Tentative Planning Board Application

N IXON een Peabody LLP Laura M. Smith 1300 Clinton § PEA B 0 DY Rochester, a? meena Counsel

oleae at Law T / 585.263.1027

nixonpeabody com

@vixonPeabodyLLP ea CELE Ht) ismith@nixonpeabody.com

June 16, 2025

VIA EMAIL AND FEDERAL EXPRESS

Supervisor Flaherty and Town of Webster Town Board 1000 Ridge Road Webster, NY 14580

Dear Supervisor Flaherty and Members of the Town of Webster Town Board:

Thank you for your time and consideration of the above-referenced Proposed Lease at the Town Board Workshop and Town Board Meeting on June 5, 2025 (the “June 2025 Meeting”). In the event it is helpful in your consideration of the Proposed Lease, we respectfully submit the below responses to the issues raised during the June 2025 Meeting public hearing. The issues raised during the public hearing are summarized below in bold italicized type, with Verizon’s responses in regular type:

Alternative locations

Questions were raised about siting the proposed telecommunications facility at other, non- residential locations such as Xerox or Webster Park,

As summarized at the June 2025 Meeting, there is extremely limited flexibility as to where a new cell site can be placed. Wireless telecommunications devices operate by transmitting a very low power radio signal between the wireless telecommunication device (phone) and an antenna mounted on a tower, pole, building or other structure.

Because of the low power, a cell site is capable of transmitting to and from wireless telecommunication devices only within a limited geographic area. This limited geographic area is called a “cell.” A cell site must be located within a prescribed area in order to provide coverage for the entire cell.

Because each cell site must be placed in such a manner as to provide service within a particular cell, and so as to provide overlapping (but not duplicate) coverage with the existing or planned cells around it; or in the case of a capacity cell, to strategically overlay only where necessary to relieve the capacity problem, there is limited flexibility as to where a cell site can be placed. Wireless telecommunication providers conduct a thorough engineering study, using an elaborate computer program known as a “propagation study.” A propagation study shows, based on cell

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June 16, 2025 Attorneys at Law mxonpeabody.com Page 2 @WNixonPeabodyLLP

boundaries, topography and other factors, where a cell site needs to be located in order to provide wireless telecommunications coverage in a particular cell. The wireless telecommunication companies and RF engineers identify technologically feasible locations for the cell site.

Here, as shown on the Engineering Necessity Case presented at the June 2025 Meeting, enclosed herein as Exhibit A, there is a gap in coverage to the residents living in and motorists traveling through the limited geographic area known as the “Webster North” cell. To resolve the coverage and capacity deficiencies, Verizon is seeking to add a new cell within the search area shown on Page 1. There are no areas zoned non-residential within this search area, and no such non- residential area is close enough to address the coverage gap in the Webster North cell.

Additionally, we note that the two locations raised by the public during the public hearing as possible alternatives, Xerox and Webster Park, are already served by existing towers. Placing another tower within these existing cells would be redundant to the coverage provided there, and would do nothing to solve the coverage and capacity problems in the Webster North cell.

Impacts of radio frequency emissions on human health

Please see enclosed as Exhibit B a letter from the University of Pittsburgh dated March 11, 2019 regarding analysis of concerns of health effects of radio frequency emissions. This letter reviews reports from numerous other organizations, including but not limited to the Federal Communications Commission, the Food and Drug Administration, the National Cancer Institute, and American Cancer Society, which have all concluded that there are no adverse health effects from wireless telecommunications transmitting facilities.

Moreover, the 1996 Federal Telecommunications Act specifically preempts any local municipal control over cell site zoning based on perceived health effects.

Impacts on property values

Comprehensive studies have been done to analyze single-family residential property sale prices before and after the construction of a cell phone tower. As noted in the representational study enclosed as Exhibit C, which reviewed existing cellular tower locations in Monroe and Ontario Counties, the construction of a cellular tower does not have a negative impact on the sale prices and market values of nearby single-family residential properties. Indeed, adequate cellular service is desired and lack of it can have a negative effect on property values.

Impacts on noise

Except for temporary generator use during power outages, the Project does not emit any noise.

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June 16, 2025 Attorneys at Law nixonpeabody.com Page 3 @NixonPeabodyLLP

Impacts on safety

As shown on the Zoning Drawings presented at the June 2025 Meeting, attached here as Exhibit A, the Project will be surrounded by a seven (7) foot fence topped with an additional one (1) foot of barbed wire to prohibit unauthorized access. Additionally, the tower will not have any permanent climbing pegs within fifteen feet of the ground.

Moreover, the Project will promote public safety and welfare by providing a modern, more efficient system of communications for police, fire and other emergency services. Indeed, approximately 80% of calls to 911 are from wireless devices. Access to reliable coverage is also necessary for the residents who live in and motorists who travel through the Webster North cell.

Other environmental impact (wildlife & aesthetics)

Other assertions raised during the public hearing are addressed in Part 1 of the Short Environmental Assessment Form dated May 5, 2025 (the “EAF’”). As noted in the EAF, the Project is not located in and does not adjoin a Critical Environmental Area. The Project does not contain any species of animal, or associated habitats, listed by the State or Federal government as threatened or endangered. The Project does not contain, nor is substantially contiguous to, a building, archeological site, or district which is listed on the National or State Register of Historic Places, or that has been determined by the Commissioner of the NYS Office of Parks, Recreation and Historic Preservation to be eligible for listing on the State Register of Historic Places. The Project is not, nor is any portion of it, located in or adjacent to an area designated as sensitive for archaeological sites on the NY State Historic Preservation Office archaeological site inventory.

Moreover, the Project will not pollute, will not create noise or vibration, will not create any significant increase in traffic, will not create any environmental problems, will not increase population density, and will not create any demand on governmental facilities. The Project will not create any detriment to adjoining properties or change the character of the neighborhood.

Please let me know if there is any additional information I may provide to you in advance of the Town Board meeting on June 18, 2025.

Very truly yours, fn SK Laura M. Smith LMS/mkv

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University of Pittsburgh

Dietrich School of Arts and Sciences Pittsburgh, PA 15260

Department of Physics and Astronomy ‘ ‘ 2° 6 2 43 2 oo oy 163

www. physicsandastronamy pilt.edu

March 11, 2019

] have been asked by the CTIA to address any concerns over possible health effects related to 5G telecommunication infrastructure.

My name is Eric Swanson. I am a professor of theoretical physics at the University of Pittsburgh. } have published more than 100 papers on biophysics, nuclear physics. and condensed matter physics and given approximatcly 250 academic talks in 25 countrics over a thirty ycar carcer. | am the founder of the American Physical Society Topical Group on Hadronic Physics and an elected Fellow of the American Physical Socicty. | am also the author of Science and Society (Springer), Applied Computational Physics (Oxford University Press). and many newspaper and magazine op-ceds and articles.

Because this report will be addressing issucs concerning clectromagnetic ficlds 1 would like say a few words about what this is. Electromagnetic fields are waves that are created by moving charges (usually electrons) that traverse space at the speed of light. These waves are the simplest phenomena known in the universe and the physics related to them is well established. Waves only have three basic characteristics: frequency (how many times the wave oscillates per second). amplitude (the “height” of the wave). and polarization (we are most familiar with this via polaroid sunglasses). The figure below shows the “electromagnetic spectrum”. which is just a representation of the names that we apply to different frequencies of radiation. Notice that visible light is part of the spectrum. Other familiar parts are UV radiation at slightly higher frequency than visible light, x-rays at even higher frequency. and microwaves and radio waves at lower frequency.

When it comes to human health concerns there is an important distinction between different parts of the spectrum. While I could explain this in terms of physical concepts, it is probably more uscful to appeal to things we all know. UV radiation can be harmful because it can cause sunburns and skin cancer. X-rays and the higher frequency gamma rays can be even more harmful (at sufficient doses X-rays can cause cancer and gamma rays can kill people outright). Alternatively, we can happily spend days or months under indoor lighting with no chance of getting sunburn or skin cancer. The reason for this is that visible light is befow the threshold frequency for causing damage to molecules in our cells. This threshold is referred to as the ionization threshold: clectromagnetic waves that can break DNA bonds are called jonizing and

electromagnetic waves that cannot break bonds are called nonionizing. The electromagnetic

fields emitted by a cell phone and wireless infrastructure are nonionizing radiofrequency (RF) ficlds.

The frequencies used by 4G cellphones are around 2 GHz (this means two billion oscillations per sccond). These frequencies are about one million umes lower than UV frequencies, which places them well on the safe side of the ionization threshold. 5G cellphones and infrastructure operate at RF frequencies that are approximately 30000 times below the ionizing threshold.

ELECTROMAGNETIC SPECTRUM

Frequency (way o 4 1 1 1 mw wo * WY i 4 10 wm Ww 1

liz kHz

WOW AOMINNG @ADIATION

Microwave 3-30 GHz herapeutic Rad Radiation AM 520-1610 kHz §00-5. 000 EHz

FM 875-108 Miz

Smart Meters

09-245 GHz In the USA, 5G wireless infrastructure and 5G-capable cellphones are regulated by the Federal Communications Commission. All new equipment is tested and must comply with safety limits that have been set by the FCC. The FCC adopted the RF cmission regulations based on standards recommended by international standards setting bodies such as the National Council on Radiation Protection and the Institute of Electrical and Electronics Engineers. It did so after consulting with federal health and safety organizations such as the FDA, Environmental Protection Agency, Occupational Safety and Health Administration, and National Institute for Occupational Safety and Health to develop “consensus” regulations. Together, these bodies have assessed thousands of scientific studics concerning possible health effects of nonionizing radiation. Animal tests and other studics indicate that thermal cffects start to be felt at an energy deposition ratc of approximately }00W/kg (this is called the specific absorption rate, or SAR)!. The FCC mandates that the general public be exposed to no SARs greater than 1.6 W/ kg. In fact. according to the FCC, typical! exposures near cellphone towers are hundreds or thousands of times lower than this figure. The FCC also mandates that maxiniin perniissible

' For comparison, the heating pad | use to warm my arthritic knees is rated at 50W. | estimate it warms about 1 ib of my body, so this rather pleasant heating corresponds to a SAR of 100W/kg.

exposure (called MPE, this is a measurement of the cnergy deposition rate by areca) be lower than approximately | mW/cm2.+

The consensus of the world-wide health and government health and safety organizations is that non-1onizing fields at the levels allowed by the FCC regulations are safe. For example, federal agencies responsible for regulating the safety of cell phones and wireless infrastructure and leading cancer and health research institutions in the United States have not found any link between electromagnetic ficlds allowed by the FCC regulations and cancer or other adverse health effects:

The Federal Communications Commission (FCC): “As discussed above, radiofrequency emissions from antennas used for cellular and PCS transmissions result in exposure levels on the ground that are typically thousands of times below safety limits. These safety limits were adopted by the FCC based on the recommendations of expert organizations and endorsed by agencies of the Federal Government responsible for health and safety. Therefore, there is no reason to believe that such towers could constitute a potential health hazard to nearby residents or students.” 3

The Food and Drug Administration (FDA): “Based on our ongoing evaluation of this issue. the totality of the available scientific evidenee continucs to net suppert adverse health effects in humans caused by exposures at or under the current radiofrequency energy exposure limits.” 4

Other worldwide health and safety organizations are in accord:

2 FCC 13-39 (March 2013), Appendix A.

3 FCC AF Safety FAQ https:/Avww.fcc.gov/engineering-technolagy/electromagnetic-compatibility-division/ radio-frequency-satety/faq/t-safety#Q15 (last accessed March 11, 2019).

4 FDA Statement, Statement from Jeffrey Shuren, M.D., J.0., Director of the FDA’s Center for Devices and Radiological Heaith on the National Toxicology Program's report on radiofrequency energy exposure, Nov. 1, 2018. https:/Avww.ida.gov/NewsEvents/Newsroom/PressAnnouncements/ucm624809 htm

5 National Cancer Institute, “Cell Phones and Cancer Risk” Factsheet (2019), htips:/Avww.cancer.gov/ about-cancer/causes-prevention/risk/radiation/cell-phones-fact-sheet (last accessed March 11, 2019).

& American Cancer Society, “Cellular Phone Towers”, htips://www.cancer.org/cancer/cancer-causes/ radiation-exposure/cellular-phone-lowers.html (2018) (last accessed March 11, 2019).

European Commission, Scientific Committee on Emerging and Newly Identified Health Risks (SCENIHR) (2015): “Overall, the epidemiological studies on mobile phone RF EMF exposure do not show an increased risk of brain tumours. Furthermore, they do not indicate an increased risk for other cancers of the head and neck region.” 7

World Health Organization (2006): “Recent surveys have indicated that RF exposures from base stations and wireless technologies in publicly accessible areas (including schools and hospitals) are normally thousands of times below international standards . . . From all evidence accumulated so far, no adverse short- or long-term health effects have been shown to occur from the RF signals produced by base stations.” ®

Health Canada (2014): “The Pancl has concluded that the balance of evidence at this time docs not indicate negative health ecffects from cxposure to RF cnergy below the limits recommended in the Safety Code.” ?

United Kingdom Health Protection Agency Independent Advisory Group on Non-lonizing Radiation (HPA) (2012): “In summary, although a substantial amount of research has been conducted in this arca, there is no convincing evidence that RF field exposure below guideline levels causes health cffects in adults or children.”

Swedish Council for Working Life and Social Research (2012): “Extensive rescarch for more than a decade has not detected anything new regarding interaction mechanisms between radiofrequency fields and the human body and has found no evidence for health risks below current exposure guidelines.” |!

Norwegian Institute for Public Health (2012): “The studies have been performed on cells and ussucs. and in animals and humans. The effects that have been studied apply to changes in organ sysicms, functions and other cffects. There arc also a large number of population studies with an emphasis on studies of cancer risk. The large total number of studies provides no evidence thal exposure to weak RF fields causes adverse health effects.” !°

Similarly, the Institute of Electrical and Electronics Engineers’ International Committee on Electromagnetic Safety (IEEE/ICES), which is one of the expert organizations that the FCC

? European Commission, Scientific Committee on Emerging and Newly Identified Health Risks, Opinion, “Health Effects of Exposure to EMF,” (2015) (available at https://ec.europa.eu/health/ scientific committees/emerging/docs/scenthr_o_041.pdf).

® World Health Organization, “Electromagnetic fields and public health: base stations”, (2006), https:// www.who.int/peh-emf/oublications/acis/ts304/en/ (last accessed March 11, 2019}.

9 Health Canada, “A Review of Safety Code 6 (2013): Health Canada’s Safety Limits for Exposure to Radiofrequency Fields,” (2014) {available at https://rsc-sre,ca/sites/default/files/ SC6_Report_Formatted_1.pdf).

10 Health Protection Agency, “Health Effects from Radiofrequency Electromagnetic Fields, Report of the Independent Advisory Group on Non-lonising Radiation,” (2012) {available at htips:// www.ncbi.nim.nih.gov/nimcatalog/101602435).

1! Ahlbom A., ef af, Swedish Council for Working Life and Social Research, “Radiofrequency Electromagnetic Fields and Risk of Disease and Ill Health: Research during the last ten years," (2012) {avaiable at http://www.fas.se/pagefiles/5303/10-y-ri-report.pdf).

12 Norwegian Institute of Public Health, Report 2012:3, “Low-level radiofrequency electromagnetic fields, an assessment of health risks and evaluation of regulatory practice, (2012) (available at hitp:// www.thi no/dokumenter/545eea7 147 .pdf).

relies on in setting its RF emission standard, analyzed 52 ycars of studics and concluded that “the weight of scientific evidence supports the conclusion that there is no measurable risk associated with RF exposures” !3 even at levels five times higher than that permitted by the FCC. In short. the consensus of the scientific community is that the scientific evidence does not support any link between exposure to regulated RF and adverse health effects.

SG tclecommunication technology secks to increase data rates by a factor of 100 over 4G networks (to |Gbps or higher), decrease latency (time wasted in establishing communication) by a factor of 50 or morc, and increase user density drastically (up to one mobile device per 10 square feet). These capabilities will enable smart city technology, the “internet of things”, mobile service on airplanes. remote medicine, and the machine-to-machine communication required for the robotic cars of the future. It will achieve these things by placing low power small cell wircless infrastructure close together and by employing more of the electromagnetic spectrum (specifically, the spectrum near 30 GHz). Because 30 GHz radiation is nonionizing and the emissions from cell phones and small cell wireless infrastructure are regulated by the FCC's exposure standards that have withstood the test of time, there is no reason to believe there is a risk of adverse health effects. In addition, one can estimate MPE levels by using published data concerning the size of 5G small cell wireless infrastructure and their power ratings (these are also regulated by the FCC). The result is an MPE that is approximately 500 times below the FCC

limit. Thus 5G technology presents no substantial risk to the general public, and certainly does not present risk that current regulations cannot manage.

Sincerely,

COL

E.S. Swanson Professor of Physics University of Pittsburgh

'3 Institute of Electrical and Electronics Engineers, International Committee on Electromagnetic Satety (SCC39), “IEEE Slandard for Satety Levels with Respect to Human Exposure to Radio Frequency Electromagnetic Fields, 3kHz to 300 GHz," (2006).

VERIZON YERKES CELL TOWER 2061 COUNTY ROAD 8

TOWN OF CANANDAIGUA

ONTARIO COUNTY, NEW YORK

MARKET STUDY REPORT

PREPARED FOR

JARED C. LUSK

PARTNER

NIXON PEABODY, LLP

1300 CLINTON SQUARE ROCHESTER, NEW YORK 14604

Colliers

INTERNATIONAL

PREPARED BY COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

COLLIERS INTERNATIONAL b LETTER OF TRANSMITTAL — vatuarionsaovisory services | Colliers STERNATIONAL 100 E, Seneca St, Suite 200 Manlius, NY 13104 USA MAIN+1 315 4713111 wea www.colliers.com/valuationadvisary

May 22, 2025

Jared C. Lusk

Partner

Nixon Peabody, LLP

1300 Clinton Square Rochester, New York 14604

Dear Mr. Lusk:

At your request, the attached market study has been completed to analyze single-family residential property sale prices before and after the construction of a cell tower that is proposed to be constructed at 2061 County Road 8 (a.k.a. 2035 County Road 8), in the town of Canandaigua, Ontario County, New York.

The proposed subject is a 145-foot tall monopole cellular tower to be constructed on the 76.60+ acre site identified as tax map 56.-2-33.312 that is reputedly owned by Marlin N. and Leann M. Sensenig and classified by the assessor as rural vacant land. The GPS coordinates for the proposed cell tower site are Latitude at 42.930943 and Longitude at -77,.306180, and the ground elevation is 749 feet above mean sea level.

The report is presented as a market study in accordance with Standards Rule 2-2 of the Uniform Standards of Professional Appraisal Practice (USPAP), 2024-2025 Edition. Additional documentation concerning the data, reasoning, and analysis are retained in our work file.

The depth of discussion contained in this report is specific for the intended use/user stated herein. The appraiser is not responsible for any unauthorized use of this report. We are of the opinion that this report is not so limited as to result in a misleading opinion of value. It is also understood that the restricted market study report may not contain all of the supporting rational for all of the opinions and conclusions. The lower degree of detail does not reflect less investigation but rather a streamlined reporting of the pertinent information based on the needs of the client.

Nixon Peabody, LLP is the client and the only intended users of this report are the client, Verizon Wireless and the Town of Canandaigua. This report may not be distributed to or relied upon by any other persons or entities for any purpose whatsoever, without our written permission. All other uses and users are unintended, unless specifically stated in the letter of transmittal.

LETTER OF TRANSMITTAL

SYR250094

An extraordinary assumption that the subject property has no environmental issues has been made for this market study. An additional extraordinary assumption is considered that the Town of Canandaigua would approve the construction of a cellular tower at the proposed site; however, because this market study examines the changes in single-family residential sale prices between the periods before and following (after) the construction of an existing cellular tower in the vicinity of the town of Canandaigua, it is not required for the subject's parent property. Itis noted that the use of this extraordinary assumption might affect the assignment results. Please refer to the complete list of Underlying Assumptions and Limiting Conditions included at the end of this report. For this market study, no hypothetical conditions are assumed.

The intended use of this market study is to analyze single-family residential property sale prices before and after the construction of a cell tower.

The opinion of value trends is based upon the assumption that the proposed Cellular Tower will be similar to other recently constructed cellular towers in Upstate New York, as of the date of this market study (May 22, 2025), and that the actions and re-actions of buyers in each study area are reflective of the future buyers of single-family residential properties in the neighborhood of the proposed cellular tower identified in this market study.

The conclusion of this market study is that the construction of a cellular tower does not have a negative impact on the prices of single-family residential properties within one-half to one mile of the boundaries of the parent property on which the cellular tower was constructed.

The signatures below indicate our assurance to the client that the development process and extent of analysis for this assignment adhere to the scope requirements and intended use of the report. If you have any specific questions or concerns regarding the attached report, or if Colliers International Valuation & Advisory Services can be of additional assistance, please contact the individuals listed below.

