===== PDF PAGE 8 =====
[Extraction: OCR (rendered-page OCR)]
CITY OF WEST CHICAGO
FINANCE COMMITTEE
AGENDA ITEM SUMMARY
ITEM TITLE:
AGENDA ITEM NUMBER: _ “ &
Ordinance No. 20-O-0021 — Updating the Fair Market
Value of Residential, Commercial and Industrial Land — FILE NUMBER:
Subdivision Regulations
COMMITTEE AGENDA DATE: 9/22/2020
COUNCIL AGENDA DATE: 10/5/2020
STAFF REVIEW: SIGNATURE
APPROVED BY CITY ADMINISTRATOR: SIGNATURE
ITEM SUMMARY:
The City hasn't updated the fair market value of land in its Subdivision Regulations for new developments
since 2008. The City contracted with the Polach Appraisal Group to provide current figures; the final
appraisal report is attached. Ordinance No. 20-O-0021 incorporates these current figures into the
Subdivision Regulations, this time differentiating between commercial and industrial use land (previously
there was just a non-residential use land figure which was used for both types).
STAFF RECOMMENDATION:
Staff recommends adoption of Ordinance No. 20-O-0021.
COMMITTEE RECOMMENDATION:

===== PDF PAGE 9 =====
[Extraction: OCR (rendered-page OCR)]
ORDINANCE NO. 20-0-0021
AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF
THE CITY OF WEST CHICAGO, APPENDIX D, SECTION 4 OF
APPENDIX B —- SUBDIVISION REGULATIONS —
FAIR MARKET VALUE OF LAND
WHEREAS, the City of West Chicago is authorized pursuant to 65 ILCS 5/11 -
12-4 et. Seq., to establish requirements relating to parks, school sites and other public
grounds; and,
WHEREAS, the City Council has determined that it is in the public interest to
ensure that new developments make adequate provisions for parks and recreation sites,
school sites, fire protection sites, library purposes or cash contributions in lieu thereof, to
accommodate the needs to be generated by those developments; and
WHEREAS, the City Council has heretofore enacted requirements for the
dedication of land for said purposes, and/or the contribution of cash in lieu thereof, with
respect to new developments, pursuant to Ordinance No. 3060, passed and approved on
March 3, 1997, and codified as Appendix D of the City’s Subdivision Regulations,
Appendix B of the Code of Ordinances of the City of West Chicago; and
WHEREAS, Ordinance No. 3060 provides for periodic review of the fair market
value of land in and surrounding the City, for the purpose of determining the amount of
cash to be contributed, in the lieu of the dedication of land, for said purposes; and
WHEREAS, Ordinance No. 4140 amended Ordinance No. 3060 to revise the fair
market value of land; and
WHEREAS, Ordinance 02-O-0091 adopted on or about July 15, 2002, updated
the fair market value of land upon completion of a land valuation study by David W.
Phillips & Company, Inc.; and
WHEREAS, Ordinance 04-O-0012 adopted on or about June 21, 2005, updated
the fair market value of land upon completion of a land valuation study by David W.
Phillips & Company, Inc.; and
WHEREAS, Ordinance 08-O0-0003 adopted on or about February 4, 2008,
updated the fair market value of land upon completion of a land valuation study by David
W. Phillips & Company, Inc.; and
WHEREAS, on or about October 17, 2007, the City signed a contract with the
Polach Appraisal Group to undertake a land valuation study to update the fair market
value of both residential and non-residential land in West Chicago; and
Ordinance 20-O-0021
Page 1 of 3

===== PDF PAGE 10 =====
[Extraction: OCR (rendered-page OCR)]
WHEREAS, the City Council has reviewed the results of the study and desire to
amend its Code of Ordinances to reflect the increased value of land in West Chicago.
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of West
Chicago, DuPage County, Illinois, in regular session assembled, as follows:
Section1. | That Appendix D of Appendix B of the Code of Ordinances of the
City of West Chicago is hereby amended by deleting the last paragraph in Sub Section 5
of Appendix D of Appendix B in its entirety and substituting the following language:
“The case contributions in-lieu-of land shall be based on the fair market value of
the acres of land in the area improved as specified in Section 8 herein, that
otherwise would have been dedicated pursuant to the provisions hereof. If has
been determined that the present fair market value of such improved land in and
surrounding the City is: (a) one hundred thirty thousand dollars ($130,000) per
acre with respect to residential use land (or $600 per acre for library purposes);
(b) one hundred sixty five thousand dollars ($165,000) per acre with respect to
commercial use land (or $0.11 per square foot of building area for fire protection
purposes); and one hundred ninety-five thousand dollars ($195,000) per acre with
respect to industrial use land (or $0.11 per square foot of building area for fire
protection purposes). The fair market value for commercial use land shall be used
for developments of a mixed-use nature. Said figures shall be used in making any
calculation herein unless the developer files a written objection thereto. In the
event of any such objection the developer shall submit an appraisal showing the
fair market value of such improved land n the area of his development or other
evidence thereof and final determination of said fair market value per acre of such
improved land shall be made by the City Council based upon such information
submitted by the developer and from other sources which may be submitted to the
City Council by the park district, school district, fire protection district, library
district or others. The City shall be entitled to an administrative fee in connection
with the administration hereof, which fee shall total five percent (5%) of the
contribution required under this section.”
Section 2 All ordinances and resolutions, or parts thereof, in conflict with the
provisions of this Ordinance are, to the extent of such conflict, expressly repealed.
Ordinance 20-O0-0021
Page 2 of 3

===== PDF PAGE 11 =====
[Extraction: OCR (rendered-page OCR)]
Section 3 That this ordinance shall be in full force and effect ten (10) days from
and after its passage, approval and publication in pamphlet form as provided by law.
PASSED this 5" day of October 2020.
Alderman J. Beifuss Alderman L. Chassee
Alderman J. Sheahan Alderman H. Brown
Alderman A. Hallett Alderman M. Ferguson
Alderman M. Birch-Ferguson Alderman S. Dimas
Alderman C. Swiatek Alderman M. Garling
HTT
ITT
Alderman R. Stout Alderman J. Short
Alderman N. Ligino-Kubinski Alderman J. Jakabcsin
APPROVED as to form:
City Attorney
APPROVED this 5" day of October 2020.
Mayor Ruben Pineda
ATTEST:
City Clerk Nancy M. Smith
PUBLISHED:
Ordinance 20-O0-0021
Page 3 of 3

===== PDF PAGE 12 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
APPRAISAL REPORT
Valuation for Various Property Types
for Land Donation Ordinance Purposes
West Chicago, IL

===== PDF PAGE 13 =====
[Extraction: OCR (rendered-page OCR)]
1761 S. Naperville Road
POLACH APPRAISAL GROUP, INC.
Suite 103
Wheaton * Illinois » 60189
Phone: 630.682.4650
Fax: 630.682.4814
June 11, 2020
Michael Guttman
City Administrator
City of West Chicago
475 Main Street
West Chicago, IL 60185
Re: Valuation of Various Property Types
for Land Donation Ordinance Purposes
West Chicago, IL
File #20-0301
Dear Mr. Guttman:
At your request, we have researched and analyzed vacant land sales within West
Chicago and the surrounding communities as of June 4, 2020 in order to provide an
opinion of the market value of improved land on a per-acre basis of various property
types, residential and non-residential, within the City of West Chicago with the
advantages of all normal road improvements and immediate access to all utilities.
In determining typical improvements of a site within the City, we have considered the
City of West Chicago Code of Ordinances Appendix B, Subdivision Regulation |
Appendix D, Section 1, Number 5 which reads as follows:
“Improvements under this Section 4 shall be liberally construed and shall include, but
shall not be limited to the development of: sidewalks; adjacent streets, including but not
limited to pavement, curbs, gutters and street lights; connections with sewers, water,
electrical and other utility lines; and, as appropriate, grading, seeding and/or sodding,
and/or drainage and erosion controls.”
In accordance with these instructions we have assumed that the hypothetical sites will
have normal street improvements, water, sanitary sewer, storm sewer, electric, gas,
telephone and cable television service readily available; and will be rough graded with
positive drainage and ready for construction. Also that they will be accessible to
commercial uses and permanent open space uses within the City, will be near schools,
parks, and municipal services and will be free from any unusual encumbrances.
121 W. Wacker Drive
Suite 856
Chicago * Illinois + 60601
Phone; 312.422.1200
Fax: 312.422.1201

===== PDF PAGE 14 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
June 11, 2020
Michael Guttman
Cont'd.
This Appraisal Report is intended to comply with the reporting requirements set forth
under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal
Practice. It presents only summary discussions of the data, reasoning, and analyses
that were used in the appraisal process to develop the appraiser's opinion of value.
Supporting documentation concerning the data, reasoning, and analyses is retained in
the appraiser's file. The depth of discussion contained in this report is specific to the
needs of the client and for the intended use as stated. The appraiser is not responsible
for unauthorized use of this report.
Furthermore, in accordance with prior agreement between the client and the appraiser,
this report is the result of a limited appraisal process in that certain allowable departures
from specific guidelines of the Uniform Standards of Professional Appraisal Practice
were invoked. The intended user of this report is warned that the reliability of the value
conclusion provided may be impacted to the degree there is departure from specific
guidelines of USPAP. The subject of this appraisal is assumed to be various properties
rather than a specific property which could be physically inspected. Our valuation
makes certain assumptions about these various properties; however, because a specific
property is not being appraised, information concerning zoning, physical characteristics,
real estate taxes, etc. for the properties was not available. As such, we have invoked a
departure from the USPAP requirements.
As requested, following is our report which summarizes our conclusions with respect to
an opinion of value for various property types. Our conclusions are being reported in a
summary format.
Please contact us if you have any questions.
Respectfully submitted,
POLACH APPRAISAL GROUP, INC.
Aero tl ft C2lcL ALi hos
Kenneth F. Polach, MAI, SRA Mark K. Polach
IL Cert No. 553.000340 Exp. 9/30/2021 IL Cert No. 553.001545 Exp. 9/30/2021

