwich, CT Office/Retail 330,000 S.F.
Pickwick Plaza Greenwich, CT Office 240,000 S.F.
Lee Farm Danbury, CT Office 220,000 S.F.
Brass Mill Center & Commons Waterbury, CT Super Regional Mall 1,250,000+ S.F.
Crystal Mall Waterford, CT Super Regional Mall 1,000,000+ S.F.
Ridgeway Shopping Center Stamford, CT Community Center 400,000 S.F.
The Dock Stratford, CT Community Center 190,000 S.F.
Sand Hill Plaza Newtown, CT Community Center 160,000 S.F.
Kohl’s Plaza Norwalk, CT Community Center 150,000 S.F.
Target Orange, CT Big Box Retail 125,000 S.F.
Somerset Marketplace Glastonbury, CT Community Center 110,000 S.F.
Whole Foods Center Fairfield, CT Neighborhood Retail 86,000 S.F.
Sports Authority/Bed, Bath & Beyond Norwalk, CT Power Center 75,000 S.F.
Stop & Shop Norwalk, CT Grocery Store 75,000 S.F.
New Canaan Raquet Club New Canaan, CT Racquet/Fitness Club 70,000 S.F.
Walgreens Southbury, CT Drug Store 13,500 S.F.
Hyatt Regency Greenwich, CT Upscale Hotel 373 Rooms
Doubletree Hotel Norwalk, CT Hotel 265 Rooms
Crowne Plaza Hotel Southbury, CT Hotel 197 Rooms
Dolce Hotel and Resorts Norwalk, CT Conference Center 120 Rooms
Delamar Hotel Greenwich, CT Upscale Waterfront Hotel 82 Rooms
Sikorsky Aircraft Stratford, CT Industrial 1,900,000 S.F.
Army Engine Plant Stratford, CT Industrial 1,550,000 S.F.
Housatonic Avenue Bridgeport, CT Industrial 680,000 S.F.
Greenwich Oaks & Place Greenwich, CT 363 Unit Apartment 700,000 S.F.
Newbury Commons Stamford, CT 260 Unit Apartment 330,000 S.F.
Putnam Hill Greenwich, CT 195 Unit Cooperative 330,000 S.F.
The Classic Stamford, CT 144 Unit Apartment 230,000 S.F.
Heritage Village Southbury, CT Senior Housing 2,580 Units
Meadow Ridge Redding, CT Retirement Community 382 Units
Edgehill Stamford, CT Retirement Community 287 Units
Sand Pit Road Danbury, CT Senior Housing 345 Units
Mount Pleasant Road Newtown, CT Senior Housing 298 Units
The Preserve Old Saybrook, CT Residential Land 1,000 Acres
Trout Brook Valley Easton/Weston, CT Residential Land 730 Acres
Route 202 Washington, CT Residential Land 280 Acres
Old Farm Hill Newtown, CT Residential Land 150 Acres
Sail Harbour Club Sherman, CT Waterfront Land 130 Acres
Treetops Greenwich, CT Residential Land 110 Acres
The Stanwich Club Greenwich, CT Country Club-Golf 186 Acres
Greenwich Country Club Greenwich, CT Country Club-Golf 165 Acres
95 Country Club Road New Canaan, CT Country Club-Golf 150 Acres
Beacon Point Marine Greenwich, CT Marina 300 Slips
Riverside Yacht Club Greenwich, CT Yacht Club 125 Slips
KERIN & FAZIO, LLC

DEFINITIONS
A-2a
Market value is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), as stated
in The Dictionary of Real Estate Appraisal, Fourth Edition, published by the Appraisal Institute, as follows:
"The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title
from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider
their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale."
PROPERTY RIGHTS APPRAISED
"Fee Simple Estate" subject to and/or together with such easements or other non-possessing interests as
of record, which may appear. Fee simple estate is defined in The Dictionary of Real Estate Appraisal,
Fourth Edition, published by the Appraisal Institute, as follows:
"Absolute ownership unencumbered by any other interest or estate, subject only to the
limitations imposed by the governmental powers of taxation, eminent domain, police
power, and escheat"
The above assumes that title is good and marketable, free and clear of all liens, mortgages and other
indebtedness.
KERIN & FAZIO, LLC

SCOPE OF THE APPRAISAL
A-2b
This is a restricted appraisal report prepared in conformance with the requirements of the Uniform
Standards of Professional Appraisal Practice (USPAP) and the Code of Professional Ethics and the
Standards of Professional Practice of the Appraisal Institute. The extent of the process of collecting,
confirming and reporting the market data utilized in this report is outlined as follows:
• Inspections of the subject property were made on various dates through April 5, 2012.
• Pertinent information regarding the subject property and comparables was collected from Assessor's
records and deeds of record. Available survey plans were reviewed and the governing zoning
regulations were studied.
• Municipal assessments for comparable properties in Wilton originally set as of the October 1, 1974
townwide revaluation were analyzed.
• Descriptive information for each comparable property was verified with the applicable documents of
record.
• Final sewer assessment conclusion was arrived at and reported in a restricted format.
KERIN & FAZIO, LLC

A-3a
HISTORICAL ASSESSMENT STUDY
The subject property was constructed in 2009 and was not in place in 1976. In order to arrive at an
assessed value of the improvements as of 1976, a comparison was made to assessments of existing
Class A office properties in place around that time. A detailed study of the Wilton office market has
revealed six properties considered comparable to the subject property. These buildings are compared
and adjusted to the subject property in the table appearing on the following page.
Note that the assessments in place in Wilton as of 1976 were established during the October 1, 1974
townwide revaluation. Historically, revaluations occurred every 10 years, so the October 1, 1974
revaluation figures remained in place through the October 1, 1983 Grand List. Any property constructed
up to October 1, 1983 would have been assessed based on a trend back to 1974 values, and would be
eligible for this study. Real estate assessments reflect 70% of market value according to State statutes.
The historic assessments for the six studied buildings were broken down between land and building
components. Since the land component is assessed separately, this analysis focuses on the building
assessments. The properties were studied on an assessment per square foot of building basis, with
adjustments made based on the overall superiority or inferiority of the comparable as indicated by the
current variance in relative building assessment. Refer to the following page for this analysis.
KERIN & FAZIO, LLC

A-3b
HISTORICAL ASSESSMENT STUDY SUMMARY - 40 DANBURY ROAD
October 1, 1983 Assessment Adjustment Adjusted
Property Address Owner Use Year Built Land Area Building Area Land Building Total Bldg Assmt/SF to Subject * Bldg Assmt/SF
187 Danbury Road High Clear Acres Associates Office 1978 9.93 130,102 $278,600 $3,237,500 $3,516,100 $25 28% $32
206 Danbury Road Ralph Arganese Office 1980 1.503 16,556 $111,100 $343,500 $454,600 $21 36% $28
241 Danbury Road Judith Lavin Office 1969+ 5.138 36,263 $228,100 $893,700 $1,121,800 $25 106% $51
15 Old Danbury Road Judith Lavin Office 1978, 1981 4.29 78,610 $188,400 $1,485,600 $1,674,000 $19 20% $23
15 River Road Standard Brands R & D 1979 10.83 62,485 $280,100 $1,765,900 $2,046,000 $28 55% $44
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
Assessment / SF $35
Subject Building SF 144,420
Assessed Value of Improvements $5,060,000
* Ratio of current replacement cost new per square foot for comparable to replacement cost new for the subject (before depreciation).
KERIN & FAZIO, LLC