Sincerely,

COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

Donald A. Fisher, MAI, ARA Susan D. Baldwin, MAI, Al-GRS Valuation Services Director | Syracuse Managing Director | Syracuse NY State Certified Gen. Appraiser #46-0060 NY State Certified Gen. Appraiser #46-3166

DAF/bah (File #SYR250094)

TABLE OF CONTENTS

SYR260004 TABLE OF CONTENTS: PROTOGRAPHS OF THE SUBJECT ‘PRORER TVS oii sever coie ie aac crte cas vaeotetisicaleshevsadiavwcsaas 1 DEFINITION OF FEE SIMPLE ESTATE: .............cccccccrssessssesessesesessrsesessnseeetseeeetaeesssssaseeessaseesseeneeenes 2 DEFINITION OF LEASED FEE ESTATE: .........c:cccccccsssessssesetsesesceacsececsesseseseeeessseessusseuseqessasesieeneense 2 DEE TING THIS OR AIC VIS, on sess esisecnesapenncsennsinas tira ceeeesneeensntsnsantgpunisqariresioeasTeaseeskineuena nes 2 SOO Bel MN ai he nie cs serariy tsa snizasisehcinisiagpGrennioae es reanies aa RNT MARE cucn A SENT gagaevehcceRaainse DONG 3 OAL APASICE: THINGS Paik PUM Y clase i cs cesta irene saeearalotatb da penttnamnantaeatnactssataNoNe HASTE TaD 4 PROPER PY DESC TON siscssiasssstitaep tiie eR nites a Sea 8 PARENT. PROPERTY Sore DSC OWN ais cite tctacckcasecaca aa Sei Scaa asi gaea seh peeactabaapnaiensecaoenaeA 8 ABBROOMNEINT FIND TR ee sii hits a ee ae eee 11 OI rans sscaeeieicsacaatc sain ap saa Ag ctdadapeentonnnrnnqnnranconensenqpreneesermesannntpnapnnsannasqnans remeqemncmnes mnpemmenammncnnnann 12 FLOOD INSURANCE RATE MAP (FIRM):............ccsessssesesssesererseeesseesenseeessesesststsstssseeenseseeeeae 13 PU a FN Ce ee lee scx snanarurnscona sign sesaasencepaasnentpnn geereessanersngaannnsgtenyibmn Timah aravasieesiemecnen tudes 13 RPEI Tr Fe Pa eee sors asiaskese cccg ta ecere ce see cuneate anna veep rane hin nid facesl tances Mlaseeoceabe thie 14 a Sate chn Mica nak ce i es dE SO = Creep ene are Pe ee eT ee se ee 16 Te PU Fa LEA Tee ih cst a fantinics ac tsiaveva teas i ea dl ea hea ana Fao 18 PS aes I FA Abe TOU re iia isis Rees aa ace 20 Ey SEE EIR MIM iat cao ceek Sac zs La cuicaa saat Taraga tena sda nab Aenea eens 21 GRIT T ROAD CEE LUG PRS TOWERS oi iscassaisissacessuestscesesvetetetanscsanosisitsastduiuivbttraecyrreorenrvsncnererneans 24 SUMMARY OF MARKET STUDIES? 0.0.0... ccc cscs ccecscseseuesessesussanassessesesevaracseseeseneseratnteatens 26 ee Re © a nn eee Toe 27 UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS: ..0.00.....ccccsccsceseesneeseneeeenenerneenee 29

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

PHOTOGRAPHS OF THE SUBJECT PROPERTY:

Location 3

ty

arccantel pea-reree

LOOKING AT PROPOSED CELL TOWER SITE FROM COUNTY ROAD 8 (PROVIDED BY CLIENT)

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250004

DEFINITION OF FEE SIMPLE ESTATE:

Fee simple estate is known as the “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 eschea 7

Utility easements along public roads are common encumbrances on fee simple estate ownerships; however, we recognize that the availability of public utilities generally enhances the potential uses and developability of the land through which they pass. Since it is typical for the comparable sales to have similar utility easements along their respective road frontages, no adjustments are required for rights conveyed regarding these utility adjustments and the subject's ownership is considered to be equivalent to fee simple estate.

The subject property is an owner-occupied vacant site to be improved with a cellular tower. Long-term leases do not encumber the subject property; however, Verizon Wireless is proposing to lease the site for the purpose of constructing a new cellular tower.

DEFINITION OF LEASED FEE ESTATE:

A leased fee estate is “the ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires”.”

The subject site is proposed to be improved with a cellular tower by Verizon Wireless; however, the valuation of the subject property will not be analyzed in this market study report.

DEFINITION OF MARKET VALUE:

The definition of market value, as defined by the Office of the Comptroller of the Currency — 12 CFR 34.42(g), Federal Reserve Board — 12 CFR 225.65(b), Federal Deposit Insurance Corporation — 12 CFR 323.5(b), Office of Thrift Supervision — 12 CFR 564.5(b), National Credit Union Administration — 12 CFR 722.5(b) in compliance with Title XI of FIRREA, is as follows:

Market value means 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:

e Buyer and seller are typically motivated;

* Both parties are well informed or well advised, and each acting in what they consider their own best interest;

* Areasonable time is allowed for exposure in the open market;

» Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

» 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.

' Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago: Appraisal Institute, 2022) 73. * Appraisal Institute, The Dictionary of Real Estate Appraisal, Seventh Edition (Chicago: Appraisal Institute, 2022) 105.

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

SCOPE OF WORK:

The descriptions of the subject property and the comparable cellular tower properties were obtained from the client and public records. The intended use of this market study is to measure the change of the range of sale prices of single-family residential properties before and after the construction of a proposed cellular tower. This market study is being reported in a restricted format that relies on a limited version of the Sales Comparison Approach, consisting of the research of sales of single-family residential properties in the vicinity of the relatively newly constructed cellular towers to see what the change in the property values were from the two years prior to the construction of the cellular tower compared to the two years after the cellular tower construction. In some cases only the year of the tower's construction was identified, so we would use the two calendar years prior to the year of the tower's construction and two calendar years after the year of the tower's construction.

We have been providing this type of impact market study to private and municipal clients for over a decade, with similar types of impact market studies prepared for proposed cellular towers, proposed solar farms, proposed water towers, and other types of infrastructure structures that might represent unusual or atypical protrusions from the natural landscape. The radii of the research areas for these types of market studies are typically between one-half to one mile within the viewshed of the proposed structure, depending upon the density of single-family residential development surrounding the cellular tower being studied.

To accomplish this research, the client has provided a list of over 100 cellular towers that have been constructed in Ontario and Monroe Counties ranging from the early 2000s to the current time. Towers constructed within the past two years were eliminated because there was not a sufficient “after” period of time for sales of residential properties to have occurred. A description of the market study process and the results of our study are included in the Market Study section of this report.

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 3

PROPERTY & ASSIGNMENT OVERVIEW

SYR250094.

LOCAL MARKETING AREA ANALYSIS:

The subject’s parent property is on the east end of County Road 8, in the town of Canandaigua, Ontario County, New York. County Road 8 extends northerly from New York State 332 to Townline Road (municipal boundary separating the towns of Canandaigua and Famnington), with the proposed Verizon Yerkes Cell Tower site approximately 0.87 miles south of the town of Farmington border. The parent property is about three miles north of the central business district of the city of Canandaigua and four miles north of Canandaigua Lake.

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

The relationship of a property to the surrounding properties forms the basis of neighborhood analysis. “Social, economic, governmental, and environmental forces influence property values in the vicinity of a subject property. As a result, they affect the value of that property.” (The Appraisal of Real Estate, 15th Edition, page 138). Thus, a marketing area analysis is a study of forces and factors, which will influence the value of a property in the future.

Within a given community, there are various groupings of land areas. Areas devoted to various uses that are somewhat similar are known as marketing areas. The marketing area is generally considered to be a subsection of a larger community where there is a general level of similarity structures and property uses. Marketing area boundaries may consist of natural or man-made boundaries that are usually obvious, with divisions that can be physical, political, or otherwise defined usually with a distinct change in land use.

Thus, a marketing area may be either used as a residential, commercial, industrial, agricuttural, or rural areas. There might possibly be a mixture of these uses within any given marketing area; however, there is normally a predominant characteristic to the marketing area. The various social, economic, physical and political forces within a marketing area also influence the individual properties within the area.

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© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

The subject's parent property is in a generally rural area with most of the land uses comprised of agricultural and wooded properties with residential development along existing public roads. The Center Pointe Golf and Country Club is about one mile to the southwest, and the Canandaigua Airport is about 1.7 miles to the southwest. The New York State Thruway (|-90) is about five miles to the north, and the towns of Victor and Mendon along the south side of the Thruway are about six and ten miles to the northwest. The city of Geneva is 17 miles to the east, and the downtown central business district of the city of Rochester is 20 miles to the northwest. The Farmington Grove Park and Farmbrook Park residential subdivisions are two miles to the northwest. Commercial development around the city of Canandaigua begins about one mile to the south along NYS Route 332.

Economic trends have been reviewed for each of the studied cellular tower sites including a review of the respective Town's equalization rates to show trends residential prices, Marshall Valuation Service’s (MVS) Building Cost Indices to reflect changes in residential building costs, and county median residential sale prices. Each of these sources was analyzed to calculate year-to-year changes as well as the multi-year changes required for each market study of the selected existing cellular tower sites that are identified later in this report. Following are tables showing the applicable equalization rates for the respective towns, a table showing the MVS Building Cost Indices, and a table showing the trends in single-family residential sale prices for Ontario and Monroe Counties.

City ot Canandaigua for Canandaigua OT Tower. ¢ 3.9 2018 New York State Equalized Full Value of

Town of Vietor for Victor Fue Hall Tower ¢,12.19 2016 New York Slate Equatized Full Value of

Arnual S

Year Equalizauor $1 Assessment imeaine Year Equalesa vot #1 Assessmetit Pera Raia (£0 f Fepethestiny Ratey Rale ($7 Fouaazalino Rae}

2016 100.00% $1.00 nfa 2014 100.00% $1.00 n/a

2017 100.00% $1.00 0.0% 2015 100.00% $1.00 0.0%

2018 100.00% $1.00 0.0% 2016 100.00% $1.00 0.0%

2019 97.00% $1.03 3.0% 2017 100.00% $1.00 0.0%

2020 96.00% $1.04 2.0% 2018 100.00% $1.00 0.0% Compound Annual Change 2017-2019 1.5% Compound Annual Change 2019-2021 0.0%

Town of Victor dor Winding Creek A Tower

6.9.45. 2020 New York Slaie Equaitred Full Value of

Annual *

Year Lqualizaten $1 Assessment Change Equalization $1 Assessment nase Rate ($1) Equatizatine Rate) Rate ($9! Fqushzatny Rate}

2018 100.00% $1.00 n/a 2018 100.00% $1.00 nja

2019 100.00% $1.00 0.0% 2019 100.00% $1.00 0.0%

2020 100.00% $1.00 0.0% 2020 93.00% $1.08 7.0%

2021 99.00% $1.01 1.0% 2021 93.00% $1.08 0.0%

2022 89.00% $1.12 10.1% 2022 80.00% $1.25 14.0% Compound Annual Change 2019-2021 0.5% Compound Annual Change 2019-2021 3.6%

Fown of Parma for Burritt Road Tower -¢,10.7,2021

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

Now York State Erjuahzed Full Value of :

Equalization $1 Assessment fe

Rate (Sti i-quanzatine Rate; — “PANUC 2019 100.00% $1.00 n/a 2020 97.00% $1.03 3.0% 2021 91.00% $1.10 6.2% 2022 81.00% $L23 11.0% 2023 71.00% $L41 12.3% Compound Annual Change 2019-2023 8.2%

PROPERTY & ASSIGNMENT OVERVIEW

Marshall Valuation Service Building Cost Indexes

MVS Building Cost index

Year (Class D, January) Annual % Change 2014 2956.00 n/a 2015 3024.10 2.3% 2016 3041.00 0.6% 2017 3051.50 0.3% 2018 3153.10 3.3% 2019 3266.00 3.6% 2020 3263.70 -0,1% 2021 3465.10 6.2% 2022 3974.20 14.7% 2023 4385.80 10.4% 2024 4266.70 -2.7% 2025 4365.30 2.3% Compound Annual Change 2015-2017 0.5% Compound Annual Change 2017-2019 3.5% Compound Annual Change 2019-2021 3.0% Compound Annual Change 2020-2022 10.3% i a cd O O 0 Oe O O QO o a O O * 2014 n/a $123,800 n/a 2015 n/a $126,550 2.2% 2016 n/a $129,170 2.1% 2017 $171,926 n/a $134,470 4.1% 2018 $177,388 3.2% $141,960 5.6% 2019 $184,824 4.2% $147,080 3.6% 2020 $192,618 4.2% - $154,340 4.9% 2021 $216,295 12.3% $173,340 12.3% 2022 $234,344 8.3% $200,410 15.6% 2023 $260,774 11.3% $224,130 11.8% 2024 $280,581 7.6% $245,220 9.4% Compound Annual Change 2015-2017 nfa 3.1% Compound Annual Change 2017-2019 3.7% 4.6% Compound Annual Change 2019-2021 8.2% 8.6% Compound Annual Change 2020-2022 | 10.3% 14.0%

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SYR250094

PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

The time trends for each of the five market studies that are included in this report are summarized in the following table. If there were sufficient sales within the one-year period preceding and following the year of the tower construction, then the multiple year interval is two years (mid-year of preceding year to the mid-year of the following year, é.g., for Canandaigua DT tower constructed on March 9, 2018, the mid-point of preceding year is July 1, 2017 and the mid-point of the following year is July 1, 2019, indicting at two-year period for the application of the time trend). The Canandaigua DT, Victor Fire Hall, Winding Creek A, and Dudley A tower market studies each used a two-year time span while the Burritt Road tower market study required a three-year time span (two years’ of sales both preceding and following the year of the tower construction).

Summary of Time Trends Used For Each Cellular Tower Market Study

Equalization County Median Market Time Trend Cellular Tower Ete Annual peters at Price Study Conclusion Multi- Trend Annual Trend # Years Year Trend Canandaigua DT 1.5% 3.5% 3.7% 2 7% Victor Fire Hall 0.0% 0.0% n/a 2 5% Winding Creek A 0.5% 3.0% 8.2% 2 12% Dudley A 3.6% 3.0% 8.6% 2 12% Burritt Road 8.2% 10.3% 14.0% 3 30% PROPERTY DESCRIPTION:

The subject is a vacant site to be improved with a cellular tower consisting of 76.60+ acres and is identified by the Town of Canandaigua as tax parcel 56.-2-33.312.

The property has not been the subject of any arm’s length transfers in the past five years. The most recent transfer found for the subject property is shown as follows:

Sale Date Grantor Grantee Book/Page January 5, 2018 Mark James Stryker | Marlin N. and Leann M. Sensenig 1399/142

We were informed that the Sensenigs have contracts to sell the parent property in two sections that are scheduled to close within the next few weeks: 76 acres for $650,000 and seven acres with the house and other structures for $525,000. We are not aware of any other recent listings, pending sales, or written offers involving the subject's parent property except for the proposed lease from Verizon Wireless for the proposed construction of a cellular tower on the parent property.

PARENT PROPERTY SITE DESCRIPTION:

SHAPE/TOPOGRAPHY: The subject site is slightly irregular in shape. Topography is generally level to slightly sloping.

INGRESS/EGRESS: Adequate ingress and egress is assumed to be available from County Road 8 because this is the address identified for the subject property.

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

Copies of site sketches, aerial photographs and the proposed ante

nna orientation follow for the reader's reference.

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© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES Fs)

PROPERTY & ASSIGNMENT OVERVIEW SYR250084

Location 3

ie . op Comic Soe Yerkes Phetosimulation ol proposed 120 3/18/2025 Yr pethierirdee dey pole at location 3 ce Joey 917 LAKE AVENUE Photo 5524 PHOTO LOCATION 9033.03 CosticH ROCHESTER. sv 14008 View NE Goss back yard 2155 CRS Frajact :D (38) 438.9020 42° SS' 43. 6260° N, 77° 18 30.7800" W 701" from site 17519310

PROPOSED LOCATION 3 FOR CELL TOWER (TOWER IS PROJECTED IN THIS PHOTOGRAPH)

om ome Engineering Yerkes Phaiosimitlivon ef proposed 120° 3/18/2025) \r Peers Monopole at location 3 CE. J08F TL? LAKE AVENUE Photo SS4A ; xcAT 9033.03 ROCHESTER, NY Ladi View E from 2005 CRA back line COSTicn BN 68h) 458-3020 42° 55 52. 4u64" N.77_ 15° 365328 W 130" fram site 31URIE

PROPOSED LOCATION 3 FOR CELL TOWER (TOWER IS PROJECTED IN THIS PHOTOGRAPH)

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

ASSESSMENT AND TAXES:

According to the Town of Canandaigua, the current assessment for the parent parcel is as follows:

Land Assessment 177,300

Tax Parcel 56.-2-33.312

Total Assessment $177,300

Improvements

The New York State Equalization Rate for the Town of Canandaigua is 98% (final as of June 4, 2024); therefore the property has an equalized value of $180,918. The property has a County Agricultural District partial exemption of $126,799. We are not providing an estimate of the market value of the subject property in this market study report; therefore, we cannot render an opinion of the accuracy of the subject property's assessment.

The 2024-2025 Canandaigua School District tax and the 2025 County/Town tax, as reporied by the Ontario County Department of Finance Office, are as follows:

Tax Parcel School Tax County/Town Tax Total Taxes 56.-2-33.312 $2,728 $1,057 $3,785

Copies of the Town of Canandaigua tax map follows for the reader's reference.

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094 ZONING:

According to the Town of Canandaigua Codes Enforcement Office, the subject is zoned AR-2; Agricultural Rural Residential - 2-Acre Lot District. This district is intended to encourage a proper environment to foster normal agricultural operations and land uses, to maintain an open rural character, to protect viable agricuitural soils and areas, to conserve natural resources, and to assure compatible types and densities of residential development on lands where public sewers do not exist and are not envisioned in the future, and where public water service coverage is intermittent. Permitted principal uses include agriculture uses and structures, one single-family dwelling per lot, one single-family dwelling with accessory apartment, commercial greenhouse or warehouse on five acres or more, the keeping of livestock on minimum lots of five acres, keeping and raising of furbearing animals and swine and fowl subject to larger than five-acre lots and in confined shelters, generally acceptable farm operations, and farm labor housing. Permitted accessory uses include accessory buildings serving residential uses, agricultural structures, off- street parking, sale of agricultural and nursery products, and minor home occupations.

The subject's proposed use, as a vacant site to be improved with a cellular tower, is currently being reviewed by the Town of Canandaigua.

A copy of a portion of the zoning map follows with the subject property marked by a red oval.

Town of Farmington

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PROPERTY & ASSIGNMENT OVERVIEW

SYR250094

FLOOD INSURANCE RATE MAP (FIRM):

From review of Flood Insurance Rate Map (FIRM), Community Panel #3605980005C (Town of Canandaigua), dated March 03, 1997, the subject property is in Flood Zone X. This designation is described by FEMA as follows:

Zones B, C, and X are the flood insurance rate zones that correspond to areas outside the 1-percent annual chance floodplain, areas of 1-percent annual chance sheet flow flooding where average depths are less than 1 foot, areas of 1-percent annual chance stream flooding where the contributing drainage area is less than 1 square mile, or areas protected from the 1-percent annual chance flood by levees. No Base Flood Elevations or depths are shown within this zone. Insurance purchase is not required in these zones.

It is noted that flood insurance maps are drawn in varying scale and lacking in detail. It is suggested that a surveyor be contacted for a final flood zone determination. Based on our review of the flood map, we conclude that the subject property is not in a flood zone. A copy of the flood map with the subject property marked by a red circle

follows:

HIGHEST AND BEST USE:

Prepared for Colfers Intematon al 2001 County Road & Canandaqua, NY 14424-5700

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The highest and best use of the subject's parent property, as vacant, is for potential rural residential development. The subject's parent property is currently vacant land; therefore a conclusion of the property's highest and best use

as improved is not applicable.

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VALUATION PROCESS

SYR250094

VALUATION PROCESS:

The intended use of this market study is to analyze single-family residential property sale prices before and after the construction of a cell tower.

This market study relies on a limited version of the Sales Comparison Approach, consisting of the research of sales of single-family residential properties in the vinicity of relatively newly constructed cellular towers to see what the change in property values were from the two-year period prior to the construction of the cellular tower compared to the two-year period after the cellular tower construction. Supporting documentation concerning the sales data and analysis are included in the Addenda.

The client provided a list of over 100 existing cellular tower locations in Ontario and Monroe Counties to consider for our market study research. This list was reviewed to identify monopole cellular towers in close proximity to the town of Canandaigua and/or in rural and near suburban areas similar to the subject property for the proposed Verizon Yerkes Cell Tower, initially reducing this list to about 25 sites that were checked for location of the parent parcel, location of the cellular tower, and for the availability and density of single-family residences in proximity to the parent parcel. Some of the cellular tower sites provided by the client were eliminated from the market study analysis due to incomplete information.

In order to identify cellular towers that had the potential for at least one “before” sale and one “after” sale which were similar enough to compare the before and after sale prices, we have utilized several sources of data including:

e OnX Hunt-—an on-line application that incorporates aerial photography, tax map boundaries, owners’ names, roads, and other locational information. This application was used to identify properties on which cellular towers had been constructed using the addresses provided by the client, which identified tax parcel boundaries, acreage, locations and owners’ names, but not the tax map parcel identification. The entire tax parcel is commonly identified as the “larger parcel” or “parent parcel.”

e Ontario County / Town of Canandaigua ImageMate — this is a database that summarizes the assessor's information of each tax parcel, including property type and acreage.

e WWWW.real-info.com is a data base that also summarizes the assessor's information for each tax parcel but also includes an advanced sales search feature that allows us to search for historic sales by location, property type, date range, and other characteristics. Using the client's list of existing cellular tower sites and the date each was constructed, we could use Real-Info to complete a search residential sales for both the before and after study periods.

o The search parameters used were sale date ranges, property classification code (PCC = 210 for single-family residential properties), and a search radius around the address of each cellular tower site.

o Depending upon the size of the parent parcel and the density of residential properties in the area, the search area was checked for the names of residential streets within one-half to one-mile radii that were considered to be within the viewshed of the selected tower site.

For each of these market studies, we compared the characteristics of the “before” sales to the same characteristics of the “after” sales, and considered adjustments for any significant differences including: e Time — the difference between the average sale date of the “before” sales was compared to the average sale date of the “after” sales, and an appropriate appreciation rate or time trend rate was applied.

o Economic trend indicators such as median sale prices in the towns in Ontario and Monroe Counties where study cellular towers were located, economic cycles such as average appreciation rates but which were interrupted by the Great Recession period of late 2007 through mid-2012 and the Covid- 19 pandemic from 2020 through 2022 were recognized; the “before” average and median sale prices were adjusted to the time of the average and median “after” sale prices.

o Equalization rates for each town were also reviewed to project appreciation rates for each tower site being studied.

e Site Size — site sizes for the sales searches were limited to 0.2 to 1.0 for subdivision lots or 0.2 to 2.0 acres for rural lots to minimize the differences in site sizes for better comparative parameters.

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VALUATION PROCESS

SYR250094

¢ Building Size — the size of each residence is included in the database information, allowing the average and median sizes of the houses in each market study to be calculated for both the before and after periods. The unit prices of the sales (Sale Price divided by Building Size in Square Feet) are used for study purposes to reduce the need to adjust for several elements of comparison. Use of the unit prices usually reflects an inverse relationship between size and unit price, indicating that as the building size increases, the cost or value per square foot of building size decreases. This trend is evident in single-family residential properties in the town of Canandaigua and surrounding markets. The Marshall Valuation Service (MVS) includes a table of Single-Family Floor Area Multipliers that were used to adjust for significant differences in average house sizes (when the after average and median house sizes are more than 100 to 200 square feet or more, depending upon house style, compared to the before average and median houses, adjustments for building size differences are applied. The Single-Family Floor Area/Shape Multiplier table is shown below; the slightly irregular shape category is considered most similar to the majority of the residential properties compiled in the following market studies. A copy of the full page from the Marshall Valuation Service's May 2025 manual is included in the Addenda.