===== PDF PAGE 15 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Location:
Assumptions and
Limiting Conditions:
Purpose and Intended
Use of Appraisal:
20-0301 -1-
SUMMARY
Various Property Types
West Chicago, Illinois
Standard Contingent and Limiting Conditions apply. See
attached.
The global outbreak of a “novel coronavirus” known as
COVID-19 was officially declared a pandemic by the
World Health Organization (WHO). The reader is
cautioned, and reminded that the conclusions presented
in this appraisal report apply only as of the effective
date(s) indicated. The appraiser makes no
representation as to the effect on the subject property of
any unforeseen event, subsequent to the effective date
of the appraisal.
We have not been provided with an environmental site
assessment for specific subject properties and, therefore,
have appraised the properties as free and clear of any and
all potential environmental problems. Should we become
aware of any environmental issues, we reserve the right to
revise our opinions.
The purpose of this appraisal is to provide an opinion of the
current market value of improved land on a per-acre basis
for various property types, residential and non-residential,
within the City of West Chicago.
We have considered the City of West Chicago Code of
Ordinances Appendix B, Subdivision Regulation Appendix D,
Section 1, Number 5 which reads as follows:
“Criteria for Requiring a Cash Contribution In-Lieu-Of Park,
School, Fire Protection and/or Library Sites: The City shall
require the developer to pay a cash contribution in-lieu-of or
in combination with the land dedication required when so
determined by the public body which would be the recipient
of the land, subject to final City approval. The cash
contributions in-lieu-of park and recreation land dedication
shall be held in trust by the City, or other public body
designated by the City, solely for the acquisition and or
improvement of park and recreation land as hereinbefore
classified, which will be available to serve the immediate or

===== PDF PAGE 16 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Intended User:
Interest Appraised:
Definition of
Market Value:
20-0301 -2-
future needs of the residents of that development. The cash
contributions in-lieu-of school sites shall be held in trust by
the City, or other public body designated by the City, solely
for use in the acquisition and/or improvement of land for
school sites to serve the immediate or future needs of
children from that development. The cash contributions in-
lieu-of fire protection sites shall be held in trust by the City, or
other public body designated by the City, solely for use in the
acquisition and/or improvement of land for fire station sites to
serve the immediate or future needs of the residents or
occupants of that development. The cash contributions in-
lieu-of library sites shall be held in trust by the City, or other
public body designated by the City, solely for use in the
acquisition and/or improvement of land for library sites to
serve the immediate or future needs of the residents or
occupants of that development.
These properties are assumed to have the advantage of all
normal road improvements and immediate access to all
utilities.
This appraisal is being used by the City of West Chicago and
its agents in determining the amount of impact fee cash
contributions in lieu of land donations.
Fee Simple
Market Value definition is from regulations published by
federal regulatory agencies pursuant to Title XI of the
Financial Institutions Reform, Recovery, and Enforcement
Act (FIRREA) of 1989 between July 5, 1990, and August 24,
1990, by the Federal Reserve System (FRS), National Credit
Union Administration (NCUA), Federal Deposit Insurance
Corporation (FDIC), the Office of Thrift Supervision (OTS),
and the Office of Comptroller of the Currency (OCC). This
definition is also referenced in regulations jointly published
by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in
the Interagency Appraisal and Evaluation Guidelines, dated
October 27, 1994. This definition 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:

===== PDF PAGE 17 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Date of Valuation:
Date of Visual
Observation:
Scope of Appraisal:
Subject Area:
20-0301 -3-
i buyer and seller are typically motivated;
ras both parties are well 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 cash in United States 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.
June 4, 2020
A visual observation of the subject properties was not
performed since the subject properties are hypothetical
properties. The appraisers are very familiar with property
within the City of West Chicago and the surrounding area.
A visual observation of the subject properties was not
performed since the subject properties are hypothetical
properties. We have performed research with respect to the
hypothetical subject properties and surrounding area,
research of market data, analysis of the hypothetical subject
properties and the market data, and preparation of a
compilation of conclusions. Market data research was
conducted through the use of services assumed to be
accurate including CoStar and MLS as well as public records
when necessary. The information obtained is believed to be
accurate but has not been further verified.
The cost and income approaches to value are not applicable
because the hypothetical subject properties are vacant land
and buyers of these types of property do not use these
approaches in making their purchasing decisions.
The appraisers believe the primary approach to value is the
sales comparison approach.
The City of West Chicago, Illinois, is located in western
DuPage County approximately 30 miles west of the City of
Chicago's central business district commonly known as the

===== PDF PAGE 18 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -4-
"Chicago Loop". The City currently encompasses an
approximate 14.80-square-mile area which is generally
bounded by Roosevelt Road to the south, the DuPage
County Airport to the west, Illinois Route 64 to the north, and
various roadways including Prince Crossing Road, and
Illinois Route 59, among others to the east. The municipal
boundaries are very irregular in shape.
Neighboring communities include St. Charles, Geneva, and
Batavia to the west; Warrenville to the south; Winfield and
Carol Stream to the east; Wayne and Bartlett to the north.
The City of West Chicago was incorporated in 1873 and
presently consists of a mixture of single family residences,
the DuPage County Airport, office and business parks, and
various commercial uses.
According to the most recent census data, 2018, the City
population was 27,045. The median household income for
West Chicago was estimated to be $71,268 for the years of
2014 to 2018. The per capita income for 2018 in West
Chicago was $27,011. According to 2010-2014 Census
Data, West Chicago has 7,763 housing units. The median
value of housing units in West Chicago is $243,500 for 2014-
2018 census data. The median gross rent for West Chicago
from 2014-2018 was $1,077 a month. The median age of
West Chicago residents for 2015 was 31.6 years.
Seven public elementary schools serve the area residents:
Currier Elementary School (ESD District 33, K-5), Pioneer
Elementary School (ESD District 33, K-5), Wegner
Elementary School (ESD District 33, K-5), Turner
Elementary School ( ESD District 33, K-5), Indian Knoll
Elementary School (ESD District 33, K-5), Gary Elementary
School (ESD District 33, K-5), and Norton Creek Elementary
School (ESD District 33, K-5). Two middle schools serve the
area: Benjamin Middle School (District 25, 5-8) and Leman
Middle School (District 33, 6-8). Two high schools serve the
area: West Chicago Community High School (District 94)
and Wheaton Academy (Private School). According to
Niche.com, enrollment for School District 33, located in West
Chicago, has 4,432 students in grades PK through 8 with a
teacher-pupil ratio of 15.0 to 1.00 and with $15,702 spent per
student. Enrollment for Benjamin Middle School within
School District 25 was 272 with a teacher-pupil ratio of 10.0
to 1.00 and with $23,036 spent per student. Enrollment for
Community High School in West Chicago within High School
District 94 was 2,051 with a teacher-pupil ratio of 17 to 1.00.

===== PDF PAGE 19 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -5-
Enrollment for Wheaton Academy within West Chicago was
662 with a teacher-pupil ratio of 15 to 1.00 and with a tuition
of $16,150 per student. Residents use the West Chicago
library in the city.
West Chicago is home to numerous houses of worship
whose congregations regularly meet within the city.
According to the westchicagonow.org website transportation
infrastructure for West Chicago includes, “Easy access to
three Illinois highways provide residents and businesses with
a link to the region’s extensive system of interstate
highways. Stretching east to west across northern Illinois, IL
Route 38 (Roosevelt Road) and IL Route 64 (North Avenue)
traverse the southern and northern borders of the city. Both
routes converge with IL Route 59 and Interstate 355,
ultimately offering a connection with Interstate 88. Commuter
rail transportation is available through West Chicago’s Metra
station, located at 580 W. Main Street. The Union Pacific
West line offers a host of scheduled trains throughout the
day, providing for a quick commute to Chicago’s Ogilvie
Transportation Center, along with a number of stops in
between. A frequent train schedule makes it easy to
maneuver throughout the area at an affordable cost. West
Chicago’s general aviation needs are exceedingly fulfilled
with the establishment of DuPage Airport. Located between
IL Route 64 and IL Route 38, this facility is one of the busiest
airports in Illinois. Those in need of regional, national and
international transport have access to Chicago’s O’Hare and
Midway International airports. Both are — situated
approximately 45 minutes from West Chicago, and travelers
can take advantage of a variety of limousine and shuttle
services in the area for worry-free transportation to these
busy airports.”
Central DuPage Hospital (390 beds), located in neighboring
Winfield and Delnor Hospital (159 beds) located in Geneva
serve the West Chicago area. Both Hospitals are Level II
trauma centers.
According to the westchicagonow.org website, West Chicago
includes, “Outstanding opportunities for active recreation and
relaxation are prominent in this suburban Chicago location.
The West Chicago Park District is a top source for residents
in search of recreation. The District oversees more than 390
acres of parkland divided into 13 Park Sites, which includes
the 125-acre Reed-Keppler Park. Located at National and
Arbor streets, Reed-Keppler Park has two playgrounds,

