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Home My WebLink AboutProperty Surplus Sale OFFICE LOCATION: Town Hail Annex 54375 State Route 25 (cot. Main Rd. & Youngs Ave.) Southold, NY 11971 MAILING ADDRESS.'~ P.O. Box 1179 Southold, NY 11971 Telephone: 631 765-1938 Fax: 631 765-3136 LOCAL WATERFRONT REVITALIZATION PROGRAM TOWN OF SOUTHOLD MEMORANDUM To: Supervisor Scott Russell Town of Southold Town Board J From: Mark Terry, Principal Planner LWRP Coordinator Date: January 17, 2012 Re: Town of Southold Property Surplus Sale of 5675 Mill Road, Mattituck (SCTM#1000-106-6-2) Zoning - Marine II The proposed action of has been reviewed to Chapter 268, Waterfront Consistency Review of the Town of Southold Town Code and the Local Waterfront Revitalization Program (LWRP) Policy Standards. Based upon the information provided to this department as well as the records available to me, it is my recommendation that the proposed action is CONSISTENT with the LWRP Policy Standards and therefore is CONSISTENT with the LWRP. Pursuant to Chapter 268, the Town Board shall consider this recommendation in preparing its written determination regarding the consistency of the proposed action. Cc: Martin Finnegan, Town Attorney Jennifer Andaloro, Assistant Town Attorney ~ (~(~OK J.~ E~U~, o£ Rlve~head, 3uff ~w 'f Ork, ~ point of ab~ ~o tastily l~e of the ~st ~rt h~ the he~ and amid ea8 ~u~ei~ ~ (~.~) 'la~M~Uni~,~d othe~ ~od ~nd ~t~m., its .ucce~F~ ...... B~I~I~ a ~oint ~ the easterly w~oh ~lnt ts di* ~* h~d~ed ~d c~t~M of beginning.. . 19~7); by'the le~s, to the a southemste~l ~y of.~-nu eecon~'part~ t~ ~nd between hi~wate. ~K ef ~tttuck o~ amid ~Om. ~he T~U Of S~uth6id to the J ItEC~)lti )E[) Andrew Stype Realty, Inc. P.O. Box 63 Mattituck, NY 11952 Ms. Jennifer Andaloro, Esq. Assistant Town Attorney Town of Southold 54375 Route 25 Southold, NY 11971 Re: 1000-106-6-2 Dear Ms. Andaloro, Pursuant to your request, we have prepared an appraisal report of the property captioned in the 'Summary of Salient Features' which follows. The accompanying report is based on a site inspection of improvements, investigation of the subject neighborhood area of inituence, and review of sales, cost, and income data for similar properties. This appraisal has been made with particular attention paid to applicable value-influencing economic conditions and has been processed in accordance with nationally recognized appraisal guidelines. This report is intended for the client only, The value conclusions stated herein are as of the effective date as stated in the body of the appraisal, and contingent upon the certification and limiting conditions attached. The property was inspected on 11/28/11, which is also the effective date of this report. Please do not hesitate to contact me or any of my staff if we can be of additional service to you, Respectfully, stype ~'.{~.Ce'rtiited General Appraiser #460O0O22831 Foml DCVR-- "Wi~ITOTAL" appraisal software by a ia mode, inc, -- 1-800-N. AMODE SUMMARY OF SALIENT FEATURES Subject Address Legal ~scdp~on c~j Courtly State Zip Code Census Tract Map Reference 5675 Mill Road 1000-106-6-2 Mattituck Suffolk NY 11952 1700.01 Hag Page 25-H-36 Sale Price $ n/a Date of SaJe Wa Client Owner Ms. Jennifer Andaloro, Esq. Town of Southold Size (Square Feet) Pdce per Square Foot Local~on Age Condi~on Total Rooms Bedrooms Baths Appraiser Date of Appmisod Value Opinion of Value n/a $ Very Good n/a n/a n/a n/a n/a Edca Stype McKenzie November 28, 2011 $ 50,000. Form SSD3 -- 'WinTOTAL' appraisal software by a ia mode, inc. -- 1-800-ALAMODE Property Address 5675 Mill Road City M~attituck Census Tract 1700.01 Cou~j Suffolk State NY File No. Map Refemnce. Hag Page Legal DascripUan 1000-1~06~o-2 Sale Pdce $ n/a Date of Sale n/a ~pCode 11952 ~ Loan Tern1 n/a yrs. Property Rights Appraised [] Fee [] Leasehold [] De ~PU Actual Real Estate Taxes $ 0 _ (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender/Client JennifarAndalom, Esq., Town of Southold Addmas 54375 Route 25, Southold, NY 11971 Occuppnt_Vacant __ _ Appraiser Edca Stype McKenzie Instructions to Appraiser To find fair market