SINGLE-FAMILY FLOOR AREA/SHAPE MULTIPLIERS

ope L a o | Long Rectangte Very regular Sunece Shgtety brregqutar ‘or trtegutar sures Cs),C4 1 2 3 & os ee ae a or vy 20 14177 ts 1 ng Tie i a Ln jb __sesv | 7.3 eoo 1433 1057 10re 1 | — a tt an tose | 18M tht 1.003 15 [= — £3 ome too fer 105 1526 ‘he | 1 oe 1m itt 0 2467 3a AM 1 1930 | 108 + O85 ih 1) +0) oot Sta Sa TOG? 1009 oa7 tos } 123 SOC: 0 Sat 3M oi 33) | 1h 1 aM Dah 064 1 1ano st ce] Sx | er ET? 1.88 1532 OS: 2 ath os sir BT oa fj tuat ron Out 1 Dae a 2 aud Bit a Bhi o55 Bat ogy wor [ eae 102) xe ae. tw! jit ee wes cd] 823 A: sd ore ror’ s Patty 4) | MD Bet 6 & snk oC 1005 | and noe me a? as oie 59) 263 ua8 por a0 | Tt £000 ' a a73 k Sos Bs AL gir oat, 560 | 206 Ars aS? ai SO: &H ga? a2? or arn eg ‘at Bu Far] xa) sab Set ow v7) OGL 25 5206 Sf Bh sit ow ce os] ae 5a00 t Be $23 510 Ei] 963 at aA? 60 are as Bot sat | se S45 | A bet | | se Bh] OBE se | 4x) tan if L ] Ste BAS { o55 5M |

e Building Style — the initial market studies included all house styles (Colonial, Ranch, Raised Ranch, Contemporary, Old Style, and Cape Cod styles). Differences in the room counts for the numbers of bathrooms and bedrooms are usually directly related to the overall house sizes. However, when there are a sufficient number of before and after sales of the same house style, we have analyzed subsets of the market data for individual house styles.

e Building Age — the house sales in each neighborhood were sufficiently similar in age that did not require additional adjustments.

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VALUATION PROCESS

$YR250094

Our research identified five existing tower sites that had multiple transfers of single-family residential properties in the two-year period before the construction of the cellular tower and at least one single-family residential property sale in the one-to-two-year period after the construction of the cellular tower (one-year before-and-after study periods were used in the suburban and urban locations where multiple property transfers occurred for analysis purposes; two-year before-and-after study periods were used in the more rural locations where the frequency of residential transfers was too low to allow credible analyses). The other cellular tower sites provided by the client were not as suitable for before and after unit price analysis for a variety of reasons (e.g., construction date was too recent to allow “after” sales analysis, quantity of before and/or after sales was too low for analysis purposes, location was too dissimilar to the subject property location). Many of the cellular tower sites provided by the client were in rural areas surrounding by large tracts of agricultural land, woodland, or abandoned farmland without many or no nearby single- family residential properties. Some of the cellular tower sites were surrounded by educational, commercial, or industrial properties which did not meet the research criteria for this market study.

The following tables summarize the results of the before and after residential sale price comparisons for cellular towers constructed in the city of Canandaigua, town of Victor (two tower sites), town of Perinton, and town of Parma. For some of the cellular tower sites that were studied, there were a sufficient number of before and after residential sales of the same house style to allow us to review before and after price trends specific to a specific house style.

CANANDAIGUA DT CELLULAR TOWER:

BEFORE AND AFTER RESIDENTIAL SALES FOR CANANDAIGUA OT TOWER, 163 SALTONSTALL STREET, CITY OF CANANDAIGUA. C. 3.92018. ALL HOUSE STYLES

ste 5 7 OG St MOGs TYLS ALES SALE DATE sae rRK Sa.LER

2017-61-03 STEWART LYNNE UEACH JASON

228 Ba ame WEST AVE z002 2017-00-23 =a VANBROGKER JOHN HAYS ELLEN 263 4 ‘GIBSON $F Earrd o.17 2017-08-13 | ., . 1 GLOOMCHERYL a2 J2 PROPERTIES INC | BA 06-1-7 278 GIBSON ST ‘372 4. RANCH 0.45 2017-08-23 $i SMITH KILEY F 1382389 THOMAS JEFFREY 23.12-4-55 20 WEST AVE 1960 ‘OLD STVLE o.19 2017-04-07 = GOLDSTEIN DANIEL lime 4 a3 AUSTIN WALLIAM C | B41 1-68 178 CLARK ST S62 = RANCH 0.31 2017-04-26 _|__ Sioa. 000 ga RYAN CHRISTINE B 1353 953 YELSKY EVAN 9 $3.16-3-37 156 GRISTOL ST 2060 ‘OLO STYLE ou 2017-06-22 | $137,000 = PERRONE PATTIA F K A RORIGAN 1355 | 166 STOVER Wp JACKE _ 4 — _ —— + _ $4.05-3-67 11 WOOD ST 1672 we OLD STYLE O11 2017-06-09 $137.00 bd \. ANDERSON ERIC A 1356) MEHLENGACHER AARON M $3.16-2-54 | 260 GRISTOL ST 1680 OLD STYLE O18 2 2017-06-19 900- bial BOND SHEILA 8 i 1385 572 GUTTERMAN KEITH #312111 170 GIBSON ST 1378 | OLDSTE 0.29 | 2017-0615 7 sim4900 | See MELLER MARY A 1386 | eas | BOND SHEILA B | 34.05-5-87 a pri 4 PLEASANT ST is4a OUOSTE 0.14) 2017-07-05 000 bo BILLIGHN A z 1357 | 756 MCHENRY MAUREEN K 71.17-2-6 rer PLEASANT ST 166 OLD STYLE O36 2017-07-24 $US, coo 105 BYRD AARON 1389 ) 505 SHERIDAN ZACHARY } + === = Sn ——>}__——_—_—__—_ + 4 pA = : + +—- + — = 33.16-2-46 L230 GRISTOL ST uz |__OLD STYLE 0.19) 2017-07-34 $186,000 39 TAGGART MEGAN Laas | is4 BECK WILLIAM . - = ~ EE ad SE 4.06-1-22.1 321 GIBSON ST 1737 OLD STYLE 25 2017-06-11 $164.000 $37 iL MOTCHELL EUZAGETH 139 | 69 OLSZEWSKI STANLEY see GORHAMST 178 OwwsTE | 0.23 | 2017-08-25 $142,000 3% ____FUNICELLO SUSAN taso | en2 KROUSE DOUGLAS ] 04.13-4-24 35 FOSTER ST 1357 OLD STYLE 0.23 2017, 03 $47,000 d Soe i ELUIS JEFFREY 4 1333) 6 4 CRANE HANNAH . 83.12-2-61 165 WEST AVE 1751 OLD STYLE O29 2017-10-26 $131,000 Sit i MORROW-ULLY UNDGAY 1354 | 466 MASSARI-ORTIZ RAISHA 4 B4.03-5-63 30 4. BEALS ST 1396. OLD STYLE O2 2017-11-15 + $34,000 $3 | KEELY JOANNE 1355 | 91 BURGESS THOMAS. 64.09-4-22 La WIAGARA ST 1524 4 OLD STYLE D2 2017-11-22 S00 = oe + PERSONALE PHELUP 1396 | 381 PERRIN STEVEN m.09-250 [95 7 CHAPINST _ 1731 OLD STYLE 0.44 | 2017-11-28 [$112,000 S85 WELCH PATRICK Jase Tees LESIO RAYMOND 64.13-4-20 51 FOSTER ST 1186. _DLOSTYLE Ol? 2017-17406 | 000 3 4. KELLER JOHN 1397 423 | c KIDDER SCOTT $4.45-1-5 a5 » CHAPIN ST 1856 SOLO STYLE 4 OAT f 20171214 | S1n\.000 wh GENECCO DAVID 138) MURPHY CASEY j — +> ava sear on sass [sr rs MECtAN a8 a418 rd art b- . + - ‘ > - P = ADJUST ENT FO Tae 2c ™% Ld 1 + + 4 | m 3 Ea 1 | s —! ADJ UR TMLENT FOR BUALDIND BILE x ~ 3 i ' } + = -| 1) — + -- + 4 “ - - + = ——_—__j L M0467 7a GIBSON ST 254 OLD STYLE + a2 2019-01-15 S2a3,000 5 PATRON SKI STEFAN J AND ASHLEY 1421 | @6 YOUNG RICHARD AND AMANDA K j 83.60-2-6 160- CHAPIN ST 1677 OLDSTME | O13 2019-02-14 J $117,000 _S I JOHNSON JEFFREY ' 1423 | 472 MCBAIDE MARGARET = + = Looeneeee 83.12-4-83 234 GIBSON ST B16 RANCH + O17 | 2019-00-28 pims00 $156 : __CWYERLLAMES 14a | SS MEANS ANDREW il 94.06-1-64 a os GIBSON ST 2532 OUD STYLE 15 | 2019-03-15 | $255,000 $101 al: COLMERAUER MATTHEW 1435, 14) CRAVER KRISTE 71,17-1-32 240 PLEASANT ST 4 L860- EF OLD STYLE 0.26 I 2019-03-79 $158,000 | LJ FLA PROPERTIES Luc uaz so) NICOLETT LYNN BA B4.13-4-27.2 5S FOSTER ST 1624 SPLIT LEVEL 035 | 2019-04-16 300 bad BEMENT JACOB T 4 A826) 3t. HASSINGER LAURA 84 13-1-72 164 CLARK ST eis OUD STYLE O17 | 2019-04-22 $132,000 $107 MACHAEL KEITH H 1426) 932 WENTZ KRYSTAL ———— te = ah = $4.1%433.1 ) 33 FOSTER ST 1109 RANCH 0.26 | 2009-06-31 |___ $azm,000 $116 HAGITAT FOR HUMANITY OF ONTARIO. 1423 | 35 WISE BECKY & j 84.54-1-36 243 PLEASANT ST 1414 1 OUD STvtE gir 2019-06-26 | $112,000 Pied DOUGLAS JOSHUA P 1430 | 7r4 ETTINGER TINA > - — B4.06-3-34 235 GIBSON $T _ 2m OLD STYLE a Ae o7 2019-07-15 $222,000 $100 POLANSKI KEITH 1431 | oes DUFFNEY ALEXANDRIA cll LL os23s 4, 6 CHAPIN ST _ 2080 OLD STYLE O17 af 2019-07-16 . $170,000 _ 581 NEWELL LUCILLE 1431) 966 SAETTA CODY RICHARD i 63.12-4-78 233 GIBSON 5T pmer:*4 OLD STYLE O17 2019-07-30 145.000 $1233 HOSIER MARY 1422 | 760 SCOTT HENRY |__ B43 1-52 ui? his CLARK ST. _ 1560 OLD STYLE 4 Oa 2019-08-72 176, 900 $10. MODRE STEPHEN = 1433) 107 STORIE DAVID 64.09-5-28 4 TWLLCTSON ST 1E 1660 OLD STYLE 0.26 2019-09-16 ,. _ $12, 450 $78 LEASURE JOHN AK A JACK 1436 | 105 | _ ODEUL RENEE ANNETTE 1 ‘97.02-1-27.100 $100 TF PARRISH STREET EXT 204 OUD STYLE O73 2019-10-11. $162,500 $71 a WAUGH STACY ANN 1437 | B48 TURNER AUTUMA B413-2-46. Et] CLARK ST T thd OLD STYLE 018 2015-10-14 4. $204,900 SWAEBY ROBERT = 4. 1438 08] ' BISCHOFF KIRK 6406-324 5 GIBSON ST I 1322 OLE STYLE 016 2019-10-17 $129,000 598 » ENRIGHT TODD 430; 79 MILNE CRISTIAN 84.09-2-5 sc ) CHAPIN ST 1300 QLO STYLE 0.15 2019-11-08 $74,000 343 WOLF DONNA + 1439 | 971 MOON SARAH 7117-21-35 aay PLEASANT ST 216s OLD STYLE O12 2019-12-23 $190,000 Sa BRESNAN DANIEL 1442 | 717 LOGAN DANIEL L L AVERAGE sagz = 029 14a eas ive = L MEDIAN 1 4 ov $132,450 éz + — | — —_—_ 4 BEFORE AND AFTER AVERAGE UMT PRICES. Lid __ UEFFERENCE BETY TORE AND AFTER MEDIAN UT PROCES A% ;

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VALUATION PROCESS

SYR250094 BEFORE AND AFTER RESOENTIAL SALES FOR CANANDAIGUA DT TOWER, 183 SA TONSTALL STREET, CITY OF CANANDAIGUA -C. 39.2018 -OLD STYLE HOUSE STYLES TAs mara Starrr mock MoOGsSTreE ane SALE DATE Sar eur ra fa sete rena a } 8312-453 aE STEWART LYNNE a LEACH JASON ] 63.17-4-60 196 WESTAVE ton OUD STYLE @19 | 27-07-23 | $ra,c00 as VANBROOKEA [OWN ao [33 HAYS ELLEN ] 84.06-1-49 163 GIBSON 5T 2422] OLDSTYLE O17 | 017-93.13 00 wa _ BLOOM CHERYL yea] aa | 12 PROPERTIES INC 83.12-4-55 0 WESTAVE | 1960 OLD STYLE o19 | 2017-04-07 | $169,000 se) GOLDSTEIN DANIEL 132 | 759 AUSTEN WILLIAM C j 83.16-3-37 156 BRISTOL SY 2060 OLD STYLE 18 | 2017-05-22 137.000 7 | _—*PERRONE PATTIA. F A HORIGAN 1385 | 166 STOVER IJACK E ] 84.06-3-67 no WOOD ST 1672 OLD STYLE G11 | 2017-06-09 137,000 [a ANDERSON ERIC A 1386 | 9 & HER AARON ha j P 83.16-2-54 | 80 BRISTOL ST 1680 QLD STYLE O18 | 2017-06-19 133,000 $79 j BOND SHEILA & 13a6 | 572 | GUTTERMAN MEITH , a3.12-141 170 GIBSON ST 4a OLD STVLE 029 | 2017-06-19 MILLER MARY A [1386 | 8s BOND SHEILA B j 2408587 | 2s | PLEASANTST 1980 OLD STE Qld | 2017-07-05 BILLJOHN A wae? | 76 MOHENRY MAUREEN « ] 711?-2-6 29 PLEASANTST ‘1696 OUD STYLE 036 | 2017-07-24 BYRD AARON 1389 | 905 SHERIDAN ZACHARY ] 03.162-46 | 210 BASTOLST 1512 OLD STE O19 | 2017-07-31 TAGGART MEGAN 1339 | 158 BECK WILLAM ] 84,06-1-22.1 RI GIBSON ST 1737 OwsTnE | a2 | 2017-0811 MITCHELL EUIZABETH 4135 | _ ea GUSZEWSKI STANLEY 4 64.06-3-46 154 GORHAM ST 478 DIDSTLE | 023 | 2017-08-25 FUNICELLO SUSAN 1390 | a _KRGUSE DOUGLAS |___ B4.13-4-24 as FOSTER ST 1257 | OWSTWE 023 | 20171003 ELLIS JEFFREY js [eT CRANE HANNAN 83.12-2-61 169 | WEST AVE A751 QLD STYLE 19 | 2017-10-26 $135,000 $77 MORROW-LILLY LINDSAY 1394] 666 MASSARI-ORTIZ RAISHA ] 34.09-5-63 50 BEALS ST 1396 OUD STYLE eo? | wi71115 o ty KEELY JOANNE 1395 | 9 BURGESS THOMAS. | 094722 | 137 | NIAGARA ST 1524 OwsTie | oe | 7007.19-27 $17,500 ET} PERSONALE PHILLIP 1396 [381 PEARIN STEVEN 34.09-2-50 55 CHAPINST | 1731 | OLD STYLE O44 | 2017.11.28 $112,000 “ WELCH PATRICK soe] LESIO RAYMOND 1 9413-490 si | FOSTER ST 1186 oust fat? | 2017.12.05 $99,000 3) _ KELLER OHM Ex} KIDDER SCOTT a M4a53-5 35 CHAPIN ST 1856 DLD STHLE O17 | 2017.92.14 sion [saz GENECCO DAVIO 138 [35 MURPHY CASEY | AVERATE jee 6.21 S127 105 hig j Bee, MEDAN 17 LARLY 6132400 $7 4 . a — ~ “ UB TMENT PC TRIE. of ™ so z a | 3 + 1 j Ao } 403 te + hie 23 | 201s-0115 $227,000 Sap | PATRONSKI STEFAN ) AND ASHLEY 1421 | 856 YOUNG RICHARD AND AMANDA K | 013 | 2015-02-14 117,000 $e YOHNSON JEFFREY 1473 | 473 MCBRIDE MARGARET 015 | 2019-03-15 $255,000 sin COUMERAUER MATTHEW 1475 | 144 CRAVER KRISTE O76 2015-03-29 gusacoo FU¢ PROPERTIES LLC sais Too AICOLETTI LYNN M4 | 0.47) 2015-04-22 $12,000 $107 MICHAEL KEITH H 1476 | 932 WENTZ KRYSTAL O17 | 2019-06-26 $112,000 DOUGLAS JOSHUA P 1430 | 74 ETTINGER TIKA 0.17 | 2019-07-15 $2,000 $100 POLANSKI KEITH OUFFNEY ALEXANDRIA __] 017 | 2019-07-16 $170,000 ai (NEWELL LUCHLE SAETTA CODY RICHARD 0.17 | 2019-07-30 [$149,000 $173 HOSIER MARY = SCOTT HENRY O41 201S-08-07 176,900 sua MOORE STEPHEN STORIE DAVID 0.26 | 2019-09-16 | $132,450. ud LEASURE JOHN AK A JACK ODELLAENEE ANNETTE O73 2019-10-11 162, 500 ui} WAUGH STACY ANN TURNER AUTUMN O38 2019-10-14 104,900 = SWAEBY ROBENT BISCHOFF KIRK O16 | 2019-1017 129,000 ENRIGHT TODD MILNE CRISTIAN 0 0 ‘ow sn G15 | 2019-31.08 sao a WOLF DONNA MOON SARAH 7117-2.35 237_| PLEASANT ST 119 OLD STYUE 0.12 nS. 13-75 | 160, 000. Sea _ BRESWAN DANIEL LOGAN DANIEL + AVERAGE _ 174 r: #161707 El , METRAN 1954 Haat i _——T _ : ANO AFTER AVERAGE URI PRICES. as L = DPFERENCE BETWEEM BEFORE AND AFTER MEDUAN UT PRICES 1%

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VALUATION PROCESS

SYR250004

VICTOR FIRE HALL CELLULAR TOWER:

BEFORE AND AFTER RANCH STYLE RESIDENTIAL SAL OR VICTOR FIRE HALL TOWER 3. 12.43.2014 {OUSE STYLES

eax s SALE DATE SALE PRES > 5 our

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TT re —_ ae ae 4 eg ELDON Cs el + _ pe RACH, ol i a Cr a a) 2015-05-31 = PYONCH ANDALW | pw) sa MAGRERZAGHARY ] SHLAA ADG a 2h [ [_ta0 Ts QRIMEG CHRISTOPHER M Ceo isa Ri ET moisten | Pith RAL WilGe HARRY & pe tos 4 i ' TAREYTON ON Te | RAISED RANCH eis zesoeis | sn OX ANHAP es a oa ee ae aois-O8 22 ue} OTHIASLE Oth pe) xs ey i 4 SILVER HILL PATH aap | cHONIAL try FOMTOM BRUCE M a ae WALT R GOUGLAS Ww a L at FENWIGE AM a COLONIAL iis BENETT KHAN M4 pa Ts] STATI ManjHag | 70.16-1-2117 a7 WOODWORTH $7 =m TAL ' __JARAA SOUS F waz | 701 HEATHER 4 259)-1-102 1 TREVOA RUR a COMONIAL MOGEEN DAVIE A eo | ss AXFOAD CRAIG P 1.841600 |? ‘Sather ie sas [RACH Wilco Wag AAd A Poa Toa MITCHELL NESSIE "} 16.10-173.000 | 970] SAGAMORE WAY. ae COLONIAL COMPOSTO RICHARD & JR iar 7A GULLOGK AMES M | 1d 10-6 008 “ _MIWLCREST Of oo wtuve h _es OS bo | Mw Ell 1600 © : ee e675 Gurren Hi 5) [en onarat "ROBIN ROMERT W Ts DLA WFFArEE merer’'® 1 Anmscsab08 OF: ru BAT some poet Ss ig 54-5. i WILICREST Oh i SPT Leve, PHILS FAA SOTISOUMK HERE ne MARVEY GARY 16.18-3-2,000 $ wisi row Ce ' EDELMAN BM GMAEL as | sor GOOOBAM HATHAN® a 16.1629 98 iy WINSTON GR tux Tt RANCH a Oe Oe ERICL 135 Ta? ‘STEW ANE C 0-1-4000 ‘912 G 1562 SOLOWIAL es T BULMAN PATRICLA = LANTIER TH 16.10-1-59.008 FENWICK LH J oe __SWAATE REVI ise | ase _ MOMS MATTHEW PALL 12.064 Camotae Ht OR a L MODORALD TER RAR aa STEPHENS <gRAY a | __.16.10-7- 60.000 THESTAUT HL OPAL HEA MARE Ma AIM STEPHANE itasmons | «| eENTOR RAISED RANCH Bas H ‘GRIFFITH CARGL F ZI CARPENTER wwviiaad M4 IY 27.62-1-$8.860 | __Winuneatow OF r 20 i i : TYMAUEH RB 1VTONGTON RENTES VALENT AIcRAMD aA as ee O6TO PHUIP = se oe ee Se ee ee - | SSO mae Heng) war AWS URIS OPER SA AMD ANE QD pet? |e CS ee B AVERACE T —_ | ——_ — 2 = 4 + +--- + — a o% ms ——r — a a 7 — + + + _ + b = = tema eee my Aamo _) tesa - za ee 28. WOLFE STEVEN. [ener Ly ee eee ee eee ee — eas aa, Lao ee ——— ae ee See ee coasnina ce 27-3130 fe STRYES Ure} Co Te : } Mie grace a ATOUATAL OR ars a 7017-0106 = a ROBINSON JEFFERY 270 PALTAIDGE beOeali = |___ 16.14 67.000 7 _MTME WAT 3272 RAIS Aa | Oe 2017-02-99 | Saahooy sane C1 Joss Te) MEWDOM PROPERDES GROUP L 16 64-13 Gee =e [AREYTON OF : RAISED RANCH Cee ie a a) FISKE @ROOK um | ae MENDON PROPERTIES GROUP L Lim camotnwticen | rome COM AL ga 2017-03-06 $170,000 or GAAREVE MIQRAEL io | 76 GWEN BRETT A 2 36.0537, « SOMERSET IM “na RANCH 026 2ai a sine 137 OGx eROPLAMES UC ai [air ROBERTI PETER 36.48.00 | 2 ‘ALPIRE Wa 3 | RASEO RANCH | 033 | 27-0406 ines 74135 CORCORAN GGHALD E 7 ua | as TUAHER JOHN C 2eor.1200a___ | e6po | CAMDEN HILL OR GROWAL 2917.04.29 Saengos gaan REL TAINO SHOMAS J. PATRIGAJ aay | ose RHNSTON ADAM | SS ee ee ee ee Aine 2s) __su0a000 wi] a APPLEB ANN iOylt SOMAWOT EAIENE S. 77.00-166 19 | nat A 16 or a eT) AeOORE Will hae @ = 4 a BEC Ee eee el era eS ae EG piSO ROBERT Se SS) ee a ee ee ee 2-06-01 = ANC AS@m epIETIN ®. — ee ae. tor we SEM bMS TON Cr soe, eae Te ic se. 3 Ke isee Tvs TAO RISE 3082 COLOWIAL 27-06-06 S2mge0 POTTER STEFFEN —_ HOLLICK IEAEMY © 16,.04-1-8.000 toms] AZZANO. OM | _ 2a HOMIA qoere )samaria TT giag HVE IM. 0 @ A AYAN HOMES OF HE Lae? | as ___PETTINE DAVIE 4 “Lari 5 WOOSWOATH 51 a0 COLONIAL mraz) $275,208 sas 3 EATON FAYE De) 33 LIND ERIE 16 es-a6.000 as sonatas TAN ne AMC 2017-07-18 | uth a0 3130 SP iim pow foes 7 ER TRE 20.10 1-1003 =] woonwoamh st Le CRLONIAL yeezorys ) gya7sme sus TARWACHIEL CARL uy as TO BIKOWSIY CARY Jb 2 BED00 396 TNSINGTOWE! | 3666 rl 7017-0818 : Coat TARAS BORD THY bes | so CARSON RowaaD 2 SALEM CR 1153 EASED RAN | r Sa 77 eed auc [tse 36 FUGA EOWIN 0 | SOMERSET IW a RANCH pines 74 | pamaee y STANLEY RI CHAEL iT aa oe DIEQER LOMAAINE Hl Toe eS ee a ee TLE SS 2.1 a a HILLCREST OR ~_ ANCA mareeai [$139,800 533 euGHES CRG OT THOMAS CRAIG 2 femensence nk __| nfl 28 2 S| _ mee mma NES C eo SUSAR Depew [ ae] aroumens oa un COLONIAL T Siem a TT CARLUCE NICHOLAS : m7 T - ___ VISTOGHD SAVIO. 16 10-5-31.000 “ Sni on a) Rano zoi70ss )sppkeog Tea RS CANO 132) 453 FOU /EFF RET Gres a B ALMNE WAY us RANCH + ? a rh : WOLMES ROB EAT Lim T< SEF ELD TANNER Led IO 13.133 15 WOSS WORTH ST las? Ge onta Jj a016 ae $m4 GAAVEY (OHM ae a gen x 16.080 24000 | Lore ALLAN OR eae ONIAL 2017489] sam eo ss [Ms FIC OBA RAN HOMES © isa bon MALOMIEY WILLIAM ; FE) WooowoaTH $T 1) SNTEronaay p07 69, n z CHALAPICK ROBERT ua LINES WiQeOUas Vy 19-453.000 Uae AURHE WAY ua [2017-11-03 999 T = MOY innad s fae as nouliy xo 2900-1-2 A en SAINT FOHNS PRWY. DM GROMIAL dears paragea gaa STATHOPOULOS CONSTANTINO | ass Te YARALLI NICHOLAS 80-1-2.00b eC a a eT poraay? segue sie Buowo ocnonar ims |e SHAN? DAVID “Ly? 17 WOOSWOATH $f 1 a FTI mp2 $24,900 TT ‘Hog IT MBAINE Foe H. us | a CASEY SEC Pte $8.10: 64.009, i Oe a Te LE a a a a a SS) SS ee itso n UATONMAE RE OR GRONIAL oT Cg eee tH TREAD PROPERTIES Lic ue i = FORO ANA AN e. .- ae T tai + oe Pee MEDIAN ee ome a3, cae _s . Ss ee es ee Oe +— + * pole a ee a 4. — CAFFERENCE BETWEEN BEFORE AND AFTER MECRAN UNIT PRICES th ae

