Township Council Meeting — Agenda

REAL ESTATE Hendricks Appraisal Company, uc [ | a RESEARCH SEVEN HUTTON AVENUE, WEST ORANGE, NEW JERSEY 07052 - 973-736-5656-7 * FAX 973-736-2364 MARK E. HENDRICKS, CRE, FRICS, CTA, SCGREA ANITA M, HENORICKS, SCGREA NEW JEASEY STATE CEATIFIED JEFFREY A HENDRICKS, CTA, SCGREA (RETIRED) GENERAL REAL ESTATE APPRAISERS ROBERT W. HENDRICKS, MAI, CRE, SCGREA (1923-2000) May 25, 2022 Robert Renaud, Esq. Renaud DeAppolonio, LLC 190 North Avenue East Cranford, New Jersey 07016 rrenaud@rdlawnj.com Re: Proposal For Appraisal Services Tax Year 2017 10 Rooney Circle - Block 155, Lot 41.02 100 Executive Drive - Block 155, Lot 40.02 200 Executive Drive - Block 155, Lot 42.02 300 Executive Drive - Block 155, Lot 42.01 West Orange, New Jersey Dear Mr. Renaud: In accordance with your request, | am pleased to provides the accompanying formal proposal for professional real estate appraisal services in connection with the above captioned properties, Please review the proposal carefully with your client, and should you find it acceptable, please sign the agreement page and return it to me with the required retainer. Upon receipt, [ shall commence the assignment. Please note that | may require some additional information relative to each of the properties and may request this information once the appraisal assignment commences. 1! appreciate the opportunity to provide you with professional appraisal services. If you have any questions, please do not hesitate to contact me. Very ftruly yours, . Hendricks, CRE, FRICS, CTA, SCGREA. Hendricks Appraisal Company, LLC Real Estate Appraisals, Research & Consulting MEH:mm attachments + www.hendricksappraisalcompany com =

Standard Proposal For Appraisal & Consulting Assignments Introduction: There are two (2) primary types of appraisal reports available, these include the Appraisal Report and the Restricted Appraisal Report. In brief, the Appraisal Report format is a more detailed and comprehensive document. This type of appraisal report will be prepared in a manner that is consistent with the Intended Use of the appraisal. The report will provide a summary of all relevant information, analysis and data utilized in the report and specified under the Scope of Work. In addition, all information relied upon in connection with the preparation of the Appraisal Report will be retained in the appraiser's complete work file for the assignment. The Appraisal Report shall be prepared in compliance with the Uniform Standards of Professional Appraisal Practice. The Restricted Appraisal shall also be prepared in a manner which is consistent with the stated Intended Use of the report. This type of reporting format shall be limited to the client's use only. The Restricted Appraisal Report will typically contain less detail and supporting documentation relevant to the conclusions and opinions developed by the appraiser and in accordance with the Scope of Work specified. Nonetheless, all documentation relied upon by the appraiser in connection with the preparation of the Restricted Appraisal Report shall be retained in the appraiser's complete work file for the assignment. The Restricted Appraisal Report shall be prepared in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Based on the type of property to be appraised as well as my understanding of the Purpose of the Appraisal, | shall prepare a formal narrative Appraisal Report on each of the subject properties. Scope of Work: The following represents the basic Scope of Work which shall be completed in connection with this assignment. * Physical inspection of the properties and their general neighborhood. It is acknowledged that 100 and 200 Executive Drive were recently demolished and in this regard, the appraiser shall rely upon previous inspections and/or municipal records and information. Identification of property along with the specific estate being appraised. Detailed description of each individual property and its immediate environment Review and discussion of municipal assessment, zoning,

cation of property along with the specific estate being appraised. Detailed description of each individual property and its immediate environment Review and discussion of municipal assessment, zoning, flood condition. Analysis and discussion regarding the highest and best use of the property. Discussion as to an appropriate valuation method(s) to utilize. Research and investigation of market data to be utilized in the assignment Estimate of Market Value as of the date of inspection. Preparation of Appraisal Report in narrative format and certified to the client. Submission of completed appraisal report in a pdf (electronic) format. If requested, one (1) hard copy of the report shall be provided. i T ] REAL ESTATE APPRAISALS & RESEARCH eeeeveeveee