===== PDF PAGE 20 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -6-
several athletic fields, a skate park, a two-acre dog park, and
the 25-acre Dyer Nature Sanctuary. Additionally, the Park is
the home of Turtle Splash Family Aquatic Center, a popular
summer spot featuring a pool with winding waterslides.
Operated by the Forest Preserve district of DuPage County,
the 305-acre West Chicago Prairie Forest Preserve is a
beautiful natural area that adjoins the Illinois Prairie Path.
The Path is unique in comparison to others as there are no
fishing or picnic areas located here. Instead, it lends itself to
quiet strolls throughout the unrefined local prairieland. Golf
enthusiasts relish the courses of West Chicago. Included in
the area’s choices are the 18-hole Prairie Landing Golf Club
along Kautz Road and the 36-hole St. Andrews Golf and
Country Club—both public courses.”
Due in large part to the past economic conditions, real estate
values in the immediate area had been increasing in recent
years. It is expected that this trend will continue, at least for
the foreseeable future; this area is an extremely viable area
with a tremendous amount of building underway.
The reader is cautioned, and reminded that the
conclusions presented in this appraisal report apply
only as of the effective date(s) indicated. The appraiser
makes no representation as to the effect on the subject
property of any unforeseen event due to COVID-19,
subsequent to the effective date of the appraisal.

===== PDF PAGE 21 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
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20-0301 -7-
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===== PDF PAGE 22 =====
[Extraction: OCR (rendered-page OCR)]
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POLACH APPRAISAL GROUP, INC.
20-0301 -8-
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===== PDF PAGE 23 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -9-
WEST CHICAGO MAP
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===== PDF PAGE 24 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -10-
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===== PDF PAGE 25 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Market Data:
Residential Market:
20-0301 -11-
In our analysis, we have considered various market sources
and publications in our analysis of the West Chicago market.
Since we are considering residential as well as non-
residential properties, we have considered the residential,
commercial and industrial markets within the Chicago area.
With regard to residential properties, an article in
Chicagoagentmagazine.com, titled New Report predicts
home prices will continue to rise in 2020, dated May 5, 2020,
states, “The overall strength of the real estate market as we
entered into the COVID-19 pandemic will offset recession-
driven damage in 2020 and help stabilize home prices for
the next year. That’s according to a new report released by
global analytics firm CoreLogic, which forecasts home prices
will rise 0.5% from March 2020 to March 2021. While the
increase is small, it’s significant. Unlike the last recession,
which was fueled by the foreclosure crisis and housing
market downturn, this time most homeowners won't need to
worry about their home values dropping along with the stock
market.”
This article continues, “In Chicago, which is considered a
normal market when it comes to home values, prices are
projected to rise 1.7% by March 2021, significantly higher
than the national average.”
We have considered market information from Costar as well
and the Multiple Listing Service of Northern Illinois. We have
searched Costar; however the focus of this database is more
on non-residential properties and therefore from 2015 until
the current date, only three residential land sales were
indicated from our search. The average of these transactions
is indicated to be $158,259 per acre.
The Multiple Listing Service of Northern Illinois indicates that
there have been 45 land sales within West Chicago from
2015 until the current date. The majority of these land sales
(22) fall within the less than $49,999 price range. The
median sold price is indicated to be $55,000 and the
average sold price is indicated to be $121,398. This is
shown in the following information from the MLSNI.

===== PDF PAGE 26 =====
[Extraction: OCR (rendered-page OCR)]
Sold Properties Summary
2 ures
3
avg. MT
402
POLACH APPRAISAL GROUP, INC.
Scid Price Range
Less than
$59,090 +
100,000 +
$180,000 -
$200,000
$380,000
$300,090 «
$250,000 -
$490,020 «
#900,000 -
$49,999
$90.900
$149,999
$199,999
49,099
09,909
$359,009
$299.999
$409,099
$299,999
Non-Residential Market:
Sales Volume
Survey
Low
20-0301 -12-
Avg, Sold Price
ar24.398
In addition to the residential properties, we have also
considered the market for non-residential properties.
Costar has indicated the following information for the City of
West Chicago which includes only comparable commercial
and industrial land that has sold from June of 2015 until a
current date.
$4 SIM $20.9M -18.9% 253K 24.6
Highest Sales Price Survey Lowost Highest For Sale Survey Lowest Highest
Cap Ry Listings
162M fae Pricer
11M
1M
According to the information for all non-residential land
properties, the average sale price was reported to be
$1,000,000 and the average sale price per square foot was
$4.00.
In addition, we have considered the same data which
indicates an average price per acre since 2015 based on the
sales.

===== PDF PAGE 27 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Commercial Market:
20-0301 -13-
Sale Price Per Acre
! : ‘ |
This data indicates a current average price per acre for the
first quarter of 2020 to be $178,596. The data ranges from a
low of $53,642 in the fourth quarter of 2019 to a high of
$280,000 in the fourth quarter of 2015.
In our analysis of the non-residential properties, we have
considered commercial properties and industrial properties.
According to an article in Crainsbusiness.com, titled Chicago
Retail Real Estate Market improves, but it’s still not good,
dated February 5, 2020, states, “Retailers looking for store
space in the Chicago area may notice fewer “for rent” signs
these days, but it’s still far from a landlords’ market. The
Chicago-area retail vacancy rate dropped to 10.7 percent in
fourth-quarter 2019, down from 10.9 percenti _n the third
quarter and 11.1 percent a year earlier, according to the
Chicago office of CBRE. The local vacancy rate has fallen for
three straight quarters and now stands at its lowest level in
two years. That's a welcome change for owners of shopping
centers and other retail properties trying to adapt to thee -
commerce era, which has reduced demand for brick —-and-
mortar retail space. Many landlords are struggling to fill big
holes created by a wave of store closings and retailer
bankruptcies. Some are succeeding by looking beyond
traditional retailers and courting health care, restaurant,
fitness and other tenants less threatened by internet
competition.”

===== PDF PAGE 28 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 14-
We have also included in our analysis the sales of
commercial sites which have occurred within the last five
years for the City of West Chicago according to CoStar and
MLS.
Costar indicates that there have been 22 commercial land
sales within West Chicago from June of 2015 until the
current date. These land sales have an average sale price of
$376,503 and an average sale price of $157,369 per acre.
The median sale price is indicated to be $390,000 and a
median of $161,827 per acre. This is shown in the following
information from Costar.
Costar Commercial Land Sales in West Chicago
Quick Stats Report
Comps Statistics
Low Averago Median High
Price
For Sale & UC/Pending $79,900 $79,900 $79,900
Sold Transactions $376,503 $390,000 $1,150,000
Parcel Size
For Sale & UC/Pending 1.44 AC 144AC 1.44 AC
Sold Transactions 0, 3.60 AC 231 AC 942 AC
Price per Acro
For Sale & UC/Pending $55,486 $55.486 $55.486
Sold Transactions $157,369 $161,827 $5,175,523
Days on Market
For Sale & UC/Pending 452 452 452
Sold Transactions 1,243 785 3.215
Sale Price to Asking Price Ratio
‘Sold Transactions 85.02% 88.00% 10.00%
For Sale & UC/Pending Asking Price Total: $79,900 Total For Sale Transactions:
Sold Transactions Total Sales Volume: $4,804,534 Total Sales Transactions:
Total Included in Analysis: $4,974,434 Total Included in Analysis:
The Multiple Listing Service of Northern Illinois indicates that
there have been 8 commercial land sales within West
Chicago from June of 2015 until the current date; however
two of these sales were indicated as non-market
transactions and were removed. These land sales have an
average sale price of $247,333. The median sale price is
indicated to be $192,500. This is shown in the following
information from the MLSNI.

===== PDF PAGE 29 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
List Price
Sold Price
Listing
Market
Time
Market
Time
20-0301 -15-
High Low Average Median
$650,000 $99,000 $403,833 $362,500
$450,000 $99,000 $247,333 $250,000
973 92 302 191
2190 154 589 201
Industrial Market:According to the Avison Young First
Quarter 2020 Industrial Market Report, “Chicago’s industrial
market began the year on a strong trajectory, coming off of
robust development, leasing and capital markets activity in
2019. The outlook for a steady or moderately slowing pace
for 2020 shifted abruptly near the end of the quarter,
however, with the spread of the novel coronavirus (COVID-
19). A review of research from the first quarter shows a
market with strong long-term indicators that is retrenching
and shifting to find its footing amidst this unprecedented
healthcare and economic crisis. As uncertainty moves in,
tenants and landlords are faced with many challenges
related to space utilization and economic forecasting. With
the outbreak of COVID-19, demand for medical supplies and
protective equipment have changed dramatically. As the
medical industry faces mass shortages of essential supplies
necessary to combat the virus, several Chicago area
companies are switching their operations to help produce
medical supply safety equipment to meet the demand.
Tenants are repurposing manufacturing lines and shifting
business focuses to help hospitals and first responders by
producing personal protective equipment (PPE). This shift in
manufacturing is likely to be seen all over the U.S. in the
weeks to come. With this change, companies are not only
able to retain their workforce but also establish new revenue
streams during this difficult time.”
This article continues, “Industrial vacancy remained fairly
stable in Q1 2020, edging up 70 bps from the fourth quarter
of 2019 to 6.6%. The Chicago market had 12.3 msf of
leasing activity in the first quarter, an increase from 10.5 msf
in the fourth quarter of 2019. There were 243 leases signed
in the quarter, with an average of 50,713 sf. According to
Real Capital Analytics, there was nearly $2 billion in
industrial sales in the first quarter of 2020, on par with the
previous two quarters, which had $2 billion (Q4 2019) and
$2.1 billion (Q3 2019) in sales”
We have also included in our analysis the sales of industrial
sites which have occurred within the last five years for the
City of West Chicago according to CoStar and MLS.