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

VALUATION PROCESS

SYR250094

16.10-1-72.000 | 979 SAGAMORE WAY 1936 cotonia, | aaa | 2o1s-o103 | $272,000 $140 | NASTA DAVID MARY 1331] 125 | MOONAN CHRISTOPHER CAITUN 6651 | SAINTIOHNS PKWY | 2828 COLONIAL oa | 2015-01-16 $299,900 | $141) FOLTYNWILLIAMAT_KAREN D 1331 | 8a NOELMARCUSS SHRIO woopworTH st | 2134 COLGNIAL 024 | 21s-0708 $273.900 $138 PATTON STEVEN A nia] aoe | LAMB BRETT TAREYTON DR 1908 coLOWiAL | 0.28 | pors-o3.13 [$143,000 J $302 STEINBACH JUSTIN 1334] m0 RIEMER SEAN P KENSINGTON CT 1gi0 COLONIAL o3 | 2015-0017 $7700 | saa MULDOON STACIEH 1336 | 604 JOHNSON LORIN B HUXLEYWAY | 2016 COLONIAL 046 | miso $umono sie CUFFARE PHILIP 1338 | 224 DILMORE BRANDON 33 WOODWORTH ST res | coioniat | 02a | 2ois-o518 | saeasoo Tsu? | DVONCH ANDREW) 1338 | 513 MAURER ZACHARY 28.02-1-2.074 | 1076 SIENNA RDG Er] cooniat | os | 201-0617 | s4aso0 125 REINHARDT MICHAEL G 1340 | 685 LORENZO CHRISTOPHER Mi 16.10-2-47.000_ | 907 | TAYLOR ASE | 207 COLONIAL ss. NOTHNAGLE CHRIS 1440 | 909 REDINGTON ANTHONY 77.02-2-1.000 [7799 | SMVERHILLPATH | 2449 | COLOWIAL a ae FENTON BRUCE MA 141] an WALKER DOUGLAS W 16.10-1-55.000 | 501 FENWICK LN nn cf: COLONIAL se BENETTON M4 1341 | 857 STATT MARSHALL 78.10-1-1.117 a7] wooowoari st 7429 | COLONIAL $101 IARRAH YOUSEF 1342 [201 MALONE HEATHER 7a02-1-2052 | os | TREVORRUN =| 2538 COLONIAL 2015-07-10 | [$136 MODEEN DAVIN 1342 | 308 AXFORD CRAIG P | 16.10-1-73.000 | 970 SAGAMORE WAY vam] —covomial | age | osaré | samqooo [saz | COMPOSTO RICHARD EJR 142 | 7 BULLOCK JAMES M |_16.10-2-56.000 | 6875 | CHESTHUTHL 7551, | COLONIAL as | misceas | saeco 1 $137 7 TOBIN ROBERT W Ez cy DML JEFFREY E 16.10-1-50.000 | 912 FeNWICKLN | 1952 [COLONIAL 06 | 2015-0011 Suo.o00 | $18 GUMAN PATRIA Y 1346 | so0 | LANTIER THOMAS 16.10-1-58.000 | 509 FENWICK LN ins] COLONIAL oa | 2o1s0a25 | suasoy | $123 SWARTZ KEVIN 1356 | 456 LOOMIS BARTTHEW PALL 72.02-1-2061 | 6683 [ CAMDEN HRLDR 7313 | COLONIAL o4 | 2015-05-29 $2ns,c0g 1173 MCDONALD TERAANCE 1347 | 602 SVEPHENS KERRY 16.10-2-60.000 | 6883 CHESTNUT HL 22827 COLONIAL 1 | 202 ‘Sam, 000 aw) MOSHER MARK R 17 | 343 | CAIM STEPHANIE 6675 | SAINTIOHNSPKWY | 3015 | COLONIAL os Vamis- 1033 [$380,000 T$iz3 (EE ROBERT _ 1350 | 4a ALLEN 1ACOB [67 Une war 1967 | COLONIAL oa | 2015-12-28 | 19500 | Sill HAWK CHRISTOPHER MANDIWUEE | 1353 | 178 DIDAS JUANE BARBATO averse | 2948 4 os sreeser $138 —43 SSS \. MEDIAN a29t + a oss ' al $270 208 tht; | = ADJUSTMENT FORTE | if i Tohe Tt = : T es a T t a, - — SE Lo = + a ADUSTMENT FOr BUNLDEIG BIE _ “ a Sa is + + + _ 16.04-1-23.000__| 1076 AZZANO CIR 264 T cHonial | OF | 2017-01-06 || | NVR INCDBARYANHOMES «1377 |_332 WOLFE STEVEN 16.17-1-77.000 | 35 | LATCHMERE DR 2015 | COLONIAL 0.38 | 2017-01-19 do LEPORE PAUL pany YEUNG PETER 16.10-1-66.000 | 935 SAGAMORE WaY "1890 [COLONIAL oa_| 2017-01-20 ie COLEMAN STEVEN 1373 | 245 | CRAIG MICHAEL [_16.14-1-57.000_| 68 LATCHMERE Of 1788 COLONIAL 0.35 | 2017-02-06 T ROBINSON JEFFERY 1373 | 270 PALTRIOGE MICHAEL i 73.00-1.2003 | sess | CAMDEN HILL OA 702 COLONIAL o4 | 2170806 BARRESE MICHAEL 1380 | 736 OWEN BRETTA 1 7021-200 | 6600] CAMDEN HEL OR 2560 | COLONIAL oa | 2017-0427 ‘000 RESTAINO THOMAS J. PATRICIA) 1383 | Bee JOHNSTON ADAM 1 6686 | SAINTJOHNS PKWY | 2561 | COLGNIAL 06 | 2017-04-28 sunon | ss APPLEBAUMILOLAS Be | SCHAYOT KAISTIEO | 1177 |" WELUNGTON OR |" 2886 | COLONIAL a7 | 21-05-18 $3ie.000 7107 MOORE WILUAM B usa! sf BURDICK MARY E 6663 | SAINTIOHNS & 2558 cooniat | os | 2017-0525 | $asa.000 | $137 FARAR JOHN E wuss | 313 UERGYAGBERTS ——_ ges | KENSINGTON CT 1822 | COLONIAL 1 | 2017-06-01 $zs0.000 | $137 i ANDERSON KRISTIN 1365 | 669 MCKAY MATTHEW ] 979 KENSINGTON CT weg 7 cooniat | a | ani? 06-02 $206,000 $128 HANKIN CAROL Paes [90s POTTER PATRICIAA ] 215 TAYLOR RISE sme COLONIAL os | 2017-06-06 | $296,000 POTTER STEFFEN J 1385 | 44 HOLUCK JEREMY D [1075 | _A22ANO CIR 7340 COLONIAL 06 | 2017-06-26 $43,710 $145 "NVR INC DBARYANHOMES OFNE | 1387 | 175 PETTINE DAVID M WOODWORTH ST |" 1998 coioniat | 0.36 | 2017-07-21 $275, 000 $188 EATON FAYE as | saa [ UND ERIC ] a WOODWORTH ST 1705 COLONIAL 02s | 7017-07-31 sur soo | 5139 CARMICHIEL CARL 1389 |" S86 BIKOWSKY CARY 51 WOODWORTH ST 098 | COLONIAL 0.23 | 2017-08-29 $22.00 $134 SANFILIPPO THEODORE 1390 | #SS JONES JEFFREY | Cy LATCHMEREDR 1779) COLONIAL O77 | 217-0043 $234,000 $132 CARLUCCI NICHOLAS waz | 77 | VISTOCCO DAVID J as WOODWORTH ST 192 | COLONIAL 03% | 017-1016 | szas.000 sang Gan VEV OH 1353 | 504 SERGEANT COLTON 4 [107s | AZZANOCIR {2624 | COLONIAL 08 | 2017-10-17 $00, 660 $155 _NVR INC DBA RYAN HOMES O | 1384 | 309 [MALONEY WILLIAM 6673 | SAINTJOHNS PKWY 77390 | COLONIAL os | 2017-11-13 $373,000 $37 STATHOPOULOS CONSTANTINO 1395 | 668 VARALLI NICHOLAS 668) CAMDEN HILL OR zi? COLONIAL 06 | 2017-11-17 $305,000 J s126 BUONO DEBORAH 1396 | 59 SCHANZ DAVIC 7 WOODWORTHST | 1722 COLONIAL Om | miri2 | $239.90 139 HOUTENBRINK JOHN {3396 [207 CASEY STEPHEN R LATCHMERE BR 16827 COLONIAL 029 | wirizi4 | $205,000 12h TIBERIO PROPERTIES LLC er ae FONTANA JEAN | average az) 040 & Cre = __ MEDUN | te) $45 S2i2e06 firs) : j 1 ss OFFERENCE BETWEBW BEFORE ANO AFTER arroces | T 1% | 1 BEFORE AND AFTER MEDIAN LAST PRICES i> =.

BEFORE AND AFTER RANCH STYLE RESIDENTIAL SALES FOR VICTOR FIRE HALL TOWER, 34 MAPLE AVE, TOWN OF VICTOR - C. 12.13.2016 - RAISED RANCH HOUSE STYLES

PRICE PER DEED «REED TAX MAP str STREET SLDG SF BLOG STYLE ACRES SALE DATE SALE PRICE BLDG SF SELLER BOCK PAGE BUYER 16.18-5- 18.000 ENT DA Me RAISED RAH CFE Hn $122,000 CLAGETT CHAD PATRICA DEMCHUR DAVID 16.18-5-2.000 a? UNAUGH AG 108 RASED RAROH al 2015-06-18 $137,000 510? BRAUNLICH HARAT RK 1340 cd NCLUANGER JA SOOTHE 16184-40000 il TAREYTON OF Ws RAISED RANCH om 2015-06-19 $142,500 $71 Ox ANNA P 180 mI DAWSON JOSHUA D 146.18-5- 200 a ‘ENT DA 16. RaHEO RAMON a 7015-09-30 $124,300 $30 GAIFFITH CAROL F ar? a CARPENTER WILLIAM Me 16,18-5-26.000 nu LYAAUGH AG 108 RAISED RANCH ou 15-10-76 $149,900 ia HITTING TOW FEITH use 140 WALENTI ALEXANDRA AVERAGE Tee baa $134,260 104 MEDAN 1485 028 6132,000 mm ALUMS TENT FOR TRAE ™ tas LT 5% $83 ee eee ADJUSTMENT POR GUNLDING SIZE o% #38 G3 $93 36. 18-4-67 000 t ALPINE WAY 3277 RAPSED RANCH aM 2017-02-10 $142,000 Fil BAQWH ELAINE uy 514 MENDON PROPERTIES GROUP L 36.30-4-22 DOG 2? TAREYTON DF 156. hast$eo RANCH om 2017-02-16 $135,000 _i FISKE BROOK un ~ SAENHON PROPER TION GAGUEL 36. 184-45 000 i ALPINE WAY 97 RAISED RANCH O33 2017-406 3135,000 $135 QDACORAN DONALD E un He TURNER JOHN C 44 14-48-6600 7 SALEM OF 3153 RAHSED RANCH 033s Plbe'. 20) p2t000 $n LEGO LUCILLE 1330 26 AUEDA £OWiN AVERAGE 131 033 $123,508 iT MEAN 1213 03 $135,000 Hit CAPFERENCE BETWEEN BEFORE AND AFTER AVERAGE UNIT PRICES. 1% OAFFERENCE BETWEEN BEFORE AND AFTER M EDMAN UNIT PRICES 9%

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VALUATION PROCESS

SYR250094 WINDING CREEK A CELLULAR TOWER: BERR: D ER Ret Dé) A ~ FOR REE) R OF 4 BRO ROAD * OG OR 9 0 BLO p Ri P OEED DEED P R BLD R DA ER BUYER FI BLD AO) PAG# 16.10-2-105.000/6750| CANTERBURY TRL | 1949 COLONIAL 6.30_ | 2019-04-15 | $274,900 $141 MATTESON MATTHEW 1426 573 _[CAPPERELL KENNETH A 16.10-2-114.000] 961 | KENSINGTON CT | 2040 COLONIAL 6.30 | 2019-05-31 | $290,000 $142 VEET FKABARBER SANDRA, 1429 388 POLOTAI ANTON V 26.02-1-2.070 [1068 SIENNARDG 2477 |CONTEMPORARY| 1.02 | 2019-08-16 | $415,000 $168 WADDELL BOS 1434 64 GASPER RYAN 28.02-1-2.064 (6669) CAMDEN HILLDR | 2716 COLONIAL 0.70 | 2019-09-13 | $385,000 $142 BOND JUSTEN 1436 18 DOOLEY COREY 416.10-2-110.000) 991 | KENSINGTON CT | 2022 COLONIAL 0.20 | 2019-11-22 | $295.500 $146 PARIS EVAN A 1440 697 | GOOOWIN CHARLES D AVERAGE 2241 0.50 $332,980 $148 MEDIAN 2040 9.30 $295,500 $145 ADJUSTMENT FOR TIME 12% $166 12% $162 ADJUSTMENT FOR BUILDING SIZE 2% $169 2% $165 16.04-2-2.000 [1024| BROWNSVILLERD | 1006 RANCH 0.94 | 2021-07-27 | $220,000 $216 BOWMAN GLORIA 1477 $09 OSBORNE KELSEY 16.10-2-104 00016746) CANTERBURY TRL | 1711 RANCH 0.30 | 2021-09-03 | $333,000 $195 CALABRESE CHARLOTTE 1480 468 HARTMAN JOHN 28.02-1-2.061 [6683] CAMDENHILLOR | 2319 COLONIAL 6.40 | 2021-09-17 | $452,000 $195 STEPHENS KERRY 1460 | 923 2210 ANDREW AVERAGE 1679 0.55 $335,000 $199 MEDIAN 1714 0.40 $333,000 $105 DIFFERENCE BETWEEN BEFORE ANO AFTER AVERAGE UNIT PRICES 18% DIFFERENCE BETWEEN BEFORE AND AFTER MEDIAN UNIT PRICES 18%

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

VALUATION PROCESS

SYR250094

DUDLEY A CELLULAR TOWER:

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© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

VALUATION PROCESS

SYR250094

BEFORE ANO AFTER RESIDENTIAL SALE ) ¥ - A, 677 MACEDON CENTER ROAD, TOWN OF PEGINTON . C9 10.2020 - COLONIAL HOUSE STYLES