Standard Proposal For Appraisal & Consulting Assignments Purpose of the Appraisal - Intended Use & User of the Report: Based on electronic information conveyed by the client, it is my understanding that the purpose and intended use of the appraisals shall be to provide the client with an estimate of the Market Value in fee simple interest, of each property (real property) in connection with a pending Tax Year 2017 Tax Appeal litigation. The intended users of the reports include the client and his designated and authorized representatives, the Plaintiff Counsel, as well as the Tax Court of New Jersey. The appraisal report is not to be duplicated (in whole or in part) in any manner (including electronic) and shall not be relied upon by anyone except those noted herein without the written consent and authorization of the Hendricks Appraisal Company, LLC. Special Conditions - Assumptions: As two of the subject improvements (100 & 200 Executive Drive) were recently demolished, the appraiser shall rely upon previous inspections and other documents (public and/or municipal) which may be available in the preparation of the appraisal report. In addition to the standard contingent and limiting conditions, the appraisal report shall be prepared under the special assumption and condition that the subject property is unencumbered with any adverse environmental conditions or contamination of any kind. Estimated Time Requirement: Based on my current inventory of appraisal assignments, litigation appearances and other commitments, I estimate that forty-five (45) days from acceptance of this proposal shall be required to complete the assignment. This estimate is subject to change due to a wide array of potential delays which may be encountered, including - health (Covid-19 restrictions), delayed or restricted access to the property, or delays in obtaining confirmation regarding the market data to be employed. Nonetheless, every effort shall be made to conform with the estimated completion date. The appraiser also acknowledges that the currently scheduled exchange date is August 12, 2022 with a trial before the Tax Court of New Jersey sect for October 3, 2022. Submission of Appraisal Reports: Unless specifically requested otherwise, the appraisal reports shall be provided to the client electronically via pdf. The client shall be responsible for dissemination of

ssion of Appraisal Reports: Unless specifically requested otherwise, the appraisal reports shall be provided to the client electronically via pdf. The client shall be responsible for dissemination of the reports to the Plaintiff Counsel and the Tax Court of New Jersey. REAL ESTATE @ OG Circcancn

Standard Proposal For Appraisal & Consulting Assignments Properties To Be Appraised & Fee Proposal: Tax Year 2017 10 Rooney Circle Block 155, Lot 41.02 West Orange, New Jersey ......sssssesecssssssscssssseccssssscessssseseccesnueeenseees $ 3,500.00 Tax Year 2017 100 Executive Drive Block 155, Lot 40.02 West Orange, New Jersey .. $ 3,500.00 Tax Year 2017 200 Executive Drive Block 155, Lot 42.02 West Orange, New Jersey ....csecssssssscssessssssscssescsssesessesensesseseessneees $ 3,500.00 Tax Year 2017 300 Executive Drive Block 155, Lot 42.01 West Orange, New Jersey ...sseescssssssccssssessesssssssesscsssessssnsnuseeesnerees $_3.500.00 Total ceeseeesseecsssssessseessssesssessessssccsetssssecnsssseessessnsssseeessessusenneeracsaseenees $ 14,000.00 Additional Fees & Costs: In the event the appraiser is requested to attend conferences, meetings, hearings or trials in connection with this assignment, or should the appraiser be requested to provide the client with litigation support (review-analysis of any appraisal reports or documents provided by plaintiff) the appraiser shall be compensated at the rate of $250.00 per hour. Retainer Agreement: Upon acceptance and execution of this proposal and prior to any appraisal work being conducted, a retainer in the amount of $7,000.00 (50%) of the total appraisal fee will be required. The balance of the appraisal fee shall be due and payable immediately upon receipt of the completed appraisal report documents. REAL ESTATE APPRAISALS a & RESEARCH

Standard Proposal For Appraisal & Consulting Assignments Report Certified To: Unless directed otherwise, the appraisal reports shall be addressed to the following as client: Township of West Orange 66 Main Street West Orange, New Jersey 07052 Additional Provisions: The appraiser acknowledges that the client - Township of West Orange shall not be responsible for the appraisal fee or any additional fees-charges in connection with this assignment. The appraiser has been informed that the appraisal fee, retainer and any additional costs shall be the responsibility of West Orange Office Executive Park, LLC - in accordance with and as specified by the redevelopment agreement (Section 13.5). The appraiser may require additional information from the client in connection with the preparation of the appraisals, The client shall provide (if available) any and all information requests. The foregoing includes, but is not limited to, any leases, rent rolls, expense statements, or similar data for each of the subject properties, Agreement: I, , having full authority to enter into this agreement, accept the terms and conditions contained within the accompanying proposal as submitted by the Hendricks Appraisal Company, LLC, and dated herein as of May 25, 2022. This proposal shall remain valid for a period of thirty (30) days. Date Mark E- Hendricks, CRE, FRICS, CTA, SCGREA Hendricks Appraisal Company, LLC Real Estate Appraisals, Research & Consulting May 25, 2022 t L | REAL ESTATE APPRAISALS @ OB creseancw