value of the sub~-t re , Location Urban Suburban Rural ~~y Good Avg. Fair Poor E~uiitUp [] Over75% [] 25%to75% [] Under25% [] [] [] [] Gmw~ Rate [] Fully Dev. [] Rapid [] Steady [] Slow Convenience to Employment [] [] [] [] Prope~ Values [] Increasing [] Stable [] Declining Convenience to Shopping [] [] [] [] Demand~Supply [] Shortage [] InBaiance [] Oversupply ConveniancetoSchonfs [] [] [] [] MarkeUngTime [] Under3Mos, [] 4-6Mos. [] Over6Mos. AdequacyntPublicTransportaUan [] [] [] [] Present Land Use 70% 1 Family __% 2-4 Family % Apts. __% Condo 10% Commercial RecmaUonal Facili~es [] [] [] [] % Indusblal__% Vacant 2~0% Land -- Adequacy of UUl~es [] [] [] [] ChangeinPresentLandUse [] NotUkaly [] Like~y(*) [] Taking Place (*) PropedYCompeUbil~ [] [] [] [] (*) From To Pmteceon from DetTimantal Conditmns [] [] [] [] Predominant Occupancy [] Owner [] Tenant ___% Vacant Police and Rm Protection [] [] [] [] Single Family Pdce Range $-3.50,000. to $. 2M + Predominant Value $ 500,000. General Appearance of Pmpertias [] [] [] [] iSingle Family Age 1 yrs. to 100+ yrs. Predominant Age ~-- 60yrs, AppeaitoMarkot [] [] [] [] Comments including these factors, favorable or unfavorable, affecUng marketability (e.g, public parks, schools, view, noise): ~ted in the hamlet of Mattituck area with man--serial homes. There are bye commercial r riles size. Preximi to em Io nt and ublic frans rtation Dimensions 85'S x 40'W x 75'N x IO,E Zoning claasificaUon Mil .05 Sq, R. or Acms Highest and best use [] Pmsent use ~ Othe~r (specify), Pmsant Improvements [] do [] do not conform to zoning reoulatioos Pubtic Other (Describe) OFF SITE IMPROVEMENTS ~Topo Fiat Elec. [] Street Access [] Public [] PrivatajSize '.05 Acres Gas [] __ Sudace Macadam ~Shap~ect~ Water [] Maintenance [] Public [] Private ~View Creek ' San. Sewer [] [] Storm Sewer [] Curb/Gctter /Drainage Average [] UudergmufldElect.& Tel ~ Sidewalk [] StmnfLights ~lsthelxopmlyloc~tsdlnaHUDIdentlfledSpanlalRo~xlHazardArea-~ []No[]Yes Comments (favorable or unfavorable Including any ap ,went adverse easements, encroachments, er other adverse condifi~s): There are no a~t easements~_ 1he nederslgned has recited three recant sales of properUes most simi~ and prmdrnate to subject and has con.wed Ulese in the market analysis. The de~flpifofl includes a dollar adjustment reflecting market rsaclio~ to those items of significant vapatlon betwean the subject and comparable P~ape~es. ff a significant item in the comparable proper~ Is supedor to or more favorsble than the subject prope~, a minus (-) adjustment is made thus reducing the isd[catod value of subje~ if a significant item in the compara~e is infwier to or less favorable~.~ the subject properly, a plus (+) adjustment is made thus increasing the indicated value of the subject. -- !NO. 3 Address 5675 Mill Road Ole Jule Lane 5800 Skunk Lane Fleetwood Rd 11952 11958 11935 miles E Date of Sale and Time AdjuSthlent Good Creek Yes/Fair .05Acre Water Yes Sales ur Rnancing N/A Concessions /Inferior Unknown Unknown Indicated Value ct Subject Unknown : Comments on Market Data: The sub'ect and sales are all located in the town of Southold.~There were ve~watarview or water Eont land ~ the sales' __lnd back to 2008. Due to the Comments and CondiUons of Appraisal: The instructions of this a raisal were to find fair market value for the subiect property. Final Reconcillallan: _The market data sales com arisen a roach is considered the best indicator of value for vacant land. The instructions are to ~Y2K] ~ [] Did [] Did Not Physically Inspect Prope~ Andmw St/be Realty, Inc. '~- Farm LNB-- "WiuTOTAL' appraisal softwars tiy a la mode, inc. -- 1-800-ALAMOBE DEFINITION OF MARKET VALUE: The most probable I~ce which a pmpany should bung in a compof~dve and open market under all cnoditmns requisite to a fair s~, the buyer and seller, ouch a~ng pmdanfiy, knowledgeably and assuming the Pdoe is nut affected Dy undue sthaulus. Implicit in this defibldon is the consummabou of a sale as of a specified date and the passing of ~e from seller to buyer under conditions whereby: (1) buyer and seller am typically