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WATERFORD WAY 1582 JOMES TIMOTHY BARRETT.COLN 6 WATERFORD WAY wat JEFF US LUCEY COLIN STONY BROOKIN 289 coLoMat DSCINTYRE TAMMY A DUZAN WALUAM FALUNG BROOK AO 2044 coiowiat | BOHN RICHARD) [az | 9 WOU SARAH} VALLEY BROOK DR 3474 COLONIAL | GAASER WILIAMP [azies | eas DERLETH JILL WATERFORD WAY 2005 COLONIAL UNETAO PAUL H 12186) 462 | _MABEARI ANDREW] [MATTHEW A 3000 COLONIAL BACIWER GARRY zig | a7 HERAMANN IAKO®.C 31] WINCHESTEROR ua COLONIAL AAICHAEL RL L207] 31 __TUNcA stzGn 2 WATERFORD WAY 1635 COLONIAL CHANGKAKOTS NARENORAC iz203) 22 TASKOSKI MARIC 5 BECKENHAM LN 1916 COLONIAL FONES ELIZABETH R ae) ns) HOOCK MICHAEL FT NORBROK AD 23 COLONIAL __STELMACK BRETT 12204] $00 WRIGHT JAMES A 1 WHEATFIELD Cin 1548 COLONLAL | 039 | 2019-07-01 | $219,900 a7 PAKNEJAD MUHAMAD 17205] 20 DILEK SULEYMAN ERHAN GAANDVIEW DA 2093 cOUAtAL | e77 | 2019-07-35 | sae9,s00 19 ~~ TAYLOAJOHN D bia] is] JREN FALLING BROOK AD 1880 couoriat | as? | 2015-07-16 | _s228.000 117 SHAULINSIO MACHELLE R a2] 231 ~ SANTANA IOHN M_ 4 FAWINGBROGKRD | iss? | couowim | ase | 2017-27 | s23,c00 123 CLEARYIAMES Wo 21s] ass DIXON DANIEL nal 10 SANDPIPER HL 2a coun | 035 | misorm | seco | sau UVINGSTON MICHAEL aziz) 334 MANUELZACHARYH 6 WATERFORD WAY 2a colonia | 033) 201s07-31| s2an000 p03 STRAWN DAVIDA tz1s] am YUZHANSUA ] 8 MATTHEW OR 190 | cowoniat_| aaa | 20190801 | sesngmo | gum NUZBACK ANNE PATRICIA iai9| 557 WURTENBERG JOSEPH ? z 3 GUANTON MIL OR 1554 colomia, | ozs | 2i0e-c7| sisacno | sit TAYUONT ICASUDORE RACHELLE | 12220 257 HUANG DON | “35 a | ROSSCOmmAON CRES | 1824 COLONIAL | cas | ameosos | Sola 500 120 | STRENCZEWILK IV MARTIN} m2) a7 SAgWH eLK recor | a3 | eRiMfigipoR | aos co.oniat [asi | mrs-ce-ca | susqcoo | giz CAAUNICEY SUSAN H 1223 | 257 PORRAY ALISON C | nes. | 1 ACONBUAYOR | 1632 colonut |" 02 | aiscos08 [ ~sisso00 | sus) KEULEHER SUSAN M wal 438 | TENNIFER A 16.00-2-46 | 4 MULBERRY CIR 7150 colonial [oak | ampceos] sn3.000 guy TATES VIOLET A 1223] 478 CLANCY CHARITY 1607-171 | 2 WATERFORD WAY. 7480 COLONIAL 2.89 | ahis-o8-12 | $343,200 slo RANDALL. CLARK TRUSTUA 1022 | 12024] aga ARDRICH RANOY A 13.0613] 1 | Roscommon cass | i900 | couoniat | as? aotsoez1 | suzoca Tus T RIGGIONE DEBRA “Tames eae ~_OOSER JEFFREY | 166.08-2-66 8 WATERFORD WAY [1 couonral__| 037 | 2019-0823] g71q000 sus _ COFER RUXHSANA uaaa2| aes | WEETORAK DEREK 155-3170 TiMway cr 1482 COLONIAL] 26 | 2mis-ce-2¢| _sumho00 ste ~ CONN KESEY ia] 3a | LAWNICZAK JASON 13.21% | 75 TAMBETH LOOP 1H CouNal | aai | 2019-0505 | sai 500 $113) SHERMAN JONATHANE sang] ae | LANDES DAWN M 6607-269) 6 NORBROOK RD 236 COLONL age | 2019-0517 | 293.800 su RAEDEA LARRAINEC 1a] 38 BANE KEVIN M 16703-7260) 7 RENICOTT CR 1728 COLONIAL | 053" | 2is0518 | _¢907,500 $100 CRIPPEN ROBERT E. Tl Pr me) CRESPO MICHAEL [1sa164-20 | BECKENHAM LN 1paa COLONIAL 35 | ais-09-26 | ¢i99.000 $im2 FEDELECIAUDE was] 456 MCE PHILUP SCT ae GENTIAN WAY 67 COLONIAL | O58 | anisioas | sxoc0 | guia MICHAEL ESTATE OF ae er ME ROIAS KAAS [Baia | 76 WINCHESTERDR | 2372 cowonial [a7 | oos-a035 | saso.oo0 |] s1i9 GREEN HEATHER L “Tizzss | asr PALEIUAD JENNA R 166.07-2-65. ? KiNGsey OR 2400: COLONIAL ov 2019-116 ‘ $4,000 L $123 FRANOS JOSHUA J Lite) 197 SNOW ADAM . ail 131s34 | 10 | _UTTLEBRIGGINS CIR Too | COWONIAL | 026 | 20151018) sano,o00 sha__| GOOGMAN USA ping [as COOKEKENNETH isdoeiia.s | ae | HAMILTON RD 1632 | cooniaL | a7a_| 2019-10-23 ooo [uss CENTOLA PAULA Juss “en PULLS AURA | ishissG? | 6 | _‘JEFFREYCIR 1680 COLONIAL” | a.39 | 2015-12-08 | = 00 sus __O'NEIL DIANE el) GILLESPIE AMES S snes | on DAHUA DR 162 coun | 035 | amsi213| $945,000 sis ENGLERT IASON W isa, 5 SCHEVE CRAIG W 6121-6 | 15 WATERFORD WAY 2079 cotoaial —Fa41 | 3015-12-20 a0 | GATEWooD FRANCIS mm) es | MARAFIOTI KEVIN P AVERALE 1 aa $494212 sits MEDAN 198 al. ie] 4 a '..e ois = x 17% $3 re | 7 = . ae A a ee wi aa eae cee ame SEE ee —— + a ee ——_ , 4 + 156.12-1-6) | 5 | WATERFORD WAY 1748 couoNIAL | oat [zomg | $252,800 Bt DEFISHEA ll RANDALL § PTAs) 392 | _WAGNER ADAM 165.0638 | 68 PEBBLE RO T1612 couoMiAl | 0.36 | mai-m-is | $955,000 sus BECK THOMAS C 12452] 456 | __SMTHDAVIDG 157.05-2-53 | 6 KENKOTT OR 1632 COLOMIAL | 0.35 | mn21-o1-27 | 909 si3 CLSGN DALE A 12456] 337 | WEBER KEVIN PALMER 1656.16-2-16 | 76 DVIEW DR 2105 coon | oi | mainez | s770c0 | SANT DANIEL W 1Mg7 PALCICH ADAMP d 166.12-2-47 ACONSURY OF } tee] cononal | os | oai-tg30 | s7.0m ner HAU BRIAN | 1494 MAXWELL SARAH M [53201-2773 | tae LOOP 14s2 coowial [a3 | aoai-ov23 | suas | see CANNON CLAIRE A 12430 FREIZA MONICAE weg. e421 Yaz | LARKSPUR LN 16 | cowonias [aaa | 207-0525 | $137,500 148 PRICE JR, THOMAS N 12506 KENT STEPHEN W weirs [se ) MATTHEW DA 2160 covontat__| oar | p0ui-5- 27 | $3,000 | frae BAG DERMOT JUSTIN T 12s AUEBY SAMUEL [6612-402 [2 7 GAYBERRY CR "1984 covontar [sz | 2oar-oeor] sasqooo [jus | MUALKI THOMAS L POUT LOUS ] 3301-7 | 69 7 WincHEsteK on zap | couowiat__ | oa | 2021-08-02 00 snes ANDERSON JEFFREY P SANCHEZ MOCHELLE K ] 153.16-1-53 | $2 LAMBETH L00F 17g COLONIAL | 026 _| 2071-06-04 oo) sm OLSON AILEEN DIPOALA SAMUEL F ] lee ui-i-st | 2 BRIMFIELD ck 2472 COLONIAL | 77 | 2021: 93 7] ‘ADAMS MARK § [52] asi | ZHAQYVE 166.15-7-51__| 71 GRANDVIEW DA 2208 COLONIAL | 034 | 2no1-08-14 | S315,000 | TRILLIAM PROPERTIES UC [azsas | 226 REINHOLDT MAREN MA 166.16-2-60 | 107 GAANDVIEWOR | _ 1675 COLONIAL | O35 | 2001-0615 | Sim0.ce0 S157 SOLT JOSHUA D i256] 6 HENDRICKSON DEREK R 15.07.21 | 61 VALLEY BROOK 08 2 covontat [a4 | sonn-o6-28 | sgsgcor [sas DEVITO IOSEPH Mt isz1] 241 STAUNCH CAMERON 183.152.3817 | SQUIRRELS HEATH RO 1634 coromiat [025 | 2001-0630 | srmeooa [$877 MADEO ROBERT A 12523] 14 LOCKE NICHOLLE 166.0818 | 1 WHEATFIELD CR 1546 covoniat_| 039 | 2071-07-01) $78q.000 162 DILEK SULEYMAN ERHAN 12524] S07 PARSONS KYLE A 166.08-2-50__ | $8 MATTHEW OA 196 coon a.a7 | 2021-07-02 | $387,000 130, REICH KVLE N 12524] 397 KEMPTON NICHOLAS ~366.08-2-15 | 20 vaueveRoor OA "| aisa["couonwan | “a7 | 2021-07-02 | $284,000 112 BROOKS GARRETTA 12523] 657 FAOES TARANAM 15706247 {a2 [am postenes | ase) conan | o.ma | ozi7oa | $235,000 pasa SUMMERS SUSAN C _ | as76] 229 MAURER MICHAEL P J 166.2-1-65 | 15 WATERFORD WAY 208 cotontal | aaa | 20n1-oF-14| $292.00 340 | MARAFIOTE KEVIN 12525) aoa SMTHAYER AINA 15300122 | 1 CAMERON CT 2082 comet [aaa | 2923-07-15 pe GANTT JEFFREY § 13530) 37 FRICANO JAKE P 166.00-157 | 30 WATERFORD WAY isso | covomiat | a.37_| 2921-08-13 | sus7,200 | SULLIVAN MICHELE L Jue FEHRENBACH JENNIFER R WALES | 35 ROLLING HILL DR ise] COLONIAL | 0.4 | 2021-09-16 | _sas.000 $155 ROSE ELIZASETH 12545 T 132. WUCHA-LUNG 1531579 | 45 | SQUIRRELS HEATHAD, 1748 coowia |" aze [ zo2-o8-26 [sesso | sue SUMMERS ZACHARY F Tuzsso) 9 SEGAR DANIEL § eH) S| UARKSPURLN [20907 cotoiat | "043 | azs-08-00°| —s308.000 sia KEELEY DAVIO 8 12551) 480 WAAS BRANDON € 156. 08- 2-63 23 = MATTHEW DR 2062 COLONIAL oa 2021-09-08 ROO S141 UYLE JEFFREY BA 22555) Sad DACONNGR EDWARD C 167.0823)? RED POST CRES am | eoiowia, | 093 | mo2o915 | gaas.coo s0 | ZIRKLE BRYAN S. JAMIEB 12s] 0 _CARDINA( MICHAEL | wioen2s | a7 VENCHESTER DA 2096 COLONIAL | aai | 7021-0817 | $325,000 30 RAMSPERGER DEBRA A Laser] 297 #ALLER CHRISTOPHER B 166.0F-1-6 | az VALFrERDOK OR [2016 COLONIAL | 051 | 2021-0920] _sr76.000 1M | __MEHAUCK DAVIDM asea] an | VANDERGRIFFT DARRELL W ~_167.05-2-48_| a4 RED Pc 1632 COLONIAL] am | 2021-0922 | _samno00 sa | SQMATZ JOHN F imei] er MEYERS RYAN M 166.07-1-4__| KB WATERFORD WAY 3163 COLONIAL | O38 | 2a21-09-24 | gean.o00 $139 KAMINS KA NANCY 1564) 386 | DANNER GREGORY 6607-138 | 72 VALLEY BROOK DA | 2544 COLONIAL | G37 | ma21-09-39 | _sath.oo0 FT) ROTH MATTHEW! 1566) 436 DEPERSIS SCOTT e121) 4 GRANOVIEW DR reas COLONIAL | 038 | 207-1008 | srun.c00 $148 GOODBERLET VALERIE 1zses| 354 POUCANO JOHN T jaorres [6] nossconmoncais | iaze COLONIAL | 48 | 2021-1007 | _s915,000 118 STEFNEURGH KERRY L 12570] 28 __BAKER JOSHUA D eS <> aT; GRANDVIEWOR | 2077 COLONIAL | G49 | 2mrin7? | $207,000 14 JACCAIG STEPHANIE | was77] 17 ‘OSGOOD CHRISTOPHER W | assorzag [43 | FAUINGBROOKAD | 2357 COLONIAL | 34 | 2021-1027) $90,000 128 MCCRORY GEORGE G 573) 529 ENGELKATAYN i [288.00-1-75 —| "30 ROSSCOMMON CRES ane] “covoniat | 04a | 2021-1027 | s274.909 $35 BROSS CHRISTOPHER 12573) 211 PASTORE EUZABETH (ieear-246 [3 7 ACONBURY DR Taso couoniat [a2 | zaniiozs | sa2,000 | 554 HUFF TRUSTEEKRUSTINE | 12580] 687 MEALEY HARRY : 166.11-1.87 | 37 FALLING BROOK AD 75 |" cotonm [aad | aoni-r-os | $917,500 | 315s BRADY LOIS Taser | DONROE KRISTEN MARIE 16.1r241 | 18 ‘ACONBURY OR reo | coioniat__fo24 | aarinos | a8 SILVESTRONE JUDY rasa] 408 | DURSO CAITUN =! 167.0-216 | 6} | _ DELEMEREBLVO ie] covomiat oe | 2eii-0s | saeaans gues MEIER BRANDON ise] 671 DURSO JON-PAUL : i66.07-2.33 |" 60 [ FALUNGEROOK RO 7460 coonia, | aaa | poor area | sasao00 3143 DRISCOLL IA DOUGLAS A ase] 413 ALEXANDER KATEUYN MACKENZIE | 1610104 | 19 FALLING BROOK RD 1850 corona [ose | 202-1703] sao | sms BRUNER ULE 12596] 155 | CROCKER ERNEST ] 1607-287 | 5 | ROOK RO. 20 coon [4 | zona03 | sasaooo su HOLMES JR. AITRIEM 12595] 557 EWOTT NICOLE ] 16.1332 | 4? ROLLING HILL OR 2024 corona: | oa | op2i-1206] sis7.000 | $127 RENCKERT THADDEUS R wse7] 19 SEOIO BIB: | 16.0179 | 2 VALLEY GROGK DR wis | cotomiat | 949 | 2021-12-10 500 gus GUFFEL KACHAEL E 1599] S41 GILLESPIE TORSTEN } 165.06-346 | 1 PUTNAMCIA ise] coum | 035 | 20m-i216) sisado0 | sua GANS JOSEPHINE “Tizsca i URHODIBEY OLEKSANDA ] ores | 8 ROSSCOMMON CRES 124] COLOMAL | a9 | 2021-12-17) $25 891 $57 BROWN NATHANAEL K | az602 | 2s ZHUGUANGHUI AVERATE 4 18 oan 200357 Hae MEDAN + 1oe 3 Led sae har SEFERENGE BETWEEN BEFORE AND AFTER AVERAGE UNIT Pfc rr a

VALUATION PROCESS

SYR250094 5 OR D RR D A OR OD 6 ole KR ROAD Q) 0 PER O 9.19.20 ) : : 9 : 2 ICI cee DEED DEED —_ D BO) PAG 166.12-3-48| 27 | LARKSPURLN | 1248 | RANCH | 0.40 | 2018-03-15 | $185,000 | $148 MARPLE ROSS 11997 | 179 DONIGAN JEFFREY M 166.12-1-30| 40 | ROLUNGHILLDA | 1248 | RANCH | 0.37 | 2018-0611 | $189,900 | $152 HEPWORTH CARMELA A 12036 | 648 MULCAHY MICHAEL OD 153.16-2-33| 235 | HAMILTONRD | 1589 | RANCH | O58 | 2018-0928 | $317,295 | $200 PRIDE MARK HOMES. INC 12082 | 522 SANBORN LAURA 166.12-1-38| 28 | MATTHEWOR | 1547 | RANCH | 040 | 2008-22-21 | $190,000 | $iza UNGENFELTER BRIAN M 12121 | 172 SOUTHWORTH ROGER 166.08-2-13| 41 | STONYBROOKLN| 1504 | RANCH | 0.45 | 2019-01-31 | $171,000 | $114 GRANVILLE KAREN W 12142 162 ROSENTHAL GARY D 166.08-2-18| 26 |VALLEYBROOK DR] i494 | RANCH [ 0.34 | 2019-07-03 | $192,000 | $129 BOOHER MICHELE E 12707 | 413 DIBERARDINIS JEANINE E 153.02-1-64| 401 | HIGHSTREETEXT| 1422 | RANCH | 0.41 | 2019-07-10 | $169,900 | $119 SKINNER TYLER S 12208 | 154 BLAIR ANDREW A AVERAGE 1436 0.42 $202,186 | $141 MEDIAN 1494 040 siassoo | 3127 [ADJUSTMENT FOR TIME 12% $158 | 12% $142 | ADJUSTMENT FOR BUILDING SIZE 1% $159 1% $144 166.12-3-48| 27 | UARKSPUR LN 1248_| rancH | 0.40 | 2021-01-19 | $214,999 | $a72 DONIGAN JEFFREY M 12453[ 174 WAY SEAN 166.12-365| 26 | LARKSPURUN | 1528 | RancH | 0.40 | 2071-01-26 | $196,000 | S128 ST. PHILUPS LINDA C 12456 [ 251 LORE CALOGERO 166.11-1-19] 21 | GENTIANWAY | 1750 | RANCH | 0.66 | 2021-00-11 | $230000 | S131 COUSINEAU CHRISTOPHER 12468 [ 586 CANNAN TYLER 153.16-1-19} 12] GAUWEYHILLLN [ 1040 [ RaNcH | 0.35 | 2021-06-03 | $235,000 | $226 OVERHAUSER JOHN A 12510 | 104 THORPE REBECCA 166.06-2-27/ 2 | PEBBLEHMLLRD | 1268 | RANCH | 0.45 | 2021-0818 | $208,000 | $162 LEVINE ALEXANDER 5 12546 [ 109 FOSTER MARK 153,05-2-29] 31 | WHEATSTONECIR| 1224 | RANCH | 0.78 | 2021-12-30 | $227,000 | Sass JOHNSTON GERTRUDE 12607 | 368 RUSSINA YELEWA D 166.11-1-13| 35 | GeNTIANWay | 1394 | RANCH | 0.40 | 2022-06-07 | $245,000 | S176 STEVEN ADDISON T 12673 | 459 EGL FELICE 153.20-1-23| 3 | LAMBETHLOOP | 1040 | RANCH | 0.31 | 2622-07-01 | $255,000 | $245 ‘| ELSIE E. BECKENGACH IRREVOCABLE | 12690] 68 GEORGE SHARON AVERAGE 1312 oaT sazeoco | $172 MEEHAN 1288 040 $228,500 | $182 IXFFERENCE BETWEEN BEFORE AND AFTER AVERAGE UNIT PRICES 8% DIFFERENCE GETWEEN BEFORE AND AFTER MEDIAN UNIT PRICES| 26%

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

VALUATION PROCESS

SYR250004

BURRITT ROAD CELLULAR TOWER:

BEFORE AND AFTER RESIDENTIAL SALES FOR BURRITT ROAD TOWER, 224 BURRITT ROAD, TOWN OF PARMA -C. 10.7.2021 -ALL HOUSE STYLES : . 48 GST 5 Sar PPC *RCE PER 5 2 CD «ERO n TAK MAP @ sta 5 Tete! 8L06 SF OGSTYE ACHES SALE GATE SALE PRICE StLi em BOOK PAOE wuYet

| 043.01-2-59 | 560 PARMA CENTER RD SPUT LEVEL 2019-01-16 ENCORE MANAGEMENT GROUP LC | MATVICZUK MEUSSA M_ J | 043,01-1-38.1 | 482 PARMA CENTER RD 3612) COLONIAL } 1.22 | 2019-01-18 EATING DANIEL G jigs] gs | BISCHOPING JAMES © _| | 042.03-1-6 | 97s PARMA CENTER RD 2160 SPUT LEVEL oga | 2019-01-31 SCARFONE JOSEPHE RAMSAY PA | 91242] 4 FELIX MICHAEL A 043.0015 | 167 PARMA CENTER RD 1705 RANCH iso | 2019-02-13 ZICARI JAMES C i247] 43 JEWELL RANDY T ] 057,01-2-31.2 | 1458 [HILTON PARMA CORNERS RO|__2939 | CONTEMPORARY | 0.87 | 2019-02.28 CANNONLAUAAB | 12153] 322 DUQUE ANTONI) |_042.01.2.28.1 | 1008 PARMA CENTER RD 1304 OLD STYLE 192 | 2019-05-07 SAMONS JOSEPH D 12190] 310. GRIFFITH ANDREA J | 033.0119 | 767 MANITOU RO 1480 ose | oso | 7019-06-23 LAWSON MARK jiziga] 646 TOOLE DANIEL 043.0317 | 469 PARMA CENTER RD 584 RANCH O35 | 2019-06-31 D'AGOSTING NANCY 12190] 583) HANSEN STEPHEN = 044.01-1-14 | 1053 MANITOU RD 1672 SPUT LEVEL 0.75 | 2019-05-10 ZWOLAK SUSAN M 12238] 733 | SPAULDING AUCIA ] 042.041-14 | 623 | PARMA CENTER RO 1176 RANCH 0.45 | 2019-10-27 | WARRINGTON FKABECK JESSICA | 12256/ 327 1 VARLAN SUSAN K j O81.08-2-10 | SEZ | BURRITT RD 1054 RANCH 0.50 | 2019-10-30 | KEHOE DAVID T _pt2zes] 216 | WOLF DENNIS E J 031.04-2-19.3 | $73 BURRITT RD 2199] CONTEMPORARY | 1.40 | 2019-11-08 | REVELLE DAVID | 12267] 591. | MATCO BUILDERS AND DEVELOPERS \NC 043.03-1-12 451 PARMA CENTER AD 142 RANCH 0.50] 2019-11.27 MCFEE EVAN J 1274] 690 | TRACEY ALLEN ] |_71.04.2-14 | 6a GURRITT RD 1798 CAPE COD 0.50 | 2019-12-16 IRWIN MAR 12285] 248 | HONAN ANDREW! |_031.03-3-21.1 | 877 GURRITT RD |2074 | RAISEDRANCH | 1.99 | 2020-03-20 MORGAN DANIEL J 12336] 198 | WINDUS JEREMY M4 |_ 2.03116 | 518 BUARITT RD 1232 | RAISEORANCH | 1.90 | 2020-05-13 CHIARENZA RYAN 12341] 59 OPHAROT TODD j O31.08-2-19.3 | 573 BURRITT RO | 2199 | contemporary | 140 | 2020-06-15 MATCO BLMLDERS AND DEVELOPERS ¢ | 1253] 134 7 PALMA RYAN J _| |.031,03-2-30.1 | 910 BUARITT AD 2332, | RAISEDRANCH | 0.75 | 2020-07-20 ROCK FRANK} 12365] 334 SWEENEY SEAN L j | 042.03-1-11.2 | gai PARMA CENTER RD 3oea_| CONTEMPORARY | 1.00 | 2020-10-09 __ KOLB TRICIA 12406] 501 | NICOTERA ANNA j 031.03-2-36 | 940 BURAITT AD 1610 COLONTAL 100) 2020-11-07 ____ JOHNSON KEVIN A 12416] 403 STEPHENS RYAN J _} | 043.03-1-2.14 499 PARMA CENTER RD 2087 _COLOWIAL o.as | 2030-11-30 ALBERTELLI ANTHONY G aa] 463 J SEAMAN SCARLETTE A 4 _025.01-1-6.3 | 353 MANITOU RD 1464 OLDSTWE | 1.63 J 2020-12-30 MMR JAMES pes] as 7 RIVALOC LLC __| AVERAGE 1095 1.55 — ae 1782 BITE | | ny GE i ——- fT - + + + = abe j [ADJUSTMENT FOR TWME 3-year bearval 0% | atta 1 a To ex | __sves T | 5 a 1 -———}— _ — 7 — + ———————————] [ADJUSTMENT FOR BUSLDING SIZE i= | a I 4 es | —— + i + $103 4 EE ss + * ~ - oo — + - ——- + — | 025.09-1-2.3 | ag? MANITOU AD 270 | coronal 0.92 GRIFFA FRANKLIN $ 12626] 539 NORTON SHAUNA M_ j 042.03-1.7.109 | 939 PARMA CENTER AD 2178 COLONIAL | 2.15 BARRON SCOTT A _12eaT] 631 COLLURA CHRISTOPHER T J 057.02-3-27 | 1381 | MANITOU AD 1056 RANCH ass | COLLETTI BRAD 12660] 16. CILIBERTO PETER F 043.02-1-7 | 78 | PARMA CENTER AD 1911 | RAISEDRANCH | 1.10 HARGARTHER DANIEL | 12663] 546 MANA ALEXANDER C O45.01-2-6 | 320 PARMA CENTER RO 1628 SPUT LEVEL os BAUMAN GERALDINE P 12719] 471 ROSS MICHAEL 043.04-2-16 | aS PARMA CENTER AD 2031 COLONIAL Lag PAGE EUGENE A Limi] 53 | TURNER SEAN DAVID 025.03-1-6 | 553 MANITOU AD 1367 RANCH oO BUANHAM APRIL Ties] 31a SCHRADER MATTHEW B 043.01:1-40.1 | 490 PARMA CENTER RD 2086 COLONIAL | 4.13 5 _ $114.99 | WEIDERT WILLIAM P 32748] 681 MOLL RYAN 04203-1412 | 835 PARA CENTER RD Ini7 | CAPECOD. | O.55 Szsa HYNES ANAC (428007 165 PUCKETT SCOTT P i ee ee See a? EE | _043.02-1-13 | 242 PARMA CENTER RD _] ow sre Ln] 7085 | | $214900_| $125.60 | SMELL ELISABETH MA jizz] 3s COLE RANDALLE |_057.03-1-20__ | 1530 | RANCH 9.80 | 20230027 | $166,000 $121.21 | GRISWOLD HARRY E _izeor| 362 VONSUHR ZOE B 032.04-2-1 | 224 BURAITT RD 2422) OWsTHE | 1.30 | 23-08-08 | $25e. 000 $103.22 COLON YAIRAZARAT 12828] 342 BUCHHOLZ NATHAN 943,02-1-221 | 121 BUTCHER RD 1916 COLONIAL | LAS | 2073-07-17 7io00 | $144.57 REYNERANNEV 7635 | 232 ZTHJROV SERHIL 042,03-1-13.1 | 827 PARMA CENTER RD 1785 RANCH | 1.33 | 2023-00-13 | sasq.o00 $252.10 THIEL AUSSEL W 13967] 233 HUBER MARK E | 931,042-19.117] 549 BURAITT RD 1680 SPUT LEVEL es | 2003-11-21 | $245,000 $145.83 QUERCIA KORY {12896 11 MELING NICHOLAS 8 j 043.03-2-11.1 | 265 | PARMA CENTER RD 2821 SPUTLEVEL 1.38 | 2003-11-28 | $316,000 $109.89 COYLE BARBARA S 47897 | 273 | SMITH BRIDGETTE E o72.04-2-3 | 209 | BURAITT RD 2250) SPUTLEVEL 0.70 | 2023-12-13 | $175,000 $77.78 LAURIN C M 12903] 452 | WOODS ERIK) AVERAGE 1970 440 $250,003 TES) MEDAN a) I 13 $245,000 3128 HM — 1 ae z ; 4. Su eel 4 ~ > — " BEFORE AMD AFTER AVERAGE UNIT PROCES a af ss l DEFERENCE BETWEEN BEFORE AND AFTER MEDIAN UNIT PROCES tan | | 5