QUALIFICATIONS MARK E. HENDRICKS, CRE®, FRICS, CTA, SCGREA Education: Experience: Employment: Mount Saint Mary’s University — B.A. - 1981 Emmitsburg, Maryland Actively engaged in real estate valuation, counseling and advisory studies within the State of New Jersey since 1981. Appraisal, counseling and advisory assignments included the following: residential properties, subdivisions, multi- family condominium and townhouse development; commercial properties, retail centers, mixed-use properties, automobile dealerships, neighborhood shopping centers, regional shopping malls; office buildings, corporate facilities, corporate campus, leasing analysis and consulting; apartment properties of all types; industrial properties, warehouse, manufacturing, flex, distribution and terminals; vacant sites including residential, commercial, industrial, waterfront, quarry properties, green acres-open space, conservation and recreational lands; other assignments of a specialized nature include: corporate office-headquarters, power generation facilities; hospitals, schools, golf courses, telecom facilities, easements, partial interests, breweries and insurance loss analysis. These assignments were conducted for both public and private entities and individuals. Mr. Hendricks is qualified as an expert witness before the Tax Court of New Jersey, the Superior Court of New Jersey, the United States Bankruptcy Courts, County Boards of Taxation, along with local planning and zoning boards. He is also an approved State of New Jersey, Department of Environmental Protection, Green Acres Division, real estate appraiser. * Professional Territory - Northern New Jersey - Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset, and Union Counties. ¢ Hehas served as a Commissioner in Condemnation for the Superior Court of New Jersey. ¢ Mr. Hendricks served as the municipal Tax Assessor for the Township of Nutley in 2004, 1981-1997 — Vice President Robert W. Hendricks & Company, Inc. 1997-2020 — Principal & CEO 2020-Present - President & CEO The Hendricks Appraisal Company, LLC Seven Hutton Avenue West Orange, New Jersey 07052 (973) 736-5656 — (973) 736-2364 (Facsimile) email - mhendrickscre@gmail.com REALESTATE APPRAISALS L | & RESEARCH

QUALIFICATIONS MARK E. HENDRICKS, CRE®, FRICS, CTA, SCGREA Affiliations: Member - The Counselors of Real Estate— CRE® Fellow Royal Institute of Chartered Surveyors - FRICS Affiliate Member - Appraisal Institute Member IAAO ~ International Association of Assessing Officers Member IREM - Institute of Real Estate Management New Jersey State Certified General Real Estate Appraiser (42RG0923) New Jersey State Certified Tax Assessor - CTA (#1591) General Information: Mr. Hendricks has conducted acquisition appraisals for various large scale eminent domain projects including: the New Jersey Performing Arts Center (NJPAC); Prudential Center Arena; Society Hill Development at University Heights; Essex County Correctional Facility; Honorable Joseph G. Minish Passaic River Waterfront Promenade; Science Park School Project. In addition to acquisition appraisals, he has served as the review appraiser in connection with other large scale developments including: the Riverfront Stadium facility; New Jersey Transit Light Rail Program; Newark Airport Monorail; various public school development and expansion projects. Other major redevelopment projects predominantly located within the City of Newark included the Home Depot; Victory Gardens development; South Ward industrial Park; Hartz Mountain Industrial-Waverly Yards; Multiplex Cinema; Newark Entertainment Complex; Bergen Street Redevelopment project; and the Center City (Paterson) development. Mr. Hendricks has been retained as the real estate appraisal expert and tax consultant for numerous municipalities including: Township of Belleville, Township of Bloomfield, Borough of Chatham, Township of Cedar Grove, Borough of Caldwell, City of East Orange, Township of Fairfield, Borough of Florham Park, Borough of Glen Ridge, Township of Little Falls, Township of Montclair, City of Newark, Borough of North Caldwell, Township of Nutley, City of Orange Township, Borough of Roseland, City of Summit, Township of Verona, Township of West Caldwell, and the Township of West Orange. In addition to his appraisal, consulting and advisory experience, he has been retained by various communities to review and monitor the Class IV components (apartment-commercial-industrial) of municipal revaluation and reassessment programs. These include the Township of Belleville, Borough of Caldwell, Borough of Glen Ridge, Township of Little

omponents (apartment-commercial-industrial) of municipal revaluation and reassessment programs. These include the Township of Belleville, Borough of Caldwell, Borough of Glen Ridge, Township of Little Falls, Township of Montclair, Township of Nutley, the Borough of North Caldwell, Township of Fairfield, City of Paterson, Borough of Roseland, Township of Verona, Township of Cedar Grove, the Township of West Caldwell, and the Township of West Orange. REAL ESTATE | | APPRAISALS EB & RESEARCH