motivated; (2) both pordas are wall infmmud or well ebbed, and each acting in what he considers his own best interest; (3) a mesm~ble itme 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 aJrangemunte comparable thereto; and (5) the pdoe represents the normal cnosideraitan for the pmpmty solO unaffected by special or cmative financing or sales concessions* granted by anyone associated wi~ the sale. * Adjustments to the comparables must be made for special or cmabve financing or sales concessions. No adjustments are nesessary for those ousts which em normally paid by sellem as a result of tredidou ar law in a market area; these costs are readily identifiable since the seller pays these costs in vitally ail sales b'ansocfians. Special or creative financing adjustments can be mede to the comparable property by comparisons to financing terms offered by a third party institutional lander itwt is not already involved in the pmpefty or bansacitou. Any edjustmant should nut be calculated on a mechanical dollar for dollar coat of the financing or concession but the dollar amouut of any adjustment shoulO eppmximate the markers rnecfiou to the financing or concessions based on the appmissr's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal mpoft is subject to the following cand~ns: 1. The appraiser will not he respoualblo for matters of a legal netom that affect eil~r the properly being appraised or the ~de to IL The appraiser assumes that the rifle is good and merkatabte and, merofom, will not render any opinions about the Uae. The propo~ is appraised on the basis of fi biting under recpousible ownership. 2. The appraiser has provided a sketch in the apprai~ mpoft to show approximate dimensions of the improvements and the sketch is included only to esslat the reader of the mpoft In visualizing the progedy and understanding the appraiser's datmmicatinn of its size. 3, The appndser has examined the available flood maps that om provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appndsai mp~t whether the subject site is located in an loemifled Special Fined Hazard Area. Because the appraiser is nut a surveyor, he or she mal~s no guarantees, express or implied, regan:ling this determination. 4. The appraiser will nut give testimony or appear in court buceuse he or she made an appraisal of the prapefty in quesUon, unless specific arrangements to do so have been made beforehand. 5. The appraiser has esdmatnd the value of the land in the cost approach at its highest and best use and the improvements at their cormibutmy value. These anperate vaiuafions of the land and improvements must not he used in conjunction with any other appraisal and om invalid if they om so used. 6. The apandssr has noted in the appraisal mpoft any adverse condiOnos (such as, needed mpaffs, dapreciabou, the pmsance of hazardous wastes, toxic substances, etc.) observed doddg the ifispecUon of the subject property or that he or she became aware of dedng ~e normal research involved in performing the appraisal. Unless otherwise stated in the appraloai report, the appndser has no knowledge of any hidden or unapparard conditions of the properly or adverse environmental conditions (including the presence of hazardous wastes, toalc substances, etc.) that weulO make the propmty mom or less valuable, and has assumed that there me no such condidans and makes no guarantees or wan'amies, express or implied, regarding the condition of the properly. The appraiser will not be responsible for any such coudrdons that do exist or for any engineeddg or tes~ng that might he required to discover whether such conditions exisL Because the appraiser is nut an expert in the field of environmental hazards, the appraisal report muat not be considered as an environmental assesamant of the property. 7. The appraiser obtained the irdormudon, estimates, and opinions that were expmsned in the appraisal report from sources that he or she considers to be ndi~e and believes them to he tree and correcL The appraleor dues not assume responsibility for the accuracy of such items that were tomished by other parUes. 