BEFORE AND AFTER RESIDENTIAL SALES FOR BURRITT ROAD TOWER, 224 BURRITT ROAD, TOWN OF PARMA -©. 10.7.20271 -RANCH HOUSE STYLES

ars STREET BLDG SF @LOG STYLE SALE DATE SALE PRICE PRE Per SELLER PAGE BUYER PARMA CENTER AD ; $135,500 . ZICARI JAMES ¢ JEWELL RANDY T 043.03.1-7 | 469 PARMA CENTER RO 584 RANCH 0.35 | 2019-05-31 | $82.500 $23.84 D'AGOSTINO NANCY 12190] $83. HANSEN STEPHEN 42.041-14 | 623 PARMA CENTER RO 1176 RANCH 0.45 | 2019-10-47 | $120,400 | $102.38 | WARRINGTONFKABECKIESSICAY | 12256] 327 VARLAN SUSAN K 031.04-2-10 | 587 BUARITT AD 1054 RANCH 0.50} 2019-20-30 | $120,000 | $173.85 KEHOE DAVIOT y2z6a| 216 WOLF DENNIS E 043.03-1-12 | 451 PARMA CENTER AD naz RANCH oso | 2009-14-22 | s1agso0 | $128.28 MCFEE EVAN J i274] 690 TRACEY ALLEN 1352 6.34 $1201 s100 MEDIAN 1442 or $120,400 s10s ADJUSTMENT FOR THEE uw #130 | 2% #127 ADJUSTMENT FOR BURLDING SIZE 1% $901 % $10 057.02-327 | 138i MANITOU RD 1056 RANCH O55 | 2022-05-06 | $186,713 | $176.81 COULETTI BRAD 12660] 16 CIUBERTO PETER F 025.03-1-6 | $53 MANITOU RD 1367 RANCH 0.65 | 2022-10-27 | $237,000 _| $173.37 BURNHAM APRIL 12738) m3 SCHRADER MATTHEW @ 057.03-1-20_ | 1530 [HILTON PARMA CORNERS RO] 1320 RANCH oa0 | 20230027 | Siepo00 | $121.21 ‘GRISWOLD HARRY E vzeor] 362 VONSUHR 20 6 042.03-1-13.1 | 827 PARMA CENTER RO 1785 RANCH 433 | 20230913 | sa5a.000 | $252.10 THIEL RUSSEL W tag? | 223 HUBEA MARK E saz oa3 $258a29 07 EDAN 1344 Lard $211,087 Lik] NCE AND AFTER AVERAGE UNIT PRICES 49% EEN BEFORE AND AFTER MEDIAN UNIT PRICES 14%

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

VALUATION PROCESS

SYR250094 EB UR 0 RR 0 OR E R ROAD 'e) R 4B AR ROAD oO 8 P R () 0 OLO O D43.01-1-38.1 | 482 PAAMA CENTER RD 1612 COLONIAL Liz 2013-01-18 $140,000 $86.25 KEATING DANIEL G 12138 a BISCHO PING JAMES D | 031.03-2-36 a0 GURRITT RD 1610 COLONIAL 1.00 2020-11-02 $169,900 $105.53 JOHNSON KEVIN AL 12416] 401 STEPHENS RYAN J 043.03-1-1.14 | 299 PARMA CENTER RD 2087 COLONIAL aga 2020-13-30 §295, 000 $141.35 ALBERTELL] ANTHONY G 12431] 463 SEAMAN SCARLETTE R | AVERAGE 4770 1.00 9201433 5144 wen ie1z 1.00 $1ns200 $105 ADJUSTMENT POR TE Litad Si4e i Eid $137 ADJUSTMENT FOR BUILDING BITE 2% $145 2% 44 025.03-1-2.3 a? MANITOU RG 2720 COLONIAL o.92 2022-02-11 $305,000 $112.13 BRIFFA FRANKLIN S 12626 | 539 NORTON SHAUNA M 042.03-1-7.108 | 939 PARMA CENTER AG 2178 COLONIAL 1,15 2027-04-08 $330,000 $151.52 BARRON SCOTTA 12647 | 63) COLLURA CHRISTOPHER T 043.04-2-16 45 PARMA CENTER AD a1 COLONIAL 14 2022-03-15 $300,000 $147.71 PAGE EUGENE A 12721] 53 TURNER SEAN DAVID 043.01-1-40,1 | 450 PARMA CENTER AD 2086 COLONIAL 123 2022-11-18 $238,000 $114.09 WEIDERT WILLIAM F 12748 | 68) MOLL RYAN 043.02-1-22.1 | 121 BUTCHER RD 1716 COLONIAL 1.39 2023-07-17 $277,000 $144.57 REYNER ANNE 12839] 232 ZHUKOV SERHII AVERAGE ral J 130 9200500 133 MEDAN 2088 116 $205,c0n $148 DIFFEREACE BETS AND AFTER AVERAGE UNIT PROCES: a% DIFFERENCE RETWEEN BEFORE AND AFTER MEDIAN UNIT PROCES ™%

BEFORE AND AFTER RESIDENTIAL SALES FOR BURRITT ROAD TOWER, 224 BURRITT ROAD, TOWN OF PARMA -C 10.7.2021 . SPLIT LEVEL HOUSE STYLES PRICE PER DEED = DEED TAK MAP # STs STREET BLDG $F BLOG STYLE ACRES SALEOATE §SALEFRICE hae SELLER Fee | SATs BUYER

543.01-1-5) S60 PARMA CENTER AD 7163 SPLIT LEVEL 1.0 2013-01-16 $169,900 578.55 ENCORE MANAGEMENTGROUP LLC | 12137] 255 MATYICZUK MELISSA Ma. 42.03-1-6 S79 PARMA CENTER RD 2160 SPLIT LEVEL Oba 2019-01-31 $100,000. $46.30 SCARFONE JOSEPHE.RAMSAY PAUL | 91242| 4 FEUX MICHAEL A O44.01-1-34 | 1053 MANITOU RD 1672 SPUT LEVEL Oe 2019-09-10 $170,000 $101.67 ZWOLAK SUSAN MM 32238 | 233 SPAULDING AUICHA AVERAGE bil oan $140,833 an MEDIAN ae on $169,000 am ADJUSTMENT FOR THE us 305 Me $4102 | ADJUSTMENT FOR BLALDOKD SPE Lh] S05 Lit 3107 043.01-2-6 320 PARMA CENTER AD 1628 SPLIT LEVEL oa 2022-09-13 $202,000 $124.03 BAUMAN GERALDINE P 17719 | 471 ROSS MICHAEL 031.06-2-19.117| 549 BURRITT RD 1680 SPLUTLEVEL 1.85. 2023-11-23 $245,000 $145.83 QUERCIA KORY 12896] 111 MEUND NICHOLAS B 043.03-2-11.1 | 265 PARMA CENTER RD a1 SPUT LEVEL 13 2023-11-28 $310,000 $109.89 COYLE BARBARA S 12897 | 223 SMITH BRIDGETTE E 032.04-2-3 20 BUARITT RD 250 SPUT LEVEL a70 2023-12-13 $175,000 $77.78 LAURIN CHRISTINE M4 1203 | 462 WOODS ERIK J AVERAGE 265 41.40 $233,508 Hu EUAN 10485 104 $223,588 $114 COFPERENCE BETWEEN BEFORE AND AFTER AVERAGE UNIT PRICED 1% OFFFERENCE GETWEEN BEFORE AND AFTER PRICED 11%

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

SUMMARY OF MARKET STUDIES

SYR250094

SUMMARY OF MARKET STUDIES:

The following table summarizes the results of the above market studies of the five identified cellular tower sites for a before-and-after analysis of residential prices, showing the unit prices of single-family residential properties for the period prior to the construction of the identified cellular tower compared to the unit prices of residential properties after the cellular tower construction:

Canandaigua DT | 183 Saltonstall St. | Canandaigua | All Styles $83 $83 $90 $82 356 -1% Victor Fire Hall 34 Maple Ave Victor All Styles $126 $129 $124 $128 -2% -0.5% Winding Creek A | 912 Brownsville Rd. Victor All Styles $159 $155 $199 $195 26% 25% Dudley A Nomen Perinton | allStyles | $131 | $129 | $149 | sido ] 14% | 16% Burritt Road 224 Burritt Road Parma All Styles $114 $103 $133 $128 16% 24% Overall Average % Difference 13% 13%

Overall Median % Difference 14% 16%

Comparing the after unit prices to the before unit prices, after adjusting for appreciation and significant differences in house sizes with ten sets of average and median comparisons, the after unit prices found three analyses showing slightly negative comparisons (see Canandaigua DT and Victor Fire Hall results) while the other seven comparisons ranged from +9% to +26% when compared to the adjusted before unit prices. The overall average and median differences ranging from +13% to +16%. Based on these five sets of market studies, the single-family residential market does not appear to recognize value loss that could be attributed to the construction of a new cellular tower in the same neighborhood.

When the subsets of before and after unit prices, limited to specific house styles, are reviewed, we found the percentage differences for all of the categories as itemized in the following table:

Canandaigua OT | 183 Saltonstall St. | C. daigua “ Faye 2 = x 2 = a All Styles: $126 $179 $124 $128 -2% “0.5% Victor Fire Hall 34 Maple Ave Victor Colonial $132 $128 $130 $134 -1% 5% Raised Ranch | $8a 598 $96 $111 9% 19% Winding CreekA | 912 Brownsville Rd. Victor All Styles $169 $165 $199 $195 18% 18% 673 Macedon ; All Styles $131 $129 $149 $149 14% 16% Dudley A Center Road Perinton Colonial §133 5179 $148 $147 11% 14% Ranch $159 $144 $172 $182 B56 26% All Styles $14 $103 $133 $128 16% 24% - . Ranch $131 $138 $187 $158 43% 14% Burritt Road 224 Burritt Road Parma Colonial $145 S134 $143 $144 rome 7% Split Level $95 $102 $111 $114 17% 11% Overall Average % Difference 11% 12% Overall Median % Difference ox 14%

When the subsets of individual house styles are included, we have a total of 26 average and median comparisons from the 13 sets of sales as an overview of the residential market. This expanded analysis shows a total of four categories with slightly negative differences in percentage ranging from -0.5% to -2% plus one negative comparison at -3%. However, the remaining 21 sets of before and after unit price comparisons ranged from +1% to +43%. The overall average and median differences ranged from +9% to 14%. Based on these thirteen sets and subsets of market studies, the single-family residential market does not appear to recognize value losses that could be attributed to the construction of a new cellular tower in the same neighborhoods.

We do not conclude that the construction of a cellular tower actually enhances the value of nearby single-family residences. But the results of this market study did not find sufficient and consistent credible evidence that the construction of a cellular tower has a negative impact on the sale prices and market values of nearby single-family residential properties.

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

CERTIFICATION

SYR250094

CERTIFICATION:

We certify that, to the best of our knowledge and belief: * The statements of fact contained in this report are true and correct.

¢ The reported analyses, opinions, and conclusions of the signers are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.

e The signers of this report has no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.

* Donald A. Fisher, MAI, ARA has provided an opinion letter concerning the client's project that is identified in this report within the three-year period immediately preceding acceptance of this assignment. Susan D. Baldwin, MAI, Al-GRS 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 acceptance of this assignment.

* The signers are not biased with respect to the property that is the subject of this report or to the parties involved with this assignment.

e The engagement in this assignment was not contingent upon developing or reporting predetermined results.

° The 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 report.

* The reported analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

e Donald A. Fisher, MAI, ARA and Susan D. Baldwin, MAI, Al-GRS did not inspected the property that is the subject of this report

e No one provided significant real property assistance to appraisers signing this certification.

e 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, Donald A. Fisher, MAI, ARA has completed the continuing education program for

Designated Members of the Appraisal Institute and the American Society of Farm Managers and Rurai Appraisers.

As of the date of this report Susan D. Baldwin, MAI, Al-GRS completed the continuing education program for

Designated Members of the Appraisal Institute.

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

CERTIFICATION

S¥R250094

Denadl h ‘ ses May 22, 2025

Donald A. Fisher, MAI, ARA Date Valuation Services Director | Syracuse

NY State Certified Gen. Appraiser #46-0060

+1315 422 7107

donald .fisher@colliers.com

; May 22, 2025

Susan D. Baldwin, MAI, Al-GRS Date Managing Director | Syracuse

NY State Certified Gen. Appraiser #46-3166

+1315 579 3160

Susan.baldwin@colliers.com

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

ASSUMPTIONS AND LIMITING CONDITIONS

SYR250094

UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS:

This report is subject to the following assumptions and limiting conditions: e The appraisers may or may not have been provided with a survey of the subject property. If further verification is required, a survey by a registered surveyor is advised.

e We assume no responsibility for matters legal in character, nor do we render any opinion as to title, which is assumed to be marketable. All existing liens, encumbrances, and assessments have been disregarded, unless otherwise noted, and the property is appraised as though free and clear, under responsible ownership, and competent management.

e The Addenda of this report is included to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility in connection with such matters.

e Unless otherwise noted herein, it is assumed that there are no encroachments, zoning, or restrictive violations existing in the subject property.

¢ The appraisers assume no responsibility for determining if the property requires environmental approval by the appropriate governing agencies, nor if it is in violation thereof, unless otherwise noted herein.

¢ Information presented in this report has been obtained from reliable sources, and it is assumed that the information is accurate.

* This report shall be used for its intended purpose only, and by the party to whom it is addressed. Possession of this report does not include the right of publication.

e The appraisers may not be required to give testimony or to appear in court by reason of this market study, with reference to the property in question, unless prior arrangements have been made therefore.

* The statements of value and all conclusions shall apply as of the dates shown herein.

e There is no present or contemplated future interest in the property by the appraisers which is not specifically disclosed in this report.

e Without the written consent or approval of the authors neither all, nor any part of, the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media. This applies particularly to value conclusions and to the identity of the appraisers and the firm with which the appraisers are connected.

¢ This report must be used in its entirety. Reliance on any portion of the report independent of others, may lead the reader to erroneous conclusions regarding the property values. Unless approval is provided by the authors no portion of the report stands alone.

e The valuation stated herein assumes professional management and operation of the buildings throughout the lifetime of the improvements, with an adequate maintenance and repair program.

¢ The liability of Colliers International Valuation & Advisory Services, its principals, agents, and employees is limited to the client. Further, there is no accountability, obligation, or liability to any third party. !f this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment and related discussions. The appraisers are in no way responsible for any costs incurred to discover or correct any deficiency in the property.

* The appraisers are not qualified to detect the presence of toxic or hazardous substances or materials which may influence or be associated with the property or any adjacent properties, has made no investigation or analysis as to the presence of such materials, and expressly disclaims any duty to note the degree of fault. Colliers

© 2025 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES

ASSUMPTIONS AND LIMITING CONDITIONS

SYR250004

International Valuation & Advisory Services and its principals, agents, employees, shall not be liable for any costs, expenses, assessments, or penalties, or diminution in value, property damage, or personal injury (including death) resulting from or otherwise attributable to toxic or hazardous substances or materials, including without limitation hazardous waste, asbestos material, formaldehyde, or any smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids, solids or gasses, waste materials or other irritants, contaminants or pollutants.

¢ The appraisers assume no responsibility for determining if the subject property complies with the Americans with Disabilities Act (ADA). Colliers International Valuation & Advisory Services, its principals, agents, and employees, shall not be liable for any costs, expenses, assessments, penalties or diminution in value resulting from non-compliance. This market study assumes that the subject meets an acceptable level of compliance with ADA standards; if the subject is not in compliance, the eventual! renovation costs and/or penalties would negatively impact the present value of the subject. If the magnitude and time of the cost were known today, they would be reduced from the reported value conclusion.

e An on-site inspection of the subject property was conducted. No evidence of asbestos materials on-site was noted. A Phase 1 Environmental Assessment was not provided for this analysis. This analysis assumes that no asbestos or other hazardous materials are stored or found in or on the subject property. If evidence of hazardous materials of any kind occurs, the reader should seek qualified professional assistance. If hazardous materials are discovered and if future market conditions indicate an impact on value and increased perceived risk, a revision of the concluded values may be necessary.

¢ Adetailed soils study was not provided for this analysis. The subject's soils and sub-soil conditions are assumed to be suitable based upon a visual inspection, which did not indicate evidence of excessive settling or unstable soils. No certification is made regarding the stability or suitability of the soil or sub-soil conditions.

e This analysis assumes that the financial information provided for this report, including rent rolls and historical income and expense statements, accurately reflect the current and historical operations of the subject property.

© 2026 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES 30

ADDENDA SYR250094

ADDENDA

Professional Service Agreement

MVS Floor Area Multipliers

Valuation Glossary

Qualifications of Appraisers

Qualifications of Colliers International Valuation & Advisory Services

Colliers Valuation & Advisory Services

Professional Service Agreement Colliers

100 East Seneca Street

Suite 200

Manlius, NY 13104 www.colliers.com/valuationadvisory

March 28, 2025

Donald Fisher, MAI, ARA Valuation Services Director | Syracuse donald.fisher@colliers.com

Jared C. Lusk

Nixon Peabody, LLP

1300 Clinton Square

Rochester, New York 14604-1792

+1 585 263 1140 | +1585 730 2562 jlusk@nixonpeabody.com

below-stated Professional Service Agreement. Please sign one copy of the agreement and return it to me, thereby indicating your authorization for us to proceed with this assignment and your acceptance of the attached Terms and

Conditions. (“Agreement”) Project Verizon - Yerkes Site - Proposed Communication Cell Tower (“Property”) Location Town of Canandaigua, Ontario County, New York Property Verizon is proposing to construct a cellular tower on a site in the town of Canandaigua. The applicant is Bell Description Atlantic Mobile System, LLC d/b/a Verizon. Verizon is proposing to construct a 120-foot wireless

telecommunications tower plus a four-foot Jightning road and associated improvements on land owned by Marlin N. and Leann M. Sensenig located at 2061 County Road 8 which is identified as APN 56.00-2-33.312 in the Town of Canandaigua, Ontario County, New York. Verizon is requesting Town approval to construct the proposed tower on Location #3 of the Sensenig property. Location #3 appears to be about 850 feet or more from County Road & within an area that is currently used as agricultural crop land.

L—- Accelerating success.

Professional Service Agreement

Continued

Project Description

Parties

Intended User

Intended Use

Purpose Type of Appraisal Rights Appraised

Date of Value

You have requested that we provide a fee proposal to prepare a market study that will analyze the trends of single-family residential sale prices before and after the construction of existing communications towers. The research for this market study will consider a review of before and after sales activity in proximity of several existing cell towers, to include: 1) Review and analyze sales of single-family residences for a one-to-two- year period immediately prior to a similar tower construction; 2) Review and analyze sales of single-family residences for a one-to-two-year period following the same tower construction; 3) Analysis of each set of sales will included review of mean and median statistical measurements of the sale prices, building sizes, and difference in time between the before and after sets of sales; 4) adjusting the “before” sets of sales for appreciation and significant house size differences so the “before” prices can be campared to the “after” sale prices; 5) review of sale/resale transactions where the same residential property sold both before and after the construction of a cell tower; and 6) prepare a written market study report that summarizes the findings of each cell tower study.

The client ts to provide several existing tower locations where this type of “before and after” sale price analysis can be completed. However, it is Important to understand that any existing towers that are to be studied must be in locations with a significant density of single-family residential properties that are in close proximity to the tower and which usually indicates that there will be sales of properties in both time period scenarios to use for study purposes. If a sufficient number of close-proximity residential sales cannot be identified, then that tower site will not be further considered for this market study. The existing tower sites to be provided should be of towers that have been built in the past 10 years, and with the search parameters using the Subject Property's location and expanding outward. Towers to be studied must be in residential neighborhoods that have the potential to yield a sufficient number of sales for each tower’s before and after analysis.

If a sufficient number of tower sites in the Canandaigua area cannot be identified, then we may elect to use before and after tower studies from other market studies we have already completed for other proposed cell tower sites. We Intend to include a minimum of four individual tower studies for this assignment.

For our research we will use one or more data bases that identify every real property transaction in the state, Identified by property class and including limited physical descriptions and transactional information. Coples of each Excel spreadsheet with the sale data will be Included in the market study as support for each of our analysis.

You have requested that we complete this assignment in two phases. Phase 1 will consist of the market research for the before and after studies of residential sale prices. Phase 2 will consist of the writing of the market study report. We will report the findings of those individual before and after studies to you before starting Phase 2, and will walt for your authorization before proceeding with Phase 2. We understand that you may cancel this market study assignment without authorizing Phase 2 to be complete.

Colliers International Valuation & Advisory Services, LLC (“CIVAS") and Nixon Peabody, LLP (herein at times referred to as “Client”)

The appraisal will be prepared for Nixon Peabody, LLP. Intended users include the Client and Verizon Wireless, and Town of Canandaigua Planning Board. No other users are intended.

It should be noted that if this engagement Is directly with the owner of the Property, the Appraisal will not be accepted by federally insured lenders due to FIRREA Compliance, limiting the use of this report. Should this potentially impact your source of lenders, we recommend engagement be directed by a Federally Insured Lender.

The report to be performed under this Agreement (“Appraisal”) is intended only for use in Estimate Impact Of Cell Towers On Surrounding Residential Values. The report is not intended for any other use.

Analyze Residential Price Trends Before And After The Construction Of A Cellular Tower. Market Study. Fee Simple.

Date defined by appraiser.

