RockSpringCluB-Hendricks Appraisal.pdf

Karen Carnevale, R.M.C. Municipal Clerk Township of West Orange February 16, 2019 The Rock Spring Club was originally designed by Charles “steamshovel” Banks and Seth Raynor, both nationally renowned golf course architects. According to published reports as well as digital media, Charles Banks was also responsibe for the design of the Francis Byrne Golf Course in West Orange, the Hackensack Golf Club and the Knoll in Parsippany. In addition, Seth Raynor had also designed a number of courses including the Essex County Golf Club (East) as well as Essex Fells Country Club. This appraisal has been prepared in connection with a proposed acquisition by the Township of West Orange. It is my understanding that the municipality shall, upon acquisition, retain the services of a professional golf course management firm to oversee and supervise the daily operations of the facility. In addition, the golf course will no longer be a private country club, but will be operated as a public daily fee course. In connection with the appraisal of the fee simple interest, and based on my tesearch, analysis and interpretation of the data assembled herein, it is my opinion that the highest and best use of the property is single family residential subdivision and development in accordance with the requirements and regulations applicable under the R-1 - One Family Residence District Zoning. Therefore, in this appraisal assignment, | have valued the subject property under its highest and best use, specifically, as a single family residential subdivision. However, it has also been noted that the typical developer of a large parcel such as the subject would undoubtedly pursue a change in zoning that would permit multi-family (condominium-townhouse-rental apartment and/or mixed-use) development at a substantially greater density. This type of use is not a legally permitted use under current zoning. Furthermore, a change in zoning which would allow greater density and multi-family development of the property cannot be reasonably assumed, anticipated or projected. Based on a review of the survey and tax map information, along with zoning regulations and requirements, | have estimated that the subject property could be subdivided and support sixty-six (66) individual conforming residential building lots. The foregoing includes an allocation of approximately ten (10%) percent of the land

the subject property could be subdivided and support sixty-six (66) individual conforming residential building lots. The foregoing includes an allocation of approximately ten (10%) percent of the land area for infrastructure, setbacks, etc. It also recognizes and considers that approximately five (5) acres of the property is occupied by Cable Lake. In my opinion, as of February 14, 2019, the Market Value of the subject property, in fee simple interest and based on the assumptions definitions, terms, and conditions included herein, is the sum of: Fourteen Million Dollars ($14,000,000.00) iH REAL ESTATE APPRAISALS WoO & researcn