===== PDF PAGE 30 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 16 -
Costar indicates that there have been 11 industrial land
sales within West Chicago from June of 2015 until the
current date. These land sales have an average sale price of
$1,793,811 and an average sale price of $192,987 per acre.
The median sale price is indicated to be $1,300,000 and a
median of $178,596 per acre. This is shown in the following
information from Costar.
Costar Industrial Land Sales in West Chicago
Quick Stats Report
Comps Statistics
Low Average Median High
Price
For Sale & UC/Pending
‘Sok Transactions
Parcel Size
For Sale & UC/Pending
‘Sold Transactions
Price per Acre
For Sale & UC/Pending
Sold Transactions
Days on Market
For Sale & UC/Pending
Sold Transactions
Sold Transactions
For Sale & UC/Pending
Sold Transactions
Environmental
Conditions:
Sale Price to Asking Price Ratio
en
$225,000 $1,793,811 $1,300,000 $6,237,326
16.70 AC 16.70 AC 16,70 AC 16.70 AC
2.03 AC 6.01 AC SAC 12AC
$508,982 $508,982 $508.982 $508,982
$58,442 $192,987 $178,596 $332,512
355 355 355 355
443 1,056 579 3435
47.71% 79.01% B417% 100,00%
Totals
Asking Price Total: $8,500,000 Total For Sale Transactions;
Total Sales Volume: $14,350,485 Total Sales Transactions:
Total included in Analysis: $22,850,485 Total Included in Analysis:
The Multiple Listing Service of Northern Illinois did not have
statistics for industrial land sales within West Chicago
The existence of hazardous substances, including, without
limitation, mold, asbestos, polychlorinated biphenyls,
petroleum leakage, or agricultural chemicals, on the
assumed sites, and the existence of any other detrimental
environmental conditions, is assumed not to exist since we
are appraising hypothetical properties. The appraisers are
not qualified to test such substances or conditions. The
presence of substances such as_ asbestos, urea
formaldehyde foam insulation, or other hazardous
substances or environmental conditions may affect the value
of property, therefore the opinions of value provided has
been predicated on the assumption that there is no such
condition on the properties, or in such proximity thereto that
it would cause a loss in value.

===== PDF PAGE 31 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Drainage:
Soil Conditions
Nuisances & Hazards:
Zoning:
20-0301 -17-
Is assumed to be adequate with no unusual conditions
present.
Since we are appraising hypothetical properties, it was
assumed that no adverse soil conditions exist.
None are assumed to be present.
The City of West Chicago has the following zoning
classifications.
= City of West Chicago
i” 2020 Zoning Map
} Muniepal Boungary
] ER-1 ESTATE RESIDENCE DISTRICT (DDD) as sincre ray sesioence cistaict © NIB 5-2. Genera. susiness oistauct
~ Bice Path WR 28-2 eotare nesizence oistaict [ AVS SINGLE FAMILY RESIOENCE CISTRICT NY 5-3. REGIONAL SHOPPING CISTAICT
Private Scace
~ Ratroags
Seams
] Ret SINGLE FAMILY RESIOENCE OISTAICT [RM 2-6 MULTIOLS FAMILY RESIDENTIAL CISTRICT M MANUFACTURING DISTRICT
| R-2 SINGLE FAMILY RESIDENCE DISTRICT [ A AIRPORT OISTRICT HEM on! oFricereseanchucnr
] Rd SINGLE FAMILY RESIDENCE DISTRICT 8-1 CENTRAL SUSINESS DISTRICT
INDUSTRIAL CISTRICT
7] ELM ROAD OVEALAY DISTRICT
‘The mace ona rag sere are grades “ests” and are net legs suey 3 legs Sescrenees These mace ans Sema are crvated tam munpie Cty, County, and summa s2urses Tee sturce cata may eorten eas
Prensa comtact Vou Hyves, GM Cosrsmatar wt €1¢.251-222C wt 72 ov at \nynesgaestonicags og ary arrars ave entes
Sumerens wae BEFITS VAR EL
Highest and Best Use:
Highest and Best Use is defined in The Dictionary of Real
Estate Appraisal (sixth edition, published by the Appraisal
Institute, 2015) as follows:
1. 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.
Unless there has been a significant shift in surrounding land
use and/or zoning patterns or in the demographic
characteristics of a particular location, the current use of the
subject land will normally represent the highest and best use
of the land. If the change in the characteristics of the area is
significant, it may be ascertained that the present
improvements do not constitute the highest and best use of
the land. Further, the current use of a site may only be
interim. The degree of contributory benefit of the
improvements will then equate to the remaining economic
life of the improvements.
The subject properties of this report are hypothetical typical
residential and non-residential vacant sites located within the
City of West Chicago. They are assumed to have utilities
available as well as other improvements and would be
developable under the City of West Chicago Ordinance.

===== PDF PAGE 32 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Cost Approach:
Income Approach:
Sales Comparison
Approach:
20-0301 -18-
Since the subject properties are hypothetical it is assumed
that the highest and best use of the residential site is
development with a residential use and highest and best use
of the non-residential site is development with a non-
residential use.
The cost approach is devoted to an estimate of the physical
value of the property. The current market value of the land,
assuming it to be vacant, is estimated by market
comparison, to which is added the depreciated value of the
improvements present on the site. The latter is derived
based upon an estimate of the cost of reproducing or
replacing the improvements, from which must be deducted
accrued depreciation in terms of physical deterioration,
functional obsolescence, and external obsolescence, if any.
Physical deterioration measures the physical decline of the
improvements as observed during the property inspection.
Functional obsolescence reflects deficiencies inherent in the
structure by reason of layout, utility, style, or design.
External obsolescence denotes any loss in value from
causes extraneous to the property which generally affects
the economic life of the improvements.
The cost approach has not been applied because the
hypothetical properties being appraised are vacant land.
The income capitalization approach involves an analysis of
the property in terms of its ability to provide a net annual
income after operating and/or fixed expenses. The projected
net annual income is capitalized (or discounted) at a rate
commensurate with its relative duration and the risk involved
in the ownership of the property. Capitalization and/or
discount rates may be ascertained through market
comparison, alternative investment analysis, or estimated
through a built-up rate process.
The income approach has not been applied because the
hypothetical properties being appraised are vacant land.
The sales comparison approach is based upon the principle
of substitution, i.e., that when a property is replaceable in the
market, its value tends to be no more than the cost of
acquiring an equally desirable substitute property, assuming
no costly delay in making the substitution. Since two
properties are rarely, if ever, identical, the necessary
adjustments for differences in factors such as location, size,
zoning, quality, market appeal, and market conditions, are

===== PDF PAGE 33 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Analysis of Residential
Property:
20-0301 -19-
performed as a function of appraisal experience and
judgment.
The reliability of any conclusion, reached by the direct
comparative method, is related solely to the degree of
similarity between the property which is being appraised,
and the property to which it is being compared. Therefore,
before the actions of buyers and sellers can be correctly
analyzed and transformed into an indication of value, it is
required that the subject and the comparable property (or
market data) be reduced to a recognizable or commonly
accepted unit or basis of comparison. In this appraisal, we
have utilized a price per square foot as well as a price per
acre of land area. It should be noted that each of the market
data is not offered as independent evidence of value, but
rather as pertinent market transactions that have been
considered in arriving at a value indication for the
hypothetical subject properties by this comparative
approach.
We have researched and analyzed vacant land sales within
West Chicago and the surrounding communities in order to
determine the market value of improved land on a per-acre
basis of residential, within the City of West Chicago with the
advantages of all normal road improvements and immediate
access to all utilities.
The following sales represent comparable residential vacant
land sales in the West Chicago area. The table represents a
summary of pertinent market transactions that we have
analyzed in arriving at a value indication.