Professional Service Agreement

Cantinued

Scope of Wark

Delivery

Professional Fee

Expenses No. of Reports

Retainer

CIVAS and/or its designated affiliate will provide the Appraisal in accordance with USPAP and the Code of Ethics and Certifications Standards of the Appraisal Institute and State Licensing Laws. CIVAS will research relevant market data and perform analysis to the extent necessary to produce credible appraisal results.

Based on our discussions with the Client, the Client has requested the following valuation scenarios: > Residential prices before and after construction of a cellular tower CIVAS anticipates developing the follawing valuation approaches:

» Limited statistical analysis of single-family residential sale prices

» Phase 1 will consist of compieting analysis of residential sales prices before and after the construction of multiple existing cellular tower sites, and the reporting of our findings to the client

> Phase 2 will consist of completing a written market study report

No observation of the subject property will be performed.

Please note if It's a requirement per the client's underwriting guidelines to analyze and report all approaches to value, this will be performed although some approaches may be limited in application,

The scope of work will be included in the Appraisal. A copy of the Assumptions and Limiting Conditions, which appear in the Appraisal, Is available upon request.

Phase 1 (market research and analysis) $8,000 Phase 2 (write market study report) $1,500 Total for Phase 1 and Phase 2 $9,500

Phase 2 must be authorized within five days of our reporting of our market research ; authorization after five days will require a Phase 2 fee ranging from $2,000 to $3,000 depending upon the amount of elapsed time,

Please see Terms & Conditions #3 and #16 for hourly billing rates.

Fees do include all associated expenses.

One (1) Electronic Draft Appraisal and One (1) Electronic Final Appraisal. No printed copies will be delivered to the client.

A retainer of 50% of the fee is required prior to our proceeding.

A retainer of $10,000 is required before any litigation work commences, including pre-trial discussions and consulting, review, appearance in court and expert witness testimony, and post-trial consulting. Litigation work will be performed based on a rate of $400.00 per hour for Donald Fisher and $300 per hour for Bruce Akins. Out-of-pocket expenses Including travel time, mileage, ground transportation, airfare, lodging, meals, and other costs retated to the litigation work will be included in the final itemized invoice. Should litigation expenses exceed $10,000, CIVAS will bill the Client at finalization of litigation support for outstanding balance. Should litigation expenses be less than $5,000, Client will be refunded outstanding balance.

To Pay By Check:

Please remit all payments to

Colliers International Valuation & Advisory Services

26791 Network Place

Chicago, IL 60673-1267

**Please include the praperty name or address on the memo line**

Chicago, IL

70-2322/719

Account No. 899559074

ABA No. 021000021

Swift code for International Wires ONLY: CHASUS33

**Please include the property name or address in addenda/memo payment information**

Please send notification to CEVASAccounting@colllers.com when payment has been sent.

Professional Service Agreement

Continued

Payment Terms CIVAS will invoice Client for the Appraisal in its entirety (Less Retainer) at the delivery of the draft report.

Final payment Is due and payable within five (5) business days upon detivery of the electronic copy of the final report or within thirty (30) days of your receipt of the draft report, whichever is sooner. If a draft report is requested, the fee is considered earned upon delivery of the draft report. If for any reason the client cancels the work before work was completed or for reasons beyond Colliers’ control, then the client would pay for an agreed amount for work completed. Acceptance Date These specifications are subject to modification if this Agreement is not accepted within three (3) business days from the date of this letter.

Terms and Conditions

The attached Terms and Conditions and Specific Property Data Request are deemed a part of this Agreement as though set forth in full herein. The following is a list of information, if existing, that is needed to begin and complete our analysis. The Client signing this Agreement or the party sending the specific property data certifies that alt the information provided Is accurate and complete as of the date of this request, and that any updates, revisions or additional relevant information that comes into control or possession of the Client prior to the date on which the Appraisal is delivered shall be provided to CIVAS immediately. Please forward with the Agreement Or as soon as possible.

Ground lease (if applicable) Property Condition Report Copy of recent Appraisals or Market Studies

vow wow

Survey with Legal Description & Site Size ,

Name and telephone number of property contact for physical inspection and additional! information needed during the appraisal process

) Property Contact

In addition to the items requested above, please forward any additional materials you would consider relevant in the analysis of the subject property.

Reliance Language

The Appraisal is for the sole use of the Client; however, Client may provide only complete, final copies of the Appraisal report in Its entirety (but not component parts) to third parties who shall review such reports in connection with the stated Intended Use. CIVAS is not required to explain or testify as to appraisal results other than to respond to the Client for routine and customary questions. Please note that our consent to allow the Appraisal prepared by CIVAS or portions of such Appraisal, to become part of or be referenced in any public offering, the granting of such consent will be at our sole and absolute discretion and, if given, will be on condition that CIVAS will be provided with an Indemnification Agreement and/or Non-Reliance letter, in a form and content satisfactory to CIVAS, by a party satisfactory to CIVAS. CIVAS hereby expressly grants to client the right to copy the Appraisal and distribute It to employees of client and to your accountants/auditors in its entirety (but not component parts) without the need to provide CIVAS with an Indemnification Agreement and/or Non-Reliance letter.

CIVAS does consent to your submission of the reports to rating agencies, loan participants or your accountants/auditors in its entirety (but not component parts) without the need to provide CIVAS with an Indemnification Agreement and/or Non-Reliance letter. CIVAS hereby expressly grants to Client the right to copy the Appraisal and distribute it to employees of Client.

If you have questions regarding the enclosed, please feel free to contact me, CIVAS appreciates this opportunity to be of service to you on this assignment and |ooks forward to serving you. If you have additional questions, please contact us.

I, Jared C. Lusk/ Nixon P o Services, LLY td, prepare the abp

/) LLP, agree to the above stated terms and authorize Colliers International Valuation & Advisory e/referenced appraisal.

— 04/01/2025

V Date:

Jared C. Lusk Nixon Pea qy. LLP

Respectfully,

Colliers International Valuation & Advisory Services, LLC

Donald Fisher Valuation Services Director | Syracuse donald.fisher@colliers.com

Professional Service Agreement

Continued

Terms and Conditions “T&C"

1} The Appraisal will be subject to Colliers International Valuation & Advisory Services, LLC’s (“CIVAS”) Assumptions and Limiting Conditions that are incorporated Into each appraisal, and any Extraordinary Assumptions and Hypothetical Conditions that May be incorporated into each appraisal.

2) Any capitalized, non-defined words shall have the same meaning as defined In the Agreement to which these T&Cs are attached.

3) Client is defined as the party signing the Agreement and shall be responsible for payment of the fees stipulated in the Agreement. Payment of the fee for the Appraisal is not contingent on the appraised value(s) or the outcome of the report(s). Additional fees wilt be charged on an hourly basis for any work that may exceed the scope of this proposal, Including performing additional valuation scenarios, additional research, and conference catls, meetings, deposition preparation, deposition, trial testimony or travel that may exceed the time allotted by CIVAS for an assignment of this nature. If CIVAS is requested to cease working on the Appraisal for any reason prior to the completion of the appraisal(s), CIVAS will be entitled to bill the Client for the time spent to date at CIVAS’ hourly rates for the personnel involved. The Client will be bilted a minimum $500 or at a rate of $300 per hour for associate time, $400 per hour for valuation services director and managing director, and $450 per hour for executive managing director. If the Client delays completion of the assignment beyond ninety (90) days, the fee may be renegotiated. This may result in the total fee exceeding the original agreed fee agreéd upon cost.

4) Client agrees to pay all fees and expenses, including attorney's fees, incurred by CIVAS in connection with the collection or attempted collection of the fees and expenses. In the event Client fails to make payments when due and payable, the amount due Shall bear interest at 1.5% per month or the maximum rate permitted in the state in which the CIVAS office executing the Agreement is located, whichever is lesser.

5) The fee is due upon delivery of the final report or within thirty (30) days of your receipt of the draft report, whichever is sooner. If a draft is requested, the fee is considered earned upon delivery of our draft report.

6) In the event that either party commences any legal action relating to the provisions of the Agreement, including collection, the prevailing party shall be entitled to its actual attorneys’ fees and costs. The Agreement shall be governed by and construed in accordance with the laws of the state where the CIVAS office executing the Agreement Is located. The venue of any action arising out of the Agreement shall be the county where the CIVAS office executing the Agreement is located. Client will have up to thirty (30) days from receipt of the Draft Appraisal to review and communicate its review to CIVAS. CIVAS reserves the right to bill Client for additional appraisal efforts that may arise from the Client not responding within with this time period.

7) CIVAS does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information or the state of affairs of the Property furnished to CIVAS by Client. In the event that any such information js inaccurate, misleading or Incomplete, CIVAS shall have no responsibility or liability for any matters relating thereto (whether to the Client or to any third party).

8) CIVAS shall have no responsibility for legal matters, questions of survey or title, seil or subsoil conditions, engineering, or other similar technical matters. The Appraisal will not constitute a survey of the Property analyzed.

9) Client shail provide CIVAS with such materials with respect to the Appraisal as requested by CIVAS and which are in the possession or under the control of Client. Client shal! provide CIVAS with sufficient access to the Property to be analyzed and hereby grants permission for entry, unless discussed in advance to the contrary.

10) The data gathered in the course of the Appraisal (except data furnished by Client) and the Appraisal prepared pursuant to the Agreement are, and will remain, the property of CIVAS. With respect to data provided by Client, such data shall be confidential, and CIVAS shall not disclose any information identified as confidential furnished to CIVAS. Notwithstanding the foregoing, CIVAS is authorized by Ctient to disclose all or any portion of the Appraisal and the related data to appropriate representatives of the Appraisal Institute if such disclosure is required to enable CIVAS to comply with the Bylaws and Regulations of such Institute as how or hereafter In effect.

11) Unless specifically noted, CIVAS does not assume any duty to analyze or examine the Property or adjacent property for the possible presence of toxic and/or hazardous substances or materials (including but not exclusive to asbestos, PCB transformers, or other toxic, hazardous, or contaminated substances and/or underground storage tanks (hazardous material), or the cost of encapsulation or removal thereof) and accepts no liability regarding the Issue. If such materials exist, CIVAS defers to the expertise of professionals specifically trained in analyzing the cost to remediate, which will not be a part of the appraisal fee Proposal. The Appraisal will contain a comprehensive disclaimer to this effect.

12) CIVAS understands that there Is no major or significant deferred maintenance in the Property which would require the expertise of a professional cost estimator or contractor. If such repairs are needed, the estimates are to be prepared by others, and are not a part of the fee contemplated in the Agreement.

13) Client acknowledges that CIVAS is being retained hereunder as an independent contractor to perform the services described herein and nothing in the Agreement shall be deemed to create any other relationship between Client and CIVAS. The Agreement shall be deemed concluded and the services hereunder completed upon delivery to Client of the Appraisal discussed herein.

14) Client agrees that its only remedy for losses or damages relating to the Agreement shall be limited to the amount of the appraisal fee paid by the Client and in no circumstances shall CIVAS be fiable for any losses or damages in excess of this amount. Should the Client, or any other entitled party, make a ctaim against CIVAS, its directors, officers, employees and other affitiates and shareholders, relating to this engagement or the appraisal(s), the maximum damages recoverable from CIVAS, its directors, officers, employees and other affiliates and shareholders, shall be the amount of funds actually collected by CIVAS under the Agreement, and no claim shall be made for any consequential or punitive damages.

Professional Service Agreement

Continued

15) If CIVAS or any of its employees receives a subpoena or other judicial notification to produce documents or provide testimony Involving the Appraisal in connection with a lawsuit or related proceeding, CIVAS will notify the Client of receipt of the subpoena or notification. However, if CIVAS Is not part of the lawsuit or proceedings, Client agrees to compensate CIVAS for the professional time required and to reimburse CIVAS for the expenses incurred in responding to any such subpoena or judicial notification, including any attorneys’ fees, as they are incurred. CIVAS is to be compensated at the prevailing hourly rates of the personnel responding to the subpoena or command for testimony.

16) If expert witness testimony is required in connection with the Appraisal, the following hourly rates will apply. The Client will be billed at the rate of $300 per hour for associate time, $400 per hour for valuation services director and managing director, and $450 per hour for executive managing director. The hourly billings pertain to court preparation, waiting and travel time, document review and preparation (excludes appraisal report) and all meetings related to court testimony.

17) Client shall indemnify and hold CIVAS, its parent, subsidiaries, affiliates, its officers, directors, employees and agents (“CIVAS Indemnities”), fully harmless against all losses, damages, calms, and expenses of any kind whatsoever (including costs and reasonable attorneys’ fees}, sustained or incurred by a third Party as a result of the negligence or intentional acts or omissions of Client {including any faiture to perform any duty imposed by law), any misrepresentation, distortion or if Client fatls to provide complete and accurate information to CIVAS, for which recovery is sought against the CIVAS Indemnities; however, such obligation to defend and indemnify shall not apply to the extent caused by the negligent act or willful misconduct of CIVAS. Client shall indemnify and hold CIVAS Indemnities harmless from any claims, expenses, judgments or other items or costs arising as a result of the Client's failure or the failure of any of the Client’s agents to provide a complete copy of the Appraisal to any third party. LIMITATION OF LIABILITY. EXCEPT FOR THE INDEMNIFICATION PROVISION ABOVE, ANYTHING IN THE AGREEMENT TO THE CONTRARY NOTWITHSTANDING, UNDER NO CIRCUMSTANCES WHATSOEVER SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, OR INCIDENTAL DAMAGES OF ANY KIND WHATSOEVER.

18) CIVAS agrees to maintain Professional Liability Insurance in the amount of $1,000,000 and General Liabflity insurance in the amount of $2,000,000, as well as Workers Compensation per local regulatory requirements. CIVAS will endeavor to provide Client with written notice regarding any cancellation of any such insurance. CIVAS will provide Client with certificates of insurance naming Client as an additional insured on the General Liabitity policy upon request.

19) The Appraisal and the name Colliers International Valuation & Advisory Services may net be used in any marketing or Investment material or offering memoranda without CIVAS’ prior written consent. CIVAS, its employees and appraisers have no liability to any recipients of any prepared material and disclaim all liabitity to any party other than the Client.

20) Unless CIVAS consents in writing, the Appraisal cannot be used by any party or for any purpose other than the Client for the Purposes specified in the Agreernent. Should the Client provide a copy of this Appraisal to any person or entity not authorized by CIVAS in writing, Client hereby agrees to hold CIVAS, Its directors, officers, employees and other affiliates and shareholders, harmless from all damages, expenses, claims and costs, including any attorney‘s fees. The Client acknowledges that any opinions and conclusions expressed by the professionals of CIVAS pursuant to the Agreement are made as employees and not as individuals. CIVAS' responsibility is limited to the Client, and the use of the Appraisal or related product by third parties shall be solely at the risk of the Client and/or third parties.

21) The use of this appraisal shall be used only for the purpose as set forth in the Intended Use section of the Agreement. In the event that the client wishes to use this report or portions of this report for any other purpose such as, to become part of or be referenced in, any offering or other material intended for the review of others, or to be submitted to others, will be at the Client’s sole and absolute discretion and, if given, will be on condition that CIVAS will be provided with an Indemnification Agreement and/or Non- Reliance letter, in a form and content satisfactory to CIVAS and the Client, by a party satisfactory to CIVAS and the Client. CIVAS does consent te Client submission of the complete Appraisal to rating agencies, loan participants or your accountants/auditors without the need to provide us with an Indemnification Agreement and/or Non-Reliance letter.

foyer ace CALCULATOR METHOD SINGLE-FAMILY RESIDENCES

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Valuation Glossary 2024

Colliers

Unless specified otherwise, these definitions were extracted or paraphrased from the following sources or publications:

The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, Chicago, Illinois, 2022 (Dictionary). Uniform Standards of Professional Appraisal Practice, 2024 Edition (USPAP). The Appraisal of Real Estate, Fifteenth Edition, Appraisal Institute, Chicago, Hlinois, 2020 (15th Edition).

Absolute Net Lease

A lease in which the tenant pays all expenses including structural maintenance, building reserves, and management, often a long-term lease to a credit tenant. (Dictionary)

Ad Valorem Tax

A real estate tax based on the assessed value of the property, which is not necessarily equivalent to its market value. (75th Edition)

Arm’s-length Transaction A transaction between unrelated parties who are each acting in his or her own best interest. (Dictionary)

As-Is Market Value

The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date. (Dictionary)

Assessed Value

The value of a property according to the tax roils in ad valorem taxation; may be higher or lower than market value, or based on an assessment ratio that is a percentage of market value. (Dictionary)

Average Daily Room Rate (ADR)

In the lodging industry, the net rooms revenue derived from the sale of guest rooms divided by the number of paid occupted rooms. (Dictionary)

Band of Investment

A technique in which the capitalization rates attributable to components of an investment are weighted and combined to derive a weighted-average rate attributable to the total investment. (Dictionary)

Cash-Equivalent Price The sale price of a property that is equivalent to what a cash buyer would pay. (Dictionary)

Common Area

The total area within a property that is not designed for sale or rental but is available for common use by all owners, tenants, or their invitees, eg. parking and its appurtenances, malls, sidewalks, landscaped areas, recreation areas, public toilets, truck and service facilities. (Dictionary)

Contract Rent The actual rental income specified in a lease. (75th Edition)

Cost Approach

A set of procedures through which 2 value indication is derived for the fee simple estate by estimating the cost new as of the effective date of the appraisal to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive; deducting depreciation from the total cost; and adding the estimated land value. The contributory value of any site improvements that have not already been considered in the total cost can be added on a depreciated-cost basis. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property rights being appraised. (Dictionary)

Curable Functional Obsolescence

An element of depreciation; a curable defect caused by a flaw involving the structure, materials, or design, which can be practically and economically corrected. (Dictionary)

Debt Coverage Ratio (DCR)

The ratio of net operating income to annual debt service, which measures the relative ability of a property to meet its debt service out of net operating income; also called debt service coverage ratio (DSCR). (Dictionary)

Deferred Maintenance

Items of wear and tear on a property that should be fixed now to protect the value or income-producing ability of a property, (Dictionary)

Depreciation

In appraisal, a loss in the value of improvements from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the value of the improvement on the same date, (Dictionary)

Direct Costs

Expenditures for the labor and materials used in the construction of improvements; also called hard costs. (Dictionary)

Discounted Cash Flow (DCF) Analysis

The procedure in which a discount rate is applied to a set of projected income streams and a reversion. The analyst Specifies the quantity, variability, timing, and duration of the income streams and the quantity and timing of the reversion, and discounts each to its present value at a specified yield rate. (Dictionary)

Accelerating success.

Discount Rate A rate of return on capital used to convert future payments or receipts into present value. (Dictionary)

Disposition Value The most probable price that a specified interest in property should bring under the following conditions:

1. Consummation of a sale within a specified time, which is shorter than the typical exposure time for such a property in that market.

2. The property is subjected to market conditions prevailing as of the date of valuation.

3. Both the buyer and seller are acting prudently and knowledgeably.

4. The seller is under compulsion to sell.

5. The buyer is typically motivated.

6. Both parties are acting in what they consider their best interests.

7, An adequate marketing effort will be made during the exposure time,

8. Payment will be made in cash in U.S. dollars {or the local currency) or in terms” of _ financial arrangements comparable thereto.

9. 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.

This definition can also be modified to provide for valuation with specified financing terms. (Dictionary)

Easement

The right to use another's land for a stated purpose. Access or right-of-way easements may be acquired by private parties or public utilities. Governments may be the beneficiaries of easements placed on privately owned land that is dedicated to conservation, open space, or preservation. (75th Edition)

Economic Life The period over which improvements to real estate contribute to property value. (Dictionary)

Effective Age

The age of property that is based an the amount of observed deterioration and obsolescence it has sustained, which may be different from its chronological age. (Dictionary)

Effective Date The date on which the appraisal or review opinion applies {SVP} (Dictionary)

Effective Gross Income (EGI)

The anticipated income from all operations of the real estate after an allowance is made for vacancy and collection losses and an addition is made for any other income. (Dictionary)

Colliers

Effective Gross Income Multiplier (EGIM} The ratio between the sale price (or value) of a property and its effective gross income. (Dictionary)

Effective Rent

The total base rent, or minimum rent stipulated in a lease, over the specified lease term minus rent concessions - e.g. free rent, excessive tenant improvements, moving allowances, lease buyouts, cash allowances, and other lease incentives. (75th Edition)

Eminent Domain

The right of government to take private property for public use upon the payment of just compensation. The Fifth Amendment of the U.S. Constitution, also known as the takings clause, guarantees payment of just compensation upon appropriation of private property. (Dictionary)

Entrepreneurial Incentive

The amount an entrepreneur expects or wants to receive as compensation for providing coordination and expertise and assuming the risks associated with the development of a project. Entrepreneurial incentive is the expectation of future reward as opposed to the profit actually earned on the project. (Dictionary)

Entrepreneurial Profit

A market-derived figure that represents the amount an entrepreneur received for his or her contribution to a past project to compensate for his or her time, effort, knowledge, and risk; the difference between the total cost of a property (cost of development) and its market value (property value after completion}, which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses, (Dictionary)

Excess Land

Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. (Dictionary)

Excess Rent

The amount by which contract rent exceeds market rent at the time of the appraisal; created by a lease favorable to the lessor and may reflect superior management, a lease execution in an earlier, stronger rental market, or an agreement of the parties. Due to the higher risk inherent in the receipt of excess rent, it may be calculated separately and capitalized or discounted at a higher rate in the income capitalization approach. (15th Edition)

Accelerating success.

Expense Stop

A clause in a lease that limits the landlord's expense obligation, which results in the lessee paying any operating expenses above a stated level or amount. (Dictionary)

Exposure Time

An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. (USPAP)

Extraordinary Assumption An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions. Uncertain information might include physical, legal, or economic characteristics of the subject property; or conditions external to the property, such as market conditions or trends; or the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: it is required to properly develop credible opinions and conclusions; The appraiser has a reasonable basis for the extraordinary assumption; Use of the extraordinary assumption results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. (USPAP}

External Obsolescence

A type of depreciation; a diminution in value caused by negative external influences and generally incurable on the part of the owner, landiord, or tenant. The external influence may be either temporary or permanent. There are two forms of external obsolescence: economic and locational. (Dictionary)

Fair Market Value

In nontechnical usage, a term that is equivalent to the contemporary usage of market value.