8. The appraiser vol nut disclose the contents of the appraisal repmt except as provided for in the Uniform Standards of Professional Appraisal PmoUce. 9. l~le appraiser has based his or her appraisal mpoft and valuation conclusion for an appraisal that is subject to sedatactory completion, repaim, or afieratJons on the assumpUon that completion of the improvements will be performed in a workmanlike manner. 10. The appralssr must provide his or her pdor Written conseut before the lander/client sgeofifnd in the appraisal repoft can diat]'ibute the appndsai mpaft (including conclusions about the prepeAy value, the appraiser's identity and professional designagous, end references to any professional appraisal organJzabons or the firm with which the appraiser is assouiatnd) to anyone other than the borrower;, the mongngan or its successors and assigns; the mu~age ifisumc consultants; profecsioual appraisal organizaUous; any state or tedomlly approved financial institution; or any deparmmflt, agency, or instrumentality of the United S~ates or any state or the Dish-Jut of Columbia; except that the lecder/cllerd may disthbute the pmpo~y desndptmn sec~n of the mpoft noly to data cifilesdon or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written conoent and appravai muat also be obtained before the appraisal can be couveyed by anyone to the public through adverUsing, public mlafirms, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Andrew Stype Realty, leo. Form ACR -- qNinTOTAL' appraleai software by a la mode, inc. -- 1-8fiO-ALAMODE Fannie Mae Form 1004B 6-93 APPRAISER'S CERTIFICATION: The Appraiser cerUfies and agrees that: I. I have researched the subject mmkat area end have selected a minimum of throe recent sates of pmperdes most almher and proximate to the subject pmper~ for consideration in the sates compadenn analysts and have made a dollar adjusbTlant when appropdofe th reflect the market randdon to those items of signilicent va~afian, ff a significant hem in a comperaple pmpar[y ts supedor th, er more ~le than, the subject property, I have made a negative adJusbl~eof to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, er less favorable than the subject property, I have reade a positive adJus'mmnt to incmese the adjusted sales ~ce of the comparable. 2. I have taken Into censiderahan the facthm that have an impact os value in my development of the estimate of market value in the adpraJsal report. I have not knowingly withheld eny significant infermadon from the appraisal report and I believe, to the best of my knowledge, that ail statements and infmmatlon in the appratsal report are true end correct. 3. I slated in the appratsal rupert only my own personal, unbiased, end professional enalysis, opinions, end conclusions, which are subject only to the cofYdngent and limiting cosdiliens specified in this form. 4. I have no present er prospective interest in the property that is the subject th this report, end I have no present or prospe~ve personal interest or bias ~ respect to the par~ctpante in the transaction. I did not base, e~er parbslly or completely, my enalysis end/er the esifmato of market value in the appra/sal report on the race, color, mliginn, sex, handicap, familial status, or neUonal o~in of either the prospective ownam or occupants of the subject properly er of the present owners or occupants of the pmpedles in the victn~ of the subject properly. 5. I have no present er contemptsted frdura interest in the subject property, end neither my current or Mum employment nor my compensalian for performing thts appraisal is contingent on the appraised value of the property. 