===== PDF PAGE 34 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Residential Sales
20-0301 -20-
Sale Data 08077 o3120
Sale Price $225,000 $370,000
Size (SF) 38,333 43,560 | 96832 | 108,020 «| 198,247 | 395,960
Size (AC) 0.88 1.00 2,20 ee eee 9.09
Utilities Well & Septic He eli Well & Septic
Notes
Unincorporated
DuPage
Unincorporated bsscninig Unincorporated Unincorporated Wetland -
DuPage Floodplai “4 DuPage DuPage Unincorporated
DuPage
represent comparable residential
The preceding sales
vacant land sales in the West Chicago area. These sales are
within unincorporated areas near the municipality The five
individually outlined sales indicate a size range of 0.88 acre
to 9.09 acres with an unadjusted unit price range of $0.57 to
$2.25 per square foot and an unadjusted unit price range of
$25,000 to $98,000 per acre.
The sales were analyzed for factors including, but not limited
to, sale date, size, physical characteristics, and location. A
summary of each of these factors is as follows.
Prices in the subject area have been appreciating in recent
years as the number of vacant lots suitable for residential
development has diminished. West Chicago and the
surrounding communities are considered to be desirable
residential communities and the real estate market is
considered to be stable. Market conditions have been
improving in the past and therefore the sales were adjusted
upward accordingly for market conditions where necessary.
Wooded - Contains

===== PDF PAGE 35 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -21-
There is insufficient data to determine the impact, if any, of
the pandemic and social unrest on the market.
Size influences value in that larger properties tend to sell at
lower unit prices when all other factors are considered to be
equal, and, conversely, smaller properties tend to sell at
higher unit prices when all other factors are considered to be
equal. The subject of this valuation is considered on a per
acre land value, therefore, the smaller sized sales were
adjusted downward, and the larger sized sales were
adjusted upward for this factor.
Physical characteristics which influence property values
include floodplain, wetlands, topography, and vegetation.
The subject is considered to be a typical site within West
Chicago with no floodplain or wetland areas which is level
and cleared for development. One sale contains significant
floodplain areas, and an upward adjustment was required for
this factor. One sale contained a small portion of wetlands,
and an upward adjustment was made. In addition, all of the
sales are generally level with no significant changes in
topography. One sale was considered a wooded lot and
required no adjustments because a credit was offered to
clear the lot.
Through our study of the sales within the surrounding area,
we have found that purchase prices do reflect a premium for
the availability of utilities or location on a fully improved
street. Therefore, an upward adjustment for utilities and
street improvements was considered where necessary.

===== PDF PAGE 36 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -22-
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Data use subject to license.
© DeLorme. DeLorme Street Atlas USA® 2015. 0 *% 1 1% 2 2%
iwww.delorme.com MN (3.9 W) Data Zoom 11-0

===== PDF PAGE 37 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -23-
We have also included in our analysis the sales of residential sites
which have occurred within the communities surrounding West
Chicago. These are generally similar sales and are included
because of the limited recent site sa
les within West Chicago.
Address Sale Date | Size SF Fes see ie Utilities
wae a 51-17 | 42,093 | 0.97 | $1.48 $64,433 Well & Septic
ra e 6-19-17 | 41,411 | 0.95 | $1.52 $66,316 | Well & Septic
fase2t cutee sso | anso0 0.93 | $4.44 | $193,548 All Utilities
ernie al 5-16-17 | 47,916 | 1.01 | $3.48 | $151,485 | Well & Septic
jolla 7-16-19 | 47,916 | 1.10 | $6.26 | $272,727 All Utilities
ibd ince i 5-22-17 | 46609 | 1.07 | $4.29 | $186,916 All Utilities
aa al 7-28-17 | 52,924 | 1.21 | $7.37 | $322,314 All Utilities
were erent 4-19-18 | 53,317 | 1.22 | $1.26 | $54,918 | Well & Septic
ee ae 12-12-19 | 54,450 | 1.25 | $3.82 | $160,000 All Utilities
cane ” 6-5-18 59,250 | 1.36 $7.43 $314,286 Well & Septic
26W370 Box Elder Ave | 2.2348 | 67,518 | 1.65 | $3.06 | $133,333 | Well & Septic
a 58-18 |67,470 | 1.55 | $124 | $67,742 | Well& Septic
corer re 6-27-19 | 67,647 | 1.55 | $2.04 $67,647 All Utilities
‘asd cia ne 1-31-19 | 74,923 | 1.72 | $4.00 | $174,419 All Utilities
eo ae 22219 | 83,162 | 1.01 | $421 $183,246 | Well & Septic
om Reta LA, 63-19 | 86684 | 1.99 | $162 | $70,352 | Well &Septic
Se en eee 2-27-19 | 87,120 | 2.00 | $4.02 | $175,000 | Well& Septic
wae Cs 1-23-18 | 89,734 | 2.06 | $2.10 $91,505 All Utilities
nat ag 3-11-19 | 108,900 | 2.50 | $1.28 $55,600 | Well & Septic
wane inearae Tea 3-2-18 | 126,324 | 290 | $0.77 $33,448 | Well & Septic
bint gag 7-20-17 | 152,896 | 3.51 | $2.52 | $128,205 All Utilities
tel 11-20-17 | 152,806 | 3.51 | $294 | $128,066 All Utilities
rato 8-13-18 | 152,896 | 3.51 | $3.27 | $142,450 All Utilities

===== PDF PAGE 38 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 24-
ee 6-24-19 | 152,896 | 3.51 | $3.17 | $138,177 All Utilities
Warrenville D j
prided Tee Pr 5-24-17 | 168,142 | 3.86 | $1.61 $69,948 Well & Septic
eal Pong Re 12-29-17 | 189,686 | 4.35 | $1.40 $60,897 Well & Septic
2055 Bilter Road aah
Aras 8-5-19 | 198,634) 4.56 | $465 | $202,547 All Utilities
6N257 Western Ave |
Keena vile 4-23-19 | 199,069 | 4.57 | $1.65 $71,663 | Well & Septic
2115 Bilter Rd 7
Aurora 8-5-19 201,247 | 4.62 $4.56 $198,681 All Utilities
2025 Bilter Rd -
peat 8-5-19 | 212,573 | 4.88 | $4.35 | $189,416 All Utilities
1115 Western Ave i
Henera 42-12-18 | 304,920 | 7.00 | $4.51 $196,429 | Well & Septic
aa 2-25-20 | 412,513 | 9.47 | $0.68 $29,567 | Well & Septic
29W701 Everton Dr ,
erly 9-17-19 | 450,404 | 10.34 | $8.63 | $375,733 | Well & Septic
Exposure Time:
The preceding sales represent comparable residential vacant
land sales in the surrounding communities. The individually
outlined sales indicate a size range of 0.97 acre to 10.34 acres
with an unadjusted unit price range of $0.68 to $8.63 per
square foot and an unadjusted unit price range of $29,567 to
$375,733 per acre. Our analysis of the subject market indicates
that the residential sites located within West Chicago sold at
similar to lower unit prices as compared to the surrounding
community property sales after all other adjustments have been
made.
Based upon our comparative analysis of the available sales
data, it is our opinion that the market value on a per acre land
value for residential property within West Chicago, in fee
simple title, subject to the limiting conditions stated herein, as
of June 4, 2020 is $130,000 per acre which is equivalent to
approximately $2.98 per square foot of land area.
We have based our analysis of exposure time on comparable
sales data and information provided by local brokerage
services and/or published market studies. Based on the
foregoing, our opinion of exposure time for the subject
properties is 3 to 9 months. This opinion is based on the
property being listed at a proper asking price and being
aggressively marketed through methods considered normal
and prudent by qualified and competent marketing agents.

===== PDF PAGE 39 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 25-
Analysis of
Non-Residential
Property: We have researched and analyzed vacant land sales within
West Chicago and the surrounding communities in order to
determine the market value of improved land on a per-acre
basis of non-residential, within the City of West Chicago with
the advantages of all normal road improvements and
immediate access to all utilities. In our analysis, we have
considered commercial sales as well as industrial sales.
Analysis of
Commercial: The following sales represent comparable land sales in West
Chicago for commercial property. The table represents a
summary of pertinent market transactions that we have
analyzed in arriving at a value indication.
Commercial Sales
x Price F an
Sales Size SF Size per Price Per | Utilitie Gamment
Address Zoning Date
Acre SF Acre s
151 Neltnor Blvd
West Chicago
04-10-18 | 36,390 0.84 | $2.75 | $119,790
All REO
Lot 4 Route 59
2 | West Chicago B-2 | 03-23-18 | 60,984 | 1.40 | $4.92 | $214,315 | All
We ed celegs B-2 | 05-29-18 | 66,211 | 1.52 | $4.91 | $213,816 | all
West Chicago
980 Roosevelt Rd
[4 West Chicano B-3 12-27-18 | 72,310 1.66 | $1.87 | $81,457 All
a
ahs phos Ave B-2 | 08-1419 | 77,001 | 1.7 | $7.77 | $338,293 | All
6 Wesichkeas Rd | p.2 | 05-23-18 | 77,687 | 1.78 | $5:74 | $250,034 | All
7 Wercee™ Rd p-2 | 02-06-19 | 95,216 | 219 | $1.04] $45,302 | an | REO
B | aiwvae0 etCharles Rd) p.2 | 04-26-19 | 100,188 | 2.30 | $4.49 | $195,584 Sent
aoa B-3 | 06-5-19 | 128,708 | 2.95 | $3.69 | $161,017 | all
10, | eee ee B2 | 11-15-19 | 364,597 | 8.37 | $0.69 | $30,056 | Zoe | Fone
a |g idol B-2 | 09-10-19 | 392,040 | 9.00 | $1.05] $45,738 | all Ran
WS | ots B-3 | 4-11-19 | 687,046 | 15.77 | $1.46 | $63,598 | all
| Divided
Lot A Roosevelt Rd
13 West Chicago ORI 3-30-18 781,466 | 17.94 | $1.66 | $72,310 All had