As used in condemnation, litigation, income tax, and property tax situations, a term that is similar in concept to market value but may be defined explicitly by the relevant agency or interpreted differently by court precedent. (Dictionary)

Feasibility Analysis A study of the cost-benefit relationship of an economic endeavor. (USPAP)

Fee Simple Estate

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. (Dictionary)

Floor Area Ratio (FAR)

The relationship between the above-ground floor area of a building, as described by the zoning or building code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, eg., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area. (Dictionary)

Functional Obsolescence The impairment of functional capacity of improvements according to market tastes and standards. (Dictionary)

Functional Utility

The ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards; the efficiency of a building’s use in terms of architectural style, design and layout, traffic patterns, and the size and type of rcoms. (Dictionary)

Furniture, Fixtures, and Equipment (FF&E} Business trade fixtures and personal property, exclusive of inventory. (Dictionary)

Going-concern An established and operating business having an indefinite future life. (Dictionary)

Going-concern Value

An outdated label for the market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate; more accurately termed the market value of the going concern or market value of the total assets of the business, (Dictionary)

Gross Building Area (GBA)

Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the above-grade area. This includes mezzanines and basements if and when typically included in the market area of the type of property involved. (Dictionary)

Gross Leasable Area (GLA)

Total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines: measured from the center of joint partitioning to the outside wall surfaces, (Dictionary)

Gross Living Area (GLA)

Total area of finished, above-grade residential space area; caiculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space. (Finished basements and attic areas are not generally included in total gross living area. Local practices, however, may differ.) (Dictionary)

Highest & Best Use

The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. The use of

Accelerating success.

an asset that maximizes its potential and that is possible, legaily permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid (IVS). (Dictionary)

Hypothetical Condition

A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP)

Income Capitalization Approach

In the income capitalization approach, an appraiser analyzes a property's capacity to generate future benefits and capitalizes the income into an indication of present value. The principle of anticipation is fundamental to this approach. Techniques and procedures from this approach are used to analyze comparable sales data and to measure obsolescence in the cost approach. (75th Edition)

incurable Functional Obsolescence

An element of depreciation; a defect caused by a deficiency or superadequacy involving the structure, materials, or design that cannot be practically or economically corrected as of the effective date of the appraisal. (Dictionary)

Indirect Costs

Expenditures or allowances for items other than labor and materials that are necessary for construction, but are not typically part of the construction contract. Indirect costs may include administrative costs, professional fees, financing costs and the interest paid on construction loans, taxes and the builder's or developer's all-risk insurance during construction, and marketing, sales, and iease-up costs incurred to achieve occupancy or sale. Also called soft costs. (Dictionary)

interim Use

The use contemplated by the market participants that the subject real estate can be put to while waiting for certain subsequent factors to occur, (Dictionary)

Investment Value

The value of a property to a particular investor or class of investors based on the investor's specific requirements. Investment value may be different from market value because it depends on a set of investment criteria that are not necessarily typical of the market. (Dictionary)

Colliers

Leased Fee Interest

The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversion right when the lease expires. (Dictionary)

Leasehold Estate

The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. (Dictionary)

Legal Nonconforming Use

A use that was lawfully established and maintained, but no longer conforms to the use regulations of its current zoning: sometimes known as a legally nonconforming use. (Dictionary)

Liquidation Value The most probable price that a specified interest in property should bring under the following conditions:

1, Consummation of a sale within a short time period.

2. The property is subjected to market conditions prevailing as of the date of valuation.

3. Both the buyer and seller are acting prudently and

knowledgeably. The seller is under extreme compulsion to sell. The buyer is typically motivated.

6. Both parties are acting in what they consider to be their best interests,

7, Anormal marketing effort is not possible due to the brief exposure time.

8. Payment will be made in cash in U.S. dollars (or the jocat currency) or in terms of financial arrangements comparable thereto.

9. 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.

This definition can also be modified to provide for valuation with specified financing terms. (Dicuonary)

Market Area

The geographic region fromm which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area, (Dictionary}

Market Rent

The most probable rent that a property should bring in a competitive and open market under all conditions requisite to a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the rentis not affected by undue stimulus, (Dictionary)

wk

Accelerating success.

Market Study

An analysis of the market conditions of supply, demand, and pricing for a specific property type in a specific area. (Dictionary)

Market Value (Most Common Non-FRT)

The most probabie price, as of a specific date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue distress. (Dictionary)

Market Value (Interagency Guidelines)

The most probable price which a property should bring ina 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 weil 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 cashin 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, (72 CFR, Part 34, Subpart C - Appraisals, 34,42(h)).

Marketability Analysis

The study of how a specific property is expected to perform in a specific market, A marketability analysis expands ona market analysis by addressing a specific property. (Dictionary)

Neighborhood Analysis

The objective analysis of observable or quantifiable data indicating discernible patterns of urban growth, structure, and change that may detract from or enhance property values; focuses on four sets of considerations that influence value: social, economic, governmental, and environmental factors. (Dictionary)

Net Net Net Lease

An alternative term for a type of net lease. In some markets, a net net net lease is defined as a lease in which the tenant assumes all expenses {fixed and variable) of operating a property except that the landlord is responsible for

structural maintenance, building

reserves, and management. Also called NNN lease, triple net lease, or fully net lease. (Dictionary}

Net Operating Income (NOI)

The actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted. Note: This definition mirrors the convention used in corporate finance and business valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization}. (75th Edition)

Obsolescence

One cause of depreciation; an impairment of desirability and usefulness caused by new inventions, changes in design, improved processes for production, or external factors that make a property less desirable and valuable for a continued use; may be either functional or external, (Dictionary)

Off-site Costs

Costs incurred in the development of a project excluding on- site costs such as grading and construction of the building and other improvements, also called common costs or off- site improvement costs. (Dictionary)

On-site Costs Costs incurred for the actual construction of buildings and improvements on a particular site. (Dictionary)

Overage Rent

The percentage rent paid over and above the guaranteed minimum rent or base rent; calculated as a percentage of sales in excess of a specified breakeven sales volume. (75th Edition)

Overall Capitalization Rate (OAR)

The relationship between a single year’s net operating incame expectancy and the total property price or value (Dictionary)

Parking Ratio

The ratio of parking area or parking spaces to an economic or physical unit of comparison. Minimum required parking ratios for various land uses are often stated in zoning ordinances. (Dictionary)

Potential Gross Income (PGI)

The total income attributable to property at full occupancy before vacancy and operating expenses are deducted. (Dictionary)

Potential Gross Income Multiplier (PGIM) The ratio between the sale price (or value) of a property and its annual potential gross income. (Dictionary)

Accelerating success.

Present Value (PV}

The value of a future payment or series of future payments discounted to the current date or to time period zero. (Dictionary)

Prospective Opinion of Value

A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as effective at some specific future date. An opinion of value as of a prospective date is frequently sought in connection with projects that are proposed, under construction, Or under conversion to a new use, or those that have not achieved sellout or a stabilized level of long- term occupancy. (Dictionary)

Qualitative Adjustment

An indication that one property is superior, inferior, or similar to another property. Note that the common usage of the term is a misnomer in that an adjustment to the sale price of a comparable property is not made. Rather, the indication of a property's superiority or inferiority to another is used in relative comparison analysis, bracketing, and other forms of qualitative analysis. (Dictionary)

Quantitative Adjustment

In the application of the sales comparison and income capitalization approaches, a numerical (dollar or percentage) adjustment to the sale price, rent, or expense amount of a comparable preperty to account for the effect on value of a difference between each comparable property and the subject property. (Dictionary)

Rentable Area The amount of space on which the rent is based; calculated according to local practice. (Dictionary)

Replacement Cost

The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout. (Dictionary)

Replacement Cost for Insurance Purposes

The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design and layout for insurance coverage purposes guaranteeing that damaged property is replaced with a new property {i.e., depreciation is not deducted). (Dictionary)

Reproduction Cost

The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same or similar materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, superadequacies, and obsolescence of the subject building. (Dictionary)

Retrospective Value Opinion

A value opinion effective as of aspecified historical date. The term retrospective does not define a type of value. Instead, it identifies a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation, Inclusion of the type of value with this term is appropriate, e.g., “retrospective market value opinion.” (Dictionary)

Sales Comparison Approach

The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered vacant when an adequate supply of comparable sales is available. (Dictionary)

Scope of Work

The type and extent of research and analysis in an appraisal or appraisal review assignment. Scope of work includes, but is not limited to:

The extent to which the property is identified;

The extent to which tangible property is inspected;

The type and extent of data researched; and

The type and extent of analysis applied to arrive at opinions or conclusions. (LSPAP)

Shopping Center Types

Accelerating success.

Sum of the Retail Values

The sum of the separate and distinct market value opinions for each of the units in a condominium; subdivision development, or portfolio of properties, as of the date of valuation. The aggregate of retail values does not represent the value of all the units as sold together in a single transaction; it is simply the total of the individual market value conclusions. An appraisal has an effective date, but summing the sales prices of multiple units over an extended period of time will not be the value on that one day unless the prices are discounted to make the value equivalent to what another developer or investor would pay for the bulk purchase of the units. Also called the aggregate of the retail values or aggregate retail selling price. (Dictionary)

Superadequacy

An excess in the capacity or quality of a structure or structural component; determined by market standards. (Dictionary)

Surplus Land

Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. (Dictionary)

Tenant Improvements (TIs) 1. Fixed improvements to the land or structures installed for use by a lessee. 2. The original installation of finished tenant space in a construction project; subject to periodic change for succeeding tenants. (Dictionary)

Usable Area

The area thatis actually used by the tenants measured from the inside of the exterior walls to the inside of walls separating the space from hallways and common areas. (Dictionary)

Useful Life

The period of time over which a structure or a component of a property may reasonably be expected to perform the function for which it was designed. (Dictionary)

Vacancy and Collection Loss

A deduction from potential gross income (PGI) made to reflect income deductions due to vacancies, tenant turnover, and nonpayment of rent; also called vacancy and credit loss or vacancy and contingency loss. (Dictionary)

Yield Capitalization

A method used to convert future benefits into present value by (1) discounting each future benefit at an appropriate yield rate, or (2) developing an overall rate that explicitly reflects the investment's income pattern, holding period, value change, and yield rate. (Dictionary)

Accelerating success.

Managing Director | Syracuse Valuation & Advisory Services

susan. baldwin@colliers.com Direct: +1 315 579 3160 colliers.com

100 East Seneca Street Suite 200 Manlius, NY 13104

Education or Qualifications

State University College at Cortland ~ B.A. Economics

State Certifications

New York

Pennsylvania

Susan D. Baldwin, MAI, AI-GRS

Area of Expertise

Susan D. Baldwin serves as the Managing Director for Colliers’ Syracuse Office which provides valuation and advisory services throughout Upstate New York. Prior to joining Colliers, Susan was the President CNY Pomeroy Appraisers, Inc.

Susan has valuation experience in numerous types of real property including restaurants, apartment complexes, warehouses, offices, retail properties, self- storage facilities, auto service facilities, manufacturing plants, hotels, motels, inns,

golf courses, and single-family homes.

In 2005, Susan served as President of the Upstate New York Chapter of the Appraisal Institute and has always been active with the local chapter to include being on the Board of Directors, and syracuse District Chair. She was also a Candidate Advisor for practicing Affiliates of the Appraisal institute. She has provided expert testimony in the New York State Supreme Court,

Professional Background

CNY Pomeroy Appraisers, Inc.

Armory Square Valuation Services, Inc. Summit Associates

The Peatfield Company, Ltd.

National Bank and Trust Company

Affiliations or Memberships

New York State Department of Transportation Approved

New York State Board of Real Estate Appraisal.

Community Activities

Chairman for Light Up Fenner. Raised $125,000 to install lights on the fields for the Cazenovia School District.

Served on the Cazenovia Youth Soccer Board for 12 years.

Served on Cazenovia Youth Lacrosse for S years.

Served on the YMCA board for 7 years.

Current serving on the Board of Directors for the Cazenovia Golf Club.

Serving on the Town of Cazenovia Grievance Board for over 15 years.

Accelerating success.

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Valuation Services Director | Syracuse Valuation & Advisory Services

donald.fisher@colliers.com Direct; +7 315 422 7107 Mobile: +1 315 430 6444 colliers.com

100 E. Seneca Street Suite 200

Manlius, NY¥ 13104 United States

Education or Qualifications

State Certifications

New York

Donald A. Fisher, MAI, ARA

Area of Expertise

Donald Fisher is a Valuation Services Director in the Syracuse office of Colliers Valuation & Advisory Services throughout Upstate New York, Prior to joining Colliers, Donald was the Executive Vice President CNY Pomeroy Appraisers, Inc.

Donald has valuation experience in numerous types of real property including all types of agriculture and rural properties, restaurants, apartment complexes, warehouses, offices, retail properties, self-storage facilities, auto service facilities, manufacturing plants, hotels, motels, inns, golf courses, and single-family homes.

In 2011 and 2012, Donald served as President of the Upstate New York Chapter of the Appraisal Institute and has always been active with the local chapter to include being on the Board of Directors, Chairperson for Candidate Admissions, and served on the AIREA/SREA Unification Community and Regional Standards Panel. He has been active with the American Society of Farm Managers and Rural Appraisers since 1975 including Executive Council for three years, Chair of the National Appraisal Review Committee for six years, and Chair of the National Editorial Committee for 19 years. He also served as Chapter President from 1991 through 1993.

Affiliations or Memberships

MAI #6935 Appraisal Institute Appraisal Institute (1979-present)

ARA #623 American Society of Farm Managers & Rural Appraisers [ASFMRA] American Society of Farm Managers & Rural Appraisers (1975-present)

International Association of Assessing Officers (1982-2020)

Colliers

Professional Background

2023-current: Valuation Services Director, Colliers Valuation & Advisory Services

2016-2023: Executive Vice President - CNY Pomeroy Appraisers, Inc.

1994-2015: President - Pomeroy Appraisal Associates, Inc.

1986-1994: Executive Vice-President - Pomeroy Appraisal Associates, Inc.

1984-1986: Vice-President / Secretary - Pomeroy Appraisal Associates, Inc.

1974-1984: Staff Appraiser - Pomeroy Appraisal Associates, Inc.

Awards

Appraisal Professional of the Year by ASFMRA - 2012

G. Richard Kelley Memorial Award (formerly President's Award)- 2014, presented by Upstate New York Chapter, Appraisal Institute

Gold Quill Award for Journalism from ASFMRA - 1985 and 2011

Volunteer of the Year Award - ASFMRA - 2017

Silver Cow Award for Contribution to Agribusiness from Onondaga County Dairy Promotion Committee (1999)

Accelerating success.

Donald A. Fisher, MAI, ARA

Valuation Services Director | Syracuse Valuation & Advisory Services

donald.fisher@colliers.com Direct: +1 315 422 7107 Mobile: +1 315 430 6444 colliers.com

100 E. Seneca Street Suite 200

Manlius, NY 43104 United States

Licensing and Certifications

Certified by Appraisal Institute through December 31, 2028 (5-year renewal period)

Certified by ASFMRA through December 31, 2025 (3-year renewal period) NYS Certified General Appraiser #46-000000060 (1991 to present)

Certified by NY Department of State through October 7, 2025 (2-year renewal period)

Certificate of Completion - Yellow Book - Uniform Appraisal Standards for Federal Land Acquisitions

-ASFMRA (2006 and 2018) NYS Consultant Appraiser - New York State (1978 to present)

NYS Qualified Appraisal Course instructor ~ all appraisal course levels (1991 to present)

Publications

“A Case Study of Upstate New York Landlocked and Restricted Access Land Values” - Journal of the ASFMRA, May 2020

“An Environmental Trade Case Study: Agricultural Conservation Easement Pays Off Environmental Penalty” -Journal of the ASFMRA, June 2011 (ASFMRA 2011 Gold Quill Award)

“Is Your Forest Land Fairly Assessed?” - Empire Envoy, Empire State Forest Products Association, Vol. 97, No. 5, August 2004

“Conservation Easements: A Review of Alternative Valuation Methods” ~ Journal of Property Economics, co-published by American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, International Association of Assessing Officers and National Association of Independent Fee Appraisers, Volume 1, Issue 1, 2004

The Appraisal of Rural Property, 2°9 Edition, 2000, co-published by ASFMRA and Appraisal Institute - Dairy Farm Chapter

‘Timberland Assessments” - Farming, January 2001

“Gas Pipelines; Are They a Detriment or an Enhancement for Crops?” Journal of ASFMRA, 2000; republished in International Right-of-Way Magazine, Dec. 2000

“Timberland Valuation” - CFA News, Catskill Forest Association, Inc., Fall 1999

“Understanding Development Rights from Both the Appraiser and Consultant Perspective" Seminar for ASFMRA, May 1997

"Farm Assessment Problems" (5-part series) - New York Farmer, 1996-1997

Accelerating success.

Donald A. Fisher, MAI, ARA

Valuation Services Director | Syracuse Valuation & Advisory Services

donald.fisher@colliers.cam Direct: +1 315 422 7107 Mobile: +1 315 430 6444 coiliers.com

100 E. Seneca Street Suite 200

Manlius, NY 13104 United States

Colliers

Publications (continued)

“Conservation Easements & Valuation Issues” - Appraisal Views, Valuation International, Ltd., 2 Quarter, 1996

Rural Appraisal Manual, ASFMRA, 6th Edition, 1986 - Revision Committee

“Using the Income Approach for Specialized Agricultural Properties"-journal of the ASFMRA, April 1985 (ASFMRA 1985 Gold Quill Award) “Do You Need a Professional Appraiser?" - American Agriculturist, January 1983

Teaching and Lecturing Experience

Upstate NY Chapter (Appraisal Institute): Valuations in Indian Land Claims, Eminent Domain Analysis, Catastrophic Event, Natural (Tourist) Attraction, Current Use v. Highest and Best Use, Land Under Elevated Highway, Avigation Easements, Wind Development Rights, Utility Easements, Determination of Economic Units, Market Value Impact from Solar Systems on Residential Properties, Effects of Stigma, Landlocked and Restricted Access Land

ASFMRA & Northeast Chapter: Agricultural Valuation, Conservation Easements, Avigation Easements, Wind Development Rights, Dairy Farms, Cost Approach; Utility Easements

International Right-of-Way Association Chapter 18: Conservation Easement Valuation, Avigation Easements, Wind Development Rights, Effects of Stigma, Landiocked and Restricted Access Land

US Army / Tug Hill Tomorrow Land Trust / Ducks Unlimited: Fort Drum Army Compatible Use Buffer Program (2012): Conservation Easements

New York Farm Show / Woodsmen's Field Days (2010, 2011, 2012): Conservation Easements

Accelerating success.

Donald A. Fisher, MAI, ARA

Valuation Services Director | Syracuse Valuation & Advisory Services

donald. fisher@colliers.com Direct: +1 315 422 7107 Mobile: +7 375 430 6444 colliers.com

100 E. Seneca Street Suite 206

Manlius, NY 13104 United States

Court Experience

Testified before US Federal District Court*; NY State Court of Claims; NY State Supreme Court*; Massachusetts Court; Commissions and Hearings throughout NY State;

2010 NY Court of Appeals favorable decision on current use valuation certiorari project (Gordon v,. Town of Esopus);

2 Appellate Division favorable decisions on current use and economic unit valuation for certiorari (Adirondack Mountain Reserve v, Towns of Keene and North Hudson; Corvetti v. Town of Lake Pleasant)

*1981 Oneida Nation Land Claim was reviewed and upheld by the US Supreme Court (March 1984)

Community Activities

St. Camillus Health & Rehabilitation Center: Trustee (1987-1992); Development Comm. (1990-1992)

Onondaga County Volunteer Firemen’s Association Red Jacket Distinction Award - 2012

New York State Emergency Medical Technician for over 30 years Corpus Christi Catholic Church: Building Committee (1991-92); Lector (2006-2016)

Accelerating success.

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Valuation & Advisory Services

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Real estate valuations play a pivotal role in today’s business climate. An accurate and well supported opinion of property value can mean the difference between reaching a critical goal—securing a loan, closing a sale, reporting to investors, choosing the best asset—or failing to achieve it altogether.

Colliers Valuation & Advisory Services’ reports are designed to deliver insight into a property's fundamentals, its competition and the overall market dynamics affecting value. A solid valuation report can be a strategic asset for investors, lenders and owners, provided that it addresses both a property's unique characteristics

and the most current market conditions.

Commitment to high-end client service, coupled with Colliers’ unparalleled market intelligence and resources, differentiates us as the firm of choice in the real estate industry.

PROFESSIONAL

Our professionals share a commitment to deliver the highest level of service and consistent results. We go the extra mile for our clients, whether this means meeting a tight deadline or working with a complex and challenging property.

TECHNOLOGY

Our unmatched report creation technology speeds appraisais through the pipeline. This secure, centralized production system generates a wide range of reports and high volume portfolio orders without delays.

INFORMATION

Today’s business climate places valuation in a more pivotal position than ever before. All our appraisals are evaluated and approved by an experienced review team to ensure our clients receive concise and timely appraisals. With clear, prompt reporting and a comprehensive, big picture approach, Colliers’ valuation and advisory reports give our clients the information they need to make better business decisions.

What We Do

Right-of-Way pele

Technology a a, Solutions

Institutionaly Fund Valuation

Market & . . eeasability | Valuation & Advisory Portfolio

I —_ . Evaluation Studies Specializations

Financial Litigation

Reporting & » Support

Alternative Appraisal

Management i Valuations/Evais (REVOS)

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SNS 400+

licensed appraisers and staff

26,000+

assignments completed annually

|v! 60+

() Valuation & Advisory Services market locations across the country

Real estate advisors in 66 countries.

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Founding member of the World Green Building Council

aa ~ IAOP; Recognized and ranked 18 consecutive years,

more than any other real estate firm

Lipsey

Ranked in the top 3 most recognized global commercial real estate brands by The Lipsey Company

Forbes

Ranked in the world’s top female-friendly companies.

Jeremy Wailing, MAI, MRICS P] Cusmano, MAI, MRICS

President | US Executive Vice President Valuation & Advisory Services Eastern US Jeremy.Walling@colliers.com Pj.Cusmano@colliers.com

+1 312 371 4920 +1 813 229 1599

Jeff Shouse, MAI, CRE Jerry Gisclair, MAI, MRICS Executive Vice President Executive Vice President Western US US Client Relations & Service jeff Shouse@colliers.cam Jerry.Gisclair@colliers.com +1916 724 5534 +1813 871 8531

Bruce Nell, MAI, Al-GRS, MRICS Anjanette “AJ” Hutson, MAI, Al-GRS Senior Vice President Executive Managing Director Advisory Services & MHC Practice Leader Quality Assurance Bruce.Nell@colliers.com AJ.Hutson@colliers.com

+1 614 437 4687 +1 704 973 7202

To learn more about our Regional and Market Valuation Experts, please click on or scan the QR code.

Why work with Colliers?

We act as an extension of your team.

Our approach is collaborative, nimble and informed by uncommon knowledge. By aligning with your core business needs, we develop and execute customized real estate solutions to support your growth strategy.

We are both results and process-driven.

From the first handshake to the last, we manage the valuation process to minimize disruption, mitigate risk and mediate competing perspectives so that you can focus on what you do best. You can count on us to stay focused on your priorities.

We are defined by our people.

We attract an exemplary roster of top valuation experts across the United States - specialists who save you time and money by cutting through the noise to deliver the most favorable outcome.

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