1st Reading - Jersey City

V A L DE RES E A RC H G ROD P, L LCREA L EST ATE AN A LV S T SAN D C O.N S U L TAN T SDecember 12,.2008Wiliam Matsikoudis, Corporation CounselCity of Jersey CityLaw Department280 Grove StreetJersey City, NJ 07302Re: Siegel PropertySip Avenue & Routes 1 & 9Jersey City, New Jersey,. ,", Dear Mr. Matsikoudis:The City of Jerseý City has authorized Value Research Group, LLC to appraise a 32.52-acre tract of land owned by,Edwin L. Siegel and a related entity, Edlin, Ltd, The Cityintends to use the appràisal in connection with a proposedprope~ty acquisition." The subject property is a' 32.52-acre tract of land located at the intersection of Sip Avenueand Tnick Route 1'& 9. Existing operations on the site include a truck stop and'fúelingfacility and a'commercial building. Theseimprovements occupy approximately two acresof land located along the site's Truck Route 1 & 9 frontage. The Sip Averiue ditch, aman-made drainage ditch' that forms the subject property's southern boundary, runs westto the BackensackRiver from a city storm sewer outlet atTruck Route 1 & 9. The'Pulaski Skyway, an elevattid highway, runs through the'subject property from thenortheast to southwest. The Skywàyeffeetively divides the, property into two discretesections; 17.4.3 :-acres west of theSkyway'Skyway and 15. 09~acres of Vacant land east of the, The site is part of a Superfund site known as the PJP LandfiL. As such, the site was placedon the EPA's National Priority Listin December J982~ The site is contaminated by avariety of toxic substances and much of the site is covered with landfil material: To gaina: better understanding of the Site's environmental and geoteèhnical conditions, I havereviewed an engineering study prepared by Golder Associates entitle'd' Pre-Final (90Percent) Remedial Design Report - PIP Landfill Site, lerser City, New lerser. The report,dated June 2004, was prepared for Waste Management of New Jersey. References to thisstudy appear throughout the appraisal and the complete report is available for reviewupon request. Despite the presence of on-site contamination, the subjectbeen valued as ¡ffully remediated in accordance with currerit law,property has~.""Clluere-.Oten.co,n30' :sqUTH UVINc;STON AvENUE. SUITE 104 . UVINGSTON . New.JE'r;e.. . 0"1039 . o;73.422~9.600 . FAX 973..22-'9797