===== PDF PAGE 40 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -26-
The preceding sales represent comparable commercial
vacant land sales in West Chicago. The 13 individually
outlined sales indicate a size range of 0.84 acre to 17.94
acres with an unadjusted unit price range of $0.69 to $7.77
per square foot and an unadjusted unit price range of
$30,056 to $338,293 per acre.
The sales were analyzed for factors including, but not limited
to, sale date, size, physical characteristics, utilities and
location. A summary of these factors is as follows:
Prices in the subject area have been appreciating in recent
years as the number of vacant lots suitable for commercial
development has diminished. West Chicago and the
surrounding communities are considered to be desirable
commercial locations and the real estate market is
considered to be stable. Market conditions had been
improving in the past and therefore all of the sales were
adjusted upward accordingly for market conditions. There is
insufficient data to determine the impact, if any, of the
pandemic and social unrest on the market. All REO sales
were adjusted upward for conditions of sale.
Size influences value in that larger properties tend to sell at
lower unit prices when all other factors are considered to be
equal, and, conversely, smaller properties tend to sell at
higher unit prices when all other factors are considered to be
equal. The subject of this valuation is considered on a per
acre land value, therefore, the smaller sized sales were
adjusted downward, and the larger sales were adjusted
upward for this factor.
Physical characteristics which influence property values
include floodplain, wetlands, topography, and vegetation.
The subject is considered to be a typical site within West
Chicago with no floodplain or wetland areas which is level
and cleared for development. Sales containing floodplain or
wetland areas were adjusted upward. In addition, all of the
sales are generally level with no significant changes in
topography.
Through our study of the sales within the surrounding area,
we have found that purchase prices do reflect a premium for
the availability of utilities or location on a fully improved
street. Therefore, an upward adjustment for utilities and
street improvements was considered when necessary.

===== PDF PAGE 41 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -27-
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===== PDF PAGE 42 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 28-
We have also included in our analysis the sales of
commercial sites which have occurred within the surrounding
communities of West Chicago. These are generally similar
sales and are included because they are competitive sites
which a purchaser would have considered in comparison to
West Chicago.
a a
Mnees ae Shain Bt 40-3-19 | 43,560 | 1.00 | $1.90 | $82,955 All
oo — - 12-18-17 | 46,609 | 1.07 | $11.80 | $514,019 All
a 9-21-18 | 49.658 | 1.13 | $10.67 | $464,912 All
| GarolSteam «| 822-19 | 49.658 | 1.14 | $19.84 | $864,035 All
np hey 9-12-19 | 52,708 | 1.21 | $7.59 | $330,579 All
ace 12-12-19 | 56628 | 1.30 | $3.67 | $159,865 All
sciheg ears 9-28-17 | 65,340 | 1.50 | $5.20 | $226,512 All
ae 9-117 | 92,347 | 212 | $1.76 | $76,651 | Well & Septic
[Garsisteam _—s—s«| «S18 | 98,845 | 227 | $0.96 $41,850 | Well & Septic
pieoguaaaealel 41-10-17 | 114,563 | 263 | $2.57 | $111,787 | Well & Septic
io 91-17 | 154,349 | 354 | $7.45 | $324,859 All
County Farm & Stearns Rd i
Hanover Park 3-6-18 174,676 4.01 $2.63 $114,713 Well & Septic
Corporate Blvd -
pais 12-8-17 | 191,664 | 4.40 | $15.87 | $691,136 Al
1070 E Wilson St
eal 91-17 | 193,406 | 4.44 | $3.52 | $153,331 All
27W130 St Charles Rd 5
patel haba 9-7-17 | 200,376 | 460 | $1.25 | $54,348 | Well & Septic
cr 5-25-18 | 200,812 | 461 | $2.74 | $119,306 All
OS080 Winfield Rd 12-19-19 | 217,800 | 5.00 | $8.03 | $350,000 | Well & Septic
Winfield
Knollwood Dr
Boor isle 11-4-19 | 230,432 | 5.29 | $7.59 | $330,813 All
Keslinger Rd @ Randall Rd
Pst 9-13-19 | 232,175 | 5.33 | $10.34 | $450,281 All
Route 59
eects 4-2-19 | 244,372 | 561 | $3.07 | $133,690 All
504 Commons Rd 7-12-18 | 269,201 | 6.18 | $10.22 | $444,984
Naperville
1850 W Diehl Rd - LotA
Naperville 5-30-19 295,383 6.78 $5.08 $221,203 All

===== PDF PAGE 43 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 29-
oe 81-17 | 304,920 | 7.00 | $1.02 | $44,286 | Well & Septic
Waren seve & Winfield | 5.24-19 | 310,060 | 7.12 | $7.74 | $397,173 All
alee 9-28-17 | 321,473 | 7.38 | $2.02 | $87,991 All
Ween” 12-20-18 | 372,874 | 856 | $8.98 | $556,893 All
Foe 4-30-19 | 372,874 | 8.56 | $12.78 | $391,355 All
oh iad 4-2-19 | 587,624 | 13.49 | $3.02 | $131,551 All
hanes aa 2-28-18 | 1,190,495 | 27.33 | $4.54 | $197,585 All
come 4-2-19 | 1,217,110 | 27.94 | $3.98 | $173,580 All
nal aia 5-31-18 | 3,571,920 | 82.00 | $0.92 | $40,075 All
The preceding sales represent comparable commercial
vacant land sales in the surrounding communities. The
individually outlined sales indicate a size range of 1.00 acres
to 82.00 acres with an unadjusted unit price range of $0.92
to $19.84 per square foot and an unadjusted unit price range
of $40,075 to $864,035 per acre.
Our analysis of the subject market indicates that the
commercial sites located within West Chicago sold at a
similar to lower unit prices compared to other industrial sale
properties within the area after all other adjustments have
been made.
Based upon our comparative analysis of the available sales
data, it is our opinion that the market value on a per acre
land value for a commercial site within West Chicago, in fee
simple title, subject to the limiting conditions stated herein,
as of June 4, 2020 is $165,000 per acre which is equivalent
to $3.79 per square foot of land area.

===== PDF PAGE 44 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -30-
Analysis of
Industrial: The following sales represent comparable land sales in West
Chicago for industrial property. The table represents a
summary of pertinent market transactions that we have
analyzed in arriving at a value indication.
Industrial Sales
i Sale F Size Price | Price Per Ney
Address Zoning Date Size SF AC Per SF Rere Utilities Notes
Carolina Dr
West Chicago M 11-05-19 | 167,706 3.85 | $1.34 | $58,442 All
820 Meadowview Bil
Crossing | 07-24-19 | 193,842 4.45 $6.19 | $269,636 All Exi ating
West Chicago Ladse
2N460 Atlantic Dr Well &
West Chicago | 07-10-19 | 400,752 9.20 $3.99 | $173,913 Septic
Innovation Dr Well &
West Chicago | 01-10-20 | 522,720 12.00 | $4.10 | $178,596 Septic
Enterprise Circle Well &
West Chicago | 09-04-18 | 1,112,087 | 25.53 | $5.61 | $244,314 | ¢ optic
The preceding sales represent comparable industrial vacant
land sales in West Chicago. The 5 individually outlined sales
indicate a size range of 3.85 acre to 25.53 acres with an
unadjusted unit price range of $1.34 to $6.19 per square foot
and an unadjusted unit price range of $58,442 to $269,636
per acre.
The sales were analyzed for factors including, but not limited
to, sale date, size, physical characteristics, and location.
A summary of each of these factors is as follows:
Prices in the subject area have been appreciating in recent
years as the number of vacant sites suitable for industrial
development has diminished. West Chicago and the
surrounding communities are considered to be desirable for
industrial sites and the real estate market is considered to be
stable. Market conditions have been improving and therefore
all of the sales were adjusted upward accordingly for market
conditions. There is insufficient data to determine the impact,
if any, of the pandemic and social unrest on the market. One
sale had an existing lease at the time of sale and was
adjusted downward for conditions of sale.
Size influences value in that larger properties tend to sell at
lower unit prices when all other factors are considered to be
equal, and, conversely, smaller properties tend to sell at

===== PDF PAGE 45 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 31 -
higher unit prices when all other factors are considered to be
equal. The subject of this valuation is considered on a per
acre land value, therefore, the smaller sized sales were
adjusted downward, and the larger sales were adjusted
upward for this factor.
Physical characteristics which influence property values
include floodplain, wetlands, topography, and vegetation.
The subject is considered to be a typical site within West
Chicago with no floodplain or wetland areas which is level
and cleared for development. One of the sales contains a
significant floodplain area, and an upward adjustment was
required. In addition, all of the sales are generally level with
no significant changes in topography.
Through our study of the sales within the surrounding area,
we have found that purchase prices do reflect a premium for
the availability of utilities or location on a fully improved
street. Therefore, an upward adjustment for utilities and
street improvements was necessary.
Our analysis of the subject market indicates that the
industrial sites located within West Chicago sold at similar
unit prices compared to other industrial sale properties within
the area after all other adjustments have been made.

