1st Reading - Jersey City

Wiliam MatsikoudisDecember 12,2007Page 2", ,; The subjeçt property is located in the Hackensack River Edge RedevelopmeritAi:ea. OnSeptember 27,2006, the City of Jersey City adopted a redevelopment plan for thedesignated area. Prior to its inc1usionin a Redevelopment Area, most of the subjectproperty was located in the I-Industrial, a distriCt that permitted a broad range ofindustrial uses including manufacturing, assembly, waIehousing, distribution, truckterminal, office and, research uses. A smaller portion of the property was situated in theWPD Waterfront Planned Development District,where a variety of recreational,commercial and residential uses were permitted,The requirements ofthe Redevelopment Plan are not applicable to this a~signment, whichrequires the appraiser to factor out all appreciating and depreciatinginfluences of theCity's redevelopment project. Therefore, the subject property Ís appraised in accordancewith the requirements of the I-Industrial and WPD districts. Given the existing siteconditions, its location, physiCàl characteristics and surrounding land uses, the highestand best uSe of the subject property is for industrial development consistent with therequirements of the I-Industrial District.I have researched, identified and gathered, verified, and analyzed all of the data appearingwithin .the àttached appraisal report. Based on myfindingsand analysis, I have formedthe opinion that the market value of the subject property's fee simple estate as öfNovember 1, 2008 was: '2.00 acres of land along Route 1 & 9and Existing Improvements:13.09":acres oflandeast of the Skyway:17.43-acres of land west of the Skyway:$ 2,915,000$ 4,189,000$ 5,578,000Total MarketValue of the Subject Property$12,682,000Very truly yours;VALUE RESEARCH GROUP, LLC.lJlAR;ßPaùl T. Beisser,CRE, MAlState Cettified General RealEstate Appraiser (RG 00181)File #446930t SOUTH UVINGSTON ..VENUE ..SUITE .1"04" ~ =;~~~;"~~~~'~::;e.. .. 0'103Q .. Çt73-42~9S00 .. ':AX 973..2'-o79'1