6. I was not required th mpmt a predetermined value or dimcOon in value that favors the cause of the client or any related pa~y, the amannt of the value esUmato, the attainment of a specific result, er the occurrence of a subsequent event in order to receive my compensaUon and/or employment for performing the appraisal. I did not base the appraisal report an a requested minimum valuadon, a specific valuation, er the need to approve a specific m~gnge Ioen. 7. I performed this appraisal in conformity with the Uniform SteJldarde of Professional Appraidal PmcUce that wm adopted end promulgated by the Appraisal Standards Board of The Appraisal Foendahon and that were in place es of the eff~dve date of this appraisal, with the excaplion of the depa~um provision of those Standards, which does not adpiy. I aclmawladge that en estimate of a masonadle lime for exposure in the open market is a condldon in the definition of market value and the es'Umate I devetsped ts coflsis*~nt with the marketing ifme noted in the neighborhood sec~n of this mpmt, unless I have otherwise stated in the mconeilia~an sesUoo. 8. I have personally inspected the interior and exterior areas of the subject pmpady end the e~dor of all proper'des listed as comparables in the appraisal report. I further certify that I have noted eny adpa~'erd er known adveme cond~ns in the subject Improvements, on the subject she, or on eny site within the immediate vicinity of the subject properly of which I are aware and have made adjuatmants for these adverse candifions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject properly. 9. I pamonally pmpal'ed all conclusions end opinions about the real estate that ',,/em set forth in the appraisal report, if I relied an significant professional assistance from any indivfdoal or individuals in the partormence of the appratsaJ or the prepara~ofl of the appraJsaJ mpo,q, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appndsal report. I ce~ly that eny individual so named is qualified th pertorm the tasks. I have not authorized anysfle th make a change to any hem in the rspart; therdam, if an onanihodzed change is made th the appraisal mpart, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if a supewleery appraiser signed the appralsat mpart, he or she ce~fles end agrees that: I dimcify supawine the aifixaiser who prepared Ute appraisal repa~ have revJewad the appraisat mpmt, agree with the statements end conclusions of the appraiser, agree to be bound by the appndser's certificadone nemhemif 4 through 7 above, and om taking furl respansiniifty for the appraisal and the appraJsid mparL ADDRESS OF PROPERTY APPRAISED: 5675 Milt Road, Mattituck, NY 11952 APPRAISER: Name: Edca Stype McKenzie Date Signed: 12/12/11 State Cer~cedon #: 48000047267 er State License #: State: New York Expiraifon Date of Cerifiicaiton er License: 11/19/12 SUPERVISORY APPRAISER (only If required): $igostora: Name: Andrew D. Stype Date Signad: 12/12/11 State CerUflcaUon #: 46000022831 or State Ucense #: Stato: New York E~plraifon Date of Cerdflca~on or Ucense: 2/6/13 [] Did [] Did Not inspect Property Freddie Mac Form 439 6-93 Page2of 2 Form ACR -- 'WinTOTAL" appraisal softwom by a la mode, inc. -- 1-800-ALAMODE Fannie Uae Form 10648 6-93 34 L O N G 35 38 I S L A APTAIN KIDI ESTATES LAUREL MA ITU I1952 MA3'CH SEE SEC NO. ~99 MATCH ~ 27 1 i § 100-112 ZONING § 100-121 same force and effect if such regulations were set forth herein in full ?4 ARTICLE XIPs Marine II (MID District [Added 1.10-1989 by LL. No. 1-1989] § 100-120. Purpose. ~Pne purpose of the Marine II (Mil) District is to provide a waterfront location for a wide range of water-dependent and water-related uses, which are those uses which require or benefit from direct access to or location in marine or tidal waters and which, in general, are located on major waterways, open bayfronts or the Long Island Sound. § 100-121. Use regulations. In the Mil District, no building or premises shall be used and no building or part of a building shall be erected or altered which is arranged, intended or designed to be used, in whole or in part, for any uses except the following [one (1) use per eighty thousand (80,000) square feet of land above mean high water, .nless otherwise specified]: A. [Amended 5-9-1989 by L.L. No. 6-1989] Permitted uses. The following uses are permitted uses and, except for those uses permitted under Subsection A(1) hereof, are subject to site plan approval by the Planning Board: (1) One (1) one-family detached dwelling per single and separate lot of record in existence as of the date of adoption of this Article. 