===== PDF PAGE 46 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -32-
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===== PDF PAGE 47 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -33-
We have also included in our analysis the sales of sites
which have occurred within the surrounding communities of
West Chicago. These are generally similar sales and are
included because of the few recent site sales within West
Chicago.
Address pechn| \Sizeisr eee | Perse eicere | Uttities
sc sc Ad 12-6-18 | 47,916 | 1.10 | $11.27 | $490,909 | all
Sheba 6-20-18 | 57,064 | 1.31 | $6.13 | $140,840 | all
pial daa 11-16-17} 60,548 | 1.41 | $5.78 | $251,777 | All
ee al 5-10-17 | 104,544 | 2.40 | $4.06 | $176,854 | all
hers bcp oto-19 | 120661 | 277 | $352 | $153,430 | a |
| 22 Retin Beale 4-15-19 | 135,036 | 3.10 | $4.11 | $179,032 | All
———— 81-19 | 139,392 | 3.20 | $6.24 | $228,125 | All
Nagel Boulevard @ Orion Road | 439.13 | 178,596 | 4.10 | $7.28 | $317,073 | All
Chi 5-17-18 | 181,795 | 4.17 | $4.42 | $192,649 | All
ee 9-418 | 192,971 | 4.43 | $4.00 | $174,312 | All
er Charles | 1-31-20 | 370,260 | 850 | $3.92 | $170,755 | Al
oe 28-19 | 366,775 | 842 | $399 | $173,804 | al
oer aa Creme Ese 7-12.17 | 457,049 | 10.49 | $4.28 | $186,437 | all
Sl ee 1-11-19 | 591,980 | 13.59 | $238 | $103,673 | All
i earenc MN 4-27-19 | 1,214,017 | 27.87 | $2.95 | $128,687 | All
The preceding sales represent comparable industrial vacant
land sales in the surrounding communities. The individually
outlined sales indicate a size range of 1.10 acres to 27.87
acres with an unadjusted unit price range of $2.38 to $11.27
per square foot and an unadjusted unit price range of
$103,673 to $490,909 per acre.
Our analysis of the subject market indicates that the
industrial sites located within West Chicago sold at lower unit
prices compared to other industrial sale properties within the
area after all other adjustments have been made.

===== PDF PAGE 48 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Exposure Time:
Non-Residential:
Commercial:
Non-Residential:
Industrial:
20-0301 - 34-
Based upon our comparative analysis of the available sales
data, it is our opinion that the market value on a per acre
land value for an industrial site within West Chicago, in fee
simple title, subject to the limiting conditions stated herein,
as of June 4, 2020 is $195,000 which is equivalent to
approximately $4.48 per square foot of land area.
We have based our analysis of exposure time on
comparable sales data and information provided by local
brokerage services and/or published market studies.
Based on the foregoing, our opinion of exposure time for the
subject properties is 6 to 12 months.
Based on the foregoing, our opinion of exposure time for the
subject properties is 6 to 12 months.
These opinions are based on the property being listed at a
proper asking price and being aggressively marketed
through methods considered normal and prudent by qualified
and competent marketing agents.

===== PDF PAGE 49 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
Conclusion
Residential Property:
Non-Residential
Property:
20-0301 -35-
Based upon our comparative analysis of the available sales
data, it is our opinion that the market value on a per acre
land value for residential property within West Chicago, in
fee simple title, subject to the limiting conditions stated
herein, as of June 4, 2020 is $130,000 per acre.
We have been requested to provide an opinion of the market
value of improved land on a per-acre basis of non-residential
vacant land. In order to analyze the value of this property
type we have considered sales of both commercial and
industrial land in West Chicago and the surrounding
communities. Following is a summary of our conclusions for
these property types.
Based upon our comparative analysis of the available sales
data, it is our opinion that the market value on a per acre
land value for a commercial site within West Chicago, in fee
simple title, subject to the limiting conditions stated herein,
as of June 4, 2020 is $165,000 per acre.
Based upon our comparative analysis of the available sales
data, it is our opinion that the market value on a per acre
land value for an industrial site within West Chicago, in fee
simple title, subject to the limiting conditions stated herein,
as of June 4, 2020 is $195,000 per acre.
Considering the sales, our analysis and conclusions for
commercial and industrial properties we have arrived at an
opinion of market value for the all inclusive property type of
non-residential.
Based upon our comparative analysis of the industrial and
commercial sales data, we have concluded at an opinion of
market value for Non-Residential Property as of June 4,
2020 of $175,000 per acre.

===== PDF PAGE 50 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -36-
CONTINGENT AND LIMITING CONDITIONS
It is assumed that the title to this property is good and marketable. No title search has been made, nor
have we attempted to determine ownership of the property. The value opinion is given without regard to
any questions of title, boundaries or encroachments. It is assumed that all assessments are paid. We
assume the property to be free and clear of liens and encumbrances except as noted. No attempt has
been made to render an opinion or determine the status of easements that may exist.
The legal description, if included in any report, should be verified by legal counsel before being relied
upon or used in any conveyance or other document.
We are not familiar with any engineering studies made to determine the bearing capacity of the land. We
assume improvements in the area appear to be structurally sound. It, therefore, is assumed that soil and
subsoil conditions are stable unless specifically outlined.
Any exhibits in the report are intended to assist the reader in visualizing the property and its surroundings.
The drawings are not intended as surveys and no responsibility is assumed for their cartographic
accuracy, Drawings are not intended to be exact in size, scale or detail.
Areas and dimensions of the property may or may not have been physically measured. If data is
furnished by the principal or from plot plans or surveys furnished by the principal, or from public records,
we assume it to be reasonably accurate. In the absence of current surveys, land areas may be based
upon representations made by the owner's agents or our client. No responsibility is assumed for
discrepancies which may become evident from a licensed survey of the property.
Our value opinion involves only the real estate and all normal building equipment if any improvements are
involved, No consideration was given to personal property, (or special equipment), unless stated.
It is assumed that the property is subject to lawful, competent and informed ownership and management
unless noted.
Information in this report concerning market data was obtained from buyers, sellers, brokers, attorneys,
trade publications or public records. To the extent possible, this information was examined for accuracy
and is believed to be reliable. Dimensions, areas or data obtained from others are believed correct;
however, no guarantee is made that the appraiser did not personally measure the same.
Any information, in whatever form, furnished by others is believed to be reliable; however, no
responsibility is assumed for its accuracy.
The physical condition of any improvements described herein was based on visual observation only.
Electrical, heating, cooling, plumbing, sewer and/or septic system, mechanical equipment and water
supply were not specifically tested but were assumed to be in good working order, and adequate, unless
otherwise specified. No liability is assumed for the soundness of structural members, since no
engineering tests were made of the same. The roof(s) of structures described herein are assumed to be
in good repair unless otherwise noted.
The existence of potentially hazardous material used in the construction or maintenance of the building,
such as urea formaldehyde foam insulation and/or asbestos insulation, which may or may not be present
on the property, has not been considered. In addition no deposit of toxic wastes, unless specifically
mentioned herein, have been considered. The appraiser is not qualified to detect such substances and
suggests the client seek an expert opinion, if desired. Further, this report does not consider the potential
ramifications due to the presence of Underground Storage Tanks (UST) or the possible environmental
impact due to leakage and/or soil contamination, if present.

===== PDF PAGE 51 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -37-
It is specifically noted that the appraiser(s) have not conducted tests to determine the presence of, or
absence of, Radon. We are not qualified to detect the presence of Radon gas, which requires special
tests and, therefore, must suggest that if the buyer is suspect as to the presence of Radon or any other
potentially hazardous substances, he or she should take steps to have proper testing done by qualified
firms who have the equipment and expertise to determine the presence of this substance in the property.
In addition, if the client has any concern regarding the structural, mechanical or protective components of
the improvements described herein, or the adequacy or quality of sewer, water or other utilities, it is
suggested that independent contractors or experts in these disciplines be retained by said client, before
relying upon this appraisal.
The separate allocation between land and improvements, if applicable, represents our judgment only
under the existing utilization of the property. A re-evaluation should be made if the improvements are
removed or substantially altered, and the land utilized for another purpose.
All information and comments concerning the location, neighborhood, trends, construction quality and
costs, loss in value from whatever cause, condition, rents, or any other data for the property appraised
herein, represents the opinions of the appraiser formed after an examination and study of the property.
Any valuation analysis of the income stream had been predicated upon financing conditions as specified
in the report, which we have reason to believe are currently available for this property. Financing terms
and conditions other than those indicated may alter the final value conclusions.
Stabilized expenses shown in the income capitalization approach, if used, are projections, and are based
on past operating history if available, and are stabilized as generally typical over a reasonable time
period.
The appraiser is not required to give testimony or appear in court because of having made this appraisal,
with reference to the property in question, unless arrangements have been made previously thereto. If the
appraiser(s) is subpoenaed pursuant to court order, the client will be required to compensate said
appraiser(s) for his time at his regular hourly rates plus expenses.
All opinions, as to values stated, are presented as the appraiser's considered opinion based on the
information set forth in the report. We assume no responsibility for changes in market conditions or for the
inability of the client or any other party to achieve their desired results based upon the appraised value.
Further, some of the assumptions made can be subject to variation depending upon evolving events. We
realize some assumptions may never occur and unanticipated events or circumstances may occur.
Therefore, actual results achieved during the projection period may vary from those in our report.
Appraisals made subject to satisfactory completion of construction, repairs, alterations, remodeling or
rehabilitation, are contingent upon completion of such work in a timely manner using good quality
materials and workmanship and in substantial conformity to plans or descriptions or attachments made
hereto.
Unless otherwise noted, it is assumed that the construction and use of the appraised property, if
improved, complies with all public authorities having jurisdiction, including, but not limited to, the National
Environmental Protection Act, and any other applicable federal, state, municipal, and local environmental
impact or energy laws or regulations.
This report should not be used or relied upon by any other party except the client to whom the report is
addressed. Any party who uses or relies upon any information in the report without the preparer's written
consent, does so at his own risk. The Appraiser/consultant responsibility is limited to the client, and use of
this appraisal by third parties shall be solely at the risk of the client and/or third parties.

