RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_- 99 Palisade Avenue, Emerson & Oradell, Bergen County, New Jersey Emerson RealEstate, LLC to Bergen County Improvement Authority Date: December 8, 2017 Sale Price: $7,823,818.59 (Combined Purchase Price) 17 (©) Zone: OSC(E) Zone: CR (0) Book: 2815 Pages: 1275-1285 Acres: 134,280 Identification: | Emerson Golf Club Holes: Eighteen (18) Analysis: Sale reflects $58,265.00 per acre or $434,657.00 per hole, unadjusted. Comment: The sale involves a privately owned, public golf course known as the Emerson Golf Club. The purchase price was based on two (2) independent appraisal and was financed by the BCIA through the issuance of bonds. The property is encumbered with a deed restriction that requires it to remain as a golf course in perpetuity. The purchase also included existing equipment, contracts and leases. ac Bene sete ] \ TAX MAP. JOROUGH L 4c