10093 ~ - ss-'ss § 100421 SOUTHOLD CODE § 100-121 (2) Marinas for the docking, mooring and accommodation of recreational or commercial boats, including the sale of fuel and oil primarily for the use of boats accommodated in such marina. (3) Boat docks, slips, piers or wharves for charter boats carrying passengers on excursions, pleasure or fishing trips or for vessels engaged in fishery or shellfishery. (4) Beach clubs, yacht clubs or boat clubs, including uses accessory to them, such as swimming pools, tennis courts and racquetball facilities. (5) Boatyards for building, storing, repairing, renting, selling or servicing boats, which may include the following as an accessory use: office for the sale of marine equipment or products, dockside facilities for dispensing of fuel and, where pumpout stations are provided, rest roam and laundry facilities to serve overnight patrons. (6) Maricalture or aquaculture operations or research and development. (7) Boat and marine engine repair and sales and display, yacht brokers or marine insurance brokers. (8) Buildings, structures and uses owned or operated by the Town of Southold, school districts~ park districts and fire districts. (9) Retail sale or rental of fishing, diving or bathing supplies and equipment if accessory to a marina or boatyard or ship's lof~ or chandlery. B. Uses permitted by special exception by the Board of Appeals. The following uses are permitted as a special exception by the Board of Appeals, as hereinafter provided, subject to site plan approval by the Planning Board: (1) Restaurants, excluding outdoor counter service, drive-ins ar curb-service establishments. Such 10094 1-25-95 § 100-121 ZONING § 100-121 prohibition shall not prevent service at tables on a covered or uncovered terrace or porch incidental to a restaurant. (2) Ferry terminals. (3) Transient hotels or motels, subject to the following conditions: (a) The minimum area ibr such use shall be not less than three (3) acres. (b) The number of guest rooms permitted in the hotel or motel shall be determined by the proportion of the site utilized for such use and the availability of public water and sewer. The maximum number of guest units shall be one (1) unit per four thousand (4,000) square feet of land with public water and sewer. (4) Fish processing plants. (5) Fish markets, which may include a combination of wholesale and retail sals of finfish and shellfish. (6) Museums with a nautical theme or art galleries. [Amended 5-9-1989 by L.L. No. 6-1989] Accessory uses. The following uses are permitted as accessory uses and, except for residential accessory uses and signs, which are governed by Article XX, are subject to site plan review: (1) Accessory uses as set forth in and regulated by § 100-31C(1) through (7) of the Agricultural- Conservation District, and subject to the conditions of § 100-33 thereof.56 10095 1-25-95 § 100-122 SOUTHOLD CODE § 100-131 § 100-122. Bul~, area and parking regulations. No building shall be, used and no building or part thereof shall be erected or altered in the Mil District unless the same conforms to the Bulk Schedule and Parking and Loading Schedules incorporated into this chapter by reference, with the stone force and effect if such regulations were set forth herein in full ARTICLE XIII Light Industrial Park/Planned Office Park (LIO) District [Added 1-10-1989 hy L.L. No. 1-1989as] § 100-130. Purpose. The purpose of the Light Industrial Park/Planned Office Park (LIO) District is to provide opportunity for the location of business and professional offices, research facilities, industrial uses and similar activities in an open, campus4ike se~ing in areas which are not appropriate for commercial activity or low- density residential development. In this area, such uses can be established in an attractive environment and serve both as a means of preserving the open qualities of an area and providing an area adjacent to hamlet areas where such uses can be appropriately developed with suitable protection for ground- and surface waters. All uses must conform to Suffolk County Health Department standards. § 100-131. Use regulations. In the LIO District, no building or premises shall be used and no building or part of a building shall be erected or altered 37 Editor~5 Note: The Bu~k Schedule is included at the end o[ this chapter, and the 10096 TOWN OF SOUTHOLD PROPERTY RECORD CARD I000 - lo~ ~- ~ ~'-vl~ p _~ '7' OWNER STREET ~'/,~ ~! ,c~ VILLAGE DIST. SUB. LOT ACR. FOYER OWNER N C~O ~ E ~, C~ ~.0.