===== PDF PAGE 52 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 38-
A signatory of this appraisal report is a member or affiliate of the Appraisal Institute. The Bylaws and
Regulations of the Institute require each member and candidate to control the use and distribution of each
appraisal report signed by such member or candidate. Therefore, except as hereinafter provided, the
party for whom this appraisal report was prepared may distribute copies of this appraisal report, in its
entirety, to such third parties as may be selected by the party for whom this was prepared. Selected
portions of this appraisal report, however, shall not be given to third parties without prior written consent
of the signatories of this appraisal report. Further, neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of advertising media, public relations media, news media,
sales media or other media for public communication without the prior written consent of the signatories
of this appraisal report. This restriction applies particularly to the valuation conclusions, the identity of the
appraisers, or any reference to the Appraisal Institute, or to the MAI, SRA, or SRPA designations.
Disclosure of the contents of this appraisal report is governed by the Bylaws and Regulations of the
Appraisal Institute.
This Appraisal Report is intended to comply with the reporting requirements set forth under Standards
Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. It presents only summary
discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the
appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is
retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of
the client and for the intended use as stated. The appraiser is not responsible for unauthorized use of this
report.

===== PDF PAGE 53 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 39-
CERTIFICATE
The undersigned, representing POLACH APPRAISAL GROUP, INC., do hereby certify that,
to the best of our knowledge and belief:
The statements of fact contained in this appraisal report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and represent the personal, impartial, and unbiased
professional analyses, opinions, and conclusions of the undersigned.
We have 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.
We have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
Our 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 appraisal.
The reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
The following persons from among the undersigned have made a personal visual
observation of the property that is the subject of this appraisal report on the date(s)
indicated:
A personal observation of the subject properties could not be
performed since they are hypothetical properties.
Todd Rodemich performed market area analysis, report writing, and sales comparison
research for this assignment.
This appraisal report includes 45 sheets, which are made an integral part of this report.

===== PDF PAGE 54 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -40-
IN WITNESS WHEREOF, THE UNDERSIGNED has caused these statements to be signed
and attested to on June 11, 2020.
Rint ft Cileock Ah ke
Kenneth F. Polach, MAI, SRA Mark K. Polach
IL Cert No. 553.000340 Exp. 9/30/2021 IL Cert No. 553.001545 Exp. 9/30/2021
As of the date of this report, |, Kenneth F. Polach have completed the continuing
education program for Designated Members of the Appraisal Institute.
As of the date of this report, |, Mark K. Polach have completed the continuing education
program for Candidates of the Appraisal Institute.
We have not provided any previous services regarding the subject property, including
an appraisal, within the three years prior to this assignment.

===== PDF PAGE 55 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 - 41 -
APPRAISER'S QUALIFICATION SUMMARY
*** KENNETH F. POLACH, MAI, SRA * * *
Kenneth F. Polach, President of the Polach Appraisal Group, Inc., has been engaged in the profession of
real estate appraising and consulting since 1969 in the Chicago Metropolitan Area, including Cook,
DuPage, Will, Lake, McHenry, Kane and Kendall counties, and has also completed assignments in other
sections of the United States. He holds the professional designations MAI and SRA from the Appraisal
Institute.
His experience includes market value appraisals on varied property types for acquisition, grant
application, condemnation, mortgage, estate, real estate tax, historic preservation, and other purposes.
Property types appraised and studies conducted include residential, commercial, industrial and special
purpose properties, as well as highest and best use studies and impact studies. He has qualified as an
expert witness in the Circuit Courts of Cook, DuPage, Kane, Lake, McHenry and Will counties in Illinois as
well as in Federal Court. Mr. Polach has testified at Illinois Commerce Commission as well as municipal
and county zoning hearings.
From June 1974 to December 1993, Mr. Polach was associated with and was appointed Executive Vice
President of William A. McCann & Associates, Inc.
From July 1972 to May 1974, Mr. Polach held the position of staff appraiser for a major suburban bank.
He was responsible for the appraisal of residential, commercial, industrial and special purpose properties
used as security for mortgage loans, as well as being involved in loan processing and servicing.
From September 1969 through July 1972, Mr. Polach was employed by the State of Illinois, Department
of Public Works and Buildings, Division of Highways, Bureau of Right-of-Way. The positions he held with
the State were Engineering Technician, and Right-of-Way Agent and Appraiser. His duties as an
appraiser included the review and acceptance of appraisal reports on various residential, commercial,
industrial and special purpose properties for highway acquisition.
Mr. Polach's educational background includes attendance at Roosevelt University resulting in the
attainment of a Bachelor of Science Degree with a major in Engineering Science. Further studies at
Roosevelt University resulted in the attainment of a Masters Degree in Business Administration.
Mr. Polach's specialized education includes real estate appraisal courses and various seminars and
workshops given by the Appraisal Institute and other professional organizations. These courses covered
the principles of appraising residential, commercial, industrial and special purpose properties and related
topics. He also attended the National School of Real Estate Finance sponsored by the American Bankers
Association at Ohio State University.
Mr. Polach has been qualified and has acted as an Arbitration Judge in alternative dispute resolution.
He was a contributor and panelist for the Seminar titled Vapor Intrusion: Law, Medicine and Science at
the Law offices of Barnes & Thornburg.
Mr. Polach's professional affiliations include membership in the Appraisal Institute, with the designations
of MAI and SRA. He is a Senior Member of the National Association of Review Appraisers with the
designation of CRA, and he is a Member of the National Association of Realtors.
The Appraisal Institute conducts a voluntary program of continuing education for its designated members.
Mr. Polach has completed the requirements of the continuing education program of the Appraisal
Institute,
Mr. Polach is currently a State Certified General Appraiser in the State of Illinois and the State of Indiana.

===== PDF PAGE 56 =====
[Extraction: OCR (rendered-page OCR)]
POLACH APPRAISAL GROUP, INC.
20-0301 -42-
APPRAISER'S QUALIFICATION SUMMARY
*** MARK K. POLACH * * *
Mark K. Polach joined the appraisal staff of Polach Appraisal Group, Inc. in 1996. Since joining the
firm, his experience has included market value appraisals of various residential, commercial,
industrial, special use, and vacant land properties. These appraisals have been used for relocation,
mortgage, condemnation, acquisition, easement and tax appeal purposes. Assignments have also
included appraisals and studies of real estate located in Cook, DuPage, Grundy, Lake, Kane,
Kendall, McHenry and Will counties. Mr. Polach has performed special impact studies in
metropolitan Chicago and surrounding communities to determine the effect of large retail stores and
shopping centers on the value, marketability, and rate of appreciation of residential properties.
He has qualified as an expert witness and testified in the Circuit Court of DuPage, Cook, Kane,
McHenry and Lake Counties. Mr. Polach has also presented expert testimony in cases before
DuPage County, Cook County Zoning and the City of Chicago Zoning Board of Appeals.
Mr. Polach was a contributor and panelist for the Seminar titled Vapor Intrusion: Law, Medicine and
Science at the Law offices of Barnes & Thornburg. He has testified in court as to the diminution in
value as a result of environmental impacts.
Assignments have included restaurants, gas stations, shopping centers, churches, agricultural use
land, apartment complexes, large office buildings, schools, hotels, single-family and multi-family
residences, quarry properties, zoning impact studies as well as highest and best use studies for
proposed residential, office, townhouse, commercial, mixed use, and retirement developments in the
Chicagoland area. He has also performed tax assessment studies for various types of commercial
and special purpose property types and performed appraisals for permanent and temporary
easements. Assignments have also included leasehold and leased fee interest valuations as well as
retrospective values. More notable assignments have included the Willis Tower, O’Hare Airport, a
UPS processing facility containing more than 2 million square feet of building area, large shopping
malls and retail, trucking and distribution facilities, etc. He has written numerous Yellow Book
appraisals which are completed to Federal Standards.
Mr. Polach attended the University of Dayton resulting in the attainment of a Bachelor of Arts
Degree. Mr. Polach's specialized education includes the successful completion of and passing
grades on examinations for all of the Appraisal Institute courses necessary towards the MAI
designation. He has attended numerous Appraisal Institute’s Seminars including the most recent
“Conditions of the Chicago Real Estate Market.”
Mr. Polach is attending the University of St. Thomas Graduate School of Business and working
toward his Master of Science in Real Estate Appraisal. This includes the successful completion of
the courses Legal Issues in Valuation, Effective Communication, Statistical Analysis for Real Estate
Appraisal, Market Analysis and Feasibility Studies and Advanced Topics in Real Estate Appraisal
which included such topics as highest and best use analysis; regional shopping centers;
condemnation; environmental impact; utility easements; subdivision analysis; and business
valuation.
As a representative of the Appraisal Institute Mr. Polach has also attended the Leadership
Development and Advisory Council in Washington D.C. and lobbied on behalf of the Appraisal
Institute. He is a Region Representative alternate as well on the Public Relations Committee for the
Chicago Chapter of the Appraisal Institute. Mr. Polach is on the Illinois Department of Transportation
approved appraisers and approved review appraisers lists. Mr. Polach is a Candidate for the MAI
Designation of the Appraisal Institute and is currently a State Certified General Real Estate
Appraiser in the State of Illinois and the State of Indiana.