~ S W ~PE OF BUILDING LAND IMP. TOTAL DATE REMARKS / ¢ I Tillable FRONTAGE ON WATER Woodland FRONTAGE ON ROAD Mead0wland DEPTH House Plot BULKHEAD Total CERTIFICATION BY THE APPRAISER I hereby certify that I have personally inspected the property that is the subject of this appraisal report. That to the best of my knowledge and belief, the statements contained in the appraisal herein set forth are true and the information upon which the opinions expressed therein are based is correct; subject to the limiting conditions therein set forth. The reported analyses, opinions and conclusions are limited only to the reported assumptions and limiting conditions and are my personal, unbiased professional analyses, opinions and conelusinns. I have no present or prospective interest in the property that is the subject of this appraisal report, and I have no personal interest or bias with respect to the parties involved. My compensation is not comingent on an action or event resulting fxom the analyses, opinions or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in connection with the standards and reporting requirements of the Appraisal Foundation, New York State and the Uniform Standards of Professional Appralsai Practice. As of the date of this report, I have completed the continuing education requirement of New York State Division of Licensing Services. QUALIFICATIONS OF THE APPRAISER I, Andrew D. Stype, NYS Certified General Appraiser 846000022831, age 59, certify that I have been in the appraisal business for fair market value since 1971. Since that time I have completed over 3,000 written, certified real estate appraisals for residential properties, farm properties, lots, and business properties. I am currently the president of Andrew Stype Realty Inc.(formed in 1998) formerly Stype Brothers Real Estate, Inc. and I have been in this position since 1983. The business was purchased from my father, Val W. Stype, who had started the real estate and appraisal business back in 1964. I have personally engaged in the purchase and sale of reai estate on the east end of Long Island for investment. This experience has helped me to determine market value. Currently, Andrew Stype Realty Inc. is an active sales office involved in the sale of all types of residential properties, farm properties, vacant land and commemiai property. We maintain a full-time sales office, and in addition, offer consultation and management services. Currently our office covers Calverton to Orient for sales and the towns of Southold, Riverhead, Brookhaven, Southampton, East Hampton and Shelter Island for appraisals. QUALIFICATIONS - continued New York State Licenses, Designations, Memberships · New York State Certified Real Estate General Appraiser since 2/6/95. · Identification # 46000022831. New York State Certified Rcsidentiai Real Estate Appraiser since 12/2/91. · License #0691. · Member Columbia Society of Real Estate Appraisers · Member of the New York State Association of Real Estate Appraisers · Member of the Suffolk County Board of Realtors · Member of the Hampton and North Fork Board of Realtors · Designated Approved Appraiser by Suffolk County Real Estate Department · Licensed Real Estate Broker 1980 · Licensed Insurance Broker 1972 · Licensed Real Estate Salesperson since 1971 · Past Board of Director Eastern Suffolk Board of Realtors · Past Board of Director Suffolk County Board of Realtors · Designated Approved Appraiser Town of Southold · Successfully Completed 7 Hour National USPAP Update Course 10/26/06 · Successfully Completed 5 Hour Fraud Acts Course 10/27/06 · Successfully Completed 3 Hour Ethics Course - LIBOR 12/9/04 · Successfully Completed 7 Hour National USPAP Update Course 11/17/04 · Successfully Completed Appraisal Standards of Practice and Ethics 5/2/02 · Successfully Completed Residential Real Estate Investment 3/14/02 · Successfully Completed Residential Construction Course 11/7-14/2000 QUALIFICATIONS - continued - Education · Attended Report Writing & Analysis Seminar 2/1-2/5/99 · Attended Argus Commercial Software Seminar 1/99 · Attended Discounted Cash Flow Seminar 12/97 · Successfully completed course 420 Standard of Professional Practice Part B on 5/18/96 · Successfully completed course 410 standard of Professional Practice Part a on 5/11/96 · Successfully completed G-1 Introduction to Income Property Appraising 6/4/94 · Successfully completed G-2 Principles of Income Appraising 6/11/94 · Successfully completed G-3 Applied Income Property Valuation 6/18/94 · Attended New URAR Appraisal Report Seminar - 10 hours 12/21/93 · Completed seminar income approach sponsored by Appraisal Institute 1992 · Successfully completed N.Y.S. Residential Real Estate Appraiser certification requirements December 1991 Successfully completed SPP professional practice course November 1990 Successfully completed Society of Real Estate Appraisers SRA course 102 October 1988 Successfully completed Society of Real Estate Appraisers SRA course 101 February 1988 Completed seminar in real estate sales sponsored by N.Y.S. Assoc. of Realtors 1985 Completed seminar in real estate management sponsored by Eastern Suffolk Board of Realtors 1983 Successfully completed Part I Appraising Real Estate at Southampton College 1981 Successfully completed Part II Appraising Real estate at Southampton College 1982 QUALIFICATIONS - continued - Education Successfully completed Continuing Education Course in accordance with N.Y.S. · license laws 198t · Successfully completed Real Estate License Law Course 1979 · Graduated Burdett Business College - Degree in Accounting 1971 Consultation and Appraisal Work · Townships of Southold and Riverhead · Richard A. Winters, Associates · New York Telephone · Suffolk County Water Authority · The North Fork Bank & Trust Co. · Southold Savings Bank · Suffolk County National Bank · EAB · Long Island Savings Bank · Household Finance Corporation · Lenders Service, Inc. · Suffolk County Department of Real Estate · Relocation Services · Residential Mortgage Bank, Inc. · Biltmore Mortgage Corporation Appraisal Work - continued · Wickham, Wickham, & Bressler - Attorneys · Seheinberg, Scheps, DePetris and Depetris - Attorneys · Charles Raffe - Attorney · Caminiti & Gibbons- Attorney · Twomey, Latham, Shea & Kelly - Attorneys · Bridgehampton National Bank · Village of Greenport · Centerbank Mortgage Bank · Nature Conservancy · Chase Bank · Flatbush Federal Savings · Par East Mo~gage · Peconic Land Trust · Pindar Vineyards · Hargrave Vineyards · Peconic Bay Vineyards · Jamesport Vineyards · Duck Walk Vineyards · Gristina Vineyards · Pugliese Vineyards · Village of Sag Harbor Appraisal Work - continued · Southold High School · Riverhead High School · Town of Southampton QUALIFICATIONS ofERICA STYPE McKENZIE New York State Licensed Appraiser since 8/22/11 · Identification # 47000050097 · New York State Licensed Real Estate Appraiser Assistant since 11/20/06. · Identification # 48000047267. · Successfully Completed the 45 Hour Real Estate Salesperson course and passed the school and New York State exam. · Graduated Skidmore College with a B.S. in Business 6/99 · Graduated Southold High School 6/95 · Successfully Completed the Introduction to Expert Witness Testimony course 10/10 · Successfully Completed the Even Odder - MORE Oddball Appraisals course 10/10 · Successfully Completed the 2010-2011 National USPAP Update Equivalent course 10/10 Successfully Completed the Current Issues in Appraising course 9/10 Successfully Completed the 15 Hour National USPAP (Uniform Standards of Professional Appraisal Practice) Course 10/06 Successfully Completed the 15 Hour Fair Housing, Fair Lending and Environmental Issues Course 4/05 Successfully Completed the 30 Hour Valuation Principal and Procedures Course 11/03 Successfully Completed the 30 Hour Inlxoduction to Real Estate Appraisal Course 10/03